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Making the Food You Love a Healthier Choice™

Ci9 Basic Materials Conference November 30th 2017

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FORWARD LOOKING STATEMENTS

Thiscommunica.oncontains“forward-lookingstatements”withinthemeaningofthesafeharborprovisionsoftheU.S.PrivateSecuri.esLi.ga.onReformActof1995.Insomecases,youcaniden.fythesestatementsbyforward-lookingwordssuchas“may,”“might,”“will,”“should,”“expects,”“plans,”“an.cipates,”“believes,”“es.mates,”“predicts,”“poten.al”or“con.nue,”thenega.veofthesetermsandothercomparableterminology.Theseforward-lookingstatements,whicharesubjecttorisks,uncertain.esandassump.onsaboutus,mayincludeprojec.onsofourfuturefinancialperformance,ouran.cipatedgrowthstrategiesandan.cipatedtrendsinourbusiness.Thesestatementsareonlypredic.onsbasedonourcurrentexpecta.onsandprojec.onsaboutfutureevents.Thereareimportantfactorsthatcouldcauseouractualresults,levelofac.vity,performanceorachievementstodiffermateriallyfromtheresults,levelofac.vity,performanceorachievementsexpressedorimpliedbytheforward-lookingstatements,includingthosefactorsdiscussedunderthecap.onen.tled“RiskFactors”inourregistra.onstatementonFormS-1,alongwithourotherfilingswiththeU.S.Securi.esandExchangeCommission.Wedonotassumeanyobliga.ontopubliclyproviderevisionsorupdatestoanyforward-lookingstatements,whetherasaresultofnewinforma.on,futuredevelopmentsorotherwise,shouldcircumstanceschange,exceptasotherwiserequiredbysecuri.esandotherapplicablelaws.

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•  SugarcaneDivisionGeneralManager,Monsanto•  Manager,Omega-3SoybeanProgram,Monsanto•  MBA,WashingtonUniversity,St.Louis•  AgronomicEngineer,BuenosAires,Argen.na

A World Class Management Team

•  NorthAmericanSupplyChainFinanceLead,Monsanto•  DirectorofInvestorRela.onsandDirectorofFinance

(RegionalCFO)forLatAm,Monsanto•  Ernst&Young

•  20+Yearsofcommercial,strategyandM&Aexperienceformul.pleglobalagriculture,food,energyandmaterialscorpora.ons

•  AssistantVicePresidentforFoodIngredientsandBio-industrialEnterpriseatCargill

•  MBA,TuckSchoolofBusinessatDartmouth

FedericoTripodi,CEO

BryanCorkal,CFO

ManojSahoo,CCO

•  InventorofTALEN®Technology•  ProfessorandDirectorofGenomeEngineeringDepartmentat

theUniversityofMinnesota•  ElectedFellowoftheAmericanAssocia.onforthe

AdvancementofScience•  Ph.D.inGene.cs,Harvard

Dr.DanVoytas,Ph.D.,CSO

•  12+YearsofGeneedi.ngresearchexperienceatIAState,UofGeorgiaandUMN

•  ResearchDirectoratCalyxt•  Co-inventorofTALEN®geneedi.ngtechnology•  Ph.D.inGene.cs,IowaStateUniversity

Dr.FengZhang,Ph.D.,COO

•  Founder,CEOandChairmanofCellec.s•  Oneoftheinventorsofnuclease-basedgenomeedi.ng

technologies•  Ph.D.inMolecularVirology,UniversityofParisIV•  ResearchfellowshipintheHarvardMedicalSchool

DepartmentofGene.cs

Dr.AndréChoulikaPh.D.,Chairman

MichelArbadji,CommercialDirector•  27Yearsofagriculturalbusinessdevelopmentexperience

across5con.nents•  HeadofOpera.ons,SignatureControlSystems•  HeadofSales,TheToroCompany,Yacco•  Agronomy,MBAESCP-INAPG,Paris

JosephSaluri,J.D.,GeneralCounsel

Dr.GlennBowers,Ph.D.,VPBreeding•  36YearsofSoybeanBreedingexperienceinpublicandprivate

sectors•  GlobalHeadSoybeanbreeding,Syngenta•  Head,SoybeanbreedingSouthAmerica,Syngenta•  Ph.D.PlantPathology,UniversityofIllinois,Urbana-

Champaign

•  MemberoftheBoardofKemPharm,Inc.•  VicePresidentofBusinessDevelopment,ChiefLegalOfficer,

S.neSeedCompany•  U.S.AjorneyandUKSolicitoratLaw,NicolasCritelli

Associates•  J.D.,DrakeUniversityLawSchool

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Whatifthefoodsyoulovecouldimproveyourhealth?

