The following Management's Discussion and Analysis of Financial Condition and Results of Operations ("MD&A") provides information for the three and nine month periods ended September 30, 2022. This MD&A should be read together with our unaudited condensed consolidated interim financial statements and the accompanying notes for the three and nine month periods ended September 30, 2022 (the "consolidated financial statements"). The consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States ("U.S. GAAP"). Except where otherwise specifically indicated, all amounts in this MD&A are expressed in United States dollars.

Certain statements in this MD&A constitute forward-looking statements or forward-looking information within the meaning of applicable securities laws. You should carefully read the cautionary note in this MD&A regarding forward-looking statements and should not place undue reliance on any such forward-looking statements. See "Cautionary Note Regarding Forward-Looking Statements".

Additional information about the Company, including our most recent consolidated financial statements and our Annual Information Form, is available on our website at www.igen-networks.com, or on SEDAR at www.sedar.com and on EDGAR at www.sec.gov.

Cautionary Note Regarding Forward-looking Statements

Certain statements and information in this MD&A may not be based on historical facts and may constitute forward-looking statements or forward-looking information within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and Canadian securities laws ("forward-looking statements"), including our business outlook for the short and longer term and our strategy, plans and future operating performance. Forward-looking statements are provided to help you understand our views of our short and longer term prospects. We caution you that forward-looking statements may not be appropriate for other purposes. We will not update or revise any forward-looking statements unless we are required to do so by securities laws. Forward-looking statements:





        Typically include words and phrases about the future such as "outlook",
    ?   "may", "estimates", "intends", "believes", "plans", "anticipates" and
        "expects";




    ?   Are not promises or guarantees of future performance. They represent our
        current views and may change significantly;




    ?   Are based on a number of assumptions, including those listed below, which
        could prove to be significantly incorrect:




       -   Our ability to find viable companies in which to invest
       -   Our ability successfully manage companies in which we invest
       -   Our ability to successfully raise capital
       -   Our ability to successfully expand and leverage the distribution
           channels of our portfolio companies;
       -   Our ability to develop new distribution partnerships and channels
       -   Expected tax rates and foreign exchange rates.




    ?   Are subject to substantial known and unknown material risks and
        uncertainties. Many factors could cause our actual results, achievements
        and developments in our business to differ significantly from those
        expressed or implied by our forward-looking statements. Actual revenues
        and growth projections of the Company or companies in which we are
        invested may be lower than we expect for any reason, including, without
        limitation:




  - the continuing uncertain economic conditions
  - price and product competition
  - changing product mixes,
  - the loss of any significant customers,
  - competition from new or established companies,
  - higher than expected product, service, or operating costs,
  - inability to leverage intellectual property rights,
  - delayed product or service introductions

Investors are cautioned not to place undue reliance on these forward-looking statements. No forward-looking statement is a guarantee of future results.






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Overview

During the nine months of 2022, the Company has made significant progress on increasing its customer-base for both the consumer and commercial platforms. The Company also increased its patent portfolio from 20 to 40 claims with the most recent patent-pending filing for scoring autonomous driven vehicles. Notable highlights of the nine-month period ended September 30, 2022 include the following Company achievements:





    IGEN secures $5M Equity-Line Financing to support product brand growth and
    strategic initiatives

    Association of Credit Union Executives of Puerto Rico (ASEC) announces
    Exclusive Marketing Agreement to sell CU Trak and Family Shield products to
    its members in Puerto Rico affiliated Latin American territories

    IGEN files Patent Pending Application for Creating Real-Time Driver Telematic

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