#1DECEMBER 2021 Investor Presentation Grove COLLABORATIVE D#2Disclaimer Confidentiality and Basis of Presentation This Presentation (this "Presentation") is provided for informational purposes only and has been prepared to assist interested parties in making their own evaluation with respect to a potential business combination between Grove Collaborative, Inc. ("Grove") and Virgin Group Acquisition Corp. Il ("VG") and related transactions (the "Potential Business Combination") and for no other purpose. By accepting, reviewing or reading this Presentation, you will be deemed to have agreed to the obligations and restrictions set out below. Without the express prior written consent of VG and Grove, this Presentation and any information contained within it may not be (i) reproduced (in whole or in part), (ii) copied at any time, (iii) used for any purpose other than your evaluation of Grove or (iv) provided to any other person, except your employees and advisors with a need to know who are advised of the confidentiality of the information. This Presentation supersedes and replaces all previous oral or written communications between the parties hereto relating to the subject matter hereof. The information in this Presentation is highly confidential. The distribution of this Presentation by an authorized recipient to any other person is unauthorized. Any photocopying, disclosure, reproduction or alteration of the contents of this Presentation and any forwarding of a copy of this presentation or any portion of this Presentation to any person is prohibited. The recipient of this Presentation shall keep this Presentation and its contents confidential and shall be required to return or destroy all copies of this Presentation or portions thereof in its possession promptly following request for the return or destruction of such copies. By accepting delivery of this Presentation, the recipient is deemed to agree to the foregoing confidentiality requirements. This Presentation and any oral statements made in connection with this Presentation do not constitute an offer to sell, or a solicitation of an offer to buy, or a recommendation to purchase, any securities in any jurisdiction, or the solicitation of any vote, consent or approval in any jurisdiction in connection with the Potential Business Combination or any related transactions, nor shall there be any sale, issuance or transfer of any securities in any jurisdiction where, or to any person to whom, such offer, solicitation or sale may be unlawful under the laws of such jurisdiction. This Presentation does not constitute either advice or a recommendation regarding any securities. Any offer to sell securities will be made only pursuant to a definitive Subscription Agreement and will be made in reliance on an exemption from registration under the Securities Act of 1933, as amended, for offers and sales of securities that do not involve a public offering. VG and Grove reserve the right to withdraw or amend for any reason any offering and to reject any Subscription Agreement for any reason. The communication of this Presentation is restricted by law; it is not intended for distribution to, or use by any person in, any jurisdiction where such distribution or use would be contrary to local law or regulation. No representations or warranties, express or implied are given in, or in respect of, this Presentation. Industry and market data used in this Presentation have been obtained from third-party industry publications and sources as well as from research reports prepared for other purposes. Neither VG nor Grove has independently verified the data obtained from these sources and cannot assure you of the data's accuracy or completeness. This data is subject to change. Recipients of this Presentation are not to construe its contents, or any prior or subsequent communications from or with VG, Grove or their respective affiliates or representatives as investment, legal or tax advice. In addition, this Presentation does not purport to be all-inclusive or to contain all of the information that may be required to make a full analysis of Grove or the Potential Business Combination. Recipients of this Presentation should each make their own evaluation of Grove and of the relevance and adequacy of the information and should make such other investigations as they deem necessary. To the fullest extent permitted by law, in no circumstances will VG, Grove or any of their respective stockholders, affiliates, representatives, partners, directors, officers, employees, advisers or agents be responsible or liable for any direct, indirect, or consequential loss or loss of profit arising from the use of this presentation, its contents, its omissions, reliance on the information contained within it or on opinions communicated in relation thereto or otherwise arising in connection therewith. Forward-Looking Statements Certain statements included in this Presentation are not historical facts but are forward-looking statements for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as "believe," "may," "will," "estimate," "continue," "anticipate," "intend," "expect," "should," "would," "plan," "predict," "potential," "seem," "seek," "future," "outlook," and similar expressions that predict or indicate future events or trends or that are not statements of historical matters, but the absence of these words does not mean that a statement is not forward-looking. These forward-looking statements include, but are not limited to, (1) statements regarding estimates and forecasts of other financial and performance metrics and projections of market opportunity; (2) references with respect to the anticipated benefits of the Potential Business Combination and the projected future financial performance of Grove and Grove's operating companies following the Potential Business Combination; (3) changes in the market for Grove's products, and expansion plans and opportunities; (4) anticipated customer retention; (5) the sources and uses of cash of the Potential Business Combination; (6) the anticipated capitalization and enterprise value of the combined company following the consummation of the Potential Business Combination; and (7) expectations related to the terms and timing of the Potential Business Combination. These statements are based on various assumptions, whether or not identified in this Presentation, and on the current expectations of Grove's management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of Grove. These forward-looking statements are subject to a number of risks and uncertainties, including: changes in domestic and foreign business, market, financial, political and legal conditions; the failure of the parties to enter into a definitive merger agreement (or the termination thereof) with respect to the Potential Business Combination; the inability of the parties to successfully or timely consummate the Potential Business Combination, including the risk that any required stockholder or regulatory approvals are not obtained, are delayed or are subject to unanticipated conditions that could adversely affect the combined company or the expected benefits of the Potential Business Combination is not obtained; failure to realize the anticipated benefits of the Potential Business Combination; risks relating to the uncertainty of the projected financial information with respect to Grove; Grove's ability to successfully expand its business; competition; the uncertain effects of the COVID-19 pandemic; and those factors discussed in documents of VG filed, or to be filed, with the U.S. Securities and Exchange Commission (the "SEC"). If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that neither VG nor Grove presently know or that VG and Grove currently believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect VG's and Grove's expectations, plans or forecasts of future events and views as of the date of this Presentation. VG and Grove anticipate that subsequent events and developments will cause VG's and Grove's assessments to change. However, while VG and Grove may elect to update these forward-looking statements at some point in the future, VG and Grove specifically disclaim any obligation to do so. These forward-looking statements