Guardian : 07 Aug 2023 – Guardian Holdings Limited – Unaudited Consolidated Financial Statements for the period ended June 30th, 2023

Guardian Holdings Limited

Summary Consolidated Financial Statements

Second Quarter Results to 30th June, 2023

Expressed in Trinidad and Tobago Dollars

C H A I R M A N ' S R E P O R T

SUMMARY CONSOLIDATED STATEMENT OF INCOME

Dear Shareholders,

I am delighted to present my first quarterly Chairman's Report covering the half-year financial performance of your Group following my appointment as Chairman.

Before presenting my brief commentary on the half-year financial performance, I would like to remind you that your Group has implemented International Financial Reporting Standard (IFRS) 17 Insurance Contracts effective 1st January, 2023, as fully discussed in the previous Chairman's Report. IFRS 17 replaced IFRS 4 Insurance Contracts and materially changed the financial statements in terms of presentation, recognition and measurement of insurance contracts mainly in the Life, Health and Pension segment. In accordance with the transition provisions of IFRS 17, the Group has restated its prior year comparative results and recognised the total impact on initial application of IFRS 17 in the opening consolidated statement of financial position as at 1st January, 2022.

For the half year ended 30th June, 2023, the Group delivered strong results from continued growth across our operations in the English and Dutch Caribbean. Group profit attributable to equity shareholders amounted to $251 million, an increase of $123 million or 95% over the corresponding period last year. Earnings per share increased to $1.08 versus $0.55 in the comparative period last year. Our results benefited from year-over-year revenue growth as well as fair value gains generated in the current year versus losses in the prior year. This was partially offset by increasing reinsurance costs, higher operating expenses due to sales activities and IFRS 17 implementation as well as an increase in insurance finance expenses partially due to the impact of interest rate movements on liabilities and higher taxation expense.

Both Life, Health and Pension (LHP) and Property and Casualty (P&C) segments contributed favourably to the Group's results, as they continue to build strong momentum. Insurance service results increased by $77 million or 29% from $268 million in the prior year to $345 million in the current period. Overall insurance revenue, net of claims and insurance related expenses, increased by $183 million partially offset by increased reinsurance expenses of $106 million due to higher reinsurance costs from P&C lines.

Net income from investing activities also increased by $601 million over the prior year of $268 million. The net change from fair value movements over prior year were gains of $572 million mainly from government securities, corporate bonds and international equities. Foreign exchange gains in current year versus prior year losses also contributed to the favourable results. Your Group continues to closely

Insurance revenue

Insurance service expenses

Net expenses from reinsurance contracts held

Insurance service result

Investment income from financial assets measured at amortised cost and fair value through other comprehensive income

Investment income from financial assets measured at fair value through profit or loss

Net realised (losses)/gains on financial and other assets Net fair value gains/(losses)

Fee income Other income

Net impairment (losses)/gains on financial assets Investment contract benefits

Net income from investing activities

Finance (expenses)/income from insurance contracts issued Finance (expenses)/income from reinsurance contracts held

Net insurance finance (expenses)/income

Net insurance and investment result

Fee and commission income from brokerage activities

Net income from all activities Other operating expenses Other finance charges

Operating profit

Share of after tax profits of associated companies

Profit before taxation

Taxation

Profit for the period

Profit attributable to non-controlling interest

Profit/(loss) attributable to equity holders of the company

Earnings per share - Basic

	Unaudited	Unaudited	Unaudited	Unaudited
	6-Months	6-Months	3-Months	3-Months
	Jun 2023	Jun 2022	Jun 2023	Jun 2022
	TT$'000		TT$'000	TT$'000	TT$'000
		(Restated)		(Restated)
2,647,643	2,392,762	1,374,890	1,234,183
(1,764,812)	(1,692,795)	(937,854)	(852,069)
	(537,950)	(431,746)	(284,485)	(261,684)
	344,881		268,221	152,551	120,430
	476,009		455,308	238,973	232,600
	165,085		171,838	86,248	94,832
	(10,536)		13,866	(24,878)	10,719
	151,148	(420,900)	205,081	(317,402)
	43,813		37,792	33,446	26,305
	83,532		30,643	55,614	3,760
	(8,518)		9,260	(10,089)	3,323
	(31,375)		(29,747)	(14,883)	(15,126)
	869,158		268,060	569,512	39,011
	(440,376)		4,180	(241,372)	69,075
	(815)		163	362	(1,297)
	(441,191)		4,343	(241,010)	67,778
	772,848		540,624	481,053	227,219
	83,867		76,302	33,752	37,720
	856,715		616,926	514,805	264,939
	(416,120)	(369,423)	(217,403)	(196,662)
	(88,701)	(103,823)	(44,141)	(51,830)
	351,894		143,680	253,261	16,447
	6,824		11,500	5,775	7,355
	358,718		155,180	259,036	23,802
	(105,020)		(25,188)	(67,360)	(22,910)
	253,698		129,992	191,676	892
	(2,845)		(1,641)	(1,595)	(1,099)
	250,853		128,351	190,081	(207)
$	1.08	$	0.55

