MASTERING LIGHT DRIVING INNOVATION

CSE:MMAT JULY 2020 FORWARD-LOOKING STATEMENTS

This presentation contains “forward-looking statements” looking statements are reasonable, such statements under applicable securities laws with respect to involve risks and uncertainties and are based on Metamaterial Inc. (“Metamaterial” or “the Company”) information currently available to the Company. Actual including, without limitation, statements regarding results or events may differ materially from those adjusted, estimated, forecasted, pro-forma, projected or expressed or implied by such forward-looking intended or anticipated future operations and/or statements. Factors that could cause actual results or financial performance, and all other statements that are events to differ materially from current expectations, not historical facts, statements regarding the among other things, include research and development Company’s priorities, the business strategies and risk associated with the Company’s product roadmap, operational activities of Metamaterial and its the Company’s ability to find investment partners and subsidiaries, the markets and industries in which the the timing and ability to get government approval for Company operates, including market opportunities for medical applications. These forward-looking the Company’s products and technology, environmental statements reflect various assumptions made by the benefits the Company’s development and production Company, are made as of the date hereof, and the pipeline and revenue potential, and the growth and Company assumes no obligation to update or revise financial and operating performance of Metamaterial, its them to reflect new events or circumstances, except as subsidiaries, and investments. Although the Company required by law. believes that the expectations reflected in such forward-

CSE:MMAT 2 Summary

1. Platform Technology for broad market applications ripe for disruption; automotive, aerospace, medical devices and consumer electronics – blue ocean

2. Aggressive Growth in Intellectual Property and two M&As to date (51 Patents Granted in 28 Patents families, 38 patents pending)

3. Purpose Built Proprietary Manufacturing – highly scalable and sustainable products which we believe outperform the competition. Acquired world’s 1st roll-to-roll holographic processing pilot and manufacturing lines (developed by Intel).

4. Global Blue-Chip Customers are Co-investing / becoming Commercialization Partners

5. High Target Margins (>50%) and room to increase with economies of scale.

CSE:MMAT 3 Changing the way we use, interact and benefit from light and other forms of energy

CSE:MMAT 4 WHO WE ARE

Design & Nanofabrication Developed Platform 3 Core Capabilities Large Patent Portfolio Strategic Partnerships Experts $60M Invested Since Holography, 51 Granted Patents in Relationships with Breakthrough performance 2011 Lithography & 28 Patent Families. Fortune500 Companies across a wide range of Wireless Sensing 38 Patents Pending across multiple applications, driven by industries; Automotive, customer requests Consumer Electronics, Medical, & Aerospace

CSE:MMAT 5 META is a Key Player in the Value Chain

Design/Software Driven Final Product Nanofabrication & Testing Assembly

Consumer

Raw Materials Large Area Nano-patterning

META works with raw material vendors and Original Equipment Manufacturers. META has a library of proprietary CSE:MMAT 6 materials META’s Platform Technology

Key Advantages vs. Competition: • Lower Production Cost + = • Flat & Scalable Manufacturing • High Production Yield • Precise Control • Higher Performance • Customizable Designs Manufacturing & Platform Scalable & Sustainable • Production in minutes vs. Design Process Technology Products competitors taking hours • Sustainable Raw Materials

A leader in metamaterials design and manufacturing moving the technology from R&D to commercialization

CSE:MMAT 7 COMPANY TIMELINE

Series A and OEM Key supply and Product Launch University Collaborations 1st Major OEM Deal licensing partnerships UNB, UdeM Prototype, Proof of Platform with Boeing, Artemis optical and Covestro MRI & GlucoWise began Partnership with Human Testing

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

NRC & NSERC Grants 1st Patent Filed New Head Office Acquisition and OEM Partnership with Acquisition and OEM Listed to Trade Algorithm Developed Halifax, NS Canada Acquired Rolith Inc. Lockheed Martin Acquired Mediwise. on CSE (Pleasanton, CA, USA) (London, UK) 20 Patents families 28 Patent Families

Global Distribution Agreement with SATAIR

CSE:MMAT 88 MARKET OPPORTUNITIES

Forecast of Revenues from Metamaterials by Application/End Segment ($ Millions)

$4.1B by 2025 Metamaterials Market (Emerging Market 43% CAGR)

Lux Research commented in their June 2019 Report, they expect “ the Meta Materials market to move towards $10.9bn by 2030.

