#115g PROTEIN Og TOTAL SUGAR VACADILLOS CARNE SECA HASAHERO ORICINAL Stryve BEEF BBITONG Small Bites Mucho Sabor. Vacadillos ORIGINAL Stryve BEEF BILTONG AIR-BEE SLICES Stryve Helping America Snack Better INVESTOR PRESENTATION January 2021#2HICKORY Strive BEEF BILTONG Executive Summary#3Transaction Summary Stryve Transaction Structure • Andina Acquisition Corp. III ("Andina") has proposed to enter into a business combination with Stryve Foods, LLC. ("Stryve” or the "Company"), a healthy snacking platform Transaction is expected to close in Q2 2021 Post-closing Company will retain the Stryve name Raised $53M of fully committed capital as part of the transaction Valuation • Transaction implies a pro forma enterprise value of $170M 3.7x based on projected 2021F net revenue of $46M 1.8x based on projected 2022F net revenue of $92M Existing Stryve shareholders will receive ~55% of the pro forma equity(1) Capital Structure • Transaction will be funded by a combination of Andina cash held in trust account, equity roll-over from existing Stryve ownership, and proceeds from the PIPE and convertible bridge note Transaction expected to result in ~$58M net proceeds to Stryve 16g PROTEIN Og TOTAL SUGAR ORIGINAL Stryve BEEF BILTONG AIR-DRIED BEEF SLICES NET WT 22 ) O, R 14, PROTEIN O.UAR 14, PROTEIN BILTONG Strype BILTONG O, AR 14, PROTEIN Struve BILTO CINAL BILT 14, PROTEIN Siruv (1) See slide 31 for key assumptions and additional details#4Our Mission Help Americans snack better and live happier, better lives yve BILTONG BEEF WATCH GREEN CHILE Tryve LTONG CKS STICK 701 Stray Stryve#5Today's Presenters Stryve Jaxie Alt Co-CEO and Chief Marketing Officer Prior to joining Stryve, Jaxie spent 17+ years at Dr Pepper Snapple Group where she served as Co-Chief Marketing Officer managing $10b+ in retail sales and $300mm+ in marketing spend. Prior Experience Joe Oblas Co-CEO and Co-Founder Prior to co-founding Stryve, Joe founded and successfully exited ProSupps, one of the fastest growing sports nutrition brands. He also co-founded Juice Stop which grew to 150 stores in 22 states prior to exiting the business. Prior Experience Alex Hawkins Chief Operating Officer Prior to joining Stryve, Alex was an operationally focused Principal investor at Rosewood Private Investments, leading $400mm+ of transactions. He is a CFA Charterholder and previously spent time in asset management and process consulting. Prior Experience DR PEPPER SNAPPLE ROLF TACO E JUICE ITATE INVESTNES JPMorgan APOC prosupps BELL 5#6At a Glance Aligned with Consumer Shift in Snacking Toward Better-for-You Products $5B $110B Only USDA Full-Grant Certified Air-Dried Meat Manufacturing Facility >$100M HIGH Market Opportunity 2022F Meat Snacking 2022F Total Snacking Manufacturing Capabilities Revenues Achievable Barrier to with Current Capacity Entry $ Financial Highlights 63% CAGR 2018A-2020A Gross Revenue >$500k Gross Revenue in First Month of DTC launch $51M 2021F Gross Revenue 47% 2021F Gross Margin 10+ >70,000 Unique Sale Channels Total Distribution Points Distribution 24% 11% Natural Food MULO (2) Channel ACV(1) ACV(1) XIXI 40% Repeat order rate on Amazon 4-5 150% 2020A Social Following Growth 19% Multi-decade experience creating and managing multi-billion-dollar sales budgets 50+ >$430M Loyal Customer Base Leadership Star reviews on most products Of 2020 Stryve.com Sales Driven by E-mail Campaigns Years Collective Experience in CPG Collective TEV(3) of Founded Business' Sources: Statista as of 1/13/2021, 52-week SPINS data as of 12/17/2020 "All-Commodity Value" (1) (2) (3) "Multi Outlet", includes Food/Grocery, Drug, Mass Merchandisers, Walmart, Club Stores, Dollar Stores, etc. Represents TEV at exit of business' founded by members of management (Dymatize $380M exit in 2013, the balance is comprised of smaller transactions) Stryve 6#7Stryve's Winning Formula Stryve Foods is an emerging healthy snacking platform focused on manufacturing and marketing highly differentiated healthy snacks that disrupt traditional snacking categories 1 Choose a snacking category in need of disruption driven by consumer insights in healthy eating 2 Build or buy innovative brands and products that solve that specific consumer need uniquely 3 Build omnichannel distribution across retail and e- commerce 4 Use metric focused marketing to build consumer trust and brand loyalty that drives strong consumer repeat and customer lifetime value 5 Vertically integrate the category to drive high margins, speed to market and private label capabilities BRAND BUILDING PROCESS Stryve 7#8Growth Opportunities اتا G 16, PROTEIN Og TOTAL SUGAR ORIGINAL ↑ Stryve Stryve E-Commerce Retail Incrementality Private Explosion Expansion & Penetration to Category Label Platform Expansion 8#9Platform Expansion Opportunity Stryve will continue to expand by capitalizing on the strengths of its existing business, while staying true to its mission OTHER SNACK CATEGORIES Stryve SAVORY SNACKS TRAIL MIX DRIED FRUIT COOKIES MEAT SNACKS BARS Stryve VACADILLOS GRAINS Braaitime KALAHARI BILTONG CRACKERS NUTS Note: Representative categories Stryve may evaluate CHIPS SEEDS DRIED VEGETABLES Platform Expansion Filters Large, fragmented category . Category has several big CPG players White space for health-driven innovation Category has underdeveloped channels or target consumers Category is e-commerce friendly 9#10PERI PER ryve BEEF BILTONG Industry & Market#11Healthy Snacking is Accelerating The global health crisis has accelerated the movement towards functional and nutritious snacking Snacks Consumed Daily Do not snack 1-2 ■3+ Search for Healthy Salty Snacks Stryve 20% 42% I wish there more healthier