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(Ps.12,135,000,000 )Tj -1.792 -1.2 Td (4.25% UI Bonds due 2027)Tj /TT1 1 Tf ( )Tj /TT0 1 Tf 12.5 0 0 12.5 212.425 486.6091 Tm (Payable in United States dollars)Tj /TT1 1 Tf -14.873 -1.797 Td (Pursuant to this prospectus supplement, the Republic of Uruguay is offer\ ing 4.25% UI Bonds due 2027 \(the )Tj 19.665 -1.2 Td (\223Bonds\224\). )Tj /TT0 1 Tf 11.25 0 0 11.25 10 420.1962 Tm (Maturity)Tj /TT1 1 Tf ( )Tj 0 -1.867 TD (The Bonds will mature on April 5, 2027. See \223Description of the Bonds\ \224. )Tj /TT0 1 Tf 0 -2.537 TD (Principal)Tj /TT1 1 Tf ( )Tj 0 -1.867 TD (Principal will be repaid in three nominally equal installments on April \ 5, 2025, April 5, 2026 and at maturity. The nominal )Tj 0 -1.2 TD (principal amount repaid in each installment will be adjusted to reflect \ Uruguayan inflation from April 3, 2007 to the applicable)Tj ( )Tj 0 -1.2 TD (repayment date and will be converted to and paid in United States dollar\ s. )Tj /TT0 1 Tf 0 -2.537 TD (Interest)Tj /TT1 1 Tf ( )Tj 0 -1.867 TD (Interest will be payable on April 5 and October 5 of each year, commenci\ ng on October 5, 2007, on the outstanding principal )Tj 0 -1.2 TD (amount as adjusted to reflect Uruguayan inflation from April 3, 2007 thr\ ough the relevant interest payment date. 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<>BDC q 0 18 595 806 re W* n 0 0 1 RG 1.086 w 10 M 0 j 0 J []0 d 10 782.42 m 119.135 782.42 l S 0 0 1 rg BT /T1_1 1 Tf 12.9231 0 0 12.9231 10 785.6766 Tm (Table of Contents)Tj 0 0 0 rg /TT0 1 Tf 12.5 0 0 12.5 247.5 746.1212 Tm (INTRODUCTION)Tj /TT1 1 Tf ( )Tj -19 -1.803 Td ( )Tj /TT0 1 Tf (This prospectus supplement, together with the Republic of Uruguay\222s p\ rospectus, dated June 5, 2006, )Tj 0 -1.203 TD (setting forth in general terms the conditions of the securities of the R\ epublic of Uruguay issued under the )Tj 0 -1.2 TD (trust indenture under which the Bonds will be issued and the information\ included in the 2005 Annual )Tj 0 -1.2 TD (Report \(as defined below\) and Amendment No. 1, Amendment No. 2, Amendm\ ent No. 3, Amendment )Tj T* (No. 4, Amendment No. 5, Amendment No. 6, Amendment No. 7, Amendment No. \ 8 and Amendment No. 9, )Tj T* (each on Form 18-K/A, to the 2005 Annual Report each filed with the Unite\ d Kingdom Listing Authority )Tj T* (\(\223UKLA\224\) on or prior to March 29, 2007, together, will comprise \ a prospectus \(a \223PD Prospectus\224\) for the )Tj 0 -1.2 TD (purposes of Article 5.4 of the Prospectus Directive 2003/71/EC \(the \223\ Prospectus Directive\224\). When you )Tj T* (make your investment decision, you should rely only on the information c\ ontained or incorporated by )Tj T* (reference in the PD Prospectus. Uruguay has not authorized anyone to pro\ vide you with information that is )Tj T* (different. The PD Prospectus may only be used where it is legal to offer\ and sell these securities. The )Tj T* (information in the PD Prospectus may only be accurate as of the date the\ reof.)Tj /TT1 1 Tf ( )Tj 0 -1.8 TD ( Uruguay is furnishing the PD Prospectus solely for use by prospecti\ ve investors in connection with their )Tj 0 -1.2 TD (consideration of a purchase of the Bonds. After having taken all reasona\ ble care to ensure that such is the case, )Tj T* (Uruguay confirms that: )Tj 0 -1.8 TD ( )Tj /TT0 1 Tf 1.84 -0.003 Td (\225)Tj /TT1 1 Tf 1.38 0.003 Td ( )Tj 0.46 0 Td (the information contained in the PD Prospectus is to the best of its kno\ wledge in accordance with the )Tj 0 -1.2 TD (facts and contains no omissions likely to affect its import; and)Tj 7.5 0 0 7.5 10 457.8697 Tm ( )Tj 12.5 0 0 12.5 10 444.5379 Tm ( )Tj /TT0 1 Tf 1.84 -0.003 Td (\225)Tj /TT1 1 Tf 1.38 0.003 Td ( )Tj 0.46 0 Td (it holds the opinions and intentions expressed in the PD Prospectus.)Tj -3.68 -1.8 Td ( The Bonds that Uruguay issues in the United States are being offere\ d under Uruguay\222s registration statement )Tj 0 -1.2 TD (\(file no. 333-134515\) \(the \223Registration Statement\224\) initially\ filed with the United States Securities and Exchange )Tj 0 -1.2 TD (Commission \(the \223SEC\224\) under the Securities Act of 1933, as amen\ ded \(the \223Act\224\) on May 26, 2006. The )Tj T* (accompanying prospectus is part of that registration statement, which be\ came effective on June 5, 2006. The )Tj T* (accompanying prospectus provides you with a general description of the d\ ebt securities that Uruguay may offer. )Tj T* (This prospectus supplement contains specific information about the terms\ of the Bonds and may add or change )Tj 0 -1.2 TD (information provided in the accompanying prospectus. Consequently, you s\ hould read this prospectus supplement )Tj T* (together with the accompanying prospectus, as each contains information \ regarding Uruguay, the Bonds and other )Tj T* (matters. You can inspect these documents at the office of the SEC listed\ in this prospectus supplement under )Tj T* (\223General Information \227 Where You Can Find More Information.\224 )Tj 0 -1.8 TD ( This document is only being distributed to and is only directed at \ \(i\) persons who are outside the United )Tj 0 -1.2 TD (Kingdom or \(ii\) to investment professionals falling within Article 19\(\ 5\) of the Financial Services and Markets Act )Tj T* (2000 \(Financial Promotion\) Order 2005 \(the \223Order\224\) or \(iii\)\ high net worth entities, and other persons to whom it )Tj T* (may lawfully be communicated, falling within Article 49\(2\)\(a\) to \(d\ \) of the Order \(all such persons together being )Tj T* (referred to as \223relevant persons\224\). The Bonds are only available \ to, and any invitation, offer or agreement to )Tj T* (subscribe, purchase or otherwise acquire such Bonds will be engaged in o\ nly with, relevant persons. Any person )Tj T* (who is not a relevant person should not act or rely on this document or \ any of its contents. )Tj /TT0 1 Tf 14.611 -3.003 Td (INCORPORATION BY REFERENCE)Tj /TT1 1 Tf ( )Tj /TT0 1 Tf -14.611 -2.403 Td (Documents Filed with the SEC)Tj /TT1 1 Tf ( )Tj 0 -1.8 TD ( The SEC allows Uruguay to incorporate by reference some information\ that Uruguay files with the SEC. )Tj 0 -1.2 TD (Uruguay can disclose important information to you by referring you to th\ ose documents. The following )Tj T* (documents, which Uruguay has filed or will file with the SEC, are consid\ ered part of and incorporated by )Tj T* (reference in this prospectus supplement and any accompanying prospectus \ with the exception of documents )Tj ET EMC /Artifact <>BDC Q BT /T1_0 1 Tf 9 0 0 9 18 7.17 Tm (http://www.sec.gov/Archives/edgar/data/102385/000095012307004873/y32802e\ 424b2.htm \(5 de 115\)25/10/2007 01:42:24 p.m.)Tj ET EMC endstream endobj 591 0 obj<>stream /Artifact <>BDC 0 0 0 rg 0 i BT /T1_0 1 Tf 0 Tc 0 Tw 0 Ts 100 Tz 0 Tr 9 0 0 9 18 830.17 Tm (424B2)Tj ET EMC /Article <>BDC q 0 18 595 806 re W* n BT /TT0 1 Tf 12.5 0 0 12.5 10 804.4547 Tm (incorporated therein: )Tj 0 -1.8 TD ( )Tj /TT1 1 Tf 1.84 -0.003 Td (\225)Tj /TT0 1 Tf 1.38 0.003 Td ( )Tj 0.46 0 Td (Uruguay\222s annual report on Form 18-K for the year ended December 31, \ 2005 \(the \2232005 Annual )Tj 0 -1.2 TD (Report\224\), filed with the SEC on May 24, 2006;)Tj 18.625 -2.72 Td (S-1 )Tj ET 0.5 0.5 0.5 rg 10 700.784 575 2 re f EMC /Artifact <>BDC Q BT /T1_0 1 Tf 9 0 0 9 18 7.17 Tm (http://www.sec.gov/Archives/edgar/data/102385/000095012307004873/y32802e\ 424b2.htm \(6 de 115\)25/10/2007 01:42:24 p.m.)Tj ET EMC endstream endobj 592 0 obj<>stream /Artifact <>BDC 0 0 0 rg 0 i BT /T1_0 1 Tf 0 Tc 0 Tw 0 Ts 100 Tz 0 Tr 9 0 0 9 18 830.17 Tm (424B2)Tj ET EMC /Article <>BDC q 0 18 595 806 re W* n 0 0 1 RG 1.086 w 10 M 0 j 0 J []0 d 10 782.42 m 119.135 782.42 l S 0 0 1 rg BT /T1_1 1 Tf 12.9231 0 0 12.9231 10 785.6766 Tm (Table of Contents)Tj 0 0 0 rg /TT0 1 Tf 12.5 0 0 12.5 10 749.6628 Tm ( )Tj /TT1 1 Tf 1.84 -0.003 Td (\225)Tj /TT0 1 Tf 1.38 0.003 Td ( )Tj 0.46 0 Td (Amendment No. 1 on Form 18-K/A to the 2005 Annual Report, filed with the\ SEC on July 24, 2006; and)Tj 7.5 0 0 7.5 10 738.9946 Tm ( )Tj 12.5 0 0 12.5 10 725.6628 Tm ( )Tj /TT1 1 Tf 1.84 -0.003 Td (\225)Tj /TT0 1 Tf 1.38 0.003 Td ( )Tj 0.46 0 Td (Amendment No. 2 on Form 18-K/A to the 2005 Annual Report, filed with the\ SEC on September 7, )Tj 0 -1.2 TD (2006.)Tj 7.5 0 0 7.5 10 699.9946 Tm ( )Tj 12.5 0 0 12.5 10 686.6628 Tm ( )Tj /TT1 1 Tf 1.84 -0.003 Td (\225)Tj /TT0 1 Tf 1.38 0.003 Td ( )Tj 0.46 0 Td (Amendment No. 3 on Form 18-K/A to the 2005 Annual Report, filed with the\ SEC on October 4, 2006;)Tj 7.5 0 0 7.5 10 675.9946 Tm ( )Tj 12.5 0 0 12.5 10 662.6628 Tm ( )Tj /TT1 1 Tf 1.84 -0.003 Td (\225)Tj /TT0 1 Tf 1.38 0.003 Td ( )Tj 0.46 0 Td (Amendment No. 4 on Form 18-K/A to the 2005 Annual Report, filed with the\ SEC on October 16, 2006;)Tj 7.5 0 0 7.5 10 651.9946 Tm ( )Tj 12.5 0 0 12.5 10 638.6628 Tm ( )Tj /TT1 1 Tf 1.84 -0.003 Td (\225)Tj /TT0 1 Tf 1.38 0.003 Td ( )Tj 0.46 0 Td (Amendment No. 5 on Form 18-K/A to the 2005 Annual Report, filed with the\ SEC on October 18, 2006;)Tj 7.5 0 0 7.5 10 627.9946 Tm ( )Tj 12.5 0 0 12.5 10 614.6628 Tm ( )Tj /TT1 1 Tf 1.84 -0.003 Td (\225)Tj /TT0 1 Tf 1.38 0.003 Td ( )Tj 0.46 0 Td (Amendment No. 6 on Form 18-K/A to the 2005 Annual Report, filed with the\ SEC on October 30, 2006;)Tj 7.5 0 0 7.5 10 603.9946 Tm ( )Tj 12.5 0 0 12.5 10 590.6628 Tm ( )Tj /TT1 1 Tf 1.84 -0.003 Td (\225)Tj /TT0 1 Tf 1.38 0.003 Td ( )Tj 0.46 0 Td (Amendment No. 7 on Form 18-K/A to the 2005 Annual Report, filed with the\ SEC on January 18, 2007; )Tj T* (and)Tj 7.5 0 0 7.5 10 564.9946 Tm ( )Tj 12.5 0 0 12.5 10 551.6628 Tm ( )Tj /TT1 1 Tf 1.84 -0.003 Td (\225)Tj /TT0 1 Tf 1.38 0.003 Td ( )Tj 0.46 0 Td (Amendment No. 8 on Form 18-K/A to the 2005 Annual Report, filed with the\ SEC on January 18, 2007.)Tj 7.5 0 0 7.5 10 540.9946 Tm ( )Tj 12.5 0 0 12.5 10 527.6628 Tm ( )Tj /TT1 1 Tf 1.84 -0.003 Td (\225)Tj /TT0 1 Tf 1.38 0.003 Td ( )Tj 0.46 0 Td (Amendment No. 9 on Form 18-K/A to the 2005 Annual Report, filed with the\ SEC on March 28, 2007.)Tj -3.68 -1.8 Td ( Any person receiving a copy of this prospectus supplement may obtai\ n, without charge and upon request, a )Tj T* (copy of any of the above documents \(including only the exhibits that ar\ e specifically incorporated by reference in )Tj 0 -1.2 TD (them\). Requests for such documents should be directed to: )Tj 2.76 -1.8 Td (Rep\372blica Oriental del Uruguay )Tj T* (c/o Ministry of Finance )Tj T* (Colonia 1089 \226 Third Floor )Tj 0 -1.2 TD (112000 Montevideo )Tj T* (Rep\372blica Oriental del Uruguay )Tj T* (Fax No.: 598-2-1712-2716 )Tj T* (Attention: Mr. Carlos Steneri )Tj /TT1 1 Tf -2.76 -2.403 Td (Documents Filed with the UKLA)Tj /TT0 1 Tf ( )Tj 0 -1.8 TD ( For purposes of the listing of the Bonds on the Official List and o\ n the London Stock Exchange, only the 2005 )Tj 0 -1.2 TD (Annual Report and Amendment No. 1, Amendment No. 2, Amendment No. 3, Ame\ ndment No. 4, Amendment )Tj T* (No. 5, Amendment No. 6, Amendment No. 7, Amendment No. 8 and Amendment N\ o. 9 on Form 18-K/A to the )Tj T* (2005 Annual Report, each of which has been previously published or is pu\ blished simultaneously with the PD )Tj T* (Prospectus and approved by or filed with the UKLA shall be deemed to be \ incorporated in, and form part of, this )Tj T* (prospectus, with the exception of documents incorporated by reference th\ ereto. All future filings made with the )Tj T* (SEC shall not form part of the prospectus filed with the UKLA. )Tj /TT1 1 Tf 14.111 -3.003 Td (SCHEDULED DATA DISSEMINATION)Tj /TT0 1 Tf ( )Tj -14.111 -1.8 Td ( Uruguay is a subscribing member of the International Monetary Fund\222\ s \(\223IMF\224\) Special Data Dissemination )Tj T* (Standard or SDDS. See \223Data Dissemination\224 in the accompanying pro\ spectus. Precise dates or \223no-later-than-)Tj T* (dates\224 for the release of data by Uruguay under the SDDS are dissemin\ ated in advance through the )Tj 22.305 -2.72 Td (S-2 )Tj ET 0.5 0.5 0.5 rg 10 63.909 575 2 re f EMC /Artifact <>BDC Q BT /T1_0 1 Tf 9 0 0 9 18 7.17 Tm (http://www.sec.gov/Archives/edgar/data/102385/000095012307004873/y32802e\ 424b2.htm \(7 de 115\)25/10/2007 01:42:24 p.m.)Tj ET EMC endstream endobj 593 0 obj<>stream /Artifact <>BDC 0 0 0 rg 0 i BT /T1_0 1 Tf 0 Tc 0 Tw 0 Ts 100 Tz 0 Tr 9 0 0 9 18 830.17 Tm (424B2)Tj ET EMC /Article <>BDC q 0 18 595 806 re W* n 0 0 1 RG 1.086 w 10 M 0 j 0 J []0 d 10 782.42 m 119.135 782.42 l S 0 0 1 rg BT /T1_1 1 Tf 12.9231 0 0 12.9231 10 785.6766 Tm (Table of Contents)Tj 0 0 0 rg /TT0 1 Tf 12.5 0 0 12.5 10 749.6628 Tm (Advance Release Calendar, which is published on the Internet under the I\ nternational Monetary Fund\222s )Tj ET 0 0 0 RG 0.6 w 386.7 732.863 m 480.462 732.863 l S BT /TT0 1 Tf 12.5 0 0 12.5 10 734.6628 Tm (Dissemination Standards Bulletin Board. The Internet website is located \ at http://dsbb.imf.org. Uruguay is )Tj 0 -1.2 TD (scheduled to release the following data under the SDDS on March 30, 2007\ : price index\227consumer prices as of )Tj T* (March 2007; central government operations as of December 2006; central g\ overnment debt as of the fourth )Tj 0 -1.2 TD (quarter of 2006; analytical accounts of the banking sector as of Februar\ y 2007; balance of payments as of the )Tj 0 -1.2 TD (fourth quarter of 2006; reserves template as of February 2007; and exter\ nal debt as of the fourth quarter of 2006. )Tj T* (Neither the government nor the underwriters acting on behalf of Uruguay \ in connection with the offer and sale of )Tj T* (securities as contemplated in this prospectus supplement accept any resp\ onsibility for information included on )Tj T* (that website, and its contents are not intended to be incorporated by re\ ference into this prospectus supplement. )Tj /TT1 1 Tf 11.361 -3.003 Td (CERTAIN DEFINED TERMS AND CONVENTIONS)Tj /TT0 1 Tf ( )Tj /TT1 1 Tf -11.361 -2.403 Td (Currency of Presentation)Tj /TT0 1 Tf ( )Tj 0 -1.8 TD ( Unless otherwise stated, Uruguay has converted historical amounts t\ ranslated into U.S. dollars \(\223U.S. dollars\224, )Tj 0 -1.2 TD (\223dollars\224 or \223US$\224\) or pesos \(\223pesos,\224 \223Uruguayan\ pesos\224 and \223Ps.\224\) at historical annual average exchange rates\ . )Tj T* (Translations of pesos to dollars have been made for the convenience of t\ he reader only and should not be )Tj T* (construed as a representation that the amounts in question have been, co\ uld have been or could be converted into )Tj T* (dollars at any particular rate or at all. )Tj /TT1 1 Tf 0 -2.403 TD (Uruguayan Peso Information)Tj /TT0 1 Tf ( )Tj 0 -1.8 TD ( For the purpose of calculating payments to be made in respect of th\ e Bonds, all references to \223Ps.\224 are to )Tj 0 -1.2 TD (Uruguayan pesos. )Tj 0 -1.8 TD ( Interest and redemption payments in respect of the Bonds will be in\ U.S. dollars converted from Uruguayan )Tj 0 -1.2 TD (pesos based upon the Average Transfer Exchange Rate \(as defined below\)\ at the time the relevant payment )Tj T* (amount is determined. The Average Transfer Exchange Rate is the average \ interbank exchange rate for the )Tj T* (conversion of Uruguayan pesos into U.S. dollars as published by Banco Ce\ ntral del Uruguay and which is )Tj 0 -1.2 TD (available on Bloomberg by typing \223URINUSCA HP \224 as the\ bid-side rate for the period of )Tj T* (twenty business days ending two business days prior to any interest or p\ rincipal payment date, or, in the absence )Tj T* (of the availability of such information, the rate at which Uruguayan pes\ os can be converted into U.S. dollars as )Tj T* (determined by polling certain banks located in Montevideo, Uruguay. See \ \223Description of the Bonds\224. Before )Tj T* (being converted into and paid out in U.S. dollars, the redemption amount\ of the Bonds in Uruguayan pesos will )Tj T* (be determined in accordance with changes in UIs \(as defined below\) fro\ m the time of the issuance of the Bonds to )Tj T* (the date of payment of such redemption amount. Similarly, before being c\ onverted into and paid out in U.S. )Tj T* (dollars, interest payments at the rate stated on the cover hereof will b\ e based upon a calculation amount )Tj T* (determined in accordance with changes in UIs from the time of the issuan\ ce of the Bonds to the date of such )Tj T* (interest payment. )Tj 0 -1.8 TD ( On March 27, 2007 Banco Central del Uruguay\222s published peso/U.S\ . dollar bid-side exchange rate was )Tj 0 -1.2 TD (Ps.24.10 per US$1.00. )Tj 22.305 -2.72 Td (S-3 )Tj ET 0.5 0.5 0.5 rg 10 90.867 575 2 re f EMC /Artifact <>BDC Q BT /T1_0 1 Tf 9 0 0 9 18 7.17 Tm (http://www.sec.gov/Archives/edgar/data/102385/000095012307004873/y32802e\ 424b2.htm \(8 de 115\)25/10/2007 01:42:24 p.m.)Tj ET EMC endstream endobj 594 0 obj<>stream /Artifact <>BDC 0 0 0 rg 0 i BT /T1_0 1 Tf 0 Tc 0 Tw 0 Ts 100 Tz 0 Tr 9 0 0 9 18 830.17 Tm (424B2)Tj ET EMC /WebCaptureBG BMC /WebCaptureFN <>BDC q 0 18 595 806 re W* n /Artifact <>BDC Q 282.462 649.992 m 339.267 649.992 l 339.267 650.992 l 282.462 650.992 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 363.167 649.992 m 419.972 649.992 l 419.972 650.992 l 363.167 650.992 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 443.872 649.992 m 502.26 649.992 l 502.26 650.992 l 443.872 650.992 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 526.16 649.992 m 585 649.992 l 585 650.992 l 526.16 650.992 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 0.8 0.933 1 rg 10 634.992 248.561 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 258.561 634.992 23.9 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 282.462 634.992 14.34 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 296.802 634.992 28.125 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 324.927 634.992 14.34 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 339.267 634.992 23.9 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 363.167 634.992 14.34 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 377.507 634.992 28.125 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 405.632 634.992 14.34 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 419.972 634.992 23.9 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 443.872 634.992 14.34 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 458.212 634.992 29.707 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 487.92 634.992 14.34 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 502.26 634.992 23.9 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 526.16 634.992 14.34 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 540.5 634.992 30.16 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 570.66 634.992 14.34 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 10 604.992 248.561 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 258.561 604.992 23.9 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 282.462 604.992 14.34 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 296.802 604.992 28.125 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 324.927 604.992 14.34 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 339.267 604.992 23.9 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 363.167 604.992 14.34 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 377.507 604.992 28.125 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 405.632 604.992 14.34 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 419.972 604.992 23.9 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 443.872 604.992 14.34 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 458.212 604.992 29.707 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 487.92 604.992 14.34 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 502.26 604.992 23.9 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 526.16 604.992 14.34 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 540.5 604.992 30.16 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 570.66 604.992 14.34 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 10 574.992 248.561 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 258.561 574.992 23.9 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 282.462 574.992 14.34 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 296.802 574.992 28.125 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 324.927 574.992 14.34 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 339.267 574.992 23.9 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 363.167 574.992 14.34 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 377.507 574.992 28.125 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 405.632 574.992 14.34 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 419.972 574.992 23.9 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 443.872 574.992 14.34 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 458.212 574.992 29.707 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 487.92 574.992 14.34 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 502.26 574.992 23.9 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 526.16 574.992 14.34 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 540.5 574.992 30.16 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 570.66 574.992 14.34 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 0 0 0 rg 10 539.992 m 113.5 539.992 l 113.5 538.992 l 10 538.992 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 268.317 261.81 m 585 261.81 l 585 262.81 l 268.317 262.81 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 10 248.81 m 245.658 248.81 l 245.658 249.81 l 10 249.81 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 268.317 248.81 m 329.883 248.81 l 329.883 249.81 l 268.317 249.81 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 352.542 248.81 m 414.109 248.81 l 414.109 249.81 l 352.542 249.81 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 436.768 248.81 m 499.632 248.81 l 499.632 249.81 l 436.768 249.81 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 522.292 248.81 m 585 248.81 l 585 249.81 l 522.292 249.81 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 0.8 0.933 1 rg 10 221.81 235.658 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 245.658 221.81 22.659 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 268.317 221.81 13.596 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 281.913 221.81 34.375 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 316.288 221.81 13.596 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 329.883 221.81 22.659 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 352.542 221.81 13.596 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 366.138 221.81 34.375 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 400.513 221.81 13.596 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 414.109 221.81 22.659 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 436.768 221.81 13.596 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 450.364 221.81 35.673 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 486.037 221.81 13.596 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 499.632 221.81 22.659 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 522.292 221.81 13.596 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 535.887 221.81 35.517 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 571.404 221.81 13.596 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 10 191.81 235.658 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 245.658 191.81 22.659 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 268.317 191.81 13.596 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 281.913 191.81 34.375 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 316.288 191.81 13.596 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 329.883 191.81 22.659 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 352.542 191.81 13.596 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 366.138 191.81 34.375 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 400.513 191.81 13.596 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 414.109 191.81 22.659 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 436.768 191.81 13.596 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 450.364 191.81 35.673 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 486.037 191.81 13.596 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 499.632 191.81 22.659 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 522.292 191.81 13.596 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 535.887 191.81 35.517 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 571.404 191.81 13.596 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 0 0 0 rg 10 171.81 m 113.5 171.81 l 113.5 170.81 l 10 170.81 l h f EMC EMC EMC /Article <>BDC q 0 18 595 806 re W* n 0 0 1 RG 1.086 w 10 M 0 j 0 J []0 d 10 782.42 m 119.135 782.42 l S 0 0 1 rg BT /T1_1 1 Tf 12.9231 0 0 12.9231 10 785.6766 Tm (Table of Contents)Tj 0 0 0 rg /TT0 1 Tf 12.5 0 0 12.5 10 749.6628 Tm ( The following table shows the high, low, average and period-end pes\ o/U.S. dollar exchange rates for each year )Tj 0 -1.2 TD (from 2002 to 2006 and the twelve months ended March 27, 2007. )Tj /TT1 1 Tf 19.102 -3.003 Td (Exchange Rates)Tj 10.625 0 0 10.625 333.8369 697.1212 Tm (\(1\))Tj /TT0 1 Tf 12.5 0 0 12.5 346.2256 697.1212 Tm ( )Tj -7.12 -1.197 Td (\(pesos per US$\) )Tj -19.778 -1.2 Td ( )Tj 19.885 0 Td ( )Tj 1.912 0 Td ( )Tj 1.147 0 Td ( )Tj 2.25 0 Td ( )Tj 1.147 0 Td ( )Tj 1.912 0 Td ( )Tj 1.147 0 Td ( )Tj 2.25 0 Td ( )Tj 1.147 0 Td ( )Tj 1.912 0 Td ( )Tj 1.147 0 Td ( )Tj 2.377 0 Td ( )Tj 1.147 0 Td ( )Tj 1.912 0 Td ( )Tj 1.147 0 Td ( )Tj 2.413 0 Td ( )Tj 10 0 0 10 10 653.3287 Tm ( )Tj 24.856 0 Td ( )Tj /TT1 1 Tf 4.174 0.097 Td (High)Tj /TT0 1 Tf 3.896 -0.097 Td ( )Tj /TT1 1 Tf 4.286 0.097 Td (Low)Tj /TT0 1 Tf 3.785 -0.097 Td ( )Tj /TT1 1 Tf 3.037 0.097 Td (Average)Tj 8.5 0 0 8.5 485.8805 654.2954 Tm (\(2\))Tj /TT0 1 Tf 10 0 0 10 502.2597 653.3287 Tm ( )Tj /TT1 1 Tf 2.901 0.097 Td (Period End)Tj /TT0 1 Tf 12.5 0 0 12.5 25 639.1628 Tm (2002)Tj 18.685 0 Td ( )Tj 1.912 0 Td ( )Tj 1.147 0 Td (32.35 )Tj 3.397 0 Td ( )Tj 1.912 0 Td ( )Tj 1.147 0 Td (14.02 )Tj 3.397 0 Td ( )Tj 1.912 0 Td ( )Tj 1.274 0 Td (21.22 )Tj 3.397 0 Td ( )Tj 1.912 0 Td ( )Tj 1.31 0 Td (27.20 )Tj -41.403 -1.2 Td (2003)Tj 18.685 0 Td ( )Tj 1.912 0 Td ( )Tj 1.147 0 Td (29.55 )Tj 3.397 0 Td ( )Tj 1.912 0 Td ( )Tj 1.147 0 Td (26.15 )Tj 3.397 0 Td ( )Tj 1.912 0 Td ( )Tj 1.274 0 Td (28.17 )Tj 3.397 0 Td ( )Tj 1.912 0 Td ( )Tj 1.31 0 Td (29.30 )Tj -41.403 -1.2 Td (2004)Tj 18.685 0 Td ( )Tj 1.912 0 Td ( )Tj 1.147 0 Td (29.80 )Tj 3.397 0 Td ( )Tj 1.912 0 Td ( )Tj 1.147 0 Td (26.00 )Tj 3.397 0 Td ( )Tj 1.912 0 Td ( )Tj 1.274 0 Td (28.65 )Tj 3.397 0 Td ( )Tj 1.912 0 Td ( )Tj 1.31 0 Td (26.35 )Tj -41.403 -1.2 Td (2005)Tj 18.685 0 Td ( )Tj 1.912 0 Td ( )Tj 1.147 0 Td (26.25 )Tj 3.397 0 Td ( )Tj 1.912 0 Td ( )Tj 1.147 0 Td (23.15 )Tj 3.397 0 Td ( )Tj 1.912 0 Td ( )Tj 1.274 0 Td (24.42 )Tj 3.397 0 Td ( )Tj 1.912 0 Td ( )Tj 1.31 0 Td (24.10 )Tj -41.403 -1.2 Td (2006)Tj 18.685 0 Td ( )Tj 1.912 0 Td ( )Tj 1.147 0 Td (24.40 )Tj 3.397 0 Td ( )Tj 1.912 0 Td ( )Tj 1.147 0 Td (23.70 )Tj 3.397 0 Td ( )Tj 1.912 0 Td ( )Tj 1.274 0 Td (24.01 )Tj 3.397 0 Td ( )Tj 1.912 0 Td ( )Tj 1.31 0 Td (24.40 )Tj -41.403 -1.2 Td (12 months ended March 27, 2007)Tj 18.685 0 Td ( )Tj 1.912 0 Td ( )Tj 1.147 0 Td (24.45 )Tj 3.397 0 Td ( )Tj 1.912 0 Td ( )Tj 1.147 0 Td (23.70 )Tj 3.397 0 Td ( )Tj 1.912 0 Td ( )Tj 1.274 0 Td (24.04 )Tj 3.397 0 Td ( )Tj 1.912 0 Td ( )Tj 1.31 0 Td (24.10 )Tj 3.75 0 0 3.75 10 535.7435 Tm ( )Tj 12.5 0 0 12.5 10 523.6628 Tm (\(1\))Tj 1.38 0 Td ( )Tj 0.46 0 Td (Daily interbank end-of-day bid-side rates.)Tj 3.75 0 0 3.75 10 516.2435 Tm ( )Tj 12.5 0 0 12.5 10 504.1628 Tm (\(2\))Tj 1.38 0 Td ( )Tj 0.46 0 Td (Annual average of daily interbank end-of-day bid-side rates.)Tj /TT2 1 Tf -1.84 -1.803 Td (Source: )Tj /TT0 1 Tf (Banco Central. )Tj /TT1 1 Tf 0 -1.803 TD (UI Information)Tj /TT0 1 Tf ( )Tj T* ( All references to \223UIs\224 are to )Tj /TT2 1 Tf (Unidad Indexada)Tj /TT0 1 Tf (. UIs are inflation-indexed monetary units. The UI is calculated )Tj 0 -1.203 TD (by the National Institute of Statistics \()Tj /TT2 1 Tf (Instituto Nacional de Estadistica or INE)Tj /TT0 1 Tf (\) as provided and published )Tj 0 -1.2 TD (monthly in advance for each day from the 6)Tj 10.625 0 0 10.625 228.7 406.5157 Tm (th)Tj 12.5 0 0 12.5 236.9662 406.5157 Tm ( day of a month to the 5)Tj 10.625 0 0 10.625 356.0538 406.5157 Tm (th)Tj 12.5 0 0 12.5 364.32 406.5157 Tm ( day of the following month by INE and )Tj -28.346 -1.2 Td (Banco Central del Uruguay and is available on Bloomberg by typing \223UR\ UIURUI \224. The UI )Tj 0 -1.203 TD (changes on a daily basis to reflect changes in the consumer price index \ \()Tj /TT2 1 Tf (Indice de Precios al Consumo )Tj /TT0 1 Tf (or IPC\), )Tj 0 -1.2 TD (which is measured by the INE. The UI for each day is set in advance base\ d on changes in previous months\222 )Tj T* (inflation as described under \223Description of the Bonds\224. )Tj 0 -1.8 TD ( The following table sets forth, for the periods indicated, certain \ information regarding the rate of pesos for )Tj 0 -1.2 TD (each UI calculated by INE and published daily by Banco Central del Urugu\ ay, which appears on Bloomberg page )Tj T* (URUIURUI. )Tj 0 -1.2 TD ( )Tj 18.853 0 Td ( )Tj 1.813 0 Td ( )Tj 1.088 0 Td ( )Tj 2.75 0 Td ( )Tj 1.088 0 Td ( )Tj 1.813 0 Td ( )Tj 1.088 0 Td ( )Tj 2.75 0 Td ( )Tj 1.088 0 Td ( )Tj 1.813 0 Td ( )Tj 1.088 0 Td ( )Tj 2.854 0 Td ( )Tj 1.088 0 Td ( )Tj 1.813 0 Td ( )Tj 1.088 0 Td ( )Tj 2.841 0 Td ( )Tj 10 0 0 10 10 265.1465 Tm ( )Tj 23.566 0 Td ( )Tj /TT1 1 Tf 15.674 0.097 Td (UI Value)Tj /TT0 1 Tf 8.5 0 0 8.5 441.0079 266.1132 Tm (\(1\))Tj /TT1 1 Tf 10 0 0 10 10 253.1132 Tm (Year)Tj /TT0 1 Tf 23.566 -0.097 Td ( )Tj /TT1 1 Tf 3.793 0.097 Td (High)Tj /TT0 1 Tf 8.5 0 0 8.5 304.7045 253.1132 Tm (\(2\))Tj 10 0 0 10 329.8831 252.1465 Tm ( )Tj /TT1 1 Tf 3.779 0.097 Td (Low )Tj /TT0 1 Tf 8.5 0 0 8.5 389.0651 253.1132 Tm (\(2\))Tj 10 0 0 10 414.1087 252.1465 Tm ( )Tj /TT1 1 Tf 3.012 0.097 Td (Average )Tj /TT0 1 Tf 8.5 0 0 8.5 482.2647 253.1132 Tm (\(3\))Tj 10 0 0 10 499.6322 252.1465 Tm ( )Tj /TT1 1 Tf 2.97 0.097 Td (Period End)Tj /TT0 1 Tf -51.934 -1.297 Td ( )Tj 23.566 0 Td ( )Tj 2.266 0 Td ( )Tj 1.36 0 Td ( )Tj 3.438 0 Td ( )Tj 1.36 0 Td ( )Tj 2.266 0 Td ( )Tj 1.36 0 Td ( )Tj 3.438 0 Td ( )Tj 1.36 0 Td ( )Tj /TT1 1 Tf 2.924 -0.003 Td (\(Ps. per UI\))Tj /TT0 1 Tf 5.629 0.003 Td ( )Tj 2.266 0 Td ( )Tj 1.36 0 Td ( )Tj 3.552 0 Td ( )Tj 12.5 0 0 12.5 25 225.9806 Tm (2005)Tj 17.653 0 Td ( )Tj 1.813 0 Td ( )Tj 1.088 0 Td (1.5047 )Tj 3.838 0 Td ( )Tj 1.813 0 Td ( )Tj 1.088 0 Td (1.4343 )Tj 3.838 0 Td ( )Tj 1.813 0 Td ( )Tj 1.191 0 Td (1.4662 )Tj 3.838 0 Td ( )Tj 1.813 0 Td ( )Tj 1.179 0 Td (1.5032 )Tj -40.962 -1.2 Td (2006)Tj 17.653 0 Td ( )Tj 1.813 0 Td ( )Tj 1.088 0 Td (1.5991 )Tj 3.838 0 Td ( )Tj 1.813 0 Td ( )Tj 1.088 0 Td (1.5029 )Tj 3.838 0 Td ( )Tj 1.813 0 Td ( )Tj 1.191 0 Td (1.5574 )Tj 3.838 0 Td ( )Tj 1.813 0 Td ( )Tj 1.179 0 Td (1.5964 )Tj -40.962 -1.2 Td (2007)Tj 10.625 0 0 10.625 50 195.9806 Tm (\(4\))Tj 12.5 0 0 12.5 245.6575 195.9806 Tm ( )Tj 1.813 0 Td ( )Tj 1.088 0 Td (1.6379 )Tj 3.838 0 Td ( )Tj 1.813 0 Td ( )Tj 1.088 0 Td (1.5965 )Tj 3.838 0 Td ( )Tj 1.813 0 Td ( )Tj 1.191 0 Td (1.6140 )Tj 3.838 0 Td ( )Tj 1.813 0 Td ( )Tj 1.179 0 Td (1.6379 )Tj 3.75 0 0 3.75 10 167.5613 Tm ( )Tj /TT2 1 Tf 12.5 0 0 12.5 10 155.4455 Tm (Source: Bloomberg)Tj /TT0 1 Tf 3.75 0 0 3.75 10 148.0613 Tm ( )Tj 12.5 0 0 12.5 10 135.9806 Tm (\(1\))Tj 1.38 0 Td ( )Tj 0.46 0 Td (Expressed in pesos.)Tj 3.75 0 0 3.75 10 128.5613 Tm ( )Tj 12.5 0 0 12.5 10 116.4806 Tm (\(2\))Tj 1.38 0 Td ( )Tj 0.46 0 Td (Exchange rates are the actual high and low, calculated daily, for each p\ eriod.)Tj 3.75 0 0 3.75 10 109.0613 Tm ( )Tj 12.5 0 0 12.5 10 96.9806 Tm (\(3\))Tj 1.38 0 Td ( )Tj 0.46 0 Td (The average of monthly average rates during the period.)Tj 3.75 0 0 3.75 10 89.5613 Tm ( )Tj 12.5 0 0 12.5 10 77.4806 Tm (\(4\))Tj 1.38 0 Td ( )Tj 0.46 0 Td (Period from January 1, 2007 through March 27, 2007.)Tj -1.84 -1.8 Td ( On March 27, 2007 the value of one UI was equal to 1.6379 pesos. )Tj ET EMC /Artifact <>BDC Q BT /T1_0 1 Tf 9 0 0 9 18 7.17 Tm (http://www.sec.gov/Archives/edgar/data/102385/000095012307004873/y32802e\ 424b2.htm \(9 de 115\)25/10/2007 01:42:24 p.m.)Tj ET EMC endstream endobj 595 0 obj<>stream /Artifact <>BDC 0 0 0 rg 0 i BT /T1_0 1 Tf 0 Tc 0 Tw 0 Ts 100 Tz 0 Tr 9 0 0 9 18 830.17 Tm (424B2)Tj ET EMC /Article <>BDC q 0 18 595 806 re W* n BT /TT0 1 Tf 12.5 0 0 12.5 288.8188 800.9806 Tm (S-4 )Tj ET 0.5 0.5 0.5 rg 10 768.81 575 2 re f EMC /Artifact <>BDC Q BT /T1_0 1 Tf 9 0 0 9 18 7.17 Tm (http://www.sec.gov/Archives/edgar/data/102385/000095012307004873/y32802e\ 424b2.htm \(10 de 115\)25/10/2007 01:42:24 p.m.)Tj ET EMC endstream endobj 596 0 obj<>stream /Artifact <>BDC 0 0 0 rg 0 i BT /T1_0 1 Tf 0 Tc 0 Tw 0 Ts 100 Tz 0 Tr 9 0 0 9 18 830.17 Tm (424B2)Tj ET EMC /Article <>BDC q 0 18 595 806 re W* n 0 0 1 RG 1.086 w 10 M 0 j 0 J []0 d 10 782.42 m 119.135 782.42 l S 0 0 1 rg BT /T1_1 1 Tf 12.9231 0 0 12.9231 10 785.6766 Tm (Table of Contents)Tj 0 0 0 rg /TT0 1 Tf 12.5 0 0 12.5 204.6187 746.1212 Tm (SUMMARY OF THE OFFERING)Tj /TT1 1 Tf ( )Tj -15.57 -1.803 Td ( )Tj /TT2 1 Tf (The information below presents a summary of certain terms of the 4.25% U\ I Bonds due 2027 \(the \223Bonds\224\). )Tj 0 -1.203 TD (This summary must be read as an introduction to this prospectus suppleme\ nt and prospectus and any decision to )Tj 0 -1.2 TD (invest in the Bonds should be based on a consideration of the prospectus\ supplement and prospectus as a whole, )Tj 0 -1.2 TD (including the documents incorporated by reference. Following the impleme\ ntation of the relevant provisions of )Tj T* (the Prospectus Directive \(Directive 2003/71/EC\) in each Member State o\ f the European Economic Area no civil )Tj T* (liability will attach to Uruguay in any such Member State solely on the \ basis of this summary, including any )Tj T* (translation thereof, unless it is misleading, inaccurate or inconsistent\ when read together with the other parts of )Tj 0 -1.2 TD (this prospectus supplement or the prospectus. Where a claim relating to \ the information contained in this )Tj T* (prospectus supplement or the prospectus is brought before a court in a M\ ember State of the European Economic )Tj T* (Area, the plaintiff may, under the national legislation of the Member St\ ate where the claim is brought, be )Tj T* (required to bear the costs of translating this prospectus supplement or \ the prospectus before the legal )Tj T* (proceedings are initiated.)Tj /TT1 1 Tf ( )Tj T* ( )Tj 16.1 0 Td ( )Tj 4.6 0 Td ( )Tj /TT0 1 Tf -20.7 -1.203 Td (Issuer)Tj /TT1 1 Tf ( )Tj 16.1 0 Td ( )Tj 4.6 0.003 Td (The Republic of Uruguay.)Tj -20.7 -1.203 Td ( )Tj 16.1 0 Td ( )Tj 4.6 0 Td ( )Tj /TT0 1 Tf -20.7 -1.203 Td (Banco Central)Tj /TT1 1 Tf ( )Tj 16.1 0 Td ( )Tj 4.6 0.003 Td (Banco Central del Uruguay.)Tj -20.7 -1.203 Td ( )Tj 16.1 0 Td ( )Tj 4.6 0 Td ( )Tj /TT0 1 Tf -20.7 -1.203 Td (Indenture)Tj /TT1 1 Tf ( )Tj 16.1 0 Td ( )Tj 4.6 0.003 Td (The Bonds are being issued under a trust indenture.)Tj -20.7 -1.203 Td ( )Tj 16.1 0 Td ( )Tj 4.6 0 Td ( )Tj /TT0 1 Tf -20.7 -1.203 Td (Principal Amount)Tj /TT1 1 Tf ( )Tj 16.1 0 Td ( )Tj 4.6 0.003 Td (Ps.12,135,000,000)Tj -20.7 -1.203 Td ( )Tj 16.1 0 Td ( )Tj 4.6 0 Td ( )Tj /TT0 1 Tf -20.7 -1.203 Td (Issue Price)Tj /TT1 1 Tf ( )Tj 16.1 -8.397 Td ( )Tj 4.6 8.4 Td (100% of the principal amount. The Issue Price will be payable )Tj T* (in U.S. dollars based on the average, interbank exchange rate )Tj T* (for the conversion of Uruguayan pesos into U.S. dollars as )Tj T* (published by Banco Central del Uruguay and which is )Tj T* (available on Bloomberg by typing \223URINUSCA )Tj 0 -1.2 TD (HP \224 as the bid-side rate for the period of twenty )Tj T* (business days ending two business days prior to the pricing )Tj T* (date and published in the final prospectus supplement.)Tj -20.7 -1.2 Td ( )Tj 16.1 0 Td ( )Tj 4.6 0 Td ( )Tj /TT0 1 Tf -20.7 -1.203 Td (Maturity)Tj /TT1 1 Tf ( )Tj 16.1 0 Td ( )Tj 4.6 0.003 Td (April 5, 2027.)Tj -20.7 -1.203 Td ( )Tj 16.1 0 Td ( )Tj 4.6 0 Td ( )Tj /TT0 1 Tf -20.7 -1.203 Td (Payment of Principal)Tj /TT1 1 Tf ( )Tj 16.1 -13.197 Td ( )Tj 4.6 13.2 Td (Principal will be repaid in three nominally equal installments )Tj T* (on April 5, 2025, April 5, 2026 and at maturity. The nominal )Tj T* (principal amount repaid in each installment will be adjusted to )Tj T* (reflect Uruguayan inflation from April 3, 2007 to the )Tj T* (applicable repayment date and will be converted to and paid )Tj T* (in United States dollars. For this purpose, the calculation )Tj T* (agent will multiply the outstanding principal amount of the )Tj T* (Bonds being repaid in Uruguayan pesos by a fraction the )Tj T* (numerator of which is the value of one UI in Uruguayan pesos )Tj T* (as of such repayment date and the denominator of which is )Tj T* (Ps.1.6401, being the value of one UI expressed in Uruguayan )Tj T* (pesos on the date of issuance of the Bonds.)Tj -20.7 -1.2 Td ( )Tj 16.1 0 Td ( )Tj 4.6 0 Td ( )Tj ET EMC /Artifact <>BDC Q BT /T1_0 1 Tf 9 0 0 9 18 7.17 Tm (http://www.sec.gov/Archives/edgar/data/102385/000095012307004873/y32802e\ 424b2.htm \(11 de 115\)25/10/2007 01:42:24 p.m.)Tj ET EMC endstream endobj 597 0 obj<>stream /Artifact <>BDC 0 0 0 