Obbligazione Colombiana 12% ( XS0213272122 ) in COP

Colombiana

100 COP ⇌

Colombia

XS0213272122 ( in COP )

12% per anno ( pagato 1 volta l'anno)

22/10/2015 - Obbligazione è scaduto

Prospetto opuscolo dell'obbligazione Colombia XS0213272122 in COP 12%, scaduta

5 000 000 COP

2 580 037 000 000 COP

La Colombia è un paese dell'America del Sud caratterizzato da una grande biodiversità, una ricca storia culturale e una geografia variegata che comprende Andes, coste caraibiche e pacifiche, e l'Amazzonia.

The Obbligazione issued by Colombiana ( Colombia ) , in COP, with the ISIN code XS0213272122, pays a coupon of 12% per year.
The coupons are paid 1 time per year and the Obbligazione maturity is 22/10/2015

PROSPECTUS SUPPLEMENT
(TO PROSPECTUS DATED OCTOBER 1, 2003)

¢¡¤£¥¡§¦§¨© !#"%$&¨ ¨'¡§()

The bonds will mature on October 22, 2015. Colombia will pay interest on the bonds on each October 22. Interest will accrue from
October 22, 2005, and the first interest payment on the bonds initially offered on the date of this prospectus supplement will be made on October 22,
2006. Principal and interest will be translated into and payment of principal and interest will be made in United States dollars.
The bonds will not be redeemable before maturity and will not be entitled to the benefit of any sinking fund.
The bonds are termed "TES" bonds as a short-hand form for Títulos de Tesorería (Treasury securities).
The bonds initially offered on the date of this prospectus supplement will be a further issuance of, and will form a single series with, the Ps.
757,430,000,000 aggregate principal amount of Colombia's 12.000% Global TES Bonds due 2015 issued on February 24, 2005 and the Ps.
568,822,000,000 aggregate principal amount of Colombia's 12.000% Global TES Bonds due 2015 issued on December 21, 2005.
The bonds will contain provisions regarding acceleration and future modifications to their terms that differ from those applicable to
Colombia's outstanding public external indebtedness issued prior to January 21, 2004. Under these provisions, which are described beginning on
page S-18 of this prospectus supplement, Colombia may amend the payment provisions of the bonds with the consent of the holders of 75% of the
aggregate principal amount of the outstanding bonds.
Application has been made to the Commission de Surveillance du Secteur Financier of the Grand Duchy of Luxembourg, as competent
authority under Directive 2003/71/EC (the "Prospectus Directive"), to approve this prospectus supplement and the accompanying prospectus dated
October 1, 2003 as a prospectus for the purposes of the Prospectus Directive.
Application has been made in order for the bonds to be admitted to trading and listed on the regulated market of the Luxembourg Stock
Exchange, which is a European Union regulated market (the "E.U. regulated market of the Luxembourg Stock Exchange") within the meaning of
Directive 2004/39/EC. References in this prospectus supplement to bonds being listed (and all related references) shall mean that such bonds have
been admitted to trading on the E.U. regulated market of the Luxembourg Stock Exchange and to the official list of the Luxembourg Stock Exchange.
See "Risk Factors" beginning on page S-9 to read about certain risks you should consider before investing in the bonds.