monitor volatile markets and rebalance portfolios as necessary.

Net insurance finance expenses increased by $446 million over the

SUMMARY CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

prior year mainly from our LHP segment. Among other items, finance expenses include the impact of interest rate movements and returns earned by our policyholders who hold insurance products with an investment component. For the first half of the current year, the impact of those interest rate movements was less favourable to the Group's insurance liabilities. However, it is worthy to note that the impact was favourable for our clients as they earned higher investment income in this period due to growth in the policyholders' underlying funds, which resulted in higher expenses for the Group.

Fees and commissions from brokerage activities increased by $8 million or 10% year-on-year mainly due to brokerage activities in the Dutch Caribbean. Our Asset Management segment also reported growth in after-tax profit during the half-year of 41% over the prior year. The Group continues to focus efforts on developing this segment through third-party business and product offerings.

Operating expenses increased by $47 million or 13% year-over- year and are mainly related to investment in our people, sale-related expenses, growth strategies across the business segments, coupled with continued investment in our IFRS 17 implementation activities.

Your Group remains focused on optimising performance, capitalising on emerging opportunities, while at the same time managing and mitigating known and emerging risks.

Based on the overall performance of the half year under review, your Directors have proposed an interim dividend of 22 cents (2022: 20 cents) to be paid to shareholders on record as at 21st August, 2023 when the register of members will be closed for this purpose.

Robert Almeida

Chairman

Guardian Holdings Limited

4th August, 2023

Profit for the period

Other comprehensive income/(loss)

Items that may be reclassified subsequently to profit or loss: Exchange differences on translating foreign operations Net fair value losses on debt securities at fair

value through other comprehensive income Net change in allowance for expected credit

losses on debt securities at fair value through other comprehensive income

Net losses/(gains) on debt securities at fair value through other comprehensive income reclassified to profit or loss on disposal

Finance income from insurance contracts issued Taxation relating to components of

other comprehensive income

Net other comprehensive income/(loss) that may be reclassified subsequently to profit or loss

Items that will not be reclassified subsequently to profit or loss: Other reserve movements

Taxation relating to components of other comprehensive income

Net other comprehensive (loss)/income that will not be reclassified subsequently to profit or loss

Other comprehensive income/(loss) for the period, net of taxation

Total comprehensive income/(loss) for the period, net of taxation

Comprehensive income attributable to non-controlling interest

Comprehensive income/(loss) attributable to equity holders of the company

			Unaudited	Unaudited	Unaudited	Unaudited
			6-Months	6-Months	3-Months	3-Months
			Jun 2023	Jun 2022	Jun 2023	Jun 2022
			TT$'000	TT$'000	TT$'000	TT$'000
				(Restated)		(Restated)
253,698	129,992	191,676	892
(22,810)	(14,029)	(53,937)	(8,705)
(11,720)	(399,215)	(15,355)	(206,314)
2,717	(1,405)	3,857	1,007
3	(310)	-	(58)
131,054	311,078	33,883	131,035
	10,134	28,424	1,649	5,645
	109,378	(75,457)	(29,903)	(77,390)
	(82)	54	40	27
	-	7,779	-	7,779
	(82)	7,833	40	7,806
	109,296	(67,624)	(29,863)	(69,584)
	362,994	62,368	161,813	(68,692)
	(2,894)	(1,640)	(1,642)	(1,101)
	360,100	60,728	160,171	(69,793)
						1

