REG - JSC NAC Kazatomprom - Kazatomprom 1Q2026 Operations and Trading Update

Natsionalnaya Atomnaya Kompaniya Kazatomprom AOAnnouncement

30/04/2026 07:02

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RNS Number : 5615C  JSC National Atomic Co. Kazatomprom  30 April 2026

AIX: KAP, KAP.Y (GDR)

LSE: KAP (GDR)

 

 
30 April 2026, Astana, Kazakhstan
Kazatomprom 1Q26 Operations and Trading Update

National Atomic Company "Kazatomprom" JSC ("Kazatomprom", "KAP", or the
"Company") announces the following operations and trading update for the first
quarter ended 31 March 2026.

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
of 2026 operating and trading results. The information contained in this
Operations and Trading Update may be subject to change.

Market Overview

The Nuclear Energy Summit, hosted this March in Paris, attracted the
industry's attention with several major announcements. Four more countries:
China, Brazil, Italy, and Belgium, have joined the Declaration to Triple
Nuclear Energy Capacity by 2050, bringing the total number of governments
endorsing the initiative to 38. In recognition of Europe's "strategic mistake"
in scaling back nuclear energy, European Commission President Ursula von der
Leyen has introduced a €200 million (~$232 million) guarantee to catalyze
private investment in groundbreaking nuclear tech. This initiative is part of
a new EU strategy for Small Modular Reactors (SMRs), which aims to have the
first units operational by the early 2030s.

The U.S. Government has recently initiated "Project Vault," a strategic
public-private partnership designed to bolster supply chain security through a
national critical minerals stockpile. This demand-driven program is supported
by $12 billion in total funding, comprising a $10 billion loan from the
Export-Import Bank of the United States and nearly $2 billion in private
sector investment. Under this framework, designated commodities merchants,
such as Hartree Partners, Traxys North America, and Mercuria Energy Group,
will be able to purchase and store essential raw materials, including uranium,
based on the specific supply requirements of American manufacturers and
utilities.

The uranium conversion and enrichment markets, frequently identified as
critical bottlenecks in the nuclear fuel supply chain, also experienced
several significant developments.

 * The U.S. Department of Energy awarded $2.7 billion in funding to three
companies: American Centrifuge Operating (a subsidiary of Centrus), General
Matter, and Orano, to expand domestic production of both low-enriched uranium
(LEU) and high-assay low-enriched uranium (HALEU) for next-generation
reactors.

 * Solstice Advanced Materials announced an expansion of its Metropolis Works
plant's 2026 production to 10,000 tonnes of uranium hexafluoride (UF(6)). At
the World Nuclear Fuel Cycle 2026 conference, ConverDyn, the marketing agent
for Metropolis, disclosed that Solstice has engaged an engineering firm to
evaluate the development of a second facility. This project, designated
"Metropolis 2.0", is intended to provide additional capacity necessary to
support the company's long-term expansion strategy.

 * The U.S. Nuclear Regulatory Commission issued a regulatory docket number for
Uranium Energy Corp's planned 10,000-tonnes conversion plant, initiating
formal pre-licensing reviews.

 * The newly emerged U.S. startup FluxPoint Energy has also announced plans to
construct 10,000-tonnes conversion facility, targeting 2030-2031 for its first
production.

Sprott Physical Uranium Trust (SPUT) updated its financial framework by filing
a new Base Shelf Prospectus (Prospectus) with Canadian securities regulators,
establishing a 25-month program to issue up to $1.5 billion in new trust
units. The trust subsequently issued a Prospectus Supplement on 26 January
2026, which activated an updated "at-the-market" equity program with a
distribution limit of up to $1 billion. Since the issuance of the Prospectus,
the SPUT has purchased 5.3 million pounds of U(3)O(8) (~2,040 tU) from the
spot market.

Russia and Vietnam signed an intergovernmental agreement to construct
Vietnam's first commercial nuclear power plant (NPP). The agreement outlines
the construction of two VVER-1200 reactors in the central province of Ninh
Thuan, providing a total capacity of 2,400 MWe. This marks an official revival
of Vietnam's nuclear energy program, which had been suspended in 2016 due to
cost and safety concerns.

