Obbligazione Venezuella 11.75% ( USP17625AE71 ) in USD

Venezuella

100 USD ▲

Venezuela

USP17625AE71 ( in USD )

11.75% per anno ( pagato 2 volte l'anno)

20/10/2026

Prospetto opuscolo dell'obbligazione Venezuela USP17625AE71 en USD 11.75%, scadenza 20/10/2026

100 USD

3 000 000 000 USD

P17625AE7

21/10/2025 ( In 170 giorni )

Il Venezuela è una repubblica presidenziale federale situata nel Nord del Sud America, caratterizzata da una grande diversità geografica e da una ricca biodiversità.

The Obbligazione issued by Venezuella ( Venezuela ) , in USD, with the ISIN code USP17625AE71, pays a coupon of 11.75% per year.
The coupons are paid 2 times per year and the Obbligazione maturity is 20/10/2026

LISTING MEMORANDUM
Bolivarian Republic of Venezuela
U.S.$3,000,000,000 11.75% Bonds due 2026 (the "Bonds")
______________________
The Bonds will bear interest at the rate of 11.75% per annum, accruing from October 21, 2011 and will pay interest on October
21 and April 21of each year, commencing April 21, 2012. The Bonds will mature on October 21, 2026. The Bonds are not
redeemable prior to maturity or entitled to the benefit of any sinking fund. The Bonds are direct, unconditional and unsecured
obligations of the Bolivarian Republic of Venezuela (the "Republic" or "Venezuela"). Application has been made to list the
Bonds on the Official List of the Luxembourg Stock Exchange (the "Exchange") and to trade the Bonds on the Euro MTF market
of the Exchange.
The Bonds are designated Collective Action Securities and, as such, contain provisions regarding future modifications to their
terms that differ from those applicable to certain of Venezuela's outstanding public issues of capital market indebtedness. Under
these provisions, which are described in the section entitled "Description of the Bonds--Meetings and Amendments" in this
Listing Memorandum, Venezuela may amend the payment provisions and certain other terms of the Bonds with the consent of
the holders of 75% of the aggregate principal amount outstanding of the Bonds.
The provisions relating to events of default in the Bonds differ from those contained in the majority of Venezuela's other
outstanding public issues of capital market indebtedness in that the Bonds do not contain an event of default provision that would
be triggered if Venezuela were to cease at a future date to maintain its membership in the International Monetary Fund ("IMF")
or to cease to be eligible to use the general resources of the IMF.
Issue Price: 95%
plus accrued interest, if any, from October 21, 2011
Delivery of the Bonds will be made on October 21, 2011 through the book-entry facilities of The Depositary Trust Company
("DTC") and its direct and indirect participants including Euroclear Bank SA/NV ("Euroclear") and Clearstream Banking,
société anonyme ("Clearstream, Luxembourg").
The initial placement of the Bonds will be made through Banco Central de Venezuela's ("Banco Central") SICOTME (System
for the Initial Placement of Bonds denominated in Foreign Currency) pursuant to Resolution No. 10-06-02 issued by Banco
Central's Board of Directors on June 10, 2010, as amended by Resolution No. 11-02-01 issued by Banco Central's Board on
February 10, 2011. Only financial institutions authorized by Banco Central may place orders with SICOTME, for their own
account or for their clients' accounts.
See "Risk Factors" beginning on page 6 to read about certain risks you should consider before investing in the Bonds.
You should read this Listing Memorandum carefully before you invest.
The Bonds 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 and
are subject to United States tax law requirements. The Bonds are being offered outside the United States in accordance
with Regulation S under the Securities Act ("Regulation S") and may not be offered, sold or delivered within the United
States or to, or for the account or benefit of, U.S. persons as defined in Regulation S except to persons in offshore
transactions in reliance on Regulation S. This Listing Memorandum has been prepared by the Republic solely for use in
connection with the offer and sale of the Bonds outside the United States pursuant to Regulation S.
Lead Dealer Manager
Credit Suisse
Dealer Manager
Evrofinance Mosnarbank
This Listing Memorandum is dated October 21, 2011.

