Capex S.A. announces the commencement of its offer to exchange (the "Exchange Offer") any and all of its outstanding 6.875% Notes due 2024 (the "Old Notes") for newly issued 9.250% Notes due 2028 (the "New Notes") and cash, as applicable, each upon the terms and subject to the conditions set forth in the exchange offer memorandum (the "Exchange Offer Memorandum"), dated July 24, 2023 and the related eligibility letter (the "Eligibility Letter" and, together with the Exchange Offer Memorandum, the "Exchange Offer Documents"). Upon the terms and subject to the conditions set forth in the Exchange Offer Documents, Eligible Holders who validly tender Old Notes, and whose Old Notes are accepted for exchange by may choose between two, mutually exclusive, consideration options, detailed in the table below, in the columns under the headings "Option A" and "Option B." Eligible Holders whose Old Notes are accepted for exchange in the Exchange Offer will also receive accrued and unpaid interest in respect of such exchanged Old Notes from the last interest payment date to, but excluding, the Settlement Date. Accordingly, the actual amounts of Early A New Notes Consideration and Early A Pro-Rata Cash Consideration comprising the Early A Consideration to be received by each Eligible Holder whose Old Notes are accepted in the Exchange Offer under Option A at or prior to the Early Participation Date will depend on the actual participation by Eligible Holders in the Exchange Offer.