Mr. Glenn Schulman reports

AURINIA PRICES US$166.7 MILLION PUBLIC OFFERING OF COMMON SHARES

Aurinia Pharmaceuticals Inc. has priced its underwritten public offering of 11,115,165 common shares. The shares are being sold at a public offering price of $15 (U.S.) per share. The gross offering proceeds to the company from this offering are expected to be approximately $166.7-million (U.S.), before deducting underwriting discounts and commissions and other estimated offering expenses. All of the shares are being offered by the company. The offering is expected to close on or about Dec. 12, 2019, subject to the satisfaction of customary closing conditions.

Jefferies LLC and SVB Leerink LLC are acting as joint book-running managers for the offering. H.C. Wainwright & Co. LLC, Oppenheimer & Co. Inc. and Bloom Burton Securities Inc. are acting as co-managers for the offering. The company has granted the underwriters an option exercisable, in whole or in part, in the sole discretion of the underwriters, to purchase 1,667,274 additional shares, for a period of up to 30 days.

The offering is subject to customary closing conditions, including Nasdaq and Toronto Stock Exchange approvals. For the purposes of TSX approval, the company intends to rely on the exemption set forth in Section 602.1 of the TSX company manual, which provides that the TSX will not apply its standards to certain transactions involving eligible interlisted issuers on a recognized exchange, such as Nasdaq.

The company intends to use the net proceeds of the offering for precommercialization and launch activities, as well as working capital and general corporate purposes.

The offering is being made pursuant to a U.S. registration statement on Form F-10, declared effective by the U.S. Securities and Exchange Commission on March 29, 2018, and the company's existing Canadian short-form base-shelf prospectus dated March 26, 2018. A preliminary prospectus supplement relating to the offering has been filed with the securities commissions in the provinces of British Columbia, Alberta and Ontario in Canada, and with the SEC in the United States, and a final prospectus supplement relating to the offering (together with the preliminary prospectus, base-shelf prospectus and the registration statement, the offering documents) will be filed with the securities commissions in the provinces of British Columbia, Alberta and Ontario in Canada, and with the SEC in the United States. The offering documents will contain important detailed information about the securities being offered. Before you invest, you should read the offering documents and the other documents, the company has filed for more complete information about the company and the offering. Copies of the offering documents will be available at no charge by visiting the company's profiles on the SEDAR website maintained by the Canadian Securities Administrators or the SEC's website, as applicable. Alternatively, copies of the prospectus supplement will be available upon request by contacting Jefferies LLC, attention: equity syndicate prospectus department, 520 Madison Ave., second floor, New York, N.Y., 10022; by phone at 877-821-7388; or by e-mail at Prospectus_Department@Jefferies.com; or SVB Leerink LLC, attention: syndicate department, 1 Federal St., 37th floor, Boston, Mass., 02110, by telephone at 1-800-808-7525, extension 6132, or by e-mail at syndicate@svbleerink.com.

About Aurinia Pharmaceuticals Inc.

Aurinia Pharmaceuticals is a late clinical-stage biopharmaceutical company focused on developing and commercializing therapies to treat targeted patient populations that are impacted by serious diseases with a high unmet medical need. The company is currently developing an investigational drug, for the treatment of lupus nephritis, focal segmental glomerulosclerosis and dry eye syndrome. The company's head office is in Victoria, B.C., and focuses its development efforts globally.