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The Carbon Avoidance Token. Permanent methane closure at plugged Permian Basin wells — one CAT for one verified tonne avoided, according to the published protocol.

Unit of account

Verified Environmental Asset (VEA) represented by an LMCX Carbon Avoidance Token (CAT) — 1 CAT = 1 verified methane avoidance.

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Disclosure

Issuer view · No regulator has ruled

Legal & Classification Disclosure

U.S. · SEC/CFTCEU · MiCA Title IIUAE · VARA/ADGM

The Carbon Avoidance Token (CAT) is classified as a digital environmental commodity unit across the U.S., EU MiCA, and UAE (VARA / ADGM FSRA) frameworks.

The issuer believes the LMCX CAT Token is not a security under applicable law; however, purchasers should consult their own legal advisors regarding applicable laws and regulations.

United States

Not a security under Howey or Reves; consistent with SEC/CFTC Joint Release No. 2026-30 (March 17, 2026).

European Union

An “other crypto-asset” within Title II of MiCA (Regulation (EU) 2023/1114); not an asset-referenced token (Article 3(1)(6)), not an e-money token (Article 3(1)(7)), and not a financial instrument under MiFID II Annex I Section C.

United Arab Emirates

A non-financial Virtual Asset under both VARA and ADGM FSRA; not a Security Token, Fiat Token, Derivative, or Specified Investment.

No regulator, court, or other authority has ruled.

Instrument status

The CAT is not a security, investment contract, structured note, derivative, swap, future, forward, option, contract for differences, mutual fund or collective investment scheme interest, asset-referenced token, e-money token, Security Token, Specified Investment, or other regulated financial instrument. It bears no yield, dividend, rebase, or other passive economic accrual; the issuer does not undertake to maintain the market value of the CAT, to develop or guarantee any secondary market, or to engage in price-support, stabilization, market-making, or buy-back activity. No statement on this site constitutes investment advice, a recommendation, or a forecast of appreciation, yield, or return. CAT holders receive no equity, distributions, voting rights, or creditor claims against any LMP or IMCSS entity. The CAT-Forward Vintage (CAT-FV) is a bilateral, non-standardized, non-exchange-traded contractual conversion-right entitlement governed by a streaming/prepay agreement and is not a derivative.

© 2026 LMCX. All rights reserved.

LMCX, LMCX CAT, and Carbon Avoidance Token are trademarks of Last Mile Production, LLC.

Multi-jurisdictional classification: U.S. (SEC/CFTC) · EU (MiCA Title II) · UAE (VARA / ADGM FSRA) · Issuer view; no regulator has ruled.

© 2026 LMCX. All rights reserved.

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