Obligation Brazil 3.75% ( US105756CE88 ) en USD

Brazil

86.073 % ⇌

Bresil

US105756CE88 ( en USD )

3.75% par an ( paiement semestriel )

12/09/2031

Prospectus brochure de l'obligation Brazil US105756CE88 en USD 3.75%, échéance 12/09/2031

200 000 USD

1 500 000 000 USD

105756CE8

12/09/2024 ( Dans 118 jours )

L'Obligation émise par Brazil ( Bresil ) , en USD, avec le code ISIN US105756CE88, paye un coupon de 3.75% par an.
Le paiement des coupons est semestriel et la maturité de l'Obligation est le 12/09/2031

LEI 254900ZFY40OYEADAP90
PROSPECTUS SUPPLEMENT
(To Prospectus dated December 28, 2017)

Federative Republic of Brazil

U.S.$1,500,000,000 3.750% Global Bonds due 2031
U.S.$750,000,000 4.750% Global Bonds due 2050

Brazil is offering U.S.$1,500,000,000 aggregate principal amount of its 3.750% global bonds due 2031 (the "2031 bonds") and
U.S.$750,000,000 aggregate principal amount of its 4.750% global bonds due 2050 (the "2050 bonds"). We refer to the 2031 bonds and
the 2050 bonds collectively as the "global bonds". Brazil will pay interest: (i) on the 2031 bonds on March 12 and September 12 of each
year, commencing on March 12, 2022, and (ii) on the 2050 bonds on January 14 and July 14 of each year, commencing on July 14, 2021.
The 2031 bonds will mature on September 12, 2031 and the 2050 bonds will mature on January 14, 2050. The offering of the global bonds
of each series, each pursuant to this prospectus supplement, are not conditioned upon one another.
The 2050 bonds will be a further issuance of, and will form a single series with the existing U.S.$3,250,000,000 aggregate principal
amount of Brazil's 4.750% global bonds due 2050 (ISIN US105756CB40, Common Code 207893234, CUSIP 105756 CB4) issued on
November 14, 2019 and December 8, 2020 ("original 2050 bonds"). The 2050 bonds offered hereby will have the same terms and CUSIP
number as, and will trade interchangeably with, the original 2050 bonds immediately upon settlement. After giving effect to the offering,
the total amount outstanding of Brazil's global bonds due 2050 will be U.S.$4,000,000,000.
Brazil may redeem (1) the 2031 bonds, in whole or in part, before maturity, at par plus the Make-Whole Amount and accrued interest,
and (2) the 2050 bonds, in whole or in part, before July 14, 2049, at par plus the Make-Whole Amount and accrued interest, or on or after
July 14, 2049 at par plus accrued interest, in each case, as described in the section entitled "Description of the Global Bonds--Optional
Redemption" in this prospectus supplement. The global bonds will not be entitled to the benefit of any sinking fund.
The global bonds will be issued under an indenture, and each of the 2031 bonds and the 2050 bonds constitutes a separate series under
the indenture. The global bonds will contain "collective action clauses." Under these provisions, which differ from the terms of Brazil's
public external indebtedness issued prior to July 2, 2015, Brazil may amend the payment provisions of the global bonds and other reserve
matters listed in the indenture with the consent of the holders of: (1) with respect to a single series of debt securities, more than 75% of the
aggregate principal amount outstanding of such series; (2) with respect to two or more series of debt securities, if certain "uniformly
applicable" requirements are met, more than 75% of the aggregate principal amount of the outstanding debt securities of all series affected
by the proposed modification, taken in the aggregate; or (3) with respect to two or more series of debt securities, whether or not certain
"uniformly applicable" requirements are met, more than 66 2/3% of the aggregate principal amount of the outstanding global bonds of all
series affected by the proposed modification, taken in the aggregate, and more than 50% of the aggregate principal amount of the
outstanding debt securities of each series affected by the proposed modification, taken individually.
This Prospectus Supplement together with the Prospectus dated December 28, 2017 constitute a prospectus for purposes of Part IV of
the Luxembourg law on prospectuses for securities dated July 16, 2019. Application has been made to list the global bonds on the Euro
MTF market of the Luxembourg Stock Exchange.
Section 309B(1)(c) of the Securities and Futures Act (Chapter 289 of Singapore) Notification
The global bonds are prescribed capital markets products (as defined in the Securities and Futures (Capital Markets Products)
Regulations 2018).

