# EDGAR Filing Document

**Accession Number:** 0000205317
**File Stem:** 0001193125-25-283277
**Filing Date:** 2025-11
**Character Count:** 352944
**Document Hash:** 71b4a4ba2aaf2c1f4d512355fdd9b7ea
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-283277.hdr.sgml**: 20251114

**ACCESSION NUMBER**: 0001193125-25-283277

**CONFORMED SUBMISSION TYPE**: 18-K/A

**PUBLIC DOCUMENT COUNT**: 9

**CONFORMED PERIOD OF REPORT**: 20241231

**FILED AS OF DATE**: 20251114

**DATE AS OF CHANGE**: 20251114

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FEDERATIVE REPUBLIC OF BRAZIL
- **CENTRAL INDEX KEY:** 0000205317
- **STANDARD INDUSTRIAL CLASSIFICATION:** FOREIGN GOVERNMENTS [8888]
- **ORGANIZATION NAME:** International Corp Fin
- **EIN:** 000000000
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 18-K/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 333-06682
- **FILM NUMBER:** 251488055

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** MINIST DA FEZANDA ESPLANADA DOS MINIST
- **STREET 2:** BLOCO P ED ANEXO SALA A 071.70048-900
- **CITY:** BRASILIA-DF
- **PROVINCE COUNTRY:** D5
- **BUSINESS PHONE:** 01155614123960

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** MINIST DA FEZANDA ESPLANADA DOS MINIST
- **STREET 2:** BLOCO P ED ANEXO SALA A 071.70048-900
- **CITY:** BRASILIA-DF
- **PROVINCE COUNTRY:** D5

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

**FORM 18-K/A** 

**AMENDMENT NO. 1** 

**For Foreign Governments and Political Subdivisions Thereof** 

**ANNUAL REPORT** 

**of the** 

## FEDERATIVE REPUBLIC OF BRAZIL
**(Name of Registrant)** 

**Date of end of last fiscal year: December 31, 2024** 

**SECURITIES REGISTERED\*** 

**(As of the close of the fiscal year)** 

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| | | |
|:---|:---|:---|
| **Title of Issues** | **Amount as to**<br> **which registration**<br> **is effective** | **Names of**<br> **exchanges on**<br> **which registered** |
| N/A | N/A | N/A |

---

**Name and address of person authorized to receive notices** 

**and communications from the Securities and Exchange Commission:** 

**Maria Luiza Ribeiro Viotti** 

**Ambassador** 

**Embassy of Brazil** 

**3006 Massachusetts Avenue, N.W.** 

**Washington, D.C. 20001** 

***Copies to:***

**Eli Whitney Debevoise II, Esq.** 

**Gregory Harrington, Esq.** 

**Arnold & Porter Kaye Scholer LLP** 

**601 Massachusetts Ave NW** 

**Washington, DC 20001** 

\* The Registrant is filing this Amendment No. 1 to the annual report on a voluntary basis.

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This amendment to the annual report of the Federative Republic of Brazil on Form 18-K for the year ended December 31, 2024 comprises:

(a) Pages numbered 1 to 4 consecutively.

(b) The following exhibits:

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| | |
|:---|:---|
| Exhibit 1: | Recent Developments in the Registrant as of November 6, 2025 |
| Exhibit 2: | Terms Agreement, dated November 6, 2025, between the Federative Republic of Brazil and the Underwriters, relating to the 5.500% Global Bonds due 2033 and the 6.625% Global Bonds due 2035, which incorporates, and modifies certain provisions of, the Underwriting Terms dated November 2025 |
| Exhibit 3: | Names and Addresses of the Underwriters |
| Exhibit 4: | Form of 5.500% Global Bonds due 2033 |
| Exhibit 5: | Form of 6.625% Global Bonds due 2035 |
| Exhibit 6: | Opinion of Arnold & Porter Kaye Scholer LLP with respect to the 5.500% Global Bonds due 2033 and the 6.625% Global Bonds due 2035 |
| Exhibit 7: | Opinion of the duly authorized attorney of the National Treasury with respect to the 5.500% Global Bonds due 2033 and the 6.625% Global Bonds due 2035 |

---

This amendment to the annual report is filed subject to the Instructions for Form 18-K for Foreign Governments and Political Subdivisions thereof.

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**SIGNATURE PAGE** 

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant, the Federative Republic of Brazil, has duly caused this annual report or amendment thereto to be signed on its behalf by the undersigned, thereunto duly authorized, in Brasilia, Brazil on the 14th day of November, 2025.

---

| | |
|:---|:---|
| By: | /s/ Fabiani Fadel Borin |
|  | Name: Fabiani Fadel Borin |
|  | Title: Attorney of the National Treasury |

---

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**EXHIBIT INDEX** 

---

| | |
|:---|:---|
| Exhibit 1: | Recent Developments in the Registrant as of November 6, 2025 |
| Exhibit 2: | Terms Agreement, dated November 6, 2025, between the Federative Republic of Brazil and the Underwriters, relating to the 5.500% Global Bonds due 2033 and the 6.625% Global Bonds due 2035, which incorporates, and modifies certain provisions of, the Underwriting Terms dated November 2025 |
| Exhibit 3: | Names and Addresses of the Underwriters |
| Exhibit 4: | Form of 5.500% Global Bonds due 2033 |
| Exhibit 5: | Form of 6.625% Global Bonds due 2035 |
| Exhibit 6: | Opinion of Arnold & Porter Kaye Scholer LLP with respect to the 5.500% Global Bonds due 2033 and the 6.625% Global Bonds due 2035 |
| Exhibit 7: | Opinion of the duly authorized attorney of the National Treasury with respect to the 5.500% Global Bonds due 2033 and the 6.625% Global Bonds due 2035 |

---

## Exhibit 99.1

**Exhibit 1** 

**RECENT DEVELOPMENTS** 

*The information included in this section supplements the information about Brazil contained in Brazil's 2024 Annual Report, as amended. To the extent the information in this section is inconsistent with the information contained in the 2024 Annual Report, the information in this section replaces such information. Capitalized terms not defined in this section have the meanings ascribed to them in the 2024 Annual Report.* 

**THE FEDERATIVE REPUBLIC OF BRAZIL** 

**Political Developments** 

*U.S. Trade Tariffs* 

On March 12, 2025, the United States government imposed a 25% tariff on imports of iron, steel and aluminum, revoking tariff exemptions previously granted to major suppliers, including Brazil. In 2024, Brazilian exports of these products to the U.S. accounted for only 1.9% of Brazil's total export value but represented approximately 40.8% of the country's total exports of iron, steel, and aluminum.

In an official joint statement issued on March 12, 2025, Brazil's Ministry of Development, Industry, Trade and Services (*Ministério do Desenvolvimento, Indústria, Comércio e Serviços* or *MDIC*, for its acronym in Portuguese) and Ministry of Foreign Affairs (*Ministério das Relações Exteriores* or *MRE*, for its acronym in Portuguese) expressed regret over the U.S. decision to impose a 25% tariff on metallurgical imports and reaffirmed the Federal Government's commitment to defending the interests of national producers. In coordination with the private sector, the Federal Government announced it would engage in dialogue with U.S. authorities and consider all appropriate trade policy instruments — including multilateral mechanisms such as the World Trade Organization ("WTO") — to mitigate the negative impacts of the tariff and safeguard Brazil's legitimate rights under international trade agreements.

On April 2, 2025, the United States government also announced that it would impose a 10% baseline tariff on all imports, including Brazilian products. In a second joint statement on April 3, 2025, the Federal Government reiterated its concern over the adoption of unilateral measures incompatible with multilateral trade rules. Although the U.S. claimed in its April 2, 2025 announcement that the tariffs were a reciprocal measure, Brazil's April 3, 2025 statement underscored that the tariff is not a measure of reciprocity. In 2024, the U.S. registered a US$7 billion trade surplus in goods with Brazil, which rises to US$28.6 billion when including services—its third-largest bilateral trade surplus globally. Over the past 15 years, this cumulative surplus has reached approximately US$410 billion. In its second statement, the Federal Government reaffirmed its intention to defend the legitimate interests of national producers and exporters, and to seek, in consultation with the private sector, all appropriate avenues under international trade law to counter the harmful effects of the U.S. measures, including possible action within the WTO.

On May 28, 2025, the U.S. Court of International Trade ruled that the Trump administration exceeded its authority in issuing the 10% baseline tariff and effectively mandated the termination of the baseline tariff. The decision did not address the 25% tariff on iron, steel and aluminum. An appeal was immediately filed by the Trump administration in the U.S. Court of Appeals for the Federal Circuit, which granted an administrative stay temporarily maintaining the 10% baseline tariff. On August 29, 2025, the U.S. Court of Appeals for the Federal Circuit issued a decision affirming the prior decision of the U.S. Court of International Trade. In a separate order on the same day, the appellate court granted a stay which maintained the 10% baseline tariffs through October 14, 2025. On September 3, 2025, the Trump administration appealed the appellate court's decision to the U.S. Supreme Court. The hearing for the appeal was scheduled by the U.S. Supreme Court for November 5, 2025.

On May 30, 2025, President Trump announced that he would double the tariff on metallurgical imports from 25% to 50%. President Trump posted on social media that the tariffs would go into effect on June 4, 2025, and signed an executive order to that effect on June 3, 2025.

On July 30, 2025, the United States government issued an Executive Order imposing a 50% tariff on selected Brazilian exports. However, 44.6% of Brazil's exports to the U.S. were excluded from this measure, including key products such as aircraft, pulp, orange juice, oil, and iron ore.

According to preliminary data from the Foreign Trade Secretariat of the *MDIC* (SECEX/MDIC), 35.9% of Brazilian exports to the U.S. are subject to the new 50% tariff, while 44.6% are exempt from the increased tariff (without prejudice to the 10% baseline tariff which remains applicable). The exports now subject to the 50% tariff amounted to US$14.5 billion in 2024, while the exports now subject to the 10% baseline tariff amounted to US$18 billion in 2024.

Additionally, the July 30, 2025 Executive Order provided a grace period for the increased tariffs. Goods shipped from Brazil within seven days from the date in which the order was issued were not subject to the increased tariffs so long as they met the conditions specified in the order.

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On August 6, 2025, the Federal Government, through the *MDIC* and the *MRE*, formally requested consultations with the United States under the WTO Dispute Settlement System. The request challenged the tariffs imposed by the United States pursuant to the two Executive Orders issued on April 2, 2025 and July 30, 2025, which result in tariffs of up to 50% on a broad range of Brazilian exports. Brazil argued that these actions violated key commitments assumed by the United States within the WTO, particularly the most-favored-nation principle and the agreed ceiling for tariffs. The consultations represent the initial step in the WTO dispute resolution process, and the Federal Government reaffirmed its willingness to negotiate and expects that the consultations will contribute to a constructive resolution.

On August 13, 2025, the Federal Government launched the Sovereign Brazil Plan through Provisional Measure (*Medida Provisória* or *MPV*, for its acronym in Portuguese) No. 1,309/2025, an initial set of measures aiming to mitigate the economic impact of the import tariffs announced by the United States government. The plan consists of actions divided into three categories: strengthening the productive sector; protecting workers; and promoting commercial diplomacy and multilateralism. These measures include allocating R$30 billion from the Export Guarantee Fund (*Fundo de Garantia à Exportação* or *FGE*, for its acronym in Portuguese) for affordable credit, expanding export lines of credit, prolonging the suspension of taxes for exporting companies, increasing federal tax refund percentages via Reintegra (a tax rebate program for exporters), and facilitating food purchases by public entities.

Between July 14, 2025, when it was established, and August 20, 2025, the Interministerial Committee for Economic and Trade Negotiations and Countermeasures (*Comitê Interministerial de Negociações e Contramedidas Econômicas e Comerciais*), coordinated by Vice President and Minister Geraldo Alckmin, has engaged in direct dialogue with the productive sector. Thirty-nine meetings have been held with approximately 400 representatives of companies and/or private entities, industry federations, governors, and sectors such as manufacturing, agriculture, technology, mining, big tech, healthcare, food, footwear, furniture, among others, as well as U.S. companies.

President Trump and President Lula held their first extended conversation on October 6, 2025, by telephone. On October 16, 2025, there was a joint statement issued by the Minister of Foreign Affairs of Brazil, Mauro Vieira, the U.S. Secretary of State, Marco Rubio, and the U.S. Trade Representative, Jamieson Greer. In the statement, all parties agreed to collaborate and conduct discussions on multiple fronts in the immediate future and establish a working path forward. Both parties also agreed to work together to schedule a meeting between President Trump and President Lula at the earliest possible occasion.

On October 26, 2025, President Lula met with President Trump in Kuala Lumpur, Malaysia, to discuss U.S. tariffs on Brazilian exports. Additional negotiations are still expected.

On October 28, 2025, the U.S. Senate passed legislation that would overturn tariffs against Brazil by terminating the national emergency President Trump declared in July 2025.

"*Operation Counter-Coup*"

On November 19, 2024, the Federal Police conducted "Operation Counter-Coup" (*Operação Contragolpe*), aimed at dismantling the criminal organization responsible for planning a *coup d'état* to prevent the elected government from taking office following the 2022 election. The Federal Police indicted 34 people, amongst them former president Jair Bolsonaro, as well as various former high-ranking officials from his administration.

On February 18, 2025, the *PGR* filed charges before the *STF* against former President Jair Bolsonaro and 33 others for alleged crimes including attempted *coup d'état*, violent abolition of the democratic rule of law, and criminal organization.

High-ranking military officials were also charged for their role in the alleged attempted *coup d'état*, including Walter Braga Netto, former Minister of the Civil House and Defense, and Mauro Cid, former presidential aide.

On March 26, 2025, the *STF* unanimously accepted the charges and formally indicted Jair Bolsonaro and seven others. They stood trial before the *STF* for the crimes of armed criminal organization, attempted violent abolition of the democratic rule of law, *coup d'état*, aggravated damage by violence and threat, and damage to protected public property. With the opening of criminal proceedings, the defendants were entitled to present witnesses and request additional evidence during the evidentiary phase. Between May 19, 2025 and June 2, 2025, the *STF* heard testimony from 52 witnesses. Witness hearings were concluded on June 2, 2025, and the presiding Justice, Alexandre de Moraes, scheduled defendant examinations to begin on June 9, 2025. The defendants' examinations were concluded on June 10, 2025. The trial by *STF*'s First Panel (*Primeira Turma*) began on September 2, 2025, with four additional sessions scheduled, and ended on September 11, 2025. The STF's First Panel (*Primeira Turma*) convicted Jair Bolsonaro and six other defendants for the crimes of attempted violent abolition of the democratic rule of law, *coup d'etat*, armed criminal organization, aggravated damage, and damage to protected public property by four votes to one. The eighth defendant, Alexandre Ramagem, was convicted for the crimes of attempted violent abolition of the democratic rule of law, *coup d'etat*, and armed criminal organization. Jair Bolsonaro was sentenced to 27 years and three months in prison. Except for Mauro Cid, all other defendants, including former president Jair Bolsonaro, have already appealed the decision. The *STF* will analyze and rule on the appeals in a virtual session from November 7 to November 14, 2025.

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On May 26, 2025, *STF* Justice Alexandre de Moraes authorized an inquiry into Congressman Eduardo Bolsonaro, the son of former president Jair Bolsonaro, for alleged crimes of coercion during legal proceedings, obstruction of investigations involving a criminal organization, and attempted violent abolition of the democratic rule of law. The investigation was prompted by the *PGR*, which cited Eduardo Bolsonaro's public statements and social media posts advocating for the United States government to impose sanctions on *STF* justices and members of the *PGR* and the Federal Police, actions perceived as attempts to intimidate and interfere with ongoing legal processes. The inquiry also investigates whether the financial support provided by former president Jair Bolsonaro to his son during his stay in the U.S. could be evidence that Eduardo Bolsonaro's advocacy was to influence legal processes to benefit his father.

On July 18, 2025, following a request from the Federal Police, supported by the *PGR*, Justice Alexandre de Moraes ordered precautionary measures against former president Jair Bolsonaro, citing evidence that he and his son, Eduardo Bolsonaro, engaged in efforts to persuade foreign governments – particularly the United States government – to impose sanctions on Brazilian officials, with the alleged purpose of obstructing justice and coercing the *STF*. The precautionary measures included: house arrest during nighttime and weekends; electronic ankle monitoring; prohibition from contacting foreign diplomats or approaching embassies and consulates; and a ban on using social media, whether directly or through third parties. Justice Alexandre de Moraes also ordered the Federal Police to seize all mobile phones, computers, tablets, and storage devices in former president Jair Bolsonaro's possession.

On August 4, 2025, due to the violation of precautionary measures previously imposed by the *STF* (namely, the ban on using social media), Justice Alexandre de Moraes ordered full-time house arrest for former president Jair Bolsonaro and prohibited him from using mobile phones, whether directly or through third parties, without prejudice to the other precautionary measures previously imposed. Additionally, Jair Bolsonaro was prohibited from receiving visitors, except duly appointed lawyers and individuals pre-approved by the *STF*.

On August 20, 2025, the Federal Police announced the indictment of former president Jair Bolsonaro and his son, Eduardo Bolsonaro, for alleged crimes of coercion during legal proceedings and attempted abolition of the democratic rule of law. The indictment was filed after the Federal Police concluded its investigation into Eduardo Bolsonaro's engagement with the administration of U.S. President Donald Trump to advocate for retaliatory measures against the Federal Government and *STF* justices.

On September 23, 2025, the Lower House's Ethics Council initiated disciplinary proceedings against Congressman Eduardo Bolsonaro, following a complaint filed by the Workers' Party (*PT*, for its acronym in Portuguese) seeking to have the lawmaker stripped of his office. In the complaint, Eduardo Bolsonaro is accused of violating parliamentary decorum through a series of actions, including making verbal attacks against democratic institutions such as the *STF,* and advocating for foreign authorities to impose sanctions on Brazil. On October 22, 2025, the Ethics Council shelved such request by 11 votes to 7.

*U.S. Sanctions* 

On July 18, 2025, the U.S. Department of State announced visa revocations for *STF* Justice Alexandre de Moraes and other *STF* justices associated with Justice Alexandre de Moraes, as well as their immediate family members.

On July 30, 2025, the U.S. Department of the Treasury imposed sanctions on *STF* Justice Alexandre de Moraes, accusing him of using his position to authorize arbitrary detentions and suppress free speech. These sanctions were enacted under the Global Magnitsky Human Rights Accountability Act, blocking his assets in the U.S. or in the possession or control of U.S. persons. All transactions by U.S. persons or within (or transiting) the United States that involve any property or interests in property of Justice Alexandre de Moraes were also prohibited.

On August 13, 2025, the U.S. Department of State revoked the visas of Mozart Julio Tabosa Sales, Secretary of Specialized Health Care at the Ministry of Health, and Alberto Kleiman, a former foreign affairs advisor at the Ministry of Health, due to their involvement in the implementation of the *Mais Médicos* program. The *Mais Médicos* program was created in 2013 aiming to address Brazil's shortage of doctors in remote and underserved areas by offering benefits designed to attract physicians to small towns, rural regions, and indigenous communities, thereby expanding access to primary healthcare across the country.

On August 15, 2025, the visa revocation was extended to the Minister of Health, Alexandre Padilha, and his family members.

On September 22, 2025, the United States government announced visa revocations against Brazil's Attorney General, Jorge Rodrigo Araujo Messias, and five other current or former Brazilian judicial officials. On the same day, the U.S. Department of the Treasury designated Viviane Barci de Moraes, the wife of *STF* Justice Alexandre de Moraes, and the Lex Institute, an institute associated with the family of *STF* Justice Alexandre de Moraes, under the Global Magnitsky Act. The Brazilian government has publicly criticized the actions, framing them as a violation of Brazil's sovereignty. *STF* Justice Alexandre de Moraes also criticized the U.S. government's sanctions against his wife, Viviane Barci de Moraes, under the Global Magnitsky Act. He described the sanctions as "illegal and regrettable," asserting that they contrast with the United States' history of defending fundamental rights. Moraes reaffirmed his commitment to carrying out his constitutional duties with independence and impartiality.

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*Cabinet Changes* 

On October 29, 2025, President Lula appointed Congressman Guilherme Boulos as Minister of the Office of the President's Secretariat-General, replacing Márcio Macêdo. The office coordinates dialogue between the presidency, civil society, and social movements. In his inaugural remarks, Boulos emphasized inclusive dialogue and social participation as central to government action.

*Federal Supreme Court* 

On October 9, 2025, *STF* Justice Luís Roberto Barroso announced his intention to retire. His retirement was announced on October 15, 2025, and he officially retired from the *STF* on October 18, 2025. His replacement has not yet been announced.

*Legislative Reforms* 

<u>Tax Reform</u>

On December 20, 2023, President Lula enacted Constitutional Amendment (*Emenda Constitucional* or *EC*, for its acronym in Portuguese) No. 132/2023, which had been approved by the National Congress. *EC* No. 132/2023 reforms taxes on consumption, replacing indirect taxes on goods and services for value-added taxes. However, *EC* No. 132/2023 requires complementary legislation to regulate the new forms of taxation contemplated by the amendment.

On April 25, 2024, the Federal Government submitted Bill No. 68/2024, regulating aspects of the previously adopted tax reform *EC* No. 132/2023, to the National Congress for consideration. The bill provides for a "cashback" or rebate mechanism for low-income families on certain goods and services such as cooking gas, electricity and water. The bill also provides for a "split payment" system, which electronically splits tax payments relating to transactions by recipient. On July 10, 2024, the bill was approved by the Lower House and further remitted to the Senate for consideration. The Senate then approved the bill on December 12, 2024, with some changes. In light of the Senate modifications, the bill had to return to the Lower House, where it was approved on December 17, 2024. On January 16, 2025, President Lula enacted the bill as Complementary Law (*Lei Complementar* or *LC*, for its acronym in Portuguese) No. 214/2025.

On June 5, 2024, the Federal Government submitted Bill No. 108/2024 — the second complementary law regulating aspects of the tax reform — to the National Congress. The bill establishes the IBS Steering Committee (*Comitê Gestor do Imposto sobre Bens e Serviços* or *CG-IBS*, for its acronym in Portuguese), and sets out rules for its administrative procedures, as well as for the collection and distribution of the Tax on Goods and Services (*Imposto sobre Bens e Serviços* or *IBS*, for its acronym in Portuguese) and the transition to the new tax system. On October 20, 2024, the bill was approved by the Lower House and remitted to the Senate. In August 2025, the Constitution, Justice and Citizenship Committee (*Comissão de Constituição, Justiça e Cidadania* or *CCJ*, for its acronym in Portuguese) of the Senate conducted public hearings on the proposal and amendments to the bill were proposed. The rapporteur, Senator Eduardo Braga, expressed his intention to enable a vote in the Senate's *CCJ* in the beginning of September 2025. On September 17, 2025, the Senate's *CCJ* approved the report of Senator Eduardo Braga on Bill No. 108/2024. The bill was approved by the Senate on October 14, 2025, and sent back to the Lower House.

On March 18, 2025, the Federal Government submitted Bill No. 1,087/2025 to the National Congress, proposing an increase in the monthly income tax exemption threshold to R$5,000 starting in 2026. To offset the estimated annual revenue loss of R$25.8 billion, the bill introduces a minimum tax rate for individuals earning over R$600,000 per year, with minimum rates increasing from 2.54% to up to 10% for those whose income is above R$1.2 million. Additionally, the Federal Government proposed amendments to the 2025 Budgetary Guidelines Law (*Lei de Diretrizes Orçamentárias* or *LDO*, for its acronym in Portuguese) to allow the income tax exemption to become permanent, as current legislation limits such benefits to a five-year period. On July 16, 2025, the bill was approved in a special committee in the Lower House, following the report presented by Congressman Arthur Lira (*Progressistas* political party—State of *Alagoas*), which raised the threshold for a partial tax reduction from the initially proposed R$7,000 to R$7,350. On August 21, 2025, the Lower House approved an urgency regime for the bill. The President of the Lower House, Hugo Motta (*Republicanos* political party—State of *Paraíba*), announced that the draft prepared by Arthur Lira would be discussed on the Lower House floor on a date to be determined with party leaders. On August 27, 2025, the Lower House's Agriculture, Livestock, Supply and Rural Development Committee (*Comissão de Agricultura, Pecuária, Abastecimento e Desenvolvimento Rural*) approved a requirement to present amendments to Bill No. 1,087/2025. On October 1, 2025, the bill was approved by the Lower House and sent to the Senate. In the Senate, it is currently being analyzed by the Economics Commission.

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<u>Other Legislation</u>

On April 23, 2025, President Lula submitted the Constitutional Amendment Bill (*Proposta de Emenda Constitucional* or *PEC*, for its acronym in Portuguese) on Public Security to the National Congress (*PEC* No. 18/2025). The *PEC* seeks to grant constitutional status to the Unified Public Security System (*Sistema Único de Segurança Pública* or *SUSP*, for its acronym in Portuguese), which was originally established in 2018 through ordinary legislation. The *SUSP* strengthens the role of the Federal Government in combating organized crime by, for example, enabling the Federal Government to establish general guidelines for public safety, including regarding the penitentiary system, and creates national funds for public safety. On July 15, 2025, the *PEC* on Public Security was approved by the Lower House's *CCJ*. The *PEC* is currently being analyzed by a special committee, before being remitted to the Lower House floor.

On November 3, the Lower House approved supplementary bill (*PLP* No. 204/2025) that allows the Federal Government to exclude up to R$3 billion from the primary results target and the Executive Branch's spending limit in 2025 for expenses incurred on strategic national defense projects. The bill will now be sent to President Lula for enactment.

*Investigations on Organized Crime* 

On November 4, the Senate established a parliamentary probe (*Comissão Parlamentar de Inquérito* or *CPI*, for its acronym in Portuguese) to investigate organized crime in Brazil. The *CPI* was established one week after a police operation that had a mortality toll of 121 people in Rio de Janeiro.

**Employment and Labor** 

*Employment Levels* 

From September 1, 2025 through September 30, 2025, formal employment increased by 0.44%, with the net creation of 213,002 jobs in the period, compared to an increase of 0.53% from September 1, 2024 through September 30, 2024, when 252,237 jobs were created.

During the first quarter of 2025, the unemployment rate was 7.0%, a decrease of 0.9 percentage point compared to the first quarter of 2024. During the second quarter of 2025, the unemployment rate fell to 5.8%, a decrease of 1.1 percentage point compared to the second quarter of 2024, and a decrease of 1.2 percentage point compared to the first quarter of 2025. During the third quarter of 2025, the unemployment rate fell to 5.6%, a decrease of 0.8 percentage point compared to the third quarter of 2024, and a decrease of 0.2 percentage point compared to the second quarter of 2025. The numbers for the first, second and third quarters of 2025 represent the lowest unemployment rates for the respective periods since 2012.

*Wages* 

On August 29, 2025, the Federal Government submitted the 2026 Annual Budget Bill (*Projeto de Lei Orçamentária Anual* or *PLOA*, for its acronym in Portuguese) to the National Congress, forecasting an estimated monthly minimum wage of R$1,631 for 2026, a nominal increase of 7.44% in relation to the current R$1,518. Such forecast considered an inflation of 4.94% for 2025, measured in accordance with the *IPCA*.

**Social Security** 

As of September 30, 2025, the total monthly benefits paid by the Brazilian Social Security System over the preceding 12-month period increased by 0.64% compared to the immediately prior 12-month period (in real terms). The benefits paid by the Brazilian Social Security System in the one-month period ended September 30, 2025 decreased by 0.65% when compared to the one-month period ended September 30, 2024 (in real terms).

**Environment** 

On February 22, 2022, the Lower House approved *PEC* No. 39/2011, which aims to transfer ownership of marine lands (*terrenos de marinha*), meaning lands bordering rivers and the sea, from the Federal Government to its occupants. The transfer would be free of charge if the land is occupied by states and municipalities, and subject to payment if occupied by private businesses or individuals. After 11 years in the Lower House, the proposal was sent to the Senate, where it was renumbered as *PEC* No. 3/2022. On May 27, 2024, the Senate's *CCJ* resumed discussions on the matter. However, on December 4, 2024, following a request for further review, the Committee postponed the vote, with no new date scheduled for its resumption. As of November 2025, the Committee had not yet scheduled a date to vote on the bill.

In May 2023, Brazil's environmental agency, the Institute of the Environment and Renewable National Resources (*Instituto Brasileiro do Meio Ambiente e dos Recursos Naturais Renováveis* or *Ibama*, for its acronym in Portuguese), denied Petrobras' request to drill an exploratory well in the Amazon Mouth Basin, part of the Equatorial Margin, citing technical shortcomings and the absence of a Sedimentary Area Environmental Assessment (*Avaliação Ambiental de Área Sedimentar* or *AAAS*, for its acronym in Portuguese).

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Petrobras appealed the decision, and in February 2025, *Ibama*'s president requested additional information, despite internal technical recommendations for definitive rejection. On May 19, 2025, *Ibama* approved Petrobras' oil spill emergency response plan, authorizing practical response simulations, including wildlife rescue drills. However, *Ibama* clarified that this approval did not constitute a drilling license, which remains subject to further environmental review. On August 13, 2025, Senate President Davi Alcolumbre and Senator Randolfe Rodrigues announced that Petrobras and *Ibama* had reached an agreement to conduct a Pre-Operational Assessment (*Avaliação Pré-Operacional* or *APO*, for its acronym in Portuguese) in the Amazon Mouth Basin on August 24, 2025. The *APO* was performed in the FZA-M-59 offshore block and was concluded on August 27, 2025. On October 20, 2025, Petrobras received the requested license from *Ibama* to initiate exploratory drilling in the Equatorial Margin.

On April 28, 2025, the Federal Government announced the launch of the second Eco Invest Brasil auction. The Eco Invest Brasil program auction aims to mobilize resources to finance projects for the restoration of degraded land and to promote the conversion of those degraded areas into sustainable, productive systems. The second auction of the Eco Invest Brasil program attracted the participation of 11 financial institutions and represented a demand for R$17.3 billion in catalytic capital, with the potential to unlock R$31.4 billion in total investments – combining public and private resources – for the restoration of degraded areas across the country.

On October 8, 2025, the Federal Government launched the third auction of the Eco Invest Brasil program. The initiative, coordinated by the Ministry of Finance and the Ministry of Environment and Climate Change and backed by the Inter-American Development Bank (IDB) and the United Kingdom Embassy in Brazil, aims to attract foreign equity investment into Brazil's green-economy sectors.

On October 17, 2025, the Federal Government published a decree amending Article 55 of Decree No. 12,046/2024 (which implements the Law No. 11,284/2006 on public forest management). The amendment enables concessionaires of public forest land to adopt internationally-recognized methodologies for carbon-credit certification in the absence of specific national rules.

*Sustainable Taxonomy* 

In December 2023, during COP28 in Dubai, Brazil's Ministry of Finance unveiled the Action Plan for the Brazilian Sustainable Taxonomy. The taxonomy introduces a classification system designed to identify economic and financial activities that are environmentally and socially sustainable. It aims to direct both public and private investments toward green and inclusive projects, promote sustainable technological advancements, and ensure transparent reporting on sustainable financial flows. The taxonomy encompasses 11 climate, environmental, and social objectives, covering sectors such as agriculture, extractive industries, manufacturing, energy, water and sanitation, construction, transportation, and select social services. Notably, it emphasizes Brazil's unique environmental and social challenges while aligning with international standards to facilitate global interoperability.

From November 2024 to March 2025, the draft technical framework of the Brazilian Sustainable Taxonomy underwent public consultation. The inputs received were reviewed by sectoral and thematic working groups and the Advisory Committee.

On November 3, 2025, the Federal Government published Decree No. 12,705, which establishes the Brazilian Sustainable Taxonomy ("TSB") as an instrument of the Ecological Transformation Plan. The text recognizes the TSB as the guiding tool for incentives and economic policies aimed at sustainable development, as well as for monitoring labeled finances. The regulation also defines principles, strategic, environmental, and socioeconomic objectives, as well as the structure of the criteria that will guide its implementation by the Federal Government.

*COP30* 

The 30<sup>th</sup> United Nations Climate Change Conference ("COP30") will be held in Belém, Brazil, from November 10 to 21, 2025, marking the first time the event will take place in the Amazon region. The Federal Government is investing approximately R$4.7 billion in infrastructure projects to prepare the city for the arrival of around 60,000 participants, including world leaders, diplomats, investors, and activists.

*Tropical Forests Forever Fund (TFFF)* 

Brazil is leading the creation of the Tropical Forests Forever Fund (TFFF), which is due to be launched during the COP30. The TFFF will enable payments to be made to countries that guarantee the conservation of these forests. The initiative aims to strengthen the maintenance of standing forests, demonstrating that their protection is worth more than their destruction. In total, more than 70 developing countries with tropical forests can receive resources from what would be one of the largest multilateral funds ever created on the planet.

------

**THE BRAZILIAN ECONOMY** 

**Economy in 2025** 

*Industrial Policy Plan – Nova Indústria Brasil* 

On January 22, 2024, the Federal Government launched the *Nova Indústria Brasil* program, aiming to boost national industry through 2033. The program uses traditional public policy instruments such as subsidies, loans with reduced interest rates, and increased federal investments. The program also uses tax incentives and special funds to stimulate certain sectors of the economy. The program has six goals, or missions, related to expanding autonomy, ecological transition, and modernizing Brazil's industrial sector. Among the sectors that will receive assistance are agribusiness, healthcare, urban infrastructure, information technology, bioeconomy, and defense. Most of the resources come from financing provided by the National Bank for Economic and Social Development (*Banco Nacional de Desenvolvimento Econômico e Social* or *BNDES*, for its acronym in Portuguese), the Financing Agency for Studies and Projects (*Financiadora de Estudos e Projetos* or *Finep*, for its acronym in Portuguese), and the Brazilian Industrial Research and Innovation Company (*Empresa Brasileira de Pesquisa e Inovação Industrial* or *Embrapii*, for its acronym in Portuguese).

