Eat Well Investment Group Inc. (CSE: EWG) (OTC: EWGFF) Investor Deck
CN : EWG US : EWGFF FWB : 6BC0 INVESTOR PRESENTATION
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To build a plant-based foods investment company that feeds families globally while honouring time-valued health and wellness traditions, that drives the future of food security by investing in sustainable & environmentally friendly solutions, and maximizes shareholder value through strategic investments & acquisitions. Our Mission • Global Food Security & Innovation • AgriTech & FoodTech • Supply Chain Starting at the Farm Gate with Hub Ecosystems • High-Demand CPG Products • Plant-Based Proteins at Scale • Health & Wellness 3
X There Is An Ongoing Global Food Crisis 4 Global Food Security “To adequately feed nearly 10 billion people by 2050, the world must close a nearly 70 percent gap between the amount of food produced now and that needed by mid-century.” - Food and Agriculture Organization, 2022 HOW WILL WE FEED 10 BILLION PEOPLE? 9,500 16,000 2006 2050 TRILLION KCAL / YEAR VC INVESTMENT GROWING RAPIDLY $1,500 $1,200 $900 $600 $300 $0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 1H Cultivated meat, global Plant-based food, U.S. Fermentation, global KEY BENEFITS OF ALTERNATIVE MEAT SUSTAINABILITY EFFICIENCY SAFETY ▪ Industrialized animal agriculture is in the top 2-3 most significant contributors to the world’s most pressing environmental issues such as water use, air pollution and loss of biodiversity ▪ Industrialized animal agriculture is responsible for 14-18% of greenhouse gas emissions – a higher share than the entire transport sector ▪ It takes nine calories of food fed to a chicken to produce one calorie of meat ▪ 75% of agricultural land is used for raising and feeding livestock yet only provides 1/3 of the global protein supply ▪ Animals in the U.S. consume more than 2x as many medically important antibiotics as humans do ▪ Based on current trends, medical experts expect 10 million annual deaths from antimicrobial resistance (AMR) in 2050, a 14-fold increase over current deaths
X 5 WE DON’T JUST SERVE THE VEGAN MARKET, WE SERVE THE ENTIRE MARKET Omnivorous, 65% Flexitarian, 29% Veg / Vegan, 6% Key Trends in Alternative Meat PART 1 PLANT-BASED IS GROWING 5X FASTER THAN TOTAL FOOD SALES ________________________ Source: Good Food Institute (GFI), World Resources Institute “Creating a Sustainable Food Future”, United Nations “Livestock’s Long Shadow”, UN FAO, FDA, IMS Health and United Nations IAGC. Growth in plant-based foods augmented by consumers buying animal & plant-based meats 93% of consumers in grocery stores that buy Beyond Meat products also put animal meat in their basket 95%+ of people who order Impossible Burger regularly consume animal products (i.e., aren’t vegan), and most are not vegetarians either Total Plant-Based Food Marker Total Food Market 11% 2% 5% Plant-based foods now taste great! “With the appropriate condiments and a good bun, you could fool a carnivore.” - LA Times on Impossible Burgers
Key Trends in Alternative Meat RISE OF PLANT-BASED IN U.S CHAIN LOCATIONS NOVEL PROTEINS AND INGREDIENTS ▪ First wave of plant-based foods were comprised of soy and wheat; next wave of innovators finding new ways to optimize protein content and functionality ▪ Beyond Meat – pea protein as a protein base ▪ Impossible – plant-based proteins made with Heme ▪ JUST – mung beans used for their liquid eggs ▪ Trophic and Triton Algae – unlocking red algae as a source of amino acids, coloration and functionality ▪ InnovoPro – chickpea protein ingredient ▪ Plantible – duckweed protein as an egg white replacement BurgerFi: 100 locations TGI Friday’s: 470 locations A&W Canada: 925 locations Carl’s Jr: 1,100 locations White Castle: 570 locations Red Robin: 570 locations Del Taco: 580 locations Tim Horton’s: 4,000 locations Subway: 685 locations Burger King: 7,330 locations Dunkin’: 9,000 locations 2016 2017 2018 2019 25,165 ________________________ Source: GFI, SPINSscan Natural and Specialty Gourmet, SPINSscan Conventional Multi Outlet (powered by IRI), Mattson and publicly available information. 6 PART 2
Just one acre of plantbased dry peas creates 210,654 grams of protein for consumption, vs just 8,330 from cows, or 25.3x more efficient Plant-Based vs. Meat Protein PROTEIN GRAM/AC 7 ▪ Dry peas produce 25.3x more protein per acre than Cows 210,654.7 163,212.0 141,965.0 DRY PEAS LENTILS MR d.rчГp. ¸Д ¸¿£d.ÝчГp. ¸Д RF«чГp. ¸Д }׫чГp. ¸Д - 100,000.0 200,000.0 300,000.0 400,000.0 500,000.0 600,000.0 76,720.0 8,330.0 152,007.2
