TRANSFORMING THE HEALTH & WELLNESS INDUSTRY

1NASDAQ/TSX: NEPT ▫ Headquartered in Laval, Quebec, Canada

January 2020

The Corporation uses two adjusted financial measures, Adjusted Segment Earnings Before Interest, Taxes, Depreciation and Amortization

(Adjusted Segment EBITDA) and Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (Adjusted EBITDA) to assess its

operating performance. These non-IFRS financial measures are directly derived from the Corporation’s financial statements and are presented in a

consistent manner. The Corporation uses these measures for the purposes of evaluating its historical and prospective financial performance, as

well as its performance relative to competitors. These measures also help the Corporation to plan and forecast for future periods as well as to

make operational and strategic decisions. The Corporation believes that providing this information to investors, in addition to IFRS measures,

allows them to see the Corporation’s results through the eyes of management, and to better understand 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

standardized meanings and are unlikely to be comparable to similar measures used by other companies. Accordingly, they should not be

considered in isolation. The Corporation uses Adjusted Segment EBITDA and Adjusted EBITDA to measure its performance from one period to the

next without the variation caused by certain adjustments that could potentially distort the analysis of trends in our operating performance, and

because the Corporation believes it provides meaningful information on the Corporation’s financial condition and operating results. Neptune’s

method for calculating Adjusted Segment EBITDA and Adjusted EBITDA may differ from that used by other corporations.

Neptune obtains its Adjusted Segment EBITDA measurement by adding depreciation and amortization and stock-based compensation to segment

income (loss) from operating activities before corporate expenses. Neptune obtains its Adjusted EBITDA measurement by adding to net income

(loss), net finance costs and depreciation and amortization and by subtracting income tax recovery. Other items such as stock-based

compensation, litigation provisions, acquisition costs and severance and related costs that do not impact core operating performance of the

Corporation are also added back as they may vary significantly from one period to another. Adjusting for these items does not imply they are non-

recurring.

CAUTION REGARDING NON-IFRS FINANCIAL MEASURES

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Statements in this presentation that are not statements of historical or current fact constitute ‟forward-looking statements” within the meaning 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 results or from any future results expressed

or implied by such forward-looking statements. In addition to statements which explicitly describe such 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 on these forward-looking statements, which speak only as of the date of this

presentation. Forward-looking information in this presentation includes, but is not limited to, information or statements about our ability to

successfully develop, produce, supply, promote or generate revenues from the sale of cannabis-based and hemp-based products in the legal

market.

The forward-looking statements contained in this presentation are expressly qualified in their entirety by this cautionary statement and the

‟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, on EDGAR at

www.sec.gov/edgar.shtml and on the Investors section of Neptune’s website at www.neptunecorp.com. All forward-looking statements 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-looking statements contained herein are also

subject generally to other risks and uncertainties that are described from time to time in Neptune public securities filings with the Securities and

Exchange Commission and the Canadian securities commissions. Additional information about these assumptions and risks and uncertainties is

contained in the AIF under ‟Risk Factors”.

CAUTIONARY NOTE AND FORWARD-LOOKING STATEMENT

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Plant-based solutions for the Health & Wellness industry

One-stop-shop for extraction, purification, and formulation of cannabinoids in North America

NEPTUNE TODAY

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Health & Wellness

Cannabis

CORE COMPETENCIES GROUNDED INEXTRACTION AND FORMULATION…

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Relationships with leaders in Retail, Vitamin, and Supplement industries

Oil extraction expertise

Highly automated Facility

Proven cold ethanol extraction process

Clinicalresearch

Global distribution

Condition specific formulations

Food grade GMP certified facility

Strict processesand standards ensure

quality control

Forms and delivery system

…HAS ENABLED CANNABIS MARKET PENETRATION AND PROVIDED THE FOUNDATION FOR SIGNIFICANT HEALTH & WELLNESS EXPANSION

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Apr 2017Health Canada

application

Jun 2018Canopy

Growth multi-year

extraction deal

Aug 2017Exits krill oil

manufacturing

Jan 2019Health Canada

processinglicence

received

Jun 2019TGOD multi-

yearextraction deal

Jul 2019Michael

Cammarata isnamed

President & CEO

Mar 2019Initiated

commercial production

and shipping of cannabis

Jun 2019Tilray multi-

yearextraction deal

Jul 2019Closed

acquisition of SugarLeaf Labs

Aug 2019Launch of Neptune Ventures

Sep 2019Expanding U.S. customer base

Nov 2019Collaboration

with IFF

SIGNIFICANT NORTH AMERICAN CAPACITY TO ADDRESS DEMAND FOR PLANT-BASED PRODUCTS

1 Retrofit expected to complete before fiscal year end, March 30 2020; Health Canada approval needed thereafter ² Post expansion & once approvals are received

Fully-automated, modern, large scale

extraction facility licensed to process Cannabis

1,500,000 kg capacity to process biomass using

cold ethanol technology1

Good Manufacturing Practices (GMP) certified

for nutrition products

EU GMP certification underway

(by 1H CY 2020)