On February 12, 2025, during an event celebrating one year of the *Nova Indústria Brasil* program, the Federal Government announced that the sixth program mission would focus on strategic technologies for national sovereignty and defense.

On May 26, 2025, *BNDES* President Aloizio Mercadante announced an increase in funding for the *Nova Indústria Brasil* program from the initially planned R$259 billion to R$300 billion. Between January 2023 and June 2025, *BNDES* approved financings in the aggregate amount of R$220 billion – approximately 73.3% of the new target set through 2026.

On August 25, 2025, President Lula announced that *BNDES* and *Finep* would increase funding available to support the dissemination of Industry 4.0 machinery and equipment across the Brazilian economy as part of the *Nova Indústria Brasil* program. The total amount available for the Industry 4.0 credit line in 2025 is R$12 billion. From January 2025 to September 2025, the total amount approved for innovation projects has reached R$14 billion.

See "The Brazilian Economy—Economy in 2024" in Exhibit D to the 2024 Annual Report for more information.

**Gross Domestic Product** 

In the second quarter of 2025, GDP increased by 0.4% compared to the previous quarter. This result was mainly driven by services (0.6%), followed by Industry (0.5%). Agriculture showed no significant change of negative 0.1%. In the second quarter of 2025, GDP grew by 2.2% in relation to the second quarter of 2024, reflecting increases of 10.1% in agricultural output, 1.1% in industry, and 2.0% in services compared to the second quarter of 2024. On a 12-month accumulated basis ending June 30, 2025, GDP grew by 3.2%. This rate reflected increases of 3.0% in value added at basic prices and 4.2% in net taxes on production. The increase in value added occurred due to the following sectoral growth rates: agriculture (5.8%), industry (2.4%), and services (2.9%).

On October 16, 2025, the Central Bank published its Economic Activity Index (*Índice de Atividade Econômica do Banco Central* or *IBC-Br*, for its acronym in Portuguese) for August 2025, which registered 0.4 percentage point growth compared to July 2025. The IBC-Br is generally considered a preview of the GDP.

**Principal Sectors of the Economy** 

*Public Utilities* 

In December 2024, the National Electric Energy Agency (*Agência Nacional de Energia Elétrica* or *ANEEL,* for its acronym in Portuguese) activated the green flag tariff, meaning that no additional charges were imposed on electricity bills, due to the persistent favorable conditions for energy generation across the country with the start of the rainy season, which lasted until May 2025. In May 2025, the yellow tariff flag was activated, meaning additional charges are imposed on electricity bills, due to reduced rainfall associated with the transition from the wet to the dry season. In June and July 2025, the level one red tariff flag was activated, meaning an additional charge of R$4.46 per 100 kWh consumed was imposed on electricity bills. In August 2025, the level two red tariff flag was activated due to the continued below-average rainfall, resulting in an additional charge of R$7.87 per 100 kWh consumed. In September, the level two red tariff flag remained in effect, resulting in an additional charge of R$7.87 for every 100 kWh of electricity consumed, due to below-average water inflows into the reservoirs of hydroelectric plants, hydropower generation remains unfavorable. In October 2025, the level one red flag tariff was activated due to below-average rainfall and the resulting low reservoir levels, which are unfavorable for hydroelectric generation, resulting in an additional charge of R$4.46 for every 100 kWh of electricity consumed. In November 2025, the level one red flag tariff was maintained due to the continued below-average rainfall.

For more information on the flag tariffs, see "The Brazilian Economy—Principal Sectors of the Economy" in Exhibit D to the 2024 Annual Report.

------

**FINANCIAL SYSTEM** 

**Monetary Policy and Money Supply** 

*Selic* 

On January 29, 2025, the Central Bank Monetary Policy Committee (*Comitê de Política Monetária* or *COPOM*, for its acronym in Portuguese) increased the *Selic* interest rate to 13.25% per annum. On March 19, 2025, the *COPOM* increased the *Selic* interest rate to 14.25% per annum, and on May 7, 2025 increased it to 14.75% per annum. On June 18, 2025, the *COPOM* increased the *Selic* interest rate to 15.00% per annum, and on July 30, 2025, it maintained the *Selic* interest rate at the same level. On September 17, 2025, the *COPOM* maintained the *Selic* interest rate at 15.00% per annum.

*Inflation* 

In September 2025, domestic inflation (measured by the *IPCA*) increased to 0.48%, 0.59 percentage point above the inflation rate for August 2025 (-0.11%). With respect to the 12-month period ending September 30, 2025, the inflation index increased to 5.17%, compared to 5.13% for the 12-month period ending August 31, 2025.

*COPOM* publishes a few inflation projections based on different hypothetical scenarios in the *COPOM* Statements. In the September 2025 statement, the reference scenario, which assumes the *Selic* rate of the Focus survey (a survey of market expectations for economic indicators carried out by the Central Bank) and an exchange rate starting at R$5.40/US$1.00 and evolving according to the purchasing power parity (PPP), inflation projections stood at 4.8% for 2025 and 3.6% for 2026.

**Foreign Exchange Rates** 

*Foreign Exchange Rates* 

The Brazilian Real-U.S. Dollar exchange rate, as published by the Central Bank, was R$5.38 to US$1.00 (sell side) on November 4, 2025.

The Brazilian Real-U.S. Dollar exchange rate decreased from a R$6.10/US$1.00 monthly average in December 2024 to a R$5.39/US$1.00 monthly average in October 2025, a 11.7% appreciation of the Real.

**Financial Institutions** 

*BNDES* 

On September 30, 2025, the Central Bank announced that the long-term interest rate (*Taxa de Juros de Longo Prazo* or *TJLP*, for its acronym in Portuguese), used for loans granted by *BNDES* prior to December 31, 2017, would increase to 9.07% per annum for the fourth quarter of 2025.

For November 2025, the long-term rate (*Taxa de Longo Prazo* or *TLP*, for its acronym in Portuguese) applicable for loans granted by *BNDES* from January 1, 2018 onward, increased to *IPCA* plus 7.81% per annum.

For more information on the *TJLP* and the *TLP* interest rates, see "The Brazilian Economy–The Financial System–Financial Institutions" in Exhibit D to the 2024 Annual Report.

**Banking Supervision** 

*Loan Loss Reserves* 

As of September 30, 2025, the percentage of 90 days past due loans in the Brazilian national financial system stood at 3.9%, a decrease of 0.04 percentage point compared to August 2025 (3.94%). As of September 30, 2025, in the non-earmarked segment, 90 days past due loans reached 5.3% of the portfolio, a 0.1 percentage point decrease compared to August 2025. As of September 30, 2025, in the non-earmarked corporate segment, 90 days past due loans reached 3.2% in the month, while in the non-earmarked household segment, 90 days past due loans reached 6.7% of the portfolio.

**BALANCE OF PAYMENTS** 

For the 12-month period ended September 30, 2025, the current account registered a deficit of US$78.9 billion (3.61% of GDP). For the same period, (i) the capital account registered a deficit of approximately US$14.7 billion, (ii) the financial account registered a deficit of US$91.6 billion, and (iii) foreign direct investment amounted to US$75.8 billion (3.47% of GDP).

As of September 30, 2025, international reserves totaled US$356.6 billion, down from US$372.0 billion as of September 30, 2024.

------

**PUBLIC FINANCE** 

The following table sets forth revenues and expenditures of the Federal Government from 2021 through 2024 and the budgeted amounts for 2025:

**Table No. 1** 

**Primary Balance of the Central Government<sup>(1)</sup>** 

**(in billions of Reais)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **2021<sup>(5)</sup>** | **2022<sup>(5)</sup>** | **2023<sup>(5)</sup>** | **2024<sup>(5)</sup>** | **2025<br>Budget<sup>(6)</sup>** |
|  1 – Total Revenues | 2351.6 | 2579.9 | 2509.1 | 2736.1 | 2924.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 – RFB Revenues<sup>(2)</sup> | 1456.9 | 1551.5 | 1535.3 | 1726.9 | 1866.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 – Fiscal Incentives | (0.2) | (0.1) | (0.1) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 – Social Security Net Revenues | 561.3 | 596.7 | 631.2 | 654.2 | 710.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4 – Non-RFB Revenues | 333.6 | 431.7 | 342.7 | 355.1 | 347.1 |
|  2 – Transfers by Sharing Revenue | 430.2 | 509.7 | 481.8 | 528.7 | 580.6 |
|  3 – Total Net Revenue | 1921.4 | 2070.2 | 2027.2 | 2207.5 | 2343.6 |
|  4 – Total Expenditures | 1965.4 | 2016.1 | 2267.1 | 2251.4 | 2417.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 – Social Security Benefits | 865.5 | 887.8 | 957.5 | 958.8 | 1029.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 – Personnel and Social Charges | 401.0 | 376.6 | 387.3 | 375.0 | 409.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 – Other Mandatory Expenditures | 373.5 | 338.6 | 379.9 | 366.3 | 364.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4 – Discretionary expenditures – Executive branch | 325.4 | 413.1 | 542.4 | 551.3 | 210.0 |
|  5 – Primary Balance<sup>(3)</sup> | (44.1) | 54.1 | (239.9) | (44.0) | (73.5) |
|  6 – Methodological Adjustment | (0.4) | 9.2 | (34.7) | (0.4) |  |
|  7 – Statistical Discrepancy | (0.5) | 0.3 | (3.4) | (2.0) |  |
|  8 – Central Government Primary Balance<sup>(4)</sup> | (45.0) | 63.6 | (277.9) | (46.4) | (73.5) |
|  9– Nominal Interest | (492.5) | (558.5) | (655.0) | (872.5) |  |
|  10 – Central Government Nominal Balance<sup>(4)</sup> | (537.6) | (494.9) | (932.9) | (918.9) |  |

---

Note: Numbers may not total due to rounding.

(1) Consolidated accounts of (i) the National Treasury, (ii) Social Security System and (iii) the
Central Bank.

(2) Brazilian Federal Tax Authority (*Receita Federal do Brasil* or *RFB*, for its acronym in
Portuguese).

(3) Calculated using the "above the line" method, with respect to the difference between the revenues
and expenditures of the public sector.

(4) Calculated using the "below the line" financial method, with respect to changes in public
sector's total net debt (domestic or external). Surpluses are represented by positive numbers and deficits are represented by negative numbers.

(5) Numbers from 2021 to 2024 were escalated according to inflation through December 2024.

(6) Estimates in the September 2025 Assessment of Primary Revenues and Expenditures Report, Annex IV.

*Source: Federal Budget Secretariat (Secretaria de Orçamento Federal) and National Treasury.* 

The table below sets forth the expenditures of the Federal Government by function for 2021 through 2024 and the budgeted amounts for 2025. The figures in the table below are not directly comparable to those set forth in Table No. 1 above, entitled "Primary Balance of the Central Government", because the expenditures set forth in Table No. 1 were calculated in accordance with the International Monetary Fund ("IMF") methodology, which does not include, among other things, debt service expenditures and certain financial investments (which, in turn, are accounted for in the numbers set forth in Table No. 2 below).

**Table No. 2** 

**Federal Government Expenditures by Function** 

**(in millions of Reais)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **2021** | **2022** | **2023** | **2024** | **2025<br> Budget<sup>(1)</sup>** |
|  Legislative | 6428.5 | 6633.8 | 7365.9 | 8179.0 | 11757.2 |
|  Judiciary | 31549.4 | 34872.3 | 37498.9 | 42933.2 | 50134.4 |
|  Essential to Justice | 6663.2 | 7091.9 | 7997.3 | 8608.0 | 10431.2 |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **2021** | **2022** | **2023** | **2024** | **2025<br>Budget<sup>(1)</sup>** |
|  Administration and Planning | 22503.6 | 23632.6 | 24683.6 | 24607.9 | 33854.4 |
|  National Defense | 78191.7 | 81277.2 | 82384.2 | 87214.8 | 95890.8 |
|  Public Security | 9613.5 | 10981.9 | 12396.6 | 16048.9 | 17280.7 |
|  Foreign Affairs | 3652.3 | 3725.9 | 3735.1 | 4617.6 | 4631.0 |
|  Social Assistance | 161127.0 | 196869.6 | 265421.4 | 283135.5 | 282895.9 |
|  Social Security | 804532.0 | 894750.2 | 973468.9 | 1046816.0 | 1086556.7 |
|  Health | 161392.8 | 136174.1 | 160708.5 | 194760.7 | 234345.8 |
|  Labor | 65833.2 | 92364.2 | 95331.6 | 108934.1 | 121919.2 |
|  Education | 90093.9 | 104466.7 | 125343.3 | 132550.5 | 175414.2 |
|  Culture | 584.9 | 591.4 | 2287.3 | 2017.3 | 2904.3 |
|  Citizenship Rights | 597.6 | 662.3 | 792.2 | 1231.3 | 2916.3 |
|  Urban Planning | 1123.5 | 1407.0 | 1194.4 | 1686.2 | 9541.9 |
|  Housing | 2.1 | 2.6 | 0.0 | 13.5 | 760.7 |
|  Sanitation | 445.5 | 316.9 | 150.0 | 249.6 | 1736.1 |
|  Environmental Management | 2894.1 | 2851.6 | 3826.5 | 14151.9 | 29131.4 |
|  Science and Technology | 4728.7 | 8111.6 | 12482.2 | 14758.9 | 22293.9 |
|  Agriculture | 16036.7 | 21496.4 | 21063.5 | 20355.5 | 34476.2 |
|  Agricultural Organization | 983.3 | 1403.2 | 2493.7 | 2612.5 | 4612.5 |
|  Industry | 1471.1 | 1560.2 | 1838.3 | 1928.4 | 2436.7 |
|  Commerce and Services | 1683.3 | 1574.5 | 2084.6 | 3030.0 | 6041.4 |
|  Communications | 1961.2 | 3023.8 | 2371.2 | 2266.4 | 3429.4 |
|  Energy | 1568.1 | 1241.1 | 1019.4 | 988.8 | 1249.8 |
|  Transportation | 6432.2 | 7625.9 | 12739.4 | 14897.7 | 17364.3 |
|  Sports and Leisure | 213.9 | 293.0 | 350.7 | 267.7 | 2769.9 |
|  Special Charges(2) | 1009336.7 | 1030754.8 | 1091106.2 | 1397525.9 | 3355578.8 |
|  Contingency Reserve(3) |  |  |  |  | 100040.0 |
|  Subtotal | 2491644.2 | 2675756.7 | 2952134.8 | 3436387.6 | 5722394.9 |
|  Refinancing Charges | 1399617.9 | 1425069.6 | 1467362.8 | 1273811.6 |  |
|  Total | 3891262.1 | 4100826.2 | 4419497.6 | 4710199.2 | 5722394.9 |

---

Note: Numbers may not total due to rounding.

(1) Estimates in the 2025 Annual Budget Law (*Lei Orçamentária Anual* or *LOA*, for its
acronym in Portuguese).

(2) Special Charges includes expenses that cannot be associated with goods or services generated in the functioning
of the Federal Government, including with respect to debt service, debt refinancing, reimbursements, indemnifications and other similar expenses.

(3) The Contingency Reserve is outlined in the *LOA* and may be used for additional lines of credit related to
contingent liabilities, unexpected fiscal events and other unexpected events or risks.

*Source: National Treasury.* 

*2025 Budgetary Guidelines* 

The 2025 Budgetary Guidelines Bill (*Projeto de Lei de Diretrizes Orçamentárias* or *PLDO*, for its acronym in Portuguese) was sent to the National Congress on April 15, 2024. The bill was approved by the National Congress on December 18, 2024, and enacted by President Lula into law on December 31, 2024. The 2025 *LDO* forecasts a R$29.07 billion deficit (0.23% of GDP) for the central government in 2025, a R$14.37 billion deficit (0.11% of GDP) in 2026, a R$70.66 billion surplus (0.50% of GDP) in 2027, and a R$150.68 billion surplus (1.00% of GDP) in 2028. However, judicial decisions (ADIs No. 7064 and 7047) allow for the deduction from the fiscal target of R$39.85 billion in 2025 and R$47.46 billion in 2026. Considering these deductions, fiscal results for the central government are expected to present a surplus of R$10.78 billion (0.09% of GDP) in 2025 and a surplus of R$33.09 billion (0.25% of GDP) in 2026.

The table below sets forth the assumptions that were considered under the 2025 *LDO*, estimated when the 2025 *PLDO* was sent to the National Congress. There is no assurance that such assumptions will prevail, and it is likely that outcomes will vary from the assumptions.

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**Table No. 3** 

**Principal 2025 Budget Assumptions** 

**2025 Budgetary Guidelines Bill** 

---

| | | |
|:---|:---|:---|
|  | As of<br>December 31,<br>2024 | As of<br>December 31,<br>2024 |
|  **Gross Domestic Product** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nominal GDP (billions of Reais) | R$ | 12388.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real GDP Growth |  | 2.80% |
|  **Inflation** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Domestic Inflation (IPCA) |  | 3.10% |

---

*Source: Federal Budget Secretariat (Secretaria de Orçamento Federal) and Economic Policy Secretariat (Secretaria de Política Econômica).* 

*2025 Annual Budget* 

On August 30, 2024, the Federal Government sent the 2025 *PLOA* to the National Congress for consideration. The bill was approved by the National Congress on March 20, 2025, and enacted by President Lula into law on April 10, 2025. The 2025 *LOA* estimates a R$14.5 billion surplus after deductions, complying with the neutral primary balance target set in the 2025 *LDO* and the spending limits set by the sustainable fiscal framework established by *LC* No. 200/2023.

The Assessment of Primary Revenues and Expenditures Report for July and August 2025, published in September 2025, indicated a decrease of R$1.9 billion in the Federal Government's net primary revenue projection for 2025 compared to the projection assessed for May and June 2025. Primary expenditure estimates also decreased by R$3.3 billion for 2025. As a result, the estimated primary result for 2025 increased by R$1.5 billion, representing a margin of R$781 million above the lower limit of the 2025 primary result target.

The table below sets forth the most recent assumptions for the 2025 Annual Budget, estimated in the September 2025 Assessment of Primary Revenues and Expenditures Report. There is no assurance that such assumptions will prevail, and it is likely that outcomes will vary from the assumptions.

**Table No. 4** 

**Principal 2025 Budget Assumptions** 

**September 2025 Assessment of Primary Revenues and Expenditures Report** 

---

| | | |
|:---|:---|:---|
|  | As of<br>September 23,<br>2025 | As of<br>September 23,<br>2025 |
|  **Gross Domestic Product** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nominal GDP (billions of Reais) | R$ | 12745.52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real GDP Growth |  | 2.34% |
|  **Inflation** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Domestic Inflation (IPCA) |  | 4.84% |

---

*Source: Federal Budget Secretariat (Secretaria de Orçamento Federal) and Economic Policy Secretariat (Secretaria de Política Econômica).* 

*2026 Budgetary Guidelines* 

The 2026 *PLDO* was sent to the National Congress on April 15, 2025. The bill forecasts a R$16.90 billion deficit (0.12% of GDP) for the central government in 2026, a R$73.41 billion surplus (0.50% of GDP) in 2027, a R$157.25 billion surplus (1.00% of GDP) in 2028, and a R$210.68 billion surplus (1.25% of GDP) in 2029. However, judicial decisions (ADIs No. 7064 and 7047) allow for the deduction from the fiscal target of R$55.09 billion in 2026. Considering this deduction, fiscal results for the central government are expected to present a surplus of R$38.20 billion (0.28% of GDP) in 2026.

------

The table below sets forth the assumptions that were considered under the 2026 *PLDO*, estimated when the 2026 *PLDO* was sent to the National Congress. There is no assurance that such assumptions will prevail, and it is likely that outcomes will vary from the assumptions.

**Table No. 5** 

**Principal 2026 Budget Assumptions** 

**2026 Budgetary Guidelines Bill** 

---

| | | |
|:---|:---|:---|
|  | As of April 15,<br>2025 | As of April 15,<br>2025 |
|  **Gross Domestic Product** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nominal GDP (billions of Reais) | R$ | 13705.80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real GDP Growth |  | 2.50% |
|  **Inflation** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Domestic Inflation (IPCA) |  | 3.50% |

---

*Source: Federal Budget Secretariat (Secretaria de Orçamento Federal) and Economic Policy Secretariat (Secretaria de Política Econômica).* 

The president of the Joint Budget Committee (*Comissão Mista de Orçamento*) in the National Congress stated that the final vote on the 2026 *PLDO* was scheduled for early September 2025. However, due to the significant number of proposed amendments — 2,465 in total — a vote by the Joint Budget Committee was postponed to allow the rapporteur, Congressman Gervásio Maia (*Partido Socialista Brasileiro* political party—State of *Paraíba*), more time to finalize his report. The Joint Budget Committee resumed discussions on the 2026 *PLDO* on September 9, 2025. On September 23, 2025, Congressman Gervásio Maia presented to the Joint Budget Committee his report on the 2026 *PLDO*. The Joint Budget Committee was expected to vote on Congressman Gervásio Maia's report on September 30, 2025. However, as of November 5, 2025, the vote has been delayed and a new date has yet to be scheduled.

*2026 Annual Budget* 

On August 29, 2025, the Federal Government sent the 2026 *PLOA* to the National Congress for consideration. The bill projects a primary result target of 0.25% of GDP (R$34.3 billion) for 2026, in line with the sustainable fiscal framework. The bill projects a monthly minimum wage of R$1,631, a nominal increase of 7.45% over the 2025 monthly minimum wage.

The table below sets forth the assumptions that were considered under the 2026 *PLOA*, estimated when the bill was sent to the National Congress. There is no assurance that such assumptions will prevail, and it is likely that outcomes will vary from the assumptions.

**Table No. 6** 

**Principal 2026 Budget Assumptions** 

**2026 Annual Budget Bill** 

---

| | | |
|:---|:---|:---|
|  | As of<br>August 29,<br>2025 | As of<br>August 29,<br>2025 |
|  **Gross Domestic Product** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nominal GDP (billions of Reais) | R$ | 13826.29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real GDP Growth |  | 2.44% |
|  **Inflation** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Domestic Inflation (IPCA) |  | 3.60% |

---

*Source: Federal Budget Secretariat (Secretaria de Orçamento Federal) and Economic Policy Secretariat (Secretaria de Política Econômica).* 

*Fiscal Balance* 

In September 2025, the consolidated public sector registered a primary deficit of R$17.5 billion, compared to a deficit of R$7.3 billion in September 2024. For the 12-month period ended September 30, 2025, the consolidated public sector registered an accumulated primary deficit of R$33.2 billion (0.27% of GDP), compared to a primary deficit of R$23.1 billion (0.19% of GDP) in the 12-month period ended August 31, 2025. For the 12-month period ended September 2025, the accumulated fiscal (nominal) balance, which includes the primary balance and accrued nominal interest, registered a deficit of R$1,018.0 billion (8.16% of GDP), compared to a nominal deficit of R$969.6 billion (7.81% of GDP) in the 12-month period ended August 31, 2025.

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In September 2025, the Brazilian Social Security System registered a deficit of R$20.91 billion, 24.26% lower (in real terms) than the deficit registered in September 2024. For the 12-month period ended September 30, 2025, the deficit of the Brazilian Social Security System totaled R$322.25 billion (in real terms). At current market prices, the deficit accumulated in the preceding 12-month period ended September 30, 2025 reached R$317.84 billion.

On September 22, 2025, the Federal Government published its 4<sup>th</sup> Bimonthly Assessment of Primary Revenues and Expenditures Report. In this report, the Federal Government announced a R$12.1 billion spending block.

On November 3, 2025, Brazil's Lower House approved a bill (*PLP* No. 204/2025) allowing the Federal Government to increase national defense spending by up to R$3 billion in 2025, which will not be accounted for the purposes of the fiscal target and spending cap. The measure seeks to strengthen Brazil's defense industrial base and reduce reliance on foreign technology, with similar exclusions permitted from 2026 to 2030 under certain limits. The bill will now be sent to President Lula for enactment.

**PUBLIC DEBT** 

**Public Debt Indicators** 

*Public Sector Net Debt* 

As of September 30, 2025, the Public Sector Net Debt (*Dívida Líquida do Setor Público* or *DLSP*, for its acronym in Portuguese) was R$8,086.90 billion (64.8% of GDP) compared to R$7,117.37 billion (61.7% of GDP) as of September 30, 2024.

*General Government Gross Debt* 

As of September 30, 2025, the General Government Gross Debt (*Dívida Bruta do Governo Geral* or *DBGG*, for its acronym in Portuguese) was R$9,748.47 billion (78.1% of GDP) compared R$8,928.00 billion (77.44% of GDP) as of September 30, 2024.

*Federal Public Debt* 

The following table presents Brazil's FPD profile as of the dates referenced below:

**Table No. 7** 

**Federal Public Debt Profile** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **As of September 30,<br>2025** | **As of September 30,<br>2025** | **As of September 30,<br>2025** | **As of August 31, 2025** | **As of August 31, 2025** | **As of August 31, 2025** | **As of September 30,<br>2024** | **As of September 30,<br>2024** | **As of September 30,<br>2024** |
|  |  |  | **%** |  |  | **%** |  |  | **%** |
|  **Federal Public Debt (R$ billons)** | **R$** | **8122.0** | **100.0%** | **R$** | **8145.0** | **100.0%** | **R$** | **6947.7** | **100.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Domestic | R$ | 7820.5 | **96.3%** | R$ | 7844.8 | 96.3% | R$ | 6640.4 | **95.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fixed-rate | R$ | 1783.9 | **22.8%** | R$ | 1701.1 | 21.7% | R$ | 1594.0 | **24.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inflation-linked | R$ | 2177.2 | **27.8%** | R$ | 2125.6 | 27.1% | R$ | 1893.1 | **28.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Selic rate | R$ | 3855.7 | **49.3%** | R$ | 4014.4 | 51.2% | R$ | 3149.6 | **47.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FX | R$ | 3.7 | **0.0%** | R$ | 3.8 | 0.0% | R$ | 3.8 | **0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | R$ | 0.0 | **0.0%** | R$ | 0.0 | 0.0% | R$ | 0.0 | **0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; External (RS billions) | R$ | 301.5 | **3.7%** | R$ | 300.2 | 3.7% | R$ | 307.3 | **4.4%** |
|  **Maturity Profile** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Average Maturity (years) |  | 4.2 |  |  | 4.1 |  |  | 4.2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maturing in 12 months (R$ billions) | R$ | 1513.5 |  | R$ | 1584.3 |  | R$ | 1239.4 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maturing in 12 months (%) |  | 18.6% |  |  | 19.5% |  |  | 17.8% |  |

---

*Source: National Treasury*.

**Public Debt Management** 

In managing the FPD, the National Treasury seeks to meet the Public Sector Borrowing Requirements (as defined in "Public Finance—Fiscal Balance") at the lowest possible long-term financing cost, while maintaining adequate risk levels. Since 2001, the National Treasury has published an Annual Borrowing Plan, including guidelines for managing the FPD, such as (i) gradually replacing floating rate bonds with fixed rate or inflation-linked instruments; (ii) consolidating the share of exchange rate-linked instruments of outstanding debt, in accordance with long-term limits; (iii) relaxing the maturity structure, with special attention to short-term debt; (iv) increasing the average maturity of the outstanding debt; (v) developing the yield curve in both domestic and external markets (i.e., to issue benchmark bonds in the internal and external markets to provide price references to markets and enhance liquidity in the primary and secondary markets); (vi) increasing the liquidity of federal public securities on the secondary market; (vii) broadening the investor base; and (viii) improving the external FPD profile through issuances of benchmark securities, buybacks and structured operations.

------

The 2025 Annual Borrowing Plan, like the previous Annual Borrowing Plans, focuses on the replacement of floating-rate securities with fixed-rate and inflation-linked securities.

On September 30, 2025, the National Treasury announced an update to the reference limits in its 2025 Annual Borrowing Plan. The revised limits increase the acceptable end-of-year stock of Federal Public Debt (DPF) in response to stronger market demand for federal securities and lower long-term interest rates.

The following table sets forth the federal debt results for each of the years indicated below, and the reference limits provided in the 2025 Annual Borrowing Plan:

**Table No. 8** 

**Federal Public Debt Results and 2025 Revised Annual Borrowing Plan** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of December 31, 2023** | **As of December 31, 2024** | **Revised**<br>**Reference Limits for 2025** | **Revised**<br>**Reference Limits for 2025** |
|  | | | **Minimum** | **Maximum** |
|  **Stock of FPD (in R$ billions)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FPD | 6520.3 | 7316.1 | 8500.0 | 8800.0 |
|  **Composition—%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fixed Rate | 26.5% | 22.0% | 19.0% | 23.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inflation Linked | 29.8% | 27.0% | 24.0% | 28.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Floating Rate | 39.7% | 46.3% | 48.0% | 52.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exchange Rate | 4.1% | 4.8% | 3.0% | 7.0% |
|  **Maturity Profile** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Average Maturity (years) | 4.0 | 4.0 | 3.8 | 4.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; % Maturing in 12 months | 20.1% | 17.9% | 16.0% | 20.0% |

---

*Source: National Treasury.* 

**Regional Public Debt (State and Municipal)** 

*Federal Government Guarantees* 

The Federal Government guarantees certain loans to Brazilian sub-national governments. These loans are counter-guaranteed by collateral, including permitted transfers and the sub-national government's revenues. As of September 2025, the Federal Government had paid a total of R$83.09 billion in liabilities incurred by states and municipalities since 2016. The largest payments were attributed to (i) the State of Rio de Janeiro (R$43.35 billion), (ii) the State of Minas Gerais (R$22.04 billion), (iii) the State of Goiás (R$6.44 billion), (iv) the State of Rio Grande do Sul (R$5.02 billion), (v) the State of Maranhão (R$1.51 billion), and (vi) the State of Pernambuco (R$1.44 billion).

*Special Recovery Regime* 

As of November 4, 2025, the states in the Special Recovery Regime were Goiás, Rio de Janeiro, Rio Grande do Sul, and Minas Gerais. Under the Special Recovery Regime, the Federal Government may pay certain liabilities incurred by the states participating in the Special Recovery Regime without recovering on counter-guarantees granted by such states.

See "Public Debt—Special Recovery Regime" in Exhibit D to the 2024 Annual Report for more information about the Special Recovery Regime.

