Mr. Douglas Ford reports

NORTH AMERICAN NICKEL AND PREMIUM NICKEL RESOURCES EXECUTE DEFINITIVE AGREEMENT FOR BUSINESS COMBINATION

Premium Nickel Resources Corp. (PNR) and North American Nickel Inc. (NAN) have entered into a definitive amalgamation agreement in respect of their previously announced reverse takeover transaction (RTO), pursuant to which Premium Nickel Resources would go-public by way of a reverse takeover of North American Nickel. In this news release, references to the resulting issuer are to North American Nickel after the closing of the RTO. As certain directors and officers of North American Nickel are also directors and officers of Premium Nickel Resources, the amalgamation agreement is considered as a non-arm's-length agreement pursuant to the policies of the TSX Venture Exchange (TSX-V).

Transaction particulars and the definitive agreement

On April 25, 2022, North American Nickel, Premium Nickel Resources and 1000178269 Ontario Inc. (NAN Subco), a wholly owned subsidiary of North American Nickel incorporated under the Business Corporations Act (Ontario) (OBCA), entered into the amalgamation agreement which provides for, among other things, a three-cornered amalgamation pursuant to which (i) NAN Subco will amalgamate with Premium Nickel Resources under Section 174 of the OBCA to form one corporation (Amalco), (ii) the security holders of Premium Nickel Resources will receive securities of the resulting issuer in exchange for their securities of Premium Nickel Resources at an exchange ratio of 5.27 resulting issuer shares (as defined herein) for each outstanding share of Premium Nickel Resources (subject to adjustments in accordance with the amalgamation agreement), and (iii) the transactions will result in a RTO of North American Nickel in accordance with the policies of the exchange, all in the manner contemplated by, and pursuant to, the terms and conditions of the amalgamation agreement. A copy of the amalgamation agreement will be available electronically on SEDAR under North American Nickel's issuer profile in due course.

Sheldon Inwentash, director of Premium Nickel Resources, stated: "We are delighted to announce this business combination with NAN, who is our long-term supporter and shareholder. This agreement demonstrates the degree to which our respective companies and shareholders are in alignment as we move forward with the RTO transaction and the redevelopment of the recently acquired Selebi mines in Botswana. We are also excited to see Premium Nickel Resources listed on the TSX Venture Exchange as it is a critical step in our growth plans. With the acquisition of the Selebi mine, we are now preparing to initiate an aggressive redevelopment program at Selebi based on modern best practices and believe that the nickel-copper-cobalt resources at the Selebi mines will be part of the global electrification of industries. NAN's technical and operational expertise will provide a significant synergy to our ambition for Selebi in years to come."

Douglas Ford, interim lead director of North American Nickel, stated: "We are pleased to announce the business combination with PNR and embark on this important new chapter in NAN's development. We believe that this transaction will unlock significant value for NAN's shareholders through the addition of the Selebi mines, which have significant exploration upside, to NAN's current portfolio of Ni-Cu-Co assets. I'd like to thank NAN's shareholders and team for all of their continued efforts and support in this transaction. We are very excited about the coming together of two great companies with untapped potential, and a driven management team. PNR's strategy and vision for the Selebi mine aligns with NAN's global strategy of identifying the best nickel-copper-cobalt projects and the transaction with PNR will accelerate the growth and development of the combined company."

As part of the RTO and subject to any required shareholder and regulatory approvals, North American Nickel will: (i) change its name to Premium Nickel Resources Ltd.; (ii) change its stock exchange ticker symbol to a symbol to be determined between the parties and acceptable to the exchange; and (iii) reconstitute the board of directors and management of the resulting issuer. The outstanding options of Premium Nickel Resources immediately prior to the effective time of the RTO will be exchanged and adjusted pursuant to the terms of the amalgamation agreement such that holders thereof will be entitled to acquire, following the closing of the RTO, options of the resulting issuer after giving effect to the exchange ratio and the consolidation (as defined below), as applicable. In addition, subject to any required shareholder and regulatory approvals, North American Nickel intends to consolidate its common shares on the basis of one postconsolidation common share for each five preconsolidation common shares.

