CORPORATE PRESENTATION - Seeking Alpha

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CORPORATEPRESENTATIONJUNE 2020

IMPORTANT CAUTIONS REGARDINGFORWARD LOOKING STATEMENTSPlease note that in this presentation we may use words such as “appears,” “anticipates,” “believes,” “plans,” “expects,” “intends,” “future,” and similar expressions whichconstitute forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements aremade based on our expectations and beliefs concerning future events impacting the Company and therefore involve a number of risks and uncertainties. We caution thatforward-looking statements are not guarantees and that actual results could differ materially from those expressed or implied in the forward-looking statements. Potential risksand uncertainties that could cause the actual results of operations or financial condition of the Company to differ materially from those expressed or implied by forward-lookingstatements in this release include, but are not limited to, the overall level of consumer demand on our products; general economic conditions and other factors affectingconsumer confidence, preferences, and behavior; disruption and volatility in the global currency, capital, and credit markets; the financial strength of the Company'scustomers; the Company's ability to implement its business strategy, the ability of the Company to execute and integrate acquisitions; changes in governmental regulation,legislation or public opinion relating to the manufacture and sale of bullets and ammunition by our Sierra segment, and the possession and use of firearms and ammunition byour customers; the Company’s exposure to product liability or product warranty claims and other loss contingencies; disruptions and other impacts to the Company’s business,as a result of the COVID-19 global pandemic and government actions and restrictive measures implemented in response; stability of the Company’s manufacturing facilitiesand suppliers, as well as consumer demand for our products, in light of disease epidemics and health-related concerns such as the COVID-19 global pandemic; the impactthat global climate change trends may have on the Company and its suppliers and customers; the Company's ability to protect patents, trademarks and other intellectualproperty rights; any breaches of, or interruptions in, our information systems; fluctuations in the price, availability and quality of raw materials and contracted products as wellas foreign currency fluctuations; our ability to utilize our net operating loss carryforwards; changes in tax laws and liabilities, tariffs, legal, regulatory, political and economicrisks; and the Company’s ability to declare a dividend. More information on potential factors that could affect the Company's financial results is included from time to time in theCompany's public reports filed with the Securities and Exchange Commission, including the Company's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, andCurrent Reports on Form 8-K. All forward-looking statements included in this presentation are based upon information available to the Company as of the date of thispresentation, and speak only as of the date hereof. We assume no obligation to update any forward-looking statements to reflect events or circumstances after the date of thispresentation.NASDAQ: CLAR 2

W E I N N O VAT E & A C C E L E R AT E“SUPER FAN” BRANDSWhat is a “Super Fan” brand? Leading market share in at least one product History of innovation 100% brand awareness among core, activity-based consumer Untapped go-to-market potentialWhat is our “Innovate & Accelerate” strategy?Develop next-generation, world-class products while driving brand awareness & expandingproduct categories & distribution without losing the core user.NASDAQ: CLAR 33

WHAT IS CLARUS?WHO WE AREWHAT WE DOGlobal company focused on Super Fan brands in the outdoor & consumerindustriesIdentify, acquire & grow Super Fan brands that have a long history with the core user,but have not reached full potential.Enhance brand awareness across a wider user base, while protecting core identity.HOW WE DO IT(THE CLARUSPLAYBOOK)Accelerate product innovationExpand into new categoriesDrive product awarenessStrengthen go-to-market strategiesBring capital investmentProvide disciplined managementWHAT WEDON’T DOCreate new brandsBuy brands to extract synergiesAcquire “copycat” brandsNASDAQ: CLAR 4

EXECUTING ON OUR GOALS SINCE 2016OUR GOALS1Accelerate Brand Growth Via ProductInnovation, Increased Brand Awareness &Excellent AwarenessSTRONG RESULTS55%1170 bps2016 – 2019 RevenueGrowth2016 – 2019 Adj.EBITDA ExpansionCapital Deployed23Improve Profitability Via Gross MarginExpansion and Operating Expense LeverageDeploy Capital in Ways That Accelerate OurGrowth & Drive Shareholder Returns 19.2M 80MShare RepurchasesSince 2016Mergers & AcquisitionsSince 2016 0.025Quarterly Dividend Commenced in Aug 2018NASDAQ: CLAR 5

