Investor Presentation Deck

March 2021

miravohealthcare.com TSX: MRV / OTCQX: MRVFF LEGAL DISCLAIMER

Non-Reliance

This presentation does not purport to be comprehensive or to contain all the information that a recipient may need in order to evaluate an investment in the securities of Miravo Healthcare (“Miravo” or the “Company”). No representation or warranty, express or implied, is given, and so far as is permitted by law, no responsibility or liability is accepted by any person with respect to the accuracy or completeness of this presentation or its contents. In particular, but without limitation, no representation or warranty is given as to the achievement or reasonableness of, and no reliance should be placed on, any projections, targets, estimates or forecasts contained in this presentation. In giving this presentation, the Company does not undertake any obligation to provide any additional information or to update this presentation or any additional information or to correct any inaccuracies which may become apparent. This presentation has been prepared without reference to your particular investment objectives, financial situation, taxation position and particular needs. If you are in any doubt in relation to these matters, you should consult your financial or other advisers.

Cautionary Statements Regarding Forward-Looking Information

This presentation contains “forward-looking information” as defined under Canadian securities laws (collectively, “forward-looking statements”). The words “plans”, “expects”, “does not expect”, “goals”, “seek”, “strategy”, “future”, “estimates”, “intends”, “anticipates”, “does not anticipate”, “projected”, “believes” or variations of such words and phrases or statements to the effect that certain actions, events or results “may”, “will”, “could”, “would”, “should”, “might”, “likely”, “occur”, “be achieved” or “continue” and similar expressions identify forward-looking statements. In addition, any statements that refer to expectations, intentions, projections or other characterizations of future events or circumstances contain forward-looking statements, including with respect to the Company’s growth strategy, anticipated product launches and expected regulatory approvals. Forward- looking statements are not historical facts but instead represent management’s expectations, estimates and projections regarding future events or circumstances. Such forward-looking statements are qualified in their entirety by the inherent risks, uncertainties and changes in circumstances surrounding future expectations which are difficult to predict and many of which are beyond the control of the Company. Forward-looking statements are necessarily based on a number of estimates and assumptions that, while considered reasonable by management of the Company as of the date of this presentation, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Material factors and assumptions used to develop the forward-looking statements, and material risk factors that could cause actual results to differ materially from the forward-looking statements, include but are not limited to, the validity of the U.S. VIMOVO ’907 and ‘285 Patents claims, the outcome of ongoing patent litigation in relation to VIMOVO with respect to the ‘996 and ‘920 Patents, the impact of COVID-19 on the Company’s business, operations and financial condition, and other factors, many of which are beyond the control of Miravo. Additional factors that could cause Miravo’s actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the risk factors included in Miravo’s most recent Annual Information Form dated March 5, 2021 under the heading “Risks Factors”, and as described from time to time in the reports and disclosure documents filed by Miravo with Canadian securities regulatory agencies and commissions. These and other factors should be considered carefully and readers should not place undue reliance on Miravo’s forward-looking statements. When relying on forward-looking statements to make decisions, the Company cautions readers not to place undue reliance on these statements, as forward-looking statements involve significant risks and uncertainties. Forward-looking statements should not be read as guarantees of future performance or results and will not necessarily be accurate indications of whether or not the times at or by which such performance or results will be achieved.

All forward-looking statements are based only on information currently available to the Company and are made as of the date of this presentation. Except as expressly required by applicable Canadian securities law, the Company assumes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. All forward-looking statements in this presentation are qualified by these cautionary statements.

2 LEGAL DISCLAIMER CONTINUED

Non-IFRS Measures

This presentation includes certain figures (such as Adjusted Total Revenue and Adjusted EBITDA) that are not measures recognized under international financial reporting standards (IFRS). Miravo believes that shareholders, investment analysts and other readers find such measures helpful in understanding Miravo's financial performance. Nevertheless, these financial measures do not have any standardized meaning prescribed by IFRS and may not have been calculated in the same way as similarly named financial measures presented by other companies.

The Company defines adjusted total revenue as total revenue plus amounts billed to customers for existing contract assets less revenue recognized upon recognition of a contract asset. Management believes adjusted total revenue is a useful supplemental measure from which to determine the Company’s ability to generate cash from its customer contracts that is used to fund its operations.

EBITDA refers to net income (loss) determined in accordance with IFRS, before depreciation and amortization, net interest expense (income) and income tax expense (recovery). The Company defines adjusted EBITDA as EBITDA, plus amounts billed to customers for existing contract assets, inventory step-up expenses, stock-based compensation expense, Other Expenses (Income), less revenue recognized upon recognition of a contract asset and other income. Management believes adjusted EBITDA is a useful supplemental measure to determine the Company’s ability to generate cash available for working capital, capital expenditures, debt repayments, interest expense and income taxes.

