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 YE N W A V E . N E T

ANNUAL GENERAL MEETING

FISCAL YEAR 2018E N W A V E C O R P O R A T I O N

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, 2018 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, depreciation, amortization, interest, and taxes. Management believes that Adjusted EBITDA isa useful measure as it provides an indication of the operational results of our business. Adjusted EBITDA does not have a standardized meaningprescribed by IFRS and is not necessarily comparable to similar measures provided by other companies. Investors are cautioned that AdjustedEBITDA should not be construed as an alternative to operating income determined in accordance with IFRS as an indicator of EnWave’s financialperformance or as a measure of its liquidity and cash flows.

2 | D I S C L A I M E R

3 | F Y 2 0 1 8 A G M

FISCAL 2018 - A YEAR IN REVIEW

$15.9 mln ► $22.8 mlnR E V E N U E

$370 K ► $571 KR O YALT I E S

$687 K ► $1.39 mln

I N C L U D I N G

N U T R AD R I E D

R O YALT Y

4 | F Y 2 0 1 8 A G M

FISCAL 2018 - A YEAR IN REVIEW

27AC T I V E

L I C E N S E S

80+P I P E L I N E O F

E N G AG E D

C O M PAN I E S

300T O TAL

K W D E P L O Y E D

11M AC H I N E S S O L D

I N 2 0 1 8

5 | F Y 2 0 1 8 A G M

FISCAL 2018 TECHNOLOGY EVALUATION &

LICENSE OPTION AGREEMENTS

TELOA 10 kW

TELOA 10 kW

TELOA 10 kW

TELOA 10 kW

TELOA 10 kW

TELOA 10 kW

TELOA 10 kW

CANNABIS TELOA

(EUROPE & CANADA) RESPONSIBLE FOODS

5 OF 7 TELOAS ARE STILL

ACTIVE

6 | F Y 2 0 1 8 A G M

FISCAL 2018 COMMERCIAL L ICENSE &

EQUIPMENT PURCHASE AGREEMENTS

CLA 10 kW

CLA 10 kW

CLA 130 kW

EPA 100 kW

CLA 10 kW

CLA 10 kW

CLA 20 kW

RDLA 10 kW

NEW MACHINE DEPLOYMENT

7 | F Y 2 0 1 8 A G M

8 | MACHINERY / M A C H I N E S A L E S [ k W ]

2017

2015

2016

10 10 100 60 10 10 100

10 100 1010 10 120 10

10 10 10 10

8 | F Y 2 0 1 8 A G M

300 kw

270 kw

40 kw

2018

10 10 60 1010 10 60 10 100 10

10

10

10

2019

60120

300 kw

200 kw

9 | F Y 2 0 1 8 A G M

ACTIVE L ICENSEES

1 0 | F Y 2 0 1 8 A G M

CANNABIS MARKET EMERGES

M AT E R I A L R E V ™ T E C H N O L O G Y

C A N N A B I S A D V A N T A G E S :

• FRESH to DRY in less than 60 minutes

• REV™ pasteurization possible - eliminates irradiation

• No microbial growth = no drying spoilage

• Volatile terpenes retained AND captured

• Low moisture (1-2%) for extraction or 8 – 12% for combustibles

• Lower floorspace capital costs

• Lower energy costs

• Lower personnel costs (automated process)

• Process control yields uniform results

• Scalable technology to meet any size drying need

1 1 | F Y 2 0 1 8 A G M

T I L R AY V A L I D AT E D R E V ™ A S A V I A B L E

D R Y I N G P L AT F O R M F O R C A N N A B I S

• Tilray, a major cannabis licensed producer, capitalized on the

value proposition of REV™ by securing an exclusive right to

use and sub-license the technology to dry and decontaminate

cannabis in Canada and Portugal.

• Purchased 130kW of REV™ capacity – two 60kW and one

10kW machine in Fiscal 2018.

