Before taking an investment decision, the potential investors must carefully consider all information available on this web site, specially the risks referred to below. The dealings, financial status and the bottom line of ABnote's operations can be adversely and materially affected by any of these risks and, therefore, affect negatively the securities issued by the Company. The risks described below are those known by ABnote and that may significantly impair the Company. Additional risks that are not known by ABnote or are insignificant can also affect its business.



The demand for Abnote’s pre-paid public telephony cards can decrease.



The Company may not ensure that its existent agreements for card supply, identification system and graphic service management shall be renewed under satisfactory terms or even renewed upon the expiration of the validity of the agreements.



ABnote counts on some few clients for a significant portion of its net income and the loss of these clients would adversely affect the Company.



If paper is progressively replaced by the electronic media in the future, Abnote’s graphic service management business shall be materially and adversely affected.



- The Company’s business depends on its ability to foresee and quickly adjust to the evolution of the technological innovations and industrial standards.



ABnote may be required to change its offer of products and services or it shall pay a higher value in case there are changes to the technology of third parties contracted by the Company or an increase in the price of this technology.



In case of merger of Gemplus and Axalto, Abnote’s smart card business can be adversely affected.



The Company may not be able to successfully implant or manage a distinct Brazilian mail system.



ABnote depends on the continuation of its officers and other strategic professionals’ services.



Company’s strategies comprises the acquisition of assets and equity interests, which may not be accomplished or, once it is accomplished, may bring operational difficulties and contingencies related to the business acquired by it, being further subject to the approval of the competitor's defense bodies.



If ABnote’s products are defective or if there is any problem with the services it provides, the Company may loose clients and income and be subject to huge civil liability suits.



ABnote can be held responsible if third parties improperly take personal information of its users.



The Company is a party to several legal and administrative proceedings filed during the ordinary course of its business. Unfavorable sentences in these proceedings may significantly and adversely affect ABnote’s business, financial status and operational results, further adversely affecting the market price of its ordinary shares.




ABnote’s markets are highly competitive and its competitors may impair the ability of selling products and services and reduce its market share.



The businesses of most of Company’s clients are subject to governmental regulations and unfavorable amendments to these regulations may adversely affect its business, the financial status and operational results.



ABnote may be adversely affected by eventual environmental liabilities and the approval of more strict environmental regulations and rules.




The Brazilian government has exercised and still continues to exercise a significant influence over the national economy. This involvement, as well as the Brazilian political and economical situation, may adversely affect ABnote's business and the market price of its shares.



In the event of political instability, the results of Company’s operations and the price of its shares may be adversely affected.



The inflation and the Brazilian government’s efforts to fight it may significantly contribute for the economical uncertainties in Brazil.



The market value of securities issued by Brazilian companies is influenced by the perception of the risk in Brazil and in other emergent economies, what can adversely affect the market price of ABnote’s shares and restrict its access to the international capital market.




The eventual sale of significant lots of ABnote's shares can cause a decrease of the price of these shares.



The market price and the trade volume of Company’s ordinary shares may be volatile and investor shall not be able to resell its ordinary shares for the purchase price or even a higher amount.



The absence of one sole controlling shareholder or a group of controlling shareholders may submit ABnote to new shareholders' alliances, shareholders' disputes or to other unforeseen events.



ABN Equities Inc. may continue to exercise influence on the Company, what shall limit investor’s ability to influence in the corporate issues.



Holders of ABnote’s ordinary shares may not receive dividends.