Waldencast SPAC Presentation Deck

LAST Science-backed formulations and services trusted and recommended by physicians worldwide High-performance products with high standards of medical efficacy... ELASTIderm® Facial Serum 95% of subjects showed improvement OBAG1360 80+ Patents worldwide¹ OBAGI360® System 88% of patients saw improvement as early as week 3 OBAGI's treatments complete rigorous testing from panels comprising leading dermatologists from universities and research organizations across the U.S. OBAGI-C® RX 97% of patients reported smoother skin World class R&D team members leading new product development Studied by board- certified dermatologists to ensure product efficacy ...widely recognized by physicians, driving long-standing customer relationships² 7% Less than 6 months 6% 6 months - less than 1 year "OBAGI has the strongest clinical efficacy profile in the category" 9% 1 year - less than 2 years "OBAGI offers more practice support than other skin care lines" Source: "2020 Kline Physician-Dispensed Skincare: U.S. Perception & Satisfaction Survey," Kline & Company OBAGI information; 2 Length of relationship refers to the period of time between a customer's first order date and November 10, 2021, and is limited to customers who have placed an order in the previous 12 months 9% 2 years - less than 3 years 69% 3 years or longer "OBAGI is the cornerstone of my aesthetic practice" 19

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