rg 0 i BT /T1_0 1 Tf 0 Tc 0 Tw 0 Ts 100 Tz 0 Tr 9 0 0 9 18 830.17 Tm (424B2)Tj ET EMC /Article <>BDC q 0 18 595 806 re W* n BT /TT0 1 Tf 12.5 0 0 12.5 10 805.1288 Tm (Interest)Tj /TT1 1 Tf ( )Tj 16.1 -1.197 Td ( )Tj 4.6 1.2 Td (4.25% per annum, payable semi-annually in arrears in U.S. )Tj 0 -1.2 TD (dollars as calculated as described below.)Tj -20.7 -1.2 Td ( )Tj 16.1 0 Td ( )Tj 4.6 0 Td ( )Tj /TT0 1 Tf -20.7 -1.203 Td (Payment of Interest)Tj /TT1 1 Tf ( )Tj 16.1 -10.797 Td ( )Tj 4.6 10.8 Td (Amounts due in respect of interest will accrue and be paid )Tj 0 -1.2 TD (semi-annually in arrears on April 5 and October 5 of each )Tj T* (year, commencing on October 5, 2007. Each of the interest )Tj T* (payments will be payable at an annual rate of 4.25% on the )Tj T* (outstanding principal amount of the Bonds as adjusted to )Tj 0 -1.2 TD (reflect Uruguayan inflation from the issue date through the )Tj T* (relevant interest payment date. For this purpose, The Bank of )Tj T* (New York, as the calculation agent, will multiply the )Tj T* (outstanding principal amount of the Bonds in Uruguayan )Tj T* (pesos by a fraction the numerator of which is the)Tj 1.605 -2.72 Td (S-5 )Tj ET 0.5 0.5 0.5 rg 10 559 575 2 re f EMC /Artifact <>BDC Q BT /T1_0 1 Tf 9 0 0 9 18 7.17 Tm (http://www.sec.gov/Archives/edgar/data/102385/000095012307004873/y32802e\ 424b2.htm \(12 de 115\)25/10/2007 01:42:24 p.m.)Tj ET EMC endstream endobj 598 0 obj<>stream /Artifact <>BDC 0 0 0 rg 0 i BT /T1_0 1 Tf 0 Tc 0 Tw 0 Ts 100 Tz 0 Tr 9 0 0 9 18 830.17 Tm (424B2)Tj ET EMC /Article <>BDC q 0 18 595 806 re W* n 0 0 1 RG 1.086 w 10 M 0 j 0 J []0 d 10 782.42 m 119.135 782.42 l S 0 0 1 rg BT /T1_1 1 Tf 12.9231 0 0 12.9231 10 785.6766 Tm (Table of Contents)Tj 0 0 0 rg /TT0 1 Tf 12.5 0 0 12.5 10 749.6628 Tm ( )Tj 16.1 0 Td ( )Tj 4.6 0 Td ( )Tj -20.7 -1.2 Td ( )Tj 16.1 -6 Td ( )Tj 4.6 6 Td (value of one UI expressed in Uruguayan pesos as of the )Tj 0 -1.2 TD (relevant interest payment date and the denominator of which )Tj T* (is Ps.1.6401, being the value of one UI expressed in )Tj T* (Uruguayan pesos on the date of issuance of the Bonds. )Tj T* (Interest on the Bonds will be calculated on the basis of a 360-)Tj T* (day year of twelve 30-day months.)Tj -20.7 -1.2 Td ( )Tj 16.1 0 Td ( )Tj 4.6 0 Td ( )Tj /TT1 1 Tf -20.7 -1.203 Td (Conversion of the payment amounts)Tj /TT0 1 Tf ( )Tj 16.1 -4.797 Td ( )Tj 4.6 4.8 Td (All amounts due in respect of principal or interest will be paid )Tj 0 -1.2 TD (in U.S. dollars, calculated by the calculation agent by )Tj T* (exchanging the Uruguayan peso amounts into U.S. dollars at )Tj T* (the Average Transfer Exchange Rate \(as defined below\) on )Tj T* (the applicable Rate Calculation Date \(as defined below\).)Tj -20.7 -1.2 Td ( )Tj 16.1 0 Td ( )Tj 4.6 0 Td ( )Tj /TT1 1 Tf -20.7 -1.203 Td (Form and Settlement)Tj /TT0 1 Tf ( )Tj 16.1 -2.397 Td ( )Tj 4.6 2.4 Td (Uruguay will issue the Bonds in the form of one or more fully )Tj T* (registered global securities, without interest coupons. No )Tj T* (Bonds will be issued in bearer form.)Tj -20.7 -1.2 Td ( )Tj 16.1 0 Td ( )Tj 4.6 0 Td ( )Tj /TT1 1 Tf -20.7 -1.203 Td (Denominations)Tj /TT0 1 Tf ( )Tj 16.1 -1.197 Td ( )Tj 4.6 1.2 Td (Uruguay will issue the Bonds only in denominations of )Tj T* (Ps.1,000 and integral multiples thereof. )Tj -20.7 -1.2 Td ( )Tj 16.1 0 Td ( )Tj 4.6 0 Td ( )Tj /TT1 1 Tf -20.7 -1.203 Td (Withholding Tax and Additional )Tj T* (Amounts)Tj /TT0 1 Tf ( )Tj 16.1 -4.797 Td ( )Tj 4.6 6 Td (Uruguay will make payments of principal and interest in )Tj T* (respect of the Bonds without withholding or deducting for or )Tj T* (on account of any present or future Uruguayan taxes, duties, )Tj T* (assessments or governmental charges of whatever nature )Tj T* (except as set forth in \223Description of the Bonds\227Additional )Tj T* (Amounts\224.)Tj -20.7 -1.2 Td ( )Tj 16.1 0 Td ( )Tj 4.6 0 Td ( )Tj /TT1 1 Tf -20.7 -1.203 Td (Further Issues)Tj /TT0 1 Tf ( )Tj 16.1 -4.797 Td ( )Tj 4.6 4.8 Td (Uruguay may, from time to time, without your consent, create )Tj 0 -1.2 TD (and issue further debt securities having the same terms as and )Tj T* (ranking equally with the Bonds in all respects and such )Tj T* (further debt securities will be consolidated and form a single )Tj T* (series with the Bonds.)Tj -20.7 -1.2 Td ( )Tj 16.1 0 Td ( )Tj 4.6 0 Td ( )Tj /TT1 1 Tf -20.7 -1.203 Td (Governing Law and Jurisdiction)Tj /TT0 1 Tf ( )Tj 16.1 0 Td ( )Tj 4.6 0.003 Td (New York.)Tj -20.7 -1.203 Td ( )Tj 16.1 0 Td ( )Tj 4.6 0 Td ( )Tj /TT1 1 Tf -20.7 -1.203 Td (Settlement Date)Tj /TT0 1 Tf ( )Tj 16.1 0 Td ( )Tj 4.6 0.003 Td (April 3, 2007.)Tj -20.7 -1.203 Td ( )Tj 16.1 0 Td ( )Tj 4.6 0 Td ( )Tj /TT1 1 Tf -20.7 -1.203 Td (Listing)Tj /TT0 1 Tf ( )Tj 16.1 -2.397 Td ( )Tj 4.6 2.4 Td (Application has been made to admit the Bonds to the Official )Tj T* (List of the UKLA and to admit the Bonds to trading on the )Tj T* (regulated market of the London Stock Exchange.)Tj -20.7 -1.2 Td ( )Tj 16.1 0 Td ( )Tj 4.6 0 Td ( )Tj ET EMC /Artifact <>BDC Q BT /T1_0 1 Tf 9 0 0 9 18 7.17 Tm (http://www.sec.gov/Archives/edgar/data/102385/000095012307004873/y32802e\ 424b2.htm \(13 de 115\)25/10/2007 01:42:24 p.m.)Tj ET EMC endstream endobj 599 0 obj<>stream /Artifact <>BDC 0 0 0 rg 0 i BT /T1_0 1 Tf 0 Tc 0 Tw 0 Ts 100 Tz 0 Tr 9 0 0 9 18 830.17 Tm (424B2)Tj ET EMC /Article <>BDC q 0 18 595 806 re W* n BT /TT0 1 Tf 12.5 0 0 12.5 10 805.1288 Tm (Taxation)Tj /TT1 1 Tf ( )Tj 16.1 -8.397 Td ( )Tj 4.6 8.4 Td (For a discussion of the Uruguayan and United States tax )Tj 0 -1.2 TD (consequences associated with the Bonds, see \223Taxation\227)Tj T* (Uruguayan Income Tax Consequences\224 and \223Taxation\227U.S. )Tj 0 -1.2 TD (Federal Income Tax Consequences\224 in this prospectus )Tj 0 -1.2 TD (supplement. Investors should consult their own tax advisors in )Tj T* (determining the foreign, United States federal, state, local and )Tj T* (any other tax consequences to them of the ownership and )Tj T* (disposition of the Bonds.)Tj -20.7 -1.2 Td ( )Tj 16.1 0 Td ( )Tj 4.6 0 Td ( )Tj /TT0 1 Tf -20.7 -1.203 Td (Trustee)Tj /TT1 1 Tf ( )Tj 16.1 0 Td ( )Tj 4.6 0.003 Td (The Bank of New York.)Tj -20.7 -1.203 Td ( )Tj 16.1 0 Td ( )Tj 4.6 0 Td ( )Tj /TT0 1 Tf -20.7 -1.203 Td (Calculation Agent)Tj /TT1 1 Tf ( )Tj 16.1 0 Td ( )Tj 4.6 0.003 Td (The Bank of New York.)Tj 1.605 -2.723 Td (S-6 )Tj ET 0.5 0.5 0.5 rg 10 573.917 575 2 re f EMC /Artifact <>BDC Q BT /T1_0 1 Tf 9 0 0 9 18 7.17 Tm (http://www.sec.gov/Archives/edgar/data/102385/000095012307004873/y32802e\ 424b2.htm \(14 de 115\)25/10/2007 01:42:24 p.m.)Tj ET EMC endstream endobj 600 0 obj<>stream /Artifact <>BDC 0 0 0 rg 0 i BT /T1_0 1 Tf 0 Tc 0 Tw 0 Ts 100 Tz 0 Tr 9 0 0 9 18 830.17 Tm (424B2)Tj ET EMC /Article <>BDC q 0 18 595 806 re W* n 0 0 1 RG 1.086 w 10 M 0 j 0 J []0 d 10 782.42 m 119.135 782.42 l S 0 0 1 rg BT /T1_1 1 Tf 12.9231 0 0 12.9231 10 785.6766 Tm (Table of Contents)Tj 0 0 0 rg /TT0 1 Tf 12.5 0 0 12.5 133.6 746.1212 Tm (RISK FACTORS AND INVESTMENT CONSIDERATIONS)Tj /TT1 1 Tf ( )Tj -9.888 -1.8 Td ( An investment in the Bonds involves a significant degree of risk. I\ nvestors are urged to read carefully the )Tj 0 -1.2 TD (entirety of the prospectus together with this prospectus supplement and \ to note, in particular, the following )Tj 0 -1.2 TD (considerations. )Tj /TT0 1 Tf 0 -2.403 TD (Risk Factors and Investment Considerations Relating to the Bonds)Tj /TT1 1 Tf ( )Tj 0 -1.804 TD ( )Tj /TT2 1 Tf (Enforcement of Civil Liabilities; Waiver of Sovereign Immunity)Tj /TT1 1 Tf ( )Tj 0 -1.8 TD ( Uruguay is a foreign sovereign state. Consequently, it may be diffi\ cult for you or the trustee to obtain or )Tj 0 -1.2 TD (enforce judgments of courts in the United States or elsewhere against Ur\ uguay. See \223Description of the Securities)Tj T* (\227Jurisdiction, Consent to Service, Enforcement of Judgment and Immuni\ ties from Attachment,\224 in the )Tj T* (accompanying prospectus. )Tj 0 -1.804 TD ( )Tj /TT2 1 Tf (Market for the Bonds)Tj /TT1 1 Tf ( )Tj 0 -1.8 TD ( The Bonds are a new issue of securities with no established trading\ market or prior trading history and there )Tj 0 -1.2 TD (can be no assurance regarding the future development of a market for the\ Bonds, the ability of holders of the )Tj T* (Bonds to sell their Bonds or the price for which such holders may be abl\ e to sell their Bonds. While Uruguay )Tj T* (intends to issue similar bonds in the international capital markets in t\ he future, Uruguay has not issued to date any )Tj T* (instrument of similar maturity comparable to the Bonds. Uruguay has been\ advised by the underwriters that the )Tj T* (underwriters may make a market in the Bonds but they are not obligated t\ o do so and may discontinue market )Tj T* (making at any time without notice. Uruguay will apply to admit the Bonds\ to trading on the London Stock )Tj T* (Exchange after the Issue Date. No assurance can be given as to the liqui\ dity of the trading market for the Bonds. )Tj T* (The price at which the Bonds will trade in the secondary market is uncer\ tain. )Tj 0 -1.804 TD ( )Tj /TT2 1 Tf (Disparity Between Inflation and Devaluation Rates)Tj /TT1 1 Tf ( )Tj 0 -1.8 TD ( Amounts payable in U.S. dollars under the Bonds on account of princ\ ipal and interest will be determined by )Tj 0 -1.2 TD (adjusting the nominal outstanding principal peso amount of the Bonds to \ reflect Uruguayan inflation \(as measured )Tj 0 -1.2 TD (by the UI\) from the issue date through the applicable Rate Calculation \ Date and converting the outstanding )Tj T* (principal peso amount so adjusted into U.S. dollars applying the Average\ Transfer Exchange Rate for the )Tj T* (conversion of Uruguayan pesos into U.S. dollars. If the rate of devaluat\ ion of the peso as compared to the U.S. )Tj T* (dollar during any given period exceeds the Uruguayan rate of inflation d\ uring such period \(as measured in UIs\), )Tj T* (the U.S. dollar amounts due under the Bonds on account of principal and \ interest will diminish. Consequently, a )Tj T* (devaluation of the peso that exceeds the inflation rate as measured in U\ Is could adversely affect your investment )Tj T* (in Bonds as measured in U.S. dollars. )Tj /TT0 1 Tf 0 -2.403 TD (Risk Factors and Investment Considerations Relating to Uruguay)Tj /TT1 1 Tf ( )Tj 0 -1.803 TD ( )Tj /TT3 1 Tf (This section should be read in conjunction with the more detailed inform\ ation found in the accompanying )Tj 0 -1.203 TD (prospectus.)Tj /TT1 1 Tf ( )Tj 0 -1.804 TD ( )Tj /TT2 1 Tf (Economic Crisis)Tj /TT1 1 Tf ( )Tj 0 -1.8 TD ( In 2002, Uruguay\222s economy experienced its most significant setb\ ack since 1982, with real GDP contracting )Tj 0 -1.2 TD (by approximately 10.8%. While the economy recovered in 2004, growing at \ a pace of 12.3%, we can give no )Tj T* (assurances that the adverse consequences of the crisis for Uruguay\222s \ population can be redressed in the absence of )Tj T* (sustained economic growth in the medium term and the implementation of a\ dequate social and economic policies. )Tj T* (Uruguay\222s economy remains highly linked to the U.S. dollar and theref\ ore vulnerable to external shocks. )Tj T* (Furthermore, Uruguay does not expect the economy to continue growing at \ current rates, which in the past have )Tj T* (been fuelled by historically high international prices for certain of Ur\ uguay\222s commodity exports. A contraction )Tj ET EMC /Artifact <>BDC Q BT /T1_0 1 Tf 9 0 0 9 18 7.17 Tm (http://www.sec.gov/Archives/edgar/data/102385/000095012307004873/y32802e\ 424b2.htm \(15 de 115\)25/10/2007 01:42:24 p.m.)Tj ET EMC endstream endobj 601 0 obj<>stream /Artifact <>BDC 0 0 0 rg 0 i BT /T1_0 1 Tf 0 Tc 0 Tw 0 Ts 100 Tz 0 Tr 9 0 0 9 18 830.17 Tm (424B2)Tj ET EMC /Article <>BDC q 0 18 595 806 re W* n BT /TT0 1 Tf 12.5 0 0 12.5 10 805.1705 Tm (in growth rates will also impose constraints on government revenues, req\ uiring that fiscal discipline be applied )Tj 0 -1.2 TD (over time to preserve the government\222s ability to service its debt. )Tj 22.305 -2.72 Td (S-7 )Tj ET 0.5 0.5 0.5 rg 10 724 575 2 re f EMC /Artifact <>BDC Q BT /T1_0 1 Tf 9 0 0 9 18 7.17 Tm (http://www.sec.gov/Archives/edgar/data/102385/000095012307004873/y32802e\ 424b2.htm \(16 de 115\)25/10/2007 01:42:24 p.m.)Tj ET EMC endstream endobj 602 0 obj<>stream /Artifact <>BDC 0 0 0 rg 0 i BT /T1_0 1 Tf 0 Tc 0 Tw 0 Ts 100 Tz 0 Tr 9 0 0 9 18 830.17 Tm (424B2)Tj ET EMC /Article <>BDC q 0 18 595 806 re W* n 0 0 1 RG 1.086 w 10 M 0 j 0 J []0 d 10 782.42 m 119.135 782.42 l S 0 0 1 rg BT /T1_1 1 Tf 12.9231 0 0 12.9231 10 785.6766 Tm (Table of Contents)Tj 0 0 0 rg /TT0 1 Tf 12.5 0 0 12.5 10 749.6082 Tm ( )Tj /TT1 1 Tf (Impact of Argentina\222s Economic Crisis on Uruguay\222s Banking System)Tj /TT0 1 Tf ( )Tj 0 -1.8 TD ( In 2002, Uruguay\222s banking system confronted its worst crisis si\ nce 1982-83. The liquidity assistance )Tj 0 -1.2 TD (provided by the authorities to domestic banks to help stem the run on de\ posits failed to restore confidence. )Tj 0 -1.2 TD (Between January 1, 2002 and February 28, 2003, depositors withdrew appro\ ximately US$6.8 billion from the )Tj T* (Uruguayan banking system \(out of approximately US$14.2 billion of depos\ its existing as of December 31, 2001\). )Tj T* (Banks responded to depositors\222 demands by withdrawing approximately U\ S$1.1 billion in reserves and voluntary )Tj T* (deposits held with Banco Central and reducing to practically none the av\ ailability of credit. The financial system )Tj 0 -1.2 TD (received assistance of approximately US$2.0 billion from the Uruguayan a\ uthorities, including US$539.0 million )Tj T* (from Banco Central, US$524.0 million from the central government \(actin\ g through one of its agencies\) and US)Tj T* ($986.0 million from a banking stability fund created in response to the \ crisis. The 2002 crisis resulted in the )Tj T* (mandatory rescheduling of U.S. dollar-denominated time deposits held wit\ h Banco de la Rep\372blica and Banco )Tj T* (Hipotecario, the liquidation of four private banks at the end of 2002 an\ d the beginning of 2003, and the )Tj T* (concentration of banking activities with government-owned banks. Althoug\ h Uruguay\222s financial sector has )Tj T* (generally regained stability, a substantial part of the banks\222 assets\ and liabilities continue to be denominated in U.)Tj T* (S. dollars, rendering the system vulnerable to external shocks. Furtherm\ ore, despite the banks\222 increased liquidity, )Tj T* (they have not increased lending to the private sector. The Uruguayan gov\ ernment\222s economic program includes )Tj T* (the analysis and implementation of measures designed to address the shor\ tcomings of the banking system and )Tj T* (mitigate the risks to which it is exposed. )Tj 0 -1.804 TD ( )Tj /TT1 1 Tf (The Foreign Exchange Market in Uruguay is Thinly Traded)Tj /TT0 1 Tf ( )Tj 0 -1.8 TD ( Due to the low volume of trades on the Uruguay foreign exchange mar\ ket, the dollar-peso exchange rate may )Tj 0 -1.2 TD (prove volatile over short periods of time, including the period used to \ determine the amount of U.S. dollars )Tj T* (payable under the Bonds on amounts of interest and principal. Banco Cent\ ral has in the past and will continue in )Tj T* (the future to intervene in the foreign exchange market for monetary poli\ cy and other purposes. If the rate of )Tj T* (devaluation of the peso as compared to the U.S. dollar during any period\ exceeds the Uruguayan rate of inflation )Tj T* (during such period \(as measured in UIs\), the U.S. dollar amounts due u\ nder the Bonds on account of principal and )Tj T* (interest will diminish. )Tj 0 -1.804 TD ( )Tj /TT1 1 Tf (Risks of Further Depreciation of the Peso)Tj /TT0 1 Tf ( )Tj 0 -1.8 TD ( On June 19, 2002, Banco Central allowed the peso to float, abandoni\ ng the \223crawling peg\224 system. The peso )Tj 0 -1.2 TD (depreciated significantly, as the nominal exchange rate rose 94.0% at De\ cember 2002 compared to )Tj T* (December 2001. The devaluation of the peso in turn caused a deterioratio\ n in the quality of the foreign currency-)Tj T* (denominated loan portfolio of several financial institutions and caused \ Uruguay\222s foreign currency-denominated )Tj T* (debt to GDP ratio to rise to 89.1% as of December 31, 2002, while the fo\ reign currency-denominated debt service )Tj T* (to exports ratio for 2002 was 33.6%. The gradual stabilization resulting\ in part from the successful debt re-)Tj T* (profiling in 2003 and the economic growth in 2004 have resulted in a sig\ nificant real appreciation of the )Tj T* (Uruguayan peso versus the dollar. The continued U.S. dollar denomination\ of many assets and liabilities of the )Tj T* (Uruguayan economy, including most of the government\222s financial debt,\ renders Uruguay vulnerable to a real )Tj T* (depreciation of the peso. )Tj 22.305 -2.72 Td (S-8 )Tj ET 0.5 0.5 0.5 rg 10 105.829 575 2 re f EMC /Artifact <>BDC Q BT /T1_0 1 Tf 9 0 0 9 18 7.17 Tm (http://www.sec.gov/Archives/edgar/data/102385/000095012307004873/y32802e\ 424b2.htm \(17 de 115\)25/10/2007 01:42:24 p.m.)Tj ET EMC endstream endobj 603 0 obj<>stream /Artifact <>BDC 0 0 0 rg 0 i BT /T1_0 1 Tf 0 Tc 0 Tw 0 Ts 100 Tz 0 Tr 9 0 0 9 18 830.17 Tm (424B2)Tj ET EMC /Article <>BDC q 0 18 595 806 re W* n 0 0 1 RG 1.086 w 10 M 0 j 0 J []0 d 10 782.42 m 119.135 782.42 l S 0 0 1 rg BT /T1_1 1 Tf 12.9231 0 0 12.9231 10 785.6766 Tm (Table of Contents)Tj 0 0 0 rg /TT0 1 Tf 12.5 0 0 12.5 239.5063 746.1212 Tm (USE OF PROCEEDS)Tj /TT1 1 Tf ( )Tj -18.36 -1.8 Td ( The net proceeds to Uruguay from the sale of the Bonds will be appr\ oximately US$499,670,000 after )Tj 0 -1.2 TD (deduction of underwriting discounts and commissions and of certain expen\ ses payable by Uruguay estimated at )Tj 0 -1.2 TD (US$80,000 in the aggregate. Uruguay will use the net proceeds from the s\ ale of the Bonds for the general )Tj T* (purposes of the government, including financial investment and the refin\ ancing, repurchase or retiring of )Tj T* (domestic and external indebtedness. )Tj 22.305 -2.72 Td (S-9 )Tj ET 0.5 0.5 0.5 rg 10 597.451 575 2 re f EMC /Artifact <>BDC Q BT /T1_0 1 Tf 9 0 0 9 18 7.17 Tm (http://www.sec.gov/Archives/edgar/data/102385/000095012307004873/y32802e\ 424b2.htm \(18 de 115\)25/10/2007 01:42:24 p.m.)Tj ET EMC endstream endobj 604 0 obj<>stream /Artifact <>BDC 0 0 0 rg 0 i BT /T1_0 1 Tf 0 Tc 0 Tw 0 Ts 100 Tz 0 Tr 9 0 0 9 18 830.17 Tm (424B2)Tj ET EMC /WebCaptureBG BMC /WebCaptureFN <>BDC q 0 18 595 806 re W* n /Artifact <>BDC Q 228.436 503.797 m 283.598 503.797 l 283.598 504.797 l 228.436 504.797 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 307.868 503.797 m 358.868 503.797 l 358.868 504.797 l 307.868 504.797 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 383.139 503.797 m 434.245 503.797 l 434.245 504.797 l 383.139 504.797 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 458.516 503.797 m 509.623 503.797 l 509.623 504.797 l 458.516 504.797 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 533.893 503.797 m 585 503.797 l 585 504.797 l 533.893 504.797 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 0.8 0.933 1 rg 10 488.797 194.165 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 204.165 488.797 24.271 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 228.436 488.797 14.562 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 242.998 488.797 26.038 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 269.035 488.797 14.562 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 283.598 488.797 24.271 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 307.868 488.797 14.562 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 322.431 488.797 21.875 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 344.306 488.797 14.562 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 358.868 488.797 24.271 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 383.139 488.797 14.562 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 397.701 488.797 21.982 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 419.683 488.797 14.562 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 434.245 488.797 24.271 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 458.516 488.797 14.562 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 473.078 488.797 21.982 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 495.06 488.797 14.562 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 509.623 488.797 24.271 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 533.893 488.797 14.562 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 548.456 488.797 21.982 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 570.438 488.797 14.562 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 10 458.797 194.165 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 204.165 458.797 24.271 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 228.436 458.797 14.562 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 242.998 458.797 26.038 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 269.035 458.797 14.562 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 283.598 458.797 24.271 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 307.868 458.797 14.562 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 322.431 458.797 21.875 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 344.306 458.797 14.562 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 358.868 458.797 24.271 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 383.139 458.797 14.562 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 397.701 458.797 21.982 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 419.683 458.797 14.562 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 434.245 458.797 24.271 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 458.516 458.797 14.562 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 473.078 458.797 21.982 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 495.06 458.797 14.562 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 509.623 458.797 24.271 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 533.893 458.797 14.562 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 548.456 458.797 21.982 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 570.438 458.797 14.562 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 10 428.797 194.165 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 204.165 428.797 24.271 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 228.436 428.797 14.562 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 242.998 428.797 26.038 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 269.035 428.797 14.562 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 283.598 428.797 24.271 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 307.868 428.797 14.562 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 322.431 428.797 21.875 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 344.306 428.797 14.562 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 358.868 428.797 24.271 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 383.139 428.797 14.562 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 397.701 428.797 21.982 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 419.683 428.797 14.562 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 434.245 428.797 24.271 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 458.516 428.797 14.562 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 473.078 428.797 21.982 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 495.06 428.797 14.562 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 509.623 428.797 24.271 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 533.893 428.797 14.562 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 548.456 428.797 21.982 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 570.438 428.797 14.562 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 10 383.797 194.165 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 204.165 383.797 24.271 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 228.436 383.797 14.562 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 242.998 383.797 26.038 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 269.035 383.797 14.562 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 283.598 383.797 24.271 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 307.868 383.797 14.562 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 322.431 383.797 21.875 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 344.306 383.797 14.562 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 358.868 383.797 24.271 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 383.139 383.797 14.562 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 397.701 383.797 21.982 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 419.683 383.797 14.562 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 434.245 383.797 24.271 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 458.516 383.797 14.562 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 473.078 383.797 21.982 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 495.06 383.797 14.562 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 509.623 383.797 24.271 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 533.893 383.797 14.562 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 548.456 383.797 21.982 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 570.438 383.797 14.562 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 10 338.797 194.165 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 204.165 338.797 24.271 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 228.436 338.797 14.562 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 242.998 338.797 26.038 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 269.035 338.797 14.562 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 283.598 338.797 24.271 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 307.868 338.797 14.562 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 322.431 338.797 21.875 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 344.306 338.797 14.562 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 358.868 338.797 24.271 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 383.139 338.797 14.562 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 397.701 338.797 21.982 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 419.683 338.797 14.562 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 434.245 338.797 24.271 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 458.516 338.797 14.562 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 473.078 338.797 21.982 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 495.06 338.797 14.562 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 509.623 338.797 24.271 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 533.893 338.797 14.562 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 548.456 338.797 21.982 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 570.438 338.797 14.562 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 0 0 0 rg 10 303.797 m 113.5 303.797 l 113.5 302.797 l 10 302.797 l h f EMC EMC EMC /Article <>BDC q 0 18 595 806 re W* n 0 0 1 RG 1.086 w 10 M 0 j 0 J []0 d 10 782.42 m 119.135 782.42 l S 0 0 1 rg BT /T1_1 1 Tf 12.9231 0 0 12.9231 10 785.6766 Tm (Table of Contents)Tj 0 0 0 rg /TT0 1 Tf 12.5 0 0 12.5 217.4563 746.1212 Tm (RECENT DEVELOPMENTS)Tj /TT1 1 Tf ( )Tj -16.596 -1.803 Td ( )Tj /TT2 1 Tf (The information included in this section supplements the information abo\ ut Uruguay corresponding to the )Tj 0 -1.203 TD (headings below that are contained in Exhibit D to the 2005 Annual Report\ , as amended. To the extent that the )Tj 0 -1.2 TD (information included in this section differs from the information set fo\ rth in the 2005 Annual Report, you should )Tj 0 -1.2 TD (rely on the information in this section.)Tj /TT1 1 Tf ( )Tj /TT0 1 Tf 0 -2.403 TD (THE ECONOMY)Tj /TT1 1 Tf ( )Tj /TT0 1 Tf 0 -1.803 TD (Principal Sectors of the Economy)Tj /TT1 1 Tf ( )Tj 0 -1.8 TD ( The following table sets forth percentage changes from prior period\ s for gross domestic product by sector, )Tj 0 -1.2 TD (based on 1983 prices to eliminate distortions introduced by changes in r\ elative prices. )Tj /TT0 1 Tf 13.362 -3.003 Td (Change in Gross Domestic Product by Sector)Tj /TT1 1 Tf ( )Tj 0.849 -1.197 Td (\(% change from previous year, 1983 prices\) )Tj -14.211 -1.2 Td ( )Tj 15.533 0 Td ( )Tj 1.942 0 Td ( )Tj 1.165 0 Td ( )Tj 2.083 0 Td ( )Tj 1.165 0 Td ( )Tj 1.942 0 Td ( )Tj 1.165 0 Td ( )Tj 1.75 0 Td ( )Tj 1.165 0 Td ( )Tj 1.942 0 Td ( )Tj 1.165 0 Td ( )Tj 1.759 0 Td ( )Tj 1.165 0 Td ( )Tj 1.942 0 Td ( )Tj 1.165 0 Td ( )Tj 1.759 0 Td ( )Tj 1.165 0 Td ( )Tj 1.942 0 Td ( )Tj 1.165 0 Td ( )Tj 1.759 0 Td ( )Tj 10 0 0 10 10 507.1335 Tm ( )Tj 19.416 0 Td ( )Tj /TT0 1 Tf 4.185 0.097 Td (2002)Tj /TT1 1 Tf 3.758 -0.097 Td ( )Tj /TT0 1 Tf 3.977 0.097 Td (2003)Tj /TT1 1 Tf 3.55 -0.097 Td ( )Tj /TT0 1 Tf 3.487 0.097 Td (2004)Tj 8.5 0 0 8.5 413.7366 508.1002 Tm (\(1\))Tj /TT1 1 Tf 10 0 0 10 434.2454 507.1335 Tm ( )Tj /TT0 1 Tf 3.487 0.097 Td (2005)Tj 8.5 0 0 8.5 489.1139 508.1002 Tm (\(1\))Tj /TT1 1 Tf 10 0 0 10 509.6227 507.1335 Tm ( )Tj /TT0 1 Tf 3.487 0.097 Td (2006)Tj 8.5 0 0 8.5 564.4912 508.1002 Tm (\(1\))Tj /TT1 1 Tf 12.5 0 0 12.5 25 492.9676 Tm (Agriculture, livestock and fishing)Tj 14.333 0 Td ( )Tj 1.942 0 Td ( )Tj 1.998 0 Td (5.1 )Tj 2.415 0 Td ( )Tj 1.942 0 Td ( )Tj 1.165 0 Td (10.6 )Tj 2.915 0 Td ( )Tj 1.942 0 Td ( )Tj 1.174 0 Td (10.6 )Tj 2.915 0 Td ( )Tj 1.942 0 Td ( )Tj 1.674 0 Td (4.7 )Tj 2.415 0 Td ( )Tj 1.942 0 Td ( )Tj 1.674 0 Td (8.3 )Tj -42.385 -1.2 Td (Mining)Tj 14.333 0 Td ( )Tj 2.857 0 Td ( \(37.6\))Tj 3.498 0 Td ( )Tj 1.942 0 Td ( )Tj 1.165 0 Td (14.1 )Tj 2.915 0 Td ( )Tj 1.942 0 Td ( )Tj 1.674 0 Td (7.2 )Tj 2.415 0 Td ( )Tj 1.942 0 Td ( )Tj 1.674 0 Td (4.4 )Tj 2.415 0 Td ( )Tj 1.942 0 Td ( )Tj 1.174 0 Td (15.0 )Tj -41.885 -1.2 Td (Manufacturing)Tj 14.333 0 Td ( )Tj 2.857 0 Td ( \(13.9\))Tj 3.498 0 Td ( )Tj 1.942 0 Td ( )Tj 1.665 0 Td (4.7 )Tj 2.415 0 Td ( )Tj 1.942 0 Td ( )Tj 1.174 0 Td (20.8 )Tj 2.915 0 Td ( )Tj 1.942 0 Td ( )Tj 1.174 0 Td (10.1 )Tj 2.915 0 Td ( )Tj 1.942 0 Td ( )Tj 1.674 0 Td (8.4 )Tj -42.385 -1.2 Td (Electricity, gas and water)Tj 14.333 0 Td ( )Tj 2.857 0 Td ( )Tj 0.75 0 Td (\(0.6\))Tj 2.748 0 Td ( )Tj 2.857 0 Td ( )Tj 0.417 0 Td (\(7.4\))Tj 2.748 0 Td ( )Tj 1.942 0 Td ( )Tj 1.674 0 Td (1.8 )Tj 2.415 0 Td ( )Tj 1.942 0 Td ( )Tj 1.674 0 Td (5.8 )Tj 2.415 0 Td ( )Tj 2.857 0 Td ( )Tj 0.426 0 Td (\(1.5\))Tj -42.052 -1.2 Td (Construction)Tj 14.333 0 Td ( )Tj 2.857 0 Td ( \(22.0\))Tj 3.498 0 Td ( )Tj 2.857 0 Td ( )Tj 0.417 0 Td (\(7.1\))Tj 2.748 0 Td ( )Tj 1.942 0 Td ( )Tj 1.674 0 Td (7.5 )Tj 2.415 0 Td ( )Tj 1.942 0 Td ( )Tj 1.674 0 Td (4.2 )Tj 2.415 0 Td ( )Tj 1.942 0 Td ( )Tj 1.174 0 Td (14.0 )Tj -41.885 -1.2 Td (Commerce, restaurants and hotels)Tj 14.333 0 Td ( )Tj 2.857 0 Td ( \(24.5\))Tj 3.498 0 Td ( )Tj 2.857 0 Td ( )Tj 0.417 0 Td (\(1.0\))Tj 2.748 0 Td ( )Tj 1.942 0 Td ( )Tj 1.174 0 Td (21.3 )Tj 2.915 0 Td ( )Tj 1.942 0 Td ( )Tj 1.174 0 Td (10.1 )Tj 2.915 0 Td ( )Tj 1.942 0 Td ( )Tj 1.674 0 Td (8.5 )Tj -42.385 -1.2 Td (Transportation, storage and )Tj 0 -1.2 TD (communications)Tj 14.333 0 Td ( )Tj 2.857 0 Td ( )Tj 0.75 0 Td (\(9.1\))Tj 2.748 0 Td ( )Tj 1.942 0 Td ( )Tj 1.665 0 Td (3.1 )Tj 2.415 0 Td ( )Tj 1.942 0 Td ( )Tj 1.174 0 Td (11.5 )Tj 2.915 0 Td ( )Tj 1.942 0 Td ( )Tj 1.174 0 Td (11.1 )Tj 2.915 0 Td ( )Tj 1.942 0 Td ( )Tj 1.174 0 Td (12.0 )Tj -41.885 -1.2 Td (Real estate, business, financial and )Tj 0 -1.2 TD (insurance services)Tj 14.333 0 Td ( )Tj 2.857 0 Td ( )Tj 0.75 0 Td (\(0.9\))Tj 2.748 0 Td ( )Tj 2.857 0 Td ( )Tj 0.417 0 Td (\(5.3\))Tj 2.748 0 Td ( )Tj 2.857 0 Td ( )Tj 0.426 0 Td (\(1.7\))Tj 2.748 0 Td ( )Tj 2.857 0 Td ( )Tj 0.426 0 Td (\(3.5\))Tj 2.748 0 Td ( )Tj 1.942 0 Td ( )Tj 1.674 0 Td (1.9 )Tj -42.385 -1.2 Td (Other services )Tj 10.625 0 0 10.625 99.975 342.9676 Tm (\(2\)/\(3\))Tj 12.5 0 0 12.5 204.1649 342.9676 Tm ( )Tj 2.857 0 Td ( )Tj 0.75 0 Td (\(3.3\))Tj 2.748 0 Td ( )Tj 1.942 0 Td ( )Tj 1.665 0 Td (0.7 )Tj 2.415 0 Td ( )Tj 1.942 0 Td ( )Tj 1.674 0 Td (3.2 )Tj 2.415 0 Td ( )Tj 1.942 0 Td ( )Tj 1.674 0 Td (1.4 )Tj 2.415 0 Td ( )Tj 1.942 0 Td ( )Tj 1.674 0 Td (1.5 )Tj -41.185 -1.2 Td (Total GDP)Tj 13.133 0 Td ( )Tj 2.857 0 Td ( \(11.0\))Tj 3.498 0 Td ( )Tj 1.942 0 Td ( )Tj 1.665 0 Td (2.2 )Tj 2.415 0 Td ( )Tj 1.942 0 Td ( )Tj 1.174 0 Td (11.8 )Tj 2.915 0 Td ( )Tj 1.942 0 Td ( )Tj 1.674 0 Td (6.6 )Tj 2.415 0 Td ( )Tj 1.942 0 Td ( )Tj 1.674 0 Td (7.0 )Tj 3.75 0 0 3.75 10 299.5483 Tm ( )Tj 12.5 0 0 12.5 10 287.4676 Tm (\(1\))Tj 1.38 0 Td ( )Tj 0.46 0 Td (Preliminary data.)Tj 3.75 0 0 3.75 10 280.0483 Tm ( )Tj 12.5 0 0 12.5 10 267.9676 Tm (\(2\))Tj 1.38 0 Td ( )Tj 0.46 0 Td (Includes public sector services and other services.)Tj 3.75 0 0 3.75 10 260.5483 Tm ( )Tj 12.5 0 0 12.5 10 248.4676 Tm (\(3\))Tj 1.38 0 Td ( )Tj 0.46 0 Td (Includes mining, public sector services, real estate, business, financia\ l, insurance and other services.)Tj /TT2 1 Tf -1.84 -1.803 Td (Source: )Tj /TT1 1 Tf (Banco Central )Tj /TT0 1 Tf 0 -2.403 TD (Balance Of Payments And Foreign Trade)Tj /TT1 1 Tf ( )Tj 0 -1.804 TD ( )Tj /TT3 1 Tf (Balance of Payments)Tj /TT1 1 Tf ( )Tj 0 -1.8 TD ( For the 12 months ended September 30, 2006, Uruguay\222s balance of\ payments registered a surplus of US)Tj 0 -1.2 TD ($645 million compared to a surplus of US$620 million in 2005. )Tj 22.055 -2.72 Td (S-10 )Tj ET 0.5 0.5 0.5 rg 10 69.666 575 2 re f EMC /Artifact <>BDC Q BT /T1_0 1 Tf 9 0 0 9 18 7.17 Tm (http://www.sec.gov/Archives/edgar/data/102385/000095012307004873/y32802e\ 424b2.htm \(19 de 115\)25/10/2007 01:42:24 p.m.)Tj ET EMC endstream endobj 605 0 obj<>stream /Artifact <>BDC 0 0 0 rg 0 i BT /T1_0 1 Tf 0 Tc 0 Tw 0 Ts 100 Tz 0 Tr 9 0 0 9 18 830.17 Tm (424B2)Tj ET EMC /WebCaptureBG BMC /WebCaptureFN <>BDC q 0 18 595 806 re W* n /Artifact <>BDC Q 307.919 642.438 m 358.269 642.438 l 358.269 643.438 l 307.919 643.438 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 389.629 642.438 m 422.98 642.438 l 422.98 643.438 l 389.629 643.438 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 459.526 642.438 m 509.876 642.438 l 509.876 643.438 l 459.526 643.438 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 541.236 642.438 m 574.587 642.438 l 574.587 643.438 l 541.236 643.438 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 0.8 0.933 1 rg 10 627.438 271.786 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 281.786 627.438 26.133 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 307.919 627.438 22.225 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 330.144 627.438 28.125 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 358.269 627.438 5.227 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 363.495 627.438 26.133 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 389.629 627.438 5.227 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 394.855 627.438 28.125 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 422.98 627.438 10.413 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 433.393 627.438 26.133 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 459.526 627.438 22.225 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 481.751 627.438 28.125 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 509.876 627.438 5.227 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 515.103 627.438 26.133 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 541.236 627.438 5.227 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 546.462 627.438 28.125 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 574.587 627.438 10.413 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 10 597.438 271.786 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 281.786 597.438 26.133 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 307.919 597.438 22.225 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 330.144 597.438 28.125 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 358.269 597.438 5.227 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 363.495 597.438 26.133 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 389.629 597.438 5.227 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 394.855 597.438 28.125 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 422.98 597.438 10.413 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 433.393 597.438 26.133 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 459.526 597.438 22.225 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 481.751 597.438 28.125 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 509.876 597.438 5.227 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 515.103 597.438 26.133 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 541.236 597.438 5.227 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 546.462 597.438 28.125 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 574.587 597.438 10.413 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 10 567.438 271.786 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 281.786 567.438 26.133 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 307.919 567.438 22.225 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 330.144 567.438 28.125 