Bond Lietuvos Vyriausyb? 0.25% ( XS2168038417 ) in EUR

Lietuvos Vyriausyb?

100 % ▲

Lithuania

XS2168038417 ( in EUR )

0.25% per year ( payment 1 time a year)

06/05/2025 - Bond has expired

Prospectus brochure of the bond Central government: Lithuania XS2168038417 in EUR 0.25%, expired

Lithuania's central government operates under a parliamentary republic system with a president as head of state and a prime minister as head of government.

The Lithuanian government bond (ISIN: XS2168038417), a EUR-denominated 0.25% coupon bond maturing on 06/05/2025, has reached maturity and been fully repaid at 100% of face value.

FIMPORTANT NOTICE
NOT FOR DISTRIBUTION TO ANY U.S. PERSON OR TO ANY PERSON OR ADDRESS IN THE U.S.
IMPORTANT: You must read the following before continuing. The following applies to the offering circular (the
"Offering Circular") following this page, and you are therefore advised to read this carefully before reading,
accessing or making any other use of the Offering Circular. In accessing the Offering Circular, you agree to be bound
by the following terms and conditions, including any modifications to them any time you receive any information
from us as a result of such access.
NOTHING IN THIS ELECTRONIC TRANSMISSION CONSTITUTES AN OFFER OF SECURITIES FOR SALE
IN THE UNITED STATES OR ANY OTHER JURISDICTION WHERE IT IS UNLAWFUL TO DO SO. THE
SECURITIES HAVE NOT BEEN, AND WILL NOT BE, REGISTERED UNDER THE U.S. SECURITIES ACT
OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR THE SECURITIES LAWS OF ANY STATE OF THE
UNITED STATES OR OTHER JURISDICTION AND INCLUDE SECURITIES IN BEARER FORM THAT ARE
SUBJECT TO U.S. TAX LAW REQUIREMENTS. THE SECURITIES MAY NOT BE OFFERED OR SOLD
WITHIN THE UNITED STATES OR TO, OR FOR, THE ACCOUNT OR BENEFIT OF, U.S. PERSONS (AS
DEFINED IN THE INTERNAL REVENUE CODE OF 1996, AS AMENDED (THE "U.S. TAX CODE")),
EXCEPT IN CERTAIN TRANSACTIONS PERMITTED BY U.S. TAX REGULATIONS AND THE SECURITIES
ACT.
THE FOLLOWING OFFERING CIRCULAR MAY NOT BE FORWARDED OR DISTRIBUTED TO ANY
OTHER PERSON AND MAY NOT BE REPRODUCED IN ANY MANNER WHATSOEVER, AND IN
PARTICULAR, MAY NOT BE FORWARDED TO ANY U.S. PERSON OR TO ANY U.S. ADDRESS. ANY
FORWARDING, DISTRIBUTION OR REPRODUCTION OF THIS DOCUMENT IN WHOLE OR IN PART IS
UNAUTHORISED. FAILURE TO COMPLY WITH THIS DIRECTIVE MAY RESULT IN A VIOLATION OF
THE SECURITIES ACT OR THE APPLICABLE LAWS OF OTHER JURISDICTIONS.
Confirmation of your Representation: In order to be eligible to view this Offering Circular or make an investment
decision with respect to the securities, investors must not be a U.S. person (as defined in the U.S. Tax Code). By
accepting the e-mail and accessing this Offering Circular, you shall be deemed to have represented to us that you are
not a U.S. person (as defined in the U.S. Tax Code); the electronic mail address that you have given to us and to
which this e-mail has been delivered is not located in the United States, its territories and possessions (including
Puerto Rico, the U.S. Virgin Islands, Guam, American Samoa, Wake Island and the Northern Mariana Islands), any
State of the United States or the District of Columbia; and that you consent to delivery of such Offering Circular by
electronic transmission.
You are reminded that this Offering Circular has been delivered to you on the basis that you are a person into whose
possession this Offering Circular may be lawfully delivered in accordance with the laws of the jurisdiction in which
you are located and you may not, nor are you authorised to, deliver this Offering Circular to any other person.
This Offering Circular does not constitute, and may not be used in connection with, an offer or solicitation in any
place where offers or solicitations are not permitted by law. If a jurisdiction requires that the offering be made by a
licensed broker or dealer and the Arranger and Dealers (as defined herein) or any affiliate of the Arranger or
applicable Dealers is a licensed broker or dealer in that jurisdiction, the offering shall be deemed to be made by the
Arranger or such Dealer or such affiliate on behalf of the Issuer in such jurisdiction.
Under no circumstances shall this Offering Circular constitute an offer to sell or the solicitation of an offer to buy nor
shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be
unlawful. This Offering Circular may only be communicated to persons in the United Kingdom in circumstances
where Section 21(1) of the Financial Services and Markets Act 2000 does not apply.
This Offering Circular has been sent to you in an electronic form. You are reminded that documents transmitted via
this medium may be altered or changed during the process of electronic transmission and consequently neither the
Issuer, the Arranger, the Dealers nor any person who controls any of the foregoing nor any director, officer, employee
representative nor agent of any of the foregoing nor affiliate of any such person accepts any liability or responsibility
whatsoever in respect of any difference between the Offering Circular distributed to you in electronic format and the
hard copy version available to you on request from the Issuer or the Paying Agents described herein.

