Bison LCV Inc. is incorporated under the ABCA and currently has three directors (COO, CEO, and Mr. Davidson as an independent lead director). Bison LCV is owned by its employees, directors, service providers and two large supportive Japanese shareholders, Marubeni Corporation and Mizuho Bank Corporation. Marubeni and Mizuho have committed staged equity investments intended to finance the evaluation phase and first two stages of commercial development. Both groups have funded at least twice and in addition to the formal commitments required under our agreements have provided valuable additional support to grow and sustain the business.

 Although we have a very positive view on the progression of CCUS as a business opportunity in Alberta over the longer term, clearly the financial drivers that establish a value for CO2 that affords the ability to pay for services associated with capture and storage will need to be viewed as adequate and permanent, to support investment. They are not today, and this is in part reflected in a deceleration of announced projects progression to scheduled final investment decisions. Having said that, projects supported by a voluntary market carbon price are moving forward and Bison has secured a contracted customer that will underpin the first two years of operations at our Meadowbrook Hub beginning in Fall 2025. Industrial scale CCS is also gaining momentum in the US and we hope to see at least a few projects start in Canada.

 As governance principles we demand honesty and we accept diversity in all its forms. Diverse opinions make for better decisions.