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24.06.2008 – 17:41

The Republic of Uruguay

Uruguay Announces Liability Management Transaction

    Montevideo (ots/PRNewswire)

The Republic of Uruguay announced today an offer to qualified holders outside the United States of 14 series of outstanding foreign currency external bonds denominated in U.S. Dollars and Euros maturing on or prior to 2015 (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. Holders of Eligible Bonds having in the aggregate an outstanding principal amount of less than U.S. $ 100,000 or EUR 100,000 can only tender Eligible Bonds for cash in an offer conducted concurrently with the exchange offer (the cash and exchange offers, collectively, the "International Offer").

    The aggregate outstanding principal amount of all Eligible Bonds is equivalent to approximately U.S. $ 802.2 million.

    Uruguay is also offering 2036 Global Bonds in exchange for Eligible Bonds pursuant to a concurrent exchange offer to holders in the United States and is offering 2036 Global Bonds and 2030 UI Bonds in exchange for certain series of outstanding debt securities of Uruguay pursuant to a concurrent exchange offer in Uruguay (the "concurrent exchange offers"). The eligible bonds for the concurrent domestic offer includes U.S.$566 million aggregate principal amount of U.S. dollar denominated bonds governed by the laws of Uruguay, which are eligible to be tendered in exchange for either series of the New Bonds, and also approximately U.S.$1,541 million aggregate principal amount of UI denominated bonds governed by the laws of Uruguay which are eligible to be tendered in exchange for 2030 UI Bonds only.

    The International Offer and the concurrent offer in the United States will expire at 5.00 p.m., New York time, on June 26, 2008, unless extended or terminated earlier. Uruguay will announce the coupon and issue price of the 2030 UI Bonds, and the reopening spread for the 2036 Global Bonds on the trading day prior to the expiration date. The market reference rate will be determined and the purchase price for the Eligible Bonds and the reopening price for the 2036 Global Bonds will be set on the trading day after the expiration date.

    The New Bonds are described in an Offering Circular dated June 24, 2008. Upon issuance, the 2036 Global Bonds will be consolidated with, form a single series with and be fully fungible with Uruguay's outstanding U.S.$1,285,667,105 7.625% Bonds due 2036 (CUSIP No. 760942AS1, ISIN US760942AS16, Common Code 024873811) and any 7.625% Bonds due 2036 issued in the concurrent exchange offers. The 2030 UI Bonds to be issued in exchange for Eligible Bonds will be consolidated, form a single series and be fully fungible with the bonds of the same series to be issued in the concurrent domestic exchange offer.

    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 Offers 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 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 which 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.

ots Originaltext: The Republic of Uruguay
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