LIFE EXPECTANCY CHOLESTEROL LEVELS LOWER RISK OF DEATH People associated with plant-based diets tend to live an average of 8 years longer.(1) Consumers more closely associated with plant-based diets have a lower risk of death related to cancers, heart problems & obesity. The average cholesterol level is 161 compared to 210 in consumers not eating largely plant-based diets. (1) https://bit.ly/3dS6yhd (2) https://www.cdc.gov/chronicdisease/programs-impact/pop/diabetes.htm 0 100 +8 30% WOMEN 50% MEN 161 PLANT-BASED 210 NON PLANT-BASED • Lowers risk of diabetes, heart disease and stroke • Reduced bodyweight and BMI • Reduced risk of some cancers • Diabetes is the most expensive chronic condition in America with $1 of every $4 in US health care costs spent on caring for people with diabetes ($237B per year)(2) Is PlantBased Better For You? Science shows a plantbased diet is better for you. 8
X Invest in a portfolio of companies that captures the entire plant-based food value chain Combining Best-in-Class Companies To Complete the Plant-Based Foods Platform THE ENTIRE VALUE CHAIN, FROM SEED TO MARKET AGRIBUSINESS FOODTECH CPG BRANDS 9 The Eat Well Solution
X Investment Platform • AGRIBUSINESS • FOOD TECH • MARKET (CPG) Eat Well owns outright or majority stakes in several industry leading companies, creating the first plantbased foods investment platform BELLE PULSES SAPIENTIA TECHNOLOGY AMARA & SAPIENTIA PRODUCTS 10 * Current ownership 51% with option to increase to 80% Plant-based food alternatives 100% Plant-based food alternatives 100% Plant-based food alternatives 80% Pulse Processor 100% BELLE PULSES AGRIBUSINESS DIVISION FOODTECH DIVISION CPG DIVISION 51 *
Agribusiness & Food Security Investment Eat Well owns 100% of Belle Pulses, an award-winning processor of pulse crops, located in the heart of Canada’s agricultural capital, Saskatchewan. Pulse crops include dried peas, fava beans, lentils and chickpeas; and processing pulses through fractionation and extrusion creates the main proteins used in the majority of plant-based products on the market today. Belle has world class B2B customers, including Beyond Meat (NASDAQ:BYND) Nestle Global (SWX:NESN), and the largest ingredient supplier in the world, Ingredion (NYSE:INGR) BELLE PULSES LTD. Designed to process split yellow peas and Chana Dal with capacities of 40,000 MT and 1,000 MT respectively per year FACILITY 01 Designed to process green split peas, whole green peas and mill flour with capacities of 40,000 MT and 12,000 MT respectively per year FACILITY 02 World Class Facilities 12 Est. 1978
X • Founded in 1978 with over 40 years of legacy and global growth • $58,661,758 in ‘21 revenue, and in April 2022, Belle expanded production from 93,000 up to 115,000 metric tonnes of pulse crops annually (July 31st Year Ends) • High grade manufacturing equipment and proprietary customization for efficient processing • Company culture built from decades of success • Eat Well's proteins, starches, and fiber are now common ingredients in many everyday CPG products from crackers, snacks, pastas, breads, plant-based meats, and milks/ beverages The acquisition of Belle Pulses Ltd. firmly establishes Eat Well as a global leader in the plant-based food supply-chain Belle Pulses Ltd. $62,595,905 Revenue In 2020 “In 2020, the company had its busiest year ever, running 24 hours a day, fve days a week, to keep up with surging demand,” commented Tony Gaudet, Belle Pulses founder and CEO. “Growing demand for the company’s split peas has prompted numerous expansions.” 13
Eat Well’s wholly owned Sapientia Technology Inc. provides access to vast amounts of foodtech and IP across all product categories. Sapientia is an industry-leading processing and forming technologies company that creates the latest generation of delicious, high nutrition, high taste & texture plant-based foods. Products include plant-based snacks, plant-based dairy milks & yogurts, and pulse-based “puffed/twisted” snack foods, prioritizing high protein, low fat, nutritious products with delicious taste & texture, for both human and pet foods. Sapientia is led by Dr. Eugenio Bortone, a preeminent food scientist with a Ph.D. in Food Engineering, an MS in Nutrition, 25 issued patents, and over 25 years of food, snack foods, pet foods, formulation, product development, process scale-up, and commercialization experience. DR. EUGENIO BORTONE 25 PATENTS Ph.D. FOOD ENGINEERING INVENTED THE TWISTED CHEETO 14 FoodTech Investment SAPIENTIA TECHNOLOGY INC.
