Obligation Dominican Republic 6.85% ( USP3579EBE60 ) en USD

Dominican Republic

100 % ▲

Republique dominicaine

USP3579EBE60 ( en USD )

6.85% par an ( paiement semestriel )

27/01/2045

Prospectus brochure de l'obligation Dominican Republic USP3579EBE60 en USD 6.85%, échéance 27/01/2045

100 000 USD

2 000 000 000 USD

P3579EBE6

N/A

27/07/2024 ( Dans 72 jours )

L'Obligation émise par Dominican Republic ( Republique dominicaine ) , en USD, avec le code ISIN USP3579EBE60, paye un coupon de 6.85% par an.
Le paiement des coupons est semestriel et la maturité de l'Obligation est le 27/01/2045

L I S T I N G M E M O R A N D U M

The Dominican Republic
US$500,000,000 5.500% Bonds due 2025
US$500,000,000 6.850% Bonds due 2045
We made an offer of US$500,000,000 aggregate principal amount of our 5.500% bonds due 2025, which we refer to as the "new 2025 bonds." We
also made an offer of US$500,000,000 aggregate principal amount of our 6.850% bonds due 2045, which we refer to as the "new 2045 bonds," and
together with the new 2025 bonds, the "new bonds." The new bonds were offered as additional debt securities under an indenture dated January 27,
2015, pursuant to which, on January 27, 2015, we previously issued US$1,000,000,000 aggregate principal amount of our 5.500% bonds due 2025 (the
"initial 2025 bonds," and together with the new 2025 bonds, the "2025 bonds") and US$1,500,000,000 aggregate principal amount of our 6.850% bonds
due 2045 (the "initial 2045 bonds," and together with the new 2045 bonds, the "2045 bonds"). The initial 2025 bonds and initial 2045 bonds are referred
to as the "initial bonds," and collectively with the new bonds, the "bonds." The new 2025 bonds and new 2045 bonds have identical terms and
conditions, except for the issue date and issue price, as the initial 2025 bonds and initial 2045 bonds, respectively, and are fungible with the initial 2025
bonds and the initial 2045 bonds, respectively, and constitute a single series and vote as a single class of debt securities under the indenture,
respectively, following expiration of the 40 day restricted period under Regulation S under the Securities Act (as defined below). The initial bonds and
the new bonds of each respective series have the same ISIN and CUSIP numbers, except that the new bonds offered and sold in compliance with
Regulation S were issued and maintained under temporary ISIN and CUSIP numbers during a 40-day distribution compliance period commencing on
the date of issuance of the new bonds.
After giving effect to the offering, an aggregate of US$1,500,000,000 of 2025 bonds and an aggregate of US$2,000,000,000 of 2045 bonds are
outstanding. Interest on the new bonds will accrue from January 27, 2015 and will be payable semiannually on January 27 and July 27 of each year. The
first interest payment on the bonds will be made on July 27, 2015. The 2025 bonds will mature on January 27, 2025, and the 2045 bonds will mature on