Per Bond in
Per Bond
U.S. Dollars(3)
Total
Issue Price (1) (2)
129.156%
U.S. $2,862.28
U.S. $307,622,861.70
Underwriting Discount
0.500%
U.S. $11.08
U.S. $1,190,896.52
Proceeds, before expenses, to Colombia
128.656%
U.S. $2,851.20
U.S. $306,431,965.18
____________________________
(1) Purchasers will make the payment of the issue price in U.S. dollars based on an exchange rate for the conversion of Colombian pesos into U.S. dollars of
Ps. 2,296.17 per U.S. $1.00. The minimum denomination per bond is Ps. 5,000,000 and bonds will be issued in integral multiples of Ps. 1,000,000 in excess
thereof.
(2) Purchasers will also be required to pay accrued interest, totaling U.S. $11,119,384.49, or U.S. $103.46 per bond, from October 22, 2005 to March 13,
2006, the date Colombia expects to deliver the bonds offered by this prospectus supplement, and additional interest, if any, from March 13, 2006.
(3) For purposes of calculating values on a per bond basis, a face value of Ps. 5,000,000 has been assumed.
Delivery of the bonds, in book-entry form only, is expected to be made on or about March 13, 2006.
Neither the Securities and Exchange Commission, referred to as the SEC, nor any other regulatory body has approved or disapproved of
these securities or passed upon the accuracy of adequacy of this prospectus supplement or the accompanying prospectus. Any representation to the
contrary is a criminal offense.

JPMorgan

Morgan Stanley

March 20, 2006.
S-2

TABLE OF CONTENTS
PROSPECTUS SUPPLEMENT
Summary ................................................................................................................................................................ S-3

The Issuer ............................................................................................................................................................ S-3

The Offering ........................................................................................................................................................ S-6
Risk Factors .............................................................................................................................................................. S-9
Certain Defined Terms and Conventions ............................................................................................................... S-14
About this Prospectus Supplement ..........................................................................................................................S-15
Incorporation by Reference .....................................................................................................................................S-15
Use of Proceeds .......................................................................................................................................................S-18
New Provisions Applicable to the Bonds ................................................................................................................S-19
Recent Developments ..............................................................................................................................................S-22
Republic of Colombia ........................................................................................................................................S-22
Economy ............................................................................................................................................................S-23
Foreign Trade and Balance of Payments ............................................................................................................S-24
Monetary System ...............................................................................................................................................S-25
Public Sector Finances .......................................................................................................................................S-27
Public Sector Debt .............................................................................................................................................S-29
Description of the Bonds .........................................................................................................................................S-32

General Terms of the Bonds ..............................................................................................................................S-32

Payment of Principal and Interest ......................................................................................................................S-33

Paying Agents, Calculation Agent and Transfer Agents ....................................................................................S-34

Notices ...............................................................................................................................................................S-35

Registration and Book-Entry System .................................................................................................................S-35

Certificated Bonds ..............................................................................................................................................S-35
Taxation ...................................................................................................................................................................S-36
Underwriting ...........................................................................................................................................................S-40
General Information ................................................................................................................................................S-42
Annex A - Summary of Procedures and Time Schedule ........................................................................................S-44
Annex B - Form of Irrevocable Order for Colombian Market Makers ....................................................................S-49
Spanish Translation of Annex A and Annex B ........................................................................................................S-54
PROSPECTUS
About this Prospectus .................................................................................................................................................... 2
Forward-Looking Statements ....................................................................................................................................... 2
Use of Proceeds ............................................................................................................................................................ 2
Description of the Securities ........................................................................................................................................ 3
Taxation....................................................................................................................................................................... 12
Plan of Distribution .................................................................................................................................................... 13
Official Statements ..................................................................................................................................................... 14
Validity of the Securities ............................................................................................................................................ 14
Authorized Representative ......................................................................................................................................... 14
Where You Can Find More Information .................................................................................................................... 14

You should rely only on the information contained in or incorporated by reference in this prospectus
supplement and the accompanying prospectus. We have not authorized anyone to provide you with different
information. We are not making an offer of these securities in any state where the offer is not permitted.
You should not assume that the information contained in this prospectus supplement or the accompanying
prospectus is accurate as of any date other than the date on the front of this prospectus supplement.
S-2

SUMMARY
This summary should be read as an introduction to the prospectus supplement and the accompanying
prospectus. Any decision to invest in the bonds by an investor should be based on consideration of the
prospectus supplement and the accompanying prospectus as a whole. Where a claim relating to the
information contained in the prospectus supplement or the accompanying prospectus is brought before a court
in a Member State of the European Economic Area, the plaintiff may, under the national legislation of the
Member State where the claim is brought, be required to bear the costs of translating the prospectus
supplement and the accompanying prospectus before the legal proceedings are initiated.

