Waldencast SPAC

2022E FV/ Revenue 2023E FV/ Revenue 2022E FV/ Adj. EBITDA 2023E FV/ Adj. EBITDA MX Trading metrics for relevant peers wwaldencast AW 4.8x 3.9x 24.7x¹ 16.5x1 L'ORÉAL 5.2x 4.9x 21.8x 20.2x ESTEE LAUDER 5.1x 4.7x 20.9x 19.0x BEAUTY elf eyes lips face 3.5x 3.3x 17.8x 16.1x Waldencast implied multiple at $10/share Source: Historical data from company filings; projections from FactSet as of 04/22/2022 1 EBITDA reflects deduction of $5mm for public company costs OLAPLEX. hydrafacial lululemon athletica 12.6x 10.0x 19.9x 16.6x 5.5x 4.4x 36.5x HIGH-GROWTH CONSUMER 22.1x 6.3x 5.5x 24.7x 21.0x align 5.8x 4.7x 19.9x 16.0x OFIGS 5.1x 3.9x 23.1x 17.2x PEER GROUP AVERAGE 6.1x 5.2x 23.1x 18.5x 95

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