#1wwaldencast Waldencast Acquisition Corp. Investor Presentation November 2021#2Disclaimer This presentation (this "Presentation relates to a proposed business combination (the "Business Combination") between Waldencast Acquisition Corp. ("Waldencast") and OBAGI Global Holdings Limited and its subsidiaries ("OBAGI) and Mik Makeup, LLC (MK) Forward Looking Statements This Presentation contains certain forward-looking statements within the meaning of the federal securities lows with respect to the proposed transactions among OBAGI MIk and Waldencost, including statements regarding the intended benefits of the transactions, the anticipated timing of the transactions and the growth strategies of Waldencast, CBAGI and Milk. These forward-looking statements generally are identified by the words "estimates projects, axpects anticipates forecasts "plans intends, bolovas soaks may, wil would should futuro, propose "target goal objective, "outlook" and variations of those words or similar expressions (or the negative versions of such words of expressions) These forward-looking statements are not guarantees of future performance, conditions or resuts, and involve a number of known and unknown fisks, uncertainties, assumptions and other important factors, many of which are outside the control of Waidencast. OBAGI, ond Mk that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements Important factors among others, that may affect actual results of outcomes include, but are not limited to: (0) the risk that the transactions may not be completed in a timely manner or at all which may adversely affect the price of Waldencast's securities. (1) the risk that Waldencost shareholder approval of the proposed transactions is not obtained. () the inability to recognize the anticipated benefits of the proposed transactions, which may be affected by, among other things, the amount of funds available in Waldencast's trust account following any redemptions by Waldencast's shareholders (v) me failure to receive certain governmental and regulatory approvals (v) the inability to complete the PPE Investment or the Forward Purchase Agreements (v) the occurrence of any event, change or other circunstance that could give rise to the termination of the CBAGI Merger Agreement or the Milk Equity Purchase Agreement. (vi) changes in general economic conditions, including as a result of the COMID-19 pandemic, (vi) the outcome of Itigation related to or arising out of the proposed transactions, or any adverse developments theroin or delays or casts rosulting therefrom, (x) the affect of the announcement or pendency of the transactions on OBAGI's or Mik's business relationships, operating results and businesses generally. (x) the ability to meet Nosolog's listing standards following the consummation of the proposed transactions (0) costs related to the proposed transactions. (x) that the price of Waldencast's securities may be volatile due to a variety of factors, including Waldencast's OBAGI's or MIK's inability to implement their business plans or meet or exceed their financial projections and changes in the combined capital structure. (x0) the ability to implement business plans forecasts, and other expectations after the completion of the proposed transactions, and identify and realize additional opportunities and (iv) the ability of OBAGI and Mix to implement their strategic initiatives and continue to innovate their existing products and anticipate and respond to market trends and changes in consumer preferences. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the "Risk Factors" section of Waldencast's registration statement on Form S-1 (File No. 333-253370), the registration statement on Form S-4 discussed above, the proxy statement/prospectus and other documents filed or that may be fled by Waldencast from time to time with the SEC. These flings identity and address other important risks and uncertainties that could cause actual avants and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Waldencost. CBAGI and Milk assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information future events, or otherwise. Neither Waldencost, OBAGL or Milk gives any assurance that Waldencost. OBAGI or Milk, or the combined company will achieve their expectations. You should carefully consider the risks and uncertainties described in the Risk Factors" section of Waldencosts registration statement on Form S-1, the proxy statement/prospectus on Form 5-4 or other appropriate for relating to the Business Combination, which is expected to be fled by Woldencost with the Securities and Exchange Commission (the "SEC and other documents fled by Waldencast from time to time with the SEC. These fings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Reades are cautioned not to put undue reliance on forward-looking statements, and Woldencost and each of OBAGI and Milk assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. None of Waldencast OBAGI or Mik gives any assurance that any of Waldencast. OBAGI or Mik will achieve its expectations This Presentation contains certain financial projections forecasts estimates and targets of OBAGI and M. Such financial projections forecasts estimates and targets constitute forward-looking information, and are for ilustrative purposes only and should not be relied upon as necessarly being indicative of future results. The assumptions and ostmates underlying such financial projections, forecasts, estimates and targets are inherently uncertain and are subject to a wide variety of significant business, economic, compettive and other risks and uncertainties Soo Forward-Locking Statements above. While all financial projections, forecasts, estimates and targets are necessarily speculative. Waidencost CBAGI and Mik beleve that the preparation of prospective