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Who is Calyxt?Food ingredients for consumer health

Weare…

acompanydevelopinghealthierspecialtyfoodingredients……byleveragingcumngedgesciencetodevelopfoodcropsthroughgeneedi.ngtechnologies

ConsumerNeeds

Healthierfoodingredients

AgronomicTraits

FarmerNeeds

BestinClass

GeneEdi(ngTechnologiesandTechnicalExper(se

BestinClass

ProductDevelopmentCapabili(es

BestinClass

Iden(tyPreservedSupplyChain

BestinClass

SpecialtyFoodIngredients

Howwearebuildingapathtomarket..

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CURRENTINDUSTRYCHALLENGESRECENTFOODANDHEALTHCHALLENGES

100% IncreaseinObesitycasesamongstadultsinlast30years

43% DeathscausedbydiseaseslinkedtoPoorDietincludingDiabetesandHeartDisease

50% IncreaseinFoodAllergiesinchildrenbetween1997and2011

DataShownforUnitedStatesofAmerica

Food Related Issues are GeSng Worse Legacy agriculture companies have overlooked society’s food related issues

AGINDUSTRY:-  Commodi.zedsupplychains

-  Increaseproduc.vity

-  Reducecost/inputs

-  GrowGMOsinmaincrops

-  Noconsumerfocusedinnova.on

FOODINDUSTRY:-  Processedfoodswithchemicaladdi.ves

-  Consumerswantvariety

-  Provide‘cleanlabels’

-  Providehealthbenefitsandfunc.onality

Source:CentersforDiseaseControlandPreven.on,Na.onalCenterforHealthSta.s.cs,andtheJournalofHealthEconomics

48% Increaseinmedicalcarecostsfromobesity($315Bin2010)

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ReduceWaste

Insect/DiseaseResistance

HerbicideTolerance

ReduceInputslikenitrogen,phosphorus

IncreaseYield

Gene Edi9ng is a Paradigm ShiW Our Technology Allows Us to Address Both Consumer and Farmer Needs

MOREOF…

LESSOF…

PlantProteins

Nutrients

Color,Flavor

DietaryFibers

GoodFats

Vitamins

SaturatedFatsTransFats Allergens Toxic

Compounds

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Gene Edi9ng – Disrup9ve Technology Precision and Power Accelerate Timelines

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TALEN® - Proprietary, Leading Gene Edi9ng Technology Genome Edi9ng Through A Simple Two-Step Process

33GeneisrepairedImprovementofgenefunc.on

Geneisinserted(Knock-in)inser.onofanewtrait

Geneisdisabled(knock-out)removalofundesiredtraits

Calyxtisafirstmoverofarevolu]onarytechnologywithstrongresultsandpoten]al

Identify Gene Target

Cut DNA at the gene-of-interest site

Gene is disabled(knock-out)

Gene is edited Gene is inserted(knock-in)

Two TALENs recognize their

DNA target

The nuclease domains interact and cut the DNA

Gene is disabled (knock-out)

Gene is edited or repaired

Gene is inserted (knock-in)

TwoTALEN®recognizetheirDNAtarget

Acontrolledcutisinducedinthegene-of-interest

GENOMEEDITINGPROCESS(TALEN®)

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Intellectual Property Overview Broad patent protec9on in mul9ple technologies

-  WillhaveanexclusiveworldwidelicenseagreementwithCellec.sinthefieldofresearching,developingandcommercializingseedsandfoodingredients(excludinganimals)foragriculture,feedandfoodapplica.ons

-  Calyxt’slicenseagreementwithCellec.sisperpetual

-  ExclusivelicenseagreementwiththeUniversityofMinnesotafortheuseofCRISPR/Cas9technologytomakeuse,andcommercializeproductscoveredbythelicensedpatentsinanyfieldofuse

-  Licenseop.onagreementwithPlantBioscienceLimitedandIns.tuteofGene.csandDevelopmentBiologyChineseAcademyofSciences

-  CommerciallicenseagreementwithTwoBladesFounda.onrela.ngtoTALnucleasetechnologies

TALEN®

Meganuclease

CRISPR

SpecificTraits

U.S.

