APRIL

INVESTOR
PRESENTATION 2022
 CAUTION
REGARDING FORWARD-LOOKING STATEMENTS

This presentation contains “forward-looking Forward-looking information is based upon a number of assumptions This is not an exhaustive list of risks that may affect the Company’s
information” within the meaning of applicable Canadian securities and is subject to a number of risks and uncertainties, many of which are forward-looking statements. Other risks not presently known to the
legislation. Such forward-looking information includes, but is not limited beyond our control, which could cause actual results to differ materially Company or that the Company believes are not significant could also
to, information with respect to our objectives and the strategies to from those that are disclosed in, or implied by, such forward-looking cause actual results to differ materially from those expressed in its
achieve these objectives, as well as information with respect to our information. These risks and uncertainties include, but are not limited to, forward-looking statements. Although the forward-looking information
beliefs, plans, expectations, anticipations, assumptions, estimates and the following risk factors which are discussed in greater detail under contained herein is based upon what we believe are reasonable
intentions, including, without limitation, statements in the “Financial “Risk Factors” in the Company’s Annual Information Form for the year assumptions, readers are cautioned against placing undue reliance on
Outlook” section of the MD&A related to the build-out and launch of on ended August 31, 2021 available on SEDAR at www.sedar.com: limited this information since actual results may vary from the forward-looking
demand fulfillment centres or infrastructure and the impact of on- operating history, negative operating cash flow, food industry, COVID-19 information. Certain assumptions were made in preparing the forward-
demand grocery and meal solution offerings supported by an optimized pandemic as well as the impact of the vaccine rollout, quality control and looking information concerning the availability of capital resources,
digital platform and the realization and impact of the foregoing, also health concerns, regulatory compliance, regulation of the industry, public business performance, market conditions, and customer demand. In
including, without limitation, statements related to the build-out and safety issues, product recalls, damage to Goodfood’s reputation, addition, information and expectations set forth herein are subject to and
launch of on demand fulfillment centres and the realization and impact transportation disruptions, storage and delivery of perishable foods, could change materially in relation to developments regarding the
of the foregoing, which are based on assumptions that we are able to product liability, unionization activities, consolidation trends, ownership duration and severity of the COVID-19 pandemic as well as the impact
launch facilities in accordance with our strategic plan, that such facilities and protection of intellectual property, evolving industry, reliance on of the vaccine rollout and its impact on product demand, labour mobility,
would be open and operational in accordance with planned timing and management, failure to attract or retain key employees which may supply chain continuity and other elements beyond our control.
that they would have the operational and financial impact expected by impact the Company’s ability to effectively operate and meet its financial Consequently, all of the forward-looking information contained herein is
management based on current circumstances. This forward-looking goals, factors which may prevent realization of growth targets, inability to qualified by the foregoing cautionary statements, and there can be no
information is identified by the use of terms and phrases such as “may”, effectively react to changing consumer trends, competition, availability guarantee that the results or developments that we anticipate will be
“would”, “should”, “could”, “expect”, “intend”, “estimate”, “anticipate”, and quality of raw materials, environmental and employee health and realized or, even if substantially realized, that they will have the
“plan”, “foresee”, “believe”, and “continue”, as well as the negative of safety regulations, the inability of the Company’s IT infrastructure to expected consequences or effects on our business, financial condition or
these terms and similar terminology, including references to support the requirements of the Company’s business, online security results of operation. Unless otherwise noted or the context otherwise
assumptions, although not all forward-looking information contains these breaches, disruptions and denial of service attacks, reliance on data indicates, the forward-looking information contained herein is provided
terms and phrases. Forward-looking information is provided for the centers, open source license compliance, future capital requirements, as of the date hereof, and we do not undertake to update or amend such
purposes of assisting the reader in understanding the Company and its operating risk and insurance coverage, management of growth, limited forward-looking information whether as a result of new information,
business, operations, prospects and risks at a point in time in the context number of products, conflicts of interest, litigation, catastrophic events, future events or otherwise, except as may be required by applicable law.
of historical trends, current condition and possible future developments risks associated with payments from customers and third parties, being
and therefore the reader is cautioned that such information may not be accused of infringing intellectual property rights of others and, climate
appropriate for other purposes. change and environmental risks.
2
OUR MISSION
To simplify meal planning and
grocery shopping for all

