#1+ AURORA INVESTOR PRESENTATION February, 2020#2Disclaimer CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS: Certain information contained in this presentation constitutes forward-looking statements under applicable securities laws. Any statements that are contained in this presentation that are not statements of historical fact may be deemed to be forward-looking statements. Forward looking statements are often identified by terms such as "may", "should", "anticipate", "expect", "potential", "believe", "intend" or the negative of these terms and similar expressions. Forward-looking statements in this presentation include, but are not limited to, statements with respect to accretive earnings, statements with respect to the funded production capacity which may not be achieved or realized within the time frames stated or at all, the anticipated size and or revenue associated with the adult consumer market in Canada and the global market for medical marijuana. Forward looking statements are based on certain assumptions regarding Aurora, including expected growth, results of operations, performance, industry trends and growth opportunities. While Aurora considers these assumptions to be reasonable, based on information currently available, they may prove to be incorrect. Recipients are cautioned not to place undue reliance on forward-looking statements contained herein. Forward-looking statements also necessarily involve known and unknown risks, including, without limitation, risks associated with general economic conditions; adverse industry events; future legislative and regulatory developments; inability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favorable terms; the early stage of the cannabis industry in Canada generally, realization of funded production estimates, income tax and regulatory matters; the ability of Aurora to implement its business strategies; competition; currency and interest rate fluctuations; the risk of difficulties in the integration of Aurora and MedReleaf, the estimated size of the adult consumer market for cannabis in Canada, the estimated size of the global medical cannabis market and other risks. Recipients are cautioned that the foregoing risks are not exhaustive. Readers are further cautioned not to place undue reliance on forward-looking statements as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this presentation are expressly qualified by this cautionary statement and reflect our expectations as of the date hereof, and thus are subject to change thereafter. Aurora disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. Factors that could cause anticipated opportunities and actual results to differ materially include, but are not limited to, matters referred to above and elsewhere in Aurora's public filings and the material change reports that will be filed in respect of this Transaction, which are, or will be, available on SEDAR. AURORA 2#3Defining the Future of Cannabis Worldwide Aurora Cannabis is a leading licensed producer of cannabis products, leveraging cutting edge technologies to provide premium, innovative products to patients and consumers globally. Establishing a strong leadership position in three distinct, rapidly growing markets. AURORA CONSUMER CANNABIS MEDICAL CANNABIS + 422 HEMP- DERIVED CBD 3#4Earning Our Leadership Position in a $200 Billion¹ Industry Leveraging our unique competitive advantages to capture market share Low Cost Cultivation {$² IP & Clinical Science 1. Source: BMO Research and Deloitte AURORA Scale & Global Reach 500 Innovative Product Development 8 Canadian Market Leadership 만? Patient