Waldencast SPAC Presentation Deck

OBAGI is a leader in the fastest growing segment of skincare Global skincare Market by 2025 $209bn¹ Global skincare 2021 $155bn¹ Premium skincare 2021 $62bn¹ OBAGI 2021E revenue $168mm4 2021 skincare market size ($bn) Asia Pacific North America 2 Western Europe Latin America $8 Eastern Europe $5 Middle East and Africa $5 $24 Key markets $23 $86 CAGR 2021-2025 10% 4% 3% 7% 5% 10% Euromonitor International; Beauty & Personal Care, 2021ed, retail value sales, current prices, 2020 fixed ex rates; Including the United States and Canada; 3 "How to Target Premium Beauty Buyers," report by Euromonitor; 4 OBAGI management projections, OBAGI 2021 financial estimates exclusive of China business Category dynamics High-growth segment with strong momentum in post-lockdown era Growth of science-backed skincare bolstered by rise of "skin-tellectual" consumers increasingly focused on product potency and efficacy 2.5x percentage growth for dermo-cosmetics skincare versus premium from 2018-2020¹ 47% premium buyers versus 20% non-premium buyers use ~8-14 skincare products weekly 17

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