The United States and Armenia finalized negotiations on a civil nuclear
cooperation agreement, widely referred to as a 123 Agreement, establishing the
basis for the export of American nuclear technology, primarily SMRs,
equipment, and materials to Armenia. According to official briefings, the pact
opens the door for up to $5 billion in initial U.S. exports and an additional
$4 billion in long-term support through fuel supply and technical maintenance
contracts.

On 15 April, the President of the Republic of Kazakhstan adopted the nation's
Nuclear Industry Development Strategy through 2050. The landmark policy
framework prioritises the construction of large-scale NPPs, the vertical
integration of the nuclear fuel cycle, and a significant expansion of
scientific R&D. It also emphasises the rational use of energy resources
through the replenishment and efficient use of resource base, aiming to
maximise value of domestic resources in the long-term and preserving them for
the benefit of future generations. To ensure long-term energy security, the
strategy targets a nuclear capacity of 6,000 MWe by 2040, scaling to a total
of 8,000 MWe by 2050. Building on the established vision for three
conventional NPPs, the new policy introduces the potential for a fourth
facility utilizing Small Modular Reactor (SMR) technology, up to 1,200 MWe,
subject to economic assessment. To safeguard these long-term capacity targets,
the strategy mandates reserving of 100,000 tonnes and 150,000 tonnes of
uranium reserves by 2040 and 2050, respectively.

The following events underscored key developments on the demand side during
the reporting period:

 * Unit 1 of China General Nuclear's Taipingling NPP was connected to electric
grid. The unit is the first of six Hualong One (HPR-1000) reactors planned for
the site in Guangdong province, China.

 * Korea Hydro & Nuclear Power received approval by South Korea's Nuclear
Safety and Security   Commission (NSSC) to restart Unit 2 of its Kori NPP.
Last November the NSSC approved the continued   operation of Unit 2 with 685
MWe PWR until 2033.

 * Unit 1 of China General Nuclear's San'ao NPP was connected to electric grid.
The unit is the first of six HPR-1000 reactors planned for the site in
Zhejiang province, China.

 * Russia's Rostekhnadzor issued a 5-year life extension license for Leningrad
NPP's Unit 4, which would take the RBMK-1000 reactor to 50 years of operation.
The nuclear regulator also issued a 10-year operating license for Unit 2 of
the Zaporizhzhia NPP.

 * Unit 6 of the Kashiwazaki-Kariwa NPP resumed commercial operation, becoming
the first reactor owned   by Tokyo Electric Power Company to do so since the
accident at its Fukushima Daiichi NPP.

 * The U.S. Nuclear Regulatory Commission issued 20-year license extensions for
Units 1 and 2 of Pacific Gas & Electric's Diablo Canyon NPP in California.

On the supply side:

 * Uranium Energy Corp's Burke Hollow project commenced production, becoming the
first greenfield in-situ recovery (ISR) operation to start up in the U.S. in a
decade. The project is designed to scale up to an annual output of 2 million
pounds of U(3)O(8) as operations expand, supported by ~11 million pounds
U(3)O(8) (~4,230 tU) resource base.

 * NexGen Energy received final regulatory approval from the Canadian Nuclear
Safety Commission for its Rook I project, clearing the path for site
preparation and construction to begin in 2026. According to the project's
feasibility study, Rook I measured and indicated mineral resources amount to
256.7 million pounds of U(3)O(8) (~98,700 tU).

 * Paladin Energy officially upgraded its FY2026 uranium production guidance for
the Langer Heinrich project in Namibia to a range of 4.5 - 4.8 million pounds
of U(3)O(8) (1,730 - 1,850 tU). This revision follows a robust 9 months FY2026
performance, yielding 3.6 million pounds (~1,385 tU).

 * Bannerman Energy entered in a binding agreement with CNNC Overseas Limited
(CNOL) to fund and develop the Etango project in Namibia. The agreement
secures up to $321.5 million in full construction funding from the CNOL, while
the Chinese entity gains a 45% stake in the joint venture and rights to
purchase 60% of the mine's output at market-based prices. Full-scale
construction is planned to begin in the second half of 2026, targeting first
commercial uranium production in 2028.