• Installation of 60kW at Ontario facility(High Park subsidiary)

expected Summer 2019 and 60kW at Portuguese facility

second half 2019.

1 2 | F Y 2 0 1 8 A G M

PHARMACEUTICAL PROGRESS MADE

M E R C K P R O J E C T, G E A C O L L A B O R AT I O N

FIRST GMP, CONTINUOUS VACUUM-MICROWAVE MACHINE

• Continuous REV™ machine delivered to Merck post FAT, SAT

milestone satisfied.

• Significant reduction in processing time to hours (<8 hrs) from days.

• No loss in potency and stability for vaccines and biologics, repeatable

and uniform process

• Target is to collaborate with Merck and German manufacturer GEA to

standardize a scaled-up machine design.

• GEA targeted as a potential manufacturing and marketing partner.

• Very positive feedback from both groups.

1 3 | F Y 2 0 1 8 A G M

NUTRADRIED F ISCAL 2018 HIGHLIGHTS

B U I L D I N G T H E F O U N D AT I O N

NUTRADRIED STARTED AS A PROOF OF CONCEPT FOR

REVTM TECHNOLOGY

• Over doubled revenues in fiscal 2018; business unit profitable

with attractive product margins; doubled manufacturing

capacity.

• NutraDried pays 5% royalty to EnWave.

• Now a significant part of EnWave’s total business, with

extremely strong growth prospects.

• Widespread premier distribution – led by Starbucks Coffee,

Whole Foods, Target, Costco, etc.; distribution in up to

25,000+ retailers.

1 4 | F Y 2 0 1 8 A G M

N U T R A D R I E D F I S C A L 2 0 1 8 R E V E N U E ( ‘ 0 0 0 s C A D )

221

2,595

6,108

6,556

16,503

$(4,000) $(2,000) $- $2,000 $4,000 $6,000 $8,000 $10,000 $12,000 $14,000 $16,000 $18,000

2014

2015

2016

2017

2018

Net Income Revenue

1 5 | F Y 2 0 1 8 A G M

1 6 | F Y 2 0 1 8 A G M

NUTRADRIED F ISCAL 2018 HIGHLIGHTS

B U I L D I N G T H E F O U N D AT I O N

M I K E P Y T L I N S K I / M B A

C E O , N U T R A D R I E D F O O D C O M PAN Y

• A proven track record of driving

growth via sound strategic planning

and integrated marketing programs

• Close to 30 years of experience in

the U.S. CPG industry

O T H E R H I R E S C O N F I R M E D

• VP Sales

• HR Manager

C $ T H O U S A N D SF Y

2 0 1 4

F Y

2 0 1 5

F Y

2 0 1 6

F Y

2 0 1 7

F Y

2 0 1 8

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

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

Interest Expense (Income) (85) (26) 16 35 (60)

Income Tax - - - - -

Depreciation and

Amortization1,751 2,232 2,316 1,964 1,978

Stock-Based Compensation 608 261 399 891 545

Foreign Exchange Loss

(Gain)70 (129) 134 102 11

ADJUSTED EBITDA* (2,690) (2,655) 1,028 6 2,932

ADJUSTED EBITDA*

MARGIN(220%) (45%) 7% 0.03% 13%

*Refer to Non-IFRS Measures set out on slide 1

1 7 | F Y 2 0 1 8 A G M

A N N U A L 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 $3.6 million

for 2018 compared to $0.7 million in 2017,

demonstrating strong and increasing profitability.

• Adjusted EBITDA* of $2.9 mln showing

consolidated profitability for 2018.

• Strong balance sheet after completing $10

million equity financing in November 2017. Still

have approximately $9.5 million in treasury.

1 8 | A G M F Y 2 0 1 8

FY2019 PATH FORWARD

1 9 | F Y 2 0 1 8 A G M

ENWAVE CORPORATION

P R E PAR I N G F O R G R O W T H

S E V E R AL N E W L I C E N S E S AN D

S U B L I C E N S E S TAR G E T T E D I N

F I S C AL 2 0 1 9

3.

