(Commission File No. 1-14862 )

EXECUTIVE SUMMARY:

The uncertainties stemming from Europe’s financial crisis and the associated impacts on economic growth rates in the United States and emerging economies, such as China, continued to impact world economic growth in 3Q12 and consequently the demand and prices for petrochemical commodities. The sector was also affected by the continued high volatility in the price of its main feedstock, naphtha, caused by speculation in oil markets. Accompanying oil prices, naphtha prices began to accelerate in July, which impacted industry profitability in the quarter, with the spreads of resins¹ and basic petrochemicals² in international markets narrowing by 12% and 31%, respectively.

In a still-turbulent global scenario, the Brazilian economy began to show signs of recovery in 3Q12. Industrial production, however, has yet to fully respond to the incentives recently adopted by the federal government.

Influenced by seasonality, Brazilian demand for thermoplastic resins reached 1,349 kton, 18% up from 2Q12. Braskem’s sales followed the growth of the domestic demand to reach 951 kton. Compared to 3Q11, Brazilian consumption remained virtually stable, while the Company’s sales increased 11%, which led its market share to expand by 6 p.p. to end the 3Q12 at 70%.

EBITDA in 3Q12 was R$930 million, increasing 10% on the previous quarter, driven mainly by the double-digit growth in the Company's sales volume in the Brazilian market. In U.S. dollar, EBITDA grew by 7% to US$459 million.

In 9M12, Braskem’s EBITDA was R$2,559 million, decreasing 15% from the same period last year. The strong recovery in sales volume in the domestic market did not offset the narrowing of spreads, which followed the trend in international markets and contracted by 23% and 13% for resins and basic petrochemicals, respectively.

On September 30, 2012, Braskem’s net debt remained stable at US$6.5 billion. Financial leverage measured by the net debt/EBITDA ratio in U.S. dollar increased from 3.55x to 3.77x in 3Q12, which is explained by the reduction of 6% in EBITDA in the last 12 months caused by the lower spreads. Excluding the financing structure for the project in Mexico, financial leverage in U.S. dollar stood at 3.67x.

As already mentioned, Brazil’s federal government have responded to the international scenario and once again adopted measures to boost the competitiveness of local industry. The highlights in the quarter were (i) the increase in import duties on 100 products related to the steel, petrochemical, fine chemicals, pharmaceutical and capital goods sectors; and (ii) the reduction in electricity tariffs.

In the year to date, the highlights also include the reductions in payroll taxes for manufacturers; the Reintegra program; the BNDES Revitaliza program (more competitive financing lines); the extension of tax incentives for the automotive and white line segments; and the measure approved by the Senate to unify and reduce the interstate VAT tax for imported goods from 12% to 4%, which will come into force in January 2013, reducing the tax incentive granted by certain Brazilian ports.

The proposals submitted in May 2012 to the federal government by the Chemical Industry Competitiveness Board aimed at stimulating growth and reducing taxes in the petrochemical and plastics chain are still being analyzed. Once approved, the stimulus measures are expected to usher in a new cycle of investment in the industry and the country over the coming years.

Celebrating its 10^th anniversary since its creation, Braskem reaffirms its commitment to the growth and competitiveness of the petrochemical industry and the plastics production chain in Brazil.

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PERFORMANCE

4 Net Revenue

In 3Q12, consolidated net revenue was US$4.7 billion, in line with the previous quarter. In Brazilian real, net revenue was R$9.5 billion, or 3% higher than in the previous quarter, which is basically explained by the increase in the sales volume of resins and main basic petrochemicals.

Compared to 3Q11, consolidated net revenue in U.S. dollar decreased 12%, affected by the lower average price, which followed the international market. Measured in Brazilian real, consolidated net revenue was up by 9%, benefitting from the average U.S. dollar appreciation in the period of 24%.

Revenue from exports in 3Q12 was US$1.9 billion, down 7% and 16% from 2Q12 and 3Q11, respectively. In both comparison periods, the reduction is mainly explained by the lower volume of resale.

In 9M12, consolidated net revenue was US$14.0 billion, or 7% lower than in the same period last year. The drop in prices, in line with the downward trend in international markets, was partially offset by the higher sales volume of thermoplastic resins and basic petrochemicals, and the consolidation of the PP assets acquired at the end of 2011. In Brazilian real, net revenue was R$26.8 billion, increasing 10% on 9M11, impacted by the U.S. dollar appreciation in the period.

