Obbligazione República Dominicana 9.04% ( USP3579EAD96 ) in USD

Emittente República Dominicana
Prezzo di mercato 100 USD  ⇌ 
Paese  Rep. Dominicana
Codice isin  USP3579EAD96 ( in USD )
Tasso d'interesse 9.04% per anno ( pagato 2 volte l'anno)
Scadenza 23/01/2018 - Obbligazione è scaduto



Prospetto opuscolo dell'obbligazione Dominican Republic USP3579EAD96 in USD 9.04%, scaduta


Importo minimo 109 298 USD
Importo totale 586 466 000 USD
Cusip P3579EAD9
Descrizione dettagliata La Repubblica Dominicana è una nazione caraibica che offre spiagge mozzafiato, una ricca storia, una cultura vibrante e una biodiversità straordinaria.

The Obbligazione issued by República Dominicana ( Dominican Republic ) , in USD, with the ISIN code USP3579EAD96, pays a coupon of 9.04% per year.
The coupons are paid 2 times per year and the Obbligazione maturity is 23/01/2018










SUPPLEMENT TO OFFERING MEMORANDUM DATED APRIL 20, 2005


The Dominican Republic
OFFER TO EXCHANGE
9.50% AMORTIZING BONDS

9.04% AMORTIZING BONDS DUE
DUE 2011 FOR
AND
2018 FOR
ALL OUTSTANDING
ALL OUTSTANDING
9.50% BONDS DUE 2006
9.04% BONDS DUE 2013
CUSIP Nos. 25714PAA6 and P3579EAA5
CUSIP Nos. 25714PAC2 and P3579EAB3
ISIN Nos. US25714PAA66 and USP3579EAA57
ISIN Nos. US25714PAC23 and USP3579EAB31
The Republic is offering to exchange newly issued additional 9.50% amortizing bonds due 2011 (the "Additional 2011 Bonds") for all of its outstanding
9.50% bonds due 2006 (the "2006 Bonds") and newly issued additional 9.04% amortizing bonds due 2018 (the "Additional 2018 Bonds" and together
with the Additional 2011 Bonds, the "Additional Exchange Bonds") for all of its outstanding 9.04% bonds due 2013 (the "2013 Bonds"). The 2006 Bonds
and the 2013 Bonds are together referred to in this supplement (this "Supplement") to the offering memorandum dated April 20, 2005 (the "Original
Offering Memorandum") as the "Existing Bonds" and the Additional 2011 Bonds and the Additional 2018 Bonds are together referred to as the
"Additional Exchange Bonds."
The aggregate principal amount of all Existing Bonds outstanding as of the date of this Supplement is US$69.94 million.
The Additional Exchange Bonds issued and delivered upon exchange to persons outside the United States under Regulation S of the U.S. Securities Act of
1933 (the "Securities Act") will initially have different CUSIP, ISIN and Common Code numbers and will trade separately, from the Republic's
corresponding 9.50% amortizing bonds due 2011 (the "Original 2011 Bonds") and the 9.04% amortizing bonds due 2018 (the "Original 2018 Bonds" and
together with the Original 2011 Bonds, the "Original Exchange Bonds"), respectively, that were issued on May 11, 2005 in connection with the Republic's
original exchange offer that settled on that date (the "Original Exchange Offer"). However, on or about 40 days following settlement of this offer, these
Additional Exchange Bonds will have the same CUSIP, ISIN and Common Code numbers as, and trade together with, the corresponding Original
Exchange Bonds. The Additional Exchange Bonds issued and delivered upon exchange inside the United States to qualified institutional buyers (as
defined in Rule 144A of the Securities Act) will have the same CUSIP, ISIN and Common Code numbers as, trade together with, and be subject to the
same transfer restrictions as, the corresponding Original Exchange Bonds. As of the date of this Supplement, US$456.08 million of the Original 2011
Bonds and US$573.98 million of the Original 2018 Bonds are outstanding.
The Additional Exchange Bonds and the Original Exchange Bonds together are referred to in this Supplement as the "Exchange Bonds."
The Additional Exchange Bonds will be issued pursuant to an indenture that contains collective action clauses with provisions regarding future
modifications to the terms of the Additional Exchange Bonds that differ from those applicable to the Existing Bonds. Under these provisions,
modifications to reserve matters specified in the indenture, including modifications to payment and other key terms, may be made to either series of
Additional Exchange Bonds with the consent of the holders of at least 75% of the aggregate principal amount outstanding of that series, and to both series
of Additional Exchange Bonds with the consent of the holders of at least 85% of the aggregate principal amount outstanding of both series of Additional
Exchange Bonds and at least 66-2/3% in aggregate principal amount outstanding of each series of Additional Exchange Bonds.
Application has been made to list the Additional Exchange Bonds on the Luxembourg Stock Exchange. The Exchange Bonds have been designated as
eligible for trading in the Private Offerings, Resales and Trading through Automated Linkages (PORTAL) Market of the National Association of
Securities Dealers, Inc.
This Supplement relates to the Additional Exchange Bonds and supplements, and should be read in conjunction with, the Original Offering Memorandum
issued in connection with the Original Exchange Offer, a copy of which accompanies this Supplement. The Original Offering Memorandum, as
supplemented by this Supplement, and the related specimen of letter of transmittal attached as Annex A to the Original Offering Memorandum are referred
to as the "Supplemented Offer Materials." The transactions contemplated by the Supplemented Offer Materials are referred to as the "New Offer."
The New Offer will commence on June 28, 2005 and expire at 4:15 P.M. (New York City time) on July 14, 2005, unless extended or earlier
terminated. In this Supplement, that date, as so extended, is referred to as the "Expiration Date." Holders of Existing Bonds must tender their
Existing Bonds on or prior to the Expiration Date in order to be eligible to participate in the New Offer.
An investment in the Additional Exchange Bonds involves a high degree of risk. You should carefully consider the "Risk Factors" beginning on
page 15 of the Original Offering Memorandum before you make a decision to tender your Existing Bonds.
The Additional Exchange Bonds have not been registered under the U.S. Securities Act of 1933 or the securities laws of any other jurisdiction.
The Additional Exchange Bonds will be offered inside the United States only to qualified institutional buyers (as defined in Rule 144A of the
Securities Act) and to persons outside the United States under Regulation S of the Securities Act.
The Republic is not, and the dealer managers are not, making the New Offer in any jurisdiction where and to the extent the New Offer is not
permitted.