You should rely only on the information contained in this Listing Memorandum. The Republic has not
authorized anyone to provide you with different or additional information. The Republic is not making an
offer of the Bonds in any jurisdiction where the offer or sale is not permitted. You should not assume that the
information provided by this Listing Memorandum is accurate as of any date other than the date on the front
of this Listing Memorandum. The financial condition and prospects of the Republic may have changed since
that date.
TABLE OF CONTENTS
Listing Memorandum
ABOUT THIS LISTING MEMORANDUM ................................................................................................................1
FORWARD-LOOKING STATEMENTS .....................................................................................................................3
ENFORCEMENT OF CIVIL LIABILITIES ................................................................................................................5
RISK FACTORS ...........................................................................................................................................................6
USE OF PROCEEDS ..................................................................................................................................................11
DESCRIPTION OF THE BONDS ..............................................................................................................................12
RECENT DEVELOPMENTS .....................................................................................................................................24
COUNTRY DESCRIPTION .......................................................................................................................................28
PRINCIPAL ECONOMIC INDICATORS.......................................................................................................29
INTRODUCTION ............................................................................................................................................30
BOLIVARIAN REPUBLIC OF VENEZUELA...............................................................................................41
THE VENEZUELAN ECONOMY ..................................................................................................................56
FOREIGN TRADE AND BALANCE OF PAYMENTS .................................................................................71
PRINCIPAL SECTORS OF THE VENEZUELAN ECONOMY ....................................................................85
THE FINANCIAL SYSTEM .........................................................................................................................109
PUBLIC FINANCE ........................................................................................................................................118
PUBLIC DEBT...............................................................................................................................................127
REGISTRATION AND BOOK-ENTRY SYSTEM .................................................................................................132
BANCO CENTRAL UNDERTAKING....................................................................................................................133
CLEARING AND SETTLEMENT...........................................................................................................................134
VENEZUELAN TAXATION ...................................................................................................................................136
NOTICE TO VENEZUELAN INVESTORS............................................................................................................137
DEALER MANAGERS ............................................................................................................................................138
VALIDITY OF THE BONDS...................................................................................................................................139
GENERAL INFORMATION....................................................................................................................................139
i

ABOUT THIS LISTING MEMORANDUM
The Republic, having made all reasonable inquiries, confirms that this Listing Memorandum contains all
information with respect to the Republic and the Bonds which is material in the context of the issue and offering of
the Bonds, that such information is true and accurate in all material respects and is not misleading, that the opinions
and intentions expressed herein are honestly held, have been reached after considering all relevant circumstances
and are based on reasonable assumptions, and that, to the best of the Republic's knowledge and belief, there are no
other facts the omission of which would make any such information or the expression of any such opinions and
intentions materially misleading. The Republic accepts responsibility accordingly. This Listing Memorandum
constitutes a prospectus for the purpose of Luxembourg law dated July 10, 2005 on prospectuses for securities.
Neither Credit Suisse Securities (Europe) Limited, as Lead Dealer Manager, nor Evrofinance Mosnarbank, as Dealer
Manager, (together the "Dealer Managers") makes any representation or warranty, express or implied, as to the
accuracy or completeness of this information, and nothing contained in this Listing Memorandum is, or shall be
relied upon as, a promise or representation, whether as to the past or the future. The Dealer Managers have not
independently verified any of such information and do not assume any responsibility for its accuracy or
completeness. The Dealer Managers do not warrant that no events have occurred that have not yet been publicly
disclosed by the Republic and that would affect the accuracy or completeness of the information concerning the
Republic included herein. Each person receiving this Listing Memorandum acknowledges that (i) such person has
not relied on the Dealer Managers or any person affiliated with the Dealer Managers in connection with its
investigation of the accuracy of such information or its investment decision, and (ii) no person has been authorized
to give any information or to make any representation concerning the Republic or the Bonds other than as contained
herein and, if given or made, any such other information or representation by such persons should not be relied upon
as having been authorized by or made on behalf of the Republic or the Dealer Managers.
This Listing Memorandum does not constitute an offer of, or an invitation by or on behalf of the Republic or the
Dealer Managers to purchase, any of the Bonds. The Listing Memorandum may only be used for the purposes for
which it has been published. The distribution of this Listing Memorandum and the offer and sale of the Bonds in
certain jurisdictions may be restricted by law. Persons into whose possession this Listing Memorandum comes are
required by the Republic and the Dealer Managers to inform themselves about and to observe any such restrictions.
For a description of certain further restrictions on offers and sales of the Bonds and distribution of this Listing
Memorandum, see "Dealer Managers".
References to the "Republic" or "Venezuela" are to the Bolivarian Republic of Venezuela.
The Republic is a foreign sovereign state. Consequently, it may be difficult for investors to obtain or realize upon
judgments of courts in the United States against the Republic. See "Enforcement of Civil Liabilities" and "Risk
Factors--Legal Status and Enforcement" in this Listing Memorandum.
Unless otherwise specified or the context requires, references to "dollars", "U.S. dollars", "U.S.$" and "US$" are to
United States dollars; references to "Bolívares" and "Bs." are to Venezuelan Bolívares, the currency of Venezuela;
references to "Euro", "EUR" and "" are to the lawful currency of the European Union; references to "¥" are to
Japanese yen; and references to "bpd" are to barrels per day. As used in this Listing Memorandum, the term
"billion" means one thousand million, or 1,000,000,000, and the term "trillion" means one thousand billion, or
1,000,000,000,000. Historical amounts translated into Bolívares or U.S. dollars have been converted at historical
rates of exchange, unless otherwise stated. Unless otherwise noted herein, all references to Venezuelan Bolívares
refer to nominal Bolívares. Certain amounts that appear in this Listing Memorandum have been rounded for ease of
presentation. Accordingly, figures shown as totals in certain tables may not represent an arithmetical aggregation of
the amounts that precede them.
Pursuant to Decree No. 5,229 of the President of the Republic, as published in the Official Gazette No. 38,638 of
March 6, 2007, the Goverment implemented a redenomination of the Bolívar, which became fully effective on
January 1, 2008. Under the redenomination plan, all amounts expressed in Bolívares before the redenomination
were thereafter divided by 1,000. In sum, the measure established a new monetary scale that eliminated three zeroes
from all denominations of the Bolívar. In preparation for the conversion, the adjective "Fuerte" was, for a transition
period that ended on January 1, 2009, added to the word "Bolívar", to make it "Bolívar Fuerte." Additionally, all
1