Foreign

178Patents

76Patents

118Patents

49Patents

16Patents49PatentApplica]ons

65Patents121PatentApplica]ons

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Trait Development Process

Taking the Lead by Decreasing Development Timelines A comparison of crop development process – Tradi9onal vs. Calyxt

Farmer needs

Phase I

1-2 years

Phase II

1-2 years

Field Valida9on & Tes9ng

Phase III

1-3 years

Seed Produc9on & Pre-Launch

Healthier Food needs

Market Launch

Crea9on of Genome-Edited

Lines

Construct Op9miza9on

Crea9ng Commercial

Event Field Tes9ng

Regulatory Studies

Market Launch

Average: 13 years; $130 million

Tradi9onal GMO Development Process Phase I Phase II Phase III Phase IV

Trait Discovery

Trait Discovery

Months

3–6 years; significantly reduced development cost

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High Oleic Soybean – High Fiber Wheat – Herbicide Tolerant Wheat

Our Product Pipeline

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We have Developed a Strong Product Pipeline Fueled by Several Opportuni9es of Product Ideas

Product Candidate Discovery Phase I Phase II Phase III

Consumer Centric Products

High Oleic Soybean*

High Oleic / Low Lin Soybean*

Improved Protein Composition Soybean

High Fiber Wheat

High Fiber Wheat II

Reduced Gluten Wheat

Improved Oil Composition Canola

Cold Storable Potato*

Reduced Browning Potato*

Cold Storable / Reduced Browning Potato

Late Blight Resistant Potato

Farmer Centric Products

Drought Tolerant Soybean

Improved Yield Soybean

Herbicide Tolerant Soybean

Powdery Mildew Resistant Wheat*

Herbicide Tolerant Wheat

Herbicide Tolerant Canola

Improved Quality Alfalfa

Herbicide Tolerant Alfalfa

Soybean Wheat Canola Potato Alfalfa

* USDA confirmation that product is not a regulated article under PPA 7 CFR part 340

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Product Candidate #1: High Oleic Soybean

•  80%oleicacid•  20%lesssaturatedfats•  Zerotransfats•  Improvedoilprofile,similartooliveoil•  Upto3xincreasedfry-life•  Blandtaste,idealforfoodapplica.ons

Calyxt’sHighOleicSoybeanOilComposi]on1

OleicOilComposi]onComparison1,2Status/Timing

Enhancing Health Ahributes by Improving Oil Composi9on

1.  Companydata2.  CodexAlimentarius,StandardsforNamedVegetableOils,CODEXSTAN210-1999

0

50

100

Commodity CalyxtHOSoybean

Linoleic Linolenic Saturated Oleic

15242731

52616980

0% 20% 40% 60% 80% 100%

SafflowerSoybean

SunflowerMaizePeanutCanolaOlive

CalyxtHOSoybean

Oleic Saturated Polyunsaturated

ü  CurrentlyinPhase3ü  Expected2018commerciallaunchü  Morethan45,000bushelsproducedü  Supplychainpartnershipsestablished

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Year0 Year5

Calyxt’s Proprietary Breeding Program

24+EliteParents Crossingof

ElitexCalyxtHO

SinglePlants(50,000-100,000)

SingleRow

Trials(2000-5000)

60NonGMO

FinishedVarie.esAvailableforGeneEdi.ng

HOVersionofCurrentVarie.es

ReplicatedYieldTrials

(10-30Varie.es)

2-3HOCore

Varie.es/Year

Accelera9ng Tradi9onal Breeding with Gene Edi9ng Precision

Calyxthassuccessfullyreachedanumberofmilestonesü  Startedbreedingprogramin2016with24diversepopula.ons

ü  3000+rowsadvancedtoSouthAmericatrialsforClassof2021

Tradi.onalBreedingProgram

TALEN®Powered

AcceleratedBreedingProgram

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High Oleic Soybean – Three Revenue Opportuni9es An illustra9ve example1 based on current premium veg. oil market

