Q3 2018...1 Once Aphria One and Aphria Diamond are Health Canada approved 2 All-in cash costs equal to cost of sales (excluding any fair value of biological assets adjustments) divided

Q3 2018INVESTOR PRESENTATION

A Global Cannabis Leader April 16, 2018

Q3 2018 INVESTOR PRESENTATION 2

This documentation is a presentation (the “Presentation”) of general background information about Aphria Inc.’s (“Aphria”) activities current as of April 16, 2018, unless stated otherwise. It is information in a summary form and does not purport to be complete. It is not intended to be relied upon as advice to investors or potential investors and does not take into account the investment objectives, financial situation or needs of any particular investor. These should be considered, with or without professional advice, when deciding if an investment is appropriate.

This Presentation does not constitute or form part of any offer for sale or solicitation of any offer to buy or subscribe for securities nor shall it or any part of it form the basis of or be relied on in connection with, or act as any inducement to enter into, any contract or commitment whatsoever. Recipients of this Presentation who are considering acquiring securities of Aphria are reminded that any such purchase or subscription must not be made on the basis of the information contained in this Presentation but are referred to the entire body of publicly disclosed information regarding Aphria.

The information contained in this Presentation is derived solely from management of Aphria and otherwise publicly available information concerning Aphria and does not purport to be all-inclusive or to contain all the information that an investor may desire to have in evaluating whether or not to make an investment in Aphria. The information has not been independently verified and is subject to material updating, revision and further amendment, and is qualified entirely by reference to Aphria’s publicly disclosed information.

No representation or warranty, express or implied, is made or given by or on behalf of Aphria or any of its affiliates, directors, officers or employees as to the accuracy, completeness or fairness of the information or opinions contained in this Presentation and no responsibility or liability is accepted by any person for such information or opinions. Aphria does not undertake or agree to update this Presentation or to correct any inaccuracies in, or omissions from, this Presentation that may become apparent. No person has been authorized to give any information or make any representations other than those contained in this Presentation and, if given and/or made, such information or representations must not be relied upon as having been so authorized. The information and opinions contained in this Presentation are provided as at the date of this Presentation. The contents of this Presentation are not to be construed as legal, financial or tax advice. Each prospective investor should contact his, her or its own legal adviser, independent financial adviser or tax adviser for legal, financial or tax advice.

Certain statements in this Presentation may constitute forward-looking information, including future-oriented financial information and financial outlooks, within the meaning of applicable securities laws. Forward-looking information may relate to Aphria’s future outlook and anticipated events or results and may include statements regarding Aphria’s financial results, future financial position, expected growth of cash flows, business strategy, budgets, projected costs, projected capital expenditures, taxes, plans, objectives, potential synergies, industry trends and growth opportunities. Often but not always, forward-looking information can be identified by the use of words such as “anticipate”, “believe”, “expect”, “project”, “estimate”, “likely”, “intend”, “should”, “could”, “may”, “might”, “target”, “plan” and other similar expressions or variations (including negative variations) of such words and phrases. Forward-looking information contained in this Presentation is based on certain assumptions regarding expected growth, results of operations, performance, industry trends and growth opportunities.

While management considers these assumptions to be reasonable, based on information available, they may prove to be incorrect. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Aphria to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. These risks, uncertainties and other factors include, but are not limited to risks associated with general economic conditions; adverse industry events; marketing costs; loss of markets; future legislative and regulatory developments involving medical marijuana; inability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favourable terms; the medical marijuana industry in Canada generally, income tax and regulatory matters; the ability of Aphria to implement its business strategies; competition; crop failure; currency and interest rate fluctuations, and the other risks discussed under the heading “Risk Factors” in Aphria’s Annual Information Form dated July 12, 2017. The foregoing factors are not intended to be exhaustive.

Although Aphria has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Forward-looking statements contained herein are made as of the date hereof and Aphria and its directors, officers and employees disclaim any obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, you should not place undue reliance on forward-looking statements due to the inherent uncertainty therein. All forward-looking information is expressly qualified in its entirety by this cautionary statement.

Forward-looking information and other information contained herein concerning management’s general expectations concerning the medical marijuana industry are based on estimates prepared by management using data from publicly available industry sources as well as from market research and industry analysis and on assumptions based on data and knowledge of this industry which management believes to be reasonable. However, this data is inherently imprecise, although generally indicative of relative market positions, market shares and performance characteristics. While management is not aware of any misstatements regarding any industry data presented herein, industry data is subject to change based on various factors.