The dealer managers for the New Offer are:

MORGAN STANLEY
UBS INVESTMENT BANK
June 28, 2005







You should rely only on the information contained in this Supplement and the accompanying Original
Offering Memorandum. The Republic has not authorized anyone to provide you with different information.
You should not assume that the information contained in this Supplement and the accompanying Original
Offering Memorandum is accurate as of any date other than the date on the front of this Supplement.
The provisions of the accompanying Original Offering Memorandum and the terms and conditions of the
Original Exchange Bonds to which this Supplement relates are modified and supplemented by the
information contained herein and shall be construed as necessary to give effect to such information.
The Republic accepts responsibility for the information contained in this Supplement and the Original
Offering Memorandum.
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RECENT DEVELOPMENTS
The Original Exchange Offer
On May 9, 2005, the Republic announced the results of an offer to exchange its outstanding Existing Bonds
for Exchange Bonds. In the Original Exchange Offer, which commenced on April 20, 2005 and expired on May 4,
2005, the Republic received and accepted tenders of US$456.08 million aggregate principal amount of the 2006
Bonds, representing 91.22% of the principal amount thereof outstanding as of that date, and US$573.98 million
aggregate principal amount of the 2013 Bonds, representing 95.66% of the principal amount thereof outstanding as
of that date. In total, US$1.03 billion aggregate principal amount of the Existing Bonds, representing 93.64% of the
outstanding principal amount of the Existing Bonds, was tendered and accepted for exchange in the Original
Exchange Offer. The Existing Bonds tendered in the Original Exchange Offer were cancelled and the Original
Exchange Bonds were issued on May 11, 2005, the settlement date for the Original Exchange Offer.
The Republic obtained exit consents from bondholders tendering in the Original Exchange Offer to amend
certain terms of the Existing Bonds and the fiscal agency agreements related to the Existing Bonds, including
amendments to the Republic's partial waiver of sovereign immunity in order to protect cash flows on the Additional
Exchange Bonds, and to delete cross-default and cross-acceleration provisions and the negative pledge covenants of
the Existing Bonds.
Recent Economic and Financial Results
The following are selected economic and financial results of the Dominican economy and the Central
Government of the Dominican Republic (the "Government") at March 31, 2005 and for the first quarter of 2005:
· real GDP increased by 4.3% during the first quarter of 2005, compared to the same period in 2004;
· at March 31, 2005, the private market exchange rate was DOP28.25 per U.S.$1.00, reflecting a
2.7% appreciation of the peso during the first three months of 2005;
· the Central Bank's net international reserves increased 60.8% during the first three months of
2005 to US$975.7 million at March 31, 2005 from US$602.2 million at December 31, 2004;
· inflation was 0.75% for the three months ended March 31, 2005. The decrease in inflation during
the first quarter of 2005 principally reflected the appreciation of the peso against the U.S. dollar;
· the nominal domestic interest rate on deposits of the banking sector was 18.5% at March 31, 2005,
as compared to 20.3% at March 31, 2004 and 21.3% at December 31, 2004; and
· the Government's projected financing gap for 2005 is approximately US$47.6 million as of the
date of this Supplement. Prior to the completion of the Original Exchange Offer, the Government
had projected a financing gap of approximately US$327.0 million.
Status of Negotiations with Commercial Bank Creditors

