REG - JSC NAC Kazatomprom - Kazatomprom 1Q23 Operations and Trading Update

CamecoAnnouncement

28/04/2023 09:00

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RNS Number : 8542X  JSC National Atomic Co. Kazatomprom  28 April 2023

AIX: KAP, KAP.Y (GDR)

LSE: KAP (GDR)

Currency: KZT (₸), unless otherwise noted

 

 

28 April 2023, Astana, Kazakhstan
Kazatomprom 1Q23 Operations and Trading Update

JSC National Atomic Company "Kazatomprom" ("Kazatomprom", "KAP" or "the
Company") announces the following operations and trading update for the first
quarter ended 31 March, 2023.

This update provides a summary of recent developments in the uranium industry,
as well as provisional information related to the Company's key first-quarter
operating and trading results, and current 2023 guidance. The information
contained in this Operations and Trading Update may be subject to change.

Market Overview

Although the Russian nuclear industry has remained unaffected by sanctions,
growing anti-Russian sentiment among lawmakers in the UK, the EU and the US
led to certain new initiatives and actions since the start of the 2023:

·      UK announced a new package of sanctions and economic restrictions
aimed at the Russian Federation. The broad restrictions target export bans on
every item allegedly used by Russia in the conflict to date. Senior Rosatom
executives have been added to the sanctioned list as well.

·      Poland, Latvia, Lithuania and Estonia suggested including
Russian nuclear energy sector in the European Union's 11(th) package of
sanctions, which would target Rosatom's board members, prevent new contracts
and limit imports of Russian enriched uranium. According to the latest
announcement made by the German Economy Ministry, Germany is also urging the
EU to include the Russian civilian nuclear sector in the EU's new sanctions
package.

·      Seven US Senators introduced a bipartisan bill to ban imports of
Russian uranium, which is a companion to the bill, introduced earlier in the
US House of Representatives. The bill is aimed at prohibiting imports of low
enriched uranium (LEU) from Russia beginning no later than 90 days after
enactment, with waivers available until January 1, 2028.

·      Subsequent to the quarter end, US Department of State imposed
sanctions on more than 80 Russian entities and individuals, including five
entities and one individual that are part of Rosatom. The sanctions are
intended to limit Russian nuclear technology exports and reduce Russia's
political and economic influence on its customers across the world, however,
the sanctions appear to have no effect on Rosatom's nuclear fuel business.

·      Also following the end of the first quarter, on a G7 meeting in
Sapporo, UK, US, Canada, Japan and France formed an alliance to undermine
Russia's position on the nuclear fuel market. This implies a stronger
cooperation between the alliance members and the potential for additional
sanctions against Rosatom.

Bulgaria's latest proposed 30-year energy strategy, covering the years
2023-2053, outlines the country's efforts to both decarbonize the energy
industry and assure energy security in the face of the current industrial
concerns, including the climate crisis. To ensure supply security, the energy
plan projects coal-fired power stations operating until around 2030. The
Bulgarian government has stated that work will commence on constructing two
more reactors to the current Kozloduy NPP to supplement the 2 GWe of
generation capacity.

The French Senate has passed a draft bill aimed at speeding procedures for
building the new nuclear facilities near existing nuclear sites, as well as
the operation of existing facilities. The approved legislation removes the
goal of reducing France's nuclear share of power production to 50% by 2035.
Nuclear power would account for more than 50% of total electricity output by
2050. Furthermore, the provisions specify SMRs as prospective reactor types to
be built.

Beyond policy highlights, several demand-side announcements took place during
the first quarter:

·      In January, Slovenské Elektrárne announced that the Mochovce
unit 3 started supplying electricity to Slovakia's national grid. Mochovce
unit 3 is Russian-designed VVER-440 PWR with an installed capacity of 471 MWe.

·      Southern Co.'s subsidiary Georgia Power reported that Vogtle unit
3 located near Augusta, Georgia, US has been successfully connected to the
electrical grid, making it the first Westinghouse AP1000 PWR in the US to
achieve this milestone.

·      Belgium's Tihange unit 2, a 1,055 MWe PWR, has been permanently
shut down after 40 years of service, in compliance with Belgian nuclear
phase-out legislation enacted in 2003. It is the second reactor closure under
the legislation with Doel unit 3 shut down taking place in September 2022.

·      In Taiwan, Taipower's Kuosheng unit 2 was permanently shut down
after its 40-year license expired. Taiwan's nuclear phase-out programme calls
for reactors to be shut down after their initial 40-year licenses expire.
Taiwan's two remaining operational reactors, Maanshan units 1 and 2, are
scheduled to shut down in 2024 and 2025, respectively.