should not be relied upon as representing VG's and Grove's assessments as of any date subsequent to the date of this Presentation. Accordingly, undue reliance should not be placed upon the forward-looking statements. Use of Data The data contained herein is derived from various internal and external sources. No representation is made as to the reasonableness of the assumptions made within or the accuracy or completeness of any projections or modeling or any other information contained herein. Any data on past performance or modeling contained herein is not an indication as to future performance. VG and Grove assume no obligation to update the information in this Presentation. Trademarks VG and Grove own or have rights to various trademarks, service marks and trade names that they use in connection with the operation of their respective businesses. This Presentation may also contain trademarks, service marks, trade names and copyrights of third parties, which are the property of their respective owners. The use or display of third parties' trademarks, service marks, trade names or products in this Presentation is not intended to, and does not imply, a relationship with VG or Grove, or an endorsement or sponsorship by or of VG or Grove. Solely for convenience, the trademarks, service marks, trade names and copyrights referred to in this Presentation may appear without the TM, SM, Ⓡ or symbols, but such references are not intended to indicate, in any way, that VG or Grove will not assert, to the fullest extent under applicable law, their rights or the right of the applicable licensor to these trademarks, service marks, trade names and copyrights. 28#3Disclaimer (Cont'd.) Use of Projections This Presentation contains projected financial information with respect to Grove, namely revenue and gross margin, gross product margin, Grove brands revenue share, gross revenue share by brand, gross profit, adjusted EBITDA, adjusted EBITDA margin, fulfillment cost, operating expenses, advertising spend. Such projected financial information constitutes forward-looking information, and is for illustrative purposes only and should not be relied upon as necessarily being indicative of future results. The projections, estimates and targets in this Presentation are forward-looking statements that are based on assumptions that are inherently subject to significant uncertainties and contingencies, many of which are beyond VG's and Grove's control. See "Forward-Looking Statements" above. While all projections, estimates and targets are necessarily speculative, VG and Grove believe that the preparation of prospective financial information involves increasingly higher levels of uncertainty the further out the projection, estimate or target extends from the date of preparation. The assumptions and estimates underlying the projected, expected or target results are inherently uncertain and are subject to a wide variety of significant business, economic, regulatory, competitive and other risks and uncertainties that could cause actual results to differ materially from those contained in such projections, estimates and targets. The inclusion of projections, estimates and targets in this Presentation should not be regarded as an indication that VG and Grove, or their representatives, considered or consider the financial projections, estimates and targets to be a reliable prediction of future events. Neither the independent auditors of VG nor the independent registered public accounting firm of Grove has audited, reviewed, compiled or performed any procedures with respect to the projections for the purpose of their inclusion in this Presentation, and accordingly, neither of them expressed an opinion or provided any other form of assurance with respect thereto for the purpose of this Presentation. Financial Information; Non-GAAP Financial Measures The Grove financial information and data for the fiscal years ended December 31, 2019 and 2020 included herein are audited in accordance with Association of International Certified Professional Accountants (AICPA) auditing standards. Some of the financial information and data contained in this Presentation, such as gross product margin, contribution profit and adjusted EBITDA, have not been prepared in accordance with United States generally accepted accounting principles ("GAAP"). These non-GAAP measures, and other measures that are calculated using such non-GAAP measures, are an addition to, and not a substitute for or superior to, measures of financial performance prepared in accordance with GAAP and should not be considered as an alternative to revenue, operating income, profit before tax, net income or any other performance measures derived in accordance with GAAP. A reconciliation of adjusted EBITDA to Net Income is provided at the end of this presentation. A reconciliation of the projected non-GAAP financial measures has not been provided and is unable to be provided without unreasonable effort because certain items excluded from these non-GAAP financial measures such as charges related to stock-based compensation expenses and related tax effects, including non-recurring income tax adjustments, cannot be reasonably calculated or predicted at this time. VG and Grove believe these non-GAAP measures of financial results, including on forward-looking basis, provide useful information to management and investors regarding certain financial and business trends relating to Grove's financial condition and results of operations. Grove's management uses these non-GAAP measures for trend analyses and for budgeting and planning purposes. VG and Grove believe that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating projected operating results and trends in and in comparing Grove's financial measures with other similar companies, many of which present similar non-GAAP financial measures to investors. Management of VG does not consider these non-GAAP measures in isolation or as an alternative to financial measures determined in accordance with GAAP. However, there are a number of limitations related to the use of these non-GAAP measures and their nearest GAAP equivalents. For example, other companies may calculate non-GAAP measures differently, or may use other measures to calculate their financial performance, and therefore Grove's non-GAAP measures may not be directly comparable to similarly titled measures of other companies. See the footnotes on the slides where these measures are discussed and the Appendix for definitions of these non-GAAP financial measures and reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measures. Important Information for Investors and Stockholders VG and Grove and their respective directors and executive officers, under SEC rules, may be deemed to be participants in the solicitation of proxies of VG's shareholders in connection with the Potential Business Combination. Investors and security holders may obtain more detailed information regarding the names and interests in the Potential Business Combination of VG's directors and officers in VG's filings with the SEC, including VG's registration statement on Form S-I, which was originally filed with the SEC on [February 12, 2021]. To the extent that holdings of VG's securities have changed from the amounts reported in VG's registration statement on Form S-I, such changes have been or will be reflected on Statements of Change in Ownership on Form 4 filed with the SEC. Information regarding the persons who may, under SEC rules, be deemed participants in the solicitation of proxies to VG's shareholders in connection with the Potential Business Combination will be set forth in the proxy statement/prospectus on Form S-4 for the Potential Business Combination, which is expected to be filed by VG with the SEC. This Presentation is not a substitute for the registration statement or for any other document that VG may file with the SEC in connection with the Potential Business Combination. INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE DOCUMENTS FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. Investors and security holders may obtain free copies of other documents filed with the SEC by VG through the website maintained by the SEC at http://www.sec.gov. INVESTMENT IN ANY SECURITIES DESCRIBED HEREIN HAS NOT BEEN APPROVED OR DISAPPROVED BY THE SEC OR ANY OTHER REGULATORY AUTHORITY NOR HAS ANY AUTHORITY PASSED UPON OR ENDORSED THE MERITS OF THE OFFERING OR THE ACCURACY OR ADEQUACY OF THE INFORMATION CONTAINED HEREIN. