American Banknote Corporation

American Banknote Corporation

XXXXXX X. XXXXXX
Chairman and CEO 000 Xxxxxx Xxxxxx
Xxxxxxxxx Xxxxxx, Xxx Xxxxxx 00000
Phone: (000) 000-0000 Fax (000) 000-0000

January 4, 2002


Xx. Xxxx Xxxxxxxx Sidrim Xxxxxx
Xxx Xxxxxxxxxx 00/000
Xxx xx Xxxxxxx Xxxxxx

Dear Xxxxxx:

Reference is made to your letter dated January 2nd, 2002, regarding the Stock Purchase and Sale Agreement by and among you, American Banknote Corporation, ABN Equities Inc., and American Bank Note Company Grafica E Servicios Ltda (“ABN Limitada”), dated January 9, 2001, pursuant to which you were entitled to purchase certain quotas or shares of ABN Limitada.

As a consequence of certain changed circumstances, including without limitation the decreased value of the Brazilian Real against the United States Dollar, and per our prior discussions, we confirm our agreement to annul such agreement in its entirety.

Very truly yours,

AMERICAN BANKNOTE CORPORATION


     /s/ Xxxxxx X. Xxxxxx     
By: Xxxxxx X. Xxxxxx

January 2nd. 2002
002.01.02.02

Xxxxxx Xxxxxx
Chairman - American Banknote Corporation
000 Xxxxxx Xxxxxx, 0xx xxxxx
Xxxxxxxxx Xxxxxx, XX 00000
U.S.A.


Dear Xxxxxx,

In January 2001 we signed a stock purchase agreement in which I would acquire 0,4% of the capital stock of ABN Limitada owned by ABN Corp, subject to the confirmation of the restructuring plan of the Parent Company.

As the terms of the contract are not beneficial to me right now, due to the abnormal variation of the exchanging rate agreed before, and as the restructuring plan of the Parent Company was not yet been confirmed, I would like to cancel that agreement immediately.

I hereby ask your permission for the annulment of that contract.

Yours truly,



     /s/ Xxxx Xxxxxxxx Sidrim Xxxxxx     
Xxxx Xxxxxxxx Sidrim Xxxxxx