North American Nickel intends to call an annual and special meeting of its shareholders to approve various corporate actions, including the board reconstitution, and seek approval of the RTO by way of a written consent of at least a majority of its shareholders pursuant to the policies of the exchange. In support of the RTO, all the directors and officers and certain shareholders of North American Nickel, including Sentient Global Resources Fund 4 LP and Contemporary Amperex Technology Canada Ltd., representing approximately 54 per cent of the outstanding common shares of North American Nickel have entered into voting support agreements with Premium Nickel Resources in support of the RTO. In addition, all of the directors and officers and certain shareholders of Premium Nickel Resources ,representing approximately 69 per cent of the outstanding Premium Nickel Resources shares, have entered into voting support agreements with North American Nickel in support of the RTO.

As of the date hereof, North American Nickel holds a common share purchase warrant in the capital of Premium Nickel Resources entitling it to acquire up to an undiluted 15 per cent of the common shares of Premium Nickel Resources at an exercise price of $10-million (U.S.) until Feb. 26, 2025. In connection with and immediately prior to the entry into of the amalgamation agreement, North American Nickel and Premium Nickel Resources entered into a waiver and suspension agreement, pursuant to which North American Nickel agreed that its exercise privileges under the 15-per-cent warrant is suspended until the later of the 61st calendar day following the date of the amalgamation agreement and the date the amalgamation agreement is terminated. The 15-per-cent warrant will concurrently and automatically terminate upon the completion of the RTO.

Certain directors and officers of North American Nickel are also directors and officers of Premium Nickel Resources and, as such, considered as being non-arm's-length pursuant to the policies of the exchange. The interlocked insiders include Charles Riopel (non-executive chairman of North American Nickel and chairman of Premium Nickel Resources), Keith Morrison (chief executive officer and director of both North American Nickel and Premium Nickel Resources) and Sarah Zhu (chief financial officer of both North American Nickel and Premium Nickel Resources).

The amalgamation agreement was negotiated at arm's-length between representatives of North American Nickel and Premium Nickel Resources through special committees of North American Nickel and Premium Nickel Resources, which do not include the interlocked insiders; the interlocked insiders who are directors were excluded from board resolutions in respect of the RTO.

The board of directors of each North American Nickel and Premium Nickel Resources determined that the RTO is fair to the shareholders of North American Nickel and Premium Nickel Resources, respectively. In connection with its evaluation of the RTO, the respective boards and special committees of each North American Nickel and Premium Nickel Resources received verbal fairness opinions from their respective financial advisers, specifically: (i) the board and the special committee of North American Nickel received a verbal fairness opinion on April 22, 2022, from INFOR Financial Inc., the financial adviser to North American Nickel and the North American Nickel special committee, to the effect that, as of the date of the North American Nickel fairness opinion, and based upon and subject to the assumptions, limitations and qualifications set out in North American Nickel fairness opinion, the RTO (including the exchange ratio) is fair, from a financial point of view, to the shareholders of North American Nickel; and (ii) the board and special committee of Premium Nickel Resources received a verbal fairness opinion on April 25, 2022, from Evans & Evans Inc., the financial adviser to the Premium Nickel Resources special committee, to the effect that, as of the date of the Premium Nickel Resources fairness opinion, and based upon and subject to assumptions, limitations and qualifications set out in the Premium Nickel Resources fairness opinion, the consideration to be received by the Premium Nickel Resources shareholders pursuant to the amalgamation is fair, from a financial point of view, to the Premium Nickel Resources shareholders.

The common shares of North American Nickel will remain halted pending further filings with the Exchange. North American Nickel may seek waivers or exemptions from certain listing requirements of the Exchange in connection with the RTO, including the requirement to obtain a sponsor for the RTO. However, there can be no assurance that any waivers will be obtained. If a waiver from the sponsorship requirement is not obtained, a sponsor will be identified at a later date. No deposit, advance or loan has been made or is to be made in connection with the RTO.

The resulting issuer is expected to be owned approximately (i) 72.6 per cent by current shareholders of Premium Nickel Resources, (ii) 23.7 per cent by the current shareholders of North American Nickel and (iii) 3.7 per cent by the holders of the subscription receipts (as defined herein), after giving effect to the RTO and the North American Nickel financing (assuming that the base size of the North American Nickel financing is fully subscribed and the agents' option is not exercised).

