International Breweries Plc |
Unaudited Condensed Financial Statements |
for the 3 months ended 31st December 2025 |
International Breweries Plc |
Unaudited Condensed Financial Statements |
for the 3 months ended 31st December 2025 |
Contents
Certification of financial statements 2
Statement of directors' responsibilities 3
Statement of profit or loss 4
Statement of other comprehensive income 5
Statement of financial position 6
Statement of changes in equity 7
Statement of cash flows 8
Notes to the financial statements 9
International Breweries Plc |
Unaudited Condensed Financial Statements |
for the 3 months ended 31st December 2025 |
Certification of the unaudited condensed financial statements |
Futher to the provisions of section 405 of the Companies and Allied Matters Act, 2020, we the Managing Director/CEO and Finance Director of International Breweries Plc ("the company") respectively hereby certify as follows: |
a) | That we have reviewed the Unaudited condensed financial statements of the Company for the year ended 31st December 2025. |
b) | That the Unaudited condensed financial statements represents the true and correct financial position of our Company as at the said date of 31st December 2025. |
c) | That the Unaudited condensed financial statements does not contain any untrue statement of material fact or omit to state a material fact, which would make the statement misleading. |
d) | That the Unaudited condensed financial statements fairly presents, in all material respects, the financial condition and results of operation of the Company as of and for the year ended 31st December, 2025. |
e) | That we are responsible for establishing and maintaining internal controls and affirm that the Company's internal controls were effective as of 31st December, 2025. |
f) | That all significant deficiencies in the design or operation of internal controls which could adversely affect the Company's ability to record, process, summarise and report financial data have been disclosed to the Independent Auditor and the Audit Committee. |
Mr. Carlos Coutino |
Managing Director |
FRC/2023/PRO/DIR/003/877967 |
29 January, 2026 |
Ms. Chinyere Ezeugwu |
Finance Director |
FRC/2013/ICAN/00000000781 |
29 January, 2026 |
Signed
International Breweries Plc |
Unaudited Condensed Financial Statements |
for the 3 months ended 31st December 2025 |
Statement of directors' responsibilities | |
The Companies and Allied Matters Act requires the directors to prepare financial statements for each financial year that give a true and fair view of the state of financial affairs of the Company at the end of the year and of its Profit or Loss. The responsibility includes: | |
a) | ensuring that the Company keeps proper accounting records that disclose, with reasonable accuracy, the financial position of the Company and comply with the requirements of the Companies and Allied Matters Act; |
b) | designing, implementing and maintaining internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatements, whether due to fraud or error; and |
c) | preparing the Company's financial statements using suitable accounting policies supported by reasonable and prudent judgements and estimates that are consistently applied. |
The Directors accept responsibility for the Unaudited condensed quartely financial statements, which have been prepared using appropriate accounting policies supported by reasonable and prudent judgements and estimates, in conformity with International Financial Reporting Standards and the requirements of the Companies and Allied Matters Act.
Nothing has come to the attention of the Directors to indicate that the Company will not remain a going concern for at least twelve months from the date of this Statement.