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE. 3 00⁰#4Evan Lovell CIO, Virgin Group CFO, VGII Virgin TODAY'S PRESENTERS Stu Landesberg CEO, Grove Collaborative TPG Phil Moon TPG Co-CFO Square 48#51 Investing in a Sustainable Future Virgin's Investment Thesis for Grove Collaborative We believe Grove is the #1 DTC brand in Natural Health & Personal Care (HPC) (), with real scale and demonstrated growth, strong consumer engagement, attractive gross margins, and a leading ESG profile Grove's sustainability-first mindset and commitment to people and the planet are unmatched by competitors, which we believe will continue to drive outsized value creation as consumers increasingly shift towards and commit to sustainable and natural products 2 Scale Opportunity Grove's current revenue profile of ~$400MM is only a small fraction of the $180Bn addressable market for home and personal care in the US, leaving tremendous opportunity for growth domestically and internationally driven by Grove's data- powered innovation engine, disruptive brand portfolio, and digitally-led distribution strategy Notes: I. 3 Rapid Growth and Broad Consumer Traction Proven ability to drive rapid growth as we believe Grove is the #1 brand in a fast growing space), with a 54% revenue CAGR from 2018- 2021E, fueled by consumers across a diverse demographic set who exhibit impressive levels of brand engagement, repeat purchase behaviour, and long-term retention 4 Strong and Increasing Margins Healthy 50% gross margins projected to grow to 56% by 2024E as the company scales, drives brand awareness, and continues to increase mix of Grove brand products 5 Validated Retail Strategy Highly impressive performance during the first year of the exclusive Target partnership, validating Grove's ability to unlock the retail channel, in which 90% of the category's North American sales still occur, and presenting material upside beyond plan 6 Virgin World Class Management Team Management team possesses deep sustainability, CPG, and tech experience, and has demonstrated a long track record of success Based on 2020 revenue estimates for Burt's Bees, Dr. Bronner's, Green Works, Method, Mrs. Meyers, Seventh Generation, and Tom's of Maine, per Euromonitor International Ltd Beauty & Personal Care 2022ed; ; Honest Co., per its S-1 filing; and, for Blueland, CleanCult, Dropps, Earth Breeze, PublicGoods and TruEarth, management's analysis of publicly reported revenue data for the most recent years available and Second Measure's Observed Sales dataset for 2019-2021 58#6Transaction Size $402.5MM cash in trust $87MM PIPE proceeds Pro Forma Capital Structure $435MM in cash to balance sheet to fund operations and accelerate growth No additional equity capital requirements expected until Company is free cash flow positive Notes: I. 2. Transaction Summary (¹) 4. Dual-class stock structure comprising high-vote (10 votes per share) and low-vote stock (I vote per share) 5. 8.IMM public warrants outstanding; Exercise subject to trading price cap of $18.00 per share +567 Valuation Pro Forma Ownership at Merger 72% Company stockholders equity rollover (2) (4); 21% Public Entity public shares (5); 4% PIPE: 3% Public Entity Sponsor shares (6) (7) 100% equity roll Assumes $87MM in PIPE proceeds and $55MM in transaction expenses Excludes 14.0MM of shares in seller earnout (no redemptions), of which 50% will be subject to a $12.50 per share price and the remaining 50% to a $15.00 per share price. Excludes approximately 12MM shares on a pro forma basis underlying unvested Company options and RSUS as of December 7, 2021, that will convert into public company equity incentives at the Closing 3. Assumes a notional share price of $10.00 per share, 195.5MM shares outstanding and net cash of $450MM. Shares outstanding excludes impact of public warrants, founder warrants, seller earnout, sponsor earnout and reserved and unvested awards under go-forward equity incentive plan. 6. $1.4Bn pre-money equity value (2) $1.5Bn post-money enterprise value (3.5x 2022E revenue) (3) Attractive valuation vs. recent consumer peers 35% of the Public Entity Sponsor shares restructured into an earnout structure, of which 50% will be subject to a $12.50 per share price and the remaining 50% to a $15.00 per share price 7. 6.7MM founder warrants outstanding Grove COLLABORATIVE Virgin 6 %#7Grove's vision is that consumer products will be a positive force for human and environmental health. We create and curate high performance, planet-first products to make that possible. LEMON & EUCAL Fragrance face US HREE FALS ALY POWE Grove Co. Foaming Hand Soap Grove Co Grove COLLABORATIVE Grove Co. 000 78 00⁰#8Consumer Products Have Historically Hurt Our Planet and Our Health. We Are Changing That. 2019 GREENHOUSE GAS EMISSIONS (TONNES) PER MILLION $ OF REVENUE (1) (2) 3. 4. 228 Kimberly-Clark 60 P&G 38 $ COLGATE-PALMOLIVE 38 Grove Co. Net Zero emissions after offsets for Scope I + II Net Zero by 2030 (Scope I - III) Science-based targets for emissions reduction in Scope I-III in alignment with a 1.5ds (3) Carbon Neutral Certified Company as of 2021 (4) The Clorox Company 19 Unilever 5 Grove Co. Notes: I. Companies were selected as peers who are representative of their primary verticals. Data for GHG emissions and plastic packaging 5. volume taken from company filings 6. 7. 2. Reflects the sum of Scope I and Scope II Includes supplier engagement Requires Grove to keep all operational emissions carbon neutral in alignment with the Carbon Neutral protocol in order to keep this designation 2019 PLASTIC PACKAGING VOLUME (METRIC TONNES) PER MILLION $ OF REVENUE (¹) 83 (5) Source: Company filings Coca-Cola Represents 2017 data Represents 2018 data Represents 2020 data for Grove Brands only 26 DANONE 18 (6) & COLGATE-PALMOLIV 18 Nestle 10 Unilever 4 (7) Grove Co. 8 8#9We're moving Beyond Plastic. PLASTIC-FREE BY 2025 THE NEW YORK TIMEGALALTIND IC-FREE PRODUCTS TODAY Every day companies make 2 billion pounds of plastic Only 9% of plastic gets recycled, no atter how much you put in your recycling bin. At Grove Collaborative, we're moving Beyond Plastic to help solve the single-use plastic crisis. Because the future is sustainable. Grove Co. Reusable Glass Spray Bottle and Multi-Purpose Cleaner Concentrate in recyclable glass MULTI-PURPOSE Grove® COLLABORATIVE GROVE.COM "All the News That's Fria VOL CLXX The New York Times SUNDAY JAY 201 A few years ago, they had a beach, Now the water is lapping at their foundations, The Battle Between a Great City and a Great Lake 7234 and te No 39318 it bewerkte ge sehe Chinese and a half-defe g s, hower and want www7Chapea ALAT BAPPENINT Where Cows Are in Charge na The Cd Orphase of Inde Global Tax Accord Advances, With a Crackdown on Havens Change The meget merke the the ATED POWE THINK Adams Has Plans for City Beyond Secure Streets and Subways wer M It's Been a Long Time Coming Tack fri de GL 4179 ATVONAL (3 Distret Flea Mystery whe gey AND A e ting de Love From Britney Spear SUNDAY AFTURE Conture's Gational Pull www.and s strap BT Wadan Tie ARTALOM Autors, No Stagne An Opulent Mansion in Cana Inspires Rage as Haiti Unrave REAL More R Than Ever SUBURBAN VOTERS WHO LEFT TRUMP COULD TEST BIDEN Michael Pollas New England Edition lite hal KEY TO FATE OF ACENDA Desca This Edge in Congress Mey Hoge Independents Tepmaker la't Playing And po posov#10$ million, unless specified otherwise $700 Note: I. Unaudited management estimates $600 $500 $400 $300 $200 $100 $0 A History of Doing Well By Doing Good We Use Our Connection with Consumers to Build Authentic, Disruptive Brands 2012 Company founded as ePantry, based on selling natural 3P products 2014 B Corp Certification achieved Revenue -Gross Margin % 0% $0 (1) 2012A 2015 Launched our first Grove Brand product 2016 Changed name to Grove + focus on brand building 33% $7 (1) 2016A 2018-2020 Opened 3 scale FCs 48% 2018 $100MM+ in sales $364 2020A 2019 Committed to zero plastic by 2025 2020 100% Carbon neutral + 100% Plastic neutral 56% $647 2024E IH 2021 Launched Beyond Plastic collection of Cleaning at Target in 100% of U.S. doors 60% 50% 40% 30% 20% 10% 0% IH 2022 Merge with VGII (projected) 2021 Certified Climate neutral 10 %#11Hand Soap Grove Co de Grove Co Deep, Consumer-Centric, Sustainable Product Portfolio Grove Co™. Cleaning Grove Co. multi-purpose cleaner Note: 1. 