OFFERING CIRCULAR DATED 24 APRIL 2020

THE REPUBLIC OF LITHUANIA

Euro Medium Term Note Programme
Under the euro medium term note programme (the "Programme") described in this Offering Circular, the Republic of Lithuania
(the "Issuer", the "Republic" or "Lithuania") may from time to time issue notes (the "Notes") denominated in any currency agreed
between the Republic and the relevant Dealer (as defined below).
Notes may be issued in bearer or registered form (respectively, "Bearer Notes" and "Registered Notes"). The Notes may be issued
on a continuing basis to one or more of the Dealers specified under "Overview of the Programme" and any additional Dealer
appointed under the Programme from time to time by the Republic (each, a "Dealer" and together the "Dealers"), which
appointment may be for a specific issue or on an ongoing basis. References in this Offering Circular to the "relevant Dealer" shall,
in the case of an issue of Notes being (or intended to be) subscribed by more than one Dealer, be to all Dealers agreeing to subscribe
such Notes.
Investing in Notes issued under the Programme involves certain risks. The principal risk factors that may affect the abilities
of the Issuer to fulfil its obligations under the Notes are discussed under "Risk Factors" below.
Application has been made to list the Notes on the Official List of the Luxembourg Stock Exchange (the "Official List") and to
admit the Notes to trading on the Luxembourg Stock Exchange's regulated market (the "Market") pursuant to the rules and
regulations of the Luxembourg Stock Exchange. This Offering Circular neither constitutes a base prospectus pursuant to the
Luxembourg law on prospectuses for securities (loi relative aux prospectus pour valeurs mobilières) dated 16 July 2019 (the
"Luxembourg Prospectus Law") which implements Regulation (EU) 2017/1129 (the "Prospectus Regulation") nor a simplified
base prospectus pursuant to Part III of the Luxembourg Prospectus Law. Accordingly, this Offering Circular does not purport to
meet the format and the disclosure requirements of the Prospectus Regulation and Commission Delegated Regulation (EU)
2019/980 implementing the Prospectus Regulation, and it has not been, and will not be, submitted for approval to any competent
authority within the meaning of the Prospectus Regulation and in particular the Supervisory Commission of the Financial Sector
(Commission de Surveillance du Secteur Financier) (the "CSSF"), in its capacity as competent authority under the Luxembourg
Prospectus Law.
The Republic may agree with any Dealer that Notes may be issued in a form not contemplated by the terms and conditions (the
"Terms and Conditions" or "Conditions") of the Notes herein, in which event a supplement to the Offering Circular, in the case of
listed Notes only, if appropriate, will be made available which will describe the effect of the agreement reached in relation to such
Notes.
Notes issued under the Programme may be rated or unrated. Where a Tranche (as defined below) of Notes is rated, such rating will
be disclosed in the applicable Pricing Supplement (as defined below). Whether or not each credit rating applied for in relation to a
relevant Series (as defined below) of Notes will be issued by a credit rating established in the European Union ("EU") or the United
Kingdom ("UK") and registered under Regulation (EC) No. 1060/2009 (as amended) (the "CRA Regulation") will be disclosed
clearly and prominently in the Pricing Supplement.
A credit rating is not a recommendation to buy, sell or hold securities and may be subject to suspension, reduction or
withdrawal at any time by the assigning rating agency.
The Notes have not been and will not be registered under the United States Securities Act of 1933, as amended (the
"Securities Act") or with any securities regulatory authority of any state or other jurisdiction of the United States that is
subject to U.S. tax law requirements. Subject to certain exceptions, Notes may not be offered, sold or delivered within the
United States or to U.S. Persons (see "Subscription and Sale").
Arranger
BNP PARIBAS
Permanent Dealers
BARCLAYS
BNP PARIBAS
CITIGROUP
ERSTE GROUP
GOLDMAN SACHS INTERNATIONAL
SOCIÉTÉ GÉNÉRALE
J.P. MORGAN
CORPORATE & INVESTMENT BANKING