In-house quality control lab and R&D lab with

testing capabilities

Newly acquired hemp processing facility located in

North Carolina

1,500,000 kg capacity to process biomass using

cold ethanol technology

Sources hemp cultivated by licensed American

growers conforming with federal and state

regulations

Hemp-based products have surpassed the Vitamin

E category and are on track to overtake the

Omega-3 category

Hemp-based platform focused on Health and

Wellness is a natural extension of what Neptune

has specialized in for over 2 decades

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3,000,000 kg capacity²

170,000

1,300,000

30,000200,000

1,500,000 1,500,000

Phase I Phase II Phase IIIA(Q1 CY 2020E)

US

ESTABLISHING STRONG CONSUMER BRANDS

Launching Forest Remedies™ in February supported by marketing and PR campaigns

Addressing the hemp-derived wellness market & the essential oils market

Rebranding our omega-3 products sold under the OCEANO³ brand to the Ocean Remedies™ brand

Launch to start online and evolve to be available at U.S. retailers

Forest Remedies™ expected to be distributed in Canada upon receipt of sales license from Health Canada

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SUPPORTED BY SOLID PARTNERS SUCH AS IFF AND AMERICAN MEDIA

COLD ETHANOL EXTRACTION DIFFERENTIATES NEPTUNE’S PROCESS

Ethanol extracts more plant substances than CO2, which misses valuable compounds such as some phytocannabinoids and terpenes

Competitors turn to CO2 extraction because of the large start-up capital expenditures required for cold ethanol equipment. However, Neptune has been executing this process for over a decade

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COLD ETHANOL EXTRACTION PRODUCES NUTRIENT RICH, COMPLETE, FULL SPECTRUM EXTRACTS WHILE MAINTAINING A LOW CARBON FOOTPRINT

Cold Ethanol vs. CO2 Extraction

Greater recovery of cannabinoids

and terpenes

>2x less energy

consumption

>5x faster winterized oil

process

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Multi-year deal signed June 2018

Supplement Canopy Growth’s

extraction, refinement, and

formulation capacity

Represented an important

milestone in Neptune’s transition

Highlights Neptune’s capabilities

to capture the growing cannabis

market opportunity

3-year deal signed June 2019

Minimum volumes of 125,000 kg

for cannabis and hemp biomass

Extraction services to produce

crude resin, winterized oil, and

distillate extracts

3-year deal signed June 2019

Minimum volumes of 230,000 kg

of cannabis and hemp biomass

Extraction and purification of

cannabinoids from cannabis and

hemp biomass

Formulation, manufacturing and

packaging of several product

forms: powders, teas, sprays,

capsules, vape pens, shots

Neptune to seek organic

certification with TGOD assistance

EMERGING AS THE PREFERRED ONE-STOP-SHOP SUPPLIER OF CANNABIS PRODUCTS

GROWTH STRATEGY TO ACHIEVE VISION

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Increase Processing Capacityin North America and Internationally

Expand Customer Base into Global CPG and Health & Wellness

Acquire Unique Delivery Forms & Technology

Diversify our Product Offering into Derived Products

Develop Strategic Partnerships through Neptune Ventures

VISION: Become a leading supplier of cannabinoid extracts, ingredients, and finished products to the Health & Wellness and CPG industries

Conover, NC

Sherbrooke, QC

INCREASE PROCESSING CAPACITY IN NORTH AMERICA AND INTERNATIONALLY

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Two large scale extraction facilities utilizing cold ethanol technology

Processing Capacity

Future Processing Capacity1

+ 1.5 mm kg

1.5 mm kg

1 Retrofit expected to be complete before fiscal year end, March 31, 2020; Health Canada approval needed thereafter

Can

ada

U.S

.

EXPAND CUSTOMER BASE INTO GLOBAL CPG AND HEALTH & WELLNESS

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Nutraceutical & Wellness

Cannabis Industry

Personal & Home Care

Cosmetics Pharma Food & Beverages

$6 bn1 +$5 bn2 $5 bn1 $2 bn1 $4 bn1 $3 bn1

1Brightfield Research Group, 2018 U.S. CBD Market Size2Company estimates of US CBD market and Canadian THC market

DIVERSIFY OUR PRODUCT OFFERING INTO DERIVED PRODUCTS

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“Neptune’s extraction expertise and pharmaceutical and biotech background positions us to transform the cannabis ecosystem and identify new uses for the whole cannabis plant.”

