Eat Beyond Global : Management Discussion and Analysis Q3 - Amended

Amended and Restated

EAT BEYOND GLOBAL HOLDINGS INC.

MANAGEMENT DISCUSSION AND ANALYSIS

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2021

Eat Beyond Global Holdings Inc.

Amended and Restated

Management Discussion & Analysis

For the nine months ended September 30, 2021

1.1 Date

This Management's Discussion & Analysis ("MD&A") of the financial condition and results of operations of Eat Beyond Global Holdings Inc. (formerly 1222554 B.C. Ltd.) (the "Company") should be read in conjunction with the Company's condensed interim financial statements for the nine months ended September 30, 2021 and related notes and the audited financial statements for the year ended December 31, 2020, and the accompanying notes therein. This MD&A is dated February 2, 2022, which is the date that the Board of Directors of the Company (the "Board") approved the disclosure contained in this MD&A.

The results for the periods presented are not necessarily indicative of the results that may be expected for any future period. Except as otherwise indicated, all financial data in this MD&A have been prepared in accordance with International Financial Reporting Standards ("IFRS") issued by the International Accounting Standards Board ("IASB") and interpretations of the International Financial Reporting Interpretations Committee ("IFRIC").

This MD&A contains forward-looking information which reflects management's expectations regarding the Company's growth, results of operation, performance and business prospects and opportunities. The use of words such as "anticipate", "continue", "estimate", "expect", "may", "will", "project", "should", believe", outlook", "forecast" and similar expressions are intended to identify forward-looking statements.

Forward-looking statements in this MD&A include, but not limited to, the Company's expectation of future activities and results, of its working capital needs and its ability to identify, evaluate and pursue suitable business opportunity. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results of events to differ materially from those anticipated in these forward-looking statements. Readers should not put undue reliance on forward-looking information. The Company has no policy for updating forward-looking information beyond the procedures required under applicable securities laws.

All amounts in this MD&A are presented in Canadian dollars ("CAD").

Historical results of operations and trends that may be inferred from the following discussion and analysis may not necessarily indicate future results from operations.

1.2 Overall Performance

The Company was incorporated on September 9, 2019 under the laws of the Province of British Columbia, Canada by a Certificate of Incorporation issued pursuant to the provisions of the Business Corporations Act (British Columbia) and changed its name from 1222554 B.C. Ltd. to Eat Beyond Global Holdings Inc. on September 17, 2019. The Company's head office and principal address is Suite 1570 - 505 Burrard Street, Vancouver BC, V6E 3P3. The registered and records office is 1500-1055 West Georgia Street, Vancouver, BC, V6E 4N7. The Company's common shares commenced trading on the Canadian Securities Exchange ("CSE") on November 17, 2020 under the symbol "EATS".

The Company is an investment company primarily focusing on investments in the plant-based protein and meat alternative food industry. The Company's investments may include the acquisition of equity, debt or other securities of publicly traded or private companies or other entities, financing in exchange for pre-determined royalties or distributions and the acquisition of all or part of one or more businesses, portfolios or other assets, in each case that the Company believes will enhance value for the shareholders of the Company in the long term.

In March 2020, the World Health Organization declared coronavirus COVID-19 a global pandemic. This contagious disease outbreak, which has continued to spread, and any related adverse public health developments, has adversely affected workforces, economies, and financial markets globally, potentially leading to an economic downturn. It is not possible for the Company to predict the duration or magnitude of the adverse results of the outbreak and its effects on the Company's business or results of operations at this time. This indicates the existence of a material uncertainty that may cast significant doubt about the Company's ability to continue as a going concern. Management intends to

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Eat Beyond Global Holdings Inc.

Amended and Restated

Management Discussion & Analysis

For the nine months ended September 30, 2021

finance operating costs through the issuance of common shares. If the Company is unable to continue as a going concern, the net realizable value of its assets may be materially less than the amounts on its statement of financial position.