Advocacy#5Cultivation: Our High Margin Strategy High Quality • Purpose built for cannabis production • Optimized yields Precision environmental controls ● Pharma-grade production • Built to EU GMP specifications ● Low Cost • Highly automated Mass Scale • Achieving economies of scale Current run rate 150,000 kg/year ● AURORA Cash Cost to Produce: $0.85 gram Q1 2020#6Current Production Facilities in Operation 1. AURORA MOUNTAIN CAPACITY: 4,800 KG/YEAR EU GMP Certified 3. AURORA EAU CAPACITY: 4,500 KG/YEAR 6. AURORA PRAIRIE CAPACITY: 19,000 KG/YEAR 9. WHISTLER ALPHA LAKE CAPACITY: 500 KG/YEAR AURORA 2. AURORA VIE CAPACITY: 4,000 KG/YEAR 4. AURORA SKY CAPACITY: >100,000 KG/YEAR 7. AURORA RIDGE CAPACITY: 7,000 KG/YEAR EU GMP Certified 10. WHISTLER PEMBERTON CAPACITY: >4,500 KG/YEAR 5. AURORA NORDIC 1 CAPACITY: 8,000 KG/YEAR 8. AURORA RIVER CAPACITY: 28,000 KG/YEAR EU GMP Certified 11. ICC LABS CAPACITY: >27,000 KG/YEAR 83 72 Current Annual Production Capacity 150,000 kg/year#7Sales and Operations in More Than 20 Countries ● Partner of choice in a number of international markets, reflecting the Company's ability to build relationships and navigate complex, evolving regulatory systems • Positioned to capitalize on nascent markets Countries Include: 1. AUSTRALIA 2. BRAZIL 3. COLOMBIA 4. CZECH REPUBLIC 5. DENMARK 6. ESTONIA 7. FRANCE 8. GERMANY 9. GREECE 10. IRELAND 11. ITALY AURORA 12. LATVIA 13. LITHUANIA 14. LUXEMBOURG 15. MALTA 16. NETHERLANDS 17. POLAND 18. PORTUGAL 19. SPAIN 20. UNITED KINGDOM 21. URUGUAY 10 18 19 20 16 14 8 5 11 15 17 13 6 12 3 21 7#8Canadian Market Leadership 4 Canadian Cannabis Awards Top Sativa Flower Top Indica Flower Top Cannabis Spray Top Balanced Bottle Oil ● ● CANADIAN CANNABIS AWARDS 2019 Top 3 Best-selling Products in Ontario Pink Kush Blue Dream Tangerine Dream AURORA ONTARIO (OCS) CANNABIS STORE More than 90,000 active registered medical patients AURORA 10,000 ft² Flagship Retail Location West Edmonton Mall, North America's largest mall#9A Diverse Portfolio of Contemporary Consumer Brands AURORA drift Whistler CANNABIS CO. FVGPA AURORA ALTAVIE San Rafael#10Advancing Cannabis Science & Intellectual Property 40 Clinical Studies Underway or Completed 7 Pre-Clinical Studies in Progress 27 Clinical Studies Currently Under Discussion AURORA WALLP VICH HE 108 Patents Filed to Date Patent Areas Include: MI K+ Extraction Systems & Methods Genetics Agricultural Methods Clinical & Recreational Products Clinical Research Areas Include: Pain, Epilepsy, PTSD, Anxiety, Opioid Sparing, Cancer, Neurodegeneration 10#11Market Leading Product Development Enhancing patient and consumer experiences through new innovative product formats THC AURORA CLOUD NUAGE CBOO CARTRIDGE 1 CARTOUCHE OHUILE DE CHO THC 16.7mg/ml CBD 225.1mg/ml (Total THC | THC Total 21.5mg/ml) (Total CBDICHO Total: 574.0mg/ml) RE WARNING: Adolescents are at great risk of harms from cannabis. Using cannabis as a teenager can increase y risk of becoming addicted MISE EN GARDE: Les adolescents so à risque élevé des effets dangereux du cannabis. Consommer du cannabe Tadolescence peut augmenter le risque de devenir dépendant First vape-ready cartridge to be permitted under Health Canada AURORA Oral Dissolve Strips ORAL DISSOLVE STRIPS BANDE-ONALES SOLUBLES 35 B AURORA tapa ww m er my M 1,100 Caudan combin Cheb ades de apr Softgel Capsules AURORA THC SATIVA LIQUID-GELS Cannabis Cl/Hule de cannab 52mg (Total THC per 5.2mg (THC Total par un nit:0.0m (Total CB0 per y 300g (CBD Total par un ambican be addictive 1 in 11 pe ous pouvez devenir dépendant d amabis endeviendra dependants THC AURORA INDICA Oral Mist Brumisateur