Q4 FY 2019CONFERENCE CALL

PRESENTATION

1June 12, 2019

CAUTION REGARDING NON-IFRS FINANCIAL MEASURESThe Corporation uses two adjusted financial measures, Adjusted Segment Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) callednon-IFRS operating segment loss when a segment is in a loss position, and Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization(EBITDA) called non-IFRS operating loss when the Corporation is in a loss position, to assess its operating performance. These non-IFRS financial measuresare directly derived from the Corporation’s financial statements and are presented in a consistent manner. The Corporation uses these measures for thepurposes of evaluating its historical and prospective financial performance, as well as its performance relative to competitors. These measures also help theCorporation to plan and forecast for future periods as well as to make operational and strategic decisions. The Corporation believes that providing thisinformation to investors, in addition to IFRS measures, allows them to see the Corporation’s results through the eyes of management, and to betterunderstand its historical and future financial performance.

Securities regulations require that companies caution readers that earnings and other measures adjusted to a basis other than IFRS do not have standardizedmeanings and are unlikely to be comparable to similar measures used by other companies. Accordingly, they should not be considered in isolation. TheCorporation uses Adjusted Segment EBITDA (or non-IFRS operating segment loss when in a loss position) and Adjusted EBITDA (or non-IFRS operating losswhen in a loss position) to measure its performance from one period to the next without the variation caused by certain adjustments that could potentiallydistort the analysis of trends in our operating performance, and because the Corporation believes it provides meaningful information on the Corporation’sfinancial condition and operating results. Neptune’s method for calculating Adjusted Segment EBITDA (or non-IFRS operating segment loss) and AdjustedEBITDA (or non-IFRS operating loss) may differ from that used by other corporations.

Neptune obtains its Adjusted Segment EBITDA (or non-IFRS operating segment loss) measurement by adding depreciation and amortization and stock-basedcompensation to segment income (loss) from operating activities before corporate expenses. Neptune obtains its Adjusted EBITDA (or non-IFRS operatingloss) measurement by adding to net income (loss), net finance costs, depreciation and amortization, income tax expense and by subtracting incometax recovery and net finance income. Other items such as stock-based compensation, impairment loss on inventories, net gain on sale of assets, gainon loss of control of subsidiary and legal fees related to royalty settlements that do not impact core operating performance of the Corporation areexcluded from the calculation as they may vary significantly from one period to another. Excluding these items does not imply they are non-recurring.

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Disclaimer

CAUTIONARY NOTE AND FORWARD-LOOKING STATEMENTStatements in this presentation that are not statements of historical or current fact constitute ‟forward-looking statements” within themeaning of the U.S. securities laws and Canadian securities laws. Such forward-looking statements involve known and unknown risks,uncertainties, and other unknown factors that could cause the actual results of Neptune to be materially different from historical resultsor from any future results expressed or implied by such forward-looking statements. In addition to statements which explicitly describesuch risks and uncertainties, readers are urged to consider statements labeled with the terms "believes," "belief," "expects," "intends,""anticipates," "will," "should," or "plans" to be uncertain and forward-looking. Readers are cautioned not to place undue reliance onthese forward-looking statements, which speak only as of the date of this presentation. Forward-looking information in this presentationincludes, but is not limited to, information or statements about our ability to successfully develop, produce, supply, promote or generateany revenue from the sale of any cannabis-based products in the legal cannabis market.

The forward-looking statements contained in this presentation are expressly qualified in their entirety by this cautionary statement andthe ‟Cautionary Note Regarding Forward-Looking Information” section contained in Neptune’s latest Annual Information Form (the‟AIF”), which also forms part of Neptune’s latest annual report on Form 40-F, and which is available on SEDAR at www.sedar.com, onEDGAR at www.sec.gov/edgar.shtml and on the Investors section of Neptune’s website at www.neptunecorp.com. All forward-lookingstatements in this presentation are made as of the date of this presentation. Neptune does not undertake to update any such forward-looking statements whether as a result of new information, future events or otherwise, except as required by law. The forward-lookingstatements contained herein are also subject generally to other risks and uncertainties that are described from time to time in Neptunepublic securities filings with the Securities and Exchange Commission and the Canadian securities commissions. Additional informationabout these assumptions and risks and uncertainties is contained in the AIF under ‟Risk Factors”..

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Disclaimer

Agenda

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Highlights

Q4 Financials Highlights

Extraction Capacity & Packaging Expansion

Outlook

Q&A

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• $11m investment to increase extraction capacity to 1,500,000 kg and to establish formulation, manufacturing and packaging capabilities

• Signed a three year contract with TGOD with minimum volumes of 230,000 kg• Signed a three year contract with Tilray with minimum volumes of 125,000 kg• Definitive agreement to acquire the assets of SugarLeaf Labs, a U.S. based

hemp processor

Events subsequent to Q4 close

• Neptune began commercial production and shipping of cannabis extracts • Nutraceutical revenues amounted to $5.7 million vs $7.0 million last year• Adjusted EBITDA loss of $2.7m vs a loss of $1.8m last year

Q4 highlights

Highlights

Financial Highlights

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Successful cannabis extraction operations started during the quarter 10 days of operations in Q4FY19