The Global Snack Food Market 15 • The plant-based snack market is set to exceed a value of $73 billion by 2028, a new report by market research frm Future Market Insights (FMI) predicts. (1) • FMI believes that the plant-based “salty snacks” industry will be worth $20 billion within the next ten years. It also forecasts that plant-based meat snacks will experience the highest levels of demand, and thus experience the fastest growth in the forecast period • MOTIF Foodworks was funded for $226 million at a $1.4B valuation(2) (1) https://www.google.com/amp/s/www.livekindly.co/vegan-snack-market-value-exceed-73-billion-2028/amp/ (2) https://www.foodnavigator-usa.com/Article/2021/06/16/Motif-FoodWorks-raises-226m-in-Series-B-gears-upfor-launch-of-ingredient-to-transform-favor-and-performance-of-plant-based-meat PLANT-BASED SNACK MARKET TO GROW TO $73 BILLION BY 2028
Sapientia’s First Products • Meat Alternative Snacks (Sapientia’s HMMA and TVPs) • Plant-based pet treats • Plant Protein Pastas • Plant-based Crackers 16 LAUNCHED Q4, 2021 IN NEARLY 350 STORES ACROSS WESTERN CANADA Product Innovation Pipeline Significant near-term snack based opportunities with the future of snacking Sapientia’s P Curls is a great example of a RTE snack 100% vegan – clean label, indulgent yet free of the guilt junk food factor. The crunch that consumers love – not fried – baked, and full of nutritional value; no empty calories. Products Developed • Plant-based Salted Snacks: (P Curls™)
X • Sapientia’s product lines of snacks address the fastest growing segment in the plantbased food sector • Management consists of worldclass snack food executives with an unparalleled understanding of technology and taste. • Eat Well plans to launch it’s own in-house branded products in the coming months HowThey Stack Up Cheetos Sapientia % Improved Serving Size 28g's 28g's 0 Calories 150 119 21% Total Fat (g's) 10 3.9 61% Saturated Fat (g's) 1.5 0.56 63% Sodium 250 185 26% Carbs 13 16 -25% Fibre 1 3.4 236% Protein 2 5.6 180% Carb/Protein Ratio 6.50 2.9 2.24 Powered by Sapientia Food Tech Fastest growing segment in plant-based food sector 17
50% LESS SUGAR FRESH TASTE FRESH TEXTURE ALL THE NUTRIENTS The Ease and Scale of Shelf Stable 18 1 Amara is not in the Baby food industry because it’s trendy. Amara has discovered baby nutrition during the first seven years of life dictates the rest of your life. 2 Amara has forged direct relationships with best-in-class farmers, supplying the most nutritious baby food on earth. 3 Learning and sharing to inspire positive change for people and our planet. These are the principles that form Amara’s purpose. Authenticity Quality Purpose CPG Investment AMARA ORGANIC FOODS The Premium Baby Food Brand Eat Well’s 51% owned Amara uses ground-breaking food science and technology to focus on 3 key core objectives Available at…
19 CPG Investment AMARA ORGANIC FOODS The Premium Baby Food Brand Amara is one of the fastest growing baby food brands in North America and was ranked the 5th fastest growing DTC company in America by Business Insider(1) (1) https://www.businessinsider.com/25-fastest-growing-dtc-brands-include-willo-zest-tea-sunday-2022-5
As Seen On 20 Amara Organic Baby & Toddler Food Zero Added Sugar No added sugars or preservatives. Ever. 1000+ Reviews Parents and babies love their Amara. Plant-based Nutrition 100% organic, nutrient-dense meals and snacks We start with the fruits and vegetables Pressure Protected Technology (Patent pending) Mix with breastmilk, formula or water & voila! Our nutritionists and food scientists analyze for optimal nutrition density Shelf stable. Fresh benefits. Kids set up for a lifetime of healthy eating! PATENT PENDING SCIENCE AND TECH LEADS TO UNIQUE NUTRITION ADVANTAGE
LOOKING AHEAD: 21 Further Growth and Exciting Developments in 2021 Design, Patent, & Develop Product Lines PRODUCT DEVELOPMENT 100 Store Pilot Launch Baby food line in CA PILOT LAUNCH 100 to 1000 Stores Nationally DEMAND EXPLODES Fundraise Series Seed $2M OUT OF STOCK! New Toddler Line Release on Amazon #1 RELEASE 1500 New Stores Launching in 2021 MORE STORES Launched in Costco, Q4 2021 WHOLESALE STORES