options 47% 2010 2015 2019 Nutritional information impacts my choice The ingredients listed impact my choice 54% 51% 64% 47% of consumers want snacks low in sugar +5% increase in low-sugar snack products YoY 39% of consumers look for natural or organic products 44% of consumers eat snacks instead of meals 7 out of 10 find better-for-you snacks appealing 40% of consumers believe snacks are part of a healthy diet 40% of consumers say that attributes like "unprocessed" and "natural" are important when selecting a snack 64% of consumers want to see more better-for-you snacks on restaurant menus Sources: IRI 2019 Snacking Survey, IRI 52 weeks ending 12/29/19 v. Year Ago, Lightspeed/Mintel Consumer Survey - Salty Snacks - January 2019, IRI TSV Model, and The J.M. Smucker Co. 11#12Bringing Healthy Snacking to Meat Snacks Stryve is building a tribe of early adopters consisting of healthy snack seekers, many of whom are new to the meat snack category TARGET CONSUMER: HEALTHY SNACK SEEKERS (“HSS") Stryve Fit & Focused Disciplined & Dieters Runners Cyclists Median Age: Gender: 40 Skews female 47 Family: More likely to have kids Median HHI: $86K Skews female Avg. likelihood to have kids $70K 34 Mixed 45 More likely to have kids $99K Skews male Avg. likelihood to have kids $87K HSS Segment: % Users: 44 million 31 million 22% 23% 26 million 24% 24 million 24% Of the 183M Healthy Snack Seekers in the US, only 25% purchased a meat snack Source: MRI-Simmons 2018 Consumer Segmentation, unduplicated Families in Motion 39 Mixed More likely to have kids $73K 58 million 29% 12#13Innovators are Disrupting Traditional Snacking Stryve is disrupting the meat snack category with one of the only differentiated product the set has seen in decades. It's a better taste, better texture and better-for-you Disruptive brands have been redefining traditional CPG snacking categories SWEETS HALO 280 calories protes TOP 29 OF SUGAR SMART SWEETS SALTY HO SIMPLE DARK CHOCOLATE GET BACK TO HUMAN Спор SKINNY POP POPCORN popchips potato barbeque from the ground up CAULIFLOWER pretzels twists 8 PROTEIN RXBAR 3 Egg Whites 6 Almonds 4 Cashews 2 Dates No B.S. Chocolate Sea Salt 16 PROTEIN TOTAL SUCAR EST ORIGINAL Struve BEEF BILTONG 13 Stryve#14Strype Segmenting the Market Landscape of Meat Snacks Based on protein density and sugar content, Stryve's portfolio of air-dried meats is one of the healthiest meat snacks in the market High Protein 16 grams/ounce Stryve High Sugar 10 grams/ounce CHEF'S CUT REAL JERKY □ PERTEIN ERECES JACK LINK'S ☑ EPIC PERKY COUNTRY Archer Low Sugar 0 grams/ounce K KRAVE Low Protein 5 grams/ounce 14#15Biltong vs. Traditional Jerky Stryve Biltong is a better-for-you alternative to traditional jerky giving consumers more protein, zero sugar and zero additives in every serving ✓ More Protein Per Oz. Manufacturing process gives biltong 40-50% more protein per oz. compared to traditional jerky Protein per oz Sugar per oz Carbs per oz No Nitrates, Nothing Artificial Struve 16g Og Og ✓ Zero Sugar Traditional jerkies have up to 10g of sugar per oz ✓ All Natural, Never Cooked JACK LINK'S 11g 6g 6g X Natural curing process is accomplished with beef, vinegar and spices OLD TRAPPER ✓ No Nitrates or Nitrites 11g 5g 6g X Other jerkies use nitrates or nitrites to preserve color and flavor ✓ No Preservatives Shelf-stable with a 15-month shelf-life ✓ Paleo and Keto Friendly Biltong is perfect for those on paleo and keto diets given its all- natural, high-protein nature Tillamook 10g 7g 7g X COUNTRY ARCHER 9g 4g 6g X Jerky Co. Source: Company websites 15#16Current Products Stryve Our Air-Dried Meats Come In Multiple Formats, Flavors and Package Sizes BILTONG Sliced MEAT STICKS Meat Sticks AKA Droëwors MEAT CRISPS Chips / Crisps CARNE SECA Sliced Whole Biltong Slabs Chili Bites South Africa North America Latin America 16#17SPICY PERI PERI Stripe BEEF BILTONG Company Overview#18Stryve Seasoned Management Team Collectively, Stryve's leadership has deep experience in growing profitable businesses across many segments leading to several material exits for investors. Each member joined the Stryve family because they are extremely passionate about the Company's mission and believe that Stryve represents the unique alignment of a purpose-driven, high growth opportunity Joe Oblas Co-Founder & Co-CEO 周 JUICE T Prior to co-founding Stryve, Joe founded and successfully exited ProSupps, one of the fastest growing sports nutrition brands. He also co-founded Juice Stop which grew to 150 stores in 22 states prior to exiting the business prosuppe Jaxie Alt Co-CEO & Chief Marketing Officer Prior to joining Stryve, Jaxie spent 17+ years at Dr Pepper Snapple Group where she served as Co-Chief Marketing Officer managing $10b+ in retail sales and $300mm+ in marketing spend Alex Hawkins DR PEPPER SNAPPLE Chief Operating Officer & Interim Chief Financial Officer Prior to joining Stryve, Alex was an operationally focused Principal investor at Rosewood Private Investments, leading $400mm+ of transactions. He is a CFA Charterholder and previously spent time in asset management and process consulting ROSEWOOD PRIVATE INVESTMENT TACO BELL JPMorgan AP&C. Bruce Boettner Chief Sales Officer Kellogg's Prior to joining Stryve, Bruce served as VP of Sales at Humm Kombucha and previously spent 14+ hum years at Kashi, where he served as sales lead and scaled revenue to >$400M kombucha evolution FRESH Kashi Warren Pala Chief Manufacturing Officer Braaitime www. Warren founded, Braaitime, one of Stryve's early acquisitions. He pioneered commercial biltong production in the United States working closely with the USDA in the development of biltong specific