#1+Me AURORA INVESTOR PRESENTATION January 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 Med Releaf, 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#3Capturing Margin Throughout the Cannabis Value Chain Aurora is a leader in the domestic consumer market as well as the domestic and international medical cannabis markets. To achieve large- scale growth and long-term, sustainable profitability, Aurora has identified a number of elements critical to driving the success of its strategy. This dynamic growth strategy will enable Aurora to capture greater margin across the entire cannabis industry value chain. BRANDS Create unique brands and customer experiences that resonate both with the medical community and the adult consumer use market to help capture market share. DISTRIBUTION Develop strong domestic and international distribution partners and networks to ensure a broad market reach. SCIENCE Develop and acquire market- able intellectual property while strengthening our global medical brand and generating increased visibility. 米 AURORA INNOVATION Develop, adopt and acquire innovations across the entire cannabis industry value chain to deliver efficiencies and create competitive advantages. SCALE Develop large scale, highly efficient production capacity in diverse geographic markets to serve the global demand for medical cannabis. DIVERSIFICATION Develop a broad portfolio of high value-add products to deliver higher margins. COST OF PRODUCTION Adopt a purpose-built, high-technology, automated, yield optimized facility model that is replicable across the Company's different markets, ensuring consistently high- quality cannabis products, produced at low costs. AURORA 3#4Aurora: leader in the global cannabis industry Sector leader in technology across operations and product development Active in 5 continents and 25 countries Industry leading gross margins & best-in- class indoor cash cost to produce of $0.85/gram 1. 2. Includes 2 production facilities in Canada and 1 European distribution center Studies include randomized clinical trials and observational studies in addition to several case studies. 15 global production facilities with 2 EU GMP certified (1) Medical cannabis industry leader in Europe and Latin America 40 Clinical Studies underway or completed (2) and over 84,000 medical patients served AURORA 4#5Extensive Distribution Channels in Canada and Internationally CANADA... MEXICO. COLOMBIA CAYMAN ISLANDS UNITED KINGDOM IRELAND SPAIN PORTUGAL ******** NETHERLANDS MALTA............. ● BRAZIL URUGUAY DENMARK ESTONIA LATVIA LITHUANIA POLAND GERMANY CZECH REPUBLIC FRANCE ITALY SOUTH AFRICA ............ AUSTRALIA Active in 25 countries across 5 continents AURORA 5#6Cultivation Matters Mass Scale, High-Quality and Low-Cost Production is Crucial for Success Mass scale, high-tech facilities designed to meet the fast-growing global demand for cannabis in the medical and consumer markets 1. Medical cannabis requires consistent and high-quality product. Extensive use of automation drives Aurora sustainable, low cost advantage Focus on high-quality products, allows Aurora to service various end markets, starting with medical and pharma(1), through precise control of every cultivation variable AURORA 6#7Quarterly Net Revenue (C$ mm) Strong Revenue, Patient and Production Growth $100 $90 $80 $70 $60 $50 $40 $30 $20 $10 $0 Sep-16 Dec-16 Mar-17 Jun-17 Sep-17 190% CAGR Dec-17 Mar-18 Jun-18 Sep-18 Dec-18 Mar-19 Jun-19 Sep-19 Grams of Dried Flower Equivalents 16,000,000 14,000,000 12,000,000 10,000,000 8,000,000 6,000,000 4,000,000 2,000,000 Sep-16 Dec-16 Grams Produced Mar-17 Jun-17 Sep-17 Dec-17 Mar-18 Registered Medical Patients Jun-18 Sep-18 Dec-18 Mar-19 Jun-19 Sep-19 100,000 90,000 80,000 70,000 60,000 50,000 40,000 30,000 20,000 10,000 AURORA Registered Medical Patients 7#8Significant Opportunity Across Medical, Consumer and Wellness Markets Expected global disruption in the beverage, pharmaceutical, CPG and tobacco industries Source: BMO Research and Deloitte 1. Estimated for Canadian Medical TAM assumes LPs obtain retail prices for cannabis. 