PREMIUM MEDICAL CANNABIS POWERED BY SUNLIGHT

Q2 2018 Investor Presentation PREMIUM January MEDICAL CANNABIS 10, 2018 POWERED BY SUN

DISCLAIMER This documentation is a presentation (the Presentation ) of general background information about Aphria Inc. s ( Aphria ) activities current as of January 10, 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. Forwardlooking 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 January 10, 2018. 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. 1

Investment highlights High growth potential Largest footprint in the industry License to sell medical marijuana provides critical barrier to entry Low costs underpin attractive cash flow potential Established operations and experienced management Well capitalized Significant near and mid-term opportunities for growth 2

Aphria at a glance GROWING OPERATIONS BRANDING Broken Coast Tokyo Smoke Leamington, ON (269 acres) 265 Talbot Road (36) 269 Talbot Road (11) 239 Talbot Road (5) 521 Mersea Road 8 (100) 336 Mersea Road 3 (16) 225 Talbot Road (1) GrowCo - Double Diamond (100) Duncan, BC (5 acres) Broken Coast Arizona (40 acres) Copperstate Farms (10%) TECHNOLOGY MassRoots Resolve Digital Health SCIENCE CannPal Medlab (Australia) PhyTo Pain (TBP) INNOVATION Oil capsules Topicals Nutraceuticals INVESTMENT CannaRoyalty Copperstate Farms Green Acre Capital Liberty Health Sciences, Inc. Nuuvera Corp. Resolve Digital Health, Inc. Scientus Pharma TS BrandCo Holdings, Inc. (Tokyo Smoke) Tetra Bio-Pharma (TBP) 3

Highly experienced management team Vic Neufeld Chief Executive Officer Cole Cacciavillani Co-Founder & VP. Growing Operations John Cervini Co-Founder & VP. Infrastructure + Technology 20+Years in pharma 35+Years in agri-business 20+Years in agri-business CEO of Jamieson Laboratories 1993-2014 Greenhouse industry pioneer and veteran Fourth generation greenhouse grower Demonstrated vision, growth & performance First-hand knowledge of Aphria s greenhouses Proven growth and expansion track record Seed shares represent ~ 15% of outstanding float 4

One of the lowest cost producers in the Canadian industry 4.00 3.50 3.00 2.50 2.00 1.50 1.31 1.85 1.73 2.23 1.11 1.67 0.95 1.61 1.45 2.13 1.00 0.50 0.00 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18 Cash All-in 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

Unique drivers of cost savings CAPEX benefit NEW GREENHOUSE BUILD OR RETROFIT $55 square foot INDOOR GROW $250 - $300 square foot THEM APHRIA Production Costs 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* = 3X hours usage 2X light density 2X Cooling * - Ontario based 6

Focus on quality and safety Our Seed-to-Sale Certified quality promise is our commitment to protecting the health and safety of Canadians by ensuring that we only sell clean, safe and pure cannabis 100% of the time. No exceptions. Our comprehensive quality management program has over 500 steps and was adopted from the highly restricted and regulated NHP and OTC industries and go above and beyond the GPP requirements of the ACMPR. 7

Ample capacity to meet growing demand 8

GrowCo Strategic relationship with Double Diamond Farms Created GrowCo (51% owned by Aphria, 49% owned by Double Diamond) To purchase 100 acre farm owned by Double Diamond Almost 32 acres of state-of-the-art, Dutch style newly built greenhouses plus 72,000 square feet of infrastructure (first planted crop will be cannabis) Supply agreement to supply at least 120,000 kgs of dried cannabis to Aphria Requires $80 - $100 million in capital to purchase farm (at appraised value) plus retrofits for growing cannabis, funded by $20 million in seed capital by the Parties. Remainder to financed by loans from a commercial lender, with Aphria to lend any shortfall. 9

Overview of Broken Coast Established in 2015, Broken Coast is a profitable Licensed Producer based in British Columbia with a proven track record of premium cannabis production ESTABLISHED BRAND AND HIGHLY-REGARDED PREMIUM PRODUCT Consistently top ranked on well-known review site Lift.co; has won multiple product and customer service based awards at the Canadian Cannabis Awards EXTENSIVE STRAIN LIBRARY World-class bank of genetics with +1,000 seeds available for commercialization PROPRIETARY HYDROPONICS PROCESS Fully licensed, purpose-built, indoor facility with a highly automated grow system LOYAL AND RAPIDLY GROWING REPEAT CUSTOMER BASE Over 10,000 registered patients with 1,000 net new applications each month WELL-POSITIONED FOR FUTURE RECREATIONAL MARKET Plans for over 10,500 kg of premium indoor production capacity LOW-COST, INDOOR CULTIVATION High margin production with all-in cost per gram 1 of $2.20 POSITIVE ADJUSTED EBITDA SINCE 2015 1 1 Non-GAAP measure defined in the Company s Management Discussion & Analysis 10

