STRICTLY PRIVATE AND CONFIDENTIAL

Investor Presentation | 2019

STRICTLY PRIVATE AND CONFIDENTIAL

This document contains certain “forward-looking statements”. All statements other than statements ofhistorical fact are “forward-looking statements” for purposes of federal and state securities laws,including, but not limited to, any projections of earnings, revenue or other financial items; anystatements of the plans, strategies, goals and objectives of management for future operations; anystatements concerning proposed new products and services or developments thereof; any statementsregarding future economic conditions or performance; any statements or belief; and any statements ofassumptions underlying any of the foregoing.

Forward looking statements may include the words “may,” “could,” “estimate,” “intend,” “continue,”“believe,” “expect” or “anticipate” or other similar words, or the negative thereof. These forward-lookingstatements present our estimates and assumptions only as of the date of this report. Accordingly,readers are cautioned not to place undue reliance on forward-looking statements, which speak only asof the dates on which they are made. We do not undertake to update forward-looking statements toreflect the impact of circumstances or events that arise after the dates they are made. You should,however, consult further disclosures and risk factors we include in Annual Reports on Form 10-K,Quarterly Reports on Form 10-Q, and Reports filed on Form 8-K.

In our filings with the Securities and Exchange Commission, references to “AMMO, Inc.”, “AMMO”, “theCompany”, “we,” “us,” “our” and similar terms refer to AMMO, Inc. and its wholly owned operatingsubsidiaries The Enlight Group, SNI, LLC and Ammo Technologies, Inc.

FORWARD LOOKING STATEMENT

Exchange/Ticker Symbol: OTCQB: POWW

Recent Price2: $1.25

Shares Outstanding2: 45.7 Million

Market Capitalization 2 : $57.1 Million

2Fully diluted & Share price, as of November 18, 2019

TECHNOLOGY LEADER AND PREMIER AMERICAN AMMUNITION MANUFACTURER

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COMPANY OVERVIEW

● Rapidly growing and innovative manufacturer of high performance, precision ammunitions

● Disruptive entrant into complacent industry

● Highly differentiated portfolio of premium brands with technological emphasis

o New advanced technology drives superior product performance and reliability

o Key patents critical for entry into Military markets

● Fully integrated supply chain with brass casing manufacturing & scalable state-of-the art manufacturing

● Multi-channel distribution, including U.S. Law Enforcement and Military markets

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GLOBAL SMALL ARMS MARKETPLACE

Sources: 2018 DOD Budget Proposal, NSSF

TAM* ~$13.5B

COMMERCIAL / RETAIL

U.S.

REST OF WORLD

~$1.5B

$12B

ONE COMPANY……TWO STRATEGIC MARKETS

Global Commercial Market

• Retail Sales

• Big Box Merchants

• Indoor Shooting Ranges

Global Tactical Defense Market

• U.S. Military

• U.S. Law Enforcement – Federal, State & Local

• Foreign Law Enforcement and Military Sales

U.S. COMMERCIAL MARKET

VIDEO EXAMPLE

SAFE, NON-INCENDIARY ROUNDS | EXCLUSIVE PATENTED TECHNOLOGY

YOU CAN SEE THE DIFFERENCESTREAK’s exclusive patented O.W.L. technology allows the shooter to visually see the projectile's path towards its target withoutrevealing the position of the shooter. STREAK™ rounds are non-incendiary. They do not generate heat so they are safe to use inenvironments where traditional tracers are prohibited and can be a serious fire hazard. The results are revolutionary in manyrespects for military, law enforcement and consumer users.

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O S’ JACKETE RA B E O O O T T STREAK VISUAL TECHNOLOGY

STREAK’S EXC S VE ATE T E TEC O O Y A O S YO TO VISUALLY TRACK YOUR PROJECTILE AS IT TRAVELS

LEAD-FREE, NON-INCENDIARY PROJECTILES SAFE FOR RANGE USE

OFFERS ULTIMATE DEFENSE WITH TERMINAL IMPACT

DESIGNED FOR COMPLETE ENERGY TRANSFER WITH MINIMIZED PASS THROUGH RESULTING IN LESS COLLATERAL DAMAGE

LEAD-FREE JACKETED FRANGIBLEONLY YOU CAN SEE.

STRICTLY PRIVATE AND CONFIDENTIAL

A fusion of proprietary Y ERC EA ™ Technology, precision standards, and leading suppressor manufacturer collaboration, the /STELTH/ line was designed from the ground up with decibel drop, accuracy and cleanliness in mind. So whether your mission is tactical training, a predator night hunt, or a clandestine operation, when silence is paramount, go /STELTH/.