## Exhibit 99.2

**Exhibit 2** 

**TERMS AGREEMENT** 

**FEDERATIVE REPUBLIC OF BRAZIL** 

**5.500**% **Global Bonds due 2033**

**6.625% Global Bonds due 2035** 

November 6, 2025

Secretaria do Tesouro Nacional

Ministério da Fazenda

Esplanada dos Ministérios

Bloco P, Ed. Anexo do Ministério da Fazenda, 1°Andar

Ala A, Sala 113

70048-900 Brasília DF

Brasil

Subject in all respects to the terms and conditions contained in the Underwriting Terms (as defined below), the underwriters named in Annex I hereto (the "<u>Underwriters</u>") severally and not jointly agree to purchase, and the Federative Republic of Brazil ("<u>Brazil</u>") agrees to sell, the principal amount set forth in Annex I hereto of (i) the 5.500% Global Bonds due 2033 (the "<u>2033 Global Bonds</u>") of Brazil and (ii) the 6.625% Global Bonds due 2035 (the "<u>2035 Global Bonds</u>", and together with the 2033 Global Bonds, the "<u>Global Bonds</u>") of Brazil, having the terms set forth in the Prospectus Supplement dated November 6, 2025 (the "<u>Prospectus Supplement</u>"), at the Purchase Price set forth in the Prospectus Supplement and described herein under "Purchase Price" below. For purposes of this Terms Agreement (as defined below), (i) "<u>Underwriting Terms</u>" means the Underwriting Terms, dated November 2025 and attached hereto as Schedule A, incorporated by reference herein as if fully set forth herein, as modified by the terms and conditions of this Terms Agreement (this "<u>Terms Agreement</u>"), (ii) all references to "<u>Debt Securities</u>" in the Underwriting Terms shall be references to the Global Bonds and (iii) "<u>Registration Statement</u>" means Brazil's Registration Statement under Schedule B of the Securities Act of 1933 (No. 333-261972) as of the time of the first contract of sale for any Global Bonds. In the event of any conflict between the Underwriting Terms and this Terms Agreement, this Terms Agreement shall govern. Capitalized terms used but not defined herein shall have the meanings ascribed to them in the Prospectus Supplement and the Underwriting Terms:

---

| | |
|:---|:---|
| Closing Date and Time of Delivery: | November 14, 2025 (T+5), 10:00 a.m., New York City time. |
| Representatives: | All references in this Terms Agreement to the "representatives" shall be understood to refer to Citigroup Global Markets Inc., Deutsche Bank Securities Inc. and Goldman Sachs & Co. LLC. |
| Names and Addresses of the Underwriters: | Citigroup Global Markets Inc.<br> 388 Greenwich Street<br> New York, New York 10013<br>Deutsche Bank Securities Inc.<br> 1 Columbus Circle<br> New York, New York 10019<br>Goldman Sachs & Co. LLC<br> 200 West Street<br> New York, New York 10282 |

---

------

---

| | |
|:---|:---|
| Address of Brazil: | Attention: Procuradoria-Geral da Fazenda Nacional, Ministério da Fazenda, Esplanada dos Ministérios, Bloco P, 8°Andar, 70048-900, Brasília-DF, Brasil, Attention: Procuradora-Geral da Fazenda Nacional,<br>with a copy to:<br>Secretaria do Tesouro Nacional, Ministério da Fazenda, Esplanada dos Ministérios, Bloco P, Ed. Anexo do Ministério da Fazenda, 1°Andar, Ala A, Sala 113, 70048-900 Brasília-DF, Brasil, Attention: Coordenador-Geral de Operações da Dívida Pública—CODIP (Facsimile: +55 (61) 3412-1534). |
| United States counsel for Brazil: | Arnold & Porter Kaye Scholer LLP |
| United States counsel for the Underwriters: | Sullivan & Cromwell LLP |
| Special Brazilian counsel for the Underwriters: | Pinheiro Neto Advogados |
| Payment: | The Underwriters will pay or cause to be paid to Brazil the Purchase Price (as defined below) for the Global Bonds. Such payment shall be made in U.S. dollars in immediately available funds to an account designated by Brazil. |
| Offering Price: | For the 2033 Global Bonds: 98.515% of the principal amount, plus accrued interest, if any, from November 14, 2025, the date Brazil expects to deliver the 2033 Global Bonds.<br>For the 2035 Global Bonds: 102.967% of the principal amount, plus accrued interest totaling U.S.$8,143,229.17, or U.S.$10.86 per U.S.$1,000 principal amount of the 2035 Global Bonds, from September 15, 2025 to, but not including, November 14, 2025, the date Brazil expects to deliver the 2035 Global Bonds, and any additional interest to the date of delivery, if later. |
| Purchase Price: | For the 2033 Global Bonds: 98.315% of the principal amount, plus accrued interest, if any, from November 14, 2025, the date Brazil expects to deliver the 2033 Global Bonds.<br>For the 2035 Global Bonds: 102.767% of the principal amount, plus accrued interest totaling U.S.$8,143,229.17, or U.S.$10.86 per U.S.$1,000 principal amount of the 2035 Global Bonds, from September 15, 2025 to, but not including, November 14, 2025, the date Brazil expects to deliver the 2035 Global Bonds, and any additional interest to the date of delivery, if later. |
| Period during which additional debt securities may not be sold pursuant to Section 5(g) of the Underwriting Terms: | Period beginning from the date hereof and continuing to and including the earlier of (x) the date of completion of the distribution as notified to Brazil by the Underwriters (notification to be given as promptly as practicable) and (y) 5 New York Business Days from the date hereof. |

---

------

---

| | |
|:---|:---|
| Stabilization: | If the representatives of the Underwriters (or persons acting on their behalf), in connection with the distribution of the Global Bonds, offer Global Bonds in excess of the aggregate principal amount to be issued or effect transactions with a view to supporting the market price of the Global Bonds at levels other than those which might otherwise prevail in the open market, such persons shall not in doing so be deemed to act as an agent of Brazil. Brazil will not as a result of any action taken by the representatives of the Underwriters (or persons acting on their behalf), under this paragraph be obliged to issue Global Bonds in excess of the aggregate amount of Global Bonds to be issued under this Terms Agreement, nor shall Brazil be liable for any loss, or entitled to any profit, arising from any excess offers or stabilization. Stabilization will be conducted in accordance with all applicable laws. |
| Additional Covenants: | In addition to the covenants assumed under the Underwriting Terms, Brazil also covenants and agrees the following with each Underwriter:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Brazil will apply the net proceeds of the offer and sale of the 2033 Global Bonds in accordance with the Prospectus Supplement.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) So long as the 2033 Global Bonds are outstanding, Brazil, in accordance with the provisions of Brazil's Sovereign Sustainable Bond Framework, will provide periodic reporting on the allocation of an amount equal to the net proceeds of the 2033 Global Bonds to Eligible Expenses (as defined in Brazil's Sovereign Sustainable Bond Framework). |
| Time of Sale: | 4:15 p.m., New York City time. |
| Reopening of the 2035 Global Bonds: | The 2035 Global Bonds are a further issuance of, and will form a single series with, the outstanding U.S.$3,750,000,000 6.625% Global Bonds due 2035 (ISIN US105756CL22, CUSIP No. 105756CL2, Common Code 295420472) previously issued by Brazil. |

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*Recognition of the U.S. Special Resolution Regimes*:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) In the event that any Underwriter that is a Covered Entity (as defined below) becomes subject to a proceeding under a U.S. Special Resolution Regime (as defined below), the transfer from such Underwriter of this Terms Agreement, and any interest and obligation in or under this Terms Agreement, will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if this Terms Agreement, and any such interest and obligation, were governed by the laws of the United States or a state of the United States.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) In the event that any Underwriter that is a Covered Entity or a BHC Act Affiliate (as defined below) of such Underwriter becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under this Terms Agreement that may be exercised against such Underwriter are permitted to be exercised to no greater extent than such Default Rights (as defined below) could be exercised under the U.S. Special Resolution Regime if this Terms Agreement were governed by the laws of the United States or a state of the United States.

As used in this Terms Agreement:

"BHC Act Affiliate" has the meaning assigned to the term "affiliate" in, and shall be interpreted in accordance with, 12 U.S.C. § 1841(k).

------

"Covered Entity" means any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a "covered entity" as that term is defined in, and interpreted in accordance with, 12 C.F.R. §
252.82(b);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a "covered bank" as that term is defined in, and interpreted in accordance with, 12 C.F.R. §
47.3(b); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a "covered FSI" as that term is defined in, and interpreted in accordance with, 12 C.F.R. §
382.2(b).

"Default Right" has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as applicable.

"U.S. Special Resolution Regime" means each of (i) the Federal Deposit Insurance Act and the regulations promulgated thereunder and (ii) Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act and the regulations promulgated thereunder.

This Terms Agreement supersedes all prior agreements and understandings (whether written or oral) between Brazil and the Underwriters, or any of them, with respect to the subject matter hereof.

THIS TERMS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAW OF THE STATE OF NEW YORK, UNITED STATES OF AMERICA, EXCEPT THAT ALL MATTERS GOVERNING AUTHORIZATION AND EXECUTION OF THIS TERMS AGREEMENT BY BRAZIL SHALL BE GOVERNED BY THE LAW OF BRAZIL.

This Terms Agreement may be executed in counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same instrument.

Delivery of this Terms Agreement by one party to any other party may be made by facsimile, electronic mail (including any electronic signature complying with the New York Electronic Signatures and Records Act (N.Y. State Tech. §§ 301-309), as amended from time to time, or other applicable law) or other transmission method, and the parties hereto agree that any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes.

------

IN WITNESS WHEREOF, the parties have executed this Terms Agreement as of the day and year first above written.

---

| | |
|:---|:---|
| CITIGROUP GLOBAL MARKETS INC. | CITIGROUP GLOBAL MARKETS INC. |
| By: | /s/ Adam D. Bordner |
|  | Name: Adam D. Bordner |
|  | Title: Managing Director |
| DEUTSCHE BANK SECURITIES INC. | DEUTSCHE BANK SECURITIES INC. |
| By: | /s/ Andre Silva |
|  | Name: Andre Silva |
|  | Title: Managing Director |
| By: | /s/ Nicolas Laufer |
|  | Name: Nicolas Laufer<br> Title: Director |
| GOLDMAN SACHS & CO. LLC | GOLDMAN SACHS & CO. LLC |
| By: | /s/ Carlos Mendoza |
|  | Name: Carlos Mendoza |
|  | Title: Managing Director |

---

[*Signature Page to the Terms Agreement*]

------

---

| | |
|:---|:---|
| Accepted: | Accepted: |
| FEDERATIVE REPUBLIC OF BRAZIL | FEDERATIVE REPUBLIC OF BRAZIL |
| By: | /s/ Fabiani Fadel Borin |
|  | Name: Fabiani Fadel Borin |
|  | Title: Attorney of the National Treasury |

---

[*Signature Page to the Terms Agreement*]

------

Annex I

---

| | | |
|:---|:---|:---|
| **Underwriter** | **Principal Amount of**<br>**2033 Global Bonds**<br>**To Be Purchased** | **Principal Amount of**<br>**2035 Global Bonds**<br>**To Be Purchased** |
|  Citigroup Global Markets Inc. | U.S.$500,000,000 | U.S.$250,000,000 |
|  Deutsche Bank Securities Inc. | U.S.$500,000,000 | U.S.$250,000,000 |
|  Goldman Sachs & Co. LLC | U.S.$500,000,000 | U.S.$250,000,000 |
|  Total: | U.S.$1,500,000,000 | U.S.$750,000,000 |

---

------

Exhibit A<u> </u>

<u>Issuer Free Writing Prospectuses</u> 

------

**Filed pursuant to Rule 433** 

**Registration No. 333-261972** 

**Relating to Preliminary Prospectus Supplement dated November 6, 2025** 

Term Sheet

FEDERATIVE REPUBLIC OF BRAZIL—PRICING TERMS

5.500% Global Bonds due 2033

---

| | |
|:---|:---|
| **Issuer** | **Federative Republic of Brazil ("<u>Brazil</u>")** |
| Transaction | 5.500% Global Bonds due 2033 (the "<u>2033 Global Bonds</u>") |
| Ratings | [Intentionally Omitted]\* |
| Distribution | SEC Registered |
| Total Amount Issued | U.S.$1,500,000,000 |
| Total Gross Proceeds (before fees and expenses) | U.S.$1,477,725,000 |
| Coupon | 5.500% per annum, 30/360 |
| Maturity | February 4, 2033 |
| Offering Price | 98.515% of the principal amount, plus accrued interest, if any, from November 14, 2025, the date Brazil expects to deliver the 2033 Global Bonds. |
| Yield to Maturity | 5.750% per annum |
| Benchmark Bond | UST 3.750% due October 31, 2032 |
| Benchmark Price | 99-07+ |
| Benchmark Yield | 3.876% |
| Reoffer Spread | 187.4 bps |
| Underwriting Fee | 0.200% |
| Interest Payment Dates | February 4 and August 4 of each year. |
| First Interest Payment Date | August 4, 2026 (long first coupon) |
| Use of Proceeds | Brazil intends to use the net proceeds of the sale of the 2033 Global Bonds for repayment of outstanding federal public debt of Brazil.<br>Brazil intends to allocate from budgetary resources an amount at least equal to the net proceeds from the sale of the 2033 Global Bonds to fund budgetary programs that qualify as eligible expenditures under its Sovereign Sustainable Bond Framework approved on September 5, 2023 (the "<u>Framework</u>").<br>Brazil intends to allocate an amount representing a range of between 50% and 60% of the virtual allocation of the net proceeds of the issuance to eligible green project categories under the Framework and a range of between 40% and 50% of the virtual allocation of the net proceeds of the issuance to eligible social project categories under the Framework. Eligible green and social expenditures include disbursements from the date 12 months prior to the issuance date of the 2033 Global Bonds and up to 24 months after the issuance of the 2033 Global Bonds. |
| Optional Redemption | The 2033 Global Bonds will be subject to redemption at the option of Brazil before maturity, on terms described under "Description of the 2033 Global Bonds—Optional Redemption" in the Prospectus Supplement. |
| Make-whole spread | 30 bps |
| Pricing Date | November 6, 2025 |
| Settlement Date | November 14, 2025 (T+5) |
| CUSIP / ISIN | 105756CP3 / US105756CP36 |
| Denominations | U.S.$200,000 and integral multiples of U.S.$1,000 in excess thereof |

---

------

---

| | |
|:---|:---|
| Listing | Application will be made to list the 2033 Global Bonds on the London Stock Exchange plc for the 2033 Global Bonds to be admitted to trading on the London Stock Exchange plc's International Securities Market (the "ISM"). |
| Governing Law | New York Law |
| Joint Lead Managers and Joint Bookrunners | Citigroup Global Markets Inc.<br> Deutsche Bank Securities Inc.<br> Goldman Sachs & Co. LLC |
| Underwriting Commitments | Citigroup Global Markets Inc. U.S.$500,000,000<br> Deutsche Bank Securities Inc. U.S.$500,000,000<br> Goldman Sachs & Co. LLC U.S.$500,000,000 |

---

\* Note: A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time. Each securities rating should be evaluated independently of each other securities rating.

A preliminary prospectus supplement, subject to completion, dated November 6, 2025, together with an accompanying prospectus, for the 2033 Global Bonds, is available from the SEC's website using the following link: [https://www.sec.gov/Archives/edgar/data/205317/000119312525268173/d36693d424b5.htm \[sec.gov\].](http://www.sec.gov/Archives/edgar/data/205317/000119312525268173/d36693d424b5.htm)

The information in the preliminary prospectus supplement and this term sheet is not complete and may be changed. The preliminary prospectus supplement and this term sheet are not offers to sell any securities and are not soliciting an offer to buy such securities in any state or jurisdiction where such offer and sale is not permitted.

The Issuer has filed a registration statement (including a prospectus) and the preliminary prospectus supplement with the SEC for the offering to which this term sheet relates. Before you invest, you should read the prospectus in that registration statement and other documents the Issuer has filed with the SEC for more complete information about the Issuer and the offering. You may access these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the Issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling Citigroup Global Markets Inc. toll-free at +1 (800) 831-9146, Deutsche Bank Securities Inc. toll-free at +1 (800) 503-4611, or Goldman Sachs & Co. LLC toll-free at +1 (866) 471-2526.

The 2033 Global Bonds which are the subject of the offering are not intended to be offered, sold or otherwise made available to and should not be offered, sold or otherwise made available to any retail investor in the European Economic Area ("EEA"). For these purposes, a "retail investor" means a person who is one (or more) of: (i) a retail client as defined in point (11) of Article 4(1) of Directive 2014/65/EU (as amended, "MiFID II"); or (ii) a customer within the meaning of Directive (EU) 2016/97 (as amended, the "Insurance Distribution Directive"), where that customer would not qualify as a professional client as defined in point (10) of Article 4(1) of MiFID II. Consequently, no key information document required by Regulation (EU) No 1286/2014 (as amended, the "PRIIPs Regulation") for offering or selling the 2033 Global Bonds or otherwise making them available to retail investors in the EEA has been prepared and therefore offering or selling the 2033 Global Bonds or otherwise making them available to any retail investor in the EEA may be unlawful under the PRIIPs Regulation.

The 2033 Global Bonds which are the subject of the offering are not intended to be offered, sold or otherwise made available to and should not be offered, sold or otherwise made available to any retail investor in the United Kingdom ("UK"). For these purposes, a retail investor in the UK means a person who is one (or more) of: (i) a retail client, as defined in point (8) of Article 2 of Regulation (EU) No 2017/565 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (as amended, the "EUWA"); or (ii) a customer within the meaning of the provisions of the UK Financial Services and Markets Act 2000 (as amended, the "FSMA") and any rules or regulations made under the FSMA to implement Directive (EU) 2016/97, where that customer would not qualify as a professional client, as defined in point (8) of Article 2(1) of Regulation (EU) No 600/2014 as it forms part of domestic law by virtue of the EUWA. Consequently, no key information document required by Regulation (EU) No 1286/2014 as it forms part of domestic law by virtue of the EUWA (the "UK PRIIPs Regulation") for offering or selling the 2033 Global Bonds or otherwise making them available to retail investors in the UK has been prepared and therefore offering or selling the 2033 Global Bonds or otherwise making them available to any retail investor in the UK may be unlawful under the UK PRIIPs Regulation.

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Neither this term sheet nor any other material relating to the offering has been approved by an authorized person for the purposes of section 21 of the FSMA. This term sheet is only being distributed to and is only directed at (i) persons who are outside the UK or (ii) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended, the "Order") or (iii) high net worth companies, and other persons to whom it may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as "relevant persons"). Any investment or investment activity to which this term sheet relates will only be available to, and any invitation, offer or agreement to subscribe, purchase or otherwise acquire the same will be engaged in only with, relevant persons. The 2033 Global Bonds which are the subject of the offering will only be available to, and any invitation, offer or agreement to subscribe, purchase or otherwise acquire the 2033 Global Bonds will be engaged in only with, relevant persons. Any person who is not a relevant person should not act or rely on this term sheet or any other material relating to the offering.

ANY LEGENDS, DISCLAIMERS OR OTHER NOTICES THAT MAY APPEAR BELOW ARE NOT APPLICABLE TO THIS TERM SHEET AND SHOULD BE DISREGARDED. SUCH LEGENDS, DISCLAIMERS OR OTHER NOTICES HAVE BEEN AUTOMATICALLY GENERATED AS A RESULT OF THIS TERM SHEET HAVING BEEN SENT VIA BLOOMBERG OR ANOTHER SYSTEM.

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**Filed pursuant to Rule 433** 

**Registration No. 333-261972** 

**Relating to Preliminary Prospectus Supplement dated November 6, 2025** 

Term Sheet

FEDERATIVE REPUBLIC OF BRAZIL—PRICING TERMS

6.625% Global Bonds due 2035

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| | |
|:---|:---|
| **Issuer** | **Federative Republic of Brazil ("<u>Brazil</u>")** |
| Transaction | 6.625% Global Bonds due 2035 (the "<u>2035 Global Bonds</u>") |
| Ratings | [Intentionally Omitted]\* |
| Distribution | SEC Registered |
| Total Amount Issued | U.S.$750,000,000 (brings total size to U.S.$4,500,000,000) |
| Total Gross Proceeds (before fees and expenses) | U.S.$772,252,500 (excluding accrued interest) |
| Coupon | 6.625% per annum, 30/360 |
| Maturity | March 15, 2035 |
| Offering Price | 102.967% of the principal amount, plus accrued interest, totaling U.S.$8,143,229.17, or U.S.$10.86 per U.S.$1,000 principal amount of the 2035 Global Bonds, from September 15, 2025 to, but not including, November 14, 2025, the date Brazil expects to deliver the 2035 Global Bonds, and any additional interest to date of delivery, if later. |
| Yield to Maturity | 6.200% per annum |
| Benchmark Bond | 4.250% due August 15, 2035 |
| Benchmark Price | 101-08+ |
| Benchmark Yield | 4.091% |
| Reoffer Spread | 210.9 bps |
| Underwriting Fee | 0.200% |
| Interest Payment Dates | March 15 and September 15 of each year |
| First Interest Payment Date | March 15, 2026 |
| Use of Proceeds | Brazil intends to use the net proceeds of the sale of the 2035 Global Bonds for repayment of outstanding federal public debt of Brazil. |
| Reopening | The 2035 Global Bonds constitute a further issuance of, and will form a single series with, the existing U.S.$3,750,000,000 aggregate principal amount of Brazil's 6.625% Global Bonds due 2035 previously issued on February 25, 2025 and June 11, 2025. |
| Optional Redemption | The 2035 Global Bonds will be subject to redemption at the option of Brazil before maturity, on terms described under "Description of the 2035 Global Bonds—Optional Redemption" in the Prospectus Supplement. |
| Make-whole spread | 35 bps |
| Pricing Date | November 6, 2025 |
| Settlement Date | November 14, 2025 (T+5) |
| CUSIP / ISIN | 105756CL2 / US105756CL22 |
| Denominations | U.S.$200,000 and integral multiples of U.S.$1,000 in excess thereof |
| Listing | Application will be made to list the 2035 Global Bonds on the London Stock Exchange plc for the 2035 Global Bonds to be admitted to trading on the London Stock Exchange plc's International Securities Market (the "ISM"). |
| Governing Law | New York Law. |
| Joint Lead Managers and Joint Bookrunners | Citigroup Global Markets Inc.<br> Deutsche Bank Securities Inc.<br> Goldman Sachs & Co. LLC |

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| | | |
|:---|:---|:---|
| Underwriting Commitments | Citigroup Global Markets Inc.<br> Deutsche Bank Securities Inc.<br> Goldman Sachs & Co. LLC | U.S.$250,000,000<br> U.S.$250,000,000<br> U.S.$250,000,000 |

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\* Note: A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time. Each securities rating should be evaluated independently of each other securities rating.

A preliminary prospectus supplement, subject to completion, dated November 6, 2025, together with an accompanying prospectus, for the 2035 Global Bonds, is available from the SEC's website using the following link: [https://www.sec.gov/Archives/edgar/data/205317/000119312525268173/d36693d424b5.htm \[sec.gov\]](http://www.sec.gov/Archives/edgar/data/205317/000119312525268173/d36693d424b5.htm).

The information in the preliminary prospectus supplement and this term sheet is not complete and may be changed. The preliminary prospectus supplement and this term sheet are not offers to sell any securities and are not soliciting an offer to buy such securities in any state or jurisdiction where such offer and sale is not permitted.

The Issuer has filed a registration statement (including a prospectus) and the preliminary prospectus supplement with the SEC for the offering to which this term sheet relates. Before you invest, you should read the prospectus in that registration statement and other documents the Issuer has filed with the SEC for more complete information about the Issuer and the offering. You may access these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the Issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling Citigroup Global Markets Inc. toll-free at +1 (800) 831-9146, Deutsche Bank Securities Inc. toll-free at +1 (800) 503-4611, or Goldman Sachs & Co. LLC toll-free at +1 (866) 471-2526.

The 2035 Global Bonds which are the subject of the offering are not intended to be offered, sold or otherwise made available to and should not be offered, sold or otherwise made available to any retail investor in the European Economic Area ("EEA"). For these purposes, a "retail investor" means a person who is one (or more) of: (i) a retail client as defined in point (11) of Article 4(1) of Directive 2014/65/EU (as amended, "MiFID II"); or (ii) a customer within the meaning of Directive (EU) 2016/97 (as amended, the "Insurance Distribution Directive"), where that customer would not qualify as a professional client as defined in point (10) of Article 4(1) of MiFID II. Consequently, no key information document required by Regulation (EU) No 1286/2014 (as amended, the "PRIIPs Regulation") for offering or selling the 2035 Global Bonds or otherwise making them available to retail investors in the EEA has been prepared and therefore offering or selling the 2035 Global Bonds or otherwise making them available to any retail investor in the EEA may be unlawful under the PRIIPs Regulation.

The 2035 Global Bonds which are the subject of the offering are not intended to be offered, sold or otherwise made available to and should not be offered, sold or otherwise made available to any retail investor in the United Kingdom ("UK"). For these purposes, a retail investor in the UK means a person who is one (or more) of: (i) a retail client, as defined in point (8) of Article 2 of Regulation (EU) No 2017/565 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (as amended, the "EUWA"); or (ii) a customer within the meaning of the provisions of the UK Financial Services and Markets Act 2000 (as amended, the "FSMA") and any rules or regulations made under the FSMA to implement Directive (EU) 2016/97, where that customer would not qualify as a professional client, as defined in point (8) of Article 2(1) of Regulation (EU) No 600/2014 as it forms part of domestic law by virtue of the EUWA. Consequently, no key information document required by Regulation (EU) No 1286/2014 as it forms part of domestic law by virtue of the EUWA (the "UK PRIIPs Regulation") for offering or selling the 2035 Global Bonds or otherwise making them available to retail investors in the UK has been prepared and therefore offering or selling the 2035 Global Bonds or otherwise making them available to any retail investor in the UK may be unlawful under the UK PRIIPs Regulation.

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Neither this term sheet nor any other material relating to the offering has been approved by an authorized person for the purposes of section 21 of the FSMA. This term sheet is only being distributed to and is only directed at (i) persons who are outside the UK or (ii) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended, the "Order") or (iii) high net worth companies, and other persons to whom it may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as "relevant persons"). Any investment or investment activity to which this term sheet relates will only be available to, and any invitation, offer or agreement to subscribe, purchase or otherwise acquire the same will be engaged in only with, relevant persons. The 2035 Global Bonds which are the subject of the offering will only be available to, and any invitation, offer or agreement to subscribe, purchase or otherwise acquire the 2035 Global Bonds will be engaged in only with, relevant persons. Any person who is not a relevant person should not act or rely on this term sheet or any other material relating to the offering.

ANY LEGENDS, DISCLAIMERS OR OTHER NOTICES THAT MAY APPEAR BELOW ARE NOT APPLICABLE TO THIS TERM SHEET AND SHOULD BE DISREGARDED. SUCH LEGENDS, DISCLAIMERS OR OTHER NOTICES HAVE BEEN AUTOMATICALLY GENERATED AS A RESULT OF THIS TERM SHEET HAVING BEEN SENT VIA BLOOMBERG OR ANOTHER SYSTEM.

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Schedule A

**FEDERATIVE REPUBLIC OF BRAZIL** 

**UNDERWRITING TERMS** 

**DATED NOVEMBER 2025** 

The Federative Republic of Brazil ("<u>Brazil</u>") proposes to issue and sell from time to time certain of its unsecured debt securities (the "<u>Debt Securities</u>") that may be registered under the Registration Statement, as defined in Section 1(a) hereof. Capitalized terms used but not defined herein shall have the meanings ascribed to them in the relevant Prospectus Supplement. Each series of the Debt Securities issued on the date hereof (each, a "<u>Series</u>"), will be constituted under an indenture, dated as of July 2, 2015, as amended from time to time after the date hereof (the "<u>Indenture</u>"), between Brazil and The Bank of New York Mellon, as trustee (the "<u>Trustee</u>"), and an authorization delivered to the Trustee pursuant to Section 2.1(c) of the Indenture and applicable to such Series (each, an "<u>Authorization</u>" and, collectively, "<u>Authorizations</u>"). Unless otherwise specifically provided for and set forth in a Prospectus Supplement (as defined below), the Debt Securities denominated and payable in U.S. dollars will be issued in denominations of U.S. $200,000 and integral multiples of U.S. $1,000 in excess thereof. The authorized denominations of Debt Securities denominated in currencies (including composite currencies) other than U.S. dollars will be set forth in an applicable Prospectus Supplement. The Debt Securities may be issued in registered, book-entry or certificated form. The Debt Securities of each Series will have the interest rates, maturities and, if applicable, other terms set forth in the applicable Prospectus Supplement. The Debt Securities of each Series will be issued, and the terms thereof established, in accordance with the Indenture, the Authorization and the Terms Agreement (as defined in Section 2(a)). For the purposes of these underwriting terms (the "<u>Underwriting Terms</u>"), the term "<u>Underwriter</u>" shall refer to each underwriter that has agreed to severally purchase the Debt Securities and has executed the accompanying Terms Agreement with Brazil in respect of the sale and purchase of the Debt Securities. In acting under this Agreement, each Underwriter is acting individually and not jointly, unless otherwise specified in the Terms Agreement.

All references herein to "<u>this Agreement</u>" shall refer to the Terms Agreement, including these Underwriting Terms as incorporated therein.

All references in this Agreement to principal, premium and interest in respect of the Debt Securities shall, unless the context otherwise requires, be deemed to include all additional amounts, if any, payable in respect thereof as a result of any withholding or deduction for or on account of any present or future taxes, duties, assessments or governmental charges of whatever nature imposed or levied by Brazil or any political subdivision or any taxing authority or agency therein or thereof having the power to tax as set forth in the Debt Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Representations and Warranties of Brazil</u>. As of the Execution Date, Brazil represents and warrants to, and agrees with, each Underwriter as set forth below in this Section 1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Brazil meets the requirements for use of Schedule B under the U.S. Securities Act of 1933, as amended (the "<u>Act</u>"), is a "seasoned" foreign government issuer within the meaning of Commission Release No. 33-6424 and has filed with the Securities and Exchange Commission (the "<u>Commission</u>") a Registration Statement (as defined in this Section 1(a)) on Schedule B, including a Basic Prospectus (as defined in this Section 1(a)), which has become effective for the registration under the Act of debt securities or warrants, including the Debt Securities; such registration statement and any post-effective amendment thereto, each in the form heretofore delivered to the representatives of the Underwriters or their counsel (excluding exhibits to such registration statement), have been declared effective by the Commission in such form; no other document with respect to such registration statement has heretofore been filed with the Commission (other than the documents incorporated therein by reference and prospectuses filed pursuant to Rule 424(b) of the rules and regulations of the Commission under the Act, each in form heretofore delivered to the representatives of the Underwriters or their counsel); and no stop order suspending the effectiveness of such registration statement has been issued and no proceeding for that purpose has been initiated or threatened by the Commission. Such registration statement, as amended as of the time each part thereof became effective, including all exhibits thereto and any documents