LARGE ADDRESSABLE MARKETSIN GROWING VERTICALS 12.7B 1.4B 3.9BGlobal Outdoor Apparel MarketGlobal Rock Climbing MarketGlobal Hard Adventure Sports Market5.6% Projected Five-Year CAGR9.6% Projected Five-Year CAGR2.5% Projected Five-Year CAGR 4.0B 9.1B 125.8BGlobal Footwear MarketNorth American HuntingEquipment MarketGlobal Skincare Market2.6% Projected Five-Year CAGR2.9% Projected Five-Year CAGR1.3% Projected Five-Year CAGRSources: Technavio and Statista.NASDAQ: CLAR 6

CLARUS BRANDS TODAYGLOBAL LEADERS IN INNOVATIVE OUTDOOR PRODUCTS¹Leading mountain activity-basedequipment brandGo-to brand for target shooting,long-range hunting & reloadingbulletsGlobal leader in alpine and snowsafety hardgoods and equipmentNiche leader in all-natural,performance skin care productsDiversifiedBusiness ModelSignificantGlobal ReachYear-Round ProductPortfolioExternalSourcing 30 product categories Sold in 50 countries Seasonal diversification of business Footwear & Apparel 14% of sales 50% of sales outside U.S. Front & center with retailer &customer year roundNorth America59%Mountain34%Climb31%Ski22%¹Based on Black Diamond Equipment, PIEPS & Sierra Bullets 2019 sales.Successful shift to 75-80%outsourcing strategy in 2018 toimprove gross marginsThird-PartyProduction75-80%Spring /Summer47%Europe24%Sport13% Fall / Winter53%ROW17%Owned Productionin U.S.20-25%NASDAQ: CLAR 7

UNLEASHING THE BLACK DIAMONDBRANDHERITAGE:1957 Iconic & leading lifestyle & sport-defining brand Rich history in the outdoor space of technical innovation &sales growing at a 12% CAGR since 1989 Accelerating industry-leading product innovation &development capabilities Investing in new product categories – footwear & apparelTARGET CUSTOMER:ClimbersBackcountry SkiersAlpinistsTrail RunnersSnow Safety ProsOutdoor Enthusiasts Differentiated product performance elements – stretch rainwear,ultra lightweight apparel Significant opportunities for continued global growth expectedacross wholesale & DTCNASDAQ: CLAR 8

500 AWARDS in the past 10YEARS2016-2019 AWARDSINDUSTRY-LEADING PRODUCTINNOVATIONPerformance FootwearPerformance LifestyleRechargeable LightingForged DenimDistance 4 VestLogowearNASDAQ: CLAR 9

HERITAGE:1972PIEPS – AVALANCHE TRANSCEIVERTECHNOLOGY FOUNDER & MARKET LEADER Premium avalanche safety products – transceivers &probes, shovels, packs & safety equipment Semi-autonomous, discrete brand but closely-linked toBlack Diamond IP, specifically avalanche technology, supports BlackDiamond’s focus on developing electronic technology &applications portfolio Played key role in development of JetForce avalanche airbagtechnology Expect to grow PIEPS’ sales in markets & geographiescovered by Black Diamond’s global distribution platform Historically generated higher gross margin than typicalhard goods brandsNASDAQ: CLAR 10

HERITAGE:1947SIERRA – DEDICATED TOMANUFACTURING THE MOST ACCURATEBULLETS IN THE WORLD SIERRA is an iconic American manufacturer of bullets,70-year operating historyDiverse Customer BaseGreen Box Acquired Aug 2017, attractive allocation of capital Strong recurring revenue & 95% free cash flow¹conversion Adjacent outdoor brand benefiting from our outdoorplatformOEM Significant opportunities to accelerate growth viaproduct innovation, new category expansion, distribution,sales & marketingNASDAQ: CLAR 11¹Defined as net cash provided by operating activities less capital expenditures.

