FormerXBC Inc V.XBC

TT Comments

[Arbourmark]

Hi TT,

I was surprised to read your comments which definitely indicates a serious concern with regards to XBC and management.

You have mentioned a number of times over the past few months that XBC had performed much better then peers (Ballard & Plug) during extreme down days on the markets often comparing XBC to them and how in many cases DM remain unscathed compare to the big boys.

I do agree that management could have provided a much clearer update with BOO completion and how Covid-19 has impacted completion on time. They certainly are not the only business to feel impact of COVID-19 from shut downs to supply chain issues.

I look forward to your ongoing comments and analysis and feel XBC is in the right sector at the right time but execution will be key. I also firmly believe being a Canadian company from Quebec will provide huge opportunities with the Province of Quebec and their multi billion dollar green energy program.

The past few weeks you were excited about news about XBC uplisting to the TSX and you were bullish this would happen much sooner then January 2021, which I happen to agree with and feel this will happen in the very near future. We all agree this will attract more institutional investors and more awareness even south of the border.

I personally feel XBC has the wind to their back and a lot of positive news in the pipeline and although the share price has not catapulted like some of their competitors it continues to march higher hitting new highs and creating higher lows.

I was just got off guard with your comments. I never fall in love with stock and look forward to more of your comments and concerns.

Respectfully

Mark