Market Pricing and Activity

* Average of UxC and TradeTech reported month-end spot and long-term prices

The quarter opened at the weekly spot price of $81.70/lb U(3)O(8) and showed a steady upward trend throughout the month, reaching ~$88.30/lb U(3)O(8) by the end of January. The price saw a surge to its quarterly high of ~$96.90/lb U(3)O(8) in the beginning of February due to SPUT's increased buying activity following the issuance of its new Prospectus as outlined in the Market Overview section. However, spot price corrected to $86.15/lb U(3)O(8) the following week. For the remainder of February, the price staged a modest recovery, flattening near $89.00. In March, heightened global uncertainty and tension cooled the uranium market significantly. Prices drifted downward from $85.90/ lb U(3)O(8) at the start of March to ~$83.65/ lb U(3)O(8) on 30 March, representing a return to January levels.
According to third-party analysts, spot market participants transacted 18.10 million pounds of U(3)O(8) (~6,960 tU) at an average weekly spot price of $83.63/lb U(3)O(8) in the first quarter of 2026, doubling compared to the volumes traded during the same period in 2025 - 8.45 million pounds of U(3)O(8) (~3,250 tU) at an average weekly spot price of $67.93/lb U(3)O(8). At the same time, a third of spot market volumes (6.06 million pounds of U(3)O(8,) or 2,330 tU) were transacted by SPUT, the main driver of spot market activity.
In the long-term market activity was lower than in the previous year, with third-party sources reporting transaction volumes of ~15 million pounds of U(3)O(8) (~5,770 tU) in the first quarter of 2026, compared to ~21 million pounds of U(3)O(8) (~8,000 tU) in the first quarter of 2025. Despite the decrease in transacted volumes, the positive outlook for future contacting incentivized a significant long-term price growth by $11.50/lb U(3)O(8) on an annualised basis, to $91.50/lb U(3)O(8) (published by third parties on a monthly basis only).
Company Developments

Annual General Meeting of Shareholders

Kazatomprom's Board of Directors has initiated to convene Annual General Meeting of Shareholders (the "AGM") to be held on 26 May 2026 at 10:30 local time (GMT+5) at the Company's headquarters at the following address: floor 3, 17/12 Syganak Street, Nura district, Astana, Z05T1X3, the Republic of Kazakhstan. Date and time when a list of shareholders entitled to participate at the AGM will be compiled on 29 April 2026 at 00:00 local time (GMT+5). The AGM notice and agenda, as well as detailed information in relation to AGM, are available at the Company's
website (https://ir-esg.kazatomprom.kz/en/investment/meeting)

. (https://ir-esg.kazatomprom.kz/en/investment/meeting)

Dividend recommendations for 2025

The Board of Directors, based on the Company's audited 2025 financial results, has recommended a dividend payment of KZT 1,292.27 per ordinary share (one GDR equals to one ordinary share). The total dividend equals approximately KZT 335.2 billion, representing 75% of free cash flow in accordance with the Company's dividend policy. The dividend payment recommendation is subject to approval by the AGM, scheduled for 26 May 2026. The payment of annual dividend is proposed to be made beginning 28 July 2026 to shareholders of record as of 27 July 2026, 00:00 local time (GMT+5).

Kazatomprom obtains a uranium production licence for Akdala Deposit

As previously disclosed, following the expiration of the subsoil use agreement at Akdala deposit on 28 March 2026, in order to prevent suspension or disruption of technological process, maintain social stability, preserve highly qualified human capital, and ensure operational continuity at the Akdala mine, the Agency of the Republic of Kazakhstan for Atomic Energy and Kazatomprom have signed a new subsoil use agreement for production at Akdala deposit effective 29 March 2026.

Kazatomprom's 2025 Integrated Annual Report

As previously disclosed, the text-only version of the 2025 Integrated Annual
Report was approved by the Company's Board of Directions and published on
Kazatomprom's website
(https://www.kazatomprom.kz/en/investors/godovie_otcheti/page-1) on 30 April
2026 in accordance with the requirements of the listing rules of stock
exchanges. A full interactive version of the Annual Report will become
available on the Company's website by the end of second quarter.

Kazatomprom's 2026 First-Quarter Operational Results(1)

                                                   Three months

                                                   ended 31 March
                                                   2026      2025      Change
 Production volume U(3)O(8        tU               6,144     5,633     9%
 ) (100% basis)(2)
                                  Mlbs             15.97     14.65
 Production volume U(3)O(8)       tU               3,247     2,964     10%

(attributable basis)(3)
                                  Mlbs             8.44      7.71
 Group U(3)O(8) sales volume(4)   tU               1,535     2,560     (40%)
                                  Mlbs             3.99      6.66
 KAP U(3)O(8) sales volume        tU               1,535     2,558     (40%)

(incl. in Group)(5)
                                  Mlbs             3.99      6.65
 Group average realized price(6)  USD/lb U(3)O(8)  61.33     54.70     12%
 KAP average realized price(7)    USD/lb U(3)O(8)  61.33     54.69     12%
 Average month-end spot price(8)  USD/lb U(3)O(8)  88.49     66.18     34%

(1) All values are preliminary.