CSE:MMAT 9 Source: n-tech Research, Lux Research, Internal META Estimates MARKET SCOPE & BEYOND

Medical Devices Energy Med-tech is ready for disruption. The solar industry awaits the Medical device market sales worth next major breakthrough $529 Billion by 2022 (5.2% CAGR) Photovoltaic (PV) market $333 Billion (25.1% GAGR) MISSION

To Make Products Smarter and More Sustainable by Utilizing Light and Consumer Electronics Advanced Materials Electronics/displays & Consumer Electric Everything Coms sectors are growing Vehicle Electrification massively with market sales of has just begun. Photovoltaic (PV) $3+Trillion (23% CAGR) market $567 Billion (22% CAGR)

Source: IDTechEx, Allied Market Research, Evaluate Ltd. & Internal META estimates CSE:MMAT 10 Value Proposition: Higher Performance + Environmental Benefits

Example of Environmental & Energy Benefits NanoWeb® is the best alternative to compared to ITO (Indium Tin Oxide) substrates Indium Tin Oxide

97% 90% 86% META’s products can offer Reduction Savings Reduction in mining wastes in raw materials in the air pollution up to 40x performance used produced improvements, are sustainable and cost effective. 76% Up to 7,000% 40% Reduction Reduction Savings in the water in energy in the amount of pollution consumption water used

CSE:MMAT 11 Source: IDTechEX, Internal META estimates Wireless Sensing

COMPETITIVE ADVANTAGE In 2019, META partnered with Samsung’s Advanced Institute of META’s Wireless Sensing capability enables fabrication of Technology team, to develop sensors & antennas completely invisible to the human eye. transparent fingerprint sensors META’s touch sensors can be placed below smartphone suitable for next generation displays, on windows of vehicles or buildings and home smartphones and tablets. appliances. META’s antennas can operate from low to high frequencies “Transparent fingerprint sensors were fabricated to have lower resistance and higher (2G, 3G, 5G and beyond) and provide communication transmittance compared to the conventional systems for conventional, EV and autonomous vehicles. sensors.”

“Fingerprint sensors made with RML can have lower sheet resistance and higher visible light transmittance than the sensors made of conventional transparent conductor materials, such as ITO and silver nanowires”

Source: Conference of the Next Generation Lithography 2019 (public information) Hyun-Joon Kim-Lee1.

CO-DEVELOPMENT PARTNER

12 Source: Internal META estimates CSE:MMAT KEY INVESTORS & PARTNERS

Major global corporations and top national labs & granting organizations in the U.S., U.K. & Canada have validated META’s robust, proprietary tech platform. CSE:MMAT 13 Product Roadmap – Near Term

Focus on Aerospace & Defence and Consumer Electronics /IOT markets

Augmented Reality Optical Filters and Laser Protection Transparent Heaters Transparent Antennas Optical components for metaVISIONTM Advanced Optical metaAIR® eyewear laser protection NanoWeb® film-based NanoWeb® film-based antennas Augmented Reality systems and Components heating/defogging casted into glass for 5G sensor head-up displays PARTNERS: Satair, Airbus, comms PARTNERS: OEM eyewear Covestro, RCMP, Lufthansa PARTNER: Eyewear OEMs, PARTNERS: Leading AR manufacturers, Law Technik Government Agencies, Headgear companies, Top Automotive enforcement agencies, OEMs PARTNERS: OEMs, Tier 1 Automotive suppliers Commercial optical component Tier 1 Glass OEMs and TelCo marketplace CAPEX INVESTMENT / CAPEX INVESTMENT / SOURCE: SOURCE: Existing In-house, new CAPEX INVESTMENT / Existing In-house CAPEX INVESTMENT / SOURCE: CAPEX INVESTMENT / roll-to-roll production to be installed SOURCE: Existing In-house In progress (installation Q4 2020) SOURCE: In progress in 2021 PRODUCTION CAPACITY: (installation Q4 2020) PRODUCTION CAPACITY : High volumes PRODUCTION CAPACITY: PRODUCTION CAPACITY: High volumes Low volumes until 2021 PRODUCTION CAPACITY: Very High volumes Low volumes until 2021

REVENUE POTENTIAL* REVENUE POTENTIAL* REVENUE POTENTIAL* REVENUE POTENTIAL* $50.0M/yr REVENUE POTENTIAL* $38.4M/yr $10.0M $3.0M/yr 1,000,000 units @ $50 / Unit $20.0M/yr 48,000 units @ $800 / Unit 25,000 units @ $400 / Unit 100,000 units @ $30 / Unit 200,000 units @ $100 / Unit *Internal META estimates based on META’s forecasted annual manufacturing capacity (5days, 2 shifts) and avg. selling price per unit (pricing may vary depending on volume orders) CSE:MMAT 14 MTI Core Lithography Technology

