• The Brazilian government has exercised, and continues to exercise, significant influence over the Brazilian economy. This influence, as well as Brazilian political and economic conditions, could adversely affect Santos Brasil Participações S.A..
  • Inflation, coupled with the Brazilian government’s measures to fight inflation, may significantly contribute to economic uncertainty in Brazil and may have an adverse effect on the Company and on the market price of its underlying shares.
  • Political, economic and social developments, and the perception of risk in other countries, particularly emerging market countries, may adversely affect the Brazilian economy, Santos Brasil Participações S.A.’s business, and the market price of Brazilian securities, including shares.
  • Exchange rate instability may adversely affect the market price of the Company’s underlying shares.
  • Increases in the interest rates may adversely affect the Brazilian economy, and may have an adverse effect on Santos Brasil Participações S.A..

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