oral Oral Spray Total THC Total: mg/ml. THC CBO THC H mg/in E mg/ml DES AURORA INDICA Oral Mist Brumisateur oral THC Tal Total CBOT mg/m THE mg/ml Bolo 150sprays per bottle CBD malal MISE EN GARDE Ne consommerpas suites enceinte oualater Consommer ducabis pendara Souve dangereux pour le TotalC80 Totalbredresonposa anamsance malml au 150 vaporisations par con WARNING: Denotuse pregnant or breastfeeding Using camat during pregnancy mayham your baby and nowbtheight THC and CBD oils THC MedReleaf Midnight Tun Olam Sativa Total THC Total: mg/ml Total CBD Total: mg/ml THC: GBD ma/m mo'm CanniMed €3 THC CanniMed Oil Huile 18-1 THC mg/ml mg Total THE THE Total 480 mg/ml Total CBD CBD Total mg/ AURORA THC HEMP DROPS SATIVA Carabol/Hiale de cannabis Net volume/Volume et 30 Packaged on/Emballe 2019-01- than 4,000 Canadians were ins0000000000000 erusing cannabis (in 2012) THC: 00.0mg/mL/THC otdrive or operate machinerya Ne conduisez pas ou n'utiliser000mg/ml/C80 Total:00 davez consommé du cannabis 4-828-3672-clentcare@w téblessés et 75 sont morts dangerer après ouverture No consommé du cannabis jen 20 OF OWLOREN/T lampoll/Hle de base Hule de sta 11#12Where We're Going: Cannabis 2.0 QUALITY EXTRACTS | PROPRIETARY EXTRACTION | SUPERIOR PRODUCTS | SCALE & EXPERTISE AURORA San Rafael AURORA AURORA AURORA 23 SKUS Launched in December, 2019 Initial product categories include vapes, concentrates, gummies, chocolates, baked goods and mints 12#13Executing on the Global Hemp Opportunity AURORAHEMP An Integrated operating unit that leverages genetics, extraction, product development, brands and distribution to drive Aurora's global hemp strategy. $34 billion¹ global hemp opportunity 1. BAML Global Research, Christopher Carey. "Industry Overview, A Cannabis World...and More People Are Living in It," April 17, 2019. Estimate includes US, Europe, Asia, Africa, Latin America, Oceania, and Canada. ROAD SPORTS AURORA ICCLABS The Official CBD Product of the UFC ул FO VALO Anandia BORELA HEMPCO CROAT UFC ROAR SPORT RADIENT agropro 13#14Emerging Pathway to US Market Entry Brightfield $5.1B Statista $813M US CBD Market Size Estimates 2019 & 2022 2019 Estimates 2022 Estimates AURORA BDS $12.3B Jefferies $3.5B Alignment to Aurora's Core Business Consumer/ Customer Data and Insights Keys to Success Strong Execution Team a Commitment to Quality Significant opportunity to be recognized across the legal, US Hemp-derived CBD value chain 14#15Leadership Across Value Chain A strategic network of assets that form a sophisticated seed-to-sale business BUILDING agropro AURORA ALPS AURORA LARSSEN PROJECTS HEMPCO CULTIVATION & EXTRACTION Anandia { the house Consulting Fine BE NORTHERN LIGHTS ICCLABS PLANT | MEDICAL SCIENCE & PRODUCT R&D BORELA CanniMed BY AURORA DISTRIBUTION canvas RX MED MedReleaf PEDANIOS Peloton COLOMBIA Therapeutics CPI. CONSUMER ENGAGEMENT & BRANDS H2 BIOPHARMA Whistler CANNABIS CO. 15#16Q1 2020 Key Performance Indicators $44.9M 33% $30.0M Q4 2019 Q1 2020 Consumer Net Revenue $1.14 Q4 2019 25% $0.85 Q1 2020 Cash Cost to Produce/Gram 29,034 43% Q4 2019 41,436 Q1 2020 Kilograms Produced AURORA $25.2M Q4 2019 $5.32M Q4 2019 1% Canadian Medical Net Revenue * Including the impact of $10.6 million in out-of-period adjustments, as reported Q4 2019 SG&A was $72.9 million 7% $83.5M* 3% Q4 2019 $25.5M Q1 2020 Average Net Selling Price/Gram SG&A $5.68M Q1 2020 $81.1M Q1 2020 $4.5M Q4 2019 58% Q4 2019 11% International Net Revenue 84,729 Q4 2019 0% $5.0M Q1 2020 Gross Margin on Cannabis Net Revenue 8% 58% Q1 2020 91,116 Q1 2020 Active Registered Patients 16#17Q1 2020 Financial Results $ in Canadian millions, unless