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Maxar stockholders to receive $53.00 per share in cash, a 129% premium to prior closing price

Maxar to remain U.S.-controlled and operated company following close

Advent brings 35+ year investment track record with significant experience in global security and defense

Transaction will support Maxar to accelerate investment in and development of the Company’s next-generation satellite technologies and data insights for its customers

Westminster, CO and Boston, MA – Maxar Technologies (NYSE:MAXR) (TSX:MAXR) (“Maxar” or the “Company”), provider of comprehensive space solutions and secure, precise, geospatial intelligence, today announced that it has entered into a definitive merger agreement to be acquired by Advent International (“Advent”), one of the largest and most experienced global private equity investors, in an all-cash transaction that values Maxar at an enterprise value of approximately $6.4 billion. Advent is headquartered in the United States and has a demonstrable track record as a responsible owner of defense and security businesses. Following the close of the transaction, Maxar will remain a U.S.-controlled and operated company.

Under the terms of the definitive merger agreement, Advent has agreed to acquire all outstanding shares of Maxar common stock for $53.00 per share in cash. The purchase price represents a premium of approximately 129% over Maxar’s closing stock price of $23.10 on December 15, 2022, the last full trading day prior to this announcement, an approximately 135% premium to the 60-day volume-weighted average price prior to this announcement, and a premium of approximately 34% over Maxar’s 52-week high.

Following the closing of the transaction, Maxar will benefit from the significant resources, operational expertise and capacity for investment provided by Advent. As a private company, Maxar will be able to accelerate investments in next-generation satellite technologies and data insights that are vital to the Company’s government and commercial customers, as well as pursue select, strategic M&A to further enhance the Company’s portfolio of solutions. This includes supporting the successful delivery of the new Legion satellite constellation, accelerating the launch of Legion 7 and 8 satellites and further growing the Earth Intelligence and Space Infrastructure businesses through investments in next-generation capabilities, such as advanced machine learning and 3D mapping. With approximately $28 billion invested across the defense, security and cybersecurity sectors in the last three years, Advent’s portfolio companies have substantial expertise supporting many satellite and defense platforms which serve the U.S. government and its allies as well as companies across the globe.

“This transaction delivers immediate and certain value to our stockholders at a substantial premium,” said General Howell M. Estes, III (USAF Retired), Chair of Maxar’s Board of Directors. “Maxar’s mission has never been more important, and this transaction allows us to maximize value for stockholders while accelerating the Company’s ability to deliver its mission-critical technology and solutions to customers over the near and long term.”

“Today’s announcement is an exceptional outcome for stockholders and is a testament to the hard work and dedication of our team, the value Maxar has created and the reputation we have built in our industry,” said Daniel Jablonsky, President and CEO of Maxar. “Advent has a proven record of strengthening its portfolio companies and a desire to support Maxar in advancing our long-term strategic objectives. As a private company, we will have enhanced flexibility and additional resources to build on Maxar’s strong foundation, further scale operations and capture the significant opportunities in a rapidly expanding market.”

“We have tremendous respect and admiration for Maxar, its industry-leading technology and the vital role it serves in supporting the national security of the United States and its allies around the world,” said David Mussafer, Chairman and Managing Partner of Advent. “We will prioritize Maxar’s commitment as a core provider to the U.S. defense and intelligence communities, and allies, while providing Maxar with the financial and operational support necessary to apply its technology and team members even more fully to the missions and programs of its government and commercial customers.”

“In our view, Maxar is a uniquely positioned and attractive asset in satellite manufacturing and space-based high-resolution imagery, with an incredible workforce and many opportunities ahead,” said Shonnel Malani, Managing Director and global head of Advent’s aerospace and defense team. “We have strong conviction in the growing need for the differentiated solutions Maxar provides, and our goal is to invest in expanding Maxar’s satellite constellation as well as supporting Maxar’s team to push the boundaries of innovation, ensuring mission success for its customers.”

Transaction Details

Under the terms of the agreement, which has been unanimously approved by Maxar’s Board of Directors, Maxar stockholders will receive $53.00 in cash for each share of common stock they own.

Advent has arranged committed debt and equity financing commitments for the purpose of financing the transaction, providing a high level of closing certainty. Funds advised by Advent have committed an aggregate equity contribution of $3.1 billion and British Columbia Investment Management Corporation (“BCI”) is providing a minority equity investment through a committed aggregate equity contribution equal to $1.0 billion, both on the terms and subject to the conditions set forth in the signed equity commitment letters.

The agreement includes a 60-day “go-shop” period expiring at 11:59 pm EST on February 14, 2023. During this period, the Maxar Board of Directors and its advisors will actively initiate, solicit and consider alternative acquisition proposals from third parties. The Maxar Board will have the right to terminate the merger agreement to enter into a superior proposal subject to the terms and conditions of the merger agreement. There can be no assurance that this “go-shop” will result in a superior proposal, and Maxar does not intend to disclose developments with respect to the solicitation process unless and until it determines such disclosure is appropriate or otherwise required. The Company, Advent and BCI will contemporaneously pursue regulatory reviews and approvals required to conclude the transaction.

The transaction is expected to close mid-2023, subject to customary closing conditions, including approval by Maxar stockholders and receipt of regulatory approvals. The transaction is not subject to any conditionality related to the launch, deployment or performance of Maxar’s WorldView Legion satellite program. Upon completion of the transaction, Maxar’s common stock will no longer be publicly listed. It is expected that Maxar will continue to operate under the same brand and maintain its current headquarters in Westminster, Colorado.

The foregoing description of the merger agreement and the transactions contemplated thereby is subject to, and is qualified in its entirety by reference to, the full terms of the merger agreement, which Maxar will be filing on Form 8-K.

Advisors

J.P. Morgan Securities LLC is serving as financial advisor to Maxar and Wachtell, Lipton, Rosen & Katz is serving as lead counsel to Maxar. Milbank LLP is serving as Maxar’s legal advisor with respect to certain space industry and regulatory matters.

Goldman Sachs & Co. LLC and Morgan Stanley & Co. LLC are serving as financial advisors to Advent and Weil, Gotshal & Manges LLP is serving as lead counsel to Advent. Covington & Burling LLP is serving as Advent’s legal advisor with respect to certain regulatory matters.

Skadden, Arps, Slate, Meagher & Flom LLP is serving as lead counsel to BCI. Freshfields Bruckhaus Deringer LLP is serving as BCI’s legal advisor with respect to certain regulatory matters.

About Maxar

Maxar Technologies (NYSE:MAXR) (TSX:MAXR) is a provider of comprehensive space solutions and secure, precise, geospatial intelligence. We deliver disruptive value to government and commercial customers to help them monitor, understand and navigate our changing planet; deliver global broadband communications; and explore and advance the use of space. Our unique approach combines decades of deep mission understanding and a proven commercial and defense foundation to deploy solutions and deliver insights with unrivaled speed, scale and cost effectiveness. Maxar’s 4,400 team members in over 20 global locations are inspired to harness the potential of space to help our customers create a better world. For more information, visit www.maxar.com.

About Advent International

Founded in 1984 and based in Boston, MA, Advent International is one of the largest and most experienced global private equity investors. The firm has invested in over 400 private equity investments across 41 countries, and as of September 30, 2022, had $89 billion in assets under management. With 15 offices in 12 countries, Advent has established a globally integrated team of over 285 private equity investment professionals across North America, Europe, Latin America and Asia. The firm focuses on investments in five core sectors, including business and financial services; health care; industrial; retail, consumer and leisure; and technology. This includes investments in defense, security and cybersecurity as well as critical national infrastructure.

For over 35 years, Advent has been dedicated to international investing and remains committed to partnering with management teams to deliver sustained revenue and earnings growth for its portfolio companies.

For more information, visit

Website: www.adventinternational.com

LinkedIn: www.linkedin.com/company/advent-international

About BCI

British Columbia Investment Management Corporation (BCI) is amongst the largest institutional investors in Canada with C$211.1 billion under management, as of March 31, 2022. Based in Victoria, British Columbia, with offices in New York City and Vancouver, BCI is invested in: fixed income and private debt; public and private equity; infrastructure and renewable resources; as well as real estate equity and real estate debt. With our global outlook, we seek investment opportunities that convert savings into productive capital that will meet our clients’ risk and return requirements over time.

BCI’s private equity program actively manages a C$24.8 billion global portfolio of privately-held companies and funds with the potential for long-term growth and value creation. Leveraging our sector-focused teams in business services, consumer, financial services, healthcare, industrials, and technology, media and telecommunications, we work with strategic private equity partners to source and manage direct and co-sponsor/co-investment opportunities.

For more information, please visit bci.ca.

LinkedIn: https://www.linkedin.com/company/british-columbia-investment-management-corporation-bci

Additional Information About the Merger and Where to Find It

This communication relates to the proposed transaction involving Maxar. In connection with the proposed transaction, Maxar will file relevant materials with the U.S. Securities and Exchange Commission (the “SEC”), including Maxar’s proxy statement on Schedule 14A (the “Proxy Statement”). This communication is not a substitute for the Proxy Statement or any other document that Maxar may file with the SEC or send to its shareholders in connection with the proposed transaction. BEFORE MAKING ANY VOTING DECISION, SHAREHOLDERS OF MAXAR ARE URGED TO READ ALL RELEVANT DOCUMENTS FILED OR TO BE FILED WITH THE SEC, INCLUDING THE PROXY STATEMENT, WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION. Investors and security holders will be able to obtain the documents (when available) free of charge at the SEC’s website, www.sec.gov, or by visiting Maxar’s investor relations website, https://investor.maxar.com/overview/default.aspx.