HRM Nnaemeka Alfred Achebe, CFR,MNI | Ms. Chinyere Ezeugwu | Mr. Carlos Coutino | |
Chairman | Finance Director | Managing Director | |
FRC/2013/NIM/00000001568 | FRC/2013/ICAN/00000000781 | FRC/2023/PRO/DIR/003/877967 | |
29 January, 2026 | 29 January, 2026 | 29 January, 2026 |
International Breweries Plc |
Unaudited Condensed Financial Statements |
for the 3 months ended 31st December 2025 |
Statement of profit or loss |
for the year ended 31st December 2025 |
3 Months Oct - Dec 31 Dec 2025 | 12 Months Jan - Dec 31 Dec 2025 | 3 Months Oct - Dec 31 Dec 2024 | 12 Months Jan - Dec 31 Dec 2024 |
N'000 | N'000 | N'000 | N'000 |
Note
Revenue | 3 | 147,583,241 | 620,149,488 | 145,510,083 | 488,955,682 |
Cost of sales | 4 | (104,062,837) | (415,707,790) | (109,025,595) | (357,605,216) |
Gross profit | 43,520,404 | 204,441,698 | 36,484,488 | 131,350,466 |
Administrative, Marketing and distribution expenses | 4 | (36,092,264) | (128,183,968) | (35,788,252) | (108,469,747) |
Impairment (charge)/reversal on financial assets | 506,818 | 475,733 | (452,334) | (453,978) | |
Other expense | 5 | (1,206,162) | (2,990,116) | 34,080,073 | (113,504,662) |
6,728,796 | 73,743,347 | 34,323,975 | (91,077,921) | ||
Finance income | 6 | 4,756,506 | 18,085,214 | 6,064,399 | 14,011,589 |
Finance cost | 6 | (589,857) | (6,719,673) | 2,343,881 | (34,754,180) |
Finance income/(costs) - net | 4,166,649 | 11,365,541 | 8,408,280 | (20,742,591) | |
Profit/(loss) before tax | 10,895,445 | 85,108,888 | 42,732,255 | (111,820,512) | |
Income tax expense | (5,385,367) | (21,773,506) | (43,532,345) | (1,794,388) | |
Profit/(loss) for the period | 5,510,078 | 63,335,382 | (800,090) | (113,614,900) | |
Basic and diluted profit/(loss) per share (Naira) | 13 | 0.03 | 0.38 | (0.01) | (1.16) |
The notes on pages 9 to 12 are an integral part of these financial statements.
International Breweries Plc |
Unaudited Condensed Financial Statements |
for the 3 months ended 31st December 2025 |
Statement of other comprehensive income |
for the year ended 31st December 2025 |
3 Months Oct - Dec 31 Dec 2025 | 12 Months Jan - Dec 31 Dec 2025 | 3 Months Oct - Dec 31 Dec 2024 | 12 Months Jan - Dec 31 Dec 2024 |
N'000 | N'000 | N'000 | N'000 |
5,510,078 | 63,335,382 | (800,090) | (113,614,900) |
Other comprehensive income: |
Items that will be subsequently reclassified to profit or loss: |
Change in fair value of hedging instrument recognised in OCI |
Other comprehensive loss for the period |
- | - | - | (69,110,017) |
- | - | - | (69,110,017) |
Remeasurements of post employment benefits obligations |
Income tax relating to these items |
Total comprehensive profit/(loss) for the period |
- | - | - | (4,734) |
- | - | - | 9,447 |
5,510,078 | 63,335,382 | (800,090) | (182,720,204) |
0.03 | 0.38 | (0.01) | (1.16) |
International Breweries Plc |
Unaudited Condensed Financial Statements |
for the 3 months ended 31st December 2025 |
Statement of financial position |
As at 31st December 2025 |
31 December 2025 | 31 December 2024 |
N'000 | N'000 |
50,912,299 | 63,736,315 |
339,818,228 | 287,581,286 |
27,258,268 | 29,264,685 |
8,025,919 | 8,711,730 |
426,014,714 | 389,294,016 |
- | 30,946,236 |
93,730,950 | 89,704,444 |
66,102,163 | 108,683,027 |
- | 206,267 |
155,679,717 | 109,038,307 |
315,512,830 | 338,578,281 |
741,527,544 | 727,872,297 |
1,596,823 | 1,780,307 |
19,654,077 | 20,949,151 |
21,250,900 | 22,729,458 |
7,784,429 | 3,536,867 |
189,409,175 | 241,144,452 |
10,833,582 | 11,547,443 |
208,027,186 | 256,228,762 |
229,278,086 | 278,958,220 |
16,259,625 | 16,259,625 |
673,192,574 | 673,192,574 |
1,360,756 | 1,360,756 |
47,544 | 47,544 |
(178,611,040) | (241,946,422) |
512,249,458 | 448,914,077 |
741,527,544 | 727,872,297 |
Note |
9 |
9 |
ASSETS |
Non-current assets |
Deferred tax assets |
Property, plant and equipment |
Right of use assets |
Intangible assets |
Current assets |
Investment securities |
Inventories |
Trade and other receivables |
Restricted cash |
Cash and cash equivalents |
Total assets
LIABILITIES |
Non-current liabilities |
Employee benefit obligations |
Lease liabilities |
Current liabilities |
Current tax liabilities |
Trade and other payables |
Lease liabilities |
Total liabilities
EQUITY |
Share capital |
Share premium |
Other reserves |
Employee benefit reserves |
Retained losses |
Total equity |
Total equity and liabilities
The notes on pages 9 to 12 are an integral part of these financial statements.