See "Risk Factors" beginning on page S-8 to read about certain risk factors you should consider before investing in the global
bonds.
Neither the Securities and Exchange Commission nor any other regulatory body has approved or disapproved of these
securities or passed upon the accuracy or adequacy of this prospectus supplement or the accompanying prospectus. Any
representation to the contrary is a criminal offense.

Per
Total for the 2031
Per
Total for the
2031 Bond
Bonds
2050 Bond
2050 Bonds
Public offering price (1) ................................
98.948% U.S.$1,484,220,000
97.333% U.S.$729,997,500
Underwriting discount.....................................
0.200% U.S.$ 3,000,000
0.200% U.S.$ 1,500,000
Proceeds, before expenses, to Brazil (1)................
98.748% U.S.$1,481,220,000
97.133% U.S.$728,497,500

(1) For the 2031 bonds: plus accrued interest, if any, from July 7, 2021, the date Brazil expects to deliver the 2031 bonds offered by this prospectus
supplement.

For the 2050 bonds: plus accrued interest totaling U.S.$17,119,791.67, or U.S.$22.83 per U.S.$1,000 principal amount of the 2050 bonds, from
January 14, 2021 to, but not including July 7, 2021, the date Brazil expects to deliver the 2050 bonds offered by this prospectus supplement, and any
additional interest to the date of delivery, if later.

The global bonds will be ready for delivery in book-entry form only through the facilities of The Depository Trust Company ("DTC");
Euroclear Bank S.A./N.V. ("Euroclear"); and Clearstream Banking, société anonyme, Luxembourg ("Clearstream, Luxembourg") against
payment on or about July 7, 2021.

Joint Lead Managers and Joint Bookrunners

Bradesco BBI
Goldman Sachs & Co. LLC
HSBC

The date of this prospectus supplement is July 7, 2021.

Brazil has provided only the information contained in or incorporated by reference in this prospectus
supplement and the accompanying prospectus. Brazil has not authorized anyone to provide you with
different information. Brazil is not making an offer of these securities in any state where the offer is not
permitted.
This prospectus supplement can only be used for the purposes for which it has been published.
TABLE OF CONTENTS
Prospectus Supplement
Page
Summary.................................................................................................................................................................... S-2
Risk Factors ............................................................................................................................................................... S-8
Table of References ................................................................................................................................................. S-11
About this Prospectus Supplement .......................................................................................................................... S-12
Forward-Looking Statements .................................................................................................................................. S-14
Use of Proceeds ....................................................................................................................................................... S-15
Recent Developments .............................................................................................................................................. S-16
Description of the Global Bonds ............................................................................................................................. S-25
Global Clearance and Settlement ............................................................................................................................. S-34
Taxation ................................................................................................................................................................... S-38
Underwriting ............................................................................................................................................................ S-41
Validity of the Global Bonds ................................................................................................................................... S-50
Official Statements and Documents ........................................................................................................................ S-50
General Information ................................................................................................................................................ S-51
Prospectus
Page
About this Prospectus .................................................................................................................................................... 2
Forward-Looking Statements ........................................................................................................................................ 2
Data Dissemination........................................................................................................................................................ 3
Use of Proceeds ............................................................................................................................................................. 3
Risk Factors ................................................................................................................................................................... 3
Debt Securities ............................................................................................................................................................... 4
Warrants ...................................................................................................................................................................... 14
Governing Law ............................................................................................................................................................ 14
Arbitration and Enforceability ..................................................................................................................................... 14
Taxation ....................................................................................................................................................................... 15
Plan of Distribution ..................................................................................................................................................... 22
Official Statements ...................................................................................................................................................... 23
Validity of the Securities ............................................................................................................................................. 23
Authorized Representative........................................................................................................................................... 23
Where You Can Find More Information ..................................................................................................................... 24

