SOURCE: Republic of Uruguay

December 10, 2007 09:40 ET

Uruguay Announces the Results of Its International Cash Tender Offer

MONTEVIDEO, URUGUAY--(Marketwire - December 10, 2007) - The Republic of Uruguay ("Uruguay") announced today that holders of approximately U.S.$116 million aggregate outstanding principal amount of the 10 series of international U.S. dollar and Euro-denominated bonds, all maturing in or prior to 2012 and eligible for tender in the cash tender offer launched on December 3, 2007 (the "Offer"), tendered their bonds into the Offer. Uruguay decided to accept all international bonds tendered and will proceed to complete the Offer on December 17, 2007, the expected Settlement Date.

The table below sets forth (a) the approximate aggregate principal amount of eligible bonds of each series that Uruguay accepted in the Offer, and (b) the principal amount of each such series of eligible bonds that will remain outstanding after giving effect to the Offer.

                                                             Remaining
                                       Principal Amount     Outstanding
         Bonds            ISIN            Accepted        Principal Amount
       USD Bonds
7.000% Bonds due 2008   US760942AF94    U.S.$0            U.S.$3,744,000
7.875% Bonds due 2008   US917288AL60    U.S.$3,990,586    U.S.$47,528,531
7.875% Bonds due 2009   US917288AK87    U.S.$270,000      U.S.$1,270,000
7.250% Bonds due 2009   US760942AH50    U.S.$2,005,000    U.S.$4,288,000
8.750% Bonds due 2010   US760942AJ17    U.S.$528,000      U.S.$1,948,400
7.250% Bonds due 2011   US917288AY81    U.S.$80,803,870   U.S.$103,908,861
8.375% Bonds due 2011   US917288AP74    U.S.$1,973,000    U.S.$29,977,069
7.625% Bonds due 2012   US917288AJ15    U.S.$1,600,000    U.S.$1,964,000
       EUR Bonds
7.000% Bonds due 2011   XS0131127036    EUR3,133,000      EUR43,268,000
7.000% Bonds due 2012   XS0167136786    EUR14,010,455*    EUR41,354,955*

* In terms of current principal balance.

All bonds accepted by Uruguay will be cancelled following the Settlement Date. No series of the eligible bonds tendered was subject to proration.

The Offer commenced on December 3, 2007, on the terms and subject to the conditions described in the offer document dated December 3, 2007, and the Expiration Time was extended on December 6, 2007 until 1 p.m., New York City time, on December 7, 2007.

The definitive amount of international bonds to be repurchased pursuant to the Offer remains subject to final confirmation by the Dealer Manager and Uruguay.

Uruguay also announced today that it has accepted approximately U.S.$124 million aggregate outstanding principal amount of 17 bonds governed by Uruguayan law (the "local bonds") tendered to Uruguay pursuant to a cash tender offer, also launched on December 3, 2007. All local bonds accepted by Uruguay will be cancelled.

Citi acted as Dealer Manager for the Offer, and Bondholder Communications Group, LLC acted as Information and Tender Agent for the Offer.

Capitalized terms used but not defined herein shall have the meaning ascribed to them in the offer document referred to above.

ANY DISCLAIMERS OR OTHER NOTICES THAT MAY APPEAR AFTER THIS MESSAGE ARE NOT APPLICABLE TO THIS COMMUNICATION AND SHOULD BE DISREGARDED.

Contact Information

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