financial information involves increasingly higher levels of uncertainty the further out the projection, forecost, estimate or target extends from the date of preparation Actual results moy differ materially from the results contemplated by the financial projections forecasts estimates and targets contained in this Presentation, and the inclusion of such information in the Presentation should not be regarded as a representation by any person that the results reflected in such forecasts will be achieved. Trademarks Waldencast, OBAGI and MiK own or have rights to various trademarks, service marks and trade names that they use in connection with the operation of their respective businesses. This Presentation may also contain trademarks, service marks trade names and copyrights of third parties, which are the property of their respective owners. The use or display of third parties trademarks, service marks trade names or products in this Presentation is not intended to, and does not imply, a relationship with Waldencast OBAGI or Mk or an endorsement or sponsorship by or of Woldencost OBAGI or Mik. Solely for convenience me trademarks, service marks trade names and copyrights referred to in this Presentation may appear without the TM SM,@or Osymbols, but such references are not intended to indicate, in any way. that Waldencast. OBAGI or Milk will not assert, to the fullest extent under applicable law, their rights or the right of the applicable licensor to these trademarks, service marks, trade names and copyrights Financial information: Non-GAAP Financial Measures The financial information and data contained in this Presentation has not been audited in accordance with the standards of the Public Company Accounting Oversight Board and does not conform to Regulation S-X. Such information and data may not be included in, may be adjusted in or may be presented differently in the registration statement to be filed by Waldencast relating to the proposed Business Combination and the proxy statement/prospectus contained therein. This Presentation also includes certain financial measures not presented in accordance with US generally accepted accounting principles ("GAAP) including Adjustod EBITDA and Adjusted EBITDA Margin, and certain ratios and other metrics derivad therefrom. CBAGI defines Adjusted EBITDA as oamings before Interest, taxes, depreciation, and amortization, excluding the impact of the China distribution carve-out and the business combination transaction costs as of December 31, 2021 (OBAGI Adjusted EBITDA) OBAGI defines Adjusted EBITDA margin as Adjusted EBITDA divided by net revenue ("OBAGI Adjusted EBITDA margin) Mik defines Adjusted EBITDA as earnings before intorest, taxes, depreciation, and ammortization excluding the business combination transaction costs as of December 31, 2021 (Mk Adjusted EBIDA), the post transaction combined company defines EBITDA as comings before interest, taxes depreciation and amortization (Combined Company EBITDA). The past transaction combinad company defines Adjusted EBITDA margin as combined Company EBITDA divided by net revenue ("Combined Company Adjusted EBITDA margin. These non-GAAP financial measures are not measures of financial performance in accordance with GAAP and may exclude items that are significant in understanding and assessing CBAGI'S and Mik's financial results. Therefore, these measures should not be considered in isolation or as an aterative to net income under GAAP. You should be aware that OBAGI's and Mik's presentation of these measures may not be comparable to similarly-titled measures used by other companies Waldencast. OBAGI and Mix believe these non-GAAP measures of financial results provide useful information to management and investors regarding certain financial and business trends relating to OBAGI's and Mik's financial condition and results of operations Waldencost, OBAGI and Mix believe that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends in comparing OBAGI's and Mik's financial measures with other similor companies many of which present similor non-GAAP financial measures to investors. These non-GAAP financial measures are subject to inherent Imitations as they reflect the exercise of judgments by management about which expense and income are excluded or included in determining these non-GAAP financial measures. Additionally, there can be no assurance that CBAGI and MK will not modify the presentation of those or similar non-GAAP measures in the future, including to make adjustments for future expenses or other items that the OBAGI and Mik beleve are appropriate in comparing its operating performance across reporting periods on a consistent basis. This Presentation also includes certain projections of non-GAAP financial measures. Due to the high variability and difficulty in making accurate forecasts and projections of some of the informations excluded from these projected measures together with some of the excluded information not being ascertainable or accessible. Waldencost CBAGI and Mik are unable to quantity certain amounts that would be required to be included in the most directly comparable GAAP financial measures without unreasonable effort. Consequently, no disclosure of estimated comparable GAAP measures is included and no reconciliation of the forward-looking non-GAAP financial measures s included. For the same reasons. OBAGI and Mik are unable to address the probable significance of the unavailable information, which could be material to future results Additional information and Where to Find it This Presentation does not constitute (1) solicitation of a proxy, consent or authorization with respect to any securities or in respect of the proposed transaction or () an offer to sell or exchange, or the solicitation of an offer to buy or exchange, any security of