Significant expansion of premium production FACILITY SQUARE FOOTAGE (000s) 3,000 2,500 2,000 1,500 1,000 500 44 2.5mm 104 2,401 PRODUCTION CAPACITY (Kg PER YEAR) 250,000 200,000 150,000 100,000 50,000 4,500 2.3mm 10,500 220,000 26 101 301 2,400 9,000 30,000 CURRENT FYE 18 FYE 19 CURRENT FYE 18 FYE 19 FYE = Fiscal Year-End (Aphria May 31) Aphria Broken Coast Timing of expansion plans based on when production is anticipated to be available. 11

Proforma market positioning All calculated values used within the below charts are based on cumulative totals from each company s financials for their respective most recently reported operating periods available on SEDAR as of January 10, 2018. Proforma numbers are, in part, based on management s estimate of Broken Coast s revenue and adjusted EBITDA for the period ending Dec 31, 2017. TRAILING REVENUE (C$000s) $70,000 $60,000 $50,000 $40,000 $30,000 $20,000 $10,000 $0 COMPETITOR #4 COMPETITOR #3 COMPETITOR #2 APHRIA PROFORMA COMPETITOR #5 COMPETITOR #1 Trailing revenue represents the last twelve months revenue derived from each Company s ongoing regular business activities and does not include interest income or fair value changes in investments TRAILING ADJUSTED EBITDA (C$000s) $15,000 $10,000 $5,000 $0 -$5,000 -$10,000 -$15,000 -$20,000 COMPETITOR #1 COMPETITOR #2 COMPETITOR #4 COMPETITOR #3 APHRIA COMPETITOR #5 PROFORMA Adjusted EBITDA is a non-gaap measure defined in the Company s Management Discussion & Analysis. Trailing adjusted EBITDA represents the last twelve months adjusted EBITDA derived from each Company s ongoing regular business activities and does not include interest income or fair value changes in investments 12

Leveraging two-pronged sales strategy Unique cost structure enables Aphria to capitalize on wholesale advantages RETAIL Strong distribution foundation Increasing patient sales Highly profitable (~ 70% margin with 30% costs below the line) WHOLESALE Sale of bulk product to other H.C. Licensed Producers and Licensed Dealers (~50% margin but no costs below the line) 13

APPENDIX A Financials 15

Q2 Results Q2-2018 Q1-2018 Revenue (000 s) $ 8,504 $ 6,120 Kilograms sold 1,237.0 852.0 All-in cost of goods sold / gram $ 2.13 $ 1.61 Cash cost to produce / gram (Aphria s definition) $ 1.45 $ 0.95 Adjusted gross margin 68% 78% 16

Reconciling net income and earnings per share (Quarter 2 - ended November 30, 2017) (Unaudited - In thousands of Canadian dollars) Revenue $ 8,504 Production costs 2,746 Gross profit before fair value adjustments 5,758 Fair value adjustment on sale of inventory 2,671 Fair value adjustment on growth of biological assets (3,115) Gross profit 6,202 Expenses General and administrative 1,973 Share-based compensation 2,200 Selling, marketing and promotion 2,819 Amortization 276 Research and development 80 7,348 Under IFRS margins are 72.9% after excluding non-cash IFRS adjustments Gross Margins are 67.7% Income of operations (1,146) Other Items 7,898 Net Income before income taxes 6,752 Income taxes 297 Net income $ 6,455 Weighted average number of common shares basic 138,839,530 Earnings per share basic $ 0.05 17

Percentage of cash deployed on OPEX cash burn 48.7% 25.4% 22.3% 13% 1.3% APHRIA COMPETITOR #1 COMPETITOR #2 COMPETITOR #3 COMPETITOR #4 OPEX cash burn represents the net amount of cash used in order to fund the Company s ongoing regular business activities The Percentage of cash deployed on OPEX represents the net amount of cash used to-date in order to fund the Company's ongoing regular business activities as a percentage of the total cash deployed All calculated values used within the table above are based on cumulative totals from each company's first publicly reported financials through their most recently reported operating period available on SEDAR as of January 10, 2018 18

Equity STRONG WELL-CAPITALIZED BALANCE SHEET (Quarter 2 - ended November 30, 2017) STRONG BALANCE SHEET WITH $171.9 MILLION IN CASH AND NEAR CASH POSITION Working capital: $178.8 million Inventory: 2,346 Kilograms (or kilogram equivalents) CAPITAL STRUCTURE Amount Percentage Expiration Common Shares Outstanding 151,871,247 93.1% - Stock Options @ $0.60 2,500,000 1.5% June 2, 2019 Stock Options @ $0.85 - $1.19 855,000 0.5% October 2017 to September 2020 Stock Options @ $1.20 - $1.67 621,669 0.4% November 2018 to June 2021 Warrants - RTO @ $1.50 2,880,550 1.8% December 2, 2019 Warrants - Bought Deal @ $1.75 387,503 0.2% December 10, 2018 Warrants @ $3.14 200,000 0.1% September 26, 2021 Stock Options @$3.00 - $9.05 3,886,367 2.4% November 2, 2019 to June 2022 Fully Diluted Shares as at November 30, 2017 163,202,336 100.0% Bought Deal 8,363,651 Shares issued on purchase of Broken Coast 14,579,191 Fully Diluted Shares as at January 15, 2018 186,145,178 19