Obbligazione Libanon 7.05% ( XS1313654623 ) in USD

Libanon

100 USD ▲

Libano

XS1313654623 ( in USD )

7.05% per anno ( pagato 2 volte l'anno) - Obbligazione è in default, i pagamenti sono sospes

01/11/2035

Prospetto opuscolo dell'obbligazione Lebanon XS1313654623 en USD 7.05%, scadenza 01/11/2035

100 000 USD

600 000 000 USD

B- ( Highly speculative )

04/11/2025 ( In 168 giorni )

Il Libano è una repubblica parlamentare del Vicino Oriente, caratterizzata da una significativa diversità religiosa e culturale, con una storia antica e una geografia variegata che spazia dalla costa mediterranea alle montagne.

The Obbligazione issued by Libanon ( Lebanon ) , in USD, with the ISIN code XS1313654623, pays a coupon of 7.05% per year.
The coupons are paid 2 times per year and the Obbligazione maturity is 01/11/2035
The Obbligazione issued by Libanon ( Lebanon ) , in USD, with the ISIN code XS1313654623, was rated B- ( Highly speculative ) by Standard & Poor's ( S&P ) credit rating agency.

The Lebanese Republic
U.S.$25,000,000,000
Global Medium-Term Note Program
Under this U.S.$25,000,000,000 Global Medium-Term Note Program (the "Program"), the Lebanese Republic (the "Republic", "Lebanon" or
the "Issuer") may, from time to time, subject to compliance with all relevant laws, regulations and directives, issue notes in either bearer or
registered form (the "Notes").
The maximum aggregate principal amount of all Notes from time to time outstanding under the Program will not exceed U.S.$25,000,000,000
(or its equivalent in other currencies determined at the time of the agreement to issue), subject to any duly authorized increase. Notes may be
denominated in U.S. Dollars, Euros and such other currencies as may be agreed between the Republic and the relevant Dealers (as defined
below). Notes will have maturities of not less than three months nor more than 30 years and will bear interest on a fixed or floating rate basis.
SEE "RISK FACTORS" FOR A DISCUSSION OF CERTAIN FACTORS TO BE
CONSIDERED IN CONNECTION WITH AN INVESTMENT IN THE NOTES.
Any Notes to be issued after the date hereof under the Program are issued subject to the provisions set out herein. This does not affect any Notes
issued prior to the date hereof.
The Notes may be issued on a continuing basis to the Dealers and any additional Dealer(s) appointed under the Program from time to time
pursuant to the terms of the Second Amended and Restated Program Agreement dated 1 March 2010 (as the same may be amended from time to
time, the "Program Agreement"), which appointment may be for a specific issue or on an ongoing basis (each, a "Dealer" and, together, the
"Dealers"). References in this Base Prospectus to the "relevant Dealer", in the case of an issue of Notes being (or intended to be) subscribed by
more than one Dealer, shall be to all Dealers agreeing to subscribe for such Notes.
Notes will be issued in series (each, a "Series"), with all Notes in a Series having the same maturity date and terms otherwise identical (except in
relation to issue dates, interest commencement dates, issue prices and related matters). Notes in each Series may be issued in one or more
tranches (each, a "Tranche") on different issue dates. Details applicable to the Notes in a particular Series or Tranche will be supplied in a final
terms to this Base Prospectus (each, a "Final Terms"), which will contain the aggregate principal amount of such Notes, interest (if any) payable
in respect of such Notes, the issue price of such Notes and other details applicable to such Series or Tranche. This Base Prospectus may not be
used to consummate sales of Notes unless accompanied by a Final Terms.
The price and amount of Notes to be issued under the Program will be determined by the Issuer and the relevant Dealer at the time of issue in
accordance with prevailing market conditions.
This Base Prospectus constitutes a base prospectus for the purposes of Article 5.4 of Directive 2003/71/EC, as amended (which includes the
amendments made by Directive 2010/73/EU) (the "Prospectus Directive"). Application has been made to the Commission de Surveillance du
Secteur Financier (the "CSSF") in its capacity as competent authority, under the Law on Prospectuses for Securities, to approve this document as
a base prospectus. By approving this Base Prospectus, the CSSF gives no undertaking as to the economic or financial opportuneness of any
transaction contemplated by this Base Prospectus or the quality and solvency of the Republic in line with the provisions of Article 7(7) of the
Law on Prospectuses for Securities. Application has also been made to the Luxembourg Stock Exchange for Notes issued under this Base
Prospectus to be admitted to trading on the Luxembourg Stock Exchange's Regulated Market and to be listed on the Official List of the
Luxembourg Stock Exchange. The Luxembourg Stock Exchange is a regulated market for the purposes of the Markets in Financial Instruments
Directive 2004/39/EC. However, Notes may be issued under the Program which will not be listed on the Official List of the Luxembourg Stock
Exchange or on any other stock exchange, and the Final Terms applicable to the Notes in a Series will specify whether or not Notes in such
Series will be listed on the Official List of the Luxembourg Stock Exchange or on any other stock exchange.
Arranger
Citigroup
Dealers
Citigroup
Commerzbank
Deutsche Bank
J.P. Morgan
Morgan Stanley
Nomura
Standard Chartered Bank

