Risk Factors

Before deciding to invest, prospective investors should carefully consider all of the information available on this website and in the Company‘s Reference Form, available on the website of Brazilian Securities and Exchange Commission (CVM). Alupar’s businesses, financial condition, and operating results may be materially and adversely affected by any of the risks referenced below and, therefore, negatively impact the securities issued by the Company. The risks described below are those of which Alupar is aware and which may materially affect the Company. Additional risks not presently known to Alupar may also affect its business.

1) Risks Relating to Regulatory Factors
2) Risks Relating to Construction and Operations
3) Risks Relating to Related Parties