Guardian Holdings Limited

Summary Consolidated Financial Statements

Second Quarter Results to 30th June, 2023

SUMMARY CONSOLIDATED STATEMENT OF FINANCIAL POSITION

	Unaudited	Unaudited	Unaudited	Unaudited
	Jun 2023	Jun 2022	Dec 2022	1 Jan 2022
	TT$'000	TT$'000	TT$'000	TT$'000
ASSETS		(Restated)	(Restated)	(Restated)
Property, plant and equipment	756,374	701,576	756,153	679,813
Right-of-use assets	51,480	74,426	42,480	82,485
Investment properties	1,562,452	1,654,534	1,590,437	1,645,435
Intangible assets	655,037	655,894	668,441	664,606
Investment in associated companies	306,084	300,783	307,634	293,651
Investment securities	23,085,873	21,290,162	21,752,636	21,919,371
Investment securities of mutual fund unit holders	1,670,409	1,753,065	1,741,039	1,743,378
Loans and receivables	4,111,413	4,102,239	3,264,323	2,515,037
Properties for development and sale	97,991	94,028	96,122	101,482
Pension plan assets	112,878	64,734	111,909	61,610
Deferred tax assets	126,702	120,163	106,953	95,961
Reinsurance contract assets	709,696	489,739	551,404	634,658
Insurance contract assets	765,177	182,257	762,794	176,240
Taxation recoverable	212,640	187,648	191,600	183,043
Cash and cash equivalents	2,586,059	3,651,773	3,464,704	3,483,168
Cash and cash equivalents of mutual fund unit holders	221,255	247,324	144,389	323,296
Total assets	37,031,520	35,570,345	35,553,018	34,603,234
EQUITY AND LIABILITIES
Share capital	1,970,043	1,970,043	1,970,043	1,970,043
Reserves	(713,975)	(874,450)	(977,416)	(799,010)
Retained earnings	3,354,802	3,072,973	3,224,682	3,057,457
Attributable to equity holders of the company	4,610,870	4,168,566	4,217,309	4,228,490
Non-controlling interest in subsidiary	14,049	10,637	11,155	8,997
Total equity	4,624,919	4,179,203	4,228,464	4,237,487
Liabilities
Insurance contract liabilities	22,513,124	21,210,023	22,218,127	21,010,679
Reinsurance contract liabilities	581,496	773,810	566,825	554,515
Financial liabilities	3,298,767	3,484,445	3,305,274	3,521,703
Lease liabilities	60,957	90,216	54,288	96,245
Investment contract liabilities	2,040,228	2,055,249	2,021,243	1,992,053
Third party interests in mutual funds	1,730,690	1,502,586	1,563,727	1,599,412
Pension plan liabilities	38,993	38,733	40,294	38,459
Post-retirement medical benefit obligations	107,929	123,959	106,438	123,191
Deferred tax liabilities	282,105	238,180	249,248	270,628
Provision for taxation	204,982	212,398	274,000	275,541
Other liabilities	1,547,330	1,661,543	925,090	883,321
Total liabilities	32,406,601	31,391,142	31,324,554	30,365,747
Total equity and liabilities	37,031,520	35,570,345	35,553,018	34,603,234

These consolidated financial statements have been approved for issue by the Board of Directors on 4th August, 2023 and signed on its behalf :

Director:Director: ____________________

SUMMARY CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

				Total
				attributable to	Non-
	Share		Retained	equity holders	controlling	Total
	capital	Reserves	earnings	of the company	interest	equity
Six months ended 30 June 2023	TT$'000	TT$'000	TT$'000	TT$'000	TT$'000	TT$'000
Balance at beginning of period - restated 1,970,043	(977,416)	3,224,682	4,217,309	11,155	4,228,464
Impact of redesignation of
financial assets	-	154,112	-	154,112	-	154,112
Total comprehensive income	-	109,329	250,771	360,100	2,894	362,994
Dividends	-	-	(120,651)	(120,651)	-	(120,651)
Balance at end of period	1,970,043	(713,975)	3,354,802	4,610,870	14,049	4,624,919
Six months ended 30 June 2022
Balance at beginning of period	1,970,043	(799,010)	3,803,348	4,974,381	8,997	4,983,378
IFRS 17 transition adjustment	-	-	(745,891)	(745,891)	-	(745,891)
Total comprehensive income/(loss)	-	(75,440)	136,168	60,728	1,640	62,368
Dividends	-	-	(120,652)	(120,652)	-	(120,652)
Balance at end of period - restated	1,970,043	(874,450)	3,072,973	4,168,566	10,637	4,179,203

