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Making the Food You Love a Healthier Choice™

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FORWARD LOOKING STATEMENTS

This communication contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. In some cases, you can identify these statements by forward-looking words such as “may,” “might,” “will,” “should,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “potential” or “continue,” the negative of these terms and other comparable terminology. These forward-looking statements, which are subject to risks, uncertainties and assumptions about us, may include projections of our future financial performance, our anticipated growth strategies and anticipated trends in our business. These statements are only predictions based on our current expectations and projections about future events. There are important factors that could cause our actual results, level of activity, performance or achievements to differ materially from the results, level of activity, performance or achievements expressed or implied by the forward-looking statements, including those factors discussed under the caption entitled “Risk Factors” in our registration statement on Form S-1, along with our other filings with the U.S. Securities and Exchange Commission. We do not assume any obligation to publicly provide revisions or updates to any forward-looking statements, whether as a result of new information, future developments or otherwise, should circumstances change, except as otherwise required by securities and other applicable laws.

A registration statement relating to these securities has been filed with the SEC but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. Copies of the registration statement can be accessed through the SEC’s website at www.sec.gov. The proposed offering will be made only by means of a prospectus. When available, copies of the preliminary prospectus related to the offering may be obtained from: Citigroup Global Markets Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, or by telephone at (800) 831-9146; Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West Street, New York, NY 10282, or by telephone at (866) 471-2526, or by facsimile at (212) 902-9316, or by email at prospectus-ny@ny.email.gs.com; or Jefferies LLC, Attention: Equity Syndicate Prospectus Department, 520 Madison Avenue, 2nd Floor, New York, NY 10022, or by telephone at (877) 547-6340, or by e-mail at Prospectus_Department@Jefferies.com.

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• Former CEO of Bayer CropScience LP (North America)

• Over 25 years of leadership in the agriculture industry

• Chairman of CropLife America, Chairman of US Farming and

Ranching Foundation

A World Class Management Team

• Group CFO Cellectis

• Close involvement in the spin-out and IPO of Calyxt

• Previously with KPMG, Air Liquide and Thales

• Master of Finance and Executive MBA from HEC Paris

• 20+ Years of commercial, strategy and M&A experience for

multiple global agriculture, food, energy and materials

corporations

• Assistant Vice President for Food Ingredients and Bio-

industrial Enterprise at Cargill

• MBA, Tuck School of Business at Dartmouth

Jim Blome, CEO

Eric Dutang, interim CFO

Manoj Sahoo, CCO

• Inventor of TALEN® Technology

• Professor and Director of Genome Engineering Department at

the University of Minnesota

• Elected Fellow of the American Association for the

Advancement of Science

• Ph.D. in Genetics, Harvard

Dr. Dan Voytas, Ph.D., CSO

• Founder, CEO and Chairman of Cellectis

• One of the inventors of nuclease-based genome editing

technologies

• Ph.D. in Molecular Virology, University of Paris IV

• Research fellowship in the Harvard Medical School

Department of Genetics

Dr. André Choulika Ph.D., Chairman

Michel Arbadji, Commercial Director

• 27 Years of agricultural business development experience

across 5 continents

• Head of Operations, Signature Control Systems

• Head of Sales, The Toro Company, Yacco

• Agronomy, MBA ESCP-INAPG, Paris

Dr. Glenn Bowers, Ph.D., VP Breeding

• 36 Years of Soybean Breeding experience in public and private

sectors

• Global Head Soybean breeding, Syngenta

• Head, Soybean breeding South America, Syngenta

• Ph.D. Plant Pathology, University of Illinois, Urbana-

Champaign

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2018 Achievements and Road Map

ü Newly appointed CEO, Jim Blome, previously President & CEO of Bayer CropScience LP

ü ~20 small to large food company customers engaged across food services and food ingredient applications

ü Signed agreement with KemX Global to refine high-oleic soybean oil - capacity to refine 115 million pounds of premium oils per annum, giving ample room to grow

ü Signed agreement with American Natural Processors to crush and process high-oleic soybeans - a leading provider of non-GMO and organic processing

ü Planted over 17,000 high-oleic / no trans-fat soybean acres with 78 farmers in the Midwest – over 90% retention rate, doubling Calyxt acres on average

ü Partnership with Farmer’s Business Network, Inc. (FBN) to expand distribution and grower base of identity-preserved high oleic soybeans in the upper Midwest

ü New headquarters in Roseville, Minn., opened in September 2018

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What if the foods you love could improve your health?