·      China National Nuclear Power, an operating company of China
National Nuclear Corp., announced the pouring of the first tank of nuclear
safety-related initial concrete at the Sanmen unit 4. Sanmen units 3 and 4 are
Chinese-localized CAP1000 reactors with a total capacity of 1,250 MWe.

·      Krško, Slovenia's only nuclear power plant, has received an
environmental permission to extend its lifetime from 40 to 60 years and will
be able to operate until 2043. Krško supplies about 36% of the country's
total power consumption. Slovenia and Croatia jointly own the plant, and its
continued operation is critical to both nations' energy security.

·      The Finnish government extended the operation license for
Fortum's Loviisa units 1 and 2 until the end of 2050. The licenses for the two
VVER-440 reactors at Loviisa units 1 and 2 were slated to expire in 2027 and
2030, respectively.

·      Armenia's government has granted a 10-year operating life
extension for the country's sole operational VVER-440 PWR at Metzamor unit 2.
The government emphasizes that extending Metzamor unit 2's operational life,
as well as potentially developing other reactors, is critical to Armenia's
economy, as the reactor generates nearly 40% of the country's electricity
annually.

·      The U.S. Export-Import Bank and U.S International Development
Finance Corporation may lend up to $4 billion to Orlen Synthos Green Energy's
project to deploy small modular reactors (SMR) in Poland. This follows news
that the government of Poland chose Westinghouse Electric Co. for the
country's flagship nuclear power plant in northern Poland.

On the supply side, Cameco Corporation anticipates producing 33 million pounds
of U(3)O(8) (100% basis) in 2023, with Cigar Lake producing 18 million pounds
of U(3)O(8) and McArthur River/Key Lake producing 15 million pounds of
U(3)O(8). Furthermore, with the uranium market improving and Cameco's ability
to secure new long-term contracts, the company has updated its 2024 production
plan and expects to produce 36 million pounds U(3)O(8) (100% basis), up from
28.5 million pounds of U(3)O(8) according to previous plans, with both Cigar
Lake and McArthur River/Key Lake producing at 18 million pounds U(3)O(8) per
year.

Following the completion of a feasibility study, China National Nuclear
Corp.'s Rossing mine in Namibia was granted a 10-year mine life extension
until 2036. Development of Rossing Uranium, Namibia's oldest commercial
uranium mine which commenced production in 1976, produced approximately 5% of
global output in 2022.

Subsequent to the first quarter, as part of a long-planned transition to
renewable energy, Germany shuts down its final three nuclear power plants in
operation: Emsland (1,335 MWe PWR), Isar 2 (1,410 MWe PWR), and Neckarwestheim
2 (1,310 MWe PWR). The German government has acknowledged that the country
will be reliant on polluting coal and natural gas to meet its energy demands
in the short term, despite taking steps to massively ramp up electricity
output from solar and wind.

Market Pricing and Activity

The resumption of spot market activity following the holiday season and an
increase in financial demand resulted in gradual growth of the spot price
throughout the first two months of 2023, with an average high of weekly spot
indicators of US$51.80. Since then, the spot price has been under pressure as
financial markets have fallen and concerns about the health of the banking
system have grown. According to third-party market data, spot volumes
transacted through the first three months of 2023 were more than twice as low
as in the same period last year. A total of 9.6 million pounds U(3)O(8)
(~3,700 tU) was transacted at an average weekly spot price of US$50.35/lb
U(3)O(8), compared to about 21.9 million pounds U(3)O(8) (~8,400 tU) at an
average weekly spot price of US$47.96/lb U(3)O(8) in the first quarter of
2022.

In the term market, activity was a little lower than in previous year, with
third-party data indicating that contracted volumes totaled about 52 million
pounds U(3)O(8) (20,000 tU) through the first quarter of 2023, compared to
about 59 million pounds U(3)O(8) (22,700 tU) in the first quarter of 2022.
Despite lower activity, the long-term price increased by about US$4.00/lb
U(3)O(8) year-over-year, to US$53.00/lb U(3)O(8) (reported only on a monthly
basis by third-party sources).

Company Developments

Corporate Update

As was previously disclosed, the Kazatomprom Group has established a
subsidiary «Taiqonyr Qyshqyl Zauyty» LLP - sulphuric acid plant. The start
of construction of the sulfuric acid plant is planned in 2024, and the start
of production and reaching full design capacity of 800 thousand tons are
expected in 2026. The participants of the entity are comprised of Kazatomprom
with a stake of 49%, RU-6 LLP with a stake of 25%, and Kazatomprom-SaUran LLP
with a stake of 26%, respectively.