Meanwhile, export revenue was US$6.0 billion, or 3% lower than in 9M11, explained by the lower volume of resale and the price reduction, as mentioned above.

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Highlights by Segment

4 Capacity utilization

In a global scenario still volatile, Braskem’s plants continued to operate at high utilization rates, supported by the seasonally stronger demand in the Brazilian market and the resumption of production at its U.S. assets after the scheduled maintenance shutdown. The Company’s capacity utilization rates are shown below:

4 Polyolefins

Brazilian market: demand for Polyolefins (PE and PP) in 3Q12 increased 20%, exceeding initial expectations to reach some 1,040 kton. Compared to 3Q11, demand was 10% higher. The strong demand is mainly explained by the seasonally stronger third quarter, when the production chain typically gears up for year-end sales of manufactured products, and by the initial response to the stimulus measures introduced by the government.

In the comparison with 9M11, demand increased by 2% to 2,867 kton, boosted by the strong third-quarter performance.

Production: in 3Q12, production volume was 1,107 kton, or 9% higher than in 2Q12, driven by the stronger domestic demand and the normalization of the average PP capacity utilization rate, which had been affected by a scheduled shutdown in the period. Compared to 3Q11, production increased 6%, reflecting the period’s stronger demand.

Domestic sales: following the trend in the Brazilian market, the Company’s sales increased by 20% to 797 kton, maintaining its market share at 77%. Compared to 3Q11, domestic sales grew 10%, reflecting the market share expansion of 6 p.p. between the periods.

Export sales: in the third quarter, exports totaled 351 kton, or 6% more than in 2Q12, mainly due to the higher supply of PP in the period. In relation to 3Q11, export sales decreased by 10%.

In 9M12, domestic sales were 8% higher, reflecting the 4 p.p. expansion in the Company’s market share from 9M11. Meanwhile, export sales increased 2% to 1,013 kton. The stronger total sales volume is explained by the increase in production, 3,212 kton, which last year was adversely affected by scheduled and unscheduled maintenance shutdowns.

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4 Vinyls

Brazilian market: estimated demand for PVC in 3Q12 was 308 kton, or 13% higher than in previous quarter, benefitting from the recovery in the construction industry. PVC demand compared to the 3Q11 contracted by 6%.

In 9M12, PVC demand was slightly higher when compared to the same period of last year and reached 862 kton.

Production: operating at an average utilization rate of 87%, PVC production was 141 kton in the quarter, increasing 27% from 2Q12, which reflects the startup of the new PVC plant in Alagoas. Caustic soda production was 126 kton, up 28% from 2Q12, when production was affected by a scheduled maintenance shutdown. Compared to 3Q11, PVC and Caustic soda production volumes rose by 19 kton and 8 kton, respectively.

Domestic sales: in 3Q12, PVC sales volume was 154 kton, or 16% higher than in the previous quarter, reflecting the startup of the new plant. Caustic soda sales volume came to 115 kton, up 1% from 2Q12. Compared to 3Q11, PVC and Caustic soda sales volume increased by 14% and 2%, respectively.

In 9M12, PVC sales were up 16% compared to 9M11, benefitting from the new production capacity coming online. Meanwhile, Caustic soda sales volume increased 14% from 9M11, when production was affected by unscheduled maintenance shutdowns.

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4 Basic Petrochemicals

Ethylene production in the quarter was 869 kton, or up 6% compared to the 2Q12, reflecting the higher capacity utilization rate in the period of 92%. In relation to 3Q11, production volume increased 7%, responding to the higher utilization rate at the cracker in Rio de Janeiro, which underwent a scheduled maintenance shutdown in July 2011.

Ethylene and propylene: the Company’s total sales in the quarter reached 261 kton, growing 25% from 2Q12, reflecting the stronger demand from second-generation producers, which also were affected by the scheduled and unscheduled shutdowns in the prior period. Compared to 3Q11, sales volume increased 15%.

Butadiene: in 3Q12, butadiene sales came to 112 kton, for robust growth of 56% and 31% compared to 2Q12 and 3Q11, respectively, which is explained by the startup of the new butadiene plant in Triunfo, Rio Grande do Sul.

BTX: aromatics sales volume was up 2% in 3Q12 to reach 268 kton. Compared to 3Q11, sales remained stable.

In 9M12, the higher utilization rates at crackers in relation to 2011 supported sales volume growth of 8%, 9% and 5% for ethylene/propylene, butadiene and BTX, respectively.