See slides 40 to 43 for the Company’s definition and reconciliation of the Company’s financial results to its Non-IFRS Measures.

3 MIRAVO AT A GLANCE

Miravo is a Canadian focused, healthcare company with global reach and a diversified portfolio of commercial Rx & non-Rx products Strong Canadian Commercial Platform

Canadian Commercial business Products in pain, Creative and Diverse focused on Pain, Neurology, Allergy, neurology, allergy, Management Team And Dermatology therapeutics & dermatology 25 Products 17 Global Distribution 7 Proprietary Products Partners across 31 Countries ~100 Employees Agile In-house Regulatory Flexible Turnkey Miravo currently holds over and Medical Manufacturing Capabilities 100 global patents and Affairs Team patent applications

Irish Operations Supporting Global Business

4 KEY INVESTOR CONSIDERATIONS

Repositioned for growth following 2019 Robust product portfolio across the pain, transformation plan neurology, allergy and dermatology verticals

• Executing on a new commercial growth strategy and • New product launches likely to accelerate rate of growth of delivering diversification through new Canadian product Canadian commercial business in 2021 and beyond launches and international expansion • Room to grow market share in all categories

Valuable patent portfolio complemented Strong cash position and significant by strong global distribution partners cashflow

• High margin royalty streams contributing strong cash flow • Adjusted Revenues of $71.0M FY2020 • New territories and partnerships to drive further expansion • Adjusted EBITDA of $28.4M FY2020 • Strong cash position of $23.8M as at December 31, 2020 • Attractive 3.5% coupon rate on debt with a clear path to repayment • Accelerating reduction of corporate debt - $22.4M repaid in 2020

5 KEY RECENT MILESTONES

• Pennsaid 2% commercial launch in Switzerland Acquisition of global Key U.S. patents protecting the • NeoVisc ONE and NeoVisc+ commercial launch rights to Resultz Vimovo U.S. royalty in Canada Nuvo Ireland established as base stream were invalidated by • Resultz license agreement with for ex-Canada Operations the U.S. court of appeals The Mentholatum Company for the U.S. 2017 2019 Q1 2021

2016 2018 2020 Nuvo Research reorganizes into Acquisition of Aralez Pharmaceuticals • Generic version of Vimovo lauched in the U.S. two separate legal entities, Canada, U.S. and International Rights significantly reducing Nuvo’s U.S. Vimovo royalty stream Crescita Therapeutics Inc. to Vimovo and other Related Assets but not impacting the Ex-US royalty and Nuvo Pharmaceuticals Inc. • Suvexx approved in Canada and subsequently launched 20+ revenue generating products in pain & • Pennsaid 2% approved in Switzerland migraine management, allergy, dermatology • NeoVisc ONE and NeoVisc + approved in Canada Canadian commercial infrastructure • Nuvo rebrands to Miravo Healthcare • Suvexx license agreement with Orion Corporation in select EU countries

6 OUR GROWTH STRATEGY

Focused on Canadian and International Business Expansion

In-licensing or Launching new Expanding the Leveraging free Creating intellectual acquiring accretive, products in Canada geographical footprint capacity from our property portfolios growth-oriented through our internal of our IP globally through manufacturing facility that provide defense products commercial license and distribution to support global against competitive infrastructure partners expansion threats

Focused on pain, neurology, allergy, & dermatology

7 CANADIAN COMMERCIAL SEGMENT - KEY PROMOTED BRANDS

• Fixed-dose, oral • Diclofenac potassium • 2nd generation oral anti- combination of sumatriptan (NSAID) powder for oral histamine (bilastine) Product and naproxen solution

• Acute treatment of migraine • Acute treatment of • Seasonal allergic rhinitis headaches with/without aura in migraine attacks with / (allergies) Indication adults without aura in adults • Chronic Spontaneous 18 years and older urticaria (hives)

• Proprietary technology • Oral NSAID with the • Significantly better safety allowing faster drug fastest onset of action profile than cetirizine Competitive absorption in the intestine compared to all oral/nasal • Positioned to be a new • Superior efficacy vs migraine medications gold standard treatment Advantage sumatriptan or naproxen • Only approved prescription alone NSAID for migraine in Canada • Approved and marketed in • In-licensed from Assertio • In-licensed from Faes Farma the U.S. • Approved and launched • Approved and launched in • Approved in Canada in Canada in 2012 Canada in 2016 Commercial March 2020 • Launched in Canada Status September 2020

• 37 issued patents globally • 1 patent issued in Canada • New molecule exclusivity IP 2023 expiry 2026 expiry in Canada through October 2024