Expressed in Trinidad and Tobago Dollars

SUMMARY CONSOLIDATED STATEMENT

OF CASH FLOWS		Unaudited	Unaudited
		Jun 2023	Jun 2022
		TT$'000	TT$'000
Cash flows from operating activities				(Restated)
Profit before taxation	358,718		155,180
Adjustment for specific items included
on the accruals basis:
- Other finance charges	88,701		103,823
- Investment income	(654,275)	(639,907)
Interest and dividends received	637,058		639,060
Adjustments for non-cash items	(122,231)	489,993
Operating profit before changes in
operating assets/liabilities	307,971		748,149
Change in insurance contract assets/liabilities	454,415		404,386
Change in reinsurance contract assets/liabilities	(142,925)	362,867
Net increase in investment contracts	32,199		41,112
Purchase of investment securities	(5,843,180)	(4,035,202)
Proceeds from sale of investment securities	4,857,447		3,903,866
Purchase of/additions to investment properties	(7,297)	(21,654)
Proceeds from sale of investment property	41,383		-
Additions to properties for development and sale	(99)	(91)
Net increase in loans and receivables	(855,177)	(1,571,489)
Net decrease in other operating assets/liabilities	611,219		753,855
Cash (used in)/provided by
operating activities	(544,044)	585,799
Interest paid	(101,161)	(113,875)
Net taxation paid	(180,699)	(115,021)
Net cash (used in)/provided by
operating activities	(825,904)	356,903
Cash flows from investing activities
Acquisition of brokerage portfolio	-		(13,882)
Purchase of property, plant and equipment	(23,534)	(42,903)
Proceeds from sale of property,
plant and equipment	285		389
Purchase of intangible assets		(1,709)	(5,431)
Net cash used in investing activities
	(24,958)	(61,827)
Cash flows from financing activities
Proceeds from borrowings and
repurchase agreements	166,333		22,319
Repayments of borrowings and
repurchase agreements	(167,164)	(73,729)
Payment of principal portion of lease liabilities	(8,273)	(7,819)
Dividends paid to equity holders
of the company	(120,651)	(120,652)
Redemptions from mutual funds	(367,083)	(195,140)
Subscriptions to mutual funds	538,212		169,199
Net cash provided by/(used in)
financing activities	41,374		(205,822)
Net (decrease)/increase in cash
and cash equivalents	(809,488)	89,254
Cash and cash equilvalents at beginning
of period	3,609,093		3,806,464
Net impairment gain/(loss)	2,526		(500)
Exchange rate adjustments	5,183		3,879
Cash and cash equilvalents at end of period	2,807,314		3,899,097
Comprising:
Cash at bank and in hand	2,140,346		2,900,041
Short-term deposits (90 days or less)	458,876		766,550
Cash and cash equivalents	2,599,222		3,666,591
Cash and cash equivalents in mutual funds	221,643		248,849
Loss allowance	(13,551)	(16,343)
	2,807,314		3,899,097