The date of this Base Prospectus is 22 October 2015.

IMPORTANT NOTICE
The Notes have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "Securities
Act"), or any state securities laws, or under the securities laws of any other jurisdiction. This Base Prospectus has been
prepared by the Republic for use in connection with the offer and sale of Notes outside the United States to non-U.S.
persons in reliance upon Regulation S under the Securities Act ("Regulation S") and, with respect to Notes in
registered form only, within the United States to qualified institutional buyers ("QIBs") in reliance upon and as defined
in Rule 144A under the Securities Act ("Rule 144A"). Prospective purchasers are hereby notified that sellers of Notes
may be relying on the exemption from the provisions of Section 5 of the Securities Act provided by Rule 144A. For a
description of certain restrictions on transfer of the Notes, see "Notice to Purchasers and Holders of Restricted Notes
and Transfer Restrictions" and "Subscription and Sale".
Notes other than Bearer Notes offered otherwise than in reliance on Regulation S pursuant to the Program Agreement
may be offered by the Dealers through their respective agents in the United States.
Notes of each Tranche will initially be represented by either a Temporary Global Note, a Permanent Global Note, a
Regulation S Global Note and/or a Restricted Global Note (each as defined herein) as indicated in the applicable Final
Terms. See "Forms of the Notes".
Application has been made to the CSSF, in its capacity as competent authority under the Law on Prospectuses for
Securities, to approve this document as a base prospectus.
Copies of the Final Terms will be available from the office of the Ministry of Finance and from the specified office set
out below of each of the Paying Agents (as defined below).
The Republic has agreed to comply with any undertakings given by it from time to time to the Luxembourg Stock
Exchange in connection with Notes in a Series to be listed on the Official List of the Luxembourg Stock Exchange and,
without prejudice to the generality of the foregoing, shall in connection with the listing of the Notes on the Official List
of the Luxembourg Stock Exchange or on any other relevant stock exchange, so long as any Note remains outstanding,
prepare a supplement to this Base Prospectus, or, as the case may be, publish in a new Base Prospectus, whenever
required by the rules of the Luxembourg Stock Exchange or any other relevant stock exchange, or by the Law on
Prospectuses for Securities, and in any event (i) if the maximum aggregate principal amount of Notes that may be
issued under the Program is increased, (ii) upon the Republic becoming aware that (A) there has been a significant
change (including any change to the Terms and Conditions of the Notes in a Series to be listed on the Official List of the
Luxembourg Stock Exchange) affecting any matter contained in this Base Prospectus or (B) a significant new matter
has arisen, the inclusion of information in respect of which would have been required to be in this Base Prospectus if it
had arisen before this Base Prospectus was issued or (iii) if the terms of the Program are modified or amended in a
manner which would make this Base Prospectus, as supplemented, materially inaccurate or misleading. In the event
that a supplement to this Base Prospectus is produced pursuant to such undertakings, a copy of such supplement will
accompany this Base Prospectus. Any such supplement to this Base Prospectus will also be available from the specified
office of the Fiscal Agent and Transfer Agent in Luxembourg. See "General Information--Documents on Display".
The Dealers have not independently verified the information contained herein. Accordingly, no representation,
warranty or undertaking, express or implied, is made and no responsibility or liability is accepted by the Dealers as to
the accuracy or completeness of the information contained in this Base Prospectus or any other information provided
by the Republic or any other person in connection with the Program or the Notes or their distribution. The statements
made in this paragraph are made without prejudice to the responsibility of the Republic under the Program.
No person is or has been authorized to give any information or to make any representation not contained in or not
consistent with this Base Prospectus, the Program Agreement or any other information supplied in connection with the
Program or the Notes and, if given or made, such information or representation must not be relied upon as having been
authorized by the Republic or any of the Dealers.
Neither this Base Prospectus nor any other information supplied in connection with the Program or any Notes (i) is
intended to provide the basis of any credit or other evaluation or (ii) should be considered as a recommendation or
constituting an offer by the Republic or any of the Dealers that any recipient of this Base Prospectus or any other
information supplied in connection with the Program or any Notes should purchase any Notes in any jurisdiction where
it is unlawful for such person to make such a recommendation or offer. Each investor contemplating purchasing any
Notes should make its own independent investigation of the financial condition and affairs and its own appraisal of the
creditworthiness of the Republic. Neither this Base Prospectus nor any other information supplied in connection with
i