This Presentation may not be reproduced, further distributed or published in whole or in part by any other person. Neither this Presentation nor any copy of it may be taken or transmitted into or distributed in any other jurisdiction which prohibits the same except in compliance with applicable laws. Any failure to comply with this restriction may constitute a violation of applicable securities law. Recipients are required to inform themselves of, and comply with, all such restrictions or prohibitions and Aphria does not accept liability to any person in relation thereto.


Aphria is a worldwide leader in the production, distribution and supply of high-quality cannabis.

ORIGINAL GREENHOUSE GROWERS: Rooted in our founders’ multi-generation expertise in commercial agriculture, we know how to grow and we know how to grow to scale.

FROM CANADA, REACHING THE WORLD: Based in Leamington, Ontario, our expanding footprint reaches across Canada and in legal cannabis markets around the world.

QUALITY IS IN OUR DNA: We are setting the standard for pharmaceutical-grade, safe, clean and pure cannabis products.

WE HAVE A GOOD THING GROWING.


Creating shareholder valueSIGNIFICANT

CASH AVAILABLE FOR DEPLOYMENT DOMESTICALLY OR INTERNATIONALLY

ONE OF THE LARGEST

INTERNATIONAL FOOTPRINTS

WITH A PRESENCE IN MORE THAN 10 COUNTRIES

10 CONSECUTIVE QUARTERS OF

POSITIVE ADJUSTED EBITDA3

ONE OF THE LARGEST

FULLY-FUNDED PRODUCTION

CAPABILITIES OF 225,000 KG ANNUALLY1

LOW COSTPRODUCER AT

$0.96 PER GRAM2

1 Once Aphria One and Aphria Diamond are Health Canada approved2 All-in cash costs equal to cost of sales (excluding any fair value of biological assets adjustments) divided by grams sold in quarter (Q3 2018) 3 Non-IFRS measure (see Q3 2018 MD&A)


A WORLD-CLASS ORGANIZATION

Growing is our roots, but we’ve built a world-class organization upon that foundation

OUR ROOTS Original greenhouse growers “The Aphria Know-How System”

State-of-the-art production and

processing

Network for cross-Canada

supply and distribution

International expertise and

expanding footprint in high-value

legal markets

In-house development of portfolio of adult-use

brands

High-value strategic

investments and partnerships

OVER 60 YEARS OF EXPERTISE IN AGRICULTURE AND LARGE-SCALE GREENHOUSE GROWING


ISRAEL

LESOTHOURUGUAY

CANADASPAIN

UNITEDKINGDOM GERMANY

ITALY

AUSTRALIA

Aphria expands leadership in medical cannabis around the world


PREMIER GREENHOUSE DESIGN

USFDA GMP-CERTIFIED

1,000,000 sq. ft.

300,000 sq. ft. operational

Fully-funded additional 700,000 sq. ft. on track,

expected first sale in January 2019

PREMIER GREENHOUSE DESIGN

1,300,000 sq. ft.,

plus 72,000 sq. ft. of infrastructure for future builds

PREMIUM INDOOR CANNABIS PRODUCTION

104,000 sq. ft.

26,000 sq. ft. operational

18,000 sq. ft. expansion to be completed soon

60,000 sq. ft. expansion expected

to be completed in 2019

THE ONLY CANADIAN CANNABIS GMP-CERTIFIED LAB

Cannabis products will be processed under a GMP license for export

internationally

State-of-the-art Canadian production and processing facilities

APHRIA ONE

Leamington, Ontario (Talbot Road)87 acre site

APHRIA DIAMOND4

Leamington, Ontario (Mersea Road /

Double Diamond)100 acre site

BROKEN COAST

Duncan, BC5 acre site

AVANTI LAB

Brampton, ON

4 Currently under construction. Pending Health Canada license.


Ample capacity to meet growing global demand

APHRIA ONE

BROKEN COAST

APHRIA DIAMOND

2,500 kg(Present)

30,000 kg(Present)

100,000 kg(2019)

120,000 kg(2019)

32,500 kg(Present)

225,000 kg(2019)

5,500 kg(2019)

TOTAL

TOTAL ANNUALIZED PRODUCTION CAPACITY

225,000 kg COMBINED ANNUAL PRODUCTION

ONE OF THE LARGEST FULLY-FUNDED PRODUCTION

CAPABILITIES IN THE INDUSTRY IN EARLY 2019


Gateway to the world with Aphria International

GERMANY Supply agreement with the sixth largest parallel importer and pharmaceutical distribution company with access to over 13,000 pharmacies in three different countries

ITALY One of seven import licenses, and will supply the market through off-take agreements originating in Canada and Lesotho through its European GMP medical cannabis hub in Malta

MALTA Subsidiary ASG Pharma, a high-capacity GMP lab in Malta, is planned to be a hub for the production and distribution of oil-based medical cannabis products to European medical cannabis markets.