standards Merrill Lynch ARTHUR ANDERSEN Ted Casey Chairman & Special Advisor Prior to co-founding Stryve, Ted spent 16+ years as CEO of vertically-integrated Dymatize Nutrition, a company he founded and ultimately sold to Post in one of the largest sports nutrition exits in history Dymatize 18#19Stryve Founders Current Board of Directors The Company is governed by an extremely accomplished Board of Directors each of whom brings a wealth of experience and knowledge from which Stryve can draw Ted Casey Founder of Dymatize Nutrition, a market leader in protein supplementation Greg Bohlen Co-Founder of Union Grove Venture Partners and board member of Beyond Meat Peter Rahal Founder and former CEO of RXBAR. Currently Managing Director of Litani Ventures Joe Oblas Founder of ProSupps, one of the fastest growing sports nutrition brands in the industry Kevin Vivian Former Senior Vice President and National Sales Director of Frito-Lay Jake Capps Founder of Meaningful Partners. Prior to that, he was a partner at Lion Capital Gabe Carimi Former NFL offensive lineman and Outland Trophy Winner from the University of Wisconsin Note: Board composition subject to change as a result of the proposed transaction Bo Ramsey Chief Investment Officer for Pendyne Capital Lee Dunlap Founder of Quest Events, a market leader in the special events industry 19 Stryve#20Stryve's Brands Today ROTEIN O TOTAL SUGAR Lg PROTEIN ESO PRO 15g PROTEIN Og TOTAL SUGAR Struve BEEF ILTONG KALAHARI CRISP LAHARIC KALAHARI CRISPS Air Dried Beef Ch Dried Bee, ir Dried Beef Ch 20g ORIGINAL HWES 20g ROSEMARY CITRUS 0 Stryve BILTONG SNACKS VACADILLOS KALAHARI SNACKS Braaitimè VACA VACADILLOS CARNE SECA CERILE L Stryve Braaitime Nutrition Facts 1 oz (28g) Calorias on Fat 25 PERI PERI Sliced Biltong OUR COMMITMENT To provide you with the ultimate in cured beef quality. At Braaitime, we cure our beef by hanging it in a dry controlled climate until the optimum moisture and flavor levels are achieved. The process ensures cured beef of exceptional quality, freshness and taste Serving size Calories 90 LOV Total Fat Saturated Fat 1p 55 5% Cholesterol 36ng 12% INGREDIENTS Sodium 3000 13% Beef, Salt, Vinegar. Black Pepper, Total Carb 10 20 Coriander Dietary Fiber 0g 9% Total Sugan Os DIRECTIONS FOR USE Treat yourself to South Africa's favorite snack. Bitong is made from 100% pure lean beef and can e eaten as a healthuanse 20 20#21Disciplined, Metric Focused Marketing Marketing strategy is focused on building awareness, driving trial, and supporting repeat purchases Stryve Build Awareness f You Tube amazon Google Drive Trial 00 Support Repeat SHOPPER MARKETING Activation strategies and support for integrated retail promotions Email Marketing MEET THE STRYVE SQUAD A group of Influencere that vo the brand erlod on to the ful od and encourage the r to lowers to harper for celler 2020 CHEFSBEST AWARD EXCELLENC 2020 SNACKNATION INSIGHTS AWARDS MEAT SNACK EMERGING Forbes To elevate your snack game without... bring along some biltong from Stryve delish Named Stryve on the list of "Best 16 Store Bought Keto Snacks Money Can Buy" BILTONG STRON Parade We like Stryve Beef Biltong because it has zero sugar, no MSG, gluten, nitrates or preservatives. It also comes in delicious flavors Eat This, Not That! Say hello to your new favorite high-protein, zero-sugar snack NATURA SMS INNOVATION 18 6:211 < Stryve stryvebiltong 156 25.3K 181 ・・・ Posts Followers Following Stryve Biltong Stryve beef #biltong is what jerky Stryve's to be High Protein. ZEROg sugar! Meet the squad..more hit lv/BOGOsticks 21 24#22Strong Retail Footprint... SPROUTS FARMERS MARKET STRYVE IN MARKET TODAY... Kroger CVS pharmacy™ Walmart ELEVEN meijer Wegmans HyVee NATURAL weis Giant EMPLOYEE OWNED supermarkets United Sendika FOOD MARKET GROCERS EARTH FARE HEALTHY FOOD FOR EVERYONE AND EXPANDING TOMORROW! NEW IN 2021 target Stryve HSN THRIVE - MARKET- HUCKLEBERRY'S NATURAL MARKET MCKEEVERS MARKET EATERY L&B+ Price TOPS ROUSES MARKETS LAZY ACRES natural market Bristol Farms Chopper. Roche Bros. WOODMAN'S ⚫ MARKETS. D'AG NYC CIRCLE K Love's infra Independent Natural Food Retailers Association TA TravelCenters of America National coop Grocers MARKET OF CHOICE® QuickChek. Q Daily's Lunardi's Quite Simply...the Best! Note: Logo's represent selected customers, not intended to be comprehensive 22 22#23...With Massive Room to Grow Company has significant headroom to expand its footprint even further Grow Penetration in Existing Channels (max all-commodity value) Stryve 61% 64% 45% 10% 11% Food Stryve 5 MULO (1) 4% Convenience Competitor Avg. (2) Expand SKUs on Shelf Opportunity Across All Accounts 3 3 2 2 2 2 2 Full Penetration Kroger Natural Walmart Sprouts Wegman's Grocers Meijer Hannaford Source: 52-week SPINS ending 12/27/2020 (1) (2) "Multi Outlet", includes Food/Grocery, Drug, Mass Merchandisers, Walmart, Club Stores, Dollar Stores, etc. Competitor group includes: Jack Links, Slim Jim, Country Archer, and EPIC 23 23#24Strong E-Commerce Momentum In late 2019, the Company set strategic plans in motion to prioritize e-commerce as a top channel for growth in 2020. A key part of this plan was an official launch of Stryve.com in mid-April 2020 • Stryve.com - Launched in 2020 Stryve utilizes a data-driven approach to grow the e- commerce space with specific consumer segmentation and messaging tailored for each audience Recurring revenue is quickly compounding through intelligent e-mail flows and subscribe & save offerings Increased DTC revenues from ~$19,000 in 2019 to ~$3.6M in 2020 Amazon - Launched in 2019 Stryve Stryve now has a 3% share of meat snacks on Amazon and is the #10 meat snack