R E S O U R C E AL L O C AT I O N T O D R I V E

S AL E S G R O W T H 1.

2.U P S I Z I N G AN D T R AI N I N G F O R

E N G I N E E R I N G AN D O P E R AT I O N S

T E AM

4.

FAC I L I T Y I M P R O V E M E N T S AN D

E X PAN S I O N

2 0 | F Y 2 0 1 8 A G M

ENWAVE CORPORATION

S T R E N G T H E N I N G T H E T E AM

T H O M A S M E H L H O R N

V P, B U S I N E S S D E V E L O P M E N T• Bachelor of Engineering and Economics

• Made a career as a senior leader at a variety of

entrepreneurial organizations

• Cultivated a high-level network of connection

within the food processing industry through his

role as advisor on Coca-Cola’s Global Digital

Transformation Board

MARK ALEV

VP, TECHNICAL SERVICES

• Spent the last 10 years in amusement rides

industry and responsible for some of the

world’s most recognized park rides;

• Experience leading multi-disciplined

engineering teams overseeing mechanical,

electrical, controls, automation, testing and

integration teams.

Confirm Purchase Orders:

• Secure at least six large-scale POs

• Secure 6 – 8 10kW POs

• This will allow for profitability

Support NutraDried:

• Provide ongoing product development

support when requested

• Provide maintenance training

• Minimize downtimes

2 1 | F Y 2 0 1 8 A G M

3RD PURCHASE 10 kW

CLA 10 kW

RDLA 10 kW

TELOA 10 kW

3rd PURCHASE 120 kW

2 2 | F Y 2 0 1 8 A G M

FOOD VERTICALS IN F ISCAL 2019

2 3 | F Y 2 0 1 8 A G M

CANNABIS MOMENTUM BUILDING

F O R E C AS T E D T O D O M I N AT E

F Y 2 0 1 9 R E V E N U E G E N E R AT I O N

3.

T I L R AY I N S TAL L AT I O N S

S C H E D U L E D ; R O YALT I E S

AN T I C I PAT E D I N 2 0 1 9

1.

2. C AN A D I A N S U B L I C E N S E S I G N E D

W I T H T G O D , P U R C H AS E O F 6 0 k W

R E V ™ U N I T

4.

B U S I N E S S D E V E L O P M E N T P I P E L I N E

R O B U S T I N T E R N AT I O N A L LY

2 4 | F Y 2 0 1 8 A G M

NUTRADRIED GROWTH PLAN

B U I L D T H E M O D E L , F U E L T H E M O D E L

F U E L T H E M O D E L ( F Y 2 0 2 0 )

• Implement consumer learnings across marketing mix

– 2000 consumers polled to drive positioning and

messaging.

• New variety(s), new packaging, upgrade web site,

potential change in product size(s)

• Aggressively drive new distribution, targeted grocery

and natural/organic retailers, club, strategic new

channels

• Aggressive marketing and optimized product mix on

Amazon platform

B U I L D I N G T H E M O D E L ( F Y 2 0 1 9 )

• Win with premier retail partners – Costco,

Whole Foods, Publix, Wegman’s, Walmart, HEB

• Foundational research to optimize positioning,

messaging, size, price & varieties

• Upgrade key functions: sales, marketing, & HR

• Double capacity and improve operational

reliability

• Implement high-level internal processes

• Review broker network – align planning and

forecasting

• Create a vibrant online selling model

2 5 | F Y 2 0 1 8 A G M

FISCAL 2019 TARGETS

TAR G E T E D R O YALT Y R E V E N U E O F

> $ 1 M L N ( N O T I N C L U D I N G

N U T R AD R I E D )

3.