Wardencost CBAGI Mk, the combined company or any of their respective offiates. nor shall there be ony sale of any such securities in any state or jurisdiction in which such offer, solicitation, sale or exchange would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of the Securities Act of 1933, as amended. in connection with the proposed transaction Waldencast intends to file a registration statement on Form S-4 with the SEC, which will include a document that serves as a prospectus and proxy statement of Waldencast, referred to as a proxy statement/prospectus A proxy statement/prospectus will be sent to all Waldencost shareholders Waldencost also will file other documents regarding the proposed transaction with the SEC. This Presentation does not contain at the information that should be considered concerning the proposed transaction and is not intended to form the basis of any investment decision or any other decision in respect of the proposed transaction. Before making any voting or investment doction, investors and security holders of Waldencast are urged to read the registration statement, the proxy statement/prospectus and all other relevant documents flad or that will be fled with the SEC in connection with the proposed transaction as they become available because they will contain important information about the proposed transaction. Investors and security holders will be able to obtain tree copies of the registration statement, proxy statement/prospectus and all other relevant documents filed or that will be filed with the SEC by Waldencast through the website maintained by the SEC at www.sec.gov.in addition, the documents filed by Waldencast with the SEC may be obtained free of charge from Waldencast's website at https://www.waldencast.com/ or upon written request to 10 Bank Street. Suite 560 White Plains, NY 10606 Participants in Sollicitation Waldencast, OBAGL Mk and their respective directors and executive officers may be deemed to be participants in the solicitation of proxies from Wadencast's shareholders in connection with the proposed transaction. A list of the names of the directors and executive officers of Waldencast and information regarding their interests in the business combination is set forth in Waldencast's registration statement on Form 5-1 (File No 333-25337-) filed with the SEC on March 18, 2021. Additional information regarding the interests of those persons and other persons who may be deemed participants in the proposed transaction may be obtained by reading the proxy statement/prospectus regarding the proposed transaction. You may obtain free copies of these documents as described in the preceding paragraph, No Offer or Solicitation This communication is for informational purposes only and does not constitute, or farm a part of an offer to sell at the solicitation of an offer to sell or an offer to buy or the solicitation of an offer to buy any securities, and there shall be no sale of securities in any jurisdiction in which such affer solicitation or sale would be unlawful prior to registration or qualtication under the securities lows of any such jurisdiction. No offer of secures shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933 as amended, and otherwise in accordance with applicable law. NEITHER THE SEC NOR ANY OTHER SECURITES COMMISSION OR SIMILAR REGULATORY AUTHORITY, IN THE UNITED STATES CANADA OR ELSEWHERE, HAS REVIEWED, APPROVED OR DISAPPROVED OF THE SECURITES OR THIS PRESENTATION OR DETERMINED F THIS PRESENTATION IS TRUTHFUL OR COMPLETE, AND ANY REPRESENTATION TO THE CONTRARY IS AN OFFENCE#3The Waldencast executive team We are a team deeply experienced across the beauty, wellness, and consumer goods industries, building a world-class brand development platform to identify, conceptualize, launch, and profitably scale brands Michel Brousset Founder and CEO 25+ years experience . Previously Group President of L'Oréal North America Consumer Products Division and CEO of L'Oréal UK . Variety of roles at L'Oréal and Procter & Gamble successfully building billion-dollar brands and businesses NW Felipe Dutra Founder and Executive Chairman 30+ years experience . Former Chief Financial and Technology Officer of Anheuser-Busch InBev (AB InBev) Served as Board Director of Grupo Modelo, Budweiser APAC, and AMBEV3 Hind Sebti Founder and COO 20+ years experience Former General Manager at L'Oréal UK across the consumer and professional divisions Brand leadership roles at L'Oréal, Procter & Gamble, Maybelline and Redken Tassilo Festetics CFO and CTO 20+ years experience . Former CFO of ABI Asia and Global VP of Technology of ABI Former General Partner at Anheuser-Busch InBev (AB InBev) 3#4wwaldencast Our ambition is to build a global best-in-class beauty and wellness multi-brand platform by creating, acquiring, accelerating, and scaling the next generation of high-growth, purpose-driven brands. MX#5MX Minbar - The Opportunity#6Beauty is a proven and resilient, high-growth and highly profitable market Massive addressable market with attractive category dynamics... Key drivers of industry growth: Skincare Color cosmetics Haircare Bath and shower Fragrance Global beauty and personal care market¹ $750 $500 $250 $0 YOY Growth % MW 2007A 11.3% Global market size¹ $155bn $66bn $83bn $49bn $48bn Proven resilience Muted recession impact across most categories 2008A 8.6% 2009A % of BPC 2021-2023 market¹ CAGR¹ 30% 7.9% 13% 7.0% 16% 5.2% 9% 4.6% 9% 7.2% ...and proven resiliency through economic cycles (1.3%) Rapid recovery Return to growth above pre-recession levels 2010A 7.4% 2011A 9.5% 2012A 1.5% ¹ Euromonitor International; Beauty & Personal Care, 2021ed, retail value sales, current prices, 2020 fixed ex rates 2013A Shifting desire for quality over price Increasing appetite for clean, natural, and higher- performance