The Financial statements on pages 4 to 12 were approved and authorised for issue by the Board of Directors on 29th January 2026 and were signed on its behalf by:
HRM Nnaemeka Alfred Achebe, CFR,MNI (Chairman) FRC/2013/NIM/00000001568
Mr. Carlos Countino (Director) FRC/2023/PRO/DIR/003/877967
Ms. Chinyere Ezeugwu (Finance Director) FRC/2013/ICAN/00000000781
International Breweries Plc |
Unaudited Condensed Financial Statements |
for the 3 months ended 31st December 2025 |
Statement of changes in equity |
for the year ended 31st December 2025 |
Share capital | Share Premium | Other reserves | Cash flow hedge reserve | Employee benefit reserves | Retained (losses)/ earnings | Total equity |
N'000 | N'000 | N'000 | N'000 | N'000 | N'000 | N'000 |
16,259,625 | 673,192,574 | 1,360,756 | - | 47,544 | (241,946,422) | 448,914,077 |
Loss for the period |
Increase in employee benefit reserve |
Other comprehensive income |
Deferred tax |
Total comprehensive loss for the period |
- | - | - | - | - | (113,614,900) | (113,614,900) |
9,468 | - | 9,468 | ||||
- | - | - | (69,110,017) | (4,734) | - | (69,114,751) |
- | - | - | - | 9,447 | - | 9,447 |
- | - | - | (69,110,017) | 14,181 | (113,614,900) | (182,710,736) |
2,828,591 | 513,389,178 | - | - | - | - | 516,217,768 |
Profit for the period |
Total comprehensive profit for the period |
Balance at 31st December 2025 |
- | - | - | - | - | 63,335,382 | 63,335,382 |
- | - | - | - | - | 63,335,382 | 63,335,382 |
16,259,625 | 673,192,574 | 1,360,756 | - | 47,544 | (178,611,040) | 512,249,459 |
At 1 January 2024 | 13,431,034 | 159,803,396 | 1,360,756 | 69,110,017 | 33,363 | (128,331,522) | 115,407,044 |
Transactions with owners |
Rights issue of shares |
16,259,625 | 673,192,574 | 1,360,756 | - | 47,544 | (241,946,422) | 448,914,076 |
The notes on pages 9 to 12 are an integral part of these financial statements.
International Breweries Plc |
Unaudited Condensed Financial Statements |
for the 3 months ended 31st December 2025 |
31 December 2025 | 31 December 2024 |
Cash flows from operating activities |
Cash generated from operations |
Income tax paid |
Employee benefits paid |
Net cash outflow from operating activities |
Note | N'000 | N'000 |
14 | 129,513,944 | 152,724,313 |
(3,989,727) | (1,724,666) | |
(236,531) | (2,073,858) | |
125,287,686 | 148,925,789 |
Cash flows from investing activities | |||
Acquisition of property, plant and equipment | (111,446,837) | (71,694,383) | |
Proceed from investment in debt securities | 30,946,236 | (27,000,000) | |
Interest received | 6 | 18,085,214 | 9,425,251 |
Initial direct cost | - | (445,628) | |
Net cash outflow from investing activities | (62,415,386) | (89,714,760) | |
Cash flows from financing activities | |||
Proceed from borrowings | - | 62,000,000 | |
Proceed from issue of new shares | - | 516,217,769 | |
Repayment of principal on borrowings | - | (598,682,787) | |
Lease payment | (14,349,765) | (14,222,195) | |
Interest paid | (999,617) | (46,366,329) | |
Net cash outflow from financing activities | (15,349,382) | (81,053,542) | |
Net decrease in cash and cash equivalents | 47,522,918 | (21,842,513) | |
Cash and cash equivalents at the beginning of the period | 109,244,574 | 132,372,865 | |
Exchange loss on foreign currency cash and cash equivalent | (1,087,775) | (1,285,778) | |
Cash and cash equivalents at the end of the period | 9 | 155,679,717 | 109,244,574 |
The notes on pages 9 to 12 are an integral part of these financial statements.