The full particulars of the RTO, the Selebi mines (as defined herein) located in Botswana, which is anticipated to be the material property of the resulting issuer, and the resulting issuer will be described in the Form 3D2 (Information Required in a Filing Statement for a Reverse Takeover or Change of Business) prepared in accordance with the policies of the exchange. A copy of the filing statement will be available electronically on SEDAR under North American Nickel's issuer profile in due course.

Completion of the RTO is subject to a number of conditions, including, but not limited to, exchange acceptance and, if applicable, disinterested shareholder approval of North American Nickel shareholders. Where applicable, the RTO cannot close until the required shareholder approval is obtained. There can be no assurance that the RTO will be completed as proposed or at all. The completion of the RTO is also subject to other conditions, including, among other things, ownership by Premium Nickel Resources of the rights and title to the Selebi mines, shareholder approval by Premium Nickel Resources, shareholders of the amalgamation, the support agreements having not been terminated or materially breached and certain customary conditions precedent for a transaction of this nature.

Investors are cautioned that, except as disclosed in the filing statement to be prepared in connection with the RTO, any information released or received with respect to the RTO may not be accurate or complete and should not be relied upon. Trading in the securities of North American Nickel should be considered highly speculative.

The TSX Venture Exchange has in no way passed upon the merits of the proposed RTO; it has neither approved nor disapproved the contents of this news release.

Concurrent financing

North American Nickel financing

As part of the RTO, North American Nickel has also entered into an engagement letter dated April 8, 2022, with Paradigm Capital Inc. as lead agent, on behalf of itself and INFOR Financial, pursuant to which the agents have agreed to sell, on a best efforts private placement basis, up to 20,834,000 subscription receipts of North American Nickel at a subscription price of 48 cents per subscription receipt for gross proceeds of up to approximately $10-million. In addition, the agents have been granted an option, exercisable in whole or in part up to 48 hours prior to the closing of the North American Nickel financing, to increase the size of the North American Nickel financing by up to 15 per cent of the base offering size for additional gross proceeds of up to approximately $1.5-million. Each subscription receipt entitles the holder thereof to receive, for no additional consideration and without further action on the part of the holder thereof, on or about the date that the RTO is completed, one common share of the resulting issuer, subject to adjustments as will be outlined in the subscription receipt agreement to be entered into among North American Nickel, Paradigm and Computershare Trust Company of Canada, the subscription receipt agent in respect of the North American Nickel financing.

The securities issued pursuant to the North American Nickel Financing will be subject to applicable hold periods, including the statutory four-month-plus-one-day hold from the closing date of the North American Nickel financing. It is expected that the net proceeds from the North American Nickel Financing will primarily be used to finance exploration and development of the resulting issuer's material property, the Selebi mines, working capital and for general corporate purposes.

Upon the conversion of the subscription receipts, the agents are entitled to receive a cash commission equal to 7.0 per cent of the gross proceeds of the North American Nickel financing and compensation warrants exercisable for such number of resulting issuer shares as is equal to 7.0 per cent of the subscription receipts issued under the North American Nickel financing. The compensation warrants shall be issued on the same terms as the subscription receipts and exercisable for a period of two years following the satisfaction of the escrow release conditions.

The North American Nickel financing is expected to close on or about April 28, 2022, with the gross proceeds of the North American Nickel financing to be held in escrow pending the satisfaction of the escrow release conditions, which includes the satisfaction (or waiver) of the conditions to the closing of the RTO, the conditional approval of the exchange to list the resulting issuer shares issuable under the RTO and North American Nickel financing, and certain other customary conditions.

Premium Nickel Resources financing

In addition, on April 7, 2022, Premium Nickel Resources completed a non-brokered private placement of 8,865,619 Premium Nickel Resources shares (and issued an additional 70,548 Premium Nickel Resources shares in satisfaction of certain finders fees payable in connection with the financing) at an issue price of $2 (U.S.) per Premium Nickel Resources share for an aggregate gross proceeds to Premium Nickel Resources of approximately $17.7-million (U.S.). The proceeds of the Premium Nickel Resources financing are expected to be used to finance the purchase price of the Selebi mines, the initial phase of the exploration program at the Selebi mines, the RTO transaction-related costs, working capital and general corporate purposes.