X MANDY LANDA COO Started with Amara in 2020, Ms. Landa is on a mission to make us better, more efficient and turn everything into a system. She also manages our suppliers and productions. She’s a former software engineer at Silicon Valley, working at Microsoft and several other technology companies. Most recently the Director of Operations at Milk Makers, a breastfeeding lactation company she brought to scale with the founder before they sold to Munchkin. JESSICA STURZENEGGER CEO Graduated Magna Cum Laude from Bucknell University with a major in Economics. Studied at Stanford University Graduate School of Business in their ignite program. Leads the vision behind Amara and is determined to get into every household in the US. With a PhD in nutrition, Dr. Schiess studied childhood nutrition for 5 years before joining Amara. She brings a wealth of experience in clinics, hospitals, independent consulting and university research having authored several papers that cover childhood nutrition and its importance in the first five years of life. DR. SONIA SCHIESS, PHD. CTO 22 The Amara Team A team of passionate female founders and female led innovators.
Market Focus Eat Well Group’s portfolio of companies focus on all aspects of the value chain, not a single piece or section 23 BEYOND MEAT THE TATTOOED CHEF BURCON NUTRASCIENCE THE VERY GOOD FOOD CO. LAIRD SUPERFOOD, INC. EATWELL PROCESSING NAME WHITE LABEL CPG BRAND IP
X • Belle Pulses consistent YoY Revenue Growth • Food-tech powered by R&D ready to launch imminently • Rapidly scaling CPG brands led by Amara Organic Foods Eat Well Group’s portfolio revenue is projected to accelerate from $58MM in 2021 to $90,000,000 - $110,000,000 in 2022 $100,000,000 24 OUR PORTFOLIO’S PATH TO… 2022 $90-$110MM BELLE PULSES Stable Forecasted YoY growth (’21-’22) Capturing global protein demand growth People & pet food growth, increasing margins AMARA 5x YoY Growth (2021) 647% Increase in online sales +1500 new stores launched in 2021 Significant expansion planned in 2022 SAPIENTIA Federated Stores expansion eCommerce Amazon launch Selective big box brick & mortar launch New Vegan Cheeto flavours Pipeline dev’t: pet, people, crisps, jerky 2021 $58MM Stable revenue base driven by pulse processing
X Eat Well’s Leadership Team BARRY DIDATO VICE PRESIDENT, STRATEGY Mr. Didato is focused on the development of strategic revenue channels, sales partnerships, and international distribution. Mr. Didato brings extensive cross-border transaction experience, strategic sales capabilities and an extensive network of contacts in the industry. He previously served for 22+ years as a senior advisor for several ultra-high net worth family offices and numerous innovative wellness, nutrition, medical, and food businesses and platforms. Mr. Didato holds a BS with honors from the University of Massachusetts, Amherst, and a Masters Degree with emphasis on entrepreneurial fnance and management from Harvard University. PATRICK DUNN VICE PRESIDENT, FINANCE Patrick Dunn, CPA, is a founding partner of Dunn, Pariser & Peyrot. He has a track record of building highly successful agribusinesses throughout North America and other international jurisdictions. As a partner of one of the top business management firms in Los Angeles, Mr. Dunn believes the business of plant-based nutrition will drive profitability through its unique properties in various business channels in food, cosmetics, and healthcare worldwide. As a testimony to his business portfolio work, Mr. Dunn and his firm have won multiple industry awards for accounting, finance, and business management. MARC ANEED PRESIDENT, CEO & DIRECTOR Mr. Aneed is an award-winning natural/wellness consumer products expert with a 20-year career in CPG, starting at The Quaker Oats Company/PepsiCo and working on iconic brands such as Gatorade and more. Prior to Eat Well, Mr. Aneed was at Glanbia PLC, a global nutrition company where he led Amazing Grass, a leading plant nutrition & supplement company with over $100M in retail sales, winning multiple corporate and industry awards for brand growth. Mr. Aneed also led Glanbia’s Sports Nutrition brands in North America, including Optimum Nutrition and Isopure, with over $750M