UNITED KINGDOM Import agreement for pharma-grade CBD isolate

LESOTHO Off-take agreement with Verve Dynamics Incorporated, a licensed cannabis grower in the Kingdom of Lesotho.

AUSTRALIA 33% ownership in Althea Company Pty Ltd., a licensed producer of medical cannabis in Australia

Supply agreements with MedLab and another Australian company for use in clinical drug trials.

ISRAEL Established presence and relationships


A worldwide leader in low-cost production

0

2

4

1.56 0.96

Q3 2018

2.13 1.45

Q2 2018

1.610.95

Q1 2018

All-in cost of goods sold Cash cost to produce Competitor - average5

All-in costs equal to cost of sales (excluding any fair value of biological assets adjustments) divided by grams sold in quarter. Cash costs equal to cost of sales less amortization reported in cost of sales, all divided by grams sold in quarter.

5 All competitor calculated values used within the table above are based on reported financial statements for comparative operating periods available on SEDAR as of April 16, 2018 applying Aphria’s definitions for All-in costs and Cash costs, as described above


Industry-leading cost-savings, powered by sunlight

CAPEX BENEFIT

PRODUCTION COSTS

New greenhouse build or retrofit $55 sq. ft.

Indoor grow$250 - $300 sq. ft.

=FERTILIZER SAVINGS

• Aphria’s cost - $0.005 / L

• Competitor’s fertilizer cost - $0.22 / L

• Aphria’s costs are 2% of our competitors

ELECTRICAL SAVINGS

• Aphria’s annual electrical costs $5.50 / sq. ft.

• Indoor grower’s annual electrical costs $65.00 / sq. ft.

• Aphria’s costs are 8% of our competitors*

THEM APHRIA

3X hours usage

2X

light density

2X Cooling

* Ontario based


Quality is in our DNAOUR PRODUCTIONAphria One is GMP-certified to the standard established by the United States FDA for Active Pharmaceutical Ingredients and Finished Pharmaceuticals

OUR LABSAvanti Lab is the only Canadian cannabis GMP-certified lab

ASG Pharma, our Malta-based lab and EU production and distribution hub, holds EU GMP certification

OUR PROMISEOur Seed-to-Sale Certified QM program has over 500 steps and goes above and beyond the requirements of the ACMPR


An established and expanding multi-channel supply networkMEDICAL (CANADA)

EXPORT (APHRIA INTERNATIONAL)

ADULT-USE (CANADA)

SHARE OF VOLUME (@ 225,000 KG)

JULY ‘18 JULY ‘19

38,000 kg 11,000 kg

7,000 kg 72,000 kg

180,000 kg 142,000 kg

APHRIA.CA(Direct to Consumer)

ADDITIONAL IN-HOUSE DEVELOPED BRANDS

PORTFOLIO OF ADULT-USE BRANDS

Retail Partners:

WHITE LABEL

BULK / WHOLESALE

LICENSING DEALS


P R O D U C T P H O TO G R A P H YSome considerations for product photography:

Single product images• Product(s) should be on clean, white

background.• Soft shadows should be used.

Product cluster images• Please use the cluster images from the

master image archive. Do not create new cluster compositions.

• Product(s) should be on clean, white background.

• Soft shadows should be used.

51APHRIA BRAND GUIDE CONTACT KYLE ASSELSTINE FOR ADDITIONAL INFORMATION:

EMAIL [email protected] | PHONE 1 416–219–7063

APHRIA PORTFOLIO OF BRANDS

Thoroughly researched and developed adult-use brands

MEDICAL ADULT-USEPORTFOLIO OF ADULT-USE BRANDS

LICENSING DEALS PARTNER BRANDS*

The development of our diverse brand portfolio started more than a year ago and is grounded in expertly-researched consumer insights and designed to meet the needs of Canada’s most profitable consumer segments

ADDITIONAL IN-HOUSE DEVELOPED BRANDS

ANTICIPATE LICENSING IN FISCAL 2019


GROWING PORTFOLIO OF VALUE-ADDED

PRODUCTS TO SERVE DIVERSE USER PREFERENCES:

Vape pens

Edibles Coming soon:

In-house Roastery at Aphria One

Nutraceuticals

Soft gels

Topicals

Innovation-driven science and partnerships

STRATEGIC PARTNERSHIPS IN LEADING CANNABIS R&D:

