LMCX CAT Institutional
White Paper

Version 2.6.1 — May 2026. Two-tier instrument architecture (Measured Vintage CAT and CAT-Forward Vintage), technical architecture, legal posture, issuer-level integrity instruments, and project-standards documentation for the LMCX Carbon Avoidance Token, prepared for qualified-recipient review. v2.6.1 is a terminology-only point release that renames the forward instrument from its v2.6 provisional label “Projected Vintage Forward Right (PV-FR)” to its standardized name “CAT-Forward Vintage (CAT-FV)” — substantive architecture, mechanics, and figures unchanged.