Earnings release
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PRIO EARNINGS Conference Call August 5 , 2026 2pm ( EST ) RELEASE 2Q26 3pm ( BRT ) Webinar click here The link is also available on : ri.prio3.com.br The conference will be held in Portuguese with simultaneous translation into English . Investor Relations ri.prio3.com.br/en ri@prio3.com.br +55 21 3721-2135 PO উট
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| Page 2 | Rio de Janeiro, August 4, 2026 – PRIO S.A. (“PRIO” or “Company”) (B3: PRIO3) presents its results for the second quarter of 2026 (“2Q26”). The financial and operating information described below, unless otherwise stated, is presented on a consolidated basis and in US dollars (US$), in accordance with International Financial Reporting Standards (IFRS) and includes the Company’s direct subsidiaries: PRIO Comercializadora Ltda. and PRIO Internacional Ltda., and their respective subsidiaries and branches. HIGHLIGHTS OF THE PERIOD Cash Position (US$ million) Production (kbpd) Net Debt (Cash) / Adjusted EBITDA Highlights Lifting Cost (US$/bbl) Release of the fourth Annual Sustainability Report Repurchase of 9.3 million shares Leverage of 1.5x Net Debt/EBITDA Total revenue of US$ 1.4 billion (184% increase vs. 2Q25) Completion of the Wahoo development, reaching the milestone of 40 kbpd at the field Start-up of production of the A-15 well, in the Isolado area, at Peregrino Record production of 172 thousand barrels per day and record sales of 15.3 million barrels Lifting cost of US$ 8.9 per barrel Adjusted EBITDA (ex-IFRS 16) of US$ 879 million (218% increase vs. 2Q25) Net income (ex-IFRS 16) of US$ 413 million (169% increase vs. 2Q25) Production (kbpd) Lifting Cost (US$/bbl)
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| Page 3 | MESSAGE FROM MANAGEMENT The second quarter of 2026 was marked by the completion of Wahoo’s development, significant progress on the Peregrino gas import project, and the drilling of new wells. During the period, we achieved three records: average production of 172 thousand barrels per day, sales of 15.3 million barrels and adjusted EBITDA of US$ 879 million. We also reduced lifting cost to US$ 8.9/bbl, reinforcing our commitment to operational efficiency. At Wahoo, we began the quarter with two wells connected to the Frade FPSO, producing 20 thousand barrels per day. In April, we connected the third well, increasing the field’s production to 30 thousand barrels per day, and in June we connected the fourth, reaching 40 thousand barrels per day and completing the first development fully executed by PRIO. A crane failure on the vessel originally contracted for the service led to the connection of the last well being carried out by Genesis, our own vessel — a practical demonstration of PRIO's strategy of vertically integrating strategic assets. At Frade, a gas lift line failure in early May temporarily interrupted three producing wells. The line repair was also carried out by Genesis, following the completion of activities at Wahoo, and the Valente cluster (Frade and Wahoo) reached the milestone of 70 thousand barrels per day of production. In parallel, we began a new phase of development at the Frade field, drilling two wells for reservoir data acquisition (RDA). The positive results supported the start of drilling of two new production wells, expected to come online in the 3Q26 and 4Q26, respectively. At the Peregrino field, we began developing the Isolado reservoir with the first well coming online at the end of May, bringing field production back above 100 thousand barrels per day. We proceeded with the drilling of two additional wells, one of them in the Isolado reservoir, to be connected in 3Q26 and 4Q26. We also completed the repair of the gas import pipeline, currently in the final stage of recommissioning, which will allow us to replace diesel-fired power generation with gas, completing our plan to reduce the field's operating costs and carbon footprint. Across our other fields, we also ended the quarter with the main operational events normalized. At the Bravo cluster, we completed the workover of the well OGX-44HP in May. At Albacora Leste, well ABL-68 returned to normal operations in early July following hydrate removal. As a result, our production exceeded 196 thousand barrels per day in July. In addition to our operational achievements, we also advanced our commercial strategy. Even in a highly volatile environment driven by the conflict in the Middle East, we achieved a commercial discount of US$ 6.91/bbl. During the quarter, we completed the first direct offload from the Peregrino FPSO to a VLCC, enhancing our logistical and