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 358.269 567.438 5.227 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 363.495 567.438 26.133 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 389.629 567.438 5.227 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 394.855 567.438 28.125 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 422.98 567.438 10.413 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 433.393 567.438 26.133 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 459.526 567.438 22.225 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 481.751 567.438 28.125 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 509.876 567.438 5.227 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 515.103 567.438 26.133 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 541.236 567.438 5.227 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 546.462 567.438 28.125 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 574.587 567.438 10.413 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 10 537.438 271.786 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 281.786 537.438 26.133 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 307.919 537.438 22.225 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 330.144 537.438 28.125 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 358.269 537.438 5.227 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 363.495 537.438 26.133 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 389.629 537.438 5.227 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 394.855 537.438 28.125 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 422.98 537.438 10.413 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 433.393 537.438 26.133 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 459.526 537.438 22.225 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 481.751 537.438 28.125 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 509.876 537.438 5.227 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 515.103 537.438 26.133 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 541.236 537.438 5.227 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 546.462 537.438 28.125 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 574.587 537.438 10.413 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 10 507.438 271.786 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 281.786 507.438 26.133 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 307.919 507.438 22.225 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 330.144 507.438 28.125 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 358.269 507.438 5.227 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 363.495 507.438 26.133 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 389.629 507.438 5.227 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 394.855 507.438 28.125 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 422.98 507.438 10.413 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 433.393 507.438 26.133 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 459.526 507.438 22.225 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 481.751 507.438 28.125 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 509.876 507.438 5.227 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 515.103 507.438 26.133 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 541.236 507.438 5.227 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 546.462 507.438 28.125 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 574.587 507.438 10.413 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 0 0 0 rg 307.919 492.438 m 358.269 492.438 l 358.269 491.438 l 307.919 491.438 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 389.629 492.438 m 422.98 492.438 l 422.98 491.438 l 389.629 491.438 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 459.526 492.438 m 509.876 492.438 l 509.876 491.438 l 459.526 491.438 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 541.236 492.438 m 574.587 492.438 l 574.587 491.438 l 541.236 491.438 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 0.8 0.933 1 rg 10 460.238 271.786 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 281.786 460.238 26.133 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 307.919 460.238 22.225 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 330.144 460.238 28.125 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 358.269 460.238 5.227 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 363.495 460.238 26.133 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 389.629 460.238 5.227 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 394.855 460.238 28.125 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 422.98 460.238 10.413 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 433.393 460.238 26.133 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 459.526 460.238 22.225 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 481.751 460.238 28.125 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 509.876 460.238 5.227 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 515.103 460.238 26.133 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 541.236 460.238 5.227 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 546.462 460.238 28.125 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 574.587 460.238 10.413 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 0 0 0 rg 307.919 460.238 m 358.269 460.238 l 358.269 459.238 l 307.919 459.238 l h f 307.919 458.238 m 358.269 458.238 l 358.269 457.238 l 307.919 457.238 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 389.629 460.238 m 422.98 460.238 l 422.98 459.238 l 389.629 459.238 l h f 389.629 458.238 m 422.98 458.238 l 422.98 457.238 l 389.629 457.238 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 459.526 460.238 m 509.876 460.238 l 509.876 459.238 l 459.526 459.238 l h f 459.526 458.238 m 509.876 458.238 l 509.876 457.238 l 459.526 457.238 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 541.236 460.238 m 574.587 460.238 l 574.587 459.238 l 541.236 459.238 l h f 541.236 458.238 m 574.587 458.238 l 574.587 457.238 l 541.236 457.238 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 0.8 0.933 1 rg 10 411.038 271.786 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 281.786 411.038 26.133 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 307.919 411.038 22.225 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 330.144 411.038 28.125 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 358.269 411.038 5.227 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 363.495 411.038 26.133 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 389.629 411.038 5.227 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 394.855 411.038 28.125 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 422.98 411.038 10.413 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 433.393 411.038 26.133 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 459.526 411.038 22.225 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 481.751 411.038 28.125 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 509.876 411.038 5.227 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 515.103 411.038 26.133 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 541.236 411.038 5.227 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 546.462 411.038 28.125 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 574.587 411.038 10.413 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 10 381.038 271.786 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 281.786 381.038 26.133 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 307.919 381.038 22.225 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 330.144 381.038 28.125 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 358.269 381.038 5.227 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 363.495 381.038 26.133 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 389.629 381.038 5.227 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 394.855 381.038 28.125 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 422.98 381.038 10.413 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 433.393 381.038 26.133 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 459.526 381.038 22.225 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 481.751 381.038 28.125 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 509.876 381.038 5.227 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 515.103 381.038 26.133 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 541.236 381.038 5.227 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 546.462 381.038 28.125 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 574.587 381.038 10.413 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 0 0 0 rg 307.919 381.038 m 358.269 381.038 l 358.269 380.038 l 307.919 380.038 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 389.629 381.038 m 422.98 381.038 l 422.98 380.038 l 389.629 380.038 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 459.526 381.038 m 509.876 381.038 l 509.876 380.038 l 459.526 380.038 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 541.236 381.038 m 574.587 381.038 l 574.587 380.038 l 541.236 380.038 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 307.919 348.838 m 358.269 348.838 l 358.269 347.838 l 307.919 347.838 l h f 307.919 346.838 m 358.269 346.838 l 358.269 345.838 l 307.919 345.838 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 389.629 348.838 m 422.98 348.838 l 422.98 347.838 l 389.629 347.838 l h f 389.629 346.838 m 422.98 346.838 l 422.98 345.838 l 389.629 345.838 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 459.526 348.838 m 509.876 348.838 l 509.876 347.838 l 459.526 347.838 l h f 459.526 346.838 m 509.876 346.838 l 509.876 345.838 l 459.526 345.838 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 541.236 348.838 m 574.587 348.838 l 574.587 347.838 l 541.236 347.838 l h f 541.236 346.838 m 574.587 346.838 l 574.587 345.838 l 541.236 345.838 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 0.8 0.933 1 rg 10 314.638 271.786 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 281.786 314.638 26.133 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 307.919 314.638 22.225 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 330.144 314.638 28.125 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 358.269 314.638 5.227 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 363.495 314.638 26.133 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 389.629 314.638 5.227 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 394.855 314.638 28.125 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 422.98 314.638 10.413 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 433.393 314.638 26.133 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 459.526 314.638 22.225 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 481.751 314.638 28.125 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 509.876 314.638 5.227 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 515.103 314.638 26.133 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 541.236 314.638 5.227 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 546.462 314.638 28.125 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 574.587 314.638 10.413 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 0 0 0 rg 307.919 314.638 m 358.269 314.638 l 358.269 313.638 l 307.919 313.638 l h f 307.919 312.638 m 358.269 312.638 l 358.269 311.638 l 307.919 311.638 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 459.526 314.638 m 509.876 314.638 l 509.876 313.638 l 459.526 313.638 l h f 459.526 312.638 m 509.876 312.638 l 509.876 311.638 l 459.526 311.638 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 10 290.438 m 113.5 290.438 l 113.5 289.438 l 10 289.438 l h f EMC EMC EMC /Article <>BDC q 0 18 595 806 re W* n 0 0 1 RG 1.086 w 10 M 0 j 0 J []0 d 10 782.42 m 119.135 782.42 l S 0 0 1 rg BT /T1_1 1 Tf 12.9231 0 0 12.9231 10 785.6766 Tm (Table of Contents)Tj 0 0 0 rg /TT0 1 Tf 12.5 0 0 12.5 10 749.6082 Tm ( )Tj /TT1 1 Tf (Merchandise Trade)Tj /TT0 1 Tf ( )Tj 0 -1.8 TD ( The following tables set forth information on exports and imports f\ or the periods indicated. )Tj /TT2 1 Tf 18.792 -3.003 Td (Merchandise Trade)Tj /TT0 1 Tf ( )Tj -6.042 -1.197 Td (\(in millions of US$ and % of total exports/imports\) )Tj -12.75 -1.2 Td ( )Tj 21.743 0 Td ( )Tj 2.091 0 Td ( )Tj 1.778 0 Td ( )Tj 2.25 0 Td ( )Tj 0.418 0 Td ( )Tj 2.091 0 Td ( )Tj 0.418 0 Td ( )Tj 2.25 0 Td ( )Tj 0.833 0 Td ( )Tj 2.091 0 Td ( )Tj 1.778 0 Td ( )Tj 2.25 0 Td ( )Tj 0.418 0 Td ( )Tj 2.091 0 Td ( )Tj 0.418 0 Td ( )Tj 2.25 0 Td ( )Tj 10 0 0 10 10 645.7742 Tm ( )Tj 27.179 0 Td ( )Tj /TT2 1 Tf 3.635 0.097 Td (2005)Tj /TT0 1 Tf 8.5 0 0 8.5 338.1382 646.7409 Tm (\(1\))Tj 10 0 0 10 358.2688 645.7742 Tm ( )Tj 0.523 0 Td ( )Tj /TT2 1 Tf 3.781 0.097 Td (%)Tj /TT0 1 Tf 2.168 -0.097 Td ( )Tj 1.041 0 Td ( )Tj /TT2 1 Tf 3.635 0.097 Td (2006)Tj /TT0 1 Tf 8.5 0 0 8.5 489.7455 646.7409 Tm (\(1\))Tj 10 0 0 10 509.876 645.7742 Tm ( )Tj 0.523 0 Td ( )Tj /TT2 1 Tf 3.781 0.097 Td (%)Tj /TT0 1 Tf 2.168 -0.097 Td ( )Tj 12.5 0 0 12.5 25 631.6082 Tm (Exports \(FOB\))Tj 20.543 0 Td ( )Tj 2.091 0 Td ( )Tj 1.778 0 Td ( )Tj 2.25 0 Td ( )Tj 0.418 0 Td ( )Tj 2.091 0 Td ( )Tj 0.418 0 Td ( )Tj 2.25 0 Td ( )Tj 0.833 0 Td ( )Tj 2.091 0 Td ( )Tj 1.778 0 Td ( )Tj 2.25 0 Td ( )Tj 0.418 0 Td ( )Tj 2.091 0 Td ( )Tj 0.418 0 Td ( )Tj 2.25 0 Td ( )Tj -42.767 -1.2 Td (Traditional)Tj 19.343 0 Td ( )Tj 2.091 0 Td (US$1,018 )Tj 4.446 0 Td ( )Tj 2.091 0 Td ( )Tj 0.918 0 Td (29.8 )Tj 2.583 0 Td ( )Tj 2.091 0 Td (US$1,270 )Tj 4.446 0 Td ( )Tj 2.091 0 Td ( )Tj 0.918 0 Td (32.1 )Tj -39.817 -1.2 Td (Wool)Tj 18.143 0 Td ( )Tj 2.091 0 Td ( )Tj 2.528 0 Td (137 )Tj 1.918 0 Td ( )Tj 2.091 0 Td ( )Tj 1.418 0 Td (4.0 )Tj 2.083 0 Td ( )Tj 2.091 0 Td ( )Tj 2.528 0 Td (168 )Tj 1.918 0 Td ( )Tj 2.091 0 Td ( )Tj 1.418 0 Td (4.2 )Tj -40.317 -1.2 Td (Meat)Tj 18.143 0 Td ( )Tj 2.091 0 Td ( )Tj 2.528 0 Td (799 )Tj 1.918 0 Td ( )Tj 2.091 0 Td ( )Tj 0.918 0 Td (23.4 )Tj 2.583 0 Td ( )Tj 2.091 0 Td ( )Tj 1.778 0 Td (1,005 )Tj 2.668 0 Td ( )Tj 2.091 0 Td ( )Tj 0.918 0 Td (25.4 )Tj -39.817 -1.2 Td (Other)Tj 18.143 0 Td ( )Tj 2.091 0 Td ( )Tj 3.028 0 Td (82 )Tj 1.418 0 Td ( )Tj 2.091 0 Td ( )Tj 1.418 0 Td (2.4 )Tj 2.083 0 Td ( )Tj 2.091 0 Td ( )Tj 3.028 0 Td (97 )Tj 1.418 0 Td ( )Tj 2.091 0 Td ( )Tj 1.418 0 Td (2.5 )Tj -41.517 -1.2 Td (Non-traditional)Tj 19.343 0 Td ( )Tj 2.091 0 Td ( )Tj 1.778 0 Td (2,399 )Tj 2.668 0 Td ( )Tj 2.091 0 Td ( )Tj 0.918 0 Td (70.2 )Tj 2.583 0 Td ( )Tj 2.091 0 Td ( )Tj 1.778 0 Td (2,682 )Tj 2.668 0 Td ( )Tj 2.091 0 Td ( )Tj 0.918 0 Td (67.9 )Tj -39.817 -1.2 Td (Rice)Tj 18.143 0 Td ( )Tj 2.091 0 Td ( )Tj 2.528 0 Td (201 )Tj 1.918 0 Td ( )Tj 2.091 0 Td ( )Tj 1.418 0 Td (5.9 )Tj 2.083 0 Td ( )Tj 2.091 0 Td ( )Tj 2.528 0 Td (219 )Tj 1.918 0 Td ( )Tj 2.091 0 Td ( )Tj 1.418 0 Td (5.5 )Tj -40.317 -1.2 Td (Textiles)Tj 18.143 0 Td ( )Tj 2.091 0 Td ( )Tj 2.528 0 Td (117 )Tj 1.918 0 Td ( )Tj 2.091 0 Td ( )Tj 1.418 0 Td (3.4 )Tj 2.083 0 Td ( )Tj 2.091 0 Td ( )Tj 2.528 0 Td (101 )Tj 1.918 0 Td ( )Tj 2.091 0 Td ( )Tj 1.418 0 Td (2.5 )Tj -40.317 -1.2 Td (Chemicals)Tj 18.143 0 Td ( )Tj 2.091 0 Td ( )Tj 2.528 0 Td (152 )Tj 1.918 0 Td ( )Tj 2.091 0 Td ( )Tj 1.418 0 Td (4.4 )Tj 2.083 0 Td ( )Tj 2.091 0 Td ( )Tj 2.528 0 Td (180 )Tj 1.918 0 Td ( )Tj 2.091 0 Td ( )Tj 1.418 0 Td (4.6 )Tj -40.317 -1.2 Td (Other)Tj 18.143 0 Td ( )Tj 2.091 0 Td ( )Tj 1.778 0 Td (1,930 )Tj 2.668 0 Td ( )Tj 2.091 0 Td ( )Tj 0.918 0 Td (56.5 )Tj 2.583 0 Td ( )Tj 2.091 0 Td ( )Tj 1.778 0 Td (2,183 )Tj 2.668 0 Td ( )Tj 2.091 0 Td ( )Tj 0.918 0 Td (55.2 )Tj 1 0 0 1 40 491.0714 Tm ( )Tj 241.786 0 Td ( )Tj 76.233 -0.5 Td ( )Tj 0.25 0.5 Td ( )Tj 5.227 0 Td ( )Tj 59.235 -0.5 Td ( )Tj 0.25 0.5 Td ( )Tj 10.412 0 Td ( )Tj 76.233 -0.5 Td ( )Tj 0.25 0.5 Td ( )Tj 5.227 0 Td ( )Tj 59.235 -0.5 Td ( )Tj 0.25 0.5 Td ( )Tj 12.5 0 0 12.5 25 479.4082 Tm ( )Tj 20.543 0 Td ( )Tj 2.091 0 Td ( )Tj 1.778 0 Td ( )Tj 2.25 0 Td ( )Tj 0.418 0 Td ( )Tj 2.091 0 Td ( )Tj 0.418 0 Td ( )Tj 2.25 0 Td ( )Tj 0.833 0 Td ( )Tj 2.091 0 Td ( )Tj 1.778 0 Td ( )Tj 2.25 0 Td ( )Tj 0.418 0 Td ( )Tj 2.091 0 Td ( )Tj 0.418 0 Td ( )Tj 2.25 0 Td ( )Tj -43.967 -1.2 Td (Total exports)Tj 20.543 0 Td ( )Tj 2.091 0 Td (US$3,417 )Tj 4.446 0 Td ( )Tj 2.091 0 Td ( )Tj 0.418 0 Td (100.0% )Tj 5.174 0 Td (US$3,952 )Tj 4.446 0 Td ( )Tj 2.091 0 Td ( )Tj 0.418 0 Td (100.0%)Tj 1 0 0 1 40 457.8714 Tm ( )Tj 241.786 0 Td ( )Tj 76.233 -1.5 Td ( )Tj 0.25 1.5 Td ( )Tj 5.227 0 Td ( )Tj 59.235 -1.5 Td ( )Tj 0.25 1.5 Td ( )Tj 10.412 0 Td ( )Tj 76.233 -1.5 Td ( )Tj 0.25 1.5 Td ( )Tj 5.227 0 Td ( )Tj 59.235 -1.5 Td ( )Tj 0.25 1.5 Td ( )Tj 12.5 0 0 12.5 25 445.2083 Tm ( )Tj 20.543 0 Td ( )Tj 2.091 0 Td ( )Tj 1.778 0 Td ( )Tj 2.25 0 Td ( )Tj 0.418 0 Td ( )Tj 2.091 0 Td ( )Tj 0.418 0 Td ( )Tj 2.25 0 Td ( )Tj 0.833 0 Td ( )Tj 2.091 0 Td ( )Tj 1.778 0 Td ( )Tj 2.25 0 Td ( )Tj 0.418 0 Td ( )Tj 2.091 0 Td ( )Tj 0.418 0 Td ( )Tj 2.25 0 Td ( )Tj -43.967 -1.2 Td (Imports \(CIF\))Tj 20.543 0 Td ( )Tj 2.091 0 Td ( )Tj 1.778 0 Td ( )Tj 2.25 0 Td ( )Tj 0.418 0 Td ( )Tj 2.091 0 Td ( )Tj 0.418 0 Td ( )Tj 2.25 0 Td ( )Tj 0.833 0 Td ( )Tj 2.091 0 Td ( )Tj 1.778 0 Td ( )Tj 2.25 0 Td ( )Tj 0.418 0 Td ( )Tj 2.091 0 Td ( )Tj 0.418 0 Td ( )Tj 2.25 0 Td ( )Tj -42.767 -1.2 Td (Consumer goods)Tj 19.343 0 Td ( )Tj 2.091 0 Td (US$)Tj 2.528 0 Td (721 )Tj 1.918 0 Td ( )Tj 2.091 0 Td ( )Tj 0.918 0 Td (18.6 )Tj 2.583 0 Td ( )Tj 2.091 0 Td (US$)Tj 2.528 0 Td (876 )Tj 1.918 0 Td ( )Tj 2.091 0 Td ( )Tj 0.918 0 Td (18.4 )Tj -41.017 -1.2 Td (Intermediate Goods)Tj 19.343 0 Td ( )Tj 2.091 0 Td ( )Tj 1.778 0 Td (2,644 )Tj 2.668 0 Td ( )Tj 2.091 0 Td ( )Tj 0.918 0 Td (68.2 )Tj 2.583 0 Td ( )Tj 2.091 0 Td ( )Tj 1.778 0 Td (3,277 )Tj 2.668 0 Td ( )Tj 2.091 0 Td ( )Tj 0.918 0 Td (68.6 )Tj -41.017 -1.2 Td (Capital goods)Tj 19.343 0 Td ( )Tj 2.091 0 Td ( )Tj 2.528 0 Td (514 )Tj 1.918 0 Td ( )Tj 2.091 0 Td ( )Tj 0.918 0 Td (13.3 )Tj 2.583 0 Td ( )Tj 2.091 0 Td ( )Tj 2.528 0 Td (622 )Tj 1.918 0 Td ( )Tj 2.091 0 Td ( )Tj 0.918 0 Td (13.0 )Tj 1 0 0 1 40 379.6714 Tm ( )Tj 241.786 0 Td ( )Tj 76.233 -0.5 Td ( )Tj 0.25 0.5 Td ( )Tj 5.227 0 Td ( )Tj 59.235 -0.5 Td ( )Tj 0.25 0.5 Td ( )Tj 10.412 0 Td ( )Tj 76.233 -0.5 Td ( )Tj 0.25 0.5 Td ( )Tj 5.227 0 Td ( )Tj 59.235 -0.5 Td ( )Tj 0.25 0.5 Td ( )Tj 12.5 0 0 12.5 25 368.0083 Tm ( )Tj 20.543 0 Td ( )Tj 2.091 0 Td ( )Tj 1.778 0 Td ( )Tj 2.25 0 Td ( )Tj 0.418 0 Td ( )Tj 2.091 0 Td ( )Tj 0.418 0 Td ( )Tj 2.25 0 Td ( )Tj 0.833 0 Td ( )Tj 2.091 0 Td ( )Tj 1.778 0 Td ( )Tj 2.25 0 Td ( )Tj 0.418 0 Td ( )Tj 2.091 0 Td ( )Tj 0.418 0 Td ( )Tj 2.25 0 Td ( )Tj -43.967 -1.2 Td (Total imports)Tj 20.543 0 Td ( )Tj 2.091 0 Td (US$3,879 )Tj 4.446 0 Td ( )Tj 2.091 0 Td ( )Tj 0.418 0 Td (100.0% )Tj 5.174 0 Td (US$4,775 )Tj 4.446 0 Td ( )Tj 2.091 0 Td ( )Tj 0.418 0 Td (100.0%)Tj 1 0 0 1 40 346.4714 Tm ( )Tj 241.786 0 Td ( )Tj 76.233 -1.5 Td ( )Tj 0.25 1.5 Td ( )Tj 5.227 0 Td ( )Tj 59.235 -1.5 Td ( )Tj 0.25 1.5 Td ( )Tj 10.412 0 Td ( )Tj 76.233 -1.5 Td ( )Tj 0.25 1.5 Td ( )Tj 5.227 0 Td ( )Tj 59.235 -1.5 Td ( )Tj 0.25 1.5 Td ( )Tj 12.5 0 0 12.5 25 333.8083 Tm ( )Tj 20.543 0 Td ( )Tj 2.091 0 Td ( )Tj 1.778 0 Td ( )Tj 2.25 0 Td ( )Tj 0.418 0 Td ( )Tj 2.091 0 Td ( )Tj 0.418 0 Td ( )Tj 2.25 0 Td ( )Tj 0.833 0 Td ( )Tj 2.091 0 Td ( )Tj 1.778 0 Td ( )Tj 2.25 0 Td ( )Tj 0.418 0 Td ( )Tj 2.091 0 Td ( )Tj 0.418 0 Td ( )Tj 2.25 0 Td ( )Tj -43.967 -1.2 Td (Trade balance)Tj 20.543 0 Td ( )Tj 2.091 0 Td (US$)Tj 2.195 0 Td (\(462\))Tj 2.251 0 Td ( )Tj 2.091 0 Td ( )Tj 0.418 0 Td ( )Tj 2.25 0 Td ( )Tj 0.833 0 Td ( )Tj 2.091 0 Td (US$)Tj 2.195 0 Td (\(823\))Tj 2.251 0 Td ( )Tj 2.091 0 Td ( )Tj 0.418 0 Td ( )Tj 2.25 0 Td ( )Tj 1 0 0 1 25 312.2714 Tm ( )Tj 256.786 0 Td ( )Tj 76.233 -1.5 Td ( )Tj 0.25 1.5 Td ( )Tj 5.227 0 Td ( )Tj 26.133 0 Td ( )Tj 5.227 0 Td ( )Tj 28.125 0 Td ( )Tj 10.412 0 Td ( )Tj 76.233 -1.5 Td ( )Tj 0.25 1.5 Td ( )Tj 5.227 0 Td ( )Tj 26.133 0 Td ( )Tj 5.227 0 Td ( )Tj 28.125 0 Td ( )Tj 3.75 0 0 3.75 10 286.1889 Tm ( )Tj 12.5 0 0 12.5 10 274.1082 Tm (\(1\))Tj 6.668 0 Td ( )Tj 2.223 0 Td (Preliminary data.)Tj /TT3 1 Tf -8.891 -1.803 Td (Source)Tj /TT0 1 Tf (: Banco Central. )Tj 22.055 -2.72 Td (S-11 )Tj ET 0.5 0.5 0.5 rg 10 185.403 575 2 re f EMC /Artifact <>BDC Q BT /T1_0 1 Tf 9 0 0 9 18 7.17 Tm (http://www.sec.gov/Archives/edgar/data/102385/000095012307004873/y32802e\ 424b2.htm \(20 de 115\)25/10/2007 01:42:24 p.m.)Tj ET EMC endstream endobj 606 0 obj<>stream /Artifact <>BDC 0 0 0 rg 0 i BT /T1_0 1 Tf 0 Tc 0 Tw 0 Ts 100 Tz 0 Tr 9 0 0 9 18 830.17 Tm (424B2)Tj ET EMC /WebCaptureBG BMC /WebCaptureFN <>BDC q 0 18 595 806 re W* n /Artifact <>BDC Q 317.294 698.992 m 427.257 698.992 l 427.257 699.992 l 317.294 699.992 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 464.625 698.992 m 574.587 698.992 l 574.587 699.992 l 464.625 699.992 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 0.8 0.933 1 rg 10 683.992 280.338 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 290.338 683.992 26.956 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 317.294 683.992 15.975 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 333.269 683.992 28.125 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 361.394 683.992 5.391 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 366.785 683.992 26.956 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 393.74 683.992 5.391 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 399.132 683.992 28.125 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 427.257 683.992 10.413 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 437.669 683.992 26.956 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 464.625 683.992 15.975 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 480.6 683.992 28.125 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 508.725 683.992 5.391 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 514.116 683.992 26.956 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 541.071 683.992 5.391 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 546.462 683.992 28.125 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 574.587 683.992 10.413 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 10 638.992 280.338 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 290.338 638.992 26.956 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 317.294 638.992 15.975 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 333.269 638.992 28.125 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 361.394 638.992 5.391 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 366.785 638.992 26.956 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 393.74 638.992 5.391 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 399.132 638.992 28.125 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 427.257 638.992 10.413 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 437.669 638.992 26.956 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 464.625 638.992 15.975 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 480.6 638.992 28.125 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 508.725 638.992 5.391 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 514.116 638.992 26.956 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 541.071 638.992 5.391 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 546.462 638.992 28.125 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 574.587 638.992 10.413 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 10 608.992 280.338 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 290.338 608.992 26.956 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 317.294 608.992 15.975 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 333.269 608.992 28.125 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 361.394 608.992 5.391 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 366.785 608.992 26.956 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 393.74 608.992 5.391 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 399.132 608.992 28.125 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 427.257 608.992 10.413 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 437.669 608.992 26.956 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 464.625 608.992 15.975 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 480.6 608.992 28.125 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 508.725 608.992 5.391 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 514.116 608.992 26.956 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 541.071 608.992 5.391 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 546.462 608.992 28.125 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 574.587 608.992 10.413 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 0 0 0 rg 317.294 593.992 m 361.394 593.992 l 361.394 592.992 l 317.294 592.992 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 393.74 593.992 m 427.257 593.992 l 427.257 592.992 l 393.74 592.992 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 464.625 593.992 m 508.725 593.992 l 508.725 592.992 l 464.625 592.992 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 541.071 593.992 m 574.587 593.992 l 574.587 592.992 l 541.071 592.992 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 0.8 0.933 1 rg 10 576.792 280.338 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 290.338 576.792 26.956 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 317.294 576.792 15.975 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 333.269 576.792 28.125 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 361.394 576.792 5.391 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 366.785 576.792 26.956 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 393.74 576.792 5.391 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 399.132 576.792 28.125 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 427.257 576.792 10.413 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 437.669 576.792 26.956 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 464.625 576.792 15.975 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 480.6 576.792 28.125 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 508.725 576.792 5.391 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 514.116 576.792 26.956 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 541.071 576.792 5.391 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 546.462 576.792 28.125 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 574.587 576.792 10.413 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 0 0 0 rg 317.294 576.792 m 361.394 576.792 l 361.394 575.792 l 317.294 575.792 l h f 317.294 574.792 m 361.394 574.792 l 361.394 573.792 l 317.294 573.792 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 393.74 576.792 m 427.257 576.792 l 427.257 575.792 l 393.74 575.792 l h f 393.74 574.792 m 427.257 574.792 l 427.257 573.792 l 393.74 573.792 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 464.625 576.792 m 508.725 576.792 l 508.725 575.792 l 464.625 575.792 l h f 464.625 574.792 m 508.725 574.792 l 508.725 573.792 l 464.625 573.792 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 541.071 576.792 m 574.587 576.792 l 574.587 575.792 l 541.071 575.792 l h f 541.071 574.792 m 574.587 574.792 l 574.587 573.792 l 541.071 573.792 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 0.8 0.933 1 rg 10 542.592 280.338 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 290.338 542.592 26.956 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 317.294 542.592 15.975 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 333.269 542.592 28.125 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 361.394 542.592 5.391 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 366.785 542.592 26.956 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 393.74 542.592 5.391 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 399.132 542.592 28.125 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 427.257 542.592 10.413 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 437.669 542.592 26.956 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 464.625 542.592 15.975 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 480.6 542.592 28.125 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 508.725 542.592 5.391 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 514.116 542.592 26.956 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 541.071 542.592 5.391 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 546.462 542.592 28.125 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 574.587 542.592 10.413 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 10 512.592 280.338 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 290.338 512.592 26.956 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 317.294 512.592 15.975 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 333.269 512.592 28.125 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 361.394 512.592 5.391 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 366.785 512.592 26.956 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 393.74 512.592 5.391 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 399.132 512.592 28.125 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 427.257 512.592 10.413 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 437.669 512.592 26.956 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 464.625 512.592 15.975 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 480.6 512.592 28.125 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 508.725 512.592 5.391 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 514.116 512.592 26.956 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 541.071 512.592 5.391 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 546.462 512.592 28.125 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 574.587 512.592 10.413 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 10 482.592 280.338 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 290.338 482.592 26.956 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 317.294 482.592 15.975 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 333.269 482.592 28.125 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 361.394 482.592 5.391 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 366.785 482.592 26.956 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 393.74 482.592 5.391 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 399.132 482.592 28.125 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 427.257 482.592 10.413 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 437.669 482.592 26.956 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 464.625 482.592 15.975 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 480.6 482.592 28.125 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 508.725 482.592 5.391 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 514.116 482.592 26.956 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 541.071 482.592 5.391 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 546.462 482.592 28.125 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 574.587 482.592 10.413 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 10 452.592 280.338 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 290.338 452.592 26.956 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 317.294 452.592 15.975 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 333.269 452.592 28.125 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 361.394 452.592 5.391 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 366.785 452.592 26.956 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 393.74 452.592 5.391 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 399.132 452.592 28.125 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 427.257 452.592 10.413 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 437.669 452.592 26.956 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 464.625 452.592 15.975 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 480.6 452.592 28.125 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 508.725 452.592 5.391 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 514.116 452.592 26.956 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 541.071 452.592 5.391 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 546.462 452.592 28.125 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 574.587 452.592 10.413 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 0 0 0 rg 317.294 437.592 m 361.394 437.592 l 361.394 436.592 l 317.294 436.592 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 393.74 437.592 m 427.257 437.592 l 427.257 436.592 l 393.74 436.592 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 464.625 437.592 m 508.725 437.592 l 508.725 436.592 l 464.625 436.592 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 541.071 437.592 m 574.587 437.592 l 574.587 436.592 l 541.071 436.592 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 0.8 0.933 1 rg 10 420.392 280.338 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 290.338 420.392 26.956 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 317.294 420.392 15.975 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 333.269 420.392 28.125 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 361.394 420.392 5.391 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 366.785 420.392 26.956 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 393.74 420.392 5.391 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 399.132 420.392 28.125 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 427.257 420.392 10.413 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 437.669 420.392 26.956 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 464.625 420.392 15.975 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 480.6 420.392 28.125 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 508.725 420.392 5.391 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 514.116 420.392 26.956 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 541.071 420.392 5.391 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 546.462 420.392 28.125 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 574.587 420.392 10.413 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 0 0 0 rg 317.294 420.392 m 361.394 420.392 l 361.394 419.392 l 317.294 419.392 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 393.74 420.392 m 427.257 420.392 l 427.257 419.392 l 393.74 419.392 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 464.625 420.392 m 508.725 420.392 l 508.725 419.392 l 464.625 419.392 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 541.071 420.392 m 574.587 420.392 l 574.587 419.392 l 541.071 419.392 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 0.8 0.933 1 rg 10 388.192 280.338 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 290.338 388.192 26.956 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 317.294 388.192 15.975 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 333.269 388.192 28.125 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 361.394 388.192 5.391 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 366.785 388.192 26.956 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 393.74 388.192 5.391 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 399.132 388.192 28.125 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 427.257 388.192 10.413 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 437.669 388.192 26.956 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 464.625 388.192 15.975 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 480.6 388.192 28.125 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 508.725 388.192 5.391 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 514.116 388.192 26.956 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 541.071 388.192 5.391 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 546.462 388.192 28.125 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 574.587 388.192 10.413 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 10 358.192 280.338 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 290.338 358.192 26.956 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 317.294 358.192 15.975 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 333.269 358.192 28.125 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 361.394 358.192 5.391 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 366.785 358.192 26.956 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 393.74 358.192 5.391 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 399.132 358.192 28.125 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 427.257 358.192 10.413 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 437.669 358.192 26.956 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 464.625 358.192 15.975 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 480.6 358.192 28.125 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 508.725 358.192 5.391 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 514.116 358.192 26.956 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 