8 BLEXTEN DEMONSTRATING CONTINUED QUARTER-OVER-QUARTER TRX MARKET SHARE AND VOLUME GROWTH

16.1% 16.4% 16.2% 160,000 600,000 15.8% 14.4% 16.0% 16.0% Blexten TRx Volume Blexten TRx Volume 13.9% 13.6% 140,000 Blexten TRx MS 13.8% Blexten TRx MS 13.2% 14.0% 500,000 14.0%

120,000 11.2% 12.0% 12.0% 10.5% 10.3% 400,000 100,000 9.5% 9.8% 10.0% 10.0%

80,000 6.9% 8.0% 300,000 8.0%

6.0% 141,358

60,000 5.2% 132,627 6.0% 6.0%

200,000 4.4% 476,539

109,340 105,393

4.4% 101,953

40,000 93,214 4.0% 4.0%

352,836 352,836

85,099 65,208

64,404 100,000 60,391

1.6% 56,553

20,000 2.0% 220,022 2.0%

33,857

29,320

29,225

26,762 92,210 92,210 0 0.0% 0 0.0% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 YTD Dec 2017 YTD Dec 2018 YTD Dec 2019 YTD Dec 2020 2017 2018 2019 2020

9 BLEXTEN CONTINUES TO TAKE MARKET SHARE FROM CETIRIZINE

Since Blexten’s launch Cetirizine has lost 15.7% TRx Market Share

71.5% 71.1% 68.7% 67.9% 67.7% 70% 64.8% 62.2% 62.3% 60.9% 59.2% 58.3% 57.9% 57.7% 60% Cetirizine TRx MS 57.0% 56.0% 55.9% Blexten TRx MS

16.1% 16.4% 16.2% 14.4% 13.7% 13.9% 13.6% 15% 11.2% 9.8% 10.5% 10.3% 10% 6.8% 6.0% 5.2% 4.4% 5% 1.6%

0% Q 1 Q 2 Q 3 Q 4 Q 1 Q 2 Q 3 Q 4 Q 1 Q 2 Q 3 Q 4 Q 1 Q 2 Q 3 Q 4 2017 2018 2019 2020

10 CAMBIA DEMONSTRATING CONTINUED QUARTER-OVER-QUARTER TRX MARKET SHARE AND VOLUME GROWTH

30,000 5.5% 5.5% Cambia TRx Volume Cambia TRx Volume 5.0% 4.8% 4.7% 4.8% 4.8% 5.0% 107,000 Cambia TRx MS Cambia TRx Mkt Shr 25,000 4.3% 4.5% 4.4% 4.4% 4.2% 4.5% 4.0% 87,000 3.5% 20,000 3.7% 4.0% 3.5% 3.5% 3.5% 3.3% 3.5% 2.7% 67,000 15,000 3.0% 2.5% 2.7% 3.0%

2.5% 24,980 23,007

10,000 2.3% 22,884 2.5% 47,000

21,586 21,462

92,457 92,457 1.5%

20,249

19,498

17,654

78,863 78,863

17,460 15,507

15,018 2.0%

13,728 13,105 5,000 27,000 61,713

11,252 0.5%

10,477 9,190

1.5% 44,024

0 1.0% 7,000 -0.5% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 YTD Dec 2017 YTD Dec 2018 YTD Dec 2019 YTD Dec 2020 2017 2018 2019 2020

11 COMMERCIAL BUSINESS Significant Growth Potential

Launched in Canada on September 1, 2020 • Suvexx (sumatriptan succinate and naproxen sodium tablets) is a fixed-dose combination prescription medication in a single tablet • Indicated for the acute treatment of migraine attacks with or without aura in adults • 13 phase 3 studies to examine acute migraine, menstrual migraine and patients’ intolerant of other currently approved migraine medications • Demonstrated early and sustained efficacy superior to sumatriptan and naproxen alone with a safety and tolerability profile similar to sumatriptan and naproxen • The Canadian Rx acute migraine treatment market is valued at ~$130 million annually

12 COMMERCIAL BUSINESS Expanding the Product Pipeline

Blexten Pediatric • Blexten pediatric includes two SKUs – an oral syrup formulation (2.5mg/ml) and an orally dispersible tablet formulation (10mg tablets) • Blexten pediatric is anticipated to be indicated for treatment of seasonal allergic rhinitis and chronic spontaneous urticaria in children • The Blexten pediatric dossier was accepted for review by Health Canada in October 2020 • Regulatory decision anticipated by late summer 2021

13 COMMERCIAL BUSINESS Life Cycle Management

• NeoVisc is a viscosupplement used to replenish the synovial fluid in the joints of patients with osteoarthritis • a new low volume (1 x 4ml vs. 1 x 6ml), single injection presentation called NeoVisc ONE • a new triple injection presentation called NeoVisc+ (3 x 2ml) • Aralez Canada has been selling NeoVisc in Canada for over 10 years • Both NeoVisc+ and NeoVisc ONE were issued a Medical Device Licence by Health Canada in September 2020 • The 2 new SKUs of NeoVisc launched in Canada in January 2021