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Who is Calyxt?Food ingredients for consumer health

We are…

a company developing healthier specialty food ingredients……by leveraging cutting edge science to develop food crops through gene editing technologies

Consumer Needs

Healthier food ingredients

Agronomic Traits

Farmer Needs

Cutting Edge Gene Editing Technologies

and Technical Expertise

Innovative Product Development Capabilities

Identity Preserved Supply Chain

Specialty Food Ingredients

How we are building a path to market...

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CURRENT INDUSTRY CHALLENGESRECENT FOOD AND HEALTH CHALLENGES

100%Increase in Obesity cases amongst adults in last 30 years

43%Deaths caused by diseases linked to Poor Diet including Diabetes and Heart Disease

50%Increase in Food Allergies in children between 1997 and 2011

Data Shown for United States of America

Food Related Issues are Getting WorseLegacy agriculture companies have overlooked society’s food related issues

AG INDUSTRY:• Commoditized supply chains

• Increase productivity

• Reduce cost/inputs

• Grow GMOs in main crops

• Limited consumer focused innovation

FOOD INDUSTRY: • Processed foods with chemical additives

• Consumers want variety

• Provide ‘clean labels’

• Provide health benefits and functionality

Source: Centers for Disease Control and Prevention, National Center for Health Statistics, and the Journal of Health Economics

48%Increase in medical care costs from obesity ($315B in 2010)

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Reduce Waste

Insect/Disease Resistance

Herbicide Tolerance

Reduce Inputs like nitrogen, phosphorus

Increase Yield

Gene Editing is a Paradigm ShiftOur Technology Allows Us to Address Both Consumer and Farmer Needs

MORE OF …

LESS OF …

Plant Proteins

Nutrients

Color, Flavor

Dietary Fibers

Good Fats

Vitamins

Saturated FatsTrans Fats Allergens Toxic

Compounds

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Gene Editing – Disruptive TechnologyPrecision and Power Accelerate Timelines

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TALEN® - Proprietary, Leading Gene Editing TechnologyGenome Editing Through A Simple Two-Step Process

Gene is disabled (knock-out)removal of undesired traits

Calyxt is a first mover of a revolutionary technology with strong results and potential

Gene is disabled (knock-out) Cells repair.

A controlled cut is induced in the gene-of-interest

GENOME EDITING PROCESS (TALEN®)

Gene is repaired Improvement of gene function

Gene is inserted (Knock-in) insertion of a new trait

1

2

1

2

Two TALEN® recognize their DNA target

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Intellectual Property OverviewBroad patent protection in multiple technologies

• Exclusive worldwide license agreement with Cellectis in the field of researching, developing and commercializing seeds and food ingredients (excluding animals) for agriculture, feed and food applications (subject to existing licenses)

Calyxt’s license agreement with Cellectis is perpetual

Patents cover both TALEN and the cell repair process

• Exclusive license agreement with the University of Minnesota for the use of CRISPR/Cas9 technology to make use, and commercialize products covered by the licensed patents in any field of use

• License option agreement with Plant Bioscience Limited and Institute of Genetics and Development Biology Chinese Academy of Sciences

• Commercial license agreement with Two Blades Foundation relating to TAL nuclease technologies

TALEN®

Meganuclease

CRISPR

Specific Traits

U.S.

Foreign

189 Patents and Patent Applications

87 Patents and Patent Applications

128 Patents and Patent Applications

55 Patents and Patent Applications

17 Patents47 Patent Applications

67 Patents132 Patent Applications

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Trait Development Process

Taking the Lead by Decreasing Development TimelinesA comparison of crop development process – Traditional vs. Calyxt

Farmer needs

Phase I

1-2 years

Phase II

1-2 years

Field Validation& Testing

Phase III

1-3 years

Seed Production& Pre-Launch

HealthierFood needs

Market Launch

Creation of Genome-Edited

Lines

Construct Optimization

Creating Commercial

EventField Testing

Regulatory Studies

Market Launch

Average: 13 years; $130 million

Traditional GMO Development ProcessPhase I Phase II Phase III Phase IV

Trait Discovery

Trait Discovery

Months

3–6 years; significantly reduced development cost

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Calyxt Pipeline Development ProcessOverview of the Different Phases

1-3 YearsPHASE III: Pre-CommercialFirst commercial scale pilot production. Food ingredient application development

Supply chain established. Build inventory prior to commercialization

Number of candidates: 1 lead candidate with target market segments identified

MonthsDISCOVERYIdentify genes of interest

Number of candidates: 100s

1-2 YearsPHASE I: Product transformation & event selectionGene editing using TALEN®

