Aphria Inc (TSXV:APH) Aphria is a licensed producer of Medical Marijuana under the laws of Marijuana for Medical Purposes Regulations. Aphria is publicly traded on the TSX Venture Exchange under the symbol APH.V

1. Aphria Inc.
TSXV:APH
Investor Presentation
February 2015

2. Forward‐Looking Statements
Certain information in this presentation constitutes forward‐looking statements under applicable securities law. 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”, “intend” and similar expressions. Forward‐looking statements in this presentation include, but
are not limited to, statements with respect to Aphria’s intended business focus.
Forward‐looking statements necessarily involve known and unknown risks, including, without limitation, 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 other risks.
Readers are cautioned that the foregoing list is 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.
Neither the Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy
or accuracy of this presentation.
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3. HIGHLY EXPERIENCED MANAGEMENT TEAM
Vic Neufeld
Chief Executive Officer
20+Years in pharma
CEO of Jamieson Laboratories 1993‐2014
Beneficial ownership: 1.3% of APH shares
Cole Cacciavillani
Co‐Founder &
Chief Operating Officer
35+Years in agri‐business
Greenhouse industry pioneer and veteran
First‐hand knowledge of Aphria’s greenhouses
John Cervini
Co‐Founder &
Chief Agronomist Officer
20+Years in agri‐business
Fourth generation greenhouse grower
Proven growth and expansion track record
Beneficial ownership: 21.9% of APH shares Beneficial ownership: 18.9% of APH shares
Demonstrated vision, growth & performance
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4. INVESTMENT HIGHLIGHTS
Established operations & experienced management
Low costs underpin attractive economic model
High growth industry offers significant opportunity
License to sell MMJ provides critical barrier to entry
Well capitalized
Attractive cash flow potential
4

5. 5
CANADIAN LICENSED MEDICAL MARIJUANA PRODUCERS
5
In the Zone
WMMC
Thunderbird
Biomedical
Tilray
Canna
Farms
Cannimed
Delta 9
Bio‐Tech
OrganiGram
Tweed
Bedrocan
Peace
Naturals
Project
Med Releaf
MettrumAphria
Broken Coast Cannabis

6. HIGH GROWTH CANADIAN MMJ INDUSTRY
40,000
MMJ
Patient
Users
400,000
MMJ
Patient
Users
2014
By 2024
$150 Million
$1.4 Billion
• Canadian medical marijuana industry
(MMJ) industry expected to grow
exponentially over next 10 years
– Patient users anticipated to increase
from 40K to 400K
– Sales projected to grow from
$150M to $1.4B
• MMJ clinics opening up across
Canada
• Increasing awareness of MMJ
Source: Health Canada 6

7. GROWING PRODUCTION, INVENTORY AND SALES
7
0.00
100.00
200.00
300.00
400.00
500.00
600.00
700.00
800.00
900.00
0.00
20.00
40.00
60.00
80.00
100.00
120.00
140.00
Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov
KGs produced Estimate Sales (KG) Ending Inventory
Aphria’s monthly production is estimated to reach a run rate of 110‐120 kg (2 harvests per month)
by June 2015 as sales ramp commensurate with patient acquisition growth.
June 2015 inventory:
~ 550 kg

8. A SCALABLE LOW COST PRODUCER
OR
Labour
24%
Material Input
18%Overhead
43%
Packaging
15%
Labour
Material Input
Overhead
Packaging
Cost per gram is approximately $1.30
8
~
~
~
~

9. SIGNIFICANT OPPORTUNITIES FOR NEAR TO MID‐TERM GROWTH
1
x
1 x
2
x
3
Patient
Acquisition
Increase
Harvest Yields
Facility
Expansion
9

10. Dec‐14 Jan‐15 Feb‐15 Mar‐15 Apr‐15 May‐15 Jun‐15 Jul‐15 Aug‐15 Sep‐15 Oct‐15 Nov‐15
2,000‐3,000
Patient
Registrations
PATIENT ACQUISITIONS: 12‐MONTH ESTIMATE
10

11. INCREASE HARVEST YIELDS
11
Shaping Sizing Spacing Selection

12. STATE‐OF‐THE‐ART FACILITY EXPANSION
Aphria’s current licensed operating space is 30,000 sq. ft.
Current footprint provides opportunity for capability
No municipal restrictions to enlarge facilities
Only licensed producer growing 100% of MMJ in greenhouses
Greenhouses provide low cost production & tax advantages
Facility is owned and leased to Aphria by co‐founder
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13. FACILITY EXPANSION: 2015 SCHEDULED CAPEX
$0.8
$0.3
$2.65
$3.75
Fiscal quarter ended
Aug 31, 2015
Fiscal quarter ended
Nov 30, 2015
Fiscal quarter ended
Feb 28, 2016
Fiscal quarter ended
May 31, 2016
• January 1, 2015 cash position: ~$10.0 million
• Plans to quadruple production capacity to
100,000 sq. ft.
• Estimated cost of expansion: $7.5 million
• Facility expansion scheduled to be completed
12 months from start date
2015 Capital Expenditure Schedule
($M)
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14. ‐$2,000,000.00
‐$1,500,000.00
‐$1,000,000.00
‐$500,000.00
$0.00
$500,000.00
$1,000,000.00
Operating Cash Flow
12‐Month Period Ending November 30, 2015
Unsual Expenses
Regular Operating Cashflows
CASH FLOW BREAK EVEN EXPECTED IN BY END OF 2015
(EXCLUDES CAPEX)
14
Fiscal quarter ended
February 28, 2015
Late 2015Fiscal quarter ended
May 31, 2015*
Fiscal quarter ended
November 30, 2015
Note: Aphria’s fiscal year end is May 31, 2015

15. A FUTURE FULL OF OPPORTUNITIES
Increased
Yields
Patient
Acquisition
Facility
Expansion
Changes in
Regulations
Consolidation
Geographic
Expansion
Near to Mid‐term
• Patient acquisition
• Increased yields
• Facility expansion
Mid to Long‐term
• Changes in regulatory environment
– Edibles & oil
– Legalization of recreational use
• Geographic expansion
• Industry consolidation
15

16. CAPITAL STRUCTURE
16
Amount Percentage Notes
Common Shares Outstanding 52,479,587 69.5%
Warrants ‐ Financing Round @ $1.20 5,173,127 6.8% Expire June 3, 2016
Broker Warrants ‐ RTO @ $1.10 802,268 1.1% Expire December 2, 2016
Compensation Warrants @ $0.60 618,333 0.8% Expire June 3, 2019
Stock Options @$0.60 2,600,000 3.4% Expire June 2, 2019
Stock Options @$1.10 1,550,000 2.1% Expiries range from Oct 2017 to Aug 2019
Warrants ‐ RTO @ $1.50 11,500,000 15.2% Expire December 2, 2019
Broker Warrants ‐ RTO @ $1.50 802,268 1.1% Expire December 2, 2019
Fully Diluted Shares 75,525,583 100.0%

17. Aphria Inc.
P.O. Box 20009
269 Erie St. South
Leamington, Ontario
N8H 3C0
investors@aphria.com
1‐844‐427‐4742