14 OTHER COMMERCIAL BRANDS

Product Use Format Active Ingredients

Psoriasis Oral Capsule Acitretin (retinoid)

Mixed Dyslipidemia Oral Tablet Bezafibrate

Head Lice Topical Solution Isopropyl Myristate

Osteoarthrits Injectable Hyaluronate

Iron Deficiency Oral Tablet Heme iron polypeptide

Tension-type Headache Relief Oral Capsule Acetylsalicylic acid-caffeine-butalbital-(codeine)

Hypertension Oral Tablet Pindolol ; Pindolol +Hydrochlorothiazide

Interstitial Cystitis Instillation Sterile Sodium Chondroitin Sulfate Solution

Post-operative infection prevention Implant Collagen + gentamicin

Gastrointestinal Relief Tablet E.coli Nissle 1917

Bowel prep / Gastrointestinal Relief Oral solution PEG 3350

15 PRODUCTION & SERVICE SEGMENT

This segment includes revenue from products Key revenue streams include: manufactured by Miravo at its facility in Varennes, Pennsaid 2% - U.S. and Switzerland Quebec, or from product contract manufactured for Pennsaid - Canada, Italy, Greece Miravo and supplied to Miravo distribution Resultz - various EU markets and the U.S. (H2 2021) partners. It also includes service revenues from Heated Lidocaine/ Tetracaine (HLT) Patch - testing, development and related quality assurance Synera and Rapydan for U.S. and select EU markets and quality control services. Ad hoc service and testing agreements

16 MIRAVO MANUFACTURING FACILTY

GMP – certified (FDA, Miravo’s manufacturing facility Health Canada, MHRA) is currently operating at ~25% capacity and is profitable

Packaging capabilities Can produce liquids, Annual capex spend (sachets, tubes, bottles) gels, lotions & creams is ~ $400k

4 lines of production, Fully integrated Compliance with Drug 2 compounding rooms Quality and Security Act pharmaceutical manufacturer 26,000 sq. ft. facility Varennes, Quebec, Canada Quality Control (in-house R&D microbiology laboratory)

Logistics & Strategic Sourcing Quality Assurance

17 LICENSING & ROYALTY SEGMENT

Royalty revenue generated from licensing of IP under exclusive licensing agreements. Royalties currently generated from:

• Net sales of Vimovo in the U.S. through Horizon Therapeutics • Net sales of Vimovo in ROW incl. Europe, Canada & South America through Grunenthal GmbH • Net sales of Resultz in select European markets via various license partners • Net sales of Cabpirin related to the licensing of Yosprala IP in Japanese market • Miravo continues to look for licensing partners for Pennsaid 2%, Resultz, Suvexx and Yosprala globally with a focus on Europe, U.S., Middle East & Asia • The Licensing & Royalty Business segment has continued growth potential across multiple product lines

18 LICENSING & ROYALTY PORTFOLIO

PRODUCT DESCRIPTION SEGMENTS LICENSEE / DISTRIBUTOR / CUSTOMER

Pesticide-free topical treatment of head Production and Fagron Belgium NV lice infestations Service Business Heumann Pharma GmbH & Co. Generica KG Licensing and Reckitt Benckiser (Brands) Limited Royalty Business Sato Pharmaceutical Co., Ltd. The Mentholatum Company

Treatment of acute migraine Licensing and Currax Holdings USA LLC Royalty Business Orion Corporation

Topical treatment of osteoarthritic pain Production and Horizon Therapeutics plc in a more convenient format Service Business Paladin Labs Inc. Licensing and Sayre Therapeutics PVT Ltd Royalty Business Gebro Pharma AG

Topical treatment of osteoarthritic pain Production and Paladin Labs Inc. Service Business Vianex S.A. Licensing and Recordati S.p.A. Royalty Business

Oral treatment for relief of arthritis Licensing and Horizon Therapeutics plc symptoms with a reduced risk of Royalty Business Grunenthal GmbH developing gastric ulcers

Topical patch used to help prevent pain Licensing and Galen US Incorporated associated with needle sticks and other Royalty Business Eurocept International B.V. superficial skin procedures Production and Service Business

Once daily treatment to help in the Licensing and Genus Lifesciences Inc. prevention of heart attacks and Royalty Business Takeda Pharmaceutical Company Limited strokes with a reduced risk of developing gastric ulcers

Instillation for the treatment of mild to Licensing and Aspire Pharmaceuticals severe GAG layer damage of the Royalty Business urinary bladder