International Breweries Plc |
Annual report and financial statements |
for the 3 months ended 31st December 2025 |
1 | General information |
These financial statements are the financial statements of International Breweries Plc ("the Company"). The Company was incorporated in Nigeria as a private limited liability company on 22 December 1971 under the Companies and Allied Matters Act, and is domiciled in Nigeria. The Company became a public limited liability company on 26 April, 1994. The address of its registered office is: Plot 5A Abuja Street, Banana Island, Ikoyi, Lagos, Nigeria |
The principal activities of the Company are brewing, packaging and marketing of beer, alcoholic flavoured/ non-alcoholic beverages and soft drinks. |
The parent company is AB InBev Nigeria Holdings BV, the ultimate parent company is Anheuser-Busch InBev SA/NV. |
2 | Summary of accounting policies |
2.1 | Introduction to summary of significant accounting policies |
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
2.2 | Basis of preparation |
The condensed financial statements for the year ended 31 December 2025 have been prepared in accordance with IFRS Accounting Standards and interpretations issued by the IFRS Interpretations Committee (IFRS IC) applicable to companies reporting under IFRS. Additional information required by national regulations is included where appropriate. They do not include all the information required for a full annual financial statements, and should be read in combination with the year end financial statement of International Breweries Plc for the year ended 31st December, 2024. | |
All values are rounded to the nearest thousand, except when otherwise indicated. The financial statements are presented in thousands of Naira. The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise its judgment in the process of applying the Company's accounting policies. Changes in assumptions may have a significant impact on the financial statements in the period the assumptions changed. Management believes that the underlying assumptions are appropriate and that the Company's financial statements therefore present the financial position and results fairly. |
2.3 | Going concern |
The Financial statements have been prepared on a going concern basis. The Directors have no doubt that the Company will be in existence after 12 months from the reporting date. The Directors do not intend to cease operations or stop any of the production lines. |
2.4 | Changes in accounting policy and disclosures |
The Company has applied the accounting policies in these condensed financial statements consistently with those applied in the financial statements for the year ended 31st December 2024. No new accounting policy in the year under review has significant impact on the financial statements that requires disclosure. |
International Breweries Plc |
Unaudited Condensed Financial Statements |
for the 3 months ended 31st December 2025 |
Notes to the financial statements | ||||
Oct - Dec | Jan - Dec | Oct - Dec | Jan - Dec | |
31 Dec 2025 N'000 | 31 Dec 2025 N'000 | 31 Dec 2024 N'000 | 31 Dec 2024 N'000 | |
Revenue from contracts with customers | 147,583,241 | 620,149,488 | 145,510,083 | 488,955,682 |
Finance costs |
Interest expense |
Interest expense on lease liabilities |
Net finance costs |
(246,266) | (999,617) | 5,697,773 | (27,275,016) |
(343,592) | (5,720,056) | (3,353,892) | (7,479,164) |
4,166,649 | 11,365,541 | 8,408,280 | (20,742,591) |
7 | Property, plant and equipment |
Acquisitions: |
During the 12 months ended 31st December 2025, the company acquired plant, property and equipment with a total cost of N112 billion (12 months ended 31st December 2024: N72 billion) |
Capital commitments: |
As at 31st December 2025, the company's commitment for plant, property and equipment was N0.4 billion ( 31st December 2024: N1.5 billion) |
8 | Borrowings |
3 | Revenue 3 Months 12 Months 3 Months 12 Months |
4 | Breakdown of Expense |
3 Months Oct - Dec 31 Dec 2025 | 12 Months Jan - Dec 31 Dec 2025 | 3 Months Oct - Dec 31 Dec 2024 | 12 Months Jan - Dec 31 Dec 2024 |
N'000 | N'000 | N'000 | N'000 |
