Ann: BCC December 2023 Quarterly Activities Report & Appendix 4C, page-14

Thankt sfor your thoughts @padrinomessina very informative. My concerns are around the viability of Zoleo as a product in the near future as the rollout of the satelite compatible communications via normal phones is on the rise. Zoleo is starting to approach 5+ years in the market and the peak usage of the device may be near.

If that is the case and BCC goes through the acquisition/rights transfer of the JV, they might be buying a 'dud' as the RP has extracted the most valuable years of service out of the JV and now is ready to have its last stroke of genius and offload Zoleo to its suffering partner.

Let's not forget that this JV, to this date, has not resulted in any material profits to BCC and only cost it money whilst RP has profited, this history may not be the last time that happens, if BCC does not have an upper hand in the negotiations. Also if JV terms were so poor for BCC, why do we think that the arbitration process is going to be negotiated/executed any better?