Aerie Pharmaceuticals : Corporate Presentation – January

Company Overview

Investor Presentation

January 2021

Important Information

The information in this presentation does not contain all of the information that a potential investor should review before investing in Aerie shares. The descriptions of Aerie Pharmaceuticals, Inc. (the "Company" or "Aerie") in this presentation are qualified in their entirety by reference to reports filed with the SEC. Certain information in this presentation has been obtained from outside sources or is anecdotal in nature. While such information is believed to be reliable for the purposes used herein, no representations are made as to the accuracy or completeness thereof and we take no responsibility for such information.

Any discussion of the potential use or expected success of Rhopressa® (netarsudil ophthalmic solution) 0.02% or Rocklatan® (netarsudil and latanoprost ophthalmic solution) 0.02%/0.005%, with respect to foreign approval or additional indications, and our current or any future product candidates, including AR-1105,AR-13503 and AR-15512, is subject to regulatory approval. In addition, any discussion of U.S. Food and Drug Administration ("FDA") approval of Rhopressa® or Rocklatan® does not guarantee successful commercialization of Rhopressa® or Rocklatan®. For more information on Rhopressa®, including prescribing information, refer to the full Rhopressa® product label at www.rhopressa.com. For more information on Rocklatan®, including prescribing information, refer to the full Rocklatan® product label at www.rocklatan.com.

The information in this presentation is current only as of its date and may have changed or may change in the future. We undertake no obligation to update this information in light of new information, future events or otherwise. We are not making any representation or warranty that the information in this presentation is accurate or complete. This presentation shall not constitute an offer to sell, nor a solicitation of an offer to buy, any of Aerie's securities.

Certain statements in this presentation, including any guidance or timelines presented herein, are "forward-looking statements" within the meaning of the federal securities laws. Words such as "may," "will," "should," "would," "could," "believe," "expects," "anticipates," "plans," "intends," "estimates," "targets," "projects," "potential" or similar expressions are intended to identify these forward-looking statements. These statements are based on the Company's current plans and expectations. Known and unknown risks, uncertainties and other factors could cause actual results to differ materially from those contemplated by the statements. In evaluating these statements, you should specifically consider various factors that may cause our actual results to differ materially from any forward-looking statements. For example, uncertainties around the duration and severity of the current global COVID-19 pandemic including its possible impact on our clinical and commercial operations and our global supply chain could cause our actual results to be materially different than those expressed in our forward-looking statements. In particular, these statements include any discussion of potential commercial sales, placement or utilization of Rocklatan® or Rhopressa® in the United States or any other market. Likewise, FDA approval of Rhopressa® and Rocklatan® does not constitute approval of any future product candidates. Any top line data presented herein is preliminary and based solely on information available to us as of the date of this presentation and additional information about the results may be disclosed at any time. FDA approval of Rhopressa® and Rocklatan® also does not constitute regulatory approval of Rhopressa® or Rocklatan® in jurisdictions outside the United States and there can be no assurance that we will receive regulatory approval for Rhopressa® or Rocklatan® in jurisdictions outside the United States. In addition, any discussion in this presentation about preclinical activities or opportunities associated with our products or discussions involving the potential for our dry eye or retinal product candidates are

preliminary and the outcome of any studies may not be predictive of the outcome of later trials and ultimate regulatory approval. Any future clinical trial
results may not demonstrate safety and efficacy sufficient to obtain regulatory approval related to the preclinical research findings discussed in this
presentation. Any statements regarding Aerie's future liquidity, cash balances or financing transactions also constitute forward-looking statements as are
discussions of the possibility of, or possible results of, any commercial transactions or collaborations. These risks and uncertainties are described more fully
in the quarterly and annual reports that we file with the SEC, particularly in the sections titled "Risk Factors" and "Management's Discussion and Analysis of
Financial Condition and Results of Operations." Such forward-looking statements only speak as of the date they are made. We undertake no obligation to
publicly update or revise any forward-looking statements, whether because of new information, future events or otherwise, except as otherwise required by
law.	2
For Investor Use

Aerie Overview

Aerie IOP-Reducing Products (IP 2030+)

• Rhopressa® and Rocklatan® gaining momentum in the U.S.
• • Total prescriptions and shipments to pharmacies are achieving record levels
• Glaucoma Franchise Approved in Europe
• Globalization Plan Under Way - Concluded licensing agreement with Santen for Rhopressa ® and Rocklatan ®, potential collaborators pursuing European opportunity

Key Pipeline Opportunities

• AR-15512TRPM8 agonist for Dry Eye Phase 2b clinical study commenced October 2020. Topline readout expected Q3 2021.
• Sustained-ReleaseRetinal Implant Platform

AR-1105: Positive Topline Phase 2 results, Phase 3 plans underway for the U.S. and Europe

AR-13503:First-in-human clinical study commenced Q3 2019

Rhopressa® and Rocklatan® have not been approved by any regulatory authority other than the FDA and EMA. AR-13503 and AR-1105 are development stage product
candidates and are not approved by any regulatory agency.	For Investor Use	3

Aerie Overview

2019 U.S. Glaucoma Market

• ~$3B Market, 36M TRx, 55M bottles
• 55% of unit volume first-line (PGAs)
• 45% of unit volume 2-3X/Day Adjuncts

	Rhopressa,	Lumigan,
CAIs, 7%	1%	6%
	Travatan Z,
		4%
AA, 10%

Estimated Glaucoma Market TRx Mix

Other Government,

11%

Commercial & Cash,

30%

Fixed

Combo,

14%

BB, 13%		Latanoprost,
	43%
	Other PGA,
	1%	Graph Source: IQVIA 2019
		CAI: Carbonic Anhydrase Inhibitor
		AA: Alpha Agonist
		BB: Beta Blocker

Medicare Part D &	Aerie's franchise bottles per Rx
Medicaid, 59%	were 1.45 in Q4 2020 (as high
	as 1.49 in recent weeks),
	reflecting an increase in 90
	days' supply.

Sources: IQVIA: NPA Rx and NSP Unit data

For Investor Use

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