Waldencast SPAC Presentation Deck

BUILDING ON STRONG PARTNERSHIP WITH SEPHORA Established footprint in US with opportunity to increase presence in high-growth, international markets SEPHORA Front of store takeover in Sephora Dubai flagship SEPHORA TAMES SQUARE TAKEOVER MILK MART SERCAN Pop up store in Sephora Time Square Molk WAKBUT Front of store takeover in Sephora Champs Elysees 8.6 1st Gondola 50 doors, all 2 bay Current 3 bay gondola RAD-ASS REK TAKING LAUNCH OF THE YEAR Unprecedented KUSH launch support Data provided by Sephora, Sephora doors include Kohl's and SiJCP SUNSHINE SKIN TINT Wine AWO Megan SST US front of store takeover Milk Stalion Milk MILK Ad in Times Square Strong position in Sephora today with room to grow Sephora Door Penetration¹ 100% + 1,335 1,335 100% 82 82 Canada 16% 1,454 22% 80 233 USA Europe AUS / NZ Vast opportunity to further win share with Sephora's customer base Sephora Customer Penetration 20% * 16% = Percentage of Sephora shoppers aware of Milk Makeup Percentage of brand- aware Sephora shoppers who purchased Milk Makeup Total Sephora doors Milk Sephora doors Middle East 21 50% 24 3% Milk penetration of Sephora clientele 12 30

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