commercial flexibility. We also carried out the first blend of Peregrino oil with lighter oils, an initiative that expands our commercialization alternatives and contributes to achieving improved pricing differentials over time. During the quarter, we further strengthened our capital structure. We ended 2Q26 with leverage of 1.5x Net Debt to EBITDA, maintaining our deleveraging trajectory while continuing to execute our growth projects and repurchasing 9.3 million shares during the period. We also fully repaid the remaining balance of the bond issued in 2021 and refinanced a portion of our bilateral debt maturing in 2027, enhancing our financial flexibility and extending our debt maturity profile. Our way of operating is guided by our commitment to people, society and the environment. In line with this commitment, we advanced the modernization of accommodations and common areas aboard the FPSO Forte, with the goal of continuously improving offshore living and working conditions. We also published our 2025 Sustainability Report, achieved Gold Seal recognition under the Brazilian GHG Protocol Program, and, for the second consecutive year, received a B score from CDP, reflecting the continuous evolution of our transparency and environmental management practices. In April, we also held our annual Safety Day under the theme “Always Keep
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| Page 4 | Your Guard Up”, reinforcing safety awareness and a prevention-oriented culture across all our operations. At the same time, we continued to invest in innovation, health and well-being, as well as social, cultural, and sports initiatives through the I 💙 PRIO platform, always seeking to grow responsibly and create sustainable value. We closed 2Q26 confident that our culture and our ability to execute with agility, discipline and focus will continue to be PRIO's key differentiators. The quarter's results reinforce the strength of our strategy and our confidence that we will continue to seize opportunities, overcome challenges and create value efficiently, safely and responsibly. Finally, we would like to renew our sincere thanks to everyone who is part of this journey: our employees, investors, partners and society, for their trust and continued support.
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| Page 5 | OPERATING PERFORMANCE Among the quarter’s main operational highlights are: (i) the Company’s average production, which reached 172.0 kbpd, a 72% increase compared to the same quarter of the previous year and 11% compared to 1Q26; (ii) the volume of offtakes carried out during the quarter, representing an 87% increase compared to 2Q25; and (iii) lifting cost, which decreased by approximately 5% compared to 1Q26 and 36% compared to 2Q25. In the Valente cluster, production increased by 165% compared to 2Q25 and 87% compared to 1Q26, reflecting the start-up of Wahoo wells. At Frade, a failure in the gas lift line in early May temporarily interrupted production of three wells. The line replacement was completed in July, restoring production from the wells. Production volume at the Albacora Leste field decreased by 18% compared to 2Q25 and by 16% compared to 1Q26, reflecting the interruption of well ABL-68 due to hydrate formation and a three-day interruption of certain wells in June for cooling system maintenance. In the Bravo cluster, production decreased by 10% compared to 1Q26, impacted by the shutdown of well OGX- 44HP in March due to a Submersible Centrifugal Pump (BCS) failure, with workover carried out in May. Compared to 2Q25, production increased by 30%, reflecting the workovers completed in June 2025 and the start-up of wells POL-GY and Well-B. Production at the Peregrino field increased by 90% compared to 2Q25, reflecting the acquisition of the additional 40% stake and operatorship of the asset, completed in November 2025. Compared to 1Q26, production decreased by 7%, mainly due to the shutdown of well C-26 as a result of a BCS failure, with workover completed in April. In addition, in May, the Company completed the drilling of the first well of the Isolado reservoir, restoring the field's production to above 100 thousand barrels per day. Since the beginning of its operations, PRIO, which has consolidated its growth strategy through the acquisition and development of producing assets, has worked to increase its production levels and rationalize its costs, while consistently maintaining excellence in environmental responsibility, safety, and operational efficiency. PRIO believes that the best protection against Brent volatility is the reduction of its lifting cost, which will continue to be
