E N W A V E . N E T

ENWAVE CORPORATIONC O R P O R A T E P R E S E N T A T I O N

G L O B A L L E A D E R I N V A C U U M M I C R O W A V E D E H Y D R A T I O N T E C H N O L O G Y E N W A V E . N E T

DISCLAIMER

This presentation contains forward-looking information based on management’s expectations, estimates and projections about the future, includingstatements about EnWave’s strategy for growth, product development, market position, expected expenditures and operational & financial results.There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from thoseanticipated and are not a guarantee of future performance and involve a number of risks, uncertainties and assumptions. All third party referencesto market information in this presentation are not guaranteed to be accurate as EnWave did not conduct the original primary research. Please see“Risk Factors” in EnWave’s Annual management discussion and analysis for the year ended September 30, 2019 available on SEDAR underEnWave’s profile at www.sedar.com. Although EnWave has attempted to identify important factors that could cause actual results to differ materially,there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue relianceon forward-looking statements. EnWave’s forward-looking information is based on the beliefs, expectations and opinions of management of EnWaveon the date the statements are made. EnWave does not assume any obligation to update forward-looking information, whether as a result of newinformation, future events or otherwise, other than as required by applicable law. Amounts shown herein are in Canadian dollars unless otherwisestated.

* NON-IFRS MEASURES – Management uses certain non-International Financial Reporting Standards (“IFRS”) measures that it believes areuseful to investors in evaluating the performance and results of EnWave. The term “Adjusted EBITDA” refers to earnings before deducting stock-based compensation, foreign exchange gain or loss, non-recurring restructuring and impairments, depreciation, amortization, interest, and taxes.Management believes that Adjusted EBITDA is a useful measure as it provides an indication of the operational results of our business. AdjustedEBITDA does not have a standardized meaning prescribed by IFRS and is not necessarily comparable to similar measures provided by othercompanies. Investors are cautioned that Adjusted EBITDA should not be construed as an alternative to operating income determined in accordancewith IFRS as an indicator of EnWave’s financial performance or as a measure of its liquidity and cash flows.

OUR MISSION

Our mission is to license our patented technology to a diverse group of food and cannabis companies and establish a large royalty portfolio, while concurrently supporting the rapid growth of NutraDried Food Co., our wholly owned subsidiary.

We help our royalty-partners discover new and innovative applications and uncover commercial opportunities using Radiant Energy Vacuum(REVTM) technology.

REVTM technology allows for the production of convenient, premium, and nutritious foodapplications; and low-cost, high-quality cannabis products.

BUSINESS STRATEGY

R O Y A L T Y R E V E N U E

• EnWave aims to grow a robust, diverse royalty stream portfolio through licensing its technology to food and cannabis processors.

• Royalties generated from licensing are based either on a percentage of sales or units produced by the partner.

• Thirty-six (36) current licensees of REV™ technology.

M A C H I N E S A L E S

• EnWave earns revenue from machinery sales and installations.

• Three primary scales of REV™ machinery sold; 10kW, 60kW and 120kW units.

• Machine pricing ranges from $200k - $2+ MM; GMP machinery up to $3+ MM.

N U T R A D R I E D F O O D C O .

• Wholly-owned NutraDried Food Company, LLC is rapidly growing consumer package goods company.

• Manufactures and sells all natural snack product, Moon Cheese®, using two 100kW nutraREV® machines; soon to be three.

• Proof-of-concept turned cash cow, distributes Moon Cheese® in more than 25,000+ points of sale.

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NutraDried Food CompanyProof-of-Concept turned Massive Success

Tremendous Foundation• Moon Cheese at intersection of multiple consumer trends

• Leverages REV™ proprietary technology

• NutraDried has hired new leadership team with 125+ years of CPG experience (Kraft, PepsiCo, Unilever)

• Enviable list of current retail partners and strong/growing velocities

6

Healthy Snacking Opportunity

1

2

3

4

Snacking/Diet

Protein Carbs/Sugar

CleanLabels

8

Snacking Trends

(1) “What’s Trending in Nutrition” – Pollock Communications 2019 survey of 1,342 registered dietitians (2) 2019 IRI study (3) 2018 NMI research study (5) Shine United Feb 2019 research among 1,720 consumers (6) Nielsen 2018 Annual Healthcare Shopper Survey

85%of consumers intend

to make small changes to eat

healthy (1)

49%of consumers view

snacks as an important part of a healthy eating plan

(+8 pts. vs. 2015) (2)

80%of registered

dietitians (RD’s) rank Keto as the #1 diet trend for 2019 (1)

#1Keto is #1

searched diet term on Google (Y/E

Jan 2020)

Protein

55%of U.S. HH’s say high protein is important when considering

food (6)

4/5consumers rate

protein content as important in their food decisions (3)

17%of consumers eat some type of a

high-protein diet (5)

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Carbs & Sugar

(1) “What’s Trending in Nutrition” – Pollock Communications 2019 survey of 1,342 registered dietitians (4) New Nutrition Business (6) Nielsen 2018 Annual Healthcare Shopper Survey

