Before taking an investment decision, the potential shareholders must consider carefully all information available on this website, especially the risks mentioned below. The business, financial situation and operational results of M. Dias Branco could be adverse and materially affected by any of these risks, and for this reason, affect negatively the securities issued by the Company.

The risks described below are those know by M. Dias Branco and that the Company believes that may affect its business in a significant way. Additional risks unknown by M. Dias Branco or classified as insignificants can also affect its business.

a. Issuer-related risks
b. Risks related to its shareholders, especially controlling shareholders
c. Risks related to its subsidiaries and affiliates
d. Risks related to its Management
e. Risks related to its suppliers
f. Risks related to its customers
g. Risks related to the sectors of the economy in which the issuer operates
h. Risks related to the regulation of the sectors in which the issuer operates
i. Risks related to foreign countries where the issuer operates
j. Risks related to social issues
k. Risks related to environmental issues
l. Risks related to climate issues, including physical and transition risks