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incorporated by reference therein, and any prospectus supplement deemed to be a part thereof that has not been superseded or modified, are hereinafter collectively called the "<u>Registration Statement</u>"; "<u>Registration Statement</u>" without reference to a time shall have the meaning given to such term in the Terms Agreement; the basic prospectus contained in the Registration Statement, in the form in which it has most recently been filed with the Commission on or prior to the date of this Agreement, is hereinafter called the "<u>Basic Prospectus</u>". In connection with the sale of the Debt Securities in the United States, Brazil proposes to file with the Commission pursuant to the applicable paragraph of Rule 424(b) under the Act further supplements to the Base Prospectus (each, a "<u>Prospectus Supplement</u>") specifying the principal amount, interest rates, maturity dates, any updates or amendments to the plan of distribution relating to the Debt Securities and, if appropriate, other terms of such Debt Securities sold pursuant hereto or the offering thereof. Any preliminary prospectus (including any preliminary Prospectus Supplement) relating to the Debt Securities which has heretofore been filed with the Commission pursuant to Rule 424(b) under the Act is hereinafter called the "<u>Preliminary Prospectus</u>". The Basic Prospectus, as amended and supplemented immediately prior to the Time of Sale (as defined in Section 1(c) hereof) by a preliminary Prospectus Supplement for the Debt Securities, is hereinafter called the "<u>Pricing Prospectus</u>"; the form of the final prospectus relating to the Debt Securities filed with the Commission pursuant to Rule 424(b) under the Act is hereinafter called the "<u>Prospectus</u>"; any reference herein to the Basic Prospectus, the Pricing Prospectus, any Preliminary Prospectus or the Prospectus shall be deemed to refer to and include the documents incorporated by reference therein, as of the date of such prospectus; any reference to any amendment or supplement to the Basic Prospectus, any Preliminary Prospectus or the Prospectus shall be deemed to refer to and include any post-effective amendment to the Registration Statement, any prospectus supplement relating to the Debt Securities filed with the Commission pursuant to Rule 424(b) under the Act and any annual reports on Form 18-K and any amendments to such Form 18-K on Form 18-K/A (including all exhibits thereto) (collectively, a "<u>Form 18-K</u>") filed after the date of the Prospectus or the Basic Prospectus, as the case may be, under the Securities Exchange Act of 1934, as amended (the "<u>Exchange Act</u>"), and incorporated therein, in each case after the date of the Basic Prospectus, such Preliminary Prospectus or the Prospectus, as the case may be; and any reference to any amendment to the Registration Statement shall be deemed to refer to and include any Form 18-K of Brazil filed under the Exchange Act after the effective date of the Registration Statement that is incorporated by reference in the Registration Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) As of the Execution Date, on the Effective Date, when any Prospectus Supplement is filed with the Commission, as of the date of any Prospectus Supplement and at the Time of Delivery (as defined in this Section 1(b)), (i) the Registration Statement and each amendment thereto conformed and will conform in all material respects to the applicable requirements of the Act and the rules and regulations of the Commission thereunder and does not and will not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein not misleading; *provided, however*, that the foregoing representations and warranties shall not apply to any statements or omissions made in reliance upon and in conformity with information furnished in writing to Brazil by any Underwriter specifically for use in connection with the preparation of the Registration Statement, and (ii) the Prospectus and any amendment or supplement thereto will conform in all material respects to the applicable requirements of the Act and the rules and regulations of the Commission thereunder and will not contain any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading; *provided*, *however*, that the foregoing representations and warranties shall not apply to any statements or omissions made in reliance upon and in conformity with information furnished in writing to Brazil by any Underwriter specifically for use in connection with the preparation of the Prospectus or any amendment or supplement thereto. "<u>Effective Date</u>" shall mean each date that the Registration Statement and any post-effective amendment or amendments thereto became or become effective and each date after the date hereof on which a document incorporated by reference in the Registration Statement, the Pricing Prospectus or the Prospectus is filed. "<u>Execution Date</u>" shall mean the date that the Terms Agreement is executed and delivered by the parties hereto. "<u>Time of Delivery</u>" shall mean the time of delivery by Brazil of the Debt Securities sold under this Agreement on the date set forth in the Terms Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) As of the Time of Sale (as defined in this Section 1(c)), (i) the Pricing Prospectus together with the information from the final term sheet(s) for the Debt Securities in the form set forth as an exhibit to the Terms Agreement, necessary to complete the statements under the caption "Description of the Global Bonds" in, and the table on the front cover of, the Pricing Prospectus (the "<u>Pricing Disclosure Package</u>") did not include any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading; and each Issuer Free Writing Prospectus (as defined in Section 1(d) below) and listed in an exhibit to the Terms Agreement (if any) does not conflict with the information contained in the Registration Statement, the Pricing Prospectus or the Prospectus and each such Issuer Free Writing Prospectus, as supplemented by and taken together with the Pricing Disclosure Package as of the Time of Sale, did not include any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading; *provided, however*, that this representation and warranty shall not apply to statements or omissions made in an Issuer Free Writing Prospectus in reliance upon and in conformity with information furnished in writing to Brazil by any Underwriter expressly for use therein, and (ii) the documents, if any, incorporated by reference in the Pricing Prospectus and the Prospectus, when they became or become effective or are filed with the Commission, as the case may be, complied and will comply in all material respects with the requirements of the Act or the Exchange Act, as applicable, and the rules and regulations of the Commission thereunder, and none of such documents contained or will contain an untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary to make the statements therein not misleading; and any further documents so filed and incorporated by reference in the Prospectus or any further amendment or supplement thereto when such documents become effective or are filed with the Commission, as the case may be, will comply in all material respects with the requirements of the Act or the Exchange Act, as applicable, and the rules and regulations of the Commission thereunder and will not contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading; and no such documents were filed with the Commission since the Commission's close of business day immediately prior to the Execution Date, except as set forth in an exhibit to the Terms Agreement. "<u>Time of Sale</u>" shall mean, with respect to the Debt Securities, the date and time set forth in the Terms Agreement relating to the Debt Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) No order preventing or suspending the use of any Preliminary Prospectus or any "issuer free writing prospectus" as defined in Rule 433 under the Act relating to the Debt Securities (an "<u>Issuer Free Writing Prospectus</u>") has been issued by the Commission, and each Preliminary Prospectus, at the time of filing thereof, conformed in all material respects to the requirements of the Act and the rules and regulations of the Commission thereunder, and did not contain an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading; *provided, however,* that this representation and warranty shall not apply to any statements or omissions made in reliance upon and in conformity with information furnished in writing to Brazil by any Underwriter expressly for use therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) (i) At the time of filing the Registration Statement, (ii) at the time of filing the most recent post-effective amendment thereto, (iii) at the earliest time that Brazil or another offering participant made a bona fide offer (within the meaning of Rule 164(h)(2) under the Act) and (iv) as of the Execution Date, Brazil was not, is not and will not be an "ineligible issuer" (as defined in Rule 405 under the Act), without taking into account of any determination by the Commission pursuant to Rule 405 that it is not necessary that Brazil be considered an "ineligible issuer".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) This Agreement and all other documents to be executed and delivered by Brazil hereunder have been duly authorized, executed and delivered by Brazil and this Agreement constitutes the valid and binding agreement of Brazil enforceable against Brazil in accordance with its terms, subject, as to enforcement, to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and other laws of general applicability relating to or affecting creditors' rights and to general equity principles and subject, as to Section 9 of this Agreement, to any limitations imposed by the securities laws of any applicable jurisdiction; and the statements made in the Prospectus Supplement under the caption "Underwriting," insofar as they purport to summarize certain provisions referred to therein of this Agreement, constitute accurate, complete and fair summaries of such provisions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Since the respective dates as of which information is given in the Registration Statement, the Pricing Prospectus and the Prospectus, there has not been any material adverse change, or any event that would reasonably be expected to result in a prospective material adverse change, in the financial, economic or fiscal condition of Brazil, otherwise than as set forth or contemplated in the Prospectus.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Debt Securities have been duly authorized and, when executed, issued, authenticated and delivered pursuant to this Agreement and the Indenture, dated as of July 2, 2015 (the "<u>Indenture</u>"), between Brazil and The Bank of New York Mellon as Trustee (the "<u>Trustee</u>"), will have been duly executed, issued, authenticated and delivered; the Debt Securities, which will be substantially in the form of Exhibit C to the Indenture, will constitute valid and legally binding obligations of Brazil enforceable against Brazil entitled to the benefits provided by the Indenture; the Indenture has been duly authorized, executed and delivered by Brazil and constitutes a valid and legally binding agreement, enforceable against Brazil in accordance with its terms, subject, as to enforcement, to bankruptcy, insolvency, reorganization, moratorium and other laws of general applicability relating to or affecting creditors' rights and to general equity principles; the Indenture (to the extent the provisions thereof are applicable to the Debt Securities) conforms, and the Debt Securities will conform, to the descriptions thereof in the Basic Prospectus and the Prospectus Supplement; and the statements set forth in the Basic Prospectus under the caption "Debt Securities" and in the Prospectus Supplement under the caption "Description of the Global Bonds", insofar as they purport to summarize the terms of the Debt Securities, constitute accurate, complete and fair summaries of such terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) All consents, approvals, authorizations, orders, registrations, clearances or qualifications ("<u>Governmental Authorizations</u>") of or with any court, central bank, ministry or governmental agency or other regulatory body ("<u>Governmental Agency</u>") in Brazil required for the issue and sale of the Debt Securities or the consummation by Brazil of the transactions contemplated by this Agreement, the Indenture or the Debt Securities, including without limitation the payment of interest and principal to the holders thereof outside Brazil in accordance with the terms thereof, except (A) the registration under the Act of the Debt Securities, (B) such consents, approvals, authorizations, registrations or qualifications as may be required under state securities or Blue Sky laws in connection with the purchase and distribution of the Debt Securities by the Underwriters and (C) the prior notice to, or authorization from, the Central Bank of Brazil, through the Foreign Capital Information System – Foreign Credit (*Sistema de Prestação de Informações de Capital Estrangeiro – Crédito Externo* ("<u>SCE-Crédito</u>") of the payment schedule (*cronograma de pagamentos*) for the Debt Securities, have been obtained and are in full force and effect; and the issue and sale of the Debt Securities or the consummation by Brazil of the transactions contemplated by this Agreement, the Indenture or the Debt Securities will be in compliance with all laws, decrees and regulations of Brazil or of any Governmental Agency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) The Debt Securities will constitute direct, general, unconditional, unsecured (except as described under the heading "Debt Securities—Negative Pledge" in the Basic Prospectus) and unsubordinated external indebtedness of Brazil for which the full faith and credit of Brazil is pledged. The Debt Securities will rank without any preference among themselves and equally with all other unsecured and unsubordinated External Indebtedness of the Republic, it being understood that Brazil is not required to make payments under the Debt Securities ratably with payments being made under any other External Indebtedness. For purposes of this paragraph, "External Indebtedness" means any indebtedness for money borrowed which is payable by its terms or at the option of its holder in any currency other than the currency of Brazil (other than such indebtedness that is originally issued within Brazil); and "indebtedness" means all unsecured and unsubordinated obligations of Brazil in respect of money borrowed and guarantees given by Brazil in respect of money borrowed by others.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Other than as set forth in the Pricing Prospectus and in the Prospectus, there are no legal or governmental actions, suits, arbitrations or proceedings pending to which Brazil is a party which, if determined adversely to Brazil, would individually or in the aggregate have a material adverse effect on the financial, economic or fiscal condition of Brazil or its ability to perform its obligations under this Agreement, the Indenture or the Debt Securities or which are otherwise material to the rights of holders of the Debt Securities; and, to the best of Brazil's knowledge, no such actions, suits, arbitrations or proceedings are threatened which, if determined adversely to Brazil, would individually or in the aggregate have a material adverse effect on the financial, economic or fiscal condition of Brazil or its ability to perform its obligations under this Agreement, the Indenture or the Debt Securities or which are otherwise material to the rights of holders of the Debt Securities.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) Other than as set forth in the Pricing Prospectus and in the Prospectus, Brazil is not in default in the payment of principal, interest or any other amount owing on any obligation in respect of indebtedness for money borrowed and Brazil has not received any notice of default or acceleration with respect to any obligation in respect of indebtedness for money borrowed, in each case or in the aggregate, which would have a material adverse effect on the financial, economic or fiscal condition of Brazil or its ability to perform its obligations under this Agreement, the Indenture or the Debt Securities or which is otherwise material to the rights of the holders of the Debt Securities; and the issue and sale of the Debt Securities and the compliance by Brazil with all of the provisions of this Agreement, the Indenture and the Debt Securities and the consummation of the transactions herein and therein contemplated will not conflict with or result in a breach of any of the terms or provisions of, or constitute a default under, the Constitution of Brazil, as amended to the date hereof or as proposed to be amended by any currently pending resolution of the Brazilian National Congress (*i.e.*, a resolution that initially has been voted upon and approved by both houses of Congress), any statutes, laws, decrees or regulations of Brazil or any treaty, convention or agreement to which Brazil is a party and which default, in each case or in the aggregate, would have a material adverse effect on the financial, fiscal or economic condition of Brazil or its ability to perform its obligations under this Agreement, the Indenture or the Debt Securities or which is otherwise material to the rights of the holders of the Debt Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) To ensure the legality, validity, enforceability, priority or admissibility in evidence in Brazil of this Agreement, the Indenture or the Debt Securities, it is not necessary that this Agreement, the Indenture or the Debt Securities or any other documents or instrument be registered, recorded or filed with any court or other authority in Brazil (other than the translation and publication thereof in accordance with Section 5(h) hereof and the prior notice to, or authorization from, the Central Bank of Brazil, of the payment schedule for the Debt Securities in accordance with Section 5(d) hereof) or that any documentary, stamp or similar tax, imposition or charge be paid on or in respect of this Agreement, the Indenture or the Debt Securities, *provided* that such Debt Securities are held by an individual who is not a resident of Brazil or by a non-Brazilian corporation directly and not through a permanent establishment thereof in Brazil.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) There is no tax, levy, deduction, charge or withholding imposed by Brazil or any political subdivision thereof either (A) on or by virtue of the execution, delivery or enforcement of this Agreement, the Indenture or the Debt Securities or (B) on any payment to be made by Brazil hereunder or under the Debt Securities, *provided* that such Debt Securities are held by an individual who is not a resident of Brazil or by a non-Brazilian corporation directly and not through a permanent establishment thereof in Brazil.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) Neither Brazil nor any person acting on its behalf has taken, directly or indirectly, any action which might reasonably be expected to cause or result in stabilization of the price of any security of Brazil to facilitate the sale or resale of the Debt Securities; *provided*, *however*, that no representation or warranty is given by Brazil with respect to any actions of the Underwriters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) This Agreement and the Indenture are and the Debt Securities, when executed, issued, authenticated and delivered pursuant to this Agreement and the Indenture, will be in proper legal form under the laws of Brazil for the enforcement thereof against Brazil under the laws of Brazil.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) No stamp or other issuance or transfer taxes or duties and no capital gains, income, withholding or other taxes are payable by or on behalf of the Underwriters to Brazil or any political subdivision or taxing authority thereof or therein in connection with (A) the issuance, sale and delivery by Brazil to or for the respective accounts of the Underwriters of the Debt Securities or (B) the sale and delivery outside Brazil by the Underwriters of the Debt Securities to the initial purchasers thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) Except as disclosed in the Pricing Disclosure Package, (A) Brazil is not aware that either Standard & Poor's, a division of the McGraw-Hill Companies, Inc. ("<u>Standard</u> <u>& Poor's</u>"), Moody's Investors Service, Inc. ("<u>Moody's</u>") or Fitch Ratings Limited ("<u>Fitch</u>") has made any announcement that it will have under surveillance or review, with possible negative implications, its rating of any of Brazil's debt securities; and Brazil (B) has not been informed by either Standard & Poor's, Moody's or Fitch that it intends or is contemplating any downgrading in any rating accorded to Brazil's debt securities or any announcement that it will have under surveillance or review, with possible negative implications, its rating of any of Brazil's debt securities, it being understood and agreed that any negative outlook disclosed in the Pricing Disclosure Package is not in and of itself an event or condition contemplated in clauses (A) and (B) above.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) The statements with respect to matters of Brazilian law set forth in the Pricing Prospectus and in the Prospectus are correct in all material respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) Brazil will not knowingly use the proceeds of the sale of the Debt Securities, or lend, contribute or otherwise make available such proceeds (i) to any entity or person to fund any activities or business with any person that, at the time of such funding, is the target of any U.S. sanctions (including any administered by the Office of Foreign Assets Control of the U.S. Treasury Department, the Bureau of Industry and Security of the U.S. Department of Commerce, or the U.S. Department of State), sanctions of the United Nations Security Council, the European Union, the United Kingdom (including sanctions administered or controlled by His Majesty's Treasury), or other relevant sanctions authority (collectively, "<u>Sanctions</u>"), or is in any country, region or territory, that, at the time of such funding, is the target of territorial Sanctions or (ii) in any other manner, in each case as would result in a violation by any person (including any person participating in the sale or offering of the Debt Securities, whether as underwriter, advisor, investor or otherwise) of Sanctions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Purchase and Offering of Debt Securities</u>. The obligations of the Underwriters to purchase Debt Securities will be evidenced by an agreement or exchange of other written communications to which these Underwriting Terms are attached (the "<u>Terms Agreement</u>") (which shall be in writing and signed by a duly authorized official of Brazil) at the time Brazil determines to sell the Debt Securities. Unless the context otherwise requires, each reference contained herein to the "Terms Agreement" shall be deemed to include these Underwriting Terms, and express mention of Terms Agreements in any provisions hereof shall not be construed as excluding Terms Agreements in those provisions hereof where such express mention is not made. The Terms Agreement describes the Debt Securities to be purchased by each Underwriter and specifies the aggregate principal amount of such Debt Securities, the price to be paid to Brazil for such Debt Securities, the maturity date of such Debt Securities, the rate at which interest will be paid on such Debt Securities and the dates on which interest will be paid on such Debt Securities with respect to each such payment of interest, the Time of Delivery for the purchase of such Debt Securities, the place of delivery of the Debt Securities and payment therefor, the method of payment and any additional requirements for the delivery of opinions of counsel, certificates from Brazil or its officers as described in Sections 8(b), 8(c), 8(d), 8(e), 8(f) and 8(i) hereof. The Terms Agreement may also specify the period of time referred to in Section 5(g). The Underwriters' commitment to purchase the Debt Securities shall be deemed to have been made on the basis of the representations and warranties of Brazil contained in this Agreement, and shall be subject to the terms and conditions set forth in this Agreement.

Delivery of the certificates for Debt Securities sold to each Underwriter pursuant to this Agreement shall be made not later than the Time of Delivery agreed to in the Terms Agreement, against payment of immediately available funds (or such other consideration as is agreed between Brazil and such Underwriter) to the account specified by Brazil in the net amount due to Brazil for such Debt Securities.

Any Debt Security sold to an Underwriter (i) shall be purchased by such Underwriter at the Purchase Price (as specified in the Terms Agreement) and (ii) may be resold by such Underwriter upon the terms and conditions set forth in the Prospectus Supplement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Offering and Sale of Debt Securities, Resale of Debt Securities</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Underwriter severally represents to and agrees with Brazil that it has not offered, sold or delivered and it will not offer, sell or deliver, directly or indirectly, any of Debt Securities or distribute or publish the Registration Statement, the Basic Prospectus or the Prospectus or any offering circular, form of application, advertisement or other document or information relating to the Debt Securities, in any jurisdiction (including any Member State of the European Economic Area that has implemented the Prospectus Directive) except in accordance with foreign offering and sale requirements set forth in the Prospectus and otherwise under circumstances that will, to the best of its knowledge and belief, result in compliance with all applicable laws and regulations thereof (including, without limitation, any prospectus delivery requirements) and which will not impose any obligations on Brazil except as contained in this Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Upon the authorization by the representatives of the Underwriters of the release of the Debt Securities, the several Underwriters propose to offer the Debt Securities for sale upon the terms and conditions set forth in the applicable Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Debt Securities; Delivery of Debt Securities.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Debt Securities will be represented by one or more definitive global securities in book-entry form which will be deposited by or on behalf of Brazil with The Depository Trust Company ("<u>DTC</u>") or its designated custodian. Brazil will deliver the Debt Securities to the representatives of the Underwriters for the respective account(s) of one or more Underwriter(s), against payment by or on behalf of the several Underwriters through their representatives of the purchase price therefor in immediately available funds, by causing DTC to credit the Debt Securities to the account of such representatives at DTC. The representatives of the Underwriters shall instruct DTC as to the allocation of interests in the global securities representing the Debt Securities among the accounts of participants of DTC. Brazil will cause the certificates representing the Debt Securities to be made available to the representatives of the Underwriters for checking at least twenty-four hours prior to the Time of Delivery at the office of DTC or its designated custodian (the "<u>Designated Office</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The documents to be delivered at the Time of Delivery by or on behalf of the parties hereto pursuant to Section 8 hereof, including the cross-receipt for the Debt Securities and any additional documents reasonably requested by the Underwriters pursuant to Section 8(k) hereof, will be delivered at the offices of United States counsel for the Underwriters (the "<u>Closing Location</u>"), and the Debt Securities will be delivered at the Designated Office, all at the Time of Delivery. A meeting will be held at the Closing Location at 5:00 p.m., New York time, on the New York Business Day next preceding the Time of Delivery, at which meeting the final drafts of the documents to be delivered pursuant to the preceding sentence will be available for review by the parties hereto. For the purposes of this Section 4, "<u>New York Business Day</u>" shall mean each Monday, Tuesday, Wednesday, Thursday and Friday which is not a day on which banking institutions in New York are generally authorized or obligated by law or executive order to close.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Covenants of Brazil</u>. Brazil covenants and agrees with each Underwriter:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) To prepare the Prospectus in a form approved by the Underwriters and to file such Prospectus pursuant to Rule 424(b) under the Act not later than the Commission's close of business on the second business day following the date of this Agreement, or, if applicable, such earlier time as may be required by Rule 430A(a)(3) under the Act or by any other rules and regulations of the Commission under the Act; and, prior to the completion of the offering of the Debt Securities, to make no further amendment or any supplement to the Registration Statement, the Basic Prospectus or the Prospectus which shall be disapproved by the Underwriters promptly after reasonable notice thereof; prior to the completion of the offering of the Debt Securities to advise the Underwriters, promptly after it receives notice thereof, of the time (i) when the Prospectus shall have been so filed or shall have been amended, or (ii) when any amendment to the Registration Statement shall have been filed or become effective, and will furnish the Underwriters with copies of any such amendment or supplement. If requested by the Underwriters prior to the Time of Sale, Brazil will prepare a final term sheet, containing solely a description of the Debt Securities, in the form set forth in an exhibit to the Terms Agreement, and will file such term sheet pursuant to Rule 433(d) under the Act within the time required by such Rule; and Brazil will file promptly all other material required to be filed by Brazil with the Commission pursuant to Rule 433(d) under the Act. For so long as the delivery of a prospectus (or in lieu thereof, the notice referred to in Rule 173(a) under the Act) is required in connection with the offering or sale of the Debt Securities, and during such same period Brazil will advise the Underwriters, promptly after it receives notice thereof, of the time when any amendment to the Registration Statement has been filed or becomes effective or any supplement to the Prospectus, or any amended Prospectus has been filed with the Commission, of any request by the Commission for any amendment to the Registration Statement or any amendment or any supplement to the Prospectus or for any additional information, of the issuance by the Commission of any stop order suspending the effectiveness of the Registration Statement or

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the institution or threatening of any proceeding for that purpose and of the receipt by Brazil of any notification with respect to the suspension of the qualification of the Debt Securities for offering or sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose. In the event of the issuance of any such stop order or of any such order preventing or suspending the use of any Preliminary Prospectus or other prospectus in respect of the Debt Securities or suspending any such qualification, Brazil will use its best efforts to obtain the withdrawal of such order.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) For so long as the delivery of a prospectus (or in lieu thereof, the notice referred to in Rule 173(a) under the Act) is required in connection with the offering or sale of the Debt Securities, Brazil will comply with all requirements imposed upon Brazil by the Act, as now and hereafter amended, and by the rules and regulations of the Commission thereunder, as from time to time in force, so far as necessary to permit the continuance of sales of or dealings in the Debt Securities as contemplated by the provisions hereof and by the Prospectus. If, at any time during such period, any event occurs as a result of which the Prospectus as then amended or supplemented would include any untrue statement of a material fact or omit to state any material fact necessary to make the statements therein, in the light of the circumstances under which they were made when such Prospectus (or in lieu thereof, the notice referred to in Rule 173(a) under the Act) is delivered, not misleading, or if it shall be necessary to amend or supplement the Prospectus to comply with the Act or rules thereunder, Brazil promptly will prepare and file with the Commission, in accordance with the first sentence of subsection (a) of this Section 5, an amendment or supplement (including, if appropriate, a Form 18-K or an amendment thereto) which will correct such statement or omission or an amendment which will effect such compliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Promptly from time to time to take such action as the Underwriters may reasonably request to qualify the Debt Securities for offering and sale under the securities laws of such jurisdictions as the representatives of the Underwriters may reasonably request and to comply with such laws so as to permit the continuance of sales and dealings in the Debt Securities in such jurisdictions for as long as may be necessary to complete the distribution of the Debt Securities, provided that in connection therewith Brazil shall not be required to file a general consent to service of process in any jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) To submit the electronic registration (except for the submission of information with respect to the payment schedule for the Debt Securities) through the SCE Crédito with respect to the external indebtedness evidenced by this Agreement, the Indenture and the Debt Securities prior to the Time of Delivery and to register with the Central Bank of Brazil through the SCE Crédito the payment schedule for the Debt Securities promptly after the Time of Delivery.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) At such time as the representatives of the Underwriters may reasonably request and from time to time, to furnish the Underwriters with copies of the Prospectus in New York City in such quantities as they may reasonably request, and, if the delivery of a prospectus is required by the Act or any applicable law at any time prior to the expiration of nine months after the time of issue of the Prospectus in connection with the offering or sale of the Debt Securities and if at such time any event shall have occurred as a result of which the Prospectus as then amended or supplemented would include an untrue statement of a material fact or omit to state any material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made when such Prospectus is delivered, not misleading, or, if for any other reason it shall be necessary during such same period to amend or supplement the Prospectus in order to comply with the Act or any applicable law, to notify the representatives of the Underwriters and upon their request to prepare and furnish without charge to each Underwriter and to any dealer in securities as many copies as they may from time to time reasonably request of an amended Prospectus or a supplement to the Prospectus which will correct such statement or omission or effect such compliance; and in case any Underwriter is required to deliver a prospectus (or, in lieu thereof, a notice referred to in Rule 173(a) under the Act) in connection with sales of any of the Debt Securities at any time nine months or more after the time of issue of the Prospectus, upon the representatives of the Underwriters' request but at the expense of such Underwriter, to prepare and deliver to such Underwriter as many copies as they may request of an amended or supplemented Prospectus complying with Section 10(a)(3) of the Act.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) To make generally available to its security holders as soon as practicable, but in any event not later than 24 months after the effective date of the Registration Statement (as defined in Rule 158(c)), a statement in the English language of the revenues and expenditures of Brazil covering the first full fiscal year of Brazil commencing after the Execution Date which will satisfy Section 11(a) of the Act and the rules and regulations of the Commission thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) During the period, if any, specified in the Terms Agreement, Brazil shall not offer, sell, contract to sell or otherwise dispose of any debt securities of Brazil, guaranteed by Brazil or of any agency or enterprise controlled by Brazil that are substantially similar to the Debt Securities, are denominated in U.S. dollars, are to be placed outside of Brazil and that mature more than one year after the Time of Delivery without the representatives of the Underwriters' prior written consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) If required by applicable law or regulation (A) to obtain, upon request, a sworn translation into the Portuguese language of this Agreement, the Indenture and the Debt Securities and (B) to effect the publication of, and to have published, an extract of this Agreement, the Indenture and the Debt Securities in Portuguese, complying with all applicable regulations, in the Diário Oficial da União.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Unless the Prospectus Supplement provides that listing shall not be made on such exchange, to apply for the listing of the Debt Securities on the London Stock Exchange plc and to use its best efforts to cause such listing to be approved.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Free Writing Prospectuses.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (i) Brazil and each Underwriter agree that the Underwriters may prepare and use one or more preliminary or final term sheets relating to the Debt Securities containing customary information; and Brazil consents to the use by the Underwriters of a free writing prospectus that (1) is not an "issuer free writing prospectus" as defined in Rule 433 under the Act or a free writing prospectus containing "issuer information" as defined by Rule 433(h)(2) under the Act, and (2) contains only (A) information describing the preliminary terms of the Debt Securities or their offering, (B) information permitted by Rule 134 under the Act or (C) information that describes the final terms of the Debt Securities or their offering and that is included in the final term sheets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Each Underwriter represents that, other than as permitted under subparagraph (a)(i) above, it has not made and will not make any offer relating to the Debt Securities that would constitute a "free writing prospectus" as defined in Rule 405 under the Act without the prior consent of Brazil and that the Terms Agreement contains as an exhibit a complete list of any free writing prospectus for which the Underwriters have received such consent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Brazil represents and agrees that it has not made and will not make any offer relating to the Debt Securities that would constitute an Issuer Free Writing Prospectus without the prior consent of each Underwriter and that the Terms Agreement contains as an exhibit a complete list of any Issuer Free Writing Prospectuses for which Brazil has received such consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Brazil has complied and will comply with the requirements of Rule 433 under the Act applicable to any Issuer Free Writing Prospectus, including timely filing with the Commission or retention where required and legending.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Brazil agrees that if at any time following issuance of an Issuer Free Writing Prospectus any event occurred or occurs as a result of which such Issuer Free Writing Prospectus would conflict with the information in the Registration Statement, the Pricing Prospectus or the Prospectus or would include an untrue statement of a material fact or omit to state any material fact necessary in order to make the statements therein, in the light of the circumstances then prevailing, not misleading, Brazil will give prompt notice thereof to each Underwriter and, if requested by the representatives of the Underwriters, will prepare and furnish without charge to each Underwriter an Issuer Free Writing Prospectus or other document which will correct such conflict, statement or omission; *provided, however*, that this representation and warranty shall not apply to any statements or omissions in an Issuer Free Writing Prospectus made in reliance upon and in conformity with information furnished in writing to Brazil by any Underwriter expressly for use therein.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Expenses</u>. Brazil covenants and agrees with each of the Underwriters that Brazil will pay or cause to be paid the following: (i) the fees, disbursements and expenses of Brazil's counsel in connection with this Agreement, the Indenture, the registration of the Debt Securities under the Act and the closing of the transactions contemplated herein; (ii) any fees charged by securities rating services for rating the Debt Securities; (iii) the fees and expenses of the Trustee in connection with the Indenture and the Debt Securities; and (iv) the fees and expenses related to a required filing of the Registration Statement.

It is understood, however, that, except as provided in this Section and in Sections 9 and 12 hereof, the Underwriters will pay (i) their own costs and expenses in connection with this Agreement and the closing of the transactions contemplated herein, including the fees, disbursements and expenses of counsel for the Underwriters; (ii) printing and distribution to or on behalf of the Underwriters of the Prospectus and the Prospectus Supplement (including all documents incorporated by reference therein and any amendments and supplements thereto and delivery of copies thereof to the Underwriters, dealers, Brazil and counsel); (iii) the fees and expenses payable in connection with the listing of the Debt Securities on the London Stock Exchange plc, (iv) the costs of preparation of the Debt Securities, the Basic Prospectus, any Preliminary Prospectus, any Issuer Free Writing Prospectus and the Prospectus (including all documents incorporated by reference therein and any amendments and supplements thereto); (v) the costs of preparation and delivery of this Agreement, the Indenture, and all closing and other documents (including any compilations thereof) in connection with the offering, purchase, sale and delivery of the Debt Securities; and (vi) all other costs and expenses incidental to Brazil or the Underwriters entering into this Agreement and the performance of its obligations hereunder, under the Indenture and under the Debt Securities which are not otherwise specifically provided for in this Section.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Conditions to the Obligations of the Underwriters</u>. The obligations of the Underwriters hereunder shall be subject, in their discretion, to the condition that all representations and warranties and other statements of Brazil herein are, at and as of the Time of Delivery, true and correct, the condition that Brazil shall have performed all of its obligations hereunder theretofore to be performed in all material respects, and the following additional conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Prospectus shall have been filed with the Commission pursuant to Rule 424(b) within the applicable time period prescribed for such filing by the rules and regulations under the Act and in accordance with Section 5(a) hereof; if Brazil has elected to rely upon Rule 462(b), the Rule 462(b) Registration Statement shall have become effective by 10:00 p.m., Washington D.C. time, on the date of this Agreement; any final term sheet contemplated by Section 5(a) hereof, and any other material required to be filed by Brazil pursuant to Rule 433(d) under the Act shall have been filed with the Commission within the applicable time periods prescribed for such filings by Rule 433; no stop order suspending the effectiveness of the Registration Statement, as amended from time to time, or any part thereof or the use of the Prospectus or any Issuer Free Writing Prospectus shall have been issued and no proceeding for that purpose shall have been initiated or threatened by the Commission; and all requests for additional information on the part of the Commission shall have been complied with to the Underwriters' reasonable satisfaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) United States counsel for the Underwriters, shall have furnished to the Underwriters such written opinion or opinions dated the Time of Delivery, with respect to the validity of the Indenture, the Debt Securities, the Registration Statement, the Prospectus and such other related matters as they may reasonably request, and such counsel shall have received such papers and information as they may reasonably request to enable them to pass upon such matters. In rendering such opinion, United States counsel for the Underwriters may assume all matters of Brazilian law covered by the opinions referred to in Section 8(c).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Special Brazilian counsel for the Underwriters, shall have furnished to the Underwriters such written opinion or opinions dated the Time of Delivery, with respect to the validity of this Agreement, the Indenture, the Debt Securities, the Registration Statement, the Prospectus and such other related matters as they may reasonably request, and such counsel shall have received such papers and information as they may reasonably request to enable them to pass upon such matters; in rendering such opinion, such counsel may assume all matters of United States federal and New York law covered by the opinions referred to in Section 8(b).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Attorney General of the National Treasury or another duly authorized attorney of the Office of the Attorney General of the National Treasury ("<u>PGFN</u>") shall have furnished to the Underwriters a written opinion dated the Time of Delivery, in form and substance satisfactory to them, to the effect that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) This Agreement has been duly authorized, executed and delivered by Brazil and constitutes a valid and legally binding agreement of Brazil;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Debt Securities have been duly authorized, executed, issued and delivered by Brazil, and assuming due authentication by the Trustee, constitute valid and legally binding obligations of Brazil enforceable in accordance with their terms and entitled to the benefits provided by the Indenture, subject, as to enforcement, to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar laws of general applicability relating to or affecting creditors' rights and to general equity principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The Indenture has been duly authorized, executed and delivered by Brazil and, assuming due authorization, execution and delivery thereof by the Trustee, constitutes a valid and legally binding agreement of Brazil enforceable in accordance with its terms, subject, as to enforcement, to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar laws of general applicability relating to or affecting creditors' rights and to general equity principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Neither the execution and delivery of this Agreement, the Indenture or the Debt Securities, nor the consummation of the transactions herein or therein contemplated, nor compliance with the terms and provisions hereof or thereof, including performance of each of the obligations contained in the Debt Securities, (A) to such counsel's best knowledge after due inquiry, will conflict with or result in a breach or violation of any of the terms or provisions of, or constitute a default under, any indenture, loan agreement or other agreement or instrument for borrowed money known to such counsel to which Brazil is a party, (B) will conflict with, violate or result in a breach of the Constitution of Brazil as amended to the date hereof or as currently proposed to be amended by any currently pending resolution of the Brazilian National Congress (*i.e.*, a resolution that initially has been voted upon and approved by both houses of Congress), or any statutes, laws, decrees or regulations of Brazil, (C) to such counsel's best knowledge after due inquiry, will conflict with or result in a breach of any of the terms, conditions or provisions of any treaty, convention or agreement to which Brazil is a party or constitute a default thereunder or (D) will result in the creation or imposition of any mortgage, lien, charge or encumbrance of any nature whatsoever upon any of the revenues or assets of Brazil under any such treaty, convention or agreement which, in the case of clause (A), (B), (C), or (D), could have a material adverse effect on the financial, economic or fiscal condition of Brazil or affect the validity or enforceability of the Debt Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) The Registration Statement, the Basic Prospectus, the Pricing Disclosure Package and the Prospectus Supplement and their filing with the Commission have been duly authorized by and on behalf of Brazil, and the Registration Statement has been duly executed by and on behalf of Brazil; the Authorized Representative of Brazil has been duly appointed in connection with the Registration Statement; the information in the Registration Statement, the Basic Prospectus, the Pricing Disclosure Package and the Prospectus Supplement stated on the authority of public officials of Brazil has been stated in their official capacities duly authorized by Brazil; statements with respect to matters of Brazilian law set forth in the Registration Statement and in the Basic Prospectus under the caption "Arbitration and Enforceability" are true and correct in all material respects;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) All Brazilian Government Authorizations (which shall be specified in such opinion) of or with any Brazilian Government Agency required by Brazil for the execution and delivery of this Agreement and the Indenture and for the execution, issuance, sale and delivery of the Debt Securities, and the consummation by Brazil of the transactions contemplated by this Agreement, the Indenture or the Debt Securities have been obtained and are in full force and effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Under the laws of Brazil, neither Brazil nor any of its property has any immunity from the jurisdiction of any Brazilian court or from the execution of any judgment in Brazil (except for the limitation on alienation of public property under Article 100 of the Civil Code of Brazil) or from enforcement therein of any arbitral award on the grounds of sovereignty or otherwise; the execution of an arbitral award, as well as the execution of any judgment, against Brazil in Brazil are only available in accordance with the procedures set forth in Article 910 et seq. of the Civil Procedure Code of Brazil of March 16, 2015;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) (A) The agreement of the parties hereto or thereof, as the case may be, that this Agreement, the Indenture and the Debt Securities will be governed by, and construed in accordance with, the laws of the State of New York and, if giving effect to such law would not be against the principles of Brazilian public policy as set forth in Article 17 of Decree Law 4,657, would be recognized and effective in the courts of Brazil in any action or proceeding involving Brazil arising out of or relating to this Agreement, the Indenture or the Debt Securities. In light of, among other things, the contents of Articles 9 and 17 of Decree Law 4,657, such counsel has no reason to believe that giving effect to the laws of the State of New York governing the obligations of Brazil under this Agreement, the Indenture and the Debt Securities would be against Brazilian public policy. (B) (i) The submission of Brazil pursuant to Section 15 hereof, Section 9.8 of the Indenture and Section 17 of the Debt Securities to arbitration in New York, New York, and (ii) the appointment of the Authorized Agent (as defined herein, in the Indenture and in the Debt Securities) as its authorized agent for the purposes described in Section 15 hereof, in Section 9.8 of the Indenture and in Section 17 of the Debt Securities are each valid and legally binding on Brazil. (C) Any award of an arbitral tribunal under or pursuant to the provisions of Section 15 hereof, Section 9.8 of the Indenture and Section 17 of the Debt Securities which conforms with Brazilian public policy and law will be enforceable against Brazil in the Federal courts of Brazil without reexamination of the merits if such award is ratified by the Superior Court of Justice of Brazil. Such ratification can be obtained if such award (i) fulfills all formalities required for the enforceability thereof under the laws of the country where the same was granted; (ii) was issued by a competent arbitral tribunal after service of process upon the parties to the action as required by applicable law; (iii) is not subject to appeal; (iv) was authenticated by a Brazilian consulate in the country where the same was issued or is duly apostilled in accordance with the Convention Abolishing the Requirement of Legalization for Foreign Public Documents; (v) is accompanied by a certified sworn translation of such judgment into Portuguese, made by a sworn translator registered in Brazil, except if such procedure was exempted by an international treaty entered into by Brazil; and (vi) is not against the principles of Brazilian public policy as set forth in Article 17 of Decree Law 4,657. Furthermore, counsel will have assumed that the language of Section 9.8 of the Indenture and in Section 17 of the Debt Securities does not constitute, under the law of the State of New York or the Federal law of the United States, a contractual consent by Brazil to the jurisdiction of any court outside Brazil. (D) Service of process effected in the manner set forth in Section 15 hereof, Section 9.8 of the Indenture and Section 17 of the Debt Securities will be effective, insofar as Brazilian law is concerned, to confer valid personal jurisdiction over Brazil to the extent of any action referred to therein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) To ensure the legality, validity, enforceability or admissibility in evidence of this Agreement, the Indenture or the Debt Securities, it is not necessary that this Agreement, the Indenture, the Debt Securities or any other document be filed, registered or recorded with, or executed before, any court or other authority in Brazil (other than, in the case of enforceability and admissibility in evidence hereof or thereof, the translation and publication thereof in accordance with Section 5(h) hereof and the registration of the payment schedule for the Debt Securities (*cronograma de* pagamentos) with the Central Bank of Brazil in accordance with Section 5(d) hereof), or that any registration charge or stamp or similar tax be paid on or in respect of this Agreement, the Indenture, the Debt Securities or any other document, provided that the electronic registration through the SCE Crédito must be completed in accordance with Section 5(d) hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) There is no tax, levy, deduction, charge or withholding imposed by Brazil or any political subdivision thereof either (A) on or by virtue of the execution, delivery or recognition of this Agreement, the Indenture or the Debt Securities or (B) on any payment to be made by Brazil hereunder or thereunder; provided that in the case of payments made pursuant to the Indenture or under any Security, the relevant Security is held by an individual who is not a resident of Brazil or by a non-Brazilian corporation directly and not through a permanent establishment thereof in Brazil;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) The statements in the Prospectus Supplement under the caption "Taxation—Brazilian Taxation" and in the Basic Prospectus under the caption "Debt Securities—Tax Withholding; Payment of Additional Amounts" fairly summarize the provisions of Brazilian tax law described therein;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) Other than as set forth in the Prospectus, to the best of such counsel's knowledge after due inquiry, there are no legal or governmental proceedings or arbitrations pending to which Brazil is a party which, if determined adversely to Brazil, would individually or in the aggregate have a material adverse effect on Brazil's financial, economic or fiscal condition or its ability to perform its obligations under this Agreement, the Indenture or the Debt Securities; and, to the best of such counsel's knowledge after due inquiry, no such proceedings are threatened;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) This Agreement, the Indenture and the Debt Securities are in proper legal form under the laws of Brazil for the enforcement thereof against Brazil under the laws of Brazil;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) No stamp or other issuance or transfer taxes or duties and no capital gains, income, withholding, or other taxes are payable by or on behalf of the Underwriters to Brazil or to any political subdivision or taxing authority thereof or therein in connection with (A) the issuance, sale and delivery by Brazil of the Debt Securities to or for the respective accounts of the Underwriters or (B) the sale and delivery outside Brazil by the Underwriters of the Debt Securities to the initial purchasers thereof in the manner contemplated herein; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) Under the laws of Brazil, pursuant to Senate Resolution No. 48 of 2007, as amended, any agreement related to the incurrence of external indebtedness to which Brazil is a party must provide that arbitration be the sole and exclusive remedy for the parties to such agreement for any dispute, controversy or claim brought outside of Brazil for the enforcement of such agreement against Brazil; Brazil is prohibited from submitting to the jurisdiction of a foreign court for the purpose of an adjudication on the merits; and each of this Agreement, the Indenture and the Debt Securities would not be a valid and legally binding agreement of Brazil if it were not to provide that all parties to this Agreement, the Indenture or the Debt Securities, as the case may be, shall submit any dispute, controversy or claim brought outside of Brazil to arbitration.

