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IMPORTANT TAX NOTICE TO SHAREHOLDERS OF Carbon Streaming Corporation (“Carbon Streaming”) WHO HAVE U.S. TAX FILING REQUIREMENTS (“U.S. Shareholders”).

This statement is provided for shareholders of Carbon Streaming with U.S. tax filing requirements under the U.S. Internal Revenue Code of 1986, as amended ("Code") and the regulations thereunder. It is not relevant to other shareholders.

Carbon Streaming has not made, and does not expect to make, a determination as to whether it or any of its owned subsidiaries is a Passive Foreign Investment Company (“PFIC”) for U.S. tax purposes for any taxable year, including the year ended December 31, 2020. The determination as to whether any corporation was, or will be, a PFIC for a particular tax year depends in part on the application of complex U.S. federal income tax statutes, regulations, and the interpretation thereof. In addition, whether any corporation will be a PFIC for any tax year depends on its assets and income over the course of such tax year, and as a result, the PFIC status of Carbon Streaming for 2020 and any future tax year is subject to a complex analysis and therefore cannot be predicated with certainty. U.S. shareholders should be aware that there are no assurances that Carbon Streaming will provide a PFIC Annual Information Statement for its current taxable year or future taxable years.

A U.S. shareholder who makes a QEF election is required to annually include in his or her income his or her pro rata share of the ordinary earnings and net capital gain of Carbon Streaming and its subsidiaries, whether or not that corporation distributes any amounts to its shareholders. If you do not elect to treat Carbon Streaming and each of its subsidiaries as a QEF, then if Carbon Streaming is a PFIC for any year during your holding period, adverse U.S. tax consequences could result.

The QEF election is generally made on Form 8621 ("Return by a Shareholder of a Passive Foreign Investment Company or Qualified Electing Fund") on or before the due date, including extensions, for the income tax return with respect to the tax year to which the election relates.

THIS INFORMATION IS PROVIDED IN ORDER TO ASSIST SHAREHOLDERS IN MAKING CALCULATIONS AND DOES NOT CONSTITUTE TAX ADVICE. THE U.S. TAX LAWS REGARDING PFICS ARE EXTREMELY COMPLEX AND SHAREHOLDERS ARE ADVISED TO CONSULT THEIR OWN TAX ADVISORS CONCERNING THE OVERALL TAX CONSEQUENCES OF THEIR RESPECTIVE INVESTMENT IN, AND OWNERSHIP OF SHARES OF CARBON STREAMING UNDER UNITED STATES FEDERAL, STATE, LOCAL AND FOREIGN LAW.

Further information on PFIC rules and the QEF election is available from the Internal Revenue Service, including the following website pages: www.irs.gov/instructions/i8621/ch01.html