products 2.0% Emerging market expansion Adaptability to e-commerce channels, particularly by skincare and makeup consumers 2019A 1.2% Consistent momentum Strong momentum continues post lockdown 2020A (3.8%) 2021E 8.4% 2022E 6.4% 2023E 6.4% 2024E 6.2% 2025E 6.2%#7Highly fragmented market with growth driven by independent brands New consumer trends and technology are driving an explosion of new independent brands Clear opportunity to aggregate emerging brands under a new platform to accelerate growth and scale '20 market share and change ('15-'20)¹ (11) bps +53 bps (24) bps MWX COLGATE-PALMOLIVE ESTEE LAUDER Unilever (226) bps P&G 3% 4% 7% 8% L'ORÉAL 10% Disruptor brands are gaining market share and driving sector growth Others +201 bps 68% +8 bps 'Euromonitor International, Beauty & Personal Care, 2021ed, retail value sales, current prices, 2020 fixed ex rates Note: bps indicates market share change from 2015 to 2020 Fragmented industry Top 5 players represent only 32% Not a "winner takes all" market Expandable consumption category Emerging players driving growth and gaining market share 7#8INCUMBENTS vs INDIES EROSION OF TRADITIONAL SOURCES OF COMPETITIVE ADVANTAGE FOR INCUMBENTS Large advertising budgets allocated primarily toward traditional media Diminishing ability to dominate physical shelf space in retailers Asset-heavy infrastructure to support in- house R&D and manufacturing facilities results in longer reaction times to emerging trends Talent attrition to other attractive opportunities MX RISE OF INDEPENDENT BRANDS LIMITED BY THEIR ABILITY TO SCALE GLOBALLY Digital/social media reshaped traditional marketing and product discovery eCommerce provides direct access to consumers, bypassing incumbents' strength in traditional distribution channels Outsourced innovation, production, and logistics enables asset-lite structures Limited ability to scale globally with the resources and expertise of a single- brand 8#9EROSION OF TRADITIONAL SOURCES OF COMPETITIVE ADVANTAGE FOR INCUMBENTS Large advertising budgets allocated primarily toward traditional medic Diminishing ability to dominate physical shelf space in retailers Asset-heavy infrastructure to support in-house R&D and manufacturing facilities results in longer reaction o emerging trends Talent attrition to other attractive opportunities MW wwaldencast OPERATING MODEL Operational scale of a multi-brand platform Expertise in managing global beauty brands at scale Asset-light efficiency and market responsiveness of entrepreneurial indie brands RISE OF INDEPENDENT BRANDS LIMITED BY THEIR ABILITY TO SCALE GLOBALLY Digital/social media reshaped traditional marketing and product discovery eCommerce provides direct access to consumers, bypassing incumbents' strength in traditional distribution channels Outsourced innovation, production, and logistics enables asset-lite structures Limited ability to scale globally with the resources and expertise of a single- brand 9#10Growth-Oriented Business Model Identify and create high potential brands that we can leverage and scale through our platform Allocate capital across organic and inorganic opportunities with strong internal product and brand development capabilities Waldencast Culture Rooted in performance, ownership and entrepreneurship and our dreamer/maker values - ambition with humility, idealism with practicality, grit with kindness, and vision with action MW wwaldencast GROWTH AND PROFITABILITY OPERATING MODEL Brand-Led Independence Ensures proximity to customers, business agility, and market responsiveness Drives entrepreneurial spirit and ownership mindset of our brand operators Beauty and Wellness Pure- Player Deep and broad expertise in the industry, resulting in excellence across every link in the value chain Asset Light Modularity Leveraging external open development and R&D partnerships, supply chain solutions, and modular cloud technology Conscious Entrepreneurship Supporting the beauty and wellness industry by prioritizing core values of sustainability, inclusivity, and social responsibility Intelligent Synergies Consolidate support functions where there is no advantage to executing at brand-level Combines the strength of a multi-brand platform while respecting the identities and autonomy of individual brands Balanced Business Portfolio Across categories, geographies, price points and commercialization models Delivering consistent growth across a portfolio designed to withstand economic and category shifts 10#11wwaldencast Following our first acquisitions, we intend to embark on a multi-year journey to build a multi-branded platform focused on the next generation of high growth, purpose-driven brands MW OBAG Milk BRAND 3 BRAND n MAKEUP 11#12We are building the next-generation beauty and wellness platform wwaldencast investment criteria OBAGI Milk MAKEUP MW Strong brand identity with enduring brand equity High level of consumer affinity 3 Differentiated offering and market positioning 4 Multiple levers for long-term sustainable growth Strong online community and omni-channel growth 6 Long-term sustainable business model Leverage management team's operating expertise and network ✓ Attractive value creation opportunity ✓ 1 2 5 7 8 ✓ >>>>> 12#13OBAGI 05 fl. oz. (15 ml) CLINICAL OBAGI VITAMIN C eye brightener INSTANTLY BLURS FINE LINES WHILE BRIGHTENING THE EYE AREA CHAR Jean#14N.A OBAGI MEDICAL Sun Shield □ TINT S broad Spectrum si 50 OEIGE MEDICAL Sun Shield broad II TINT S OBAGI Best-in-class dermo-cosmetic brand with strong anchor capabilities and attractive potential growth opportunities With a 33-year legacy of science and innovation, OBAGI created the professional skincare category and has continued to pioneer its space since launching in 1988 14#15CLINICAL BLUE BRILLIAN miple acid peel 0.27 R. oz. 18 BAO OBAGT CLINICAL BLUE