2. Grove Co. multi-purpose cleaner Grow Strong HONUⓇ Approachable, Clean Wellness Grove Col Hond Seop 01 SUPER BLOOM Dish Grove Co ME NISAM A Grove Co Grove Co Wted SUPER BLOOM Vegan Skin Care A Rank based on sales on Grove website within respective product categories Weighted average based on revenue for LI2M as of June 2021 Grove Zero Waste Home Hond & Dh Rooted BEAUTY Plant-Based Personal Care Laundry Grove Co PC 10 Air Care Grove Grove Co Power Clean TM Tree-Free Paper peach "not plastic Plastic-Free Personal Care Seedling INCUBATOR BRANDS Tree-Free Toilet Poper Ltd Editions / Collaborations Grove Co Hydrating Grove Co inte Dish Soop Tive-Free Paper Tow ◆sustain Ethical Sexual Wellness #1 Grove Platform Category Rank (1) 400+ SKUS $9.67 Average Selling Price (2) #1 Grove Platform Category Rank (1) 90% of 2021E Grove Brands Revenue 52% of Grove Co Brand Revenue from non-single use plastic SKUs 10% of 2021E Grove Brands Revenue 11 8#12BRAND HIGHLIGHTS Grove Co. Is the Leading Digitally Enabled Brand in HPC CLEAR WINNER IN NEXT-GEN HPC #1 DTC brand in natural HPC (1) #1 average repeat rate for cleaning, dish soap, and hand at Target (incl. conventionals) (²) #1 average basket share brand for cleaning, dish soap, and hand at Target (incl. conventionals) (2) CATEGORY LEADER IN SUSTAINABLE PACKAGING #1 market share, we believe, in zero-plastic home care and concentrate systems -5MM refillable chassis sold to date -300 SKUs without single use plastic TIP OF SPEAR ON ESG + IMPACT BUSINESS MODEL Certified B-Corp since 2014 + Public Benefit Corp Carbon Neutral Certified; Plastic Neutral I million trees planted by 2022 Notes: I. 2. 3. 4. Based on 2020 revenue estimates for Burt's Bees, Dr. Bronner's, Green Works, Method, Mrs. Meyers, Seventh Generation, and Tom's of Maine, per Euromonitor International Ltd Beauty & Personal Care 2022ed; Honest Co., per its S-I filing; and, for Blueland, CleanCult, Dropps, Earth Breeze, PublicGoods and TruEarth, management's analysis of publicly reported revenue data for the most recent years available and Second Measure's Observed Sales dataset for 2019-2021 Calculated by averaging repeat rates and basket share, respectively, across categories for brands that participate in dish, hand and cleaning, according to Numerator as of July 2021 Gross Margin defined as gross profit / net revenue Represents revenue from customers who have the Auto-ship feature enabled KEY STATS $385MM 2021E Revenue 54% 2018-2021E Revenue CAGR >1.5MM LTM Active DTC Purchasers -1,900 Retail Doors (100% of Target U.S. Chain) 50% LTM Q3 2021A Gross Margin (3) 19% 2021E-2024E Revenue CAGR 83% % of YTD Q3 2021A DTC Revenue from Auto-Ship Customers (4) #1 New brand in the Cleaning, Dish, and Hand Categories at Target 12 8#13Grove's Team Reflects the Promise of Our Vision Stu Landesberg CEO TPG Co-founded the company in 2012 | Former Investment professional at TPG Growth consumer & technology Jennie Perry Kraft CMO amazon Joined in 2021 | Former CMO of Prime and Amazon North America | Former Senior Brand Manager at Kraft Chris Clark CTO kaggle Co-founded the company in 2012 | Former Head of product and engineering at Kaggle Backed by world-class shareholders that share the vision for a sustainable future Andy Rendich NETFLIX COO Walmart Joined in 2018 | Former SVP of Supply Chain & Logistics at Walmart | Chief Service and Operations Officer of Netflix COUNTERPOINT GLOBAL GLYNN CAPITAL LUXOR CAPITAL Mayfield NORWEST Delida Costin Chief People & Legal Officer Joined in 2019 | Former SVP & General Counsel at Pandora | Former VP & Assistant General Counsel at CNET LONE PINE CAPITAL cnet GENERAL ATLANTIC pandora Jon Silverman WILLIAMS-SONOMA SVP, Physical Products & Sustainability Joined in 2017 | Former VP of Strategic & Global Operations at Williams-Sonoma Inherent Group nextview Sculptor Senior Leadership 28% BIPOC Phil Moon Co-CFO 48% Female Joined in 2017 | Former Finance and Strategy Lead at Square | Former Investment professional at TPG Joined in 2017 | Former Controller at Shift Technologies | Former Corporate Accounting Manager at Square Square Janae De Crescenzo CAO, Co-CFO SHIFT Full Company 55% Female 50% BIPOC TPG Square 13 8#14SECTION I PLASTIC-FREE BY 2025 We're moving Beyond Plastic. Winning The $1T HPC Market GROVE.CO/BEYONDPLASTIC BEYOND PLASTIC MULTI-PURPOSE 14 8#15Consumer-Led Transition to Sustainable Products Is Inevitable Notes: 123 2. THE TRANSITION IS GAINING MOMENTUM 87% 13% Global HPC Market Share Conventional vs. Natural (0) Conventional Natural 37% 63% When Did You First Purchase Natural Products? (2) Calculated based off of 13% US clean and natural HPC market penetration from Honest S-l Management estimates developed from a variety of third-party resources More than 2 Years Ago Less than 2 Years Ago 3. Ell, Kellie, Forecasting Consumer Demands. WWD (December 2020) 4. Alix Partners Naturally Beautiful - Millennials and Preferences in Beauty and Personal Care Products. (May 2019) 5. Cowen Equity Research, Gen Z and Millennials Are the Driving Force in Scaling Digital and Sustainability. (October 2020) CONSUMER PREFERENCE IS CLEAR SUSTAINABILITY 73% Of shoppers believe it is important to shop sustainably (3) TRANSPARENCY 72% Of consumers place importance on purchasing beauty and personal care products that are clean (4) MISSION-DRIVEN 74% Of retail consumers aged 25-34 place importance on social impact (5) 15 %#16Note: 1. Grove Is at the Forefront of the Shift to Healthier Products... Healthy products that work Safe for your family + pets (plant-based formulas) Works as well as (or better than) conventional products The Grove Standard SAFER CHOICE Meets U.S. EPA Safer Product Standards HOUSELEPING -2021 SUSTAINABLE INNOVATION AWARDS Competitor Products Cheese, Baked Spaghetti w/ Sauce USDA CERTIFIED BIOBASED PRODUCT PRODUCT 95% Starch, Colored Based on results from independent lab tests via ASTM D3556-85. Product performance was measured against "tough and greasy" food residue as determined by the independent lab OMPANIES MOST Product I + USDA ORGANIC + INNOVAT Treehugger BEST OF GREEN CLEANING 2021 Grove Dishwasher Detergent Packs Performance vs. Leading Competitors (1) Competitor Brand I Competitor Brand 2 Product 2 + VERIFIED 12. OUR + TM EWGORG Product 3 + 2021 Women's Health BEAUTY AWARDS + 2021 BYRDIE Better Homes & Gardens CHOUSE Product 4 + + ECO BEAUTY P + : Product Outperformed by Grove detergent = : Product performed comparably with Grove detergent - : Product performed in a superior manner to Grove detergent AWARD 16 %#17Breakthrough sustainable innovation + PLASTIC BOTTLE ...While Pioneering Innovations in Sustainability ESG DNA CERTIFIED ORGANIC FAIR TRADE CERTIFIED US PLASTICS PACT OBPI Zero-waste products, zero-plastic packaging + sustainable formats (e.g. tree-free paper) Uniquely sustainable supply chain + business practices CLIMATE COLLABORATIVE M FAIR RUBBER FORS ALLIAN s GLOBA GOTS ANDARD Public Benefit Corporation Certified B FSC AMERICAN SUSTAINABLE BUSINESS COUNCIL อาย วง тәирәр esodınd-ոլոա '0) ӘЛОЈэ 17 8#18Notes: I. 2. Grove Is at the Intersection of Category Growth Trends TOTAL U.S. HPC SEGMENT GROWTH RATES (¹) 1.4% Conventional 4.0% (2) Large Cap HPC Growth Rate Greater than -6x the incumbents 8.6% Clean / Natural 18.1% 22.7% Household Care eCommerce Grove CAGR 19A-24E Conventional growth rate represents CAGR from 2019 2025. Clean / Natural growth rate estimated based on a variety of third-party research and represents CAGR from 2019-2025. eCommerce growth represents US Household Care CAGR from 2020-2025, per Euromonitor International Ltd Beauty & Personal Care 2022ed, current prices Represents average 2020A - 2023E revenue CAGR for Proctor & Gamble, Unilever, Colgate, Reckitt, Clorox and Church & Dwight, based on CIQ estimates as of November 22, 2021 18 8#19Plastic Waste Is the #1 Issue for Our Industry (¹) More U.S. consumers care about plastic waste than about climate