Waldencast SPAC Presentation Deck

Trading metrics for relevant peers Waldencast implied multiple at $10/share 2022E FV/Revenue 2023E FV/Revenue 2022E FV/EBITDA 2023E FV/EBITDA Waldencast MW MWX 4.8x 3.9x 24.7x¹ 16.5x? L'ORÉAL 6.2x 5.8x 25.3x 23.6x P ESTEE LAUDER 6.7x 6.2x 28.0x 25.2x Source: Historical data from company filings: projections from FactSet as of 11/8/2021 1 EBITDA reflects deduction of $5mm for public company costs Beauty elf 4.7x 4.3x 24.2x 20.5× OLAPLEX hydrafacial lululemon athletica align OFIGS 29.0x 23.2x 46.6x 38.8x 14.0x 11.0x 96.4x High-growth consumer 61.8x 8.3x 7.3x 32.6x 27.8x 11.5× 9.5x 37.4x 29.7x 15.0x 11.3x 74.9x 54.4x Peer group average 11.9x 9.8x 45.7x 35.2x 40

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