S-1

SUMMARY
This summary highlights information contained elsewhere in this prospectus supplement and the accompanying
prospectus. It is not complete and may not contain all of the information that you should consider before investing
in the global bonds. You should read this entire prospectus supplement and the accompanying prospectus carefully.
The Issuer
Overview
Brazil is the fifth largest country in the world and occupies nearly half the land area of South America. Brazil
shares a border with every country in South America except Chile and Ecuador. The capital of Brazil is Brasília,
and the official language is Portuguese. As of December 31, 2020, Brazil's estimated population was approximately
211.8 million.
Brazil is a federative republic with broad powers granted to the Federal Government. Brazil is officially
divided into five regions consisting of 26 states and the Federal District, where Brasília is located.
Government
The federal Constitution provides for three independent branches of government: an executive branch headed
by the president; a legislative branch consisting of the bicameral National Congress; and a judicial branch consisting
of the Federal Supreme Court and lower federal and state courts.
Under the Constitution, the president is elected by direct vote for a four-year term and is eligible to be reelected
for a second four-year term. The president's powers include the right to appoint ministers and key executives in
selected administrative posts. On October 28, 2018, Jair Messias Bolsonaro, the candidate of the conservative
political party Partido Social Liberal ("PSL") was elected President of the Republic.
The legislative branch of government consists of a bicameral National Congress composed of the Senate and the
Chamber of Deputies. The Senate has 81 senators, who are elected for staggered eight-year terms, and the Chamber
of Deputies has 513 deputies, who are elected for concurrent four-year terms. Each state and the Federal District is
entitled to elect three senators. The number of federal deputies is based on a proportional representation system
weighted in favor of the less-populated states, which assures the smaller states an important role in the National
Congress as the population increases in the larger states. During the last general election, which took place in
October 2018, 513 deputies and 54 of 81 senators were elected. These officials took office on February 1, 2019.
Judicial power is exercised by the Federal Supreme Court (composed of 11 Justices), the Superior Court of
Justice (composed of 33 Justices), the federal regional appellate courts, military courts, labor courts, electoral courts
and the several lower federal courts and state courts, comprising both appellate courts and courts of first instance.
The Federal Supreme Court, whose members are appointed by the president for life (with mandatory retirement at
75 years of age), has ultimate appellate jurisdiction over decisions rendered by lower federal and state courts on
constitutional matters.

S-2

Selected Brazilian Economic Indicators

2016
2017
2018
2019
2020
Gross Domestic Product ("GDP")

(in R$ billions at current prices) ..................
R$ 6,269.3
R$ 6,585.5
R$ 7,004.1
R$ 7,407.0
R$ 7,447.9
(in U.S.$ billions at current prices) (1) .......... U.S.$ 1,800.1 U.S.$ 2,063.2 U.S.$ 1,916.2
U.S.$ 1,877.3 U.S.$ 1,444.2
Real GDP Growth (2) ....................................
(3.3)%
1.3%
1.8%
1.4%
(4.1) %
Population (millions) (3) ....................................
206.1
207.7
208.5
210.1
211.8
GDP per Capita (in U.S.$ billions at current
prices) ............................................................... U.S.$ 8,774.4 U.S.$ 9,976.5 U.S.$ 9,190.7
U.S.$ 8,933.4
U.S.$ 6,820.0
Unemployment Rate (4) .....................................
11.5%
12.7%
12.3%
11.9%
13.5%
IPCA Rate (5) ....................................................
6.3%
3.0%
3.8%
4.3%
4.5%
IGP-DI Rate(6) ...................................................
7.2%
(0.4)%
7.1%
7.7%
23.1%
Nominal Exchange Rate Change (7) ..................
(16.5)%
1.5%
17.1%
4.0%
28.9%
Domestic Real Interest Rate (8) .........................
7.3%
6.8%
2.6%
1.6%
(1.7)%