C O N F I R M P U R C H AS E O R D E R S F O R

M O R E T H AN S I X L AR G E - S C A L E

R E V ™ M AC H I N E S

1.

2. S I G N AT L E AS T F I V E N E W

L I C E N S E S O R S U B - L I C E N S E S

4.

TAR G E T E D T O TAL M AC H I N E

R E V E N U E O F > $ 1 0 M L N F R O M

E N WAV E C AN A D A

5. TAR G E T E D N U T R AD R I E D R E V E N U E

O F > $ 2 0 M L N

2 6 | A G M F Y 2 0 1 8

CAPITAL MARKETS

2 7 | F Y 2 0 1 8 A G M

TSXV:ENW

FSE:E4USymbols

$1.81Share Price

$1.8552 Week High

$1.1052 Week Low

102.3 MM (Basic)

120.5 MM (Fully Diluted)

Shares Outstanding

$185.2 MM

Market Capitalization

Toronto Venture Stock Exchange (TSXV)

Frankfurt Stock Exchange (FSE)Exchanging Listings

Distributed

/ Retail

59.9%

Six Major

Shareholders

38% 2.1%

Management & Board

0

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2 8 | F Y 2 0 1 8 A G M

October 4, 2018

Attended Stableview Tech

Conference in Toronto

October 23, 2018

Marketing in New

York

October 10-12, 2018

Marketing in Edmonton, Calgary, Vancouver

October 18, 2018

Attended Small Cap

Discoveries Conference

in Vancouver

October 29, 2018

Marketing in Montreal

October 30, 2018

Marketing in Toronto

December 6, 2018

Attended LD Microcap in Los Angeles

January 16-17, 2019

Marketing in Toronto

Met with:

• 13 Investment Banks / Analysts

• 18 Institutional Accounts

• 15 Investment Advisors

• 8 High Net Worth Individuals

Participated in:

• 3 Conferences

2 9 | F Y 2 0 1 8 A G M

MARKETING

• Multiple roadshows in Vancouver, Montreal, Calgary, Toronto, Europe and New York

• Attended Stableview Tech Conference, Boston Canaccord Conference, Small Cap

Discoveries & LD Microcap

INCREASED COVERAGE

• Currently covered by Industrial Alliance and Cormark Securities

• Desjardins shadow covers the company in its monthly Diversified Digest

MEDIA COVERAGE

• EnWave was featured in multiple media outlets, including: The Midas Letter, SNN,

The Motley Fool, The Globe and Mail

30

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6/28/2015 - Purchase Order From Milne Fruit Products for 120kW REV Machine

2/22/2016 - 100kW nutraREV Machine Purchase Order From Gay Lea Foods Co-operative Ltd for Cheese Snack Production

1/6/2017 - Purchase Order from EregliAgrosan for 100kW REV Machine

5/8/2017 - Commercial Royalty-Bearing License with Ashgrove Cheese Pty Ltd, Receives First Purchase Order from Australia

7/12/2017 - Technology Evaluation and License Option Agreement with Nestle

10/13/17 - Commercial Royalty-Bearing License with Howe Foods Pty Ltd to Produce Banana Products in Australia

2/1/2018 - Exclusive Partnership with Medical Cannabis Producer Tilray and the Shipment of First Radiant Energy Vacuum Machine for the Commercial Production of Medical Cannabis

2/21/2018 - Acquired Remaining 49% Non-Controlling Interest in NutraDried LLP

7/30/2018 – Sold 10kW REV Machinery to the United States Army Natick Soldier Research

8/28/2018 - EnWaveCorporation Announces Changes to its Executive Management Team

11/7/2018 - Research and Development License Agreement with Cornell University

8/22/2018 - Hiring of Mr. Mike Pytlinski as NutraDried Food Company's New Chief Executive Officer

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

Unit 1 – 1668 Derwent Way

Delta, BC V3M 6R9

3 1 | F Y 2 0 1 8 A G M

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