change. (2) Plastic packaging represents nearly half of all plastic waste. (3) 2345 84% of American shoppers are concerned about plastics and packaging waste (4) 81% of plastic-free purchasers started purchasing in the last 2 years (5) Sources: I. Kara Lavender Law, Natalie Starr et al., The United States' Contribution of Plastic Waste to Land and Ocean. October, 2020; PEW Charitable Trust and SYSTEMIQ, Breaking the Plastic Wave: A Comprehensive Assessment of Pathways Towards Stopping Ocean Plastic Pollution. July, 2020 2. Shelton Grp. Waking the Sleeping Giant: What Middle America knows about plastic waste and how they're taking action. June, 2019 3. Supply Chain Dive, Packaging Makes Up Nearly Half Of Plastic Waste. March, 2019 4. Consumer Brands/Ipsos poll based on a sample of 1,530 people in July 21 5. Natural home care market survey commissioned by Grove (August 2021) 95% of natural home shoppers are likely to purchase plastic-free products in the future (5) 83% of natural home shoppers are willing to pay a premium to purchase plastic-free products (5) 19 8#20Notes: I. 2. Grove Is the Leader in Plastic Free - Today, we're 100% plastic neutral. (1) - By 2025, we'll be plastic-free. () - Grove customers have avoided over 4.9 million pounds of plastic from being used. (2) Plastic Neutral is defined as collecting an ounce of plastic pollution for every ounce we ship to customers; Plastic Free is defined as having out products not contain any plastic Includes nature and ocean-bound plastic waste from our environment through our plastic neutral partners Grove Co multi-purpose cleaner concentrate fu ORANGE & ROSEMARY BEYONDⓇ PLASTIC 20 8#21Sources: 1. 2. 3. Massive Problems Create Massive Opportunities SUSTAINABLE FOOD $1.2 Trillion Global Industrial Animal Agriculture Industry ( ADM IMPOSSIBLE SPROUTS FARMERS MARKET THE ORIGINAL OATLY! HAIN ELESTIA × CONAGRA NotCo BRANDS. Ingredion Simply Good UNFI FOODS COMPANY BETTER FOOD. BETTER FUTURE. Lifeway BEYOND MEAT SunOpta Fueling the Future of Food CLEAN ENERGY $1.5 Trillion Global Passenger Car Market (2) PLUG RIVIAN POWER I NIO ⒸHYLIION LUCID Bloomenergy T-chargepoint. BYTON K TESLA - CAN 00 D I ENVOY P TM Lightning Systems SUSTAINABLE CONSUMER PRODUCTS -$1 Trillion Global HPC Industry (3) Grove COLLABORATIVE MarketLine Global Meat Report, October 2020 Business Research Company Per Euromonitor International Ltd, Beauty & Personal Care 2022ed, Home Care 202led, Pet Care 2022ed, Consumer Health 2022ed, and Tissue & Hygiene 2022ed; aggregation of beauty, personal care, home care, pet care (excluding food), baby care (diapers and wipes), and vitamins and dietary supplements 21 8#22ScJohnson Legacy Players Have Not Innovated Leading Natural Brands... SELECT NATURAL HPC M & A P&G The Clorox Company ACQ. U Unilever ACQ. method MEYER'S COLGATE-PALMOLIVE ACQ. ACQ. ACQ. Mrs. CLEAN DAY BURT'S BEES TRUE TO NATURE™ UNCE 197 Tom's hello OF MAINE NATIVE seventh generation. THERE IS ONE INDEPENDENT, PURE PLAY, $100MM + REVENUE HOME CARE BRAND FOCUSED ON HEALTH + SUSTAINABILITY Grove COLLABORATIVE 228#23Source: CapitallQ as of November 22, 2021 ...Making the Category Ripe For Disruption MARKET CAP $ in billions <1% of the Category -$2 Grove COLLABORATIVE $21 The Clorox Company $23 CHURCH & WIGHT CO., ING $60 reckitt $66 COLGATE-PALMOLIVE $133 Unilever $365 P&G $667 CUMULATIVE MARKET CAP 23 8#24Our Brand Voice Resonates Across Customer Types: From "Dark Green" to People Magazine KUTCH BUSINESS + THOUGHT LEADERSHIP MEDIA FAST COMPANY Plastic is killing our planet. Will the consumer packaged goods industry step up? The companies that make packaged household goods, bom dah soap to shampoo, have been complicit in creating a society addicted to single-use plastic. But it doesn't have to stay that way Paup Forbes How Grove Collaborative Is Using Consumer Products To Make The World A Better Place Bloomberg Cleaning Startup Valued Above $1 Billion Inks Deal With Target 222222 BETOND 1115 STIC CLIMATE IN CRISIS yahoo! PLASTICS, TOTAL TO yahoo! finance LIVE 321B POUNDS OF PLASTIC PACKAGING CREATED ANNUALLY: RPT * CONSUMER/PRODUCT MEDIA Note: I. Impressions defined as volume of readers for Grove related articles and PR; As of September 2021 People EXCLUSIVE Why Emma Roberts Is Trying to Go Plastic-Free After Baby: 'What's the World Going to Look Like?' Gole REAL SIMPLE I Tested Out Grove's Plastic- Free Cleaning Supplies-and I'm Never Looking Back The line could save over 25 tons of plastic from winding up in landfills in 2021. I Tested Out Grove's Plastic-Free Cleaning Supplies-and I'm Never Looking Back Eonline. Make Your House Cleaner and Greener With Grove Collaborative apartment therapy ORGANIZE&CLEAN CLEANNO SHOPPING I Tried These $5 Hand Soap Sheets and Now I Don't Leave Home Without Them Grove Co Hand Soap Sheets LAVENDER CONSUMER ENGAGEMENT kayla Thank you @grovecollab for this sweet message, I really needed it after a few tough weeks fa are doing Awesome Kalla, 11 Love, Grove SIDE AS Dara August 20 at 12:04 PM I have been using Grove for several months now, and I'm in love! So much so, that I convinced the real estate office I work for to start buying Grove cleaning products starting next month! It's part of our year of "Give back to the community". We get to reduce our plastic footprint as a business and stop using harsh chemicals in the office. And I GET TO PLACE THE ORDER! I have never been this excited about cleaning products ever! Thanks Grove!! 60 Like 12 Comments Kimberly Comment All Comments Kev NICE GENERATED 15 BILLION IMPRESSIONS YTD 2021 (1) This is awesome Great deal Congratulations a good beating BOY DP m Log How ng Dal Thanks so much for choosing Grave and spreading the be-cant wait to see what you Cheryl Wow! That's awesome! The way I order sometimes it looks like I am ordering for the neighborhood but I don't like being without something when i need it. I also really like helping small businesses. Like Reply 1w O How did you convince them to switch? Ever since ined this group in acutely aware of how waston green my work ist get dehydrated SUPER easy se have to da tons of water all day long and every time I go to the bathroom at work, See O August 22 at 11:12 AM - 8 I think I have a problem. I am addicted to shopping on Grove!!!! D AWARDS Inc. Best in Business SHORTY AWARDS WINNER 2020 FAST100 THE BAY AREAS FASTEST GROWING PRIVATE COMPANIES Better Homes & Gardens T CHOUSE AWARDS 2021 USTAINA GOOD HOUSEKEEPING INNOVATION AWARDS SAFER CHOICE US EPA OF THE YEAR 2020 REUTERS EVENTS Responsible ness Awards 2020 24 8#25Penetration (1) Notes: I. 2. 3. 4. 5. 1.20-1.60% 1.00-1.19% .90-.99% .80-.89% .70-.79% .60-.69% Grove Is a Mass-Market Phenomenon With an Attractive and Growing Demographic GROVE CUSTOMER PENETRATION BY STATE (3) Top 20 Target Locations (2) 8⁰ Number of Grove acquired customers divided by population LTD sales data as of September 2021 Top 10 cities with the most Target sales as of September 2021 Population data per U.S. Census Bureau as of 2019 for the zip code in which each store is located Top 10 DTC Zip Codes with the highest penetration Top 10 Zip Codes by Sales for DTC (5) LOCATION POPULATION Whatcom County, WA Chattanooga, TN Larimer County, CO Boston, MA San Francisco, CA Benton County, AR Elmore County, ID Chicago, IL Gunnison County, CO Onslow County, NC Top 10 Cities by Sales at Target (3) POPULATION (4) LOCATION Glendale, CO Northgate, WA Charlotte, NC Fort Collins, CO Chicago, IL San Francisco, CA Watertown, MA 229,247 179,690 356,899 684,379 874,961 279,141 27,511 2,693,976 16,802 197,938 Edina, MN Duluth, MN South Portland, ME 5,177 4,283 885,708 174,081 2,693,976 881,549 35,939 52,857 85,856 25,532 25 %#26STATE OF THE ART FULFILLMENT CENTERS Notes: 1. Reno, NV Size: 198k sq. ft. Capacity: 8k-14k orders / day() Our Fulfillment Capabilities Support Strong Margins and Are Built for Scale Management estimates Grove Elizabethtown, PA Size: 320k sq. ft. Capacity: 12k-20k orders / day() St. Peters, MO Size: 139k sq. ft. Capacity: Ilk-19k orders / day Grove KEY HIGHLIGHTS ABILITY TO EXPAND SCALE Grove's current fulfillment and distribution platform is capable of processing 2-3x more throughput with no additional capacity needed (¹) Additional upside through increasing automation CUSTOMER LOCATION