In giving such opinion, such counsel may state that his opinion is limited to matters of Brazilian law and may rely upon the opinion referred to in Section 8(e) as to all matters of United States and New York law.

In addition to the foregoing, such counsel will confirm that the Registration Statement, the Basic Prospectus, the Pricing Disclosure Package and the Prospectus have been prepared by appropriate representatives of Brazil and its instrumentalities, including representatives of the Ministry of Finance, and representatives of the PGFN have participated in discussions regarding the Registration Statement, the Basic Prospectus, the Pricing Disclosure Package and the Prospectus with such representatives, United States counsel for Brazil, the representatives of the Underwriters and their Brazilian and United States counsel. Under the direction of the PGFN has been apprised of and has reviewed the disclosure requirements under applicable United States securities laws and regulations and has reviewed the Registration Statement, the Basic Prospectus, the Pricing Disclosure Package and the Prospectus (including the documents incorporated by reference into any of the foregoing). Based on such discussions and review, and without independent investigation or verification of the correctness or completeness of the information included in, or incorporated by reference into, the Registration Statement, the Basic Prospectus, the Pricing Disclosure Package and the Prospectus, such counsel will advise the Underwriters, on behalf of PGFN, that, subject to the limitations described below, (A) nothing has come to PGFN's attention which has caused it to believe that any part of the Registration Statement, when such part became effective, contained an untrue statement of a material fact or omitted to state any material fact required to be stated therein or necessary to make the statements therein not misleading or that the Basic Prospectus, the Prospectus or any further amendment or supplement thereto made by the Republic, as of the date of the Prospectus or any further amendment or supplement thereto, contained an untrue statement of a material fact or omitted to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading or that, as of the date of the opinion, any of the Registration Statement, the Basic Prospectus or the Prospectus or any further amendment or supplement thereto made by Brazil prior to the date of the opinion contains an untrue statement of a material fact or omits to state a material fact, in the case of the Registration Statement or any further amendment thereto, required to be stated therein or necessary to make the statements therein not misleading or, in the case of the Basic Prospectus or the Prospectus or any

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further supplement thereto, necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading; and (B) no information has come to such counsel's attention that causes such counsel to believe that the Pricing Disclosure Package, as of the Time of Sale and as of the date of the opinion, contained any untrue statement of a material fact or omitted to state any material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading. Such counsel may state that the PGFN is not passing upon and does not assume any responsibility for the accuracy, completeness or fairness of the statements contained in the Basic Prospectus, the Pricing Disclosure Package and the Prospectus (except to the extent expressly set forth in clauses (v) and (xi) above), that such counsel makes no representation that PGFN has independently verified the accuracy, completeness or fairness of such statements (except as aforesaid) and that such counsel does not express any opinion or belief as to the financial data contained in the Registration Statement, the Basic Prospectus, the Pricing Disclosure Package or the Prospectus or the statistical data contained in the Sourcebook.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Arnold & Porter Kaye Scholer LLP, United States counsel for Brazil, shall have furnished to you their written opinion, dated the Time of Delivery, in form and substance satisfactory to you, to the effect that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Assuming that the Indenture has been duly authorized, executed and delivered by Brazil insofar as Brazilian law is concerned and duly authorized, executed and delivered by the Trustee, the Indenture constitutes a valid and legally binding agreement of Brazil, enforceable in accordance with its terms, subject, as to enforcement, to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar laws of general applicability affecting creditors' rights and to general equity principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Assuming that the Debt Securities have been duly authorized, executed, issued and delivered under Brazilian law and authenticated by the Trustee, such Securities constitute valid and legally binding obligations of Brazil entitled to the benefits provided by the Indenture and enforceable in accordance with their terms, subject, as to enforcement, to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar laws of general applicability affecting creditors' rights and to general equity principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) No consent, approval, authorization or order of, or qualification with, any United States Federal or New York State governmental agency or body is required for the issue and sale of the Securities or the performance by Brazil of the transactions contemplated by this Agreement or the Indenture, except such as have been obtained under the Act and such consents, approvals, authorizations or qualifications as may be required by the securities or Blue Sky laws of the various states in connection with the offer and sale of the Debt Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Under the laws of the State of New York, assuming Brazil has duly authorized, executed and delivered this Agreement under Brazilian law, the agreement of Brazil pursuant to Section 15 of the Underwriting Agreement, Section 9.8 of the Indenture and Section 16 of the Debt Securities to arbitrate in New York, New York, is valid and legally binding on Brazil;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) The statements set forth in the Prospectus Supplement under the caption "Taxation — United States Federal Income Taxation" insofar as such statements purport to describe the principal U.S. federal income tax consequences of a purchase of the Debt Securities, constitute fair summaries of such consequences;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Based solely upon its review of the Notice of Effectiveness on the website of the Commission, the Registration Statement is effective under the Act; and based solely upon our review of filings on the website of the Commission at http://www.sec.gov/litigation/stoporders.shtml at 7:15 am on date of the Time of Delivery, no stop order suspending the effectiveness of the Registration Statement has been issued under the Act, and further to the best of our knowledge, no proceeding for that purpose has been instituted or threatened by the Commission;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) The issuance and sale of the Debt Securities to the Underwriters pursuant to this Agreement do not, and the performance by Brazil of its obligations in this Agreement, the Indenture and the Debt Securities will not, result in a violation of any United States federal or New York State law that in such counsel's experience normally would be applicable with respect to such issuance, sale or performance (but such counsel may express no opinion relating to any United States federal securities laws or any state securities or Blue Sky laws);

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) The statements set forth in the Prospectus Supplement under the caption "Description of the Global Bonds" and in the Basic Prospectus under the captions "Debt Securities," insofar as they purport to constitute a summary of certain provisions of the Securities and the Indenture, provide a fair summary of such provisions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) Assuming that the Terms Agreement has been duly authorized, executed and delivered by Brazil insofar as Brazilian law is concerned, the Terms Agreement has been duly executed and delivered by Brazil.

In giving such opinion, such counsel may state that their opinion is limited to the Federal laws of the United States and the laws of the State of New York and may rely on the opinion referred to in Section 8(d) as to all matters of Brazilian law.

In addition, Arnold & Porter Kaye Scholer LLP shall have furnished to the Underwriters a letter, dated the Time of Delivery, confirming that as United States counsel to Brazil, such counsel reviewed the Registration Statement, the Basic Prospectus, the Pricing Disclosure Package and the Prospectus, as then amended or supplemented, participated in discussions with representatives of Brazil and the Underwriters, and their Brazilian and U.S. counsel, and advised Brazil as to the requirements of the Act and the applicable rules and regulations thereunder; confirming that on the basis of the information that such counsel gained in the course of the performance of such services, considered in the light of their understanding of the applicable law and the experience they have gained through their practice under the Act, in their opinion, each part of the Registration Statement, when such part became effective, and the Basic Prospectus, the Prospectus and any further amendment or supplement thereto, as of the date of the Prospectus or any further amendment or supplement thereto, appeared on their face to be appropriately responsive in all material respects to the requirements of the Act and the applicable rules and regulations of the Commission thereunder; nothing that came to such counsel's attention in the course of such review has caused such counsel to believe that any part of the Registration Statement, when such part became effective, contained any untrue statement of a material fact or omitted to state any material fact required to be stated therein or necessary to make the statements therein not misleading or that the Basic Prospectus, the Prospectus or any amendment or supplement thereto, as of the date of the Prospectus or any further amendment or supplement thereto, contained any untrue statement of a material fact or omitted to state any material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading; and nothing that has come to such counsel's attention in the course of the limited procedures described in such letter has caused them to believe that the Basic Prospectus or the Prospectus, as then amended or supplemented, as of the date and time of delivery of such letter, contained any untrue statement of a material fact or omitted to state any material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading; and that no information has come to such counsel's attention that causes such counsel to believe that the documents specified in a schedule to such counsel's letter, consisting of those included in each of the Pricing Disclosure Package, as of the Applicable Time, contained any untrue statement of a material fact or omitted to state any material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading. Such counsel may state that they do not assume any responsibility for the accuracy, completeness or fairness of the statements contained in the Registration Statement, the Basic Prospectus, the Pricing Disclosure Package or the Prospectus Supplement except to the extent of the opinion separately rendered by such counsel with respect to statements made under the captions "Description of the Global Bonds" in the Prospectus Supplement and "Debt Securities" in the Basic Prospectus, in each case as then amended or supplemented, insofar as they purport to summarize provisions of documents therein described; that such counsel do not express any opinion or belief as to the financial statements and related schedules or other financial or statistical data or information; that such counsel do not express an opinion or belief as to the laws of Brazil or as to information supplied by or on behalf of the Underwriters; and that their letter is furnished as United States counsel for Brazil to you and is solely for the benefit of the several Underwriters.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Brazil shall have furnished to the Underwriters a certificate in English, dated the Time of Delivery, of the Minister of Finance or the Attorney General of the National Treasury of the Ministry of Finance or another duly authorized attorney of the Office of the Attorney General of the National Treasury of the Ministry of Finance, in which such official shall state that, to the best of his knowledge after reasonable investigation: (A) the representations and warranties of Brazil in this Agreement are true and correct in all material respects with the same effect as though such representations and warranties had been made at and as of the Time of Delivery (other than such representations and warranties which are made as of a specified date), (B) Brazil has complied with all agreements and satisfied all conditions on its part to be performed or satisfied at or prior to the Time of Delivery, (C) no stop order suspending the effectiveness of the Registration Statement has been issued and no proceedings for that purpose have been initiated or, to the best of his knowledge, threatened by the Commission, (D) no proceeding has been initiated, or to the best of his knowledge, threatened to restrain or enjoin the issuance or delivery of the Debt Securities by Brazil or in any manner to question the laws, proceedings, directives, resolutions, approvals, consents or orders under which the Debt Securities have been issued or to question the validity of the Debt Securities and none of said laws, proceedings, directives, resolutions, approvals, consents or orders has been repealed, revoked or rescinded in whole or in part, and (E) since the respective dates as of which information is given in the Prospectus, there has been no material adverse change, or any prospective material adverse change, in or affecting the financial, economic or fiscal condition of Brazil, except as set forth in or contemplated by the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) (A) Since the respective dates as of which information is given in the Prospectus there shall not have been any material adverse change, or any prospective material adverse change, in or affecting the financial, economic, fiscal or political condition of Brazil, in Brazilian currency exchange rates or exchange controls, or in Brazilian taxation affecting the Debt Securities, otherwise than as set forth in or contemplated in the Prospectus, the effect of which, in any such case, is in the Underwriters' judgment such as to make it impracticable or inadvisable to proceed with the public offering or the delivery of the Debt Securities on the terms and in the manner contemplated by the Prospectus; (B) subsequent to the execution and delivery of this Agreement and on or prior to the Time of Delivery there shall not have occurred any of the following: (i) a suspension or material limitation in trading in securities generally on the New York Stock Exchange or on the London Stock Exchange plc; (ii) trading of any securities of Brazil shall have been formally suspended or limited on any international exchange; (iii) a general moratorium on commercial banking activities in New York or Brazil declared by either United States or New York State authorities or authorities of Brazil, respectively, or a material disruption in commercial banking or securities settlement or clearance services in the United States or Brazil; (iv) the outbreak or escalation of hostilities involving the United States or Brazil or the declaration by the United States or Brazil of a national emergency or war, if the effect of any such event specified in subsection (g)(B)(i), (ii), (iii) or (iv) in the Underwriters' judgment makes it impracticable or inadvisable to proceed with the public offering or the delivery of the Debt Securities on the terms and in the manner contemplated in the Prospectus; or (v) the occurrence of any material adverse change in the existing financial, political or economic conditions in the United States, Brazil or elsewhere which, in the Underwriters' judgment would materially and adversely affect the international financial markets or the market for the Debt Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Except as disclosed in the Pricing Disclosure Package, on or after the Execution Date (A) no downgrading shall have occurred in the rating accorded Brazil's debt securities by Standard & Poor's, Moody's or Fitch; (B) no such organization shall have publicly announced that it has under surveillance or review, with possible negative implications, its rating of any of Brazil's debt securities; (C) Brazil will not have been aware that either Standard & Poor's, Moody's or Fitch has announced that it will have under surveillance or review, with possible negative implications, its rating of any of Brazil's debt securities; and (D) Brazil will not have been informed by Standard & Poor's, Moody's or Fitch that it intends or is contemplating any downgrading in any rating accorded to Brazil's debt securities or any announcement that it will have under surveillance or review, with possible negative implications, its rating of any of Brazil's debt securities, it being understood and agreed that any negative outlook disclosed in the Pricing Disclosure Package is not in and of itself an event or condition contemplated in clauses (B), (C) and (D) above.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Minister of Finance of Brazil or the Attorney General of the PGFN or another duly authorized attorney of the PGFN, shall have furnished to the Underwriters a certificate in English, dated the Time of Delivery, to the effect that: (A) as of its effective date, the Registration Statement and any further amendment thereto made by Brazil prior to the Time of Delivery did not contain an untrue statement of a material fact or omit a material fact required to be stated therein or necessary to make the statements therein not misleading; (B) as of the date of the Prospectus Supplement, the Basic Prospectus and any further amendment or supplement thereto made by Brazil prior to the Time of Delivery did not contain an untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading; (C) as of the Time of Sale, the Pricing Disclosure Package and any further amendment or supplement thereto made by Brazil prior to the Time of Delivery did not contain an untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading; (D) all statistical information in the Registration Statement and the Prospectus and any further amendment or supplement thereto is presented on a basis consistent with public official documents of Brazil; and (E) as of the Time of Delivery, neither the Registration Statement nor the Prospectus or any further amendment or supplement thereto made by Brazil prior to the Time of Delivery contains an untrue statement of a material fact or omits to state a material fact, in the case of the Registration Statement or any further amendment thereto, required to be stated therein or necessary to make the statements therein not misleading or, in the case of the Basic Prospectus or the Prospectus or any further supplement thereto, necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading; provided, however, that the foregoing certification shall not apply to the statements in or omissions from the Registration Statement or the Prospectus or any amendment or supplement thereto made in reliance upon and in conformity with information furnished to Brazil in writing by the Underwriters expressly for use in the Registration Statement or the Prospectus or any amendment or supplement thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Brazil shall have complied with the provisions of Section 5(e) hereof with respect to the furnishing of prospectuses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Brazil shall have furnished to the Underwriters such further information, certificates and documents as they may reasonably request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Indemnification</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Brazil will indemnify and hold harmless each Underwriter against any losses, claims, damages or liabilities, joint or several, to which such Underwriter may become subject, under the Act or otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon an untrue statement or alleged untrue statement of a material fact contained in the Registration Statement as originally filed or in any amendment thereof, or in any Preliminary Prospectus, the Pricing Prospectus or the Prospectus, or any amendment thereof or supplement thereto, in any Issuer Free Writing Prospectus, or in any "issuer information" filed or required to be filed pursuant to Rule 433(d) under the Act, or arise out of or are based upon the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, and will reimburse each Underwriter for any legal or other expenses reasonably incurred by such Underwriter in connection with investigating or defending any such action or claim as such expenses are incurred within a reasonable time after such expenses are incurred and an itemized statement thereof, in reasonable detail, has been submitted to Brazil; provided, however, that Brazil shall not be liable in any such case to any Underwriter to the extent that any such loss, claim, damage or liability arises out of or is based upon an untrue statement or alleged untrue statement or omission or alleged omission made therein in reliance upon and in conformity with written information furnished to Brazil by such Underwriter in connection with the preparation thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Underwriter severally and not jointly will indemnify and hold harmless Brazil against any losses, claims, damages or liabilities to which Brazil may become subject, under the Act or otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon an untrue statement or alleged untrue statement of a material fact contained in the Registration Statement as originally filed or in any amendment thereof, or in any Preliminary Prospectus, the Pricing Prospectus or the Prospectus, or any amendment thereof or supplement thereto, any Issuer Free Writing Prospectus or any "issuer information" filed or required to be filed pursuant to Rule 433(d) under the Act, or arise out of or are based upon the omission or

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alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, in each case to the extent, but only to the extent, that such untrue statement or alleged untrue statement or omission or alleged omission was made therein in reliance upon and in conformity with written information furnished to Brazil by such Underwriter through the representatives of such Underwriter expressly for use in connection with the preparation thereof; and will reimburse Brazil for any legal or other reasonable and documented expenses reasonably incurred by Brazil in connection with investigating or defending any such action or claim as such expenses are incurred and an itemized statement thereof, in reasonable detail, has been submitted to that Underwriter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Promptly after receipt by an indemnified party under subsection (a) or (b) above of notice of the commencement of any action, such indemnified party shall, if a claim in respect thereof is to be made against the indemnifying party under such subsection, notify the indemnifying party in writing of the commencement thereof; but the omission to so notify the indemnifying party shall not relieve the indemnifying party from any liability which it may have to any indemnified party otherwise than under such subsection. In case any such action shall be brought against any indemnified party and it shall notify the indemnifying party of the commencement thereof, the indemnifying party shall be entitled to participate therein and, to the extent that it shall wish, jointly with any other indemnifying party similarly notified, to assume the defense thereof, with counsel satisfactory to such indemnified party and, after notice from the indemnifying party to such indemnified party of its election so to assume the defense thereof, the indemnifying party shall not be liable to such indemnified party under such subsection for any legal expenses of other counsel or any other expenses, in each case subsequently incurred by such indemnified party, in connection with the defense thereof other than reasonable costs of investigation, provided, however, that an indemnifying party shall not, in connection with any one such action or separate but substantially similar actions arising out of the same general allegations, be liable for the fees and expenses of more than one separate firm of attorneys at any time for all indemnified parties, except to the extent that local counsel, in addition to its regular counsel, is required in order to effectively defend against such action. Notwithstanding the indemnifying party's election to appoint counsel to represent the indemnified party in an action, the indemnified party shall have the right to employ separate counsel (including local counsel), and the indemnifying party shall bear the reasonable fees, costs and expenses of such separate counsel if (i) in the indemnified party's reasonable judgment, the use of counsel chosen by the indemnifying party to represent the indemnified party would present such counsel with a conflict of interest; (ii) the actual or potential defendants in, or targets of, any such action include both the indemnified party and the indemnifying party and the indemnified party shall have reasonably concluded that there may be legal defenses available to it and/or other indemnified parties which are different from or additional to those available to the indemnifying party; or (iii) the indemnifying party shall authorize the indemnified party to employ separate counsel at the expense of the indemnifying party. No indemnifying party shall, without the prior written consent of the indemnified party, effect the settlement or compromise of, or consent to the entry of any judgment with respect to, any pending or threatened action or claim in respect of which indemnification or contribution may be sought hereunder (whether or not the indemnified party is an actual or potential party to such action or claim) unless such settlement, compromise or judgment (A) includes an unconditional release of the indemnified party from all liability arising out of such action or claim and (B) does not include a statement as to or an admission of fault, culpability or a failure to act, by or on behalf of any indemnified party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If the indemnification provided for in this Section 9 is unavailable to or insufficient to hold harmless an indemnified party under subsection (a) or (b) above in respect of any losses, claims, damages or liabilities (or actions in respect thereof) referred to therein, then each indemnifying party shall contribute to the amount paid or payable by such indemnified party as a result of such losses, claims, damages or liabilities (or actions in respect thereof) in such proportion as is appropriate to reflect the relative benefits received by Brazil on the one hand and the Underwriters on the other from the offering of the Debt Securities. If, however, the allocation provided by the immediately preceding sentence is not permitted by applicable law or if the indemnified party failed to give the notice required under subsection (c) above, then each indemnifying party shall contribute to such amount paid or payable by such indemnified party in such proportion as is appropriate to reflect not only such relative benefits but also the relative fault of Brazil on the one hand and the Underwriters on the other in connection with the statements or omissions which resulted in such losses, claims, damages or liabilities (or actions in respect thereof), as well as any other relevant equitable considerations. The relative benefits received by Brazil on the one

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hand and the Underwriters on the other shall be deemed to be in the same proportion as the total net proceeds from the offering (before deducting expenses) received by Brazil bear to the total underwriting discounts and commissions received by the Underwriters, in each case as set forth in the table on the cover page of the Prospectus. The relative fault shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by Brazil on the one hand or such Underwriter on the other and the parties' relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. Brazil and the Underwriters agree that it would not be just and equitable if contribution pursuant to this subsection (d) were determined by pro rata allocation (even if the Underwriters were treated as one entity for such purpose) or by any other method of allocation which does not take account of the equitable considerations referred to above in this subsection (d). The amount paid or payable by an indemnified party as a result of the losses, claims, damages or liabilities (or actions in respect thereof) referred to above in this subsection (d) shall be deemed to include any legal or other expenses reasonably incurred by such indemnified party in connection with investigating or defending any such action or claim. Notwithstanding the provisions of this subsection (d), no Underwriter shall be required to make any contribution payments in excess of the amount by which the total public offering price of the Debt Securities such Underwriter underwrote and distributed to the public exceeds the amount of any damages that such Underwriter has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The obligations of Brazil under this Section 9 shall be in addition to any liability which Brazil may otherwise have and shall extend, upon the same terms and conditions, to each person, if any, who controls any Underwriter within the meaning of the Act; and the obligations of the Underwriters under this Section 9 shall be in addition to any liability which the respective Underwriters may otherwise have and shall extend, upon the same terms and conditions, to each person who signs the Registration Statement on behalf of Brazil.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Default by an Underwriter</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If any Underwriter shall default in its obligation to purchase the Debt Securities which it has agreed to purchase hereunder, the representatives of the Underwriters may in their discretion arrange for them or another party or other parties to purchase such Debt Securities on the terms contained in this Agreement. If within thirty-six hours after such default by any Underwriter the representatives of the Underwriters do not arrange for the purchase of such Debt Securities, then Brazil shall be entitled to a further period of thirty-six hours within which to procure another party or other parties reasonably satisfactory to representatives of the Underwriters to purchase such Debt Securities on such terms. In the event that, within the respective prescribed periods, the representatives of the Underwriters notify Brazil that they have so arranged for the purchase of such Debt Securities, or Brazil notifies them that it has so arranged for the purchase of such Debt Securities, the representatives of the Underwriters or Brazil shall have the right to postpone the Time of Delivery for a period of not more than seven days, in order to effect whatever changes may thereby be made necessary in the Registration Statement or the Prospectus, or in any other documents or arrangements, and Brazil agrees to file promptly any amendments to the Registration Statement or the Prospectus which in the representatives of the Underwriters' opinion may thereby be made necessary. The term "Underwriter" as used in this Agreement shall include any person substituted under this Section with like effect as if such person had originally been a party to this Agreement with respect to such Debt Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If, after giving effect to any arrangements for the purchase of the Debt Securities of a defaulting Underwriter or Underwriters by the representatives of the Underwriters and Brazil as provided in subsection (a) above, the aggregate principal amount of such Debt Securities which remains unpurchased does not exceed one-eleventh of the aggregate principal amount of all the Debt Securities, then Brazil shall have the right to require each non-defaulting Underwriter to purchase the principal amount of Debt Securities which such Underwriter agreed to purchase hereunder and, in addition, to require each non-defaulting Underwriter to purchase its pro rata share (based on the principal amount of Debt Securities which such Underwriter agreed to purchase hereunder) of the Debt Securities of such defaulting Underwriter or Underwriters for which such arrangements have not been made; but nothing herein shall relieve a defaulting Underwriter from liability for its default.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If, after giving effect to any arrangements for the purchase of the Debt Securities of a defaulting Underwriter or Underwriters by the representatives of the Underwriters and Brazil as provided in subsection (a) above, the aggregate principal amount of Debt Securities which remains unpurchased exceeds one-eleventh of the aggregate principal amount of all the Debt Securities, or if Brazil shall not exercise the right described in subsection (b) above to require non-defaulting Underwriters to purchase Debt Securities of a defaulting Underwriter or Underwriters, then this Agreement shall thereupon terminate, without liability on the part of any non-defaulting Underwriter or Brazil, except for the expenses to be borne by Brazil and the Underwriters as provided in Section 7 hereof and the indemnity and contribution agreements in Section 9 hereof; but nothing herein shall relieve a defaulting Underwriter from liability for its default.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Survival</u>. The respective indemnities, agreements, representations, warranties and other statements of Brazil and the several Underwriters, as set forth in this Agreement or made by or on behalf of them, respectively, pursuant to this Agreement, shall remain in full force and effect, regardless of any investigation (or any statement as to the results thereof) made by or on behalf of any Underwriter, or any controlling person of any Underwriter or Brazil, or any government official of Brazil, and shall survive delivery of and payment for the Debt Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Effects of Termination</u>. If this Agreement shall be terminated pursuant to Section 10 hereof, Brazil shall not then be under any liability to any Underwriter except as provided in Sections 7 and 9 hereof; but, if for any other reason, the Debt Securities are not delivered by or on behalf of Brazil as provided herein, Brazil will reimburse the Underwriters through the representatives of the Underwriters for all out-of-pocket expenses, including fees and disbursements of counsel, reasonably incurred by the Underwriters in making preparations for the purchase, sale and delivery of the Debt Securities, but Brazil shall then be under no further liability to any Underwriter except as provided in Sections 7 and 9 hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <u>Notices</u>. All communications under this Agreement will be in writing and effective only on receipt, and will be mailed or delivered and confirmed to each Underwriter and Brazil at the respective addresses specified in the Terms Agreement or otherwise furnished to each Underwriter or Brazil, respectively, in writing for the purpose of communications under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. <u>Binding Effect</u>. This Agreement shall be binding upon, and inure solely to the benefit of, the Underwriters, Brazil and, to the extent provided in Sections 9 and 11 hereof, the appropriate officials of Brazil, the officers and directors and each person who controls any Underwriter, and their respective heirs, executors, administrators, successors and assigns, and no other person shall acquire or have any right under or by virtue of this Agreement. No purchaser of any of the Debt Securities from any Underwriter shall be deemed a successor or assign by reason merely of such purchase.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. <u>Arbitration</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (i) If any dispute, controversy or claim arising out of or relating to this Agreement or the transactions contemplated hereby, including the existence, performance, interpretation, construction, breach, termination or invalidity thereof (a "<u>Dispute</u>") (other than a Dispute which is made the subject of a suit, action or proceeding brought against Brazil in a competent court in Brazil) shall arise between the Underwriters, on the one hand, and Brazil, on the other, the Underwriters, or Brazil, as the case may be (the "<u>Referring Party</u>"), shall by written notice (the "<u>Referral Notice</u>") to Brazil or the Underwriters, as the case may be (the "<u>Other Party</u>"), refer such Dispute to arbitration and the Other Party shall upon receipt of the Referral Notice be obligated to refer such Dispute to arbitral proceedings as set forth herein. The Referral Notice shall describe the nature of such dispute, difference or question and request the formation of an arbitral tribunal. Any Dispute shall be finally settled by arbitration in accordance with the Arbitration Rules of the United Nations Commission on International Trade Law (excluding Article 26 thereof) in effect on the date of this Agreement (the "<u>UNCITRAL Arbitration Rules</u>"). The number of arbitrators shall be three, to be appointed in accordance with Section II of the UNCITRAL Arbitration Rules, which, among other things, provides that (A) the Referring Party and the Other Party shall each appoint one

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arbitrator (such appointment to be made within 30 calendar days of receipt of the Referral Notice), (B) the two arbitrators thus appointed shall choose the third arbitrator who will act as the presiding arbitrator of the tribunal and (C) if within 30 calendar days after the appointment of the second arbitrator the two arbitrators have not agreed on the choice of a presiding arbitrator, the presiding arbitrator shall be appointed under Article 6 of the UNCITRAL Arbitration Rules. The appointing authority shall be the Chairman of the International Court of Arbitration of the International Chamber of Commerce. The third arbitrator may be (but need not be) of the same nationality as any of the parties to the arbitration. Such arbitral proceedings shall take place in New York, New York and the language of such proceedings shall be English, but documents or testimony may be submitted in another language if a translation is provided. The arbitrators shall appoint a secretary with offices and facilities in New York, New York to provide administrative support for the proceedings. Any arbitral tribunal established hereunder shall state its reasons for its decisions in writing and shall make such decisions entirely on the basis of the substantive law governing this Agreement and not on the basis of the principle of *ex aequo et bono* or otherwise. The decision of any such arbitral tribunal shall be final to the fullest extent permitted by law. Brazil agrees that in any such arbitration it will not raise any defense which it could not raise but for the fact that it is a sovereign state. Brazil's agreement to arbitrate does not constitute a waiver of any right to sovereign immunity from any legal process (whether through service or notice, attachment prior to judgment, attachment in aid of execution, execution or otherwise) to which it may be entitled in jurisdictions other than Brazil with respect to the enforcement of any award rendered by an arbitral tribunal constituted under this Section 15.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) For the sole purpose of receiving service of process or other legal summons in connection with obtaining homologation of any arbitral award rendered pursuant to this Section 15 in the Superior Tribunal de Justiça, Brazil hereby represents and warrants that any such process or summons may be served upon it, pursuant to Article 35, section II of Supplementary Law No. 73 of February 10, 1993, by delivery to the Procurador-Geral da União, Ed. Multibrasil Corporate, Sede I AGU, Setor de Autarquias Sul—Quadra 3—Lote 5/6, Brasilia-DF, Brazil, as its authorized agent (the "<u>Authorized Agent</u>") upon whom any such process or summons may be served by any means permissible under the laws of Brazil. Brazil hereby irrevocably waives any immunity to service of process or other legal summons effected in accordance with this subsection in respect of any action to obtain such judicial acceptance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Brazil hereby represents and warrants that it has no right to immunity, on the grounds of sovereignty or otherwise, from the service of process or jurisdiction or any judicial proceedings of any competent court located in Brazil or from execution of any judgment in Brazil (except for the limitation on alienation of public property referred to in Article 100 of the Civil Code of Brazil) or from the execution or enforcement therein of any arbitral decision in respect of any suit, action, proceeding or any other matter arising out of or relating to its obligations under this Agreement or the transactions contemplated hereby, and to the extent that Brazil is or becomes entitled to any such immunity with respect to the service of process or jurisdiction or any judicial proceedings of any competent court located in Brazil, it does hereby and will irrevocably and unconditionally agree not to plead or claim any such immunity with respect to its obligations or any other matter under or arising out of or in connection with this Agreement or the transactions contemplated hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Any action arising out of or based on this Agreement may be instituted by the Underwriters in any competent court in Brazil unless at the time an action is filed an arbitral tribunal has already been constituted pursuant to Section 15(a) to resolve a dispute relating to substantially the same occurrence, transaction, or series of transactions and occurrences, in which case the Dispute shall be resolved pursuant to Section 15(a). Brazil hereby agrees that the Underwriters shall have the right, exercisable at their sole discretion, to institute legal proceedings against Brazil through the proceedings contemplated in Article 910 of the Civil Procedure Code of Brazil of March 16, 2015, effective as of March 18, 2016. Brazil hereby waives irrevocably any immunity from jurisdiction or execution to which it might otherwise be entitled (except for the limitation on alienation of public property under Article 100 of the Civil Code of Brazil) in any action arising out of or based on this Agreement which may be instituted by the Underwriters in any competent court in Brazil.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) No arbitral proceedings hereunder shall be binding upon or in any way affect the right or interest of any person other than the claimant or respondent with respect to such arbitration.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. <u>Judgment Currency</u>. In respect of any judgment or order given or made for any amount due hereunder that is expressed and paid in a currency (the "<u>Judgment Currency</u>") other than United States dollars, Brazil will indemnify each Underwriter against any loss incurred by such Underwriter as a result of any variation as between (a) the rate of exchange at which the United States dollar amount is converted into the Judgment Currency for the purpose of such judgment or order and (b) the rate of exchange at which an Underwriter is able to purchase United States dollars with the amount of Judgment Currency actually received by such Underwriter on the business day following the receipt of payment on such judgment or order. The foregoing indemnity shall constitute a separate and independent obligation of Brazil and shall continue in full force and effect notwithstanding any such judgment or order as aforesaid. The term "rate of exchange" shall include any premiums and costs of exchange payable in connection with the purchase of or conversion into United States dollars.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. <u>Time of Essence</u>. Time shall be of the essence of this Agreement. As used herein, the term "business day" shall mean any day when the Commission's office in Washington, D.C. is open for business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. <u>Arm's Length Contract</u>. Brazil hereby acknowledges and agrees that the Underwriters are acting solely in the capacity of an arm's length contractual counterparty to Brazil with respect to the offering of the Debt Securities contemplated hereby (including in connection with determining the terms of the offering of the Debt Securities) and not as a financial advisor or a fiduciary to, or an agent of, Brazil or any other person. Additionally, neither Underwriter is advising Brazil or any other person as to any legal, tax, investment, accounting or regulatory matters in any jurisdiction. Brazil shall consult with its own advisors concerning such matters and shall be responsible for making its own independent investigation and appraisal of the transactions contemplated hereby, and the Underwriters shall have no responsibility or liability to Brazil with respect thereto, except as otherwise set forth herein. Any review by the Underwriters of Brazil, the transactions contemplated hereby or other matters relating to such transactions will be performed solely for the benefit of the Underwriters and shall not be on behalf of Brazil or any other person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. <u>Governing Law</u>. This Agreement shall be governed by and construed in accordance with the laws of the State of New York without regard to the principles of conflicts of laws thereof that would require the application of the laws of a jurisdiction other than the State of New York, except that authorization and execution of this Agreement by Brazil will be governed by the laws of Brazil.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. <u>Representation of Underwriters</u>. The representatives of the Underwriters will act for the several Underwriters in connection with the offering of the Debt Securities, and any action under this Agreement taken by the such representatives jointly will be binding upon all the Underwriters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21. <u>Counterparts</u>. This Agreement may be executed in any number of counterparts, each of which shall be an original regardless of whether delivered in physical or electronic form; but such counterparts shall together constitute but one and the same instrument. The exchange of copies of this Agreement and of signature pages by facsimile, by portable document format (PDF) or by electronic mail (including any electronic signature covered by the U.S. federal ESIGN Act of 2000, Uniform Electronic Transactions Act, the Electronic Signatures and Records Act or other applicable law, or other transmission method) transmission shall constitute effective execution and delivery of this Agreement as to the parties hereto and may be used in lieu of the original Agreement and signature pages for all purposes.