January 27, 2045. The bonds are not redeemable prior to maturity.
The new bonds are direct, general, unconditional, unsubordinated and unsecured Public External Debt of the Republic, ranking without any
preference, among themselves and equally with all other unsubordinated Public External Debt of the Republic for which the full faith and credit of the
Republic is pledged.
The bonds contain "collective action clauses." Under these provisions, which differ from the terms of the Republic's Public External Debt issued
prior to January 27, 2015, the Republic may amend the payment provisions of any series of debt securities issued under the indenture (including the new
bonds) and other reserve matters listed in the indenture with the consent of the holders of: (1) with respect to a single series of debt securities, more than
75% of the aggregate principal amount of the outstanding debt securities of such series; (2) with respect to two or more series of debt securities, if
certain "uniformly applicable" requirements are met, more than 75% of the aggregate principal amount of the outstanding debt securities of all series
affected by the proposed modification, taken in the aggregate; or (3) with respect to two or more series of debt securities, more than 66 2/3% of the
aggregate principal amount of the outstanding debt securities of all series affected by the proposed modification, taken in the aggregate, and more than
50% of the aggregate principal amount of the outstanding debt securities of each series affected by the proposed modification, taken individually.
The Republic has applied to list the new bonds on the Official List of the Luxembourg Stock Exchange and for trading on the Euro MTF market of
the Luxembourg Stock Exchange. This listing memorandum constitutes a prospectus for the purpose of the Luxembourg law dated July 10, 2005, as
amended, on prospectuses for securities.
Investing in the new bonds involves risks. See "Risk Factors" beginning on page 12.
The new bonds have not been and will not be registered under the U.S. Securities Act of 1933, as amended, or the "Securities Act", or the securities
laws of any other jurisdiction. The new bonds will be offered only to qualified institutional buyers in the United States under Rule 144A of the
Securities Act and to non-U.S. persons outside the United States under Regulation S of the Securities Act. Prospective purchasers that are qualified
institutional buyers are hereby notified that the sellers of the new bonds may be relying on an exemption from the provisions of Section 5 of the
Securities Act provided by Rule 144A under the Securities Act. Outside the United States, the offering is being made in reliance on Regulation S under
the Securities Act.
Any offer or sale of new bonds in any member state of the European Economic Area (the "EEA") that has implemented Directive 2003/71/EC (the
"Prospectus Directive") must be addressed to qualified investors (as defined in the Prospectus Directive).
Price for new 2025 bonds: 102.835% plus accrued interest, if any, from January 27, 2015.
Price for new 2045 bonds: 104.567% plus accrued interest, if any, from January 27, 2015.
The initial purchasers delivered the new bonds to purchasers on or about May 7, 2015, only in book-entry form through the facilities of The
Depository Trust Company, Euroclear and Clearstream, Luxembourg.
___________________
BofA Merrill Lynch
J.P. Morgan
Co-Manager
BanReservas
May 12, 2015

The Republic is responsible for the information contained in this listing memorandum. The Republic has not
authorized anyone to give you any other information, and the Republic takes no responsibility for any other
information that others may give you. You should not assume that the information contained in this listing
memorandum is accurate as of any date other than the date on the front of this listing memorandum.
TABLE OF CONTENTS

Notice to Prospective Investors in the United States ................................................................................................... ii
Notice to New Hampshire Residents Only ................................................................................................................. iii
Notice to Prospective Investors in the European Economic Area .............................................................................. iii
Notice to Prospective Investors in Chile ..................................................................................................................... iv
Enforceability of Civil Liabilities ............................................................................................................................... iv
Defined Terms and Conventions ................................................................................................................................ vi
Forward-Looking Statements ................................................................................................................................... viii
Summary...................................................................................................................................................................... 1
The Offering ................................................................................................................................................................ 9
Risk Factors ............................................................................................................................................................... 12
Use of Proceeds ......................................................................................................................................................... 18
The Dominican Republic ........................................................................................................................................... 19
The Economy ............................................................................................................................................................. 27
Balance of Payments and Foreign Trade ................................................................................................................... 69
The Monetary System ................................................................................................................................................ 82
Public Sector Finances ............................................................................................................................................. 105
Public Sector Debt ................................................................................................................................................... 122
Description of the New Bonds ................................................................................................................................. 136
Book-Entry Settlement and Clearance ..................................................................................................................... 148
Transfer Restrictions ................................................................................................................................................ 151
Taxation ................................................................................................................................................................... 154
Plan of Distribution ................................................................................................................................................. 157
Official Statements .................................................................................................................................................. 162
Validity of the New Bonds ...................................................................................................................................... 162
General Information ................................................................................................................................................ 162
APPENDIX -- Global Public Sector External Debt ............................................................................................... A-1