Attributes of the resulting issuer

The formation of the resulting issuer creates a Canadian company with a focus on the exploration and development of high-quality nickel-copper-cobalt with properties located in Botswana, Canada and Greenland. Following the completion of the RTO, the resulting issuer is anticipated to own interests in the following properties:Selebi and Selebi North nickel-copper-cobalt mines (exploration -- Botswana), Selkirk mines (exploration -- Botswana), Manittsoq property (exploration -- Greenland) and the Post Creek/Halcyon property (exploration -- Sudbury, Canada)

It is anticipated that the Selebi mines will be the only material property of the Resulting issuer for the purposes of National Instrument 43-101 -- Standards of Disclosure for Mineral Projects (NI 43-101), following the completion of the RTO. The proposed work program for the Selebi mines includes diamond drilling, which is anticipated to be continuing for approximately 18 months; underground infrastructure at the Selebi North mines is expected to be upgraded in support of the underground drilling program and to improve the health and safety at the mine.

In accordance with NI 43-101, a technical report for the Selebi mines will be filed on SEDAR under North American Nickel's issuer profile.

Board and management composition and biographies

The board of directors of the resulting issuer is expected to include Mr. Morrison, Mr. Riopel, Mr. Inwentash, John Hick, Sean Whiteford and John Chisholm. The parties may decide to appoint additional nominees to the resulting issuer board.

Management of the resulting issuer is expected to include Mr. Morrison (chief executive officer and director), Mark Fedikow (president), Ms. Zhu (chief financial officer and corporate secretary), Sharon Taylor (chief geophysicist) and Peter Lightfoot (consulting chief geologist).

The following are biographies of the currently proposed directors and senior officers of the resulting issuer:

Mr. Morrison, chief executive officer and director

Mr. Morrison has over 40 years of global experience in the resources sector with an accomplished background in strategy, finance, exploration, technology, global operations, capital markets and corporate development. Formerly, Mr. Morrison co-founded two significant Canadian-based success stories, Quantec, a world-leader in deep sub-surface imaging technologies, and QGX, a Canadian-based public exploration company which operated in Mongolia prior to its acquisition. Since 1986, Mr. Morrison has continuously served on private and public company board of directors, and senior management teams as chief executive officer. During this period, he has been in leadership positions through multiple commodity cycles and several black swan events. He is currently director and CEO of Premium Nickel Resources and a director and CEO of North American Nickel.

Mr. Riopel, director

Mr. Riopel is an accomplished senior-level executive with over 25 years domestic/international investment experience in mining. He has managed over the years both private and public investment funds. He is the founder and managing partner at Latitude 450, a private equity fund specialized in mining. Prior thereto, he was senior investment director at The Sentient Group, one of the largest PE (private equity) funds in mining with over $2.7-billion (U.S.) under management. At The Sentient Group, he worked on and completed 12 follow-on investments, as well as one exit -- actively managing investments and re-engineering projects in copper, gold, uranium, nickel and manganese. From 2006 to 2012, he served as senior investment director of metals and mining at the SGF, a public fund with over $5-billion (U.S.) under management. During these years, he invested approximately $200-million (U.S.) per year in mining projects, from greenfield exploration to operations, directly managing drilling programs to approximately $10-billion (U.S.) in construction. While working at the SGF he invested in, directly managed, turned around and exited more than 20 investments and mining projects.

He was appointed to the board of directors of Premium Nickel Resources in 2019 and is currently chairman of the board of directors of Premium Nickel Resources, Premium Nickel Resources International (Barbados), Premium Nickel Resources Selebi (Barbados) and Premium Nickel Resources Selkirk (Barbados). He is also the non-executive chairman of North American Nickel (mining exploration -- Ni). He is also a member of the board of directors of Meridian Mining U.K. (Cu-gold-manganese) and the Foundation of Greater Montreal (local charity managing over $250-million (U.S.) in charitable donations). He has served as a director and/or officer of several Canadian and international companies. He holds a bachelor of economics from Montreal University and a masters in business administration from Laval University.