prices were expressed in both Bolívares and Bolívares Fuertes from October 1, 2007 until January 1, 2008. The title
"Bolívar Fuerte" was rescinded on January 1, 2009. Since that date, the domestic currency of Venezuela is again
officially referred to as the Bolívar. Accordingly, all references herein to Venezuela's currency will be to the
Bolivar or Bolívares (and not the Bolívar Fuerte or Bolívares Fuertes). Except as expressly noted herein, all Bolívar
figures included in this Listing Memorandum, whether for periods prior to or after the effective date of the
redenomination plan, are expressed in redenominated Bolívares.
Effective January 1, 2008, the U.S. dollar exchange rate was set at Bs.2.14 = U.S.$1.00 for purchase operations and
Bs.2.15 = U.S.$1.00 for sale operations.
On January 8, 2010, the government of Venezuela established a dual exchange rate regime. According to Convenio
Cambiario No. 14, the Ministry of Popular Power for Planning and Finance (the "Ministry of Finance"), together
with Banco Central, established an exchange rate of Bs.2.60 = U.S.$1.00 for essential goods, including food, health,
imports of machinery and equipment, science and technology, as well as all non-petroleum public sector transactions
and other special cases. The exchange rate for all other transactions was set at Bs.4.30 = U.S.$1.00.
On December 30, 2010, the Government eliminated the dual-exchange rate regime and established a single-
exchange rate. According to Convenio Cambiario No. 14, the Ministry of Finance, together with Banco Central,
established an exchange rate of Bs.4.30 = U.S.$1.00 for all transactions. Effective January 1, 2011, the U.S. dollar
exchange rate was set at Bs.4.2893 = U.S.$1.00 for purchase operations and Bs.4.30 = U.S.$1.00 for sale operations.
For further information on foreign exchange and the exchange rates applicable in the periods covered by this Listing
Memorandum, see "Risk Factors--Foreign Exchange Control Regime".
2

FORWARD-LOOKING STATEMENTS
This Listing Memorandum contains forward-looking statements. Statements that are not historical facts, including
statements about Venezuela's beliefs and expectations, are forward-looking statements. Specifically, words such as
"anticipates", "estimates", "expects", "intends", "plans", "seeks", "believes" and "will", and words and terms of
similar substance used in connection with any discussion of future economic, social or political developments,
identify forward-looking statements. These statements are based on current plans, objectives, estimates and
projections and you should not place undue reliance on them. Forward-looking statements speak only as of the date
they are made, and Venezuela undertakes no obligation to update any of them in light of new information or future
events. Forward-looking statements include, but are not limited to:

Venezuela's statements regarding its prospects for continued political stability;

Venezuela's plans with respect to the implementation of its economic plan;

Venezuela's outlook for inflation, interest rates and its fiscal accounts; and

Venezuela's statements concerning the degree of its success in the development of the non-petroleum
sectors of its economy.
Forward-looking statements involve inherent risks. Venezuela cautions you that many factors could affect the future
performance of the Venezuelan economy. These factors include, but are not limited to:
External factors, such as:

higher international interest rates, which could increase Venezuela's debt service requirements and
require a shift in budgetary expenditures toward additional debt service;

lower oil prices, which could decrease Venezuela's fiscal and foreign exchange revenues and could
negatively affect Venezuela's tax receipts, the balance of payments and the level of international
reserves;

recession or low growth in Venezuela's trading partners, which could lead to fewer exports from
Venezuela and, therefore, affect Venezuela's growth;

damage to and volatility in the international capital markets for emerging markets issuers caused by
economic conditions in other emerging markets and the international capital markets generally, which
could affect Venezuela's ability to engage in planned borrowing;

changes in import tariffs and exchange rates of other countries, which could harm Venezuelan
exporters and, as a consequence, have a negative impact on the growth of Venezuela's economy;

changes in the international prices of commodities; and

a deterioration in relations between Venezuela and other countries in the region or other disruptions to
its international relations.
Internal factors, such as:

the effect of the Government's exchange control regime on the ability of domestic and international
businesses to obtain foreign currency to pay for imported goods and raw materials, as well as
Venezuela's ability to continue to attract foreign investment;

the Government's ability to pass legislation in support of Venezuela's economic plan, as well as public
support for legislation that has been enacted as part of Venezuela's economic plan;

the stability of the banking system;

general economic and business conditions in Venezuela, including a decline in foreign direct and
portfolio investment, high domestic inflation, high domestic interest rates and volatile unemployment
3

levels, each of which could lead to lower levels of growth, lower international reserves and diminished
access of both the government and Venezuelan businesses to international capital markets;

the Government's ability to contain inflationary pressures in the economy;

foreign currency reserves; and

the level of domestic debt.
4

ENFORCEMENT OF CIVIL LIABILITIES
Venezuela is a foreign state. As a result, you may not be able to effect service of process within the United States
against Venezuela or enforce against Venezuela judgments in the courts of the United States predicated on the civil
liability provisions of the federal or state securities laws of the United States. Venezuela has agreed to submit to the
jurisdiction of United States federal and New York state courts located in the Borough of Manhattan, New York,
New York, the courts of England located in London and the courts of Venezuela located in Caracas, and has waived
some immunities and defenses in actions that might be brought against Venezuela with respect to the Bonds. Under
Venezuelan law, neither Venezuela nor any of Venezuela's property have any immunity from the jurisdiction of any
court or from set-off or any legal process (whether through service or notice, attachment prior to judgment,
attachment in aid of execution of judgment, execution or otherwise), except that Venezuela, as well as Venezuela's
properties located in Venezuela, have immunity from set-off, attachment prior to judgment, attachment in aid of
execution of judgment and execution of a judgment in actions and proceedings in Venezuela.
5