19 LICENSE & SUPPLY AGREEMENT FOR RESULTZ IN THE U.S.

• In February 2021, Miravo Ireland entered into an exclusive license and supply agreement with The Mentholatum Company for the right to commercialize the Resultz formula and technology in the U.S. under the Mentholatum® brand • The Mentholatum Company will manage all U.S. specific commercial activities • Miravo Ireland will earn revenue pursuant to the supply of product to The Mentholatum Company. Resultz is currently manufactured by the Company’s contract manufacturing partner in Europe • The Mentholatum Company anticipates launching Resultz under the Mentholatum brand, during the summer of 2021

20 INTERNATIONAL BUSINESS EXPANSION INTO NEW TERRITORIES IN 2021

Pennsaid 2% • Gebro Pharma, the Pennsaid 2% licensee in Switzerland, received marketing authorization for Pennsaid 2% from Swissmedic • Launched in Switzerland in January 2021 • Miravo will earn royalties on net sales of Pennsaid 2% in Switzerland • Miravo will earn revenue on finished product supply to Gebro Resultz • Resultz was launched by Heumann, the licensee in Germany in October 2020 • Miravo will earn royalties on net sales of Resultz in Germany • Miravo will earn revenue on finished product supply to Heumann Suvexx • On December 21, 2020, Miravo Ireland licensed exclusive rights for Suvexx to Orion Corporation for select EU markets • Miravo will earn royalties on net sales of Suvexx in the Orion territories - starting in 2022 subject to regulatory approval - potential 10 years exclusivity 21

21 SUCCESSFUL HISTORY OF GLOBAL PARTNERSHIPS

North America Europe Asia & Australia

22 FURTHER OPPORTUNITIES

Available for out-licensing Available for out-licensing

Licensed, not yet launched Licensed, not yet launched

Launched 2014 Licensed, launched Licensed, approved, not yet Approved, not yet partnered launched Approved, not yet partnered Launched in Switzerland in Q1 2021 Out-Licensing Opportunities

Available for out-licensing Available for out-licensing

Launched and sold as Launched 2016 Treximet Licensed launched* Launched September 2020 *Takeda has a non-exclusive license to the Yosprala IP in Japan and launched 2020 Licensed, not yet launched

2320 Financial

24 THE ARALEZ TRANSACTION

On December 31, 2018, Miravo announced the acquisition of a portfolio of >20 revenue generating products from Aralez Pharmaceuticals

The Aralez Transaction included the acquisition of Aralez Canada, a growing business that includes the products Cambia, Blexten, as well as Canadian distribution rights to Resultz, and provides a platform for the Company to acquire and launch additional commercial products in Canada The Company also acquired the worldwide rights and royalties from Licensees for Vimovo, Yosprala and Suvexx/Treximet

CAD$146.4M was paid to Aralez subject to certain working capital and indebtedness adjustments

The Company satisfied the purchase price through the Deerfield Financing

25 ADJUSTED TOTAL REVENUE AND ADJUSTED EBITDA

Generic version of Vimovo CDN$ Millions launched in U.S. Q1 2020

80 $74.7 $71.0 70

40 $28.4 30 $27.2 $20.5 20 $17.5

10 $2.5 -$3.1 0 2017 2018 2019 2020

ADJUSTED TOTAL REVENUE ADJUSTED EBITDA

Adjusted total revenue and Adjusted EBITDA are non-IFRS measure – see slides 40-43 for the definition and reconciliation.

26 ADJUSTED TOTAL REVENUE

Q4 2020 Adjusted Total Revenue 2020 vs 2019 Decreased 12% Over Prior Year Quarter Commercial Business (FY 2020 Decreased 5% Over FY 2019) Q4 - $0.6 million increase CDN$ Millions FY - $3.9 million increase Continued growth of Blexten, Cambia, and the September 80 $74.7 $71.0 launch of Suvexx 70 Production and 60 Service Business 50 Q4 - $1.3 million decrease 40 FY - $5.4 million decrease Reduced production from continued de-prioritization 30 of Pennsaid 2% by Horizon $19.6 $17.3 20 Licensing and 10 Royalty Business

0 Q4 - $1.6 million decrease Q4 FY FY - $2.2 million decrease Reduction of U.S. Vimovo royalty stream from generic 2019 2020 competitor launch in Q1, partially offset by Takeda Japan milestone payment in Q2 Adjusted Total Revenue is a non-IFRS measure – see slide 42 for definition of Adjusted Total Revenue.