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| Page 6 | a cornerstone of current and future projects. The Company presents below the evolution of its lifting cost since 2Q20. Lifting Cost PRIO (US$/bbl) The lifting cost in 2Q26 was US$ 8.9/bbl, 36% and 5% lower than in 2Q25 and 1Q26, respectively. This reduction reflects the optimization of Peregrino’s operating costs following PRIO’s assumption of field operations in November 2025, and the start-up of the four producing wells contemplated in the Wahoo development project, completed in June 2026, which contributed to the dilution of costs across the Valente cluster. TRADING The trading strategy adopted by PRIO has been consolidated as a relevant competitive differential, expanding the Company’s access to strategic markets while providing greater flexibility in crude oil marketing. The “delivery to customer” modality allowed the Company to broaden its customer base and optimize commercial terms. In an environment of increased Brent price volatility, this strategy has become even more relevant, contributing to stronger price realizations and greater value capture per barrel sold. One of the main milestones of the quarter was the first direct offload from Peregrino FPSO to a VLCC, carried out in June. The operation increases the asset’s logistical and commercial flexibility, reduces intermediate steps in the export chain and strengthens the Company’s ability to access different markets and capture better commercial opportunities. In 2Q26, the first blend of Peregrino’s oil with lighter oils was also carried out, expanding commercialization alternatives and contributing to the capture of better price differentials. In 2Q26, PRIO sold 15.3 million barrels, representing an 87% increase compared to 2Q25 and 3% compared to 1Q26, reflecting higher production in the period. The amount sold was distributed among the Peregrino field (6.4 million barrels), the Valente cluster (5.1 million barrels), the Albacora Leste field (2.4 million barrels), and the Bravo cluster (1.5 million barrels). The volume-weighted average realized price (reference Brent) was US$ 94.60/bbl, with an equivalent FOB price of US$ 87.69/bbl, resulting in a consolidated discount of US$ 6.91/bbl, compared to US$ 8.15/bbl recorded in 1Q26. The improvement in the FOB-equivalent discount was driven by a combination of the Company’s commercial strategy and the pricing differentials observed in international markets during a period marked by heightened geopolitical volatility.
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| Page 7 | VALENTE CLUSTER (FRADE AND WAHOO) The average production of the Valente cluster in 2Q26 was 61.1 kbpd, an 87% increase compared to 1Q26, driven by the start-up of the third and fourth wells of the Wahoo project, in April and June, respectively. At Frade, a failure in the gas lift line in early May temporarily interrupted production of three wells. The line replacement was completed in July, restoring production from the wells. As a result, the operational efficiency of the Valente cluster in the quarter was 90.9%.
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| Page 8 | BRAVO CLUSTER (POLVO AND TBMT) In 2Q26, the Bravo cluster recorded average production of 14.3 kbpd, a 30% increase compared to 2Q25, mainly reflecting: (i) the resumption of wells TBMT-10H and TBMT-4H following the completion of the workovers in June 2025; and (ii) the start-up of wells POL-GY and Well-B, in December 2025 and February 2026, respectively. Compared to 1Q26, production decreased by 10%, impacted by the temporary interruption of production from well OGX-44HP, due to a Submersible Centrifugal Pump (BCS) failure recorded at the end of March, with the workover completed in May. As a result, the cluster’s operational efficiency in the quarter was 95.2%.
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| Page 9 | ALBACORA LESTE FIELD In the quarter, the Albacora Leste field recorded average daily production of 22.1 kbpd (net PRIO), a 16% decrease compared to 1Q26 and an 18% decrease compared to 2Q25. This result reflected the interruption of well ABL-68 in April due to hydrate formation. Following the removal of the hydrate, production from the well was restored in July. In addition, field production was impacted by a three-day shutdown of certain wells in June for maintenance of the cooling system. As a result, the field’s operational efficiency was 85.9% in 2Q26. The Company continues to advance initiatives focused on improving the field’s integrity and reliability, with the goal of sustaining operational efficiency at levels in line with those achieved by PRIO’s other operated assets.
