INVESTOR PRESENTATION

November 2018
 Forward-looking statements
Certain information in this presentation, including statements relating to winning shelf space, cross-selling our brands through our global distribution platform, extending our international reach, delivering on our growth plan, increasing sales and profitability in the future,
and our financial guidance for Fiscal 2018 and Fiscal 2020, constitutes forward-looking information. In some cases, but not necessarily in all cases, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “targets”, “expects” or
“does not expect”, “is expected”, “an opportunity exists”, “is positioned”, “estimates”, “intends”, “assumes”, “anticipates” or “does not anticipate” or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”,
“might”, “will” or “will be taken”, “occur” or “be achieved”. In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances contain forward-looking information. Statements containing forward-looking information
are not historical facts but instead represent management’s expectations, estimates and projections regarding future events.

Forward-looking information is necessarily based on a number of opinions, assumptions and estimates that, while considered reasonable by MAV Beauty Brands as of the date of this presentation, are subject to known and unknown risks, uncertainties, assumptions and other
factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information, including but not limited to the factors described in greater detail in the “Risk Factors”
section of the final prospectus dated June 28, 2018, which is available at www.sedar.com. These factors are not intended to represent a complete list of the factors that could affect MAV Beauty Brands; however, these factors should be considered carefully. There can be no
assurance that such estimates and assumptions will prove to be correct. The forward-looking statements contained in this presentation are made as of the date of this presentation, and MAV Beauty Brands expressly disclaims any obligation to update or alter statements
containing any forward-looking information, or the factors or assumptions underlying them, whether as a result of new information, future events or otherwise, except as required by law.

If any such risks or uncertainties materialize, or if the opinions, estimates or assumptions underlying the forward-looking information prove incorrect, actual results or future events might vary materially from those anticipated in those forward-looking information.

Although we have attempted to identify important risk factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other risk factors not presently known to us or that we presently believe are not material
that could also cause actual results or future events to differ materially from those expressed in such forward-looking information. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from
those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information, which speaks only as of the date made. The forward-looking information contained in this presentation represents our expectations as of the date of
this presentation (or as the date they are otherwise stated to be made), and are subject to change after such date. However, we disclaim any intention or obligation or undertaking to update or revise any forward-looking information whether as a result of new information,
future events or otherwise, except as required under applicable securities laws.

Non-IFRS Measures

This presentation makes reference to certain non-IFRS measures. These measures are not recognized measures under IFRS, do not have a standardized meaning prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other companies.
Rather, these measures are provided as additional information to complement those IFRS measures by providing further understanding of our results of operations from management’s perspective. Accordingly, these measures should not be considered in isolation nor as a
substitute for analysis of our financial information reported under IFRS. We use non-IFRS measures including “Adjusted EBITDA”, “Adjusted Net Income” and “Adjusted Gross Profit”. These non-IFRS measures are used to provide investors with supplemental measures of our
operating performance and thus highlight trends in our core business that may not otherwise be apparent when relying solely on IFRS financial measures. We also believe that securities analysts, investors and other interested parties frequently use non-IFRS measures in the
evaluation of issuers. Our management also uses non-IFRS measures in order to facilitate operating performance comparisons from period to period, to prepare annual operating budgets and to determine components of management compensation. Definitions and
reconciliations of non-IFRS measures to the relevant reported measures can be found in the Company’s MD&A dated November 9, 2018 and in Appendix “A” to this presentation.

To assist readers in assessing year-over-year performance, we have included selected pro forma financial information in this presentation. Pro forma financial information gives effect (as if they occurred on January 1, 2017) to: (i) the acquisition of Renpure, LLC; (ii) the entry
into the Company’s new credit facility and the re-payment of the Company’s prior indebtedness; and (iii) the completion of the Company’s initial public offering and concurrent changes to the share capital.

Certain Other Matters

Unless otherwise stated herein, financial information in this presentation is presented in United States dollars.