Balance of Payments (in U.S.$ billions)

Exports .............................................................
184.3
218.0
239.5
225.8
210.7
Imports .............................................................
139.7
160.7
196.1
199.3
178.3
Current Account ...............................................
(24.5)
(22.0)
(51.5)
(65.0)
(24.1)
Capital and Financial Account (Net) ................
0.3
0.4
0.4
0.4
0.3
Overall Balance (Change in Reserves) .............
(16.1)
(17.1)
(52.3)
(64.4)
(21.8)
Reserve Assets ..................................................
(9.2)
(5.1)
(2.9)
26.1
14.23
Total Official Reserves .....................................
372.2
382.0
387.0
366.9
362.0

Public Finance (% of GDP) (9)

Central Government Primary Balance (10) .........
2.5%
1.8%
1.7%
1.2%
10.0%
Consolidated Public Sector Primary Balance
(11) .................................................................
2.5%
1.7%
1.6%
0.9%
9.4%

Federal Public Debt (in R$ billions)

Domestic Federal Public Debt (DFPD or
DPMFi) .........................................................
R$ 2,986.4
R$ 3,435.5
R$ 3,728.9
R$ 4,083.2
R$ 4,766.2
External Federal Public Debt (EFPD or DPFe)
R$ 126.5
R$ 123.8
R$ 148.2
R$ 165.7
R$ 243.5
Federal Public Debt as % of Nominal GDP
49.7%
54.0%
55.4%
57.4%
67.3%
Total Federal Public Debt (in R$ billions) (12) ..
R$ 3,112.9
R$ 3,559.3
R$ 3,877.1
R$ 4,248.9
R$ 5,009.6

General Government Gross and Net Debts

General Government Gross Debt (GGGD or
DBGG) (in R$ billions) (13) ...........................
R$ 4,378.5
R$ 4,854.7
R$ 5,272.0
R$ 5,500.1
R$ 6,615.8
DBGG as % of GDP .........................................
69.8%
73.7%
75.3%
74.3%
88.8%
Public Sector Net Debt (NPSD or DLSP) (in
R$ billions)(14) ...............................................
R$ 2,892.9
R$ 3,382.9
R$ 3,695.8
R$ 4.041.8
R$ 4,670.0
DLSP as % of GDP ..........................................
46.1%
51.4%
52.8%
54.6%
62.7%
____________________________________
Note: Numbers may not total due to rounding.
(1) Converted into U.S. dollars based on the weighted average exchange rate for each applicable year.
(2) Cumulative over four quarters per year.
(3) Estimated.
(4) Annual average unemployment rate.
(5) Broad National Consumer Price Index (Índice de Preços ao Consumidor Amplo or "IPCA"), as reported by the National Bureau of
Geography and Statistics (Fundação Instituto Brasileiro de Geografia e Estatística or "IBGE").
(6) The General Price Index-Domestic Supply (Índice Geral de Preços-Disponibilidade Interna or "IGP-DI") is one of many inflation
indicators used in Brazil (IGP-DI being one of the most widely used). The IGP-DI is calculated by the Getúlio Vargas Foundation, an
independent research organization.
(7) Year-over-Year percentage change of the nominal exchange rate: (+) depreciation or (-) appreciation of the real against the U.S. dollar (sell
side).
(8) "Domestic Real Interest Rate" represents the accumulated Selic (Sistema Especial de Liquidação e Custódia or "Selic") rate, adjusted to
exclude effects of IPCA.
(9) Calculated using the "below the line" method, with respect to changes in the public sector's total net debt (domestic or external). Surpluses
are represented by negative numbers and deficits are represented by positive numbers.

