MISTY VENTURESCOMMUNITY UPDATE JUNE 2015

Economic Development Structure

Mistawasis First Nation is the General Partner of Misty Ventures Inc.

Misty Ventures LP is the operating arm to do administration for the Corporation

Newly created entity is Misty Petroleum Inc. that falls under Mistawasis First Nation General Partnership Misty Ventures Inc.

Misty Ventures Petroleum LP will be the operating arm for future business operations ( eg. Gas Station and Store )

These entities and corporations are created in order to operate in the best interest of the stakeholders which is Mistawasis First Nation

We presently do not have a full time employee. How we operate is apply for funding from Aboriginal Affairs to retain a project manager for each specific project that needs staffing support. This type of work only needs part time support and is more with expertise on how to pull reports and processes together at the right time. We have success using this model and is supported with funding. As Misty Ventures grows with businesses and builds more revenue, we will plan to build our staffing operations.

Misty Ventures Board of Directors

Robert (Bobby) Daniels is a Director and is a member of Mistawasis First Nation. His experience in business and government assists with the knowledge of how Corporations operate and exist. His educational background is a Masters Degree in Business from the University of Saskatchewan.

Gene Ouellette is a Director and is a member of Mistawasis First Nation. His experience has been years of entrepreneurship and operating his own personal business. He also brings a wealth of experience with contacts in a variety of industries and knowledge of Business operations.

Gary Daniels is a Director and is a member of Mistawasis First Nation. His experience is managing a large Business Operation in the Gaming Industry with the responsibilities of supervising a large amount of employees, operations, and budgets.

Greg Pechawis is a non voting Director and is an elected Counselor for Mistawasis First Nation. Greg is the communication link to Chief and Council and community membership. His selected portfolio of Economic Development and Lands has value to the board for good communication and working synergy's.

Priorities

The first priority for the Board was to get our Corporation and entities in order with completion of Financial Statements, Annual Returns, legal, Tax Returns, GST Returns, Banking, and Accounting Services.

We then worked with Chief and Council to ensure our plans are in sync with the Community development plans.

Working together as a team with leadership and other departments in Mistawasis we are moving forward with opportunities.

These include activities such as Land designations, Head Lease process, First Nation Tax Commission, and Financial Management.

Now this leads into opportunities for Misty Ventures to develop Businesses on the selected lands the community wanted to use for development that include Dalmeny, Lucier, West of Main Reserve, and Galloway.

Project #1 Public Works Slip Tanks

The installation of slip (Fuel) tanks on reserve to provide fuel to Band Equipment was initiated by Misty Ventures in order to access rebates that were available through a First Nations Rebate Program with the Province. These rebates are going into a fund that will accumulate and be utilized for future improvements and expenditures for operating the slip tanks. This is monitored and operating through Mistawasis First Nations Public Works. This may not be a large project but the intent was to ensure to capture the rebate as over a period of time we will see the benefits.

Project #2 Lucier Property

Misty Ventures is now very close to making a reality of a first initial Business operating on Lucier Property.

The intent as shared with community members in the community consultations is the development of a Gas Station and Store.

All the preliminary work is being completed with submission of the final proposal to AANDC for support of some funding to assist with construction. This project is estimated to cost in the range of 2.6 million dollars that includes construction and turn key operation. Misty Ventures will be dealing with the Financing of the project anticipating good news from AANDC to move ahead. We have most recently received communication that Misty Ventures is in good standings with our submission and should have the final announcement this month in June. We will be proceeding with the project to build.

Project #2 Lucier Property

Misty Ventures had to work diligently to prepare feasibility studies, business plans, environmental studies, legal, financial, and the Head Lease process in order to get where we are as of June 2015.

The Head Lease , sub lease, finalizing financing, and selecting the project manager for construction are the last stages. These are almost completed with some short delays, but we anticipate before June 30, 2015 we will have the project ready to start.

This project will be on the east side of the highway just north of Leask , SK. The entity is named Misty Petroleum at this stage.

The project manager will engage in discussions with Iron Buffalo Training Centre for assistance with staffing of the Gas Station and Store

Project # 2 Dalmeny Property

Dalmeny property has now officially ben turned into reserve status. Prior to reserve status Misty Ventures completed some very important preliminary task. The land designation, Head Lease, and land use study.

Most recently now we have gone into the environmental stage of getting a Geo Tech completed that will tell Misty Ventures what are some opportunities based on the soil and ground on the entire 80 acres. For example this study will tell us where buildings can and cannot be built because of maybe water level or just not th right ground soil.

Misty Ventures also engage in a contract with a firm to complete a full feasibility study that will also assist with what to develop on the land. This is more from the business opportunities on what the existing and future market can sustain for the geographical area.

Project #2 Dalmeny Property

Once the feasibility study is complete this summer of 2015, Misty Ventures will give direction to a project manager we have assigned to the Dalmeny property to proceed with the business plan and development.

Based on some interim reports and updates it is looking more feasible towards an Industrial and Commercial development on a good portion of the property. There has been some positive enquires as to when we are developing the land from the commercial aspect which does indicate there could be a demand. We will continue our due diligence work work with the project manager.

The intent was to look at residential but we want to ensure the infrastructure like water and sewer is viable first and access to revenue to build that infrastructure is available. This is not off the plan at this stage but does take more due diligence work to ensure Misty Ventures is planning properly for the best residential development. We also have to continue looking at the leasing process when it involves residential, and work with our Lands Department and Aboriginal Affairs.

Project # 3 Regional Park

Some initial planning has occurred with some mapping for the property that is designated land west of main reserve near the lakes and forest. The mapping and concept gave a visual of some great ideas that may include

Golf Course

Cabins

Cultural Village

Campground

Recreational area

Again these ideas and are not confirmed plans and need further research to ensure viability.

So in consultation with Chief and Council Misty Ventures has done a request for proposal on getting a Feasibility Study done on the over 9000 acres to ensure proper planning occurs with Market research.

Project # 4 Galloway Property

We have not proceeded with plans for this property, as the priority has been with the first 3 areas.

The intent is to follow the same steps as the other projects with determining what are some potential opportunities that may work. Once that is identified we can pursue the feasibility study that will gather the data required to move forward.

This land is designated and we are wanting to ensure due process.

Summary

We would like to ensure to the Mistawasis Band members that the existing Misty Ventures Board is committed to creating the best opportunities for the nation that will create not only wealth but employment opportunities also.

Once Misty Ventures gets to the capacity of operating some businesses or companies we are planning to add more board members.

This is an exciting time for Mistawasis First Nation. We now have proven success of having the structure and accountability that the business environment is looking for. We look forward to making more announcements in the future about new activities that have positive outcomes.