Mr. Inwentash, director

Mr. Inwentash has more than 30 years of investing experience and has been instrumental in raising $15-billion for his portfolio companies over the previous 20 years. He co-founded Visible Genetics, the first commercial pharmacogenomics company, in 1994 and exited in 2001 to Bayer. Through two decades leading Pinetree Capital, Mr. Inwentash created significant shareholder value through early investments in Queenston Mining (acquired by Osisko Mining Corp. for $550-million), Aurelian Resources (acquired by Kinross for $1.2-billion) and Gold Eagle Mines (acquired by Goldcorp for $1.5-billion), to name a few. Mr. Inwentash has been an active investor in and adviser for various companies in Africa such as AfriOre Platinum Ltd., taken over by Lonmin (South Africa), Auryx Gold Corp., combined with B2 Gold Corp. (Namibia), Caledonia Mining Corp. (Zimbabwe) and others. Mr. Inwentash obtained his BComm from the University of Toronto and is a chartered accountant/certified professional accountant. In 2007, he was an Ontario finalist for the Ernst & Young entrepreneur of the year award. In 2012, Mr. Inwentash received an honorary degree, doctor of laws (LLD) from the University of Toronto for his valuable leadership as an entrepreneur, his philanthropy and inspirational commitment to making a difference in the lives of children, youth and their families. He is currently a director of Premium Nickel Resources.

Mr. Hick, director

Mr. Hick has over 40 years of experience in the mining industry in both senior management positions and as an independent director. He currently serves as an independent director and, in some cases, the non-executive chairman, to a number of publicly listed companies. Formerly, Mr. Hick has held board and/or senior management positions with a number of other Canadian mining companies, including Mako Mining Corp., Medoro Resources Ltd., St. Andrew Goldfields Ltd., First Uranium Corp., Defiance Mining Corp./Geomaque Explorations Ltd, TVX Gold Inc., Cambior Inc., Rio Narcea Gold Mines Ltd., Rayrock Resources Inc., Revett Minerals Inc. and Placer Dome Inc. Mr. Hick holds a BA from the University of Toronto and an LLB from the University of Ottawa. He is currently a director of North American Nickel.

Mr. Whiteford, director

Mr. Whiteford has over 25 years of mineral exploration and operational experience in the mining industry. He is currently the vice-president of business development at Burgundy Diamond Mines Ltd. He started his career as an exploration geologist with BHP-Utah Mines based in Toronto. He subsequently spent 13 years with the Rio Tinto Group in various corporate, operational, and technical roles in Australia, Canada and the United States Mr. Whiteford joined Cliffs Natural Resources in 2009 and held various executive positions, including vice-president (VP) of exploration and VP of Eastern Canada iron ore operations. In addition, he was the president of Osgood Mountains Gold; he had extensive experience working as strategic consultant for mining and exploration companies in the U.S. and Canada. Mr. Whiteford is a member of the AusIMM, holds a BSc in geology from the University of Windsor and has completed the advanced management program at Columbia Business School.

Mr. Chisholm, director

Mr. John Chisholm is a senior financial executive with over 30 years of investment experience. As a senior executive of Merrill Lynch and CIBC Wood Gundy, he has participated in over 100 IPO's (initial public offering). Mr. Chisholm is a founder of Temex Resources, Forsys Metals, Carta Worldwide and Land Administration Company, where he currently serves as executive chairman. He is also one of the founders of Premium Nickel Resources, where he serves on the board as a director. As a graduate of the University of Guelph in economics, he is well-positioned to help guide companies with respect to raising funds for large projects. He has been involved in raising over $200-million for various companies and has an extensive list of worldwide contacts in both the mining and technology sector. He is currently a director of Premium Nickel Resources.

Dr. Fedikow, president

Dr. Fedikow has 40 years of industry and government experience as an exploration geochemist and mineral deposits geologist. He has worked for major and junior mining exploration companies and the Manitoba Geological Survey, completing his employment at the survey as chief geologist of the mineral deposits section. In 2001, Dr. Fedikow was the recipient of the Provincial Geologists Medal, a Canadian national award for outstanding geoscientific achievement. He has successfully applied partial and selective extraction geochemical technologies, including the mobile metal ions process (MMI), in exploration programs for lode and placer gold, base metal massive sulphides, platinum group metals, magmatic nickel-copper, porphyry copper deposits, and kimberlite/carbonatite in a variety of geological settings and overburden environments. Dr. Fedikow has published numerous articles on mineral deposits and their geochemical expressions in rock, soil and vegetation sample media. He is a fellow of the Association of Applied Geochemists. He is currently president of North American Nickel.