OUR VISION
To be in every kitchen every day
by enabling customers to
complete their grocery
shopping and meal planning in
minutes
 OUR EVOLUTION RAPID GROWTH SUPPORTED
BY NATIONAL FOOTPRINT AND STRONG BRAND AWARENESS

REVENUE SUBSCRIBERS (1)

C$ MILLIONS

$379

163% CAGR $285 151% CAGR

298,000
280,000
$161
200,000
$71
$3 $20
89,000
FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 31,000
3,000

FY2016 FY2017 FY2018 FY2019 FY2020 FY2021

FACILITIES & PROVINCES

17

BRAND 60%
# of Facilities

9
AWARENESS
8
6
4
2 25%

FY2016 FY2017 FY2018 FY2019 FY2020 FY2021

0%
PROVINCES
SERVED
1 2 4 10 10 10 FY2016 FY2019 Today

(1) This is a Metric or non-IFRS measure. Please refer to the Metrics & Non-IFRS Financial Measures page of this presentation for more details.
 OUR PRODUCTS GROCERY AND MEAL SOLUTIONS
OFFERING TO MEET CANADIANS’ FULL MEAL PLANNING NEEDS

GROCERY MEAL SOLUTIONS

MEAL KITS PREPARED FOODS Goodfood has built an

exclusive selection of
Goodfood-branded
grocery products and meal
solutions that enable
customers to make a full
basket shop and pay at-
retail or better pricing
while providing the
Company with a more
profitable mix and overall
Thousands of products either Goodfood- Meal kits come with all the perfectly Meals and snacks for all day ready to basket
branded, national brands or hyper-local portioned ingredients needed to eat in minutes with no prep
brands cook delicious meals at home with All products are available
no food waste Salads, meat/seafood- based dishes,
Hundreds of new products continuously to on-demand shoppers
sides and more mostly prepared in
being added with multiple category 30+ weekly recipes changing weekly
Goodfood’s kitchens
expansion opportunity Accommodating diverse tastes from
Selection to grow to up to ~4,000 Access to exclusive proprietary
“Basic” to “Low Carb”, “Vegetarian”, and brands such as Jus & Laitues ™,
products
“Easy Prep” Comptoir Italien Jonny ™, etc.
5
 LOOKING FORWARD: Goodfood’s strategy
anchored in building momentum in its flywheel
246,000 active customers (1) &
1 Grow Customer Base 27,000 on-demand active
customers (1)
• Grow on-demand
customers
Increase Profit per • Grow Canadians’ spend
6 with Goodfood
Customer
• Operating leverage and Grow footprint and
initiatives driving gross 2 6 on-demand
curated selection
margin MFCs, more to
• Expand On-Demand
• Lower SG&A at scale come delivering
coverage footprint
groceries and meal
• Increase selection to
solutions
thousands of products

Maximizing
Long-Term
Shareholder
Value
5 Invest in Automation

• Improve fulfillment Increase Density and

capabilities 3 Increase deliveries
Scale
• Optimize cost structure per hour per
• Build MFC density
driver/rider from
• Increase deliveries per
Automated majority of ~3 to 5+
hour per driver / rider
RTC and potential for • Drive scale economies
on-demand fulfilment 4 Invest in Technology
automation
• Order orchestration (1) This is a Metric or non-IFRS measure. Please refer to the Metrics &
Non-IFRS Financial Measures page of this presentation for more details.
• Best in class UX 6
 LOOKING FORWARD:
OUR KEY VALUE-CREATING DRIVERS
Grow Goodfood on-demand shoppers
Grow on-demand active customers (1) and market share
Continuing to increase penetration through on-demand
catalyst to grow orders
Support growth with differentiated, increasing selection

Grow micro fulfilment centre footprint

Expand On-Demand coverage footprint
Develop and grow hub and spoke model with additional
low-capex local micro fulfilment centres (MFCs)
Expand geographic coverage and increase density of
~30-minute delivery through MFCs

