OnesSpaWorld SPAC

SUPERIOR AFTER-TAX FREE CASH FLOW After-Tax Unlevered Free Cash Flow Conversion¹ MINIMAL NEW SPA CAPEX ■ Cruise lines fund nearly all maritime spa buildout costs ASSET-LITE MODEL ■ OneSpaWorld does not own any of its maritime spas - all major maintenance requirements funded by cruise lines EFFECTIVE TAX RATE: ~2% ■ Significant majority of income earned in international waters Capex as % of Revenue Effective Tax Rate ~90%² ONESPAWORLD AT SEA. ON LAND. 1% 2% 72% Highly Franchised Restaurants 3% 21% 63% Health & Wellness 5% 21% 62% Asset-Light Leisure 6% 21% 62% Best-in-Class Service 3% 21% ONESPAWORLD AT SEA. ON LAND. 51% Asset-Heavy Leisure 14% 21% Source: SEC filings, Wall Street research. Note: Highly Franchised Restaurants includes YUM, QSR, DNKN, DPZ and PZZA. Health & Wellness includes WTW, LULU, EYE, NKE and PLNT. Asset-Light Leisure includes MAR, HLT, IHG, H, AC- FR and CHH. Best-in-Class Service includes BFAM, CTAS, ROL, ECL and SITE. Asset-Heavy Leisure includes MTN, SIX, PLYA, MGM, LVS and BEL. Cruise includes CCL, RCL and NCLH. 1. Adjusted After-Tax Unlevered FCF Conversion calculated as (Adjusted EBITDA less Estimated Unlevered Cash Taxes less Capex) / Adjusted EBITDA. Average conversion shown by sector. 2. OneSpaWorld Adjusted After-Tax Unlevered Free Cash Flow Conversion calculated as (2019 Adjusted EBITDA less Avg. of 2015-20 Capex less Cash Taxes)/2019E Adjusted EBITDA. 9% Cruise 28% 2% 32

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