Tetra Bio-Pharma Biopharmaceutical leader in cannabinoid-based

drug discovery and developmentPPP001 Drug study is currently in Phase 3

Medlab (Australia) Australian-based biotechnology company

•TGA & HREC approved, nano particle cannabis

mucosal spray trial in advanced cancer pain. •

TGA drug validation models in final stages, expecting first dose to patients in 1 month

Animal Health Study (Australia)


Cole Cacciavillani Co-Founder & VP. Growing Operations

35+Years in agri-business• Greenhouse industry veteranand pioneer

• Expertise in how best to use nature’s light in tandem with proprietary growing techniques and technologies

• Responsible for the Aphria Know-How System

John Cervini Co-Founder & VP of Infrastructure

20+Years in agri-business• Fourth-generation greenhouse grower

• Significant experience in greenhouse growing technology and greenhouse expansions

• Proven track record with a focus on product safety, product traceability and standardized industry procedures.

OUR DEEP AGRICULTURAL ROOTS AND PROVEN TRACK RECORD IN PLANT AND PRODUCTION-RELATED EXPERTISE UNIQUELY POSITIONS APHRIA TO BE AN INDUSTRY LEADER IN CANADA AND AROUND THE WORLD.

Unparalleled experience from the top downOur founders’ expertise in agriculture and ongoing involvement in day-to-day operations sets us apart

Vic NeufeldChief Executive Officer

20+Years in pharma• CEO of Jamieson

Laboratories 1993-2014

• Demonstrated vision, growth & performance


Over 300 employees power the Aphria engine, delivering value across the organization

ProcessingGrowingPatient CareScience & QualityExecutive & ManagementMarketing & Business FunctionsFinance

96

91

48

32

21

2020


History of strong financial performance

Consecutive quarters of

positive EBITDA

10

Year-over-year revenue growth

100%

Strong margins (YTD)

74.1%


Financials


D R I E D C A N N A B I S PA C K A G I N G

56APHRIA BRAND GUIDE CONTACT KYLE ASSELSTINE FOR ADDITIONAL INFORMATION:

EMAIL [email protected] | PHONE 1 416–219–7063

Q3 -2018 Q2 -2018

Revenue 10,267 8,504

Kilograms sold 1,428.1 1,237.0

All-in cost of goods sold 1.56 2.13

Cash cost to produce 0.96 1.45

Adjusted Gross margin 77% 68%

Q3 2018 Results


Revenue $ 10,267

Production costs 2,355

Gross profit before fair value adjustments 7,912

Fair value adjustment on sale of inventory 3,443

Fair value adjustment on growth of biological assets (4,101)

Gross profit 8,570

Operating expenses: General and administrative 2,794

Share-based compensation 5,959

Selling, marketing and promotion 2,991 Amortization 755 Research and development 110

12,609

Income of operations (4,039)

Other Items 21,055 Net Income before income taxes 17,016

Income taxes 4,072

Net income $ 12,944

Weighted average number of common shares – basic 161,120,698

Earnings per share – basic $ 0.08

Reconciling net income and earnings per share QUARTER 3 - ENDED FEBRUARY 28, 2018 Unaudited - in thousands of Canadian dollars

UNDER IFRS MARGINS ARE 83.5% AFTER EXCLUDING

NON-CASH IFRS ADJUSTMENTS GROSS MARGINS ARE 77.1%


TOTALPERCENTAGE

(FULLY DILUTED)

Common shares outstanding 177,697,791 80%Options - $0.60 - $22.89 7,304,147 3%Warrants - $1.50 - $3.14 2,301,872 1%

Fully Diluted shares as at February 28, 2018 187,303,810

Shares issued on purchase of Nuuvera 31,226,910 14%Nuuvera options rolled - $2.52 - $14.38 1,280,330 1%Nuuvera warrants rolled 1,668,232 1%

Fully Diluted Shares 221,479,282 100%

Equity STRONG WELL-CAPITALIZED BALANCE SHEET

STRONG BALANCE SHEET WITH $173.7 MILLION IN CASH

AND NEAR CASH POSITION ($120.6 MILLION NET OF COMMITMENTS)

WORKING CAPITAL: $210.9 MILLION

INVENTORY: 2,838.8 KILOGRAMS

(OR KILOGRAM EQUIVALENTS)

QUARTER 3 - ENDED FEBRUARY 28, 2018

Documents

Q3 2018...1 Once Aphria One and Aphria Diamond are Health Canada approved 2 All-in cash costs equal to cost of sales (excluding any fair value of biological assets adjustments) divided