85,927,748 | 346,093,980 | 95,025,882 | 305,589,858 |
9,187,651 | 28,364,177 | 8,247,059 | 25,234,139 |
2,291,010 | 11,863,032 | 4,408,187 | 9,856,887 |
16,363,602 | 65,405,650 | 15,325,326 | 49,961,295 |
2,641,548 | 13,442,372 | 1,749,311 | 7,394,398 |
23,743,542 | 78,722,549 | 20,058,082 | 68,038,386 |
140,155,104 | 543,891,760 | 144,813,847 | 466,074,963 |
Materials consumed and allocated overheads |
Employee benefit expenses |
Technical management fees |
Depreciation and Ammortization |
Business running costs |
Advertising, promotion, and distribution expenses |
5 | Other expense & income |
3 Months Oct - Dec 31 Dec 2025 | 12 Months Jan - Dec 31 Dec 2025 | 3 Months Oct - Dec 31 Dec 2024 | 12 Months Jan - Dec 31 Dec 2024 |
N'000 | N'000 | N'000 | N'000 |
(1,480,473) | 287,857 | 13,343,928 | 22,135,705 |
265,564 | 789,165 | 252,636 | 512,128 |
18,275 | (13,487,674) | (6,508,795) | (165,656,629) |
(2,246,324) | 6,472,468 | 18,334,364 | 22,177,727 |
2,236,797 | 2,948,067 | 8,657,940 | 7,326,407 |
(1,206,162) | (2,990,116) | 34,080,073 | (113,504,662) |
Sundry (expense)/income |
Royalty received |
Net foreign exchange loss - realised |
Net foreign exchange gain/(loss) - unrealised |
Write off of PPE |
6 | Finance income and costs |
3 Months Oct - Dec 31 Dec 2025 | 12 Months Jan - Dec 31 Dec 2025 | 3 Months Oct - Dec 31 Dec 2024 | 12 Months Jan - Dec 31 Dec 2024 |
N'000 | N'000 | N'000 | N'000 |
Finance income |
Interest income |
4,756,506 | 18,085,214 | 6,064,399 | 14,011,589 |
The overdraft facilities from the various banks are all secured by corporate guarantee of the Company. Interest on the bank overdrafts is payable at rates ranging from 25% to 30% (2024:25% to 30%).
There were no outstanding loans and overdraft at the end of the period.
International Breweries Plc |
Unaudited Condensed Financial Statements |
for the 3 months ended 31st December 2025 |
9 | Cash and cash equivalents |
31 December 2025 | 31 December 2024 |
N'000 | N'000 |
82,909,005 | 24,669,455 |
72,770,713 | 84,368,852 |
- | 206,267 |
155,679,717 | 109,244,574 |
Cash at bank |
Short-term investment |
Restricted cash* |
The company classifies its cash on hand and in bank as cash and cash equivalents. | ||
*Restricted cash is collateral deposit held by the bank till the maturity date of forward contracts. | ||
Share capital | 31 December 2025 | 31 December 2024 |
N'000 | N'000 | |
10
Issued and fully paid: |
Ordinary shares |
16,259,625 | 16,259,625 |
AB InBev Nigeria Holding BV as at 31 December, 2025 held an equity interest of 96.01% in International Breweries Plc.
Shareholding Structure/Free Float Status:
31 December | 31 December | |||
Unit | Percentage | Unit | Percentage | |
Issued Share Capital | 168,291,591,406 | 100% | 26,862,065,850 | 100% |
Substantial Shareholdings (5% and above) | ||||
AB INBEV NIGERIA HOLDINGS BV (THE "COMPANY") | 161,580,471,272 | 96.01% | 21,069,512,368 | 78.44% |
BRAUHAASE INTERNATIONAL MANAGEMENT GMBH | 2,377,579,013 | 1.41% | 2,377,579,013 | 8.85% |
Total Substantial Shareholdings | 163,958,050,285 | 97.42% | 23,447,091,381 | 87.29% |
Directors' Shareholdings (direct and indirect), excluding directors with substantial interests | ||||
Nnaemeka Alfred Achebe | 40,732,127 | 0.02% | 40,732,127 | 0.15% |
Chinyere Ezeugwu | 204,836 | 0.00% | 204,836 | 0.00% |
Chijioke Ugochukwu | 96,010 | 0.00% | 96,010 | 0.00% |
Total Directors' Shareholdings | 41,032,973 | 0.02% | 41,032,973 | 0.15% |
Other Influential Shareholdings | ||||
Free Float in Units and Percentage | 4,292,508,148 | 2.55% | 3,373,941,496 | 12.56% |
Free Float in Value | ₦ 23,823,420,221.40 | ₦ 16,667,270,990.24 | ||
Declaration: |
International Breweries Plc is compliant with the free float requirement for companies listed on the Main Board. |
11 | Share premium |
31 Dec 2025 | 30 Dec 2024 |
N'000 | N'000 |
673,192,574 | 673,192,574 |
Balance as at 31 December
12 | Fair Value |
IFRS 13 specifies a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. Observable input reflect market data obtained from independent sources; unobservable inputs reflect the Company's market assumptions.