S-3

(10) "Central Government" includes (i) the National Treasury (Secretaria do Tesouro Nacional), (ii) the Social Security System (Sistema da
Previdência Social) and (iii) the Central Bank. "Primary Balance" represents revenues minus expenditures, excluding interest expenditures
on public debt.
(11) "Consolidated Public Sector" includes (i) the Central Government, Regional Governments (including state and municipal governments) and
(ii) the state-owned enterprises, with the exception of Petróleo Brasileiro S.A.--Petrobras ("Petrobras") and Centrais Elétricas Brasileiras
S.A.--Eletrobras ("Eletrobras"). "Primary Balance" represents revenues minus expenditures, excluding interest expenditures on public
debt.
(12) Total Federal Public Debt, as reported by the National Treasury.
(13) "General Government Gross Debt" ("General Government Gross Debt" or "GGGD") defined as private and public sector financial debt of
the federal, state and municipal governments, with the exception of (i) state-owned company debt (at all government levels) and (ii) Central
Bank liabilities.
(14) "Public Sector Net Debt" ("Public Sector Net Debt" or "PSND") refers to total liabilities of the non-financial public sector (as deducted
from public sector financial assets held by (i) non-financial private agents, (ii) public financial agents and (iii) private financial agents.
PSND includes Central Bank assets and liabilities including international reserves and the monetary base.

Source: IBGE; Getúlio Vargas Foundation; Central Bank; National Treasury.

S-4

The Global Bonds
The following summary is qualified in its entirety by, and should be read in conjunction with, the more detailed
information appearing elsewhere in this prospectus supplement and the accompanying prospectus.

Issuer ................................................................
Fed ...............
erative R
epub
lic of Brazil.
Title of Security ..............................................................
For the 2031 bonds: 3.750% Global Bonds due 2031.
For the 2050 bonds: 4.750% Global Bonds due 2050.
Aggregate Principal Amount Offered ...........................
For the 2031 bonds: U.S.$1,500,000,000.
For the 2050 bonds: U.S.$750,000,000.
Maturity Date ................................................................
For the 2031 . bonds: September 12, 2031.
For the 2050 bonds: January 14, 2050.
Interest Rate ................................................................
For the 20 ....
31 bonds: 3.750% per annum, computed on the basis of a
360-day year of twelve 30-day months.
For the 2050 bonds: 4.750% per annum, computed on the basis of a
360-day year of twelve 30-day months.
Interest Payment Dates ..................................................
For the 2031 bonds: March 12 and September 12 of each year,
commencing March 12, 2022.
For the 2050 bonds: January 14 and July 14 of each year, commencing
July 14, 2021.
Price to Public ................................................................
For the 2031 . bonds: 98.948% of the principal amount, plus accrued
interest, if any, from July 7, 2021.
For the 2050 bonds: 97.333% of the principal amount, plus accrued
interest totaling U.S.$17,119,791.67, or U.S.$22.83 per U.S.$1,000
principal amount of the 2050 bonds, from January 14, 2021 to, but not
including July 7, 2021, and any additional interest to the date of delivery,
if later than July 7, 2021.
Qualified Reopening .......................................................
The 2050 bon ds will be a further issuance of, and will form a single
series with the existing U.S.$3,250,000,000 aggregate principal amount
of Brazil's 4.750% global bonds due 2050 (ISIN US105756CB40,
Common Code 207893234, CUSIP 105756 CB4) issued on November
14, 2019 and December 8, 2020. The 2050 bonds offered hereby will
have the same terms and CUSIP number as, and will trade
interchangeably with, the original 2050 bonds immediately upon
settlement. After giving effect to the offering, the total amount
outstanding of Brazil's global bonds due 2050 will be
U.S.$4,000,000,000.
Form ................................................................
Br ................
azil will iss ue the global bonds in the form of one or more book-entry
securities in fully registered form, without coupons. Brazil will not issue
the global bonds in bearer form.