Ms. Zhu, chief financial officer and corporate secretary

Ms. Zhu has over 15 years of financing and accounting experience in the public and private equity market, with a focus on the natural resources sector. Formerly, she held the position of investment manager with The Sentient Group. She holds a bachelor's degree in accounting from Guangdong University of Finance & Economics and an MBA from the John Molson Business School of Concordia University. Prior to this, Ms. Zhu spent six years on an audit and systems risk consulting business with Deloitte China and gained her accounting qualification (CICPA) before migrating to Canada in 2004. She is also a CFA charter holder. She is currently chief financial officer of Premium Nickel Resources and North American Nickel.

Ms. Taylor, chief geophysicist

Ms. Taylor has over 30 years of experience in mineral exploration, including 13 years with Falconbridge, Noranda and Xstrata. She has experience in both volcanogenic massive sulphide and nickel exploration in major mining camps, including Kidd Creek, Bathurst, Raglan, Sudbury and Kabanga. Her most recent employment with Continental Nickel included nickel exploration at the St. Stephen project in New Brunswick and the Nachingwea nickel project in Tanzania. Ms. Taylor's area of expertise is the application and interpretation of EM (electromagnetic) data and integrating results from airborne, ground and downhole EM methods. She is currently VP of exploration of Premium Nickel Resources and chief geophysicist for North American Nickel.

Dr. Lightfoot, consulting chief geologist

Dr. Lightfoot, who in the summer of 2016 published the first comprehensive textbook on the ore deposits of the Sudbury igneous complex, enjoyed a distinguished 20-year career as a geologist with Inco and Vale beginning in 1996. He was initially responsible for exploration at Voisey's Bay before being appointed chief geologist responsible for technical aspects of exploration programs at Voisey's Bay, Sudbury and Thompson. He received his BA in earth sciences from Oxford in 1980, his MSc degree from the University of Toronto in 1982 and his PhD from the Open University (United Kingdom) in 1985. Following post-doctoral studies at the University of Toronto, he began a 10-year career with the Ontario Geological Survey in 1987 and worked extensively on the geology and geochemistry of Sudbury and Noril'sk before joining Inco in 1986. He is now an independent consultant to the minerals industry through his company, Lightfoot Geoscience Inc. He is currently a consulting chief geologist to North American Nickel.

Advisers

Bennett Jones LLP is legal counsel to North American Nickel, Blake Cassels & Graydon LLP is legal counsel to the North American Nickel special committee, INFOR Financial Inc. is financial adviser to North American Nickel and the North American Nickel special committee, Davies Ward Phillips & Vineberg LLP is legal counsel to the Premium Nickel Resources special committee, Evans & Evans is financial adviser to the Premium Nickel Resources special committee, Timothy Moran of Moran Professional Corp. is legal counsel to Premium Nickel Resources and McCarthy Tetrault LLP is legal counsel to the agents.

About North American Nickel Inc.

North American Nickel is a mineral exploration company with 100-per-cent-owned properties in Maniitsoq, Greenland and Ontario, Canada. In 2019, North American Nickel became a founding shareholder in Premium Nickel Resources to provide direct exposure to Ni-Cu-Co opportunities in the southern African region. Simultaneously, North American Nickel is expanding its area of exploration interest into Morocco.

The Maniitsoq property in Greenland is a camp-scale permitted exploration project comprising 3,048 square kilometres covering numerous high-grade nickel-copper plus cobalt sulphide occurrences associated with norite and other mafic-ultramafic intrusions of the Greenland norite belt (GNB). The over-75-kilometre-long belt is situated along, and near, the southwest coast of Greenland; it is accessible from the existing Seqi deep water port with an all-year-round shipping season and hydroelectric power potential from a quantified watershed.

The Post Creek/Halcyon property in Sudbury is strategically located adjacent to the past producing Podolsky copper-nickel-precious metal sulphide deposit of KGHM International Ltd. The property lies along the extension of the Whistle Offset dike structure. Such geological structures host major Ni-Cu-PGM (platinum group element) deposits and producing mines within the Sudbury camp.

North American Nickel acquired 100-per-cent ownership of property near the southern extent of the Lingman Lake greenstone belt in Northwest Ontario known as Lingman Nickel and in the Quetico region near Thunder Bay, Ont. The acquisition of these properties is part of North American Nickel's strategy to develop a pipeline of new nickel projects. North American Nickel is evaluating direct and indirect nickel asset acquisition opportunities globally.

We seek Safe Harbor.