Andy Heyer: Welcome to the Biote corporate presentation. This is Andy Heyer from Haymaker III, and we re excited you can join us. Biote is a really dynamic consumer healthcare company, and we re really looking forward to

Welcome to the Biote corporate presentation.

This is Andy Heyer from Haymaker III, and we re excited you can join us. Biote is a really dynamic consumer healthcare company, and we re really looking forward to telling you about it. The key players are shown here. As many of you know,

my brother and I have formed Haymaker one and two in the past and successfully completed acquisitions. In the case of Haymaker I with OneSpaWorld, ticker symbol OSW , and with ARKO for Haymaker II, ticker symbol ARKO, our

backgrounds as indicated here, while seemingly different, are actually very similar, and we believe is why we ve been a successful SPAC team. My background was in banking, leading into private equity with a specialty in consumer-facing

My brother s background, as you can see from those logos, was first at Booz Allen Hamilton, where he created the consumer practice and

ran the New York office. But ultimately, he ran four major public companies: Young & Rubicam, Turner Broadcasting, the Coca-Cola Company, where he was president, and Starwood Hotels, where he was CEO. We have found ourselves to be well

received by targets for SPACs because we believe we can add a lot of value to the companies we partner with, and that s certainly the case, we believe, with Biote, and let me just hand it over to Terry Weber at this point.

Hello, I m Terry Weber, the CEO of

Biote. I ve been a disruptor and an innovator at companies across a wide array of industries, including many consumer brands. I m an operator, experienced at scaling businesses by growing their geographic profile. I ve brought these

skills to Biote as we continue our accelerated growth. Also, I would like to talk about Dr. Jonathan Sackner Bernstein, who is Biote s Chief Medical Officer. A cardiologist by training, Jonathan served on the faculty of Columbia

University. His experience spans medical product development, including drugs, biologics and medical devices. With his experience in senior positions at the FDA, Jonathan brings regulatory and clinical leadership to Biote. We re also joined by

Marc Beer, Chairman of Biote. Mark brings more than 25 years of development and commercialization experience from across the healthcare sectors. He s a serial entrepreneur with a track record of successfully growing public healthcare companies.

Marc s experience will be an invaluable asset as Biote continues its geographic expansion.

So turning to the next slide, we always like to tell our investors, sort of report on ourselves, and give ourselves a report card compared to what we indicated

Haymaker III would be looking for, and Biote checks all the boxes, as you can see. The company is a market leader in health and wellness with obviously strong momentum behind those sectors. There are certain characteristics, in particular though,

that we look for in all of our transactions and which we have promised to SPAC investors, which is a consumer-facing business with a strong demographic push. It has to have demonstrable growth. We love recurring revenue businesses, which Biote is.

We love asset-light businesses with huge free cash flow conversion, and obviously we want a strong management team, but we also are very focused on situations where we believe our team adds value.

We are not short term holders. In both the case of OneSpaWorld and ARKO, we have never sold a share of either company because we invested in the long-term

story, and we believe Biote has a very long-term story, both of near-term growth and huge legs for a long-term build. We also think we can add value to this company through branding and marketing direct to consumers, which they haven t done in

the past. Before I turn it back to Terry, let me just show you some of the numbers because they really do speak for themselves. Biote has all the characteristics necessary to be a great stock, which is obviously the key to any successful SPAC

transaction. The company s a market leader with a huge addressable

market and tremendous underdeveloped white space. We re eleven times larger than our nearest competitor. It s a patient-driven and physician-directed consumer businesses, which is

something we know a lot about. But most importantly, there are high retention rates, recurring revenue, which makes the revenue model extremely predictable. The EBITDA margins are strong and as we ll discuss later, we believe it s been

priced very attractively for investors. Terry.

Thank you. Now I d like to talk to you about how Biote is transforming healthy aging. Since 2012, Biote s been innovating in the hormone optimization

therapy market. We re a high growth, high profit company, and I m proud to say in 2020, even a difficult COVID year, we had revenues of $116 million and an EBITDA of $33 million, and we re growing rapidly. We ve got a

CAGR of 21% on revenue in the last five years. We ve built this commercial operating expertise with over 4,700 providers in 2,800 clinics representing less than 2% of the addressable market. Our treatment platform is proprietary and there are

high barriers to entry in this market, making it difficult for competitors to gain a toehold. As Andy said, we re eleven times larger than the closest competitor in a highly fragmented market. We have great retention rate for our providers,

Regardless of how careful we are with our preventative care, after the age of 40, many of us experience a variety of symptoms or live with

somebody who does. What do all these symptoms listed on the left have in common? They re all linked to hormone deficiency. Hormone deficiency is a medical condition like hypertension or diabetes, and it can affect one s general health and

absolutely the quality of life. On the right-hand side, you see that research has shown hormone deficiency has also been linked to diseases such as heart disease, breast cancer and osteoporosis. And here we show, according to a study published in

the American Journal of Obstetrics and Gynecology, hormone optimization, like Biote does, improves a wide variety of symptoms. So let s take hot flashes and night sweats for example. As you can see from this chart, 81% of patients in menopause

experience hot flashes and night sweats. After hormone optimization, as you see in the center column, 90% of those same patients experience relief from hot flashes and night sweats.

