RE:I Still Don't Understand the Valuations Final Canaccord Genuity Fairness Opinion Canaccord Genuity was engaged by the Nuuvera Board to act as financial advisor to Nuuvera and to provide an opinion as to the fairness, from a financial point of view, of the original consideration to be received under the Arrangement by the Shareholders (other than Aphria) pursuant to the Arrangement Agreement. On January 28, 2018, Canaccord Genuity verbally delivered its opinion, which Canaccord Genuity subsequently confirmed in writing, that the original consideration to be received under the Arrangement by the Shareholders pursuant to the Arrangement Agreement is fair, from a financial point of view, to the Shareholders (other than Aphria). In connection with the Amending Agreement, on February 19, 2018, Canaccord Genuity verbally delivered its opinion, which Canaccord Genuity subsequently reaffirmed in writing, that the (revised) Consideration to be received under the Arrangement by the Shareholders pursuant to the Amended Arrangement Agreement is fair, from a financial point of view, to the Shareholders (other than Aphria). Under the Canaccord Genuity Engagement Agreement, Nuuvera has agreed to pay a fixed fee to Canaccord Genuity for its services related to providing each of the Canaccord Genuity Fairness Opinions, both of which are not contingent on the substance of the Canaccord Genuity Fairness Opinions or the completion of the Arrangement. Nuuvera has also agreed to pay Canaccord Genuity a certain fee based on the successful completion of certain transactions, including upon the completion of the Arrangement. Nuuvera has also agreed to indemnify Canaccord Genuity against certain liabilities in connection with its engagement. In support of the Canaccord Genuity Fairness Opinions, Canaccord Genuity performed certain analyses on Nuuvera and Aphria, as applicable, based on methodologies and assumptions that Canaccord Genuity considered appropriate at the time and in the circumstances, for the purpose of providing the Canaccord Genuity Fairness Opinions. Canaccord Genuity considered and assessed, among other factors, the following: (i) discounted cash flow analysis; (ii) precedent premia analysis; (iii) precedent transactions analysis; (iv) comparable companies trading analysis; and (v) recent market prices of the Nuuvera Shares and the Aphria Shares. Canaccord Genuity has disclaimed any undertaking or obligation to advise any person of any change in any fact or matter affecting the Canaccord Genuity Fairness Opinions after the respective dates of the Canaccord Genuity Fairness Opinions. Canaccord Genuity reserves the right to change, modify or withdraw its opinions in the event that there is a material change in any fact or matter affecting the Canaccord Genuity Fairness Opinions after the respective dates of the Canaccord Genuity Fairness Opinions or if Canaccord Genuity learns that the information relied upon was inaccurate, incomplete or misleading in any material respect. The full text of the Final Canaccord Genuity Fairness Opinion, setting out the assumptions made, matters considered and limitations and qualifications on the review undertaken in connection with the Final Canaccord Genuity Fairness Opinion, is attached as Appendix “G” to this Circular. The summary of the Final Canaccord Genuity Fairness Opinion described in this Circular is qualified in its entirety by reference to the full text of the Final Canaccord Genuity Fairness Opinion. Neither Canaccord Genuity, nor any of its affiliates (as defined in the Securities Act (Ontario)) is an insider, associate or affiliate of Nuuvera or Aphria and is not an advisor to any person or company in respect of the Arrangement other than Nuuvera. Canaccord Genuity and its affiliates have not been engaged to provide any financial advisory services, have not acted as lead or co-lead manager on any offering of securities of Nuuvera, Aphria or their affiliates during the 24 months preceding the date on which Canaccord Genuity was first contacted by Nuuvera in respect of the Arrangement, other than: (a) services provided under the Canaccord Genuity Engagement Agreement; (b) in respect of the Nuuvera Bought Deal, in which Canaccord Genuity acted as co-lead underwriter; (c) in respect of the brokered private placement of subscription receipts of Nuuvera completed in December 2017 in which Canaccord Genuity acted as co-manager in a syndicate position; and (d) in respect of the acquisition of Broken Coast by Aphria, whereby Canaccord Genuity acted as financial advisor to Broken Coast. In addition, Canaccord Genuity and its affiliates act as a trader and dealer, both as principal and agent, in major financial markets and, as such, may have had and may in the future have long or short positions in the securities of Nuuvera, Aphria or any of their respective associates or affiliates and, from time to time, may have executed or may execute transactions on behalf of such companies or clients for which it receives or may receive commission. As an investment dealer, Canaccord Genuity and its affiliates conduct research on securities and may, in the ordinary course of their business, provide research reports and investment advice to its clients on investment matters, including with respect to Nuuvera, Aphria and the Arrangement. In addition, Canaccord Genuity and its affiliates may, in the ordinary course of its business, provide other financial services to Nuuvera, Aphria or any of their associates or affiliates