Banco do Brasil S.A., acting through its Grand Cayman branch (the "Bank"), announced the commencement of its offer to purchase for cash up to $1,000,000,000 aggregate purchase price (excluding Accrued Interest (as defined below)) of the Bank's Outstanding 9.000% Perpetual Non-Cumulative Junior Subordinated Notes (CUSIP: 05958A AL2 and P3772W AF9; ISIN: US05958AAL26 and USP3772WAF97) (the "Notes") (the "Tender Offer"), upon the terms and subject to the conditions described in the Offer to Purchase dated October 4, 2023 (as it may be amended or supplemented from time to time, the "Offer to Purchase"). Terms not defined herein have the meaning ascribed to them in the Offer to Purchase. The Tender Offer will expire at 5:00 p.m., New York City time, on November 2, 2023, unless extended or earlier terminated (such date and time, including as it may be extended or earlier terminated, the "Expiration Deadline").

Holders must validly tender their Notes at or prior to 5:00 p.m., New York City time, on October 18, 2023 (such date and time, as it may be extended or earlier terminated, the "Early Tender Deadline") to be eligible to receive the Total Consideration for such Notes (which includes the Early Tender Premium). Holders who validly tender their Notes after the Early Tender Deadline must tender their Notes at or prior to the Expiration Deadline to be eligible to receive the Tender Offer Consideration for such Notes (which does not include the Early Tender Premium). Holders tendering their Notes will also receive accrued interest in respect of their purchased Notes from (and including) the immediately preceding interest payment date for the Notes up to, but excluding, the Early Settlement Date or the Final Settlement Date, as applicable (the "Accrued Interest").

The Total Consideration and the Tender Offer Consideration will be payable in cash. Tendered Notes may be validly withdrawn from the Tender Offer at or prior to, but not after, 5:00 p.m., New York City time, on October 18, 2023 (such date and time, as it may be extended, the "Withdrawal Deadline"), except as described in the Offer to Purchase or as required by applicable law. Withdrawal rights with respect to the Notes will terminate on the Withdrawal Deadline, unless extended pursuant to applicable law.

Accordingly, following the Withdrawal Deadline, any Notes validly tendered (whether before, on or after the Withdrawal Deadline) may no longer be validly withdrawn. For the withdrawal of a tendered Note to be valid, such withdrawal must comply with the procedures set forth in the Offer to Purchase.