541.071 358.192 5.391 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 546.462 358.192 28.125 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 574.587 358.192 10.413 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 0 0 0 rg 317.294 358.192 m 361.394 358.192 l 361.394 357.192 l 317.294 357.192 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 393.74 358.192 m 427.257 358.192 l 427.257 357.192 l 393.74 357.192 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 464.625 358.192 m 508.725 358.192 l 508.725 357.192 l 464.625 357.192 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 541.071 358.192 m 574.587 358.192 l 574.587 357.192 l 541.071 357.192 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 317.294 325.992 m 361.394 325.992 l 361.394 324.992 l 317.294 324.992 l h f 317.294 323.992 m 361.394 323.992 l 361.394 322.992 l 317.294 322.992 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 393.74 325.992 m 427.257 325.992 l 427.257 324.992 l 393.74 324.992 l h f 393.74 323.992 m 427.257 323.992 l 427.257 322.992 l 393.74 322.992 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 464.625 325.992 m 508.725 325.992 l 508.725 324.992 l 464.625 324.992 l h f 464.625 323.992 m 508.725 323.992 l 508.725 322.992 l 464.625 322.992 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 541.071 325.992 m 574.587 325.992 l 574.587 324.992 l 541.071 324.992 l h f 541.071 323.992 m 574.587 323.992 l 574.587 322.992 l 541.071 322.992 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 0.8 0.933 1 rg 10 291.792 280.338 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 290.338 291.792 26.956 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 317.294 291.792 15.975 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 333.269 291.792 28.125 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 361.394 291.792 5.391 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 366.785 291.792 26.956 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 393.74 291.792 5.391 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 399.132 291.792 28.125 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 427.257 291.792 10.413 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 437.669 291.792 26.956 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 464.625 291.792 15.975 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 480.6 291.792 28.125 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 508.725 291.792 5.391 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 514.116 291.792 26.956 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 541.071 291.792 5.391 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 546.462 291.792 28.125 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 574.587 291.792 10.413 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 10 261.792 280.338 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 290.338 261.792 26.956 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 317.294 261.792 15.975 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 333.269 261.792 28.125 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 361.394 261.792 5.391 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 366.785 261.792 26.956 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 393.74 261.792 5.391 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 399.132 261.792 28.125 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 427.257 261.792 10.413 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 437.669 261.792 26.956 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 464.625 261.792 15.975 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 480.6 261.792 28.125 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 508.725 261.792 5.391 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 514.116 261.792 26.956 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 541.071 261.792 5.391 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 546.462 261.792 28.125 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 574.587 261.792 10.413 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 10 231.792 280.338 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 290.338 231.792 26.956 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 317.294 231.792 15.975 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 333.269 231.792 28.125 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 361.394 231.792 5.391 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 366.785 231.792 26.956 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 393.74 231.792 5.391 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 399.132 231.792 28.125 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 427.257 231.792 10.413 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 437.669 231.792 26.956 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 464.625 231.792 15.975 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 480.6 231.792 28.125 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 508.725 231.792 5.391 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 514.116 231.792 26.956 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 541.071 231.792 5.391 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 546.462 231.792 28.125 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 574.587 231.792 10.413 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 0 0 0 rg 317.294 216.792 m 361.394 216.792 l 361.394 215.792 l 317.294 215.792 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 393.74 216.792 m 427.257 216.792 l 427.257 215.792 l 393.74 215.792 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 464.625 216.792 m 508.725 216.792 l 508.725 215.792 l 464.625 215.792 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 541.071 216.792 m 574.587 216.792 l 574.587 215.792 l 541.071 215.792 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 0.8 0.933 1 rg 10 184.592 280.338 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 290.338 184.592 26.956 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 317.294 184.592 15.975 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 333.269 184.592 28.125 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 361.394 184.592 5.391 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 366.785 184.592 26.956 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 393.74 184.592 5.391 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 399.132 184.592 28.125 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 427.257 184.592 10.413 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 437.669 184.592 26.956 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 464.625 184.592 15.975 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 480.6 184.592 28.125 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 508.725 184.592 5.391 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 514.116 184.592 26.956 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 541.071 184.592 5.391 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 546.462 184.592 28.125 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 574.587 184.592 10.413 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 0 0 0 rg 317.294 184.592 m 361.394 184.592 l 361.394 183.592 l 317.294 183.592 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 393.74 184.592 m 427.257 184.592 l 427.257 183.592 l 393.74 183.592 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 464.625 184.592 m 508.725 184.592 l 508.725 183.592 l 464.625 183.592 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 541.071 184.592 m 574.587 184.592 l 574.587 183.592 l 541.071 183.592 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 0.8 0.933 1 rg 10 152.392 280.338 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 290.338 152.392 26.956 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 317.294 152.392 15.975 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 333.269 152.392 28.125 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 361.394 152.392 5.391 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 366.785 152.392 26.956 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 393.74 152.392 5.391 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 399.132 152.392 28.125 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 427.257 152.392 10.413 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 437.669 152.392 26.956 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 464.625 152.392 15.975 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 480.6 152.392 28.125 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 508.725 152.392 5.391 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 514.116 152.392 26.956 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 541.071 152.392 5.391 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 546.462 152.392 28.125 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 574.587 152.392 10.413 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 10 122.392 280.338 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 290.338 122.392 26.956 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 317.294 122.392 15.975 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 333.269 122.392 28.125 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 361.394 122.392 5.391 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 366.785 122.392 26.956 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 393.74 122.392 5.391 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 399.132 122.392 28.125 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 427.257 122.392 10.413 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 437.669 122.392 26.956 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 464.625 122.392 15.975 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 480.6 122.392 28.125 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 508.725 122.392 5.391 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 514.116 122.392 26.956 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 541.071 122.392 5.391 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 546.462 122.392 28.125 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 574.587 122.392 10.413 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 10 92.392 280.338 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 290.338 92.392 26.956 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 317.294 92.392 15.975 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 333.269 92.392 28.125 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 361.394 92.392 5.391 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 366.785 92.392 26.956 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 393.74 92.392 5.391 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 399.132 92.392 28.125 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 427.257 92.392 10.413 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 437.669 92.392 26.956 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 464.625 92.392 15.975 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 480.6 92.392 28.125 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 508.725 92.392 5.391 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 514.116 92.392 26.956 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 541.071 92.392 5.391 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 546.462 92.392 28.125 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 574.587 92.392 10.413 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 10 62.392 280.338 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 290.338 62.392 26.956 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 317.294 62.392 15.975 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 333.269 62.392 28.125 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 361.394 62.392 5.391 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 366.785 62.392 26.956 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 393.74 62.392 5.391 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 399.132 62.392 28.125 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 427.257 62.392 10.413 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 437.669 62.392 26.956 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 464.625 62.392 15.975 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 480.6 62.392 28.125 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 508.725 62.392 5.391 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 514.116 62.392 26.956 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 541.071 62.392 5.391 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 546.462 62.392 28.125 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 574.587 62.392 10.413 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 0 0 0 rg 317.294 47.392 m 361.394 47.392 l 361.394 46.392 l 317.294 46.392 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 393.74 47.392 m 427.257 47.392 l 427.257 46.392 l 393.74 46.392 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 464.625 47.392 m 508.725 47.392 l 508.725 46.392 l 464.625 46.392 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 541.071 47.392 m 574.587 47.392 l 574.587 46.392 l 541.071 46.392 l h f EMC EMC EMC /Article <>BDC q 0 18 595 806 re W* n 0 0 1 RG 1.086 w 10 M 0 j 0 J []0 d 10 782.42 m 119.135 782.42 l S 0 0 1 rg BT /T1_1 1 Tf 12.9231 0 0 12.9231 10 785.6766 Tm (Table of Contents)Tj 0 0 0 rg /TT0 1 Tf 12.5 0 0 12.5 166.25 746.1212 Tm (Geographical Distribution of Merchandise Trade)Tj /TT1 1 Tf ( )Tj 1.445 -1.197 Td (\(millions of US$, unless otherwise indicated\) )Tj -13.945 -1.2 Td ( )Tj 22.427 0 Td ( )Tj 2.156 0 Td ( )Tj 1.278 0 Td ( )Tj 2.25 0 Td ( )Tj 0.431 0 Td ( )Tj 2.156 0 Td ( )Tj 0.431 0 Td ( )Tj 2.25 0 Td ( )Tj 0.833 0 Td ( )Tj 2.156 0 Td ( )Tj 1.278 0 Td ( )Tj 2.25 0 Td ( )Tj 0.431 0 Td ( )Tj 2.156 0 Td ( )Tj 0.431 0 Td ( )Tj 2.25 0 Td ( )Tj 10 0 0 10 10 702.3287 Tm ( )Tj 28.034 0 Td ( )Tj /TT0 1 Tf 6.698 0.097 Td (2005)Tj 8.5 0 0 8.5 377.3197 703.2954 Tm (\(1\))Tj /TT1 1 Tf 10 0 0 10 427.2566 702.3287 Tm ( )Tj 1.041 0 Td ( )Tj /TT0 1 Tf 6.698 0.097 Td (2006)Tj 8.5 0 0 8.5 524.6506 703.2954 Tm (\(1\))Tj /TT1 1 Tf 10 0 0 10 574.5875 702.3287 Tm ( )Tj 12.5 0 0 12.5 25 688.1628 Tm (Exports \(FOB\))Tj 21.227 0 Td ( )Tj 2.156 0 Td ( )Tj 1.278 0 Td ( )Tj 2.25 0 Td ( )Tj 0.431 0 Td ( )Tj 2.156 0 Td ( )Tj 0.431 0 Td ( )Tj 2.25 0 Td ( )Tj 0.833 0 Td ( )Tj 2.156 0 Td ( )Tj 1.278 0 Td ( )Tj 2.25 0 Td ( )Tj 0.431 0 Td ( )Tj 2.156 0 Td ( )Tj 0.431 0 Td ( )Tj 2.25 0 Td ( )Tj -43.967 -1.2 Td (Americas:)Tj 21.227 0 Td ( )Tj 2.156 0 Td ( )Tj 1.278 0 Td ( )Tj 2.25 0 Td ( )Tj 0.431 0 Td ( )Tj 2.156 0 Td ( )Tj 0.431 0 Td ( )Tj 2.25 0 Td ( )Tj 0.833 0 Td ( )Tj 2.156 0 Td ( )Tj 1.278 0 Td ( )Tj 2.25 0 Td ( )Tj 0.431 0 Td ( )Tj 2.156 0 Td ( )Tj 0.431 0 Td ( )Tj 2.25 0 Td ( )Tj -42.767 -2.4 Td (Argentina)Tj 20.027 0 Td ( )Tj 2.156 1.2 Td (US)Tj 0 -1.2 TD ($)Tj 2.028 0 Td (267 )Tj 1.931 0 Td ( )Tj 2.156 0 Td ( )Tj 1.431 0 Td (7.8% )Tj 4.239 1.2 Td (US)Tj T* ($)Tj 2.028 0 Td (302 )Tj 1.931 0 Td ( )Tj 2.156 0 Td ( )Tj 1.431 0 Td (7.6%)Tj -41.517 -1.2 Td (Brazil)Tj 20.027 0 Td ( )Tj 2.156 0 Td ( )Tj 2.028 0 Td (460 )Tj 1.931 0 Td ( )Tj 2.156 0 Td ( )Tj 0.931 0 Td (13.5 )Tj 2.583 0 Td ( )Tj 2.156 0 Td ( )Tj 2.028 0 Td (583 )Tj 1.931 0 Td ( )Tj 2.156 0 Td ( )Tj 0.931 0 Td (14.7 )Tj -41.017 -1.2 Td (United States)Tj 20.027 0 Td ( )Tj 2.156 0 Td ( )Tj 2.028 0 Td (763 )Tj 1.931 0 Td ( )Tj 2.156 0 Td ( )Tj 0.931 0 Td (22.3 )Tj 2.583 0 Td ( )Tj 2.156 0 Td ( )Tj 2.028 0 Td (520 )Tj 1.931 0 Td ( )Tj 2.156 0 Td ( )Tj 0.931 0 Td (13.2 )Tj -41.017 -1.2 Td (Other)Tj 20.027 0 Td ( )Tj 2.156 0 Td ( )Tj 2.028 0 Td (573 )Tj 1.931 0 Td ( )Tj 2.156 0 Td ( )Tj 0.931 0 Td (16.8 )Tj 2.583 0 Td ( )Tj 2.156 0 Td ( )Tj 2.028 0 Td (663 )Tj 1.931 0 Td ( )Tj 2.156 0 Td ( )Tj 0.931 0 Td (16.8 )Tj 1 0 0 1 40 592.6259 Tm ( )Tj 250.338 0 Td ( )Tj 70.806 -0.5 Td ( )Tj 0.25 0.5 Td ( )Tj 5.391 0 Td ( )Tj 60.222 -0.5 Td ( )Tj 0.25 0.5 Td ( )Tj 10.413 0 Td ( )Tj 70.806 -0.5 Td ( )Tj 0.25 0.5 Td ( )Tj 5.391 0 Td ( )Tj 60.222 -0.5 Td ( )Tj 0.25 0.5 Td ( )Tj 12.5 0 0 12.5 55 580.9628 Tm (Total Americas)Tj 18.827 0 Td ( )Tj 2.156 0 Td ( )Tj 1.278 0 Td (2,063 )Tj 2.681 0 Td ( )Tj 2.156 0 Td ( )Tj 0.931 0 Td (60.4% )Tj 4.739 0 Td ( )Tj 1.278 0 Td (2,068 )Tj 2.681 0 Td ( )Tj 2.156 0 Td ( )Tj 0.931 0 Td (52.3%)Tj 1 0 0 1 40 574.4259 Tm ( )Tj 250.338 0 Td ( )Tj 70.806 -1.5 Td ( )Tj 0.25 1.5 Td ( )Tj 5.391 0 Td ( )Tj 60.222 -1.5 Td ( )Tj 0.25 1.5 Td ( )Tj 10.413 0 Td ( )Tj 70.806 -1.5 Td ( )Tj 0.25 1.5 Td ( )Tj 5.391 0 Td ( )Tj 60.222 -1.5 Td ( )Tj 0.25 1.5 Td ( )Tj 12.5 0 0 12.5 25 561.7628 Tm (Europe:)Tj 21.227 0 Td ( )Tj 2.156 0 Td ( )Tj 1.278 0 Td ( )Tj 2.25 0 Td ( )Tj 0.431 0 Td ( )Tj 2.156 0 Td ( )Tj 0.431 0 Td ( )Tj 2.25 0 Td ( )Tj 0.833 0 Td ( )Tj 2.156 0 Td ( )Tj 1.278 0 Td ( )Tj 2.25 0 Td ( )Tj 0.431 0 Td ( )Tj 2.156 0 Td ( )Tj 0.431 0 Td ( )Tj 2.25 0 Td ( )Tj -42.767 -1.2 Td (European Union)Tj 20.027 0 Td ( )Tj 2.156 0 Td ( )Tj 1.278 0 Td ( )Tj 2.25 0 Td ( )Tj 0.431 0 Td ( )Tj 2.156 0 Td ( )Tj 0.431 0 Td ( )Tj 2.25 0 Td ( )Tj 0.833 0 Td ( )Tj 2.156 0 Td ( )Tj 1.278 0 Td ( )Tj 2.25 0 Td ( )Tj 0.431 0 Td ( )Tj 2.156 0 Td ( )Tj 0.431 0 Td ( )Tj 2.25 0 Td ( )Tj -42.767 -1.2 Td (France)Tj 20.027 0 Td ( )Tj 2.156 0 Td ( )Tj 2.528 0 Td (31 )Tj 1.431 0 Td ( )Tj 2.156 0 Td ( )Tj 1.431 0 Td (0.9 )Tj 2.083 0 Td ( )Tj 2.156 0 Td ( )Tj 2.528 0 Td (33 )Tj 1.431 0 Td ( )Tj 2.156 0 Td ( )Tj 1.431 0 Td (0.8 )Tj -41.517 -1.2 Td (Germany)Tj 20.027 0 Td ( )Tj 2.156 0 Td ( )Tj 2.028 0 Td (145 )Tj 1.931 0 Td ( )Tj 2.156 0 Td ( )Tj 1.431 0 Td (4.2 )Tj 2.083 0 Td ( )Tj 2.156 0 Td ( )Tj 2.028 0 Td (165 )Tj 1.931 0 Td ( )Tj 2.156 0 Td ( )Tj 1.431 0 Td (4.2 )Tj -41.517 -1.2 Td (Italy)Tj 20.027 0 Td ( )Tj 2.156 0 Td ( )Tj 2.528 0 Td (93 )Tj 1.431 0 Td ( )Tj 2.156 0 Td ( )Tj 1.431 0 Td (2.7 )Tj 2.083 0 Td ( )Tj 2.156 0 Td ( )Tj 2.028 0 Td (112 )Tj 1.931 0 Td ( )Tj 2.156 0 Td ( )Tj 1.431 0 Td (2.8 )Tj -41.517 -1.2 Td (United Kingdom)Tj 20.027 0 Td ( )Tj 2.156 0 Td ( )Tj 2.528 0 Td (85 )Tj 1.431 0 Td ( )Tj 2.156 0 Td ( )Tj 1.431 0 Td (2.5 )Tj 2.083 0 Td ( )Tj 2.156 0 Td ( )Tj 2.528 0 Td (95 )Tj 1.431 0 Td ( )Tj 2.156 0 Td ( )Tj 1.431 0 Td (2.4 )Tj -41.517 -1.2 Td (Other Europ. Union)Tj 20.027 0 Td ( )Tj 2.156 0 Td ( )Tj 2.028 0 Td (237 )Tj 1.931 0 Td ( )Tj 2.156 0 Td ( )Tj 1.431 0 Td (6.9 )Tj 2.083 0 Td ( )Tj 2.156 0 Td ( )Tj 2.028 0 Td (254 )Tj 1.931 0 Td ( )Tj 2.156 0 Td ( )Tj 1.431 0 Td (6.4 )Tj -40.317 -1.2 Td (Total Europ. Union)Tj 18.827 0 Td ( )Tj 2.156 0 Td ( )Tj 2.028 0 Td (590 )Tj 1.931 0 Td ( )Tj 2.156 0 Td ( )Tj 0.931 0 Td (17.3 )Tj 2.583 0 Td ( )Tj 2.156 0 Td ( )Tj 2.028 0 Td (659 )Tj 1.931 0 Td ( )Tj 2.156 0 Td ( )Tj 0.931 0 Td (16.7 )Tj -42.217 -1.2 Td (EFTA\(2\))Tj 10.625 0 0 10.625 70.825 441.7628 Tm ( )Tj 12.5 0 0 12.5 73.4812 441.7628 Tm (and other)Tj 17.349 0 Td ( )Tj 2.156 0 Td ( )Tj 2.028 0 Td (112 )Tj 1.931 0 Td ( )Tj 2.156 0 Td ( )Tj 1.431 0 Td (3.3 )Tj 2.083 0 Td ( )Tj 2.156 0 Td ( )Tj 2.028 0 Td (339 )Tj 1.931 0 Td ( )Tj 2.156 0 Td ( )Tj 1.431 0 Td (8.6 )Tj 1 0 0 1 40 436.226 Tm ( )Tj 250.338 0 Td ( )Tj 70.806 -0.5 Td ( )Tj 0.25 0.5 Td ( )Tj 5.391 0 Td ( )Tj 60.222 -0.5 Td ( )Tj 0.25 0.5 Td ( )Tj 10.413 0 Td ( )Tj 70.806 -0.5 Td ( )Tj 0.25 0.5 Td ( )Tj 5.391 0 Td ( )Tj 60.222 -0.5 Td ( )Tj 0.25 0.5 Td ( )Tj 12.5 0 0 12.5 55 424.5628 Tm (Total Europe)Tj 18.827 0 Td ( )Tj 2.156 0 Td ( )Tj 2.028 0 Td (703 )Tj 1.931 0 Td ( )Tj 2.156 0 Td ( )Tj 0.931 0 Td (20.6 )Tj 2.583 0 Td ( )Tj 2.156 0 Td ( )Tj 2.028 0 Td (998 )Tj 1.931 0 Td ( )Tj 2.156 0 Td ( )Tj 0.931 0 Td (25.3 )Tj 1 0 0 1 40 419.0259 Tm ( )Tj 250.338 0 Td ( )Tj 70.806 -0.5 Td ( )Tj 0.25 0.5 Td ( )Tj 5.391 0 Td ( )Tj 60.222 -0.5 Td ( )Tj 0.25 0.5 Td ( )Tj 10.413 0 Td ( )Tj 70.806 -0.5 Td ( )Tj 0.25 0.5 Td ( )Tj 5.391 0 Td ( )Tj 60.222 -0.5 Td ( )Tj 0.25 0.5 Td ( )Tj 12.5 0 0 12.5 25 407.3628 Tm (Africa)Tj 21.227 0 Td ( )Tj 2.156 0 Td ( )Tj 2.028 0 Td (105 )Tj 1.931 0 Td ( )Tj 2.156 0 Td ( )Tj 1.431 0 Td (3.1 )Tj 2.083 0 Td ( )Tj 2.156 0 Td ( )Tj 2.028 0 Td (175 )Tj 1.931 0 Td ( )Tj 2.156 0 Td ( )Tj 1.431 0 Td (4.4 )Tj -42.717 -1.2 Td (Asia)Tj 21.227 0 Td ( )Tj 2.156 0 Td ( )Tj 2.028 0 Td (278 )Tj 1.931 0 Td ( )Tj 2.156 0 Td ( )Tj 1.431 0 Td (8.1 )Tj 2.083 0 Td ( )Tj 2.156 0 Td ( )Tj 2.028 0 Td (352 )Tj 1.931 0 Td ( )Tj 2.156 0 Td ( )Tj 1.431 0 Td (8.9 )Tj -42.717 -1.2 Td (Middle East)Tj 21.227 0 Td ( )Tj 2.156 0 Td ( )Tj 2.028 0 Td (162 )Tj 1.931 0 Td ( )Tj 2.156 0 Td ( )Tj 1.431 0 Td (4.7 )Tj 2.083 0 Td ( )Tj 2.156 0 Td ( )Tj 2.028 0 Td (177 )Tj 1.931 0 Td ( )Tj 2.156 0 Td ( )Tj 1.431 0 Td (4.5 )Tj -42.717 -1.2 Td (Other)Tj 21.227 0 Td ( )Tj 2.156 0 Td ( )Tj 2.028 0 Td (107 )Tj 1.931 0 Td ( )Tj 2.156 0 Td ( )Tj 1.431 0 Td (3.1 )Tj 2.083 0 Td ( )Tj 2.156 0 Td ( )Tj 2.028 0 Td (182 )Tj 1.931 0 Td ( )Tj 2.156 0 Td ( )Tj 1.431 0 Td (4.6 )Tj 1 0 0 1 40 356.8259 Tm ( )Tj 250.338 0 Td ( )Tj 70.806 -0.5 Td ( )Tj 0.25 0.5 Td ( )Tj 5.391 0 Td ( )Tj 60.222 -0.5 Td ( )Tj 0.25 0.5 Td ( )Tj 10.413 0 Td ( )Tj 70.806 -0.5 Td ( )Tj 0.25 0.5 Td ( )Tj 5.391 0 Td ( )Tj 60.222 -0.5 Td ( )Tj 0.25 0.5 Td ( )Tj 12.5 0 0 12.5 55 330.1628 Tm (Total)Tj 18.827 0 Td ( )Tj 2.156 1.2 Td (US)Tj 0 -1.2 TD ($)Tj 1.278 0 Td (3,417 )Tj 2.681 0 Td ( )Tj 2.156 0 Td ( )Tj 0.431 0 Td (100.0% )Tj 5.239 1.2 Td (US)Tj T* ($)Tj 1.278 0 Td (3,952 )Tj 2.681 0 Td ( )Tj 2.156 0 Td ( )Tj 0.431 0 Td (100.0%)Tj 1 0 0 1 40 323.6259 Tm ( )Tj 250.338 0 Td ( )Tj 70.806 -1.5 Td ( )Tj 0.25 1.5 Td ( )Tj 5.391 0 Td ( )Tj 60.222 -1.5 Td ( )Tj 0.25 1.5 Td ( )Tj 10.413 0 Td ( )Tj 70.806 -1.5 Td ( )Tj 0.25 1.5 Td ( )Tj 5.391 0 Td ( )Tj 60.222 -1.5 Td ( )Tj 0.25 1.5 Td ( )Tj 12.5 0 0 12.5 25 310.9628 Tm ( )Tj 21.227 0 Td ( )Tj 2.156 0 Td ( )Tj 1.278 0 Td ( )Tj 2.25 0 Td ( )Tj 0.431 0 Td ( )Tj 2.156 0 Td ( )Tj 0.431 0 Td ( )Tj 2.25 0 Td ( )Tj 0.833 0 Td ( )Tj 2.156 0 Td ( )Tj 1.278 0 Td ( )Tj 2.25 0 Td ( )Tj 0.431 0 Td ( )Tj 2.156 0 Td ( )Tj 0.431 0 Td ( )Tj 2.25 0 Td ( )Tj -43.967 -1.2 Td (Imports\(CIF\))Tj 21.227 0 Td ( )Tj 2.156 0 Td ( )Tj 1.278 0 Td ( )Tj 2.25 0 Td ( )Tj 0.431 0 Td ( )Tj 2.156 0 Td ( )Tj 0.431 0 Td ( )Tj 2.25 0 Td ( )Tj 0.833 0 Td ( )Tj 2.156 0 Td ( )Tj 1.278 0 Td ( )Tj 2.25 0 Td ( )Tj 0.431 0 Td ( )Tj 2.156 0 Td ( )Tj 0.431 0 Td ( )Tj 2.25 0 Td ( )Tj -43.967 -1.2 Td (Americas:)Tj 21.227 0 Td ( )Tj 2.156 0 Td ( )Tj 1.278 0 Td ( )Tj 2.25 0 Td ( )Tj 0.431 0 Td ( )Tj 2.156 0 Td ( )Tj 0.431 0 Td ( )Tj 2.25 0 Td ( )Tj 0.833 0 Td ( )Tj 2.156 0 Td ( )Tj 1.278 0 Td ( )Tj 2.25 0 Td ( )Tj 0.431 0 Td ( )Tj 2.156 0 Td ( )Tj 0.431 0 Td ( )Tj 2.25 0 Td ( )Tj -42.767 -1.2 Td (Argentina)Tj 20.027 0 Td ( )Tj 2.156 0 Td ( )Tj 2.028 0 Td (786 )Tj 1.931 0 Td ( )Tj 2.156 0 Td ( )Tj 0.931 0 Td (20.3% )Tj 4.739 0 Td ( )Tj 1.278 0 Td (1,079 )Tj 2.681 0 Td ( )Tj 2.156 0 Td ( )Tj 0.931 0 Td (22.6%)Tj -41.017 -1.2 Td (Brazil)Tj 20.027 0 Td ( )Tj 2.156 0 Td ( )Tj 2.028 0 Td (825 )Tj 1.931 0 Td ( )Tj 2.156 0 Td ( )Tj 0.931 0 Td (21.3 )Tj 2.583 0 Td ( )Tj 2.156 0 Td ( )Tj 1.278 0 Td (1,078 )Tj 2.681 0 Td ( )Tj 2.156 0 Td ( )Tj 0.931 0 Td (22.6 )Tj -41.017 -1.2 Td (United States)Tj 20.027 0 Td ( )Tj 2.156 0 Td ( )Tj 2.028 0 Td (259 )Tj 1.931 0 Td ( )Tj 2.156 0 Td ( )Tj 1.431 0 Td (6.7 )Tj 2.083 0 Td ( )Tj 2.156 0 Td ( )Tj 2.028 0 Td (326 )Tj 1.931 0 Td ( )Tj 2.156 0 Td ( )Tj 1.431 0 Td (6.8 )Tj -41.517 -1.2 Td (Other)Tj 20.027 0 Td ( )Tj 2.156 0 Td ( )Tj 2.028 0 Td (426 )Tj 1.931 0 Td ( )Tj 2.156 0 Td ( )Tj 0.931 0 Td (11.0 )Tj 2.583 0 Td ( )Tj 2.156 0 Td ( )Tj 2.028 0 Td (799 )Tj 1.931 0 Td ( )Tj 2.156 0 Td ( )Tj 0.931 0 Td (16.7 )Tj 1 0 0 1 40 215.4259 Tm ( )Tj 250.338 0 Td ( )Tj 70.806 -0.5 Td ( )Tj 0.25 0.5 Td ( )Tj 5.391 0 Td ( )Tj 60.222 -0.5 Td ( )Tj 0.25 0.5 Td ( )Tj 10.413 0 Td ( )Tj 70.806 -0.5 Td ( )Tj 0.25 0.5 Td ( )Tj 5.391 0 Td ( )Tj 60.222 -0.5 Td ( )Tj 0.25 0.5 Td ( )Tj 12.5 0 0 12.5 55 188.7628 Tm (Total Americas)Tj 18.827 0 Td ( )Tj 2.156 1.2 Td (US)Tj T* ($)Tj 1.278 0 Td (2,295 )Tj 2.681 0 Td ( )Tj 2.156 0 Td ( )Tj 0.931 0 Td (59.2 )Tj 2.583 0 Td ( )Tj 2.156 1.2 Td (US)Tj T* ($)Tj 1.278 0 Td (3,282 )Tj 2.681 0 Td ( )Tj 2.156 0 Td ( )Tj 0.931 0 Td (68.7 )Tj 1 0 0 1 40 183.226 Tm ( )Tj 250.338 0 Td ( )Tj 70.806 -0.5 Td ( )Tj 0.25 0.5 Td ( )Tj 5.391 0 Td ( )Tj 60.222 -0.5 Td ( )Tj 0.25 0.5 Td ( )Tj 10.413 0 Td ( )Tj 70.806 -0.5 Td ( )Tj 0.25 0.5 Td ( )Tj 5.391 0 Td ( )Tj 60.222 -0.5 Td ( )Tj 0.25 0.5 Td ( )Tj 12.5 0 0 12.5 25 171.5628 Tm (Europe:)Tj 21.227 0 Td ( )Tj 2.156 0 Td ( )Tj 1.278 0 Td ( )Tj 2.25 0 Td ( )Tj 0.431 0 Td ( )Tj 2.156 0 Td ( )Tj 0.431 0 Td ( )Tj 2.25 0 Td ( )Tj 0.833 0 Td ( )Tj 2.156 0 Td ( )Tj 1.278 0 Td ( )Tj 2.25 0 Td ( )Tj 0.431 0 Td ( )Tj 2.156 0 Td ( )Tj 0.431 0 Td ( )Tj 2.25 0 Td ( )Tj -42.767 -1.2 Td (European Union)Tj 20.027 0 Td ( )Tj 2.156 0 Td ( )Tj 1.278 0 Td ( )Tj 2.25 0 Td ( )Tj 0.431 0 Td ( )Tj 2.156 0 Td ( )Tj 0.431 0 Td ( )Tj 2.25 0 Td ( )Tj 0.833 0 Td ( )Tj 2.156 0 Td ( )Tj 1.278 0 Td ( )Tj 2.25 0 Td ( )Tj 0.431 0 Td ( )Tj 2.156 0 Td ( )Tj 0.431 0 Td ( )Tj 2.25 0 Td ( )Tj -42.767 -1.2 Td (France)Tj 20.027 0 Td ( )Tj 2.156 0 Td ( )Tj 2.528 0 Td (68 )Tj 1.431 0 Td ( )Tj 2.156 0 Td ( )Tj 1.431 0 Td (1.7 )Tj 2.083 0 Td ( )Tj 2.156 0 Td ( )Tj 2.528 0 Td (82 )Tj 1.431 0 Td ( )Tj 2.156 0 Td ( )Tj 1.431 0 Td (1.7 )Tj -41.517 -1.2 Td (Germany)Tj 20.027 0 Td ( )Tj 2.156 0 Td ( )Tj 2.528 0 Td (88 )Tj 1.431 0 Td ( )Tj 2.156 0 Td ( )Tj 1.431 0 Td (2.3 )Tj 2.083 0 Td ( )Tj 2.156 0 Td ( )Tj 2.528 0 Td (99 )Tj 1.431 0 Td ( )Tj 2.156 0 Td ( )Tj 1.431 0 Td (2.1 )Tj -41.517 -1.2 Td (Italy)Tj 20.027 0 Td ( )Tj 2.156 0 Td ( )Tj 2.528 0 Td (76 )Tj 1.431 0 Td ( )Tj 2.156 0 Td ( )Tj 1.431 0 Td (2.0 )Tj 2.083 0 Td ( )Tj 2.156 0 Td ( )Tj 2.528 0 Td (82 )Tj 1.431 0 Td ( )Tj 2.156 0 Td ( )Tj 1.431 0 Td (1.7 )Tj -41.517 -1.2 Td (United Kingdom)Tj 20.027 0 Td ( )Tj 2.156 0 Td ( )Tj 2.528 0 Td (34 )Tj 1.431 0 Td ( )Tj 2.156 0 Td ( )Tj 1.431 0 Td (0.9 )Tj 2.083 0 Td ( )Tj 2.156 0 Td ( )Tj 2.528 0 Td (46 )Tj 1.431 0 Td ( )Tj 2.156 0 Td ( )Tj 1.431 0 Td (1.0 )Tj -41.517 -1.2 Td (Other Europ. Union)Tj 20.027 0 Td ( )Tj 2.156 0 Td ( )Tj 2.028 0 Td (142 )Tj 1.931 0 Td ( )Tj 2.156 0 Td ( )Tj 1.431 0 Td (3.7 )Tj 2.083 0 Td ( )Tj 2.156 0 Td ( )Tj 2.028 0 Td (160 )Tj 1.931 0 Td ( )Tj 2.156 0 Td ( )Tj 1.431 0 Td (3.3 )Tj -40.317 -1.2 Td (Total Europ. Union)Tj 18.827 0 Td ( )Tj 2.156 0 Td ( )Tj 2.028 0 Td (407 )Tj 1.931 0 Td ( )Tj 2.156 0 Td ( )Tj 0.931 0 Td (10.5 )Tj 2.583 0 Td ( )Tj 2.156 0 Td ( )Tj 2.028 0 Td (469 )Tj 1.931 0 Td ( )Tj 2.156 0 Td ( )Tj 1.431 0 Td (9.8 )Tj -42.717 -1.2 Td (EFTA\(2\) and other)Tj 21.227 0 Td ( )Tj 2.156 0 Td ( )Tj 2.028 0 Td (346 )Tj 1.931 0 Td ( )Tj 2.156 0 Td ( )Tj 1.431 0 Td (8.9 )Tj 2.083 0 Td ( )Tj 2.156 0 Td ( )Tj 2.528 0 Td (90 )Tj 1.431 0 Td ( )Tj 2.156 0 Td ( )Tj 1.431 0 Td (1.9 )Tj 1 0 0 1 40 46.0259 Tm ( )Tj 250.338 0 Td ( )Tj 70.806 -0.5 Td ( )Tj 0.25 0.5 Td ( )Tj 5.391 0 Td ( )Tj 60.222 -0.5 Td ( )Tj 0.25 0.5 Td ( )Tj 10.413 0 Td ( )Tj 70.806 -0.5 Td ( )Tj 0.25 0.5 Td ( )Tj 5.391 0 Td ( )Tj 60.222 -0.5 Td ( )Tj 0.25 0.5 Td ( )Tj ET EMC /Artifact <>BDC Q BT /T1_0 1 Tf 9 0 0 9 18 7.17 Tm (http://www.sec.gov/Archives/edgar/data/102385/000095012307004873/y32802e\ 424b2.htm \(21 de 115\)25/10/2007 01:42:24 p.m.)Tj ET EMC endstream endobj 607 0 obj<>stream /Artifact <>BDC 0 0 0 rg 0 i BT /T1_0 1 Tf 0 Tc 0 Tw 0 Ts 100 Tz 0 Tr 9 0 0 9 18 830.17 Tm (424B2)Tj ET EMC /WebCaptureBG BMC /WebCaptureFN <>BDC q 0 18 595 806 re W* n /Artifact <>BDC Q 0.8 0.933 1 rg 10 801 280.338 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 290.338 801 26.956 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 317.294 801 15.975 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 333.269 801 28.125 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 361.394 801 5.391 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 366.785 801 26.956 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 393.74 801 5.391 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 399.132 801 28.125 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 427.257 801 10.413 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 437.669 801 26.956 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 464.625 801 15.975 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 480.6 801 28.125 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 508.725 801 5.391 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 514.116 801 26.956 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 541.071 801 5.391 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 546.462 801 28.125 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 574.587 801 10.413 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 0 0 0 rg 317.294 801 m 361.394 801 l 361.394 800 l 317.294 800 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 393.74 801 m 427.257 801 l 427.257 800 l 393.74 800 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 464.625 801 m 508.725 801 l 508.725 800 l 464.625 800 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 541.071 801 m 574.587 801 l 574.587 800 l 541.071 800 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 0.8 0.933 1 rg 10 768.8 280.338 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 290.338 768.8 26.956 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 317.294 768.8 15.975 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 333.269 768.8 28.125 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 361.394 768.8 5.391 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 366.785 768.8 26.956 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 393.74 768.8 5.391 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 399.132 768.8 28.125 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 427.257 768.8 10.413 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 437.669 768.8 26.956 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 464.625 768.8 15.975 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 480.6 768.8 28.125 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 508.725 768.8 5.391 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 514.116 768.8 26.956 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 541.071 768.8 5.391 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 546.462 768.8 28.125 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 574.587 768.8 10.413 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 10 738.8 280.338 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 290.338 738.8 26.956 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 317.294 738.8 15.975 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 333.269 738.8 28.125 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 361.394 738.8 5.391 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 366.785 738.8 26.956 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 393.74 738.8 5.391 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 399.132 738.8 28.125 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 427.257 738.8 10.413 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 437.669 738.8 26.956 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 464.625 738.8 15.975 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 480.6 738.8 28.125 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 508.725 738.8 5.391 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 514.116 738.8 26.956 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 541.071 738.8 5.391 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 546.462 738.8 28.125 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 574.587 738.8 10.413 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 0 0 0 rg 317.294 738.8 m 361.394 738.8 l 361.394 737.8 l 317.294 737.8 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 393.74 738.8 m 427.257 738.8 l 427.257 737.8 l 393.74 737.8 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 464.625 738.8 m 508.725 738.8 l 508.725 737.8 l 464.625 737.8 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 541.071 738.8 m 574.587 738.8 l 574.587 737.8 l 541.071 737.8 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 317.294 706.6 m 361.394 706.6 l 361.394 705.6 l 317.294 705.6 l h f 317.294 704.6 m 361.394 704.6 l 361.394 703.6 l 317.294 703.6 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 393.74 706.6 m 427.257 706.6 l 427.257 705.6 l 393.74 705.6 l h f 393.74 704.6 m 427.257 704.6 l 427.257 703.6 l 393.74 703.6 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 464.625 706.6 m 508.725 706.6 l 508.725 705.6 l 464.625 705.6 l h f 464.625 704.6 m 508.725 704.6 l 508.725 703.6 l 464.625 703.6 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 541.071 706.6 m 574.587 706.6 l 574.587 705.6 l 541.071 705.6 l h f 541.071 704.6 m 574.587 704.6 l 574.587 703.6 l 541.071 703.6 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 10 682.4 m 113.5 682.4 l 113.5 681.4 l 10 681.4 l h f EMC EMC EMC /Article <>BDC q 0 18 595 806 re W* n BT /TT0 1 Tf 12.5 0 0 12.5 55 805.1705 Tm (Total Europe)Tj 18.827 0 Td ( )Tj 2.156 0 Td ( )Tj 2.028 0 Td (753 )Tj 1.931 0 Td ( )Tj 2.156 0 Td ( )Tj 0.931 0 Td (19.4 )Tj 2.583 0 Td ( )Tj 2.156 0 Td ( )Tj 2.028 0 Td (559 )Tj 1.931 0 Td ( )Tj 2.156 0 Td ( )Tj 0.931 0 Td (11.7 )Tj 1 0 0 1 40 799.6336 Tm ( )Tj 250.338 0 Td ( )Tj 70.806 -0.5 Td ( )Tj 0.25 0.5 Td ( )Tj 5.391 0 Td ( )Tj 60.222 -0.5 Td ( )Tj 0.25 0.5 Td ( )Tj 10.413 0 Td ( )Tj 70.806 -0.5 Td ( )Tj 0.25 0.5 Td ( )Tj 5.391 0 Td ( )Tj 60.222 -0.5 Td ( )Tj 0.25 0.5 Td ( )Tj 12.5 0 0 12.5 25 787.9705 Tm (Africa)Tj 21.227 0 Td ( )Tj 2.156 0 Td ( )Tj 2.028 0 Td (334 )Tj 1.931 0 Td ( )Tj 2.156 0 Td ( )Tj 1.431 0 Td (8.6 )Tj 2.083 0 Td ( )Tj 2.156 0 Td ( )Tj 2.028 0 Td (172 )Tj 1.931 0 Td ( )Tj 2.156 0 Td ( )Tj 1.431 0 Td (3.6 )Tj -42.717 -1.2 Td (Asia)Tj 21.227 0 Td ( )Tj 2.156 0 Td ( )Tj 2.028 0 Td (471 )Tj 1.931 0 Td ( )Tj 2.156 0 Td ( )Tj 0.931 0 Td (12.1 )Tj 2.583 0 Td ( )Tj 2.156 0 Td ( )Tj 2.028 0 Td (603 )Tj 1.931 0 Td ( )Tj 2.156 0 Td ( )Tj 0.931 0 Td (12.6 )Tj -42.217 -1.2 Td (Middle East)Tj 21.227 0 Td ( )Tj 2.156 0 Td ( )Tj 2.528 0 Td (13 )Tj 1.431 0 Td ( )Tj 2.156 0 Td ( )Tj 1.431 0 Td (0.3 )Tj 2.083 0 Td ( )Tj 2.156 0 Td ( )Tj 2.028 0 Td (142 )Tj 1.931 0 Td ( )Tj 2.156 0 Td ( )Tj 1.431 0 Td (3.0 )Tj -42.717 -1.2 Td (Other)Tj 21.227 0 Td ( )Tj 2.156 0 Td ( )Tj 2.528 0 Td (12 )Tj 1.431 0 Td ( )Tj 2.156 0 Td ( )Tj 1.431 0 Td (0.3 )Tj 2.083 0 Td ( )Tj 2.156 0 Td ( )Tj 2.528 0 Td (17 )Tj 1.431 0 Td ( )Tj 2.156 0 Td ( )Tj 1.431 0 Td (0.4 )Tj 1 0 0 1 40 737.4336 Tm ( )Tj 250.338 0 Td ( )Tj 70.806 -0.5 Td ( )Tj 0.25 0.5 Td ( )Tj 5.391 0 Td ( )Tj 60.222 -0.5 Td ( )Tj 0.25 0.5 Td ( )Tj 10.413 0 Td ( )Tj 70.806 -0.5 Td ( )Tj 0.25 0.5 Td ( )Tj 5.391 0 Td ( )Tj 60.222 -0.5 Td ( )Tj 0.25 0.5 Td ( )Tj 12.5 0 0 12.5 55 710.7705 Tm (Total)Tj 18.827 0 Td ( )Tj 2.156 1.2 Td (US)Tj 0 -1.2 TD ($)Tj 1.278 0 Td (3,879 )Tj 2.681 0 Td ( )Tj 2.156 0 Td ( )Tj 0.431 0 Td (100.0% )Tj 5.239 1.2 Td (US)Tj T* ($)Tj 1.278 0 Td (4,775 )Tj 2.681 0 Td ( )Tj 2.156 0 Td ( )Tj 0.431 0 Td (100.0%)Tj 1 0 0 1 40 704.2336 Tm ( )Tj 250.338 0 Td ( )Tj 70.806 -1.5 Td ( )Tj 0.25 1.5 Td ( )Tj 5.391 0 Td ( )Tj 60.222 -1.5 Td ( )Tj 0.25 1.5 Td ( )Tj 10.413 0 Td ( )Tj 70.806 -1.5 Td ( )Tj 0.25 1.5 Td ( )Tj 5.391 0 Td ( )Tj 60.222 -1.5 Td ( )Tj 0.25 1.5 Td ( )Tj 3.75 0 0 3.75 10 678.1511 Tm ( )Tj 12.5 0 0 12.5 10 666.0705 Tm (\(1\))Tj 1.38 0 Td ( )Tj 0.46 0 Td (Preliminary data.)Tj 3.75 0 0 3.75 10 658.6511 Tm ( )Tj 12.5 0 0 12.5 10 646.5705 Tm (\(2\))Tj 1.38 0 Td ( )Tj 0.46 0 Td (European Free Trade Association.)Tj /TT1 1 Tf -1.84 -1.803 Td (Source)Tj /TT0 1 Tf (: Banco Central. )Tj 22.055 -2.72 Td (S-12 )Tj ET 0.5 0.5 0.5 rg 10 557.865 575 2 re f EMC /Artifact <>BDC Q BT /T1_0 1 Tf 9 0 0 9 18 7.17 Tm (http://www.sec.gov/Archives/edgar/data/102385/000095012307004873/y32802e\ 424b2.htm \(22 de 115\)25/10/2007 01:42:24 p.m.)Tj ET EMC endstream endobj 608 0 obj<>stream /Artifact <>BDC 0 0 0 rg 0 i BT /T1_0 1 Tf 0 Tc 0 Tw 0 Ts 100 Tz 0 Tr 9 0 0 9 18 830.17 Tm (424B2)Tj ET EMC /WebCaptureBG BMC /WebCaptureFN <>BDC q 0 18 595 806 re W* n /Artifact <>BDC Q 190.373 267.245 m 572.611 267.245 l 572.611 268.245 l 190.373 268.245 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 190.373 254.245 m 232.64 254.245 l 232.64 255.245 l 190.373 255.245 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 261.532 254.245 m 311.882 254.245 l 311.882 255.245 l 261.532 255.245 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 356.701 254.245 m 407.051 254.245 l 407.051 255.245 l 356.701 255.245 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 439.481 254.245 m 489.831 254.245 l 489.831 255.245 l 439.481 255.245 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 522.261 254.245 m 572.611 254.245 l 572.611 255.245 l 522.261 255.245 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 0.8 0.933 1 rg 10 224.245 160.332 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 170.332 224.245 20.041 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 190.373 224.245 22.225 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 212.598 224.245 20.041 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 232.64 224.245 8.851 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 241.49 224.245 20.041 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 261.532 224.245 22.225 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 283.757 224.245 28.125 