Improve profitability
Improve profitability through product margin mix, cost per
pick, average order value, deliveries per hour and cost
efficiencies
Improve cost structure through economies of scale,
automation and last mile density improvements
Grow operating leverage through volume growth
7
(1) This is a Metric or non-IFRS measure. Please refer to the Metrics & Non-IFRS Financial Measures page of this presentation for more details.
 THE DIGITIZATION OF
GROCERY OPPORTUNITY IN CANADA

$142 B
(1)
5% - 8%
(2)
CURRENT ONLINE $30B
GROCERY MARKET
LIKELY <$10B, WITH MARKET SIZE
GROCERY TAM CURRENT POTENTIAL WITH
ONLINE DELIVERY A SMALLER 20% OF GROCERY
IN CANADA
GROCERY PORTION SHOPPING
PENETRATION MOVING ONLINE

THE CATALYSTS TO REACHING 20%

(3) PENETRATION = ~$30 BILLION
(3)
85% 61% DIFFERENTIATED PRODUCT
CANADIANS ARE OFFERING
WILLING TO
SEE VALUE, LOOKING FOR AN
SWITCH
ATTRIBUTE IMPORTANCE TO NEW GROCERY ALTERNATIVE PRICING
TO ONLINE GROCERY WITH RAPID
DELIVERY IN 2H TURNAROUND
~30 MIN DELIVERY

(1) Statista, Retail sales of food and beverage stores Canada 2020, Updated 2021
(2) Management estimate
(3) Stifel Equity Research
8
REINVENTING THE
GROCERY EXPERIENCE
TRADITIONAL GROCERY : 60 -120 MINUTES

identify need > plan > physical trip to store > go through aisles > queue > trip back home

1ST GENERATION ONLINE GROCERY : 120 MINS – 2 DAYS

identify need > plan > visit multiple platforms > select delivery > wait > wait receive in 2h to 2 days

GOODFOOD ON-DEMAND : ~30 MINUTES

identify need > select product or > receive in ~30 minutes

meal kits or
ready-to-eat meals 9
GOODFOOD IS
UNIQUELY POSITIONED TO WIN
GOODFOOD HAS THE ONLY PURPOSE-BUILT VERTICALLY INTEGRATED
GROCERY AND MEAL SOLUTIONS NETWORK IN CANADA AND IS READY TO
PROFITABLY DOMINATE THE ONLINE GROCERY MARKET

DIFFERENTIATED PRODUCT OFFERING

ATTRACTIVE PRICING
DIGITAL STORE
BRAND AWARENESS
PHYSICAL FOOTPRINT
UNIT ECONOMICS
10
UNIQUELY POSITIONED TO WIN
DIFFERENTIATED PRODUCT OFFERING AT MARKET PRICES
CHOCOLATE &
BAKERY BEER & WINE (19+) CARDS & GIFTS CHEESE CANDY

$68 ON-DEMAND CURRENT BASKET

AVERAGE SIZE WITH FAVORABLE MIX
COFFEE & TEA DRINKS DAIRY & EGGS DESSERTS FISH & SEAFOOD

MEAL KITS GROCERY

32% PRODUCTS=
FRUITS & MEAT & PASTA, GRAINS &
FROZEN
VEGETABLES ALTERNATIVES PANTRY BEANS
80% GOODFOOD

20% NATIONAL
BRANDS
8%
60% SNACKS
SPICES &
SEASONINGS BABY HEALTH & BEAUTY HOME & KITCHEN
MEAL
SOLUTIONS

MORE GROCERY TO COME

GOODFOOD’S EXCLUSIVE SELECTION Access to and analysis of data PET FOOD FLOWERS
creates platform for generation KITCHEN BASKETS
PROVIDES FOR OUTSIZED PROFITBAILITY of bespoke ad revenue
ESSENTIALS
CIDERS
LOCAL
SPECIALTIES
HARD SELTZERS 11
UNIQUELY POSITIONED TO WIN
OUR SEAMLESS DIGITAL STORE

GOODFOOD’S MOBILE APP ~221,000+ downloads and 4.6-star rating

HAS SIMPLIFIED CUSTOMERS’ SHOPPING Platform now open to non-subscribers
EXPERIENCE AND ORDERING PROCESS
12
VIRAL GROWTH OF GOODFOOD’S BRAND

I didn’t understand how you could offer a delivery grocery service

you could just order one thing. We ran out of coffee cream so I
thought ok, I’ll order more cream. Then I filled my basket with 24
more items. I get it now.