the Program or any Notes constitutes an offer or invitation by or on behalf of the Republic or any of the Dealers to any
person to whom it is unlawful to make such offer to subscribe for or to purchase any Notes.
Neither the delivery of this Base Prospectus nor the offering, sale or delivery of any Notes shall in any circumstance
imply that the information contained herein concerning the Republic is correct at any time subsequent to the date
hereof or the date as of which it is expressed to be given or that any other information supplied in connection with the
Program is correct as of any time subsequent to the date indicated in the document containing the same. The Dealers
expressly do not undertake to review the financial condition or affairs of the Republic during the life of the Program.
Investors should review, inter alia, documents incorporated by reference herein when deciding whether or not to
purchase any Notes.
This Base Prospectus has been approved by the CSSF and published in accordance with the Prospectus Directive, as
implemented in Luxembourg. Pursuant to Article 7(7) of the Luxembourg Law on prospectuses for securities, by
approving this Base Prospectus, the CSSF gives no undertaking as to the economic or financial soundness of any
transaction contemplated by this Base Prospectus or the quality and solvency of the Republic.
The distribution of this Base Prospectus and the offer or sale of Notes may be restricted by law in certain jurisdictions.
None of the Dealers or the Republic makes any representation to any investor in the Notes regarding the legality of its
investment under any applicable laws. The Republic and the Dealers do not represent that this document may be
lawfully distributed, or that any Notes may be lawfully offered, in compliance with any applicable registration or other
requirements in any such jurisdiction, or pursuant to an exemption available thereunder, or assume any responsibility
for facilitating any such distribution or offering. In particular, no action has been taken by the Republic or the Dealers
(save for the approval of this document as a Base Prospectus by the CSSF) which would permit a public offering of any
Notes or distribution of this document in any jurisdiction where action for that purpose is required. Accordingly, no
Notes may be offered or sold, directly or indirectly, and neither this Base Prospectus nor any advertisement or other
offering material may be distributed or published in any jurisdiction, except under circumstances that will result in
compliance with any applicable laws and regulations and the Dealers have represented that all offers and sales by them
will be made on the same terms. Persons into whose possession this Base Prospectus or any Notes come must inform
themselves about and observe any such restrictions. In particular, there are restrictions on the distribution of this Base
Prospectus and the offer or sale of Notes in the United States, the European Economic Area and the United Kingdom.
For a description of these and certain further restrictions on offers and sales of the Notes and distribution of this Base
Prospectus, see "Subscription and Sale" and "Notice to Purchasers and Holders of Restricted Notes and Transfer
Restrictions" below.
The Notes have not been registered with, recommended by or approved or disapproved by the U.S. Securities and
Exchange Commission (the "SEC") or any other federal or state securities commission in the United States, nor has
the SEC or any other federal or state securities commission confirmed the accuracy or determined the adequacy of this
Base Prospectus. Any representation to the contrary is a criminal offense in the United States. The Notes are subject to
restrictions on transferability and resale and may not be transferred or resold except as permitted under applicable
federal or state securities laws pursuant to a registration statement or an exemption from registration. See
"Subscription and Sale" and "Notice to Purchasers and Holders of Restricted Notes and Transfer Restrictions" below.
Investors should be aware that they may be required to bear the financial risks of this investment for an indefinite
period of time.
In making an investment decision regarding the Notes, prospective investors must rely on their own examination of the
Republic and the terms of the Program, including the merits and risks involved. Any investor in the Notes should be
able to bear the economic risk of an investment in the Notes for an indefinite period.
The Notes may include Notes in bearer form that are subject to U.S. tax law requirements. Subject to certain exceptions,
Notes in bearer form having a maturity (at issue) of more than one year are subject to U.S. tax law requirements and
may not be offered, sold or delivered within the United States or its possessions or to United States persons, except in
certain transactions permitted by U.S. tax regulations. See "Subscription and Sale".
ii