(2) Production volume U(3)O(8) (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.
Precise actual production volumes remain subject to converter adjustments and
adjustments for in-process material.

(3) Production volume U(3)O(8) (tU) (attributable basis): production volumes
are not equal to the volumes purchased by KAP. 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 excludes the portion
attributable to the JV partners or other third party shareholders, except for
production from JV Inkai LLP, where the annual share of production and
distribution is determined as per the Implementation Agreement, concluded
between participants of the entity. 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 and enriched uranium product (EUP)). Yet, some part of Group U(3)O(8)
production may go to the production of EUP, fuel pellets and fuel assemblies
(FA) at Ulba-FA LLP.

(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 TH 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.

* For some JVs, the Company has a right to purchase additional volumes beyond
its attributable share if the JV partner chooses to forgo its entitled share.

** For JV Budenovskoye LLP, 100% of the 2026 annual production is fully
committed under an offtake contract at market-related terms.

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

 

Production on both a 100% basis and an attributable basis was higher in the
first quarter of 2026 compared to the same period in 2025 due to an increase
in both the full year and the first quarter of 2026 production plan in line
with the Company's guidance and Subsoil Use Agreements' requirements in 2026
compared to 2025.

In the first quarter of 2026, both the Group's and KAP's sales were lower
compared to the same period in 2025, due to the timing and changes of
customers' request of 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.

The 34% increase in the spot price during the reporting period incentivized
the growth of the Group's and KAP's average realized prices by 12% compared to
the same period in 2025. The Company's current sales portfolio includes
long-term contracts linked to the uranium spot prices, however, certain
deliveries under long-term contracts incorporated a portion of fixed pricing
components, including price ceilings that were negotiated during a different
pricing environment.

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, 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 2025.

Kazatomprom's 2026 Reiterated Guidance

                                                                                                  540 KZT/USD
 Production volume U(3)O(8), (100% basis)(1, 2)                                    tU             27,500 - 29,000(2)
                                          Mlbs                                     71.49 - 75.39
 Production volume U(3)O(8), (attributable basis) (2,3)                            tU             14,500 - 15,500(2)
                                          Mlbs                                     37.70 - 40.30
 Group sales volume, (consolidated)(4)                                             tU             19,500 - 20,500
                                          Mlbs                                     50.70 - 53.30
 Incl. KAP sales volume, (included in Group sales volume) (5)                      tU             13,100 - 14,100
                                          Mlbs                                     34.06 - 36.66
 Revenue - consolidated, (KZT billions)(6)                                                        2,200 - 2,300
 Revenue from Group U(3)O(8) sales, (KZT billions)(6)                                             2,075 - 2,175
 C1 cash cost (attributable basis) (USD/lb) *                                                     23.50 - 25.00
 All-in sustaining cash cost (attributable C1 + capital cost) (USD/lb)*                           35.00 - 36.50
 Total capital expenditures of mining entities (KZT billions) (100% basis)(7)                     415 - 430

(1) Production volume U(3)O(8) (tU) (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. Precise actual production
volumes remain subject to converter adjustments and adjustments for in-process
material.

(2) The duration and full impact including, but not limited to sanctions
pressure due to the Russian-Ukrainian conflict and limited access to some key
materials are not known. As a result, annual production volumes may differ
from internal expectations.

(3) Production volume U(3)O(8) (tU) (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. For JV Budenovskoye LLP, 100% of the 2026 annual
production is fully committed under an offtake contract at market-related
terms.

(4) Group sales volume: includes Kazatomprom's sales and those of its
consolidated subsidiaries. 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 and enriched uranium).

(5) KAP sales volume (included in Group 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 2026 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, including significant CAPEX for
investment and expansion projects. Excludes liquidation funds and closure
costs. For 2026 includes development costs for mining infrastructure of JV
Budenovskoye LLP, MC Ortalyk LLP (Zhalpak) and Kazatomprom-Sauran LLP
(Inkai-3) for a total amount of approximately KZT 121 billion.