Product Roadmap – Mid Term to Long Term 1/2

NanoWeb® product line expansion towards Automotive, 5G and Energy applications

Displays Solar Transparent Transparent Touch Sensor for Optical components for Coating that improves solar Heaters EMI Shielding Flexible Displays Energy large area displays panel efficiency, Transparent conducting NanoWeb film-based NanoWeb placed below Harvesting (smartphones, tablets, TV Transparent conducting film, ITO replacement protection against the screen to provide NanoWeb films screens) electrodes, ITO replacement (heating/defogging) electromagnetic Touch functions as insulators & interference electrodes

PARTNERS: PARTNERS: PARTNER: TelCo OEMs, Automotive PARTNERS: Tier 1 glass OEMs, PARTNERS: TelCo OEMs PARTNER: OEMs, Tier 1 projector ENEL Green Power, Solar Automotive OEMs, Consumer Electronics Energy OEMs OEMs OEM manufacturers, TelCo OEMs OEMs, Aerospace Lockheed and other OEMs, Automotive Aerospace OEMs OEMs, Tier 1 Suppliers

MARKET POTENTIAL MARKET POTENTIAL According to BBC Research, the global market for transparent conductive films and $14.2B $7.6B technologies should grow from $4.9 billion in 2020 to $7.6 billion by 2025 with a by 2025 (CAGR 9.2%) by 2025 (CAGR 9.2%) compound annual growth rate (CAGR) of 9.2% for the period of 2020-2025.

Source: BCC Research, Internal META estimates CSE:MMAT 15 Product Roadmap – Mid Term to Long Term 2/2

Expansion towards on Medical Applications – Licensing/Project Financing opportunities

MRI Medical Imaging Non-invasive Glucometer Early Stage Cancer Breast Screening MRI Imaging with metamaterial film Dual Sensor mm-wave technology with Radio-wave Imaging for breast screening with metamaterial film metamaterial film COMMERCIALIZATION Requires $2M Investment to Commercialize COMMERCIALIZATION COMMERCIALIZATION (possible market entry by 2021) Requires large investment and possible partner Requires large investment and possible partner for trials and commercialization. for trials and commercialization. MARKET POTENTIAL $2.5B MARKET POTENTIAL MARKET POTENTIAL 50,000 MRI’s @ $50k / Unit $15B $4.6B 500,000,000 users, 9.6% CAGR 250,000,000 women / year, 8.0% CAGR

CSE:MMAT 16 Source: Internal META estimates Capitalization - Post RTO June 2020

CAPITALIZATION DESCRIPTION (As of 06/05/20)

Common Shares Issued & Outstanding 83,597,092

Stock Options 13,287,197 Deferred Stock Units 1,872,750 $60M Warrants 1,651,352 invested to date in META Broker Warrants 52,861

Unsecured Convertible Debentures 2,428,571

Secured Debenture 7,142,857

Total Shares Issued & Outstanding (Fully Diluted) 110,032,680

CSE:MMAT 17 Selected Financial Highlights – Q1:20 (CAD)

Q1:20 Q1:19 2019 March 2020 Product Sales $ 2,615 $ - $ 31,426 Cash and cash equivalents $ 1,885,902 Development Revenue $ 594,960 $ 190,962 $ 1,163,632 Inventory $ 650,353 Total Revenue $ 597,575 $ 190,962 $ 1,195,058 Total current assets $ 3,604,129

Gross Profit $ 596,454 $ 190,962 $ 1,182,920 Intangible assets, net $ 6,387,548 Property and equipment, net $ 3,356,733 Operating Expenses $ 3,421,477 $ 2,370,566 $ 11,698,899 Listing and exchange fees* $ 3,363,512 $ - $ - Total assets $ 13,396,451 Government assistance $ (61,756) $ (467,168) $ (1,000,433) Other expense (income) $ (731,751) $ 423,182 $ 1,687,076 Deferred revenue, current $ 1,907,657 Payables, debt, debentures, other $ 1,859,127 Net Loss $ (5,392,355) $ (2,105,343) $ (11,083,258) Total current Liabilities $ 3,766,784

*Non-cash, difference in fair-value of CPM assets received via RTO Deferred revenue $ 3,087,623 Long-term debt, other $ 5,895,302 Total non-current liabilties $ 8,982,925

Shareholders' Equity $ 647,742 This information should be read in conjunction with the complete financial statements and the associated management discussion and analysis, available on the Investors section of our website at www.metamaterial.com, as well as under the Company’s profile on SEDAR at www.sedar.com