The Issuer, having made all reasonable enquiries, confirms that this offering circular, as amended or
supplemented (the "Offering Circular") contains all information with respect to the Issuer and the Notes
which is material in the context of the issue and offering of the Notes, that the information contained in
this Offering Circular is true and accurate in every material respect and is not misleading, that the
opinions and intentions expressed in this Offering Circular are honestly held and that there are no other
facts the omission of which makes misleading any statement herein, whether of fact or opinion. The
Issuer accepts responsibility for the information contained in this Offering Circular accordingly.
Notice of the aggregate principal amount of Notes, interest (if any) payable in respect of Notes, the issue
price of Notes and any other terms and conditions not contained herein which are applicable to each
Tranche (as defined under "Terms and Conditions of the Notes") of Notes will be set out in a pricing
supplement document (the "Pricing Supplement") which, with respect to Notes to be listed on the
Luxembourg Stock Exchange will be filed with the CSSF. Copies of Pricing Supplements in relation to
Notes to be listed on the Luxembourg Stock Exchange will also be published on the website of the
Luxembourg Stock Exchange (www.bourse.lu).
The Issuer has, pursuant to an amended and restated dealer agreement dated 24 April 2020 (the "Dealer
Agreement") appointed Barclays Bank Ireland PLC, Barclays Bank PLC, BNP Paribas, Citigroup Global
Markets Europe AG, Citigroup Global Markets Limited, Erste Group Bank AG, Goldman Sachs
International, J.P. Morgan Securities plc and Société Générale as permanent dealers for the Notes under
the Programme (the "Permanent Dealers", and, together with any other dealers that may be appointed
from time to time in relation to one or more tranches, the "Dealers"), and has authorised and requested
the Dealers to circulate this Offering Circular in connection with the Programme, subject to the provisions
of the Dealer Agreement. The Issuer has confirmed to the Dealers that this Offering Circular (together
with the relevant Pricing Supplement) contains all such information as may be required by all applicable
laws, rules and regulations.
No person has been authorised in connection with the offering of the Notes to give any information or
make any representation regarding the Issuer or the Notes other than as contained in this Offering
Circular. Any such representation or information should not be relied upon as having been authorised by
the Issuer or any agency thereof or the Dealers. Neither the delivery of this Offering Circular nor any
sales made in connection with the issue of Notes shall, under any circumstances, constitute a
representation that there has been no change in the affairs of the Issuer since the date hereof.
None of the Dealers has separately verified the information contained in this Offering Circular. To the
fullest extent permitted by law, the Dealers do not accept any responsibility for the contents of this
Offering Circular (including any information incorporated by reference) or for any other statement, made
or purported to be made by the Dealers in connection with the Issuer or the issue and offering of the
Notes. The Dealers accordingly disclaim all and any liability whether arising in tort or contract or
otherwise which any of them might otherwise have in respect of this Offering Circular or any Pricing
Supplement or any such statement. Each person receiving this Offering Circular or any Pricing
Supplement acknowledges that such person has not relied on any Dealer or any person affiliated with any
Dealer in connection with its investigation of the accuracy of such information or its investment decision.
Each person contemplating making an investment in the Notes must make its own investigation and
analysis of the creditworthiness of the Issuer and its own determination of the suitability of any such
investment, with particular reference to its own investment objectives and experience and any other
factors which may be relevant to it in connection with such investment.
This Offering Circular does not constitute an offer of, or an invitation by or on behalf of the Issuer or any
agency thereof or any Dealer to subscribe or purchase, any of the Notes. The distribution of this Offering
Circular and any Pricing Supplement and the offering of the Notes in certain jurisdictions may be
restricted by law. Persons into whose possession this Offering Circular or any Pricing Supplement comes
are required by the Dealers to inform themselves about and to observe any such restrictions. For a
description of certain further restrictions on offers and sales of Notes and distribution of this Offering
Circular or any Pricing Supplement and other offering material relating to the Notes, see "Subscription
and Sale".
In this Offering Circular, all references to "Litas" and "LTL" are to the lawful currency of the Issuer up
until 1 January 2015, all references to "U.S. dollars", "U.S.$" and "USD" are to the lawful currency for
the time being of the United States of America, all references to "SDR" are to Special Drawing Rights
against the International Monetary Fund (the "IMF"), all references to "", "EUR" and "Euro" are to the
currency introduced on 1 January 1999 at the start of the third stage of European Economic and Monetary
i

