OnesSpaWorld SPAC

COMPARABLE PUBLICLY TRADED COMPANIES ANALYSIS VALUATION METRICS ($ in millions) 2019 P/E 2020 P/E 2019 FCF Yield¹ 2020 FCF Yield¹ Net Leverage² 19.6 x OneSpa World 13.1 x OneSpa World 4.2% OneSpa World 7.4% OneSpa World 5.3 x Best-in-Class Service Operators Best-in-Class Service Operators Median: 27.9 x 46.6 x Rollins 42.5 X Rollins 5.7% Cintas 31.3 x 4.9 % Bright Horizons Best-in-Class Service Operators Median: 22.1 x Cintas 1.8 x 27.5 x Bright Horizons 4.7% Ecolab 27.9 x 3.7% SiteOne Bright Horizons 3.6 x 22.1 x Best-in-Class Service Operators Median: 3.8 % SiteOne 2.9% Bright Horizons 24.7 x 3.6 % Ecolab Ecolab 2.4 x 22.0 x Ecolab Best-in-Class Service Operators Median: 3.7 % 2.5% Rollins 23.1 x ΝΑ Cintas Rollins (0.2)x 20.6 x Cintas ΝΑ SiteOne ΝΑ SiteOne 4.0 X 48.6 x National Vision 41.0 X National Vision 6.3 % Weight Watchers 7.9% Weight Watchers 4.1 X Health & Wellness Health & Wellness Median: 34.8 x 39.1 x Lululemon Lululemon 3.4% Nike 34.8 x Health & Wellness Median: 29.2 x 34.8 x 3.8% Planet Fitness Nike (0.2)x 29.2 x Planet Fitness Health & Wellness Median: 2.8 % 2.8% Planet Fitness 25.8 x 3.7% Nike Planet Fitness Health & Wellness Median: 3.7 % 2.8 x 21.8 x Nike 2.2% Lululemon 2.7% Lululemon (0.9)x 17.3 x Source: Company Management, Wall Street Research, Bloomberg, IBES as of 10/19/2018. All estimates calendarized to December. Note: Assumes $20.0M Revolving Credit Facility, $275M of 1st Lien, and $25M of 2nd Lien. Weight Watchers 13.8 x Weight Watchers 1.1 % National Vision 2.2 % National Vision 3.7 x 35.0 x Hyatt 31.3 x Hyatt 6.2 % Marriott 6.9 % Hilton 4.1 x 1. Free Cash Flow defined as Operating Cash Flow less Capex. FCF Yield calculated based on IBES free cash flow per share estimates, where available. Net Leverage for peers calculated as current net debt / LTM EBITDA. Net leverage for OSW as of transaction close. 2. 23.4 x Asset-Light Leisure Asset-Light Leisure Median: 20.2 x Accor 19.6 x Accor Hilton - IHG 22.3 x Hilton 2.1 x 19.1 x Hilton Asset-Light Leisure Median: 17.5 x ONESPAWORLD AT SEA. ON LAND. Choice % Asset-Light Leisure Median: 5.5 5.6% 5.9 % 5.5% 18.1 x Marriott Marriott 3.0 x 15.9 x Asset-Light Leisure Median: 5.0 % 4.9% 5.7 % 5.0 % Marriott IHG Accor 17.9 x (1.1)x Choice 15.6 x IHG 5.2 % Hyatt 3.9% Hyatt 0.6 X 17.2 x IHG 15.6 x Choice 4.1 % Accor ΝΑ Choice 2.1 X 35

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