Another corporate structural change that has taken place in April 2023, was
the completion of the divestment process of Caustic JSC as part of agreement
concluded on 30 December 2021 with United Chemical Technologies LLP.
Kazatomprom has received the payment for the remaining 28% stake in
Caustic JSC. The total amount of proceeds from the sale of Kazatomprom's
stake in Caustic JSC, including interest of KZT 163 million, amounted to
about KZT 1.4 billion.

Extension of Subsoil Use Contracts
In January 2023, Kazatomprom-SaUran LLP and the Ministry of Energy of the Republic of Kazakhstan ("the Ministry") signed addenda to the uranium mining contracts for Kanzhugan and Eastern Mynkuduk deposits, which provide for the extension of the subsoil use rights validity period. Subsoil use rights at Kanzhugan deposit were extended through to 2047 and at Eastern Mynkuduk deposit were extended through to 2027 respectively.

On the same day, an addendum to the contract for uranium mining at Northern
Karamurun and Southern Karamurun deposits was signed between RU-6 LLP and the
Ministry. The addendum to the contract provides for the extension of the
validity of the subsoil use rights at these two mines up until 2040.

Transportation risk mitigation

Some of the Group's exported products are transported through the Russian
Federation, accordingly, there are risks associated with transit through the
territory of Russia, insurance and the delivery of cargo by sea vessels.
Kazatomprom constantly monitors the potential impact of sanctions on the
transportation of finished products. At the date of this document, there are
no restrictions on the Company's activities related to the supply of products
to end customers. Kazatomprom also has permission to transit uranium through
the Trans-Caspian International Transport Route ("TITR"), which it has
successfully used as an alternative route since 2018 to help mitigate the risk
of the primary route being unavailable, for any reason.

Furthermore, on top of the Company's ability to negotiate swaps with its
partners and customers, as well as the Company's inventories at a number of
global locations, Kazatomprom is working on difersifying the routes, including
the transit through the territory of the People's Republic of China.

Delivery to Eastern Europe

As was disclosed previously, Kazatomprom successfully delivered natural
uranium concentrates to Societatea Natională "Nuclearelectrica" S.A., a
Romanian state-owned utility, operating the Cernavodă NPP. In accordance with
the terms of the contract, the parties fulfilled all their obligations. The
Company exported its products via TITR and will continue to diversify the
geography of deliveries and a customer base.

AGM Notice, Dividends recommendation, and a Major Transaction

Subsequent to the first quarter, on 7 April 2023, KAP announced the results of
the Company's Board of Directors meeting, convened in Astana on 6 April 2023.

The Board made a number of decisions, including the timing and format for the
Company's Annual General Meeting of Shareholders ("AGM"), and a recommendation
for a dividend payment of KZT 774.88 per ordinary share (one GDR equal to one
ordinary share). If approved by AGM, the total dividend will amount to
approximately KZT 200.97 billion.

Furthermore, in accordance with the Law on Joint Stock Companies of the
Republic of Kazakhstan, the Board of Directors submitted the issue of
concluding of a major transaction for the approval by AGM, as a result of
which the Company could realize the uranium products, valued at more than
fifty percent of the total book value of the Company's assets.

The notice of the upcoming in-absentia AGM, scheduled on 25 May 2023, and
detailed information on the AGM agenda are available on the Company's website
(https://kazatomprom.kz/en/media/view/notice_of_kazatomprom%E2%80%99s_AGM_2021_dividend_recommendation_and_board_meeting_results)
, www.kazatomprom.kz (https://kazatomprom.kz/en/investors/novosti) .

Kazatomprom's Board of Directors

As disclosed earlier in 2023, based on the voting results of the EGM held on
February 3, 2023, Mr. Armanbay Zhubaev was elected as an independent director
of the Company's Board of Directors. With the election of Mr. Zhubaev, the
share of independent directors in the Company's Board of Directors reached
50%. All the Committees of the Board of Directors are governed by independent
directors.

Full biographies of the Board of Directors are available on the Company's
website: www.kazatomprom.kz (https://www.kazatomprom.kz/en/page/pravlenie) .