Union pursuant to the Treaty establishing the European Community, as amended. Between 2 February
2002 and 31 December 2014, the exchange rate of the Litas against the Euro was fixed at 1.00 = LTL
3.4528. The Euro was introduced and became the lawful currency of Lithuania on 1 January 2015.
Unless otherwise stated, all annual information, including budgetary information, is based on calendar
years. Figures included in this Offering Circular have been subject to rounding adjustments; accordingly,
figures shown for the same item of information may vary, and figures which are totals may not be the
arithmetical aggregate of their components.
Statistical data appearing in this Offering Circular has unless otherwise stated, been obtained from the
Lithuanian Department of Statistics ("Statistics Lithuania"), the Ministry of Finance and the Bank of
Lithuania. Similar statistics may be obtainable from other sources, although the underlying assumptions
and methodology, and consequently the resulting data, may vary from source to source. Statistics
Lithuania is a public authority coordinating official statistics in Lithuania. Among the general principles
set out in the Law on Statistics are independence from political and other interest groups and the
confidentiality of statistical data. The Ministry of Finance is not involved in the preparation of data
produced by Statistics Lithuania, including Gross Domestic Product ("GDP"). Statistical data produced
by Statistics Lithuania is confidential until its release.
Lithuania's official financial and economic statistics are subject to review as part of a regular
confirmation process. As statistical data is reviewed and confirmed, it is classified first as estimated data
(for GDP), then as provisional data, then as non-final data and then as final data. All amounts with respect
to GDP and GVA are nominal (at current prices whereas the growth rates are real). Accordingly, financial
and economic information may be subsequently adjusted or revised. While the Issuer does not expect
revisions to be material, no assurance can be given that material changes will not be made.
Lithuania is a sovereign state. Consequently, it may be difficult for investors to obtain judgments of
courts in countries outside Lithuania against Lithuania. Enforcement of such judgments in Lithuania may
be refused in certain circumstances in the absence of an applicable treaty facilitating such enforcement.
See "Risk Factors--Risks Relating to the Notes--Enforcement of Liabilities; Waiver of Immunity".
MiFID II Product Governance / Target Market: The Pricing Supplement in respect of any Notes may
include a legend entitled "MiFID II Product Governance" which will outline the target market assessment
in respect of the Notes and which channels for distribution of the Notes are appropriate. Any person
subsequently offering, selling or recommending the Notes (a "distributor") should take into
consideration the target market assessment; however, a distributor subject to Directive 2014/65/EU (as
amended, "MiFID II") is responsible for undertaking its own target market assessment in respect of the
Notes (by either adopting or refining the target market assessment) and determining appropriate
distribution channels. A determination will be made in relation to each issue about whether, for the
purpose of the MiFID Product Governance rules under EU Delegated Directive 2017/593 (the "MiFID
Product Governance Rules"), any Dealer subscribing for any Notes is a manufacturer in respect of such
Notes, but otherwise neither the Arranger nor the Dealers nor any of their respective affiliates will be a
manufacturer for the purpose of the MiFID Product Governance Rules.
Singapore SFA Product Classification: In connection with Section 309B of the Securities and Futures
Act (Chapter 289) of Singapore (the "SFA") and the Securities and Futures (Capital Markets Products)
Regulations 2018 of Singapore (the "CMP Regulations 2018"), unless otherwise specified before an
offer of Notes, the Issuer has determined, and hereby notifies all relevant persons (as defined in Section
309A(1) of the SFA), that the Notes are `prescribed capital markets products' (as defined in the CMP
Regulations 2018) and Excluded Investment Products (as defined in MAS Notice SFA 04-N12: Notice on
the Sale of Investment Products and MAS Notice FAA-N16: Notice on Recommendations on Investment
Products).
Benchmark Regulation: Interest and/or other amounts payable under the Notes may be calculated by
reference to certain reference rates. Any such reference rate may constitute a benchmark for the purposes
of Regulation (EU) 2016/2011 (the "Benchmark Regulation"). If any such reference rate does constitute
such a benchmark, the applicable Pricing Supplement will indicate whether or not the benchmark is
provided by an administrator included in the register of administrators and benchmarks established and
maintained by ESMA pursuant to Article 36 (Register of administrators and benchmarks) of the
Benchmark Regulation. Transitional provisions in the Benchmark Regulation may have the result that the
administrator of a particular benchmark is not required to appear in the register of administrators and
benchmarks at the date of the relevant Pricing Supplement. The registration status of any administrator
ii