i

This listing memorandum has been prepared by the Republic solely for use in connection with the proposed
offering of the securities described in this listing memorandum. This listing memorandum is personal to each offeree
and does not constitute an offer to any other person or to the public generally to subscribe for or otherwise acquire
securities. You are authorized to use this listing memorandum solely for the purpose of considering the purchase of the
Republic's new bonds. Each prospective investor, by accepting delivery of this listing memorandum, agrees to the
foregoing. This listing memorandum may only be used for the purpose for which it has been published.
After having made all reasonable inquiries, the Republic confirms that:
the information contained in this listing memorandum is true and correct in all material respects and is
not misleading as of the date of this listing memorandum;
changes may occur in the Republic's affairs after the date of this listing memorandum;
certain statistical, economic, financial and other information included in this listing memorandum
reflects the most recent reliable data readily available to the Republic as of the date hereof;
the Republic holds the opinions and intentions expressed in this listing memorandum;
the Republic has not omitted other facts the omission of which makes this listing memorandum, as a
whole, misleading in any material respect; and
the Republic accepts responsibility for the information it has provided in this listing memorandum and
assumes responsibility for the correct reproduction of the information contained herein.
In making an investment decision, prospective investors must rely on their own examination of the Republic
and the terms of the offering, including the merits and risks involved. Prospective investors should not construe
anything in this listing memorandum as legal, business or tax advice. Each prospective investor should consult its own
advisors as needed to make its investment decision and to determine whether it is legally permitted to purchase the
securities under applicable legal investment or similar laws or regulations.
The Republic has furnished the information in this listing memorandum. You acknowledge and agree that the
initial purchasers make no representation or warranty, express or implied, as to the accuracy or completeness of such
information, and nothing contained in this listing memorandum is, or shall be relied upon as, a promise or
representation by the initial purchasers. This listing memorandum contains summaries believed to be accurate with
respect to certain documents, but reference is made to the actual documents for complete information. All such
summaries are qualified in their entirety by such reference. Copies of documents referred to herein will be made
available to prospective investors upon request to us or the initial purchasers.
The distribution of this listing memorandum and the offering and sale of the new bonds in certain
jurisdictions may be restricted by law. The Republic and the initial purchasers require persons into whose possession
this listing memorandum comes to inform themselves about and to observe any such restrictions. This listing
memorandum does not constitute an offer of, or an invitation to purchase, any of the new bonds in any jurisdiction in
which such offer or sale would be unlawful.
NOTICE TO PROSPECTIVE INVESTORS IN THE UNITED STATES
Neither the U.S. Securities and Exchange Commission ("SEC") nor any state securities commission has
approved or disapproved of these securities or determined if this listing memorandum is truthful or complete. Any
representation to the contrary is a criminal offense.
The new bonds are subject to restrictions on transferability and resale and may not be transferred or resold
except as permitted under the Securities Act and applicable state securities laws pursuant to registration or exemption
therefrom. As a prospective purchaser, you should be aware that you may be required to bear the financial risks of this

ii

investment for an indefinite period of time. Please refer to the sections in this listing memorandum entitled "Plan of
Distribution" and "Transfer Restrictions."
NOTICE TO NEW HAMPSHIRE RESIDENTS ONLY
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 ("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 IMPLIES THAT ANY DOCUMENT
FILED UNDER RSA 421-B IS TRUE, COMPLETE AND NOT MISLEADING. NEITHER ANY SUCH FACT
NOR THE FACT THAT ANY EXEMPTION OR EXCEPTION IS AVAILABLE FOR A SECURITY OR A
TRANSACTION MEANS THAT THE SECRETARY OF STATE 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.
NOTICE TO PROSPECTIVE INVESTORS IN THE EUROPEAN ECONOMIC AREA
In any EEA Member State that has implemented the Prospectus Directive, this communication is only
addressed to and is only directed at qualified investors in that member state within the meaning of the Prospectus
Directive.
This listing memorandum has been prepared on the basis that any offer of new bonds in any Member State of
the European Economic Area (each a Relevant Member State) will be made pursuant to an exemption under the
Prospectus Directive from the requirement to publish a prospectus for offers of new bonds. Accordingly any person
making or intending to make any offer within the EEA of new bonds which are the subject of the offering
contemplated in this listing memorandum may only do so in circumstances in which no obligation arises for the
Republic or the initial purchasers to publish a prospectus pursuant to Article 3 of the Prospectus Directive in relation to
such offer. Neither the Republic nor the initial purchasers have authorized, nor do they authorize, the making of any
offer (other than Permitted Public Offers) of new bonds in circumstances in which an obligation arises for the
Republic or the initial purchasers to publish a prospectus for such offer.
For the purposes of this provision, the expression "Prospectus Directive" means Directive 2003/71/EC (and
amendments thereto, including the 2010 PD Amending Directive, to the extent implemented in the Relevant Member
State), and includes any relevant implementing measure in the Relevant Member State and the expression "2010 PD
Amending Directive" means Directive 2010/73/EU.
Buyer's Representation
Each person in a Member State of the European Economic Area which has implemented the Prospectus
Directive (each a Relevant Member State) who receives any communication in respect of, or who acquires any new
bonds under the offer contemplated in this listing memorandum will be deemed to have represented, warranted and
agreed to and with the issuer and each initial purchaser that:
it is a qualified investor within the meaning of the law in that Member State implementing Article 2(1)(e)
of the Prospectus Directive.
In the case of any new bonds acquired by it as a financial intermediary, as that term is used in Article 3(2)
of the Prospectus Directive, (i) the new bonds acquired by it in the offer have not been acquired on behalf
of, nor have they been acquired with a view to their offer or resale to, persons in any Relevant Member
State other than qualified investors, as that term is defined in the Prospectus Directive, or in
circumstances in which the prior consent of the initial purchasers has been given to the offer or resale; or
(ii) where new bonds have been acquired by it on behalf of persons in any Relevant Member State other

