ISS is a leading independent proxy advisory firm that provides voting recommendations to institutional investors. Their endorsement of the merger highlights the strategic rationale and financial benefits of the Arrangement to eCobalt shareholders. ISS concluded "In light of the 5.9% premium, shareholders continuing to participate in any value increase associated with eCobalt's projects, through their ownership of Jervois Shares, the process to implement the eCobalt Arrangement appearing to be procedurally fair and the terms of the arrangement agreement allow the eCobalt Board to consider and respond to unsolicited proposals, shareholder approval of this resolution is warranted."