MAV Beauty Brands 2

About MAV Growth Financial
Beauty Brands Strategies Overview

01 02 03

01 About MAV
Beauty Brands

MAV Beauty Brands 3

Senior leadership

Marc Anthony Venere Tim Bunch Chris Doyle

Founder, President & CEO Chief Revenue Officer Chief Financial Officer
25+ years experience 15+ years experience 25+ years experience

2016 OntarioWinner

WORLD CHAMPION
& CELEBRITYHAIRSTYLIST

MAV Beauty Brands 4

How we got here Acquired

2018
2017

Renpure is 2016
founded by the
Redmond family
IPO
The original Marc
Anthony Salon opens Cake Beauty is 2008
in the very location founded by
where his father Heather Reier
practiced the craft Marc Anthony
launches nationally
Partnered with TA
across the U.S. in
2003 Associates, highly Substantial increase in
Ulta Beauty and
experienced growth C-level executives and
Marc launches CVS 2002 private equity firm value-add Board
his first product:
Marc Anthony members
“Marc Anthony
products sell Implemented processes to
International”
internationally, support innovation, new
beginning in product development and
1998 Europe operations

Robust KPI reporting

and forecasting
1995 LATE 90’S implemented
Marc begins working
First SKU
National launch at with A-list celebrities
launched at
1993 Shoppers and appearing on
Shoppers
Drug Mart national TV shows
Drug Mart

MAV Beauty Brands 5

 3
fast-growing hair and
100+
retail partners
body care brands

Building an iconic, multi-brand, fast-growing

global personal care company

$94mm 42%
TTM pro forma Q3 2018 pro forma
revenue(1) revenue growth

1) Trailing 12 months as of Sept 30, 2018; pro forma for ownership of Renpure as of January 1, 2017 and includes Cake Beauty as of January 23, 2018.
MAV Beauty Brands 6
 Pioneering the Masstige category
SALON &
SALON-DIVERTED
PRODUCT
S

Masstige products Retailers allocate

provide a strong MASSTIG more shelf
value proposition E space to
for consumers PRODUCTS
$ 4 . 00 - $ 12 .
products that
00 generate better
“Since our beginning in 1995, economics
our mission has been to deliver
premium quality products that TRADITIONAL
are accessible to and convenient MASS MARKET
PRODUCTS
for consumers.”

MAV Beauty Brands 7

Complementary high-growth portfolio of Masstige brands

Modern, salon-inspired brand that Plant-based, naturally-inspired products that Lifestyle brand that provides a fun,
consumers trust to solve their unique don’t sacrifice performance or affordability vibrant and rich sensorial experience
hair concerns

176 SKUs across 20 collections 124 SKUs across 8 collections 54 SKUs across 3 collections
Positioned to address a variety of consumers, industry trends and
retailer needs with limited competitive overlap
MAV Beauty Brands 8
How we are winning shelf space

MAV Beauty Brands 9

 We have strong and collaborative retail and distribution partners

North American Retail Partners(1) Leading International Distributors

Direct, longstanding and collaborative relationships
with major North American retailers
Distributors have strong relationships with major retailers in
attractive international markets
Add significant value by acting as local salesforce
25+
countries
CHANNEL SELECT RETAIL PARTNERS

DRUG

MASS
CVS, Rite-Aid, Shoppers Drug
Mart, Walgreens

Target, Walmart
100+
FOOD HEB, Kroger, Loblaws
retailers
CLUB

SPECIALTY
Costco

Ulta Beauty

Dollar General, Family Dollar

60k+
DOLLAR
doors
OFF PRICE Burlington, Ross, TJX

Countries outside North America where

MAV Beauty Brands currently has a presence

Highly diversified across retailers, brands and geographies

1) North America means Canada and the United States. MAV Beauty Brands 10
We are in large and growing categories of a global market
(US$ Billions)