under the Benchmark Regulation is a matter of public record and, save where required by applicable law,
the Issuer does not intend to update the relevant Pricing Supplement to reflect any change in the
registration status of the administrator.
In connection with the issue of any Tranche of Notes under the Programme, the Dealer or Dealers
(if any) named as the Stabilising Manager(s) (or persons acting on behalf of any Stabilising
Manager(s)) in the applicable Pricing Supplement may over allot Notes or effect transactions with a
view to supporting the market price of the Notes at a level higher than that which might otherwise
prevail. However, stabilisation may not necessarily occur. Any stabilisation action may begin on or
after the date on which adequate public disclosure of the terms of the offer of the relevant Tranche
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 Tranche of Notes and 60 days after the date of the
allotment of the relevant Tranche of Notes. Any stabilisation action or over-allotment must be
conducted by the relevant Stabilising Manager(s) (or person(s) acting on behalf of any Stabilising
Manager(s)) in accordance with all applicable laws, regulations and rules.
iii

FORWARD LOOKING STATEMENTS
This Offering Circular includes forward-looking statements. All statements other than statements of
historical fact included in this Offering Circular regarding, among other things, Lithuania's economy,
fiscal condition, politics, debt or prospects may constitute forward-looking statements. In addition,
forward-looking statements generally can be identified by the use of forward-looking terminology such as
"may", "will", "expect", "project", "intend", "estimate", "anticipate", "believe", "continue", "could",
"should", "would" or the like. Although the Issuer believes that expectations reflected in its forward-
looking statements are reasonable as at the date of this Offering Circular, there can be no assurance that
such expectations will prove to have been correct and actual results may differ materially. The Issuer
undertakes no obligation to update the forward-looking statements contained in this Offering Circular or
any other forward-looking statement it may make.
For the Issuer, in addition to the factors described in this Offering Circular, including, but not limited to,
those discussed under "Risk Factors", the following factors, among others, could cause future conditions
to differ materially from those expressed in any forward-looking statements made herein:
External factors, such as:
the impact of the international economic environment on the Lithuanian economy, including liquidity in
the international financial markets and volatility in international equity, debt and foreign exchange
markets;

interest rates in financial markets outside Lithuania;

the impact of any changes in the credit rating of Lithuania;

the impact of changes in the international prices of commodities; and

economic conditions in Lithuania's major export markets.
Internal factors, such as:

general economic and business conditions in Lithuania;

foreign currency reserves;

the level of domestic debt;

domestic inflation;

the ability of Lithuania to effect key economic reforms;

the level of foreign direct and portfolio investment.
PRESENTATION OF INFORMATION
In September 2014, Statistics Lithuania released annual data on the National Accounts for the years 2004
to 2013 revised under the European System of National and Regional Accounts ("ESA 2010") rules and
in October 2014, revised budget deficit data under ESA 2010 rules. The annual data on National
Accounts and budget deficit in this Offering Circular is presented under ESA 2010 methodology.
In June 2014, the Bank of Lithuania released the revised Balance of Payments ("BoP") data prepared on
the basis of the 6th edition of the BoP manual which is based on International Monetary Fund
methodology. Until 2014, EU Member States used the 5th edition of the BoP manual as a guide for BoP
data compilation.
Since 1 January 2017, the Ministry of Finance discontinued the calculation of the General Government
Sector (the "General Government Sector") debt data, including the debt of its sectors. As of 1 January
2017, general government debt data, including central government debt, local government debt and social
funds' debt, is calculated by Statistics Lithuania under the ESA 2010 methodology.
iv

