Exhibit 99.1

Name and Address of Reporting Person:	Thomas H. Lee Advisors (Alternative) VI, Ltd.
	c/o Walkers, Walker House
	87 Mary Street
	Georgetown, Grand Cayman
	E9 KY1-9001
Issuer Name and Ticker or Trading Symbol:	First BanCorp [FBP]
Date of Earliest Transaction Required
to be Reported (Month/Day/Year):	October 7, 2011

Footnotes to Form 3

(1) This statement is being filed by 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”).

(2) Represents shares of the Issuer held by the following entities:  618,899 shares held by FBC Fund; 27,362,845 shares held by Fund VI; 18,528,663 shares held by Parallel Fund VI; and 3,236,585 shares held by DT Fund VI.

(3) Advisors is the general partner of THL Advisors (Alternative) VI, L.P., which, in turn, is the general partner of FBC Fund, Fund VI, Parallel Fund VI and DT Fund VI.  Due to these relationships, Advisors may be deemed to beneficially own the shares of the Issuer owned directly by each of the Funds.

Each of Advisors and the Funds disclaims beneficial ownership of the shares listed in the report, and this report shall not be deemed an admission that the reporting person is the beneficial owner of the securities for the purpose of Section 16 or for any other purpose, except to the extent of its pecuniary interest therein.