iii

than qualified investors, the offer of those new bonds to it is not treated under the Prospectus Directive as
having been made to such persons.
For the purposes of this representation, the expression an "offer to the public" in relation to any new bonds in any
Relevant Member State means the communication in any form and by any means of sufficient information on the
terms of the offer and any new bonds to be offered so as to enable an investor to decide to purchase or subscribe for the
new bonds, as the same may be varied in that Relevant Member State by any measure implementing the Prospectus
Directive in that Relevant Member State and the expression Prospectus Directive means Directive 2003/71/EC (and
amendments thereto, including the 2010 PD Amending Directive, to the extent implemented in the Relevant Member
State), and includes any relevant implementing measure in the Relevant Member State and the expression "2010 PD
Amending Directive" means 2010/73/EU.
NOTICE TO PROSPECTIVE INVESTORS IN CHILE
The new bonds will not be registered under the Ley de Mercado de Valores No. 18,045 (the "Securities
Market Law"), as amended, of Chile with the Superintendencia de Valores y Seguros (the "Chilean Securities and
Insurance Commission" or "SVS"), and, accordingly, may not be offered or sold to persons in Chile except in
circumstances that do not constitute a public offering under Chilean law.
Los nuevos bonos que se emitan no serán registrados en la Superintendencia de Valores y Seguros de
conformidad a la ley de Mercado de Valores No.18,045, por lo que de acuerdo a ello, no podrán ser ofrecidos a
personas en Chile excepto en circunstancias que no constituyan una oferta pública de valores de acuerdo a ley
Chilena.
___________________
ENFORCEABILITY OF CIVIL LIABILITIES
The Republic is a sovereign state. Consequently, it may be difficult for investors to obtain or realize in the
United States or elsewhere upon judgments against the Republic. To the fullest extent permitted by applicable law,
including the limitation mandated by the Constitution of the Dominican Republic which submits to the courts and law
of the Dominican Republic all agreements executed between the Government and foreign entities or individuals
domiciled in the Republic, the Republic will irrevocably submit to the non-exclusive jurisdiction of any New York
state or U.S. federal court sitting in The City of New York, Borough of Manhattan, and any appellate court thereof, in
any suit, action or proceeding arising out of or relating to the bonds or the Republic's failure or alleged failure to
perform any obligations under the bonds, and the Republic will irrevocably agree that all claims in respect of any such
suit, action or proceeding may be heard and determined in such New York state or U.S. federal court. The Republic
will irrevocably waive, to the fullest extent it may effectively do so, the defense of an inconvenient forum to the
maintenance of any suit, action or proceeding and any objection to any proceeding whether on the grounds of venue,
residence or domicile. To the extent the Republic has or hereafter may acquire any sovereign or other immunity from
jurisdiction of such courts with respect to any suit, action or proceeding arising out of or relating to the bonds or the
Republic's failure or alleged failure to perform any obligations under the bonds (whether through service of notice,
attachment prior to judgment, attachment in aid of execution, execution or otherwise), the Republic has, to the fullest
extent permitted under applicable law, including the U.S. Foreign Sovereign Immunities Act of 1976, irrevocably
waived such immunity in respect of any such suit, action or proceeding; provided, however, that under the U.S.
Foreign Sovereign Immunities Act of 1976, it may not be possible to enforce in the Republic a judgment based on such
a U.S. judgment, and that under the laws of the Republic, the property and revenues of the Republic are exempt from
attachment or other form of execution before or after judgment. See "Description of the New Bonds --Governing
Law" and "--Submission to Jurisdiction."
Notwithstanding the preceding paragraph, the Republic has not consented to service or waived sovereign
immunity with respect to actions brought against it under the U.S. federal securities laws or any state securities laws.
In the absence of a waiver of immunity by the Republic with respect to such actions, it would not be possible to obtain
a judgment in such an action brought in a U.S. court against the Republic unless such court were to determine that the
Republic is not entitled under the U.S. Foreign Sovereign Immunities Act of 1976 to sovereign immunity with respect
to such action. Further, even if a U.S. judgment could be obtained in any such action under the U.S. Foreign Sovereign

