DynaCERT : For the Nine Months Ended September 30, 2021

Management's Discussion and Analysis -

Quarterly Highlights

For the three and nine months September 30, 2021

Contact Information : dynaCERT Inc.

501 Alliance Avenue, Suite 101 Toronto, ON M6N 2J1

Contact Person:

Mr. Carmelo Marrelli, CFO Email: [e-mail]

dynaCERT INC.

Management's Discussion and Analysis

September 30, 2021

MANAGEMENT'S DISCUSSION AND ANALYSIS

THREE AND NINE MONTHS SEPTEMBER 30, 2021

The following Management Discussion and Analysis ("MD&A") of the financial condition and results of operations of dynaCERT Inc. ("dynaCERT" or the "Company") was prepared by management as at November 12, 2021 and was reviewed and approved by the Audit Committee. The following discussion of performance, financial condition and future prospects should be read in conjunction with the unaudited condensed consolidated interim financial statements of dynaCERT Inc. and notes thereto for three and nine months September 30, 2021. The information provided herein supplements but does not form part of the financial statements. All amounts are stated in Canadian dollars unless otherwise indicated. Additional information related to the Company is available for view on SEDAR at www.sedar.com.

CAUTION REGARDING FORWARD LOOKING STATEMENTS

Certain statements contained in this document constitute forward-looking statements. When used in this document, the words "may", "would", "could", "will", "intend", "plan", "propose", "anticipate", and "believe", used by any of the Company's management, are intended to identify forward-looking statements. Such statements reflect the Company's forecasts, estimates and expectations, as they relate to the Company's views with respect to future events and are subject to certain risks, uncertainties, and assumptions. Many factors could cause the Company's performance or achievements to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements. Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. The Company does not intend and does not assume any obligation, to update any such factors or to publicly announce the result of any revisions to any of the forward-looking statements contained herein to reflect future results, events, or developments.

NATURE OF BUSINESS

dynaCERT Inc. is domiciled in Canada with its registered head office at 501 Alliance Avenue, Suite 101, Toronto Ontario, M6N 2J1. The Company is listed on the Toronto Stock Exchange (DYA), the Börse Frankfurt (DMJ) and the OTCQX (DYFSF).

dynaCERT is a growing cleantech sector Company that specializes in delivering Carbon Emission Reduction Technologies to the global diesel engine marketplace. Throughout our years in business, we have worked to provide a reliable and effective electrolysis unit that can generate hydrogen and oxygen on demand to: (a) address the growing requirements to reduce toxic emissions; and (b) provide lower operating costs including an increase in fuel economy.

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dynaCERT INC.

Management's Discussion and Analysis

September 30, 2021

The Company is engaged in the design, engineering, manufacturing, testing, and distribution of a transportable hydrogen generator aftermarket product, currently in use in the heavy Class 6-8 tractor trailer industry, the smaller Class 2-5 trucks, stationary power generation, off-road construction machinery, and mining and targeted for use in refrigerated trailers and containers, and forestry industries, with potential for application in the ocean shipping and trans-continental rail industries.

The system is a patented and patent pending retrofit product that provides performance enhancements by introducing hydrogen and oxygen into the air intake manifold resulting in greater fuel efficiency and reduced carbon emissions.

Impact of Covid-19

The rapid spread of COVID-19 worldwide has caused significant economic contraction and uncertainty, resulting in the Company not being able to produce product and thereafter to be able to ship product to our customers. While the Company resumed operations on August 4, 2020, the worldwide pandemic starting in late 2019 slowed down parts of the Company's supply chain, thereby stopping all final assembly work on existing client orders until raw material deliveries resumed and were received towards the end of March 2020. Further, European shut down of non- essential commerce from January through August 2020 significantly affected the Company's ability to deliver finished goods as our customers were not able to accept incoming goods or install HydraGEN™ technology units on their trucks and equipment.

Further sales efforts were also curtailed with potential dealers and their customers all affected by the Stay-at-Home rules put in place by the countries where the Company does business.

Although the Ontario pandemic response was a few weeks behind the early stages of European experiences, in Ontario, the government mandated that all non-essential work be stopped, and employees be sent home on March 16, 2020 and the Company fully complied. While we were able to have a few materials-team members intermittently on hand for the receiving of the remaining raw materials that were in transit from the supply chain, all long-term deliveries to dynaCERT were put on hold.

The Ontario Government has released certain qualifying companies and services to re-open in a Staged process. On Wednesday, July 28, 2020, the Ontario Government released companies in the Greater Toronto Area (GTA) to begin work at midnight on July 31, 2020. dynaCERT recalled employees for Tuesday, August 4, 2020 after the statutory holiday and has been operational since this re-opening date.