58%consumers believe calories from sugar and carbs are the leading cause of

weight gain (4)

16%consumers

follow a net low carb diet (4)

57%consumers say that

low-sugar is important in deciding what to buy for their

HH (6)

Clean Labels Are Essential

RD’s predict a “healthy” (clean) label will soon surpass taste/cost as

most important purchase drivers (1)

Natural snacks are growing but, few brands deliver a nutritional “grand slam”

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Protein (G) 5 4 5 5 0 2 6 10Carbs (G) 16 17 6 13 27 26 5 11Sugar (G) 2 2 2 7 21 16 4 10Calories (G) 120 130 130 150 110 110 100 90Ingredients: 5 16 12 18 2 1 8 12

Moon Cheese is the exception

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Nutritional Grand Slam

High Protein: 11g/serving

Low Carb: 0 - 2g/serving

Low Net Sugar: 0g/serving

Clean Label: 2 - 4 ingredients

Nutritious + Great Taste + Convenience

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Tasty & Convenient

• Shelf Stable• Great Tasting

• 80% of consumers eat cheese daily/few times/wk

• 100% cheese - with a crunch!

• Snackable• Can grab by the handful

• Resealable pouch for OTG

Premier Retail Partnerships

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• Growing distribution among premium retailers

• Multiple channels

• 25,000+ stores across nearly every state

Impressive velocities

14

6.95.4

9.1

LEADING NATURAL RETAILER (500 STORES

LEADING NATIONAL RETAILER (500 STORES)

LEADING REG RETAILER (95 STORES)

FY ‘19 UNITS/STORE/WEEK KEY CUSTOMERS

A brand ready to explode

Old Packaging

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World Class New Packaging Now In Market

17

Adding 2 Top Flavors

18

• Tested 25 varieties - Parmesan Garlic was #2 preferred and Bacon Cheddar #3

• Unique among near-in competition

• Doubles the line appeal withtarget consumers

• Tremendous retailer feedback

New 1oz size will drive new channels

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• Distribution opportunities• Food Service• Convenience stores• Retail grocery• Club• Online

• Sampling opportunities

Packaging innovation will fuel channels

20

10 oz. - All Varieties

Major consumer marketing investments to drive awareness/trial

21

C O N S U M E R

Influencer MarketingNew Website

Social Media

Digital Marketing Email Marketing

EventsRetailer Geo-Targeting Strategic Sampling

1H FY ‘20 to be challenged

22

• Costco over-bought behind Sept ‘19 MVM promotion; excess inventory curtailed Q1/Q2 ‘20 sales

• Many major retailers delayed new product reviews until Feb/March• Transition to new/upgraded key channel external partners Oct – Dec ’19

• Club• Retail grocery/Drug• Online (Amazon)

• Effect of highest cheese pricing in last 5 years hit COGS; prices have come down and stabilized subsequently

• Sales will rebound behind new grocery distribution in May/June and expanded Costco penetration in 2H ‘20

Focused new product development will continue growth in future years

1. Cheese as base + other ingredients; new forms

2. Extend to dairy-based shelf stable snacks

NutraDried is on a great trajectory

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R E V E N U E G R O W T H ( ‘ 0 0 0 s C A D )

6,100 6,500

16,500

29,900

$-

$5,000

$10,000

$15,000

$20,000

$25,000

$30,000

$35,000

2016 2017 2018 2019

E N W A V E . N E T

ROYALTY & MACHINE SALES GROWTH

E N W A V E . N E T

THIRTY-SIX ANNOUNCED ROYALTY PARTNERS

C A N N A B I S & H E M P P A R T N E R S

F R U I T A N D V E G E T A B L E P A R T N E R S

D A I R Y P A R T N E R S

KameyaFoods

SwissCompany

REV™ MACHINE DEPLOYMENT

2017

2016

10 10

100

60 10 10 100

10 100 1010 10 120 10

300 kw

300 kw

201810 10 60 1010 10 60 10 100 10

10

10

102019 60120 1,032 kw

150 kw

360 10 310 2 10 60 10 10 10 10 10

KameyaFoods

G L A S S H O U S EB O T A N I C S

10

2020

270 kw

10

1010

100

1010 10

SwissCompany

C $ T H O U S A N D S F Y2 0 1 4

F Y2 0 1 5

F Y2 0 1 6

F Y2 0 1 7

F Y2 0 1 8

F Y 2 0 1 9

Revenue 1,224 5,870 14,933 15,954 22,825 42,852

Net Loss (5,034) (4,993) (1,837) (2,986) (945) (1,986)

Adjusted EBITDA* (2,690) (2,655) 1,028 6 2,932 3,168

Adjusted EBITDA* Margin (220%) (45%) 7% 0.03% 13% 7.4%

*Refer to Non-IFRS Measures set out on slide 1. Refer to the company’s MD&A for a reconciliation of Net Income to adjusted EBITDA.