on Amazon 33% volume growth in 2020 driving almost $2M in sales 40% repeat rate in 2020 amazon.com E-Commerce - 2020 Accumulated Gross Revenue Stryve.com Amazon ($ in thousands) $5,493 $4,764 $4,199 $1,892 $3,817 $3,343 $1,688 $1,496 $2,774 $1,334 $2,209 $1,181 $1,016 $1,408 $834 $3,601 $3,076 $678 $484 $685 $2,162 $2,482 $2,703 $152 $295 $1,759 $1,376 $445 $548 $722 January February March April May June July August September October November December Stryve.com Testing & Analytics Stryve.com Launch Results Source: ClearCut Analytics: Category Analysis, Dried Meats, ClearCut Analytics: Category Analysis, Biltong 24#25Vertical Integration Stryve's manufacturing facility is the largest USDA approved air-dried meat manufacturing facility in the US, allowing the Company to scale with minimal additional capital expenditures Stryve $100M Facility Capacity(1) Largest USDA Approved Air-Dried Meat Manufacturing Facility >$10M Invested into Facility SQF Level II Food Safety Certification Regulation Creates Barriers to Entry • • USDA has been extremely restrictive on approving facilities Importation of processed meat is prohibited limiting international competition Management is aware of only one air-dried meat facility capable of commercial production - a facility that is one- third the size of Stryve's Flexibility & Value Protection Excess capacity for contract or private label customers creates value floor for investors assessing downside risk Scarcity of manufacturing capacity for air dried beef in the U.S. makes Stryve's facility a uniquely valuable asset stryve Spray Beef with Vinegar Cut Beef into Slabs Mix Slabs with Spices Air Dry Thinly Slice Slabs (1) Modest drying room expansion may be required to reach capacity figure presented. Building was designed to facilitate future expansion for minimal capital expenditure Package Sliced Meats 25#26CARLIC Strype Financials and Transaction Overview#272021 Gross Revenue Forecast Bridge Clear growth path to achieve >$50 million in 2021 $3.6 $18.2 $2.6 $11.2 $1.9 $3.1 $3.0 $7.3 Stryve ($ in millions) $50.8 2020A Gross Revenue (1) (2) Kalahari (2020A) (1) Kalahari 2021F Incremental Growth New Distribution Vacadillos Launch New Private Label Stryve E-Commerce Growth Full-Year Benefit 2021F Gross Revenue Note: Forecasts represent management's estimates and are subject to change are not a guarantee of performance. Many factors outside the control of the Company can affect realization of the illustrative projections shown in this presentation (1) Actuals are unaudited, preliminary, and are subject to adjustment (2) Does not include Kalahari 2020A gross revenue 27#28Financial Projections The Company's investment in vertical integration pays significant dividends once the facility is fully utilized with forecasted EBITDA margin exceeding 15% in 2022 Stryve ($ in millions) Financial Forecast ~$161 Gross Revenue Adj. EBITDA Gross Profit % $103 52% 46% $51 $13 $18 28% 18% ($13) ($11) (1) 2019A (1) 2020A $15 ~52% ~$32 ($2) 2021F 2022F Mid-Term Target Key Takeaways 2020 actuals exclude Kalahari. Full-year gross revenue for Kalahari estimated to be ~$3.6M Category size and demand for innovation pave the way for long-term growth Vertical integration supports attractive margins ✓ Direct-to-Consumer and consumable products provide recurring base Fixed vs. variable cost structure supports significant operating leverage ✓ Assumes no acquisitions Note: Forecasts represent management's estimates and are subject to change are not a guarantee of performance. Many factors outside the control of the Company can affect realization of the illustrative projections shown in this presentation (1) Actuals are unaudited, preliminary, and are subject to adjustment 28#29Path to Profitability Stryve The Company has been aggressively executing a multi-factor plan to materially improve its profitability and cash flow since late 2019 GROSS MARGIN . • Product cost savings through strategic raw material sourcing Lean manufacturing and process improvements to drive production yields SALES & MARKETING • • Focused marketing spend on digital campaigns with measurable ROI Optimized marketing spend to drive incremental revenue in highest margin channels Private label business on a select basis to augment cash flow • PLATFORM BUILT Current leadership and infrastructure to support a >$200M revenue business • Increased volumes to enhance benefits of vertical integration As a result of these efforts, Stryve expects to reach profitability in mid-2021 Percent of Net Revenue (%) Significant Installed Capacity Provides Material Operating Leverage 63.9% 60% 50% - Fixed Cost (%) EBITDA 41.5% 40% 30% 20% 10% 0% 2H'20 1H'21 2H'21 (10%) (20%) (30%) ($4,900) ($4,200) ($ in 000s) $11,500 $10,200 $9,000 $6,500 27.0% $4,500 $4,000 23.3% 18.2% $2,600 $1,500 EBITDA ($1,000) 1H'22 2H'22 ($3,500) ($6,000) 29 29#30We Are Changing The Stryve Way America Snacks Stryve Brands Today A Dried Beaded Ben Dried Beef Ch KALAHARI CRIS ARIC KALAHARI CRISPS Stryve VACADILLOS KALAHARI SNACKS Braaitime Brocitim Nutrition Facts Platform Expansion Opportunity Stryve will continue to expand by capitalizing on the strengths of its existing business, while staying true to its mission Platform Expansion Filters Large, fragmented category OTHER SNACK CATEGORIES • Category has several big CPG players SAVORY SNACKS • White space for health-driven innovation • Category has underdeveloped channels or target consumers TRAIL MIX DRIED FRUIT • Category is e-commerce friendly COOKIES MEAT SNACKS Stryve VACADILLOS ==== GRAINS Braaitime KALAHARI BILTONG CRACKERS CHIPS NUTS SEEDS BARS DRIED VEGETABLES Path to Profitability The Company has