Waldencast SPAC Presentation Deck

OBAGI + Milk transaction detail MAKEUP OBAGI Net sales 2022E EBITDA 2022E Implied EBITDA multiple OBAGI enterprise value¹ Net debt² Equity value Less: promote and fees Equity value to OBAGI owners Rollover equity to OBAGI owners Cash proceeds to OBAGI owners4 MW ($mm) $190 $50 17.2x $858 106 $752 (97) $655 $275 $380 Milk MAKEUP Net sales 2022E EBITDA 2022E Implied net sales multiple Milk enterprise value Net debt (cash)³ Equity value Less: promote and fees Equity value to Milk owners Rollover equity to Milk owners Cash proceeds to Milk owners4 ($mm) $66 $6 5.8x $382 (8) $390 (50) $340 $200 $140 Source: Management estimates; OBAGI enterprise value, net sales 2022E and EBITDA 2022E exclusive of OBAGI China business; OBAGI EBITDA 2022E inclusive of 5.5% royalty: 2 As of December 31, 2020; As of June 30, 2021; 4 Subject to the substitution of an amount of Waldencast stock in the event of redemptions 43

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