S-5

Denominations ................................................................
Brazil will iss ue the global bonds only in denominations of U.S.$200,000
and integral multiples of U.S.$1,000 in excess thereof.
Payment of Principal and Interest ................................
Principal and interest on the global bonds will be payable in U.S. dollars
or other legal tender, coin or currency of the United States of America.
Status ................................................................
Th ...............
e global bo nds will constitute direct, general, unconditional, unsecured
(except as described under the heading "Debt Securities--Negative
Pledge" in the accompanying prospectus) and unsubordinated External
Indebtedness of Brazil. Brazil has pledged its full faith and credit for the
due and punctual payment principal of, premium, if any, on, and interest
on of the global bonds. The global bonds of each series will rank without
any preference among themselves and equally with all other unsecured
and unsubordinated External Indebtedness of Brazil. It is understood that
this provision shall not be construed so as to require Brazil to make
payments under the global bonds ratably with payments being made
under any other External Indebtedness of Brazil.
Optional Redemption .....................................................
The global bo nds of each series will be subject to redemption at the
option of Brazil before maturity, on terms described under "Description
of the Global Bonds--Optional Redemption" in this prospectus
supplement. The global bonds will not be entitled to the benefit of any
sinking fund.
Negative Pledge ...............................................................
The global bo nds will contain certain covenants, including restrictions on
the incurrence of certain liens.
Default ................................................................
The g ............
lobal bo nds will contain events of default, the occurrence of which
may result in the acceleration of Brazil's obligations under the global
bonds of any series prior to maturity upon notice by holders of at least
25% of the aggregate principal amount of the outstanding global bonds of
such series.
Collective Action Clauses ................................
The ..............
global bo nds will contain provisions regarding future modifications
to their terms that differ from those applicable to Brazil's outstanding
public external indebtedness issued prior to July 2, 2015. Those
provisions are described in the sections of this prospectus supplement
entitled "Description of the Global Bonds--Amendments and Waivers"
and "--Certain Amendments Not Requiring Holder Consent."
Listing and Admission to Trading ................................
The original
2050 bonds are listed, and application will be made to list
the global bonds, on the Luxembourg Stock Exchange for trading on the
Euro MTF Market.
Trustee ................................................................
The g ............
lobal bo nds will be issued pursuant to an indenture, dated as of
July 2, 2015 (the "indenture"), between Brazil and The Bank of New
York Mellon, as trustee, and each of the 2031 bonds and the 2050 bonds
will constitute a separate series under the indenture.
Taxation ................................................................
For a d ..........
iscuss
ion of the Brazilian and United States tax consequences
associated with the global bonds, see "Taxation--Brazilian Taxation"
and "--United States Federal Income Taxation" in this prospectus
supplement and "Debt Securities--Tax Withholding; Payment of
Additional Amounts" in the accompanying prospectus. Investors should
consult their own tax advisors in determining the non-United States,

S-6

United States federal, state, local and any other tax consequences to them
of the purchase, ownership and disposition of the global bonds.
Further Issues ................................................................
From time to time, without the consent of holders of the 2031 bonds or
the 2050 bonds, as the case may be, and subject to the required approvals
under Brazilian law, Brazil may create and issue additional debt
securities with the same terms and conditions as those of the applicable
series of global bonds (or the same except for the amount of the first
interest payment and the issue price), provided that such additional debt
securities are issued pursuant to a "qualified reopening" of the original
series or are otherwise treated as part of the same "issue" of debt
instruments as the original series for U.S. federal income tax purposes.
Additional 2031 bonds and 2050 bonds issued in this manner will be
consolidated with, and will form a single series with, any other
outstanding notes of such series. See "Description of the Global Bonds--
Further Issues of the Global Bonds" in this prospectus supplement.
Governing Law ..............................................................
The global bo nds will 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 that all matters
related to the consent of holders and modifications to the indenture or the
global bonds will always be governed by and construed in accordance
with the laws of the State of New York; provided further that the laws of
Brazil will govern all matters governing authorization and execution of
the indenture and the global bonds by the Federative Republic of Brazil.
Arbitration Clause ..........................................................
The global bo nds will contain an agreement on the part of Brazil, the
trustee and the holders of the global bonds that any dispute, controversy
or claim arising out of or relating to the indenture or the global bonds
shall be finally settled by arbitration in New York, New York 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 the indenture, unless the holder elects to bring a claim in a
competent court in Brazil against Brazil only, as may be permitted by the
terms of the global bonds. In arbitration proceedings, Brazil will not
raise any defense that it could not raise but for the fact that it is a
sovereign state. Brazil will not waive and expressly reserves any right to
sovereign immunity from any legal process 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 the terms of the
global bonds or the indenture. No arbitration proceeding under the
indenture or the global bonds 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. The provisions are described further in
the section entitled "Arbitration and Enforceability" in the accompanying
prospectus.