The Issuer
Overview
Colombia is the fourth largest country in South America, with a territory of 441,020 square miles
(1,141,748 square kilometers). Located on the northwestern corner of the South American continent, Colombia
borders Panama and the Caribbean Sea on the north, Peru and Ecuador on the south, Venezuela and Brazil on the
east and the Pacific Ocean on the west. According to the official projections of the National Administrative
Department of Statistics ("DANE") and the National Planning Department ("DNP"), as of December 2004,
Colombia's population was approximately 45.3 million. Over 7.0 million people live in the metropolitan area of
Bogotá, the capital of Colombia.
Colombia continues to be governed as a Presidential Republic. Colombia is divided into 32 departments.
Each department is divided into municipalities.
Government
The Republic of Colombia is one of the oldest democracies in the Americas. In 1991, a popularly elected
Constitutional Assembly approved a new Constitution, replacing the Constitution of 1886. The Constitution
provides for three independent branches of government: an executive branch headed by the President; a legislative
branch consisting of the bicameral Congress, composed of the Chamber of Representatives and the Senate; and a
judicial branch consisting of the Corte Constitucional (Constitutional Court), the Corte Suprema de Justicia
(Supreme Court of Justice, or "Supreme Court"), the Consejo de Estado (Council of State), the Consejo Superior de
la Judicatura (Supreme Judicial Council), the Fiscalía General de la Nación (National Prosecutor General) and in
such lower courts as may be established by law.
Under the Constitution, the President is elected by direct vote. The President is elected for a four-year
term. In March 2004, the Government presented to Congress a constitutional amendment seeking to lift the ban on
presidential re-election. The re-election bill was approved by means of Legislative Act No. 02 dated December 27,
2004 (the "Legislative Act") after it passed eight successful congressional votes (four successful congressional votes
in two consecutive congressional terms).
Judicial power is vested in the Constitutional Court, the Supreme Court, the Council of State, the Supreme
Judicial Council, the National Prosecutor General and in such lower courts as may be established by law. The
function of the Constitutional Court, whose nine members are elected by the Senate for an eight-year term, is to
assure that all laws are consistent with the Constitution and to review all decisions regarding fundamental rights.
The Supreme Court is the final appellate court for resolving civil, criminal and labor proceedings. The Council of
State adjudicates all matters relating to the exercise of public authority or actions taken by the public sector,
including the review of all administrative decisions or resolutions that are alleged to contradict the Constitution or
the law. The Council of State also acts as advisor to the Government on administrative matters. Supreme Court and
Council of State justices are appointed for eight-year terms by their predecessors from a list of candidates provided
by the Supreme Judicial Council. The National Prosecutor General, who is appointed for a four-year term by the
Supreme Court from a list of three candidates submitted by the President, acts as the nation's prosecutor. The
S-3

judicial branch is independent from the executive branch with respect to judicial appointments as well as budgetary
matters.
National legislative power is vested in the Congress, which consists of a 102-member Senate and a 166-
member Chamber of Representatives. Senators and Representatives are elected by direct popular vote for terms of
four years. Senators are elected on a nonterritorial basis, while Representatives are elected on the basis of
proportional, territorial representation. In each department, legislative power is vested in departmental assemblies
whose members are elected by direct popular vote. At the municipal level, legislative power is vested in municipal
councils, which preside over budgetary and administrative matters. The most recent Congressional elections
occurred on March 12, 2006. Candidates aligned with the government and who support President Uribe's re-
election won a majority of the seats in both the Senate and the Lower House.
On May 26, 2002, Mr. Alvaro Uribe was elected president of Colombia for the 2002-2006 term after
obtaining 53% of the popular vote. Shortly after taking office in August 2002, President Uribe announced the
Proyecto de Seguridad Democrática del Gobierno Nacional (Project for Democratic Security), which seeks to
eradicate the rebel groups and achieve security, using democratic means, for all people against aggressors.
The Uribe administration's four-year development plan, "Hacia un Estado Comunitario" (Towards a
Communitarian State), seeks to increase annual real GDP growth and reduce the unemployment rate and public
sector deficit through economic growth incentives. The Government intends to continue its efforts against
corruption and for fiscal reform through alternative means.
President Uribe's Minister of Finance is Alberto Carrasquilla Barrera, who has served in that position since
June 2003.
S-4