– Michael CammarataMoving Closer to the Customer

Identify New Uses for Cannabis Aligned with Consumer Demand

Diversify into Derived Products

Expand in-house Manufacturing Capabilities

Edibles Topicals

Vapor Products

Home Care

Personal CareBeverages

Licaps® Capsule Technology

White Label Offering

Formulation & Manufacturing expertise

Cutting Edge Extraction Technology

Today

Licaps® Capsule Technology

White Label Offering

Formulation & Manufacturing Expertise

Cutting Edge Extraction Technology

Consumer Facing Brands

Absorption Technology

New Delivery Forms

Water Soluble Technology

Tomorrow

ACQUIRE UNIQUE DELIVERY FORMS & TECHNOLOGY

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Strategic Partners

Stimulates innovation and partnerships in the Health & Wellness industry

Allows for investments alongside customers in new products and technology to offer additional value

Develop advanced intellectual property and creative solutions

Create turnkey solutions to expand brands down the road

DEVELOP STRATEGIC PARTNERSHIPS THROUGH NEPTUNE VENTURES

Q2 FY2020¹

Nutraceutical Cannabis Corporate Consolidated

Revenues 5,149 1,220 143 6,512

Adjusted EBITDA 684 (1,740) (3,525) (4,581)

Net income (loss) - (20,775)

SUMMARY FINANCIAL PERFORMANCE

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Note: 1 CAD : 0.76 USD

¹ Nutraceutical and Cannabis are two segments of Neptune. The corporate column represents unallocated costs which are corporate G&A expenses, net finance costs and income taxes.

Income Statement(in thousands of CAD $)

Q2 FY2019¹

Nutraceutical Cannabis Corporate Consolidated

Revenues 7,071 - - 7,071

Adjusted EBITDA 1,465 (1,318) (1,375) (1,228)

Net income (loss) - (3,050)

Income Statement(in thousands of CAD $)

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LIQUIDITY PROFILE

September 30, 2019 June 30, 2019

Cash, cash equivalents and short-term investments 24,399 5,375

Total debt - 4,567

Net cash position 24,399 808

Financial Position(in thousands of CAD $) ¹ ² ³

Note: 1 CAD : 0.76 USD

1 On November 6, Neptune closed a revolving line of credit for an amount of $5 million

2 Neptune owned 2,964,695 common shares of Acasti (ACST – TSXV) valued at $8,200 as of November 20, 2019

3 As at March 31st 2019, Neptune has tax losses carried forward of $56,342 and R&D tax credits amounting to $27,690

EXECUTIVE TEAM

Michael Cammarata

President , CEO & Board Member

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Jackie Khayat

Vice President, Bus. Development

• 15 years in nutrition & healthcare sales

• Executive MBA at Concordia University

• Formally of 3M Canada

Michel TimperioChief of Global Business Development

• Responsible of BD for last 16 years for Neptune

Jean-Daniel Bélanger

Vice President, Legal & Corporate Affairs

• Former securities law firm partner

• Member of Quebec Bar since 2006

François-Karl Brouillette

Vice President, Science & InnovationNutrition Business

• Masters degree - Organic Chemistry

• + 15 years in nutrition

Graham Wood

Chief Scientific Officer

• Former Chief R&D Officer at Altasciences

• Former CEO at Manna Research

Martin Landry

Chief of Corporate Development & Strategy

• 20 years in capital markets and accounting

• Former Managing Director with GMP Securities

Marc VaugeoisVice President, Sales Nutrition Business

• + 25 years in health & nutrition industry

• CEO of Schmidt’s Naturals acquired by Unilever in 2017

• Founder of Random Occurrence, a venture capital and private equity firm.

Claudie Lauzon, CPA, CA

Interim Chief Financial Officer

• Corporate Controller, Neptune

• Manager, KPMG

BOARD OF DIRECTORS

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Moretz

Marketing

John Moretz

Chairman of the Board

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Hélène F. Fortin

Director

Philippe Trudeau

Director

Dr. Ronald Denis

Director

Rick Schottenfeld

Director

Schottenfeld Group LLC

Michael Cammarata

President , CEO & Board Member

APPENDIXMARKET DATA

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APPENDIXMARKET DATA

EXTRACTS DOMINATE MANY DEVELOPED CANNABIS MARKETS

FLOWER Smoked

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

60%¹40%*

Gel capsules

Vape pens

Edibles

Topicals

Beverages

¹ BDS –U.S.Market data (California) June 29th, 201822

5%

5%

6%

7%

7%

8%

9%

9%

13%

16%

17%

22%

38%

Spray

Dog Treat

Other

Adding to a Beverage (such as coffee)

None of these

Powder

Beverage

Tea

Salve or Lotion

Tincture

Chocolate/Candy

Capsule or Pill

Edible Oil

n=332

THE CURRENT U.S. MARKETPLACE

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TYPES OF PRODUCTS AND CONSUMER PURCHASE BEHAVIOR

Examples of

Hemp/CBD

Consumer

ProductsBalms/LotionsSoftgelsTinctures Gummies ChocolatesVapes Water Dog Treats

CosmeticsDietary Supplements Food and BeveragesInhalables Pet Supplements

What Format of

Hemp/CBD

Products are

Consumers

Purchasing?

Source: Informa, 2019. Purchase Behaviour

Among Consumers Who Have Purchased CBD,

The Hemp & CBD Guide. Nutrition Business

Journal

Extraction vital to hemp/CBD segment!

LEVERAGING OUR EXTRACTION & FORMULATION EXPERTISE TO TRANSFORM THE HEALTH & WELLNESS INDUSTRY

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