13
 UNIQUELY POSITIONED TO WIN
PHYSICAL FOOTPRINT OF HUB & SPOKE ENABLES RAPID DELIVERY AT STRONG ECONOMICS

Larger radius of delivery from MFC enabled by

Weekly Subscription delivery volume and brand awareness

MICRO MICRO MICRO MICRO

FULFILMENT FULFILMENT FULFILMENT FULFILMENT
CITY 1 CENTER CENTER CENTER CENTER

MANUFACTURING DISTRIBUTION MICRO MICRO MICRO MICRO

CENTER CENTER CITY 2 FULFILMENT FULFILMENT FULFILMENT FULFILMENT
CENTER CENTER CENTER CENTER

CITY 3
MICRO MICRO MICRO MICRO
FULFILMENT FULFILMENT FULFILMENT FULFILMENT
CENTER CENTER CENTER CENTER

Note: Hub and Spoke footprint is illustrative

14
UNIQUELY POSITIONED TO WIN
GROWING ON-DEMAND MFC FOOTPRINT, ON TRACK TO PROFITABLY
DOMINATE TORONTO AND MONTREAL

MFC ROLL-OUT STRATEGY: MFC ROLL-OUT STRATEGY:

BUILDING COVERAGE DENSITY TO INCREASE DPH

MFC
MFC

MFC
MFC

Capex light coverage to capture Increase density to increase deliveries

customers and market share per hour (DPH) and bolster unit
economics

15
 UNIQUELY POSITIONED TO WIN
RAPID ORDER GROWTH DEMONSTRATES PATH TO STRONG UNIT ECONOMICS

ON-DEMAND SHOPPER GROWTH ORDERS MOVING 7-DAY AVERAGE

$34M +14%
Active Customers

ARR WEEK OVER

Orders
WEEK
GROWTH

1 8 15 22 29 36 43 50 57 64 71 78 85 92 99 106 113 120 1 8 15 22 29 36 43 50 57 64 71 78 85 92 99 106 113

Days Days

LEADING LEADING
ADOPTION RATE: ADOPTION RATE:

First two MFCs generated explosive with double-digit week over week average
shopper growth since first week of growth of orders, run-rate sales before
launch to today credits and incentives have hit $34 million

16
(1) This is a Metric or non-IFRS measure. Please refer to the Metrics & Non-IFRS Financial Measures page of this presentation for more details.
UNIQUELY POSITIONED TO WIN
SUPERIOR AVERAGE ORDER VALUE AND ORDER RETENTION DRIVING UNIT ECONOMICS

ON-DEMAND AOV STRONG ON-DEMAND COHORT ORDER RETENTION

(Sales before incentives per order) (Orders placed by initial November cohort)

$60-70

100%
80%+
$30-35 $30-35
$25-30

Goodfood Comp. 1 Comp. 2 Comp. 3

Leading Global Comparables Orders of Initial Cohort Orders of that Cohort in February

ORDER RATE ON-DEMAND DELIVERIES PER HOUR PER DRIVER

(Orders per Quarter)
8-9 At scale delivery
Current delivery radius enables 5+
radius provides deliveries per
hour LEVERAGING
5-6 for ~3 deliveries
per hour (1) INCREASING
DENSITY AND
3-4 5+
EXISTING ORDERS
~3 TO OPTIMIZE
ON-DEMAND
COST PER
DELIVERY
Current On-Demand Long-Term Goodfood
Target Deliveries
Goodfood On- Goodfood On-Demand
Historical
perAverage
Hour and
Demand Subscription Competition
Target
(1) Based on delivery radius of ~3km
17
 UNIQUELY POSITIONED TO WIN
UNIT ECONOMICS IN CAPEX LIGHT BUSINESS TO DRIVE SIGNIFICANT RETURNS