iv

Immunities Act of 1976, it may not be possible to enforce in the Republic a judgment based on such a U.S. judgment.
Execution upon property of the Republic located in the United States to enforce a U.S. judgment may not be possible
except under the limited circumstances specified in the U.S. Foreign Sovereign Immunities Act of 1976.

v

DEFINED TERMS AND CONVENTIONS
Certain Defined Terms
All references in this listing memorandum to the "Republic" are to the issuer, and all references to the
"Government" or the "Central Government" are to the central government of the Dominican Republic and its
authorized representatives.
The terms set forth below have the following meanings for the purposes of this listing memorandum:
GDP
Gross domestic product, or "GDP", is a measure of the total value of final products and services produced in
a country in a specific year. Nominal GDP measures the total value of final production in current prices. Real GDP
measures the total value of final production in constant prices of a particular year, thus allowing historical GDP
comparisons that exclude the effects of inflation. Historically, real GDP figures were based on constant values
referenced to their nominal level in 1991, the year used by the Banco Central de la República Dominicana, the
Dominican Central Bank or the "Central Bank", for purposes of maintaining real GDP statistics. In this listing
memorandum, however, real GDP figures are based on constant values referenced to their nominal level in 2007. On
August 21, 2014, the Central Bank officially released new series of national accounts for the period 2007-2014, which
resulted in the following three major changes: (1) the "reference year" was updated from 1991 to 2007, (2) the
incorporation of the latest recommendations of the United Nation's System of National Accounts ("SNA") (2008) that
applied to the Dominican context and for which statistical information was available, and (3) quarterly accounts are
now estimated using chained indexes and a more comprehensive set of indicators that were not collected in a timely
manner, such as revenues for selected activities and a more detailed production that were not previously accounted,
and other short term indicators. GDP growth rates and growth rates included in this listing memorandum for the
various sectors of the Dominican economy are based on real figures.

As a result of the aforementioned changes implemented by the Central Bank, GDP composition by sectors
was updated showing variations in the relative importance of each economic activity. In addition, the components of
GDP by the expenditure approach exhibit significant redistributions in their relative weights. These revisions are due
to changes in relative prices, improvements in data sources and methodology, integration of new products into the
economy, among other factors, which have had an impact in the composition of GDP between 1991 and 2007, the
reference years.

Balance of Payments
For balance of payments purposes, imports and exports are calculated based upon statistics reported to the
Republic's customs agency upon entry and departure of goods into the Dominican Republic on a free-on-board basis,
or "FOB basis", at a given point of departure.
Inflation
The inflation rate provides an aggregate measure of the rate of change in the prices of goods and services in
the economy. The Republic measures the inflation rate by the percentage change between two periods in the consumer
price index, or "CPI", unless otherwise specified. The CPI is based on a basket of goods and services identified by the
Central Bank that reflects the pattern of consumption of Dominican households. The price for each good and service
that makes up the basket is weighted according to its relative importance in order to calculate the CPI. The annual
percentage change in the CPI is calculated by comparing the index as of a specific December against the index for the
immediately preceding December. The annual average percentage change in the CPI is calculated by comparing the
average index for a twelve-month period against the average index for the immediately preceding twelve-month
period. The Republic does not compile statistics to calculate a producer price index or a wholesale price index, which
are other indices often used to measure inflation.