EXCHANGE RATES
The Litas to Euro exchange rate was fixed between 2 February 2002 and 31 December 2014 at a rate of
LTL 3.4528 to EUR1.00. Since 1 January 2015, the Euro has been the lawful currency of Lithuania.
The following table sets forth the U.S. dollar to Euro exchange rates for the last day of the periods
indicated and the average exchange rates during the periods indicated:

Year ended 31 December
1 January to 31

2015
2016
2017
2018
2019
March 2020

(U.S.$ per )
Year or period end ............................
1.0887
1.0541
1.1993
1.1450
1.1234
1.0956
Average for year or period ................
1.1095
1.1069
1.1297
1.1810
1.1195
1.1113

v

CONTENTS

Page
DOCUMENTS INCORPORATED BY REFERENCE ............................................................................... 2
SUPPLEMENTARY OFFERING CIRCULAR .......................................................................................... 2
OVERVIEW OF THE PROGRAMME ....................................................................................................... 3
RISK FACTORS .......................................................................................................................................... 7
FORMS OF THE NOTES .......................................................................................................................... 15
TERMS AND CONDITIONS OF THE NOTES ....................................................................................... 21
USE OF PROCEEDS ................................................................................................................................. 47
FORM OF PRICING SUPPLEMENT ....................................................................................................... 48
SUMMARY OF PROVISIONS RELATING TO THE NOTES WHILE IN GLOBAL FORM ............... 59
THE REPUBLIC OF LITHUANIA ........................................................................................................... 62
THE LITHUANIAN ECONOMY ............................................................................................................. 73
BALANCE OF PAYMENTS AND FOREIGN TRADE ........................................................................... 94
PUBLIC DEBT .......................................................................................................................................... 99
GROSS EXTERNAL DEBT .................................................................................................................... 106
MONETARY AND FINANCIAL SYSTEM ........................................................................................... 107
PUBLIC FINANCES ............................................................................................................................... 124
TAXATION ............................................................................................................................................. 132
SUBSCRIPTION AND SALE ................................................................................................................. 134
GENERAL INFORMATION .................................................................................................................. 136
OFFICIAL STATEMENTS ..................................................................................................................... 138

- 1-

DOCUMENTS INCORPORATED BY REFERENCE
The Terms and Conditions of the Notes set out on pages 19 to 44 of the offering circular dated 15 January
2014, the Terms and Conditions of the Notes set out on pages 19 to 44 of the offering circular dated 21
October 2014, the Terms and Conditions of the Notes set out on pages 14 to 39 of the offering circular
dated 23 September 2015, the Terms and Conditions of the Notes set out on pages 18 to 43 of the offering
circular dated 7 July 2016,the Terms and Conditions of the Notes set out on pages 19 to 45 of the
Offering Circular dated 17 May 2017 and the Terms and Conditions of the Notes set out on pages 20 to
45 of the Offering Circular dated 7 June 2019 and prepared by the Issuer in connection with the
Programme shall be deemed to be incorporated in, and to form part of, this Offering Circular.
The document entitled "Action Plan for Economic Stimulus and Mitigation of Consequences of
Coronavirus (Covid-19) Transmission" (the "COVID-19 National Action Plan") prepared by the Issuer
and published on 16 March 2020 shall be deemed to be incorporated in, and form part of, this Offering
Circular.
The
COVID-19
National
Action
Plan
has
been
published
on
http://finmin.lrv.lt/uploads/finmin/documents/files/EN_ver/ACTION%20PLAN%20FOR%20ECONOMI
C%20STIMULUS%20AND%20MITIGATION%20OF%20CONSEQUENCES%20OF%20CORONAVI
RUS%20(COVID-19)%20TRANSMISSION%20.pdf.
All amendments and supplements to this Offering Circular prepared by the Issuer from time to time shall
be deemed to be incorporated in, and to form part of, this Offering Circular provided, however, that any
statement contained in this Offering Circular or in any of the documents incorporated by reference in, and
forming part of, this Offering Circular shall be deemed to be modified or superseded for the purpose of
this Offering Circular to the extent that a statement contained in any document subsequently incorporated
by reference modifies or supersedes such statement.
The Issuer will, at the specified offices of the Paying Agents, provide, free of charge, upon oral or written
request, a copy of this Offering Circular and any document incorporated by reference in this Offering
Circular. Written or oral requests for such documents should be directed to the specified office of any
Paying Agent.
SUPPLEMENTARY OFFERING CIRCULAR
In connection with the admission of Notes to the Official List and the admission to trading of Notes on
the Market or the admission of Notes to listing, trading and/or quotation by any other competent
authorities, stock exchanges and/or quotation systems, if there shall occur any adverse change affecting
any matter contained in this Offering Circular or any change in the information set out under "Terms and
Conditions of the Notes", that is material in the context of issuance under the Programme, the Issuer will
prepare or procure the preparation of an amendment or supplement to this Offering Circular or, as the
case may be, publish a new Offering Circular, for use in connection with any subsequent issue by the
Issuer of Notes to be admitted to the Official List and admitted to trading on the Market or admitted to
listing, trading and/or quotation on any other competent authorities, stock exchanges and/or quotation
systems.