RISK FACTORS
This section describes certain risks associated with investing in the Bonds. You should consult your financial and
legal advisors about the risk of investing in the Bonds. Venezuela disclaims any responsibility for advising you on
these matters. Investors are urged to read carefully the entirety of this Listing Memorandum and to note, in
particular, the following considerations.
Social and Political Risks
From the outset of the administration of President Chávez, the government has pursued policies focused on
fundamentally changing the social and political order of Venezuela to promote the interests of the poorer elements
of the population. In prior years significant social and political tensions have arisen from those elements of society
that oppose such initiatives. Such tensions have in the past had a negative impact on the economic performance of
Venezuela and a recurrence of such tensions could have similar consequences.
Between December 2001 and August 2004, there was a period of intense political and social turmoil involving
groups that opposed and those that supported the Government. In May 2003, the Government and opposition groups
signed an agreement that established a constitutional solution to the political instability facing Venezuela in the form
of a potential referendum on the rule of President Chávez. On August 15, 2004, a recall referendum was held in
which approximately 59% of the votes cast were against recalling President Chávez.
On December 3, 2006, President Chávez was re-elected President for a six-year term, capturing 62.8% of the vote.
The last elections for state and local officials were held on November 23, 2008, which included over 500 races,
including 23 state governors, 335 mayors and 167 state legislative council members. Candidates from Partido
Socialista Unido de Venezuela ("PSUV"), the party headed by President Chávez, won 17 of the 23 gubernatorial
elections and approximately 80% of the mayoral offices, but candidates associated with opposition parties were
elected in Venezuela's three most populous states, as well as several major cities including the federal district of
Caracas and Maracaibo.
In August 2007, President Chávez submitted to the National Assembly, in accordance with procedures contained in
the 1999 Constitution, a proposal to amend the 1999 Constitution. According to the figures announced by the
National Electoral Council (the "CNE"), on December 2, 2007, approximately 50.8% of the voters rejected these
changes. In December 2008, President Chávez submitted a new proposal to the National Assembly to amend the
1999 Constitution to eliminate all term limits on the number of times elected officials may hold the same office. In a
referendum held on February 15, 2009 to approve or disapprove of the proposed amendment, approximately 54.9%
of the voters approved the changes to the 1999 Constitution.
On September 26, 2010, elections were held for the 165 seats in the National Assembly. PSUV won 98 seats, the
other parties aligned with the Chávez administration won 2 seats and the opposition won the remaining 65 seats.
Most of the Commissions in the National Assembly are led by members of PSUV. The next elections for the
president and state and local officials are scheduled at the end of 2012 and for the National Assembly in 2015. On
December 22, 2010, the National Assembly approved an amendment to its Internal Rules of Debates, reducing the
minimum number of meetings and limiting the time for speeches in the National Assembly.
Social and political tensions that have affected economic performance in Venezuela in the past have not recurred for
a number of years, but given the fundamental nature of the reforms sought by the Chávez administration, the
possibility of future unrest and its attendant impact on economic performance, cannot be excluded.
President's Health
On June 30, 2011, President Hugo Chávez addressed the nation for the first time since undergoing surgery in Cuba
earlier that month, announcing that he was being treated for cancer. As of September 2011, President Chávez had
undergone several sessions of chemotherapy. He has announced that he is recoving from his treatments. If
President Chávez were to become incapable of maintaining his duties as president, the person acting as Vice
President would assume presidential responsibilities for the remainder of President Chávez's six-year term under
Article 233 of the Constitution. The next presidential election is scheduled for October 7, 2012, with the new term
to begin in January 2013.
6

Economic Risks
Certain economic risks are inherent in any investment in an emerging market.
Investing in an emerging market economy such as Venezuela carries certain economic risks which may be different
from that of more developed economies. These risks include economic instability that may affect Venezuela's
economic results. Economic instability in Venezuela and in other Latin American and emerging market countries
has been caused by many different factors, including the following:
· high levels of inflation;
· exchange controls;
· high interest rates;
· changes in currency values;
· wage and price controls;
· changes in economic or tax policies; and
· the imposition of trade barriers.
Any of these factors, as well as volatility in the markets for securities similar to the Bonds, may adversely affect the
liquidity of and trading markets for the Bonds.
Foreign Exchange Control Regime
A devaluation of the Bolivar could have a material adverse effect on the Venezuelan economy.
The Foreign Currency Administration Commission ("CADIVI") administers, manages and controls the exchange
control regime. Purchases and sales of foreign currencies are centralized in Banco Central. The Ministry of
Finance, together with Banco Central, is in charge of setting the exchange rate with respect to the U.S. dollar and
other currencies.
Pursuant to Convenio Cambiario 18 dated June 1, 2010 between the Ministry of Finance and Banco Central, Banco
Central was vested with the authority to regulate the transaction in Bolívares of securities denominated in foreign
currency issued by the Republic and other entities owned directly or indirectly by the Republic. On September 30,
2010, Banco Central's Board of Directors issued Resolution 10-09-01, under which all secondary market
transactions in Bolívares of securities denominated in foreign currency issued by the Republic and other entities
owned directly or indirectly by the Republic are centralized with Banco Central's SITME (System for the
Transaction of Bonds Denominated in Foreign Currency) in which only financial institutions may participate.
The SITME system allows entities to acquire U.S. dollars at an implicit Bolivar/U.S. dollar exchange rate that
results from the purchase and sale of Republic bonds at the range price set by the Government. Such a change has
resulted and could result in the devaluation of the Bolivar against the U.S. dollar. Devaluation of the Bolívar could
have a material adverse effect on Venezuelan companies and financial institutions, which could adversely affect the
Venezuelan economy.
Sovereign Credit Rating
Changes in Venezuela's credit ratings may adversely affect the value of the Bonds.
In February 2006, Standard & Poor's raised Venezuela's foreign currency debt rating from "B+" to "BB-", citing
economic growth and stronger international reserves. In October 2006, Standard & Poor's lifted its outlook on
Venezuela's sovereign debt from "stable" to "positive", citing the contribution of high oil prices to the continued
improvement in Venezuela's debt indicators. In January 2007, Standard & Poor's modified its outlook on
Venezuela's sovereign debt from "positive" to "stable", citing increased uncertainty with respect to government
policy. In December 2008, Standard & Poor's again changed its outlook on Venezuela's sovereign debt to
"negative" and affirmed Venezuela's sovereign credit rating at "BB-". In August 2011, Standard & Poor's lowered
its long-term foreign and local currency credit ratings of Venezuela from "BB-" to "B+", citing political factors,
price and exchange controls and economic measures that have hurt private sector investment and productivity.
7

