Aurora Cannabis : Q4 Supplemental Information

Fiscal Q4 2021

Supplemental Information

SEPTEMBER 2021

Disclaimer

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 the Company's strategy for achieving cost savings and path towards positive EBITDA, drivers for expected organic revenue growth in addition to cost savings, and competitive advantages including growth in the international medical segment, cannabinoid biosynthesis and leadership talent. Forward-looking statements are based on certain opinions, estimates and assumptions of Aurora's management in light of management's experience and perception of historical trends, current conditions and expected developments at the time the statements are made, including expected growth, results of operations, performance, industry trends and conditions, the current and future regulatory environment and growth opportunities. While Aurora considers these opinions, estimates and 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, including changes in laws; 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 and the CBD market in the U.S.; realization of funded production estimates; changes in tax treatment; the ability of Aurora to implement its business strategies; competition; product demand; changes in prices of required commodities; currency and interest rate fluctuations; the effects of and responses to the COVID-19 pandemic; that the adult consumer market for cannabis in Canada and CBD in the U.S. and the global medical cannabis market, will prove smaller than estimated; whether the Company will be able to identify consumer trends and stock desirable products, identify partnering opportunities, right-size production facilities, and maintain SG&A costs; and other risks and uncertainties set out under the heading "Risk Factors" in Aurora's annual information form dated September 27, 2021 and filed with Canadian securities regulators available on Aurora's issuer profile on SEDAR at www.sedar.com and filed with and available on the SEC's website at www.edgar.gov.

Recipients are cautioned that the foregoing risks are not exhaustive and other factors could also adversely affect Aurora and its business and operations. 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.

No securities of Aurora any kind are being offered as part of this presentation. Before making an investment of any kind in securities of Aurora, potential investors are urged to read Aurora's public disclosure materials filed under Aurora's issuer profile on SEDAR at www.sedar.com and filed with and available on the SEC's website at www.edgar.gov.

Key Takeaways

Medical Leadership

Vastly Improved

Balance Sheet

Roadmap to

EBITDA Positive

Science and Innovation

Program

Leadership Talent

3

• #1 Canadian LP in Global Medical Cannabis Revenues
• Growing international medical segment with FY21 sales into 12 countries
• Over $400 million of cash at June 30, 2021
• All term debt paid off, and no convertible debt due for almost 3 years
• US$1.0 billion shelf prospectus still available for future financings & potential strategic acquisitions
• Roadmap to EBITDA positive position without depending on revenue growth
• Identified cash savings in line with our previous guidance of $60 million to $80 million
• Delivered over~ $300 million of annualized expense reductions since February 2020
• Launch of 3 new cultivars from breeding program
• First license agreement with craft producer North 40 for elite genetics
• Hold foundational Intellectual Property rights to cannabinoid biosynthesis
• New additions to executive leadership team
• Experienced board with backgrounds in pharma and CPG
• New addition of independent director Theresa Firestone and appointment of Ron Funk to independent chairman

Q4 2021 Key Financial Highlights

	Canadian	Int'l Medical	Adult Rec	Consolidated
	Medical
Net Revenue(1)	26.4	8.6	20.4	55.4
Adjusted Gross Profit Before Fair
Value Adjustments(1)	17.5	6.2	6.3	30.0
Adjusted Gross Margin Before	66%	72%	31%	54%
Fair Value Adjustments
Adjusted Gross Profit Before Fair	17.9		7.2	31.3
Value Adjustments -Excluding
Non-recurring Items(2)
Adjusted Gross Margin Before	68%		35%	57%
Fair Value Adjustments -
Excluding Non-recurring Items(2)

Notes

1. Included in out-of-period adjustments is a $5.5 million cost of sales adjustment related to a catch-up of prior year raw material count reconciliations and a $0.9 million out-of-period revenue adjustment to reclassify prior period rebates against net revenue.
2. Non recurring items include $0.9M / $0.4M increase in COGS in adult recreational / medical due to under utilized capacity at Sky

4

• Strong Canadian Medical performance
• • #1 market share with strong and consistent margins
  • Direct-to-patientmodel bypasses provincial distributor
  • Consistency key driver of patient retention versus adult recreational consumer driven by innovation
  • Technology investment drives high and repeatable margin and creates barrier to new entrants
• Continued growth in International Medical
• • YoY revenue growth of 133%
  • Market leader in Germany, France, Poland and UK
• Canadian adult recreational shows signs of improvement
• • During Q4 revenue increased by 8% as compared to Q3
  • Shift in sales mix to our core and premium brands away from value

Key Financial Trends

Materially Reduced SG&A

Adj. SG&A (Including R&D) Expense (C$M)

70
60
50
40
30
20
10
0	Q3 20	Q4 20	Q1 21	Q2 21	Q3 21	Q4 21

Industry Leading Gross Margins

Adjusted Gross Margin (Before FV Adjustment)

60						54
		49	49
50		44	44
41
40
30
20
10
0		Q4 20	Q1 21	Q2 21	Q3 21	Q4 21
Q3 20

5

Materially Reduced Capital Investments

90				Capital Expenditures (C$M)
80
70
60
50
40
30
20
10
0
	Q3 20	Q4 20	Q1 21	Q2 21	Q3 21	Q4 21

Large Medical Platform a Consistent Performer

		Adjusted Gross Margin Medical (Before FV Adjustment)
70	56	64				68
60		55	50	53
50
40
30
20
10
0		Q4 20	Q1 21	Q2 21	Q3 21	Q4 21
Q3 20