Participants in the Solicitation

Maxar and its directors and executive officers may be deemed to be participants in the solicitation of proxies from the holders of Maxar’s common stock in respect of the proposed transaction. Information about the directors and executive officers of Maxar and their ownership of Maxar’s common stock is set forth in the definitive proxy statement for Maxar’s 2022 Annual Meeting of Stockholders, which was filed with the SEC on March 31, 2022, or its Annual Report on Form 10-K for the year ended December 31, 2021, and in other documents filed by Maxar with the SEC. Other information regarding the participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the Proxy Statement and other relevant materials to be filed with the SEC in respect of the proposed transaction when they become available. Free copies of the Proxy Statement and such other materials may be obtained as described in the preceding paragraph.

Forward-Looking Statements

This communication contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Statements concerning general economic conditions, our financial condition, including our anticipated revenues, earnings, cash flows or other aspects of our operations or operating results, and our expectations or beliefs concerning future events; and any statements using words such as “believe,” “expect,” “anticipate,” “plan,” “intend,” “foresee,” “should,” “would,” “could,” “may,” “estimate,” “outlook” or similar expressions, including the negative thereof, are forward-looking statements that involve certain factors, risks and uncertainties that could cause Maxar’s actual results to differ materially from those anticipated.  Such factors, risks and uncertainties include:  (1) the occurrence of any event, change or other circumstances that could give rise to the termination of the merger agreement between the parties to the proposed transaction; (2) the failure to obtain approval of the proposed transaction from Maxar’s stockholders; (3) the failure to obtain certain required regulatory approvals or the failure to satisfy any of the other closing conditions to the completion of the proposed transaction within the expected timeframes or at all; (4) risks related to disruption of management’s attention from Maxar’s ongoing business operations due to the proposed transaction; (5) the effect of the announcement of the proposed transaction on the ability of Maxar to retain and hire key personnel and maintain relationships with its customers, suppliers and others with whom it does business, or on its operating results and business generally; (6) the ability of Maxar to meet expectations regarding the timing and completion of the transaction; (7) the impacts resulting from the conflict in Ukraine or related geopolitical tensions; (8) the impacts of the global COVID-19 pandemic or any other pandemics, epidemics or infectious disease outbreaks; (9) Maxar’s ability to generate a sustainable order rate for the satellite and space manufacturing operations and develop new technologies to meet the needs of its customers or potential new customers; (10) the impacts of any changes to the policies, priorities, regulations, mandates and funding levels of governmental entities; (11) the impacts if Maxar’s programs fail to meet contractual requirements or its products contain defects or fail to operate in the expected manner; (12) any significant disruption in or unauthorized access to Maxar’s computer systems or those of third parties that it utilizes in its operations, including those relating to cybersecurity or arising from cyber-attacks, and security threats could result in a loss or degradation of service, unauthorized disclosure of data, or theft or tampering of intellectual property; (13) satellites are subject to construction and launch delays, launch failures, damage or destruction during launch; (14) if Maxar satellites fail to operate as intended; (15) the impacts of any loss of, or damage to, a satellite and any failure to obtain data or alternate sources of data for Maxar’s products; (16) any interruption or failure of Maxar’s infrastructure or national infrastructure; (17) Maxar’s business with various governmental entities is concentrated in a small number of primary contracts; (18) Maxar operates in highly competitive industries and in various jurisdictions across the world; (19) uncertain global macro-economic and political conditions; (20) Maxar is a party to legal proceedings, investigations and other claims or disputes, which are costly to defend and, if determined adversely to it, could require it to pay fines or damages, undertake remedial measures or prevent it from taking certain actions; (21) Maxar’s ability to attract, train and retain employees; (22) any disruptions in U.S. government operations and funding; (23) any changes in U.S. government policy regarding use of commercial data or space infrastructure providers, or material delay or cancellation of certain U.S. government programs; (24) Maxar’s business involves significant risks and uncertainties that may not be covered by insurance; (25) Maxar often relies on a single vendor or a limited number of vendors to provide certain key products or services; (26) any disruptions in the supply of key raw materials or components and any difficulties in the supplier qualification process, as well as any increases in prices of raw materials; (27) any changes in Maxar’s accounting estimates and assumptions; (28) Maxar may be required to recognize impairment charges; (29) Maxar’s business is capital intensive, and it may not be able to raise adequate capital to finance its business strategies, including funding future satellites, or to refinance or renew its debt financing arrangements, or it may be able to do so only on terms that significantly restrict its ability to operate its business; (30) Maxar’s ability to obtain additional debt or equity financing or government grants to finance operating working capital requirements and growth initiatives may be limited or difficult to obtain; (31) Maxar’s indebtedness and other contractual obligations; (32) Maxar’s current financing arrangements contain certain restrictive covenants that impact its future operating and financial flexibility; (33) Maxar’s actual operating results may differ significantly from its guidance; (34) Maxar could be adversely impacted by actions of activist stockholders; (35) the price of Maxar’s common stock has been volatile and may fluctuate substantially; (36) Maxar’s operations in the U.S. government market are subject to significant regulatory risk; (37) failure to comply with the requirements of the National Industrial Security Program Operating Manual could result in interruption, delay or suspension of Maxar’s ability to provide its products and services, and could result in loss of current and future business with the U.S. government; (38) Maxar’s business is subject to various regulatory risks; (39) any changes in tax law, in Maxar’s tax rates or in exposure to additional income tax liabilities or assessments; (40) Maxar’s ability to use its U.S. federal and state net operating loss carryforwards and certain other tax attributes may be limited; (41) Maxar’s operations are subject to governmental law and regulations relating to environmental matters, which may expose it to significant costs and liabilities; and (42) the other risks listed from time to time in Maxar’s filings with the SEC.

For additional information concerning factors that could cause actual results and events to differ materially from those projected herein, please refer to Maxar’s Annual Report on Form 10-K for the year ended December 31, 2021 and to other documents filed by Maxar with the SEC, including subsequent Current Reports on Form 8-K and Quarterly Reports on Form 10-Q. Maxar is providing the information in this communication as of this date and assumes no obligation to update or revise the forward-looking statements in this communication because of new information, future events, or otherwise.

Contacts

For Maxar:

Investor Relations

Jonny Bell

(303) 684-5543

jonny.bell@maxar.com

Media Relations

Fernando Vivanco

(720) 877-5220

fernando.vivanco@maxar.com

OR

Scott Bisang / Eric Brielmann / Jack Kelleher

Joele Frank, Wilkinson Brimmer Katcher

(212) 355-4449

dgi-jf@joelefrank.com

For Advent:

Bryan Locke / Jeremy Pelofsky

FGS Global

(212) 687-8080

adventinternational-us@fgsglobal.com

BMS Group, the high growth independent specialty insurance and reinsurance broker, announces that a definitive agreement has been entered into with Eurazeo for an additional investment in the business. Existing shareholders British Columbia Investment Management Corporation (BCI), Preservation Capital Partners (PCP), management and staff will continue to be invested in the business. The transaction is subject to regulatory approvals.

In the period 2019 to 2022, revenues at BMS have increased from c.£100m to more than £250m. BMS has made eight acquisitions over the past three years, the most recent being Eisenar in Spain. Staff numbers have risen by over 70% to c.900 people across specialty and reinsurance disciplines. BMS has also recently strengthened the leadership team including Nick Gillett (CEO, Int.), Eliot Powell, (Group CCO), Louisa Erwin (Group Head, DEI), Ian Matheson, (Chair, Canada), Chris McDowell, (CEO, Bermuda), Ted Hodgkinson, (Chair, Asia).

Operating across 14 countries, with 28 offices this additional investment announced today will enable an acceleration in BMS’ pace of growth across its core trading divisions as well as focused investment to continue to deliver exceptional results for clients.

BMS’ management team, led by Chief Executive Officer Nick Cook, will all remain in their roles following completion of the transaction, and management and staff of BMS will remain significant shareholders in the company.

Cook said: “At a time when the macro-economic environment is causing headwinds for some, this investment is testament to the extraordinary growth and expansion we have delivered for several years and the confidence we have in our strategy to expand as a global independent specialty insurance and reinsurance broker. BMS has attracted immense attention over the past few months from global investors as we looked to position the business for an exciting future. The global reach of Eurazeo will undoubtedly help us in our ongoing expansion alongside the continue support of BCI and PCP. I am delighted to welcome Eurazeo, a prestigious listed global partner.

“Our culture and our dedication to recruiting and nurturing the very best people in the market is unique and steadfast. We are a home for top-flight, talented people with expertise, innovation, and who have entrepreneurialism at their heart. This ethos is a clear differentiator for our clients and runs to the core of everything we do.

“With our track record of organic double-digit growth, this investment, at a market leading valuation, has created the opportunity to scale this business with increased vigour and confidence. We have countless opportunities ahead of us in our specialty and reinsurance divisions. We now have three long-term capital partners who back BMS’ strategy and vision and, crucially, its continued independence.

“Our partners and our leadership team are committed to investment in our business and people to provide a market leading client service reinforced by data, digital and analytics. This is an exciting time for BMS, and I am grateful to all my colleagues at BMS who have driven our group success over the past few years. I could not be prouder of the achievements of the whole team.”