Kazatomprom's 2022 Integrated Annual Report

The text-only version of the 2022 Integrated Annual Report approved by the
Company's Board of Directors will be published today at Kazatomprom's website,
www.kazatomprom.kz (https://www.kazatomprom.kz/en/investors/godovie_otcheti) ,
in accordance with the requirements of the listing rules of stock exchanges. A
fully interactive electronic version of the Report will be made available on
the Company's website no later than 30 June 2023.

Kazatomprom's 2023 First-Quarter Operational Results(1)
                                                     Three months ended

                                                     March 31
 (tU as U(3)O(8) unless noted)                       2023        2022        Change
 U(3)O(8) Production volume (100% basis)(2)          4,744       4,954       (4%)
 U(3)O(8) Production volume (attributable basis)(3)  2,517       2,685       (6%)
 Group U(3)O(8) sales volume(4)                      6,142       2,596       137%
 KAP U(3)O(8) sales volume (incl. in Group)(5)       6,142       2,355       161%
 Group average realized price (USD/lb U(3)O(8))(6)*  46.75       39.36       19%
 KAP average realized price (USD/lb U(3)O(8))(7*)    46.75       37.74       24%
 Average month-end spot price (USD/lb U(3)O(8))(8*)  50.68       50.01       1%

(1) All values are preliminary.

(2) U(3)O(8) Production volume (100% basis): Amounts represent the entirety of
production of an entity in which the Company has an interest; it therefore
disregards the fact that some portion of that production may be attributable
to the Group's joint venture partners or other third party shareholders.
Actual drummed production volumes remain subject to converter adjustments and
adjustments for in-process material.

(3) U(3)O(8) Production volume (attributable basis): Amounts represent the
portion of production of an entity in which the Company has an interest, which
corresponds only to the size of such interest; it therefore excludes the
remaining portion attributable to the JV partners or other third party
shareholders, except for production from JV "Inkai" LLP, where the annual
share of production is determined as per the Implementation Agreement
disclosed in the IPO Prospectus. Actual drummed production volumes remain
subject to converter adjustments and adjustments for in-process material.

(4) Group U(3)O(8) sales volume: includes the sales of U(3)O(8) by Kazatomprom
and those of its consolidated subsidiaries (companies that KAP controls by
having (i) the power to direct their relevant activities that significantly
affect their returns, (ii) exposure, or rights, to variable returns from its
involvement with these entities, and (iii) the ability to use its power over
these entities to affect the amount of the Group's returns. The existence and
effect of substantive rights, including substantive potential voting rights,
are considered when assessing whether KAP has power to control another
entity). For consistency, Group U(3)O(8) sales volumes do not include other
forms of uranium products (including, but not limited to the sales of fuel
pellets).

(5) KAP U(3)O(8) sales volume (incl. in Group): includes only the total
external sales of U(3)O(8) of KAP HQ and Trade House KazakAtom AG (THK).
Intercompany transactions between KAP HQ and THK are not included.

(6) Group average realized price (USD/lb U(3)O(8)): average includes
Kazatomprom's sales and those of its consolidated subsidiaries, as defined in
parenthesis in footnote 4 above.

(7) KAP average realized price (USD/lb U(3)O(8)): the weighted average price
per pound for the total external sales of KAP HQ and THK. The pricing of
intercompany transactions between KAP HQ and THK are not included.

(8) Source: UxC LLC, TradeTech. Values provided are the average of the
month-end uranium spot prices quoted by UxC and TradeTech, and not the average
of each weekly quoted spot price throughout the month. Contract price terms
generally refer to a month-end price.

* Please note that the conversion ratio of kgU to pounds U(3)O(8) is 2.5998.

Both production on a 100% basis and production on an attributable basis were
slightly lower in the first quarter of 2023 compared to the same period in
2022, due to to an insignificant decrease in the production plan both for 2023
and for the first quarter of 2023 in particular, in accordance with the
previously announced Company's guidance.

Of note, previously announced production guidance range and the production
plan for 2023 correspond to minus 20% from subsoil use contracts. As indicated
earlier, the decrease in the production guidance indicators for 2023 compared
to the factual volume of 2022 is associated with the delays in commissioning
technological blocks (wells) into operation, resulting from the shifts and
delays in the delivery of certain materials and equipment in 2022. It is
planned that the Company levels out the backlog in the schedule for
commissioning wells, and at the moment, maintains the current level of
expectations for annual production for 2023.

In the first quarter of 2023, both Group and KAP sales volumes were
significantly higher compared to the same period in 2022, primarily due to the
timing of customer-scheduled deliveries. Sales volumes can vary substantially
each quarter, and quarterly sales volumes vary year to year due to variable
timing of customer delivery requests during the year, and physical delivery
activity.