Nutraceutical revenues for Q4FY19 of $5.7 million, decreased slightly vs $7.0 million in Q4FY18

Adjusted net loss of $4.5 million for Q4FY19 (excluding a non-recurring item of $7.9m) versus a net loss of $4.8 million in Q4FY18

Q4FY19 Adjusted EBITDA loss of $2.7 million compared to Q4FY18 Adjusted EBITDA loss of $1.8 million, reflecting investments in our cannabis operations

Cash balance of $9.8 million as at March 31, 2019

Our objectiveis to be the world's leader in extraction,

purification and formulation of value added differentiated

cannabis products

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Extracts Dominate Many Developed Cannabis Markets

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FLOWER Smoked

EXTRACTSCannabinoids are extracted from the plant and then used in a wide range of products

60%*40%*

Gel capsules

Vape pens

Edibles

Topicals

Beverages

*BDS –US Market data (California) June 29th, 2018

Phase II capacity is already fully committed for FY2020 and FY2021

Initiating Phase IIIA expansion of ~1,300,000 kgUsing existing extraction vessels already installed

Staggered approach to expansion speeds our time to market

Project CAPEX of $4m provides very high return on investment

Retrofit expected to be completed by the end of calendar 2019

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Extraction Demand Calls for Capacity Expansion

Existing contract include value added finished product forms

Turnkey solutions is a natural evolution of our business model

Adding packaging & formulation capabilities to become a one-stop shop for LPs

Increases customer stickiness & create deeper customer relations

Total project CAPEX of $7m with rapid payback period

Two new packaging rooms to be licensed

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Investments in Packaging and Formulation

Additional cold storage capacity for raw materialIncreasing storage efficiency by optimizing Neptune’s racking systemTotal cold storage capacity to reach 82,000 kg

Adding room temp storageIncreasing storage capacity to >75,000 kg

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Our Cold Storage Capacity is a Differentiator

OUTLOOK

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Added contract volume minimums of 360,000 kg over three years

Most biomass extracted will be converted onsite into value added products

Providing formulation, manufacturing and packaging services

Contract covers several product formsVape pensTincturesCapsulesTopicals

Tilray + TGOD Contract Accelerates Our Growth

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US based hemp processor with 1,500,000kg of extraction capacity in North Carolina

Definitive agreement to purchase the assets for US$18m (US$12m in cash and $6 in shares)

Expected to provide a platform to capture the CBD wellness opportunity in the US

Purchase price structured with earn-outs

Transaction expected to close on or before July 31, 2019

SugarLeaf Labs Acquisition

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Regulatory constraints limit capacity utilization currentlyAwaiting capacity expansion amendments to 200,000 kgAwaiting security clearance for personnel

Cannabis revenues for Q1/19 expected to be modest & accelerate with regulatory clearances

Q2FY20 expected to see growth accelerate

Putting financial flexibility in place for future growth

The Roadmap to Added Capacity

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Appendix –Financial Details

Q4 Consolidated Financial Results - Details

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Nutraceutical Cannabis Corporate$ $ $ $ % of sales

Revenues from sales 5,537 12 - 5,549 Gross margin on sales 1,408 12 - 1,420 26%Royalties revenues 115 - - 115 Total gross margin as per FS 1,523 12 - 1,535 R&D expenses net of tax credits and grants (172) (1,898) - (2,070) 37%SG&A (1,138) (373) - (1,511) 27%Corporate G&A expenses - - (2,354) (2,354) 42%Adjusted EBITDA (non-IFRS operating loss) 492 (1,460) (1,739) (2,707) -49%Litigation provisions - - (7,930) (7,930) Income taxes expense - - (16) (16) Net income (loss) 213 (2,259) - (12,384) -223%

Nutraceutical Cannabis Corporate$ $ $ $ % of sales

Revenues from sales 6,512 - - 6,512 Gross margin on sales * 1,623 - - 1,623 25%Royalties revenues 493 - - 493 Total gross margin as per FS * 2,116 - - 2,116 R&D expenses net of tax credits and grants (1,952) (1,528) - (3,480) 53%SG&A (1,255) (308) - (1,563) 24%Corporate G&A expenses - - (2,418) (2,418) 37%Adjusted EBITDA (non-IFRS operating loss) 1,188 (1,120) (1,870) (1,802) -28%Gain on sale of assets (21) - - (21) Income taxes recovery - - 1,680 1,680 Net loss (1,770) (1,836) (4,752) -73%* Q4-2018 gross margin excludes the impairment loss on inventories of $658.

(in thousands of CAD $)

Q4-2019Consolidated

(in thousands of CAD $)

Q4-2018Consolidated

Fiscal Year 2019 Consolidated Financial Results - Details

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(in thousands of CAD $) March 31, 2019

December 31, 2018

March 31,2018

Cash, cash equivalents and short-term investments

9,867 15,643 26,697

Total debt 3,467 3,107 4,661

Net cash, cashequivalents and short-term investments

6,400 12,536 22,036

Total Shareholders Equity 68,985 79,334 86,534

Consolidated Financial Position + Shareholders Equity