Maxime de Bentzmann, Managing Director, Eurazeo – Mid-large Buyout, commented: ”We have been exploring specialty insurance and reinsurance markets for some time and are delighted to have found, in BMS, another perfect opportunity to partner with a successful, global business with numerous transformation levers. Their shining record over recent years, under the leadership of Nick Cook and his management team, is one we admire, and we are genuinely excited to join forces to support their future success.”

“As a long-term investor, BCI is pleased to continue our significant investment in BMS, a market-leading company with a demonstrated track record of strong growth,” said Dave Hong, Senior Managing Director, Private Equity at BCI. “We are excited to partner with BMS management, Eurazeo, and PCP in the next phase of this journey, and to continue creating value for our pension plan and insurance fund clients.”

Jatender Aujla, Managing Partner, PCP, commented: “We are excited to welcome Eurazeo as a long term shareholder in BMS alongside PCP and BCI. BMS is one of the largest investments PCP have made to date and, thanks to Nick Cook and his superb team, it has been a phenomenal investment to date with revenue and EBITDA tripling, resulting in a 3.5x uplift in valuation since our investment in 2019. As a long term investor we remain committed to helping the team continue their ambitious growth strategy.”

BMS were advised by Evercore, BMS Capital Advisory and Macfarlanes LLP.

For further information please contact:

BMS

Haggie Partners

Peter Rigby, Ben Abbotts, Olivia Fatkin-Kane

Tel: + 44 20 7562 4444

bms@haggie.co.uk

BCI

Olga Petrycki

Director, External Stakeholder Engagement

Tel: +1 778-410-7310

media@bci.ca

About BMS Group

BMS Group is a leading independent specialist (re)insurance broker. For 40 years, BMS has provided comprehensive, customised solutions in the fields of wholesale, reinsurance and direct insurance, and capital advisory through our teams of experts. Today, this experience and expertise, served with a spirit of creativity, allows BMS to offer a full range of integrated services. Designing individual, tailored solutions makes BMS the risk and capital management advisor clients want to work with time and again.

For more information about BMS please visit www.bmsgroup.com

About Eurazeo

Eurazeo is a leading global investment company, with a diversified portfolio of €32.4 billion in assets under management, including nearly €23.2 billion from third parties, invested in 530 companies. With its considerable private equity, private debt as well as real estate and infrastructure asset expertise, Eurazeo accompanies companies of all sizes, supporting their development through the commitment of its nearly 400 professionals and by offering deep sector expertise, a gateway to global markets, and a responsible and stable foothold for transformational growth. Its solid institutional and family shareholder base, robust financial structure free of structural debt, and flexible investment horizon enable Eurazeo to support its companies over the long term.

Eurazeo has offices in Paris, New York, London, Frankfurt, Berlin, Milan, Madrid, Luxembourg, Shanghai, Seoul, Singapore and Sao Paulo.

Eurazeo is listed on Euronext Paris.

ISIN: FR0000121121 – Bloomberg: RF FP – Reuters: EURA.PA

About BCI

British Columbia Investment Management Corporation (BCI) is amongst the largest institutional investors in Canada with C$211.1 billion under management, as of March 31, 2022. Based in Victoria, British Columbia, with offices in Vancouver and New York City, BCI is invested in: fixed income and private debt; public and private equity; infrastructure and renewable resources; as well as real estate equity and real estate debt. With our global outlook, we seek investment opportunities that convert savings into productive capital that will meet our clients’ risk and return requirements over time.

BCI’s private equity program actively manages a C$24.8 billion global portfolio of privately held companies and funds with long-term growth potential. Leveraging our sector-focused teams in business services, consumer, financial services, healthcare, industrials, and technology, media and telecommunications, we work with strategic private equity partners to source and manage direct and co-sponsor/co-investment opportunities.

Follow BCI on LinkedIn

About Preservation Capital Partners

Preservation Capital Partners (PCP) is a London based specialist private equity firm focused on investing in high growth financial technology and services business across Europe. PCP was founded in 2017 and manages c.$1Bn of assets under management. PCP also have investments in Optio, Parmenion, Saltus and HBC.

For more information, please visit www.preservationcp.com

Maxar stockholders to receive $53.00 per share in cash, a 129% premium to prior closing price

Maxar to remain U.S.-controlled and operated company following close

Advent brings 35+ year investment track record with significant experience in global security and defense

Transaction will support Maxar to accelerate investment in and development of the Company’s next-generation satellite technologies and data insights for its customers

Westminster, CO and Boston, MA – Maxar Technologies (NYSE:MAXR) (TSX:MAXR) (“Maxar” or the “Company”), provider of comprehensive space solutions and secure, precise, geospatial intelligence, today announced that it has entered into a definitive merger agreement to be acquired by Advent International (“Advent”), one of the largest and most experienced global private equity investors, in an all-cash transaction that values Maxar at an enterprise value of approximately $6.4 billion. Advent is headquartered in the United States and has a demonstrable track record as a responsible owner of defense and security businesses. Following the close of the transaction, Maxar will remain a U.S.-controlled and operated company.

Under the terms of the definitive merger agreement, Advent has agreed to acquire all outstanding shares of Maxar common stock for $53.00 per share in cash. The purchase price represents a premium of approximately 129% over Maxar’s closing stock price of $23.10 on December 15, 2022, the last full trading day prior to this announcement, an approximately 135% premium to the 60-day volume-weighted average price prior to this announcement, and a premium of approximately 34% over Maxar’s 52-week high.

Following the closing of the transaction, Maxar will benefit from the significant resources, operational expertise and capacity for investment provided by Advent. As a private company, Maxar will be able to accelerate investments in next-generation satellite technologies and data insights that are vital to the Company’s government and commercial customers, as well as pursue select, strategic M&A to further enhance the Company’s portfolio of solutions. This includes supporting the successful delivery of the new Legion satellite constellation, accelerating the launch of Legion 7 and 8 satellites and further growing the Earth Intelligence and Space Infrastructure businesses through investments in next-generation capabilities, such as advanced machine learning and 3D mapping. With approximately $28 billion invested across the defense, security and cybersecurity sectors in the last three years, Advent’s portfolio companies have substantial expertise supporting many satellite and defense platforms which serve the U.S. government and its allies as well as companies across the globe.

“This transaction delivers immediate and certain value to our stockholders at a substantial premium,” said General Howell M. Estes, III (USAF Retired), Chair of Maxar’s Board of Directors. “Maxar’s mission has never been more important, and this transaction allows us to maximize value for stockholders while accelerating the Company’s ability to deliver its mission-critical technology and solutions to customers over the near and long term.”

“Today’s announcement is an exceptional outcome for stockholders and is a testament to the hard work and dedication of our team, the value Maxar has created and the reputation we have built in our industry,” said Daniel Jablonsky, President and CEO of Maxar. “Advent has a proven record of strengthening its portfolio companies and a desire to support Maxar in advancing our long-term strategic objectives. As a private company, we will have enhanced flexibility and additional resources to build on Maxar’s strong foundation, further scale operations and capture the significant opportunities in a rapidly expanding market.”

“We have tremendous respect and admiration for Maxar, its industry-leading technology and the vital role it serves in supporting the national security of the United States and its allies around the world,” said David Mussafer, Chairman and Managing Partner of Advent. “We will prioritize Maxar’s commitment as a core provider to the U.S. defense and intelligence communities, and allies, while providing Maxar with the financial and operational support necessary to apply its technology and team members even more fully to the missions and programs of its government and commercial customers.”

“In our view, Maxar is a uniquely positioned and attractive asset in satellite manufacturing and space-based high-resolution imagery, with an incredible workforce and many opportunities ahead,” said Shonnel Malani, Managing Director and global head of Advent’s aerospace and defense team. “We have strong conviction in the growing need for the differentiated solutions Maxar provides, and our goal is to invest in expanding Maxar’s satellite constellation as well as supporting Maxar’s team to push the boundaries of innovation, ensuring mission success for its customers.”

Transaction Details

Under the terms of the agreement, which has been unanimously approved by Maxar’s Board of Directors, Maxar stockholders will receive $53.00 in cash for each share of common stock they own.

Advent has arranged committed debt and equity financing commitments for the purpose of financing the transaction, providing a high level of closing certainty. Funds advised by Advent have committed an aggregate equity contribution of $3.1 billion and British Columbia Investment Management Corporation (“BCI”) is providing a minority equity investment through a committed aggregate equity contribution equal to $1.0 billion, both on the terms and subject to the conditions set forth in the signed equity commitment letters.

The agreement includes a 60-day “go-shop” period expiring at 11:59 pm EST on February 14, 2023. During this period, the Maxar Board of Directors and its advisors will actively initiate, solicit and consider alternative acquisition proposals from third parties. The Maxar Board will have the right to terminate the merger agreement to enter into a superior proposal subject to the terms and conditions of the merger agreement. There can be no assurance that this “go-shop” will result in a superior proposal, and Maxar does not intend to disclose developments with respect to the solicitation process unless and until it determines such disclosure is appropriate or otherwise required. The Company, Advent and BCI will contemporaneously pursue regulatory reviews and approvals required to conclude the transaction.

The transaction is expected to close mid-2023, subject to customary closing conditions, including approval by Maxar stockholders and receipt of regulatory approvals. The transaction is not subject to any conditionality related to the launch, deployment or performance of Maxar’s WorldView Legion satellite program. Upon completion of the transaction, Maxar’s common stock will no longer be publicly listed. It is expected that Maxar will continue to operate under the same brand and maintain its current headquarters in Westminster, Colorado.