2. Estimate for total potential market opportunity for Canadian Adult-Use. ~$3 billion Canadian Medical (1) -$9 billion Canadian Consumer(2) ~$70+ billion Global Medical (3) ~$115+ billion Global Consumer (4) Total global cannabis opportunity is ~$200 billion 3. Estimate consists of medical markets for the U.S., EU and LATAM markets only and assumes EU and LATAM TAM based on wholesale pricing while US TAM assumes retail pricing. 4. Estimate consists of adult-use markets for the U.S. and EU markets only and assumes that LPs obtain retail pricing for cannabis. AURORA 8#9Significant Canadian Opportunities Across Medical, Consumer, and Wellness Markets Product Mix Margin (Outlook) Keys to Success Medical dry flower oils soft gels Improving as contribution from derivatives increases Patient capture Drive down costs Product innovation Branding through clinical trials Consumer Jill vapes concentrates gummies chocolates baked goods mints Enhanced Margin through Premium and Innovative Products R&D to develop high-margin products Comprehensive house of brands Leverage medical reputation and credibility AURORA 9#10Successful Canadian Consumer Market Launch Top 3 Best-Selling Products in Ontario) #1 PINK KUSH San Rafael'71 MedReleaf #2 BLUE DREAM Aurora by Aurora Cannabis #3 TANGERINE DREAM San Rafael'71 MedReleaf ALTAVIE BIDIOL CANADIAN CANNABIS AWARDS. 2019 1. Sourced from ON Cannabis Stores website OCS.ca; data taken as of September 2019 Comprehensive portfolio of medical and consumer brands: ++ AURORA MedReleaf. CanniMed® ROAR Therapeutics Inc. SPORTS PLANETHEMP 4 2019 Canadian Cannabis Awards Top Sativa Flower for San Rafael '71 Tangerine Dream Top Indica Flower for San Rafael '71 Pink Kush Top Cannabis Spray for Aurora Sativa Oral Spray ✓ Top Balanced Bottled Oil for MedReleaf Midnight Oil ✓ San Rafael WOODSTOCK AURORA 10#11Aurora Hemp With expertise and valuable assets across the value chain, Aurora Hemp is an integrated operating unit that leverages high-quality genetics, extraction, product development, brands and distribution to drive the Company's global hemp strategy. HEMPCO a leading processor & marketer of hemp based products and brands Europe's largest producer, processor and supplier of organic hemp and hemp products agropro BORELA a European hemp processor and distributor RADIENT a global trailblazer in high-tech CBD extraction at a commercial scale ICCLABS UFC Anandia ROAR SPORTS a South American pioneer in cannabis and hemp-based products a joint partnership to examine the use of hemp-derived CBD on MMA athletes an industry leader in science, genetics, and independent cannabis product testing a portfolio of science-backed, high-quality, hemp-derived CBD products AURORA 11#12Establishing EU Market Leadership European Union Population: ~465 million | Market Opportunity: ~C$98 billion GERMANY - The acquisition of Pedanios, now Aurora Deutschland, provides distinct first-mover advantage in the single largest federally legalized medical cannabis market with a population of 82+ million in Germany EU GMP certified facilities necessary for success in the EU markets Aurora currently holds a leading market share in the German medical market 70+ employees across Germany and the EU Germany has broad insurance coverage for medical cannabis, allowing for substantially higher margins and is expected to reduce margin compression over time Selected by the German Federal Institute for Drugs and Medical Devices as one of three winners in the public tender to cultivate and distribute medical cannabis in Germany Source: BMO Research. 1. Estimated to be completed by calendar H2 2019 DENMARK First LP to ship medical cannabis to Denmark. Aurora also has Aurora Nordic, a 51% owned, 1,000,000 sq ft facility being built(¹) in Odensk, along with a 100,000 sq ft retrofit facility MALTA - First LP to receive cultivation LOI issued by the Maltese authorities to date and first LP to ship medical cannabis to Malta UNITED KINGDOM - Authorities recently granted Aurora approval for its first shipment of medical cannabis into the UK from Canada ITALY - Supplying cannabis to the Italian government through Aurora Europe. First LP to complete private export from Canada in April 2018 CZECH REPUBLIC - Supplying cannabis to Czech Medical Herbs s.r.o. ("CMH"), a Czech pharmaceutical wholesaler, for distribution to pharmacies throughout