RESPONSIBILITY STATEMENT
The Republic accepts responsibility for the information contained in this Base Prospectus. Having taken all reasonable
care that such is the case, the information contained in this Base Prospectus is, to the best of the knowledge of the
Republic, in accordance with the facts and contains no omission likely to affect the import of such information.
This section is to be read in conjunction with "Important Information Relating to Public Offers of Notes--Consent
Given in Accordance With Article 3.2 of the Prospectus Directive (Retail Cascades)" below.
IN CONNECTION WITH THE ISSUE OF NOTES IN ANY SERIES OR TRANCHE UNDER THE
PROGRAM, THE DEALER OR DEALERS (IF ANY) NAMED AS THE STABILIZING MANAGER(S)
(EACH, A "STABILIZING MANAGER") (OR PERSONS ACTING ON BEHALF OF ANY STABILIZING
MANAGER(S)) IN THE APPLICABLE FINAL TERMS MAY OVER-ALLOT NOTES OR EFFECT
TRANSACTIONS WITH A VIEW TO SUPPORTING THE MARKET PRICE OF THE NOTES IN SUCH A
SERIES AT A LEVEL HIGHER THAN THAT WHICH MIGHT OTHERWISE PREVAIL, BUT IN DOING
SO SUCH STABILIZING MANAGER SHALL ACT AS PRINCIPAL AND NOT AS AGENT OF THE
REPUBLIC. HOWEVER, THERE IS NO ASSURANCE THAT THE STABILIZING MANAGER (OR
PERSONS ACTING ON BEHALF OF A STABILIZING MANAGER) WILL UNDERTAKE STABILIZATION
ACTION. ANY STABILIZATION ACTION MAY BEGIN ON OR AFTER THE DATE ON WHICH
ADEQUATE PUBLIC DISCLOSURE OF THE TERMS OF THE OFFER OF THE RELEVANT SERIES OF
NOTES IS MADE AND, IF BEGUN, MAY BE ENDED AT ANY TIME, BUT IT MUST END NO LATER
THAN THE EARLIER OF 30 DAYS AFTER THE ISSUE DATE OF THE RELEVANT SERIES OF NOTES
AND 60 DAYS AFTER THE DATE OF THE ALLOTMENT OF THE RELEVANT SERIES OF NOTES. ANY
STABILIZATION WILL BE CONDUCTED IN ACCORDANCE WITH ALL APPLICABLE REGULATIONS.
ANY LOSS RESULTING FROM OVER-ALLOTMENT AND STABILIZATION SHALL BE BORNE, AND
ANY NET PROFIT ARISING THEREFROM SHALL BE RETAINED, BY ANY STABILIZING MANAGER
FOR ITS OWN ACCOUNT. SEE "SUBSCRIPTION AND SALE".
NOTICE TO FLORIDA RESIDENTS
THESE NOTES ARE OFFERED PURSUANT TO A CLAIM OF EXEMPTION UNDER SECTION 517.061 OF THE
FLORIDA SECURITIES AND INVESTOR PROTECTION ACT AND HAVE NOT BEEN REGISTERED UNDER
SAID ACT IN THE STATE OF FLORIDA. ALL FLORIDA RESIDENTS (OTHER THAN EXEMPT
INSTITUTIONAL INVESTORS) HAVE THE RIGHT TO VOID THE PURCHASE OF THESE NOTES WITHOUT
PENALTY WITHIN THREE (3) DAYS OF MAKING SUCH PURCHASE.
NOTICE TO NEW HAMPSHIRE RESIDENTS
NEITHER THE FACT THAT A REGISTRATION STATEMENT OR AN APPLICATION FOR A LICENSE HAS
BEEN FILED UNDER CHAPTER 421-B OF THE NEW HAMPSHIRE REVISED STATUTES ANNOTATED, 1955,
AS AMENDED ("RSA"), WITH THE STATE OF NEW HAMPSHIRE NOR THE FACT THAT A SECURITY IS
EFFECTIVELY REGISTERED OR A PERSON IS LICENSED IN THE STATE OF NEW HAMPSHIRE
CONSTITUTES A FINDING BY THE SECRETARY OF STATE OF NEW HAMPSHIRE THAT ANY
DOCUMENT FILED UNDER SUCH RSA CHAPTER 421-B IS TRUE, COMPLETE AND NOT MISLEADING.
NEITHER ANY SUCH FACT NOR THE FACT THAT AN EXEMPTION OR EXCEPTION IS AVAILABLE FOR A
SECURITY OR A TRANSACTION MEANS THAT THE SECRETARY OF STATE OF NEW HAMPSHIRE HAS
PASSED IN ANY WAY UPON THE MERITS OR QUALIFICATIONS OF, OR RECOMMENDED OR GIVEN
APPROVAL TO, ANY PERSON, SECURITY, OR TRANSACTION. IT IS UNLAWFUL TO MAKE, OR CAUSE
TO BE MADE, TO ANY PROSPECTIVE PURCHASER, CUSTOMER, OR CLIENT ANY REPRESENTATION
INCONSISTENT WITH THE PROVISIONS OF THIS PARAGRAPH.
iii