been aggressively executing a multi-factor plan to materially improve its profitability and cash flow since late 2019 GROSS MARGIN SALES & MARKETING PLATFORM BUILT Product cost savings through strategic raw material sourcing Lean manufacturing and process improvements to drive production yields Focused marketing spend on digital campaigns with measurable ROI Optimized marketing spend to drive incremental revenue in highest margin channels Private label business on a select basis to augment cash flow Current leadership and infrastructure to support a >$200M revenue business Increased volumes to enhance benefits of vertical integration As a result of these efforts, Stryve expects to reach profitability by July 2021 Percent of Net Revenue ( Significant Installed Capacity Provides Material Operating Leverage -Fixed Cost (%) EBITDA (SK) 41.5% 63.9% 60.0% 50.0% 40.0% 30.0% 20.0% 10.0% 0.0% -10.0% 2H20 1H21 20.0% 30.0% ($4,900k) ($4,200k) $11,500 $10,200k $9,000k $6,500k 27.0% 4500K $4,000k ----- 18.2% 23.3% $2,600k $1,500 ($1,000K) 2H22 ($3,500K) ($6,000k) 2421 1H22 Seasoned Management Team Collectively, Stryve's leadership has deep experience in growing profitable businesses across many segments leading to several material exits for investors. Each member joined the Stryve family because they are extremely passionate about the Company's mission and believe that Stryve represents the unique alignment of a purpose-driven, high growth opportunity. Joe Oblas Co-Founder & Co-CEO Prior to co-founding Stryve, Joe founded and successfully exted ProSupps, one of the fastest growing sports nutrition brands. He also co-founded Juice Stop which grew to 150 stores in 22 states prior to exiting the business Jaxie Alt Co-CEO & Chief Marketing Officer Prior to joining Stryve, Jaxie spent 17+ years at Dr Pepper Snapple Group where she served as Co-Chief Marketing Officer managing $10b+ in retail sales and $300mm+ in marketing spend Alex Hawkins JUICE DR PEPPER SNAPPLE TACO Interim Chief Financial Officer & Chief Operating Officer Prior to joining Stryve, Alex spent 7+ years at Rosewood Private Investments where he was an operationally focused Principal investor leading $400mm+ of transactions. He previously spent time in asset management and process consulting and is a CFA Charterholder Bruce Boettner Chief Sales Officer Prior to joining Stryve, Bruce served as VP of Sales at HuM Kombucha and previously spent 14+ years at Kashi, where he served as sales lead and scaled revenue to >$400M Warren Pala Chief Manufacturing Officer APQC hum Kellogg's Kashi evolution Warren founded, Braatime, one of Stryve's early acquisitions. He pioneered commercial biltong production in the United States working closely with the USDA in the development of biltong specific standards Ted Casey Chairman & Special Advisor Prior to co-founding Stryve, Ted spent 16+ years as CEO of vertically-integrated Dymatize Nutrition, a company he founded and ultimately sold to Post in one of the largest sports nutrition exits in history Brooktine N Dymatize 30#31Transaction Overview Sources(1) Andina Acquisition Corp III Cash Held in Trust (2) Uses $14 Cash to Balance Sheet Sellers' Equity Roll-Over 117 Sellers' Equity PIPE & Convertible Bridge Note - Common (3) 53 Transaction Fees (4) Total Sources $184 Total Uses Pro Forma Valuation(5) Stryve ($ in millions, except share values) Illustrative Pro Forma Ownership $58 117 9 $184 Pro Forma Shares Outstanding 21.43 Founder Shares, Share Price $10.00 6.3% Implied Equity Value $214 Cash on Balance Sheet at Closing (58) Estimated Debt at Close (6) 13 SPAC Public Implied Total Enterprise Value $170 Shareholders (Including Pro forma EV/2021F Net Revenue 3.7x Rights, PIPE, Conv. Note), Pro forma EV/2021F Gross Profit Pro forma EV/2022F Net Revenue Pro forma EV/2022F Gross Profit 8.1x 37.2% (8) 1.8x 3.6x SPAC Private Placement Shares (from IPO), 1.9% Roll-over Equity shares for Company Shareholders, 54.6% (7) (1) The amounts from the various sources of cash may change based on (i) the amount of Public Stockholder redemptions prior to closing, and (ii) the then current markets for equity and debt financing Current cash in Trust is approximately $13.5M. Cash in Trust at Closing assumes redemptions of 0% (2) (3) (4) (5) (6) Total capital raised of ~$53M, comprised of (i) $42.5M PIPE at $10.00 per share funded at Business Combination and (ii) $10.6M unsecured convertible bridge note to be converted into equity at $8.00 per share at Business Combination Estimated SPAC related expenses, such as underwriter business combination fees, PIPE, legal and other expenses, and expenses of the Company Assumes that there are no adjustments to Sellers Consideration; Assumes Insider shares and Private Rights to be reduced at Closing by 50%. Private Warrants also restructured by 50% Debt at Closing estimated using (i) 2020YE non-convertible debt of $21.8M; adjusted by (ii) PPP loan forgiveness of about $1.7M; (iii) expected sale-lease back transaction of property for $7M 31 (7) Does not include shares of the equity incentive plan to be submitted for approval of shareholders of 12.5% of shares outstanding at Closing (8) Does not include 10.8M public warrants exercisable at $11.50 per share. Public Warrants have a non-cash exchange call option at $18.00 per share, which is equivalent to about 4M shares#32Public Comparable Companies 29.0x 19.6x 14.2x EV / 2021F Revenue (1) 8.7x 7.5x 4.3x 3.6x 3.7x CELSIUS BEYOND MEAT freshpet LAIR SUPERFOOD 22.5× Tattooed Chef Vital FARMS EV / 2022F Revenue (1) Simply Good Struve (1) FOODS COMPANY 13.0x 11.1x 5.9x 5.5x 3.4x 3.3x 1.8x CELSIUS BEYOND MEAT freshpet LAIR Tattooed Vital