The foregoing description of the merger agreement and the transactions contemplated thereby is subject to, and is qualified in its entirety by reference to, the full terms of the merger agreement, which Maxar will be filing on Form 8-K.

Advisors

J.P. Morgan Securities LLC is serving as financial advisor to Maxar and Wachtell, Lipton, Rosen & Katz is serving as lead counsel to Maxar. Milbank LLP is serving as Maxar’s legal advisor with respect to certain space industry and regulatory matters.

Goldman Sachs & Co. LLC and Morgan Stanley & Co. LLC are serving as financial advisors to Advent and Weil, Gotshal & Manges LLP is serving as lead counsel to Advent. Covington & Burling LLP is serving as Advent’s legal advisor with respect to certain regulatory matters.

Skadden, Arps, Slate, Meagher & Flom LLP is serving as lead counsel to BCI. Freshfields Bruckhaus Deringer LLP is serving as BCI’s legal advisor with respect to certain regulatory matters.

About Maxar

Maxar Technologies (NYSE:MAXR) (TSX:MAXR) is a provider of comprehensive space solutions and secure, precise, geospatial intelligence. We deliver disruptive value to government and commercial customers to help them monitor, understand and navigate our changing planet; deliver global broadband communications; and explore and advance the use of space. Our unique approach combines decades of deep mission understanding and a proven commercial and defense foundation to deploy solutions and deliver insights with unrivaled speed, scale and cost effectiveness. Maxar’s 4,400 team members in over 20 global locations are inspired to harness the potential of space to help our customers create a better world. For more information, visit www.maxar.com.

About Advent International

Founded in 1984 and based in Boston, MA, Advent International is one of the largest and most experienced global private equity investors. The firm has invested in over 400 private equity investments across 41 countries, and as of September 30, 2022, had $89 billion in assets under management. With 15 offices in 12 countries, Advent has established a globally integrated team of over 285 private equity investment professionals across North America, Europe, Latin America and Asia. The firm focuses on investments in five core sectors, including business and financial services; health care; industrial; retail, consumer and leisure; and technology. This includes investments in defense, security and cybersecurity as well as critical national infrastructure.

For over 35 years, Advent has been dedicated to international investing and remains committed to partnering with management teams to deliver sustained revenue and earnings growth for its portfolio companies.

For more information, visit

Website: www.adventinternational.com

LinkedIn: www.linkedin.com/company/advent-international

About BCI

British Columbia Investment Management Corporation (BCI) is amongst the largest institutional investors in Canada with C$211.1 billion under management, as of March 31, 2022. Based in Victoria, British Columbia, with offices in New York City and Vancouver, BCI is invested in: fixed income and private debt; public and private equity; infrastructure and renewable resources; as well as real estate equity and real estate debt. With our global outlook, we seek investment opportunities that convert savings into productive capital that will meet our clients’ risk and return requirements over time.

BCI’s private equity program actively manages a C$24.8 billion global portfolio of privately-held companies and funds with the potential for long-term growth and value creation. Leveraging our sector-focused teams in business services, consumer, financial services, healthcare, industrials, and technology, media and telecommunications, we work with strategic private equity partners to source and manage direct and co-sponsor/co-investment opportunities.

For more information, please visit bci.ca.

LinkedIn: https://www.linkedin.com/company/british-columbia-investment-management-corporation-bci

Additional Information About the Merger and Where to Find It

This communication relates to the proposed transaction involving Maxar. In connection with the proposed transaction, Maxar will file relevant materials with the U.S. Securities and Exchange Commission (the “SEC”), including Maxar’s proxy statement on Schedule 14A (the “Proxy Statement”). This communication is not a substitute for the Proxy Statement or any other document that Maxar may file with the SEC or send to its shareholders in connection with the proposed transaction. BEFORE MAKING ANY VOTING DECISION, SHAREHOLDERS OF MAXAR ARE URGED TO READ ALL RELEVANT DOCUMENTS FILED OR TO BE FILED WITH THE SEC, INCLUDING THE PROXY STATEMENT, WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION. Investors and security holders will be able to obtain the documents (when available) free of charge at the SEC’s website, www.sec.gov, or by visiting Maxar’s investor relations website, https://investor.maxar.com/overview/default.aspx.

Participants in the Solicitation

Maxar and its directors and executive officers may be deemed to be participants in the solicitation of proxies from the holders of Maxar’s common stock in respect of the proposed transaction. Information about the directors and executive officers of Maxar and their ownership of Maxar’s common stock is set forth in the definitive proxy statement for Maxar’s 2022 Annual Meeting of Stockholders, which was filed with the SEC on March 31, 2022, or its Annual Report on Form 10-K for the year ended December 31, 2021, and in other documents filed by Maxar with the SEC. Other information regarding the participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the Proxy Statement and other relevant materials to be filed with the SEC in respect of the proposed transaction when they become available. Free copies of the Proxy Statement and such other materials may be obtained as described in the preceding paragraph.

Forward-Looking Statements

This communication contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Statements concerning general economic conditions, our financial condition, including our anticipated revenues, earnings, cash flows or other aspects of our operations or operating results, and our expectations or beliefs concerning future events; and any statements using words such as “believe,” “expect,” “anticipate,” “plan,” “intend,” “foresee,” “should,” “would,” “could,” “may,” “estimate,” “outlook” or similar expressions, including the negative thereof, are forward-looking statements that involve certain factors, risks and uncertainties that could cause Maxar’s actual results to differ materially from those anticipated.  Such factors, risks and uncertainties include:  (1) the occurrence of any event, change or other circumstances that could give rise to the termination of the merger agreement between the parties to the proposed transaction; (2) the failure to obtain approval of the proposed transaction from Maxar’s stockholders; (3) the failure to obtain certain required regulatory approvals or the failure to satisfy any of the other closing conditions to the completion of the proposed transaction within the expected timeframes or at all; (4) risks related to disruption of management’s attention from Maxar’s ongoing business operations due to the proposed transaction; (5) the effect of the announcement of the proposed transaction on the ability of Maxar to retain and hire key personnel and maintain relationships with its customers, suppliers and others with whom it does business, or on its operating results and business generally; (6) the ability of Maxar to meet expectations regarding the timing and completion of the transaction; (7) the impacts resulting from the conflict in Ukraine or related geopolitical tensions; (8) the impacts of the global COVID-19 pandemic or any other pandemics, epidemics or infectious disease outbreaks; (9) Maxar’s ability to generate a sustainable order rate for the satellite and space manufacturing operations and develop new technologies to meet the needs of its customers or potential new customers; (10) the impacts of any changes to the policies, priorities, regulations, mandates and funding levels of governmental entities; (11) the impacts if Maxar’s programs fail to meet contractual requirements or its products contain defects or fail to operate in the expected manner; (12) any significant disruption in or unauthorized access to Maxar’s computer systems or those of third parties that it utilizes in its operations, including those relating to cybersecurity or arising from cyber-attacks, and security threats could result in a loss or degradation of service, unauthorized disclosure of data, or theft or tampering of intellectual property; (13) satellites are subject to construction and launch delays, launch failures, damage or destruction during launch; (14) if Maxar satellites fail to operate as intended; (15) the impacts of any loss of, or damage to, a satellite and any failure to obtain data or alternate sources of data for Maxar’s products; (16) any interruption or failure of Maxar’s infrastructure or national infrastructure; (17) Maxar’s business with various governmental entities is concentrated in a small number of primary contracts; (18) Maxar operates in highly competitive industries and in various jurisdictions across the world; (19) uncertain global macro-economic and political conditions; (20) Maxar is a party to legal proceedings, investigations and other claims or disputes, which are costly to defend and, if determined adversely to it, could require it to pay fines or damages, undertake remedial measures or prevent it from taking certain actions; (21) Maxar’s ability to attract, train and retain employees; (22) any disruptions in U.S. government operations and funding; (23) any changes in U.S. government policy regarding use of commercial data or space infrastructure providers, or material delay or cancellation of certain U.S. government programs; (24) Maxar’s business involves significant risks and uncertainties that may not be covered by insurance; (25) Maxar often relies on a single vendor or a limited number of vendors to provide certain key products or services; (26) any disruptions in the supply of key raw materials or components and any difficulties in the supplier qualification process, as well as any increases in prices of raw materials; (27) any changes in Maxar’s accounting estimates and assumptions; (28) Maxar may be required to recognize impairment charges; (29) Maxar’s business is capital intensive, and it may not be able to raise adequate capital to finance its business strategies, including funding future satellites, or to refinance or renew its debt financing arrangements, or it may be able to do so only on terms that significantly restrict its ability to operate its business; (30) Maxar’s ability to obtain additional debt or equity financing or government grants to finance operating working capital requirements and growth initiatives may be limited or difficult to obtain; (31) Maxar’s indebtedness and other contractual obligations; (32) Maxar’s current financing arrangements contain certain restrictive covenants that impact its future operating and financial flexibility; (33) Maxar’s actual operating results may differ significantly from its guidance; (34) Maxar could be adversely impacted by actions of activist stockholders; (35) the price of Maxar’s common stock has been volatile and may fluctuate substantially; (36) Maxar’s operations in the U.S. government market are subject to significant regulatory risk; (37) failure to comply with the requirements of the National Industrial Security Program Operating Manual could result in interruption, delay or suspension of Maxar’s ability to provide its products and services, and could result in loss of current and future business with the U.S. government; (38) Maxar’s business is subject to various regulatory risks; (39) any changes in tax law, in Maxar’s tax rates or in exposure to additional income tax liabilities or assessments; (40) Maxar’s ability to use its U.S. federal and state net operating loss carryforwards and certain other tax attributes may be limited; (41) Maxar’s operations are subject to governmental law and regulations relating to environmental matters, which may expose it to significant costs and liabilities; and (42) the other risks listed from time to time in Maxar’s filings with the SEC.