4 International Business Unit

Market: in 3Q12, the U.S. market continued to show signs of recovery. The European demand, after a weak 2^nd quarter, also showed signs of improvement, but still below the level presented on the same quarter of previous year.

The nine months of the year were marked by high volatility in feedstock prices, which alternated between upward and downward trends over the quarters, impacted by the fluctuations in naphtha prices and in the balance between the PP supply-demand balance.

Production: the International Business unit, represented by the operations in the United States and Europe recorded a capacity utilization rate of 89%. Production volume in the quarter was 448 kton, or 5% higher than in 2Q12, a quarter affected by the scheduled maintenance shutdowns. Compared to 3Q11, the growth in production volume is explained by the consolidation of the PP assets as of 4Q11.

Sales: in 3Q12, PP sales totaled 452 kton, growing 7% from 2Q12, driven by higher production volume and better demand.

In 9M12, the strong growth in production and sales is explained by the acquisition of the four PP plants in the United States and Europe, which were consolidated in the results as of 4Q11.

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4 Selling, General and Administrative Expenses

In 3Q12, Selling, General and Administrative (SG&A) expenses were R$541 million, decreasing 2% from the previous quarter. Compared to 3Q11, SG&A expenses increased by R$46 million.

Selling Expenses were R$250 million, increasing 7% from 2Q12, due to the expenses associated with the higher sales volume in the period, such as product storage and handling. Compared to 3Q11, selling expenses were 16% higher, reflecting the stronger sales and the addition of the new PP assets.

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General and Administrative Expenses were R$291 million in 3Q12, decreasing 9% from 2Q12, a quarter that was affected by nonrecurring expenses with audit services, advertising (e.g., sponsoring the Rio+20 Earth Summit). Compared to 3Q11, General and Administrative expenses increased 4%, due to the higher expenses with institutional campaigns, such as the inauguration of the PVC plant in Alagoas and Braskem's 10th Anniversary campaign, besides the PP assets consolidation acquired as of 4Q11.

In 9M12, Selling, General and Administrative expenses were R$1.6 billion, increasing 10% from 9M11. The increase is explained by (i) the higher payroll expenses (annual wage increases under the collective bargaining agreement); (ii) the higher sales volume of the Brazilian assets; and (iii) the consolidation of the PP assets acquired in late 2011.

4 EBITDA

Braskem’s consolidated EBITDA³ in 3Q12 was R$930 million, growing 10% from the previous quarter, with EBITDA margin excluding naphtha resale of 10.4%. In U.S. dollar, EBITDA increased 7% from 2Q12 to US$459 million. The main drivers of growth were: (i) the higher total sales volume of resins and basic petrochemicals; and (ii) the impact of the moving average of naphtha price, reference for the domestic supply, which partially offset the price reduction of resin and basic petrochemicals in the international market, of 2% and 11%, respectively.

Excluding the impact from the nonrecurring items of R$108 million in 2Q12, EBITDA in 3Q12 increased by 26% in Brazilian real and by 22% in U.S. dollar.

Compared to 3Q11, EBITDA in Brazilian real remained virtually stable, while EBITDA in U.S. dollar decreased 19%. The higher sales of thermoplastic resins and the main basic petrochemicals was insufficient to offset the lower spreads of thermoplastic resins and basic petrochemicals in the international market, which decreased 19% and 18%, respectively.

Note: see the reconciliation of Net Income and EBITDA in Exhibit III.

In 9M12, Braskem’s consolidated EBITDA was R$2,559 million, down 15% from the same period of 2011. The higher sales volume and U.S. dollar appreciation of 18% were insufficient to offset the lower spreads of resins and basic petrochemicals in the international market, which decreased 23% and 13%, respectively, between the periods. In U.S. dollar, EBITDA decreased by 28%.

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4 Net Financial Result

In 3Q12, the net financial result was an expense of R$568 million, compared to an expense of R$2,105 million in the prior quarter. This variation is basically explained by the 1% appreciation in the U.S. dollar⁴ against the Brazilian real in the period, compared to the appreciation of 11% in 2Q12.