SELECTED COLOMBIAN ECONOMIC INDICATORS

2000
2001
2002
2003
2004
Domestic Economy

Real GDP Growth (percent)(1) (2)................
2.9%
1.5%
1.9%
4.0%
4.0%
Gross Fixed Investment Growth (percent)(2)
(2.0)
8.5
10.8
14.1
13.7
Private Consumption Growth (percent)(2) ....
2.0
2.7
3.0
2.6
3.9
Public Consumption Growth (percent)(2) .....
(0.2)
1.1
0.2
0.6
3.3
Consumer Price Index(3) ..............................
8.8
7.7
7.0
6.5
5.5
Producer Price Index(3) ...............................
11.0
6.9
9.3
5.7
4.7
Interest Rate (percent)(4) ..............................
12.2
12.4
8.9
7.8
7.8
Unemployment Rate (percent)(5)..................
20.2
16.4
15.7
14.7
13.0
Balance of Payments
(millions of dollars)
Exports of Goods (FOB)(6)...........................
$13,099
$12,233
$11,794
$12,946
$16,464
Oil and its derivatives(6)
4,569
3,285
3,275
3,383
4,180
Coffee(6).......................................................
1,069
764
772
809
949
Imports of Goods (FOB) (6) ..........................
10,655
11,826
11,653
12,792
15,324
Current Account Balance(6)..........................
761
(1,094)
(1,340)
(987)
(967)
Net Foreign Direct Investment(6)..................
2,069
2,509
1,258
863
2,910
Net International Reserves ............................
9,004
10,192
10,841
10,916
13,536
Months of Coverage of Imports
(Goods and Services) ................................
7.5
7.7
8.5
7.9
8.2
Public Finance(7)
(billions of pesos or percentage of GDP)
Nonfinancial Public Sector Revenue .............
Ps 69,964
Ps. 79,511
Ps. 86,893
Ps. 98,556
Ps. 115,300
Nonfinancial Public Sector
Expenditures(8) ............................................
77,360
87,509
93,967
104,911
116,882
Nonfinancial Public Sector Primary
Surplus/(Deficit)(9) ......................................
2,848
2,697
2,114
5,728
8,399
Percent of GDP(1)....................................
1.6%
1.4%
1.1%
2.5%
3.4%
Nonfinancial Public Sector Fiscal
Surplus/(Deficit)............................................
(6,071)
(7,078)
(7,747)
(5,746)
(3,595)
Percent of GDP(1)....................................
(3.5)%
(3.8)%
(3.9)%
(2.5)%
(1.4)%
Central Government Fiscal Surplus/
(Deficit)......................................................
(9,684)
(10,850)
(12,435)
(11,528)
(13,983)
Percent of GDP(1)....................................
(5.5)%
(5.8)%
(6.2)%
(5.1)%
(5.6)%
Public Debt (10)
Public Sector Internal Funded Debt (billions
of pesos)(11) .................................................
Ps. 58,824
Ps. 67,413
Ps.83,421
Ps. 89,273
Ps. 99,546
Percent of GDP(1)....................................
33.6%
35.8%
40.8%
39.2%
39.6%
Public Sector External Funded Debt (millions
of dollars)(12) ...........................................
$20,112
$22,932
$22,192
$24,206
$25,318
Percent of GDP(1)....................................
24.7%
27.5%
27.5%
29.9%
26.6%