27 ADJUSTED EBITDA

Q4 2020 CDN$ Millions Decrease in the current quarter, primarily due to the decrease in adjusted total 30 $28.4 $27.2 revenue and an increase in sales and marketing expenses, partially offset by a decrease 25 in general and administrative expenses

$8.6 10 FY 2020 $6.2 5 Improvement in the current year is primarily due to a decrease in general and 0 administrative and sales and marketing Q4 FY expenses, partially offset by a decrease in adjusted total revenue 2019 2020

Adjusted EBITDA is a non-IFRS measure – see slide 43 for definition of Adjusted EBITDA.

28 GROSS PROFIT

Q4 Three Month Gross Profit Decreased 13% Over Prior Year Quarter 2020 vs 2019 (FY 2020 Increased 17% Over Prior FY)

CDN$ Millions Decrease in Q4, primarily attributable to a decrease in license revenue and 55 $50.5 product sales 50 45 $43.1 40 35 2020 vs 2019 30 Improvement in the year, primarily 25 attributable to an increase in license 20 revenue, as well as an increase in gross 15 $13.1 $11.4 margin on product sales 10 5 0 Q4 FY 2019 2020

Excludes amounts billed to customers for existing contract assets.

29 CASH AND CAPITAL STRUCTURE

• The Company had $23.8 million of cash and US$99.2 million of debt (principal) outstanding as at December 31, 2020

• In January 2020, the Company announced repayment of its US$6.0 million Bridge Loan that carried a coupon interest rate of 12.5%. The Bridge Loan was a component of the Deerfield Financing. The Company’s remaining loans carry a coupon interest rate of 3.5%.

• The Company has made regular repayments towards its Amortization Loan in 2020 in accordance with the Deerfield Financing Agreement and associated Amendment.

• Summary of Deerfield Debt (March 5, 2021):

US$Millions Amortization Loan Convertible Loan (issued by Nuvo Ireland) (issued by Nuvo Pharma) Principal Outstanding US$46.7 US$52.5 Maturity December 31, 2024 December 31, 2024 Interest Rate 3.5% p/a 3.5% p/a Debt Repayment Mechanism Cash Sweep (minimum 6-year bullet or conversion US$10.0M per year or per Amendment); warrants

30 TOTAL DEBT AS OF MARCH 5, 2021

US$000s Amortization Convertible Loan Loan Debt - cash principal value per Deerfield facility 46,680 52,500 IFRS present value adjustment (interest and principal)* (6,254) (11,458) Debt - IFRS value as per financial statements 40,426 41,042

CDN$000s Amortization Convertible Loan Loan Debt - cash principal value per Deerfield facility 59,433 66,843 IFRS present value adjustment (interest and principal)* (7,980) (14,599) Debt - IFRS value as per financial statements 51,453 52,244

* Note the IFRS adjustments are required for accounting purposes for amortized cost liabilities to reflect the accounting value of the estimated future contractual cash flows, including interest, which are discounted at the debt's original effective interest rate. Effective interest rates take the compounding concept into account, whereas stated interest rates are the coupon rate on the debt.

31 DEBT REDUCTION SINCE JANUARY 1, 2019

Bridge Loan

US$ Millions The Bridge Loan was paid in full in 70 $66.0 January 2020

60 $52.5 $52.5 Convertible Loan 50 $46.7 The Convertible Loan of US$52.5 million 40 remains outstanding and is not pre- payable per the terms of the Deerfield 30 facility agreement

20 Amortization Loan 10 US$13.3 million repaid during 2020 0 Original Bridge + Original Remaining Remaining Amortization Convertible Amortization Convertible Loan Loan Loan Loan

32 DEBT PAYMENTS AS OF MARCH 5, 2021

USD$000s – Payments FY 2020 Bridge Loan Amortization Convertible Loan Loan Debt – Cash Principal payments made 3,452 13,320 - Debt – Cash Interest payments made 14 1,881 1,868

CDN$000s – Payments YTD 2020 Bridge Loan Amortization Convertible Loan Loan Debt – Cash Principal payments made 4,528 17,908 - Debt – Cash Interest payments made 18 2,487 2,505

• Since January 1, 2020, a total of US$16,821 (approximately CDN$22,499) of indebtedness has been repaid to Deerfield.

• Since January 1, 2019, 29% of the total Amortization Loan and Bridge Loan has been repaid, with payments of US$19,320 (approximately $25,794).