The Republic recently met with representatives of several of its commercial bank creditors, in an effort to
agree on the principal terms of a reprofiling of the principal maturities falling due in 2005 and 2006 under certain
commercial bank loans. The Republic expects to reach an agreement on the principal terms of the reprofiling of its
commercial bank indebtedness in the near future.
Status of Stand-By Arrangement with IMF
In February 2005, the IMF approved a new two-year stand-by arrangement providing for loans of up to
US$665.2 million. The IMF's approval was based on the Republic's commitment to macroeconomic stabilization
and structural reforms in the fiscal, monetary, financial and electricity sectors specified in the stand-by agreement.
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In a press release issued on May 10, 2005, the IMF announced that the Republic had met or surpassed the
quantitative performance targets for the first three months of 2005 set forth in the stand-by arrangement, including
real GDP growth, inflation, the average interest rate on Central Bank certificates of deposit and the Central Bank's
quasi-fiscal balance. Certain qualitative requirements related to structural reforms contemplated by the stand-by
arrangement have not yet been met and are pending enactment into law by the Dominican Congress. No firm
deadline is set in the stand-by arrangement for their enactment. These structural reforms include the reform of tax
laws and legislation relating to the budgetary process, the treasury, government procurement and internal controls.
The Republic intends to request waivers of structural performance criteria pending legislative approval of these
reforms.
Ratings Actions
Following completion of the Original Exchange Offer, Moody's raised the outlook on the "B3" rating of
our foreign currency debt from negative to stable and Fitch Ratings has given our foreign currency debt a rating of
"B-".

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Terms of the New Offer
The terms of the New Offer set forth below are qualified in their entirety by the sections of the Original
Offering Memorandum entitled "Terms of the Offer", with the exception of the subheadings "Minimum Tenders of
Existing Bonds", "Exit Consent Amendments to Existing Bonds and Fiscal Agency Agreements" and the second
paragraph of "Market for the Existing Bonds and Exchange Bonds", which do not apply to the New Offer and the
subheadings "Withdrawal Rights" and "Settlement", which shall be amended as set forth below.
This summary highlights information contained elsewhere in this Supplement and the accompanying
Original Offering Memorandum. It is not complete and may not contain all of the information that you should
consider before tendering Existing Bonds in exchange for Additional Exchange Bonds.
The New Offer ........................
The Republic is inviting holders of Existing Bonds to tender their Existing
Bonds in exchange for newly issued Additional Exchange Bonds on the
terms and subject to the conditions set forth in the Supplemented Offer
Materials.

The New Offer will expire at 4:15 P.M. (New York City time) on July 14,
2005, unless the Republic, in its sole discretion, extends or terminates the
New Offer earlier. The date on which the New Offer expires, as such date
may be extended, is referred to in this Supplement as the "Expiration
Date."

The Republic will announce the results of the New Offer on the second
trading day in New York City following the Expiration Date or as soon as
possible thereafter.
Principal Amount of Existing

Bonds Outstanding.................
The total aggregate principal amount of Existing Bonds outstanding as of
the date of this Supplement is US$69.938 million.

The aggregate principal amount of the 2006 Bonds outstanding as of the
date of this Supplement is US$43.920 million.

The aggregate principal amount of the 2013 Bonds outstanding as of the
date of this Supplement is US$26.018 million.

The CUSIP numbers for the 2006 Bonds are 25714PAA6 (Rule 144A) and
P3579EAA5 (Regulation S), and the ISIN numbers for the 2006 Bonds are
US25714PAA66 (Rule 144A) and USP3579EAA57 (Regulation S).

