Old MAV Wind-Down Ltd. — Board/Management Information 2021

Aug 12, 2021

FORM 51-102F3 MATERIAL CHANGE REPORT

Item	1	Name and Address of Company
		MAV Beauty Brands Inc. (“MAV Beauty Brands” or the “Company”)
		100 New Park Place, Suite 810
		Vaughan, Ontario
		L4K 0H9
Item	2	Date of Material Change
		August 12, 2021
Item	3	News Release
		A press release was disseminated by the Company on August 10, 2021 through
		Canada Newswire/Cision and was subsequently filed on SEDAR under the
		Company’s corporate profile at www.sedar.com and on the Company’s website at
		https://investors.mavbeautybrands.com.
Item	4	Summary of Material Change
		The Board has appointed Serge Jureidini as President and Chief Executive Officer,
		effective August 17, 2021. Tim Bunch has left the Company, and Chris Elshaw,
		Chairman of the Board, will act as Interim Chief Executive Officer until Mr. Jureidini
		commences employment.
		The Board has also appointed Laurel MacKay-Lee as Chief Financial Officer,
		effective August 30, 2021. Niv Majar will continue in his position as the Vice
		President of Finance of the Company.
Item	5	Full Description of Material Change
5.1		Full Description of Material Change
		The Board has appointed Serge Jureidini as President and Chief Executive Officer,
		effective August 17, 2021. Tim Bunch has left the Company, and Chris Elshaw,
		Chairman of the Board, will act as Interim Chief Executive Officer until Mr. Jureidini
		commences employment.

Serge Jureidini brings over 30 years of beauty and personal care business experience to his leadership of MAV Beauty Brands. Most recently, Mr. Jureidini was the Chief Marketing Officer at Revlon Inc., a multinational cosmetics, skin care, fragrance and personal care company. Earlier in his distinguished career, Mr. Jureidini held senior positions in other beauty and personal care companies, including as the President and Chief Executive Officer of Arcade Beauty, as the President of Lancôme USA and in a variety of roles within the Luxury Division of L'Oréal. Mr. Jureidini holds a Master of Management degree from École des Hautes Études Commerciales de Paris.

The Board has also appointed Laurel MacKay-Lee as Chief Financial Officer, effective August 30, 2021. Niv Majar will continue in his position as the Vice President of Finance of the Company.

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Laurel MacKay-Lee is an experienced retail and finance executive with over 20 years of industry experience. Most recently, Ms. MacKay-Lee was the Chief Operating Officer at Stream Commerce, a full-service ecommerce agency. From 2012 to 2018, Ms. MacKay-Lee was a Vice President in various roles at The Shopping Channel, a division of Rogers Communications Inc. Prior to that, Ms. MacKay-Lee held various senior roles at Skyservice Business Aviation, Cara Operations Limited and Loblaw Companies Limited. Ms. MacKay-Lee earned her Chartered Professional Accountant (CPA, CA) Designation while at KPMG LLP and holds a Bachelor of Commerce degree from the University of Toronto.

5.2 Disclosure for Restructuring Transactions

Not applicable.

Item 6

Reliance on subsection 7.1(2) of National Instrument 51-102

Not applicable.

Item 7

Omitted Information

None.

Item 8

Executive Officer

The name and business number of an executive officer of the Company who is knowledgeable about the material change and this report is:

Niv Majar, Interim Chief Financial Officer (416) 347-8954 ir@mavbeautybrands.com

Item 9

Date of Report

August 12, 2021.

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