An anonymous representative of Apollo Technology Capital reports

APOLLO TECHNOLOGY CAPITAL CORPORATION POSES QUESTIONS THAT MEDIPHARM SHAREHOLDERS SHOULD ASK ON MANAGEMENT'S CONFERENCE CALL WITH SHAREHOLDERS

Apollo Technology Capital Corp., which together with its affiliates and associates collectively is one of the largest shareholders of Medipharm Labs Corp., owning approximately 3 per cent of the company's common stock, is posing several critical questions that shareholders should ask Medipharm management on this morning's conference call following its first quarter 2025 earnings report. Chief executive officer David Pidduck and his management team have not held a call with shareholders since the second quarter of 2024 to avoid having to defend themselves after destroying 99 per cent of the value of the company's stock, or nearly $1-billion.

The conference call is clearly a frightened reaction to Apollo Capital's recently announced intention to nominate six highly qualified director candidates to Medipharm's board of directors at the company's 2025 annual and special meeting of shareholders to be held on June 16, 2025. After years of ignoring shareholder interests, Medipharm management has suddenly decided to engage now that it is facing a proxy contest that puts their outrageous compensation packages at risk.

On the call today, shareholders finally have an opportunity to demand answers from management to questions about critical issues, including:

1. These numbers are not even audited, and Medipharm has been accused of misleading accounting practices in the past, including relating to revenue. Why should anyone believe anything that you say? Are you currently recognizing revenue the same way that you were two years ago? Please answer this question clearly without wordplay, subterfuge or material misrepresentations.
2. You talk about things like "profit" while you are hemorrhaging money on executive compensation and heading toward insolvency. Do you think that your shareholders or anyone else paying attention will be fooled by what you are saying today?
3. After several quarters of not holding quarterly conference calls and ignoring shareholder interests, why are you all of a sudden holding one now? Is it only because you want shareholder votes so you and the board can remain in your roles and continue to operate Medipharm solely for personal gain despite destroying nearly all of the company's value?
4. Medipharm has been broken for years and you have not even tried to fix it. Why should shareholders have confidence that you can execute after years of epic failure?
5. Medipharm has burned significant cash over the years, bringing its current position to dangerously low levels. How can you possibly justify burning millions of dollars the company desperately needs on a proxy contest it is clear you should not fight?
6. How much cash does the company currently have? What is the current cash burn rate and how long do you expect it to last? How do you plan to invest in R&D (research and development) given the precarious cash position?
7. You have received outsized compensation, including stock grants and short-term incentives -- despite Medipharm's poor performance resulting from your value-destructive actions. Why were these payments made when targets were clearly missed? Why have you not committed to primarily incentive-based packages in which future awards are only paid when you actually meet targets? If not, why?
8. After the considerable failures of the past several years and your demonstrated inability to turn around the business, why are you resistant to a group of accomplished business leaders with relevant experience playing a role in rebuilding Medipharm. Is this as self-serving as it appears?
9. If you were an institutional or retail shareholder of a company that lost more than 99 per cent of its value, would you support the board and management's continued service?

Apollo Capital's nominees bring extensive experience in successfully transforming businesses, relevant cannabis industry expertise, and proper governance knowledge that will be critical to restoring years of value destruction at Medipharm. They are:

• John Fowler, president, Muskoka Grown; founder and former CEO, The Supreme Cannabis Company Inc.;
• Alan D. Lewis, co-founder and chief strategy officer, The Aeon Group Inc.;
• David Lontini, board director, Check-Cap Ltd.; chairman, Paragon Technologies; president, Londa Corp. (formerly Lontini Consulting); president, Lontini Construction Consultation;
• Demetrios Mallios, founder and CEO, The Aeon Group;
• Regan McGee, chairman and CEO, Apollo Technology Capital and Nobul Technologies Inc.
• Scott Walters, principal, Blaise Ventures Inc.; CEO, Maxus Mining Inc.; CEO, Big Concentrates Co.

Apollo Capital believes that Medipharm should be led by a board focused on performance, transparency and driving value for all shareholders.

Now that Medipharm has finally issued its management information circular setting out the business of the annual meeting and other proxy materials, Apollo Capital will issue an updated circular with details of its plans to save Medipharm and other pertinent information on how to vote. Apollo Capital is soliciting your support and, ultimately, intends to solicit forms of proxy and voting instruction forms in support of the election of each of the Apollo Capital nominees to the board of directors of Medipharm Labs at the annual meeting.

Apollo Capital urges you not to sign or return the green proxy cards sent by the company.

We seek Safe Harbor.