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 311.882 224.245 24.777 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 336.659 224.245 20.041 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 356.701 224.245 22.225 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 378.926 224.245 28.125 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 407.051 224.245 12.389 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 419.44 224.245 20.041 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 439.481 224.245 22.225 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 461.706 224.245 28.125 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 489.831 224.245 12.389 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 502.22 224.245 20.041 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 522.261 224.245 22.225 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 544.486 224.245 28.125 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 572.611 224.245 12.389 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 0 0 0 rg 190.373 209.245 m 232.64 209.245 l 232.64 208.245 l 190.373 208.245 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 261.532 209.245 m 311.882 209.245 l 311.882 208.245 l 261.532 208.245 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 356.701 209.245 m 407.051 209.245 l 407.051 208.245 l 356.701 208.245 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 439.481 209.245 m 489.831 209.245 l 489.831 208.245 l 439.481 208.245 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 522.261 209.245 m 572.611 209.245 l 572.611 208.245 l 522.261 208.245 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 0.8 0.933 1 rg 10 192.045 160.332 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 170.332 192.045 20.041 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 190.373 192.045 22.225 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 212.598 192.045 20.041 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 232.64 192.045 8.851 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 241.49 192.045 20.041 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 261.532 192.045 22.225 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 283.757 192.045 28.125 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 311.882 192.045 24.777 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 336.659 192.045 20.041 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 356.701 192.045 22.225 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 378.926 192.045 28.125 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 407.051 192.045 12.389 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 419.44 192.045 20.041 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 439.481 192.045 22.225 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 461.706 192.045 28.125 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 489.831 192.045 12.389 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 502.22 192.045 20.041 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 522.261 192.045 22.225 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 544.486 192.045 28.125 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 572.611 192.045 12.389 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 0 0 0 rg 190.373 192.045 m 232.64 192.045 l 232.64 191.045 l 190.373 191.045 l h f 190.373 190.045 m 232.64 190.045 l 232.64 189.045 l 190.373 189.045 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 261.532 192.045 m 311.882 192.045 l 311.882 191.045 l 261.532 191.045 l h f 261.532 190.045 m 311.882 190.045 l 311.882 189.045 l 261.532 189.045 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 356.701 192.045 m 407.051 192.045 l 407.051 191.045 l 356.701 191.045 l h f 356.701 190.045 m 407.051 190.045 l 407.051 189.045 l 356.701 189.045 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 439.481 192.045 m 489.831 192.045 l 489.831 191.045 l 439.481 191.045 l h f 439.481 190.045 m 489.831 190.045 l 489.831 189.045 l 439.481 189.045 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 522.261 192.045 m 572.611 192.045 l 572.611 191.045 l 522.261 191.045 l h f 522.261 190.045 m 572.611 190.045 l 572.611 189.045 l 522.261 189.045 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 190.373 142.845 m 232.64 142.845 l 232.64 141.845 l 190.373 141.845 l h f 190.373 140.845 m 232.64 140.845 l 232.64 139.845 l 190.373 139.845 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 261.532 142.845 m 311.882 142.845 l 311.882 141.845 l 261.532 141.845 l h f 261.532 140.845 m 311.882 140.845 l 311.882 139.845 l 261.532 139.845 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 356.701 142.845 m 407.051 142.845 l 407.051 141.845 l 356.701 141.845 l h f 356.701 140.845 m 407.051 140.845 l 407.051 139.845 l 356.701 139.845 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 439.481 142.845 m 489.831 142.845 l 489.831 141.845 l 439.481 141.845 l h f 439.481 140.845 m 489.831 140.845 l 489.831 139.845 l 439.481 139.845 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 522.261 142.845 m 572.611 142.845 l 572.611 141.845 l 522.261 141.845 l h f 522.261 140.845 m 572.611 140.845 l 572.611 139.845 l 522.261 139.845 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 10 118.645 m 113.5 118.645 l 113.5 117.645 l 10 117.645 l h f EMC EMC EMC /Article <>BDC q 0 18 595 806 re W* n 0 0 1 RG 1.086 w 10 M 0 j 0 J []0 d 10 782.42 m 119.135 782.42 l S 0 0 1 rg BT /T1_1 1 Tf 12.9231 0 0 12.9231 10 785.6766 Tm (Table of Contents)Tj 0 0 0 rg /TT0 1 Tf 12.5 0 0 12.5 10 749.6082 Tm ( )Tj /TT1 1 Tf (Services Trade)Tj /TT0 1 Tf ( )Tj 0 -1.8 TD ( Gross tourism receipts, totaled US$456 million for the nine months \ ended September 30, 2006 compared to US)Tj 0 -1.2 TD ($464 million for the same period in 2005. The number of tourist arrivals\ during the nine months ended )Tj 0 -1.2 TD (September 30, 2006 totaled approximately 1,331,000, a decline of approxi\ mately 4% with respect to the same )Tj T* (period in 2005. In terms of country of origin, the number of tourists fr\ om Argentina declined during the first nine )Tj T* (months of 2006, evidencing the adverse impact of the interruption of int\ ernational traffic caused by Argentine )Tj T* (demonstrators opposing the construction of two pulp mills in the Fray Be\ ntos region. The decline in Argentine )Tj 0 -1.2 TD (tourists was partially offset by an increase in the number of tourists a\ rriving from non-neighboring countries. )Tj 0 -1.804 TD ( )Tj /TT1 1 Tf (Capital Account)Tj /TT0 1 Tf ( )Tj 0 -1.8 TD ( Capital inflows continued to increase in 2006 as foreign direct inv\ estment reached US$1,160 million in the )Tj 0 -1.2 TD (nine months ended September 30, 2006, and the government took advantage \ of favorable international capital )Tj T* (market conditions to borrow with a view to prepaying amounts outstanding\ with the IMF in full, funding in part )Tj 0 -1.2 TD (its financing needs for 2007 and reprofiling its medium and long-term de\ bt maturities. Uruguay\222s capital account )Tj 0 -1.2 TD (recorded a surplus of US$387 million as of September 30, 2006. )Tj 0 -1.8 TD ( Banco Central\222s international reserve assets increased slightly \ in 2006 totaling US$3,091 million at )Tj 0 -1.2 TD (December 31, 2006 after giving effect to repayments of SDR 1,814 million\ \(approximately US$2,694 million\) to )Tj T* (the IMF and the incurrence of US$2,700 million of debt through the issua\ nce of long-term debt securities in the )Tj T* (international capital markets, compared to US$3,078 million at December \ 31, 2005. )Tj /TT2 1 Tf 0 -2.403 TD (Monetary and Financial System)Tj /TT0 1 Tf ( )Tj 0 -1.804 TD ( )Tj /TT1 1 Tf (Liquidity and Credit Aggregates)Tj /TT0 1 Tf ( )Tj 0 -1.8 TD ( The following table sets forth the composition of Uruguay\222s mone\ tary base \(expressed in terms of Banco )Tj 0 -1.2 TD (Central\222s monetary liabilities\) and international reserve assets as \ of the dates indicated. )Tj /TT2 1 Tf 8.414 -3.003 Td (Monetary Base and Banco Central\222s International Reserve Assets)Tj /TT0 1 Tf 10.625 0 0 10.625 464.7838 336.9159 Tm ( )Tj /TT2 1 Tf (\(1\))Tj /TT0 1 Tf 12.5 0 0 12.5 479.8288 336.9159 Tm ( )Tj -18.628 -3 Td (\(in millions of US$\) )Tj -18.958 -1.2 Td ( )Tj 12.827 0 Td ( )Tj 1.603 0 Td ( )Tj 1.778 0 Td ( )Tj 1.603 0 Td ( )Tj 0.708 0 Td ( )Tj 1.603 0 Td ( )Tj 1.778 0 Td ( )Tj 2.25 0 Td ( )Tj 1.982 0 Td ( )Tj 1.603 0 Td ( )Tj 1.778 0 Td ( )Tj 2.25 0 Td ( )Tj 0.991 0 Td ( )Tj 1.603 0 Td ( )Tj 1.778 0 Td ( )Tj 2.25 0 Td ( )Tj 0.991 0 Td ( )Tj 1.603 0 Td ( )Tj 1.778 0 Td ( )Tj 2.25 0 Td ( )Tj 10 0 0 10 10 270.5818 Tm ( )Tj 16.033 0 Td ( )Tj /TT2 1 Tf 16.979 0.097 Td (As of December 31,)Tj /TT0 1 Tf 23.249 -0.097 Td ( )Tj -56.261 -1.3 Td ( )Tj 16.033 0 Td ( )Tj /TT2 1 Tf 3.117 0.097 Td (2002)Tj /TT0 1 Tf 3.113 -0.097 Td ( )Tj 0.885 0 Td ( )Tj /TT2 1 Tf 3.522 0.097 Td (2003)Tj /TT0 1 Tf 3.518 -0.097 Td ( )Tj 2.478 0 Td ( )Tj /TT2 1 Tf 3.026 0.097 Td (2004)Tj 8.5 0 0 8.5 386.9203 258.5486 Tm (\(2\))Tj /TT0 1 Tf 10 0 0 10 407.0508 257.5818 Tm ( )Tj 1.239 0 Td ( )Tj /TT2 1 Tf 3.026 0.097 Td (2005)Tj 8.5 0 0 8.5 469.7005 258.5486 Tm (\(2\))Tj /TT0 1 Tf 10 0 0 10 489.831 257.5818 Tm ( )Tj 1.239 0 Td ( )Tj /TT2 1 Tf 3.026 0.097 Td (2006)Tj 8.5 0 0 8.5 552.4807 258.5486 Tm (\(2\))Tj /TT0 1 Tf 10 0 0 10 572.6113 257.5818 Tm ( )Tj 12.5 0 0 12.5 25 243.4159 Tm (Currency, including cash in )Tj 0 -1.2 TD (vaults at banks)Tj 11.627 0 Td ( )Tj 1.603 0 Td (US$)Tj 1.881 0 Td (367 )Tj 2.208 0 Td ( )Tj 1.603 0 Td (US$)Tj 2.528 0 Td (418 )Tj 3.482 0 Td ( )Tj 1.603 0 Td (US$)Tj 2.528 0 Td (538 )Tj 2.491 0 Td ( )Tj 1.603 0 Td (US$)Tj 2.528 0 Td (717 )Tj 2.491 0 Td ( )Tj 1.603 0 Td (US$)Tj 2.528 0 Td (904 )Tj -42.309 -1.2 Td (Others)Tj 11.627 0 Td ( )Tj 1.603 0 Td ( )Tj 2.381 0 Td (70 )Tj 1.708 0 Td ( )Tj 1.603 0 Td ( )Tj 3.028 0 Td (70 )Tj 2.982 0 Td ( )Tj 1.603 0 Td ( )Tj 3.028 0 Td (63 )Tj 1.991 0 Td ( )Tj 1.603 0 Td ( )Tj 2.528 0 Td (303 )Tj 2.491 0 Td ( )Tj 1.603 0 Td ( )Tj 2.528 0 Td (206 )Tj 1 0 0 1 25 207.8791 Tm ( )Tj 145.332 0 Td ( )Tj 62.058 -0.5 Td ( )Tj 0.25 0.5 Td ( )Tj 8.851 0 Td ( )Tj 70.141 -0.5 Td ( )Tj 0.25 0.5 Td ( )Tj 24.777 0 Td ( )Tj 70.141 -0.5 Td ( )Tj 0.25 0.5 Td ( )Tj 12.389 0 Td ( )Tj 70.141 -0.5 Td ( )Tj 0.25 0.5 Td ( )Tj 12.389 0 Td ( )Tj 70.141 -0.5 Td ( )Tj 0.25 0.5 Td ( )Tj 12.5 0 0 12.5 25 196.2159 Tm (Monetary Base)Tj 11.627 0 Td ( )Tj 1.603 0 Td (US$)Tj 1.881 0 Td (438 )Tj 2.208 0 Td ( )Tj 1.603 0 Td (US$)Tj 2.528 0 Td (488 )Tj 3.482 0 Td ( )Tj 1.603 0 Td (US$)Tj 2.528 0 Td (601 )Tj 2.491 0 Td ( )Tj 1.603 0 Td (US$1,020 )Tj 5.019 0 Td ( )Tj 1.603 0 Td (US$1,111 )Tj 1 0 0 1 25 189.6791 Tm ( )Tj 145.332 0 Td ( )Tj 62.058 -1.5 Td ( )Tj 0.25 1.5 Td ( )Tj 8.851 0 Td ( )Tj 70.141 -1.5 Td ( )Tj 0.25 1.5 Td ( )Tj 24.777 0 Td ( )Tj 70.141 -1.5 Td ( )Tj 0.25 1.5 Td ( )Tj 12.389 0 Td ( )Tj 70.141 -1.5 Td ( )Tj 0.25 1.5 Td ( )Tj 12.389 0 Td ( )Tj 70.141 -1.5 Td ( )Tj 0.25 1.5 Td ( )Tj 12.5 0 0 12.5 25 177.0159 Tm ( )Tj 11.627 0 Td ( )Tj 1.603 0 Td ( )Tj 1.778 0 Td ( )Tj 1.603 0 Td ( )Tj 0.708 0 Td ( )Tj 1.603 0 Td ( )Tj 1.778 0 Td ( )Tj 2.25 0 Td ( )Tj 1.982 0 Td ( )Tj 1.603 0 Td ( )Tj 1.778 0 Td ( )Tj 2.25 0 Td ( )Tj 0.991 0 Td ( )Tj 1.603 0 Td ( )Tj 1.778 0 Td ( )Tj 2.25 0 Td ( )Tj 0.991 0 Td ( )Tj 1.603 0 Td ( )Tj 1.778 0 Td ( )Tj 2.25 0 Td ( )Tj -43.809 -1.2 Td (Banco Central international )Tj T* (reserve assets)Tj 11.627 0 Td ( )Tj 1.603 0 Td (US$)Tj 1.881 0 Td (772)Tj 10.625 0 0 10.625 232.6397 146.3904 Tm (3\))Tj 12.5 0 0 12.5 241.4904 147.0159 Tm ( )Tj 1.603 0 Td (US$2,081)Tj 10.625 0 0 10.625 311.8818 146.3904 Tm (\(3\)\(4\))Tj 12.5 0 0 12.5 336.6593 147.0159 Tm ( )Tj 1.603 0 Td (US$2,512)Tj 10.625 0 0 10.625 407.0508 146.3904 Tm (\(5\))Tj 12.5 0 0 12.5 419.4396 147.0159 Tm ( )Tj 1.603 0 Td (US$3,078)Tj 10.625 0 0 10.625 489.831 146.3904 Tm (\(6\))Tj 12.5 0 0 12.5 502.2198 147.0159 Tm ( )Tj 1.603 0 Td (US$3,091)Tj 10.625 0 0 10.625 572.6113 146.3904 Tm (\(7\))Tj 1 0 0 1 25 140.4791 Tm ( )Tj 145.332 0 Td ( )Tj 62.058 -1.5 Td ( )Tj 0.25 1.5 Td ( )Tj 8.851 0 Td ( )Tj 70.141 -1.5 Td ( )Tj 0.25 1.5 Td ( )Tj 24.777 0 Td ( )Tj 70.141 -1.5 Td ( )Tj 0.25 1.5 Td ( )Tj 12.389 0 Td ( )Tj 70.141 -1.5 Td ( )Tj 0.25 1.5 Td ( )Tj 12.389 0 Td ( )Tj 70.141 -1.5 Td ( )Tj 0.25 1.5 Td ( )Tj 3.75 0 0 3.75 10 114.3966 Tm ( )Tj 12.5 0 0 12.5 10 102.3159 Tm (\(1\))Tj 1.38 0 Td ( )Tj 0.46 0 Td (All figures are at market value as of the date indicated.)Tj 3.75 0 0 3.75 10 94.8966 Tm ( )Tj 12.5 0 0 12.5 10 82.8159 Tm (\(2\))Tj 1.38 0 Td ( )Tj 0.46 0 Td (Preliminary data.)Tj 3.75 0 0 3.75 10 75.3966 Tm ( )Tj 12.5 0 0 12.5 10 63.3159 Tm (\(3\))Tj 1.38 0 Td ( )Tj 0.46 0 Td (This amount does not include US$507 million held by the FESB at December\ 31, 2002 and US$224 million )Tj T* (at December 31, 2003.)Tj 3.75 0 0 3.75 10 40.8966 Tm ( )Tj ET EMC /Artifact <>BDC Q BT /T1_0 1 Tf 9 0 0 9 18 7.17 Tm (http://www.sec.gov/Archives/edgar/data/102385/000095012307004873/y32802e\ 424b2.htm \(23 de 115\)25/10/2007 01:42:24 p.m.)Tj ET EMC endstream endobj 609 0 obj<>stream /Artifact <>BDC 0 0 0 rg 0 i BT /T1_0 1 Tf 0 Tc 0 Tw 0 Ts 100 Tz 0 Tr 9 0 0 9 18 830.17 Tm (424B2)Tj ET EMC /Article <>BDC q 0 18 595 806 re W* n BT /TT0 1 Tf 12.5 0 0 12.5 10 805.1705 Tm (\(4\))Tj 1.38 0 Td ( )Tj 0.46 0 Td (This amount includes US$1,044 million of reserves and voluntary deposits\ of the Uruguayan banking )Tj 0 -1.2 TD (system, including US$495 million of Banco de la Rep\372blica, with Banco\ Central.)Tj 3.75 0 0 3.75 10 782.7511 Tm ( )Tj 12.5 0 0 12.5 10 770.6705 Tm (\(5\))Tj 1.38 0 Td ( )Tj 0.46 0 Td (This amount includes US$1,625 million of reserves and voluntary deposits\ of the Uruguayan banking )Tj T* (system, including US$724 million of Banco de la Rep\372blica, with Banco\ Central.)Tj 3.75 0 0 3.75 10 748.2511 Tm ( )Tj 12.5 0 0 12.5 10 736.1705 Tm (\(6\))Tj 1.38 0 Td ( )Tj 0.46 0 Td (This amount includes US$1,649 million of reserves and voluntary deposits\ of the Uruguayan banking )Tj T* (system, including US$752 million of Banco de la Rep\372blica, with Banco\ Central.)Tj 3.75 0 0 3.75 10 713.7511 Tm ( )Tj 12.5 0 0 12.5 10 701.6705 Tm (\(7\))Tj 1.38 0 Td ( )Tj 0.46 0 Td (This amount includes US$792 million of reserves and voluntary deposits o\ f the Uruguayan banking system, )Tj T* (including US$1,749 million of Banco de la Rep\372blica, with Banco Centr\ al.)Tj 20.215 -2.72 Td (S-13 )Tj ET 0.5 0.5 0.5 rg 10 620.5 575 2 re f EMC /Artifact <>BDC Q BT /T1_0 1 Tf 9 0 0 9 18 7.17 Tm (http://www.sec.gov/Archives/edgar/data/102385/000095012307004873/y32802e\ 424b2.htm \(24 de 115\)25/10/2007 01:42:24 p.m.)Tj ET EMC endstream endobj 610 0 obj<>stream /Artifact <>BDC 0 0 0 rg 0 i BT /T1_0 1 Tf 0 Tc 0 Tw 0 Ts 100 Tz 0 Tr 9 0 0 9 18 830.17 Tm (424B2)Tj ET EMC /WebCaptureBG BMC /WebCaptureFN <>BDC q 0 18 595 806 re W* n /Artifact <>BDC Q 226.48 649.992 m 281.525 649.992 l 281.525 650.992 l 226.48 650.992 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 305.578 649.992 m 360.623 649.992 l 360.623 650.992 l 305.578 650.992 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 384.676 649.992 m 435.415 649.992 l 435.415 650.992 l 384.676 650.992 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 459.469 649.992 m 510.208 649.992 l 510.208 650.992 l 459.469 650.992 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 534.261 649.992 m 585 649.992 l 585 650.992 l 534.261 650.992 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 0.8 0.933 1 rg 10 634.992 192.427 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 202.427 634.992 24.053 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 226.48 634.992 14.432 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 240.912 634.992 26.038 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 266.95 634.992 14.575 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 281.525 634.992 24.053 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 305.578 634.992 14.432 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 320.01 634.992 26.038 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 346.048 634.992 14.575 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 360.623 634.992 24.053 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 384.676 634.992 14.432 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 399.108 634.992 21.875 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 420.983 634.992 14.432 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 435.415 634.992 24.053 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 459.469 634.992 14.432 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 473.901 634.992 21.875 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 495.776 634.992 14.432 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 510.208 634.992 24.053 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 534.261 634.992 14.432 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 548.693 634.992 21.875 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 570.568 634.992 14.432 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 10 589.992 192.427 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 202.427 589.992 24.053 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 226.48 589.992 14.432 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 240.912 589.992 26.038 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 266.95 589.992 14.575 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 281.525 589.992 24.053 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 305.578 589.992 14.432 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 320.01 589.992 26.038 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 346.048 589.992 14.575 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 360.623 589.992 24.053 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 384.676 589.992 14.432 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 399.108 589.992 21.875 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 420.983 589.992 14.432 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 435.415 589.992 24.053 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 459.469 589.992 14.432 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 473.901 589.992 21.875 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 495.776 589.992 14.432 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 510.208 589.992 24.053 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 534.261 589.992 14.432 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 548.693 589.992 21.875 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 570.568 589.992 14.432 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 0 0 0 rg 10 554.992 m 113.5 554.992 l 113.5 553.992 l 10 553.992 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 233.875 372.957 m 580.025 372.957 l 580.025 373.957 l 233.875 373.957 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 233.875 359.957 m 277.975 359.957 l 277.975 360.957 l 233.875 360.957 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 307.825 359.957 m 351.925 359.957 l 351.925 360.957 l 307.825 360.957 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 381.775 359.957 m 425.875 359.957 l 425.875 360.957 l 381.775 360.957 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 455.725 359.957 m 499.825 359.957 l 499.825 360.957 l 455.725 360.957 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 529.675 359.957 m 580.025 359.957 l 580.025 360.957 l 529.675 360.957 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 0.8 0.933 1 rg 10 344.957 199 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 209 344.957 24.875 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 233.875 344.957 15.975 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 249.85 344.957 28.125 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 277.975 344.957 4.975 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 282.95 344.957 24.875 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 307.825 344.957 15.975 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 323.8 344.957 28.125 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 351.925 344.957 4.975 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 356.9 344.957 24.875 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 381.775 344.957 15.975 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 397.75 344.957 28.125 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 425.875 344.957 4.975 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 430.85 344.957 24.875 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 455.725 344.957 15.975 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 471.7 344.957 28.125 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 499.825 344.957 4.975 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 504.8 344.957 24.875 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 529.675 344.957 15.975 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 545.65 344.957 34.375 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 580.025 344.957 4.975 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 10 299.957 199 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 209 299.957 24.875 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 233.875 299.957 15.975 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 249.85 299.957 28.125 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 277.975 299.957 4.975 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 282.95 299.957 24.875 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 307.825 299.957 15.975 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 323.8 299.957 28.125 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 351.925 299.957 4.975 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 356.9 299.957 24.875 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 381.775 299.957 15.975 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 397.75 299.957 28.125 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 425.875 299.957 4.975 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 430.85 299.957 24.875 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 455.725 299.957 15.975 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 471.7 299.957 28.125 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 499.825 299.957 4.975 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 504.8 299.957 24.875 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 529.675 299.957 15.975 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 545.65 299.957 34.375 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 580.025 299.957 4.975 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 10 269.957 199 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 209 269.957 24.875 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 233.875 269.957 15.975 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 249.85 269.957 28.125 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 277.975 269.957 4.975 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 282.95 269.957 24.875 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 307.825 269.957 15.975 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 323.8 269.957 28.125 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 351.925 269.957 4.975 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 356.9 269.957 24.875 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 381.775 269.957 15.975 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 397.75 269.957 28.125 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 425.875 269.957 4.975 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 430.85 269.957 24.875 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 455.725 269.957 15.975 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 471.7 269.957 28.125 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 499.825 269.957 4.975 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 504.8 269.957 24.875 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 529.675 269.957 15.975 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 545.65 269.957 34.375 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 580.025 269.957 4.975 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 10 224.957 199 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 209 224.957 24.875 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 233.875 224.957 15.975 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 249.85 224.957 28.125 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 277.975 224.957 4.975 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 282.95 224.957 24.875 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 307.825 224.957 15.975 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 323.8 224.957 28.125 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 351.925 224.957 4.975 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 356.9 224.957 24.875 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 381.775 224.957 15.975 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 397.75 224.957 28.125 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 425.875 224.957 4.975 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 430.85 224.957 24.875 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 455.725 224.957 15.975 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 471.7 224.957 28.125 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 499.825 224.957 4.975 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 504.8 224.957 24.875 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 529.675 224.957 15.975 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 545.65 224.957 34.375 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 580.025 224.957 4.975 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 0 0 0 rg 233.875 209.957 m 277.975 209.957 l 277.975 208.957 l 233.875 208.957 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 307.825 209.957 m 351.925 209.957 l 351.925 208.957 l 307.825 208.957 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 381.775 209.957 m 425.875 209.957 l 425.875 208.957 l 381.775 208.957 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 455.725 209.957 m 499.825 209.957 l 499.825 208.957 l 455.725 208.957 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 529.675 209.957 m 580.025 209.957 l 580.025 208.957 l 529.675 208.957 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 0.8 0.933 1 rg 10 177.757 199 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 209 177.757 24.875 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 233.875 177.757 15.975 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 249.85 177.757 28.125 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 277.975 177.757 4.975 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 282.95 177.757 24.875 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 307.825 177.757 15.975 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 323.8 177.757 28.125 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 351.925 177.757 4.975 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 356.9 177.757 24.875 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 381.775 177.757 15.975 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 397.75 177.757 28.125 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 425.875 177.757 4.975 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 430.85 177.757 24.875 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 455.725 177.757 15.975 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 471.7 177.757 28.125 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 499.825 177.757 4.975 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 504.8 177.757 24.875 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 529.675 177.757 15.975 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 545.65 177.757 34.375 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 580.025 177.757 4.975 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 0 0 0 rg 233.875 177.757 m 277.975 177.757 l 277.975 176.757 l 233.875 176.757 l h f 233.875 175.757 m 277.975 175.757 l 277.975 174.757 l 233.875 174.757 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 307.825 177.757 m 351.925 177.757 l 351.925 176.757 l 307.825 176.757 l h f 307.825 175.757 m 351.925 175.757 l 351.925 174.757 l 307.825 174.757 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 381.775 177.757 m 425.875 177.757 l 425.875 176.757 l 381.775 176.757 l h f 381.775 175.757 m 425.875 175.757 l 425.875 174.757 l 381.775 174.757 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 455.725 177.757 m 499.825 177.757 l 499.825 176.757 l 455.725 176.757 l h f 455.725 175.757 m 499.825 175.757 l 499.825 174.757 l 455.725 174.757 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 529.675 177.757 m 580.025 177.757 l 580.025 176.757 l 529.675 176.757 l h f 529.675 175.757 m 580.025 175.757 l 580.025 174.757 l 529.675 174.757 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 0.8 0.933 1 rg 10 113.557 199 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 209 113.557 24.875 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 233.875 113.557 15.975 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 249.85 113.557 28.125 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 277.975 113.557 4.975 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 282.95 113.557 24.875 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 307.825 113.557 15.975 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 323.8 113.557 28.125 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 351.925 113.557 4.975 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 356.9 113.557 24.875 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 381.775 113.557 15.975 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 397.75 113.557 28.125 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 425.875 113.557 4.975 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 430.85 113.557 24.875 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 455.725 113.557 15.975 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 471.7 113.557 28.125 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 499.825 113.557 4.975 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 504.8 113.557 24.875 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 529.675 113.557 15.975 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 545.65 113.557 34.375 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 580.025 113.557 4.975 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 0 0 0 rg 233.875 98.557 m 277.975 98.557 l 277.975 97.557 l 233.875 97.557 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 307.825 98.557 m 351.925 98.557 l 351.925 97.557 l 307.825 97.557 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 381.775 98.557 m 425.875 98.557 l 425.875 97.557 l 381.775 97.557 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 455.725 98.557 m 499.825 98.557 l 499.825 97.557 l 455.725 97.557 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 529.675 98.557 m 580.025 98.557 l 580.025 97.557 l 529.675 97.557 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 0.8 0.933 1 rg 10 81.357 199 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 209 81.357 24.875 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 233.875 81.357 15.975 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 249.85 81.357 28.125 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 277.975 81.357 4.975 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 282.95 81.357 24.875 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 307.825 81.357 15.975 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 323.8 81.357 28.125 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 351.925 81.357 4.975 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 356.9 81.357 24.875 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 381.775 81.357 15.975 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 397.75 81.357 28.125 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 425.875 81.357 4.975 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 430.85 81.357 24.875 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 455.725 81.357 15.975 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 471.7 81.357 28.125 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 499.825 81.357 4.975 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 504.8 81.357 24.875 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 529.675 81.357 15.975 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 545.65 81.357 34.375 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 580.025 81.357 4.975 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 0 0 0 rg 233.875 81.357 m 277.975 81.357 l 277.975 80.357 l 233.875 80.357 l h f 233.875 79.357 m 277.975 79.357 l 277.975 78.357 l 233.875 78.357 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 307.825 81.357 m 351.925 81.357 l 351.925 80.357 l 307.825 80.357 l h f 307.825 79.357 m 351.925 79.357 l 351.925 78.357 l 307.825 78.357 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 381.775 81.357 m 425.875 81.357 l 425.875 80.357 l 381.775 80.357 l h f 381.775 79.357 m 425.875 79.357 l 425.875 78.357 l 381.775 78.357 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 455.725 81.357 m 499.825 81.357 l 499.825 80.357 l 455.725 80.357 l h f 455.725 79.357 m 499.825 79.357 l 499.825 78.357 l 455.725 78.357 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 529.675 81.357 m 580.025 81.357 l 580.025 80.357 l 529.675 80.357 l h f 529.675 79.357 m 580.025 79.357 l 580.025 78.357 l 529.675 78.357 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 233.875 47.157 m 277.975 47.157 l 277.975 46.157 l 233.875 46.157 l h f 233.875 45.157 m 277.975 45.157 l 277.975 44.157 l 233.875 44.157 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 307.825 47.157 m 351.925 47.157 l 351.925 46.157 l 307.825 46.157 l h f 307.825 45.157 m 351.925 45.157 l 351.925 44.157 l 307.825 44.157 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 381.775 47.157 m 425.875 47.157 l 425.875 46.157 l 381.775 46.157 l h f 381.775 45.157 m 425.875 45.157 l 425.875 44.157 l 381.775 44.157 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 455.725 47.157 m 499.825 47.157 l 499.825 46.157 l 455.725 46.157 l h f 455.725 45.157 m 499.825 45.157 l 499.825 44.157 l 455.725 44.157 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 529.675 47.157 m 580.025 47.157 l 580.025 46.157 l 529.675 46.157 l h f 529.675 45.157 m 580.025 45.157 l 580.025 44.157 l 529.675 44.157 l h f EMC EMC EMC /Article <>BDC q 0 18 595 806 re W* n 0 0 1 RG 1.086 w 10 M 0 j 0 J []0 d 10 782.42 m 119.135 782.42 l S 0 0 1 rg BT /T1_1 1 Tf 12.9231 0 0 12.9231 10 785.6766 Tm (Table of Contents)Tj 0 0 0 rg /TT0 1 Tf 12.5 0 0 12.5 10 749.6628 Tm ( The following tables show selected monetary indicators and liquidit\ y and credit aggregates for the periods )Tj 0 -1.2 TD (indicated. )Tj /TT1 1 Tf 16.695 -3.003 Td (Selected Monetary Indicators)Tj /TT0 1 Tf ( )Tj -4.372 -1.197 Td (\(percentage change based on peso-denominated data\) )Tj -12.323 -1.2 Td ( )Tj 15.394 0 Td ( )Tj 1.924 0 Td ( )Tj 1.155 0 Td ( )Tj 2.083 0 Td ( )Tj 1.166 0 Td ( )Tj 1.924 0 Td ( )Tj 1.155 0 Td ( )Tj 2.083 0 Td ( )Tj 1.166 0 Td ( )Tj 1.924 0 Td ( )Tj 1.155 0 Td ( )Tj 1.75 0 Td ( )Tj 1.155 0 Td ( )Tj 1.924 0 Td ( )Tj 1.155 0 Td ( )Tj 1.75 0 Td ( )Tj 1.155 0 Td ( )Tj 1.924 0 Td ( )Tj 1.155 0 Td ( )Tj 1.75 0 Td ( )Tj 10 0 0 10 10 653.3287 Tm ( )Tj 19.243 0 Td ( )Tj /TT1 1 Tf 4.158 0.097 Td (2002)Tj /TT0 1 Tf 3.752 -0.097 Td ( )Tj /TT1 1 Tf 4.158 0.097 Td (2003)Tj /TT0 1 Tf 3.752 -0.097 Td ( )Tj /TT1 1 Tf 3.447 0.097 Td (2004)Tj 8.5 0 0 8.5 415.0901 654.2954 Tm (\(1\))Tj /TT0 1 Tf 10 0 0 10 435.4152 653.3287 Tm ( )Tj /TT1 1 Tf 3.447 0.097 Td (2005)Tj 8.5 0 0 8.5 489.8826 654.2954 Tm (\(1\))Tj /TT0 1 Tf 10 0 0 10 510.2076 653.3287 Tm ( )Tj /TT1 1 Tf 3.447 0.097 Td (2006)Tj 8.5 0 0 8.5 564.675 654.2954 Tm (\(1\))Tj /TT0 1 Tf 12.5 0 0 12.5 25 639.1628 Tm (M1 \(% change\) )Tj 10.625 0 0 10.625 105.875 639.1628 Tm (\(2\))Tj 12.5 0 0 12.5 202.427 639.1628 Tm ( )Tj 2.829 0 Td ( )Tj 1.083 0 Td (0.6%)Tj 2.416 0 Td ( )Tj 2.829 0 Td ( )Tj 0.583 0 Td (34.4%)Tj 2.916 0 Td ( )Tj 2.829 0 Td ( 14.2%)Tj 3.155 0 Td ( )Tj 2.829 0 Td ( 34.0%)Tj 3.155 0 Td ( )Tj 2.829 0 Td ( 24.0%)Tj -41.645 -1.2 Td (M2 \(% change\) )Tj 10.625 0 0 10.625 105.875 624.1628 Tm (\(3\))Tj 12.5 0 0 12.5 202.427 624.1628 Tm ( )Tj 2.829 0 Td ( )Tj 0.75 0 Td (\(7.9\)% )Tj 5.578 0 Td ( )Tj 0.583 0 Td (29.4%)Tj 2.916 0 Td ( )Tj 2.829 0 Td ( 13.5%)Tj 3.155 0 Td ( )Tj 2.829 0 Td ( 27.2%)Tj 3.155 0 Td ( )Tj 2.829 0 Td ( 22.1%)Tj -41.645 -1.2 Td (Credit from the financial system )Tj T* (\(% change\) )Tj 10.625 0 0 10.625 85.3875 594.1628 Tm (\(4\))Tj 12.5 0 0 12.5 202.427 594.1628 Tm ( )Tj 2.829 0 Td ( \(54.9\)% )Tj 6.328 0 Td ( \(14.8\)% )Tj 6.328 0 Td ( )Tj 0.75 0 Td (6.7%)Tj 2.405 0 Td ( )Tj 2.829 0 Td ( 15.0%)Tj 3.155 0 Td ( )Tj 2.829 0 Td ( 23.6%)Tj -41.645 -1.2 Td (Average annual peso deposit rate)Tj 14.194 0 Td ( )Tj 2.829 0 Td ( )Tj 0.583 0 Td (62.1%)Tj 2.916 0 Td ( )Tj 2.829 0 Td ( )Tj 1.083 0 Td (7.3%)Tj 2.416 0 Td ( )Tj 2.829 0 Td ( )Tj 0.75 0 Td (4.4%)Tj 2.405 0 Td ( )Tj 2.829 0 Td ( )Tj 0.75 0 Td (2.1%)Tj 2.405 0 Td ( )Tj 2.829 0 Td ( )Tj 0.75 0 Td (2.3%)Tj 3.75 0 0 3.75 10 550.7435 Tm ( )Tj 12.5 0 0 12.5 10 538.6628 Tm (\(1\))Tj 1.38 0 Td ( )Tj 0.46 0 Td (Preliminary data.)Tj 3.75 0 0 3.75 10 531.2435 Tm ( )Tj 12.5 0 0 12.5 10 519.1628 Tm (\(2\))Tj 1.38 0 Td ( )Tj 0.46 0 Td (Currency in circulation plus peso-denominated demand deposits.)Tj 3.75 0 0 3.75 10 511.7435 Tm ( )Tj 12.5 0 0 12.5 10 499.6628 Tm (\(3\))Tj 1.38 0 Td ( )Tj 0.46 0 Td (M1 plus peso-denominated savings deposits.)Tj 3.75 0 0 3.75 10 492.2435 Tm ( )Tj 12.5 0 0 12.5 10 480.1628 Tm (\(4\))Tj 1.38 0 Td ( )Tj 0.46 0 Td (Peso-denominated bank credit to the non-financial sector.)Tj /TT2 1 Tf -1.84 -1.803 Td (Source)Tj /TT0 1 Tf (: Boletin Estadistico and Banco Central )Tj /TT1 1 Tf 16.041 -3.003 Td (Liquidity and Credit Aggregates)Tj /TT0 1 Tf ( )Tj 2.917 -1.197 Td (\(in millions of US$\) )Tj -18.958 -1.2 Td ( )Tj 15.92 0 Td ( )Tj 1.99 0 Td ( )Tj 1.278 0 Td ( )Tj 2.25 0 Td ( )Tj 0.398 0 Td ( )Tj 1.99 0 Td ( )Tj 1.278 0 Td ( )Tj 2.25 0 Td ( )Tj 0.398 0 Td ( )Tj 1.99 0 Td ( )Tj 1.278 0 Td ( )Tj 2.25 0 Td ( )Tj 0.398 0 Td ( )Tj 1.99 0 Td ( )Tj 1.278 0 Td ( )Tj 2.25 0 Td ( )Tj 0.398 0 Td ( )Tj 1.99 0 Td ( )Tj 1.278 0 Td ( )Tj 2.75 0 Td ( )Tj 10 0 0 10 10 376.2935 Tm ( )Tj 19.9 0 Td ( )Tj /TT1 1 Tf 15.658 0.097 Td (As of December 31,)Tj /TT0 1 Tf 21.445 -0.097 Td ( )Tj -57.003 -1.3 Td ( )Tj 19.9 0 Td ( )Tj /TT1 1 Tf 3.693 0.097 Td (2002)Tj /TT0 1 Tf 3.205 -0.097 Td ( )Tj 0.498 0 Td ( )Tj /TT1 1 Tf 3.693 0.097 Td (2003)Tj /TT0 1 Tf 3.205 -0.097 Td ( )Tj 0.498 0 Td ( )Tj /TT1 1 Tf 3.197 0.097 Td (2004)Tj 8.5 0 0 8.5 408.8695 364.2603 Tm (\(1\))Tj /TT0 1 Tf 10 0 0 10 425.875 363.2935 Tm ( )Tj 0.498 0 Td ( )Tj /TT1 1 Tf 3.197 0.097 Td (2005)Tj 8.5 0 0 8.5 482.8195 364.2603 Tm (\(1\))Tj /TT0 1 Tf 10 0 0 10 499.825 363.2935 Tm ( )Tj 0.498 0 Td ( )Tj /TT1 1 Tf 3.509 0.097 Td (2006)Tj 8.5 0 0 8.5 559.8945 364.2603 Tm (\(1\))Tj /TT0 1 Tf 10 0 0 10 580.025 363.2935 Tm ( )Tj 12.5 0 0 12.5 25 349.1276 Tm (Liquidity aggregates \(at period end\):)Tj 14.72 0 Td ( )Tj 1.99 0 Td ( )Tj 1.278 0 Td ( )Tj 2.25 0 Td ( )Tj 0.398 0 Td ( )Tj 1.99 0 Td ( )Tj 1.278 0 Td ( )Tj 2.25 0 Td ( )Tj 0.398 0 Td ( )Tj 1.99 0 Td ( )Tj 1.278 0 Td ( )Tj 2.25 0 Td ( )Tj 0.398 0 Td ( )Tj 1.99 0 Td ( )Tj 1.278 0 Td ( )Tj 2.25 0 Td ( )Tj 0.398 0 Td ( )Tj 1.99 0 Td ( )Tj 1.278 0 Td ( )Tj 2.75 0 Td ( )Tj -43.202 -1.2 Td (Currency, excluding cash in )Tj T* (vaults at banks)Tj 13.52 0 Td ( )Tj 1.99 1.2 Td (US)Tj T* ($)Tj 2.028 0 Td (282 )Tj 1.898 0 Td ( )Tj 1.99 1.2 Td (US)Tj T* ($)Tj 2.028 0 Td (322 )Tj 1.898 0 Td ( )Tj 1.99 1.2 Td (US)Tj T* ($)Tj 2.028 0 Td (410 )Tj 1.898 0 Td ( )Tj 1.99 1.2 Td (US)Tj T* ($)Tj 2.028 0 Td (552 )Tj 1.898 0 Td ( )Tj 1.99 1.2 Td (US)Tj T* ($)Tj 2.528 0 Td (661 )Tj -41.702 -1.2 Td (M1)Tj 10.625 0 0 10.625 57.3625 304.1276 Tm (\(2\))Tj 12.5 0 0 12.5 209 304.1276 Tm ( )Tj 1.99 0 Td ( )Tj 2.028 0 Td (643 )Tj 1.898 0 Td ( )Tj 1.99 0 Td ( )Tj 2.028 0 Td (802 )Tj 1.898 0 Td ( )Tj 1.99 0 Td ( )Tj 1.278 0 Td (1,019 )Tj 2.648 0 Td ( )Tj 1.99 0 Td ( )Tj 1.278 0 Td (1,493 )Tj 2.648 0 Td ( )Tj 1.99 0 Td ( )Tj 1.778 0 Td (1,829 )Tj -40.952 -1.2 Td (M2)Tj 10.625 0 0 10.625 57.3625 289.1276 Tm (\(3\))Tj 12.5 0 0 12.5 209 289.1276 Tm ( )Tj 1.99 0 Td ( )Tj 2.028 0 Td (869 )Tj 1.898 0 Td ( )Tj 1.99 0 Td ( )Tj 1.278 0 Td (1,043 )Tj 2.648 0 Td ( )Tj 1.99 0 Td ( )Tj 1.278 0 Td (1,317 )Tj 2.648 0 Td ( )Tj 1.99 0 Td ( )Tj 1.278 0 Td (1,831 )Tj 2.648 0 Td ( )Tj 1.99 0 Td ( )Tj 1.778 0 Td (2,209 )Tj -40.952 -1.2 Td (M3)Tj 10.625 0 0 10.625 57.3625 274.1276 Tm (\(4\))Tj 12.5 0 0 12.5 209 274.1276 Tm ( )Tj 1.99 0 Td ( )Tj 1.278 0 Td (7,645 )Tj 2.648 0 Td ( )Tj 1.99 0 Td ( )Tj 1.278 0 Td (8,114 )Tj 2.648 0 Td ( )Tj 1.99 0 Td ( )Tj 1.278 0 Td (8,782 )Tj 2.648 0 Td ( )Tj 1.99 0 Td ( )Tj 1.278 0 Td (9,481 )Tj 2.648 0 Td ( )Tj 1.99 0 Td ( )Tj 1.278 0 Td (10,351 )Tj -41.652 -1.2 Td ( )Tj 14.72 0 Td ( )Tj 1.99 0 Td ( )Tj 1.278 0 Td ( )Tj 2.25 0 Td ( )Tj 0.398 0 Td ( )Tj 1.99 0 Td ( )Tj 1.278 0 Td ( )Tj 2.25 0 Td ( )Tj 0.398 0 Td ( )Tj 1.99 0 Td ( )Tj 1.278 0 Td ( )Tj 2.25 0 Td ( )Tj 0.398 0 Td ( )Tj 1.99 0 Td ( )Tj 1.278 0 Td ( )Tj 2.25 0 Td ( )Tj 0.398 0 Td ( )Tj 1.99 0 Td ( )Tj 1.278 0 Td ( )Tj 2.75 0 Td ( )Tj -44.402 -1.2 Td (Credit aggregates \(at period end\))Tj 10.625 0 0 10.625 189.5375 244.1276 Tm ( \(6\))Tj 12.5 0 0 12.5 204.5825 244.1276 Tm (:)Tj 0.353 0 Td ( )Tj 1.99 0 Td ( )Tj 1.278 0 Td ( )Tj 2.25 0 Td ( )Tj 0.398 0 Td ( )Tj 1.99 0 Td ( )Tj 1.278 0 Td ( )Tj 2.25 0 Td ( )Tj 0.398 0 Td ( )Tj 1.99 0 Td ( )Tj 1.278 0 Td ( )Tj 2.25 0 Td ( )Tj 0.398 0 Td ( )Tj 1.99 0 Td ( )Tj 1.278 0 Td ( )Tj 2.25 0 Td ( )Tj 0.398 0 Td ( )Tj 1.99 0 Td ( )Tj 1.278 0 Td ( )Tj 2.75 0 Td ( )Tj -43.202 -1.2 Td (Resident private sector credit)Tj 13.52 0 Td ( )Tj 1.99 0 Td ( )Tj 1.278 0 Td (6,257 )Tj 2.648 0 Td ( )Tj 1.99 0 Td ( )Tj 1.278 0 Td (3,930 )Tj 2.648 0 Td ( )Tj 1.99 0 Td ( )Tj 1.278 0 Td (3,598 )Tj 2.648 0 Td ( )Tj 1.99 0 Td ( )Tj 1.278 0 Td (3,717 )Tj 2.648 0 Td ( )Tj 1.99 0 Td ( )Tj 1.778 0 Td (4,165 )Tj -40.952 -1.2 Td (Public sector credit)Tj 13.52 0 Td ( )Tj 1.99 0 Td ( )Tj 2.028 0 Td (743 )Tj 1.898 0 Td ( )Tj 1.99 0 Td ( )Tj 2.028 0 Td (455 )Tj 1.898 0 Td ( )Tj 1.99 0 Td ( )Tj 2.028 0 Td (424 )Tj 1.898 0 Td ( )Tj 1.99 0 Td ( )Tj 2.028 0 Td (396 )Tj 1.898 0 Td ( )Tj 1.99 0 Td ( )Tj 2.528 0 Td (329 )Tj 1 0 0 1 40 208.5908 Tm ( )Tj 169 0 Td ( )Tj 68.725 -0.5 Td ( )Tj 0.25 0.5 Td ( )Tj 4.975 0 Td ( )Tj 68.725 -0.5 Td ( )Tj 0.25 0.5 Td ( )Tj 4.975 0 Td ( )Tj 68.725 -0.5 Td ( )Tj 0.25 0.5 Td ( )Tj 4.975 0 Td ( )Tj 68.725 -0.5 Td ( )Tj 0.25 0.5 Td ( )Tj 4.975 0 Td ( )Tj 74.975 -0.5 Td ( )Tj 0.25 0.5 Td ( )Tj 12.5 0 0 12.5 40 181.9276 Tm (Total sector credit)Tj 13.52 0 Td ( )Tj 1.99 1.2 Td (US)Tj T* ($)Tj 1.278 0 Td (7,000 )Tj 2.648 0 Td ( )Tj 1.99 1.2 Td (US)Tj T* ($)Tj 1.278 0 Td (4,385 )Tj 2.648 0 Td ( )Tj 1.99 1.2 Td (US)Tj T* ($)Tj 1.278 0 Td (4,022 )Tj 2.648 0 Td ( )Tj 1.99 1.2 Td (US)Tj T* ($)Tj 1.278 0 Td (4,113 )Tj 2.648 0 Td ( )Tj 1.99 1.2 Td (US)Tj T* ($)Tj 1.778 0 Td (4,494 )Tj 1 0 0 1 40 175.3908 Tm ( )Tj 169 0 Td ( )Tj 68.725 -1.5 Td ( )Tj 0.25 1.5 Td ( )Tj 4.975 0 Td ( )Tj 68.725 -1.5 Td ( )Tj 0.25 1.5 Td ( )Tj 4.975 0 Td ( )Tj 68.725 -1.5 Td ( )Tj 0.25 1.5 Td ( )Tj 4.975 0 Td ( )Tj 68.725 -1.5 Td ( )Tj 0.25 1.5 Td ( )Tj 4.975 0 Td ( )Tj 74.975 -1.5 Td ( )Tj 0.25 1.5 Td ( )Tj 12.5 0 0 12.5 25 162.7276 Tm ( )Tj 14.72 0 Td ( )Tj 1.99 0 Td ( )Tj 1.278 0 Td ( )Tj 2.25 0 Td ( )Tj 0.398 0 Td ( )Tj 1.99 0 Td ( )Tj 1.278 0 Td ( )Tj 2.25 0 Td ( )Tj 0.398 0 Td ( )Tj 1.99 0 Td ( )Tj 1.278 0 Td ( )Tj 2.25 0 Td ( )Tj 0.398 0 Td ( )Tj 1.99 0 Td ( )Tj 1.278 0 Td ( )Tj 2.25 0 Td ( )Tj 0.398 0 Td ( )Tj 1.99 0 Td ( )Tj 1.278 0 Td ( )Tj 2.75 0 Td ( )Tj -44.402 -1.2 Td (Deposits )Tj 10.625 0 0 10.625 71.875 147.7276 Tm (\(7\))Tj 12.5 0 0 12.5 84.2637 147.7276 Tm (:)Tj 9.979 0 Td ( )Tj 1.99 0 Td ( )Tj 1.278 0 Td ( )Tj 2.25 0 Td ( )Tj 0.398 0 Td ( )Tj 1.99 0 Td ( )Tj 1.278 0 Td ( )Tj 2.25 0 Td ( )Tj 0.398 0 Td ( )Tj 1.99 0 Td ( )Tj 1.278 0 Td ( )Tj 2.25 0 Td ( )Tj 0.398 0 Td ( )Tj 1.99 0 Td ( )Tj 1.278 0 Td ( )Tj 2.25 0 Td ( )Tj 0.398 0 Td ( )Tj 1.99 0 Td ( )Tj 1.278 0 Td ( )Tj 2.75 0 Td ( )Tj -43.202 -2.4 Td (Uruguayan pesos deposits)Tj 13.52 0 Td ( )Tj 1.99 1.2 Td (US)Tj T* ($)Tj 2.028 0 Td (631 )Tj 1.898 0 Td ( )Tj 1.99 1.2 Td (US)Tj T* ($)Tj 2.028 0 Td (756 )Tj 1.898 0 Td ( )Tj 1.99 1.2 Td (US)Tj T* ($)Tj 2.028 0 Td (941 )Tj 1.898 0 Td ( )Tj 1.99 1.2 Td (US)Tj T* ($)Tj 1.278 0 Td (1,304 )Tj 2.648 0 Td ( )Tj 1.99 1.2 Td (US)Tj T* ($)Tj 1.778 0 Td (1,609 )Tj -40.952 -1.2 Td (Foreign-currency deposits)Tj 13.52 0 Td ( )Tj 1.99 0 Td ( )Tj 1.278 0 Td (6,776 )Tj 2.648 0 Td ( )Tj 1.99 0 Td ( )Tj 1.278 0 Td (7,071 )Tj 2.648 0 Td ( )Tj 1.99 0 Td ( )Tj 1.278 0 Td (7,465 )Tj 2.648 0 Td ( )Tj 1.99 0 Td ( )Tj 1.278 0 Td (7,650 )Tj 2.648 0 Td ( )Tj 1.99 0 Td ( )Tj 1.778 0 Td (8,142 )Tj 1 0 0 1 40 97.1908 Tm ( )Tj 169 0 Td ( )Tj 68.725 -0.5 Td ( )Tj 0.25 0.5 Td ( )Tj 4.975 0 Td ( )Tj 68.725 -0.5 Td ( )Tj 0.25 0.5 Td ( )Tj 4.975 0 Td ( )Tj 68.725 -0.5 Td ( )Tj 0.25 0.5 Td ( )Tj 4.975 0 Td ( )Tj 68.725 -0.5 Td ( )Tj 0.25 0.5 Td ( )Tj 4.975 0 Td ( )Tj 74.975 -0.5 Td ( )Tj 0.25 0.5 Td ( )Tj 12.5 0 0 12.5 55 85.5276 Tm (Total deposits)Tj 12.32 0 Td ( )Tj 1.99 0 Td ( )Tj 1.278 0 Td (7,407 )Tj 2.648 0 Td ( )Tj 1.99 0 Td ( )Tj 1.278 0 Td (7,827 )Tj 2.648 0 Td ( )Tj 1.99 0 Td ( )Tj 1.278 0 Td (8,406 )Tj 2.648 0 Td ( )Tj 1.99 0 Td ( )Tj 1.278 0 Td (8,954 )Tj 2.648 0 Td ( )Tj 1.99 0 Td ( )Tj 1.778 0 Td (9,751 )Tj 1 0 0 1 40 78.9908 Tm ( )Tj 169 0 Td ( )Tj 68.725 -1.5 Td ( )Tj 0.25 1.5 Td ( )Tj 4.975 0 Td ( )Tj 68.725 -1.5 Td ( )Tj 0.25 1.5 Td ( )Tj 4.975 0 Td ( )Tj 68.725 -1.5 Td ( )Tj 0.25 1.5 Td ( )Tj 4.975 0 Td ( )Tj 68.725 -1.5 Td ( )Tj 0.25 1.5 Td ( )Tj 4.975 0 Td ( )Tj 74.975 -1.5 Td ( )Tj 0.25 1.5 Td ( )Tj 12.5 0 0 12.5 55 51.3277 Tm (Deposits of non-residents)Tj 12.32 0 Td ( )Tj 1.99 1.2 Td (US)Tj T* ($)Tj 1.278 0 Td (1,336 )Tj 2.648 0 Td ( )Tj 1.99 1.2 Td (US)Tj T* ($)Tj 1.278 0 Td (1,382 )Tj 2.648 0 Td ( )Tj 1.99 1.2 Td (US)Tj T* ($)Tj 1.278 0 Td (1,527 )Tj 2.648 0 Td ( )Tj 1.99 1.2 Td (US)Tj T* ($)Tj 1.278 0 Td (1,553 )Tj 2.648 0 Td ( )Tj 1.99 1.2 Td (US)Tj T* ($)Tj 1.778 0 Td (1,607 )Tj 1 0 0 1 40 44.7908 Tm ( )Tj 169 0 Td ( )Tj 68.725 -1.5 Td ( )Tj 0.25 1.5 Td ( )Tj 4.975 0 Td ( )Tj 68.725 -1.5 Td ( )Tj 0.25 1.5 Td ( )Tj 4.975 0 Td ( )Tj 68.725 -1.5 Td ( )Tj 0.25 1.5 Td ( )Tj 4.975 0 Td ( )Tj 68.725 -1.5 Td ( )Tj 0.25 1.5 Td ( )Tj 4.975 0 Td ( )Tj 74.975 -1.5 Td ( )Tj 0.25 1.5 Td ( )Tj ET EMC /Artifact <>BDC Q BT /T1_0 1 Tf 9 0 0 9 18 7.17 Tm (http://www.sec.gov/Archives/edgar/data/102385/000095012307004873/y32802e\ 424b2.htm \(25 de 115\)25/10/2007 01:42:24 p.m.)Tj ET EMC endstream endobj 611 0 obj<>stream /Artifact <>BDC 0 0 0 rg 0 i BT /T1_0 1 Tf 0 Tc 0 Tw 0 Ts 100 Tz 0 Tr 9 0 0 9 18 830.17 Tm (424B2)Tj ET EMC /WebCaptureBG BMC /WebCaptureFN <>BDC q 0 18 595 806 re W* n /Artifact <>BDC Q 10 802.957 m 113.5 802.957 l 113.5 801.957 l 10 801.957 l h f EMC EMC EMC /Article <>BDC q 0 18 595 806 re W* n BT /TT0 1 Tf 3.75 0 0 3.75 10 798.7083 Tm ( )Tj 12.5 0 0 12.5 10 786.6276 Tm (\(1\))Tj 1.38 0 Td ( )Tj 0.46 0 Td (Preliminary data.)Tj 3.75 0 0 3.75 10 779.2083 Tm ( )Tj 12.5 0 0 12.5 10 767.1276 Tm (\(2\))Tj 1.38 0 Td ( )Tj 0.46 0 Td (Currency in circulation plus peso-denominated demand deposits.)Tj 3.75 0 0 3.75 10 759.7083 Tm ( )Tj 12.5 0 0 12.5 10 747.6276 Tm (\(3\))Tj 1.38 0 Td ( )Tj 0.46 0 Td (M1 plus peso-denominated savings deposits.)Tj 3.75 0 0 3.75 10 740.2083 Tm ( )Tj 12.5 0 0 12.5 10 728.1276 Tm (\(4\))Tj 1.38 0 Td ( )Tj 0.46 0 Td (M2 plus deposits of residents in foreign currency, principally U.S. doll\ ars.)Tj 3.75 0 0 3.75 10 720.7083 Tm ( )Tj 12.5 0 0 12.5 10 708.6276 Tm (\(5\))Tj 1.38 0 Td ( )Tj 0.46 0 Td (Of which approximately US$1,678 million \(based on November 30, 2003 inf\ ormation\) comprise time )Tj 0 -1.2 TD (deposits with Banco de la Rep\372blica with maturities rescheduled pursu\ ant to Law 17,523 of August 4, 2002.)Tj 3.75 0 0 3.75 10 686.2083 Tm ( )Tj 12.5 0 0 12.5 10 674.1276 Tm (\(6\))Tj 1.38 0 Td ( )Tj 0.46 0 Td (Total gross bank credit to the non-financial sector. )Tj 3.75 0 0 3.75 10 666.7083 Tm ( )Tj 12.5 0 0 12.5 10 654.6276 Tm (\(7\))Tj 1.38 0 Td ( )Tj 0.46 0 Td (Total deposits of the non-financial sector in the banking system.)Tj /TT1 1 Tf -1.84 -1.803 Td (Source)Tj /TT0 1 Tf (: Banco Central )Tj 22.055 -2.72 Td (S-14 )Tj ET 0.5 0.5 0.5 rg 10 565.922 575 2 re f EMC /Artifact <>BDC Q BT /T1_0 1 Tf 9 0 0 9 18 7.17 Tm (http://www.sec.gov/Archives/edgar/data/102385/000095012307004873/y32802e\ 424b2.htm \(26 de 115\)25/10/2007 01:42:24 p.m.)Tj ET EMC endstream endobj 612 0 obj<>stream /Artifact <>BDC 0 0 0 rg 0 i BT /T1_0 1 Tf 0 Tc 0 Tw 0 Ts 100 Tz 0 Tr 9 0 0 9 18 830.17 Tm (424B2)Tj ET EMC /WebCaptureBG BMC /WebCaptureFN <>BDC q 0 18 595 806 re W* n /Artifact <>BDC Q 428.641 630.396 m 585 630.396 l 585 631.396 l 428.641 631.396 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 428.641 605.396 m 493.9 605.396 l 493.9 606.396 l 428.641 606.396 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 519.742 605.396 m 585 605.396 l 585 606.396 l 519.742 606.396 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 0.8 0.933 1 rg 10 590.396 392.799 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 402.799 590.396 25.842 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 428.641 590.396 15.916 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 444.557 590.396 26.139 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 470.696 590.396 23.204 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 493.9 590.396 25.842 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 519.742 590.396 15.916 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 535.658 590.396 26.139 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 561.796 590.396 23.204 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 10 560.396 392.799 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 402.799 560.396 25.842 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 428.641 560.396 15.916 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 444.557 560.396 26.139 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 470.696 560.396 23.204 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 493.9 560.396 25.842 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 519.742 560.396 15.916 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 535.658 560.396 26.139 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 561.796 560.396 23.204 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 10 530.396 392.799 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 402.799 530.396 25.842 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 428.641 530.396 15.916 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 444.557 530.396 26.139 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 470.696 530.396 23.204 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 493.9 530.396 25.842 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 519.742 530.396 15.916 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 535.658 530.396 26.139 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 561.796 530.396 23.204 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 0 0 0 rg 10 493.646 m 113.5 493.646 l 113.5 494.646 l 10 494.646 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 283.302 278.015 m 340.196 278.015 l 340.196 279.015 l 283.302 279.015 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 364.17 278.015 m 421.063 278.015 l 421.063 279.015 l 364.17 279.015 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 445.037 278.015 m 502.097 278.015 l 502.097 279.015 l 445.037 279.015 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 526.071 278.015 m 585 278.015 l 585 279.015 l 526.071 279.015 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 0.8 0.933 1 rg 10 263.015 249.328 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 259.328 263.015 23.974 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 283.302 263.015 14.384 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 297.687 263.015 28.125 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 325.812 263.015 14.384 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 340.196 263.015 23.974 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 364.17 263.015 14.384 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 378.554 263.015 28.125 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 406.679 263.015 14.384 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 421.063 263.015 23.974 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 445.037 263.015 14.384 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 459.422 263.015 28.291 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 487.713 263.015 14.384 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 502.097 263.015 23.974 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 526.071 263.015 14.384 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 540.456 263.015 30.16 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 570.616 263.015 14.384 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 10 233.015 249.328 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 259.328 233.015 23.974 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 283.302 233.015 14.384 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 297.687 233.015 28.125 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 325.812 233.015 14.384 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 340.196 233.015 23.974 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 364.17 233.015 14.384 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 378.554 233.015 28.125 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 406.679 233.015 14.384 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 421.063 233.015 23.974 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 445.037 233.015 14.384 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 459.422 233.015 28.291 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 487.713 233.015 14.384 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 502.097 233.015 23.974 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 526.071 233.015 14.384 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 540.456 233.015 30.16 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 570.616 233.015 14.384 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 10 203.015 249.328 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 259.328 203.015 23.974 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 283.302 203.015 14.384 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 297.687 203.015 28.125 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 325.812 203.015 14.384 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 340.196 203.015 23.974 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 364.17 203.015 14.384 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 378.554 203.015 28.125 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 406.679 203.015 14.384 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 421.063 203.015 23.974 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 445.037 203.015 14.384 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 459.422 203.015 28.291 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 487.713 203.015 14.384 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 502.097 203.015 23.974 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 526.071 203.015 14.384 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 540.456 203.015 30.16 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 570.616 203.015 14.384 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 0 0 0 rg 10 183.015 m 113.5 183.015 l 113.5 182.015 l 10 182.015 l h f EMC EMC EMC /Article <>BDC q 0 18 595 806 re W* n 0 0 1 RG 1.086 w 10 M 0 j 0 J []0 d 10 782.42 m 119.135 782.42 l S 0 0 1 rg BT /T1_1 1 Tf 12.9231 0 0 12.9231 10 785.6766 Tm (Table of Contents)Tj 0 0 0 rg /TT0 1 Tf 12.5 0 0 12.5 10 749.6082 Tm ( )Tj /TT1 1 Tf (Inflation)Tj /TT0 1 Tf ( )Tj 0 -1.8 TD ( The following table shows changes in the Consumer Price Index and W\ holesale Price Index for the periods )Tj 0 -1.2 TD (indicated. )Tj /TT2 1 Tf 21.138 -3.003 Td (Inflation)Tj /TT0 1 Tf ( )Tj -21.138 -1.2 Td ( )Tj 31.424 0 Td ( )Tj 2.067 0 Td ( )Tj 1.273 0 Td ( )Tj 2.091 0 Td ( )Tj 1.856 0 Td ( )Tj 2.067 0 Td ( )Tj 1.273 0 Td ( )Tj 2.091 0 Td ( )Tj 10 0 0 10 10 646.7325 Tm ( )Tj 39.28 0 Td ( )Tj /TT2 1 Tf 2.654 -0.003 Td (Percent Change from Previous Year)Tj /TT0 1 Tf -41.934 -1.297 Td ( )Tj 39.28 0 Td ( )Tj /TT2 1 Tf 7.43 0.097 Td (at Period End)Tj /TT0 1 Tf -46.71 -1.297 Td ( )Tj 39.28 0 Td ( )Tj /TT2 1 Tf 3.625 -0.003 Td (Consumer)Tj /TT0 1 Tf 5.485 0.003 Td ( )Tj /TT2 1 Tf 3.653 -0.003 Td (Wholesale)Tj /TT0 1 Tf -52.043 -1.297 Td ( )Tj 39.28 0 Td ( )Tj /TT2 1 Tf 4.542 0.097 Td (Prices)Tj /TT0 1 Tf 4.568 -0.097 Td ( )Tj /TT2 1 Tf 4.542 0.097 Td (Prices)Tj /TT0 1 Tf 12.5 0 0 12.5 25 594.5666 Tm (2002)Tj 30.224 0 Td ( )Tj 3.091 0 Td ( )Tj 0.591 0 Td (25.9%)Tj 3.606 0 Td ( )Tj 3.091 0 Td ( )Tj 0.591 0 Td (64.6%)Tj -41.194 -1.2 Td (2003)Tj 30.224 0 Td ( )Tj 2.067 0 Td ( )Tj 1.614 0 Td (10.2 )Tj 3.606 0 Td ( )Tj 2.067 0 Td ( )Tj 1.614 0 Td (20.5 )Tj -41.194 -1.2 Td (2004)Tj 30.224 0 Td ( )Tj 2.067 0 Td ( )Tj 2.114 0 Td (7.6 )Tj 3.106 0 Td ( )Tj 2.067 0 Td ( )Tj 2.114 0 Td (5.1 )Tj -41.694 -1.2 Td (2005)Tj 30.224 0 Td ( )Tj 2.067 0 Td ( )Tj 2.114 0 Td (4.9 )Tj 3.106 0 Td ( )Tj 3.091 0 Td ( )Tj 0.758 0 Td (\(2.2\))Tj -41.361 -1.2 Td (2006)Tj 30.224 0 Td ( )Tj 2.067 0 Td ( )Tj 2.114 0 Td (6.4 )Tj 3.106 0 Td ( )Tj 2.067 0 Td ( )Tj 2.114 0 Td (8.2 )Tj -41.694 -1.2 Td (Twelve months ended February 28, 2007)Tj 30.224 0 Td ( )Tj 2.067 0 Td ( )Tj 2.114 0 Td (6.8 )Tj 3.106 0 Td ( )Tj 2.067 0 Td ( )Tj 2.114 0 Td (8.1 )Tj 3.75 0 0 3.75 10 495.8973 Tm ( )Tj /TT3 1 Tf 12.5 0 0 12.5 10 475.2815 Tm (Source)Tj /TT0 1 Tf (: Banco Central and INE )Tj 0 -1.8 TD ( See \223\227Main Macroeconomic Assumptions For 2007.\224 )Tj /TT2 1 Tf 0 -2.403 TD (Foreign Exchange and International Reserves)Tj /TT0 1 Tf ( )Tj 0 -1.804 TD ( )Tj /TT1 1 Tf (Foreign Exchange)Tj /TT0 1 Tf ( )Tj 0 -1.8 TD ( The following table shows the high, low, average and period-en\ d peso/U.S. dollar exchange rates for the )Tj 0 -1.2 TD (dates and periods indicated. )Tj /TT2 1 Tf 19.102 -3.003 Td (Exchange Rates)Tj 10.625 0 0 10.625 333.8369 325.1437 Tm (\(1\))Tj /TT0 1 Tf 12.5 0 0 12.5 346.2256 325.1437 Tm ( )Tj -7.12 -1.197 Td (\(pesos per US$\) )Tj -19.778 -1.2 Td ( )Tj 19.946 0 Td ( )Tj 1.918 0 Td ( )Tj 1.151 0 Td ( )Tj 2.25 0 Td ( )Tj 1.151 0 Td ( )Tj 1.918 0 Td ( )Tj 1.151 0 Td ( )Tj 2.25 0 Td ( )Tj 1.151 0 Td ( )Tj 1.918 0 Td ( )Tj 1.151 0 Td ( )Tj 2.263 0 Td ( )Tj 1.151 0 Td ( )Tj 1.918 0 Td ( )Tj 1.151 0 Td ( )Tj 2.413 0 Td ( )Tj 10 0 0 10 10 281.3512 Tm ( )Tj 24.933 0 Td ( )Tj /TT2 1 Tf 4.186 0.097 Td (High)Tj /TT0 1 Tf 3.901 -0.097 Td ( )Tj /TT2 1 Tf 4.298 0.097 Td (Low)Tj /TT0 1 Tf 3.789 -0.097 Td ( )Tj /TT2 1 Tf 3.473 0.097 Td (Average)Tj /TT0 1 Tf 4.63 -0.097 Td ( )Tj /TT2 1 Tf 2.913 0.097 Td (Period End)Tj /TT0 1 Tf 12.5 0 0 12.5 25 267.1853 Tm (2002)Tj 18.746 0 Td ( )Tj 1.918 0 Td ( )Tj 1.151 0 Td (32.35 )Tj 3.401 0 Td ( )Tj 1.918 0 Td ( )Tj 1.151 0 Td (14.02 )Tj 3.401 0 Td ( )Tj 1.918 0 Td ( )Tj 1.164 0 Td (21.22 )Tj 3.401 0 Td ( )Tj 1.918 0 Td ( )Tj 1.314 0 Td (27.20 )Tj -41.399 -1.2 Td (2003)Tj 18.746 0 Td ( )Tj 1.918 0 Td ( )Tj 1.151 0 Td (29.55 )Tj 3.401 0 Td ( )Tj 1.918 0 Td ( )Tj 1.151 0 Td (26.15 )Tj 3.401 0 Td ( )Tj 1.918 0 Td ( )Tj 1.164 0 Td (28.17 )Tj 3.401 0 Td ( )Tj 1.918 0 Td ( )Tj 1.314 0 Td (29.30 )Tj -41.399 -1.2 Td (2004)Tj 18.746 0 Td ( )Tj 1.918 0 Td ( )Tj 1.151 0 Td (29.80 )Tj 3.401 0 Td ( )Tj 1.918 0 Td ( )Tj 1.151 0 Td (26.00 )Tj 3.401 0 Td ( )Tj 1.918 0 Td ( )Tj 1.164 0 Td (28.65 )Tj 3.401 0 Td ( )Tj 1.918 0 Td ( )Tj 1.314 0 Td (26.35 )Tj -41.399 -1.2 Td (2005)Tj 18.746 0 Td ( )Tj 1.918 0 Td ( )Tj 1.151 0 Td (26.25 )Tj 3.401 0 Td ( )Tj 1.918 0 Td ( )Tj 1.151 0 Td (23.15 )Tj 3.401 0 Td ( )Tj 1.918 0 Td ( )Tj 1.164 0 Td (24.42 )Tj 3.401 0 Td ( )Tj 1.918 0 Td ( )Tj 1.314 0 Td (24.10 )Tj -41.399 -1.2 Td (2006)Tj 18.746 0 Td ( )Tj 1.918 0 Td ( )Tj 1.151 0 Td (24.40 )Tj 3.401 0 Td ( )Tj 1.918 0 Td ( )Tj 1.151 0 Td (23.70 )Tj 3.401 0 Td ( )Tj 1.918 0 Td ( )Tj 1.164 0 Td (24.01 )Tj 3.401 0 Td ( )Tj 1.918 0 Td ( )Tj 1.314 0 Td (24.40 )Tj 3.75 0 0 3.75 10 178.766 Tm ( )Tj 12.5 0 0 12.5 10 166.6853 Tm (\(1\))Tj 1.38 0 Td ( )Tj 0.46 0 Td (Daily interbank end-of-day bid rates)Tj /TT3 1 Tf -1.84 -1.803 Td (Source: )Tj /TT0 1 Tf (Banco Central )Tj 22.055 -2.72 Td (S-15 )Tj ET 0.5 0.5 0.5 rg 10 77.98 575 2 re f EMC /Artifact <>BDC Q BT /T1_0 1 Tf 9 0 0 9 18 7.17 Tm (http://www.sec.gov/Archives/edgar/data/102385/000095012307004873/y32802e\ 424b2.htm \(27 de 115\)25/10/2007 01:42:24 p.m.)Tj ET EMC endstream endobj 613 0 obj<>stream /Artifact <>BDC 0 0 0 rg 0 i BT /T1_0 1 Tf 0 Tc 0 Tw 0 Ts 100 Tz 0 Tr 9 0 0 9 18 830.17 Tm (424B2)Tj ET EMC /WebCaptureBG BMC /WebCaptureFN <>BDC q 0 18 595 806 re W* n /Artifact <>BDC Q 229.04 627.438 m 580.132 627.438 l 580.132 628.438 l 229.04 628.438 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 229.04 614.438 m 273.14 614.438 l 273.14 615.438 l 229.04 615.438 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 302.345 614.438 m 352.695 614.438 l 352.695 615.438 l 302.345 615.438 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 389.422 614.438 m 433.522 614.438 l 433.522 615.438 l 389.422 615.438 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 462.727 614.438 m 506.827 614.438 l 506.827 615.438 l 462.727 615.438 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 536.032 614.438 m 580.132 614.438 l 580.132 615.438 l 536.032 615.438 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 0.8 0.933 1 rg 10 584.438 194.702 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 204.702 584.438 24.338 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 229.04 584.438 15.975 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 245.015 584.438 28.125 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 273.14 584.438 4.868 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 278.008 584.438 24.338 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 302.345 584.438 22.225 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 324.57 584.438 28.125 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 352.695 584.438 12.389 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 365.084 584.438 24.338 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 389.422 584.438 15.975 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 405.397 584.438 28.125 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 433.522 584.438 4.868 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 438.389 584.438 24.338 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 462.727 584.438 15.975 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 478.702 584.438 28.125 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 506.827 584.438 4.868 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 511.695 584.438 24.338 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 536.032 584.438 15.975 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 552.007 584.438 28.125 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 580.132 584.438 4.868 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 0 0 0 rg 229.04 569.438 m 273.14 569.438 l 273.14 568.438 l 229.04 568.438 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 302.345 569.438 m 352.695 569.438 l 352.695 568.438 l 302.345 568.438 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 389.422 569.438 m 433.522 569.438 l 433.522 568.438 l 389.422 568.438 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 462.727 569.438 m 506.827 569.438 l 506.827 568.438 l 462.727 568.438 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 536.032 569.438 m 580.132 569.438 l 580.132 568.438 l 536.032 568.438 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 0.8 0.933 1 rg 10 537.238 194.702 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 204.702 537.238 24.338 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 229.04 537.238 15.975 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 245.015 537.238 28.125 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 273.14 537.238 4.868 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 278.008 537.238 24.338 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 302.345 537.238 22.225 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 324.57 537.238 28.125 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 352.695 537.238 12.389 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 365.084 537.238 24.338 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 389.422 537.238 15.975 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 405.397 537.238 28.125 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 433.522 537.238 4.868 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 438.389 537.238 24.338 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 462.727 537.238 15.975 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 478.702 537.238 28.125 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 506.827 537.238 4.868 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 511.695 537.238 24.338 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 536.032 537.238 15.975 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 552.007 537.238 28.125 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 580.132 537.238 4.868 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 0 0 0 rg 229.04 537.238 m 273.14 537.238 l 273.14 536.238 l 229.04 536.238 l h f 229.04 535.238 m 273.14 535.238 l 273.14 534.238 l 229.04 534.238 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 302.345 537.238 m 352.695 537.238 l 352.695 536.238 l 302.345 536.238 l h f 302.345 535.238 m 352.695 535.238 l 352.695 534.238 l 302.345 534.238 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 389.422 537.238 m 433.522 537.238 l 433.522 536.238 l 389.422 536.238 l h f 389.422 535.238 m 433.522 535.238 l 433.522 534.238 l 389.422 534.238 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 462.727 537.238 m 506.827 537.238 l 506.827 536.238 l 462.727 536.238 l h f 462.727 535.238 m 506.827 535.238 l 506.827 534.238 l 462.727 534.238 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 536.032 537.238 m 580.132 537.238 l 580.132 536.238 l 536.032 536.238 l h f 536.032 535.238 m 580.132 535.238 l 580.132 534.238 l 536.032 534.238 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 10 513.038 m 113.5 513.038 l 113.5 512.038 l 10 512.038 l h f EMC EMC EMC /Article <>BDC q 0 18 595 806 re W* n 0 0 1 RG 1.086 w 10 M 0 j 0 J []0 d 10 782.42 m 119.135 782.42 l S 0 0 1 rg BT /T1_1 1 Tf 12.9231 0 0 12.9231 10 785.6766 Tm (Table of Contents)Tj 0 0 0 rg /TT0 1 Tf 12.5 0 0 12.5 10 749.6082 Tm ( )Tj /TT1 1 Tf (International Reserves)Tj /TT0 1 Tf ( )Tj 0 -1.8 TD ( The following table shows the composition of the international rese\ rve assets of Uruguay\222s banking system at )Tj 0 -1.2 TD (each of the dates indicated. )Tj /TT2 1 Tf 11.973 -3.003 Td (International Reserve Assets of the Banking System)Tj /TT0 1 Tf ( )Tj 6.985 -1.197 Td (\(in millions of US$\) )Tj -18.958 -1.2 Td ( )Tj 15.576 0 Td ( )Tj 1.947 0 Td ( )Tj 1.278 0 Td ( )Tj 2.25 0 Td ( )Tj 0.389 0 Td ( )Tj 1.947 0 Td ( )Tj 1.778 0 Td ( )Tj 2.25 0 Td ( )Tj 0.991 0 Td ( )Tj 1.947 0 Td ( )Tj 1.278 0 Td ( )Tj 2.25 0 Td ( )Tj 0.389 0 Td ( )Tj 1.947 0 Td ( )Tj 1.278 0 Td ( )Tj 2.25 0 Td ( )Tj 0.389 0 Td ( )Tj 1.947 0 Td ( )Tj 1.278 0 Td ( )Tj 2.25 0 Td ( )Tj 10 0 0 10 10 630.7742 Tm ( )Tj 19.47 0 Td ( )Tj /TT2 1 Tf 15.851 0.097 Td (As of December 31,)Tj /TT0 1 Tf 21.692 -0.097 Td ( )Tj -57.013 -1.3 Td ( )Tj 19.47 0 Td ( )Tj /TT2 1 Tf 3.639 0.097 Td (2002)Tj /TT0 1 Tf 3.205 -0.097 Td ( )Tj 0.487 0 Td ( )Tj /TT2 1 Tf 3.951 0.097 Td (2003)Tj /TT0 1 Tf 3.518 -0.097 Td ( )Tj 1.239 0 Td ( )Tj /TT2 1 Tf 3.143 0.097 Td (2004)Tj 8.5 0 0 8.5 416.5163 618.7409 Tm (\(1\))Tj /TT0 1 Tf 10 0 0 10 433.5218 617.7742 Tm ( )Tj 0.487 0 Td ( )Tj /TT2 1 Tf 3.143 0.097 Td (2005)Tj 8.5 0 0 8.5 489.8216 618.7409 Tm (\(1\))Tj /TT0 1 Tf 10 0 0 10 506.8271 617.7742 Tm ( )Tj 0.487 0 Td ( )Tj /TT2 1 Tf 3.143 0.097 Td (2006)Tj 8.5 0 0 8.5 563.127 618.7409 Tm (\(1\))Tj /TT0 1 Tf 10 0 0 10 580.1324 617.7742 Tm ( )Tj 12.5 0 0 12.5 25 588.6082 Tm (Banco Central)Tj 14.376 0 Td ( )Tj 1.947 1.2 Td (US)Tj T* ($)Tj 2.028 0 Td (772 )Tj 1.889 0 Td ( )Tj 1.947 0 Td (US$2,087)Tj 10.625 0 0 10.625 352.6953 587.9827 Tm (\(2\))Tj 12.5 0 0 12.5 365.084 588.6082 Tm ( )Tj 1.947 1.2 Td (US)Tj T* ($)Tj 1.278 0 Td (2,512 )Tj 2.639 0 Td ( )Tj 1.947 1.2 Td (US)Tj T* ($)Tj 1.278 0 Td (3,078 )Tj 2.639 0 Td ( )Tj 1.947 1.2 Td (US)Tj T* ($)Tj 1.278 0 Td (3,091 )Tj -42.161 -1.2 Td (Commercial Banks)Tj 14.376 0 Td ( )Tj 1.947 0 Td ( )Tj 1.278 0 Td (2,707 )Tj 2.639 0 Td ( )Tj 1.947 0 Td ( )Tj 1.778 0 Td (3,629 )Tj 3.241 0 Td ( )Tj 1.947 0 Td ( )Tj 1.278 0 Td (4,704 )Tj 2.639 0 Td ( )Tj 1.947 0 Td ( )Tj 1.278 0 Td (4,794 )Tj 2.639 0 Td ( )Tj 1.947 0 Td ( )Tj 1.278 0 Td (4,438 )Tj 1 0 0 1 25 568.0714 Tm ( )Tj 179.702 0 Td ( )Tj 68.188 -0.5 Td ( )Tj 0.25 0.5 Td ( )Tj 4.868 0 Td ( )Tj 74.438 -0.5 Td ( )Tj 0.25 0.5 Td ( )Tj 12.389 0 Td ( )Tj 68.188 -0.5 Td ( )Tj 0.25 0.5 Td ( )Tj 4.868 0 Td ( )Tj 68.188 -0.5 Td ( )Tj 0.25 0.5 Td ( )Tj 4.868 0 Td ( )Tj 68.188 -0.5 Td ( )Tj 0.25 0.5 Td ( )Tj 12.5 0 0 12.5 25 541.4082 Tm (International reserve assets)Tj 14.376 0 Td ( )Tj 1.947 1.2 Td (US)Tj T* ($)Tj 1.278 0 Td (3,479 )Tj 2.639 0 Td ( )Tj 1.947 0 Td (US$5,716 )Tj 5.019 0 Td ( )Tj 1.947 1.2 Td (US)Tj T* ($)Tj 1.278 0 Td (7,216 )Tj 2.639 0 Td ( )Tj 1.947 1.2 Td (US)Tj T* ($)Tj 1.278 0 Td (7,872 )Tj 2.639 0 Td ( )Tj 1.947 1.2 Td (US)Tj T* ($)Tj 1.278 0 Td (7,529 )Tj 1 0 0 1 25 534.8714 Tm ( )Tj 179.702 0 Td ( )Tj 68.188 -1.5 Td ( )Tj 0.25 1.5 Td ( )Tj 4.868 0 Td ( )Tj 74.438 -1.5 Td ( )Tj 0.25 1.5 Td ( )Tj 12.389 0 Td ( )Tj 68.188 -1.5 Td ( )Tj 0.25 1.5 Td ( )Tj 4.868 0 Td ( )Tj 68.188 -1.5 Td ( )Tj 0.25 1.5 Td ( )Tj 4.868 0 Td ( )Tj 68.188 -1.5 Td ( )Tj 0.25 1.5 Td ( )Tj 3.75 0 0 3.75 10 508.7889 Tm ( )Tj 12.5 0 0 12.5 10 496.7083 Tm (\(1\))Tj 1.38 0 Td ( )Tj 0.46 0 Td (Preliminary data.)Tj 3.75 0 0 3.75 10 489.2889 Tm ( )Tj 12.5 0 0 12.5 10 477.2083 Tm (\(2\))Tj 1.38 0 Td ( )Tj 0.46 0 Td (This amount does not include US$507.5 million held by the Fondo de Estab\ ilidad del Sistema Bancario or )Tj T* (FESB at December 31, 2002 and US$224.1 million at December 31, 2003.)Tj /TT3 1 Tf -1.84 -1.203 Td (Source)Tj /TT0 1 Tf (: Banco Central )Tj 0 -1.804 TD ( )Tj /TT1 1 Tf (The Financial Sector)Tj /TT0 1 Tf ( )Tj 0 -1.803 TD ( )Tj /TT3 1 Tf (The Banking System in 2006)Tj /TT0 1 Tf ( )Tj 0 -1.8 TD ( During 2006, the non-financial private sector\222s deposits with th\ e banking system grew and the share of non-)Tj 0 -1.2 TD (performing loans \(NPLs\) on total loans decreased. Deposits with the do\ mestic banking sector increased by US)Tj 0 -1.2 TD ($797 million in 2006, to a total of US$9,751 million as of December 31. \ Credit extended to the non-financial )Tj T* (sector increased by US$381 million in the same period, to a total of US$\ 4,494 million at December 31, 2006. )Tj T* (Solvency ratios of the banking system on average remained stable above t\ he 8.0% total capital to risk-weighted )Tj T* (asset ratio required by Banco Central. At December 31, 2006, the regulat\ ory capital of private banks was 2.1 )Tj T* (times above the minimum regulatory requirement, while the share of NPLs \ on total loans \(based on client )Tj 0 -1.2 TD (payment behavior\) decreased from 6.5% at year-end 2005 to 3.6% in Decem\ ber 31, 2006. )Tj /TT2 1 Tf 0 -2.403 TD (Public Sector Finances)Tj /TT0 1 Tf ( )Tj 0 -1.804 TD ( )Tj /TT1 1 Tf (Public Sector Accounts)Tj /TT0 1 Tf ( )Tj 0 -1.8 TD ( Preliminary figures of the government indicate that during 2006 the\ central government\222s current expenditures )Tj 0 -1.2 TD (totaled Ps.135 billion, an increase of 5.6% in real terms compared to 20\ 05. Revenues for 2006 amounted to )Tj T* (approximately Ps.102 billion in 2006, an increase of 14.9% in real terms\ as compared to 2005. )Tj 0 -1.8 TD ( For 2006, the consolidated public sector had a deficit estimated by\ the government at Ps.2.9 billion, which )Tj 0 -1.2 TD (represented 0.6% of GDP, as compared to a deficit of Ps.3.3 billion \(0.