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dynaCERT INC.

Management's Discussion and Analysis

September 30, 2021

In anticipation of a release from the government to restart and return to work, the Company had implemented COVID-centric policies and a daily acknowledgement to keep our employees safe as we work together to start to begin shipping HydraGEN™ units to our customers for example:

1. Policy 817: statement outlining the daily activities every employee must adhere to regarding proper Personal Protection Equipment (PPE) and workspace distancing.
2. Policy 818 : guidelines and instruction on the proper use of PPE equipment
3. Policy 819 : guidelines on reporting illness while at work
4. Policy 820 : guidelines on maintaining sanitized workspace and equipment
5. Acknowledgement : daily record keeping of employees entering the facility and their health status.

The Company has maintained its staff and employees' payroll since the shutdown began. The Company has applied for and received $1,009,539 in Government support for fiscal 2020 and has applied for $596,688 for the nine months September 30, 2021.

dynaCERT Facilities and Dealers

The Company operates in many jurisdictions around the world with owned facilities in Canada and through agents and dealers in Canada and internationally. The Company's headquarters are located in Toronto, Canada where accounting, sales, engineering, R&D, manufacturing and distribution operate. The Company, through its dynaCERT GmbH division, has an office and warehouse in Germany where it provides sales, engineering support, parts warehouse and quick-delivery services to its European clients of the HydraGEN™ family of products. In September, dynaCERT GmbH moved to a new facility in Upper Bavaria.

With now 47 qualified agents and dealers operating in over 38 countries worldwide, the dynaCERT HydraGEN™ line of products is ready to be presented to a market potential of more than 100,000,000 vehicles.

In 2021, the Company has signed the following new Dealers in the respective jurisdictions outlined below:

• 6TAVADA LDA, Portugal
• SSiE, Canada
• ESAMETAL S.r.l., Italy
• SIMMAX Power Generation, Canada
• Simply Green Ltd, Canada
• GridFix, Australia
• ACR Industrial Supplies, Colombia and Peru

Alltrucks GmbH & Co. AG, of Germany ("Alltrucks"), although restricted due to the current Covid pandemic, has initiated promoting dynaCERT's HydraGEN™ technology to 300 of Alltrucks partner establishments in Germany with support and training for the Alltrucks partners provided thru the dynaCERT GmbH team.

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dynaCERT INC.

Management's Discussion and Analysis

September 30, 2021

KarbonKleen

On May 9, 2020, KarbonKleen Inc. ("KK" or "KarbonKleen") provided the Company with a purchase order for 3,000 HydraGEN™ technology units as part of its monthly subscription programme.

As reported in the news release dated May 11, 2020, the Company has granted to KK, dynaCERT's Preferred Service Provider, in the trucking industry in the United States of America until December 31, 2024. KK is subject to certain conditions as well as quotas of a minimum of 150,000 HydraGEN™ technology units over a period ending December 31, 2024. The pre-existing rights and Dealer relationships that dynaCERT has in the USA continue unrestricted.

In Q1 2021, dynaCERT has received purchase orders with advanced payment for twenty (20) of the Company's newest 2021 model HG1R units for the North American continental trucking customers of KarbonKleen which is furthering its successful trials to its trucking and logistics clients. This is not part of the subscription programme for 3,000 units noted above.

In its Press Release of November 1, 2021, the Company announced the implementation of its flagship HydraGEN™ Technology and its telematics HydraLytica™ Technology by Sofina Foods Inc. ("Sofina") in Canada.

KarbonKleen Inc has informed the Company that Sofina will expand their installation of dynaCERT's Technology from four (4) HydraGEN™ Technology units to twenty (20) units, with a goal of using dynaCERT's patented technology to improve the efficiency and reduce harmful

emissions of diesel-powered engines. With	Sofina's installation	of	a combined twenty (20)
of dynaCERT's HG1 HydraGEN™ units,	KarbonKleen will	be	featuring HydraLytica™

(dynaCERT's proprietary global software telematics technology) to its client.

Sofina indicated that it will be installing this technology as part of their ongoing commitment to continuously improving the environmental impact of their operations and products. Sofina is well known for working with their customers and suppliers to find opportunities to minimize the environmental impact of their operations. Working with KarbonKleen to use dynaCERT's Technology is in alignment with those principals.

KarbonKleen has also indicated that although the relentless COVID economic slowdown has affected the initial deployment by KarbonKleen of its 3,000 HydraGEN™ unit commitment, KarbonKleen continues to offer attractive financing options to its clients under KarbonKleen's unique leasing programme. To date, KarbonKleen has received from DISH 12 units under the leasing programme and has purchased a total of 191 units, of which 31 units were in the 2021 financial year.

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