Initial seed produced

Number of candidates: 1-5 lead events

1-2 YearsPHASE II: Trait validationSmall scale test: phenotype and ingredient functionality confirmed

Large scale test: multi location trials. Seed increases

Number of candidates: 1-2 lead candidates

CommercialBuild out germplasm and reach peak sales in 5 to 6 years

Accelerated Development Cycle

3-6 Years

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High Oleic Soybean – High Fiber Wheat – Herbicide Tolerant Wheat Our Product Pipeline

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Rich and Innovative Product PipelineFueled by Several Opportunities of Product Ideas

Product Candidate Discovery Phase I Phase II Phase III

Consumer Centric Products

High Oleic Soybean*

High Oleic / Low Lin Soybean*

Improved Protein Composition Soybean

High Fiber Wheat*

High Fiber Wheat II

Reduced Gluten Wheat

Improved Oil Composition Canola

Cold Storable Potato*

Reduced Browning Potato*

Cold Storable / Reduced Browning Potato

Late Blight Resistant Potato

Farmer Centric Products

Drought Tolerant Soybean

Improved Yield Soybean

Herbicide Tolerant Soybean

Powdery Mildew Resistant Wheat*

Herbicide Tolerant Wheat

Herbicide Tolerant Canola

Improved Quality Alfalfa*

Herbicide Tolerant Alfalfa

Soybean Wheat Canola Potato Alfalfa

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

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High Oleic Soybean

• 80% oleic acid

• 20% less saturated fats

• Zero trans fats

• Improved oil profile, similar to olive oil

• Up to 3x increased fry-life

• Bland taste, ideal for food applications

Calyxt’s High Oleic Soybean Oil Composition1

Oleic Oil Composition Comparison2,3

Status / Timing

Zero Trans Fats - Enhancing Health Attributes by Improving Oil Composition

1. “WHO plan to eliminate industrially-produced trans-fatty acids from global food supply,” May 14, 2018

http://www.who.int/news-room/detail/14-05-2018-who-plan-to-eliminate-industrially-produced-trans-fatty-acids-from-global-food-supply

2. Company data

3. Codex Alimentarius, Standards for Named Vegetable Oils, CODEX STAN 210-1999

0

50

100

Commodity Calyxt HO Soybean

Linoleic Linolenic Saturated Oleic

15

24

27

31

52

61

69

80

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

Safflower

Soybean

Sunflower

Maize

Peanut

Canola

Olive

Calyxt HO Soybean

Oleic Saturated Polyunsaturated

• Currently in Phase 3

• Expected 2018 commercial launch

• Supply chain partnerships established

Regulatory Background• FDA is banning all trans fats from the food

chain in the US by 2018

• WHO announced strategic plan to ban trans

fats from the global food supply by 20231

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Calyxt HO Soy Business ModelHigh Oleic Soybean Value Chain has Three Revenue Opportunities

Calyxt contracts farmers to grow high oleic soybeans under identity-preserved contracts

Calyxt contracts crushers to process high oleic soybeans to meal and oil under toll processing agreement

Calyxt sells high oleic soybean oil

Calyxt utilizes existing seed producers to produce high oleic soybeans

Grain Production Processing Sale to Food Industry Customers

Seed Production

Distributor

HO Soybean Oil

HO Soybean Meal

HO Soybean Seed Sold to Growers

HO Soybean Meal Sold as Protein for

Animal Nutrition

HO Soybean Oil Sold as Premium Veg.

Oil to Food Companies as a Specialty Ingredient

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High Oleic Soybean – Revenue OpportunityIllustrative Example in Peak Year: $1.2-$1.9bn opportunity from 2.3-3.3% penetration of US Soybean Acres1

Source: Foreign Agricultural Service, USDA, National Agricultural Statistics Services, Global Agricultural Trade System, Agricultural Marketing Service, National Monthly Feedstuff Prices, Milling and Baking News, Fats & Oils: Oilseed Crushings and Peanut Stocks and Processors .1. Based on an illustrative example of the potential revenue opportunity for high oleic soybean in three addressable markets at a peak year of market penetration within 7-10 years after commencing commercialization. It is forward-looking and

subject to significant business, economic, regulatory and competitive uncertainties and contingencies, many of which are beyond the control of the Company and its management. The illustrative example is based on various assumptions, including the target market size growth rate, the assumed penetration rate and the rate at which the high oleic soybean captures total soybean production. These assumptions are subject to change and you should not place undue reliance on this illustrative example. Actual results will vary and those variations may be material. Nothing in this presentation should be regarded as a representation by any person that these objectives will be achieved and the Company undertakes no duty to update this illustrative example as circumstances change.

