Waldencast SPAC

OBAGI The leading physician- dispensed skincare brand Adjustments for 2021 actuals '21A - '23E CAGR: 9% Net sales ($ in millions) Adj. EBITDA margin MW $179 $168 2021A Our starting point in building this vision are OBAGI and Milk 24% $213 2023E 30% 1 Industry source 2 OBAGI information 3 Sephora management 4As of April 14, 2022 at 2:00 pm ET Form AGE OBAGI MEDICAL 1.47 oz (14 m DICAL #1 Eest perceived performing brand among U.S. providers¹ 80+ patents worldwide? STIderm ОВА СТ ELASTIDE rum MEDICAL OBA Milks Leading clean make-up brand Net sales ($ in millions) Adj. EBITDA margin $47 MAKEUP '21A - '23E CAGR: 47% 2021A NM $101 2023E 17% #2 clean brand at Sephora U.S.3 2.0m Instagram followers4 12

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