MASSIVE GLOBAL MARKE R E S I L I E N T & R E C E S S I O N - R E S I S TA

T NT
BODY CARE(1)  GLOBAL RETAIL SALES VALUE
35.4%  YOY RETAIL SALES GROWTH

BABY CAGR:
PRODUCTS(2) 3.8% $73 $75
3.5% $69 $71
$66

$465B
HAIR $63
CARE $58 $60
ORA $53 $54 $55
L 16.2% $48 $50
$45 $46
CAR

5.2%

5.0%
E

4.8%

4.5%

4.4%

4.4%
4.2%
3.9%
9.5%

3.3%

3.3%
2.9%

2.8%
FRAGRANCES

2.4%

2.4%
10.6%
COLOUR
MEN'S COSMETICS
14.2%
GROOMING
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
1
0.7%
Strategically positioned in highly attractive end markets
Source: Euromonitor International, Beauty and Personal Care 2018 Edition.
1) As per Euromonitor International’s Skin Care and Bath & Shower definitions.
2) As per Euromonitor International’s Baby and Child Specific definitions. MAV Beauty Brands 11
We are aligned with key growth trends Millennials spend
disproportionally
high amounts on
Growing demand for
beauty & personal
natural personal care
care
Increasing popularity products

Strong consumer
of authentic,
independently-
founded brands +10% +30%
demand for higher Anticipated increase in millennials’

+22%
4-year CAGR of the global
share of the total U.S. retail
quality products natural and organic personal
expenditure by 2020P(3)
care products market(2)
that are convenient
SHIFTING AWAY FROM SALON 3-year CAGR of independently-
PROFESSIONAL
founded brands (excluding brands
MASSTIGE that were acquired >3 years ago)(1)

TRADING UP FROM TRADITIONAL MASS

01 02 03 04
1) Includes Hask, Marc Anthony, Maui Moisture, Not Your Mother’s, OGX, Renpure and Shea Moisture; U.S. retail sales data per Nielsen downloaded May 2018 (3-year CAGR from Q1 2015 - Q1 2018).
2) Source: Persistence Market Research – Global natural & organic personal care market, 2018 report purchased in April 2018.
3) Source: U.S. Census Bureau and Fung Global Retail & Technology. MAV Beauty Brands 12
We innovate better than our competitors

Product Ideas Integrated Product Development

• Salon stylists and beauty experts
• Management’s extensive industry experience
• Founder-led innovation
• R&D team including in-house chemist
• Collaboration with retail partners
• Internal creative resources
• Bi-annual innovation summit

Consumer & Retailer Feedback &

Flexible Supply Chain Quick & Nimble
Validation
• Collaborative and longstanding relationships Innovation Cycle
• Collaborative and active dialogue with retail
with diverse group of suppliers
partners provides opportunity to react to feedback
• Asset-light business model allows us to be more in midst of buying cycle
nimble, driving industry-leading speed-to-market • Products often launched at strategic retail partners
• Efficient operations before mainstream launch

Ability to consistently deliver fast and highly successful new product launches
MAV Beauty Brands 13
Innovation in action

New product ideas: Retailer feedback:

Continued product innovation Speed to market
STRICTLY CURLS COLLECTIO RENPURE BODY WASH
N

• Recognized significant unmet demand for products to style curly hair in • We were asked by a U.S. retailer in July 2017 to provide a body wash
the early 2000s • Using our in-house chemist, we developed and presented body wash
• Launched nationally in Canada and the U.S. primarily as a styling options to the buyer one month later, from which two formulas were
product in 2001 chosen to launch in January 2018
• Strictly Curls has been on the shelf since 2001 and continues to grow • Ultimately shipped four body wash SKUs in January 2018, less than six
significantly in excess of the broader market months after meeting the body wash buyer
• Continued product innovation, through new products and packaging, • Our body wash SKUs have been extremely successful and buyer has
has resulted in a loyal consumer following expanded the line in 2018