vi

Currency of Presentation and Exchange Rate
Unless we specify otherwise, references to "U.S. dollars," "dollars" and "US$" are to United States dollars,
and references to "pesos" and "DOP" are to Dominican pesos. Unless otherwise indicated, we have calculated the
exchange rate for each year in two ways: the end of period is the exchange rate reported by the Central Bank on the last
day of such year, while the yearly average corresponds to the daily average exchange rate reported by the Central Bank
for all working days during that year. This is consistent with the way that the International Monetary Fund or the
"IMF" publishes the exchange rates. In all cases, exchange rate information derives from transactions in the spot
market.
We have done all currency conversions, including conversions of pesos to U.S. dollars, for the convenience
of the reader only and you should not interpret these conversions as a representation that the amounts in question have
been, could have been or could be converted into any particular denomination, at any particular rate or at all.
The DOP/U.S. dollar purchase exchange rate on the spot market, as reported by the Central Bank, was
DOP42.67 per US$1.00 and DOP44.20 per US$1.00 at the close of business on December 31, 2013 and December 31,
2014, respectively. The spot market exchange rate reported by the Central Bank is used by the accounting
departments of private companies and public entities in the Dominican Republic, including the Central Bank, for
revaluation of assets and liabilities denominated in U.S. dollars.
Presentation of Financial and Economic Information
The Republic has presented all annual information in this listing memorandum based upon January 1 to
December 31 periods, unless otherwise indicated. Totals in certain tables in this listing memorandum may differ from
the sum of the individual items in such tables due to rounding.
The Central Bank conducts a review process of the Republic's official financial and economic statistics.
Accordingly, certain financial and economic information presented in this listing memorandum may be subsequently
adjusted or revised. The Government believes that this review process is substantially similar to the practices of
industrialized nations. The Government does not expect revisions of the data contained in this listing memorandum to
be material, although we cannot assure you that material changes will not be made.

vii

FORWARD-LOOKING STATEMENTS
This listing memorandum contains forward-looking statements. Forward-looking statements are statements
that are not historical facts, and include statements about the Republic's beliefs and expectations. These statements
are based on current plans, estimates and projections, and, accordingly, you should not place undue reliance on them.
Forward-looking statements speak only as of the date they are made. The Republic undertakes no obligation to update
any of these statements in light of new information or future events.
Forward-looking statements involve inherent risks and uncertainties. The Republic cannot assure you that
actual events or results will not differ materially from any forward-looking statements contained in this listing
memorandum. In particular, a number of important factors could cause actual results to differ materially from the
Republic's expectations. Such factors include, but are not limited to:
adverse external factors, such as:
o changes in the international prices of commodities and/or international interest rates, which could
increase the Republic's current account deficit and budgetary expenditures;
o changes in import tariffs and exchange rates, recession or low economic growth affecting the
Republic's trading partners, all of which could lower the growth or the level of exports of the
Dominican Republic, reduce the growth or the level of income from tourism of the Dominican
Republic, reduce the growth rate or induce a contraction of the Dominican economy and, indirectly,
reduce tax revenues and other public sector revenues, adversely affecting the Republic's fiscal
accounts;
o decreases in remittances from Dominicans living abroad;
o increased costs of crude oil resulting from increased international demand or from political or social
instability or armed conflict in oil-producing states, including The Bolivarian Republic of
Venezuela ("Venezuela") and countries in the Middle East;
o international financial uncertainty that reduces the Republic's ability to obtain loans to finance
planned infrastructure projects; and
o a decline in foreign direct investment, which could adversely affect the Republic's balance of
payments, the stability of the exchange rate and the level of the Central Bank's international
reserves, and a decrease in remittances from Dominicans residing and working abroad.
adverse domestic factors, such as lower than expected fiscal revenues, which could result in higher
domestic interest rates and an appreciation of the real exchange rate. These factors could lead to lower
economic growth, a decline in exports and income from tourism and a decrease in the Central Bank's
international reserves;
the continuing adverse economic effects of the crisis in the Dominican electricity sector; and
other adverse factors, such as climatic, geological or political events and the factors discussed in the
"Risk Factors" section beginning on page 12 of this listing memorandum.