Since Braskem holds net exposure to the U.S. dollar (more dollar-denominated liabilities than dollar-denominated assets), any change in the exchange rate has an impact on the book financial result. On September 30, 2012, this net exposure was composed of: (i) in operations, 60% of supplier accounts, which was partially offset by 63% of accounts receivable; and (ii) in the capital structure, by 85% of net debt. Given its heavily dollarized operational cash flow, maintaining this net short exposure in U.S. dollar is in compliance with the financial management policy. Virtually 100% of its revenue is directly or indirectly pegged to the variation in the U.S. dollar exchange rate, and approximately 80% of its costs are also pegged to this currency.

It is important to note that the exchange variation effect, which posted a loss of R$128 million in the quarter, does not have a direct cash impact in the short term. This amount represents exchange variation accounting impacts, especially on the Company’s debt, with any expenditure occurring only upon the maturity of the debt, which has a total average term of 15 years. The portion of debt denominated in U.S. dollar has an average term of 21 years.

Excluding the effects from exchange and monetary variation, the net financial result in 3Q12 was an expense of R$393 million, down R$61 million from the expense in the prior quarter. This decrease is mainly explained by reducing the cost and expenses of its financial in Brazilian real in the period.

On the same basis, in 9M12, the net financial result was an expense of R$1,147 million, or R$ 156 million higher than in the same period last year. The result reflects the impact of exchange variation on the debt balance.

The following table shows the composition of Braskem's net financial result on quarterly and annual bases.

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4 Net Income/Loss

Braskem posted a net loss of R$124 million in 3Q12, which is basically explained by the impact from the net financial expense of R$568 million, which completely offset the better operating result in the period. In 9M12, Braskem posted a net loss of R$1 billion.

4 Cash Flow

Braskem’s operating cash flow, adjusted by Financial Investments, was R$835 million in the quarter. Working capital has a positive impact of R$86 million, which is mainly explained by the positive variation in (i) Inventory resulting from the higher sales volume; which was partially offset by the negative variation in (ii) Accounts Receivable, affected by the same reason; and (iii) Taxes and Contributions, explained by the prepayment of tax debits under the Refis tax amnesty program that had a positive impact on the result of the previous quarter.

In the period, Adjusted Free Cash Flow was positive R$243 million, explained by (i) the reduction in interest paid, which was affected by the payments of semiannual coupons on bonds issued by Braskem that occurs in the second and fourth quarters of the year; and (ii) the capital expenditure with expansion projects.

The investment of R$450 million includes R$157 million disbursement of the subsidiary Braskem-Idesa (Mexico project), which is fully consolidated by the Company. In this quarter there was no portion corresponding to Braskem’s equity contribution.

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In the year, the investments related to the project totaled R$458 million, of which R$34 million corresponds to Braskem’s equity contribution. The remaining balance of R$424 million is mainly explained by the project's bridge loan and by Idesa lending. The bridge loan and advances from Idesa will be refinanced upon the first disbursement of the project finance, when Braskem will start to report both consolidated figures and the specific line for borrowings.

The project finance structure is in the final documentation process and during quarter the US$300 million loan from EDC (Canada’s export credit agency) was confirmed, which brought total financing to US$3.3 billion.

4 Capital Structure and Liquidity

On September 30, 2012, Braskem's consolidated gross debt stood at US$8,383 million, up 2% from the balance on June 30, 2012, reflecting the issue in July of US$250 million in bonds maturing in 2041. In Brazilian real, gross debt increased also by 2%. This debt includes Braskem’s bridge loan for the Mexico project on the amount of US$195 million, which will be repaid once the project finance is structured. At the end of the period, 69% of gross debt was denominated in U.S. dollar.

The balance of cash and investments increased by 8% to US$1,891 million, reflecting the higher cash generation in the period. In line with its strategy of maintaining high liquidity and financial solidity, the Company maintains two revolving stand-by credit facilities in the aggregate amount of US$600 million that do not include any restrictive covenants on withdrawals during times of Material Adverse Change (MAC Clause). Only prime banks with low default rates (credit default swap) and high credit ratings participated in the transactions.

As a result, Braskem’s consolidated net debt, in both Brazilian real and U.S. dollar, remained virtually unchanged between the quarters at R$13,184 million and US$6,492 million, respectively. At the end of the period, 85% of net debt is denominated in U.S. dollar.

The 6% reduction in EBITDA in the last 12 months (US$1.7 billion vs US$1.8 billion), explained by the narrowing spreads of resin and basic petrochemical, following the international market, led financial leverage measured by the net debt to EBITDA ratio to increase from 3.55x to 3.77x in 3Q12 when measured in U.S. dollar. In Brazilian real, this ratio stood at 4.02x, in line with the previous quarter.