MAV Beauty Brands 14

We invest and activate in-store

In-Store Promotions Endcaps Holiday Bonus Pack

Most purchase
decisions are
made at shelf

Collaborative, partnership approach

with retailers
Enables real-time performance and
ROI measurement

MAV Beauty Brands 15

We use efficient channels that build community
Marc Anthony Stylist Squad Public Relations Social Media
Elevate the connection between products, Established relationships with key Create content that generates
salon quality and the consumer experience digital, print and televised media education and entertainment

$4.2mm
earned media value(1)

Industry Events Consumer Engagement Micro-influencers

Create branded experiences that capture Foster a dialogue with our consumers in order We work with hundreds of high performing micro-influencers who
attention and spikes up conversation to keep them excited about our brands endorse our products to targeted consumer groups

1) For the year to date ending Sept 30, 2018. MAV Beauty Brands 16
 Our model is working

+47%
POS growth for Marc Anthony #1
True Professional
Fastest-growing brand in
U.S. drug channel

+20%
POS growth for Renpure
(Marc Anthony True Professional)

Source: Nielsen AOD, BC SUPER CATEGORY: HAIR CARE; Total U.S.; YTD W/E 10-06-18; Excludes Private Label MAV Beauty Brands 17
About MAV Growth Financial
Beauty Brands Strategies Overview

01 02 03

02 Growth
Strategie
s
MAV Beauty Brands 18
Business model provides visibility and stability

Retail Distribution Illustrative Retail

Partner Planogram
NEW
INNOVATIONS

$
BYE BYE
NUMBER OF FRIZZ

STORES (DOORS) BYE BYE

FRIZZ
GROW LONG

SHELF SPACE
TOTAL
x = POINTS OF
DISTRIBUTION x VELOCITY = REVENUE GROW LONG
GROW LONG

COCONUT
(PODS) COCONUT
COCONUT
FACINGS PER COCONUT
STORE (SKUS)
STRICTLY CURLS
STRICTLY CURLS
STRICTLY CURLS
STRICTLY CURLS STRICTLY CURLS

TIME

MAV Beauty Brands 19

 Multiple levers for continued growth

01 Incremental sales of
existing brands to
existing partners
U . S . T O T A L D I S T R I B U T I O N P O I N T S (1)
02 CANADIAN
Cross-selling our
complementary
brand portfolio
U.S.
03 Extending our reach
into new international
markets

29
RETAILER RETAILERS
S 47 total retailers Countries
26 total retailers
today
36

3,322
Q1 2018A AVERAGE OF
TOP 10 HAIR CARE BRANDS(2)
17

11
39 Target countries with
hair care sales of
≥US$100+ million(3)

488
9

MAV BEAUTY BRANDS

Q1 2018A

Ability to introduce ONE new brand

9 New markets in
2018 YTD

Ability to introduce TWO new brands

1) U.S. Nielsen downloaded May 2018. Based on the Brand High Total Distribution Points (“TDP”) of the Marc Anthony and Renpure namesake brands as at March 31, 2018. TDP is an approximate measurement of the distribution of a brand (or ‘‘product aggregate’’) while
taking into account the number of retail locations and Universal Product Codes, or UPCs, selling within that brand or aggregate; the calculation is the sum of % ACV across UPCs. The Company believes that this metric provides a relative indication of retail penetration
factoring in both distribution breadth and distribution depth.
2) Top 10 hair care brands include L'Oréal, Garnier, TRESemmé, Pantene, Suave, Head & Shoulders, OGX, Dove, Conair and Herbal Essences.
3) Euromonitor International, Beauty and Personal Care 2018 Edition. MAV Beauty Brands 20
Incremental opportunities beyond current outlook

01 Entering new or
adjacent high-growth
categories 02 Strategically acquiring
complementary
businesses 03 Expanding our
distribution to new
retail partners

(US$ BILLIONS)
$164
$465 Global beauty &
personal care market

$66 $75
$44 $49 $50
$16
ORAL CARE BABY PRODUCTS(1) FRAGRANCE MEN’S GROOMING COLOUR COSMETICS HAIR CARE BODY CARE(2)

OTHER PERSONAL CARE MARKETS TARGET MARKETS EXISTING MARKETS

Source: Euromonitor International, Beauty and Personal Care 2018 Edition.