viii

SUMMARY
This summary highlights information contained elsewhere in this listing memorandum. It is not complete and
may not contain all of the information you should consider before purchasing the new bonds. You should carefully
read the entire listing memorandum, including "Risk Factors" before purchasing the new bonds.
Selected Economic Information
(in millions of US$, except as otherwise indicated)

As of and for the year ended December 31,

2010
2011(1)
2012(1)
2013(1)
2014(1)
Domestic economy

GDP (at current prices) .....................................................
53,7
73.6
58,290.6
60,526.2
61,256.0
64,053.4
GDP (in millions of DOP, at current prices)..
1,978,851.9
2,218,428.8
2,377,503.7
2,558,585.6
2,786,229.7
Real GDP (in chained indexes referenced to
112.8
115.9
119.0
124.7
133.8
2007) (14) .......................................................................
Real GDP growth rate(2) ....................................................

8 .3%
2.8%
2.6%
4.8%
7.3%
Consumer price index (annual rate of
change) .........................................................................
6 .2%
7.8%
3.9%
3.9%
1.6%
Unemployment rate(3) .......................................................
1
4 .3%
14.6%
14.7%
15.0%
14.5%
Open unemployment rate(4) ...............................................
5 .0%
5.8%
6.5%
7.0%
6.4%
Exchange rate (weighted end of period,
in DOP) ........................................................................
3
6.09
37.31
38.55
40.17
42.60

Balance of payments(5)

Total current account(5) .....................................................
(4,
006)
(4,359)
(3,971)
(2,467)
(2,026)
Of which:

Trade balance (deficit) .............................................
(8,
395)
(8,940)
(8,738)
(7,377)
(7,369)
Income from tourism ...............................................
4 , 163
4,391
4,687
5,064
5,637
Personal transfers (workers'
remittances) .............................................................
3 , 683
4,008
4,045
4,262
4,571
Net borrowing/lending ......................................................
(3,
968)
(4,329)
(3,930)
(2,496)
(2,000)
Financial account balance(5) ..............................................
(5,
147)
(3,916)
(3,596)
(4,149)
(3,305)
Of which:

Foreign direct investment .......................................
2 , 024
2,277
3,142
1,991
2,209
Errors and omissions(6) ............................................
(1,
108)
575
(107)
(312)
(691)
Overall balance of payments, excluding
impact of gold valuation adjustment(7) ......................... 71
163
(440)
1,341
614
Change in Central Bank gross international
reserves (period end) .................................................... 466
339
(548)
1,146
162
Central Bank net international reserves
(period end) .................................................................
3 , 343
3,638
3,210
4,387
4,650

Public sector balance

Central government revenue(8) ..........................................
7 ,104
7,494
8,237
8,920
9,646
As a % of GDP .............................................................
1
3.2%
12.9%
13.6%
14.6%
15.1%
Central government expenditure(9) ....................................
8 ,424
8,953
12,164
10,812
11,410
As a % of GDP .............................................................
1
5.7%
15.4%
20.1%
17.7%
17.8%
Of which:

Current transfers to CDEEE.................................... 650
689
904
828
926
As a % of GDP .......................................................
1.2%
1.2%
1.5%
1.4%
1.4%
Central government balance .............................................
(1, 319)
(1,458)
(3,927)
(1,892)
(1,764)
As a % of GDP .............................................................
(
2.5)%
(2.5)%
(6.5)%
(3.1)%
(2.8)%
Overall non-financial public sector

balance(10) ....................................................................
(1, 514)
(1,768)
(4,130)
(2,331)
(2,014)
As a % of GDP .............................................................
(
2.8)%
(3.0)%
(6.8)%
(3.8)%
(3.1)%

Public sector debt(11)

Public sector external debt(12) ............................................
11,0
58.4
12,766.6
13,894.3
15,896.8
16,921.5
As a % of GDP .............................................................
2
0 .6%
21.9%
23.0%
26.0%
26.4%
Public sector domestic debt(13) ..........................................
8,4
65.6
8,886.9
10,765.2
11,977.8
12,079.4
As a % of GDP .............................................................
1
5 .7%
15.2%
17.8%
19.6%
18.9%
Total public sector debt ....................................................
19,5
24.0
21,653.5
24,659.5
27,874.6
29,000.9
As a % of GDP .............................................................
3
6 .3%
37.2%
40.7%
45.5%
45.3%

1