\ 8% of GDP\) in 2005. The overall public )Tj T* (sector primary balance for 2006 evidenced a surplus of 3.8% of GDP, as c\ ompared to a surplus of 3.9% of GDP )Tj T* (in 2005. During 2006, non-financial public sector enterprises saw their \ surplus \(and therefore their contribution to )Tj T* (the overall public sector surplus\) decrease, largely due to the adverse\ impact of the price of oil on ANCAP \(the )Tj 0 -1.2 TD (state-owned oil refining company\) and UTE \(the state-owned electric co\ mpany\), which increased oil imports to )Tj T* (offset the adverse impact on hydroelectric power generation attributable\ to the drought that affected the level of )Tj T* (Uruguay\222s rivers in the first quarter of 2006. See \223Scheduled Data\ Dissemination\224 in this prospectus supplement. )Tj ET EMC /Artifact <>BDC Q BT /T1_0 1 Tf 9 0 0 9 18 7.17 Tm (http://www.sec.gov/Archives/edgar/data/102385/000095012307004873/y32802e\ 424b2.htm \(28 de 115\)25/10/2007 01:42:24 p.m.)Tj ET EMC endstream endobj 614 0 obj<>stream /Artifact <>BDC 0 0 0 rg 0 i BT /T1_0 1 Tf 0 Tc 0 Tw 0 Ts 100 Tz 0 Tr 9 0 0 9 18 830.17 Tm (424B2)Tj ET EMC /Article <>BDC q 0 18 595 806 re W* n BT /TT0 1 Tf 12.5 0 0 12.5 10 799.4873 Tm ( The government approved legislation to reform the tax system on Dec\ ember 27, 2006 and will seek to )Tj 0 -1.2 TD (complete the implementation of the reform by July 2007. )Tj 21.805 -2.72 Td (S - 16 )Tj ET 0.5 0.5 0.5 rg 10 718.317 575 2 re f EMC /Artifact <>BDC Q BT /T1_0 1 Tf 9 0 0 9 18 7.17 Tm (http://www.sec.gov/Archives/edgar/data/102385/000095012307004873/y32802e\ 424b2.htm \(29 de 115\)25/10/2007 01:42:24 p.m.)Tj ET EMC endstream endobj 615 0 obj<>stream /Artifact <>BDC 0 0 0 rg 0 i BT /T1_0 1 Tf 0 Tc 0 Tw 0 Ts 100 Tz 0 Tr 9 0 0 9 18 830.17 Tm (424B2)Tj ET EMC /WebCaptureBG BMC /WebCaptureFN <>BDC q 0 18 595 806 re W* n /Artifact <>BDC Q 0.8 0.933 1 rg 10 677.951 468.174 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 478.174 677.951 26.601 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 504.775 677.951 80.225 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 10 647.951 468.174 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 478.174 647.951 26.601 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 504.775 647.951 80.225 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 10 617.951 468.174 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 478.174 617.951 26.601 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 504.775 617.951 80.225 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 10 490.409 485.702 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 495.702 490.409 27.597 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 523.299 490.409 61.701 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 10 460.409 485.702 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 495.702 460.409 27.597 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 523.299 460.409 61.701 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 0 0 0 rg 10 425.409 m 113.5 425.409 l 113.5 424.409 l 10 424.409 l h f EMC EMC EMC /Article <>BDC q 0 18 595 806 re W* n 0 0 1 RG 1.086 w 10 M 0 j 0 J []0 d 10 782.42 m 119.135 782.42 l S 0 0 1 rg BT /T1_1 1 Tf 12.9231 0 0 12.9231 10 785.6766 Tm (Table of Contents)Tj 0 0 0 rg /TT0 1 Tf 12.5 0 0 12.5 10 749.6212 Tm (Main Macroeconomic Assumptions For 2007)Tj /TT1 1 Tf ( )Tj 0 -1.8 TD ( The Ministry of Economy and Finance and the Central Bank of Uruguay\ have announced the following policy )Tj 0 -1.2 TD (targets and macroeconomic assumptions for 2007: )Tj 0 -1.2 TD ( )Tj 37.454 0 Td ( )Tj 2.128 0 Td ( )Tj -38.382 -1.2 Td (Real GDP)Tj 36.254 0 Td ( )Tj 2.128 0 Td (5.3%)Tj -38.382 -1.2 Td (Current account deficit)Tj 36.254 0 Td ( )Tj 2.128 0 Td (\(4.1\)% of GDP)Tj -38.382 -1.2 Td (Average Real Wages)Tj 36.254 0 Td ( )Tj 2.128 0 Td (6.1%)Tj -38.382 -1.2 Td (Overall Public Sector Primary Surplus)Tj 36.254 0 Td ( )Tj 2.128 0 Td (4.0%)Tj -38.382 -1.2 Td (Increase in Central Bank International Reserves)Tj 36.254 0 Td ( )Tj 2.128 0 Td (US$200 million)Tj -38.382 -1.2 Td (CPI Inflation rate)Tj 36.254 0 Td ( )Tj 2.128 0 Td (4.5%-6.5%)Tj /TT0 1 Tf -39.582 -2.403 Td (Public Sector Debt)Tj /TT1 1 Tf ( )Tj 0 -1.8 TD ( As of September 30, 2006, Uruguay\222s total gross public sector de\ bt totaled US$14,616 million, which )Tj 0 -1.2 TD (represented 77% of GDP as of such date compared with 83% of GDP at Decem\ ber 2005. During the second half )Tj 0 -1.2 TD (of 2006, Uruguay issued the following series of debt securities \(in mil\ lions\): )Tj T* ( )Tj 38.856 0 Td ( )Tj 2.208 0 Td ( )Tj -39.864 -1.2 Td (5.00% UI Bonds due 2018)Tj 37.656 0 Td ( )Tj 2.208 0 Td (Ps.16,641)Tj 10.625 0 0 10.625 572.6113 494.5795 Tm (\(1\))Tj 12.5 0 0 12.5 25 479.5795 Tm (8.00% US$ Bonds due 2022)Tj 37.656 0 Td ( )Tj 2.208 0 Td (US$1,105)Tj -39.864 -1.2 Td (7.625% US$ Bonds due 2036)Tj 37.656 0 Td ( )Tj 2.208 0 Td (US$786)Tj -39.864 -1.2 Td (2.23% Japanese Yen Bonds due 2017)Tj 37.656 0 Td ( )Tj 2.208 0 Td (\24530,000)Tj 3.75 0 0 3.75 10 421.1602 Tm ( )Tj 12.5 0 0 12.5 10 409.0795 Tm (\(1\))Tj 1.38 0 Td ( )Tj 0.46 0 Td (Approximately US$700 million.)Tj -1.84 -1.804 Td ( )Tj /TT2 1 Tf (IMF Program)Tj /TT1 1 Tf ( )Tj 0 -1.8 TD ( Uruguay formerly maintained a program with the IMF, under which net\ disbursements totaling US$1.1 billion )Tj 0 -1.2 TD (between June 2005 and May 2008 were anticipated. The program with the IM\ F included certain quantitative )Tj T* (objectives as well as performance criteria that Uruguay had to meet. As \ part of its strategy to finance its external )Tj T* (liabilities, in August and November 2006 Uruguay prepaid obligations to \ the IMF in amounts of )Tj 0 -1.2 TD (SDR619.9 million \(approximately US$916.4 million\) and SDR726.7 million\ \(approximately US$1.1 billion\), )Tj T* (respectively, thereby prepaying in full all of Uruguay\222s outstanding \ obligations to the IMF. The prepayment was )Tj T* (made with the proceeds of long-term debt securities offered in the inter\ national capital markets and reserves. )Tj T* (Subsequent to the IMF\222s completion of its final review under the stan\ d-by facility on December 22, 2006, at the )Tj T* (request of Uruguay, the 2005 Stand-By Facility was terminated. )Tj 21.805 -2.72 Td (S - 17 )Tj ET 0.5 0.5 0.5 rg 10 177.855 575 2 re f EMC /Artifact <>BDC Q BT /T1_0 1 Tf 9 0 0 9 18 7.17 Tm (http://www.sec.gov/Archives/edgar/data/102385/000095012307004873/y32802e\ 424b2.htm \(30 de 115\)25/10/2007 01:42:24 p.m.)Tj ET EMC endstream endobj 616 0 obj<>stream /Artifact <>BDC 0 0 0 rg 0 i BT /T1_0 1 Tf 0 Tc 0 Tw 0 Ts 100 Tz 0 Tr 9 0 0 9 18 830.17 Tm (424B2)Tj ET EMC /Article <>BDC q 0 18 595 806 re W* n 0 0 1 RG 1.086 w 10 M 0 j 0 J []0 d 10 782.42 m 119.135 782.42 l S 0 0 1 rg BT /T1_1 1 Tf 12.9231 0 0 12.9231 10 785.6766 Tm (Table of Contents)Tj 0 0 0 rg /TT0 1 Tf 12.5 0 0 12.5 205.9937 746.1212 Tm (DESCRIPTION OF THE BONDS)Tj /TT1 1 Tf ( )Tj -15.68 -1.803 Td ( )Tj /TT2 1 Tf (Uruguay is issuing the Bonds under a trust indenture dated as of May 29,\ 2003 among Uruguay, Banco )Tj 0 -1.203 TD (Central, as financial agent to Uruguay, and The Bank of New York, as tru\ stee. The information contained in this )Tj 0 -1.2 TD (section and in the prospectus summarizes some of the terms of the Bonds \ and the indenture. You should read the )Tj 0 -1.2 TD (information set forth below together with the section \223Description of\ the Securities\224 in the accompanying )Tj T* (prospectus, which summarizes the general terms of the Bonds and the inde\ nture. You should read the indenture )Tj T* (and the form of Bonds before making your investment decision. Uruguay ha\ s filed the indenture and the form of )Tj T* (Bonds with the SEC and will also file copies of these documents at the o\ ffices of the trustee.)Tj /TT1 1 Tf ( )Tj 0 -1.803 TD ( )Tj /TT2 1 Tf (The accompanying prospectus sets forth the general terms of the Bonds. T\ his prospectus supplement describes )Tj 0 -1.203 TD (the terms of the Bonds in greater detail than the accompanying prospectu\ s and may provide information that )Tj 0 -1.2 TD (differs from the accompanying prospectus. If the information in this pro\ spectus supplement differs from the )Tj T* (accompanying prospectus, you should rely on the information in this pros\ pectus supplement.)Tj /TT1 1 Tf ( )Tj 0 -1.8 TD ( The 4.25% UI Bonds due April 5, 2027 will: )Tj T* ( )Tj /TT0 1 Tf 0.92 -0.003 Td (\225)Tj /TT1 1 Tf 1.38 0.003 Td ( )Tj 0.46 0 Td (be represented by one or more global securities in fully registered form\ only, without coupons, as more )Tj 0 -1.2 TD (fully described under \223Registration and Book-Entry System\224 below i\ n denominations of Ps.1,000 and )Tj T* (integral multiples thereof;)Tj 7.5 0 0 7.5 10 480.3124 Tm ( )Tj 12.5 0 0 12.5 10 466.9806 Tm ( )Tj /TT0 1 Tf 0.92 -0.003 Td (\225)Tj /TT1 1 Tf 1.38 0.003 Td ( )Tj 0.46 0 Td (be available in certificated form only under certain limited circumstanc\ es;)Tj 7.5 0 0 7.5 10 456.3124 Tm ( )Tj 12.5 0 0 12.5 10 442.9806 Tm ( )Tj /TT0 1 Tf 0.92 -0.003 Td (\225)Tj /TT1 1 Tf 1.38 0.003 Td ( )Tj 0.46 0 Td (be direct, general, unconditional and unsecured obligations of Uruguay;)Tj 7.5 0 0 7.5 10 432.3124 Tm ( )Tj 12.5 0 0 12.5 10 418.9806 Tm ( )Tj /TT0 1 Tf 0.92 -0.003 Td (\225)Tj /TT1 1 Tf 1.38 0.003 Td ( )Tj 0.46 0 Td (rank equal in right of payment with all of Uruguay\222s payment obligati\ ons relating to unsecured and )Tj 0 -1.2 TD (unsubordinated external indebtedness;)Tj 7.5 0 0 7.5 10 393.3124 Tm ( )Tj 12.5 0 0 12.5 10 379.9806 Tm ( )Tj /TT0 1 Tf 0.92 -0.003 Td (\225)Tj /TT1 1 Tf 1.38 0.003 Td ( )Tj 0.46 0 Td (mature on April 5, 2027;)Tj 7.5 0 0 7.5 10 369.3124 Tm ( )Tj 12.5 0 0 12.5 10 355.9806 Tm ( )Tj /TT0 1 Tf 0.92 -0.003 Td (\225)Tj /TT1 1 Tf 1.38 0.003 Td ( )Tj 0.46 0 Td (pay principal in three nominally equal installments on April 5, 2025, Ap\ ril 5, 2026 and at maturity. The )Tj T* (nominal principal amount repaid in each installment \(or the early redem\ ption amount\) will be adjusted to )Tj T* (reflect Uruguayan inflation from April 3, 2007 to the applicable repayme\ nt date \(or the date of such early )Tj 0 -1.2 TD (redemption, as applicable\) and will be converted to and paid in United \ States dollars. For this purpose, the )Tj 0 -1.2 TD (calculation agent will multiply the outstanding principal amount of the \ Bonds being repaid in Uruguayan )Tj T* (pesos by a fraction the numerator of which is the value of one UI in Uru\ guayan pesos as of such repayment )Tj T* (date and the denominator of which is Ps.1.6401, being the value of one U\ I expressed in Uruguayan pesos )Tj T* (on the date of issuance of the Bonds;)Tj 7.5 0 0 7.5 10 240.3124 Tm ( )Tj 12.5 0 0 12.5 10 226.9806 Tm ( )Tj /TT0 1 Tf 0.92 -0.003 Td (\225)Tj /TT1 1 Tf 1.38 0.003 Td ( )Tj 0.46 0 Td (accrue and pay interest semi-annually in arrears on April 5 and October \ 5 of each year, commencing on )Tj 0 -1.2 TD (October 5, 2007, each of the payments being payable at an annual rate of\ 4.25% on the outstanding )Tj T* (principal amount of the Bonds as adjusted to reflect Uruguayan inflation\ from the issue date through the )Tj 0 -1.2 TD (relevant interest payment date. For this purpose, The Bank of New York, \ as the calculation agent, will )Tj 0 -1.2 TD (multiply the outstanding principal amount of the Bonds in Uruguayan peso\ s by a fraction the numerator of )Tj T* (which is the value of one Unidad Indexada \(UI\) expressed in Uruguayan \ pesos as of the relevant interest )Tj T* (payment date and the denominator of which is Ps.1.6401, being the value \ of one UI expressed in )Tj T* (Uruguayan pesos on the date of issuance of the Bonds. Interest on the Bo\ nds will be calculated on the basis )Tj 0 -1.2 TD (of a 360-day year of twelve 30-day months;)Tj 7.5 0 0 7.5 10 96.3124 Tm ( )Tj 12.5 0 0 12.5 10 82.9806 Tm ( )Tj /TT0 1 Tf 0.92 -0.003 Td (\225)Tj /TT1 1 Tf 1.38 0.003 Td ( )Tj 0.46 0 Td (pay all amounts due in respect of principal or interest in U.S. dollars,\ calculated by the calculation agent by )Tj 0 -1.2 TD (exchanging the Uruguayan peso amounts into U.S. dollars at the Average T\ ransfer Exchange Rate on the )Tj T* (applicable Rate Calculation Date.)Tj ET EMC /Artifact <>BDC Q BT /T1_0 1 Tf 9 0 0 9 18 7.17 Tm (http://www.sec.gov/Archives/edgar/data/102385/000095012307004873/y32802e\ 424b2.htm \(31 de 115\)25/10/2007 01:42:24 p.m.)Tj ET EMC endstream endobj 617 0 obj<>stream /Artifact <>BDC 0 0 0 rg 0 i BT /T1_0 1 Tf 0 Tc 0 Tw 0 Ts 100 Tz 0 Tr 9 0 0 9 18 830.17 Tm (424B2)Tj ET EMC /Article <>BDC q 0 18 595 806 re W* n BT /TT0 1 Tf 12.5 0 0 12.5 282.5688 791.4806 Tm (S - 18 )Tj ET 0.5 0.5 0.5 rg 10 759.31 575 2 re f EMC /Artifact <>BDC Q BT /T1_0 1 Tf 9 0 0 9 18 7.17 Tm (http://www.sec.gov/Archives/edgar/data/102385/000095012307004873/y32802e\ 424b2.htm \(32 de 115\)25/10/2007 01:42:24 p.m.)Tj ET EMC endstream endobj 618 0 obj<>stream /Artifact <>BDC 0 0 0 rg 0 i BT /T1_0 1 Tf 0 Tc 0 Tw 0 Ts 100 Tz 0 Tr 9 0 0 9 18 830.17 Tm (424B2)Tj ET EMC /Article <>BDC q 0 18 595 806 re W* n 0 0 1 RG 1.086 w 10 M 0 j 0 J []0 d 10 782.42 m 119.135 782.42 l S 0 0 1 rg BT /T1_1 1 Tf 12.9231 0 0 12.9231 10 785.6766 Tm (Table of Contents)Tj 0 0 0 rg /TT0 1 Tf 12.5 0 0 12.5 10 742.1628 Tm ( For purposes of all payments of interest, principal or other amount\ s contemplated herein: )Tj 0 -1.8 TD ( )Tj /TT1 1 Tf 0.92 -0.003 Td (\225)Tj /TT0 1 Tf 1.38 0.003 Td ( )Tj 0.46 0 Td (\223Average Transfer Exchange Rate\224 shall mean the average interbank \ exchange rate for the conversion of )Tj 0 -1.2 TD (Uruguayan pesos into U.S. dollars as published by Banco Central and is a\ vailable on Bloomberg by typing )Tj 0 -1.2 TD (\223URINUSCA HP \224 as the bid-side rate for the period of \ twenty business days ending )Tj T* (two business days prior to any interest or principal payment date \(the \ \223Rate Calculation Date\224\). If such )Tj T* (exchange rate is not reported by Banco Central, then the Average Transfe\ r Exchange Rate shall be )Tj T* (determined by the calculation agent by calculating the average of the Al\ ternative Rate for the twenty )Tj 0 -1.2 TD (business days prior to any Rate Calculation Date. The Alternative Rate s\ hall be calculated by polling )Tj T* (Citibank N.A., Uruguay Branch, BankBoston Uruguay S.A., Banco Santander \ Uruguay, and ABN Amro )Tj T* (NV Uruguay Branch, each located in Montevideo, Uruguay \(collectively, t\ he \223Reference Banks\224\) at 16:00 )Tj T* (pm Montevideo time, at the exchange rate for the professional market, by\ taking the arithmetic mean of the )Tj T* (polled exchange rates. In the event that any of the Reference Banks ceas\ e to operate in the Republic, they )Tj T* (shall be replaced by the Republic, for the purpose of determining the Al\ ternative Rate, with subsidiaries or )Tj T* (branches of other foreign banks having similar characteristics.)Tj 7.5 0 0 7.5 10 528.9946 Tm ( )Tj 12.5 0 0 12.5 10 515.6628 Tm ( )Tj /TT1 1 Tf 0.92 -0.003 Td (\225)Tj /TT0 1 Tf 1.38 0.003 Td ( )Tj 0.46 0 Td (\223Business Day\224 means a day, other than a Saturday or Sunday, on wh\ ich commercial banks and foreign )Tj 0 -1.2 TD (exchange markets are open, or not authorized to close, in The City of Ne\ w York; provided however that )Tj T* (solely for the purposes of determining the Average Transfer Exchange Rat\ e, \223Business Day\224 means a day, )Tj 0 -1.2 TD (other than a Saturday or Sunday, on which commercial banks and foreign e\ xchange markets are open, or )Tj 0 -1.2 TD (not authorized to close, in Montevideo, Uruguay.)Tj 7.5 0 0 7.5 10 444.9946 Tm ( )Tj 12.5 0 0 12.5 10 431.6628 Tm ( )Tj /TT1 1 Tf 0.92 -0.003 Td (\225)Tj /TT0 1 Tf 1.38 0.003 Td ( )Tj 0.46 0 Td (\223UI\224 shall mean the value in Uruguayan pesos of the unit calculate\ d by the INE and published monthly in )Tj 0 -1.2 TD (advance for each day from the 6)Tj 10.625 0 0 10.625 205.55 416.6628 Tm (th)Tj 12.5 0 0 12.5 213.8163 416.6628 Tm ( day of a month to the 5)Tj 10.625 0 0 10.625 332.9037 416.6628 Tm (th)Tj 12.5 0 0 12.5 341.17 416.6628 Tm ( day of the following month by Banco Central )Tj -23.734 -1.2 Td (del Uruguay and INE. The formula for calculation shall be the formula es\ tablished by Law 17.761 dated )Tj T* (May 12, 2004 \(the \223Formula\224\) and is as follows:)Tj 2.76 -1.884 Td (UI d,t = UI 5,t-1 * \(IPC)Tj 10.625 0 0 10.625 197.15 363.1173 Tm (t-2)Tj 12.5 0 0 12.5 208.9544 363.1173 Tm ( / IPC)Tj 10.625 0 0 10.625 238.1294 363.1173 Tm (t-3)Tj 12.5 0 0 12.5 249.9337 363.1173 Tm (\) ^ [\(d+D)Tj 10.625 0 0 10.625 296.8587 363.1173 Tm (t-1)Tj 12.5 0 0 12.5 308.6631 363.1173 Tm (-5\)/D)Tj 10.625 0 0 10.625 335.7381 363.1173 Tm (t-1)Tj 12.5 0 0 12.5 347.5425 363.1173 Tm (] for 1 )Tj /T1_2 1 Tf (\243)Tj /TT0 1 Tf ( d )Tj /T1_2 1 Tf (\243)Tj /TT0 1 Tf ( 5 )Tj -21.483 -1.884 Td (UI d,t = UI 5,t * \(IPC)Tj 10.625 0 0 10.625 186.7375 339.5718 Tm (t-1)Tj 12.5 0 0 12.5 198.5419 339.5718 Tm ( / IPC)Tj 10.625 0 0 10.625 227.7169 339.5718 Tm (t-2)Tj 12.5 0 0 12.5 239.5213 339.5718 Tm (\) ^ [\(d-5\)/D)Tj 10.625 0 0 10.625 297.4462 339.5718 Tm (t)Tj 12.5 0 0 12.5 300.4 339.5718 Tm (] for 6 )Tj /T1_2 1 Tf (\243)Tj /TT0 1 Tf ( d )Tj /T1_2 1 Tf (\243)Tj /TT0 1 Tf ( 31 )Tj -17.712 -1.8 Td (UI d,t = Unidad Indexada of day \223d\224 on month \223t\224 )Tj 0 -1.8 TD (d = day )Tj 0 -1.8 TD (t = month )Tj 0 -1.8 TD (D)Tj 10.625 0 0 10.625 88.025 249.5718 Tm (t)Tj 12.5 0 0 12.5 90.9787 249.5718 Tm ( = number of days in month \223t\224 )Tj -0.958 -1.803 Td (IPC = Consumer Price Index \()Tj /TT2 1 Tf (Indice de Precios al Consumo)Tj /TT0 1 Tf (\) as measured by INE. )Tj -1.84 -1.8 Td (Banco Central del Uruguay shall give the Trustee and the calculation age\ nt prompt notices of any )Tj 0 -1.2 TD (changes to the methodology for the calculation of the UI as established \ by Law 17.761 referred to above. )Tj T* (In such cases and if the UI is no longer published or is not available f\ rom Banco Central in a timely )Tj T* (manner, the Calculation Agent will apply the Formula, which will be stip\ ulated in the terms and )Tj T* (conditions of the Bonds, with the relevant IPCs published on Bloomberg e\ lectronic information services. )Tj 0 -1.2 TD (If the IPC for the relevant months required to calculate the UI for any \ payment date are not published on )Tj T* (Bloomberg electronic information services, Banco Central shall provide t\ he calculation agent with the )Tj T* (required IPC. )Tj /TT1 1 Tf -3.68 -2.403 Td (Payment of Principal and Interest)Tj /TT0 1 Tf ( )Tj 0 -1.8 TD ( If any date for an interest or principal payment on a Bond is a day\ on which banking institutions in New York )Tj ET EMC /Artifact <>BDC Q BT /T1_0 1 Tf 9 0 0 9 18 7.17 Tm (http://www.sec.gov/Archives/edgar/data/102385/000095012307004873/y32802e\ 424b2.htm \(33 de 115\)25/10/2007 01:42:24 p.m.)Tj ET EMC endstream endobj 619 0 obj<>stream /Artifact <>BDC 0 0 0 rg 0 i BT /T1_0 1 Tf 0 Tc 0 Tw 0 Ts 100 Tz 0 Tr 9 0 0 9 18 830.17 Tm (424B2)Tj ET EMC /Article <>BDC q 0 18 595 806 re W* n BT /TT0 1 Tf 12.5 0 0 12.5 10 805.1705 Tm (City are authorized or obligated by law or executive order to be closed,\ Uruguay will make the payment on the )Tj 0 -1.2 TD (next New York City banking day. No interest on the Bonds will accrue as \ a result of this delay in payment. )Tj 21.805 -2.72 Td (S - 19 )Tj ET 0.5 0.5 0.5 rg 10 724 575 2 re f EMC /Artifact <>BDC Q BT /T1_0 1 Tf 9 0 0 9 18 7.17 Tm (http://www.sec.gov/Archives/edgar/data/102385/000095012307004873/y32802e\ 424b2.htm \(34 de 115\)25/10/2007 01:42:24 p.m.)Tj ET EMC endstream endobj 620 0 obj<>stream /Artifact <>BDC 0 0 0 rg 0 i BT /T1_0 1 Tf 0 Tc 0 Tw 0 Ts 100 Tz 0 Tr 9 0 0 9 18 830.17 Tm (424B2)Tj ET EMC /Article <>BDC q 0 18 595 806 re W* n 0 0 1 RG 1.086 w 10 M 0 j 0 J []0 d 10 782.42 m 119.135 782.42 l S 0 0 1 rg BT /T1_1 1 Tf 12.9231 0 0 12.9231 10 785.6766 Tm (Table of Contents)Tj 0 0 0 rg /TT0 1 Tf 12.5 0 0 12.5 10 749.6628 Tm ( If any money that Uruguay pays to the trustee or to any paying agen\ t to make payments on any Bonds is not )Tj 0 -1.2 TD (claimed at the end of two years after the applicable payment was due and\ payable, then the money will be repaid )Tj T* (to Uruguay on Uruguay\222s written request. After any such repayment, ne\ ither the trustee nor any paying agent will )Tj 0 -1.2 TD (be liable for that payment to the relevant holders. Uruguay will hold th\ e unclaimed money in trust for the relevant )Tj 0 -1.2 TD (holders until four years from the date on which the payment first became\ due. )Tj 0 -1.804 TD ( )Tj /TT1 1 Tf (Global Bonds)Tj /TT0 1 Tf ( )Tj 0 -1.8 TD ( Payments of principal, interest and additional amounts, if any, in \ respect of the Bonds will be made to DTC or )Tj 0 -1.2 TD (its nominee, as the registered holder of those global securities. Urugua\ y expects that the holders will be paid in )Tj T* (accordance with the procedures of DTC and its participants. Neither Urug\ uay nor the trustee, which will act as )Tj T* (Uruguay\222s principal paying agent, shall have any responsibility or li\ ability for any aspect of the records of, or )Tj T* (payments made by, DTC or its nominee, or any failure on the part of DTC \ in making payments to holders of the )Tj T* (Bonds from the funds it receives. )Tj 0 -1.804 TD ( )Tj /TT1 1 Tf (Certificated Bonds)Tj /TT0 1 Tf ( )Tj 0 -1.8 TD ( Uruguay will arrange for payments to be made on any Bonds in certif\ icated form to the person in whose name )Tj 0 -1.2 TD (the certificated Bonds are registered, by wire transfer or by check mail\ ed to the holder\222s registered address. )Tj /TT2 1 Tf 0 -2.403 TD (Modifications)Tj /TT0 1 Tf ( )Tj 0 -1.8 TD ( The indenture and the Bonds contain collective action clauses with \ provisions regarding future modifications )Tj 0 -1.2 TD (to the terms of the Bonds and to multiple series of debt securities issu\ ed under the indenture. )Tj 0 -1.8 TD ( Any modification, amendment, supplement or waiver to the indenture \ or the terms and conditions of the Bonds )Tj 0 -1.2 TD (may be made or given pursuant to \(i\) a written action of the holders o\ f the Bonds without the need for a meeting, )Tj T* (or \(ii\) by vote of the holders of the Bonds taken at a meeting of hold\ ers thereof, in each case in accordance with )Tj T* (the applicable provisions of the indenture and the terms and conditions \ of the Bonds. )Tj 0 -1.8 TD ( Any modification, amendment, supplement or waiver to the terms and \ conditions of the Bonds, or to the )Tj 0 -1.2 TD (indenture insofar as it affects the Bonds, may generally be made, and fu\ ture compliance therewith may be waived, )Tj T* (with the consent of Uruguay and the holders of not less than 66-)Tj 10.625 0 0 10.625 330.7875 322.0121 Tm (2)Tj 12.5 0 0 12.5 336.1 322.0121 Tm (/)Tj 10.625 0 0 10.625 339.575 322.0121 Tm (3)Tj 12.5 0 0 12.5 344.8875 322.0121 Tm (% in aggregate principal amount of the Bonds )Tj -26.791 -1.2 Td (at the time outstanding. )Tj 0 -1.8 TD ( However, special requirements apply with respect to any modificatio\ n, amendment, supplement or waiver that )Tj 0 -1.2 TD (would: )Tj 0 -1.8 TD ( )Tj /TT2 1 Tf 0.92 -0.003 Td (\225)Tj /TT0 1 Tf 1.38 0.003 Td ( )Tj 0.46 0 Td (change the date for payment of principal or premium of, or any installme\ nt of interest on, the Bonds;)Tj 7.5 0 0 7.5 10 236.3439 Tm ( )Tj 12.5 0 0 12.5 10 223.0121 Tm ( )Tj /TT2 1 Tf 0.92 -0.003 Td (\225)Tj /TT0 1 Tf 1.38 0.003 Td ( )Tj 0.46 0 Td (reduce the principal amount or redemption price or premium, if any, paya\ ble under the Bonds;)Tj 7.5 0 0 7.5 10 212.3439 Tm ( )Tj 12.5 0 0 12.5 10 199.0121 Tm ( )Tj /TT2 1 Tf 0.92 -0.003 Td (\225)Tj /TT0 1 Tf 1.38 0.003 Td ( )Tj 0.46 0 Td (reduce the portion of the principal amount which is payable in the event\ of an acceleration of the maturity )Tj 0 -1.2 TD (of the Bonds;)Tj 7.5 0 0 7.5 10 173.3439 Tm ( )Tj 12.5 0 0 12.5 10 160.0121 Tm ( )Tj /TT2 1 Tf 0.92 -0.003 Td (\225)Tj /TT0 1 Tf 1.38 0.003 Td ( )Tj 0.46 0 Td (reduce the interest rate on the Bonds;)Tj 7.5 0 0 7.5 10 149.3439 Tm ( )Tj 12.5 0 0 12.5 10 136.0121 Tm ( )Tj /TT2 1 Tf 0.92 -0.003 Td (\225)Tj /TT0 1 Tf 1.38 0.003 Td ( )Tj 0.46 0 Td (change the currency or place of payment of any amount payable under the \ Bonds;)Tj 7.5 0 0 7.5 10 125.3439 Tm ( )Tj 12.5 0 0 12.5 10 112.0121 Tm ( )Tj /TT2 1 Tf 0.92 -0.003 Td (\225)Tj /TT0 1 Tf 1.38 0.003 Td ( )Tj 0.46 0 Td (change the obligation of Uruguay to pay additional amounts in respect of\ the Bonds;)Tj 7.5 0 0 7.5 10 101.3439 Tm ( )Tj 12.5 0 0 12.5 10 88.0121 Tm ( )Tj /TT2 1 Tf 0.92 -0.003 Td (\225)Tj /TT0 1 Tf 1.38 0.003 Td ( )Tj 0.46 0 Td (change the definition of \223outstanding\224 or the percentage of votes \ required for the taking of any action )Tj T* (pursuant to the modification provisions of the indenture \(and the corre\ sponding provisions of the terms and )Tj T* (conditions of the Bonds\) in respect of the Bonds;)Tj 7.5 0 0 7.5 10 47.3439 Tm ( )Tj ET EMC /Artifact <>BDC Q BT /T1_0 1 Tf 9 0 0 9 18 7.17 Tm (http://www.sec.gov/Archives/edgar/data/102385/000095012307004873/y32802e\ 424b2.htm \(35 de 115\)25/10/2007 01:42:24 p.m.)Tj ET EMC endstream endobj 621 0 obj<>stream /Artifact <>BDC 0 0 0 rg 0 i BT /T1_0 1 Tf 0 Tc 0 Tw 0 Ts 100 Tz 0 Tr 9 0 0 9 18 830.17 Tm (424B2)Tj ET EMC /Article <>BDC q 0 18 595 806 re W* n BT /TT0 1 Tf 12.5 0 0 12.5 10 805.1705 Tm ( )Tj /TT1 1 Tf 0.92 -0.003 Td (\225)Tj /TT0 1 Tf 1.38 0.003 Td ( )Tj 0.46 0 Td (authorize the trustee, on behalf of all holders of the Bonds, to exchang\ e or substitute all the Bonds for, or )Tj 0 -1.2 TD (convert all the Bonds into, other obligations or securities of Uruguay o\ r any other Person; or)Tj 7.5 0 0 7.5 10 779.5023 Tm ( )Tj 12.5 0 0 12.5 10 766.1705 Tm ( )Tj /TT1 1 Tf 0.92 -0.003 Td (\225)Tj /TT0 1 Tf 1.38 0.003 Td ( )Tj 0.46 -0.003 Td (change the )Tj /TT2 1 Tf (pari passu )Tj /TT0 1 Tf (ranking, governing law, submission to jurisdiction or waiver of immuniti\ es )Tj T* (provisions of the terms and conditions of the Bonds.)Tj -2.76 -1.8 Td ( We refer to the above subjects as \223reserve matters\224 and to an\ y modification, amendment, supplement or )Tj 0 -1.2 TD (waiver constituting a reserve matter as a \223reserve matter modificatio\ n.\224 )Tj 21.805 -2.72 Td (S - 20 )Tj ET 0.5 0.5 0.5 rg 10 647.465 575 2 re f EMC /Artifact <>BDC Q BT /T1_0 1 Tf 9 0 0 9 18 7.17 Tm (http://www.sec.gov/Archives/edgar/data/102385/000095012307004873/y32802e\ 424b2.htm \(36 de 115\)25/10/2007 01:42:24 p.m.)Tj ET EMC endstream endobj 622 0 obj<>stream /Artifact <>BDC 0 0 0 rg 0 i BT /T1_0 1 Tf 0 Tc 0 Tw 0 Ts 100 Tz 0 Tr 9 0 0 9 18 830.17 Tm (424B2)Tj ET EMC /Article <>BDC q 0 18 595 806 re W* n 0 0 1 RG 1.086 w 10 M 0 j 0 J []0 d 10 782.42 m 119.135 782.42 l S 0 0 1 rg BT /T1_1 1 Tf 12.9231 0 0 12.9231 10 785.6766 Tm (Table of Contents)Tj 0 0 0 rg /TT0 1 Tf 12.5 0 0 12.5 10 749.6628 Tm ( Any reserve matter modification to the terms and conditions of the \ Bonds or to the indenture insofar as it )Tj 0 -1.2 TD (affects the Bonds \(but does not, in each case, modify the terms of any \ other debt securities issued under the )Tj T* (indenture\), may generally be made, and future compliance therewith may \ be waived, with the consent of Uruguay )Tj 0 -1.2 TD (and the holders of not less than 75% in aggregate principal amount of th\ e Bonds at the time outstanding. )Tj 0 -1.8 TD ( If Uruguay proposes any reserve matter modification to the terms an\ d conditions of the Bonds and at least one )Tj 0 -1.2 TD (other series of debt securities issued under the indenture, or to the in\ denture insofar as it affects the Bonds and at )Tj T* (least one other series of debt securities issued under the indenture, in\ either case as part of a single transaction, )Tj T* (Uruguay may elect to proceed pursuant to provisions of the indenture pro\ viding that such modifications may be )Tj 0 -1.2 TD (made, and future compliance therewith may be waived, for any affected se\ ries if made with the consent of )Tj T* (Uruguay and: )Tj 0 -1.8 TD ( )Tj /TT1 1 Tf 0.92 -0.003 Td (\225)Tj /TT0 1 Tf 1.38 0.003 Td ( )Tj 0.46 -0.003 Td (the holders of not less than 85% in aggregate principal amount of the ou\ tstanding debt securities of )Tj /TT2 1 Tf (all )Tj /TT0 1 Tf 0 -1.2 TD (series that would be affected by that reserve matter modification \(take\ n in aggregate\), and)Tj 7.5 0 0 7.5 10 558.9595 Tm ( )Tj 12.5 0 0 12.5 10 545.6276 Tm ( )Tj /TT1 1 Tf 0.92 -0.003 Td (\225)Tj /TT0 1 Tf 1.38 0.003 Td ( )Tj 0.46 0 Td (the holders of not less than 66-)Tj 10.625 0 0 10.625 198.65 545.6276 Tm (2)Tj 12.5 0 0 12.5 203.9625 545.6276 Tm (/)Tj 10.625 0 0 10.625 207.4375 545.6276 Tm (3)Tj 12.5 0 0 12.5 212.75 545.6276 Tm (% in aggregate principal amount of the outstanding debt securities of )Tj -13.46 -1.2 Td (each affected series \(taken individually\).)Tj -2.76 -1.8 Td ( If any reserve matter modification is sought in the context of a si\ multaneous offer to exchange the Bonds for )Tj 0 -1.2 TD (new debt instruments of Uruguay or any other Person, Uruguay shall ensur\ e that the relevant provisions of the )Tj T* (Bonds, as amended by such modification, are no less favorable to the hol\ ders thereof than the provisions of the )Tj T* (new instrument being offered in the exchange, or, if more than one debt \ instrument is so offered, no less favorable )Tj T* (than the new debt instrument issued having the largest aggregate princip\ al amount. )Tj 0 -1.8 TD ( Uruguay agrees that it will not issue new Bonds or reopen the Bonds\ with the intention of placing the Bonds )Tj 0 -1.2 TD (with holders expected to support any modification proposed by Uruguay \(\ or that Uruguay plans to propose\) for )Tj T* (approval pursuant to the modification provisions of the indenture or the\ terms and conditions of the Bonds. )Tj 0 -1.8 TD ( Any modification consented to or approved by the holders of the Bon\ ds and the holders of any other series of )Tj 0 -1.2 TD (debt securities, if applicable, pursuant to the modification provisions \ will be conclusive and binding on all holders )Tj T* (of the Bonds, whether or not they have given such consent or were presen\ t at a meeting of holders at which such )Tj T* (action was taken, and on all future holders of the Bonds, whether or not\ notation of such modification is made )Tj T* (upon the Bonds. Any instrument given by or on behalf of any holder of a \ Bond in connection with any consent to )Tj T* (or approval of any such modification will be conclusive and binding on a\ ll subsequent holders of such bond. )Tj 0 -1.8 TD ( Before seeking the consent of any holder of a Bond to a reserve mat\ ter modification affecting that series, )Tj 0 -1.2 TD (Uruguay shall provide to the trustee \(for onward distribution to the ho\ lders of the Bonds\) the following )Tj T* (information: )Tj 0 -1.8 TD ( )Tj /TT1 1 Tf 0.92 -0.003 Td (\225)Tj /TT0 1 Tf 1.38 0.003 Td ( )Tj 0.46 0 Td (a description of the economic or financial circumstances that, in Urugua\ y\222s view, explain the request for )Tj 0 -1.2 TD (the proposed modification;)Tj 7.5 0 0 7.5 10 197.4595 Tm ( )Tj 12.5 0 0 12.5 10 184.1276 Tm ( )Tj /TT1 1 Tf 0.92 -0.003 Td (\225)Tj /TT0 1 Tf 1.38 0.003 Td ( )Tj 0.46 0 Td (if Uruguay shall at the time have entered into a standby, extended funds\ or similar program with the )Tj 0 -1.2 TD (International Monetary Fund, a copy of that program \(including any rela\ ted technical memorandum\); and)Tj 7.5 0 0 7.5 10 158.4595 Tm ( )Tj 12.5 0 0 12.5 10 145.1276 Tm ( )Tj /TT1 1 Tf 0.92 -0.003 Td (\225)Tj /TT0 1 Tf 1.38 0.003 Td ( )Tj 0.46 0 Td (a description of Uruguay\222s proposed treatment of its other major cred\ itor groups \(including, where )Tj T* (appropriate, Paris Club creditors, other bilateral creditors and interna\ l debtholders\) in connection with )Tj T* (Uruguay\222s efforts to address the situation giving rise to the request\ ed modification.)Tj -2.76 -1.8 Td ( For purposes of determining whether the required percentage of hold\ ers of the Bonds has approved any )Tj 0 -1.2 TD (modification, amendment, supplement or waiver or other action or instruc\ tion pursuant to the indenture or, in the )Tj T* (case of a meeting, whether sufficient holders are present for quorum pur\ poses, any Bonds owned or controlled, )Tj T* (directly or indirectly, by Uruguay or any public sector instrumentality \ of Uruguay will be disregarded and deemed )Tj ET EMC /Artifact <>BDC Q BT /T1_0 1 Tf 9 0 0 9 18 7.17 Tm (http://www.sec.gov/Archives/edgar/data/102385/000095012307004873/y32802e\ 424b2.htm \(37 de 115\)25/10/2007 01:42:24 p.m.)Tj ET EMC endstream endobj 623 0 obj<>stream /Artifact <>BDC 0 0 0 rg 0 i BT /T1_0 1 Tf 0 Tc 0 Tw 0 Ts 100 Tz 0 Tr 9 0 0 9 18 830.17 Tm (424B2)Tj ET EMC /Article <>BDC q 0 18 595 806 re W* n BT /TT0 1 Tf 12.5 0 0 12.5 10 805.1705 Tm (to be not outstanding. As used in this paragraph, \223public sector inst\ rumentality\224 means Banco Central, any )Tj 0 -1.2 TD (department, ministry or agency of the government of Uruguay or any corpo\ ration, trust, financial institution or )Tj T* (other entity owned or controlled by the government of Uruguay or any of \ the foregoing, and \223control\224 means the )Tj 0 -1.2 TD (power, directly or indirectly, through the ownership of voting securitie\ s or other ownership interests or otherwise, )Tj 0 -1.2 TD (to direct the management of or elect or appoint a majority of the board \ of directors or other persons performing )Tj T* (similar functions in lieu of, or in addition to, the board of directors \ of a corporation, trust, financial institution or )Tj T* (other )Tj 21.805 -2.72 Td (S - 21 )Tj ET 0.5 0.5 0.5 rg 10 649 575 2 re f EMC /Artifact <>BDC Q BT /T1_0 1 Tf 9 0 0 9 18 7.17 Tm (http://www.sec.gov/Archives/edgar/data/102385/000095012307004873/y32802e\ 424b2.htm \(38 de 115\)25/10/2007 01:42:24 p.m.)Tj ET EMC endstream endobj 624 0 obj<>stream /Artifact <>BDC 0 0 0 rg 0 i BT /T1_0 1 Tf 0 Tc 0 Tw 0 Ts 100 Tz 0 Tr 9 0 0 9 18 830.17 Tm (424B2)Tj ET EMC /Article <>BDC q 0 18 595 806 re W* n 0 0 1 RG 1.086 w 10 M 0 j 0 J []0 d 10 782.42 m 119.135 782.42 l S 0 0 1 rg BT /T1_1 1 Tf 12.9231 0 0 12.9231 10 785.6766 Tm (Table of Contents)Tj 0 0 0 rg /TT0 1 Tf 12.5 0 0 12.5 10 749.6628 Tm (entity. In determining whether the trustee shall be protected in relying\ upon any modification, amendment, )Tj 0 -1.2 TD (supplement or waiver, or any notice from holders, only Bonds that the tr\ ustee knows to be so owned shall be so )Tj T* (disregarded. )Tj 0 -1.8 TD ( Prior to any vote on a reserve matter modification affecting the Bo\ nds, Uruguay shall deliver to the trustee a )Tj 0 -1.2 TD (certificate signed by an authorized representative of Uruguay specifying\ , for Uruguay and each public sector )Tj T* (instrumentality, any Bonds deemed to be not outstanding as described abo\ ve or, if no Bonds are owned or )Tj T* (controlled by Uruguay or any public sector instrumentality, a certificat\ e signed by an authorized representative of )Tj 0 -1.2 TD (Uruguay to this effect. )Tj /TT1 1 Tf 0 -2.403 TD (Limitation on Time for Claims)Tj /TT0 1 Tf ( )Tj 0 -1.8 TD ( Claims against Uruguay for the payment of principal or interest on \ the Bonds \(including additional amounts\) )Tj 0 -1.2 TD (must be made within four years after the date on which such payment firs\ t became due, or a shorter period if )Tj T* (provided by law. )Tj /TT1 1 Tf 0 -2.403 TD (Additional Amounts)Tj /TT0 1 Tf ( )Tj 0 -1.8 TD ( Uruguay will make all principal and interest payments on the Bonds \ without withholding or deducting any )Tj 0 -1.2 TD (present or future taxes imposed by Uruguay or any of its political subdi\ visions. If Uruguayan law requires )Tj T* (Uruguay to deduct or withhold taxes \(which it currently does not requir\ e\), Uruguay will pay the holders of Bonds )Tj T* (the additional amounts necessary to ensure that they receive the same am\ ount as they would have received )Tj T* (without any withholding or deduction. )Tj 0 -1.8 TD ( Uruguay will not, however, pay any additional amounts in connection\ with any tax, assessment or other )Tj 0 -1.2 TD (governmental charge that is imposed due to any of the following: )Tj 0 -1.8 TD ( )Tj /TT1 1 Tf 0.92 -0.003 Td (\225)Tj /TT0 1 Tf 1.38 0.003 Td ( )Tj 0.46 0 Td (the holder of Bonds has or had some connection with Uruguay other than m\ erely owning the securities or )Tj 0 -1.2 TD (receiving principal and interest payments on the Bonds;)Tj 7.5 0 0 7.5 10 356.4113 Tm ( )Tj 12.5 0 0 12.5 10 343.0795 Tm ( )Tj /TT1 1 Tf 0.92 -0.003 Td (\225)Tj /TT0 1 Tf 1.38 0.003 Td ( )Tj 0.46 0 Td (the holder of Bonds has failed to comply with any certification or other\ reporting requirement concerning )Tj 0 -1.2 TD (its nationality, residence, identity or connection with Uruguay, and Uru\ guay requires compliance with )Tj T* (these reporting requirements as a precondition to exemption from Uruguay\ an withholding taxes or )Tj 0 -1.2 TD (deductions and has provided notice of such requirement to the trustee at\ least 60 days prior to the date such )Tj 0 -1.2 TD (compliance is required; or)Tj 7.5 0 0 7.5 10 272.4113 Tm ( )Tj 12.5 0 0 12.5 10 259.0795 Tm ( )Tj /TT1 1 Tf 0.92 -0.003 Td (\225)Tj /TT0 1 Tf 1.38 0.003 Td ( )Tj 0.46 0 Td (the holder of Bonds has failed to present its security within 30 days af\ ter a payment of principal or interest )Tj 0 -1.2 TD (has been made available to the holder.)Tj -2.76 -1.8 Td ( Uruguay will pay any administrative, excise or property taxes that \ arise in Uruguay under Uruguayan law in )Tj 0 -1.2 TD (connection with the Bonds. Uruguay will also indemnify the holder of Bon\ ds against any administrative, excise or )Tj T* (property taxes resulting from the enforcement of the obligations of Urug\ uay under the Bonds following an event )Tj T* (of default. )Tj /TT1 1 Tf 0 -2.403 TD (Paying Agents and Transfer Agent)Tj /TT0 1 Tf ( )Tj 0 -1.8 TD ( So long as any Bonds remain outstanding, Uruguay will maintain a pr\ incipal paying agent in the United )Tj 0 -1.2 TD (Kingdom and a registrar in New York City for that series and maintain in\ New York City an office or agency )Tj T* (where notices and demands to or upon Uruguay in respect of the Bonds or \ of the indenture may be served. )Tj T* (Uruguay has initially designated the corporate trust office of the trust\ ee as the agency for each such purpose and )Tj T* (as the place where the Register will be maintained. )Tj 0 -1.8 TD ( Uruguay will provide prompt notice of the termination, appointment \ or change in the office of any paying )Tj ET EMC /Artifact <>BDC Q BT /T1_0 1 Tf 9 0 0 9 18 7.17 Tm (http://www.sec.gov/Archives/edgar/data/102385/000095012307004873/y32802e\ 424b2.htm \(39 de 115\)25/10/2007 01:42:24 p.m.)Tj ET EMC endstream endobj 625 0 obj<>stream /Artifact <>BDC 0 0 0 rg 0 i BT /T1_0 1 Tf 0 Tc 0 Tw 0 Ts 100 Tz 0 Tr 9 0 0 9 18 830.17 Tm (424B2)Tj ET EMC /Article <>BDC q 0 18 595 806 re W* n BT /TT0 1 Tf 12.5 0 0 12.5 10 805.1705 Tm (agent, transfer agent or registrar acting in connection with any series \ of securities. )Tj /TT1 1 Tf 0 -2.403 TD (Further Issues)Tj /TT0 1 Tf ( )Tj 0 -1.8 TD ( Uruguay may without the consent of the holders create and issue add\ itional securities with the same terms and )Tj 0 -1.2 TD (conditions as the Bonds \(or the same except for the amount of the first\ interest payment\) so long as the additional )Tj T* (securities are consolidated and form a single series