1) As per Euromonitor International’s Baby and Child Specific definitions.
2) As per Euromonitor International’s Skin Care and Bath & Shower definitions. MAV Beauty Brands 21
Building a portfolio of iconic brands through M&A

Acquire fast-growing
independent brands 01 Demonstrated ability to
execute and integrate

What we look for

Entrepreneurial and • Entry or expansion into adjacent high
innovation-driven culture
02
growth markets
Highly attractive to • Financial attractiveness
founders (high margins, asset light)

03
Unlock sales potential • Access to new consumer end-
Cross-sell 100+
through global markets
retailers • Demonstrated innovation capabilities
operating platform
• Revenue and integration synergies

Operational efficiencies
and best practices 04 Scale and synergies
in supply chain

MAV Beauty Brands 22

About MAV Growth Financial
Beauty Brands Strategies Overview

01 02 03

03 Financial
Overview

MAV Beauty Brands 23

Strong historical financial performance
(US$ Millions)

REVENUE ADJUSTED ADJUSTED EBITDA

GROSS PROFIT

24.3% 13.7%

$94.1
$47.2
16.6% 13.3%
18.6% $41.5
$75.7
$29.8
$62.0
$34.4 11.9%
$30.5 $26.3
$53.8
$21.0 $20.4

F2015 F2016 F2017 Pro LTM Q3 F2015 F2016 F2017 Pro LTM Q3 F2015 F2016 F2017 Pro LTM
Combined Combined Forma (1) 2018 Pro Combined Combined Forma (1) 2018 Pro Q3
Forma Forma Combined Combined Forma (1) 2018
(2) (2) Pro
Forma (2)

1) Pro forma for ownership of Renpure as of January 1, 2017 and excludes Cake Beauty.
2) Pro forma for ownership of Renpure as of January 1, 2017 and includes Cake Beauty as of January 23, 2018. MAV Beauty Brands 24
Q3 2018 pro forma financial results
(US$ Millions)
REVENUE ADJUSTED ADJUSTED NET INCOME
GROSS PROFIT EBITDA

+42% +15% +20% +20%

26.2
11.9

18.4
7.3 3.0

10.3
6.1 2.5

Q3 2017 Q3 Q3 2017 Q3 2018 Q3 2017 Q3 2018

Q3 2017 Q3 Pro Forma Pro Forma
2018 Pro Forma Pro Forma
2018
Pro Forma Pro Forma
Pro Forma Pro
Forma

MAV Beauty Brands 25

Financial outlook: strong and accelerating growth
(US$ Millions)

REVENUE ADJUSTED EBITDA ADJUSTED NET INCOME

Key drivers and assumptions

• Strategically positioned in fast growing
segments that will continue to outperform
CAGR: CAGR: 52.5-57.5 CAGR: the broader market
26%-30% 37%-42% 33-37 • Grow market share within existing retail
24%-28%
partners and distributors by increasing
Points of Distribution (SKUs x Doors)
145-160 • Cross-selling: increase number of retail
partners and distributors who carry more
29 than one of our brands
26.3 • Expand into new international markets
• Benefit from operating leverage due to
2017 and 2018 investments in Selling and
Administrative
95-100 12.9
• Selling and Administrative expenses as a
75.7 percentage of revenue in the range of 19%
and 23% for the period through 2018 to
2020
• Our strong cash flow will lead to quick
deleveraging through the outlook period
and drive adjusted net income growth
F2017 F2018 Pro Forma F2020 F2017 F2020
Pro Forma(1) Guidance(2) Target Pro Forma(1) Target