## Exhibit 99.3

**Exhibit 3** 

**<u>Names and Addresses of the Underwriters</u>**

Citigroup Global Markets Inc.

388 Greenwich Street

New York, New York 10013

Deutsche Bank Securities Inc.

1 Columbus Circle

New York, New York 10019

Goldman Sachs & Co. LLC

200 West Street

New York, New York 10282

## Exhibit 99.4

**Exhibit 4** 

**THE FEDERATIVE REPUBLIC OF BRAZIL** 

UNLESS THIS REGISTERED GLOBAL BOND IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY ("DTC"), TO THE REPUBLIC OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY BOND ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS NOMINATED BY AN AUTHORIZED REPRESENTATIVE OF DTC, ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

UNLESS AND UNTIL THIS GLOBAL BOND IS EXCHANGED IN WHOLE FOR BONDS IN CERTIFICATED REGISTERED FORM, THIS GLOBAL BOND MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY DTC TO A NOMINEE OF DTC OR BY A NOMINEE OF DTC TO DTC OR ANOTHER NOMINEE OF DTC OR BY DTC OR ANY SUCH NOMINEE TO A SUCCESSOR OF DTC OR A NOMINEE OF SUCH SUCCESSOR.

**REGISTERED GLOBAL SECURITIES** 

representing

U.S.$1,500,000,000

5.500% Global Bonds Due 2033

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| | |
|:---|:---|
| No. R-[___] | U.S.$[__________] |
| CUSIP No.: | 105756CP3 |
| ISIN No.: | US105756CP36 |

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The Federative Republic of Brazil (the "<u>Republic</u>"), for value received, hereby promises to pay to Cede & Co., or registered assigns, upon surrender hereof of the principal sum of [__________] UNITED STATES DOLLARS (U.S.$[__________]) or such amount as shall be the outstanding principal amount hereof on February 4, 2033, together with interest accrued from the issue date to, but excluding, the maturity date, or on such earlier date as the principal hereof may become due in accordance with the provisions hereof and to pay the redemption amount in connection with any optional redemption as provided in paragraph 3 of the attached Terms of the Debt Security. The Republic further unconditionally promises to pay interest semi-annually in arrears on February 4 and August 4 (each an "<u>Interest Payment Date</u>"), commencing August 4, 2026 on any outstanding portion of the unpaid principal amount hereof at 5.500% per annum. Interest shall accrue from and including the most recent date to which interest has been paid or duly provided for, or, if no interest has been paid or duly provided for, from November 14, 2025

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until payment of said principal sum has been made or duly provided for, and shall be payable to Holders of record as of January 20 or July 20 of each year (each, a "<u>Record Date</u>"). This is a Global Security deposited with the Depositary, and registered in the name of the Depositary or its nominee or common custodian, and accordingly, the Depositary or its nominee or common custodian, as Holder of record of this Global Security, shall be entitled to receive payments of principal and interest, other than principal and interest due at the maturity date, by wire transfer of immediately available funds. Such payment shall be made exclusively in such coin or currency of the United States as at the time of payment shall be legal tender for payment of public and private debts. The Republic, the Trustee, any registrar and any paying agent shall be entitled to treat the Depositary as the sole Holder of this Global Security.

The statements in the legend relating to the Depositary set forth above are an integral part of the terms of this Global Security and by acceptance hereof each Holder of this Global Security agrees to be subject to and bound by the terms and provisions set forth in such legend, if any.

This Global Security is issued in respect of an issue of U.S.$1,500,000,000 principal amount of 5.500% Global Bonds due 2033 of the Republic and is governed by (i) the Indenture dated as of July 2, 2015 (the "<u>Indenture</u>") between the Republic and The Bank of New York Mellon, as trustee (the "<u>Trustee</u>"), the terms of which Indenture are incorporated herein by reference, and (ii) by the Terms of the Debt Securities attached hereto. This Global Security shall in all respects be entitled to the same benefits as other Debt Securities under the Indenture and the Terms. All capitalized terms used in this Global Security but not defined herein shall have the meanings assigned to them in the Indenture.

Upon any exchange of all or a portion of this Global Security for Certificated Securities in accordance with the Indenture, this Global Security shall be endorsed on Schedule A to reflect the change of the principal amount evidenced hereby.

Unless the certificate of authentication hereon has been executed by the Trustee, this Global Security shall not be valid or obligatory for any purpose.

[*Remainder of page intentionally left blank*]

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IN WITNESS WHEREOF, the Republic has caused this instrument to be duly executed.

Dated: November 14, 2025

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| | |
|:---|:---|
| FEDERATIVE REPUBLIC OF BRAZIL | FEDERATIVE REPUBLIC OF BRAZIL |
| By: |  |
|  | Name: |
|  | Title: |
| WITNESS: | WITNESS: |
| By: |  |
|  | Name: |
|  | Citizenship: |
|  | ID No: |
| WITNESS: | WITNESS: |
| By: |  |
|  | Name: |
|  | Citizenship: |
|  | ID No: |

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**TRUSTEE'S CERTIFICATE OF AUTHENTICATION** 

This is one of the Debt Securities issued under the within-mentioned Indenture.

Dated: November 14, 2025

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| | |
|:---|:---|
| THE BANK OF NEW YORK MELLON, not in its individual capacity but solely as Trustee | THE BANK OF NEW YORK MELLON, not in its individual capacity but solely as Trustee |
| By: |  |
|  | Authorized Officer |

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**Schedule A** 

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| | | | |
|:---|:---|:---|:---|
| **Date** | **Principal Amount of<br>Certificated<br>Securities** | **Remaining<br>Principal Amount of<br>this Global Security** | **Notation<br>Made By** |

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**TERMS AND CONDITIONS OF THE DEBT SECURITIES** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>General</u>. (a) This Debt Security is one of a duly authorized Series of debt securities of the Federative Republic of Brazil (the "<u>Republic</u>"), designated as its 5.500% Global Bonds due 2033 (each debt security of this Series a "<u>Debt Security</u>", and collectively, the "<u>Debt Securities</u>"), and issued or to be issued in one or more Series pursuant to an Indenture dated as of July 2, 2015 between the Republic and The Bank of New York Mellon, as trustee (the "<u>Trustee</u>"), as amended from time to time (the "<u>Indenture</u>"). The aggregate principal amount of the Debt Securities is U.S.$1,500,000,000, subject to increase as provided in paragraph 13 below. The Holders of the Debt Securities will be entitled to the benefits of, be bound by, and be deemed to have notice of, all of the provisions of the Indenture. A copy of the Indenture is on file and may be inspected at the Corporate Trust Office. All capitalized terms used in this Debt Security but not defined herein shall have the meanings assigned to them in the Indenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Debt Securities constitute and will constitute direct, general, unconditional, unsecured (except as provided for in paragraph 5) and unsubordinated External Indebtedness (as defined below) of the Republic for which the full faith and credit of the Republic is pledged. The Debt Securities rank and will rank without any preference among themselves and equally with all other unsecured and unsubordinated External Indebtedness of the Republic. It is understood that this provision shall not be construed so as to require the Republic to make payments under the Debt Securities ratably with payments being made under any other External Indebtedness.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Debt Securities are in fully registered form, without coupons and in denominations of U.S.$200,000 and integral multiples of U.S.$1,000 thereof. The Debt Securities may be issued in certificated form (each a "<u>Certificated Security</u>" and collectively, the "<u>Certificated Securities</u>"), or may be represented by one or more registered global securities (each, a "<u>Global Security</u>") held by or on behalf of the Depositary. Certificated Securities will be available only in the limited circumstances set forth in the Indenture. The Debt Securities, and transfers thereof, shall be registered as provided in Section 2.6 of the Indenture. Any person in whose name a Debt Security shall be registered may (to the fullest extent permitted by applicable law) be treated at all times, by all persons and for all purposes as the absolute owner of such Debt Security regardless of any notice of ownership, theft, loss or any writing thereon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) For the purposes of this paragraph and paragraphs 5 and 6 below, the following terms shall have the meanings specified below:

"<u>Indebtedness</u>" means all unsecured and unsubordinated obligations of the Republic in respect of money borrowed and guarantees given by the Republic in respect of money borrowed by others.

"<u>External Indebtedness</u>" means Indebtedness for money borrowed which is payable by its terms or at the option of its holder in any currency other than the currency of the Republic (other than any such Indebtedness that is originally issued within the Republic).

"<u>Public External Indebtedness</u>" means any Public Indebtedness (as defined below) of the Republic which is payable by its terms or at the option of its holder in any currency other than the currency of the Republic (other than any such Public Indebtedness that is originally issued within the Republic). For this purpose, settlement of original issuance by delivery of Public Indebtedness (or the instruments evidencing such Public Indebtedness including by means of a book entry system) within the Republic shall be deemed to be original issuance within the Republic.

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"<u>Public Indebtedness</u>" means any payment obligation, including any contingent liability, of any person arising from bonds, debentures, notes or other securities which (i) are, or were intended at the time of issuance to be, quoted, listed or traded on any securities exchange or other securities market (including, without limiting the generality of the foregoing, securities eligible for resale pursuant to Rule 144A under the Securities Act, as amended (or any successor law or regulation of similar effect)) and (ii) have an original maturity of more than one year or are combined with a commitment so that the original maturity of one year or less may be extended at the option of the Republic to a period in excess of one year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Payments</u>. (a) the Republic covenants and agrees that it will duly and punctually pay or cause to be paid the principal of (and premium, if any, on), and interest (including Additional Amounts (as defined below)) on, the Debt Securities and any other payments to be made by the Republic under the Debt Securities and the Indenture, at the place or places, at the respective times and in the manner provided in the Debt Securities and the Indenture. Principal of the Debt Securities will be payable against surrender of such Debt Securities at the Corporate Trust Office of the Trustee in New York City or, subject to applicable laws and regulations, at the office outside of the United States of a paying agent, by U.S. dollar check drawn on, or by transfer to a U.S. dollar account maintained by the Holder with, a bank located in New York City. Payment of interest or principal (including Additional Amounts) on the Debt Securities will be made to the persons in whose name such Debt Securities are registered at the close of business on the relevant Record Date whether or not such day is a Business Day (as defined below), notwithstanding the cancellation of such Debt Securities upon any transfer or exchange thereof subsequent to the Record Date and prior to such Interest Payment Date; *provided* that if and to the extent the Republic shall default in the payment of the interest due on such Interest Payment Date, such defaulted interest shall be paid to the persons in whose names such Debt Securities are registered as of a subsequent record date established by the Republic by notice, as provided in paragraph 12 of these Terms, by or on behalf of the Republic to the Holders of the Debt Securities not less than 15 days preceding such subsequent record date, such record date to be not less than 10 days preceding the date of payment of such defaulted interest. Notwithstanding the immediately preceding sentence, in the case where such interest or principal (including Additional Amounts) is not punctually paid or duly provided for, the Trustee shall have the right to fix such subsequent record date, and, if fixed by the Trustee, such subsequent record date shall supersede any such subsequent record date fixed by the Republic. Payment of interest on Certificated Securities will be made (i) by a U.S. dollar check drawn on a bank in New York City mailed to the Holder at such Holder's registered address or (ii) upon application by the Holder of at least U.S.$1,000,000 in principal amount of Certificated Securities to the Trustee not later than the applicable Record Date, by wire transfer in immediately available funds to a U.S. dollar account maintained by the Holder with a bank in New York City. Payment of interest on a Global Security will be made (i) by a U.S. dollar check drawn on a bank in New York City delivered to the Depositary at its registered address or (ii) by wire transfer in immediately available funds to a U.S. dollar account maintained by the Depositary with a bank in New York City. "<u>Business Day</u>" shall mean any day that is not a Saturday or Sunday, and that is not a day on which banking or trust institutions are authorized generally or obligated by law, regulation, or executive order to close in New York City (or in the city where the relevant paying or transfer agent is located).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In any case where the date of payment of the principal of, or interest (including Additional Amounts) on, the Debt Securities shall not be a Business Day, then payment of principal or interest (including Additional Amounts) will be made on the next succeeding Business Day at the relevant place of payment. Such payments will be deemed to have been made on the due date, and no interest on the Debt Securities will accrue as a result of the delay in payment. So long as the Trustee holds the funds so deposited and such funds are available to Holders of the Debt Securities in accordance with the terms of the Debt Securities and the Indenture and Holders of the Debt Securities are not prevented from claiming such funds in accordance with the terms of the Debt Securities and the Indenture, the Republic shall not be considered to have defaulted in its obligation to make payment of such amounts on the date on which such amounts become due and payable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Interest will be computed on the basis of a 360-day year comprised of twelve 30-day months.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Any monies deposited with or paid to the Trustee or to any paying agent for the payment of the principal of or interest (including Additional Amounts) on any Debt Security and not applied but remaining unclaimed for two years after the date upon which such principal or interest shall have become due and payable shall be repaid to or for the account of the Republic by the Trustee or such paying agent, upon the written request of the Republic and, to the extent permitted by law, the Holder of such Debt Security shall thereafter look only to the Republic for any payment which such Holder may be entitled to collect, and all liability of the Trustee or such paying agent with respect to such monies shall thereupon cease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If the Republic at any time defaults in the payment of any principal of, or interest (including Additional Amounts) on the Debt Securities, the Republic will pay interest on the amount in default (to the extent permitted by law), calculated for each day until paid, at the rate of 5.500% per annum, together with Additional Amounts, if applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Optional Redemption</u>. (a) The Republic may redeem the Debt Securities at its option, in whole or in part, at any time and from time to time, at a redemption price (expressed as a percentage of principal amount and rounded to three decimal places) equal to the greater of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) (a) the sum of the present values of the remaining scheduled payments of principal and interest thereon discounted to the redemption date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate (as defined below) plus 30 basis points less (b) interest accrued to the date of redemption, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) 100% of the principal amount of the Debt Securities to be redeemed,

plus, in either case, accrued and unpaid interest thereon to the redemption date.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) For the purposes of this Debt Security, "<u>Treasury Rate</u>" means, with respect to any redemption date, the yield determined by the Republic in accordance with the following two paragraphs.

The Treasury Rate shall be determined by the Republic after 4:15 p.m., New York City time (or after such time as yields on U.S. government securities are posted daily by the Board of Governors of the Federal Reserve System), on the third business day preceding the redemption date based upon the yield or yields for the most recent day that appear after such time on such day in the most recent statistical release published by the Board of Governors of the Federal Reserve System designated as "Selected Interest Rates (Daily)—H.15" (or any successor designation or publication) ("<u>H.15</u>") under the caption "U.S. government securities–Treasury constant maturities–Nominal" (or any successor caption or heading) ("<u>H.15 TCM</u>"). In determining the Treasury Rate, the Republic shall select, as applicable: (1) the yield for the Treasury constant maturity on H.15 exactly equal to the period from the redemption date to the maturity date (the "<u>Remaining Life</u>"); or (2) if there is no such Treasury constant maturity on H.15 exactly equal to the Remaining Life, the two yields – one yield corresponding to the Treasury constant maturity on H.15 immediately shorter than and one yield corresponding to the Treasury constant maturity on H.15 immediately longer than the Remaining Life – and shall interpolate to the maturity date on a straight-line basis (using the actual number of days) using such yields and rounding the result to three decimal places; or (3) if there is no such Treasury constant maturity on H.15 shorter than or longer than the Remaining Life, the yield for the single Treasury constant maturity on H.15 closest to the Remaining Life. For purposes of this paragraph, the applicable Treasury constant maturity or maturities on H.15 shall be deemed to have a maturity date equal to the relevant number of months or years, as applicable, of such Treasury constant maturity from the redemption date.

If on the third business day preceding the redemption date H.15 TCM is no longer published, the Republic shall calculate the Treasury Rate based on the rate per annum equal to the semi-annual equivalent yield to maturity at 11:00 a.m., New York City time, on the second business day preceding such redemption date, of the United States Treasury security maturing on, or with a maturity that is closest to, the maturity date, as applicable. If there is no United States Treasury security maturing on the maturity date but there are two or more United States Treasury securities with a maturity date equally distant from the maturity date, one with a maturity date preceding the maturity date and one with a maturity date following the maturity date, the Republic shall select the United States Treasury security with a maturity date preceding the maturity date. If there are two or more United States Treasury securities maturing on the maturity date or two or more United States Treasury securities meeting the criteria of the preceding sentence, the Republic shall select from among these two or more United States Treasury securities the United States Treasury security that is trading closest to par based upon the average of the bid and asked prices for such United States Treasury securities at 11:00 a.m., New York City time. In determining the Treasury Rate in accordance with the terms of this paragraph, the semi-annual yield to maturity of the applicable United States Treasury security shall be based upon the average of the bid and asked prices (expressed as a percentage of principal amount) at 11:00 a.m., New York City time, of such United States Treasury security, and rounded to three decimal places.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Republic's actions and determinations in determining the redemption price shall be conclusive and binding for all purposes, absent manifest error.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Notice of any redemption will be mailed or electronically delivered (or otherwise transmitted in accordance with the depositary's procedures) at least 10 days but not more than 60 days before the redemption date to each holder of Debt Securities to be redeemed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) In the case of a partial redemption, selection of the Debt Securities for redemption will be made on a pro rata basis as a "Pro Rata Pass-Through Distribution of Principal" in accordance with the applicable rules and procedures of DTC, or in the case of certificated bonds, any other method in accordance with the policies and procedures of the Trustee. No Debt Securities of a principal amount of $200,000 or less will be redeemed in part. If any Debt Security is to be redeemed in part only, the notice of redemption that relates to the Debt Security will state the portion of the principal amount of the Debt Security to be redeemed. A new Debt Security in a principal amount equal to the unredeemed portion of the Debt Security will be issued in the name of the holder of the Debt Security upon surrender for cancellation of the original Debt Security. For so long as the Debt Securities are held by DTC (or another depositary), the redemption of the Debt Securities shall be done in accordance with the policies and procedures of the depositary. Unless the Republic defaults in payment of the redemption price, on and after the redemption date interest will cease to accrue on the Debt Securities or portions thereof called for redemption.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Unless otherwise specified on the face hereof, this Debt Security will not be entitled to the benefit of a sinking fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Unless otherwise specified and subject to the terms set forth on the face hereof, this Debt Security will not be repayable prior to the maturity date at the option of the registered holder hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Republic may at any time purchase any of the Debt Securities in any manner and at any price. All Debt Securities purchased by or on behalf of the Republic may be held, resold or surrendered for cancellation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Additional Amounts</u>. All payments by the Republic in respect of the Debt Securities shall be made without withholding or deduction for or on account of any present or future taxes, duties, assessments or other governmental charges of whatever nature imposed or levied by or on behalf of the Republic, or any political subdivision or taxing authority or agency therein or thereof having the power to tax (collectively, "<u>Relevant Tax</u>"), unless the withholding or deduction of such Relevant Tax is required by law. In that event, the Republic shall pay such additional amounts ("<u>Additional Amounts</u>"), as may be necessary to ensure that the amounts received by the Holders after such withholding or deduction shall equal the respective amounts of principal and interest that would have been receivable in respect of the Debt Securities in the absence of such withholding or deduction; *provided, however*, that no such Additional Amounts shall be payable in respect of any Relevant Tax:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) imposed by reason of a Holder or beneficial owner of a Debt Security having some present or former connection with the Republic other than merely being a Holder or beneficial owner of the Debt Security or receiving payments of any nature on the Debt Security or enforcing its rights in respect of the Debt Security;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) imposed by reason of the failure of a Holder or beneficial owner of a Debt Security, or any other person through which the Holder or beneficial owner holds a Debt Security, to comply with any certification, identification or other reporting requirement concerning the nationality, residence, identity or connection with the Republic of such Holder or beneficial owner or other person, if compliance with the requirement is a precondition to exemption from all or any portion of such withholding or deduction; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) imposed by reason of a Holder or beneficial owner of a Debt Security, or any other person through which the Holder or beneficial owner holds a Debt Security, having presented the Debt Security for payment (where such presentation is required) more than 30 days after the Relevant Date (as defined below), except to the extent that the Holder or beneficial owner or such other person would have been entitled to Additional Amounts on presenting the Debt Security for payment on any date during such 30-day period.

As used in this paragraph 4(iii), "<u>Relevant Date</u>" in respect of any Debt Security means the date on which payment in respect thereof first becomes due or, if the full amount of the money payable has not been received by the Trustee on or prior to such due date, the date on which notice is duly given to the Holders in the manner described in paragraph 12 below that such monies have been so received and are available for payment. Any reference to "principal" and/or "interest" hereunder shall be deemed to include any Additional Amounts which may be payable hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Negative Pledge Covenant of Republic</u>. (a) So long as any Debt Security remains outstanding or any amount payable by the Republic under the Indenture shall remain unpaid, the Republic agrees that the Republic will not create or permit to subsist any Lien (as defined below) other than Permitted Liens (as defined below) in the whole or any part of the Republic's present or future revenues or assets to secure Public External Indebtedness (as defined below) of the Republic, unless (i) the Debt Security is secured equally and ratably with such Public External Indebtedness or (ii) the Debt Security has the benefit of such other security, guarantee, indemnity or other arrangement as shall be approved by the Holders of such Debt Security as provided in Article Eleven of the Indenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) For purposes hereof:

"<u>Lien</u>" means any lien, pledge, mortgage, security interest or other encumbrance.

"<u>Permitted Liens</u>" means: (i) any Lien created prior to the date hereof including renewals or refinancing thereof, provided, however, that any renewal or refinancing of any such Lien secures only the renewal or extension of the original secured financing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any Lien securing Public External Indebtedness incurred or assumed by the Republic in connection with a Project Financing (as defined below), *provided* that the property over which such Lien is granted consists solely of assets or revenues of the project for which the Project Financing was incurred;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any Lien securing Public External Indebtedness which (i) is issued by the Republic in exchange for secured indebtedness of Brazilian public sector bodies (other than the Republic) and (ii) is in an aggregate principal amount outstanding (with debt denominated in currencies other than U.S. dollars expressed in U.S. dollars based on rates of exchange prevailing at the date such debt was incurred) that does not exceed U.S.$25,000,000; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any Lien securing Public External Indebtedness incurred or assumed by the Republic to finance or refinance the acquisition of the assets in which such Lien has been created or permitted to subsist.

"<u>Project Financing</u>" means any financing of all or part of the costs of the acquisition, construction or development of any project and the person or persons providing such financing expressly agree to limit their recourse to the project financed and the revenues derived from such project as the principal source of repayment for the monies advanced.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Events of Default; Acceleration</u>. If one or more of the following events ("<u>Events of Default</u>") shall have occurred and be continuing (whatever the reason for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree, award or order of any court or arbitral tribunal or any order, rule or regulation of any administrative or governmental body):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) default in any payment of principal of (or premium, if any, on), or interest on any of the Debt Securities of this series and the continuance of such default for a period of 30 days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) default which is materially prejudicial to the interests of the holders of the Debt Securities of this series in the performance of any other obligation under the Debt Securities of this series and the continuance of such default for a period of 60 days after written notice requiring the same to be remedied shall have been given by the Trustee or the Holders of not less than 25% in aggregate principal amount of the Debt Securities of this series then Outstanding;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) acceleration of in excess of U.S.$25,000,000 (or its equivalent in any other currency) in aggregate principal amount of Public External Indebtedness of the Republic by reason of an event of default (however described) resulting from the failure of the Republic to make any payment of principal (or premium, if any), or interest thereunder when due;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) failure to make any payment in respect of Public External Indebtedness of the Republic in an aggregate principal amount in excess of U.S.$25,000,000 (or its equivalent in any other currency) when due (as such date may be extended by virtue of any applicable grace period or waiver) and the continuance of such failure for a period of 30 days after written notice requiring the same to be remedied shall have been given by the Trustee or the Holders of not less than 25% in aggregate principal amount of the Debt Securities of this series then Outstanding;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) declaration by the Republic of a moratorium with respect to the payment of principal of or interest on Public External Indebtedness of the Republic which does not expressly exclude the Debt Securities of this series and which is materially prejudicial to the interests of the holders of the Debt Securities of this series; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) denial by the Republic of its obligations under the Debt Securities of this series;

then in each and every such case, the Trustee or the Holders (the "<u>Demanding Holders</u>") (acting individually or together) of not less than 25% of the aggregate Outstanding principal amount of the Debt Securities, upon notice in writing to the Republic, with a copy to the Trustee, of any such Event of Default and its continuance, may declare the principal (and premium, if any) amount of all the Debt Securities due and payable immediately, and the same shall become and shall be due and payable upon the date that such written notice is received by or on behalf of the Republic, unless prior to such date all Events of Default in respect of all the Debt Securities shall have been cured; provided that if, at any time after the principal (and premium, if any) of the Debt Securities shall have been so declared due and payable, and before the sale of any property pursuant to any judgment, decree or the execution of an arbitral award for the payment of monies due which shall have been obtained or entered in connection with the Debt Securities, pursuant to Section 9.8 of the Indenture and paragraph 17 hereof, the Republic shall pay or shall deposit (or cause to be paid or deposited) with the Trustee a sum sufficient to pay all matured installments of interest and principal (and premium, if any) upon all the Debt Securities which shall have become due otherwise than solely by acceleration (with interest on overdue installments of interest, to the extent permitted by law, and on such principal (and premium, if any) of each Debt Security at the rate of interest specified herein, to the date of such payment of interest or principal (and premium, if any)) and such amount as shall be sufficient to cover reasonable compensation to the Demanding Holders, the Trustee and each predecessor Trustee, their respective agents, attorneys and counsel, and all other documented expenses and liabilities reasonably incurred, and all advances made for documented expenses and legal fees, reasonably incurred by the Demanding Holders, the Trustee and each predecessor Trustee, and if any and all Events of Default hereunder, other than the nonpayment of the principal of the Debt Securities which shall have become due solely by acceleration, shall have been cured, waived or otherwise remedied as provided herein, then, and in every such case, the Holders of more than 50% in aggregate principal amount of the Debt Securities then Outstanding, by written notice to the Republic and to the Trustee, may, on behalf of all of the Holders, waive all defaults and rescind and annul such declaration and its consequences, but no such waiver or rescission and annulment shall extend to or shall affect any subsequent default, or shall impair any right consequent thereon. Actions by Holders pursuant to this paragraph 6 need not be taken at a meeting pursuant to paragraph 7 hereof. Actions by the Trustee and the Holders pursuant to this paragraph 6 are subject to Article Four of the Indenture.