otherwise noted Financial Net Revenue Gross Profit Gross Margin on Net Cannabis Revenue Cannabis Inventory and Biological Assets Cash Cost to Produce (per gram of dried cannabis sold) Operational Average Net Selling Price of Cannabis Kilograms Produced Kilograms Sold AURORA Q1 2020 $75.2 $53.7 58% $178.7 $0.85 $5.68 41,436 12,463 Q4 2019 $98.9 $67.0 58% $144.3 $1.14 $5.32 29,034 17,793 Change (%) (24%) (20%) NC 24% (25%) 7% 43% (30%) Q1 2019 $29.7 $14,361 70% $80.8 $1.45 $8.39 4,996 2,676 Change (%) 153% 274% (17%) 121% (41%) (32%) 729% 366% 17#18Executive Leadership Team Michael Singer Interim, Chief Executive Officer Former CFO, Clementia Pharmaceuticals Former CFO, Bedrocan Canada Corp. Darren Karasiuk Chief Commercial Officer Successfully launched Aurora into the Canadian consumer market, achieving strong brand recognition for Aurora's brands. Former VP Insights & Advisory at Deloitte Jillian Swainson Chief Legal Officer Former Partner at Brownlee LLP with experience in corporate, commercial, intellectual property and securities law and providing advisory services in highly regulated industries AURORA Allan Cleiren Chief Operating Officer Steve Dobler President Successful entrepreneur, member of many public companies' board of directors. Responsible for raising substantial funds for Aurora Experienced operational executive with nearly three decades leadership experience at private and public companies Jonathan Page Chief Science Officer Globally renowned cannabis scientist. Co-lead of the Canadian team of scientists who first sequenced the cannabis genome. Co-founder of Anandia Labs Debra Wilson Chief Human Resources Officer Seasoned leader with more than 25 years' experience in human resources, developing and practicing leading-edge methods Shane Morris Chief Product Officer 20 years experience in science and policy with proven leadership in generating science-based, consumer-focused products Glen Ibbott Chief Financial Officer Strong senior financial executive with extensive life sciences sector experience Darryl Vleeming Chief Information Officer Over 20 years of experience in Senior IT leadership, project delivery, and IT strategic planning at publicly traded international corporations André Jérôme Chief Integration Officer Diverse experience in value generation and identifying synergies across business areas. Successfully lead the integration of CanniMed, Med Releaf, and Anandia Labs 18#19Board of Directors Michael Singer Executive Chairman Former CFO, Clementia Pharmaceuticals Former CFO, Bedrocan Canada Corp. Shan Atkins Director Certified Public Accountant with over 20 years of corporate leadership experience. Served on public company boards, including Shoppers Drug Mart Ronald Funk Director Deep consulting business experience, former VP Corporate Affairs and Competitive Improvement for Rothmans AURORA Terry Booth Chief Executive Officer CEO of 6 successful companies 25 years experience in highly regulated industries Dr. Jason Dyck Director Professor in the Department of Pediatrics and Director of Cardiovascular Research Centre, University of Alberta Adam Szweras Director Experienced securities lawyer, Founder of US developer of marijuana, hemp oil, and edible products Steve Dobler President Successful entrepreneur, member of many public companies' board of directors. Responsible for raising substantial funds for Aurora Norma Beauchamp Director Retired President and CEO of Cystic Fibrosis Canada, Director of Acerus Pharmaceuticals Lance Friedmann Director Michael Detlefsen Director 19#20AURORA Investor Relations Email: [email protected] Website: investor.auroramj.com