- 2-

OVERVIEW OF THE PROGRAMME

The following overview does not purport to be complete and is qualified in its entirety by the remainder
of this Offering Circular. Words and expressions defined in "Forms of the Notes" or "Terms and
Conditions of the Notes" below shall have the same meanings in this overview.
Issuer:
The Republic of Lithuania

Legal Entity Identifier:
529900F7Y171QF1RSU09

Risk Factors:
Investing in Notes issued under the Programme involves certain risks. The
principal risk factors relating to the Notes are discussed under "Risk
Factors" below.
Arranger:
BNP Paribas

Dealers:
Barclays Bank Ireland PLC, Barclays Bank PLC, BNP Paribas, Citigroup
Global Markets Europe AG, Citigroup Global Markets Limited, Erste
Group Bank AG, Goldman Sachs International, J.P. Morgan Securities plc
and Société Générale as Permanent Dealers and any other Dealer
appointed from time to time by the Issuer either generally in respect of the
Programme or in relation to a particular Tranche (as defined below) of
Notes.
Fiscal Agent:
Citibank, N.A., London Branch.

Registrar:
Citibank Global Markets Europe AG.

Luxembourg Paying and
Banque Internationale à Luxembourg, société anonyme.

Listing Agent:
Listing and Trading:
Each Series (as defined below) may be listed on the Luxembourg Stock
Exchange and/or admitted to listing, trading and/or quotation by any other
listing authority, stock exchange and/or quotation system as may be
agreed between the Issuer and the relevant Dealer and specified in the
relevant Pricing Supplement or may be unlisted.
Clearing Systems:
Euroclear and/or Clearstream, Luxembourg and/or, in relation to any
Tranche of Notes, any other clearing system as may be specified in the
relevant Pricing Supplement.
Programme Size:
The Programme is unlimited in amount.

Issuance in Series:
Notes will be issued in series (each, a "Series"). Each Series may
comprise one or more tranches ("Tranches" and each, a "Tranche")
issued on different issue dates. The Notes of each Series will all be subject
to identical terms, except that the issue date and the amount of the first
payment of interest may be different in respect of different Tranches. The
Notes of each Tranche will all be subject to identical terms in all respects
save that a Tranche may comprise Notes of different denominations.
Pricing Supplements:
Each Tranche will be the subject of a Pricing Supplement which, for the
purposes of that Tranche only, supplements the Terms and Conditions of
the Notes and this Offering Circular and must be read in conjunction with
this Offering Circular. The terms and conditions applicable to any
particular Tranche of Notes are the Terms and Conditions of the Notes as
supplemented, amended and/or replaced by the relevant Pricing
Supplement.
Forms of Notes:
Notes may be issued in bearer form ("Bearer Notes") or in registered
form ("Registered Notes"). Bearer Notes will not be exchangeable for

- 3-