the country POLAND - First LP to receive cannabis import permit from the Polish Ministry of Health PORTUGAL - Joint venture partnership with Gaia Pharm Lda. to develop facility and produce medical cannabis and derivative products AURORA 12#13Q1 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% 13#14Aurora's Path to Profitability NEAR TERM • Drive down costs by leveraging massive scale Protecting against eventual margin compression • Leadership in Global Medical Markets • Invest heavily in R&D to create optionality Brand building and protection through high-quality product MEDIUM TERM • Harvest Canadian market cash flow from near-term domestic strategy Leverage R&D work in higher-margin products (Vapes, CBD infusions, etc.) Global Medical leading to higher-margin sales LONG TERM • Branded high-margin products across both global medical and consumer markets R&D supports product development, brand development, and continued improvement in yields AURORA 14#15High-Margin Strategy A Sustainable Long-term Business Model Maximizing average selling price through: Leadership in key international markets allowing strategic focus on highest margin options (medical, new products) Full margin capture in international markets through direct ownership of distribution channels Commitment to science and product development > developing new higher margin products and marketable IP Driving down overall production per gram cash costs through: Commitment to science and technology > increasing yields through genetics, low per gram operating costs from world-class automation and replicable large- scale pharma-style production Low-input cost locations Leveraging massive scale to spread costs over a large volume of product Production costs at scale are well below $1 per gram AURORA 15#16Scientific Leadership Advantage Strong Science & Innovation Team to Driving Medical Advancements Shane Morris, PhD Chief Product Officer Experienced executive in the cannabis industry since 2015; previously part of the senior leadership team at Hydropothecary Jon Page, PhD Chief Science Officer UNIVERSITY OF MANITOBA First scientist to sequence the cannabis genome and provide deep insights into the biosynthesis of cannabinoids Jason Dyck, PhD Human Scientist, Director Professor in the Department of Pediatrics at the University of Alberta and a Canada Research Chair in Molecular Medicine Partnering with Leading Institutions and Universities 19 & UBC THE UNIVERSITY OF BRITISH COLUMBIA Kelly Narine, PhD Head of Biomedical Research Canada ARC CIRC PhD in Medical Genetics from the University of Alberta; Deep expertise in translating research into positive health outcomes UNIVERSITY OF TORONTO 1. Studies include randomized clinical trials and observational studies in addition to several case studies. de for McGill UNIVERSITY UNIVERSITY OF SASKATCHEWAN 40 7 Pre-Clinical Studies in Progress 27 Clinical Studies Currently Under Discussion Clinical Studies Underway or Completed(1) With Strong IP Retention on Clinical Studies Clinical Research Areas include: Pain, Epilepsy, PTSD, Anxiety, Opioid Sparing, Cancer, Neurodegeneration Mount Sinai Hospital Sinal Health System Joseph & Wolf Lebosic Health Complec Mater camh Centre for Addiction indent Cet de ser m AURORA 16#17Executive Leadership Team Terry Booth Chief Executive Officer CEO of 6 successful companies with 25 years experience in highly regulated industries 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 Allan Cleiren Chief Operating Officer Jonathan Page Chief Science Officer CEO of 6 successful companies with 25 years experience in highly regulated industries Globally renowned cannabis scientist. Co-lead of the Canadian team of scientists who first sequenced the cannabis genome. Co-founder of Anandia Labs Steve Dobler President Successful entrepreneur, member of many public companies' board of directors. Responsible for raising substantial funds for Aurora Dareen 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 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, Medreleaf, and Anandia Labs AURORA 17#18Board 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 AURORA Ronald Funk Director Deep consulting business experience, former VP Corporate 