ILLUSTRATIVE UNIT ECONOMICS AT SCALE

DRIVE DENSITY AND
FOCUS:
DELIVERIES PER HOUR

Average order value $65+ WITH INITIAL CAPEX

Incentives, net of
membership and service fees
(2.00) AND STARTUP COSTS
Net order value $63 OF <$1 MILLION AND
Product costs (33.00)
GOING DOWN
Product profit $30 on-demand micro fulfilment centres
can provide significant returns on
Fulfilment costs (7.50) invested capital
Last-mile delivery (4.00)
OVERALL, BUSINESS
Gross profit $18.50
MODEL BOASTS A
Gross margin 25%-30% HIGHLY ATTRACTIVE
SG&A <15% FINANCIAL
Adj. EBITDA margin (1) 10%-15% PROPOSITION
18
(1) This is a Metric or non-IFRS measure. Please refer to the Metrics & Non-IFRS Financial Measures page of this presentation for more details.
CAPEX LIGHT BUSINESS MODEL

ON-DEMAND LOW CAPEX STRATEGY

<$500K <$40
CAPEX PER MILLION $ OF
MFC CAPEX

LOW CAPEX
50+ $1 BILLION+
MFCS BY SALES
CAPACITY
REQUIRED
2025 to build network supporting
BY 2025
$1 billion+ of sales capacity by 2025 at
significantly lower capital requirement
than a brick-and-mortar retail network
19
 LONG-TERM PROFITABILITY
GOALS REMAIN INTACT

CURRENT FUTURE
PROFITABILITY TARGET EBITDA MARGIN OF PROFITABILITY
~10-15% AT FULL SCALE

~24% INCREASE OPERATING ECONOMIES 25-30%

GROSS EFFICIENCIES AND DENSITY GROSS
MARGIN
OF SCALE
MARGIN

LOWER MARKETING AND

~42% G&A FIXED COSTS % OF SALES ~15-20%
SG&A SG&A

-18%
ADJ. EBITDA (1)
~10-15%
ADJ. EBITDA (1)

20
(1) This is a Metric or non-IFRS measure. Please refer to the Metrics & Non-IFRS Financial Measures page of this presentation for more details.
 GOODFOOD’S
COMMITMENT TO MAKING A DIFFERENCE
Priority ESG
Select examples
Topics
▪ Food and greenhouse gas ✓ Meal kits benefit from 33% lower greenhouse emissions than grocery meals due to lower waste factor (1)
management ✓
E
On-demand delivery is done using recyclable paper bags and eco-friendly modes of transport: eliminating
▪ Packaging reductions millions of liners, boxes and ice packs.
▪ Responsible sourcing ✓ Local, fresh and in-season ingredients are prioritized in our sourcing process.

✓ Partnered with CIBC to donate 100,000 meals to Canada’s frontline workers during Covid-19 pandemic
▪ Community engagement
✓ Proud partner to Breakfast Club of Canada
▪
S
Employee welfare ✓ Robust Health & Safety practices aimed at reducing loss time accident frequency, including training to new
▪ Food safety and nutrition hires, facility safety goals, safety huddles at beginning of each shift
▪ Talent attraction &
retention ✓ Workforce reflecting diverse community we serve with continuous ambition to increase the representation
of women and minority groups in senior leadership positions; made the Globe and Mail’s 2022 Gender
▪ Cybersecurity Diversity Honourees list (2) .
▪ Ethics and compliance ✓
G
Code of Conduct outlining our employees, officers and directors commitment to ethical behaviors through
▪ Diversity and inclusion a shard Mission and Vision
✓ Follow best practice for cyber threat detection and eradication as well as data privacy
▪ Privacy governance

21
(1) Source: University of Michigan, Heard BR, Bandekar M, Vassar B, Miller SA, Comparison of Life Cycle Environmental Impacts form Meal-Kits and Grocery Store Meals, April 3, 2019.
(2) Source: The Globe and Mail, How corporate Canada fares when it comes to gender diversity, https://www.theglobeandmail.com/business/rob-magazine/article-gender-diversity-executives-canada-survey, March 25, 2022.
MANAGEMENT TEAM AND BOARD OF
DIRECTORS Dedicated and proven management supported by experienced
board of directors together holding ~40% of the company

MANAGEMENT TEAM BOARD OF DIRECTORS

JONATHAN FERRARI NEIL CUGGY JONATHAN ROITER BIPASHA CHIU HAMNETT HILL DONALD OLDS
Co-Founder, Chairman & CEO Co-Founder, President, Chief Financial Officer Chief Technology Officer Director Director
Director & COO