Average realized price for the first quarter of 2023 was higher compared to
the same period in 2022 due to a higher uranium spot price. The Company's
current overall contract portfolio pricing correlates to uranium spot prices.
However, as deliveries under some long-term contracts in the first quarter of
2023 incorporated a proportion of fixed pricing that was negotiated prior to
the sharp increase in spot price, the average realized price was slightly
lower than the average month-end spot price.

In the uranium market, the trends in quarterly metrics and interim results are
rarely representative of annual expectations; for annual expectations, please
see the Company's guidance metrics below, as well as its price sensitivity
table from section 12.1 Uranium sales price sensitivity analysis, in the
Company's Operating and Financial Review for 2022.

Kazatomprom's 2023 Reiterated Guidance
 (exchange rate 470 KZT/1USD)                                                                                                   2023
 Production volume U(3)O(8) (tU) (100% basis)(1,2)                                                         20,500 - 21,500(2)
 Production volume U(3)O(8) (tU) (attributable basis)(3)                                                   10,600 - 11,200(2)
 Group U(3)O(8) sales volume (tU) (consolidated)(4)                                                        15,400 - 15,900
 Incl. KAP U(3)O(8) sales volume (incl. in Group) (tU)(5)                                                  12,100 - 12,600
 Revenue - consolidated (KZT billions)(6)                                                                  1,080 - 1,090
      Revenue from Group U(3)O(8) sales, (KZT billions)(6)                                                 820 - 840
 C1 cash cost (attributable basis) (USD/lb)(*)                                                             $12.00 - $13.50
 All-in sustaining cash cost (attributable C1 + capital cost) (USD/lb)(*)                                  $20.00 - $21.50
 Total capital expenditures of mining entities (KZT billions) (100% basis)(7)                              240 - 250

(1) Production volume (100% basis): Amounts represent the entirety of
production of an entity in which the Company has an interest; it disregards
that some portion of production may be attributable to the Group's JV partners
or other third-party shareholders.

(2) The duration and full impact of the Russian-Ukrainian conflict and the
COVID-19 pandemic are not yet known. Annual production volumes could therefore
vary from internal expectations.

(3) Production volume (attributable basis): Amounts represent the portion of
production of an entity in which the Company has an interest, corresponding
only to the size of such interest; it excludes the portion attributable to the
JV partners or other third-party shareholders, except for JV "Inkai" LLP,
where the annual share of production is determined as per Implementation
Agreement as disclosed in IPO Prospectus. Actual drummed production volumes
remain subject to converter adjustments and adjustments for in-process
material.

(4) Group sales volume: includes Kazatomprom's sales and those of its
consolidated subsidiaries (according to the definition of the Group provided
on page one of this document). Group U(3)O(8) sales volumes do not include
other forms of uranium products (including, but not limited to, the sales of
fuel pellets).

(5) KAP sales volume: includes only the total external sales of KAP HQ and
THK. Intercompany transactions between KAP HQ and THK are not included.

(6) Revenue expectations are based on uranium prices taken at a single point
in time from third-party sources. The prices used do not reflect any internal
estimate from Kazatomprom, and 2023 revenue could be materially impacted by
how actual uranium prices and exchange rates vary from the third-party
estimates.

(7) Total capital expenditures (100% basis): includes only capital
expenditures of the mining entities, includes significant CAPEX for investment
and expansion projects. Excludes liquidation funds and closure costs. For 2023
includes well construction and mine development costs of JV Budenovskoye LLP
and JV Katco LLP (South Tortkuduk) for a total amount of approximately
KZT 70 billion.

* Please note that the conversion ratio of kgU to pounds U(3)O(8) is 2.5998.

All 2023 guidance metrics remain unchanged at this time from expectations
disclosed earlier in the year.

Revenue, C1 cash cost (attributable basis) and All-in Sustaining cash cost
(attributable C1 + capital cost) may vary from the ranges shown, to the extent
that the KZT-to-USD exchange rate and uranium spot price differ significantly
from the Company's assumptions.

The Company only intends to update annual guidance in relation to operational
factors and internal changes that are within its control. Key assumptions used
for external metrics, such as exchange rates and uranium prices, are
established using third-party sources during the Company's annual budget
process in the previous year; such assumptions will only be updated on an
interim basis in exceptional circumstances.