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 Affairs and Competitive Improvement for Rothmans Adam Szweras Director 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 Experienced securities lawyer, Founder of US developer of marijuana, hemp oil, and edible products AURORA 18#19Checking All the Boxes - A Platform for Accelerated Growth 3 Industry-Leading Scale Enhanced Diversification $ 000000000 ●●●●● ●●●● 000 Low Production Costs Extensive Distribution and Industry-Leading Channels in Canada Yields and Internationally Q Award-Winning Product Lines Support Brand Leadership Innovation and R&D Excellence Proficient M&A Capabilities 00000000 ●●●● 000 ●● 00000 Business Integration Expertise ●●●●●●● 5 Proven Execution & Agility Across Value Chain $ Enhanced Capital Markets Profile AURORA 19#20AURORA CONTACT INFORMATION Ananth Krishnan Vice-President, Capital Markets & Investor Relations [email protected] Rob Kelly Director, Investor Relations [email protected] Investor Relations 1-855-279-4652 [email protected]#21AURORA APPENDIX#22Executing on the Global Cannabis Opportunity Distribution ALCANNA . RADIENT Extraction Largest Canadian private retailer of adult beverages including beer, wine, spirits Bringing a state-of-the-art consumer retail concept featuring a variety of brands and wide selection of cannabis products • Investment aids rapid development of Canadian cannabis retail network . Opening 37 stores and retrofitting existing liquor stores into cannabis retail outlets • ~17% ownership interest Proprietary technology provides superior ingredient purity, yield, and cost Aligned with strategy of becoming the leading vertically integrated player considering the growing importance of cannabis extracts Cultivation CANN GROUP LIMITED • First mover in Australia focused on developing medicinal cannabis products Plant Science and Product R&D HEMPCO Flora Fotonica Hmicronwaste RCERSLO.. CTpharma CAPCIUM Inc. Chiom EV 10 WAGNER WDDIMASING Cit • Leading processor & marketer of hemp-based products and brands HIGHTIDE . Consumer Engagement and Brands • Provides safe, flexible, simple and innovative drug delivery systems for pain management therapies and treatments Developer of advanced grow light technologies Leading organic waste technology company that developed an on-site system that turns organic waste into clean water • Platform specializing in softgel encapsulation; expands Aurora's differentiated, higher-margin product offerings ● . Curated cannabis retailer with access to "craft" cannabis supply, and diverse brands for consumers Comprised of a portfolio of conscious lifestyle brands Technology enables the production of over 75 different pre-rolled product types, addressing a wide variety of market demands Developing a network of cannabis and accessory retail stores, as well as manufacturing and distributing branded cannabis accessories AURORA 22#23Select Portfolio of Clinical Studies Indication Cancer Pain Management Osteoarthritis Epilepsy Tourette's Syndrome Pharmacokinetics Epilepsy Genetics Chronic Pain Multiple Medical Conditions Research Partners OCOG, Sunnybrook Health Science Center, Hamilton Health Sciences, Juravinski Cancer Center McGill University Health Network & Queen Elizabeth II Health Science Center Royal University Hospital and University of Saskatchewan University Health Network N.A. Ontario Brain Institute, UofT, University Health Network, University Hospital London, Toronto Western Hospital Mount Sinai Hospital CFL Alumni Association, CannaConnect Clinic University of Alberta Trial Name Cannabis Oil for Pain Effectiveness Vaporized Cannabis for Painful Osteoarthritis of the Knee CBD in Children with Refractory Epilepsy Vaporized Cannabis in Adults with Tourette's Syndrome Comparative Bioavailability and Pharmacogenomics Study of THC on Healthy Volunteers CBD and THC Given as Adjunctive Therapy to Adults with Refractory Seizures Identification of Genetic Biomarker Signatures associated with Cannabis Efficacy and Dose in Survey Patients Assessing the Effects of Medical Cannabis on Pain and Related Quality of Life in Retired Athletes with Chronic Pain Health and Economics-Based Outcomes of Cannabis-Based Therapies Phase lla || || 1 ||| N.A. N.A. N.A. AURORA 23