BRILLIANCE 141 OBAG UE BRILLIAN OBAGI $168mm 2021E net revenue¹ #1 perceived best performing brand among US providers² 14% 2019-2021E net revenue CAGR¹ 200+ SKUs from Rx to Consumer³ ¹OBAGI management projections; 2021 OBAGI financial estimates exclusive of China business 2"2020 Kline Physician Dispensed Skincare: U.S. Perception & Satisfaction Survey," Kline & Company 3 OBAGI information 25% 2021E Adj. EBITDA margin¹ 80+ patents worldwide3 15#16An experienced leadership team of dermo-cosmetics experts YEARS IN SPECIALTY YEARS AT OBAGI EXPERIENCE Jaime Castle President & CEO 21+ 7+ CEO ACTION FOR DIVERSITY & INCLUSION VALEANT Pharmaceuticals North Americ Lisa Errecart EVP, Global Operations 18+ 18+ OBAGI MEDICAL VALEANT Pharmaceuticals North Americs Trish Mentas VP, Finance 25+ 13+ BOEING DISNEY NEXON David Bell EVP, Global Sales 21+ 8+ Jag glo VALEANT Pharmaceuticals North Americs Dr. Laurence Dryer EVP, R&D 28+ COMETE 8+ Neutrogena BASF AVON VALEANT 16#17OBAGI is a leader in the fastest growing segment of skincare Global skincare Market by 2025 $209bn¹ Global skincare 2021 $155bn¹ Premium skincare 2021 $62bn¹ OBAGI 2021E revenue $168mm4 2021 skincare market size ($bn) Asia Pacific North America 2 Western Europe Latin America $8 Eastern Europe $5 Middle East and Africa $5 $24 Key markets $23 $86 CAGR 2021-2025 10% 4% 3% 7% 5% 10% Euromonitor International; Beauty & Personal Care, 2021ed, retail value sales, current prices, 2020 fixed ex rates; Including the United States and Canada; 3 "How to Target Premium Beauty Buyers," report by Euromonitor; 4 OBAGI management projections, OBAGI 2021 financial estimates exclusive of China business Category dynamics High-growth segment with strong momentum in post-lockdown era Growth of science-backed skincare bolstered by rise of "skin-tellectual" consumers increasingly focused on product potency and efficacy 2.5x percentage growth for dermo-cosmetics skincare versus premium from 2018-2020¹ 47% premium buyers versus 20% non-premium buyers use ~8-14 skincare products weekly 17#18($ in millions) Market leader within professional skincare 30+ years of clinical experience Independent brands in professional skincare by ranking Best performing brands among U.S. providers' perception and satisfaction Best performing brands with regard to product portfolio and innovation SkinCeuticals (L'Oreal) #5 #5 $130 #5 OBAGI #1 #1 #1 #1 LARGEST U.S. PROFESSIONAL SKINCARE PRODUCTS COMPANIES¹ BY ESTIMATED SALES (2019) Dermologica (Unilever) Skinmedica (Allergan) ZO Skin Health #2 #2 #4 PCA Skin (Colgate-Palmolive) #4 EltaMD (Colgate-Palmolive) #4 Best performing brands with regard to marketing Source: "2020 Kline Physician-Dispensed Skincare: U.S. Perception & Satisfaction Survey," Kline & Company, company financials, Euromonitor International; Beauty & Personal Care, 2021ed, retail value sales, current prices, 2020 fixed ex rates #2 #3 Revision Skincare #3 #3 #3 #2 Skinbetter Science #4 18#19LAST Science-backed formulations and services trusted and recommended by physicians worldwide High-performance products with high standards of medical efficacy... ELASTIderm® Facial Serum 95% of subjects showed improvement OBAG1360 80+ Patents worldwide¹ OBAGI360® System 88% of patients saw improvement as early as week 3 OBAGI's treatments complete rigorous testing from panels comprising leading dermatologists from universities and research organizations across the U.S. OBAGI-C® RX 97% of patients reported smoother skin World class R&D team members leading new product development Studied by board- certified dermatologists to ensure product efficacy ...widely recognized by physicians, driving long-standing customer relationships² 7% Less than 6 months 6% 6 months - less than 1 year "OBAGI has the strongest clinical efficacy profile in the category" 9% 1 year - less than 2 years "OBAGI offers more practice support than other skin care lines" Source: "2020 Kline Physician-Dispensed Skincare: U.S. Perception & Satisfaction Survey," Kline & Company OBAGI information; 2 Length of relationship refers to the period of time between a customer's first order date and November 10, 2021, and is limited to customers who have placed an order in the previous 12 months 9% 2 years - less than 3 years 69% 3 years or longer "OBAGI is the cornerstone of my aesthetic practice" 19#20DBAG Robust portfolio of highly-effective science-based products CORE BUSINESS (90%+ SALES) MEDICAL 3110 FE HELLE Transformational skincare products formulated to brighten, nourish, protect and enhance skin tone and texture ~25% Revenue in 2020 generated from prescription solutions' $22-$471 Product price rangel.2 *OBAGI information; ² Refers to MSRP, 3 Revenue from Obagi Clinical OBAGI MACAR CONSUMER Accessible, dermatologist-backed brightening, and minimizing fine lines products designed for retexturizing, & wrinkles Launched in 2018 $7mm 2021E revenues NILINE $38-$145 Product price range¹, 2 GROWTH OPPORTUNITIES DEVICES First professional-use device designed by Obagi for in-clinic use Launched in Q2 2021 DEN PROFESSIONAL SPA High-quality products designed for customers that want sensory and high performance "clinical spa" experience Launching in Q4 2021 20#21Our ambition is to make OBAGI the top dermo credentialed brand in the world, driving strong growth through channel and geographic diversification BRAND EXPANSION Capitalize on medical credentials and technology Expansion into consumer channels with ultra-high performance consumer line Leverage medical brand credentials and technology to drive credibility for "Rx-to-OTC switch" 2640 SME CHANNEL EXPANSION TAMINSUNCARE KHI TH Deepen penetration of dermo channel and expand into consumer and professional spa Significant opportunity to expand with specialty and mass retailers Meet consumers online and capture new shoppers Continue to