OnesSpaWorld SPAC

EXCEPTIONAL FREE CASH FLOW CONVERSION Exceptional After-Tax Unlevered Free Cash Flow¹ ~$62M 2019E Adj. EBITDA ~90% Free Cash Flow Conversion² ~1% Avg. Capex as % of Revenue $126M Cumulative 2-Year After-Tax Unlevered Free Cash Flow (2019E-2020E) ~2% Historical Cash Tax Rate $26.7 Provides Outsized Adj. Net Income Growth Adj. Net Income ($M)³ 2018E FOR CAGR: 36.0% $33.0 2019E 1. Adjusted After-Tax Unlevered Free Cash Flow calculated as (Adjusted EBITDA - Avg. of 2015-20 Capex - Cash Taxes). 2. Adjusted After-Tax Unlevered Free Cash Flow Conversion calculated as (Adjusted EBITDA less Avg. of 2015-20 Capex less Cash Taxes) / Adjusted EBITDA. 2019 includes $1.5M addback for lost income due to renovation of Atlantis facility. 3. ONESPAWORLD AT SEA. ON LAND. $49.3 2020E 30

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