Waldencast SPAC Presentation Deck

+ GROWTH DRIVEN BY BRAND AWARENESS AND INNOVATION Milk Awareness by age¹ Active + Whitespace Milk Categories² Gen-Z Millennial Gen-X Boomer 100 Index³ 84 Index 68 Index 60 Index Strong Gen-Z following with opportunity to drive incremental awareness and trial across consumer segments Make-up Category Expansion Milk Mascara $1.9B Foundation / Concealer $3.8B 330 SKUs¹ Skincare $21.9B Milk Makeup has the opportunity to grow through innovation and launches Established Emerging Whitespace4 Primer³ $0.3B Lash & Brow $1.0B v/s Haircare $14.1B Other Leading Make-Up Specialist Brands Blusher & Bronzer $0.5B Lip $2.8B 1,500-7,000 SKUS Bath / Shower $9.5B Skin Tints $2.3B Shadow $0.5B Fragrance $8.7B Survey conducted June 11-21, 2020 with female participants ages 13-64 who have purchased beauty products for themselves in the past 3 months and do not work in the beauty industry; 2 Market sizes reflect 2021E data for the USA market; Euromonitor International; Beauty & Personal Care and Color Cosmetics in the US, 2021ed, retail value sales, current prices, 2020 fixed ex rates 100 implies 82% awareness for Gen-Z; Primer refers to EMI's category BB/CC creams and skin tints refers to EMI's premium foundation / concealer, 4 Areas where management believes product offering expansions or introduction of new categories are possible + 29

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