RYU Apparel Inc. — Board/Management Information 2022

Nov 25, 2022

Form 51-102F3 MATERIAL CHANGE REPORT

Item 1. Name and Address of Company: RYU Apparel Inc. (the “ Company ”) 1745 West 4th Avenue Vancouver, BC V6J 1M2 Item 2. Date of Material Change November 25, 2022 Item 3. News Release:

The news release was disseminated through Newsfile Corp. on November 25, 2022.

Item 4. Summary of Material Change: The Company announced a change in management structure and the relocation of its corporate headquarters to Toronto, Ontario from Vancouver, British Columbia. The Company has accepted the resignations of former Chief Operating Officer Robert Blair and former Chief Financial Officer Robert Lelovic. Cesare Fazari will continue as Chief Executive Officer and assume interim Chief Financial Officer responsibilities, until a replacement is found. Blair joined the company in January 2021, with Lelovic starting in June 2022.

Item 5. Full Description of Material Change:

• 5.1 Full Description of Material Change

The Company announced a change in management structure and the relocation of its corporate headquarters to Toronto, Ontario from Vancouver, British Columbia. The Company has accepted the resignations of former Chief Operating Officer Robert Blair and former Chief Financial Officer Robert Lelovic. Cesare Fazari will continue as Chief Executive Officer and assume interim Chief Financial Officer responsibilities, until a replacement is found. Blair joined the company in January 2021, with Lelovic starting in June 2022.

• 5.2 Disclosure for Restructuring Transactions

Not applicable.

Item 6. Reliance on Subsection 7.12(2) of National Instrument 51-102:

Not applicable.

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Item 7. Omitted Information

No material facts have been omitted from this Material Change Report.

Item 8. Executive Officer

For further information, contact: Cesare Fazari, Chief Executive Officer of the Company (844) 535-2880

Item 9. Date of Report

November 25, 2022