2. Premium oils account for ~34% of total oil supply and include: coconut, corn, cottonseed, olive, peanut, canola, safflower, sesame. 3. Potential target market size grown at 5% CAGR for 10 years, which assumes 2% inflation and 3% population growth4. Near term expected seed price $30 -$40/acre, potential to increase to $60/acre after herbicide tolerance trait commercialization

Potential HO Soybean Seed Revenue

$54-$163 Million4

HO Soybean Seed HO Soybean Meal HO Soybean Oil

90 million Soybean Acres in US

Calyxt Target Share: 2.2% to 3.3%

Mar

ket S

hare

Exec

utio

n Go

als

Reve

nue

Pote

ntia

l 1

• Increase grower network to approximately 8,000 farmers

• Develop 4 to 6 varieties in multiple maturity groups

• Build a network of 5 to 6 crush plants

Premium Oils 34% of Total vegetable oil market ($13 billion) 2 3

45.6 million tons produced in US per

year

• Capture 4% to 6% of soybean meal demand (1.8 – 2.7 million tons)

Potential HO Soybean Meal Revenue

$616-$924 Million

Potential HO Soybean Oil Revenue

$520-$780 Million

• Capture 4% to 6% of premium oil market

• Supply ~30 – 50 FoodCo Customers

Commodity Oils

Calyxt Target Share: 4 to 6%

OtherPremium Oils

Calyxt Target Share: 4 to 6%

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Calyxt’s Relationship with FBNCollaboration driven network provides a significant advantage

Farmer Business Network (FBN)

FBN farmer member networkExisting warehouse locationsFuture warehouse locationsCommercial

Capabilities

Physical Infrastructure

Agronomic Intelligence

Strong Presence

Progressive network of thousands of farmers in target regions

Analytics platform driven by combined intelligence of millions of acres

Warehouses and distribution centers located across the US

Dedicated farmer focused sales team

Calyxt’s relationship with FBN enables a scalable supply chain and supports execution

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Calyxt’s Proprietary Breeding Program

24 + EliteParents

Crossing of Elite x

Calyxt HO Single Plants(50,000-100,000) Single Row

Trials(2000-5000)100+ Non GMO

Finished VarietiesAvailable for Gene Editing

HO Version of Current Varieties

ReplicatedYield Trials

(10-30 Varieties) 3+ HO Core Varieties / Year

Accelerating Traditional Breeding with Gene Editing Precision

Calyxt has Achieved a Number of Milestonesü Started breeding program in 2016 with 24 diverse populationsü 3000+ lines advanced to South America trials for Class of 2021ü 800 rows expected to advance to US

Traditional Breeding Program

TALEN® Powered

AcceleratedBreeding Program

Time

Num

ber o

f Pro

duct

Can

dida

tes

With TALEN® technology Calyxt can increase breadth of product launches by accelerating new variety timeline with higher probability of success

2-3 HO Core Varieties / Year

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0% 50% 100% 150%

Apples, raw, without skinCarrotsOrange

Commodity rice flour, brownCommodity oat flour, partially debranned

QUAKER, 100 % Natural Granola Oats and HoneyCommodity corn flour, whole grain

Peas, green, rawCommodity whole wheat flour

Almonds , dry roastedKELLOGG'S, SPECIAL K Low Carb Lifestyle…

Calyxt wheat flour, whole grain

% Daily Value

Dietary fiber content comparison

High Fiber Wheat

Calyxt’s High Fiber Wheat Composition 5

Calyxt High Fiber Wheat Comparison4,5

Status / Timing

White Wheat Flour with Up to 3 Times More Fiber

• Currently in Phase 1• 2018: Functionality testing of Calyxt Wheat

Flour, Phase 2

• 2019: Development of supply chain (e.g., seed producers, grain producers, millers, food industry customers), Phase 3

• 2020-2021: Anticipated commercial launchPotential Features and Benefits for Consumers:

A single serving of Calyxt high fiber flour may provide up to 100% of the recommended daily value

1. Code of Federal Regulations (2012). Title 21, Section 101.54 - Nutrient content claims for “good source,” “high,” “more,” and “high potency.”2. Code of Federal Regulations (2012). Title 21, Section 101.76 - Health claims: fiber-containing grain products, fruits, and vegetables and cancer.3.Code of Federal Regulations (2012). Title 21, Section 101.77 - Health claims: fruits, vegetables, and grain products that contain fiber, particularly soluble fiber, and risk of coronary heart disease.4. Calyxt internal calculation 5. http://nutritiondata.self.com/

ü “High in fiber” content claim 1

ü “May reduce risk of some types of cancer” labeling claim 2

ü “May reduce risk of coronary heart disease” labeling claim 3

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Gene Edited Disease Tolerance AchievedPowdery Mildew Case Study and New Results

R E S I S T A N T C H E C K

C L X T S P R I N G C L X T W I N T E R S U S C E P T I B L E C H E C K

Results Validate Product Conceptü Wheat is a hexaploid, with 17 Billion bases.ü All Six copies of MLO gene needed to be

deactivated to confer resistance.