OPTIMIZATION Grove customers are each geographically mapped to closest fulfillment center, maximizing efficiency and unit density per box shipped Enables low labor cost and tighter costs controls across the fulfillment channel OPERATIONAL CONTROL No reliance on third-party logistics partnerships for DTC operations 26 %#273 SECTION 2 PROV REMOV TOUGH STAINS* Repeatable, Differentiated Innovation Is Our Outgrowth Algorithm 32 LOADS Grove Co. Laundry Detergent Sheets + * PROVEN TO REMOVE TOUGH STAINS* 32 LOADS HASH 278#28The Key to Out-growing The Category Is Best In Class Repeatable, Differentiated Innovation DTC PRODUCT INNOVATION AND BRAND BUILDING DTC PLATFORM + RETAIL DISTRIBUTION Direct Customer Engagement = Vast, Actionable Consumer Data Rapid Test and Learn with Low Cost of Failure Highly Scalable Digital Growth Channel Assortment Breadth to Drive Lifetime Value Mass / Retail Distribution Potential Predictable and Strong Margins and FCF TRADITIONAL CPG X X X X ✓ ✓ Grove COLLABORATIVE ✓ ✓ ✓ ✓ ✓ 288#29Grove Has a Durable Competitive Advantage in Innovation DTC underpins the growth story by powering Grove innovation engine DTC INNOVATION RETAIL ‒‒‒‒‒‒‒‒‒‒‒‒ ‒‒‒‒‒‒‒‒‒‒‒‒II Superior access to customer data and preferences Insights lead to rapid innovation and >5x more SKU development than competitors Better informed + faster innovation from DTC provides competitive sustainable outgrowth in retail 29 8#30WE RELEASE >5X THE NUMBER OF SKUs... New SKUs Launched Per Year Grove COLLABORATIVE Traditional CPG Material Innovation Advantage + Results Grove COLLABORATIVE ... ON A TIMELINE THAT IS UP TO 6 X FASTER Time to Launch Traditional CPG -30 D 3 - 6 months Notes: I. In 2020, based Clorox's 2020 Annual Report on Form 10-K 2. Based on management estimates 3. 4. 160 -18 months (2) 80x 60x 40x 20x Ox Net Revenue Growth: Grove Brands Vs. Third Party Brands on Platform (3) (Indexed To HI 2017) ZIHI 2H17 81 HI 2 H18 IHI9 2H19 IH20 2 H2O IH 21 Grove Brands Third-Party Brands 69x growth in Grove brands net revenue since HI 2017 10x growth in third-party brands net revenue since HI 2017 Gross Product Margin By Brand On Platform (YTD 3Q 2021A) (4) 75% 50% 25% 0% 72% Grove Brands DTC revenue growth rates on Grove platform only indexed to HI 2017 revenue Gross product margin is defined as gross revenue (excluding discounts), less product costs (excluding clearance, damages, shrink, inventory reserves and other charges to cost of goods sold 44% Third-Party Brands 30 8#31Our Development Model Is Built for Omnichannel DTC provides the data that powers best-in- class product development and learning We scale up the "winners" from DTC through an omnichannel growth strategy Engage Customers Drive Loyalty and Repeat 3:47 Grove Collaborative HOME CLEANING CLEANING TOOLS 3 options 4 options 6 options Note: I. Management estimates based on a variety of third-party resources ♥ all HOME ACCESSORIES New GROVE CO. Hydrating Hand Soap + Dispenser Lavender & Thyme $12.71 $18.90 Save 33% Add to Cart GROVE CO. Daily Shower Cleaner Concentrate + Twist & Slide Gl.... Orange & Rosemary+ Sparkling Orange ★★★★☆ 87 $12.71 $21.90 Save 42% Add to Cart GROVE CO. Multi-Purpose Cleaner Concentrate + Twist & Slide Gl.... Apple & Pear Blossom + Bright Lime ★★★★☆ 90 $12.71 $21.90 Save 42% Add to Cart Get to Know Them Creates Products for Them Pick your bottle Choose your product Clean sustainably O O Dut Soop Grove Co. new at O SUSTAINABLY POWERFUL FOR A HEALTHY HOME & PLANET Uncompromised performance No harsh chemicals 100% natural fragrances Moves Beyond Plastic Grove Co Grove Col Grove Co -90%() of Consumers Buy via Diversified Retail 318#32Bringing Distribution to Grove Co. is a Game Changing Opportunity 2023-2030 FOCUS -$1 Trillion (1) Global HPC Retail Industry 2021-2025 FOCUS $180Bn (1) U.S. HPC Retail Industry CURRENT SALES CHANNEL U.S. Vertical HPC eCommerce Sales: <$20.0Bn (2) Sources: 1. Per Euromonitor International Ltd, Beauty & Personal Care 2022ed, Home Care 202led, Pet Care 2022ed, Consumer Health 2022ed, and Tissue & Hygiene 2022ed; aggregation of beauty, personal care, home care, pet care (excluding food), baby care (diapers and wipes), and vitamins and dietary supplements 2. Management estimates developed from a variety of third-party resources 32 8#33Grove Co. Dish Soap Dispenser A FLOR Grove Co. Reusable Cleaning Bottle Removes grease & food stains -better than the woding a brandy SUSTAINABLY FOR A HEALTHY A Grove Co. TOTAL CLEAN Dishwasher Detergent Packs 20 PACKS We Launched in Target in April. The Results Are Exceptional. #1 Brand in Units Per Trip Cleaners and dish categories, includes conventionals + naturals #1 Brand Repeat Rate Cleaner category (#2 in hand and dish), includes conventionals + naturals #1 Brand % of Basket Dish Category (#2 in hand and cleaner), includes conventionals + naturals 26% Digital Penetration +600 bps vs. overall Target digital penetration (2) Note: I. 2. Source: Target 4Q20 Earning's call According to Numerator as of July 2021 33 8#34Strong Pull from Retail Partners Points to Successful Future Retail Rollout peach "not plastic... Multiple Retail Partners ● 3 New Confirmed Retail Partnerships in 2022 7-10 Retail Partnership Discussions in Progress Growing Points of Distribution 157% Confirmed Increase in Distribution Points Beginning April 2022 75-100% Further Potential Upside in Distribution Points Grove's Leading Sustainable Personal Care Brand + amazon Launched Q4'21 Grove Co. Is a Highly Attractive Brand for Retail Partners: Attracts coveted and eco-conscious customers to store Drives increased basket size / spend per trip and profit dollars Promotes use of retail partners' online presence, helping create a vibrant omnichannel ecosystem 34 8#35SECTION 3 Loyal, High-Value Customers 2 35 8#36The Grove Brand Resonates, Driving Organic Traffic and Success Across Media Types Grove Co. essential cleaners set grove.com Note: I. % OF TRAFFIC FROM ORGANIC SOURCES IN 2021(0) 28% Non-Paid 72% Paid Organic sources defined as non-paid sources vs. paid brand and performance marketing sources; traffic measured by number of sessions; data is for YTD Q3'21 36 8#37Every Cohort Is More Valuable than the Last Note: I. Excludes VIP and shipping: Through July 2021 cohorts $300 $200 $100 $0 -2015 O AVERAGE CUMULATIVE REVENUE / CUSTOMER (¹) 2016 (2015-2021YTD) 3 6 9 12 15 18 21 24 27 30 33 36 39 42 45 48 51 54 57 60 63 66 69 72 75 2017 Despite COVID-19 pandemic, 2021 cohorts are as strong as 2020 cohorts on a revenue basis. Even better on a GM basis Months Since Sign Up -2018 -2019 2020 -2021 37 8#38Note: I. 150% 100% 50% 0% Over Many Years, Customers Stay With Grove NET REVENUE RETENTION BY COHORT (¹) 0 3 6 9 12 15 18 21 (Quarterly, 2014-2021YTD) 24 27 30 33 36 Months since sign up Y-axis represents average of all quarterly cohort revenues as % of the cohort first order revenue, excludes VIP and shipping; Through July 2021 cohorts 39 42 45 48 51 54 >3M customers. Asymptotic retention between 50% and 60% 57 60 63 66 38 8#3970% 60% 50% 40% 30% 20% 10% Note: I. 0% 9% FIRST THREE MONTHS GROVE BRAND GROSS REVENUE SHARE BY COHORT (¹) 2015A 19% 2016A Grove Brands Are Taking Share in Every Category and Driving Margins % of overall Gross Revenue. DTC Only 31% 2017A 44% 2018A 58% 2019A 61% 72% 2020A YTD Q3 2021A 100% 75% 50% 25% 0% OVERALL GROSS REVENUE SHARE BY BRAND (2) 90% 10% 2015A Grove Brands Note: 2. % of overall Gross Revenue including Retail and DTC 43% 57% 2021E Third-Party Brands 39 8#40Note: 1. Contribution Profit by Cohort CONTRIBUTION PROFIT BY COHORT (¹) (Annual 2017-2020) 2017 2018 2019 2014 2015 2016 2017 2018 2019 2020 Cohort contribution is highly reliable and increases over time 2020 Contribution profit is a non-GAAP measure and is defined as gross profit less fulfillment costs. The data on this slide is prepared solely for purposes of this presentation. This data excludes first orders and is calculated using average per order fulfillment costs. Gross profit and fulfillment costs are defined in our financial statements. Pre-2017 cohorts contribution margins included but too small to see on chart 40 %#41Note: 1. Marketing Investments Create Strong Annuity-Like Returns 2020 CONTRIBUTION PROFIT / CAC BY COHORT (¹) 80% 60% 40% 20% 0% 2017 2018 Target 5-year LTV / CAC in the 2-3x range 2019 Strong return on capital with contribution profit / CAC 100% of cohorts have >50% contribution profit / CAC in 2020 Bars show the contribution profit in 2020 of cohorts acquired in 2017, 2018, 2019 respectively. Contribution profit is a non-GAAP measure and is defined as gross profit less fulfillment costs; the data on this slide is prepared solely for purposes of this presentation. CAC excludes acquisition and media spend on test channels and brand marketing spend. 