Both companies' boards of directors have unanimously determined that the proposed combination is in the best interest of their respective companies. BofA Merrill Lynch is acting as financial advisor to Loblaw for purposes of this transaction and delivered an opinion to Loblaw's Board of Directors as to the fairness, from a financial point of view, of the consideration to be paid by Loblaw in the transaction. RBC Capital Markets is acting as financial advisor to Shoppers Drug Mart and has provided an opinion to the board of directors of Shoppers Drug Mart that the consideration under the transaction is fair, from a financial point of view, to Shoppers Drug Mart shareholders. Loblaw retained Torys LLP as its legal counsel and Borden Ladner Gervais LLP in connection with competition matters. Osler, Hoskin & Harcourt LLP is acting as legal counsel to Shoppers Drug Mart.