At the reporting date, the Company valued its derivatives as measured at fair value in the level 2 fair value hierarchy. The carrying amounts of all other financial assets and liabilities at the reporting date approximate their fair values.
13 | Earnings per share |
Basic earnings/(loss) per share (EPS) is calculated by dividing the loss after taxation by the weighted average number of ordinary shares in issue at the end of the reporting period.
3 Months Oct - Dec 31 Dec 2025 | Jan - Dec 31 Dec 2025 | 3 Months Oct - Dec 31 Dec 2024 | Jan - Dec 31 Dec 2024 |
5,510,078 | 63,335,382 | (794,376) | (113,609,186) |
Profit/(Loss) attributable to shareholders (N'000)
168,291,591 | 168,291,591 | 97,576,829 | 97,576,829 |
0.03 | 0.38 | (0.01) | (1.16) |
Weighted average number of ordinary shares in issue ('000) Basic and diluted profit/(loss) per share (Naira)
International Breweries Plc |
Unaudited Condensed Financial Statements |
for the 3 months ended 31st December 2025 |
14 | Cash generated from operating activities |
14.1 | Reconciliation of cash generated from operations |
31 December 2025 | 31 December 2024 |
N'000 | N'000 |
85,108,888 | (111,820,512) |
Profit/(Loss) before tax
Adjustment for non cash items: |
Depreciation and Impairment |
Depreciation - Right of Use |
Write-off on disposal of PPE |
Employee benefit expense |
Increase in employee benefit reserve |
Interest received |
Interest expense on borrowings |
Interest expense on lease liability |
Impairment loss on financial assets |
Write off of property plant and equipment |
Fair value (gain)/loss on foreign currency forwards |
Fair value change on foreign currency forwards cash flow hedges |
Unrealised exchange (gain)/loss |
Gain on estimation of returnable container in market for PPE (note 31.2b) |
Exchange loss on foreign currency cash and cash equivalent |
56,778,460 | 41,002,687 |
8,627,190 | 8,958,608 |
- | - |
53,047 | 1,125,846 |
- | 9,468 |
(18,085,214) | (14,190,671) |
999,617 | 25,452,612 |
5,720,056 | 7,479,164 |
(475,733) | 453,978 |
3,062,306 | 1,727,350 |
- | 193,670,263 |
- | (69,110,017) |
(6,472,468) | 183,257,123 |
- | (9,053,757) |
1,087,775 | 1,285,778 |
Changes in working capital: |
Decrease/(increase) in trade and other receivables |
Increase in inventories |
(Decrease)/Increase in trade and other payables |
Net cash generated from operations |
43,056,597 | (98,289,439) |
(4,026,506) | (41,201,195) |
(45,920,071) | 31,967,027 |
129,513,944 | 152,724,313 |
15 | Related Party Transactions |
The Company's related parties include the ultimate parent company, AB InBev, SAB-Miller Finance BV and SAB-Miller Plc a subsidiary of AB InBev; its group entities; the directors, their close family members and employees who are able to exert a significant influence on the company's operating policies. These may also include key management personnel having authority and responsibility for planning, directing and controlling the activities of the entity, directly or indirectly. |
All outstanding balances with these related parties are priced on arm's length basis and are to be settled within the agreed periods. None of the balances are secured and do not bear interest. |
16 | Events after the reporting period |
There were no events which could have materially impacted on the affairs of the Company within the reporting period which have not been adequately disclosed in the Unaudited condensed results for the year ended 31 December, 2025.
17 | Securities Dealing Policy |
International Breweries Plc has in place a Securities Trading Policy " The Policy" which guides the Board and Employees when effecting transactions in the Company's shares. The Policy provides for periods for Dealing in Shares and other Securities, established communication protocols on periods when transactions are not permitted to be effected on the Company's Shares (Closed Period) as well as disclosure requirements when effecting such transactions. |
Insiders covered in this Policy have not notified the Company of any dealing in the Company's Securities within this period and the Company is not aware of any breach of this Policy within the period. |