41 8#42400* Total Grove SKUs SKU expansion Today's coverage 22 MASSIVE OPPORTUNITY TO EXPAND SKU AND STORE COVERAGE OVER THE NEXT YEARS 1,900 Massive Addressable Retail Upside 2024 coverage Retail Stores expansion -250,000 Total Retail stores in U.S. (1) Retail sales growth driven by: Notes: 1. Total addressable retail stores in the U.S. as of 2020, based on Statista retail store research. Includes brick-and-mortar convenience, grocery, club, mass, drug, natural and specialty stores. Increasing retail doors + online penetration with existing partners Growing assortment (SKUS / door) Adding new online sales channels Increasing velocity through brand awareness growth + innovation 42 8#43SECTION 4 Financials Grove Co. Reusable Cleaning Bottle the world (for the better, of course). Collaborative and how we plan to change Grove COLLABORATIVE We're so happy WELCOME MULTI-PURPOSE you're here! Peek inside to learn more about Grove GROVE.Cr 111 Grove C Grove Co. Hand Soap Dispenser 43 8#44NET REVENUE ($MM) YOY GROWTH: Note: 1. 105 2018A History of Revenue Growth and Margin Expansion 228% 54% '18A-'21E CAGR 233 2019A 122% 364 2020A 56% 385 2021E 6% % GROSS PROFIT ($MM) MARGIN: 36 2018A 35% 74% '18A-'21E CAGR 83 2019A 36% 176 2020A 48% 192 2021E 50% % CONTRIBUTION PROFIT ($MM) MARGIN: Consistent innovation throughout the P&L combined high growth with improving economics (14) 2018A (14%) (8) 2019A (3%) 20% '20A-'21E Growth 79 2020A 22% Contribution profit is a non-GAAP measure and is defined as gross profit less fulfillment costs. The data on this slide is prepared solely for purposes of this presentation. This data excludes first orders and is calculated using average per order fulfillment costs. Gross profit and fulfillment costs are defined in our financial statements. Pre-2017 cohorts contribution margins included but too small to see on chart 95 2021E 25% 44 %#45Notes: I. NET REVENUE PER ORDER (¹) ($) 37 2018A 41 2019A Strong and Improving DTC Economics 53 2020A 56 YTD Q3 2021A % OF NET REVENUE FROM AUTO- SHIP CUSTOMERS (¹) 71% Net revenue and gross profit represent DTC only and exclude retail; and are inclusive of VIP, and shipping. 74% 2017A 2018A 79% 2019A 83% 83% 2020A YTD Q3 2021A GROSS PROFIT PER ORDER (¹) ($) 13 2018A 15 il 2019A 26 Customer economics improving consistently with increasing Grove Brand mix and higher revenue per order 2020A 28 YTD Q3 2021A 45 %#46FULFILLMENT COST PER ORDER (¹) ($) 17.9 Managed Costs With Increasing Scale While Investing in Product 16.3 14.1 14.1 I. 2018A 2019A 2020A YTD Q3 2021A PRODUCT DEVELOPMENT COST AS A % OF REVENUE (2) 5% 2018A 6% 2019A 5% 6% 2020A YTD Q3 2021A SG&A (EX. FULFILLMENT AND PRODUCT DEVELOPMENT) AS A % OF REVENUE (3) Notes: I. For Financial metrics not explicitly defined in this presentation, please refer to the Company's financial statements 2. Product development expenses relate to the development of products sold exclusively by the Company and costs related for the development and maintenance of the Company's proprietary technology Excludes fulfillment costs, product development costs, depreciation and amortization, and stock-based compensation expense 3. 25% 21% 16% Ili 2018A 2019A Effective cost management while investing in product development has led to lower fulfillment and operating costs which will drive future profitability 18% 2020A YTD Q3 2021A 46 8#47NET REVENUE (¹) ($MM) $750 $500 $250 $0 105 2018A 233 2019A Rapidly Growing Net Revenue 35% '18A-'24E CAGR 364 I 2020A 385 3% 430 2021E Expected physical retail 3% of revenue in 2021 (2) 2022E 514 2023E 647 20% 2024E Expected physical retail 20% of revenue in 2024 (2) Capturing large consumer movement to sustainability Expanding omnichannel to meet customers where they shop Increasing share of wallet through innovation & category expansion Notes: 1. These are not projections; they are goals / targets and are forward-looking, subject to significant business, economic, regulatory and competitive uncertainties and contingencies, many of which are beyond the control of the Company and its management, and are based upon assumptions with respect to future decisions, which are subject to change. Actual results will vary and those variations may be material. For discussion of some of the important factors that could cause these variations, please consult the "Risk Factors" in relation to the offering. Nothing in this presentation should be regarded as a representation by any person that these goals / targets will be achieved and the Company undertakes no duty to update its goals 2. Physical retail percentages are management estimates 47 8#48Grove Has Consistently Out-Grown the Category, and Is Poised to Accelerate as Growth Normalizes Post-COVID Historical Long Term Category Growth Rates (1) Clean / Natural Industry Long-Term Growth Rate 9% Grove 18 - 21E CAGR 54% Notes: I. Clean/Natural growth rate estimated based on a variety of third-party research and represents CAGR from 2019 - 2025 2. Source: Nielsen POS XAOC scan data for 26 weeks ending 10-9-2021; growth rates represent L26W YOY ● ● 2021 Post-COVID Category Growth Rates vs. Grove (2) Total Natural Cleaning (22%) Natural Hand Soap (26%) Natural Household Cleaners (19%) Natural Dish Grove 2021E Care (15%) • In 2021, the clean/natural home care category is tracking down over 20% y/y lapping COVID Consumer stock up during COVID is contributing to a material down year across the category We have not assumed material regression to long-term category growth rates in our forecast, but Grove is well positioned for a category rebound 6% 48 %#49We Have Not Modeled the Impact of Expansion Initiatives Some of these opportunities are already under development UNMODELED UPSIDE DRIVERS International Sales: We have interest from many countries and plan to expand aggressively in the next five years into international markets Amazon: While Amazon is the largest customer for many natural CPG brands, we have not modeled material traction on Amazon (despite our large SKU count) Brand Synergies: We expect to achieve brand marketing synergies between retail and on-line channels where retail presence will drive brand awareness which will drive organic DTC acquisition, creating additional momentum Product Line Expansion: We have not accounted for the material success of any of our incubator brands B2B: We already have many businesses using the consumer ecommerce platform. A dedicated effort to serve business customers was in the works before the pandemic and could be considered in a "return to office" world M&A: We have a history of successful acquisitions for the purpose of product line expansion. We will continue to pursue M&A opportunities in spaces that we consider to be attractive (including in the Amazon eco-system) 49 8#50GROSS PROFIT() ($MM) % MARGIN: 35% ($MM): 36 Adj. EBITDA ($MM): 2018A ($78) 36% (75%) 2018A 83 2019A ADJUSTED EBITDA MARGIN (1) (2) ($145) (62%) 48% 2019A 176 2020A ($54) (15%) 2020A 50% 192 2021E Increasing Profitability 51% 2021E 219 2022E ($109) ($129) (28%) (30%) 2022E 52% 265 2023E ($82) (16%) 2023E 56% 361 2024E $0 0% 2024E Favorable product mix shift to higher margin Grove brands Favorable category mix shift to higher margin product categories Increased marketing efficiency through higher brand awareness Operating scale leverage in SG&A, including fulfillment and overhead Notes: I. These are not projections; they are goals / targets and are forward-looking, subject to significant business, economic, regulatory and competitive uncertainties and contingencies, many of which are beyond the control of the Company and its management, and are based upon assumptions with respect to future decisions, which are subject to change. Actual results will vary and those variations may be material. For discussion of some of the important factors that could cause these variations, please consult the "Risk Factors" in relation to the offering. Nothing in this presentation should be regarded as a representation by any person that these goals / targets will be achieved and the Company undertakes no duty to update its goals 2. Adjusted EBITDA is a non-GAAP measure. We adjust EBITDA by excluding stock based compensation expense and remeasurement of preferred stock warrants 50 %#51Sustained Long-term Growth and Profitability Metric (1) Revenue Growth Gross Margin SG&A: Fulfillment Cost SG&A: Other (2) Advertising Spend Adj. EBITDA Margin Notes: I. All metrics excluding revenue growth are calculated as a percentage of net revenue 2. Excludes depreciation, amortization and stock based compensation expense 2020A 56% 48% 27% 21% 15% (15%) 2022E 12% 51% 26% 28% 27% (30%) 2024E Long-term target 26% 56% 19% 20% 17% 0% 20-30% 55-60% 15-20% 10-15% 10-15% 15-25% 51 8#52Notes: I. 2. MASON ∞ 5. 