PRESENTATION OF FINANCIAL INFORMATION
All references in this document to "Lebanese Pounds" and "LL" are to the currency of the Lebanese Republic; to
"U.S. Dollars" and "U.S.$" are to the currency of the United States of America; to "Euros" or "" are to the currency
introduced at the start of the third stage of European economic and monetary union pursuant to the Treaty establishing
the European Community, as amended by the Treaty on European Union; and to "SDR" are to Special Drawing Rights
of the International Monetary Fund (the "IMF"). References in this document to "billions" are to thousands of millions,
and to the "Government" are to the Government of Republic.
For ease of presentation, certain financial information relating to the Republic included herein is presented as translated
into U.S. Dollars. On the date of this Base Prospectus the closing U.S. Dollar/Lebanese Pound rate of exchange as
reported by Banque du Liban ("BDL"), the Republic's Central Bank, was LL 1,507.5 = U.S.$1.00. However, this
translation should not be construed as a representation that the Lebanese Pound amount actually represents such U.S.
Dollar amount or could be converted into U.S. Dollars at the rate indicated or any other rate.
The Gross Domestic Product ("GDP") figures, the ratios that include GDP figures and the statements regarding the
evolution of GDP presented in this Base Prospectus differ from previously published data due to the publication of new
official GDP estimates published by the Central Administration for Statistics ("CAS"). See "The Economy--Gross
Domestic Product".
Certain other figures included in this Base Prospectus differ from previously published figures for a number of reasons,
including continuing implementation of a debt management system, consultation with the IMF and ongoing statistical
revisions. Also, certain monetary amounts included in this Base Prospectus have been subject to rounding adjustments.
Accordingly, figures shown as totals in certain tables may not be an exact arithmetic aggregation of the figures that
precede them. See "Risk Factors--Risks Relating to the Republic--Accuracy of Financial and Statistical Information".
FORWARD-LOOKING STATEMENTS
Some of the statements contained in this Base Prospectus constitute forward-looking statements. Statements that are not
historical facts are forward-looking statements. Forward-looking statements generally can be identified by the use of
forward-looking terminology such as "may", "will", "expect", "intend", "estimate", "anticipate", "believe", "continue"
or similar terminology. These statements are based on the Government's current plans, objectives, assumptions,
estimates and projections. Therefore, undue reliance should not be placed on them. Forward-looking statements speak
only as of the date that they are made and the Republic does not undertake to update any of them in light of new
information or future events. Forward-looking statements involve inherent risks and uncertainties. The Republic
cautions that a number of important factors could cause actual results to differ materially from those contained in any
forward-looking statement. Forward-looking statements include, but are not limited to, certain statements relating to the
general political, military and economic conditions in the Republic, the absence of military conflict between the
Republic and Israel, the state of relations between the Republic and Syria, the ability of the Government to implement
economic and fiscal reforms, including its privatization program, the effective implementation of decisions of donor
countries and international financial institutions regarding financial assistance to the Republic, estimates of external
debt repayment and the effects of the global financial crisis on the Republic's economy and finances.
iv