33 CASH AND CAPITAL STRUCTURE

Summary of fully diluted capitalization table

Outstanding Securities (000s) Units Weighted Average As at March 5, 2021 Outstanding Exercise Price Common Shares Issued and Outstanding 11,388 $1.71 closing share price March 5 Stock Options Outstanding 1,572 $3.38 Convertible Loan 19,444 US$2.70 per share Warrants 25,556 $3.53 Total 57,960

Capital market summary

Capital Market Summary As at March 5, 2021 Stock Symbol TSX:MRV OTCQX:MRVFF Market Cap $19.5 million (March 5, 2021) $1.71 per share 52 Week Share Price Low-High $0.43 - $2.50 Cash (As at December 31, 2020) $23.8 million

34 EXECUTIVE MANAGEMENT

Jesse Ledger Mary-Jane Burkett President & Chief Executive Officer Vice President & Chief Financial Officer (maternity leave)

• Over 16 years experience in building product portfolios and pharmaceutical businesses with • As CFO, transactional experience includes mergers and acquisitions, corporate restructuring and Canadian, U.S. and international transactional experience reorganization and financing arrangements and executive leadership responsibilities include • Joined Miravo in April 2016 as Vice President, Business Development, was appointed President Miravo’s financial operations, human resources and information technology functions. of Miravo in November 2016, and subsequently became President & CEO in November 2017 • Joined Miravo in 2012 and was promoted to CFO in September 2016 • Prior to joining Miravo was Vice President, Business Development & International Business of • Prior to joining Miravo in 2012 worked for PwC performing audit, internal audit and consulting work Tribute Pharmaceuticals Canada • Chartered Professional Accountant and holds an Honours Bachelor of Business Administration • Holds an honours Bachelor of Business Administration degree from Trent University degree from the Ivey Business School at the University of Western Ontario • Active member of the Canadian Healthcare Licensing Association (CHLA)

Tina Loucaides Kelly Demerino Vice President, Secretary & General Counsel Interim Chief Financial Officer • Extensive legal and business experience in the biotechnology and pharmaceutical industry • Over 20 years of finance and operations experience at public companies • Miravo’s General Counsel since 2008 • Began her career as an audit manager at PwC • Prior to joining Miravo was an associate lawyer with Bereskin & Parr in Toronto • Holds a Bachelor degree in Commerce from Mount Allison University, is a Chartered Professional • Graduate of Osgoode Hall Law School and holds a Bachelor degree and a Master of Science Accountant and holds the Certified Internal Auditor designation degree from the University of Toronto • Registered Patent Agent in Canada and the United States and has a Chartered Director (C.Dir.) designation

Dr. Bernard Chiasson Luigi Berardelli Vice President, Operations & Chief Scientific Officer Vice President, Sales and Marketing • 25 years of experience in pharmaceuticals and biotechnology • Over 30 years of experience in sales, marketing, strategic brand planning and commercial • Prior to joining Miravo in 2017 was Chief Scientific Officer at Tribute Pharmaceuticals Inc. excellence • Trained neuroscientist and pharmacologist and holds a BSc (hons), MSc. (Physiology & • Held numerous senior positions in the pharmaceutical industry working extensively in sales, Biophysics) and PhD (Neuroscience & Pharmacology) from Dalhousie University and conducted marketing, continuing education and wholesale and trade relations for a number of large his Post-Doctoral studies at the University of Toronto multinational and start-up pharmaceutical companies

35 BOARD OF DIRECTORS

Rob Harris John C. London Executive Chairman Vice Chairman

(Past member of the Board of Directors of Tribute Pharmaceuticals, Aralez (Senior executive positions with Miravo, including Vice Chairman (2005-2009), President Pharmaceuticals Inc. and CannaRoyalty Corp. d/b/a Origin House) and Co-CEO (2009-2016), President and CEO (2016-2017),Executive Chairman (2018) and non-executive Vice Chairman (January 2019) • Former Co-founder, President & CEO of Tribute Pharmaceuticals • Graduate of the University of Western Ontario law school and holds a Masters of Law Degree from University College London

Dan N. Chicoine David A. Copeland Director Lead Director Chair of the Audit Committee (Executive Chairman, Crescita Therapeutics Inc. and Chairman of the Audit Committee and a Director on the Board of NeuPath Health Inc.) (Former CFO of Magna International Inc. and CEO of the Cosma Group of Magna) • Former Co-CEO of Miravo since 2009 and Miravo’s Chairman since 2005 • BMath from the University of Waterloo and is also a Chartered Professional • BComm from the University of Toronto and a Chartered Professional Accountant Accountant

Anthony E. Dobranowski Chair of the Compensation, Corporate Governance & Nominating Committee (Former Vice President of Magna, and prior to that held various executive positions (Vice Chairman, President and CFO) at Tesma International Inc., a public subsidiary of Magna)

• MBA from the University of Toronto and a Chartered Professional Accountant

36 MIRAVO INVESTMENT HIGHLIGHTS

A repositioned company that is profitable Continued expansion of existing product sales

FY2020 - Adjusted Total Revenue of Recent product launches $71.0 million and Adjusted EBITDA of $28.4 million

Cash Provided by Operating Activities – New business development activity to build $24 million FY2020 a large pipeline

Attractive 3.5% coupon rate on debt financing Successfully executing on growth strategy with a clear path to debt repayment Key revenue generating product portfolio protected Well positioned to grow by IP and long-term partnerships

37 Thank You

Investor Relations Contact Glen Akselrod 905 326 1888 www.bristolir.com [email protected]

38 Appendix

39 ADJUSTED TOTAL REVENUE / ADJUSTED EBITDA

The Company defines adjusted total revenue as total revenue, plus amounts billed to customers for existing contract assets, less revenue recognized upon recognition of a contract asset. Management believes adjusted total revenue is a useful supplemental measure to determine the Company’s ability to generate cash from its customer contracts used to fund its operations.

