U.S.J. - AÇÚCAR E ÁLCOOL S.A. ANNOUNCES THE COMPLETION OF THE EXCHANGE IN CONNECTION WITH ITS ELECTION SOLICITATION, THE ISSUANCE OF THE BRAZILIAN NOTES AND THE CANCELLATION OF ITS 9.875% SENIOR NOTES DUE 2019, 9.875%/12.00% SENIOR SECURED PIK TOGGLE NOTES DUE 2021 AND 9.875%/10.500% SENIOR SECURED PIK TOGGLE NOTES DUE 2023

SÃO PAULO, June 29, 2022 /PRNewswire/ -- U.S.J. – Açúcar e Álcool S.A. (the "Company"), a leading sugar and ethanol producer in the Center-South region of Brazil, announced that, in connection with the Company's solicitation of recovery elections (the "Election Solicitation"), (i) the Exchange of the 9.875% senior notes due 2019 (the "2019 Notes"), 9.875%/12.00% senior secured PIK toggle notes due 2021 (the "2021 Notes") and 9.875%/10.500% senior secured PIK toggle notes due 2023 issued by the Company (the "2023 Notes" and, together with the 2019 Notes and the 2021 Notes, the "Notes") has been completed and Alternative Payment Noteholders have received Liquidating Trust Participation Notes; (ii) the Company has issued the Brazilian Notes which will be delivered to Default Recovery Noteholders; and (iii) the Notes have been cancelled.

In the context of the Company's restructuring process, the Election Solicitation aimed primarily to allow holders to decide whether to receive their claims through the Alternative Payment Option or Default Recovery, as defined in the Election Solicitation statement of the Company, dated December 28, 2021 (the "Election Solicitation Statement"). The Election Solicitation expired on April 2, 2022 (the "Election Deadline"). Holders who did not submit a valid Election Recovery by the Election Deadline will have their claims restructured and paid in accordance with the Default Recovery and were required to submit their Electronic Instructions and Default Recovery Submission Forms to the Solicitation Agent by April 27, 2022 (the "Expiry Date"). Holders who duly submitted their Electronic Instructions and Default Recovery Submission Form by the Expiry Date, and whose submissions are deemed to be valid by the Company in its reasonable discretion, need not take any further action to receive the Brazilian Notes. Holders who did not submit an effective Recovery Election by the Election Deadline or did not submit an Electronic Instruction prior to the Expiry Date must submit an instruction directly to the Company in accordance with the terms of the Election Solicitation Statement (a "Manual Instruction").

The Election Solicitation Statement contains important information that holders of Notes should carefully read before submitting a Manual Instruction. Terms not defined in this press release shall have the meaning ascribed to them in the Election Solicitation Statement. The Election Solicitation was made solely by means of the Election Solicitation Statement.

Only holders of record of the Notes (or their duly designated proxies) will be entitled to submit a Manual Instruction. Any questions or requests for assistance or for copies of the Election Solicitation Statement or related documents may be directed to the Solicitation Agent at its telephone number set forth below.

The Solicitation Agent for the Election Solicitation is:

D.F. King & Co., Inc.
Toll Free: +1 (866) 797-6867
All Others Call: +1 (212) 269-5550
E-mail: [email protected]

THIS PRESS RELEASE IS NEITHER AN OFFER TO SELL NOR THE SOLICITATION OF AN OFFER TO BUY ANY SECURITY. THIS ANNOUNCEMENT IS ALSO NOT A SOLICITATION OF ELECTRONIC INSTRUCTIONS OR MANUAL INSTRUCTIONS. NO RECOMMENDATION IS MADE AS TO WHETHER HOLDERS OF THE NOTES SHOULD MAKE ANY INSTRUCTION.

Important Notice Regarding Forward-Looking Statements:

This press release contains certain forward-looking statements. Statements that are not historical facts, including statements about our perspectives and expectations, are forward looking statements. The words "expect", "believe", "estimate", "intend", "plan" and similar expressions, when related to the Company and its subsidiaries, indicate forward-looking statements. These statements reflect the current view of management and are subject to various risks and uncertainties. These statements are based on various assumptions and factors, including general economic, market, industry, and operational factors. Any changes to these assumptions or factors may lead to practical results different from current expectations. Excessive reliance should not be placed on those statements. Forward-looking statements relate only to the date they were made and the Company undertakes no obligation to update forward-looking statements to reflect events or circumstances after the date they were made.

SOURCE U.S.J. - Açúcar e Álcool S.A.

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