Patients see similar levels of relief from other symptoms such as insomnia, depression, lethargy and more. Now let s look at the size of the target

patient population for Biote. Approximately 200 million Americans are affected by hormone imbalance. Women experience a 67% reduction in estradiol between the mid-forties and mid-fifties. Over 47 million women in the US are affected by menopausal symptoms, yet only 28% undergo treatment. Men, on the other hand, experience a 44% reduction in testosterone between the ages of 30 and

74. This condition affects 40% of men over 45, yet only 10 to 12% are receiving testosterone therapy. And if you look at the right hand side of the slide, it shows you that our core business, hormone therapy, represents a $7 billion domestic

market. There s ample opportunity for growth with a forecasted CAGR of 7% in the next five years. This is a growing market that has barely touched a highly-underserved population.

And when considering options for hormone replacement, the Biote method is well positioned to become a mainstream therapy, primarily because, number one, the

protocols are administered by a Biote certified medical practitioner, we use personalized dosing, and they deliver a sustained release product resulting in strong patient acceptance and compliance. If you look at the left hand side of the slide,

you ll see the size of the pellet practitioners use. It s about the size of a grain of rice. These small bioidentical pellets are placed subcutaneously in the backside or flank of a patient. And on the right hand side, you see several

hormone therapy options that are often cumbersome and time consuming, whether it s a prescription cream, a patch, pills or injectables, and I want you to appreciate that if patients do not use a sustained release product like pellets,

they ll need to take one to three pills per day, or injections biweekly or weekly instead of the two to three procedures per year with the Biote method. We offer a high-quality hormone therapy administered in a bioidentical form.

Our proprietary BioTracker systems give guidance to our practitioners that they re dosing their

patients correctly. We also offer differentiated nutraceuticals and cosmeceuticals that complement our protocols. Currently, 82% of our business is in hormone therapy. Now I d like to talk about our operating experience. In the last several

years, we ve built up the infrastructure to support the growth of sales. Currently our sales team has over 80 highly trained and experienced support staff that are placed throughout the US, and we will expand that department 50% in the next 12

months. Our marketing team uses state of the art technology to target and engage the practitioners and patients where they want to be met. We have built a world class in-house agency that delivers data driven,

omnichannel communication strategies. We operate a large national training center in Dallas, where we train over 250 practitioners at a time, and five regional training centers. We employ 17 clinical staff and 69 experienced mentors who continue

ongoing training and evaluation of our providers in the field.

Our customer support and call center are the fastest growing groups in the company,

gearing up for direct-to-consumer and telemedicine. At Biote, we re committed to quality research. We re making a significant investment to validate our

protocols and advance the science. We recently published our nine-year breast cancer study and a safety study, both in peer-reviewed journals. In summary on the safety study, we showed a complication rate of less than 1%. Let s take a look at

the snapshot of our robust financial performance. As you can see, we have a track record of five years of growth. Biote is well positioned for future growth and profitability, with rising cash flow and expanding sales growth. The first three

quarters of 2021 have been very strong and we re on track to finish a great year. We re also forecasting strong growth in the next two years. We re projecting accelerated growth in both revenue and EBITDA in 2022.

Our business model is highly capital efficient and prime for exponential scale. I ve reviewed with you the size of the current market and the TAM of

200 million Americans with these symptoms with 80% untreated. There is ample opportunity for category growth with a CAGR of 7% forecasted in the next five years. On the right, you can see our Biote certified practitioners have over 300,000

active patients. This large database of patients allows us to extrapolate a clear demographic picture of the existing patients and the addressable market. If you look at the bottom sphere, it s an interesting note that 50% of the patient base

makes less than $100,000 in household income annually. Ours is a private pay therapy that nearly everyone can afford. It costs approximately $4 per day for women and $4.50 a day for men, less than a cup of coffee. The vast majority of our patients,

both male and female, are between the ages of 45 and 64, which again supports our robust market opportunity.

When we look at the proprietary Biote model,

look to the left. It begins with brand awareness and an introduction to Biote from a referral or a lead jet. We provide industry leading didactic and in-clinic certification training where the practitioners

pay to attend our training and on testing and completion, receive certification. We provide clinical mentors throughout the country and a 24/7 therapy line for assistance, creating a safety net for our practitioners. We provide high quality hormone

pellets as part of a complete end-to-end therapeutic platform. We feel very good about our competitive moat for a variety of reasons. First, Biote has a proprietary

tracking system that keeps our practitioners and their offices up to date on state and federal compliance. Second, we ve developed proprietary operating models based on 30 years of patient experience, updated regularly based on our ongoing

research. And third, and finally, the critical step of training our practitioners and their staff in the very best clinical practices and patient marketing. All of this results in greater practice and patient retention.

