Playboy SPAC Presentation Deck

PLAYBOY 2020 Transaction Summary Playboy Enterprises Inc. ("Playboy") to be acquired by Mountain Crest Acquisition Corp. ("MCAC"), a publicly listed special purpose acquisition vehicle with $58.5M cash in trust . Playboy pre-money equity value of $239.2M (plus $142.1M of debt = $381.3M enterprise value) Playboy is rolling 100% of its equity into MCAC Transaction includes a $50M common stock PIPE @ $10.00/share Playboy has agreed to purchase 700k sponsor promote shares @ $6.35/share ($4.44M) Pro forma market capitalization of ~$373M; enterprise value of $413M¹ Playboy owns ~66% of the combined entity on a fully diluted basis $101M new cash on the balance sheet ¹Assumes zero redemptions from SPAC 2 Does not include a total of 0.3M unit purchase options to the MCAC IPO underwriter 3Does not reflect closing adjustments; shares issued or issuable to Playboy shareholders at closing may increase or decrease based on the net debt calculation adjustments at closing POST-TRANSACTION ENTERPRISE VALUE BUILD-UP ($MM)1,2,3 Shares Outstanding Price Per Share Market Capitalization Plus: Debt Less: Cash Enterprise Value 2021 Est. EBITDA EV/ 2021 Est. EBITDA Shares in millions Mountain Crest Sponsor SPAC IPO Investors PIPE Investors Playboy Total 37.3 $10.00 $372.7 $142.1 $101.5 $413.3 Shares 1.1 6.5 5.0 24.6 37.3 $40.3 10.3x % SOURCES & USES ($MM) PRO FORMA OWNERSHIP1,2,3 3.0% 17.5% 13.4% 66.1% 100.0% Sources Cash Remaining in Trust Playboy Equity Roll PIPE Common Shares Total Sources Playboy Equity Roll Fees & Expenses (Estimated) Cash to Balance Sheet Total Uses Uses Playboy 66.1% SPAC Investors 17.5% $58.5 $239.2 $50.0 $347.7 SPAC Sponsor 3.0% PIPE Investors 13.4% $239.2 $7.0 $101.5 $347.7

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