JURISDICTION AND ENFORCEMENT
Jurisdiction and Immunity
The Republic is a sovereign state. Consequently, it may be difficult for investors to obtain or realize upon judgments
against the Republic in the courts of the United States. The Republic has irrevocably submitted to the non-exclusive
jurisdiction of any New York State or federal court sitting in The City of New York in the Borough of Manhattan for
purposes of any suit, action or proceeding arising out of or relating to the Notes (a "Related Proceeding"). The
Republic has also irrevocably agreed that all claims in respect of any Related Proceeding may be heard and determined
in any such New York State court or any such federal court, subject to the following. The Republic has irrevocably
waived the defense of an inconvenient forum to the maintenance of any Related Proceeding whether on the grounds of
venue, residence or domicile; however, the Republic will not waive any right to seek removal or transfer of any Related
Proceeding from any such court of the State of New York to any U.S. federal court sitting in New York City, in the
Borough of Manhattan.
To the extent that the Republic or its assets have or hereafter may acquire any immunity (sovereign or otherwise) from
the jurisdiction of any such courts or from any legal process (whether through service or notice, attachment prior to
judgment, attachment in aid of execution, execution or otherwise) in any such court, the Republic has, to the extent it is
lawfully entitled to do so, irrevocably agreed not to claim and will irrevocably waive such immunity in respect of any
Related Proceeding. This waiver of immunity by the Republic will have the fullest scope permitted under the U.S.
Foreign Sovereign Immunities Act of 1976 but will not constitute a general waiver or a waiver of immunity in respect
of property that is used solely or principally for official purposes (such as ambassadorial and consular real property and
buildings and the contents thereof, any military property or military assets or property or assets of the Republic related
thereto, or any bank accounts of embassies or consulates to the extent of monies maintained therein for ambassadorial,
consular or other official purposes, but not commercial purposes, in each case necessary for the proper official,
ambassadorial or consular functioning of the Republic).
Prospective investors in Notes should be aware that, pursuant to Lebanese law, including Article 860 of the Code of
Civil Procedure of Lebanon, the Republic's properties and assets are immune from execution, attachment or other legal
or judicial process and, in any Related Proceeding brought in the courts of Lebanon against the Republic or brought in
those courts to enforce or seek recognition of a judgment obtained outside Lebanon, the Republic's waiver of immunity
referred to above would not be given effect to the extent it violates Article 860 of the Code of Civil Procedure of
Lebanon.
Proceedings and Enforcement
The enforcement of foreign judgments in Lebanon is governed by Articles 1013, 1014, 1015 and 1016 of the Lebanese
Code of Civil Procedure. Under those provisions, a judgment obtained in any U.S. court would be recognized and
enforced by the courts in Lebanon without reconsideration of its merits provided that the foreign judgment satisfies the
following additional conditions: (i) the foreign judgment must have been issued by a court competent to do so under the
law of the relevant country in a proceeding in which the court's jurisdiction was not based solely on the nationality of
the plaintiff; (ii) the foreign judgment must be final and enforceable in the country in which it was rendered, and the
foreign judgment must not be based on documents subsequently deemed or found to be untrue and must not contain
contradictory terms; (iii) the laws of the country in which the foreign judgment was rendered must permit the
enforcement of judgments rendered by Lebanese courts without reconsideration of the merits; (iv) the defendant must
have been properly served with legal process with respect to the proceeding in which the foreign judgment was
rendered and due process must have been observed in connection with the proceeding, and no party to the litigation
must have failed to deliver to the court material documents relating to the dispute; (v) the foreign judgment must not be
contrary to Lebanese public policy; (vi) a final judgment in the same case between the same parties must not have been
rendered by a Lebanese court; and (vii) no action commenced prior to the relevant foreign proceeding may be pending
with respect to the same subject matter and between the same parties before the Lebanese courts.
Enforcement of foreign judgments in Lebanon also involves the payment of significant court and related fees, which
may be as high as 2.5% of the amount claimed. Court costs and fees in connection with a direct action brought against
the Republic in Lebanese courts may be as high as 5% of the amount claimed.
v