HOSoybeanOil HOSoybeanMeal HOSoybeanSeedPoten(alTargetMarketSize2

~$13Billion

Source:ForeignAgriculturalService,USDA,Na.onalAgriculturalSta.s.csServices,GlobalAgriculturalTradeSystem,AgriculturalMarke.ngService,Na.onalMonthlyFeedstuffPrices,MillingandBakingNews,Fats&Oils:OilseedCrushingsandPeanutStocksandProcessors.1.  Thisillustra.veexampleshowsthepoten.alrevenueopportunityforhigholeicsoybeaninthreeaddressablemarketsatapeakyearofmarketpenetra.onwithin7-10yearsazercommencingcommercializa.on.Itisforward-lookingand

subjecttosignificantbusiness,economic,regulatoryandcompe..veuncertain.esandcon.ngencies,manyofwhicharebeyondthecontroloftheCompanyanditsmanagement.Theillustra.veexampleisbasedonvariousassump.ons,includingthetargetmarketsizegrowthrate,theassumedpenetra.onrateandtherateatwhichthehigholeicsoybeancapturestotalsoybeanproduc.on.Theseassump.onsaresubjecttochangeandyoushouldnotplaceunduerelianceonthisillustra.veexample.Actualresultswillvaryandthosevaria.onsmaybematerial.Nothinginthispresenta.onshouldberegardedasarepresenta.onbyanypersonthattheseobjec.veswillbeachievedandtheCompanyundertakesnodutytoupdatethisillustra.veexampleascircumstanceschange.

2.  Poten.altargetmarketsizegrownat5%CAGRfor10years,whichassumes2%infla.onand3%popula.ongrowth.3.  Neartermexpectedseedprice$30-$40/acre,poten.altoincreaseto$60/acreazerherbicidetolerancetraitcommercializa.on.

Poten(alHOSoybeanOilRevenue

$520-$780Million

AssumedPenetra]onRate4%-6%

HOSoybeanOilProduc(on

0.9to1.4Billionlbs.

HOSoybeanProduc(on

80-120MillionBushels

11.4lbs.Oil/bu

SoybeanProduc(on

80-120MillionBushels

Meal:44.5lbs./bu

MealProduc(on

1.8-2.7MilliontonsofMeal(4%to6%ofTotalSoybeanMeal)

Avg.Price$340/ton

Poten(alSoybeanMealRevenue

$616to$924Million

HOSoybeanProduc(on

80-120MillionBushels

GrainYield40-45bu/acre

SoybeanCoverage1.8to2.7MillionAcres(2.2%to3.3%ofTotalSoybeanAcres)

SeedSalePrice:$30-$60/acre3

Poten(alHOSoybeanSeedRevenue

$54-$163Million

Poten.alHighOleicSoybeanRevenue:$1.2–$1.9Billionassumingpenetra.onof2.2%-3.3%ofTotalSoybeanAcres

Avg.Price$0.56/lb

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Gene Edited Disease Tolerance Achieved Powdery Mildew Case Study and New Results

RESISTANTCHECK CLXTSPRING CLXTWINTER SUSCEPTIBLECHECK

ResultsValidateProductConcept

ü  Wheatisahexaploid,with17Billionbases.ü  AllSixcopiesofMLOgeneneededtobedeac.vatedtoconferresistance.

ü  Poten.altoreducefungicideapplica.onsinwheatandmi.gateyieldlosses.

ü  Wasdonetwice(springandwintervariety).ü  ProvidesFounda.onforbroaderfungalresistanceproduct(mul.plediseaseconcept).

Phototaken20dayspost-inoculaFon.WheatTechnologicalBreakthroughs

Product Candidate Discovery Phase I Phase II Phase III

Consumer Centric Products

High Fiber Wheat

High Fiber Wheat II

Reduced Gluten Wheat

Farmer Centric Products

Powdery Mildew Resistant Wheat*

Herbicide Tolerant Wheat

%plantcoveredwithsporesa

bbb

FirstTALEN®geneeditedwheatharvestcompleted,yielding300LbsofPowderyMildewResistantWheatseedforfurthertes]ng

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0% 50% 100% 150%

Apples,raw,withoutskinCarrotsOrange

Commodityriceflour,brownCommodityoatflour,par]allydebranned

QUAKER,100%NaturalGranolaOatsandHoneyCommoditycornflour,wholegrain

Peas,green,rawCommoditywholewheatflour

Almonds,dryroastedKELLOGG'S,SPECIALKLowCarbLifestyleProtein

Calyxtwheatflour,wholegrain

%DailyValue

Dietaryfibercontentcomparison

Product Candidate #2: High Fiber Wheat

Calyxt’sHighFiberWheatComposi]on8

CalyxtHighFiberWheatComparison7,8

Status/Timing

White Wheat Flour with Up to 3 Times More Fiber

ü  CurrentlyinPhase1ü  2018:Func.onalitytes.ngofCalyxtWheatFlour,Phase2

ü  2019:Developmentofsupplychain(e.g.,seedproducers,grainproducers,millers,foodindustrycustomers),Phase3