in retail sales. He has launched dozens of successful consumer products driving over $1B in retail sales collectively, with scale in eCommerce where he oversaw the #1 portfolio of fast-growing Sports Nutrition brands and the #1 Greens Superfood on Amazon. Mr. Aneed holds an MBA from the Kellogg School at Northwestern University and a BA from the University of Pennsylvania. Mr. Coles is a veteran CPG senior executive specializing in the plant-based foods sector. Mr. Coles has spearheaded global plant-based start-up initiatives for the past decade, culminating in a 2020 acquisition from Ingredion (INGR). Mark has over 25 years of experience in CPG-focused strategy, mergers & acquisitions, and project financing and is instrumental in evaluating potential opportunities for the Company. Mark has extensive experience working in Canada with government agencies, domestic and international CPG distributors, food incubators, and the agricultural community. MARK COLES CHIEF INVESTMENT OFFICER Our team of seasoned leaders have decades of experience, previous exits, and are seen as passionate investors, brand creators, product developers, and forerunners within the plant-based foods ecosystem. 25 A plant-based foods investment company covering the entire value chain, from seed-to-market
X CR800 Mill Flour Mill Prater Mill 34 Verdient is a 221,000 MT / YR) pulse crop fractionation and milling facility, sold to Ingredion (NYSE:INGR) Verdient’s core business is production of pea protein concentrates and high protein flours, the primary ingredients in producing texturized pulse proteins used for plant-based food products CR800 Mill Flour Mill Prater Mill 34 A HISTORY OF IMPACT Verdient is a 221,000 MT / YR) pulse crop fractionation and milling facility, sold to Ingredion (NYSE:INGR) Verdient’s core business is production of pea protein concentrates and high protein flours, the primary ingredients in producing texturized pulse proteins used for plant-based food products Verdient Foods Facility* Verdient Foods is a largescale pulse crop fractionation and milling facility. It was conceived, built, and fnanced by Key partners of the Eat Well team. It was sold to Ingredion (NYSE: INGR) In 2020 History of Our Team Verdient’s core business is production of pulse protein concentrates and high protein fours, the primary ingredients in producing textured pulse proteins for plant-based food products 26
X DANIEL BRODY DIRECTOR Since May 1991, Mr. Demare has been the president of Chase Management Ltd., a private company that provides administrative, management, and financial services to private and public companies. He currently serves as an officer and director of several public reporting companies. Mr. Demare holds a bachelor of Commerce degree from the University of British Columbia and is a member in good standing of the Institute of Chartered Accountants of British Columbia. NICK DEMARE CFO & DIRECTOR Mr. Brody brings 15 years of investment industry experience to Eat Well. Mr. Brody has been instrumental in capitalizing and publicly listing worldclass companies, raising over $750,000,000 for five early-stage companies. Mr. Brody was licensed as an investment advisor in 2008 and spent six years at two leading independent Canadian brokerage firms. He holds a Chartered Investment Manager designation from the Canadian Securities Institute. Mr. Grafton has over 14 years of investment, finance, and public markets experience. Mr. Grafton was previously a Portfolio Manager, managing both cannabis and energy portfolios for a Canadian-based hedge fund. Prior to asset management, he worked as an Investment Banker at Canaccord Genuity Corp., where he helped finance and advise small to mid-cap companies. He is a CFA charter holder and has a degree from Michigan State University, with a major in finance. NICK GRAFTON DIRECTOR Eat Well’s management and directorship is dedicated to facilitating the success of its portfolio companies, founded on entrepreneurial agility, governance, and fiscal excellence The Eat Well Team 27 Mr. Balakrishnan is an experienced capital market and securities lawyer with extensive experience advising clients in the