S-7

RISK FACTORS
This section describes certain risks associated with investing in the global bonds. You should consult your
financial and legal advisors about the risk of investing in the global bonds. Brazil disclaims any responsibility for
advising you on these matters.
The information in this section is directed to investors who are U.S. residents and does not address risks for
investors who are not U.S. residents. We disclaim any responsibility to advise prospective purchasers who are
residents of countries other than the United States with respect to any matters that may affect the purchase, holding or
receipt of payments of the global bonds. If you are not a U.S. resident, you should consult your own financial and legal
advisors.
Risk Factors Relating to Brazil
Developments relating to the outbreak of the coronavirus may have a continued material adverse impact on our
economy.
The global outbreak of COVID-19, and public health measures to mitigate it, are having a material impact on the
economy in Brazil and around the world. The scope, magnitude and duration of the impact on Brazil cannot yet be
determined. COVID-19 could increase the risks described elsewhere in this section.
The long-term effects of the COVID-19 and other public health crises on the global financial markets and economy
are difficult to assess or predict. They may include risks to citizens' health and safety, as well as reduced economic
activity, which in turn could result in decreased revenue for the government and increased expenditures, among other
relevant impacts. It is unclear whether these challenges and uncertainties will be contained or resolved, and what effects
they will have on the global financial markets and economy in the long term. We cannot predict the evolution of the
disease in Brazil or whether additional restrictions will be required. In addition to measures taken by Brazilian federal,
state and local governments, Brazil may be affected by the impact of the disease elsewhere in the region and by
measures taken by other countries or organizations, such as orders that suspend travel or that limit trade. The final
impact of the COVID-19 pandemic is still uncertain, but it is expected to have a significant adverse effect on our
economy.
COVID-19 is also present in Brazil, and the Brazilian government has taken extensive steps to mitigate the spread
of the disease and its impact on public health. See "Recent Developments--COVID-19 Developments" in this
prospectus supplement. The efficacy of these steps cannot yet be evaluated, and it is highly uncertain how long and in
what form they will remain in effect. Since March 2020, the government has introduced several measures to address the
COVID-19 pandemic. The measures implemented so far have resulted in a slowdown in economic activity that
adversely affected economic growth in 2020 and will possibly adversely affect economic growth in 2021, to a degree
that we cannot quantify as of the date of this prospectus supplement. Any prolonged restrictive measures put in place in
order to control an outbreak of contagious disease or other adverse public health development in Brazil may have a
longer lasting material and adverse effect on our economy. The long-term impact of the governmental measures on our
economy, and the effectiveness of these measures, cannot be assured. If these measures are insufficient or are not
successfully implemented, the effect on the Brazilian economy or on the Brazilian debt sector could be exacerbated.
Brazil's economy is vulnerable to external shocks and to more general "contagion" effects, each of which could
have a material adverse effect on Brazil's economic growth and its ability to raise funding in the external debt markets
in the future.
Emerging market investment generally poses a degree of risk because the economies in the developing world are
susceptible to destabilization resulting from domestic and international developments.
Brazil's economy is vulnerable to external shocks, including adverse economic and financial developments in other
countries and market developments. A significant increase in interest rates in the international financial markets may
adversely affect the liquidity of, and trading markets for, the global bonds. In addition, a significant drop in the price of
commodities produced in Brazil, such as iron ore, oil, soybeans, sugar and corn, could adversely affect the Brazilian
economy. A significant decline in the economic growth or demand for imports of any of Brazil's major trading
partners, such as China, the European Union, or the United States, could have a material adverse impact on Brazil's
exports and balance of trade and adversely affect Brazil's economic growth.

S-8