SKINOURISHMENT – PLANT-BASED,SYNTHETIC-FREE, SUSTAINABLE,PERFORMANCE SKINCARE Skin performance & protection: lotion (the original lotion bar),lip balm, muscle paste, insect repellent Superior efficacy & the highest clean ingredient standard New innovations: sunscreen, hand sanitizer & hand soap Incredible loyalty from both natural product lovers & athletes(running, cycling, skiing, climbing, lifting, hiking, etc.) Top athletes, strong social media, extensive story & content Led by consumer brand & marketing industry executive TaylorWest (prior roles with KT Tape, Kodiak Cakes, General Mills)NASDAQ: CLAR 12

CLARUS FINANCIAL SUMMARYTOTAL SALESGROSS PROFIT10.3% CAGR10.3% CAGR 212.1YoY Growth 155.3 148.220152016(1.9%) 229.4 54.2 170.7(4.6%)20172018201915.2%24.3%8.1%ADJUSTED EBITDA¹% Margin 43.7 74.0 80.3 APITAL EXPENDITURES111.9.% CAGR 20.8 22.7 4.1 2.6 2.820152016201720181.4%1.7%1.7%1.6% 6.1% Margin 2.1 1.1( 2.7)20152016201720182019N/A3.5%9.8%10.8%0.7%Note: Results are not pro forma for acquisitions or divestitures.¹See appendix for a reconciliation to this non-GAAP measure.% of Sales 3.4NASDAQ: CLAR 1320191.8%

COVID-19 ACTION PLAN & PRIORITIES❶ OUR PEOPLE #1 priority is the health & safety of our employeesWork-at-home mandates for office employeesEnhanced safety & health protocols for employees in work functions deemed essential“Top Rope Fund” to help with employees experiencing hardships❷ PRESERVATION OF BRAND EQUITY Represents our lifebloodMaintaining product pricing integrityOur supply chain is operating wellDirect-to-consumer business remains strong (sales up 16% in Q1 2020)❸ LIQUIDITY 13M in cash at 3/31/20Total available liquidity of 28MModest long-term debt of 32M (LIBOR 150-225 bps) 13M of cash preservation activities identified in 2020 Re-allocated & eliminated 9M in SG&A Postponed 2M of non-essential capex Temporarily replaced quarterly cash dividend with stock dividend¹Net debt to trailing 12-month adj. EBITDA of 1.4 vs. 3.1 covenant.14NASDAQ: CLAR 14

KEY TAKEAWAYS Our brands have generated significant momentum through afocus on product innovation & increased brand awareness,targeted investments & management execution Our growth opportunities are expected to be significant thanks toan expanding addressable market, authentic brands &commitment to innovation Key financial metrics showing strong improvement Financial strength allows for various long-term value-enhancingactions – M&A, dividends & buybacksNASDAQ: CLAR 15

CONTACT USClarus CorporationCompany Contact2084 East 3900 SouthJohn Walbrecht, PresidentSalt Lake City, UT 84124Aaron Kuehne, CAO and CFOTel 801.278.5552www.claruscorp.comInvestor RelationsCody Slach, Gateway Investor RelationsTel 949.574.3860CLAR@gatewayir.com

APPENDIX

Clarus Adjusted EBITDA Reconciliation2019Net income (loss) Year Ended December 31,2017201818,972 7,301 (673) 20162015(8,978) (88,106)Income tax benefitOther, netInterest expense, (533)2,87647,692(434)2,767Operating income nAmortization of intangiblesEBITDA Restructuring chargeMerger and integrationTransaction costsArbitration awardInventory fair value of purchase accountingStock-based compensationAdjusted EBITDA19,534 13 16,467 662 20,808 6,053 (2,631) 1,395290(1,967)227 (2,686)(33,797)3,37594629,5071,094 1,125NASDAQ: CLAR 18

Global Outdoor Apparel Market 5.6% Projected Five-Year CAGR 1.4 B Global Rock Climbing Market 9.6% Projected Five-Year CAGR 3.9 B Global Hard Adventure Sports Market 2.5% Projected Five-Year CAGR 9.1 B North American Hunting Equipment Market 1.3% Projected Five-Year CAGR 125.8 B Global Skincare

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