SUPERFOOD Source: (1) Industry research as of 1/26/2021 EV assumes "Pro Forma Implied Total Enterprise Value" indicated on page 31 FARMS Simply Good Struve (1) FOODS COMPANY Stryve 32#33Public Comparable Companies (cont.) 2019A-2022F Revenue CAGR 68.4% 53.1% 47.0% 43.0% 30.5% 29.6% 21.9% LAIR SUPERFOOD BEYOND MEAT 19.3% 103.5% CELSIUS Vital FARMS 2021F EBITDA Margin freshpet Simply Good Struve FOODS COMPANY" 16.2% 9.9% 9.0% 4.8% 4.5% N/A Simply Good freshpet Source: FOODS Industry research as of 1/26/2021 CELSIUS BEYOND MEAT Vital FARMS Tattooed (1) Stryve EBITDA Margin for December 2021F, as the Company is projecting its first month of profitability to be in mid-2021 12.1% LAIR SUPERFOOD Stryve (1) Stryve 33#34Appendix#35Stryve Andina Acquisition Corp. III Overview $108M January 2019 Initial Public Offering $14M Cash-in-Trust as of November 2020 $500M+ Total Enterprise Value of Andina I/II Transactions 100+ Acquisition Targets Evaluated Since Andina | 2 Successful SPAC Business Combinations >80 Years Combined M&A and Finance Experience Leadership Team Previous SPAC Transactions ANDINA ACQUISITION II Lazydays THE RV AUTHORITY ANDINA ACQUISITION. CORP TECNOGLASS • • • Premier RV dealership destination with nationally recognized brand • Over $550M in revenue in 2016 • • . $204M pro forma enterprise value Vertically-integrated provider of glass and aluminum products #1 glass transformation company in Colombia with 40% market share LTM June 2013 total revenue of $180M $313M pro forma enterprise value . Chairman and Founder of Andina II and Founder of Andina I Previously, Head of Int'l Business Development for Scientific Games Corp. Started career in Investment Banking Division of Bear Stearns SG B. LUKE WEIL Chairman ANDINA ACQUISITION CORP BEAR STEARNS SCIENTIFIC GAMES MAURICIO ORELLANA CFO, Director • • CFO of Andina II and M&A Consultant to Andina | Managing Director at Cori Capital Partners Previously held positions at Stephens (MD, Latin America Team), the Latin American Infrastructure Fund and the Inter-American Investment Corp. AT&T Latin America ANDINA ACQUISITION CORR Stephens • • . CEO of Andina II and co-CEO of Andina I Former Director General of Public Credit and the Treasury with the Colombian Ministry of Finance Previously held positions at Nexus Capital Partners and J.P. Morgan JULIO TORRES CEO, Director Ministerio de Hacienda y Crédito Público ANDINA ACQUISITION CORP República de Colombia MAYA HERNANDEZ Treasurer • • J.P.Morgan Treasurer and Secretary of Andina II and initial investor in Andina I Former Senior Currency Strategist for Latin America, and lead Macro-Economic and Political Analyst for the Andean Region at HSBC ANDINA ACQUISITION CORR AS COA HSBC > 35#36Stryve Resilient Through COVID Stryve has worked diligently to ensure the safety of its employees while taking advantage of opportunities presented as a result of disruptions. Sales exceed pre-COVID levels Revenue . • Retail: Stryve saw an initial spike in sell-through as a result of pantry-loading in mid-March followed by a sharp decline in sell-through beginning early-April primarily attributable to a decline in retail store traffic. As of year-end 2020, sell-through at key retailers has largely returned to pre-COVID levels despite no demo activity - Given the Company's vertical integration, Stryve was able to move quickly to steal placements from brands experiencing supply chain disruptions Stryve's sales team continues to secure incremental placements throughout the U.S. virtually E-Commerce: Stryve was in the middle of a planned e-commerce launch and shift to digital marketing as the pandemic began. All retail sales declines attributable to COVID have been more than offset by this well executed e-commerce strategy Operations • The Company's COVID-19 task force quickly implemented strict precautions at Stryve's Madill, OK facility while HQ employees began working remotely. Demo activity ceased and sales travel has been put on hold in favor of virtual appointments. Supply Chain • Thorough supply-chain assessment confirmed continuity. Company's beef and packaging supply chain have seen no disruptions 36#37Disclaimer Stryve This presentation (the "Presentation") contemplates a business combination (the "Transaction") involving Andina Acquisition Corp. III ("Andina") and Stryve Foods LLC ("Stryve"). Completion of the Transaction is subject to, among other matters, each of Andina and Stryve entering into a definitive agreement with respect to the Transaction and completing their due diligence investigation of the other, approval by Andina stockholders and other closing conditions to be included in a definitive agreement. No assurances can be made that the parties will successfully negotiate and enter into a definitive agreement, or that the Transaction will be consummated on the terms or timeframe currently contemplated, or at all. This Presentation is subject to updating, completion, revision, verification and further amendment. No securities regulatory authority has expressed an opinion about the securities discussed in this Presentation and it is an offense to claim otherwise. The information contained herein does not purport to be all-inclusive. Nothing herein shall be deemed to constitute investment, legal, tax, financial, accounting or other advice. No Offer or Solicitation This Presentation is for informational purposes only and is neither an offer to sell or purchase, nor a solicitation of an offer to sell, buy or subscribe for any securities, nor is it a solicitation of any vote in any jurisdiction pursuant to the proposed Transaction or otherwise, nor shall there be any sale, issuance or transfer or