For additional information concerning factors that could cause actual results and events to differ materially from those projected herein, please refer to Maxar’s Annual Report on Form 10-K for the year ended December 31, 2021 and to other documents filed by Maxar with the SEC, including subsequent Current Reports on Form 8-K and Quarterly Reports on Form 10-Q. Maxar is providing the information in this communication as of this date and assumes no obligation to update or revise the forward-looking statements in this communication because of new information, future events, or otherwise.

Contacts

For Maxar:

Investor Relations

Jonny Bell

(303) 684-5543

jonny.bell@maxar.com

Media Relations

Fernando Vivanco

(720) 877-5220

fernando.vivanco@maxar.com

OR

Scott Bisang / Eric Brielmann / Jack Kelleher

Joele Frank, Wilkinson Brimmer Katcher

(212) 355-4449

dgi-jf@joelefrank.com

For Advent:

Bryan Locke / Jeremy Pelofsky

FGS Global

(212) 687-8080

adventinternational-us@fgsglobal.com

BCI is pleased to announce the appointment of Jennifer Hartfield as senior vice president, corporate data & operations. As head of the newly formed corporate data & operations department, Jennifer is responsible for delivering centralized corporate-wide business services including, corporate business planning, advanced analytics and data science, data governance, and global facilities management.

“Establishing the corporate data & operations department enables this team to operate at the intersection of business, technology, and corporate services and ultimately drive us towards our long-term vision,” says Shauna Lukaitis, chief operating officer. “Jennifer’s extensive background in data and technology, deep insights into our business, and proven leadership skills during her last six years at BCI puts her in a unique position to lead this department.”

“I am excited for the opportunity to lead this new department,” says Jennifer Hartfield, senior vice president, corporate data & operations. “Aligning business planning, data and analytics, and global operations will help us make critical and effective operational business decisions.”

Jennifer holds a bachelor of science from the University of British Columbia, a certificate in project leadership from Cornell University, a project management professional (PMP) designation, and a CFA Institute Investment Foundations® certificate. She has also completed the general management program at Harvard Business School.

BCI welcomes Jennifer to the senior leadership team. More information about BCI’s senior vice presidents can be found here.

CONTACT

Olga Petrycki, Director, External Stakeholder Engagement
778-410-7310 | media@bci.ca

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Victoria, British Columbia – Today, British Columbia Investment Management Corporation (BCI) released our 2022 Climate Action Plan, a continuation of our strategy that builds upon more than 20 years of climate action and affirms our commitment to supporting the global goal of achieving net-zero emissions by 2050. We continue to focus on capturing opportunities arising from the transition to a low carbon economy, while also protecting our clients’ portfolios from undue physical and transition risks.

“As one of Canada’s largest investment managers, we have the opportunity to advance the global goal of net-zero through our influence across the portfolio,” said Gordon J. Fyfe, BCI’s chief executive officer and chief investment officer. “Our 2022 Climate Action Plan builds on two decades of climate strategy and reinforces our commitment to being a part of the transition to a low-carbon economy.”

As a long-term investor focused on the best financial outcomes for our clients, BCI’s approach positions us to support the global path of net zero while maximizing the likelihood of achieving client objectives in all future climate scenarios. Our approach is informed by current climate science, climate risk methodologies, and industry best practices on climate disclosure and reporting.

“Climate change poses a systemic risk to the value of our clients’ portfolios and to the global economy. BCI manages this risk by integrating climate considerations into our investment decisions,” said Ramy Rayes, executive vice president, investment strategy & risk. “To advance our clients’ best financial interests, we will continue to adapt our climate action plan and inform our investment strategies with the latest climate science and changing market dynamics.”

Building on our first Climate Action Plan, which laid the groundwork to consider climate change impacts across our portfolios, BCI’s 2022 Climate Action Plan updates our strategies to reduce systemic climate risks in our portfolio and the broader market by using our influence. Our plan continues to be guided by four focus areas – engage & advocate, integrate, seek opportunities, and manage risk. We have strengthened our ambitions under each area and introduced supporting actions and metrics.

• Engage & Advocate: As an active investor managing capital on behalf of our clients, we take our ownership rights and responsibilities seriously. We have a well-developed shareholder engagement program that enables us to actively engage with portfolio companies, advocate for policy change, and participate in global initiatives on climate action reporting and transparency.

  Our Focus: By 2030, ensure at least 80 per cent of BCI’s carbon-intensive investments have set mature net-zero aligned commitments, or are the subject of direct or collaborative climate engagement by BCI.
• Integrate: We believe the most effective way to manage the risk of climate change is to integrate climate considerations into every investment decision at the asset, pool, and total client portfolio levels.

  Our Focus: Further integrate climate stress testing into investment decisions and monitor the total portfolio’s climate change stress test outcomes.
• Seek Opportunities: The transition to a low carbon economy offers a variety of new investment opportunities. BCI actively invests in key areas we believe will benefit from the energy transition, with the goal of supporting long-term investment outcomes for our clients.

  Our Focus: Pursue meaningful investments in climate solutions through specific actions in all asset classes.
• Manage Risks: We consider physical and transition climate change risks across asset classes and align with best practices to understand, quantify, and report on these risks.

  Our Focus: Continue to track and report the total portfolio carbon footprint with the expectation that it will decrease over time.

Our Climate Action Plan will continue to evolve and adapt to changes in the market, and we are continually working on innovative solutions to ensure climate science informs our investment decisions.

Read BCI’s 2022 Climate Action Plan

ABOUT BCI
British Columbia Investment Management Corporation (BCI) is amongst the largest institutional investors in Canada with $211.1 billion under management, as of March 31, 2022. Based in Victoria, British Columbia, with offices in Vancouver and New York City, BCI is invested in: fixed income and private debt; public and private equity; infrastructure and renewable resources; as well as real estate equity and real estate debt through our independently operated platform company QuadReal Property Group. With our global outlook, we seek investment opportunities that convert savings into productive capital that will meet our clients’ risk and return requirements over time. This compels us to integrate long-term ESG matters into all investment decisions and activities. BCI’s clients include pension plans representing over 715,000 plan members, insurance funds providing more than three million Autoplan insurance policies annually, benefits coverage to more than two million workers and 225,000 companies, and special purpose funds within British Columbia’s public sector. Founded in 1999, BCI is a statutory corporation created by the Public Sector Pension Plans Act.

CONTACT
Olga Petrycki, Director, External Stakeholder Engagement
778-410-7310 | media@bci.ca

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Victoria, British Columbia – BCI is proud to be named as one of Canada’s Top 100 Employers for the fourth consecutive year for offering employee programs that promote a flexible work environment.

“I‘m very excited that BCI has once again been recognized as a top Canadian employer,” said Norine Hale, BCI’s executive vice president, human resources, “I’m also very proud of what receiving this award says about our programs, people-focused culture, and how much we strive to support our employees.”

Maintaining a supportive work environment that prioritizes physical, mental, and social well-being was more important than ever during the COVID-19 pandemic. It is an honour to be continuously recognized as a top employer over this challenging period.

For BCI to deliver on our strategic commitments we require a highly sought after, specialized workforce. Focusing on our talent and creating programs that are meaningful to employees has been crucial to building and retaining a world-class team of investment and technical professionals. As one of Canada’s largest institutional investors with $211.1 billion in assets under management, BCI’s teams in Victoria, Vancouver, New York – and soon to come London, U.K. – work to generate the returns that our clients in British Columbia’s public sector rely on.

Coming out of the pandemic, BCI implemented a thoughtful, people-centric approach to ensure a smooth transition back to the office. A working committee, along with employee feedback, developed and led a multi-phased return to office program that allowed teams to make the necessary arrangements professionally and personally to return to office-based work after nearly two years working remotely. Hybrid working arrangements with three days onsite and the option to work two days remotely was the final phase of the program. The move to hybrid work was a success and BCI has adopted an indefinite hybrid work environment.

“We have such incredibly smart, dedicated, and passionate people working here. As the leader of BCI’s human resources program, I believe if you want to attract and retain employees, you have to show you are truly listening to them and delivering the supports they require to excel in our organization.”

Our performance-based culture fosters a healthy balance between professional and personal time. At BCI, the starting annual vacation allowance is four weeks and increases at long service intervals. Additionally, each year employees have six paid personal days.

BCI has generous maternity and parental leave with top-up payments for parents (to 85 per cent of salary for up to 52 weeks). Upon completion of a parental leave, parents have the option to utilize a phased-in return to work to support a successful transition.

“While disruptive, the pandemic provided opportunities to further modernize our work environment and employee programs. More than ever, we know career and personal supports are not one size fits all and BCI’s programs provide flexible options that empower employees to make choices that best suit their professional development, as well as health and wellness needs,” said Hale.

Mediacorp Canada Inc. operate Canada’s Top 100 Employers – the nation’s largest publisher of employment periodicals, reaching over 15 million Canadians each year. The award recipients were announced today in a special feature published in The Globe and Mail and on the Canada’s Top 100 Employers website.