develop and expand spa presence INTERNATIONAL GROWTH Diversify business model to strengthen footprint abroad Build and execute global e- Commerce initiative Expand presence in key large international markets (EU, ME, Brazil, SEA) Drive strategic distribution in China and Japan via local partnerships WALDENCAST PLATFORM MW Leverage data-driven, asset-light Waldencast platform Ⓡ End-to-end e-Commerce solution enabling brands to rapidly scale Leverage Waldencast's innovation and product development expertise Smart synergies in supply chain, finance, IT, etc. 21#22MAKEUP HYDRO an3x JA MAKEUP Milk MAKEUP#23Milk MAKEUP Leading clean make-up brand with a cult following among Gen-Z consumers known for its cultural relevance and iconic products Anchored by strong community following with significant growth opportunities PF#24FOL EUP Milk MAKEUP $47M 2021E Net revenue¹ Best-Seller Face primer at Sephora³ 24% 2018-2021E Net revenue CAGR¹ Best-Seller Mascara at Sephora³3 #2 Clean Brand at Sephora US² 1.9M Instagram Followers4 ¹ Milk financials for 2018 and management projections for 2021; 2 Sephora management; Sephora website; 4 As of September 21, 2021 at 3:00 pm ET 24#25+ MILK MAKEUP LEADERSHIP TEAM YEARS IN SPECIALTY YEARS AT MILK EXPERIENCE Tim Coolican CEO 20+ 1+ Milk...... L'ORÉAL Unilever Steve Nguyen CFO 18+ 3+ Milk... L'ORÉAL PEPSICO COVER FX + Mazdack Rassi Co-Founder & Chief Brand Officer 20+ 6+ Milk Milk MAKEUP Dianna Ruth Co-Founder and COO 15+ 6+ Milk... bliss HARD benefit CANDY MAKEUP 25#26MILK IS A LEADER IN THE HIGH GROWTH, CLEAN MAKE-UP SEGMENT Global Make-Up opportunity by 2025 $86bn¹ Color cosmetics 2021 $66bn¹ Premium color cosmetics 2021 $27bn¹ Milk MAKEUP 2021E revenue $47mm4 2021 color cosmetics market size ($bn) Asia Pacific North America² Western Europe Latin America Middle East and Africa $5 $4 Eastern Europe $3 Key markets ¹ Euromonitor International; Beauty & Personal Care, 2021ed, retail value sales, current prices, 2020 fixed ex rates;" 2 Including the United States and Canada; 3"Just the Numbers: Q2 2021 NPD US Prestige Beauty report by the NPD Group; 4Milk management projections; ³ Brand Essence Research; "Clean Beauty Market Size," 2021, public summary + $16 $12 $25 CAGR 2021-2025 11% 2% 3% 8% 10% 5% Category dynamics Large and exciting category with potential for growth fueled by consumer demand for clean beauty Untapped growth opportunity among Gen-Z consumers +12% Growth of clean beauty 2020-20275 Strong rebound category post-pandemic +71% Q/Q growth in Q2 2021 for U.S. make-up sales³ 26#27LEADING BRAND WITH EXCITING PORTFOLIO OF CULT PRODUCTS AMPLE OPPORTUNITY TO INNOVATE WITHIN MAKE-UP AND SKIN AND EXPAND INTO OTHER BEAUTY CATEGORIES Innovative, iconic products Vegan, clean, cruelty-free Category champions with global resonance Cross-category heroes + MAKEUP + MAKEUP HYDRO Milk MAKEUP Milk MAKEUP 27#28+ A BRAND BUILT ORGANICALLY ON COMMUNITY AND CULTURE INCLUSIVE COMMUNITY¹ 1.9M INSTAGRAM FOLLOWERS 8.5M TIKTOK LIKES 108.4K FACEBOOK FOLLOWERS ¹ As of September 21, 2021 at 3:00 pm ET GOOD FOR YOU GOOD FOR THE PLANET GOOD FOR OUR COMMUNITY VALUES ALIGNED WITH NEXT GENERATION Pledged never to use 100% vegan Paraben-Free 2,500+ controversial ingredients + PRICELES PLANET COALITION Milk MAKEUP X pact FASHION SCHOLARSHIP FUND THE CENTER Packaging ✓ Petroleum-free plant-based inks ✓ Recyclable June 2021 Updates Here Are Our 5 Commitments to Ourselves and Our Community. 28#29+ GROWTH DRIVEN BY BRAND AWARENESS AND INNOVATION Milk Awareness by age¹ Active + Whitespace Milk Categories² Gen-Z Millennial Gen-X Boomer 100 Index³ 84 Index 68 Index 60 Index Strong Gen-Z following with opportunity to drive incremental awareness and trial across consumer segments Make-up Category Expansion Milk Mascara $1.9B Foundation / Concealer $3.8B 330 SKUs¹ Skincare $21.9B Milk Makeup has the opportunity to grow through innovation and launches Established Emerging Whitespace4 Primer³ $0.3B Lash & Brow $1.0B v/s Haircare $14.1B Other Leading Make-Up Specialist Brands Blusher & Bronzer $0.5B Lip $2.8B 1,500-7,000 SKUS Bath / Shower $9.5B Skin Tints $2.3B Shadow $0.5B Fragrance $8.7B Survey conducted June 11-21, 2020 with female participants ages 13-64 who have purchased beauty products for themselves in the past 3 months and do not work in the beauty industry; 2 Market sizes reflect 2021E data for the USA market; Euromonitor International; Beauty & Personal Care and Color Cosmetics in the US, 2021ed, retail value sales, current prices, 2020 fixed ex rates 100 implies 82% awareness for Gen-Z; Primer refers to EMI's category BB/CC creams and skin tints refers to EMI's premium foundation / concealer, 4 Areas where management believes product offering expansions or introduction of new categories are possible + 29#30BUILDING ON STRONG PARTNERSHIP WITH SEPHORA Established footprint in US with opportunity to increase presence in high-growth, international markets SEPHORA Front of store takeover in Sephora Dubai flagship SEPHORA TAMES SQUARE TAKEOVER MILK MART SERCAN Pop up store in Sephora Time Square Molk WAKBUT Front of store takeover in Sephora Champs Elysees 8.6 1st Gondola 50 doors, all 2 bay Current 3 bay gondola RAD-ASS REK TAKING LAUNCH OF THE YEAR Unprecedented KUSH launch support Data provided by Sephora, Sephora doors include Kohl's and SiJCP SUNSHINE SKIN TINT Wine AWO Megan SST US front of store takeover Milk Stalion Milk MILK Ad in Times Square Strong position in Sephora today with room to grow Sephora Door Penetration¹ 100% + 1,335 1,335 100% 82 82 Canada 16% 1,454 22% 80 233 USA Europe AUS / NZ Vast opportunity to further win share with Sephora's customer base Sephora Customer Penetration 20% * 16% = Percentage of Sephora shoppers aware of Milk Makeup Percentage of brand- aware Sephora shoppers who purchased Milk Makeup Total Sephora doors Milk