TABLE OF CONTENTS
IMPORTANT NOTICE ............................................................................................................................................. i
RESPONSIBILITY STATEMENT ......................................................................................................................... iii
NOTICE TO FLORIDA RESIDENTS .................................................................................................................... iii
NOTICE TO NEW HAMPSHIRE RESIDENTS .................................................................................................... iii
PRESENTATION OF FINANCIAL INFORMATION .......................................................................................... iv
FORWARD-LOOKING STATEMENTS ............................................................................................................... iv
JURISDICTION AND ENFORCEMENT ............................................................................................................... v
TABLE OF CONTENTS ......................................................................................................................................... vi
SUMMARY .............................................................................................................................................................. 1
RISK FACTORS .................................................................................................................................................... 16
INCORPORATION BY REFERENCE ................................................................................................................. 26
GENERAL DESCRIPTION OF THE PROGRAM ............................................................................................... 27
IMPORTANT INFORMATION RELATING TO PUBLIC OFFERS OF NOTES .............................................. 31
TABLE OF SELECTED LEBANESE ECONOMIC INDICATORS .................................................................... 33
THE LEBANESE REPUBLIC ............................................................................................................................... 34
THE ECONOMY .................................................................................................................................................... 51
EXTERNAL SECTOR ........................................................................................................................................... 67
MONETARY SYSTEM ......................................................................................................................................... 77
PUBLIC FINANCE ................................................................................................................................................ 86
PUBLIC DEBT ....................................................................................................................................................... 99
TERMS AND CONDITIONS OF THE NOTES ................................................................................................. 113
USE OF PROCEEDS ........................................................................................................................................... 132
FORMS OF THE NOTES .................................................................................................................................... 133
BOOK-ENTRY CLEARANCE SYSTEMS ........................................................................................................ 135
NOTICE TO PURCHASERS AND HOLDERS OF
RESTRICTED NOTES AND TRANSFER RESTRICTIONS .......................................................................... 140
TAXATION .......................................................................................................................................................... 142
SUBSCRIPTION AND SALE ............................................................................................................................. 153
GENERAL INFORMATION ............................................................................................................................... 157
FORM OF APPLICABLE FINAL TERMS ......................................................................................................... 160
vi

SUMMARY
Summaries are made up of disclosure requirements known as "Elements". These elements are numbered in Sections A
 E (A.1 E.7). This summary contains all the Elements required to be included in a summary for this type of securities
and issuer. As some Elements are not required to be addressed, there may be gaps in the numbering sequence of the
Elements. Even though an Element may be required to be inserted in the summary because of the type of securities and
issuer, it is possible that no relevant information can be given regarding the Element. In this case a short description of
the Element is included in the summary with the mention of "Not Applicable".
Section A Introduction and Warnings
Element
Requirement

A.1
Introductory
This summary should be read as introduction to the Base Prospectus.
disclaimer
Any decision to invest in the Notes should be based on consideration of the Base
Prospectus as a whole by the investor.
Where a claim relating to the information contained in the Base Prospectus is
brought before a court, the plaintiff investor might, under the national legislation
of the Member States, have to bear the costs of translating the Base Prospectus
before the legal proceedings are initiated.
Civil liability attaches only to those persons who have tabled the summary
including any translation thereof, but only if the summary is misleading,
inaccurate or inconsistent when read together with the other parts of the Base
Prospectus or it does not provide, when read together with the other parts of the
Base Prospectus, key information in order to aid investors when considering
whether to invest in the Notes.
A.2
Consent to use of
[Not Applicable--the Notes are being offered in circumstances falling within
Base Prospectus
Article 3(2) of the Prospectus Directive.]
[Not Applicable--the Notes are issued in denominations of at least 100,000 (or
its equivalent in any other currency).]
[The Issuer consents to the use of this Base Prospectus in connection with a Non-
exempt Offer of the Notes subject to the following conditions:
(i)
the consent is only valid during the period from [·] until [·] (the "Offer
Period");
(ii)
the only persons ("Offerors") authorized to use this Base Prospectus to
make the Non-exempt Offer of the Notes are the relevant Dealer(s) and
[(i) [·] [and [·]] or (ii) if the Republic appoints additional financial
intermediaries after [·] (being the date of the Final Terms) and publishes
details of them on its website, each financial intermediary whose details
are so published]/ or [any financial intermediary which is authorized to
make such offers under Directive 2004/39/EC (the Markets in Financial
Instruments Directive) and which acknowledges on its website that it is
relying on this Base Prospectus to offer the relevant Tranche of Notes
during the Offer Period]; [and]
(iii)
the consent only extends to the use of this Base Prospectus to make
Non-exempt Offers of the relevant Tranche of Notes in Luxembourg
(the "Public Offer Jurisdiction"); [and]
[(iv)
the consent is subject to the following other condition[s]: [·]]
[Any Offeror falling within sub-paragraph (ii) above who meets all of the other
conditions stated above and wishes to use this Base Prospectus in connection
1