ü Potential to reduce fungicide applications in wheat and mitigate yield losses.

ü Was done twice (spring and winter variety).ü Provides Foundation for broader fungal

resistance product (multiple disease concept).

Photo taken 20 days post-inoculation.Wheat Technological Breakthroughs

Product Candidate Discovery Phase I Phase II Phase III

Consumer Centric Products

High Fiber Wheat

High Fiber Wheat II

Reduced Gluten Wheat

Farmer Centric Products

Powdery Mildew Resistant Wheat*

Herbicide Tolerant Wheat

% plant covered with sporesa

bbb

First TALEN® gene edited wheat harvest completed , yielding 300 Lbs of Powdery Mildew Resistant Wheat seed for further testing

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Herbicide Tolerant Wheat

Calyxt Herbicide Tolerant Wheat Value Proposition

Status / Timing

Wheat Tolerant to Multiple Herbicides

• Currently in Phase 1 • Designed to provide tolerance to two

different chemistries currently in the market

• TALEN® precision enables Calyxt to work with a genetically complex crop like wheat

1. BASF Clearfield® wheat brochure: “Maximize Your Return on Investment with the Clearfield® Production System for Wheat”2. Heap. Weedscience.org. 2016

Corn (maize) Wheat Soybean Rice CottonIncrease in Unique Herbicide Resistant Weed Cases for Selected Crops2

140

120

100

80

60

40

20

01975 1985 1995 2005 2015

Year

Num

ber o

f Uni

que

Resis

tant

Cas

es

Drivers:• Yield losses, dockage and discounts can cost

the grower up to $71/acre1

• Weed resistance to herbicides is a major issue in agriculture

Potential Benefits:ü Improved yield and grain quality ü Non-transgenic

ü No foreign DNA

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Illustrative Financials: Accelerating Return on InvestmentClear Metrics to Unlock Gross Margin Growth Opportunity

ConsumerProduct Launches

Supply Chain Improvements

FarmerProduct

Launches

Gross Margin

• Launch of High Oleic Soybeans in NA

• Launch High Fiber Wheat in NA

• Establish farmer and crusher base (grows YOY)

• Establish food company customer funnel by target application

• More varieties enable regional expansion and lower cost of sales

• Add Low Linolenic • Seek global regulatory

approvals to enable oil exports

• Scale (more and larger crushers)

• New Consumer Products Launched (target crops)

Key

Fact

ors t

o Pr

ofit

Grow

th

20212018 2024• Herbicide Tolerant

Traits Launched with Out Licensing model (no inventory cost)

• Combinations of consumer and herbicide tolerant traits

• New additional Products

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Capturing Frontiers in Food and AgOur Process Enables Better Products, Faster to Market and at a Lower Cost

The future of creating crops and healthy food worldwideü Accelerated automation and high throughput screening

ü Shorter development timeline for more sophisticated products

ü Calyxt is the only pure-play gene editing player in ag-food space

Disruptive Approach to

Crops and Healthier Food

Innovative approach leading the ag biotech industryü HO soybean oil may be first gene edited trait to market

ü Lowest overall cost of development

ü Positioned to assess the probability of success early in R&D

Validated Business Model

Proprietary platform to design and develop new products ü Targeting only desired genes

ü Exclusive technologies with strong intellectual property

ü 7 products across 4 crops declared not regulated by USDA

Unique Gene Editing

Capability

By combining our leading gene-editing technology with our innovative commercial strategy, we are pioneering a paradigm shift to deliver healthier food ingredients to consumers and agriculturally advantageous traits to farmers

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Investor Information

CLXT

$106 Million

32.1 Million

Citi, Jefferies, Wells Fargo, BMO, Ladenburg

investors@calyxt.com

Ticker (Nasdaq):

Cash Position1:

Shares Outstanding1:

Covering Research Analysts:

New Calyxt corporate headquarters and farm-to-table kitchen in Roseville, Minnesota

Contact Us:

1 As of May 31st, 2018

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What if the foods you love could improve your health?

Would you ever eat anything else?