CSE:MMAT 18 PROVEN LEADERSHIP – MANAGEMENT

GEORGE PALIKARAS THEMOS KALLOS Keith Abriel, CPA, CA, NADINE GEDDES, Founder Co-Founder & CFA Co-founder & Chief Human President & CEO Chief Science Officer Interim CFO Factors Engineer & Director of Operations • 10 years in Leadership positions of high • Ph.D in Plasma • Over 25 years of experience tech startups. Physics USC with extensive public • PhD in Ergonomics from • Ph.D in Metamaterials UK. Goldman Sachs • IEEE Plasma Physics company experience. Loughborough University and EY awards for entrepreneurship Thesis Award • Most recently was with DHX • 15yrs experience on user • Founder two-startups • 40 patents Media (NASDAQ, TSX) and centered design projects & • 2 successful M&A • 60 publications helped raise over $1B integrating continuous • 40 patents • Extensive M&A Experience stakeholder involvement into • Stanford University Exec Ed. the design process. • Endeavor Entrepreneur

GARDNER WADE FREDERICO BASTOS CINDY ROBERTS PANOS KOSMAS Chief Product Officer VP Business Development VP Marketing & Communications VP Biomedical Engineering • 20yrs+ as MD of Development Eng. in • MBA degree with 12+ years of • 25 years of experience in • PhD in Computational high definition optical eyewear for global experience Marketing, product launch, electrodynamics from North brands in military, flight and performance • Develops business planning & branding & communications Eastern, Boston sports applications strategy • Public and private sector • 25+ years expertise in • Management positions at Andersen • JP Morgan, M&A • Hill & Knowlton Canada Antennas and microwave Consulting, American Film Technologies, management Shell Canada, Microsoft engineering, Physics-based Oakley Inc. (subsidiary of Luxottica Italy) Canada and Swissair signal processing, Medical and Intel. 9 issued USA patents. Imaging, Asst.Prof. Kings • BSc from San Diego State Uni. College London

OLIVER SEITZ MARC TREPANIER Mark Gosine Director, Advanced Materials Director, Engineering & Quality Corporate Secretary • 12 years developing new nanomaterials in • 25 years of experience • Internationally semiconductor industries. implementing quality mgmt experienced strategic • Bachelor in Chemical-Physics, Masters in systems for the manufacturing, executive & lawyer Surface fabrication and service industries. • Played a key role in • Composites Atlantic Limited • Interfaces and Evolving material, in Paris Wildbrain’s (formerly (Stelia) Quality Director. France. DHX) international • Ph.D. in Chemistry/Materials Science in • Mistras and Acuren, and expansion 2004 at Versailles University in France. He consulted with various • Appointed Queen’s attended two postdocs at the Weizmann organizations implementing their Counsel in 2020 Institute of Science, in Israel and at the quality management systems in University of Texas at Dallas. the oil, gas, transportation and CSE:MMAT construction industries. PROVEN LEADERSHIP – BOARD OF DIRECTORS

RAM RAMKUMAR, B Tech, MBA ALISON CHRISTILAW, MBA, ERIC LESLIE BoD Chairman ICD.D Since 1991, Mr. Leslie through his firm, 10 yrs private investor in tech. 20+yrs Strategy Expert, Merchant Equities Capital Corp., has 35 yrs+ serving on boards of Governance, HR, Management been leveraging his experience and numerous public companies listed consulting. Alison sold her business contacts into securing and fulfilling on the TMX and Nasdaq. CEO of to Deloitte Canada. Worked with contracts with multiple clients over a Top50 $100M+ revenue listed leaders and their leadership teams broad spectrum of industries. Over the companies. Bachelor of in many types of organizations: past 28 years, Mr. Leslie has served as Technology, MBA (University of Public and Private companies; an officer and or director of numerous Toronto) and former CA. Multiple industries: Technology, public and private companies. Professional Service, Financial Services, Manufacturing, Retail/ Franchise, and Distribution.

GEORGE PALIKARAS STEEN KARSBO MAURICE GUITTON Founder, President & CEO 40 yrs Senior Exec, Sales Aerospace Industry Veteran, inventor and • 10 years in Leadership and Product Management at entrepreneur. 40+ yrs. Experience in positions of high tech startups. SATAIR (sold to Airbus composite advanced materials, Operations, • Ph.D in Metamaterials UK. Group). Grew revenues from M&A.. Successful exit to Airbus Group, Goldman Sachs and EY awards $7M to over $2Bn, M&A and Recipient of the French Legion of Honor, for entrepreneurship Strategy experience the French Order of Merit, and the James • Founder two-startups Floyd Aeronautic Award of Canada. Former • 2 successful M&A Director at National Research Counsel, • 40 patents Former Chairman of Metamaterial • Stanford University Exec Ed. Technologies Inc. for 6 years. • Endeavor Entrepreneur

CSE:MMAT 20 CINDY ROBERTS MARK KOMONOSKI VP, Comms. Director IR & Capital Markets C: 902.222.3658 C: 403.470.8384 O: 902.482.5729 O: 877.255.8483 E: [email protected] E: [email protected]