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

** For some JVs, the Company has a right to purchase additional volumes beyond
its attributable share if the JV partner chooses to forgo its entitled share
of production (beyond the production volume attributable to the Company).

At this time, all 2026 guidance metrics remain unchanged from expectations
disclosed earlier in the Company's Operating and Financial Review for 2025.

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 USD/KZT 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.

For more information, please contact:

Investor Relations Inquiries

Botagoz Muldagaliyeva, Director of Investor Relations

Tel: +7 (7172) 45 81 80 / 69

Email: ir@kazatomprom.kz

Public Relations and Media Inquiries

Daniyar Oralov, Director of Public Relations

Tel: +7 (7172) 45 80 63

Email: pr@kazatomprom.kz

 

About Kazatomprom

Kazatomprom is the world's largest producer of uranium, with the Company's
attributable production representing approximately 20% of global primary
uranium production in 2025. The Group benefits from the largest reserve base
in the industry and operates, through its subsidiaries, JVs and Associates, 27
deposits grouped into 14 mining assets. All of the Company's mining operations
are located in Kazakhstan and extract uranium using ISR technology with a
focus on maintaining industry-leading health, safety, and environment
standards.

Kazatomprom securities are listed on the London Stock Exchange and Astana
International Exchange. Kazatomprom is the national atomic company in the
Republic of Kazakhstan. The Group's primary customers are operators of nuclear
power plants, the principal export markets for the Group's products are
countries in Asia, Europe, and the Americas. The Group sells uranium and
uranium products under long-term contracts, short-term contracts, as well as
in the spot market, directly from its headquarters in Astana, Kazakhstan, and
through its Switzerland-based trading subsidiary, TH Kazakatom AG (THK).

For more information, please see the Company's website at www.kazatomprom.kz
(https://www.kazatomprom.kz) .

Forward-looking statements

All statements other than statements of historical fact included in this
communication or document are forward-looking statements. Forward-looking
statements give the Company's current expectations and projections relating to
its financial condition, results of operations, plans, objectives, future
performance and business. These statements may include, without limitation,
any statements preceded by, followed by or including words such as "target,"
"believe," "expect," "aim," "intend," "may," "anticipate," "estimate," "plan,"
"project," "will," "can have," "likely," "should," "would," "could" and other
words and terms of similar meaning or the negative thereof. Such
forward-looking statements involve known and unknown risks, uncertainties and
other important factors beyond the Company's control that could cause the
Company's actual results, performance or achievements to be materially
different from the expected results, performance or achievements expressed or
implied by such forward-looking statements. Such forward-looking statements
are based on numerous assumptions regarding the Company's present and future
business strategies and the environment in which it will operate in the
future. THE INFORMATION WITH RESPECT TO ANY PROJECTIONS PRESENTED HEREIN IS
BASED ON A NUMBER OF ASSUMPTIONS ABOUT FUTURE EVENTS AND IS SUBJECT TO
SIGNIFICANT ECONOMIC AND COMPETITIVE UNCERTAINTY AND OTHER CONTINGENCIES, NONE
OF WHICH CAN BE PREDICTED WITH ANY CERTAINTY AND SOME OF WHICH ARE BEYOND THE
CONTROL OF THE COMPANY. THERE CAN BE NO ASSURANCES THAT THE PROJECTIONS WILL
BE REALISED, AND ACTUAL RESULTS MAY BE HIGHER OR LOWER THAN THOSE INDICATED.
NONE OF THE COMPANY NOR ITS SHAREHOLDERS, DIRECTORS, OFFICERS, EMPLOYEES,
ADVISORS OR AFFILIATES, OR ANY REPRESENTATIVES OR AFFILIATES OF THE FOREGOING,
ASSUMES RESPONSIBILITY FOR THE ACCURACY OF THE PROJECTIONS PRESENTED HEREIN.
The information contained in this communication or document, including but not
limited to forward-looking statements, applies only as of the date hereof and
is not intended to give any assurances as to future results. The Company
expressly disclaims any obligation or undertaking to disseminate any updates
or revisions to such information, including any financial data or
forward-looking statements, and will not publicly release any revisions it may
make to the Information that may result from any change in the Company's
expectations, any change in events, conditions or circumstances on which these
forward-looking statements are based, or other events or circumstances arising
after the date hereof.

 

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