The CUSIP numbers for the 2013 Bonds are 25714PAC2 (Rule 144A) and
P3579EAB3 (Regulation S), and the ISIN numbers for the 2013 Bonds are
US25714PAC23 (Rule 144A) and USP3579EAB31 (Regulation S).
Consideration to be Received

Pursuant to Tenders...............
Subject to the terms and conditions set forth in the Supplemented Offer
Materials, if the New Offer is completed you will receive for the principal
amount of each Additional Existing Bond validly tendered pursuant to the
New Offer, a principal amount of Additional Exchange Bonds
corresponding to that Existing Bond, as set forth for each Existing Bond in
the accompanying Original Offering Memorandum under "Terms of the
Offer--Consideration to be Received Pursuant to Tenders."
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For each US$1,000 principal amount of 2006 Bonds validly tendered and
accepted, you will receive US$1,000 principal amount of Additional 2011
Bonds.

For each US$1,000 principal amount of 2013 Bonds validly tendered and
accepted, you will receive US$1,000 principal amount of Additional 2018
Bonds.
Treatment of Accrued Interest on
Existing Bonds........................
If you tender 2006 Bonds in the New Offer, you will not receive any
payment in respect of accrued but unpaid interest on tendered 2006 Bonds
in the New Offer. However, the Additional 2011 Bonds will accrue
interest from March 27, 2005.

If you tender 2013 Bonds in the New Offer, you will not receive any
payment in respect of accrued but unpaid interest on tendered 2013 Bonds
in the New Offer (including, without limitation, interest due and payable
on the 2013 Bonds on the next scheduled interest payment date of July 23,
2005). However, the Additional 2018 Bonds will accrue interest from
January 23, 2005. You should understand that under the terms of the
Additional 2018 Bonds, interest that would otherwise be due and payable
on the Additional 2018 Bonds for the period from January 23, 2005
through July 23, 2005 will be capitalized and result in an equivalent
increase in the principal amount of the Additional 2018 Bonds outstanding
on the relevant interest payment date. See "The Additional Exchange
Bonds--Terms of Additional 2018 Bonds" in this Supplement.

See "Terms of the Offer--Consideration to be Received Pursuant to
Tenders" and "Description of Exchange Bonds" in the accompanying
Original Offering Memorandum.
Expiration Date ......................
4:15 P.M. (New York City time) on July 14, 2005, unless extended in the
sole discretion of the Republic, in respect of either series of Existing
Bonds, in which case the expiration date shall mean, with respect to any
such series of Existing Bonds as to which an extension has been made, the
latest date and time on which that expiration date has been extended. If
any extension is made, the Republic will announce such extension no later
than 9:00 A.M., New York City time, on the date after the previously
scheduled expiration date.
Extensions; Amendments;

Termination ............................
The Republic expressly reserves the right, in its sole discretion, at any time
prior to the Expiration Date, to:

·
terminate the New Offer;

·
waive any condition to the New Offer;

·
extend the Expiration Date; and

·
amend the New Offer in any respect.
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General Conditions ................
The New Offer will be subject to various customary conditions, all of
which the Republic may or may not waive. These conditions are described
under "Terms of the Offer--Term of Offer, Termination, Amendments and
Conditions of the Offer" in the accompanying Original Offering
Memorandum. The New Offer is not subject to a minimum tender
condition.
Tendering Existing Bonds .....
The Republic intends to conduct the exchange of Additional Existing
Bonds for Additional Exchange Bonds through the use of electronic letters
of transmittal (except in the case of holders of Additional Existing Bonds
who wish to tender such Existing Bonds and deliver a letter of transmittal
through the Luxembourg exchange agent). If you wish to tender any
Existing Bonds for Additional Exchange Bonds pursuant to the New Offer,
you must submit, or arrange to have submitted on your behalf, a letter of
transmittal in electronic form applicable to the Existing Bonds tendered by
you (except as mentioned above). However, if you are in Luxembourg,
you may submit your letter of transmittal by courier or hand delivery to the
Luxembourg exchange agent at its address specified on the back cover of
this Supplement.
References to "Offering Memorandum" in the letter of transmittal, attached
as Annex A to the Original Offering Memorandum, shall be deemed to
refer to the accompanying Original Offering Memorandum, as
supplemented by this Supplement, and references to the "Expiration Date,"
as defined in the letter of transmittal, shall be deemed to be replaced with
July 14, 2005.

