Deep Field Asset Management LLC Issues Presentation on OneSpaWorld’s Shareholder-Unfriendly Transaction

Urges OSW Shareholders to Vote NO on Company’s Proposed $75 Million Financing

Details How Poorly Run Deal Process – Rife with Corporate Governance Failures – Produced Transaction that Heavily Benefits Insiders to Detriment of All Shareholders

Presentation and Prior Deep Field Letters Available at www.VoteNoOSW.com

BEVERLY HILLS, Calif.--(BUSINESS WIRE)--Deep Field Asset Management LLC (“DFAM”), a Beverly Hills-based investment adviser of funds that beneficially own 1,798,487 shares of OneSpaWorld Holdings Limited (NASDAQ: OSW) (the “Company”), today issued a presentation detailing the reasons why shareholders should reject the Company’s proposed $75 million financing. Deep Field highlights how the deal process was essentially a corporate governance travesty, and how the end result inordinately benefits insiders and hurts all shareholders.

The presentation and Deep Field’s prior May 13, 2020 and May 20, 2020 public letters are available at www.VoteNoOSW.com.

Deep Field urges all OSW investors to vote NO on the proposed transaction, with the knowledge that the Board can and will do dramatically better for the Company and all of its shareholders by engaging in a process not unduly influenced by insider participants.

About Deep Field Asset Management LLC

Deep Field Asset Management LLC (“DFAM”) is a privately-held, independent investment adviser with $136 million in assets under management as of April 30, 2020. DFAM manages the Deep Field Opportunities Fund (“Fund”) a global concentrated investment fund that invests primarily in the small- and mid-cap space. The Fund’s objective is to back superior management teams pursuing idiosyncratic, difficult-to-replicate strategies wherein a market position or asset is leveraged to expand share and compound cash flow over a multi-year period. Specifically, the Fund seeks to own “category-defining” assets with definitive advantages which we believe are characterized by features such as extraordinary brands, overwhelming market share, data supremacy and easily accessible adjacent opportunities. The Fund was launched in 2015 by Jordan Moelis, the Fund’s Portfolio Manager.

IMPORTANT NOTICE: This material is for general informational purposes only and is not intended to be relied upon as investment advice. The opinions expressed are those of DFAM of May 25, 2020 and are subject to change at any time due to changes in market or economic conditions.

The information contained herein has been prepared from sources believed reliable but is not guaranteed by us as to its timeliness or accuracy, and is not a complete summary or statement of all available data. There is no guarantee that any forecasts made will come to pass. Reliance upon information in this material is at the sole discretion of the reader.

DFAM is the investment adviser for funds that beneficially own 1,798,487 shares of OneSpaWorld Holdings Limited (OSW) as of May 25, 2020. Holdings are subject to change, and DFAM may buy shares of OSW or sell, including sell short, shares of OSW at any time. The discussion of securities should not be viewed as a recommendation to buy, sell or hold any particular security.

DFAM is not soliciting proxies relating to the OSW shareholder meeting and does not have the authority to vote your proxy. DFAM urges OSW shareholders to vote against the proposed transaction.