7. SOURCES $MM 8. Company Stockholders Rollover Public Entity Cash in Trust PIPE Proceeds Total Sources Transaction Sources and Uses PRO FORMA CAPITALIZATION (AT $10.00) $MM Pro Forma Shares Outstanding (2) Post-Money Equity Value (2) (3) Less: Net Cash (4) Pro Forma Implied Enterprise Value (Post-Money) $1,400 403 87 (1) $1,890 195.5 $1,955 (450) $1,505 USES $MM Equity Consideration to Company Stockholders Cash to Company Balance Sheet Transaction Expenses Total Uses PRO FORMA OWNERSHIP (%) AT CLOSING PIPE 4% (6) Public Entity Public Shares 21% 35% of the Public Entity Sponsor shares restructured into an earnout structure, of which 50% will be subject to a $12.50 per share price and the remaining 50% to a $15.00 per share price 6.7MM founder warrants outstanding $1,400 435 72% Assumes $87MM in PIPE proceeds and $55MM in transaction expenses Excludes 14.0MM of shares in seller earnout (no redemptions), of which 50% will be subject to a $12.50 per share price and the remaining 50% to a $15.00 per share price. Excludes approximately 12MM shares on a pro forma basis underlying unvested Company options and RSUS as of December 7, 2021, that will convert into public company equity incentives at the Closing 3. Assumes a notional share price of $10.00 per share, 195.5MM shares outstanding and net cash of $450MM. Shares outstanding excludes impact of public warrants, founder warrants, seller earnout, sponsor earnout and reserved and unvested awards under go-forward equity incentive plan. 4. Assumes $15MM in existing Company net cash as of 12/31/21 52 8 Dual-class stock structure comprising high-vote (10 votes per share) and low-vote stock (1 vote per share) 6. 8.IMM public warrants outstanding; Exercise subject to trading price cap of $18.00 per share 55 (1) $1,890 Public Entity Private Shares(7) (8) 3% Company Stockholders (2) (5)#53CY2021E - CY2023E REVENUE CAGR 15% Grove 51% 5% Grove COLLABORATIVE P&G 60% 4% CY2022E GROSS MARGIN (1) + COLGATE-PALMOLIVE Unilever 59% reckitt 4% Notes: I. GAAP gross margin definitions vary among companies. 2. Burdened by fulfillment / shipping costs Source: Capital IQ as of 11/22/2021 → COLGATE-PALMOLIVE 50% Peer Operational Benchmarking P&G Median: 4% 4% URCH Median: 47% 44% 133 HURCH CO NIG DWIC INC O 3% The Clorox Company 43% Unilever 2% reckitt 40% 61% THE ORIGINAL ATLY! 59% The Clorox Company WARBY PARKER Best-in-Class HPC / CPG 54% CELSIUS 57% OC 40% DQ 55% REVOLVE 32% freshpet Innovative Consumer Brands 44% FEVER-TREE 29% BEYOND MEAT 43% CELSIUS Median: 27% 25% WARBY PARKER REVOLVE Median: 43% 42% 21% freshpet 37% (2) HONEST 19% chewy.com HONEST 32% THE ORIGINAL 14% DATLY! 28% BEYOND MEAT 14% FEVER-TREE (2) 28% chewy.com 53 8#54AV CY20 22E REVENUE 3.5x Grove P&G 4.8x 6.9x Grove 10.6x ACH Median: 4.lx Co 4.7x CHAD 9.7x 4.lx 4.0x P&G reckitt AV CY2022E GROSS PROFIT COLGATE-PALMOLIVE Median: 7.5x 8.lx The Clorox Company 3.2x reckitt Source: Capital IQ as of 11/22/2021 The Clorox Company 6.9x 6.7x COLGATE-PALMOLIVE 2.6x U Unilever 6.2x 13.2x U Unilever 12.1x Hi OC 30.2x O BEYOND MEAT CELSIUS Peer Valuation Benchmarking CELSIUS FEVER-TREE 8.7x 8.6x 28.0x 23.2x Hi 8.4x III BEYOND MEAT Median: 8.3x WARBY PARKER FEVER-TR 19.7x 19.4x Median: 16.9x 8.2x freshpet freshpet 5.5x WARBY PARKER REVOLVE 14.4x 14.3x ATLY! 4.6x CATLY! BUSIN 10.0x REVOLVE 2.6x chewy.com 9.2x chewy.com 2.Ox HONEST 5.3x HONEST Best-in-Class HPC / CPG AV / CY2023E REVENUE 2.9x Grove 5.7x 4.6x Grove P&G | 10.0x 4.5x CHADE NO CHAO d Median: 3.9x 9.2x P&G 3.9x 3.9x @ reckitt AV / CY2023E GROSS PROFIT Median: 7.0x 7.4x The Clorox Company COLGATE-PALMOLIVE Innovative Consumer Brands 6.6x 3.1x reckitt The Clorox Company 6.4x COLGATE-PALMOLIVE 2.6x Unilever 6.0x BOUT 9.lx I Unilever OC 24.lx BEYOND MEAT 8.lx CELSIUS 18.0x CELSIUS 7.7x FEVER-TREE 17.2x FEVER-TREE 6.8x WARBY PARKER 15.6x Median: 6.4x ос 6.7x BEYOND MEAT Median: 12.7x 13.8x 6.lx freshpet freshpet ||.5× WARBY PARKER 4.6x REVOLVE 8.4x REVOLVE 2.9x THE OF CATLY! 2.2x THE BRIGINAL CATLY! chowy.com 8.0x 7.6x 11 chewy.com 1.7x HONEST 4.3x HONEST 54 %#55Grove is creating the change in CPG that the world needs. Grove Co. Reusable Cleaning Bottle Comen Owens I 0 Grove Co. -SIGHT LAE-tub&tile cleaner Grove Co Ultimate Dish Soap LEAN Grove Co Hydrating Hand Soap 55 8#56APPENDIX Supplemental Materials w C 75 You ROCK, ALICE O Love, Grove Gr Grove RE COLLABORATIVE @GROVECOLLABORATIVE LI C 56 8#57$MM (1) Adj. EBITDA Reconciliation Net Income (+) Interest Expense (+) Provision for Income Tax (+) Depreciation & Amortization EBITDA (+) Remeasurement of Preferred Stock Warrants (+) Stock Based Compensation Expense Adj. EBITDA Note: I. Totals in table may not sum due to rounding 2018A ($82) O ($81) 1 2 ($78) 2019A ($161) 2 O 2 ($157) O 12 ($145) 2020A ($72) 6 O 4 ($62) 8 ($54) 57 %#58123 2. % HH Penetration (1) 12.4% 24 Total HH Cleaners % of Basket (3) 1 24.2% Clorox 4.6% Grove Co. Drano Exceptional Target Launch Results Provide Proof Points for Retail Opportunity 1.5% 1.5% Method Select Household Cleaner Brand Performance at Target from 4/18 – 7/25 Mr. Clean Method Total HH Cleaners 0.5% of HH cleaner customers purchased Grove Co., ahead of Mrs. Meyer's and Seventh Generation 0.9% Lysol 0.7% 0.6% Windex Mrs. Meyer's Clean... Clorox Drano 0.5% 0.5% 0.4% Grove Co. #1 Brand in % of Basket - Of all baskets that contained Grove Co. HH cleaner, Grove Co. represented 24% of the basket - strong indication that Grove Co. drives incremental baskets at Target 9.5% 9.1% 7.6% 6.5% 6.3% 6.3% 6.2% 5.9% Pine-Sol Windex Mrs. Meyer's Clean Day Seventh Generation Grove Co. 26% Digital Penetration +600 bps vs. Overall Target digital penetration (5) Pine-Sol Mr. Clean Fabuloso 0.3% 0.2% Seventh Generation 5.9% 5.2% Fabuloso Natural Notes: % HH Penetration: % of households purchasing out of total households purchasing Household Cleaners at Target % Repeat HH: % of households repeat purchasing the brand or category in a given time period at Target 3. % of Basket: % of total Target basket made up of a given category or brand at checkout at Target 4. Units Per Trip: # of units bought in each trip to Target 4.5% Lysol % Repeat HH (2) 29.9% 28.7% Total HH Cleaners Grove Co. Units per Trip (4) 2.5 Conventional Grove Co. Total HH Cleaners 5. 6. 1.6 18.1% 16.7% #1 Brand in Repeat Rate - Nearly 30% of Grove Co. shoppers purchased again in the 3M period, almost 2x Method and Clorox, 3x Lysol, 14x Seventh Generation Method Method Clorox 14.1% Fabuloso Clorox 11 Mr. Clean 10.6% 10.1% 9.4% 8.1% ■ Mrs. Meyer's Clean Day 1.2 Total HH Cleaners - Target Lysol Mr. Clean #1 Brand in Units per Trip - Grove Co. shoppers bought 2.5 units, more than any other brand and the 1.6 average, thus driving basket size and spend per trip 1.3 1.3 1.3 1.2 1.1 1.I Seventh Generation Mrs. Meyer's Clean Day Pine-Sol Lysol 7.6% Windex Drano 5.1% Windex Fabuloso Seventh Generation I.I 2.7% Pine-Sol I.I Increase in Brand Awareness from 27% (QI'21) to 31% (Q2'21) Among shoppers who purchase natural products (6) Drano Based on Numerator data as of July 2021 Online survey from June 18th through June 27th, 2021 based on 1,023 natural shoppers that have purchased natural and intend to purchase again Source: Numerator Household Cleaners Category at Target from 4/18/21 - 7/25/21 58 8#59Thank You! GroveⓇ COLLABORATIVE