You or the custodial entity through which you hold your Existing Bonds
must transmit prior to or at 4:15 P.M. (New York City time) on the
Expiration Date, a properly completed letter of transmittal.

A description of the procedures for submitting letters of transmittal can be
found in "Terms of the Offer--Tender Procedures--Procedures for
Submitting Letters of Transmittal" in the accompanying Original Offering
Memorandum.

You may tender your Existing Bonds in the minimum denomination of
US$1,000, as set forth in the terms of the Existing Bonds.
Withdrawal Rights.................
Any tender for exchange and the corresponding letter of transmittal may be
withdrawn for any reason, at any time prior to 4:15 P.M. (New York City
time) on July 14, 2005. The Republic reserves the right, subject to
applicable law, to terminate withdrawal rights in the event that it extends
the New Offer beyond July 14, 2005 unless it makes a material change to
the terms of the New Offer. For more information concerning conditions
for withdrawal, see "Terms of the Offer--Tender Procedures--Withdrawal
Rights" in the accompanying Original Offering Memorandum, provided,
however, that references therein to May 4, 2005 shall be deemed to be
replaced with July 14, 2005 for purposes of the New Offer.
Settlement Date ......................
The Additional Exchange Bonds will be issued on the fifth business day
following the Expiration Date, or as soon as practicable thereafter. See
"Terms of the Offer--Settlement" in the accompanying Original Offering
Memorandum, provided, however, that references therein to May 11, 2005
shall be deemed to be replaced with July 20, 2005 for purposes of the New
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Offer.
Tax Considerations ................
The Republic expects that the Additional Exchange Bonds issued in
connection with the New Offer will be fungible for purposes of U.S.
income taxation with the Original Exchange Bonds issued in connection
with the Republic's exchange offer that expired on May 4, 2005. See
"Taxation" in this Supplement for additional important information
regarding the possible tax consequences to holders who tender Existing
Bonds pursuant to the New Offer.
Jurisdictional Restrictions on

Offer ........................................
The Republic is making the New Offer only in jurisdictions where and to
the extent it is legal to make the New Offer. See "Jurisdictional
Restrictions" in the accompanying Original Offering Memorandum.

Without limiting the generality of the preceding paragraph, the New Offer
is being made in the United States solely to holders of Existing Bonds that
have previously represented and warranted that they are "qualified
institutional buyers" (within the meaning of Rule 144A under the U.S.
Securities Act of 1933). Holders of Existing Bonds in the United States
that fail or are otherwise not able to so represent and warrant will not be
eligible to participate in or accept the New Offer.
Exchange Agent......................
The Bank of New York is the exchange agent for the New Offer. The
Bank of New York (Luxembourg) S.A. is the Luxembourg exchange agent
for the New Offer. The addresses of the exchange agents are set forth on
the back cover page of this Supplement.
Information Agent..................
D.F. King & Co., Inc. is the information agent for the New Offer. The
address and phone numbers of the information agent are set forth on the
back cover page of this Supplement.
Dealer Managers ....................
Morgan Stanley & Co. Incorporated and UBS Securities LLC, together
with their respective affiliates, are the dealer managers for the New Offer.
The addresses and telephone numbers of the dealer managers are set forth
on the back cover page of this Supplement.
Risk Factors............................
An investment in the Additional Exchange Bonds involves a high degree
of risk. Before deciding to tender your Existing Bonds in exchange for
Additional Exchange Bonds and completing and delivering the letter of
transmittal, you should read carefully all of the information contained in
the Original Offering Memorandum and this Supplement, including, in
particular, "Risk Factors" beginning on page 15 of the accompanying
Original Offering Memorandum.
Further Information ..............
Any questions or requests for assistance concerning the New Offer may be
directed to either the dealer managers or the information agent at their
respective telephone numbers on the back cover page of this Supplement.