ü  2020-2021:An.cipatedcommerciallaunch

Poten]alFeaturesandBenefitsforConsumers:ü  “Highinfiber”contentclaim4ü  “Mayreduceriskofsometypesofcancer”labelingclaim5

ü  “Mayreduceriskofcoronaryheartdisease”labelingclaim6

AsingleservingofCalyxthighfiberflourmayprovideupto100%oftherecommendeddailyvalue

4.CodeofFederalRegula.ons(2012).Title21,Sec.on101.54-Nutrientcontentclaimsfor“goodsource,”“high,”“more,”and“highpotency.”5.CodeofFederalRegula.ons(2012).Title21,Sec.on101.76-Healthclaims:fiber-containinggrainproducts,fruits,andvegetablesandcancer.6.CodeofFederalRegula.ons(2012).Title21,Sec.on101.77-Healthclaims:fruits,vegetables,andgrainproductsthatcontainfiber,par.cularlysolublefiber,andriskofcoronaryheartdisease.7.Calyxtinternalcalcula.on8.hjp://nutri.ondata.self.com/

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Product Candidate #3: Herbicide Tolerant Wheat

CalyxtHerbicideTolerantWheatValueProposi]on

Status/TimingWheat Tolerant to Mul9ple Herbicides

ü  CurrentlyinPhase1

ü  Designedtoprovidetolerancetotwodifferentchemistriescurrentlyinthemarket

ü  TALEN®precisionenablesCalyxttoworkwithagene.callycomplexcroplikewheat

1.BASFClearfield®wheatbrochure:“MaximizeYourReturnonInvestmentwiththeClearfield®Produc.onSystemforWheat”2.Heap.Weedscience.org.2016

Corn(maize) Wheat Soybean Rice CojonIncreaseinUniqueHerbicideResistantWeedCasesforSelectedCrops2

140

120

100

80

60

40

20

01975 1985 1995 2005 2015

Year

Num

bero

fUniqu

eRe

sistantCases

DriversØ  Yieldlosses,dockageanddiscountscancostthegrowerupto$71/acre1

Ø  Weedresistancetoherbicidesisamajorissueinagriculture

Poten.alBenefits:ü  Improvedyieldandgrainqualityü  Non-transgenicü  NoforeignDNA

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Accelera9ng Return on Investment Clear Metrics to Unlock Gross Margin Growth Opportunity

ConsumerProductLaunches

SupplyChainImprovements

FarmerProductLaunches

GrossMargin

•  LaunchofHighOleicSoybeansinNA

•  LaunchHighFiberWheatinNA

•  Establishfarmerandcrusherbase(growsYOY)

•  Establishfoodcompanycustomerfunnelbytargetapplica.on

•  Morevarie.esenableregionalexpansionandlowercostofsales

•  AddLowLinolenic•  Seekglobalregulatory

approvalstoenableoilexports

•  Scale(moreandlargercrushers)

•  NewConsumerProductsLaunched(targetcrops)

KeyFactorstoProfi

tGrowth

20212018 2024•  HerbicideTolerant

TraitsLaunchedwithOutLicensingmodel(noinventorycost)

•  Combina.onsofconsumerandherbicidetoleranttraits

•  Newaddi.onalProducts

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Calyxt – The Leader in Agriculture Innova9on Capturing fron9ers in food and ag

IndustryleadingTALEN®geneedi(ngtechnologyisde-risked

Threedifferenttransforma(onsystemsenhancespeedtomarketinmulFplecrops

Repurposingexis(ngsupplychainbringproductstomarketfaster,withcompeFFvecapitalinvestment

Largeuntappedopportuni(esinconsumeringredientstraitsincludebePercontentinfats,carbs,proteins,vitamins

Acceleratedautoma(onandhighthroughputscreeningshorterdevelopmentFmelineofmoresophisFcatedproducts

Bycombiningourleadinggene-edi.ngtechnologywithourinnova.vecommercialstrategy,wearepioneeringaparadigmshiztodeliverhealthierfoodingredientstoconsumersandagriculturallyadvantageoustraitstofarmers

Technology

ProductDevelopment

SupplyChain

Commercial

FutureGrowth

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Whatifthefoodsyoulovecouldimproveyourhealth?

Wouldyouevereatanythingelse?