Sephora doors Middle East 21 50% 24 3% Milk penetration of Sephora clientele 12 30#31UNTAPPED DISTRIBUTION OPPORTUNITIES Significant opportunity to expand into other beauty retail doors worldwide ~1,300 of 2,900+ milkmakeup.com only ships to the U.S. today Note: Door counts represent expansion opportunities in brick and mortar stores Source: Retailer company websites -200 of 6,200+ Tremendous whitespace for untapped department store +e-commerce distribution + ********** Current Milk Presence in Brick & Mortar Expansion Opportunity 31#32OUR AMBITION IS TO BUILD THE TOP GLOBAL MAKE-UP BRAND OF THE NEW GENERATION 292 GROW CONSUMER BASE Drive awareness and trial ■ Reinvest operational efficiencies in increased marketing spend and leverage current ecosystem to drive awareness, trial and topline growth ■Broaden brand footprint to recruit millennials and build on Gen-Z strength Milk BRAND EXPANSION Expand make-up assortment, enter new categories -1,300 of 2,900+ shpi ■ Accelerate product innovation and build on hero products to create category champions with global resonance ■ Evolve mix to higher margin products and expand into other categories n.com y 12. Noday ■ Continue to develop skincare presence + -200 of 6,200+ Se INTERNATIONALIZE Build global brand availability ■ Strengthen and maximize Sephora ecosystem ■ Expand to key remaining markets ■ Develop highly efficient international D2C model Expansion Opt ~W V WALDENCAST PLATFORM Leverage data-driven asset light Waldencast platform ■ Improve gross margins through operational efficiency in sourcing, forecasting, and COGS negotiation ■ Leverage Waldencast's intelligent synergies in supply chain, finance, IT, etc. 32#33MX Financial Overview#34OBAGI financial profile $94 Growth % N/A Net sales ($mm) MW '18A-'23E CAGR: 18% $130 $117 $90 $79 $168 $190 $213 2018A 2019A' 2020A' 2021E 2022E 2023E $69 Gross profit ($mm) '18A-'23E CAGR: 19% $104 $90 $71 $60 $127 $150 $168 Adjusted EBITDA ($mm) '18A-'23E CAGR: 28% $24 $7 $42 $50 $63 $18 2018A³ 2019A³ 2020A 2021E 2022E² 2023E² Margin % 19.4% 18.4% 8.2% 24.9% 26.1% 29.6% 2018A 2019A 2020A 2021E 2022E 2023E 37.9%¹ (30.8%) ¹ 86.7% 13.3% 11.9% Margin % 73.4% 79.7%¹ 79.2%¹ 75.7% 78.7% 78.8% Note: OBAGAI financials exclusive of China business for all periods presented Source: OBAGI financials for the periods from 2018 to 2020, management estimates for the periods from 2021E to 2023E 'In fiscal year 2021, OBAGI implemented certain contractual modifications that adjust its reporting of revenue for services provided by certain distributers on behalf of OBAGI. For the purpose of comparability with forecasted financials, the pro forma historical financials presented for FY2019 and FY2020 herein reflect estimates of the Net Revenue that would have been recognized by OBAGI had such contractual changes been in effect in prior periods. These contractual modifications and adjusted reporting of revenue have no impact on OBAGI Adjusted EBITDA; OBAGI financials inclusive of 5.5% royalty; OBAGI Adjusted EBITDA is a non-GAAP measure. For a reconciliation of OBAGI Adjusted EBITDA to net income, the most comparable GAAP measure, see appendix 34#35Milk financial profile MAKEUP Growth % MW $25 2018A 58.9% Net sales ($mm) '18A-'23E CAGR: 33% $51 $40 $47 $66 $101 2019A 2020A 2021E 2022E 2023E 105.3% (22.2%) 18.9% 40.4% 53 53.0% Margin % Source: Milk financials for the periods from 2018 to 2020, management estimates for the periods from 2021E to 2023E $11 2018A 44.6% '18A - '23E CAGR: 42% $27 Gross profit ($mm) 54.0% $16 $23 2019A 2020A 2021E 0%) 40.7%) $39 $63 2022E 2023E 49.4% 4% 58.6% 62.7% 35#36OBAGI + Milk combined financial forecast MAKEUP OBAGI Standalone $119 $25 $94 Net sales ($mm) MW '18A-'23E CAGR: 21% $181 $51 $130 $130 $40 Milk Standalone $90 $215 $47 $168 $314 $256 $101 $66 $190 $213 2018A 2019A³ 2020A³ 2021E 2022E 2023E Growth % OBAGI Standalone $80 $11 $69 Gross profit ($mm) Margin % '18A-'23E CAGR: 24% $131 $27 67.4% $104 $87 $16 4%)/72.5% Milk Standalone $71 2018A 2019A³ 2020A³ 2021E $150 $23 $127 $189 $39 $150 $231 $63 $168 2022E 2023E OBAGI Standalone Milk Standalone Public company costs $5 $18 Adjusted EBITDA ($mm) ($13) Margin % '18A-23E CAGR: 73% $17 $24 $7 ($11) ($4) 2018A 2019A 2020A³ 2021E $39 ($7) $42 $50 $6 $50 $75 $17 4.1% 9.4 9.4% (2.7%) 18.0% / 19 19.6% $634 ($3) ($5) ($5) N/A 51.9% (28.4%)³/ 66.0% %19.2% 22. 22.5% 67.4% 70.0% 73.6% 73.6% Note: OBAGI financials exclusive of China business *Total combined company adjusted EBITDA reflects deduction of $5mm for public company costs; Discrepancies in arithmetic are due to rounding: In fiscal year 2021, OBAGI implemented certain contractual modifications that adjust its reporting of revenue for services provided by certain distributers on behalf of OBAGI. For the purpose of comparability with forecasted financials, the pro forma historical financials presented for FY2019 and FY2020 herein reflect estimates of the Net Revenue that would have been recognized by OBAGI had such contractual 36 changes been in effect in prior periods. These contractual modifications and adjusted reporting of revenue have no impact on OBAGI's EBITDA; OBAGI financials inclusive of 5.5% royalty; OBAGI, Milk and combined company adjusted EBITDA are non-GAAP measures. For a reconciliation of OBAGI, Milk and combined company adjusted EBITDA to net income, the most comparable GAAP measure, see appendix 2022E¹.2 2023E¹ 24.0%#37ww Transaction Overview#38OBAGI + Milk transaction summary MAKEUP ■ Implied pro forma enterprise value of -$1.2 billion ■ Waldencast to combine substantially concurrently with OBAGI and Milk - Implies a 24.7x post-money FV / 2022E Adj. EBITDA5 and 16.5x FV / 2023E Adj. EBITDA ■ Concurrent with the transaction, Waldencast has raised $105 million of committed PIPE at $10.00 per share ☐ Existing shareholders of OBAGI and