In September 2007, Moody's maintained Venezuela's foreign currency debt rating of "B2", citing the country's
strong foreign exchange reserve position and improving debt ratios, both external and fiscal. Also in September
2007, Moody's assigned a "stable" outlook to Venezuela's foreign currency debt rating, reflecting the expectations
of little change in policy direction and oil prices remaining relatively high.
In October 2007, Fitch cut its outlook on Venezuela's foreign currency-denominated debt rating of BB from "stable"
to "negative", citing an increasingly unsustainable macroeconomic policy framework. In December 2008, Fitch
lowered its rating for the Republic's foreign currency-denominated debt from "BB-" to "B+".
The information above was obtained from information available on the websites of the rating agencies.
Any actual or anticipated changes or downgrades in Venezuela's credit ratings could affect the market value of the
Bonds.
Oil Dependency
Any sustained decline in international petroleum prices or oil production or disputes with former joint venture
partners could have a material adverse effect on the Venezuelan economy and its fiscal accounts.
The Republic, a member of the Organization of the Petroleum Exporting Countries ("OPEC"), is the world's
eleventh-largest oil producer and fourth-largest oil exporter. The structure of the Venezuelan fiscal system is highly
dependent on petroleum revenues. From 2006 through 2010, petroleum products accounted for an average of
approximately 91% of Venezuela's total exports. During the same period, petroleum sector revenues accounted for
an average of approximately 45% of Venezuela's total Central Government revenues and petroleum sector activities
accounted for an average of approximately 12% of Venezuela's gross domestic product ("GDP"). In 2010,
petroleum activities accounted for approximately 11.7% of GDP, compared to approximately 11.6% in 2009.
The average export price for the Venezuelan oil basket in 2010 was U.S.$72.18 per barrel, an increase of 26.6%
from the average price of U.S.$57.01 per barrel recorded in 2009. There can be no assurance that Government
revenues from petroleum activities will not experience fluctuations as a result of changes in the international
petroleum market. Any sustained decline in international petroleum prices could adversely affect the Government's
fiscal accounts and international reserves. Additionally, Venezuelan petroleum production capacity may decrease if
the necessary capital expenditures are not allocated to this sector.
Petroleós de Venezuela, S.A. ("PDVSA"), the state oil company of Venezuela, is in legal disputes with several joint
venture partners and former contractors and any adverse results from these disputes could have a material adverse
effect on its economy and its fiscal accounts.
Legal Status and Enforcement
Venezuela is a foreign sovereign state and accordingly it may be difficult to obtain or enforce judgments against it.
Venezuela is a foreign state. As a result, it may not be possible for investors to effect service of process within their
own jurisdiction upon the Republic or to enforce against the Republic judgments obtained in their own jurisdictions.
Any such restriction might have a negative impact both on the liquidity of an investment in the Bonds and the
performance of an investment in the Bonds.
8