MustGrow Biologics : Presentation

Providing Natural, Plant-Based Biologics for

Sustainable Agriculture

Corporate Presentation May 2024

TSXV: MGRO

OTCQB: MGROF

FRA: 0C0

Disclaimer

The views expressed herein contain information derived from publicly available sources that have not been independently verified. No representation or warranty is made as to the accuracy, completeness or reliability of the information. This Presentation should not be relied upon as a recommendation or forecast by MustGrow Biologics Corp. ("MustGrow").

Certain statements contained herein constitute forward-looking statements. The words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "seek", "propose", "estimate", "expect", and similar expressions are intended to identify forward-looking statements. Such statements reflect MustGrow's current views with respect to future events and are subject to certain risks, uncertainties and assumptions (known and unknown). Many factors could cause MustGrow's actual results, performance or achievements to vary from those described herein. Should one or more of these risks or uncertainties materialize, or should assumptions underlying forward-looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, sought, proposed, believed, estimated or expected. MustGrow does not intend, and does not assume any obligation, to update these forward-looking statements, except as required by law.

Note that purchasing securities of MustGrow should be considered a risky investment as the securities are speculative in nature and are appropriate only for investors who are prepared to have the capacity to absorb a loss of some or all of their investment.

The securities referred to in this Presentation have not been and will not be registered under the U.S. Securities Act of 1933 or the securities laws of any other jurisdiction and may not be offered or sold in the United States absent an exemption from, or in a transaction not subject to, the registration requirements of the U.S. Securities Act of 1933 and any other applicable securities laws. This Presentation does not constitute an offer to sell, or the solicitation of an offer to buy, the securities, nor shall there be any sale of any of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

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The #1 thing every farmer cares about is growing a crop, and therefore to do so, protecting it from unwanted pests and disease

Traditional chemical pesticides are unhealthy, and consumers are demanding safer and more sustainable

Technology	Capital
• 112 Patents Issued	• 51.6MM shares
& Pending	outstanding
• Trade secrets	• C$60MM market cap
• Unique technology	• 2+ years cash runway
	• 21% mgmt. ownership

MustGrow is disrupting the industry by providing sustainable mustard-based biological solutions to replace banned/restricted synthetic chemicals and fertilizers

TerraSanteTM is a	Markets	Global, Long-Term
• Biofertility
registered product	Partnerships
in key U.S. states,	• TerraSanteTM
including California,
and has organic	• Biocontrol
certification

• Soil Biofumigation
• Bioherbicide

• Postharvest Food	Commercial
Licensing
Preservation
Agreement
	with Bayer in
	EAME

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Sustainable Agriculture is the Future of Food Security

Increased Regulation on

Synthetic Chemicals…

Sprout inhibitor chlorpropham (CIPC) officially banned by European Union

The ban of CIPC in the EU has been in the works for months and was expected by the industry. It is not easy to find alternatives, though. The big problem is for existing potato storage sites.

• Spudman; June 19, 2019

Yield	Food	Global
Maximizing	security	Soil
Alternatives		Health

• Commitment to Organic
  Solutions & Growth

Bayer expects to access more than 100

billion euros in these adjacent markets annually in effect doubling the division's potential market which today stands at more than 100 billion euro for the core portfolio alone. Importantly, by the middle of the next decade, Bayer

envisions shaping regenerative agriculture on

more than 400 million acres, built on the foundation of its leading agriculture input solutions.

• Bayer, June 20, 2023

EU Organic Action Plan - 25% Organic Acres by 2030

On March 25, 2021, the European Commission published the Farm to Fork Strategy Action Plan with a target of 30% of EU land under organic farming by 2030.

• European Commission, March 25, 2021

Large and Growing Global Demand for Natural Biologics (estimated 2030)

Combined (US$324B)

TOTALFertilizer

ADDRESSABLE(US$242B)

MARKET

		Pesticide
		(US$82B)
	BIOCONTROL	SOIL AMENDMENT
MARKET SIZE	US$20.4B	US$15.5B
GROWTH RATE	12.4%	10.5%
INDUSTRY	• Replacements for Synthetic Pesticides
DYNAMICS	and Fertilizers needed

• Organic demand / acres growing
• Soil and environmental health are critical

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MustGrow - Unique Technology in Agriculture

MustGrow is providing a natural, organic agriculture technology in many markets: Soil

Amendments & Biofertilizers, Soil Biocontrol, and Postharvest Food Preservation

Why is

MustGrow's

technology unique?