Investments

The Company has the following investments as at September 30, 2021:

	Number of		Fair Value at	Fair Value at
Investment in marketable securities	shares/Units	Investment	September 30,	December 31,
	Held	Cost	2021	2020
	#	$	$	$
Public Companies
Greenspace Brands Inc.	-	-	-	290,538
The Very Good Food Company Inc.	25,000	6,250	62,500	155,250
Good Nature Products Inc.	655,186	91,726	491,390	642,857
Plantfuel Life Inc. (formerly Sire
Biosciences Inc.)	333,334	50,000	91,000	-
Zoglo's Incredible Food Corp.	500,000	50,000	140,000	-
Nabati Foods Inc.	748,003	261,801	613,362	-
Private Companies
TurtleTree Labs Pte. Ltd.	NA	200,205	200,205	200,205
Eat Just Inc.	7,998	113,870	113,870	113,870
Above Food	25,000	50,000	50,000	-
Plant Power Restaurant Group LLC	NA	317,257	317,257	-
Daydream Drinks (11270702 Canada	50,000	75,000	75,000	-
Inc.)
Fresh Factory	50,000	63,500	63,500
Circular Solutions Inc.	200,000	30,000	30,000	-
Investment in warrants	NA	-	178,662	251,615
Total		1,309,609	2,426,746	1,654,335

Nabati Foods Inc.

On September 29, 2020, the Company loaned $250,000 through a convertible note ("Note") to Nabati Foods Inc. ("Nabati"). The Note earns interest at 10% per annum, payable annually, with a five-year maturity. At any time prior to maturity, the Company has the right to convert all or any portion of the Note into fully paid and non-assessable Class A voting shares of Nabati. As at December 31, 2020, the Company determined that the expected cash flow of the note and accrued interest approximates the fair value of the note. During the nine months ended September 30, 2021, the convertible note and its interest receivable totaling $261,801 were converted into 748,003 common shares and 374,002 warrants of Nabati. Each warrant is exercisable for a period expiring two years from the date of issuance at a price of $0.625 per warrant. The warrants were fair valued at $163,564 at September 30, 2021 using the Black- Scholes Option Pricing Model.

Nabati Foods is a food technology company that offers consumers selective healthy plant-based food products. Nabati is based in Edmonton, Alberta and serves the North American Market. Nabati appointed Ravinder Kang and Don Robinson to the board of directors. Mr. Kang is a corporate finance professional who is experienced in all aspects of Exchange policy, corporate governance, and public company obligations. Mr. Robinson has 30 years of management and leadership experience in various consumer goods businesses. Mr. Robinson is also the Chairman of the Confectionary Manufacturers Association of Canada is the Executive Vice-Chair of the Food and Consumer Products Association of Canada.

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Eat Beyond Global Holdings Inc.

Amended and Restated

Management Discussion & Analysis

For the nine months ended September 30, 2021

Nabati was approved for listing on the Canadian Securities Exchange and commenced trading on October 4, 2021.

Subsequent to September 30, 2021, Nabati announced Michael Aucoin as interim CEO on December 7, 2021.

SingCell Tx Pte Ltd.

On September 18, 2020, the Company loaned $144,989 (US$113,878) through a convertible note in SingCell TX Pte Ltd. ("SingCell"). The Note earns interest at 5% per annum with a maturity date of September 16, 2023. Interest is payable on the maturity date. The Note will automatically convert into fully paid senior shares at the conversion price based on certain events. As at September 30, 2021 and December 31, 2020, the Company determined that the expected cash flow of the note and accrued interest approximates the fair value of the note.

Singapore based Singcell is a leader in the stem-cell based development. Operating as a contract development and manufacturing organization, they are focused on helping cultured meat companies manufacture their products and scale their operations in the Asian market. Mr. Morris was appointed to the board of directors of Singcell until he resigned in March 2021.

On October 15, 2021, Michael Aucoin was appointed to Singcell's Advisory Board. Mr. Aucoin has over 25 years of experience in food sales management and the consumer-packaged goods industry.

TurtleTree Labs Pte. Ltd.

TurtleTree is a leader in the development of cell-based dairy and expects to launch its first products in the U.S. soon using its cell-based dairy ingredients through multiple B2B partnerships, and fully commercialize its cultured milk within the next four to five years. The recently completed a $30 million series "A" financing and are using the proceeds to build a R&D and large-scale manufacturing facility in West Sacramento, California as well as fuel its continued development of IP technologies, research on new applications, and team expansion to include world-class scientists, product management and business development associates.

The Company is represented on the TurtleTree advisory board by its CEO, Michael Aucoin.

