Oct 30, 2020 Morningstar HEXO Fair Value 1.87Quantitative Equity Research Report | Release: 30 Oct 2020, 21:32 UTC | Reporting Currency: CAD | Trading Currency: CAD | Exchange: TORONTO STOCK EXCHANGE Page 1 of 4 ©2020 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. The information, data, analyses and opinions presented herein do not constitute investment advice; are provided solely for informational purposes and therefore is not an offer to buy or sell a security; are not warranted to be correct, complete or accurate; and are subject to change without notice. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or other losses resulting from, or related to, the information, data, analyses or opinions or their use. The information herein may not be reproduced, in any manner without the prior written consent of Morningstar. Please see important disclosures at the end of this report. ® HEXO Corp HEXO QQQ 30 Oct 2020, 22:51 UTC Economic Moat Uncertainty Price/Fair Value Trailing Dividend Yield % Market Cap Investment Style Sector Industry None Extreme 0.5 — 389.3834 Mil Small Growth Healthcare Drug Manufacturers - Specialty & Generic 0.1 40 10 20 30 Fair Value 1.87 Last Close 0.81 RatingQ Significantly Overvalued Overvalued Fairly Valued Undervalued Significantly Undervalued 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 YTD — — — — 0.56 0.78 1.12 0.98 0.72 0.46 0.49 — — — — — -28.57 -10.00 505.93 15.16 -56.05 -60.87 — — — — — -19.91 -31.52 496.72 24.17 -78.63 -48.45 Performance Price/Fair Value Total Return % +/- Index Total Return % as of 31 Oct 2020. Last Close as of 30 Oct 2020. Fair Value as of 30 Oct 2020, 22:51 UTC. Index: Morningstar Canada GR CAD. There is no one analyst in which a Quantitative Fair Value Estimate and Quantitative Star Rating are attributed to; however, Mr. Lee Davidson, Head of Quantitative Research for Morningstar, Inc., is responsible for overseeing the methodology that supports the quantitative fair value. As an employee of Morningstar, Inc., Mr. Davidson is guided by Morningstar, Inc.’s Code of Ethics and Personal Securities Trading Policy in carrying out his responsibilities. For information regarding Conflicts of Interes