Safe and Organic1- MustGrow's technology is non- hazardous, eligible for use in organic production, and has minimal worker safety, bystander or environmental concerns

Positive Soil4Health - natural organic breakdown allows for positive soil microbiome growth

Economical2- potential to be priced competitively with conventional alternatives Scalable - low-riskcommercial production can be scaled up for use on many acres

Low Environmental5Impact - low water solubility potentially limiting watershed runoff

Flexible - 3can be used in a variety of existing application systems and for numerous crops

Effective and6Efficient - offers biological soil health, fertility, disease and pest control comparable to synthetic agriculture fertilizers and chemicals while being more efficient compared to cover cropping or mustard meals

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Disruptive Solutions Across the Agriculture Sector

NEAR-TERM PRODUCTION	R&D AND TRIALS

	Soil Biocontrol	Biofertility	Postharvest Biocontrol	Other Biofertilizers
	& Food Preservation
	Biocontrol technology derived	Mustard-based organic	Suppressing sprouting and	Preplant soil biofertilizers for
	from mustard seed that has	biofertility product that feed the	treating disease and pathogens	yield enhancement
	pesticidal, fungicidal and	soil microbiome	for storage and food
	herbicidal properties		preservation markets
INITIAL TAM (2030 - USD)	$17.5B	$8.0B	$2.9B	$7.0B
	Registration Work Ongoing in	Registered in key U.S. states	R&D	R&D
STAGE OF DEVELOPMENT	North America for Preplant	including California
Biopesticide
R&D PARTNERSHIPS		BioAg Production Strategies		Bio Ag Production
		Strategies
COMMERCIAL		G.S. Long Company	-	-
PARTNERSHIPS
INITIAL BRANDS	TerraMGTM	TerraSanteTM

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Global Partnerships Validate MustGrow's Potential

Commercial and R&D partnerships across high quality counterparties

R&D partnership in

preplant soil biocontrol

for Canadian canola

and pulse crops

R&D partnership in

preplant soil biocontrol

for the Americas

Commercial Licensing Agreement with Bayer

Commercial preplant soil biocontrol in EU, ME and Africa

Global R&D partnership in postharvest and food preservation

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Bayer - Commercial License Agreement

Commercial agreement in place

WHAT:

• Exclusive Commercial License Agreement for preplant biopesticde (TerraMGTM) and bioherbicide
• Region: Europe, Middle East and Africa
• ROFR on global bananas

COMMITMENT:

• MustGrow estimates Bayer will spend US$35-40 million to commercialize TerraMGTM, which includes:
• • Upfront and potential milestone payments to MustGrow
  • The estimated costs for development & registration work
• MustGrow to receive once registered:
• • Royalty
  • Cost+ on supply of extract

WHY:

• Current chemicals under significant pressure from governments and consumers across the region
• Organic acres continue to grow across the region (ie: EU's 25% organic production ambition by 2030)
• Multiple countries limiting new chemical registrations, multiple green deals

NEXT STEPS:

• Registration activities in multiple countries
• Additional development work on new formulations
• Goal of first registration in next 3-7 years
• Continued testing in multiple countries in the region

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TerraSanteTM -Sales to Start in 2024

WHAT:

• TerraSanteTM is a biofertility product that is OMRI Listed Region: Currently registered in key U.S. states including California that grow high value fruits & vegetables

MARKET POTENTIAL

EXAMPLE:

• US has ~10 million acres of high value fruit & vegetable crops
• Market Penetration: ~1.5% of total acreage
• Estimated Value Opportunity at Peak: ~US$60 million/yr (retail level)

WHY:

• There is a need for natural, organic fertility products to replace restricted synthetic fertilizers and help build the soil microbiome
• TerraSanteTM provides plant proteins & carbohydrates to feed the soil microbiome & improve overall soil health

NEXT STEPS:

• Other state biofertility registrations to come in 2024
• Sales to start 2024 and ramp- up to peak sales is estimated over several years
• Sales/Marketing Strategy:
• • Direct sales initially
  • Partnership potential for distribution or white labelling

Source: 3rd Party Ag Market Researcher, MustGrow estimates.

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Potential Initial Production

MustGrow has a viable production plan that can ramp up significantly as the business grows

Equipment and plant layout plans are complete, prefeasibility engineering assessments are done, and MustGrow has strong relationships with contract manufacturers

Overview of Grower Level Revenue Opportunity Estimate

	NEAR-TERM	ACTIONABLE	FUTURE
			POTENTIAL*
Production Capacity	~1-2MM	~5-10MM	~60mm
(litres equivalent of TerraMGTM)
Potential Grower Level	$15-30MM	$75-150MM	$950MM
Revenue (USD)
Gross Margin Estimate**	~60-70%	~60-70%	~60-70%
Implied # of Acres (acres/year)	25-50k	130-530k	5,150k
Global Share of Global F&V (%)*	<0.05%	0.12-0.48%	4.71%
	Potential for initial	Potential for	Future total revenue
	production with no	expansion with	opportunity
	CAPEX	no/limited CAPEX	assuming access to
			capital

• Revenue estimates do not include China, citrus, other berries (just strawberries), sweet potato, celery, cucurbit, ornamental nursery, field crops (just canola and pulses in Canada), banana postharvest biocontrol, bioherbicide, or other applications that are in proof of concept stage.
• Potential for economies of scale not accounted for.

Source: 3rd Party Ag Market Researcher, MustGrow estimates.

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