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| Page 10 | PEREGRINO FIELD In 2Q26, the Peregrino field recorded average daily production of 74.5 kbpd (net PRIO), a 7% decrease compared to 1Q26. This performance mainly reflects the shutdown of well C-26 due to a Submersible Centrifugal Pump (BCS) failure, with the workover completed at the end of April. During the quarter, PRIO initiated the development of the Isolado reservoir with the start-up of the well A-15, bringing field production back above the 100 thousand barrels per day mark. As a result, the field’s operational efficiency reached 96.8% during the period. The Company also continued drilling two additional wells, including a new well in the Isolado reservoir, with connections expected in 3Q26 and 4Q26. In parallel, the Company continued its Peregrino’s OPEX optimization initiatives. During the quarter, it completed the repair of the gas import pipeline, which is currently in the final stages of recommissioning. Once operational, it will enable the replacement of diesel-fired power generation with gas, completing the field's plan to reduce operating costs and carbon emissions.
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| Page 11 | ENVIRONMENT AND SOCIAL For PRIO, safety, health, and well-being are enduring commitments. In this context, the Company recognizes the importance of providing the best possible living and working conditions, particularly in the offshore environment. Throughout the quarter, PRIO advanced the modernization of accommodations and the optimization of facilities aboard the FPSO Forte in Albacora Leste, including the construction of 14 new accommodation modules, the refurbishment of 12 existing ones, and improvements to common areas, stairways, and circulation spaces. PRIO also reinforced its safety culture through the annual Safety Day campaign, held under the theme “Always Keep Your Guard Up,” which engaged all operational units and the corporate office and reached more than 1,000 employees. Through the I 💙 PRIO platform, the Company continued to promote initiatives related to sports, culture, and leisure, including tennis and surfing clinics, the Rio Marathon, LIVE! Run, and SP-Arte. In the areas of culture and professional development, the Offshore Reaction program classes launched in 2025 were completed, and registrations were opened for the 2026 edition. Throughout the quarter, the Company also advanced its social and environmental agenda, reinforcing its commitment to environmental management, transparency, and the development of the people and communities where it operates. In this regard, PRIO provided training to representatives of the fishing community in Macaé through the Mar Atento Project and supported the selection process of TAC Frade and the PEA Rede Observação programs for presentation at IBAMA’s 5th Socioeconomics Forum. In 2Q26, the Company published its fourth Sustainability Report, covering 2025, prepared in accordance with the Global Reporting Initiative (GRI) Standards, reporting Sustainability Accounting Standards Board (SASB) indicators and considering the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD) for the management of climate-related risks and opportunities. PRIO also received Gold Seal recognition under the Brazilian GHG Protocol Program for its 2025 Greenhouse Gas Inventory and, for the second consecutive year, achieved a B score from CDP, reinforcing its commitment to high standards of transparency and sustainability reporting. The Company believes that continuously improving operational efficiency and extending the productive life of its fields are important levers for reducing emissions intensity. Reflecting this strategy, PRIO recorded relative emissions¹ of 21.7 kgCO₂e/boe² in 2Q26, representing reductions of 16% and 44% compared to 1Q26 and 4Q25, respectively. At PRIO, strategic decisions continue to be guided by values of excellence, safety, health, and socio-environmental responsibility, as a basis for generating sustainable long-term value. ¹ Scope 1 and 2 emissions. ² Information for 2026 refers to the partial inventory, which has not yet been certified and may undergo minor changes.