F2017 F2018 Pro Forma F2020

1) ProPro Forma
forma (1) Guidance
for ownership (2)
of Renpure as of January 1, 2017 and excludes Cake Beauty.
2) Target
Pro forma for ownership of Renpure as of January 1, 2017 and includes Cake Beauty as of January 23, 2018. MAV Beauty Brands 26
 Additional financial highlights & market facts
Total Debt (at Sept 30, 2018) US$113.0 mm Ticker Symbol MAV (TSX)
Cash (at Sept 30, 2018) US$5.1 mm 52-week High/Low $14.15 / $11.40
Net Debt (at Sept 30, 2018) US$107.9 mm Market Cap(1) ~$530 mm
Net Debt/LTM Q3 2018A PF Adjusted EBITDA(3) 3.6x

Shares o/s (Basic)(1) 40.8 mm ANALYST COVERAGE

Shares o/s (Fully Diluted)(1)(2) 41.4 mm BMO Capital Markets

Insider Ownership ~58% Canaccord Genuity

TA Associates 31.2% CIBC World Markets

Marc Anthony Venere Group 18.2% Jefferies

Redmond Group 8.2% National Bank Financial

Raymond James
RBC Capital Markets

1) Assumes conversion of 3,178 proportionate shares to 3,178,000 basic shares.

2) Calculated using treasury method.
3) Based on LTM Q3 2018 pro forma adjusted EBITDA; pro forma for ownership of Renpure as of January 1, 2017 and includes Cake Beauty as of January 23, 2018. MAV Beauty Brands 27
Investment highlights

1. Leader within large and fast-growing categories of a global market

2.Complementary high-growth portfolio of brands 03

Next generation platform drives growth

4. Innovative products that drive consumer

demand and retailer traffic

5.Strong financial performance with diverse revenue streams and attractive cash flow characteristics 06

Entrepreneurial founder-led team comprised of world-class industry executives

MAV Beauty Brands 28

Appendix

MAV Beauty Brands 29

Pro forma Q3 2018 Compared to Pro forma Q3 2017 and Pro forma YTD
2018 Compared to Pro forma YTD 2017
The unaudited pro forma net income and comprehensive income for Q3 2018, YTD Q3 2018, Q3 2017, YTD Q3 2017, reflect the following transactions:
• The acquisition by the Company of 100% of the outstanding units of Renpure, LLC on March 8, 2018.
• The refinancing of credit facilities and concurrent closing of the IPO.

The pro forma numbers presented by management give effect to the above transactions as if they have been consummated on January 1, 2017.

Pro forma Pro Pro forma Pro forma

(in thousands of US dollars) (unaudited) Q3 2018 forma YTD Q3 YTD Q3
Q3 2017 2018 2017
Consolidated statements of operations and
comprehensive (loss) income:
Revenue 26,175 18,416 73,597 55,220
Cost of sales (3) 14,279 8,089 37,886 27,918
Gross profit 11,896 10,327 35,711 27,302

Expenses

5,393 4,439 17,811 13,441

Selling and administrative (1), (4)
Foreign exchange loss (gain) 4 241 - 131 187
Amortization and depreciation (2) 783 732 2,348 2,181
Finance and other charges (1) 1,744 1,604 5,472 4,853
7,924 7,016 25,500 20,662
(Loss) income before income taxes 3,972 3,311 10,211 6,640
Income (recovery) tax expense
Deferred (5) 1,013 844 2,604 1,693
1,013 844 2,604 1,693
Net (loss) income and comprehensive (loss)
income for the period 2,959 2,467 7,607 4,947
EBITDA 6,407 5,565 17,411 13,382
Adjusted EBITDA 7,271 6,081 21,258 17,734
Adjusted Net Income 3,603 2,851 10,473 8,189

