First BanCorp. Announces That THL And Oaktree Commence Secondary Offering Of 18 Million Shares

First BanCorp. (the "Corporation") (NYSE:FBP), the bank holding company for FirstBank Puerto Rico, announced today that certain stockholders have commenced a proposed public underwritten offering, subject to market and other conditions, of an aggregate of 18 million shares of the Corporation's common stock, $0.10 par value per share (the "Common Stock"), that they currently own. Funds affiliated with Thomas H. Lee Partners, L.P. ("THL") are offering to sell 9 million shares of Common Stock; and funds managed by Oaktree Capital Management, L.P. ("Oaktree") are offering to sell 9 million shares of Common Stock. Upon completion of the proposed offering, THL's beneficial ownership of Common Stock will decrease from 19.3% to 15.1% (14.5% if the underwriters exercise their option to purchase additional shares of Common Stock in full), and Oaktree's beneficial ownership of Common Stock will decrease from 19.3% to 15.1% (14.5% if the underwriters exercise their option to purchase additional shares of Common Stock in full). The Corporation will not receive any of the proceeds from the proposed offering.

BofA Merrill Lynch, Goldman, Sachs & Co., Citigroup Global Markets Inc. and Sandler O'Neill + Partners, L.P. will act as joint book-running managers for the proposed Common Stock offering. Keefe, Bruyette & Woods and Piper Jaffray & Co. will act as co-managers.

The offering will be made only by means of a prospectus. A copy of the preliminary prospectus supplement together with the accompanying prospectus relating to the proposed offering may be obtained from:

BofA Merrill Lynch
  Goldman, Sachs & Co.   Citigroup Global Markets Inc.   Sandler O'Neill + Partners, L.P.

NC1-004-03-43

200 North College Street, 3rd floor

Charlotte, NC 28255-0001

Attn: Prospectus Department dg.prospectus_requests@baml.com

Attn: Prospectus Department

200 West Street,New York, NY 10282

prospectus-ny@ny.email.gs.com

(212) 902-1171
c/o Broadridge Financial Solutions,

1155 Long Island Avenue,Edgewood, NY 11717

(800) 831-9146

Attn: Syndicate Department

syndicate@sandleroneill.com

(866) 805-4128

This announcement does not constitute an offer to sell, or the solicitation of an offer to buy, shares of Common Stock in any jurisdiction in which such an offer or solicitation, or the sale of shares of Common Stock, would be unlawful without registration or qualification under the securities laws of such jurisdiction. Any offer to sell, or solicitation of an offer to buy, will be made solely by means of a prospectus and related prospectus supplement filed with the Securities and Exchange Commission ("SEC"). A shelf registration statement related to the proposed offering was filed with the SEC and became effective February 29, 2016.

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