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Excluding the total balance of the bridge loan for the Mexico project and its respective cash, financial leverage as measured by the net debt/EBITDA ratio was 3.92x in Brazilian real and 3.67x in U.S. dollar.

On September 30, 2012, the average debt term was 15.4 years, in line with 15 years at the end of June 30, 2012. Considering only the portion denominated in U.S. dollar, the average debt term is around 21 years. The average cost of the Company's debt as of September 30, 2012 was 6.27% in U.S. dollar and 8.29% in Brazilian real, compared to 6.07% and 8.51%, respectively, in the prior quarter; the higher cost in U.S. dollar is explained by the reopening, in July, of its 2041 bond issue in the amount of US$250 million.

In line with the strategy of maintaining competitive debts in its portfolio and in response to the lower TJLP reduction when compared to the Selic decreased, Braskem anticipated the payment of some of the debts with BNDES, of R$400 million, which had financial and terms conditions less attractive than other opportunities in the local market.

In the 3Q12 the Company also realized the payment of its only operation that had financial covenants, standardizing the contractual conditions of the financing lines.

The following charts show Braskem’s gross debt by category and indexer.

The following chart shows the Company’s consolidated amortization schedule on September 30, 2012.

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Only 4% of Braskem’s total debt matures in 2012, and its high liquidity ensures that its cash and cash equivalents cover the payment of obligations maturing over the next 31 months. Considering the stand-by credit facilities, this coverage is 35 months.

CAPITAL EXPENDITURE: Maintaining its commitment to financial discipline and to making investments with returns above the cost of capital, in the nine months of 2012, Braskem invested R$1,385 million (excluding capitalized interest). Of the total investments, 42%, or R$575 million, was allocated to projects to expand its capacity and improve its assets. Braskem also disbursed R$262 million in maintenance, in line with its objective of maintaining its assets operating at high levels of utilization efficiency and reliability.

PROJECT PIPELINE:

In keeping with its medium and long term strategy, which is focused on expanding in the Brazilian market, diversifying its energy matrix, advancing its international expansion and consolidating its leadership in the biopolymer market, Braskem’s project portfolio comprises the following projects:

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SUMMARY OF PROJECTS

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4 VISIO Program

The VISIO Program implemented more than 100 initiatives during 3Q12, which focused on new business development and
	increasing operational efficiency at our Clients. Braskem, in partnership with BR Plásticos (a ceiling tile producer) and the PVC Profile Manufacturers Association (AFAP), developed an agenda with the Finance Ministry to reduce the rate of the IPI (federal value-added tax) for the segment. The negotiations resulted in a reduction in the tax rate from 10% to 5%, which will make Brazil’s PVC tile industry more competitive.
	Braskem also provided support to Deten Química S.A., a pioneer in developing biodegradable dishwashing liquid in the Brazilian market, to improve its productivity and also offered the knowledge required for obtaining the Own Equipment Inspection Service (SPIE) certification, which implements a set of rules regulated by Ordinance 16 of INMETRO, and will allow the company to reduce the frequency of maintenance shutdowns. The solution developed helped the client improve safety, boost competitiveness and lower costs.
Seeking to diversify into new segments and create value for the client, Braskem is the new supplier of polybutene to GE’s mobile water treatment fleet, known as GE Mobile Water. This solution offered by GE to the energy, petrochemical, chemical and pulp and paper industries increases processing capacity, improves production efficiency and reduces maintenance costs. With the advances made in the VISIO Program, Braskem further reinforces its commitment to strengthening Brazil’s chemical and petrochemical industries.

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	Maxio® product line: this seal identifies and groups together resins that offer benefits,such as energy savings, lower weight and productivity gains. This product line combines technology, innovation and performance to ensure high quality and performance in harmony with the environment.

OUTLOOK:

The lower growth of developing economies and the ensuing impacts on emerging economies, which have also faced slower domestic demand, led the International Monetary Fund (IMF) to revise downwards its forecast for world GDP growth in 2012 to 3.3%.

In China, besides the external scenario, the adoption of policies to reduce the risk of a property bubble has affected its growth, which should end the year close to 7.8%. Nevertheless, new infrastructure investments are expected to re-accelerate the economy, resulting in an estimated GDP growth at 8.6% for 2013.