2

Guardian Holdings Limited

Summary Consolidated Financial Statements

	Second Quarter Results to 30th June, 2023	Expressed in Trinidad and Tobago Dollars
SEGMENT INFORMATION			Life, health	Property	Insurance	Asset	Other including
				and pension	and casualty	brokerage	consolidation
				business	business	business	Management	adjustments	Total
				TT$'000	TT$'000	TT$'000	TT$'000	TT$'000	TT$'000
Six months ended 30 June 2023
Insurance revenue	1,360,127	1,287,516	-	-	-	2,647,643
Insurance service expenses	(1,202,428)	(594,356)	-	-	31,972	(1,764,812)
Net income/(expenses) from reinsurance contracts held	(10,079)	(527,943)	-	-	72	(537,950)
Insurance service result	147,620	165,217	-	-	32,044	344,881
Net income from investing activities	749,707	57,793	2,297	55,402	3,959	869,158
Net insurance finance expenses		(433,478)	(7,713)	-	-	-	(441,191)
Net insurance and investment result		463,849	215,297	2,297	55,402	36,003	772,848
Fee and commission income from brokerage activities	-	-	118,064	-	(34,197)	83,867
Net income from all activities			463,849	215,297	120,361	55,402	1,806	856,715
Other operating expenses	(152,180)	(63,333)	(84,768)	(32,126)	(83,713)	(416,120)
Other finance charges		(1,903)	(1,921)	(449)	(2,270)	(82,158)	(88,701)
Operating profit/(loss)		309,766	150,043	35,144	21,006	(164,065)	351,894
Share of after tax profits of associated companies	-	3,247	-	-	3,577	6,824
Profit/(loss) before taxation			309,766	153,290	35,144	21,006	(160,488)	358,718
Taxation	(74,517)	(18,820)	(6,540)	(4,458)	(685)	(105,020)
Profit/(loss) for the period	235,249	134,470	28,604	16,548	(161,173)	253,698
Six months ended 30 June 2022
Insurance revenue	1,187,197	1,205,565	-	-	-	2,392,762
Insurance service expenses	(1,085,357)	(641,793)	-	-	34,355	(1,692,795)
Net income/(expenses) from reinsurance contracts held	(2,184)	(429,634)	-	-	72	(431,746)
Insurance service result		99,656	134,138	-	-	34,427	268,221
Net income/(loss) from investing activities	173,357	28,923	(1,036)	61,630	5,186	268,060
Net insurance finance income/(expenses)		13,744	(9,401)	-	-	-	4,343
Net insurance and investment result	286,757	153,660	(1,036)	61,630	39,613	540,624
Fee and commission income from brokerage activities	-	-	109,086	-	(32,784)	76,302
Net income from all activities			286,757	153,660	108,050	61,630	6,829	616,926
Other operating expenses	(127,465)	(70,873)	(91,085)	(39,374)	(40,626)	(369,423)
Other finance charges		(1,925)	(2,139)	(469)	(2,405)	(96,885)	(103,823)
Operating profit/(loss)		157,367	80,648	16,496	19,851	(130,682)	143,680
Share of after tax profits of associated companies	-	5,132	-	-	6,368	11,500
Profit/(loss) before taxation			157,367	85,780	16,496	19,851	(124,314)	155,180
Taxation		9,432	(18,579)	(2,203)	(8,134)	(5,704)	(25,188)
Profit/(loss) for the period		166,799	67,201	14,293	11,717	(130,018)	129,992
Total Assets
30 June 2023	29,771,369	4,372,550	601,510	2,489,500	(203,409)	37,031,520
30 June 2022	28,372,117	4,429,105	568,380	2,588,062	(387,319)	35,570,345

Note 1: Basis of Preparation

The summary consolidated financial statements are prepared in accordance with criteria developed by management. Under management's established criteria, management discloses the summary consolidated statement of financial position, summary consolidated statement of income, summary consolidated statement of comprehensive income, summary consolidated statement of changes in equity and summary consolidated statement of cash flows.

The summary consolidated financial statements have been prepared in accordance with the accounting policies set out in "Note 2" of the 31 December 2022 audited financial statements consistently applied from period to period, except for the adoption of IFRS 17 Insurance Contracts that became effective for the Group from 1 January 2023. Details on the Group's adoption of IFRS 17 Insurance Contracts are provided in Note 2 below.

Note 2: IFRS 17 Insurance Contracts

Effective 1 January 2023, IFRS 17 replaced IFRS 4 Insurance Contracts, materially changing the recognition and measurement of insurance contracts and the corresponding presentation and disclosures in the Group's financial statements.

1. Change in Accounting Policies
   Refer to Note 2.1(d) of the Group's audited consolidated financial statements for the year ended 31 December 2022 for details of the Group's accounting policies under IFRS 17.
2. Transition Approach
   In accordance with the transition requirements of IFRS 17, the Group has restated its financial statements, and is therefore presenting:
3. • Within the summarised consolidated statement of financial position, an opening balance sheet as at 1 January 2022, the date of transition to IFRS 17. Differences between the carrying value of assets, liabilities and equity previously recorded and those under IFRS 17 were recorded in retained earnings.
   • Summarised consolidated statement of financial position as at 31 December 2022, now restated under the IFRS 17 regime.
   • Summarised consolidated statements of financial position, income, comprehensive income, cash flows, and changes in equity as at and for the periods ended 30 June 2023 and 30 June 2022, in compliance with IFRS 17.