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| Page 12 | FINANCIAL PERFORMANCE PRIO presents below the financial performance with and without the impact of changes in IFRS 16, as well as representations of non-cash and non-recurring accounting entries and their impacts on the financial statements when illustrated in dollars. Income (loss) for period (In thousands of US$) * Adjusted EBITDA is calculated similarly to EBITDA, disregarding the line composed of non-recurring effects "Other Income and Expenses”. In the quarter, PRIO’s financial performance was mainly driven by an 87% increase in sales volumes, combined with a 45% increase in Brent prices compared to 2Q25. Part of this benefit, however, was offset by the oil export tax in effect during the quarter, which limited the Company’s ability to fully capture the upside from higher Brent prices. As a result, in 2Q26, the Company recorded total revenue of US$ 1.4 billion and net revenue of US$ 1.2 billion, 184% and 160% higher than in 2Q25, respectively. Analyzing quarterly revenue, the Peregrino field accounted for 37.5%, the Valente cluster represented 35.2%, the Albacora Leste field accounted for 16.2%, and the Bravo cluster contributed 11.2% to PRIO’s total revenue. The chart below shows each asset’s share of the Company’s total revenue:
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| Page 13 | Revenue per asset The commercialization result in 2Q26 was negative US$ 104 million, a 239% increase compared to the negative US$ 31 million recorded in 2Q25. This variation is mainly explained by the higher volume of offtakes between the periods, with higher sales under the delivery-to-customer modality. The domestic sales and export taxes line totaled US$ 114 million in the quarter, a 1,506% increase compared to the US$ 7 million recorded in 2Q25. This growth reflects the incidence of the oil export tax, in effect since March 12, 2026. Cost of Goods Sold ("COGS") (ex-IFRS 16) totaled US$ 132 million in 2Q26, 13% above 2Q25. However, the number of barrels sold in the period was 87% higher than in 2Q25, demonstrating a reduction in unit cost per product sold. The royalties and special participation line totaled US$ 179 million in 2Q26, a 230% increase compared to 2Q25, mainly reflecting higher production volumes, the increase in Brent prices during the period, and the recognition of special participation for the Peregrino field. As a result, the Company recognized an Operating Result (ex-IFRS 16) of US$ 912 million in 2Q26, 204% above the same quarter of the previous year, driven by higher sales volumes and lower cost per barrel sold. General and administrative expenses, which include expenses related to M&A, personnel, projects, geology and geophysics, totaled US$ 33 million, 41% higher than in 2Q25, mainly explained by geology and geophysics expenses incurred during the quarter. Thus, in the quarter, the Company recorded adjusted EBITDA (ex-IFRS 16) of US$ 879 million, 218% above the same period of the previous year, due to the improved operating result and the increase in Brent during the period. Depreciation and amortization totaled US$ 285 million in the quarter, 32% higher than in 2Q25, reflecting the acquisition of the additional 40% stake in the Peregrino field in November 2025. Financial result (ex-IFRS 16) was negative US$ 120 million, compared to negative US$ 55 million in 2Q25, mainly reflecting higher interest expenses due to the increase in the debt position during the period and the net effect of hedge transactions. As a result, the Company recorded net income (ex-IFRS 16) of US$ 413 million in the quarter, 169% higher than in 2Q25.
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| Page 14 | DEBT AND FINANCING In the second quarter of 2026, the Company amortized part of its 2026 debt obligations, including the full repayment, in June, of the remaining balance of the bond issued in 2021, totaling US$ 168.7 million, the Company’s last secured debt. Additionally, PRIO actively managed its liabilities, rolling over US$ 354.1 million of bilateral debt originally maturing in 2027 into new maturities in 2028 and 2029. As a result, the Company’s average cost of debt ended the period at 6.40% per year, with a duration of 2.70 years. The increase in the average cost of debt was driven by: (i) the repayment of the bond, which carried a cost of 6.125% per year; and (ii) the increase in SOFR, which impacted bilateral financing indexed to floating rates. PRIO maintains its debt cost and duration at levels it considers appropriate and continues to monitor domestic and international markets for opportunities to preserve its robust capital structure. Amortization schedule (US$ million)
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| Page 15 | NET DEBT AND LEVERAGE In 2Q26, PRIO’s net debt position decreased by approximately US$ 326 million compared to 1Q26, explained by the following variations: Working Capital: mainly impacted by the reduction in suppliers. CAPEX: completion of Wahoo’s producing wells, drilling of wells and gas pipeline repair at Peregrino, start of Arapuçá development at Albacora Leste, and drilling of wells at Frade. Share Buyback: repurchase of 9.3 million shares. Net Debt Variations (US$ million) Net Debt (Cash) / Adjusted EBITDA (US$ million) *For the purpose of calculating the financial covenants, the EBITDA considered includes the effects of IFRS 16, as defined in the respective financing agreements, as well as the LTM EBITDA related to the 40% interest in the Peregrino field acquired in November 2025.