__________________________________
(1)
GDP figures calculated using new methodology implemented by DANE in 1999. Preliminary figures for 2002, 2003 and 2004.
(2)
Preliminary figures for 2002, 2003 and 2004.
(3)
Percentage change over the twelve months ending December 31 of each year.
(4)
Average for each year of the short-term composite reference rate, as calculated by the Superintendency of Banks.
(5)
Refers to the average annual percentage of the labor force that was unemployed in the seven largest cities in Colombia during the years 1997-2000. The
2001, 2002, 2003 and 2004 figures correspond to the average December 2001, December 2002, December 2003 and December 2004 unemployment rates in the
thirteen largest cities in Colombia.
(6)
Figures for all years have been recalculated according to the recommendations contained in the fifth edition of the IMF's Balance of Payments Manual.
Estimated figures for 2000, 2001, 2002, 2003 and 2004. Imports and exports of goods do not include "special trade operations."
(7)
All figures calculated according to IMF methodology, which includes privatization, concession and securitization proceeds as part of public sector
revenues.
(8)
The amounts of Central Government transfers to departments and municipal governments are not eliminated in the calculation of consolidated
nonfinancial public sector revenue and consolidated nonfinancial public sector expenditures and, accordingly, the revenue and expenditure figures included above
are greater than those that would appear were such transfers eliminated upon consolidation. See "Public Sector Finance."
(9)
Primary surplus/(deficit) equals total consolidated nonfinancial public sector surplus/(deficit) without taking into account interest payments or interest
income.
(10)
Subject to revision. Exchange rates at December 31 of each year.
(11)
Includes peso-denominated debt of the Government (excluding state-owned financial institutions and departmental and municipal governments) with an
original maturity of one year or more, and public sector entities' guaranteed internal debt.
(12)
Includes external debt of the Government (including Banco de la República, public agencies and entities, departments and municipal governments and
state-owned financial institutions) with an original maturity of one year or more.
Sources:
Banco de la República, Ministry of Finance and Public Credit ("Ministry of Finance"), Departamento Administrativo Nacional Estadístico
("DANE") and Consejo Superior de Política Fiscal ("CONFIS").
See "Recent Developments" beginning on page 5-23.

S-5

THE OFFERING
Issuer
The Republic of Colombia.
Aggregate Principal Amount
Ps.537,373,000,000.
Issue Price
129.156% of the principal amount of the bonds, plus accrued interest,
from October 22, 2005. The Issue Price will be payable in U.S.
dollars based on an exchange rate for the conversion of Colombian
pesos into U.S. dollars of Ps. 2,256.17 per U.S. $1.00.
Issue Date
March 13, 2006.
Maturity Date
October 22, 2015.
Form of Securities
The bonds will be issued in the form of one or more registered global
securities without coupons, which will be deposited with a common
depositary for Euroclear and Clearstream, Luxembourg. The bonds
will not be issued in bearer form.
Denominations
The bonds will be issued in denominations of Ps. 5,000,000 and
integral multiples of Ps. 1,000,000 in excess thereof.
Interest
The bonds will bear interest from October 22, 2005 at the rate of
12.000% per year, payable in U.S. dollars as calculated as described
below. We will pay you interest annually in arrears on October 22 of
each year, commencing on October 22, 2006. Interest will be
computed on the basis of the actual number of days during the period
in respect of which interest is being paid, not to exceed 365, divided
by 365.
Redemption
We may not redeem the bonds before maturity. At maturity, we will
redeem the bonds at par.
Risk Factors
Risk factors relating to the bonds:
· The price at which the bonds will trade in the secondary market
is uncertain.
· The bonds will contain provisions that permit Colombia to
amend the payment terms without the consent of all holders.
Risk factors relating to foreign currency securities:
· If the Colombian peso depreciates against the U.S. dollar, the
effective yield on the bonds will decrease below the interest rate
on the bonds, and the amount payable at maturity may be less
than your investment, resulting in a loss to you.
· Government policy or actions could adversely affect the
exchange rate between the peso and the U.S. dollar and an
investment in the bonds.
· Exchange controls could affect the peso/U.S. dollar exchange
rate and the amount payable on the bonds.
Risk factors relating to Colombia:
· Colombia is a foreign sovereign state and accordingly it may be
difficult to obtain or enforce judgments against it.
· Certain economic risks are inherent in any investment in an
emerging market country such as Colombia.
S-6