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The Additional Exchange Bonds
The following is a summary of certain terms common to both the Additional 2011 Bonds and the Additional
2018 Bonds as well as of certain key terms of the Additional 2011 Bonds and the Additional 2018 Bonds. This
summary should be read in conjunction with the more detailed description of the Additional Exchange Bonds
appearing in the accompanying Original Offering Memorandum.
Common Terms
Issuer.............................................
The Dominican Republic.
Indenture ......................................
The Additional Exchange Bonds will be issued under an indenture dated as
of May 11, 2005 between the Republic and The Bank of New York, as
trustee (rather than under a fiscal agency agreement, as was the case for the
Existing Bonds).
Ranking.........................................
The Additional Exchange Bonds will be general, direct, unconditional,
unsubordinated and unsecured obligations of the Republic, will rank
equally in right of payment with all of the Republic's existing and future
unsubordinated and unsecured Public External Debt (as defined) and will
be backed by the full faith and credit of the Republic. See "Description of
Exchange Bonds--Ranking" in the accompanying Original Offering
Memorandum.
Withholding Tax and Additional

Amounts........................................
The Republic will make all principal and interest payments on the
Additional Exchange Bonds without withholding or deducting any
Dominican taxes, unless required by law. If Dominican law requires the
Republic to withhold or deduct taxes, the Republic will pay bondholders,
subject to certain exceptions, the additional amounts necessary to ensure
that they receive the same amount as they would have received without any
withholding or deduction. See "Description of Exchange Bonds--
Additional Amounts" and "Taxation" in the accompanying Original
Offering Memorandum.
Covenants .....................................
The Republic will not allow any Lien (other than Permitted Liens) on its
assets or revenues as security for any of its Public External Debt, unless the
Republic's obligations under the Additional Exchange Bonds are secured
equally and ratably with that Public External Debt. See "Description of
Exchange Bonds--Negative Pledge Covenant" and "--Defined Terms" in
the accompanying Original Offering Memorandum. The Republic has
agreed to comply with several other covenants as described under
"Description of Exchange Bonds" in the accompanying Original Offering
Memorandum.
Collective Action Clauses ............
The Additional Exchange Bonds will be issued pursuant to an indenture
that contains collective action clauses with provisions regarding future
modifications to the terms of the Exchange Bonds that differ from those
applicable to the Existing Bonds. Under those provisions, modifications
affecting reserve matters specified in the indenture, including modifications
to payment and other key terms, may be made to either series of Exchange
Bonds with the consent of the holders of 75% of the aggregate principal
amount outstanding of that series, and to both series of Exchange Bonds
with the consent of the holders of 85% of the aggregate principal amount
outstanding of both series of Exchange Bonds and 66-2/3% in aggregate
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principal amount outstanding of each series of Exchange Bonds. See
"Description of Exchange Bonds--Meetings, Amendments and Waivers"
in the accompanying Original Offering Memorandum.
Further Issues...............................
The Republic may, from time to time, create and issue further bonds having
the same terms as and ranking equally with any series of the Exchange
Bonds in all respects and such further bonds will be consolidated and form
a single series with the appropriate series of the Exchange Bonds.
Governing Law.............................
State of New York.
Form and Settlement ...................
The Republic will issue the Additional Exchange Bonds in the form of one
or more fully registered global securities, without interest coupons attached,
registered in the name of either a nominee for DTC or a common
depositary for Euroclear and Clearstream, as the case may be, and will
deposit the global securities on or before the Settlement Date with a
custodian for DTC or a common depositary for Euroclear and Clearstream.
See "Book-Entry Settlement and Clearance" in the Original Offering
Memorandum.

You may hold a beneficial interest in the global securities through DTC,
Euroclear or Clearstream, as applicable, directly as a participant in one of
those systems or indirectly through financial institutions that are
participants in any of those systems. As an owner of a beneficial interest in
the global securities, you will generally not be entitled to have your
Additional Exchange Bonds registered in your name, will not be entitled to
receive certificates in your name evidencing the Additional Exchange
Bonds and will not be considered the holder of any Additional Exchange
Bonds under the indenture for the Additional Exchange Bonds.
Denominations..............................
The Republic will issue the Additional Exchange Bonds only in
denominations of US$1,000 and in integral multiples of US$1 in excess
thereof.
Listing ...........................................
The Original Exchange Bonds are listed on the Luxembourg Stock
Exchange, and application has been made to list the Additional Bonds on
the Luxembourg Stock Exchange. The Exchange Bonds have been
designated as eligible for trading on the PORTAL Market of the National
Association of Securities Dealers, Inc.
Transfer Restrictions...................
The Additional Exchange Bonds have not been registered under the U.S.
Securities Act of 1933 and will be subject to restrictions on transferability
and resale.
Trustee, Registrar, Transfer Agent
and Principal Paying Agent ........
The Bank of New York
Luxembourg Transfer Agent and
Paying Agent ................................
The Bank of New York (Luxembourg) S.A.
Luxembourg Listing Agent .........
Kredietbank S.A. Luxembourgeoise
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