Waldencast SPAC

THE OBAGI enterprise value Net debt¹ OBAGI OBAGI + Milk MAKEUP transaction detail Equity value Less: promote and fees Equity value to OBAGI owners ($mm) $858 106 $752 (97) $655 Source: Management estimates; 1 As of December 31, 2020; 2 As of June 30, 2021. Milk MAKEUP Milk enterprise value Net debt (cash)² Equity value Less: promote and fees Equity value to Milk owners ($mm) $382 (8) $390 (50) $340 98

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