· An increase in Colombia's debt-to-GDP ratio could increase the
burden of servicing Colombia's debt.
· Colombia's economy remains vulnerable to external shocks that
could be caused by significant economic difficulties of its major
regional trading partners or by more general "contagion" effects,
which could have a material adverse effect on Colombia's
economic growth and its ability to service its public debt.
· Colombia's credit ratings may be changed, suspended or
withdrawn.
Risk Factors Relating to the Auction Procedures

· Potential investors should not expect to sell the bonds for a profit
shortly after the bonds are issued.
· Some bids made at or above the Clearing Yield may not receive
an allocation of bonds.
· Potential investors should not bid for a greater principal amount
of bonds than they are prepared to purchase.
See "Risk Factors" below for a discussion of certain factors you
should consider before deciding to invest in the bonds.
Conversion of the payment amounts
All amounts due in respect of principal or interest will be paid in
U.S. dollars, calculated by the calculation agent by translating the
Colombian peso amounts into U.S. dollars at the Average
Representative Market Rate on the applicable Rate Calculation Date
(as defined below).
Status
The bonds will be direct, general, unconditional, unsecured and
unsubordinated external indebtedness of Colombia and will be
backed by the full faith and credit of Colombia. The bonds will rank
equal in right of payment with all of Colombia's present and future
unsecured and unsubordinated external indebtedness.
Single Series
The bonds initially offered on the date of this prospectus supplement
will be a further issuance of, and will form a single series with, the
Ps. 757,430,000,000 aggregate principal amount of Colombia's
12.000% Global TES Bonds due 2015 issued on February 24, 2005
and the Ps. 568,822,000,000 aggregate principal amount of
Colombia's 12.000% Global TES Bonds due 2015 issued on
December 21, 2005.
Withholding Tax and Additional Amounts We will make all payments on the bonds without withholding or
deducting any taxes imposed by Colombia, subject to certain
specified exceptions. For more information, see "Description of the
SecuritiesDebt SecuritiesAdditional Amounts" on page 4 of the
prospectus.
Further Issues
Colombia may, without the consent of the holders, create and issue
additional bonds that may form a single series of bonds with the
outstanding bonds; provided that such additional bonds do not have,
for purposes of U.S. federal income taxation (regardless of whether
any holders of such additional bonds are subject to U.S. federal tax
laws), a greater amount of original issue discount than the bonds have
as of the date of the issue of such additional bonds.
S-7

