Waldencast SPAC

GROWTH OPPORTUNITY: EXPANSION WITHIN SEPHORA IN EXISTING AND NEW MARKETS CRUELTY-FREE. PARABEN-FRE SEPHORA MADE LIVE Front of store takeover in Sephora Dubai flagship KUSHG SEPHORA TIMES SQUARE TAKEOVER MILK MART KUSH Pop up store in Sephora Time Square Molk MAKEUP Front of store takeover in Sephora Champs Elysees 3.6 ¹ Data provided by Sephora; Sephora doors include Kohl's and SiJCP 1st Gondola 50 doors, all 2 bay Mik BAD-ASS RISK TAKING LAUNCH OF THE YEAR HAH Current 3 bay gondola Unprecedented KUSH launch support SUNSHINE SKIN TINT PONTY-PACE OR BUS Milk SST US front of store takeover Megan The Stallion Milk MAESUP MILK Ad in Times Square Sephora Door Penetration¹ 100% 1,335 1,335 Strong position in Sephora today with room to grow USA 100% 82 82 Canada Sephora Customer Penetration 20% * 16% 1,454 Percentage of Sephora shoppers aware of Milk Makeup 233 Europe 22% 80 Middle East 21 Vast opportunity to further win share with Sephora's customer base = 16% Percentage of brand-aware Sephora shoppers who purchased Milk Makeup Total Sephora doors Milk Sephora doors 200+ China / SE Asia 50% 24 AUS / NZ 3% Milk penetration of Sephora clientele 12 83

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