OnesSpaWorld SPAC

COMPARABLE PUBLICLY TRADED COMPANIES ANALYSIS - OPERATIONAL METRICS ($ in millions) 2018 - 2020 Sales CAGR 2018 - 2020 EBITDA CAGR 2018-2020 EPS CAGR¹ 2019 Unlevered FCF Conversion² (% of EBITDA) 11.8% OneSpa World 17.6% OneSpa World 36.0 % OneSpa World ~90 % OneSpa World Best-in-Class Service Operators Best-in-Class Service Operators Median: 6.3 % 12.2 % Site One 21.3% Site One 22.3% Site One 8.4% Bright Horizons 72.2% Best-in-Class Service Operators Median: 10.1% Rollins 10.6 % Bright Horizons 14.6% 6.3% Bright Horizons Rollins SiteOne 10.1 % Rollins Best-in-Class Service Operators Median: 13.8 % 12.3 % 13.8 % 5.7 % Cintas Cintas Cintas 9.9 % Cintas 5.5 % Ecolab Ecolab Bright Horizons 8.3% Best-in-Class Service Operators Median: 62.4 % 70.2 % 62.4 % 60.2 % 59.8 % Ecolab 11.4 % Rollins Ecolab 12.5 % 1. Assumes full year pro forma interest expense for OSW in 2018. 2. Free Cash Flow defined as Adjusted EBITDA less capex and cash taxes. Weight Watchers 16.0 % Weight Watchers 27.5% Weight Watchers 68.3 % Weight Watchers Health & Wellness Health & Wellness Median: 9.8 % 10.7% Planet Fitness Nike 9.8% Planet Fitness National Vision Health & Wellness Median: 14.6% 16.0 % 14.6% 14.2% Nike National Vision Health & Wellness Median: 18.7 % 20.4 % 16.8% 18.7% 7.6% National Vision Nike Planet Fitness Planet Fitness Health & Wellness Median: 65.6 % 67.2% 65.6 % Nike 31.1 % Lululemon 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. 7.3% Lululemon 11.1 % Lululemon 13.6 % Lululemon 30.3% National Vision 7.3% Accor 10.5 % Accor 21.7% Accor 74.6 % Hilton 5.2 % Marriott Asset-Light Leisure Asset-Light Leisure Median: 4.6% 8.8% Choice 19.1 % Hyatt 4.8 % Hyatt Asset-Light Leisure Median: 8.4 % 71.5% Marriott 8.8% Marriott ONESPAWORLD AT SEA. ON LAND. 17.4% Hilton 4.5 % Choice Choice Asset-Light Leisure Median: 16.1 % 14.8 % 8.0 % IHG 4.4% Marriott Hilton IHG 7.6% Hilton Asset-Light Leisure Median: 64.0 % 71.3 % 56.7 % 50.4 % 14.0% Choice Hyatt 4.0% IHG 4.3% Hyatt 8.3 % IHG 44.3 % Accor 34

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