food, beverage, agribusiness, gaming, entertainment and hospitality sectors. He is one of the leading lawyers in Canada in gaming law and is recognized in numerous legal directories for his work in these industries, most recently legal counsel for Great Canadian Gaming. With a broad scope of expertise, Mr. Balakrishnan advises on private equity investments, public offerings, mergers and acquisitions, and listed company maintenance. He also acts as counsel on new issues and listings on all Canadian stock exchanges and inter-listings with several international exchanges. He is the national leader of McMillan’s gaming group. DESMOND BALAKRISHNAN DIRECTOR
X JEFF DUNN STRATEGIC ADVISOR Dr. Bernhard van Lengerich is the former Chief Science Officer and VP Strategic Technology Development at General Mills and former acting CTO at Beyond Meat. As Chief Science Officer of General Mills he was responsible for Science and Technology Development across the company. He is the inventor or co-inventor of over 150 patents, holds a Honorarium Professorship at the Technical University of Berlin, Germany teaching Extrusion Science and Technology, and is a Fellow of the Institute of Food Technologists in Chicago. In 2016 he joined Beyond Meat in an advisory role as acting CTO and Head of R&D. During his time at Beyond Meat, he led the development and launch of the Beyond Burger in 2016 and served on the Board of Beyond Meat until 2021. Bernhard is the founder of Seeding the Future Foundation, a 501(c)(3) organization focusing on seeding and supporting impactful innovations that help improve our food system. Bernhard serves as board member of the German Institute of Food Technology (DIL), Bountifeld International and he is an advisory board member of S2G Ventures, Brightseed Bio, Petri accelerator, UKKO and several other organizations. He has over 30 years of experience in agriculture and packaged food, including senior leadership positions with Bolthouse Farms, Campbell Soup Company and The Coca Cola Company, among others. He is an Operating Partner at Butterfy and focuses primarily on the agriculture & aquaculture and food & beverage product sectors. Prior to joining Butterfy, Mr. Dunn was the President of the Campbell Fresh division of Campbell Soup Company from 2015 to 2016, where he was in charge of building Campbell’s scale and accelerating its growth in the rapidly expanding packaged fresh segments and categories across the retail perimeter. PRINCE KHALED STRATEGIC ADVISOR HRH Prince Khaled bin Alwaleed bin Talal Al Saud, founder and Chief Executive Officer of KBW Ventures, is a frm supporter of clean energy, the humane treatment of animals, and a vocal supporter of the private sector in the Middle East. A member of the Saudi Arabian Royal Family, Prince Khaled was born in Stanford and spent his youth in Riyadh under the mentorship of his father, philanthropist HRH Prince Alwaleed bin Talal Al Saud, Chairman of Kingdom Holding Company. He is also the Founding Chairman of KBW Investments and serves across several boards. He invests in an array of successful but diverse global businesses – from promising technology startups to established companies. Today, with holdings on three continents, Prince Khaled stands at the gateway between the Middle East’s evolving economies and the Western world. Consistently, Prince Khaled’s focus is on ventures and ideas at the intersection of innovation and economic growth. DR. BERNHARD VAN LENGERICH STRATEGIC ADVISOR Dan has been leading the Saskatchewan Food Centre since 2000 and in 2019 was inducted into the Saskatchewan Agriculture Hall of Fame. The Food Centre provides vital services, expertise and facility for Saskatchewan’s agriculture industry to add more value to what they grow. Under Dan's leadership, the Food Centre has assisted over 300 companies in the development and processing of new food products, with over 800 new products utilizing Saskatchewan based agricultural inputs. Under Dan’s leadership the Food Centre has expanded from a 10,000 square ft processing facility to a 43,000 sq ft facility called the Agri-Food Innovation Centre, which can accommodate a wide variety of agricultural products: food, fbre, cereal and pulse processing, fruit and vegetable processing. DAN PREFONTAINE STRATEGIC ADVISOR Eat Well’s Advisors represent the “who’s who” of the plant-based foods ecosystem, and help generate strong deal-flow through relationships and investment industry experience Eat Well’s Advisors 28