Plant Power Restaurant Group LLC

California-based Plant Power Fast Food is known as an innovator in the quick service restaurant (QSR) field with its 100- per-cent-plant-based offerings and biodegradable packaging. Plant Power features a menu that ranges from burgers, fries, shakes and "chicken" tenders to wraps, salads, juices, raw items and a kids menu. Plant Power has often been referred to as a vegan version of McDonalds and other similar fast-food concepts.

The Company's investment was a portion of a $7.5 million Series "A" capital round to fund increased store location expansion. In 2021, Plant Power expanded from 7 to 10 outlets, including new locations in Las Vegas, Sacramento, and the University of California, San Diego as well as announcing the upcoming opening of an 11th outlet, located in Hollywood district of Los Angeles, California. Plant Power has announced its intention to continue its expansion with possible upcoming locations in the Pacific Northwest, Arizona, Texas, Utah, Colorado and New Mexico with the ultimate goal to be a national chain with locations coast to coast.

The Company is represented on the Plant Power advisory board by its Chairman, Don Robinson.

Daydream Drinks (11270702 Canada Inc.)

Founded in 2019, Daydream is Canada's first adaptogen-infused sparkling water with no sugar or caffeine. Our unique blend of ingredients work with the body's immune system making it a go-to beverage to increase focus, reduce stress and fatigue. Daydream is calm in a can.

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Eat Beyond Global Holdings Inc.

Amended and Restated

Management Discussion & Analysis

For the nine months ended September 30, 2021

The Company is represented by Alan Linder who sits on Daydream Advisory Board. Mr. Linder has been in the Natural/Organic business for over 30 years. This includes a 25 year career in Senior Management with United Natural Foods Inc. an international Food Distribution Company. His responsibility was to work closely with both the Conventional Supermarkets and the Natural Retail Group in selecting products that worked best with their different classes of trade.

Circular Solutions Inc.

This company was started in 2020, at the height of the COVID pandemic. The company was founded to help eliminate single-use plastics from our daily routines. Despite the convenience of single-used plastics, they present a threat to our planet.

The Company is represented by Lloyd Lockhart who sits on Circular's Advisory Board. Mr. Lockhart has 46 years in grocery retail experience. Mr. Lockhart was 21 years old when he brought his first SuperValu grocery store with his two partners. Together they operated four independent SuperValu stores over a span of fourteen years. In 1990, Mr. Lockhart and his partner opened their first Choices Market on a shoestring and grew their company to an eleven retail store grocery chain.

Beyond Moo

Subsequent to September 30, 2021, Eat Beyond completed two transactions investing in alternative oat-based dairy alternative start-up, Beyond Moo Ltd. For an aggregate investment of $768,447, Eat Beyond acquired a 32.1% share of the outstanding common shares of Beyond Moo. In 2021 Beyond Moo launched oat-based yogurt, kefir, cream cheese type spreads and butter and is using the investment to expand its distribution. The Company is currently represented at Beyond Moo by Michael Aucoin as a member of the Board of Directors and Michael Owen and Diane Jang who both sit on the advisory committee. Mr. Owen has over 30 years of experience and is a senior marketing and sales executive. Ms. Jang is an experienced business executive, specializing in strategic planning for sustainable success, growth and profitability for companies.

1.3 Selected Annual Information

		For the period from
	For the year ended	September 9, 2019 to
	December 31, 2020	December 31, 2019
Loss for the period	$ (1,959,590)	$ (44,512)
Loss per share	$ (0.14)	$ (0.01)
Current assets	$ 3,221,273	$ 132,513
Total assets	$ 3,221,273	$ 132,513
Total non-current liabilities	$ Nil	$ Nil

As at December 31, 2020, current assets consist of cash in the amount of $1,092,156, for working capital purposes, prepaid expenses of $71,229 and marketable securities of $1,654,335 and convertible note receivable of $403,553.

1.4 Results of Operations

During the three months ended September 30, 2021:

During the three months ended September 30, 2021, the Company reported a net loss of $559,194 as compared to a net loss of $214,277 for the comparable quarter ended September 30, 2020. Total expenses for the current quarter were $474,190 as compared to $125,232 for the comparable quarter ended September 30, 2020. The increase in

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