The Brazilian economy followed the trend of the world economy, and 2012 GDP growth forecast was revised downward, to 1.6%. However, the tax and monetary stimulus measures adopted by the government should accelerate growth, especially the industrial activity that for the next year has a growth forecast around 4%.

In this scenario, Braskem’s strategy remains centered on strengthening its business and increasing its competitiveness, which include: (i) strengthening its partnerships with Clients, with market share expansion in the domestic market; (ii) supporting the development of Brazil’s petrochemical and plastics chain; (iii) pursuing operational efficiency by maintaining its capacity utilization rates at high levels and reducing its fixed costs; (iv) capturing value from the new plants that began operating, PVC and butadiene; (v) maintaining its strategy of strengthening its international presence by advancing the Ethylene XXI project in Mexico and by diversifying into more competitive feedstock sources in the United States; and (vi) maintaining its financial solidity.

The slower growth in the world economy has impacted the petrochemical industry, whose profitability has been adversely affect by the high volatility of oil prices, which have been influenced by geopolitical issues in the Persian Gulf region. Therefore, the short-term scenario remains marked by caution and it is expected industry spreads to remain under pressure.

In the medium and long term, the outlook for the petrochemical industry remains positive. In this context, Braskem maintains its commitment to sustainable growth and development and will continue to act proactively to pursue the best opportunities, seeking to create value for its Clients, Shareholders and Society and to increase competitiveness throughout the entire petrochemical and plastics production chain, while maintaining its focus on financial discipline.

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UPCOMING EVENTS:

NOTE:

(i) On September 30, 2012, the Brazilian real/U.S. dollar exchange rate was R$2.0306/US$1.00.

(ii) The results of the PP assets acquired in 2011 began to be consolidated in Braskem’s results as of 4Q11. Braskem’s consolidated financial statements for 2011 were impacted also by the consolidation of Cetrel and the inclusion of the proportional investment in the subsidiary jointly with Refinaria de Petróleo Rio-Grandense (RPR).

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EXHIBITS LIST:

DISCLAIMER

This press release contains forward-looking statements. These forward-looking statements are not historical data, but rather reflect the targets and expectations of Braskem’s management. Words such as "anticipate", "wish", "expect", "foresee", "intend", "plan", "predict", "project", "aim" and similar terms, written, seek to identify statements that necessarily involve known and unknown risks. Braskem does not undertake any responsibility for transactions or investment decisions based on the information contained in this document.

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     EXHIBIT I
Consolidated Statement of Operations
(R$ million)

Note: as of 2Q11, we began to once again fully consolidate Cetrel, retroactive to January 2011.

On June 30, 2012, Braskem began to recognize investments in jointly controlled companies on its financial statements using the equity method and no longer based on proportionate consolidation (Note 2.2) In the Consolidated Statement of Operations, the effects are shown in the line Results from Equity Investments, retroactive to January 2012.

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EXHIBIT II
Consolidated Statement of Operations - EBITDA
(R$ million)

EXHIBIT III
EBITDA RECONCILIATION
(R$ million)

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     ATTACHMENT IV
Consolidated Balance Sheet
(R$ million)

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EXHIBIT V
Cash Flow
(R$ million)

* As of 2Q11, we began once again to fully consolidated Cetrel, retroactive to January 2011.

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EXHIBIT VI
Production Volume - Main Products

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EXHIBIT VII
Sales Volume - Domestic Market - Main Products

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EXHIBIT VIII
Sales Volume - Export Market - Main Products
and International Businesses

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EXHIBIT IX
Consolidated Net Revenue

*Naphtha, condensate and crude oil

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EXHIBIT X
Results by Segment
(R$ million)

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This press release may contain forward-looking statements. These statements are statements that are not historical facts, and are based on management's current view and estimates offuture economic circumstances, industry conditions, company performance and financial results. The words "anticipates", "believes", "estimates", "expects", "plans" and similar expressions, as they relate to the company, are intended to identify forward-looking statements. Statements regarding the declaration or payment of dividends, the implementation of principal operating and financing strategies and capital expenditure plans, the direction of future operations and the factors or trends affecting financial condition, liquidity or results of operations are examples of forward-looking statements. Such statements reflect the current views of management and are subject to a number of risks and uncertainties. There is no guarantee that the expected events, trends or results will actually occur. The statements are based on many assumptions and factors, including general economic and market conditions, industry conditions, and operating factors. Any changes in such assumptions or factors could cause actual results to differ materially from current expectations.