Listing
Application has been made to admit and trade the bonds on the
Luxembourg Stock Exchange regulated market, pursuant to European
Union directive CE 2003/71 and the Luxembourg Prospectus Law.
Governing Law
New York. The laws of Colombia will govern all matters relating to
authorization and execution by Colombia.
Additional Provisions
The bonds will contain provisions regarding acceleration and future
modifications to their terms that differ from those applicable to
Colombia's outstanding external public indebtedness issued prior to
January 21, 2004. Those provisions are described below in the
section "New Provisions Applicable to the Bonds".
Calculation Agent
JPMorgan Chase Bank, N.A.
Use of Proceeds
The net proceeds of the sale of the bonds will be approximately U.S.
$ 305,931,965, after deduction of the underwriting discount and of
certain expenses payable by Colombia (which are estimated to be
U.S. $ 500,000). Colombia will use the proceeds for liability
management transactions, including payment of a portion of the
purchase price for certain securities purchased in connection with
Colombia's offer to purchase for cash, on the terms and subject to the
conditions set forth in an Offer to Purchase, dated February 27, 2006,
provided that all such liability management transactions are settled
simultaneously.
Underwriting
Under the terms and subject to the conditions contained in an
underwriting agreement, dated as of March 6, 2006, J.P. Morgan
Securities Inc. and Morgan Stanley & Co. Incorporated, as
underwriters, are obligated to purchase the bonds. The bonds will be
allocated to investors pursuant to a modified Dutch auction procedure
that is more fully described in Annex A. Delivery of the bonds is
expected to be made on March 13, 2006; provided, however, bonds
will not be delivered to any purchaser that (i) has not paid the
applicable purchase price for the bonds or (ii) has not provided
satisfactory documentation in connection with the delivery of the
bonds (a "Disqualified Purchaser"). Colombia will not be obligated to
deliver and the underwriters will not be obligated to purchase or pay
for bonds in respect of any Disqualified Purchaser.
S-8

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. Colombia disclaims any responsibility for
advising you on these matters.
Risk Factors Relating to the Bonds
The price at which the bonds will trade in the secondary market is uncertain.
Colombia has been advised by the underwriters that they intend to make a market in the bonds but are not
obligated to do so and may discontinue market making at any time without notice. Application has been made to
admit and trade the bonds on the Luxembourg Stock Exchange regulated market, pursuant to European Union
directive CE 2003/71 and the Luxembourg Prospectus Law. No assurance can be given as to the liquidity of the
trading market for the bonds. The price at which the bonds will trade in the secondary market is uncertain.
The bonds will contain provisions that permit Colombia to amend the payment terms without the consent of
all holders.
The bonds will contain provisions regarding acceleration and voting on future amendments, modifications
and waivers, which are commonly referred to as "collective action clauses". Under these provisions, certain key
provisions of the bonds may be amended, including the maturity date, interest rate and other payment terms, with the
consent of the holders of 75% of the aggregate principal amount of the outstanding bonds. See "New Provisions
Applicable to the Bonds" in this prospectus supplement and "Description of the Securities--Default and
Acceleration of Maturity" and "--Meetings and Amendments" in the accompanying prospectus.
Risks Factors Relating to Foreign Currency Securities
This prospectus supplement and the prospectus do not describe all the risks of an investment in securities
denominated in currencies other than U.S. dollars. If you are unsophisticated with respect to foreign currency
transactions, these bonds are not an appropriate investment for you.
The information in this section is directed to investors who are U.S. residents and does not address risks for
investors who are not U.S. residents. We disclaim any responsibility to advise prospective purchasers who are
residents of countries other than the United States with respect to any matters that may affect the purchase, holding
or receipt of payments of the bonds. If you are not a U.S. resident, you should consult your own financial and legal
advisors.
If the Colombian peso depreciates against the U.S. dollar, the effective yield on the bonds will decrease
below the interest rate on the bonds, and the amount payable at maturity may be less than your investment, resulting
in a loss to you.
Rates of exchange between the U.S. dollar and the Colombian peso have varied significantly over time.
Historical peso/U.S. dollar exchange rates are presented in the table under the heading "Certain Defined Terms and
Conventions--Colombian Peso Information". However, historical trends do not necessarily indicate future
fluctuations in rates, and should not be relied upon as indicative of future trends.
Currency exchange rates can be volatile and unpredictable. If the Colombian peso depreciates against the
U.S. dollar, the effective yield on the bonds will decrease below the interest rate on the bonds and the amount
payable at maturity may be less than your investment, resulting in a loss to you. Depreciation of the Colombian
peso against the U.S. dollar may also adversely affect the market value of the bonds.
S-9