Kazatomprom continues to target an inventory level of approximately six to
seven months of annual attributable production. During the first quarter of
2023, several transactions to purchase material in the spot market were
carried out and the Company will continue to monitor market conditions for
opportunities to optimize its inventory levels.

For further information, please contact:

Kazatomprom Investor Relations Inquiries

Yerlan Magzumov, Director of Investor Relations

Tel: +7 7172 45 81 80

Email: ir@kazatomprom.kz

Kazatomprom Public Relations and Media Inquiries

Sabina Kumurbekova, Director of the PR Department

Gazhaiyp Kumisbek, Chief Expert of the PR Department

Tel.: +7 7172 45 80 22

Email: pr@kazatomprom.kz

Copy of this announcement will be available at www.kazatomprom.kz
(https://www.kazatomprom.kz/) .

About Kazatomprom

Kazatomprom is the largest uranium producer in the world with natural uranium
production in proportion to the Company's participatory interest in the amount
of about 22% of the total global primary uranium production in 2022. The group
has the largest uranium reserve base in the industry. Kazatomprom, together
with subsidiaries, affiliates and joint organisations, is developing 26
deposits combined into 14 uranium-mining enterprises. All uranium mining
enterprises are located on the territory of the Republic of Kazakhstan and
when mine uranium use in-situ recovery technology, paying particular attention
to best HSE practices and means (ISO 45001 and ISO 14001 certified).

Kazatomprom's securities are listed on the London Stock Exchange, the Astana
International Exchange and the Kazakhstan Stock Exchange. Kazatomprom is the
National Atomic Company of the Republic of Kazakhstan, and the main customers
of the group are operators of nuclear generating capacities, and the main
export markets for products are China, South and East Asia, North America and
Europe. The Group sells uranium and uranium products under long-term and
short-term contracts, as well as on the spot market directly from its
corporate centre in Astana, Kazakhstan, as well as through a trading
subsidiary in Switzerland, Trading House KazakAtom (THK).

For more information, please, visit our website www.kazatomprom.kz
(https://www.kazatomprom.kz/) .

Statements for the Future

All statements, other than statements of historical fact, included in this
message or document are statements regarding the future. Statements regarding
the future reflect the Company's current expectations and estimates regarding
its financial condition, results of operations, plans, goals, future results
and activities. Such statements may include, but are not limited to,
statements before which, after which or where words such as "goal", "believe",
"expect", "intend", "possibly", "anticipate", "evaluate", "plan", "project",
"will", "may", "probably", "should", "may" and other words and terms of a
similar meaning or their negative forms are used.

Such statements regarding the future include known and unknown risks,
uncertainties and other important factors beyond the control of the Company,
which may lead to the fact that the actual results, indicators or achievements
of the Company will significantly differ from the expected results, indicators
or achievements expressed or implied by such statements regarding the future.
Such statements regarding the future are based on numerous assumptions
regarding the current and future business strategy of the Company and the
conditions in which it will operate in the future.

INFORMATION ON THE ESTIMATES CONTAINED IN THIS DOCUMENT ARE BASED ON SEVERAL
ASSUMPTIONS ABOUT FUTURE EVENTS AND ARE SUBJECT TO SIGNIFICANT ECONOMIC AND
COMPETITIVE UNCERTAINTIES AND OTHER CONVENTIONALITIES, NONE OF WHICH CAN NOT
BE PREDICTED WITH CERTAINTY AND SOME OF WHICH ARE OUTSIDE OF THE COMPANY'S
CONTROL. THERE CAN NOT BE ANY WARRANTY THAT THE ESTIMATES WILL BE REALISED AND
THE ACTUAL RESULTS MAY BE ABOVE OR BELOW THAN SPECIFIED. NONE OF THE COMPANY -
NO SHAREHOLDERS, NO DIRECTORS, NO OFFICERS, NO EMPLOYEES, NO CONSULTANTS, NO
AFFILIATES NOR ANY REPRESENTATIVES OR AFFILIATES LISTED ABOVE BEAR
RESPONSIBILITY FOR THE ACCURACY OF THE ESTIMATES PRESENTED IN THIS DOCUMENT.

The information contained in this message or document, including, but not
limited to, statements regarding the future, is applicable only as of the date
of this document and is not intended to provide any guarantees regarding
future results The Company expressly disclaims any obligation to disseminate
updates or changes to such information, including financial data or
forward-looking statements, and will not publicly release any changes that it
may make to information arising from changes in the Company's expectations,
changes in events, conditions or circumstances on which such statements
regarding the future are based, or in other events or circumstances arising
after the date of this document.

 

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