FIRST BANCORP /PR/ — Director's Dealing 2015

Oct 9, 2015

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: FIRST BANCORP /PR/ (FBP)
CIK: 0001057706
Period of Report: 2015-10-07

Reporting Person: HAGERTY THOMAS M (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2015-10-07	Common Stock	J	10906	—	Disposed	31098	Direct
2015-10-07	Common Stock	J	10906	—	Acquired	41865676	Indirect

Footnotes

F1: Shares of the Issuer were issued to the Reporting Person in connection with the Reporting Person's service as a director of the Issuer. Pursuant to the operative agreements for Thomas H. Lee Advisors (Alternative) VI, Ltd. ("Advisors"), THL FBC Equity Investors, L.P. ("FBC Fund"), Thomas H. Lee (Alternative) Fund VI, L.P. ("Fund VI"), Thomas H. Lee (Alternative) Parallel Fund VI, L.P. ("Parallel Fund VI") and Thomas H. Lee (Alternative) Parallel (DT) Fund VI ("DT Fund VI"; together with FBC Fund, Fund VI and Parallel Fund VI, the "Funds"), any securities issued to persons serving as directors of portfolio companies of Fund VI, such as the Issuer, are to be held by THL Managers VI, LLC ("Managers VI"), to the extent permitted by the portfolio company and/or the plan pursuant to which such securities were granted.

F2: (Continuation of Footnote 1) - The transfer of the shares by the Reporting Person referred to in this Form 4, and the related indirect acquisition of such shares also reported by the Reporting Person on this Form 4, are being effectuated as required by such operative agreements now that the restrictions on the shares have lapsed.

F3: Represents shares of the Issuer held by the Reporting Person directly which are being transferred for no consideration to Managers VI.

F4: Represents shares of the Issuer held by the Funds and Managers VI. The Reporting Person is a Managing Director of Advisors. Advisors is the general partner of THL Advisors (Alternative) VI, L.P., which, in turn, is the general partner of each of the Funds. Therefore, the Reporting Person may be deemed to beneficially own the shares of the Issuer owned directly by each of the Funds. The Reporting Person is also a Managing Director of Thomas H. Lee Partners, L.P., which is the managing member of Managers VI.

F5: (Continuation of Footnote 4) - Therefore, the Reporting Person may be deemed to beneficially own the shares of the Issuer owned directly by Managers VI. The Reporting Person disclaims beneficial ownership of all shares of the Issuer owned by the Funds and Managers VI, and this report shall not be deemed an admission that the Reporting Person is the beneficial owner of such shares for the purposes of Section 16 or for any other purpose, except to the extent of the Reporting Person's pecuniary interest therein.