EBITDA refers to net income (loss) determined in accordance with IFRS, before depreciation and amortization, net interest expense (income) and income tax expense (recovery). The Company defines adjusted EBITDA as EBITDA, plus amounts billed to customers for existing contract assets, inventory step- up expenses, stock-based compensation expense, Other Expenses (Income), less revenue recognized upon recognition of a contract asset and other income. Management believes adjusted EBITDA is a useful supplemental measure to determine the Company’s ability to generate cash available for working capital, capital expenditures, debt repayments, interest expense and income taxes.

40 RECONCILIATION OF ADJUSTED TOTAL REVENUE / ADJUSTED EBITDA (FY2020, 2019, 2018 & 2017) Year ended December 31 Year ended December 31 2020 2019 2018 2017 in thousands $ $ $ $ 2020 2019 2018 2017 Net income (loss) (4,129) 3,399 (6,153) 1,581 in thousands $ $ $ Add back: Total revenue 73,775 69,546 19,998 17,523 Income tax expense (recovery) 1,152 28 (187) 1 Add: Net interest expense (income) 11,441 10,305 (32) (157) Amounts billed to customers for existing Depreciation and amortization 9,256 9,546 2,493 258 contract assets (1) 2,680 5,178 475 - EBITDA 17,720 23,278 (3,879) 1,683 Deduct: Add back: Revenue recognized upon recognition Amounts billed to customers for of a contract asset (5,496) - - - existing contract assets 2,680 5,178 475 - Adjusted total revenue 70,959 74,724 20,473 17,723 Stock-based compensation 261 457 795 486 Deduct: (1) The Company had adopted IFRS 15 - Revenue from Contracts with Customers (IFRS 15) with a Revenue recognized upon date of initial application of January 1, 2018. As a result, for the fiscal year 2017, the Company had recognition of a contract asset (5,496) - - - no adjustment to adjusted total revenue. Other Expenses (Income): Loss on disposal of contract assets - - 452 - Change in fair value of derivative liabilities 11,728 (31,070) - - Change in fair value of contingent and variable consideration 1,794 1,216 (518) - Impairment 1,583 23,780 - - Foreign currency loss (gain) (1,145) (2,598) (429) 336 Inventory step-up 1,411 4,979 - - Other losses (gains) (2,093) 2,060 - (44) Adjusted EBITDA 28,443 27,242 (3,104) 2,461

41 RECONCILIATION OF ADJUSTED REVENUE

Three months ended Twelve months ended December 31 December 31 2020 2019 2020 2019 $ $ $ $ Total revenue 17,283 19,593 73,775 69,546 Add: Amounts billed to customers for existing contract assets 48 51 2,680 5,178 Deduct: Revenue recognized upon recognition of a contract asset - - (5,496) - Adjusted total revenue 17,331 19,644 70,959 74,724

42 RECONCILIATION OF EBITDA & ADJUSTED EBITDA

The following is a summary of how EBITDA and adjusted EBITDA are calculated:

Three months ended Year ended December 31 December 31 2020 2019 2020 2019 in thousands $ $ $ $ Net income (loss) 2,399 (418) (4,129) 3,399 Add back: Income tax expense (recovery) (435) 29 1,152 28 Net interest expense 2,422 3,142 11,441 10,305 Depreciation and amortization 2,291 2,312 9,256 9,546 EBITDA 6,677 5,065 17,720 23,278 Add back: Amounts billed to customers for existing contract assets 48 51 2,680 5,178 Stock-based compensation 53 114 261 457 Deduct: Revenue recognized upon recognition of a contract asset - - (5,496) - Other Expenses (Income): Change in fair value of derivative liabilities 587 401 11,728 (31,070) Change in fair value of contingent and variable consideration 208 1,856 1,794 1,216 Impairment 1,583 159 1,583 23,780 Foreign currency loss (gain) (2,586) (1,081) (1,145) (2,598) Inventory step-up 352 875 1,411 4,979 Other losses (gains) (680) 1,130 (2,093) 2,022 Adjusted EBITDA 6,242 8,570 28,443 27,242