with a Non-exempt Offer is required, at the relevant time, to publish on its
website that it is relying on this Base Prospectus for such Non-exempt Offer with
the consent of the Republic.]
[The consent referred to above is valid for the period of twelve months from the
date of this Base Prospectus. The Republic accepts responsibility in
Luxembourg, the jurisdiction to which the consent to use this Base Prospectus
extends, for the content of this Base Prospectus in relation to any investor who
acquires any Notes in a Non-exempt Offer made by any person to whom consent
has been given to use this Base Prospectus in that connection in accordance with
the preceding paragraphs, provided that such Non-exempt Offer has been made
in accordance with all the conditions attached to that consent.]
[INFORMATION ON THE TERMS AND CONDITIONS OF THE OFFER
BY ANY FINANCIAL INTERMEDIARY IS TO BE PROVIDED AT THE
TIME OF THE OFFER BY THE FINANCIAL INTERMEDIARY.]

Section B Issuer
Element
Requirement

B.17
Credit ratings of
The long term foreign currency sovereign credit ratings of the Republic are: B-
the Issuer or Notes
(negative outlook) by Standard & Poor's Credit Market Services Europe Limited
("S&P"), B2 (negative outlook) by Moody's Investor Services Limited
("Moody's") and B (negative outlook) by Fitch Ratings Limited ("Fitch").
[Not applicable--The Notes to be issued have not been rated.] /[The Notes to be
issued [have been/are expected to be] rated:]
[S&P: [ ]]
[Moody's: [ ]]
[Fitch: [ ]]

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B.47
Description of the
The Issuer's official name is the Lebanese Republic. It is a sovereign state.
Issuer, its solvency
and economy
Founding and Geography
Effective political independence of the Republic from French rule occurred on
22 November 1943. The Republic is situated in the Levant on the eastern most
part of the Mediterranean Sea. The total area of the Republic is 10,452 km2.
Economy
Lebanon has a long and established tradition of having an open and free market
economy. The state sector has traditionally been small, with the Government
having a history of minimal intervention in economic activity.
The Government continues to favor a strong role for the private sector in a liberal
policy environment. It welcomes foreign investment in the economy.
The Government is facing a number of economic challenges, including (i) higher
energy prices and the corresponding impact on the Treasury, (ii) the events in
Syria and their impact on the economy of the Republic and the impact of recently
implemented measures requiring additional expenditures, including Law 181
regarding the electricity sector, (iii) the cost-of-living increases for public sector
employees and the increases in public sector wages currently under discussion,
and (iv) disagreements among political parties, which have led to an inability of
the Council of Ministers to adopt resolutions and a stalemate on a number of
material issues.
Despite these challenges, the Government remains committed to improving the
Government's fiscal position and the debt-to-GDP ratio.
The Republic's real GDP growth slowed to 0.9% in 2011, 2.8% in 2012 and
3.0% in 2013, as compared to an average real GDP growth rate of 9.2% between
2007 and 2010, mainly as a result of political instability in the region. The IMF
has estimated real GDP growth at 2.0% in 2014 and has projected real GDP
growth in 2015 and 2016 at 2.5%.
In 2013, the services sector accounted for approximately 70% of GDP (figures
for 2014 are not available). This includes commercial trade and motor vehicle
repairs, transport, catering, information and communication services, financial
services, real estate and business services, public administration and education,
health and other services.
The Republic faces significant debt maturities in the coming years, with
approximately LL 7,458 billion (approximately U.S.$4.9 billion), of which LL
2,692 billion in interest payments, maturing in the period 1 September 31
December 2015 (including approximately LL 1,461 billion (U.S.$0.97 billion) in
foreign currency debt) as at 30 June 2015 and LL 23,061 billion (approximately
U.S.$15.3 billion), of which LL 6,008 billion in interest payments, maturing in
the period 1 January 31 December 2016 (including approximately LL 6,681
billion (U.S.$4.43 billion) in foreign currency debt) as at 30 June 2015. While
the Republic does not currently rely on international financial assistance in order
to service its debt, it has benefited from international financial assistance in the
past.
Not Applicable--No recent events have occurred with respect to the Republic
that are relevant to the evaluation of the Republic's solvency.
B.48
Description of
Balance of Payments and Foreign Trade
public finance and
trade information
Lebanon is a predominantly importing country characterized by large trade
deficits; these deficits generally have been offset by capital account inflows, as
well as by inflows from remittances, income earnings, tourism and other
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