Waldencast SPAC Presentation Deck

MILK 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

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