F I N A N C I A L H I G H L I G H T S

• Growing revenue profile from all business segments. Royalty revenue is expected to grow over the long-term as more REV™ machines are ordered and installed.

• NutraDried reported net income of $3.0 MM for FY2019 compared to $3.6 MM in FY2018, as important sales and marketing investments were made to drive future growth.

• Adjusted EBITDA* of $3.17 MM showing consolidated cash profitability for FY2019.

• Strong balance sheet after completing $10 million investment by Aurora. Approximately $18.7 MM in the treasury as of end of FY2019.

$15.9MM ► $22.8MMR E V E N U E ► $42.8MM

R O Y A L T I E S

FY2017 FY2018 FY2019

$370K ► $571K ► $740KFY2017 FY2018 FY2019

I N C L U D I N GN U T R A D R I E DR O Y A L T Y

$687K ► $1.39MM ► $2.57MM

C A S H O N T H EB A L A N C ES H E E T

$1.3MM ► $9.1MM ► $18.7MM

FY2017

FY2017

FY2018

FY2018

FY2019

FY2019

IMPROVING FINANCIAL PERFORMANCE

Disruptive Technology with a Significant, Long-term, Competitive Advantage• REVTM technology is superior to competition (air

drying; freeze drying).• EnWave owns a portfolio of patents to protect

the competitive advantage; wide moat.

Significant Market Opportunity in a Large Addressable Market• Commercially proven product applications in

food and cannabis industries.• Robust business development pipeline with

more than 80 companies in talks with EnWave.

NutraDried Food Co. Offers Unique CPG Growth Opportunity• Rapidly improving growth profile with unique

product portfolio and premier distribution in multiple channels.

Proven Technology and Business Strategy• Commercial Royalty-Bearing License Agreements

signed with over 30 companies and growing.• Commercialized products have been successful,

generating meaningful revenues for several partners.

Rapidly Growing Revenue and Positive Cash Flow Profile• Revenue has grown from $0.5 MM in 2013 to

$42.8 MM in FY2019.• Significant runway remains as partnerships ramp

up production and new agreements are executed.

1 2

3 4

5

VALUE PROPOSITION | INVESTORS

C O R P O R A T E O F F I C E

Unit 1 – 1668 Derwent WayDelta, BC V3M 6R9

R E AS O N S T O O W N E N W

• Disruptive technology with a substantial, long-term, competitive advantage

• Significant market opportunity in large, diversified, addressable market

• Proven technology and business strategy

• Rapidly growing revenue and cash flow profile

• NutraDried Food Co. offers unique CPG growth opportunity

COPORATE PRESENTATION

E N W A V E . N E T

APPENDIX

E N W A V E . N E T

TSXV:ENWFSE:E4USymbols

$1.45Share Price

$2.6652 Week High

$1.1952 Week Low

111.2 MM (Basic)

126.0 MM (Fully Diluted)Shares Outstanding

$161.3 MMMarket Capitalization

Toronto Venture Stock Exchange (TSXV)Frankfurt Stock Exchange (FSE)Exchanging Listings

Distributed/ Retail55%

Seven MajorShareholders43% 2%

Management & Board

As of February 10, 2020

CAPITAL MARKETS

John P.A. Budreski / M B A E X E C U T I V E C H A I R M A N

Dan Henriques / C P A , C AC F O

• Proven history of advancing and accelerating businesses in addition to an engineering background

• 30+ years of extensive capital markets and executive management experience

• Extensive experience in finance effectiveness and financial reporting

• Supported numerous mid-market companies with financial reporting and compliance

Brent Charleton / C F A P R E S I D E N T & C E O

• Accomplished leader with expertise in finance, business development and capital markets; leads REV commercialization efforts

• Demonstrated ability to implement organizational change and drive improving financial performance

Mike Pytlinski / M B AC E O , N U T R A D R I E D F O O D C O .

• Proven track record of driving growth though sound strategic planning and integrated marketing programs

• Close to 30 years of experience in the U.S. CPG industry

LEADERSHIP | MANAGEMENT

Marie C. Ritchie / F C A D I R E C T O R & C H A I R O F A U D I T C O M M I T E E

• President and CEO of Ritchford Holdings Ltd., an accounting and investment advisory services company

• Fellow of the Canadian Institute of Chartered Accountants

Hugh McKinnonD I R E C T O R

• Director and shareholder of Norscot Investments Ltd.

• Director of Premium Brands and Glacier Media

Dr. Stewart Ritchie / P H DD I R E C T O R

• President of Canadian Poultry Consultants Ltd. since 1989

• President of American Association of Avian Pathologists from 2010 to 2011

John P.A. Budreski / M B A E X E C U T I V E C H A I R M A N

Brent Charleton / C F A P R E S I D E N T & C E O

Stephen SanfordD I R E C T O R

• Former Managing General Counsel at Fluor Corp

• Lawyer licensed in Canada and USA

LEADERSHIP | BOARD OF DIRECTORS