28 Market Comparables 9 Eat Well trades at 1.6x EV/ ‘21 revenue versus similarly high growth and Better-ForYou names at 8.0x EV’21 revenue VALUATION: All share prices as of close June 10, 2022 All figures in CAD Eat Well’s Financial Forecast refer’s to it’s Investee companies forecasts Eat Well’s Investee companies generated 1.47MM in Net Earnings in 2021 COMPARABLES NAME ENTERPRISE VALUE REVENUE 2021 REVENUE 2022 EBITDA 2021 EBITDA 2022 METRICS EV/’21 REV METRICS EV/’22 REV AVERAGE EAT WELL GROUP SIMPLY GOOD FOODS CO. BEYOND MEAT OATLY GROUP THE TATTOOED CHEF GURU ORGANIC ENERGY CORP. ELSE NUTRITION THE VERY GOOD FOOD CO. $1.7B $94.6MM $5.6B $2.7B $2.8B $680MM $271MM $120MM $64MM $1.05B $581MM $804MM $267MM $30.5MM $4.7MM $12.2MM $1.43B $709MM $1.11B $350M $36.5MM $14.7M NA $287.1MM -$172.4MM -$233.2MM -$42.1MM -$11.9MM -$12.9MM -$53.7MM NA NA NA NA NA NA NA 5.4X 4.6X 3.5X 2.5X 8.9X 25.6X 5.2X 3.9X 3.8X 2.6X 1.9X 7.4X 8.2X NA . $57.9MM $90-110MM NA NA 4.6X 0.9X 8.0X 1.6X
Share Capitalization And Financial Forecast CN : EWG US : EWGFF FWB : 6BC0 30 For greater clarity, Eat Well’s Financial Forecast refer’s to investment portfolio’s forecasts RESTRICTED SHARE UNITS CASH, SECURITIES & I.T.M. WARRANTS OPTIONS WARRANTS PROFIT INTEREST SHARES SHARES OUTSTANDING 8,900,000 SHARES 8,200,000 34,467,000 65,031,826 120,861,487 $10,028,000 (1) Restricted until July 31st, 2023 or until $100,000,000 in trailing twelve month revenue is achieved (2) 83% are owned by Insiders, Management & Strategic Investors (3) Cash, Securities & Loans Receivable as at Nov 30th, I.T.M Warrants as at June 10th, 2022 INSIDERS, MANAGEMENT & STRATEGIC INVESTORS 120,377,667 68% 2021 FINANCIAL FORECAST REVENUE $60,079,000 2022 $100,687,000 9 02 4 29 014 8 7(2) (1) 53 735 54 4,3 6,09 .55(3) 47,801 459 9.2% 57.9MM 9 MM - $11 MM
X Strategic Investors NURTURE CAPITAL $5.02 MILLION Nurture Capital is focused on human health, environmentally beneficial investing and portfolio company development , bui lding prof i table businesses that are good for people and the environment. Nurture Capital is a General Partnership between CFI Holdings and Afina Internat ional br inging together a pr ivate, established, family-owned, sustainability-focused Lat in Amer i can investment and bus iness management f i rm wi th Af ina’s recognized international, ecocentric creative business-building team. Benefits include • Strong capital partners • Accelerated expansion of Amara to South America • Significant international distributor relationships Strategem Capital is a publicly-listed company with an objective for continued growth through investments in resource explorat ion and development, mining, energy production and agricultural protein products. Its investments are focused in high growth opportunities across private or public companies. Benefits include • Strong capital partners with deep rolodex within senior leadership • Lead order in December ’21 private placement • Exceptional Leadership including Jo-Anne O’Connor with board members incl. the Honourable Stockwell Day, Desmond Balakrishnan, Matthew Cicci, Gordon Flatt, Dickson Gould, John Waterer, and Graydon Flatt STRATEGEM CAPITAL UNDISCLOSED AMOUNT Nurture Healthy Foods 31 A plant-based foods investment company covering the entire value chain, from seed-to-market “Our partnerships form an integral component of our overall growth strategy, we are pleased to receive this strategic investment from Nurture Healthy Foods which helps accelerate our international growth and sets the stage for further collaboration. Nurture Healthy Food shares our vision in driving forward sustainable and nutritious CPG products and brands that form the basis of the next generation of household names.” - Marc Aneed, Chief Executive Officer & Director, Eat Well Group
CN : EWG US : EWGFF FWB : 6BC0 THANK YOU IR@EATWELLGROUP.COM
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