If an Event of Default with respect to the Debt Securities shall occur and be continuing, the principal of the Debt Securities of this series may be declared due and payable in the manner and with the effect provided in the Indenture.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Holders' Meetings and Written Action</u>. The Indenture sets forth the provisions for the convening of meetings of Holders of Debt Securities and actions taken by written consent of the Holders of Debt Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Replacement, Exchange and Transfer of the Debt Securities</u>. (a) Upon the terms and subject to the conditions set forth in the Indenture, in case any Debt Security shall become mutilated, defaced or be apparently destroyed, lost or stolen, the Republic in its discretion may execute, and upon the request of the Republic, the Trustee shall authenticate and deliver, a new Debt Security bearing a number not contemporaneously Outstanding, in exchange and substitution for the mutilated or defaced Debt Security, or in lieu of and in substitution for the apparently destroyed, lost or stolen Debt Security. In every case, the applicant for a substitute Debt Security shall furnish to the Republic and to the Trustee such security or indemnity as may be required by each of them to indemnify, defend and to save each of them and any agent of the Republic or the Trustee harmless and, in every case of destruction loss or theft, evidence to their satisfaction of the apparent destruction, loss or theft of such Debt Security and of the ownership thereof. Upon the issuance of any substitute Debt Security, the Holder of such Debt Security, if so requested by the Republic, shall pay a sum sufficient to cover any stamp duty, tax or other governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the Trustee) connected with the preparation and issuance of the substitute Debt Security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Upon the terms and subject to the conditions set forth in the Indenture, and subject to paragraph 8(e) hereof, a Certificated Security or Securities may be exchanged for an equal aggregate principal amount of Certificated Securities in different authorized denominations and a beneficial interest in the Global Security may be exchanged for an equal aggregate principal amount of Certificated Securities in different authorized denominations or for an equal aggregate principal amount of beneficial interests in another Global Security in different authorized denominations by the Holder or Holders surrendering the Debt Security or Debt Securities for exchange at the Corporate Trust Office, together with a written request for the exchange. Certificated Securities will only be issued in exchange for interests in a Global Security pursuant to Section 2.5(e) and 2.5(f) of the Indenture. The exchange of the Debt Securities will be made by the Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Upon the terms and subject to the conditions set forth in the Indenture, and subject to paragraph 8(e) hereof, a Certificated Security may be transferred in whole or in part (in an amount equal to the authorized denomination or any integral multiple thereof) by the Holder or Holders surrendering the Certificated Security for transfer at the Corporate Trust Office accompanied by an executed instrument of transfer substantially as set forth in Exhibit F to the Indenture. The registration of transfer of the Debt Securities will be made by the Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The costs and expenses of effecting any exchange, transfer or registration of transfer pursuant to this paragraph 8 will be borne by the Republic, except for the expenses of delivery (if any) not made by regular mail and the payment of a sum sufficient to cover any stamp duty, tax or other governmental charge or insurance charge that may be imposed in relation thereto, which will be borne by the Holder of the Debt Security. Registration of the transfer of a Debt Security by the Trustee shall be deemed to be the acknowledgment of such transfer on behalf of the Republic.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Trustee may decline to accept any request for an exchange or registration of transfer of any Debt Security during the period of 5 days preceding the due date for any payment of principal of, (or premium, if any, on), or interest on, the Debt Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Trustee</u>. For a description of the duties and the immunities and rights of the Trustee under the Indenture, reference is made to the Indenture, and the obligations of the Trustee to the Holder hereof are subject to such immunities and rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Paying Agent; Transfer Agent; Registrar</u>. The Republic has initially appointed the paying agent, transfer agent and registrar listed at the foot of this Debt Security. The Republic may at any time appoint additional or other paying agents, transfer agents and registrars and terminate the appointment of those or any paying agents, transfer agents and registrar, provided that while the Debt Securities are Outstanding the Republic will maintain in The City of New York (i) a paying agent, (ii) an office or agency where the Debt Securities may be presented for exchange, transfer and registration of transfer as provided in the Indenture and (iii) a registrar; provided that the registrar shall not be in the United Kingdom. Notice of any such termination or appointment and of any change in the office through which any paying agent, transfer agent or registrar will act will be promptly given in the manner described in paragraph 12 hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Enforcement</u>. Except as provided in Section 4.6 of the Indenture, no Holder of any Debt Securities of any Series shall have any right by virtue of or by availing itself of any provision of the Indenture or of the Debt Securities of such Series to institute any suit, action or proceeding upon or under or with respect to the Indenture or of the Debt Securities, or for any other remedy hereunder or under the Debt Securities, unless (a) such Holder previously shall have given to the Trustee written notice of default and of the continuance thereof with respect to such Series of Debt Securities, (b) the Holders of not less than 25% in aggregate principal amount Outstanding of Debt Securities of such Series shall have made specific written request to the Trustee to institute such action, suit or proceeding in its own name as Trustee hereunder and shall have provided to the Trustee such reasonable indemnity or other security as it may require against the costs, expenses and liabilities to be incurred therein or thereby and (c) the Trustee for 60 days after its receipt of such notice, request and provision of indemnity or other security, shall have failed to institute any such action, suit or proceeding and no direction inconsistent with such written request shall have been given to the Trustee pursuant to Section 4.9 of the Indenture; it being understood and intended, and being expressly covenanted by every Holder of Debt Securities of a Series with every other Holder of Debt Securities of such Series and the Trustee, that no one or more Holders shall have any right in any manner whatever by virtue or by availing itself of any provision of the Indenture or of the Debt Securities to affect, disturb or prejudice the rights of any other Holder of Debt Securities of such Series or to obtain priority over or preference to any other such Holder, or to enforce any right under the Indenture or under the Debt Securities of such Series, except in the manner herein provided and for the equal, ratable and common benefit of all Holders of Debt Securities of such Series. For the protection and enforcement of this paragraph 11, each and every Holder and the Trustee shall be entitled to such relief as can be given at law.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Notices</u>. Notices to holders of Debt Securities shall be sufficiently given if mailed to the holders at the address appearing in the security register maintained by the Trustee and, so long as the Debt Securities are listed on the London Stock Exchange and the rules of such exchange shall so require, if published in an Authorized Newspaper (as defined below) in London. If at any time publication in any such newspaper is not practicable, notices will be valid if published in such English language newspaper with general circulation in the respective market regions as the Republic shall determine. In the case of Debt Securities in global form, notices to holders of Debt Securities may be sent in accordance with the procedures of the Depositary. "<u>Authorized Newspaper</u>" means a newspaper, in an official language in the country of publication or in the English language, customarily published on each Monday, Tuesday, Wednesday, Thursday and Friday, whether or not published on Saturdays, Sundays or holidays, and of general circulation in the place in connection with which the term is used or in the financial community of such place. Where successive publications are made in Authorized Newspapers, the successive publications may be made in the same or in different newspapers in the same city meeting the foregoing requirements and in each case on any Monday, Tuesday, Wednesday, Thursday or Friday. Neither the failure to give notice nor any defect in any notice given to any particular holder of a Debt Security shall affect the sufficiency of any notice with respect to any other Debt Securities. In case by reason of the suspension of publication of any Authorized Newspaper or by reason of any other cause it shall be impracticable to publish any notice as provided above, then such notification shall be given in another manner consistent with the rules of the London Stock Exchange. Such notices shall be deemed to have been given on the date of (i) such publication or, if published in such newspapers on different dates, on the date of the first such publication and (ii) in the case of any notice mailed or made through the Depositary or its nominee, on the date of mailing or transmission, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <u>Further Issues of Debt Securities</u>. The Republic may from time to time, without the consent of Holders of the Debt Securities, create and issue additional Debt Securities having the same Terms as the Debt Securities in all respects, except for the issue date, issue price and first interest payment on the Debt Securities; *provided, however*, that any additional debt securities subsequently issued shall be fungible with the previously Outstanding Debt Securities for U.S. federal income tax purposes. Additional Debt Securities issued in this manner will be consolidated with and will form a single Series with the previously Outstanding Debt Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. <u>Prescription</u>. To the extent permitted by law, claims against the Republic for the payment of principal of (and premium, if any, on), or interest or other amounts due on, the Debt Securities (including Additional Amounts) will become void unless made within five years on which that payment first became due (or such shorter period as may be prescribed by applicable law).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. <u>Authentication</u>. This Debt Security shall not become valid or obligatory until the certificate of authentication hereon shall have been duly signed by the Trustee or its agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. <u>Governing Law</u>. THIS DEBT SECURITY SHALL BE GOVERNED BY, AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO THOSE PRINCIPLES OF CONFLICTS OF LAWS THAT WOULD REQUIRE THE APPLICATION OF THE LAWS OF A JURISDICTION OTHER THAN THE STATE OF NEW YORK; PROVIDED, HOWEVER, THAT ALL MATTERS GOVERNING AUTHORIZATION AND EXECUTION OF THIS DEBT SECURITY BY THE REPUBLIC SHALL BE GOVERNED BY THE LAWS OF BRAZIL.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. <u>Arbitration; Waiver of Sovereign Immunity; Consent to Service Proceedings in Brazil</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (i) Any dispute, controversy or claim between or among any of the Republic, the Trustee and any Holder arising out of or relating to this Indenture or the Debt Securities or any coupon appertaining thereto, including the existence, performance, interpretation, construction, breach, termination or invalidity thereof (a "<u>Dispute</u>") (other than a Dispute which, as provided for in paragraph 17(e), is made the subject of a suit, action or proceeding brought against the Republic in a competent court in Brazil) shall be finally settled by arbitration in accordance with the Arbitration Rules of the United Nations Commission on International Trade Law (excluding Article 26 thereof) and in effect on the date of this Indenture (the "<u>UNCITRAL Arbitration Rules</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) With respect to any claim by any Holder of Debt Securities against the Trustee in any Dispute to which the Trustee is a party, such Holder by invoking these procedures consents to the consolidation, at the election of the Trustee, of any arbitration commenced hereunder with any other arbitration commenced by any Holder of Debt Securities against the Trustee unless the arbitrators in the proceeding first commenced determine the claims do not arise out of substantially the same occurrence, transaction, or series of transactions and occurrences, or that consolidation would prejudice the rights of a party. All Holders of Debt Securities in a consolidated arbitration shall select, within 30 days of the consolidation decision, one arbitrator as the sole party appointed arbitrator on behalf of all Holders parties to the consolidated arbitration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) In the event of a Dispute between or among two parties, the number of arbitrators shall be three, to be appointed in accordance with Section II of the UNCITRAL Arbitration Rules, which, among other things, provides that (1) each party shall appoint one arbitrator, (2) the two arbitrators thus appointed shall choose the third arbitrator who will act as the presiding arbitrator of the tribunal and (3) if within 30 calendar days after the appointment of the second arbitrator the two arbitrators have not agreed on the choice of a presiding arbitrator, the presiding arbitrator shall be appointed under Article 6 of the UNCITRAL Arbitration Rules. The appointing authority shall be the Chairman of the International Court of Arbitration of the International Chamber of Commerce. The third arbitrator may be (but need not be) of the same nationality as any of the parties to the arbitration. For the purposes of this paragraph 17(a)(iii), one or more Holders of Debt Securities party to a Dispute shall be considered one party to the Dispute and the Holders shall select one arbitrator as the sole party appointed arbitrator on behalf of all Holders parties to the Dispute.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) In the event of a Dispute among the Republic, the Trustee and one or more of the Holders of Debt Securities, the number of arbitrators shall be five. The five arbitrators will be appointed in accordance with Section II of the UNCITRAL Arbitration Rules, which shall be modified to provide for the appointment of two neutral arbitrators and, which, among other things, would thus provide that (1) one arbitrator shall be appointed by each of the Republic, the

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Trustee and all Holders of Debt Securities parties to such dispute acting together, (2) the three arbitrators thus appointed shall choose two arbitrators one of whom shall act as the presiding arbitrator of the tribunal, and (3) if within 30 calendar days after the appointment of the third arbitrator the three arbitrators have not selected two additional arbitrators and designated one of them as the presiding arbitrator, the additional arbitrators shall be appointed and one of the additional arbitrators shall be designated the presiding arbitrator by an appointing authority in the same way as a sole arbitrator would be appointed under Article 6 of the UNCITRAL Arbitration Rules. The appointing authority shall be the Chairman of the International Court of Arbitration of the International Chamber of Commerce. The presiding arbitrator may be (but need not be) of the same nationality as any of the parties to the arbitration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) The place of arbitration shall be New York, New York. The language of the arbitration shall be English, but documents or testimony may be submitted in another language if a translation is provided. The arbitrators shall appoint a secretary with offices and facilities in New York, New York to provide administrative services in support of the proceedings. Any arbitral tribunal established hereunder shall state its reasons for its decisions in writing and shall make its decisions entirely on the basis of the substantive law specified in Paragraph 17 hereof and not on the principle of *ex aequo*, *et bono* or otherwise. The decision of any such arbitral tribunal shall be final to the fullest extent permitted by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Republic hereby agrees that in any arbitration proceedings under this Paragraph 17, it will not raise any defense that it could not raise but for the fact that it is a sovereign state. The Republic's agreement to arbitrate does not constitute a waiver of any right to sovereign immunity from any legal process (whether through service or notice, attachment prior to judgment, attachment in aid of execution, execution or otherwise) to which it may be entitled in jurisdictions other than Brazil with respect to the enforcement of any award rendered by an arbitral tribunal constituted under this Paragraph 17 or the Indenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) For the sole purpose of receiving service of process or other legal summons in connection with obtaining homologation of any arbitral award pursuant to this Paragraph 17 in the Superior Tribunal de Justiça, the Republic hereby irrevocably agrees that any such process or summons may be served upon it, pursuant to Article 35, section II of Supplementary Law No. 73 of February 10, 1993, by delivery to the *Procurador Geral da União*, Ed. Multibrasil Corporate, Sede I AGU, Setor de Autarquias Sul—Quadra 3—Lote 5/6, Brasilia-DF, Brazil, as its authorized agent (the "<u>Authorized Agent</u>") upon whom any such process or summons may be served or by any other means permissible under the laws of the Brazil.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Republic hereby represents and warrants that it has no right to immunity, on the grounds of sovereignty or otherwise, from service of process or jurisdiction or any judicial proceedings of any competent court located in Brazil or from execution of any judgment in Brazil (except for the limitation on alienation of public property referred to in Article 100 of the Civil Code of Brazil) or from the execution or enforcement therein of any arbitration decision in respect of any proceeding or any other matter arising out of or relating to its obligations under

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the Indenture or the Debt Securities or any coupon appertaining thereto, and to the extent that the Republic is or becomes entitled to any such immunity, it irrevocably and unconditionally agrees not to plead or claim any such immunity with respect to its obligations or any other matter under or arising out of or in connection with the Indenture or the Debt Securities or any coupon appertaining thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Any action against the Republic arising out of or based on the Indenture or the Debt Securities or any coupon appertaining thereto may be instituted by the Trustee or the Holder of the Debt Securities in any competent court in Brazil unless at the time an action is filed an arbitral tribunal has already been constituted pursuant to paragraph 17(a) to resolve a Dispute relating to substantially the same occurrence, transaction, or series of transactions and occurrences, in which case the Dispute shall be resolved pursuant to paragraph 17(a). The Republic hereby agrees that its obligation to effect payments of principal of (and premium, if any, on), and interest on this Debt Security constitutes an obligation to pay a sum certain which may be collected through execution proceedings and that the Debt Securities constitute extrajudicial execution instruments (*títulos executivos extrajudiciais*) in accordance with the provisions of Article 784(II) of the Civil Procedure Code of Brazil of March 16, 2015, effective as of March 18, 2016 for the collection of any amounts due under the Debt Securities and the principal of, (and premium, if any, on), and interest on the Debt Securities, and that a Holder of the Debt Securities or any coupon appertaining thereto shall have the right, exercisable at its sole discretion, to institute legal proceedings against the Republic for the collection of the principal of, (and premium, if any, on), and interest on the Debt Securities through the proceedings contemplated in Article 910 of the Civil Procedure Code of Brazil of March 16, 2015, effective as of March 18, 2016. The Republic hereby waives irrevocably any immunity from jurisdiction or execution (except for the limitation on alienation of public property referred to in Article 100 of the Civil Code of Brazil) to which it might otherwise be entitled in any action arising out of or based on the Indenture, the Debt Securities or any coupon appertaining thereto which may be instituted by the Trustee or any Holder of the Debt Securities or any coupon appertaining thereto in any competent court in Brazil.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) No arbitration proceedings hereunder shall be binding upon or in any way affect the right or interest of any person other than the claimant or respondent with respect to such arbitration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. <u>Indemnification for Foreign Exchange Fluctuations</u>. The Republic agrees that, if a judgment or order given or made by any court or arbitration tribunal for the payment of any amount in respect of any Debt Security is expressed in a currency (the "<u>judgment currency</u>") other than the currency in which such Debt Security is denominated (the "<u>denomination currency</u>"), the Republic will pay to the Holders or Trustee, as applicable, any deficiency arising or resulting from any variation in rates of exchange between the date as of which the amount in the denomination currency is notionally converted into the amount in the judgment currency for the purposes of such judgment or order and the date of actual payment thereof. This obligation will constitute a separate and independent obligation from the other obligations under the Debt Securities, will give rise to a separate and independent cause of action, will apply irrespective of any waiver or extension granted from time to time and will continue in full force and effect notwithstanding any judgment or order for a liquidated sum or sums in respect of amounts due in respect of the relevant Debt Security or under any such judgment or order. The term "rates of exchange" shall include any premiums and costs of exchange payable in connection with the purchase of or conversion into the denomination currency.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. <u>Warranty of the Republic</u>. Subject to paragraph 15, Republic hereby certifies and warrants that all acts, conditions and things required to be done and performed and to have happened precedent to the creation and issuance of this Debt Security and to constitute the same legal, valid and binding obligations of Republic enforceable in accordance with their terms, have been done and performed and have happened in due and strict compliance with all applicable laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. <u>Definitive Headings</u>. The descriptive headings appearing in these Terms are for convenience of reference only and shall not alter, limit or define the provisions hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21. <u>Modifications</u>. (a) Any Modification to the Debt Securities or the Indenture insofar as it affects the Debt Securities shall be made in accordance with Article Ten and Article Eleven of the Indenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any Modification pursuant to this paragraph 21 will be conclusive and binding on all Holders of the Debt Securities, and on all future Holders of the Debt Securities whether or not notation of such Modification is made upon the Debt Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any instrument given by or on behalf of any Holder of a Debt Security in connection with any consent to or approval of any such Modification will be conclusive and binding on all subsequent Holders of that Debt Security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22. <u>Repurchase</u>. The Republic may at any time purchase Debt Securities at any price in the open market, in privately negotiated transactions or otherwise. Debt Securities so purchased by or on behalf of the Republic may, at the Republic's discretion, be held, resold or surrendered to the Trustee for cancellation.

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**TRUSTEE, REGISTRAR, PAYING AND TRANSFER AGENT** 

The Bank of New York Mellon

Global Trust Services—Americas

240 Greenwich Street, Floor 7E

New York, New York 10286

## Exhibit 99.5

**Exhibit 5** 

**THE FEDERATIVE REPUBLIC OF BRAZIL** 

UNLESS THIS REGISTERED GLOBAL BOND IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY ("DTC"), TO THE REPUBLIC OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY BOND ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS NOMINATED BY AN AUTHORIZED REPRESENTATIVE OF DTC, ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

UNLESS AND UNTIL THIS GLOBAL BOND IS EXCHANGED IN WHOLE FOR BONDS IN CERTIFICATED REGISTERED FORM, THIS GLOBAL BOND MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY DTC TO A NOMINEE OF DTC OR BY A NOMINEE OF DTC TO DTC OR ANOTHER NOMINEE OF DTC OR BY DTC OR ANY SUCH NOMINEE TO A SUCCESSOR OF DTC OR A NOMINEE OF SUCH SUCCESSOR.

**REGISTERED GLOBAL SECURITIES** 

representing

U.S.$750,000,000

6.625% Global Bonds Due 2035

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| | | |
|:---|:---|:---|
| No. R-[___] |  | U.S.$[__________] |
| CUSIP No.: | 105756CL2 |  |
| ISIN No.: | US105756CL22 |  |

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The Federative Republic of Brazil (the "<u>Republic</u>"), for value received, hereby promises to pay to Cede & Co., or registered assigns, upon surrender hereof of the principal sum of [__________] UNITED STATES DOLLARS (U.S.$[__________]) or such amount as shall be the outstanding principal amount hereof on March 15, 2035, together with interest accrued from the issue date to, but excluding, the maturity date, or on such earlier date as the principal hereof may become due in accordance with the provisions hereof and to pay the redemption amount in connection with any optional redemption as provided in paragraph 3 of the attached Terms of the Debt Security. The Republic further unconditionally promises to pay interest semi-annually in arrears on March 15 and September 15 (each an "<u>Interest Payment Date</u>"), commencing March 15, 2026 on any outstanding portion of the unpaid principal amount hereof at 6.625% per annum. Interest shall accrue from and including the most recent date to which interest has been paid or duly provided for, or, if no interest has been paid or duly provided for, from September 15, 2025

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until payment of said principal sum has been made or duly provided for, and shall be payable to Holders of record as of February 28 or August 31 of each year (each, a "<u>Record Date</u>"). This is a Global Security deposited with the Depositary, and registered in the name of the Depositary or its nominee or common custodian, and accordingly, the Depositary or its nominee or common custodian, as Holder of record of this Global Security, shall be entitled to receive payments of principal and interest, other than principal and interest due at the maturity date, by wire transfer of immediately available funds. Such payment shall be made exclusively in such coin or currency of the United States as at the time of payment shall be legal tender for payment of public and private debts. The Republic, the Trustee, any registrar and any paying agent shall be entitled to treat the Depositary as the sole Holder of this Global Security.

The statements in the legend relating to the Depositary set forth above are an integral part of the terms of this Global Security and by acceptance hereof each Holder of this Global Security agrees to be subject to and bound by the terms and provisions set forth in such legend, if any.

This Global Security is issued in respect of an issue of U.S.$750,000,000 principal amount of 6.625% Global Bonds due 2035 of the Republic and is governed by (i) the Indenture dated as of July 2, 2015 (the "<u>Indenture</u>") between the Republic and The Bank of New York Mellon, as trustee (the "<u>Trustee</u>"), the terms of which Indenture are incorporated herein by reference, and (ii) by the Terms of the Debt Securities attached hereto. This Global Security shall in all respects be entitled to the same benefits as other Debt Securities under the Indenture and the Terms. All capitalized terms used in this Global Security but not defined herein shall have the meanings assigned to them in the Indenture.

Upon any exchange of all or a portion of this Global Security for Certificated Securities in accordance with the Indenture, this Global Security shall be endorsed on Schedule A to reflect the change of the principal amount evidenced hereby.

Unless the certificate of authentication hereon has been executed by the Trustee, this Global Security shall not be valid or obligatory for any purpose.

[*Remainder of page intentionally left blank*]

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IN WITNESS WHEREOF, the Republic has caused this instrument to be duly executed.

Dated: November 14, 2025

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| | |
|:---|:---|
| FEDERATIVE REPUBLIC OF BRAZIL | FEDERATIVE REPUBLIC OF BRAZIL |
| By: |  |
|  | Name: |
|  | Title: |
| WITNESS: | WITNESS: |
| By: |  |
|  | Name: |
|  | Citizenship: |
|  | ID No: |
| WITNESS: | WITNESS: |
| By: |  |
|  | Name: |
|  | Citizenship: |
|  | ID No: |

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**TRUSTEE'S CERTIFICATE OF AUTHENTICATION** 

This is one of the Debt Securities issued under the within-mentioned Indenture.

Dated: November 14, 2025

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| | |
|:---|:---|
| THE BANK OF NEW YORK MELLON, not in its individual capacity but solely as Trustee | THE BANK OF NEW YORK MELLON, not in its individual capacity but solely as Trustee |
| By: |  |
|  | Authorized Officer |

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**Schedule A** 

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| | | | |
|:---|:---|:---|:---|
| Date | Principal Amount of<br>Certificated<br>Securities | Remaining<br>Principal Amount of<br>this Global Security | Notation<br>Made By |

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**TERMS AND CONDITIONS OF THE DEBT SECURITIES** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>General</u>. (a) This Debt Security is one of a duly authorized Series of debt securities of the Federative Republic of Brazil (the "<u>Republic</u>"), designated as its 6.625% Global Bonds due 2035 (each debt security of this Series a "<u>Debt Security</u>", and collectively, the "<u>Debt Securities</u>"), and issued or to be issued in one or more Series pursuant to an Indenture dated as of July 2, 2015 between the Republic and The Bank of New York Mellon, as trustee (the "<u>Trustee</u>"), as amended from time to time (the "<u>Indenture</u>"). This Debt Security is a further issuance of, and forms a single series with, the Republic's U.S.$3,750,000,000 6.625% Global Bonds due 2035, issued on February 25, 2025 and June 11, 2025, and will be fully fungible with the outstanding Debt Securities. The aggregate principal amount of the previously issued Debt Securities and the Debt Securities now being issued is U.S.$4,500,000,000, subject to increase as provided in paragraph 13 below. The Holders of the Debt Securities will be entitled to the benefits of, be bound by, and be deemed to have notice of, all of the provisions of the Indenture. A copy of the Indenture is on file and may be inspected at the Corporate Trust Office. All capitalized terms used in this Debt Security but not defined herein shall have the meanings assigned to them in the Indenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Debt Securities constitute and will constitute direct, general, unconditional, unsecured (except as provided for in paragraph 5) and unsubordinated External Indebtedness (as defined below) of the Republic for which the full faith and credit of the Republic is pledged. The Debt Securities rank and will rank without any preference among themselves and equally with all other unsecured and unsubordinated External Indebtedness of the Republic. It is understood that this provision shall not be construed so as to require the Republic to make payments under the Debt Securities ratably with payments being made under any other External Indebtedness.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Debt Securities are in fully registered form, without coupons and in denominations of U.S.$200,000 and integral multiples of U.S.$1,000 thereof. The Debt Securities may be issued in certificated form (each a "<u>Certificated Security</u>" and collectively, the "<u>Certificated Securities</u>"), or may be represented by one or more registered global securities (each, a "<u>Global Security</u>") held by or on behalf of the Depositary. Certificated Securities will be available only in the limited circumstances set forth in the Indenture. The Debt Securities, and transfers thereof, shall be registered as provided in Section 2.6 of the Indenture. Any person in whose name a Debt Security shall be registered may (to the fullest extent permitted by applicable law) be treated at all times, by all persons and for all purposes as the absolute owner of such Debt Security regardless of any notice of ownership, theft, loss or any writing thereon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) For the purposes of this paragraph and paragraphs 5 and 6 below, the following terms shall have the meanings specified below:

"<u>Indebtedness</u>" means all unsecured and unsubordinated obligations of the Republic in respect of money borrowed and guarantees given by the Republic in respect of money borrowed by others.

"<u>External Indebtedness</u>" means Indebtedness for money borrowed which is payable by its terms or at the option of its holder in any currency other than the currency of the Republic (other than any such Indebtedness that is originally issued within the Republic).

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"<u>Public External Indebtedness</u>" means any Public Indebtedness (as defined below) of the Republic which is payable by its terms or at the option of its holder in any currency other than the currency of the Republic (other than any such Public Indebtedness that is originally issued within the Republic). For this purpose, settlement of original issuance by delivery of Public Indebtedness (or the instruments evidencing such Public Indebtedness including by means of a book entry system) within the Republic shall be deemed to be original issuance within the Republic.

"<u>Public Indebtedness</u>" means any payment obligation, including any contingent liability, of any person arising from bonds, debentures, notes or other securities which (i) are, or were intended at the time of issuance to be, quoted, listed or traded on any securities exchange or other securities market (including, without limiting the generality of the foregoing, securities eligible for resale pursuant to Rule 144A under the Securities Act, as amended (or any successor law or regulation of similar effect)) and (ii) have an original maturity of more than one year or are combined with a commitment so that the original maturity of one year or less may be extended at the option of the Republic to a period in excess of one year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Payments</u>. (a) the Republic covenants and agrees that it will duly and punctually pay or cause to be paid the principal of (and premium, if any, on), and interest (including Additional Amounts (as defined below)) on, the Debt Securities and any other payments to be made by the Republic under the Debt Securities and the Indenture, at the place or places, at the respective times and in the manner provided in the Debt Securities and the Indenture. Principal of the Debt Securities will be payable against surrender of such Debt Securities at the Corporate Trust Office of the Trustee in New York City or, subject to applicable laws and regulations, at the office outside of the United States of a paying agent, by U.S. dollar check drawn on, or by transfer to a U.S. dollar account maintained by the Holder with, a bank located in New York City. Payment of interest or principal (including Additional Amounts) on the Debt Securities will be made to the persons in whose name such Debt Securities are registered at the close of business on the relevant Record Date whether or not such day is a Business Day (as defined below), notwithstanding the cancellation of such Debt Securities upon any transfer or exchange thereof subsequent to the Record Date and prior to such Interest Payment Date; *provided* that if and to the extent the Republic shall default in the payment of the interest due on such Interest Payment Date, such defaulted interest shall be paid to the persons in whose names such Debt Securities are registered as of a subsequent record date established by the Republic by notice, as provided in paragraph 12 of these Terms, by or on behalf of the Republic to the Holders of the Debt Securities not less than 15 days preceding such subsequent record date, such record date to be not less than 10 days preceding the date of payment of such defaulted interest. Notwithstanding the immediately preceding sentence, in the case where such interest or principal (including Additional Amounts) is not punctually paid or duly provided for, the Trustee shall have the right to fix such subsequent record date, and, if fixed by the Trustee, such subsequent record date shall supersede any such subsequent record date fixed by the Republic. Payment of interest on Certificated Securities will be made (i) by a U.S. dollar check drawn on a bank in New York City mailed to the Holder at such Holder's registered address or (ii) upon application by the Holder of at least U.S.$1,000,000 in principal amount of Certificated Securities to the Trustee not later than the applicable Record Date, by wire transfer in immediately available funds to a U.S. dollar account maintained by the Holder with a bank in New York City. Payment of interest on a Global Security will be made (i) by a U.S. dollar check drawn on a bank in New York City

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delivered to the Depositary at its registered address or (ii) by wire transfer in immediately available funds to a U.S. dollar account maintained by the Depositary with a bank in New York City. "<u>Business Day</u>" shall mean any day that is not a Saturday or Sunday, and that is not a day on which banking or trust institutions are authorized generally or obligated by law, regulation, or executive order to close in New York City (or in the city where the relevant paying or transfer agent is located).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In any case where the date of payment of the principal of, or interest (including Additional Amounts) on, the Debt Securities shall not be a Business Day, then payment of principal or interest (including Additional Amounts) will be made on the next succeeding Business Day at the relevant place of payment. Such payments will be deemed to have been made on the due date, and no interest on the Debt Securities will accrue as a result of the delay in payment. So long as the Trustee holds the funds so deposited and such funds are available to Holders of the Debt Securities in accordance with the terms of the Debt Securities and the Indenture and Holders of the Debt Securities are not prevented from claiming such funds in accordance with the terms of the Debt Securities and the Indenture, the Republic shall not be considered to have defaulted in its obligation to make payment of such amounts on the date on which such amounts become due and payable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Interest will be computed on the basis of a 360-day year comprised of twelve 30-day months.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Any monies deposited with or paid to the Trustee or to any paying agent for the payment of the principal of or interest (including Additional Amounts) on any Debt Security and not applied but remaining unclaimed for two years after the date upon which such principal or interest shall have become due and payable shall be repaid to or for the account of the Republic by the Trustee or such paying agent, upon the written request of the Republic and, to the extent permitted by law, the Holder of such Debt Security shall thereafter look only to the Republic for any payment which such Holder may be entitled to collect, and all liability of the Trustee or such paying agent with respect to such monies shall thereupon cease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If the Republic at any time defaults in the payment of any principal of, or interest (including Additional Amounts) on the Debt Securities, the Republic will pay interest on the amount in default (to the extent permitted by law), calculated for each day until paid, at the rate of 6.625% per annum, together with Additional Amounts, if applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Optional Redemption</u>. (a) The Republic may redeem the Debt Securities at its option, in whole or in part, at any time and from time to time, at a redemption price (expressed as a percentage of principal amount and rounded to three decimal places) equal to the greater of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) (a) the sum of the present values of the remaining scheduled payments of principal and interest thereon discounted to the redemption date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate (as defined below) plus 35 basis points less (b) interest accrued to the date of redemption, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) 100% of the principal amount of the Debt Securities to be redeemed,

plus, in either case, accrued and unpaid interest thereon to the redemption date.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) For the purposes of this Debt Security, "<u>Treasury Rate</u>" means, with respect to any redemption date, the yield determined by the Republic in accordance with the following two paragraphs.

The Treasury Rate shall be determined by the Republic after 4:15 p.m., New York City time (or after such time as yields on U.S. government securities are posted daily by the Board of Governors of the Federal Reserve System), on the third business day preceding the redemption date based upon the yield or yields for the most recent day that appear after such time on such day in the most recent statistical release published by the Board of Governors of the Federal Reserve System designated as "Selected Interest Rates (Daily)—H.15" (or any successor designation or publication) ("<u>H.15</u>") under the caption "U.S. government securities–Treasury constant maturities–Nominal" (or any successor caption or heading) ("<u>H.15 TCM</u>"). In determining the Treasury Rate, the Republic shall select, as applicable: (1) the yield for the Treasury constant maturity on H.15 exactly equal to the period from the redemption date to the maturity date (the "<u>Remaining Life</u>"); or (2) if there is no such Treasury constant maturity on H.15 exactly equal to the Remaining Life, the two yields – one yield corresponding to the Treasury constant maturity on H.15 immediately shorter than and one yield corresponding to the Treasury constant maturity on H.15 immediately longer than the Remaining Life – and shall interpolate to the maturity date on a straight-line basis (using the actual number of days) using such yields and rounding the result to three decimal places; or (3) if there is no such Treasury constant maturity on H.15 shorter than or longer than the Remaining Life, the yield for the single Treasury constant maturity on H.15 closest to the Remaining Life. For purposes of this paragraph, the applicable Treasury constant maturity or maturities on H.15 shall be deemed to have a maturity date equal to the relevant number of months or years, as applicable, of such Treasury constant maturity from the redemption date.

If on the third business day preceding the redemption date H.15 TCM is no longer published, the Republic shall calculate the Treasury Rate based on the rate per annum equal to the semi-annual equivalent yield to maturity at 11:00 a.m., New York City time, on the second business day preceding such redemption date, of the United States Treasury security maturing on, or with a maturity that is closest to, the maturity date, as applicable. If there is no United States Treasury security maturing on the maturity date but there are two or more United States Treasury securities with a maturity date equally distant from the maturity date, one with a maturity date preceding the maturity date and one with a maturity date following the maturity date, the Republic shall select the United States Treasury security with a maturity date preceding the maturity date. If there are two or more United States Treasury securities maturing on the maturity date or two or more United States Treasury securities meeting the criteria of the preceding sentence, the Republic shall select from among these two or more United States Treasury securities the United States Treasury security that is trading closest to par based upon the average of the bid and asked prices for such United States Treasury securities at 11:00 a.m., New York City time. In determining the Treasury Rate in accordance with the terms of this paragraph, the semi-annual yield to maturity of the applicable United States Treasury security shall be based upon the average of the bid and asked prices (expressed as a percentage of principal amount) at 11:00 a.m., New York City time, of such United States Treasury security, and rounded to three decimal places.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Republic's actions and determinations in determining the redemption price shall be conclusive and binding for all purposes, absent manifest error.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Notice of any redemption will be mailed or electronically delivered (or otherwise transmitted in accordance with the depositary's procedures) at least 10 days but not more than 60 days before the redemption date to each holder of Debt Securities to be redeemed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) In the case of a partial redemption, selection of the Debt Securities for redemption will be made on a pro rata basis as a "Pro Rata Pass-Through Distribution of Principal" in accordance with the applicable rules and procedures of DTC, or in the case of certificated bonds, any other method in accordance with the policies and procedures of the Trustee. No Debt Securities of a principal amount of $200,000 or less will be redeemed in part. If any Debt Security is to be redeemed in part only, the notice of redemption that relates to the Debt Security will state the portion of the principal amount of the Debt Security to be redeemed. A new Debt Security in a principal amount equal to the unredeemed portion of the Debt Security will be issued in the name of the holder of the Debt Security upon surrender for cancellation of the original Debt Security. For so long as the Debt Securities are held by DTC (or another depositary), the redemption of the Debt Securities shall be done in accordance with the policies and procedures of the depositary. Unless the Republic defaults in payment of the redemption price, on and after the redemption date interest will cease to accrue on the Debt Securities or portions thereof called for redemption.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Unless otherwise specified on the face hereof, this Debt Security will not be entitled to the benefit of a sinking fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Unless otherwise specified and subject to the terms set forth on the face hereof, this Debt Security will not be repayable prior to the maturity date at the option of the registered holder hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Republic may at any time purchase any of the Debt Securities in any manner and at any price. All Debt Securities purchased by or on behalf of the Republic may be held, resold or surrendered for cancellation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Additional Amounts</u>. All payments by the Republic in respect of the Debt Securities shall be made without withholding or deduction for or on account of any present or future taxes, duties, assessments or other governmental charges of whatever nature imposed or levied by or on behalf of the Republic, or any political subdivision or taxing authority or agency therein or thereof having the power to tax (collectively, "<u>Relevant Tax</u>"), unless the withholding or deduction of such Relevant Tax is required by law. In that event, the Republic shall pay such additional amounts ("<u>Additional Amounts</u>"), as may be necessary to ensure that the amounts received by the Holders after such withholding or deduction shall equal the respective amounts of principal and interest that would have been receivable in respect of the Debt Securities in the absence of such withholding or deduction; *provided, however*, that no such Additional Amounts shall be payable in respect of any Relevant Tax:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) imposed by reason of a Holder or beneficial owner of a Debt Security having some present or former connection with the Republic other than merely being a Holder or beneficial owner of the Debt Security or receiving payments of any nature on the Debt Security or enforcing its rights in respect of the Debt Security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) imposed by reason of the failure of a Holder or beneficial owner of a Debt Security, or any other person through which the Holder or beneficial owner holds a Debt Security, to comply with any certification, identification or other reporting requirement concerning the nationality, residence, identity or connection with the Republic of such Holder or beneficial owner or other person, if compliance with the requirement is a precondition to exemption from all or any portion of such withholding or deduction; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) imposed by reason of a Holder or beneficial owner of a Debt Security, or any other person through which the Holder or beneficial owner holds a Debt Security, having presented the Debt Security for payment (where such presentation is required) more than 30 days after the Relevant Date (as defined below), except to the extent that the Holder or beneficial owner or such other person would have been entitled to Additional Amounts on presenting the Debt Security for payment on any date during such 30-day period.