securities in any jurisdiction in contravention of applicable law. The information contained in this Presentation has been prepared to assist interested parties in making their own evaluation with respect to the proposed Transaction and for no other purpose. Forward Looking Statements Certain statements made in this Presentation are "forward looking statements" within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995, including statements regarding the anticipated benefits of the Transaction, the anticipated timing of the Transaction, future financial condition and performance of Stryve and expected financial impacts of the Transaction (including future revenue, pro forma enterprise value and cash balance), the satisfaction of closing conditions to the Transaction, the PIPE transaction, the level of redemptions of Andina's public stockholders and the products and markets and expected future performance and market opportunities of Stryve. When used in this Presentation, the words "estimates," "projected," "expects," "anticipates," "forecasts," "plans," "intends," "believes," "seeks," "may," "will," "should," "future," "propose" and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. Many factors could cause actual future events to differ materially from the forward-looking statements in this Presentation, including but not limited to: (i) Andina's and Stryve's inability to enter into a definitive agreement with respect to the proposed business combination transaction or to complete the transactions contemplated by the non-binding letter of intent executed by Andina and Stryve; (ii) matters discovered by the parties as they complete their respective due diligence investigation of the other; (iii) the inability to recognize the anticipated benefits of the proposed business combination, which may be affected by, among other things, the amount of cash available following any redemptions by Andina shareholders; (iv) the ability to meet the listing standards of The Nasdaq Stock Market following the consummation of the transactions contemplated by the proposed business combination; (v) costs related to the proposed business combination; (vi) expectations with respect to future operating and financial performance and growth, including when Stryve will become cash flow positive; (vii) Stryve's ability to refinance its outstanding indebtedness; (viii) Stryve's ability to execute its business plans and strategy; (ix) the risk that the Transaction may not be completed by Andina's business combination deadline and the potential failure to obtain an extension of the business combination deadline if sought by Andina, (x) the failure to satisfy the conditions to the consummation of the Transaction, including the approval of the combination agreement by the stockholders of Andina, the satisfaction of the minimum cash requirements of the combination agreement following any redemptions by Andina's public stockholders, (xi) the inability to complete the PIPE transaction, (xii) the occurrence of any event, change or other circumstance that could give rise to the termination of the combination agreement, (xiii) the outcome of any legal proceedings that may be instituted against Stryve or Andina related to the Transaction, (xiv) changes in the competitive and regulated industries in which Stryve operates, variations in operating performance across competitors, changes in laws and regulations affecting Stryve's business and changes in the combined capital structure, (xv) the ability to implement business plans, forecasts, and other expectations after the completion of the Transaction, and identify and realize additional opportunities, and other risks and uncertainties described from time to time in filings with the SEC, including Andina's Annual Report on Form 10-K for the fiscal year ended December 31, 2019 under the heading "Risk Factors" and other documents of Andina filed, or to be filed, with the SEC. The foregoing list of factors is not exhaustive. Andina and Stryve expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in Andina's and Stryve's expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based. Neither Stryve nor Andina gives any assurance that either party or the combined company will achieve its expectations. Actual results, performance or achievements may differ materially, and potentially adversely, from any projections and forward-looking statements and the assumptions on which those forward- looking statements are based. There can be no assurance that the data contained herein is reflective of future performance to any degree. You are cautioned not to place undue reliance on forward-looking statements as a predictor of future performance as projected financial information and other information are based on estimates and assumptions that are inherently subject to various significant risks, uncertainties and other factors, many of which are beyond our control. All information set forth herein speaks only as of the date hereof in the case of information about Andina and Stryveor the date of such information in the case of information from persons other than Andina or Stryve, and we disclaim any intention or obligation to update any forward-looking statements as a result of developments occurring after the date of this Presentation. Projected and estimated numbers are used for illustrative purpose only, are not forecasts and may not reflect actual results.