Milk to maintain ownership of approximately 21% and 15% respectively ■ OBAGI shareholders to retain OBAGI China Transaction summary ■ Sponsors investing an additional $160m of committed capital through the FPA (at the top of the range of their $130m to $160m FPA commitment), resulting in a significant ownership in the company4 ■ Third-Party investors allocating $173m of committed capital through an FPA? Sources for equity consideration: IPO cash proceeds PIPE Cash proceeds³ Founder FPA proceeds 3rd party FPA proceeds Seller rollover equity Sources and uses ($mm) Uses for equity consideration: Cash to balance sheet Cash to sellers 345 105 160 173 475 Pro forma enterprise value ($mm) Cash to OBAGI sellers Cash to Milk sellers Share price Pro forma shares outstanding Equity value Pro forma net (cash) Pro forma enterprise value Implied 2022E Adj. EBITDA multiple 5 Implied 2023E Adj. EBITDA multiple 5 Pro forma ownership PIPE investors 7.8% 3rd party FPA 12.9% 7 OBAGI shareholders 20.5% 202 520 380 140 Fees and expenses Seller rollover equity Total uses 61² 475 $1,258 Total sources $1,258 Note: The analysis and capital structure shown is at $10 per share and does not reflect the impact from potential warrant dilution, or trust redemptions; Includes 16.0mm FPA shares and 8.6mm shares of founder promote; 2 Illustrative based on latest estimates; 3 Represents total PIPE commitments; 4 Founders have entered into forward purchase agreement to purchase 16 million units, exercising their option therein, issued and sold by the Company on a private placement basis. Each unit is comprised of one Class A ordinary share of the Company and one-third of one redeemable warrant, where each whole redeemable warrant is exercisable to purchase one Class A ordinary share at an exercise price of $11.50 per share; 5 EBITDA reflects deduction of $5mm for public company costs; Subject to reduction based on redemptions; 7 Sponsor is managing member of the Third-Party and therefore may be deeme beneficial wner. The Third-Party entered into forward purchase agreement to purchase 17.3 million units, exercising their option therein, issued and sold by the Company on a private placement basis. Each unit is comprised of one Class A ordinary share of the Company and one-third of one redeemable warrant, where each whole redeemable warrant is exercisable to purchase one Class A ordinary share at an exercise price of $11.50 per share; Cash consideration is subject to substitution for equity consideration based on the level of trust redemptions. Founders (FPA + promote) 18.3% $10.00 134.4 $1,344 ($104) $1,240 SPAC public shareholders 25.7% 24.7x 16.5x Milk shareholders 14.9% 38#39Peer benchmarking 2021E-2023E Revenue CAGR 2022E Adj. EBITDA Margin¹ 2023E Adj. EBITDA Margin¹ 2021E-2023E Adj. EBITDA CAGR¹ MW Waldencast MW 21% 20% 24% 40% L'OREAL 8% 25% 25% 8% & ESTEE LAUDER 10% 24% 25% 13% Beauty elf Source: Historical data from company filings; projections from FactSet as of 11/8/2021 ¹2022 and 2023 EBITDA reflects deduction of $5mm for public company costs 8% 19% 21% 15% High-growth consumer OLAPLEX hydrafacial lululemon athletica align OFIGS 28% 62% 60% 20% 27% 14% 18% 65% 16% 26% 26% 19% 22% 31% 32% 23% 32% 20% 21% 30% Peer group average 19% 28% 28% 24% 39#40Trading metrics for relevant peers Waldencast implied multiple at $10/share 2022E FV/Revenue 2023E FV/Revenue 2022E FV/EBITDA 2023E FV/EBITDA Waldencast MW MWX 4.8x 3.9x 24.7x¹ 16.5x? L'ORÉAL 6.2x 5.8x 25.3x 23.6x P ESTEE LAUDER 6.7x 6.2x 28.0x 25.2x Source: Historical data from company filings: projections from FactSet as of 11/8/2021 1 EBITDA reflects deduction of $5mm for public company costs Beauty elf 4.7x 4.3x 24.2x 20.5× OLAPLEX hydrafacial lululemon athletica align OFIGS 29.0x 23.2x 46.6x 38.8x 14.0x 11.0x 96.4x High-growth consumer 61.8x 8.3x 7.3x 32.6x 27.8x 11.5× 9.5x 37.4x 29.7x 15.0x 11.3x 74.9x 54.4x Peer group average 11.9x 9.8x 45.7x 35.2x 40#41MW Appendix#42Adjusted EBITDA reconciliation OBAGI $mm Net Income / (Loss) Interest Taxes Depreciation & Amortization Adjusted EBITDA MW 2020 Consolidated Carve-out (9.2) 6.3 (5.1) 13.4 $5.4 (2.3) 1 0.0 0.4 ($1.9) Post Carve-out (6.8) 6.3 (5.1) 13.1 $7.4 2019 Consolidated Carve-out 5.8 6.8 (1.6) 12.9 $24.0 Post Carve-out 5.8 6.8 (1.6) 12.9 $24.0 $mm Net Income / (Loss) Interest Milk MAKEUP Taxes Depreciation & Amortization Adjusted EBITDA 2020 (12.9) 0.3 1.7 ($10.9) 2019 (11.0) 1.4 2.5 ($7.1) 42#43OBAGI + Milk transaction detail MAKEUP OBAGI Net sales 2022E EBITDA 2022E Implied EBITDA multiple OBAGI enterprise value¹ Net debt² Equity value Less: promote and fees Equity value to OBAGI owners Rollover equity to OBAGI owners Cash proceeds to OBAGI owners4 MW ($mm) $190 $50 17.2x $858 106 $752 (97) $655 $275 $380 Milk MAKEUP Net sales 2022E EBITDA 2022E Implied net sales multiple Milk enterprise value Net debt (cash)³ Equity value Less: promote and fees Equity value to Milk owners Rollover equity to Milk owners Cash proceeds to Milk owners4 ($mm) $66 $6 5.8x $382 (8) $390 (50) $340 $200 $140 Source: Management estimates; OBAGI enterprise value, net sales 2022E and EBITDA 2022E exclusive of OBAGI China business; OBAGI EBITDA 2022E inclusive of 5.5% royalty: 2 As of December 31, 2020; As of June 30, 2021; 4 Subject to the substitution of an amount of Waldencast stock in the event of redemptions 43#44Key expansion opportunities in the US and international markets Expand internationally first through OBAGI Medical and then leverage OBAGI Rx-to-OTC virtuous circle in each market Represents OBAGI's global footprint Source: Company information Key strategic initiatives Increase penetration and share of wallet among dermatologists Growth driven by consumer and professional spa and launch of devices Internationalization and expand distribution in key markets: EU, Brazil, Korea, Canada 44