MAV Beauty Brands 30

Pro forma Q3 2018 Compared to Pro forma Q3 2017 and Pro forma YTD
2018 Compared to Pro forma YTD 2017
Pro Pro Pro forma Pro forma
(in thousands of US dollars) (unaudited) forma forma YTD Q3 YTD Q3
Q3 2018 Q3 2017 2018 2017
Net (loss) income and
comprehensive (loss) income
for the period 2,959 2,467 7,607 4,947
Income (recovery) tax expense 1,013 844 2,604 1,693
Interest 1,652 1,522 4,852 4,561
Amortization and deprecation 783 732 2,348 2,181
EBITDA 6,407 5,565 17,411 13,382
Transaction-related costs (1) 91 88 1,110 316
Non-recurring charges (2) 392 369 1,929 1,173
Purchase accounting adjustments (3) - - 56 2,672
Share-based compensation (4) 110 88 322 210
Foreign exchange (gain) loss 271 (29) 430 (19)
Adjusted EBITDA 7,271 6,081 21,258 17,734
(in thousands of US dollars) (unaudited) Q3 Q3 YTD Q3 2018 YTD Q3 2017
2018 2017
Net (loss) income and
comprehensive (loss) income
for the period 2,959 2,467 7,607 4,947
Transaction-related costs 91 88 1,110 316
Non-recurring charges 392 369 1,929 1,173
Purchase accounting adjustments - - 56 2,672
Share-based compensation 110 88 322 210
Foreign exchange (gain) loss 271 (29) 430 (19)
Tax impact of the above adjustments (220) (132) (981) (1,110)
Adjusted Net Income 3,603 2,851 10,473 8,189

MAV Beauty Brands 31

Pro forma Q3 2018 Compared to Pro forma Q3 2017 and Pro forma YTD
2018 Compared to Pro forma YTD 2017

1. Concurrent with the closing of the IPO, the Company entered into a new $107,500 term loan credit facility and a $20,000 revolving credit facility available. This
refinancing will result in the Company's cost of borrowing reducing to an effective interest rate of approximately 5.15%. The refinancing will result in a reduction
of interest expense of $6,083 and $742 for pro forma Q3 2018 and Q3 2017 respectively, after considering commitment fees on the unused revolving credit
facility and the amortization of the financing costs on the refinanced debt. Financing costs of $1,765 are expected to be incurred as part of the issuance of the
New Credit Facility. An additional $5,165 for proforma Q3 2018 and $11 for proforma Q3 2017 has been adjusted for related to transaction costs for the IPO
and Renpure Acquisition incurred by MAV which are non-recurring in nature and would not reflect the expenses of the combined entity on an ongoing basis.

2. Adjusted for incremental amortization of $169 for proforma Q3 2017 as a result of the fair value adjustment to customer lists in connection with IFRS 3
accounting.

3. In conjunction with the acquisition of Cake Beauty Inc. January 23, 2018 and Renpure, LLC on March 8, 2018, the fair value adjustment of inventory as part of
the initial purchase price allocation was amortized.

4. Adjusted for related party commissions of $1,092 and related party salaries and benefits of $29 as a result of these expenses being non-recurring in nature and
would not reflect expenses of the combined entity on an ongoing basis.

5. Income tax have been reflected at 25.5% of the net adjustments.

MAV Beauty Brands 32

Q3 2018 Compared to Q3 2017 and YTD 2018 Compared to YTD 2017

Reported Reported Reported Reported

(in thousands of US dollars) (unaudited) Q3 2018 Q3 2017 YTD Q3 2018 YTD Q3 2017
Consolidated statements of operations and
comprehensive (loss) income:
Revenue 26,175 10,471 65,007 30,204
Cost of sales 14,577 4,200 35,641 12,174
Gross profit 11,598 6,271 29,366 18,030

Expenses
Selling and administrative 6,312 2,710 17,988 8,473
Foreign exchange loss (gain) 4 248 (147) 124
Amortization and depreciation 783 560 2,220 1,665
Finance and other charges 12,073 2,346 23,415 6,999
19,172 5,864 43,476 17,261
(Loss) income before income taxes (7,574) 407 (14,110) 769
Income (recovery) tax expense
Deferred (1,763) 76 (3,463) 234
(1,763) 76 (3,463) 234
Net (loss) income and comprehensive (loss)
income for the period (5,811) 331 (10,647) 535
EBITDA 945 3,231 3,856 9,141
Adjusted EBITDA 7,271 3,498 18,835 10,274
Adjusted Net Income (1,098) 516 512 1,321