As used in this paragraph 4(iii), "<u>Relevant Date</u>" in respect of any Debt Security means the date on which payment in respect thereof first becomes due or, if the full amount of the money payable has not been received by the Trustee on or prior to such due date, the date on which notice is duly given to the Holders in the manner described in paragraph 12 below that such monies have been so received and are available for payment. Any reference to "principal" and/or "interest" hereunder shall be deemed to include any Additional Amounts which may be payable hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Negative Pledge Covenant of Republic</u>. (a) So long as any Debt Security remains outstanding or any amount payable by the Republic under the Indenture shall remain unpaid, the Republic agrees that the Republic will not create or permit to subsist any Lien (as defined below) other than Permitted Liens (as defined below) in the whole or any part of the Republic's present or future revenues or assets to secure Public External Indebtedness (as defined below) of the Republic, unless (i) the Debt Security is secured equally and ratably with such Public External Indebtedness or (ii) the Debt Security has the benefit of such other security, guarantee, indemnity or other arrangement as shall be approved by the Holders of such Debt Security as provided in Article Eleven of the Indenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) For purposes hereof:

"<u>Lien</u>" means any lien, pledge, mortgage, security interest or other encumbrance.

"<u>Permitted Liens</u>" means: (i) any Lien created prior to the date hereof including renewals or refinancing thereof, provided, however, that any renewal or refinancing of any such Lien secures only the renewal or extension of the original secured financing;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any Lien securing Public External Indebtedness incurred or assumed by the Republic in connection with a Project Financing (as defined below), *provided* that the property over which such Lien is granted consists solely of assets or revenues of the project for which the Project Financing was incurred;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any Lien securing Public External Indebtedness which (i) is issued by the Republic in exchange for secured indebtedness of Brazilian public sector bodies (other than the Republic) and (ii) is in an aggregate principal amount outstanding (with debt denominated in currencies other than U.S. dollars expressed in U.S. dollars based on rates of exchange prevailing at the date such debt was incurred) that does not exceed U.S.$25,000,000; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any Lien securing Public External Indebtedness incurred or assumed by the Republic to finance or refinance the acquisition of the assets in which such Lien has been created or permitted to subsist.

"<u>Project Financing</u>" means any financing of all or part of the costs of the acquisition, construction or development of any project and the person or persons providing such financing expressly agree to limit their recourse to the project financed and the revenues derived from such project as the principal source of repayment for the monies advanced.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Events of Default; Acceleration</u>. If one or more of the following events ("<u>Events of Default</u>") shall have occurred and be continuing (whatever the reason for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree, award or order of any court or arbitral tribunal or any order, rule or regulation of any administrative or governmental body):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) default in any payment of principal of (or premium, if any, on), or interest on any of the Debt Securities of this series and the continuance of such default for a period of 30 days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) default which is materially prejudicial to the interests of the holders of the Debt Securities of this series in the performance of any other obligation under the Debt Securities of this series and the continuance of such default for a period of 60 days after written notice requiring the same to be remedied shall have been given by the Trustee or the Holders of not less than 25% in aggregate principal amount of the Debt Securities of this series then Outstanding;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) acceleration of in excess of U.S.$25,000,000 (or its equivalent in any other currency) in aggregate principal amount of Public External Indebtedness of the Republic by reason of an event of default (however described) resulting from the failure of the Republic to make any payment of principal (or premium, if any), or interest thereunder when due;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) failure to make any payment in respect of Public External Indebtedness of the Republic in an aggregate principal amount in excess of U.S.$25,000,000 (or its equivalent in any other currency) when due (as such date may be extended by virtue of any applicable grace period or waiver) and the continuance of such failure for a period of 30 days after written notice requiring the same to be remedied shall have been given by the Trustee or the Holders of not less than 25% in aggregate principal amount of the Debt Securities of this series then Outstanding;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) declaration by the Republic of a moratorium with respect to the payment of principal of or interest on Public External Indebtedness of the Republic which does not expressly exclude the Debt Securities of this series and which is materially prejudicial to the interests of the holders of the Debt Securities of this series; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) denial by the Republic of its obligations under the Debt Securities of this series;

then in each and every such case, the Trustee or the Holders (the "<u>Demanding Holders</u>") (acting individually or together) of not less than 25% of the aggregate Outstanding principal amount of the Debt Securities, upon notice in writing to the Republic, with a copy to the Trustee, of any such Event of Default and its continuance, may declare the principal (and premium, if any) amount of all the Debt Securities due and payable immediately, and the same shall become and shall be due and payable upon the date that such written notice is received by or on behalf of the Republic, unless prior to such date all Events of Default in respect of all the Debt Securities shall have been cured; provided that if, at any time after the principal (and premium, if any) of the Debt Securities shall have been so declared due and payable, and before the sale of any property pursuant to any judgment, decree or the execution of an arbitral award for the payment of monies due which shall have been obtained or entered in connection with the Debt Securities, pursuant to Section 9.8 of the Indenture and paragraph 17 hereof, the Republic shall pay or shall deposit (or cause to be paid or deposited) with the Trustee a sum sufficient to pay all matured installments of interest and principal (and premium, if any) upon all the Debt Securities which shall have become due otherwise than solely by acceleration (with interest on overdue installments of interest, to the extent permitted by law, and on such principal (and premium, if any) of each Debt Security at the rate of interest specified herein, to the date of such payment of interest or principal (and premium, if any)) and such amount as shall be sufficient to cover reasonable compensation to the Demanding Holders, the Trustee and each predecessor Trustee, their respective agents, attorneys and counsel, and all other documented expenses and liabilities reasonably incurred, and all advances made for documented expenses and legal fees, reasonably incurred by the Demanding Holders, the Trustee and each predecessor Trustee, and if any and all Events of Default hereunder, other than the nonpayment of the principal of the Debt Securities which shall have become due solely by acceleration, shall have been cured, waived or otherwise remedied as provided herein, then, and in every such case, the Holders of more than 50% in aggregate principal amount of the Debt Securities then Outstanding, by written notice to the Republic and to the Trustee, may, on behalf of all of the Holders, waive all defaults and rescind and annul such declaration and its consequences, but no such waiver or rescission and annulment shall extend to or shall affect any subsequent default, or shall impair any right consequent thereon. Actions by Holders pursuant to this paragraph 6 need not be taken at a meeting pursuant to paragraph 7 hereof. Actions by the Trustee and the Holders pursuant to this paragraph 6 are subject to Article Four of the Indenture.

If an Event of Default with respect to the Debt Securities shall occur and be continuing, the principal of the Debt Securities of this series may be declared due and payable in the manner and with the effect provided in the Indenture.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Holders' Meetings and Written Action</u>. The Indenture sets forth the provisions for the convening of meetings of Holders of Debt Securities and actions taken by written consent of the Holders of Debt Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Replacement, Exchange and Transfer of the Debt Securities</u>. (a) Upon the terms and subject to the conditions set forth in the Indenture, in case any Debt Security shall become mutilated, defaced or be apparently destroyed, lost or stolen, the Republic in its discretion may execute, and upon the request of the Republic, the Trustee shall authenticate and deliver, a new Debt Security bearing a number not contemporaneously Outstanding, in exchange and substitution for the mutilated or defaced Debt Security, or in lieu of and in substitution for the apparently destroyed, lost or stolen Debt Security. In every case, the applicant for a substitute Debt Security shall furnish to the Republic and to the Trustee such security or indemnity as may be required by each of them to indemnify, defend and to save each of them and any agent of the Republic or the Trustee harmless and, in every case of destruction loss or theft, evidence to their satisfaction of the apparent destruction, loss or theft of such Debt Security and of the ownership thereof. Upon the issuance of any substitute Debt Security, the Holder of such Debt Security, if so requested by the Republic, shall pay a sum sufficient to cover any stamp duty, tax or other governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the Trustee) connected with the preparation and issuance of the substitute Debt Security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Upon the terms and subject to the conditions set forth in the Indenture, and subject to paragraph 8(e) hereof, a Certificated Security or Securities may be exchanged for an equal aggregate principal amount of Certificated Securities in different authorized denominations and a beneficial interest in the Global Security may be exchanged for an equal aggregate principal amount of Certificated Securities in different authorized denominations or for an equal aggregate principal amount of beneficial interests in another Global Security in different authorized denominations by the Holder or Holders surrendering the Debt Security or Debt Securities for exchange at the Corporate Trust Office, together with a written request for the exchange. Certificated Securities will only be issued in exchange for interests in a Global Security pursuant to Section 2.5(e) and 2.5(f) of the Indenture. The exchange of the Debt Securities will be made by the Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Upon the terms and subject to the conditions set forth in the Indenture, and subject to paragraph 8(e) hereof, a Certificated Security may be transferred in whole or in part (in an amount equal to the authorized denomination or any integral multiple thereof) by the Holder or Holders surrendering the Certificated Security for transfer at the Corporate Trust Office accompanied by an executed instrument of transfer substantially as set forth in Exhibit F to the Indenture. The registration of transfer of the Debt Securities will be made by the Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The costs and expenses of effecting any exchange, transfer or registration of transfer pursuant to this paragraph 8 will be borne by the Republic, except for the expenses of delivery (if any) not made by regular mail and the payment of a sum sufficient to cover any stamp duty, tax or other governmental charge or insurance charge that may be imposed in relation thereto, which will be borne by the Holder of the Debt Security. Registration of the transfer of a Debt Security by the Trustee shall be deemed to be the acknowledgment of such transfer on behalf of the Republic.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Trustee may decline to accept any request for an exchange or registration of transfer of any Debt Security during the period of 5 days preceding the due date for any payment of principal of (or premium, if any, on), or interest on, the Debt Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Trustee</u>. For a description of the duties and the immunities and rights of the Trustee under the Indenture, reference is made to the Indenture, and the obligations of the Trustee to the Holder hereof are subject to such immunities and rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Paying Agent; Transfer Agent; Registrar</u>. The Republic has initially appointed the paying agent, transfer agent and registrar listed at the foot of this Debt Security. The Republic may at any time appoint additional or other paying agents, transfer agents and registrars and terminate the appointment of those or any paying agents, transfer agents and registrar, provided that while the Debt Securities are Outstanding the Republic will maintain in The City of New York (i) a paying agent, (ii) an office or agency where the Debt Securities may be presented for exchange, transfer and registration of transfer as provided in the Indenture and (iii) a registrar; provided that the registrar shall not be in the United Kingdom. Notice of any such termination or appointment and of any change in the office through which any paying agent, transfer agent or registrar will act will be promptly given in the manner described in paragraph 12 hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Enforcement</u>. Except as provided in Section 4.6 of the Indenture, no Holder of any Debt Securities of any Series shall have any right by virtue of or by availing itself of any provision of the Indenture or of the Debt Securities of such Series to institute any suit, action or proceeding upon or under or with respect to the Indenture or of the Debt Securities, or for any other remedy hereunder or under the Debt Securities, unless (a) such Holder previously shall have given to the Trustee written notice of default and of the continuance thereof with respect to such Series of Debt Securities, (b) the Holders of not less than 25% in aggregate principal amount Outstanding of Debt Securities of such Series shall have made specific written request to the Trustee to institute such action, suit or proceeding in its own name as Trustee hereunder and shall have provided to the Trustee such reasonable indemnity or other security as it may require against the costs, expenses and liabilities to be incurred therein or thereby and (c) the Trustee for 60 days after its receipt of such notice, request and provision of indemnity or other security, shall have failed to institute any such action, suit or proceeding and no direction inconsistent with such written request shall have been given to the Trustee pursuant to Section 4.9 of the Indenture; it being understood and intended, and being expressly covenanted by every Holder of Debt Securities of a Series with every other Holder of Debt Securities of such Series and the Trustee, that no one or more Holders shall have any right in any manner whatever by virtue or by availing itself of any provision of the Indenture or of the Debt Securities to affect, disturb or prejudice the rights of any other Holder of Debt Securities of such Series or to obtain priority over or preference to any other such Holder, or to enforce any right under the Indenture or under the Debt Securities of such Series, except in the manner herein provided and for the equal, ratable and common benefit of all Holders of Debt Securities of such Series. For the protection and enforcement of this paragraph 11, each and every Holder and the Trustee shall be entitled to such relief as can be given at law.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Notices</u>. Notices to holders of Debt Securities shall be sufficiently given if mailed to the holders at the address appearing in the security register maintained by the Trustee and, so long as the Debt Securities are listed on the London Stock Exchange and the rules of such exchange shall so require, if published in an Authorized Newspaper (as defined below) in London. If at any time publication in any such newspaper is not practicable, notices will be valid if published in such English language newspaper with general circulation in the respective market regions as the Republic shall determine. In the case of Debt Securities in global form, notices to holders of Debt Securities may be sent in accordance with the procedures of the Depositary. "<u>Authorized Newspaper</u>" means a newspaper, in an official language in the country of publication or in the English language, customarily published on each Monday, Tuesday, Wednesday, Thursday and Friday, whether or not published on Saturdays, Sundays or holidays, and of general circulation in the place in connection with which the term is used or in the financial community of such place. Where successive publications are made in Authorized Newspapers, the successive publications may be made in the same or in different newspapers in the same city meeting the foregoing requirements and in each case on any Monday, Tuesday, Wednesday, Thursday or Friday. Neither the failure to give notice nor any defect in any notice given to any particular holder of a Debt Security shall affect the sufficiency of any notice with respect to any other Debt Securities. In case by reason of the suspension of publication of any Authorized Newspaper or by reason of any other cause it shall be impracticable to publish any notice as provided above, then such notification shall be given in another manner consistent with the rules of the London Stock Exchange. Such notices shall be deemed to have been given on the date of (i) such publication or, if published in such newspapers on different dates, on the date of the first such publication and (ii) in the case of any notice mailed or made through the Depositary or its nominee, on the date of mailing or transmission, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <u>Further Issues of Debt Securities</u>. The Republic may from time to time, without the consent of Holders of the Debt Securities, create and issue additional Debt Securities having the same Terms as the Debt Securities in all respects, except for the issue date, issue price and first interest payment on the Debt Securities; *provided, however*, that any additional debt securities subsequently issued shall be fungible with the previously Outstanding Debt Securities for U.S. federal income tax purposes. Additional Debt Securities issued in this manner will be consolidated with and will form a single Series with the previously Outstanding Debt Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. <u>Prescription</u>. To the extent permitted by law, claims against the Republic for the payment of principal of (and premium, if any, on), or interest or other amounts due on, the Debt Securities (including Additional Amounts) will become void unless made within five years on which that payment first became due (or such shorter period as may be prescribed by applicable law).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. <u>Authentication</u>. This Debt Security shall not become valid or obligatory until the certificate of authentication hereon shall have been duly signed by the Trustee or its agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. <u>Governing Law</u>. THIS DEBT SECURITY SHALL BE GOVERNED BY, AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO THOSE PRINCIPLES OF CONFLICTS OF LAWS THAT WOULD REQUIRE THE APPLICATION OF THE LAWS OF A JURISDICTION OTHER THAN THE STATE OF NEW YORK; PROVIDED, HOWEVER, THAT ALL MATTERS GOVERNING AUTHORIZATION AND EXECUTION OF THIS DEBT SECURITY BY THE REPUBLIC SHALL BE GOVERNED BY THE LAWS OF BRAZIL.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. <u>Arbitration; Waiver of Sovereign Immunity; Consent to Service Proceedings in Brazil</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (i) Any dispute, controversy or claim between or among any of the Republic, the Trustee and any Holder arising out of or relating to this Indenture or the Debt Securities or any coupon appertaining thereto, including the existence, performance, interpretation, construction, breach, termination or invalidity thereof (a "<u>Dispute</u>") (other than a Dispute which, as provided for in paragraph 17(e), is made the subject of a suit, action or proceeding brought against the Republic in a competent court in Brazil) shall be finally settled by arbitration in accordance with the Arbitration Rules of the United Nations Commission on International Trade Law (excluding Article 26 thereof) and in effect on the date of this Indenture (the "<u>UNCITRAL Arbitration Rules</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) With respect to any claim by any Holder of Debt Securities against the Trustee in any Dispute to which the Trustee is a party, such Holder by invoking these procedures consents to the consolidation, at the election of the Trustee, of any arbitration commenced hereunder with any other arbitration commenced by any Holder of Debt Securities against the Trustee unless the arbitrators in the proceeding first commenced determine the claims do not arise out of substantially the same occurrence, transaction, or series of transactions and occurrences, or that consolidation would prejudice the rights of a party. All Holders of Debt Securities in a consolidated arbitration shall select, within 30 days of the consolidation decision, one arbitrator as the sole party appointed arbitrator on behalf of all Holders parties to the consolidated arbitration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) In the event of a Dispute between or among two parties, the number of arbitrators shall be three, to be appointed in accordance with Section II of the UNCITRAL Arbitration Rules, which, among other things, provides that (1) each party shall appoint one arbitrator, (2) the two arbitrators thus appointed shall choose the third arbitrator who will act as the presiding arbitrator of the tribunal and (3) if within 30 calendar days after the appointment of the second arbitrator the two arbitrators have not agreed on the choice of a presiding arbitrator, the presiding arbitrator shall be appointed under Article 6 of the UNCITRAL Arbitration Rules. The appointing authority shall be the Chairman of the International Court of Arbitration of the International Chamber of Commerce. The third arbitrator may be (but need not be) of the same nationality as any of the parties to the arbitration. For the purposes of this paragraph 17(a)(iii), one or more Holders of Debt Securities party to a Dispute shall be considered one party to the Dispute and the Holders shall select one arbitrator as the sole party appointed arbitrator on behalf of all Holders parties to the Dispute.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) In the event of a Dispute among the Republic, the Trustee and one or more of the Holders of Debt Securities, the number of arbitrators shall be five. The five arbitrators will be appointed in accordance with Section II of the UNCITRAL Arbitration Rules, which shall be modified to provide for the appointment of two neutral arbitrators and, which, among other things, would thus provide that (1) one arbitrator shall be appointed by each of the Republic, the

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Trustee and all Holders of Debt Securities parties to such dispute acting together, (2) the three arbitrators thus appointed shall choose two arbitrators one of whom shall act as the presiding arbitrator of the tribunal, and (3) if within 30 calendar days after the appointment of the third arbitrator the three arbitrators have not selected two additional arbitrators and designated one of them as the presiding arbitrator, the additional arbitrators shall be appointed and one of the additional arbitrators shall be designated the presiding arbitrator by an appointing authority in the same way as a sole arbitrator would be appointed under Article 6 of the UNCITRAL Arbitration Rules. The appointing authority shall be the Chairman of the International Court of Arbitration of the International Chamber of Commerce. The presiding arbitrator may be (but need not be) of the same nationality as any of the parties to the arbitration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) The place of arbitration shall be New York, New York. The language of the arbitration shall be English, but documents or testimony may be submitted in another language if a translation is provided. The arbitrators shall appoint a secretary with offices and facilities in New York, New York to provide administrative services in support of the proceedings. Any arbitral tribunal established hereunder shall state its reasons for its decisions in writing and shall make its decisions entirely on the basis of the substantive law specified in Paragraph 17 hereof and not on the principle of *ex aequo*, *et bono* or otherwise. The decision of any such arbitral tribunal shall be final to the fullest extent permitted by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Republic hereby agrees that in any arbitration proceedings under this Paragraph 17, it will not raise any defense that it could not raise but for the fact that it is a sovereign state. The Republic's agreement to arbitrate does not constitute a waiver of any right to sovereign immunity from any legal process (whether through service or notice, attachment prior to judgment, attachment in aid of execution, execution or otherwise) to which it may be entitled in jurisdictions other than Brazil with respect to the enforcement of any award rendered by an arbitral tribunal constituted under this Paragraph 17 or the Indenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) For the sole purpose of receiving service of process or other legal summons in connection with obtaining homologation of any arbitral award pursuant to this Paragraph 17 in the Superior Tribunal de Justiça, the Republic hereby irrevocably agrees that any such process or summons may be served upon it, pursuant to Article 35, section II of Supplementary Law No. 73 of February 10, 1993, by delivery to the *Procurador Geral da União*, Ed. Multibrasil Corporate, Sede I AGU, Setor de Autarquias Sul—Quadra 3—Lote 5/6, Brasilia-DF, Brazil, as its authorized agent (the "<u>Authorized Agent</u>") upon whom any such process or summons may be served or by any other means permissible under the laws of the Brazil.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Republic hereby represents and warrants that it has no right to immunity, on the grounds of sovereignty or otherwise, from service of process or jurisdiction or any judicial proceedings of any competent court located in Brazil or from execution of any judgment in Brazil (except for the limitation on alienation of public property referred to in Article 100 of the Civil Code of Brazil) or from the execution or enforcement therein of any arbitration decision in respect of any proceeding or any other matter arising out of or relating to its obligations under the Indenture or the Debt Securities or any coupon appertaining thereto, and to the extent that the Republic is or becomes entitled to any such immunity, it irrevocably and unconditionally agrees not to plead or claim any such immunity with respect to its obligations or any other matter under or arising out of or in connection with the Indenture or the Debt Securities or any coupon appertaining thereto.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Any action against the Republic arising out of or based on the Indenture or the Debt Securities or any coupon appertaining thereto may be instituted by the Trustee or the Holder of the Debt Securities in any competent court in Brazil unless at the time an action is filed an arbitral tribunal has already been constituted pursuant to paragraph 17(a) to resolve a Dispute relating to substantially the same occurrence, transaction, or series of transactions and occurrences, in which case the Dispute shall be resolved pursuant to paragraph 17(a). The Republic hereby agrees that its obligation to effect payments of principal of (and premium, if any, on), and interest on this Debt Security constitutes an obligation to pay a sum certain which may be collected through execution proceedings and that the Debt Securities constitute extrajudicial execution instruments (*títulos executivos extrajudiciais*) in accordance with the provisions of Article 784(II) of the Civil Procedure Code of Brazil of March 16, 2015, effective as of March 18, 2016 for the collection of any amounts due under the Debt Securities and the principal of (and premium, if any, on), and interest on the Debt Securities, and that a Holder of the Debt Securities or any coupon appertaining thereto shall have the right, exercisable at its sole discretion, to institute legal proceedings against the Republic for the collection of the principal of (and premium, if any, on), and interest on the Debt Securities through the proceedings contemplated in Article 910 of the Civil Procedure Code of Brazil of March 16, 2015, effective as of March 18, 2016. The Republic hereby waives irrevocably any immunity from jurisdiction or execution (except for the limitation on alienation of public property referred to in Article 100 of the Civil Code of Brazil) to which it might otherwise be entitled in any action arising out of or based on the Indenture, the Debt Securities or any coupon appertaining thereto which may be instituted by the Trustee or any Holder of the Debt Securities or any coupon appertaining thereto in any competent court in Brazil.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) No arbitration proceedings hereunder shall be binding upon or in any way affect the right or interest of any person other than the claimant or respondent with respect to such arbitration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. <u>Indemnification for Foreign Exchange Fluctuations</u>. The Republic agrees that, if a judgment or order given or made by any court or arbitration tribunal for the payment of any amount in respect of any Debt Security is expressed in a currency (the "<u>judgment currency</u>") other than the currency in which such Debt Security is denominated (the "<u>denomination currency</u>"), the Republic will pay to the Holders or Trustee, as applicable, any deficiency arising or resulting from any variation in rates of exchange between the date as of which the amount in the denomination currency is notionally converted into the amount in the judgment currency for the purposes of such judgment or order and the date of actual payment thereof. This obligation will constitute a separate and independent obligation from the other obligations under the Debt Securities, will give rise to a separate and independent cause of action, will apply irrespective of any waiver or extension granted from time to time and will continue in full force and effect notwithstanding any judgment or order for a liquidated sum or sums in respect of amounts due in respect of the relevant Debt Security or under any such judgment or order. The term "rates of exchange" shall include any premiums and costs of exchange payable in connection with the purchase of or conversion into the denomination currency.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. <u>Warranty of the Republic</u>. Subject to paragraph 15, Republic hereby certifies and warrants that all acts, conditions and things required to be done and performed and to have happened precedent to the creation and issuance of this Debt Security and to constitute the same legal, valid and binding obligations of Republic enforceable in accordance with their terms, have been done and performed and have happened in due and strict compliance with all applicable laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. <u>Definitive Headings</u>. The descriptive headings appearing in these Terms are for convenience of reference only and shall not alter, limit or define the provisions hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21. <u>Modifications</u>. (a) Any Modification to the Debt Securities or the Indenture insofar as it affects the Debt Securities shall be made in accordance with Article Ten and Article Eleven of the Indenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any Modification pursuant to this paragraph 21 will be conclusive and binding on all Holders of the Debt Securities, and on all future Holders of the Debt Securities whether or not notation of such Modification is made upon the Debt Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any instrument given by or on behalf of any Holder of a Debt Security in connection with any consent to or approval of any such Modification will be conclusive and binding on all subsequent Holders of that Debt Security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22. <u>Repurchase</u>. The Republic may at any time purchase Debt Securities at any price in the open market, in privately negotiated transactions or otherwise. Debt Securities so purchased by or on behalf of the Republic may, at the Republic's discretion, be held, resold or surrendered to the Trustee for cancellation.

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**TRUSTEE, REGISTRAR, PAYING AND TRANSFER AGENT** 

The Bank of New York Mellon

Global Trust Services—Americas

240 Greenwich Street, Floor 7E

New York, New York 10286

## Exhibit 99.6

**Exhibit 6** 

[*Letterhead of Arnold & Porter Kaye Scholer LLP*]

November 14, 2025

Minister of Finance

Ministry of Finance

Federative Republic of Brazil

Esplanada dos Ministérios

Bloco P

70048-900, Brasília-DF

Brazil

Ladies and Gentlemen:

We have acted as special United States counsel for the Federative Republic of Brazil ("<u>Brazil</u>") in connection with (i) the issuance by Brazil of U.S.$1,500,000,000 aggregate principal amount of 5.500% Global Bonds due 2033 (the "<u>2033 Global Bonds</u>"); (ii) the issuance by Brazil of U.S.$750,000,000 aggregate principal amount of the 6.625% Global Bonds due 2035 (the "<u>2035 Global Bonds</u>" and, together with the 2033 Global Bonds, the "<u>Global Bonds</u>") pursuant to (a) the registration statement under Schedule B, Registration No. 333-261972 (the "<u>Registration Statement</u>"), filed with the Securities and Exchange Commission (the "<u>Commission</u>") under the Securities Act of 1933, as amended (the "<u>Act</u>"), pursuant to which Brazil has registered up to U.S.$26,401,970,000 aggregate principal amount of its debt securities and warrants to be offered and sold from time to time thereunder, (b) the Prospectus dated March 30, 2022 forming a part of the Registration Statement and (c) the final Prospectus Supplement dated November 6, 2025; and (iii) the transactions contemplated by the Terms Agreement (the "<u>Terms Agreement</u>") dated as of November 6, 2025, among Citigroup Global Markets Inc., Deutsche Bank Securities Inc. and Goldman Sachs & Co. LLC, as Underwriters, and Brazil. We are familiar with the Indenture, dated as of July 2, 2015, between Brazil and The Bank of New York Mellon (the "<u>Indenture</u>") and the form of Terms Agreement previously filed as part of Brazil's Registration Statement on Schedule B (Registration No. 333-261972) and made a part of the Registration Statement. The Terms Agreement and the Indenture are collectively defined herein as the "<u>Agreements</u>".

In rendering the opinion expressed below, we have examined and relied upon such certificates of public officials, government documents and records and other certificates and instruments furnished to us, and have made such other investigations, as we have deemed necessary or advisable in connection with the opinion set forth herein. Furthermore, we have assumed the genuineness of all signatures, the authenticity of all documents submitted to us as originals, the authority of Brazil to enter into the Agreements and cause the issuance of the Global Bonds, and the conformity to authentic originals of all documents submitted to us as copies. As to any document originally prepared in any language other than English and submitted to us in translation, we have assumed the accuracy of the English translation.

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This opinion is limited to the federal laws of the United States and the laws of the State of New York, and we do not express any opinion herein concerning the laws of any other jurisdiction. Insofar as the opinion set forth herein relates to matters of the laws of Brazil, we have relied upon the opinion of Fabiani Fadel Borin, a duly authorized attorney of the Office of the Attorney General of the National Treasury of the Ministry of Finance of the Federative Republic of Brazil, a copy of which is being filed as Exhibit 7 to Amendment No. 1 to the Annual Report of Brazil on Form 18-K for the fiscal year ended December 31, 2024 (the "<u>18-K/A</u>"), and our opinion herein is subject to any and all exceptions and reservations set forth therein.

Based upon and subject to the foregoing and assuming the due authorization of the Global Bonds by Brazil, we are of the opinion that when the Global Bonds have been duly authorized, issued, and executed by Brazil and authenticated, delivered, and paid for as contemplated by the Agreements, the Prospectus and any amendment and supplement thereto, the Global Bonds will constitute valid and binding obligations of Brazil under the laws of the State of New York.

We hereby consent to the filing of this opinion as Exhibit 6 to the 18-K/A and to the reference to this firm under the heading "Validity of the Securities" in the Registration Statement. In giving the foregoing consent, we do not thereby admit that we are in the category of persons whose consent is required under Section 7 of the Act or the rules and regulations of the Commission thereunder.

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|:---|
| Very truly yours, |
| /s/ Arnold & Porter Kaye Scholer LLP |

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## Exhibit 99.7

**Exhibit 7** 

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| | |
|:---|:---|
| ![LOGO](g55367g1114124244329.jpg)  | **PROCURADORIA-GERAL DA FAZENDA NACIONAL** |
| ![LOGO](g55367g1114124244329.jpg)  | **COORDENAÇÃO-GERAL DE OPERAÇÕES FINANCEIRAS—COF** |

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November 14, 2025

Ministry of Finance - Federative Republic of Brazil

Procuradoria-Geral da Fazenda Nacional, Esplanada dos Ministérios Bloco P, 8°Andar

70048-900, Brasília-DF

Brazil

Re: <u>Federative Republic of Brazil</u>

<u>Registration Statement No.</u> <u>333-261972</u>

Ladies and Gentlemen:

I, Fabiani Fadel Borin, Attorney of the Office of the Attorney General of the National Treasury of the Ministry of Finance of the Federative Republic of Brazil (the "<u>Republic</u>"), have reviewed the above-referenced Registration Statement (the "<u>Registration Statement</u>"), including the Basic Prospectus dated March 30, 2022 (the "<u>Basic Prospectus</u>"), the Prospectus Supplement dated November 6, 2025 constituting a part thereof (together with the Basic Prospectus, the "<u>Prospectus</u>"), the Indenture, dated as of July 2, 2015 (the "<u>Indenture</u>"), between the Republic and The Bank of New York Mellon, including the form of debt securities attached thereto, previously filed as an exhibit to the Republic's pre-effective Amendment No.1 to Registration Statement No. 333-210338, and made a part of the Registration Statement, and the Terms Agreement, dated November 6, 2025 (the "<u>Terms Agreement</u>"), among the Republic, Citigroup Global Markets Inc., Deutsche Bank Securities Inc. and Goldman Sachs & Co. LLC pursuant to which the Republic proposes to issue its 5.500% Global Bonds due 2033 ("<u>2033 Global Bonds</u>") and its 6.625% Global Bonds due 2035 (the "<u>2035 Global Bonds</u>" and, together with the 2033 Global Bonds, the "<u>Global Bonds</u>").

The issuance of the Global Bonds has been authorized pursuant to Resolution No. 20 dated November 16, 2004 of the Federal Senate of Brazil, as amended by Senate Resolution No. 7 dated May 21, 2024 of the Federal Senate of Brazil, each enacted pursuant to Article 52 of the Constitution of the Federative Republic of Brazil.

It is my opinion that the Global Bonds have been duly authorized, and when executed and delivered by the Republic and authenticated pursuant to the Indenture and delivered pursuant to the Terms Agreement and the Prospectus, the Global Bonds will constitute valid and legally binding direct and unconditional obligations of Brazil under the present laws of Brazil.

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I hereby consent to the filing of this opinion as Exhibit 7 to Amendment No. 1 to the Annual Report of the Republic on Form 18-K/A for the fiscal year ended December 31, 2024. In giving the foregoing consent, I do not thereby admit that I am in the category of persons whose consent is required under Section 7 of the Act or the rules and regulations of the Commission thereunder.

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| |
|:---|
| Very truly yours, |
| /s/ Fabiani Fadel Borin |
| Fabiani Fadel Borin |
| Attorney of the National Treasury |

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