#38Disclaimer (cont.) Use of Projections Stryve This Presentation contains financial forecasts with respect to, among other things, Stryve's production capacity, product pipeline, costs, indebtedness and certain ratios and other metrics derived therefrom for the fiscal years 2020 through 2023. These unaudited financial projections have been provided by Stryve's management, and Stryve's independent auditors have not audited, reviewed, compiled, or performed any procedures with respect to the unaudited financial projections for the purpose of their inclusion in this Presentation and, accordingly, do not express an opinion or provide any other form of assurance with respect thereto for the purpose of this Presentation. These unaudited financial projections should not be relied upon as being necessarily indicative of future results. The inclusion of the unaudited financial projections in this Presentation is not an admission or representation by Stryve or Andina that such information is material. The assumptions and estimates underlying the unaudited financial projections are inherently uncertain and are subject to a wide variety of significant business, economic and competitive risks and uncertainties that could cause actual results to differ materially from those contained in the unaudited financial projections. There can be no assurance that the prospective results are indicative of the future performance of Andina or Stryve or that actual results will not differ materially from those presented in the unaudited financial projections. Inclusion of the unaudited financial projections in this Presentation should not be regarded as a representation by any person that the results contained in the unaudited financial projections will be achieved. Non-GAAP Financial Measures This Presentation also includes certain financial measures not presented in accordance with generally accepted accounting principles ("GAAP") including, but not limited to, EBITDA and certain ratios and other metrics derived therefrom. These non-GAAP financial measures are not measures of financial performance in accordance with GAAP and may exclude items that are significant in understanding and assessing Stryve's financial results. Therefore, these measures should not be considered in isolation or as an alternative to net income, cash flows from operations or other measures of profitability, liquidity or performance under GAAP. Stryve's presentation of these measures may not be comparable to similarly-titled measures used by other companies. These non-GAAP financial measures are subject to inherent limitations as they reflect the exercise of judgments by management about which expense and income are excluded or included in determining these non-GAAP financial measures. Industry and Market Data The information contained herein also includes information provided by third parties, such as market research firms. None of Andina, Stryve or their respective affiliates and any third parties that provide information to Andina or Stryve, such as market research firms, guarantee the accuracy, completeness, timeliness or availability of any information. None of Andina, Stryve or their respective affiliates and any third parties that provide information to Andina or Stryve, such as market research firms, are responsible for any errors or omissions (negligent or otherwise), regardless of the cause, or the results obtained from the use of such content. None of Andina, Stryve or their respective affiliates give any express or implied warranties, including, but not limited to, any warranties of merchantability or fitness for a particular purpose or use, and they expressly disclaim any responsibility or liability for direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees or losses (including lost income or profits and opportunity costs) in connection with the use of the information herein. Additional Information and Where to Find It If a definitive agreement is entered into in connection with the proposed Transactions described herein, a full description of the terms of the Transaction will be provided in a proxy statement/prospectus for Andina's shareholders to be filed with the U.S. Securities and Exchange Commission (the "SEC"). Andina urges investors, shareholders and other interested persons to read, when available, the preliminary proxy statement/prospectus, as well as other documents filed with the SEC, because these documents will contain important information about the Company, Stryve and the proposed business combination transaction. The definitive proxy statement/prospectus will be mailed to shareholders of Andina as of a record date to be established for voting on the proposed transaction. Shareholders may obtain copies of the proxy statement/prospectus, when available, without charge, at the SEC's website at www.sec.gov or by directing a request to: Andina Acquisition Corp. III, Calle 113 #7-45 Torre B, Oficina 1012, Bogotá, Colombia. Participants in Solicitation Andina and its directors, executive officers and other members of their management and employees may be deemed to be participants in the solicitation of proxies of Andina shareholders in connection with the potential transaction described herein under the rules of the SEC. Investors and security holders may obtain more detailed information regarding the names, affiliations and interests of Andina's directors in the Proxy Statement, which was filed with the SEC on January 4, 2020 and will also be contained in the proxy statement/prospectus relating to the proposed Transaction when it is filed with the SEC. These documents may be obtained free of charge from the sources indicated above. This Investor Presentation shall neither constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which the offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.#39Stryve BILTONG SNACKS