MAV Beauty Brands 33

Q3 2018 Compared to Q3 2017 and YTD 2018 Compared to YTD 2017

Reported Reported Reported Reported

(in thousands of US dollars) (unaudited) Q3 2018 Q3 2017 YTD Q3 2018 YTD Q3 2017
Net (loss) income and
comprehensive (loss) income
for the period (5,811) 331 (10,647) 535
Income (recovery) tax expense (1,763) 76 (3,463) 234
Interest 7,736 2,264 15,746 6,707
Amortization and deprecation 783 560 2,220 1,665
EBITDA 945 3,231 3,856 9,141
Transaction-related costs (1) 5,256 88 9,965 316
Non-recurring charges (2) 392 113 1,551 689
Purchase accounting adjustments (3) 297 - 2,727 -
Share-based compensation (4) 110 88 322 210
Foreign exchange (gain) loss 271 (22) 414 (82)
Adjusted EBITDA 7,271 3,498 18,835 10,274

(in thousands of US dollars) (unaudited) Q3 2018 Q3 2017 YTD Q3 2018 YTD Q3 2017
Net (loss) income and
comprehensive (loss) income
for the period (5,811) 331 (10,647) 535
Transaction-related costs (1) 5,256 88 9,965 316
Non-recurring charges (2) 392 113 1,551 689
Purchase accounting adjustments (3) 297 - 2,727 -
Share-based compensation (4) 110 88 322 210
Foreign exchange (gain) loss 271 (22) 414 (82)
Tax impact of the above adjustments (1,613) (82) (3,820) (347)
Adjusted Net (loss) Income (1,098) 516 512 1,321

MAV Beauty Brands 34

Q3 2018 Compared to Q3 2017 and YTD 2018 Compared to YTD 2017

1. On July 10, 2018 we successfully completed the IPO and our Shares are listed on the Toronto Stock Exchange under the stock symbol “MAV”. Costs associated with
the IPO of $749, extinguishment of debt associated with the proceeds of the IPO of $3,418 and costs associated with the 2018 Acquisitions of $170 have been
recorded as Finance and Other Charges in our unaudited condensed consolidated statement of operations and comprehensive (loss) income for the Q3 2018.
During Q3 2018, there were $919 of transaction-related costs of the Company incurred in connection with the offering and the Acquisitions, which have been
accounted for in selling and administrative. YTD 2018, $7,669 of transaction-related costs of the Company have been incurred in connection with the offering and
Acquisitions, which have been accounted for as finance and other charges and $2,296 of transaction-related costs of the Company incurred in connection with the
IPO and the 2018 Acquisitions, which have been accounted for as selling and administrative expenses.
2. Comprised of $356 for Q3 2018 and $1,237 for YTD 2018 of non-recurring costs representing predominantly expenses incurred in respect of the following
matters: (i) recruiting costs incurred as part of the Company’s efforts to put in place additional senior management, (ii) consulting fees in respect of finance
support and operations relating to transaction-related matters, (iii) severance costs incurred in respect of certain employees and payments related to the
termination of certain consulting contracts on acquisition, (iv) salary and wages related to staff integration to operate one salon, and (v) non-recurring private
company board expenses, which have been accounted for as Selling and Administrative expenses of the Company. Q3 2018, $36 of non-recurring costs related
to salary and wages related to stylist integration to operate one salon, which were accounted for as cost of sales. YTD 2018, $314 of non-recurring costs have been
incurred by the Company in cost of sales, which includes $94 related to the stylist integration and $220 of non-recurring costs related to disposal of raw materials.
3. In conjunction with the acquisition of Cake Beauty Inc. January 23, 2018 and Renpure, LLC on March 8, 2018, the fair value adjustment of inventory as part of
the initial purchase price allocation was amortized.
4. Represents recognition of share-based payments in respect of the options granted to management, which have been accounted for as Selling and
Administrative expenses of the Company

MAV Beauty Brands 35