This is the fourth time that BCI has applied for selection as one of Canada’s Top 100 Employers. Applicants are evaluated by the editors using eight criteria^[1] and are compared to other organizations in their field to identify those that lead their industries in offering the most forward-thinking programs and exceptional workplace cultures.

Find out more about our culture and opportunities to work with us at BCI.ca/careers

CONTACT

Olga Petrycki, Director, External Stakeholder Engagement

778-410-7310 | media@bci.ca

^[1] (1) PHYSICAL WORKPLACE; (2) WORK ATMOSPHERE & COMMUNICATIONS; (3) FINANCIAL BENEFITS & COMPENSATION; (4) HEALTH & FAMILY-FRIENDLY BENEFITS; (5) VACATION & PERSONAL TIME-OFF; (6) EMPLOYEE ENGAGEMENT & PERFORMANCE; (7) TRAINING & SKILLS DEVELOPMENT; AND (8) COMMUNITY INVOLVEMENT.

Victoria, BC – British Columbia Investment Management Corporation (BCI) and JA British Columbia (JABC) are pleased to announce BCI as a major sponsor of JABC’s More Than Money program – a student-centred and skills-focused learning opportunity offered to grade four and five classes across British Columbia. To support growing demand, BCI’s contributions will also be directed to tailored financial literacy programming for Indigenous communities.

“Every day, BCI employees come to work to build secure financial futures for our clients and their beneficiaries,” said Daniel Garant, executive vice president & global head, public markets at BCI and champion for financial literacy. “We recognize how understanding personal finances and money management at a young age can make a difference, and believe opportunities to learn these critical skills should be free, accessible, and encouraged for all youth. We hope that BCI’s sponsorship will help prepare students from all backgrounds and demographics for financial success.”

BCI supports access to education that empowers youth and adults to build foundational financial skills, as well as gain exposure to the possibility of a career in finance. Together with its employee-led financial literacy committee, who champion volunteerism and opportunities that address systemic gaps in financial education, BCI has partnered with JABC on the More Than Money program for its focus on elementary-age learners across British Columbia.

The More Than Money program aligns with British Columbia’s school curriculum and supports teachers’ learning outcomes in math, languages, and career and life education. Through games and interactive methods, students learn the basics of money management, personal banking, earning income, business planning, and responsible use of credit. It was first piloted in the 2017-18 school year with 70 program deliveries. For the current school year, JABC’s goal is to increase this to nearly 200, with 70 sessions in Indigenous communities alone.

“We are very grateful for the ongoing partnership of BCI and their sponsorship of our More Than Money program this school year,” said Sheila Biggers, president and chief executive officer of JABC. “Thanks to their support, hundreds of students across British Columbia will learn critical money management skills to help prepare them for lifelong financial health.”

BCI’s sponsorship funding reflects its commitment to financial literacy as a community focus area and builds on the growing involvement of staff. Since 2014, more than 60 employees from across BCI have volunteered to deliver over 100 programs with JABC, empowering an estimated 2,600 students, and the partnership continues to expand. Earlier this year, BCI supported JABC to offer more programs taught by Indigenous volunteers to students in Indigenous communities. For Financial Literacy Month this November, JABC and BCI’s financial literacy committee are bringing the classroom to the boardroom by hosting a full day on-site financial literacy program for two grade eight classes. Students will learn from professionals at BCI’s head office in Victoria, British Columbia, and develop critical skills related to spending, saving, and investing.

ABOUT JA BRITISH COLUMBIA

JA British Columbia (JABC) is a not-for-profit impact organization that delivers free hands-on, immersive education in work readiness, financial health, and entrepreneurship. Reaching thousands of young people each year through partnerships with educators, volunteers, donors, and sponsors, JABC is one of the few organizations with the experience and passion to build a brighter future for the next generation of innovators, entrepreneurs, and leaders.

For over 65 years, JABC has served B.C. youth, including Indigenous communities, people of colour, and at-risk populations. JABC’s real-world training helps young people develop the skills to build successful careers, prepare for the risks and rewards of entrepreneurship, and learn to thrive financially. Through JA, young people are equipped with the skillset and mindset to build thriving communities. JABC is a proud member of JA Canada and JA Worldwide, one of the world’s largest and most impactful NGOs.

ABOUT BCI

British Columbia Investment Management Corporation (BCI) is amongst the largest institutional investors in Canada with $211.1 billion under management, as of March 31, 2022. Based in Victoria, British Columbia, with offices in Vancouver and New York City, BCI is invested in: fixed income and private debt; public and private equity; infrastructure and renewable resources; as well as real estate equity and real estate debt through our independently operated platform company QuadReal Property Group. With our global outlook, we seek investment opportunities that convert savings into productive capital that will meet our clients’ risk and return requirements over time. This compels us to integrate long-term ESG matters into all investment decisions and activities. BCI’s clients include pension plans representing over 715,000 plan members, insurance funds providing more than three million Autoplan insurance policies annually, benefits coverage to more than two million workers and 225,000 companies, and special purpose funds within British Columbia’s public sector.

MEDIA CONTACTS

JA British Columbia news@jabc.org
BCI media@bci.ca

COLUMBIA, MD and VICTORIA, British Columbia – September 20, 2022 – Authority Brands, a residential services franchising platform in North America, today announced that British Columbia Investment Management Corporation (“BCI”), one of the largest institutional investors in Canada, has agreed to acquire a significant minority stake in the company, alongside funds advised by Apax Partners LLP (“Apax Funds”), which will retain majority ownership.

Authority Brands is the premier home service franchisor in North America. Its family of home service franchise brands are leaders in their industry, providing homeowners with services from the property line to the roof line. Authority Brands’ companies include 12 leading home service franchisors: America’s Swimming Pool Company, Benjamin Franklin Plumbing, The Cleaning Authority, Color World Painting, DoodyCalls, Homewatch CareGivers, Mister Sparky, Monster Tree Service, Mosquito Squad, One Hour Heating and Air Conditioning, STOP Restoration and Woofie’s. Together, these brands provide home services through approximately 860 franchise owners across North America.

Since the Apax Funds’ initial investment in 2018, Authority Brands has grown from two home service franchisors to the current 12, expanding into new geographies and services and building out a powerful infrastructure.

“We are proud to have partnered with the Authority Brands team to help build, both organically and through strategic acquisitions, a leading residential services franchising platform,” said Ashish Karandikar, Partner at Apax. “We continue to see significant room for growth by Authority Brands and are pleased to join with BCI and members of the leadership team in the next phase of the company’s journey as they extend their platform through M&A, and strategic initiatives including franchise development, technology transformation and international expansion.”

“As a long-term investor, we seek to invest in market-leading companies with strong management teams, multiple levers for growth, and resilient business models that create shareholder value, such as Authority Brands,” said Dave Hong, Senior Managing Director, Private Equity at BCI. “We look forward to working with Authority Brands and Apax to generate compelling risk-adjusted returns for our pension plan and insurance fund clients.”

“We could not be more pleased than to continue to build the premier residential services franchisor in partnership with Apax and BCI,” said Craig Donaldson, Chief Executive Officer of Authority Brands. “Both partners will add substantial value as we aim to capture further share in the highly fragmented home services market, including by evaluating M&A opportunities in new service verticals.”

Financial terms of the transaction were not disclosed. The transaction is expected to be completed in Q4 2022, subject to customary closing conditions.

Apax was advised by Harris Williams, Boxwood Partners, William Blair & Company, Moelis & Company (financial advisors), Kirkland & Ellis, Simpson Thacher & Bartlett, DLA Piper, and Lathrop GPM (legal counsel), and Ernst & Young (financial and tax advisor).

About BCI
British Columbia Investment Management Corporation (BCI) is amongst the largest institutional investors in Canada with C$211.1 billion under management, as of March 31, 2022. Based in Victoria, British Columbia, with offices in Vancouver and New York City, BCI is invested in: fixed income and private debt; public and private equity; infrastructure and renewable resources; as well as real estate equity and real estate debt through our independently operated platform company QuadReal Property Group. With our global outlook, we seek investment opportunities that convert savings into productive capital that will meet our clients’ risk and return requirements over time.

BCI’s private equity program actively manages a C$24.8 billion global portfolio of privately held companies and funds with long-term growth potential. Leveraging our sector-focused teams in business services, consumer, financial services, healthcare, industrials, and technology, media and telecommunications, we work with strategic private equity partners to source and manage direct and co-sponsor/co-investment opportunities.

About Apax Partners LLP

Apax Partners LLP (“Apax”) is a leading global private equity advisory firm. For nearly 50 years, Apax has worked to inspire growth and ideas that transform businesses. The firm has raised and advised funds with aggregate commitments of more than $60 billion. The Apax Funds invest in companies across four global sectors of Internet/Consumer, Tech, Services, and Healthcare. These funds provide long-term equity financing to build and strengthen world-class companies. For more information see: www.apax.com.

Apax Partners is authorised and regulated by the Financial Conduct Authority in the UK.

About Authority Brands

Authority Brands is the premier residential services franchising platform providing services from the property line to the roof line. Authority Brands’ companies include 12 leading home service franchisors: America’s Swimming Pool Company, Benjamin Franklin Plumbing, The Cleaning Authority, Color World Painting, DoodyCalls, Homewatch CareGivers, Mister Sparky, Monster Tree Service, Mosquito Squad, One Hour Heating and Air Conditioning, STOP Restoration and Woofie’s. Together, these brands provide home services through approximately 860 franchise owners across North America. Authority Brands, which is headquartered in Columbia, Maryland, is dedicated to supporting individual franchise owner growth with a full suite of marketing, technology, and operational support, allowing them to focus on providing exceptional service to homeowners. Please visit www.authoritybrands.com for more information.