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| Page 16 | ANNEX IFRS 16 The right-of-use assets represent the following underlying assets: Right-of-use asset Balance Support Vessels 103,145 Helicopters 432,455 Buildings/Support Bases 34,720 Equipment 42,741 Total 613,061 To calculate the cost amount, the contractual terms as well as the discount rate were considered. This rate is maintained until the end of the contracts, unless there is a change in their term, in which case it is updated to the incremental rate on the date of the change. In the first quarter of 2025, two contracts were replaced — one for a helicopter and another for a vessel, with the early termination of the previous agreements. The helicopter contract serves the Bravo Cluster and is discounted at a rate of 5.44% for the USD-denominated portion. The vessel contract will serve the Albacora Leste and Frade fields and the Bravo Cluster, with discount rates of 5.39%, 5.81% and 5.49%, respectively, for the USD- denominated portion. Additionally, in the fourth quarter of 2025, three contracts were added — one for a helicopter and two for vessels, which will support the Peregrino Field. The helicopter contract is discounted at a rate of 6.37% for the USD- denominated portion and 14.15% for the Brazilian real portion. The vessel contracts are discounted at a rate of 6.37% for the USD-denominated portion and 14.17% for the Brazilian real portion. With the extension of the useful life mentioned in Note 2, the contracts were calculated through March 2034. As a result of adjustments related to the terms of existing contracts, the asset increased by R$ 298,283, the liability increased by R$ 210,329, and the difference was recorded in profit or loss, under other operating income and expenses. The effects presented in the period were: Assets Liabilities Balance at December 31, 2025 610,400 (644,854) Additions/Reversals 289,283 (210,329) Currency adjustment - (52,720) Price-level restatement - (30,875) Payments made - 259,290 Depreciation (258,504) - Translation adjustment* (37,118) 49,641 Balance at June 30, 2026 613,061 (629,847) Current - (367,354) Non-current 613,061 (262,493) *Translation factor: closing exchange rate of the periods for balances and average for the period for changes More details can be found in Explanatory Notes 16 of the 2Q26 Financial Statements.
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| Page 17 | BALANCE SHEET (In thousands of US$)
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| Page 18 | INCOME STATEMENT (In thousands of US$)
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| Page 19 | CASH FLOW STATEMENT (In thousands of US$)
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| Page 20 | SOCIAL PROJECTS About PRIO PRIO is the largest independent oil and natural gas production company in Brazil. The Company’s corporate culture seeks to increase production through the acquisition of new production assets, redevelopment, greater operational efficiency and reduction of production costs and corporate expenses. Its main objective is to create value for its shareholders by means of high financial discipline and preserving its liquidity, with full respect for safety and the environment. For more information, access the website: www.prio3.com.br. Legal Notice All statements, except those relating to historical facts contained herein, are forward-looking statements, including, but not limited to, statements about drilling plans and seismic acquisitions, operating costs, equipment acquisition, expected oil discoveries, the quality of the oil we hope to produce and our other plans and objectives. Readers can identify many of said statements by reading words such as “estimates”, “believes”, “expects” and “will” and similar words or denials thereof. Although management believes that the expectations represented in such statements are reasonable, it cannot assure that such expectations will happen. By their nature, forward-looking statements require us to make assumptions and, as such, such statements are subject to inherent risks and uncertainties. Readers of this document are cautioned not to place undue reliance on our forward-looking statements considering that certain factors could cause results, conditions, actions or events that could materially differ from the plans, expectations, estimates or intentions expressed in the forward-looking statements and the assumptions that support them. The forward-looking statements herein are based on the assumption that our plans and operations will not be affected by such risks, but that if our plans and operations are affected by said risks, the forward-looking statements may become inaccurate. The forward-looking statements included herein are expressly fully qualified by this legal notice. Such statements were made as of the date of this document. We do not undertake to update such forward-looking statements, except as required by applicable securities laws.