It is our proprietary business model that set us apart from the competition, with the closest competitors

having only a fraction of the provider market. There have been many others chasing Biote for over nine years, and they have struggled to compete. If you look at the top graph, you ll see the extraordinary growth in the number of certified

clinics we ve added in the last four years. Let s look at the physician economics, the value that we bring to the providers. At Biote, we created a business model that delivers provider economics in a material manner. Our business model

offers a profitable therapy to the practice from day one after they leave training. As you can see, our average clinic is making $100,000 in profit annually, and our top 100 clinics are approaching $500,000 in profit each year. We help them get

there, and we help them stay there.

Biote drives our revenues by contractually sharing in that profit generated from each procedure performed by the

practitioners. Let me break down the potential provider market. We currently have over 4,700 practitioners in 2,800 clinics. We view the target practitioners as family practice, OBGYN, internal medicine and urology, and there s over 260,000 of

those specialists in the US alone. We also have additional providers treating our patients who are nurse practitioners and other specialties like cardiology, and that increases this universe to 1.2 million potential providers in the US.

It s a very big market and the real growth opportunity is in front of us. Now, let me tell you how we re going to reach that potential. We primarily operate in 10 core states that collectively generate approximately 70% of our revenue, and

we re not even saturated in those states. There s still room to grow in our core geography.

And as we look to the future and a much larger

opportunity, we re expanding in the remaining states, partnering with targeted practitioner groups, from family medicine, physicians to urologists. We have 200 successful practices in Puerto Rico also, and plan to focus on international

expansion in the first half of 2023. As you can see, we have a solid base of providers and patients in a core number of states, but we re just beginning to scratch the surface. The majority of our growth is still ahead of us. The geographic

scalability of our Biote business is both predictable and capital efficient. Biote has the blueprint to achieve accelerated growth in the years to come through a class of scale of commercial operation to a well-targeted provider group. As you can

see here, our revenue and EBITDA growth have been impressive in the past and our margin has remained strong, and if I can focus you on the orange columns in these charts, they detail strong projected growth as well.

With our unique and predictable commercial scale model, we re forecasting accelerated growth in both revenue and EBITDA going forward. This performance

and the solidity of our business cannot take place without a great operating team. I ve assembled a group of highly experienced professionals who scaled businesses both in healthcare and consumer. We re also supported by an exceptional

clinical and scientific research group. My team is entrepreneurial, committed to the mission and to the continued growth of this company. I m very fortunate to be working with each and every one of them and also with the Haymaker group. Now

I ll pass it back to Andy.

Terry. If you all turn to the transaction overview, you ll see that we have $318 million in the SPAC trust. The transaction contemplates a very substantial equity rollover, minimal debt and substantial cash on the balance sheet. We believe

these are all the right metrics to have a high growth, well-funded and safe company. Let me touch on valuation here for a second, but I m going to spend a little more time on that in a minute. As you can see at the bottom, at the $10 stated

SPAC price, the multiple of sales and of 22 EBITDA are approximately four times on sales and between 13 and 14.5 times on EBITDA, based on our projections for next year. We believe this is an extraordinarily reasonable pricing, and we ll

demonstrate to you that there is a clear path to a mid-teens stock price, in our opinion. As a company that is 11 times larger than its nearest competitor, there s obviously no obvious direct comp. We

have focused on consumer facing wellness companies that are category leading as well as disruptive within that category.

On the next few pages, you will see metrics on companies that have various characteristics similar to Biote,

whether their business model or their financial statistics. We believe that Biote is most similar to Align and HydraFacial, HydraFacial being a very successful SPAC transaction completed earlier this year. These are consumer-driven businesses with

similar financial statistics and growth characteristics. In particular, if you look at the first slide, you ll see that the Biote sales CAGR is very similar to that of Align. Similarly, the EBITDA CAGR is actually higher for Biote than for

Align. On the next page, the EBITDA margin is virtually identical to Align and the free cash flow conversion at 93.8 is truly exceptional and is better than both Align and AirSculpt, the company that recently went public.

But going to the last page, the last page really tells the story because in order to get this company successfully launched and to give upside to investors,

both the inside investors and potential new public investors, you can see that we ve priced the transaction at a modest 4 times sales compared to Align at 10.2, and at 13.3 to 14.5 times EBITDA compared to 33 times on Align. So, we re

hoping you re as excited about Biote as we are. It is rare to have an opportunity to invest in a company that is so dominant within its space with such fabulous financial statistics. So thank you very much for listening and we look forward to

talking to you in the future.

Important Information About the Proposed Business Combination and Where to Find It

This transcript relates to a proposed business combination between Haymaker Acquisition Corp. III ( Haymaker ) and Biote Holdings, LLC

( Biote ). A full description of the terms of the business combination will be provided in a proxy statement to be filed with the United States Securities and Exchange Commission (the SEC ) by Haymaker, which will be mailed to

its stockholders once definitive. This transcript does not contain all the information that should be considered concerning the proposed business combination and is not intended to form the basis of any investment decision or any other decision in