Contacts:

For Authority Brands

Heather McLeod / 410-794-1430 / heather@authoritybrandsllc.com

For Apax

Luke Charalambous / +44 20 7872 6494 / Luke.Charalambous@apax.com

For BCI

Gwen-Ann Chittenden / +1 778 410 7310 / media@bci.ca

Victoria, BC – Today, British Columbia Investment Management Corporation (BCI) published our 2021 ESG Annual Report, an in-depth look at how we capture opportunities and manage risks associated with environmental, social, and governance (ESG) matters on behalf of our clients. The report is supported by a supplementary document that provides additional case studies.

“Addressing climate change and ESG issues is not only a source of potential investment opportunities, it also allows us to manage long-term financial risks,” said Gordon J. Fyfe, chief executive officer and chief investment officer of BCI.

“At BCI, we are guided by our fiduciary duty to clients and our organizational purpose of helping hundreds of thousands of British Columbians secure a strong financial future. The people we are serving include our children’s teachers, our health care providers, our municipal workers, and our neighbours.”

Expanding BCI’s ESG activities from a predominantly risk-mitigation approach to one that includes ESG as a source of long-term value creation remains a corporate priority. This year’s report demonstrates our progress and work under the four components of our corporate-wide ESG Strategy: Integrate; Influence; Invest; and Insight.

BCI is committed to incorporating the Task Force on Climate-related Financial Disclosures (TCFD) recommendations into our reporting and disclosure practices. Our 2021 ESG Annual Report includes our TCFD-aligned reporting and a feature on BCI’s climate action journey over more than two decades. We will release an update to our Climate Action Plan in late 2022.

2021 ESG Highlights: 

Integrate

• Continued to expand the application of our ESG Risk and Opportunity Framework, which evaluates climate-related impacts to the total portfolio over time; BCI received the Responsible Investment Association (RIA) Leadership Award for Integration for our framework and it was featured as a Principles for Responsible Investment (PRI) case study
• Conducted ESG reviews of all private equity general partners using our corporate-wide ESG Evaluation Framework for External Managers; 98 per cent have an official ESG policy and evidence of ESG integration
• Developed a custom ESG dashboard to support our internal active emerging markets team, empowering investment staff and maximizing efficiency of our ESG resources

Influence

• Engaged 299 companies in public markets, including through four collaborative engagement initiatives focused on climate change, human capital management, and gender diversity
• Participated in 20 ESG-related policy consultations, roundtables, and joint statements, including the Canadian Investor Statement on Climate Change
• Joined more than 100 general and limited partners in committing to the ESG Data Convergence Initiative, which aims to improve the quality and availability of private company data
• Updated our ESG engagement key performance indicators for our public markets program to reflect positive trends and changing priorities; we now track five categories and over 60 datapoints

Invest

• Participated in 37 sustainable bond issuances valued at over $1.7 billion, increasing total historical participation to more than $2.5 billion
• Invested in the First Nations Finance Authority’s new commercial paper program, bringing total historical participation to over $750 million
• Increased assets under management in our Global Quantitative ESG Equity Fund and Thematic Public Equity Fund, reflecting intentional allocations to these mandates and generating strong returns
• QuadReal Property Group successfully completed its second green bond issuance in 2021, and third green issuance in February 2022, for a total of nearly $1.2 billion raised to date

Insight

• Partnered with the University of Victoria and Pacific Institute for Climate Solutions to co-develop new climate finance tools over the next three years
• Researched emerging trends on the opportunities that ESG presents as a source of value creation
• Provided education and training opportunities to BCI staff, clients, and board members on topics such as climate change, Indigenous reconciliation, and labour relations

In 2021, BCI received a top spot on the Responsible Asset Allocator Initiative’s Leaders List of the 30 Most Responsible Asset Allocators, the RIA Leadership Award for Integration, and the Canadian Investment Review’s Pension Leadership Award for Sustainable Investing. This recognition reflects the increasing sophistication of our approach, and our commitment to driving positive ESG performance in our portfolio and through the broader capital markets.

Read our 2021 ESG Annual Report

Read our 2021 ESG Annual Report: Supplementary Case Studies

ABOUT BCI
British Columbia Investment Management Corporation (BCI) is amongst the largest institutional investors in Canada with $211.1 billion under management, as of March 31, 2022. Based in Victoria, British Columbia, with offices in Vancouver and New York City, BCI is invested in: fixed income and private debt; public and private equity; infrastructure and renewable resources; as well as real estate equity and real estate debt through our independently operated platform company QuadReal Property Group. With our global outlook, we seek investment opportunities that convert savings into productive capital that will meet our clients’ risk and return requirements over time. This compels us to integrate long-term ESG matters into all investment decisions and activities. BCI’s clients include pension plans representing over 715,000 plan members, insurance funds providing more than three million Autoplan insurance policies annually, benefits coverage to more than two million workers and 225,000 companies, and special purpose funds within BC’s public sector. Founded in 1999, BCI is a statutory corporation created by the Public Sector Pension Plans Act.

CONTACT
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Generated an additional $4.4 billion in added value and increased assets under management to $211.1 billion.

Highlights for fiscal year ending March 31, 2022:

• One-year annual return of 7.4%, representing $4.4 billion in added value
• Five-year annualized return of 8.3%, representing $7.7 billion in added value
• 10-year annualized return of 9.1%, representing $13.2 billion in added value
• 20-year annualized return of 7.7%, representing $15.3 billion in added value
• Net assets under management increased by $11.5 billion to $211.1 billion in fiscal year 2022

VICTORIA, BC (July 21, 2022): British Columbia Investment Management Corporation (BCI) announced today an annual combined pension plan return of 7.4 per cent, net of all fees, for the fiscal year ended March 31, 2022, against a combined market benchmark of 4.6 percent. The returns generated $4.4 billion in added value for BCI’s pension plan clients. BCI increased the managed net assets by $11.5 billion to $211.1 billion, and reflects investment gains of $13.8 billion and client net withdrawals of $2.2 billion.

“Our strong performance reflects many years of preparation for market volatility,” said Gordon J. Fyfe, BCI’s chief executive officer and chief investment officer. “Our evolution into a world-class investment manager with active, in-house capabilities is yielding real results for our clients.”

BCI’s well-diversified portfolios and sophisticated investment strategies have safeguarded our clients’ capital through the market turbulence resulting from the COVID-19 pandemic as well as the Russian government’s invasion of Ukraine and is well positioned to continue to do so in this environment of tightening monetary policy as central banks work to address inflation. Private equity, infrastructure & renewable resources, and real estate contributed significant gains, demonstrating the effectiveness of BCI’s transition to a greater emphasis on the private markets and inflation sensitive assets.

Our multi-year performance is the best measure for our success; pension plan clients have return expectations that range between 5.65 per cent and 6.75 per cent to support their financial obligations in future years. BCI’s 10-year annualized return for combined pension plans is 9.1 per cent against a benchmark of 8.0 per cent, representing $13.2 billion of value-add. Over the five-year period, BCI delivered an annualized return of 8.3 per cent, outperforming a benchmark of 7.3 per cent and generating $7.7 billion in added value. Our pension plan clients remain fully funded, with funding ratios ranging from 105 per cent to 128 per cent. Returns are important – for every $100 a pension plan member receives in retirement benefits, on average $75 is provided by BCI’s investment activity.

“As we emerge from this unprecedented time, we continue to face increasingly complex global markets,” said Gordon J. Fyfe. “Having completed our transformation, and having put our approach to the test, we are ready to engage our strategies, talent, and tools in new ways to continue delivering the returns our clients rely on.”

Work done this year has positioned BCI to expand our global footprint and grow our influence on the investment landscape. To further power our ability to capture investment opportunities for our clients, we have opened an office in New York City for BCI’s private equity program, and will be opening a London, U.K. office to support infrastructure and renewable resource investments. Physical presence in these financial centres will bring BCI’s investment teams closer to deal flow, build brand awareness, and support the recruitment of diverse, world-class talent. Greater proximity to assets already within our portfolios also supports our approach for active oversight and engagement.

“Establishing global offices and creating our own internal emerging markets group are important next steps for creating value in the globally interconnected investment market,” said Fyfe.

We have also launched an internal active Global Emerging Markets Equity fund, bringing the cost-efficiencies and alignment benefits of in-house investing to this expanding segment of our clients’ portfolios. Investing in the emerging markets of economies that are becoming more mature, stable, and engaged globally — such as India and Brazil — offers an important opportunity for growth, particularly in periods of rising inflation and diversifies the sources of returns.

Further information on our current initiatives and activities can be found in our updated Business Plan, also released today. Guided by our Long-Term Vision, BCI evolved our corporate strategies starting in F2022. These strategies are grouped under four strategic ambitions that form the basis of our business plan: Strengthening the Client Value Proposition, Optimizing Risk-Adjusted Returns, Leveraging Digital Technology and Focusing on Our Talent— including progress around equity, diversity, and inclusion.

“Our people and the culture we have built together are what make things happen at BCI,” said Fyfe. “I am proud of the strong results for our clients that we are announcing today, and I am honoured to lead our team of dedicated professionals.”