SIMON BROWN JENNIFER STAHLKE MOHAMMAD AWADA TERRY YANOFSKY FRANÇOIS VIMARD
Executive Vice President, Executive Vice President, Executive Vice President, Director Director
Product & Merchandising Marketing Strategic Execution
22
METRICS &
NON-IFRS FINANCIAL MEASURES
The table below defines metrics and non-IFRS financial measures used by Accordingly, they should not be considered in isolation nor as a substitute
the Company throughout this presentation. Non-IFRS financial measures do for analysis of our financial information reported under IFRS and should be
not have standardized definitions prescribed by IFRS and, therefore, may not read in conjunction with the financial statements for the periods
be comparable to similar measures presented by other companies. They are indicated. For a reconciliation of these non-IFRS financial measures to the
provided as additional information to complement IFRS measures and to most comparable IFRS financial measures, as applicable, see the "Metrics
provide a further understanding of the Company’s results of operations and Non-IFRS Financial Measures – Reconciliation" of the Company’s
from our perspective. latest Management Discussion & Analysis.

METRICS DEFINITION

An account that is scheduled to receive a delivery, has elected to skip delivery in the subsequent weekly delivery cycle or that is registered to Goodfood
WOW. Active subscribers exclude cancelled accounts. For greater certainty, an active subscriber is only accounted for once, although different
ACTIVE products might have been ordered in a given weekly delivery cycle. While the active subscribers metric is not an IFRS or non-IFRS financial measure,
SUBSCRIBER and, therefore, does not appear in, and cannot be reconciled to a specific line item in the Company’s consolidated financial statements, we believe that
the active subscribers metric is a useful metric for investors because it is indicative of potential future net sales. The Company reports the number of
active subscribers at the beginning and end of the period, rounded to the nearest thousand.

An active customer is a customer that has placed an order within the last three months. Active customers include customers who have placed an order
(1) received as part of our weekly meal subscription plan, a subscription active customer; and (2) received on a next-day, same-day or less basis, an on-
ACTIVE demand active customer. For greater certainty, an active customer is only accounted for once, although different products and multiple orders might
have been purchased within a quarter. While the active customers metric is not an IFRS or non-IFRS financial measure, and, therefore, does not appear
CUSTOMER in, and cannot be reconciled to a specific line item in the Company’s consolidated financial statements, we believe that the active customers metric is a
useful metric for investors because it is indicative of potential future net sales. The Company reports the number of active customers at the beginning
and end of the period, rounded to the nearest thousand.

NON-IFRS FINANCIAL
DEFINITION
MEASURES
EBITDA EBITDA is defined as net income (loss) before net finance costs, depreciation and amortization and income taxes.

ADJUSTED EBITDA AND Adjusted EBITDA is defined as EBITDA excluding share-based payments and restructuring costs. Adjusted EBITDA margin is
ADJUSTED EBITDA defined as the percentage of adjusted EBITDA to net sales. EBITDA, adjusted EBITDA, and adjusted EBITDA margin are
non-IFRS financial measures.
MARGIN
APPENDIX
TYPICAL
SEASONALITY PATTERNS

Q1 Q2 Q3 Q4
SEPT-OCT-NOV DEC-JAN-FEB MAR-APR-MAY JUNE-JULY-AUG
MARKETING
Higher Higher Medium Low
CAMPAIGNS

ORDER RATES Higher High Medium/High Low

NEW SUBSCRIBERS Higher High Medium/High Low

MARGINS Higher Lower Higher Lower

CASH FLOW FROM

OPERATIONS Positive for the period Negative
TARGET

January and February are

March is typically impacted
Strong quarter with traditionally strong-demand Summer months are slow
by Spring break, April is strong
COMMENTS important back-to-school months after a slowdown in given vacation time and
and May depends heavily on
period December due to the Holiday nicer weather
weather
Season

25
 COMPANY CONTACT – INVESTOR RELATIONS & MEDIA

JONATHAN ROITER ROSLANE AOUAMEUR

Chief Financial Officer Vice President, Corporate Development
1 (855) 515-5191 1 (855) 515-5191
[email protected] [email protected]
MAKEGOODFOOD.CA