Waldencast SPAC Presentation Deck

INCUMBENTS vs INDIES EROSION OF TRADITIONAL SOURCES OF COMPETITIVE ADVANTAGE FOR INCUMBENTS Large advertising budgets allocated primarily toward traditional media Diminishing ability to dominate physical shelf space in retailers Asset-heavy infrastructure to support in- house R&D and manufacturing facilities results in longer reaction times to emerging trends Talent attrition to other attractive opportunities MX RISE OF INDEPENDENT BRANDS LIMITED BY THEIR ABILITY TO SCALE GLOBALLY Digital/social media reshaped traditional marketing and product discovery eCommerce provides direct access to consumers, bypassing incumbents' strength in traditional distribution channels Outsourced innovation, production, and logistics enables asset-lite structures Limited ability to scale globally with the resources and expertise of a single- brand 8

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