PUBLIC MARKETS
Public markets, composed of fixed income and public equity investments, represents $124.7 billion and accounts for 59.1 per cent of net assets under management.

BCI’s $78.0-billion fixed income program, up from $71.2 billion at the end of the previous fiscal year, accounts for 37.0 per cent of net assets under management. The program invests in public and private market debt and oversees our exposure to foreign currency. In the year’s highly dynamic market environment, our well-diversified program continued to outperform, led by our team’s strong credit selection skills and BCI’s ability to take on larger loan allocations. We continued to expand access to fixed income credit products and capabilities, notably through the Corporate Bond Fund and the Principal Credit Fund. We also surpassed more than $3 billion in total historical sustainable bonds involvement, compared to $1.4 billion in fiscal 2021. BCI’s strategies in fixed income will lead to an estimated cumulative participation of $5 billion in sustainable bonds by 2025.

Our $64.3-billion public equities program, a decrease from $66.6 billion in fiscal 2021, represents 30.5 per cent of net assets under management. The program delivered positive returns as markets continued to rally from 2020 lows. Despite exceptional gains, equity market volatility persisted, influenced by the COVID-19 pandemic and the Russian government’s invasion of Ukraine. In response to rapidly evolving market conditions, we remained focused on our investment process and long-term perspective. During the fiscal year, the program passed a key milestone, as equities actively managed internally surpassed active external equities.

In addition to fixed income and public equities, our public markets team manages a funding program representing $17.6 billion, or (8.4) per cent of total liabilities under management.

PRIVATE EQUITY
Private equity represents $24.8 billion and 11.8 per cent of net assets under management, compared with $20.7 billion at the end of the previous year.

The program invests directly in private companies on our own and with strategic partners, and indirectly through our fund investments. It focuses on the business services, consumer, financial services, healthcare, industrials, and technology, media, and communications sectors.

In year ended December 31, 2021, record levels of deal activity and demand for private equity assets provided opportunities to lock in attractive returns in both our direct and fund portfolios. Well-timed partial and full exits from direct investments supported the year’s strong performance.

Through strategic secondary sales, we sold approximately 70 funds during the year, thus freeing up approximately $2 billion in capital to redeploy into our key, high performing strategic managers who support sourcing of our direct opportunities. The investment team committed $6.8 billion in total client capital, the most of any year for the program, including $2.2 billion in direct investments, and $4.6 billion in funds.

Total distributions for the year amounted to $8.5 billion — over $6 billion more than the previous year.

INFRASTRUCTURE & RENEWABLE RESOURCES
Our infrastructure & renewable resources program represents $20.2 billion and 9.5 per cent of net assets under management, compared with $20.0 billion at the end of the previous year. Through the year ending December 31, 2021, the investment team committed $2.0 billion in new opportunities for our clients.

The program makes material equity investments that allow BCI to pursue an active governance approach with our portfolio companies. The program is diversified by geographic region and sector and consists of a global portfolio of regulated utilities in the water, electricity, and gas sectors, as well as holdings in the digital infrastructure, power, and transportation sectors. The program also holds select investments in timberlands, farmlands, and agri-businesses.

The program saw strong capital appreciation of some of the largest assets in the portfolio, generated through both favourable market conditions and solid business operations. Outperformance in our timber portfolio was driven by robust demand for wood products, particularly within local markets. Increased consumer activity also bolstered our shipping and transportation portfolio which experienced elevated volumes and strong revenue growth throughout the year.

REAL ESTATE EQUITY AND REAL ESTATE DEBT
QuadReal Property Group (QuadReal), a company owned by BCI and created in 2016, actively manages our clients’ real estate equity and real estate debt (previously called mortgages) portfolios, representing $41.4 billion or 19.6 per cent of net assets under management.

The $33.6-billion real estate equity program accounts for 15.9 per cent of BCI’s assets under management, compared to $28.5 billion at the end of fiscal 2021. Performance was buoyed by strong returns and capital value growth in the second half of 2021, specifically led by momentum in the industrial and residential sectors. Outperformance in the industrial sector was driven by the expansion in e-commerce, with retailers, third-party logistics companies, and other operators competing for coveted warehouse space. Strong valuations in the global real estate equity portfolio also contributed to the returns.

The health and safety of tenants, residents, and front line QuadReal staff continued to be of paramount importance through each wave of the pandemic. As a positive sign of how organizations are adapting, occupancy is at encouraging levels across nearly the entire portfolio, with the industrial portfolio currently sitting at full occupancy.

The $7.8-billion real estate debt program accounts for 3.7 per cent of BCI’s net assets under management, compared to $7.0 billion at the end of fiscal 2021. The program underwent a name change this year to reflect the broader scope of QuadReal’s real estate debt expertise beyond only mortgages. QuadReal deployed a record amount of client capital this year; however, as was witnessed across the private credit industry, the program also experienced significantly higher-than-expected early repayments. This was driven by a combination of low market interest rates and substantial lender appetite, which enabled borrowers to refinance their loans at lower cost. A prudent and disciplined approach led to outperformance for the year, despite a competitive and crowded marketplace.

OUR COSTS
BCI is committed to maintaining fiscal discipline as we continue to expand our global footprint. Our active, in-house asset management model requires robust systems and processes, and a growing complement of specialized expertise. Cost advantages arise from the economies of scale of managing $211.1 billion, pooling assets, and managing 80.6 per cent of assets in-house. Continuing to invest in our internal capabilities is the most significant lever BCI has for reducing the total cost to our clients of value-added active management.

BCI’s total costs, consisting of internal, external direct, and external indirect costs, were $2.2 billion or 1 dollar and 8.1 cents per $100 of assets under management for fiscal 2022, all of which are netted against investment returns. This compares to total costs of $1.6 billion or 88.5 cents per $100 in fiscal 2021. The increase in costs was driven primarily by strong performance and value-add in private equity and real estate, which resulted in higher external costs on the proportion of assets managed externally. While strong performance results in higher fees paid to external managers through profit-sharing agreements, our clients retain most of the value added by these managers.

INVESTMENT AND CORPORATE HIGHLIGHTS

• Disbursed $9.2 billion in distributions to our clients compared to $8.6 billion in F2021. Increased distributions were primary generated by record level activity in our private equity portfolio.
• Welcomed two new clients: Municipal Retiree Benefit Trust (MRBT) and Innovate BC; adding $117 million to assets under management.
• Obtained an “excellent” rating in our most recent biennial client satisfaction survey, for integrity and professionalism with overall high client satisfaction rating.
• Reached $3.1 billion in cumulative historical participation in sustainable bonds, compared to $1.4 billion in fiscal 2021.
• As part of a consortium, announced the upcoming acquisition of two investments, Reden Solar and National Grid PLC gas transmission business, that will play a critical role in helping Europe achieve its energy transition aspirations.
• Committed $6.8 billion in total client capital for private equity investments, the most of any year for the program, including $2.2 billion in direct investments, and $4.6 billion in funds.
• Joined more than 100 private equity investors in committing to the ESG Data Convergence Project, which aims to advance a standardized set of ESG metrics in private markets.
• Received the Canadian Investment Review 2021 Pension Leadership Award for Sustainable Investing, the 2021 Responsible Investment Association Leadership Award for Integration, and achieved a top spot in the Responsible Asset Allocator Initiative’s 2021 Leaders List of the 30 Most Responsible Asset Allocators.
• Ranked 10th in Infrastructure Investor’s 2021 Global Investor 50 – a list of the largest institutional investors in global infrastructure. This is the third consecutive year we are in the top 10, and we have been included in the list each year since its inception in 2018.
• QuadReal committed $8.7 billion to new real estate commitments, the highest level ever
• QuadReal has 26 ENERGY STAR-certified buildings across Canada, reflecting an ongoing commitment to excellence in sustainability and received the inaugural ENERGY STAR® Canada Award for Commercial Building of the Year.
• QuadReal developed new lending relationships, while aligning resources within, to benefit from broader market participation in more investment opportunities alongside the real estate teams in the United States and Canada
• Made significant strides in implementing our Equity, Diversity, and Inclusion (EDI) Strategy.
• Recognized for a third straight year as one of Canada’s Top 100 Employers, Top Family-Friendly Employers, and B.C.’s Top Employers.
• Expanded mental and physical health and wellness offerings, providing employees with virtual medical and counselling services, and a physical activity reimbursement program for sporting activities and equipment.

ABOUT BCI
British Columbia Investment Management Corporation (BCI) is amongst the largest institutional investors in Canada with C$211.1 billion under management, as of March 31, 2022. Based in Victoria, British Columbia, with offices in Vancouver and New York City, BCI is invested in: fixed income and private debt; public and private equity; infrastructure and renewable resources; as well as real estate equity and real estate debt through our independently operated platform company QuadReal Property Group. With our global outlook, we seek investment opportunities that convert savings into productive capital that will meet our clients’ risk and return requirements over time. This compels us to integrate long-term ESG matters into all investment decisions and activities. BCI’s clients include pension plans representing over 715,000 plan members, insurance funds providing more than three million Autoplan insurance policies annually, benefits coverage to more than two million workers and 225,000 companies, and special purpose funds within BC’s public sector. Founded in 1999, BCI is a statutory corporation created by the Public Sector Pension Plans Act.

CONTACT
Gwen-Ann Chittenden, Vice President, Corporate Stakeholder Engagement
media@bci.ca

https://corporateannualreport.bci.ca/

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