WHEN SILENCE MATTERS,WE HAVE THE PERFECT ROUND

FOR YOUR GUN

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Innovative PRODUCT Commoditized

Branded/Licensed MARKETING Characterized by Use/SKU

Premium QUALITY/PRICE POINT Value

35% Target PRODUCT MARGINS 10-20% Average

Young, Active, Influencers TARGET CUSTOMER Established, Older Generations

INDUSTRY

DIFFERENTIATED FROM COMPETITION

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Multi-Channel Distribution

TWO STEP DISTRIBUTORS MASS MERCHANTS / ONLINE BUYING GROUPS

CURRENT DISTRIBUTION CHANNELSTWO STEP DISTRIBUTORS MASS MERCHANTS / ONLINE BUYING GROUPS

Hard Armor Piercing Incendiary Armor Piercing

Solid Copper MatchO.W.L. Technology

MILITARY MUNITIONS

MILITARY MUNITIONS

1. HAPI and AP specialty munitions made in America

▪ Increased Performance – Penetration, Lethality, and Accuracy

▪ Vertically integrated production, including brass casings, to ensure production capability

▪ Complete military loading operations – staked, sealed, linked, etc.

▪ Latest in quality control and testing equipment including 100% inline inspection

▪ Solid Copper Match

▪ Profile and weight consistent with corresponding specialty round for same POA/POI

▪ Facilitates lower cost training, with less damage to targets

2. O.W.L. Technology - One Way Luminescent

▪ Can be seen 30 degrees off the base of the bullet

▪ Visible only to shooter/spotter/fire team

▪ Not visible to enemy or flanks

▪ Does not give away firing position

▪ Dim trace visible through night vision - does not bloom

Dominate through Technology, Performance & Service

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O.W.L. NON-INCENDIARY VISUAL AMMUNITION

VIDEO EXAMPLE

HARD ARMOR PIERCING INCENDIARY

1. HAPI is an unmatched advanced armor piercing technology

▪ Scalable in size and designed to work from 5.56mm to 12.7mm

▪ HAPI round does not utilize an explosive charge to defeat the armor, but rather a precise chemical and mechanical reaction that is initiated when it contacts hard armor

▪ HAPI round does not contain any high explosive materials

▪ All materials used are currently available in any military magazine

▪ Eliminates issues of transporting explosive rounds and mitigates safety concerns associated with handling or transporting explosives

▪ Initial production in:

▪ 7.62x51mm, 338 Lapua Magnum, 50 BMG

▪ Upcoming calibers:

▪ 5.56x45mm, 300BLK, 6.5 Creedmoor, 300 Win Mag, 300 Norma, 338 Norma

7.62x51mm HAPI

TECHNICAL CHARACTERISTICS Projectile Weight: 162 gr (10.49 grams)Projectile Type: Hard Armor Piercing Incendiary Muzzle Velocity: 2780 fps (847.34 m/s)Accuracy: 1 MOA @ 300 yards averagePenetration: Level IV Body Armor @ 500 yards

½” M -12560 Armor Plate @ 200 yards¼” B Armor late @ yards

Special Characteristics: Observable flash on hard targets.

7.62x51mm Hard Armor Penetrating Incendiary (HAPI)

Hard Armor Penetrating Incendiary round for machine gun and sniper systems. Optimized projectile design with a tungsten carbide penetrator and incendiary reaction for defeating and penetrating hard targets.

7.62x51mm HAPILevel IV Armor Plate

At 100 yards2 ” enetration

VIDEO EXAMPLE

7.62x51mm HAPI

7.62x51mm HAPI

7.62x51mm HAPI

2 Rounds fired consecutively at 100 meters

Defeated 66. mm (2. ”) - Ballistic glass from armored vehicle (rated to withstand multi-hits from .50 BMG)

Front – 7.62 HAPI Back – 7.62 HAPI

.338 Lapua Magnum HAPI.338 Lapua Magnum Hard Armor Penetrating Incendiary (HAPI)

MISSION: Hard Armor Penetrating Incendiary round for machine gun and sniper systems. Optimized projectiledesign with a penetrator and incendiary reaction for defeating and penetrating hard targets. All rounds aremanufactured to match grade specs to improve accuracy.

TECHNICAL CHARACTERISTICS:

Projectile weight – 272 gr (17.62 g)

• Projectile type – Hard Armor Penetrating Incendiary

• Muzzle velocity – 2700 fps (822.96 m/s)

• Max. dispersion –

.338 Lapua Magnum HAPI

• .338 Lapua Magnum HAPI• 1 Round fired at 100 meters• Defeated 66. mm (2. ”) - Ballistic glass from armored

vehicle (rated to withstand multi-hits from .50 BMG)

Front – .338 HAPI Back – .338 HAPI Side View

12.7×99mm HAPI

12.7×99mm (.50 Cal) Hard Armor Penetrating Incendiary (HAPI)

MISSION: Hard Armor Penetrating Incendiary round for machine gun and sniper systems. Optimizedprojectile design with a tungsten carbide penetrator and incendiary reaction for defeating and penetratinghard targets. All rounds are manufactured to match grade specs to improve accuracy.

