The Republic of Uruguay

Uruguay Announces 2030 UI Bonds Coupon and Issue Price, Ps./U.S.$ Exchange Rate and 2036 Global Bonds Reopening Spread

Montevideo (ots/PRNewswire) - The Republic of Uruguay, in accordance with the schedule of its offer launched on June 24, 2008 to holders outside the United States (the "International Offer") of 14 series of outstanding foreign currency external bonds of Uruguay (the "Eligible Bonds") to exchange those instruments for either Uruguayan Pesos UI Bonds due 2030 (the "2030 UI Bonds") or U.S. Dollar 7.625% Bonds due 2036 (the "2036 Global Bonds" and together with the 2030 UI Bonds, the "New Bonds") to be issued by the Republic of Uruguay upon settlement of the transaction, announced today the following: 2030 UI Bonds coupon and issue price (expressed as a percentage of the principal amount and per Ps.1,000): Coupon: 4.00% Issue Price: Ps.1,000 per Ps.1,000 Ps./U.S.$ exchange rate (representative of the 20-business day average transfer exchange rate): Ps.19.545 per U.S.$1 Spread above the mid-market 30-year swap rate displayed on Bloomberg under IRSB18 at 11:00 a.m., New York City time on the first trading day after the expiration date at which Uruguay will reopen the 2036 Global Bonds: 2.35% Information regarding the International Offer is described in an Offering Circular dated June 24, 2008. The International Offer will expire at 5.00 p.m., New York time, on June 26, 2008, unless extended or terminated earlier. Settlement is currently expected to take place on July 10, 2008. Citigroup Global Markets Ltd. acts as Dealer Manager for the International Offer, and Citibank N.A. acts as Exchange Agent. Qualified holders of Eligible Bonds desiring to participate in the International Offer must tender their Eligible Bonds through participants in DTC, Euroclear or Clearstream, Luxembourg. A qualified holder, or the person acting on its behalf, must follow the procedures described in the Offering Circular which can be obtained by contacting Global Bondholder Services Corporation, the information agent for the International Offer, at info@gbsc-usa.com or at (Collect) +1-212-925-1630. This press release is for information purposes only and does not constitute or form part of, and should not be construed as an offer or an invitation to sell, or issue or the solicitation of any offer to buy or subscribe for, any securities. In connection with this transaction there has not been, nor will there be, any public offering of the New Bonds. No prospectus will be prepared in connection with the offering of the New Bonds. The New Bonds may not be offered to the public in any jurisdiction in circumstances that would require the issuer of the New Bonds to prepare or register any prospectus or offering document relating to the Bonds in such jurisdiction. The distribution of this press release and the offer and sale of the New Bonds in certain jurisdictions may be restricted by law. Italy has only partially implemented the Prospectus Directive and, accordingly, the provisions of the Prospectus Directive shall apply with respect to Italy only to the extent to which the relevant provisions of the Prospectus Directive have already been implemented in Italy. The New Bonds may not be placed, sold or offered to individuals resident in Italy in the primary or in the secondary market. Any persons reading this press release should inform themselves of and observe any such restrictions. This press release does not constitute an offer to sell or a solicitation of an offer to purchase any securities in the United States. The 2030 UI Bonds have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "Securities Act") or the laws of any state within the U.S., and may not be offered or sold in the United States or to or for the account or benefit of U.S. persons, except in a transaction not subject to, or pursuant to an applicable exemption from, the registration requirements of the Securities Act or any state securities laws. This press release and the information contained herein may not be distributed or sent into the United States, or in any other jurisdiction in which offers or sales of the securities described herein would be prohibited by applicable laws and should not be distributed to United States persons or publications with a general circulation in the United States. No offering of the 2030 UI Bonds is being made in the United States. Until 40 days after the settlement date, all dealers effecting transactions in the 2036 Global Bonds in the United States may be required to deliver a copy of a prospectus relating to the 2036 Global Bonds. This press release does not constitute a "prospectus" for the purpose of Article 5.4 of the Prospectus Directive 2003/71/EC and has not been approved by the competent authority of any member state of the European Economic Area. ots Originaltext: The Republic of Uruguay Im Internet recherchierbar: http://www.presseportal.ch Contact: Media Contact: Azucena Arbeleche, +2-1712-2957

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