While retrospective application is required, if full retrospective application to a group of contracts is impractical, the modified retrospective or fair value methods may be used. The Group therefore applied the fair value approach to all long-term portfolios within the Life, Health, and Pension businesses that were in issue as at 1 January 2022 and prior, and the full retrospective approach thereafter. For all other portfolios, the full retrospective approach was used for all relevant periods.

1. Redesignation of Financial Assets
   The Group, having previously applied IFRS 9 Financial Instruments, was permitted under IFRS 17 to change its classification and designation of financial assets. Accordingly, some redesignations were performed based on facts and circumstances existing at the date of initial application of IFRS 17 (i.e.,
   1 January 2023) and were applied on that date.
2. Impact of Initial Application of IFRS 17

The initial application of IFRS 17 resulted in a reduction of total equity of $746 million as at 1 January 2022. The opening IFRS 17 statement of financial position and related adjustments are presented below:

			Unaudited
			IFRS 17 Initial
			Application
		Audited	Adjustments	Unaudited
		31-Dec-21	1-Jan-22	1-Jan-22
ASSETS	TT$'000	TT$'000	TT$'000
Intangible assets	808,844	(144,238)	664,606
Reinsurance contract assets	1,100,732	(466,074)	634,658
Insurance contract assets	-	176,240	176,240
Deferred acquisition costs	130,988	(130,988)	-
Other assets	32,537,117	590,613	33,127,730
Total assets	34,577,681	25,553	34,603,234
EQUITY AND LIABILITIES
Share capital	1,970,043	-	1,970,043
Reserves	(799,010)	-	(799,010)
Retained earnings	3,803,348	(745,891)	3,057,457
Attributable to equity holders of the company	4,974,381	(745,891)	4,228,490
Non-controlling interest in subsidiary		8,997	-	8,997
Total equity	4,983,378	(745,891)	4,237,487
Insurance contract liabilities	19,503,373	1,507,306	21,010,679
Reinsurance contract liabilities	427,191	127,324	554,515
Investment contract liabilities	2,645,659	(653,606)	1,992,053
Other liabilities	7,018,080	(209,580)	6,808,500
Total liabilities	29,594,303	771,444	30,365,747
Total equity and liabilities	34,577,681	25,553	34,603,234

3

Guardian Holdings Limited

Summary Consolidated Financial Statements

Second Quarter Results to 30th June, 2023

Expressed in Trinidad and Tobago Dollars

Note 2: IFRS 17 Insurance Contracts (continued)

The initial application adjustments arise principally from:

• The introduction of the Contractual Service Margin (CSM)
  This is a new liability that represents future unearned profits on long-term insurance contracts written.
• The measurement of the Risk Adjustment
  This is a concept in IFRS 17 that is similar to the Margins for Adverse Deviation that was previously estimated under IFRS 4. IFRS 17 does however introduce some specific considerations in the calculation and application of this item.
• The determination of Discount Rates
  IFRS 17 introduced some changes in how discount rates are determined, primarily removing from consideration the characteristics of the assets which support the related insurance liabilities.
• Other measurement changes
  This includes changes to the level at which contracts are aggregated for measurement purposes and how contract boundaries are defined.
• Presentation changes
  Several assets and liabilities experienced no change to their measurement but have been moved to other areas of the financial statements, including:
  o Premiums receivable and Policy loans - These amounts were previously reported in loans and receivables and have now been reclassified to insurance contract liabilities/assets as they are insurance contract related.
  o Deposits with/balances due from reinsurers - These amounts were previously reported in loans and receivables and have now been reclassified to reinsurance contract assets/liabilities as they are related to reinsurance contracts.
  o Deposits and premiums received in advance - These amounts were previously reported in other liabilities and have now been reclassified to insurance contract liabilities/assets as they are insurance contract related.
  o Amounts due to reinsurers - These amounts were previously reported in Other liabilities and have now been reclassified to reinsurance contract assets/liabilities as they are related to reinsurance contracts.
  o Deferred acquisition costs - These were previously reported as a separate line within the assets section of the financial statements and have been reclassified to insurance contract liabilities/assets as they are insurance contract related.

Forward-looking statements

This statement may contain certain forward-looking statements, including but not limited to, statements as to future operating results and plans that involve risks and uncertainties. We use words such as "expects", "anticipates", "believes", or "estimates", the negative of these terms and similar expressions to identify forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to differ materially from any future results, performance or achievements expressed or implied by those projected in the forward-looking statements for any reason.

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