TECHNICAL CHARACTERISTICS:

• Projectile weight – 750 gr (48.599 g)

• Projectile type – Hard Armor Penetrating Incendiary

• Muzzle velocity – 2800 fps (853.44 m/s )

• Max. dispersion –

HAPI vs Hard Armor Plate

12.7×99mm (.50 Cal) HAPI

12.7mm MIL 12560 armor plate (357 HB)

At 1,200 yards

Defeated armor – clean penetration

Front - HAPI Back - HAPIFront - HAPI

Raufoss MK 211

MK 211 is a .50 caliber (12.7×99mm NATO)

12.7mm MIL 12560 armor plate (357 HB)

Two rounds at 1,000 yards

Defeated armor – but penetrators lodge in the armor plate

Note: armor plate was already defeated by HAPI round

Front - MK 211 Back - MK 211MK 211

HAPI HAPI

Advanced Armor Piercing AmmunitionDesigned & Made in America

Hard Armor Piercing Incendiary (HAPI) line of ammunition is anextremely effective and accurate improvement outperformingcurrent AP and API rounds being offered by the leading defensecontractors.

Penetration of 12.7mm MIL

12560 armor plate (357

HB) at 1,000 yards

Competition did NOT

achieve full armor

penetration at equivalent

distance.

12.7×99mm HAPI

½ inch

JAGEMANN ACQUISITION

March 15, 2019 -- AMMO, Inc. closed on acquisition of Jagemann Stamping’s Brass Casing & Projectile Manufacturing Operations

● One of the leading brass casing manufacturers in the U.S.

● Long history of quality manufacturing

● Maintain military/match specifications

● $17.4 million in cash and promissory notes + 4,750,000 shares of POWW

● Alignment of a key elements in our supply chain – casings & proprietary projectiles

o Ensures consistent access across varying business cycles for military and defense projects

● Allows for more rapid product development

o Seamless integration between component manufacturing & assembly enhancing speed to market

o AMMO to leverage Jagemann’s existing leadership personnel to expand upon industry relationships

● Secures industry best pricing to compete in global markets

o Lowers COGS, driving Gross Margin

● Diversifies AMMO Inc.’s revenue base and provides cash flow

o Jagemann Munitions Group projected to generate at least $20 million of revenue in 2019

STRATEGIC RATIONALE

FACILITIES

• Current capacity of 300M rounds per year scalable up to 500M+ rounds per year• Among the top state-of-the-art test labs in the country; facility utilized by firearm manufacturers

45,000 sq. ft. brass casing facility in Manitowoc, WI

20,000 sq. ft. facility located in Payson, AZ

STRICTLY PRIVATE AND CONFIDENTIAL

FRED WAGENHALS – CHAIRMAN, CEO & PRESIDENTFounder of Action Performance Companies (formerly publicly held, now owned by International Speedway Corp. (Nasdaq: ISCA)) with sales of NASCAR-branded products of over $400 million annually. Mr. Wagenhals specializes in the acquisition and monetization of licensed products, which we are now applying to the ammunition industry.

MARK HANISH – PRESIDENT, GLOBAL COMMERCIAL SALES & MARKETINGMr. Hanish brings over twenty years of experience in the firearms industry, as both a top sales executive for several leading providers of equipment (Surefire, LLC and FN America) and a competitive shooter. Hanish most recently served as the Vice President of Surefire overseeing the sale of suppressors, illumination devices and hearing protection in the Commercial, Law Enforcement and International Markets.

STEVE HILKO – COO, AMMO INC. MUNITIONS OPERATIONS (PAYSON)Mr. Hilko leads factory and product development. Steve has 40 years of experience in manufacturing, engineering and supply-chain logistics and is a gun expert widely recognized in the ammunition industry.

JIM MANN – GENERAL MANAGER, JAGEMANN MUNITION COMPONENTS (WISCONSIN)Mr. Mann has been with Jagemann Stamping since 2002. During his tenure he served as logistics support, manufacturing leadership, and in 2017 was promoted to General Manager of Jagemann’s Brass Casing Division. He has extensive knowledge in continuous improvement, Lean/Six Sigma and project management.

ROB WILEY – CFOMr. Wiley, prior to joining AMMO, Inc. as the Controller in 2018, was a corporate tax accountant at Moss Adams, LLP. Mr. Wiley is a CPA and earned his Master of Taxation at Arizona State University.

EXECUTIVE TEAM

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INVESTMENT HIGHLIGHTS

✓ Multi-Billion Dollar Addressable Market Susceptible to Disruption

✓ Patents and other IP Create Sustainable Competitive Advantages

✓ Diversified Portfolio of Attractive Brands and Premium Products

✓ Military Ammunition Lines that Meet Current Requirements & Meet Growing Technological Needs

✓ New Strategic Relationships with Industry Leaders

✓ Attractive Financial Model with Near-Term Positive Cash Flow Expected

✓ Strong Management with Successful Entrepreneurial Track Records

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THANK YOU

CONTACT: FRED WAGENHALSChairman / CEO / President, AMMO Inc.(480) 686.3636fred@Ammo-Inc.comwww.AmmoInc.com