with the outstandin\ g Bonds. )Tj 21.805 -2.72 Td (S - 22 )Tj ET 0.5 0.5 0.5 rg 10 656.458 575 2 re f EMC /Artifact <>BDC Q BT /T1_0 1 Tf 9 0 0 9 18 7.17 Tm (http://www.sec.gov/Archives/edgar/data/102385/000095012307004873/y32802e\ 424b2.htm \(40 de 115\)25/10/2007 01:42:24 p.m.)Tj ET EMC endstream endobj 626 0 obj<>stream /Artifact <>BDC 0 0 0 rg 0 i BT /T1_0 1 Tf 0 Tc 0 Tw 0 Ts 100 Tz 0 Tr 9 0 0 9 18 830.17 Tm (424B2)Tj ET EMC /Article <>BDC q 0 18 595 806 re W* n 0 0 1 RG 1.086 w 10 M 0 j 0 J []0 d 10 782.42 m 119.135 782.42 l S 0 0 1 rg BT /T1_1 1 Tf 12.9231 0 0 12.9231 10 785.6766 Tm (Table of Contents)Tj 0 0 0 rg /TT0 1 Tf 12.5 0 0 12.5 10 749.6212 Tm (Notices)Tj /TT1 1 Tf ( )Tj 0 -1.803 TD ( All notices to holders will be published in the )Tj /TT2 1 Tf (Financial Times )Tj /TT1 1 Tf (in London. If at any time publication in the )Tj /TT2 1 Tf 0 -1.203 TD (Financial Times )Tj /TT1 1 Tf (is not practicable, Uruguay will publish notices in another daily newspa\ per with general )Tj 0 -1.2 TD (circulation in London. Any notice so published shall be deemed to have b\ een given on the date of its publication. )Tj 0 -1.8 TD ( Notices will also be mailed to holders at their registered addresse\ s. So long as a clearing system, or its )Tj 0 -1.2 TD (nominee or common custodian, is the registered holder of a Bond represen\ ted by a global security or securities, )Tj 0 -1.2 TD (each person owning a beneficial interest in a global security must rely \ on the procedures of that clearing system to )Tj T* (receive notices provided to it. Each person owning a beneficial interest\ in a global security who is not a )Tj T* (participant in a clearing system must rely on the procedures of the part\ icipant through which the person owns its )Tj T* (interest in the global security to receive notices provided to the clear\ ing system. Uruguay will consider mailed )Tj T* (notice to have been given three business days after it has been sent. )Tj /TT0 1 Tf 0 -2.403 TD (Registration and Book-Entry System)Tj /TT1 1 Tf ( )Tj 0 -1.804 TD ( )Tj /TT3 1 Tf (Global Bonds)Tj /TT1 1 Tf ( )Tj 0 -1.8 TD ( The Bonds will be represented by interests in one or more permanent\ global securities in definitive fully )Tj 0 -1.2 TD (registered form, without interest coupons attached, which will be regist\ ered in the name of a nominee for DTC )Tj T* (and which will be deposited on or before the Closing Date with a custodi\ an for DTC. Financial institutions, acting )Tj T* (as direct and indirect participants in DTC, will represent your benefici\ al interests in the global security. These )Tj T* (financial institutions will record the ownership and transfer of your be\ neficial interests through book-entry )Tj T* (accounts, eliminating the need for physical movement of securities. )Tj 0 -1.8 TD ( If you wish to hold securities through the DTC system, you must eit\ her be a direct participant in DTC or hold )Tj 0 -1.2 TD (through a direct participant in DTC. Direct participants include securit\ ies brokers and dealers, banks, trust )Tj T* (companies, clearing corporations and certain other organizations that ha\ ve accounts with DTC. Euroclear and )Tj T* (Clearstream participate in DTC through their New York depositaries. Indi\ rect participants are securities brokers )Tj T* (and dealers, banks and trust companies that do not have an account with \ DTC, but that clear through or maintain a )Tj T* (custodial relationship with a direct participant. Thus, indirect partici\ pants have access to the DTC system through )Tj 0 -1.2 TD (direct participants. )Tj 0 -1.8 TD ( If you so choose, you may hold your beneficial interests in the glo\ bal security through Euroclear or )Tj 0 -1.2 TD (Clearstream, or indirectly through organizations that are participants i\ n such systems. Euroclear and Clearstream )Tj T* (will hold their participants\222 beneficial interests in the global secu\ rity in their customers\222 securities accounts with )Tj T* (their depositaries. These depositaries of Euroclear and Clearstream in t\ urn will hold such interests in their )Tj T* (customers\222 securities accounts with DTC. )Tj 0 -1.8 TD ( In sum, you may elect to hold your beneficial interests in a global\ bond: )Tj T* ( )Tj /TT0 1 Tf 1.84 -0.003 Td (\225)Tj /TT1 1 Tf 1.38 0.003 Td ( )Tj 0.46 0 Td (in the United States, through DTC;)Tj 7.5 0 0 7.5 10 183.7865 Tm ( )Tj 12.5 0 0 12.5 10 170.4547 Tm ( )Tj /TT0 1 Tf 1.84 -0.003 Td (\225)Tj /TT1 1 Tf 1.38 0.003 Td ( )Tj 0.46 0 Td (outside the United States, through Euroclear or Clearstream; or)Tj 7.5 0 0 7.5 10 159.7865 Tm ( )Tj 12.5 0 0 12.5 10 146.4547 Tm ( )Tj /TT0 1 Tf 1.84 -0.003 Td (\225)Tj /TT1 1 Tf 1.38 0.003 Td ( )Tj 0.46 0 Td (through organizations that participate in such systems.)Tj -3.68 -1.8 Td ( DTC may grant proxies or authorize its participants \(or persons ho\ lding beneficial interests in the global )Tj 0 -1.2 TD (securities through these participants\) to exercise any rights of a hold\ er or take any other actions that a holder is )Tj 0 -1.2 TD (entitled to take under the indenture or the Bonds. The ability of Eurocl\ ear or Clearstream to take actions as a )Tj T* (holder under the Bonds or the indenture will be limited by the ability o\ f their respective depositaries to carry out )Tj T* (such actions for them through DTC. Euroclear and Clearstream will take s\ uch actions only in accordance with )Tj T* (their respective rules and procedures. )Tj ET EMC /Artifact <>BDC Q BT /T1_0 1 Tf 9 0 0 9 18 7.17 Tm (http://www.sec.gov/Archives/edgar/data/102385/000095012307004873/y32802e\ 424b2.htm \(41 de 115\)25/10/2007 01:42:24 p.m.)Tj ET EMC endstream endobj 627 0 obj<>stream /Artifact <>BDC 0 0 0 rg 0 i BT /T1_0 1 Tf 0 Tc 0 Tw 0 Ts 100 Tz 0 Tr 9 0 0 9 18 830.17 Tm (424B2)Tj ET EMC /Article <>BDC q 0 18 595 806 re W* n BT /TT0 1 Tf 12.5 0 0 12.5 282.5688 794.9547 Tm (S - 23 )Tj ET 0.5 0.5 0.5 rg 10 762.784 575 2 re f EMC /Artifact <>BDC Q BT /T1_0 1 Tf 9 0 0 9 18 7.17 Tm (http://www.sec.gov/Archives/edgar/data/102385/000095012307004873/y32802e\ 424b2.htm \(42 de 115\)25/10/2007 01:42:24 p.m.)Tj ET EMC endstream endobj 628 0 obj<>stream /Artifact <>BDC 0 0 0 rg 0 i BT /T1_0 1 Tf 0 Tc 0 Tw 0 Ts 100 Tz 0 Tr 9 0 0 9 18 830.17 Tm (424B2)Tj ET EMC /Article <>BDC q 0 18 595 806 re W* n 0 0 1 RG 1.086 w 10 M 0 j 0 J []0 d 10 782.42 m 119.135 782.42 l S 0 0 1 rg BT /T1_1 1 Tf 12.9231 0 0 12.9231 10 785.6766 Tm (Table of Contents)Tj 0 0 0 rg /TT0 1 Tf 12.5 0 0 12.5 10 749.6628 Tm ( As an owner of a beneficial interest in the global securities, you \ will generally not be considered the holder of )Tj 0 -1.2 TD (any Bonds under the indenture for the Bonds. )Tj 0 -1.8 TD ( The laws of some jurisdictions require that certain persons take ph\ ysical delivery of securities in certificated )Tj 0 -1.2 TD (form. Consequently, your ability to transfer beneficial interests in a g\ lobal security may be limited. )Tj /TT1 1 Tf 0 -2.403 TD (Certificated Securities)Tj /TT0 1 Tf ( )Tj 0 -1.8 TD ( Uruguay will issue securities in certificated form in exchange for \ interests in a global security only if: )Tj T* ( )Tj /TT1 1 Tf 1.84 -0.003 Td (\225)Tj /TT0 1 Tf 1.38 0.003 Td ( )Tj 0.46 0 Td (the depositary notifies Uruguay that it is unwilling or unable to contin\ ue as depositary, is ineligible to act )Tj 0 -1.2 TD (as depositary and Uruguay or Banco Central acting on Uruguay\222s behalf\ does not appoint a successor )Tj T* (depositary or clearing agency within 90 days;)Tj 7.5 0 0 7.5 10 581.453 Tm ( )Tj 12.5 0 0 12.5 10 568.1212 Tm ( )Tj /TT1 1 Tf 1.84 -0.003 Td (\225)Tj /TT0 1 Tf 1.38 0.003 Td ( )Tj 0.46 0 Td (Uruguay decides it no longer wishes to have all or part of the Bonds rep\ resented by global securities; or)Tj 7.5 0 0 7.5 10 557.453 Tm ( )Tj 12.5 0 0 12.5 10 544.1212 Tm ( )Tj /TT1 1 Tf 1.84 -0.003 Td (\225)Tj /TT0 1 Tf 1.38 0.003 Td ( )Tj 0.46 0 Td (the trustee has instituted or been directed to institute any judicial pr\ oceeding to enforce the rights of the )Tj 0 -1.2 TD (holders under the Bonds and has been advised by its legal counsel that i\ t should obtain possession of the )Tj T* (securities for the proceeding.)Tj -3.68 -1.8 Td ( If a physical or certificated security becomes mutilated, defaced, \ destroyed, lost or stolen, Uruguay may issue, )Tj 0 -1.2 TD (and the trustee shall authenticate and deliver, a substitute security in\ replacement. In each case, the affected )Tj T* (holder will be required to furnish to Uruguay and to the trustee an inde\ mnity under which it will agree to pay )Tj T* (Uruguay, the trustee and any of their respective agents for any losses t\ hey may suffer relating to the security that )Tj 0 -1.2 TD (was mutilated, defaced, destroyed, lost or stolen. Uruguay and the trust\ ee may also require that the affected holder )Tj T* (present other documents or proof. The affected holder may be required to\ pay all taxes, expenses and reasonable )Tj T* (charges associated with the replacement of the mutilated, defaced, destr\ oyed, lost or stolen security. )Tj 0 -1.8 TD ( If Uruguay issues certificated securities, a holder of certificated\ securities may exchange them for securities of )Tj 0 -1.2 TD (a different authorized denomination by submitting the certificated secur\ ities, together with a written request for an )Tj T* (exchange, at the office of the trustee as specified in the indenture in \ New York City, or at the office of any paying )Tj T* (agent. In addition, the holder of any certificated security may transfer\ it in whole or in part by surrendering it at )Tj T* (any of such offices together with an executed instrument of transfer. )Tj 0 -1.8 TD ( Uruguay will not charge the holders for the costs and expenses asso\ ciated with the exchange, transfer or )Tj 0 -1.2 TD (registration of transfer of certificated securities. Uruguay may, howeve\ r, charge the holders for certain delivery )Tj T* (expenses as well as any applicable stamp duty, tax or other governmental\ or insurance charges. The trustee may )Tj T* (reject any request for an exchange or registration of transfer of any se\ curity made within 15 days of the date for )Tj T* (any payment of principal of or interest on the securities. )Tj 21.805 -2.72 Td (S - 24 )Tj ET 0.5 0.5 0.5 rg 10 170.451 575 2 re f EMC /Artifact <>BDC Q BT /T1_0 1 Tf 9 0 0 9 18 7.17 Tm (http://www.sec.gov/Archives/edgar/data/102385/000095012307004873/y32802e\ 424b2.htm \(43 de 115\)25/10/2007 01:42:24 p.m.)Tj ET EMC endstream endobj 629 0 obj<>stream /Artifact <>BDC 0 0 0 rg 0 i BT /T1_0 1 Tf 0 Tc 0 Tw 0 Ts 100 Tz 0 Tr 9 0 0 9 18 830.17 Tm (424B2)Tj ET EMC /Article <>BDC q 0 18 595 806 re W* n 0 0 1 RG 1.086 w 10 M 0 j 0 J []0 d 10 782.42 m 119.135 782.42 l S 0 0 1 rg BT /T1_1 1 Tf 12.9231 0 0 12.9231 10 785.6766 Tm (Table of Contents)Tj 0 0 0 rg /TT0 1 Tf 12.5 0 0 12.5 198.1875 746.1212 Tm (CLEARANCE AND SETTLEMENT)Tj /TT1 1 Tf ( )Tj -15.055 -1.803 Td ( )Tj /TT2 1 Tf (The information in this section concerning DTC, Euroclear and Clearstrea\ m and their book-entry systems has )Tj 0 -1.203 TD (been obtained from sources Uruguay believes to be reliable, but Uruguay \ makes no representation or warranty )Tj 0 -1.2 TD (with respect to this information. DTC, Euroclear and Clearstream are und\ er no obligation to perform or continue )Tj 0 -1.2 TD (to perform the procedures described below, and they may modify or discon\ tinue them at any time. Neither )Tj T* (Uruguay nor the trustee will be responsible for DTC\222s, Euroclear\222s\ or Clearstream\222s performance of its )Tj T* (obligations under its rules and procedures, or for the performance by di\ rect or indirect participants of its )Tj T* (obligations under the rules and procedures of the clearance systems.)Tj /TT1 1 Tf ( )Tj 0 -1.8 TD ( Arrangements have been made with each of DTC, Euroclear and Clearst\ ream to facilitate initial issuance of )Tj 0 -1.2 TD (the Bonds. Transfers within DTC, Euroclear and Clearstream will be in ac\ cordance with the usual rules and )Tj T* (operating procedures of the relevant system. Cross-market transfers betw\ een investors who hold or who will hold )Tj T* (any series of Bonds through DTC and investors who hold or will hold any \ series of Bonds through Euroclear or )Tj T* (Clearstream will be effected in DTC through the respective depositaries \ of Euroclear and Clearstream. )Tj /TT0 1 Tf 0 -2.403 TD (The Clearing Systems)Tj /TT1 1 Tf ( )Tj 0 -1.804 TD ( )Tj /TT3 1 Tf (The Depository Trust Company)Tj /TT1 1 Tf ( )Tj 0 -1.8 TD ( DTC is: )Tj T* ( )Tj /TT0 1 Tf 0.92 -0.003 Td (\225)Tj /TT1 1 Tf 1.38 0.003 Td ( )Tj 0.46 0 Td (a limited-purpose trust company organized under the New York Banking Law\ ;)Tj 7.5 0 0 7.5 10 442.7865 Tm ( )Tj 12.5 0 0 12.5 10 429.4547 Tm ( )Tj /TT0 1 Tf 0.92 -0.003 Td (\225)Tj /TT1 1 Tf 1.38 0.003 Td ( )Tj 0.46 0 Td (a \223banking organization\224 under the New York Banking Law;)Tj 7.5 0 0 7.5 10 418.7865 Tm ( )Tj 12.5 0 0 12.5 10 405.4547 Tm ( )Tj /TT0 1 Tf 0.92 -0.003 Td (\225)Tj /TT1 1 Tf 1.38 0.003 Td ( )Tj 0.46 0 Td (a member of the Federal Reserve System;)Tj 7.5 0 0 7.5 10 394.7865 Tm ( )Tj 12.5 0 0 12.5 10 381.4547 Tm ( )Tj /TT0 1 Tf 0.92 -0.003 Td (\225)Tj /TT1 1 Tf 1.38 0.003 Td ( )Tj 0.46 0 Td (a \223clearing corporation\224 under the New York Uniform Commercial Cod\ e; and)Tj 7.5 0 0 7.5 10 370.7865 Tm ( )Tj 12.5 0 0 12.5 10 357.4547 Tm ( )Tj /TT0 1 Tf 0.92 -0.003 Td (\225)Tj /TT1 1 Tf 1.38 0.003 Td ( )Tj 0.46 0 Td (a \223clearing agency\224 registered under Section 17A of the Securities\ Exchange Act of 1934.)Tj -2.76 -1.8 Td ( DTC was created to hold securities for its participants and facilit\ ate the clearance and settlement of securities )Tj 0 -1.2 TD (transactions between its participants. It does this through electronic b\ ook-entry changes in the accounts of its )Tj 0 -1.2 TD (direct participants \(banks and financial institutions that have account\ s with DTC\), eliminating the need for )Tj T* (physical movement of securities certificates. DTC is owned by a number o\ f its direct participants and by the New )Tj T* (York Stock Exchange, Inc., the American Stock Exchange, Inc. and the Nat\ ional Association of Securities )Tj T* (Dealers, Inc. DTC can only act on behalf of its direct participants, whi\ ch in turn act on behalf of indirect )Tj 0 -1.2 TD (participants and certain banks. In addition, unless a global security is\ exchanged in whole or in part for a )Tj T* (definitive security, it may not be physically transferred, except as a w\ hole among DTC, its nominees and their )Tj T* (successors. Therefore, a holder\222s ability to pledge a beneficial inte\ rest in the global security to persons that do not )Tj T* (participate in the DTC system and to take other actions may be limited b\ ecause the holder will not possess a )Tj T* (physical certificate that represents the holder\222s interest. )Tj 0 -1.804 TD ( )Tj /TT3 1 Tf (Euroclear)Tj /TT1 1 Tf ( )Tj 0 -1.8 TD ( Euroclear was created in 1968 to hold securities for its participan\ ts and to clear and settle transactions between )Tj 0 -1.2 TD (its participants through simultaneous electronic book-entry delivery aga\ inst payment, thereby eliminating the )Tj T* (need for physical movement of certificates and any risk from lack of sim\ ultaneous transfers of securities and cash. )Tj T* (Euroclear participants include banks \(including central banks\), the de\ aler manager, other securities brokers and )Tj T* (dealers and other professional financial intermediaries. Indirect access\ to Euroclear is also available to others that )Tj T* (clear through or maintain a custodial relationship with a Euroclear part\ icipant, either directly or indirectly. )Tj ET EMC /Artifact <>BDC Q BT /T1_0 1 Tf 9 0 0 9 18 7.17 Tm (http://www.sec.gov/Archives/edgar/data/102385/000095012307004873/y32802e\ 424b2.htm \(44 de 115\)25/10/2007 01:42:24 p.m.)Tj ET EMC endstream endobj 630 0 obj<>stream /Artifact <>BDC 0 0 0 rg 0 i BT /T1_0 1 Tf 0 Tc 0 Tw 0 Ts 100 Tz 0 Tr 9 0 0 9 18 830.17 Tm (424B2)Tj ET EMC /Article <>BDC q 0 18 595 806 re W* n BT /TT0 1 Tf 12.5 0 0 12.5 282.5688 805.1705 Tm (S - 25 )Tj ET 0.5 0.5 0.5 rg 10 773 575 2 re f EMC /Artifact <>BDC Q BT /T1_0 1 Tf 9 0 0 9 18 7.17 Tm (http://www.sec.gov/Archives/edgar/data/102385/000095012307004873/y32802e\ 424b2.htm \(45 de 115\)25/10/2007 01:42:24 p.m.)Tj ET EMC endstream endobj 631 0 obj<>stream /Artifact <>BDC 0 0 0 rg 0 i BT /T1_0 1 Tf 0 Tc 0 Tw 0 Ts 100 Tz 0 Tr 9 0 0 9 18 830.17 Tm (424B2)Tj ET EMC /Article <>BDC q 0 18 595 806 re W* n 0 0 1 RG 1.086 w 10 M 0 j 0 J []0 d 10 782.42 m 119.135 782.42 l S 0 0 1 rg BT /T1_1 1 Tf 12.9231 0 0 12.9231 10 785.6766 Tm (Table of Contents)Tj 0 0 0 rg /TT0 1 Tf 12.5 0 0 12.5 10 749.6628 Tm ( Because the Euroclear Operator is a Belgian banking corporation, Eu\ roclear is regulated and examined by the )Tj 0 -1.2 TD (Belgian Banking Commission. )Tj 0 -1.8 TD ( Distributions with respect to Bonds held beneficially through Euroc\ lear will be credited to the cash accounts of )Tj 0 -1.2 TD (Euroclear participants in accordance with the Terms and Conditions Gover\ ning Use of Euroclear and the related )Tj T* (Operating Procedures of the Euroclear System and applicable Belgian law,\ to the extent received by the )Tj T* (depositary for Euroclear. )Tj 0 -1.804 TD ( )Tj /TT1 1 Tf (Clearstream)Tj /TT0 1 Tf ( )Tj 0 -1.8 TD ( Clearstream is incorporated under the laws of Luxembourg as a profe\ ssional depositary. )Tj T* ( Clearstream holds securities for its participating organizations an\ d facilitates the clearance and settlement of )Tj 0 -1.2 TD (securities transactions between its participants through electronic book\ -entry changes in accounts of its )Tj T* (participants, thereby eliminating the need for physical movement of cert\ ificates. Clearstream provides to its )Tj T* (participants, among other things, services for safekeeping, administrati\ on, clearance and settlement of )Tj T* (internationally traded securities and securities lending and borrowing. \ )Tj 0 -1.8 TD ( Clearstream interfaces with domestic markets in several countries. \ As a professional depositary, Clearstream is )Tj 0 -1.2 TD (subject to regulation by the Luxembourg Monetary Institute. Clearstream \ participants are financial institutions )Tj T* (from around the world, including the dealer manager, other securities br\ okers and dealers, banks, trust companies )Tj T* (and clearing corporations and certain other organizations. Indirect acce\ ss to Clearstream is also available to others )Tj T* (that clear through or maintain a custodial relationship with a Clearstre\ am participant either directly or indirectly. )Tj 0 -1.8 TD ( Distributions with respect to Bonds held beneficially through Clear\ stream will be credited to cash accounts of )Tj 0 -1.2 TD (Clearstream participants in accordance with its rules and procedures to \ the extent received by the depositary for )Tj T* (Clearstream. )Tj /TT2 1 Tf 0 -2.403 TD (Initial Settlement)Tj /TT0 1 Tf ( )Tj 0 -1.804 TD ( )Tj /TT1 1 Tf (Global Bonds)Tj /TT0 1 Tf ( )Tj 0 -1.8 TD ( Upon the issuance of the global bonds representing Bonds, DTC or it\ s custodian will credit on its internal )Tj 0 -1.2 TD (system the respective principal amount of the individual beneficial inte\ rests represented by a book-entry security )Tj T* (to the accounts of persons who have accounts with DTC. Ownership of bene\ ficial interests in those global bonds )Tj T* (will be limited to persons who have accounts with direct account holders\ , including Euroclear or Clearstream, or )Tj T* (indirect account holders. Ownership of beneficial interests in the globa\ l bonds will be shown on, and the transfer )Tj T* (of that ownership will be effected only through, records maintained by D\ TC or its nominee, with respect to )Tj T* (interests of direct account holders, and the records of direct account h\ olders, with respect to interests of indirect )Tj T* (DTC accountholders. )Tj 0 -1.8 TD ( Euroclear and Clearstream will hold omnibus positions on behalf of \ their participants through customers\222 )Tj 0 -1.2 TD (securities accounts for Euroclear and Clearstream on the books of their \ respective depositaries, which in turn will )Tj T* (hold positions in customers\222 securities accounts in the depositaries\222\ names on the books of DTC. )Tj 0 -1.8 TD ( Global bonds that Uruguay will issue pursuant to this offer will be\ credited to the securities custody accounts )Tj 0 -1.2 TD (of persons who hold those global bonds through DTC \(other than through \ accounts at Euroclear and Clearstream\) )Tj T* (on the Closing Date and to persons who hold those global bonds through E\ uroclear or Clearstream on the )Tj T* (business day following the Closing Date. )Tj 21.805 -2.72 Td (S - 26 )Tj ET 0.5 0.5 0.5 rg 10 38.342 575 2 re f EMC /Artifact <>BDC Q BT /T1_0 1 Tf 9 0 0 9 18 7.17 Tm (http://www.sec.gov/Archives/edgar/data/102385/000095012307004873/y32802e\ 424b2.htm \(46 de 115\)25/10/2007 01:42:24 p.m.)Tj ET EMC endstream endobj 632 0 obj<>stream /Artifact <>BDC 0 0 0 rg 0 i BT /T1_0 1 Tf 0 Tc 0 Tw 0 Ts 100 Tz 0 Tr 9 0 0 9 18 830.17 Tm (424B2)Tj ET EMC /Artifact <>BDC BT /T1_0 1 Tf 9 0 0 9 18 7.17 Tm (http://www.sec.gov/Archives/edgar/data/102385/000095012307004873/y32802e\ 424b2.htm \(47 de 115\)25/10/2007 01:42:24 p.m.)Tj ET EMC endstream endobj 633 0 obj<>stream /Artifact <>BDC 0 0 0 rg 0 i BT /T1_0 1 Tf 0 Tc 0 Tw 0 Ts 100 Tz 0 Tr 9 0 0 9 18 830.17 Tm (424B2)Tj ET EMC /Article <>BDC q 0 18 595 806 re W* n 0 0 1 RG 1.086 w 10 M 0 j 0 J []0 d 10 782.42 m 119.135 782.42 l S 0 0 1 rg BT /T1_1 1 Tf 12.9231 0 0 12.9231 10 785.6766 Tm (Table of Contents)Tj 0 0 0 rg /TT0 1 Tf 12.5 0 0 12.5 10 749.6212 Tm (Transfers Within and Between DTC, Euroclear and Clearstream)Tj /TT1 1 Tf ( )Tj 0 -1.804 TD ( )Tj /TT2 1 Tf (Trading Between DTC Purchasers and Sellers)Tj /TT1 1 Tf ( )Tj 0 -1.8 TD ( DTC participants will transfer interests in the securities among th\ emselves in the ordinary way according to )Tj 0 -1.2 TD (DTC rules governing global security issues. The laws of some states requ\ ire certain purchasers of securities to )Tj T* (take physical delivery of the securities in definitive form. These laws \ may impair your ability to transfer )Tj T* (beneficial interests in the global security or securities to such purcha\ sers. DTC can act only on behalf of its direct )Tj 0 -1.2 TD (participants, who in turn act on behalf of indirect participants and cer\ tain banks. Thus, your ability to pledge a )Tj T* (beneficial interest in the global security or securities to persons that\ do not participate in the DTC system, and to )Tj T* (take other actions, may be limited because you will not possess a physic\ al certificate that represents your interest. )Tj 0 -1.804 TD ( )Tj /TT2 1 Tf (Trading Between Euroclear and/or Clearstream Participants)Tj /TT1 1 Tf ( )Tj 0 -1.8 TD ( Participants in Euroclear and Clearstream will transfer interests i\ n the securities among themselves in the )Tj 0 -1.2 TD (ordinary way according to the rules and operating procedures of Euroclea\ r and Clearstream governing )Tj 0 -1.2 TD (conventional Eurobonds. )Tj 0 -1.804 TD ( )Tj /TT2 1 Tf (Trading Between a DTC Seller and a Euroclear or Clearstream Purchaser)Tj /TT1 1 Tf ( )Tj 0 -1.8 TD ( When the securities are to be transferred from the account of a DTC\ participant to the account of a Euroclear )Tj 0 -1.2 TD (or Clearstream participant, the purchaser must first send instructions t\ o Euroclear or Clearstream through a )Tj T* (participant at least one business day prior to the closing date. Eurocle\ ar or Clearstream will then instruct its )Tj T* (depositary to receive the securities and make payment for them. On the c\ losing date, the depositary will make )Tj T* (payment to the DTC participant\222s account and the securities will be c\ redited to the depositary\222s account. After )Tj T* (settlement has been completed, DTC will credit the securities to Eurocle\ ar or Clearstream. Euroclear or )Tj T* (Clearstream will credit the securities, in accordance with its usual pro\ cedures, to the participant\222s account, and the )Tj T* (participant will then credit the purchaser\222s account. These securitie\ s credits will appear the next day \(European )Tj T* (time\) after the closing date. The cash debit from the account of Eurocl\ ear or Clearstream will be back-valued to )Tj T* (the value date \(which will be the preceding day if settlement occurs in\ New York\). If settlement is not completed )Tj 0 -1.203 TD (on the intended value date \()Tj /TT3 1 Tf (i.e.)Tj /TT1 1 Tf (, the trade fails\), the cash debit will instead be valued at the actual\ closing date. )Tj 0 -1.8 TD ( Participants in Euroclear and Clearstream will need to make funds a\ vailable to Euroclear or Clearstream in )Tj 0 -1.2 TD (order to pay for the securities by wire transfer on the value date. The \ most direct way of doing this is to )Tj 0 -1.203 TD (preposition funds \()Tj /TT3 1 Tf (i.e.)Tj /TT1 1 Tf (, have funds in place at Euroclear or Clearstream before the value date\)\ , either from cash on )Tj 0 -1.2 TD (hand or existing lines of credit. Under this approach, however, particip\ ants may take on credit exposure to )Tj T* (Euroclear and Clearstream until the securities are credited to their acc\ ounts one day later. )Tj 0 -1.8 TD ( As an alternative, if Euroclear or Clearstream has extended a line \ of credit to a participant, the participant may )Tj 0 -1.2 TD (decide not to preposition funds, but to allow Euroclear or Clearstream t\ o draw on the line of credit to finance )Tj T* (settlement for the securities. Under this procedure, Euroclear or Clears\ tream would charge the participant )Tj T* (overdraft charges for one day, assuming that the overdraft would be clea\ red when the securities were credited to )Tj T* (the participant\222s account. However, interest on the securities would \ accrue from the value date. Therefore, in )Tj T* (these cases the interest income on securities that the participant earns\ during that one-day period will substantially )Tj T* (reduce or offset the amount of the participant\222s overdraft charges. O\ f course, this result will depend on the cost of )Tj 0 -1.203 TD (funds to \()Tj /TT3 1 Tf (i.e.)Tj /TT1 1 Tf (, the interest rate that Euroclear or Clearstream charges\) each partici\ pant. )Tj 0 -1.8 TD ( Since the settlement will occur during New York business hours, a D\ TC participant selling an interest in the )Tj 0 -1.2 TD (security can use its usual procedures for transferring global securities\ to the depositaries of Euroclear or )Tj T* (Clearstream for the benefit of Euroclear or Clearstream participants. Th\ e DTC seller will receive the sale )Tj T* (proceeds on the closing date. Thus, to the DTC seller, a cross-market sa\ le will settle no differently than a trade )Tj T* (between two DTC participants. )Tj ET EMC /Artifact <>BDC Q BT /T1_0 1 Tf 9 0 0 9 18 7.17 Tm (http://www.sec.gov/Archives/edgar/data/102385/000095012307004873/y32802e\ 424b2.htm \(48 de 115\)25/10/2007 01:42:24 p.m.)Tj ET EMC endstream endobj 634 0 obj<>stream /Artifact <>BDC 0 0 0 rg 0 i BT /T1_0 1 Tf 0 Tc 0 Tw 0 Ts 100 Tz 0 Tr 9 0 0 9 18 830.17 Tm (424B2)Tj ET EMC /Article <>BDC q 0 18 595 806 re W* n BT /TT0 1 Tf 12.5 0 0 12.5 282.5688 797.8522 Tm (S - 27 )Tj ET 0.5 0.5 0.5 rg 10 765.682 575 2 re f EMC /Artifact <>BDC Q BT /T1_0 1 Tf 9 0 0 9 18 7.17 Tm (http://www.sec.gov/Archives/edgar/data/102385/000095012307004873/y32802e\ 424b2.htm \(49 de 115\)25/10/2007 01:42:24 p.m.)Tj ET EMC endstream endobj 635 0 obj<>stream /Artifact <>BDC 0 0 0 rg 0 i BT /T1_0 1 Tf 0 Tc 0 Tw 0 Ts 100 Tz 0 Tr 9 0 0 9 18 830.17 Tm (424B2)Tj ET EMC /Article <>BDC q 0 18 595 806 re W* n 0 0 1 RG 1.086 w 10 M 0 j 0 J []0 d 10 782.42 m 119.135 782.42 l S 0 0 1 rg BT /T1_1 1 Tf 12.9231 0 0 12.9231 10 785.6766 Tm (Table of Contents)Tj 0 0 0 rg /TT0 1 Tf 12.5 0 0 12.5 10 749.6628 Tm ( Finally, day traders that use Euroclear or Clearstream to purchase \ interests in the Bonds from DTC )Tj 0 -1.2 TD (accountholders for delivery to Euroclear or Clearstream participants sho\ uld note that these trades will )Tj T* (automatically fail on the sale side unless affirmative action is taken. \ At least three techniques should be readily )Tj 0 -1.2 TD (available to eliminate this potential problem: )Tj 0 -1.8 TD ( )Tj /TT1 1 Tf 1.84 -0.003 Td (\225)Tj /TT0 1 Tf 1.38 0.003 Td ( )Tj 0.46 0 Td (borrowing through Euroclear or Clearstream for one day, until the purcha\ se side of the day trade is )Tj 0 -1.2 TD (reflected in their Euroclear or Clearstream accounts, in accordance with\ the clearing system\222s customary )Tj T* (procedures,)Tj 7.5 0 0 7.5 10 641.4946 Tm ( )Tj 12.5 0 0 12.5 10 628.1628 Tm ( )Tj /TT1 1 Tf 1.84 -0.003 Td (\225)Tj /TT0 1 Tf 1.38 0.003 Td ( )Tj 0.46 0 Td (borrowing the interests in the United States from a DTC accountholder no\ later than one day prior to )Tj 0 -1.2 TD (settlement, which would give the interests sufficient time to be reflect\ ed in their Euroclear or )Tj T* (Clearstream account in order to settle the sale side of the trade, or)Tj 7.5 0 0 7.5 10 587.4946 Tm ( )Tj 12.5 0 0 12.5 10 574.1628 Tm ( )Tj /TT1 1 Tf 1.84 -0.003 Td (\225)Tj /TT0 1 Tf 1.38 0.003 Td ( )Tj 0.46 0 Td (staggering the value date for the buy and sell sides of the trade so tha\ t the value date for the purchase )Tj T* (from the DTC accountholder is at least one day prior to the value date f\ or the sale to the Euroclear or )Tj T* (Clearstream participant.)Tj -3.68 -1.804 Td ( )Tj /TT2 1 Tf (Trading Between a Euroclear or Clearstream Seller and DTC Purchaser)Tj /TT0 1 Tf ( )Tj 0 -1.8 TD ( Due to time zone differences in their favor, Euroclear and Clearstr\ eam participants can use their usual )Tj 0 -1.2 TD (procedures to transfer securities through their depositaries to a DTC pa\ rticipant. The seller must first send )Tj T* (instructions to Euroclear or Clearstream through a participant at least \ one business day prior to the closing date. )Tj 0 -1.2 TD (Euroclear or Clearstream will then instruct its depositary to credit the\ securities to the DTC participant\222s account )Tj T* (and receive payment. The payment will be credited in the account of the \ Euroclear or Clearstream participant on )Tj T* (the following day, but the receipt of the cash proceeds will be back-val\ ued to the value date \(which will be the )Tj 0 -1.203 TD (preceding day if settlement occurs in New York\). If settlement is not c\ ompleted on the intended value date \()Tj /TT3 1 Tf (i.e.)Tj /TT0 1 Tf (, )Tj 0 -1.2 TD (the trade fails\), the receipt of the cash proceeds will instead be valu\ ed at the actual closing date. )Tj 0 -1.8 TD ( If the Euroclear or Clearstream participant selling the securities \ has a line of credit with Euroclear or )Tj 0 -1.2 TD (Clearstream and elects to be in debit for the securities until it receiv\ es the sale proceeds in its account, then the )Tj T* (back-valuation may substantially reduce or offset any overdraft charges \ that the participant incurs over that one-)Tj T* (day period. )Tj 21.805 -2.72 Td (S - 28 )Tj ET 0.5 0.5 0.5 rg 10 260.403 575 2 re f EMC /Artifact <>BDC Q BT /T1_0 1 Tf 9 0 0 9 18 7.17 Tm (http://www.sec.gov/Archives/edgar/data/102385/000095012307004873/y32802e\ 424b2.htm \(50 de 115\)25/10/2007 01:42:24 p.m.)Tj ET EMC endstream endobj 636 0 obj<>stream /Artifact <>BDC 0 0 0 rg 0 i BT /T1_0 1 Tf 0 Tc 0 Tw 0 Ts 100 Tz 0 Tr 9 0 0 9 18 830.17 Tm (424B2)Tj ET EMC /Article <>BDC q 0 18 595 806 re W* n 0 0 1 RG 1.086 w 10 M 0 j 0 J []0 d 10 782.42 m 119.135 782.42 l S 0 0 1 rg BT /T1_1 1 Tf 12.9231 0 0 12.9231 10 785.6766 Tm (Table of Contents)Tj 0 0 0 rg /TT0 1 Tf 12.5 0 0 12.5 263.8188 746.1212 Tm (TAXATION)Tj /TT1 1 Tf ( )Tj -20.305 -1.8 Td ( The following discussion summarizes certain Uruguayan and U.S. fede\ ral income tax considerations that may )Tj 0 -1.2 TD (be relevant to you if you acquire the Bonds. This summary is based on la\ ws and regulations in effect in Uruguay )Tj 0 -1.2 TD (and laws, regulations, rulings and decisions now in effect in the United\ States, which may change. Any change )Tj T* (could apply retroactively and could affect the continued validity of thi\ s summary. This discussion supplements, )Tj T* (and to the extent that it differs, replaces the \223Taxation\224 section\ contained in the accompanying prospectus. )Tj 0 -1.8 TD ( This summary does not describe all of the tax considerations that m\ ay be relevant to you or your situation, )Tj 0 -1.2 TD (particularly if you are subject to special tax rules. You should consult\ your tax adviser about the tax consequences )Tj T* (of holding Bonds, including the relevance to your particular situation o\ f the considerations discussed below, as )Tj T* (well as of state, local or other tax laws. )Tj /TT2 1 Tf 0 -2.404 TD (Uruguayan Income Tax Consequences)Tj /TT1 1 Tf ( )Tj 0 -1.8 TD ( The following discussion summarizes certain aspects of Uruguayan in\ come taxation that may be relevant to )Tj 0 -1.2 TD (you if you are Non-Resident Holder of Bonds. For the purposes of this su\ mmary, you are a \223Non-Resident )Tj T* (Holder\224 if you are a holder of Bonds who is an individual that is a n\ on-resident of Uruguay or a legal entity that is )Tj T* (neither organized in, nor maintains a permanent establishment in Uruguay\ . This summary may also be relevant to )Tj T* (you if you are a Non-Resident Holder of Bonds in connection with the hol\ ding and disposition of the Bonds. The )Tj T* (summary is based on Uruguay laws, rules and regulations now in effect, a\ ll of which may change. This summary )Tj T* (is not intended to constitute a complete analysis of the income tax cons\ equences under Uruguayan law of the )Tj T* (receipt, ownership or disposition of the Bonds, in each case if you are \ a non-resident of Uruguay, nor to describe )Tj T* (any of the tax consequences that may be applicable to you if you are a r\ esident of Uruguay. )Tj 0 -1.8 TD ( Under Uruguayan law, as currently in effect, if you are a Non-Resid\ ent Holder of Bonds, interest and principal )Tj 0 -1.2 TD (payments on the Bonds will not be subject to Uruguayan income or withhol\ ding tax. If you are a Non-Resident )Tj T* (Holder and you obtain capital gains resulting from any trades of Bonds e\ ffected between or in respect of accounts )Tj T* (maintained by or on behalf of you will not be subject to Uruguayan incom\ e or other Uruguayan taxes where you )Tj T* (have no connection with Uruguay other than as a holder of an interest in\ Bonds. If you are a Non-Resident )Tj 0 -1.2 TD (Holder, payments of interest and principal on Bonds to you, and any gain\ realized upon the disposition of Bonds )Tj T* (by you, will not be subject to Uruguayan taxes. )Tj /TT2 1 Tf 0 -2.404 TD (U.S. Federal Income Tax Consequences)Tj /TT1 1 Tf ( )Tj 0 -1.8 TD ( The following discussion summarizes certain U.S. federal income tax\ consequences that may be material to )Tj 0 -1.2 TD (you as a U.S. Holder. You are a U.S. Holder if you are a beneficial owne\ r of Bonds that is a citizen or resident of )Tj T* (the United States or a domestic corporation or otherwise subject to U.S.\ federal income tax on a net income basis )Tj T* (in respect of the Bonds. This summary does not purport to be a comprehen\ sive description of all of the tax )Tj T* (consequences that may be relevant to your decision to purchase Bonds, in\ cluding tax consequences that arise )Tj T* (from rules of general application to all taxpayers or to certain classes\ of taxpayers or that are generally assumed to )Tj T* (be known by investors. This summary also does not address the tax conseq\ uences to \(i\) persons that may be )Tj T* (subject to special treatment under U.S. federal income tax law, such as \ banks, insurance companies, thrift )Tj T* (institutions, regulated investment companies, real estate investment tru\ sts, tax-exempt organizations, traders in )Tj T* (securities that elect to mark-to-market and dealers in securities or cur\ rencies, \(ii\) persons that will hold Bonds as )Tj T* (part of a position in a \223straddle\224 or as part of a \223hedging,\224\ \223conversion\224 or other integrated investment transaction )Tj T* (for U.S. federal income tax purposes, \(iii\) persons whose functional c\ urrency is not the U.S. dollar or \(iv\) persons )Tj T* (that will not hold Bonds as capital assets. )Tj 0 -1.8 TD ( This summary is based on the Internal Revenue Code of 1986, as amen\ ded \(the \223Code\224\), Treasury regulations )Tj 0 -1.2 TD (promulgated thereunder, and administrative and judicial interpretations \ thereof, as of the date hereof, all of which )Tj ET EMC /Artifact <>BDC Q BT /T1_0 1 Tf 9 0 0 9 18 7.17 Tm (http://www.sec.gov/Archives/edgar/data/102385/000095012307004873/y32802e\ 424b2.htm \(51 de 115\)25/10/2007 01:42:24 p.m.)Tj ET EMC endstream endobj 637 0 obj<>stream /Artifact <>BDC 0 0 0 rg 0 i BT /T1_0 1 Tf 0 Tc 0 Tw 0 Ts 100 Tz 0 Tr 9 0 0 9 18 830.17 Tm (424B2)Tj ET EMC /Article <>BDC q 0 18 595 806 re W* n BT /TT0 1 Tf 12.5 0 0 12.5 10 805.1705 Tm (are subject to change, possibly on a retroactive basis. )Tj 0 -1.8 TD ( Uruguay has not sought any ruling from the Internal Revenue Service\ \(the \223IRS\224\) with respect to the )Tj 0 -1.2 TD (statements made and the conclusions reached in this discussion, and ther\ e can be no assurance that the IRS will )Tj 0 -1.2 TD (agree with all of such statements and conclusions. In addition, the disc\ ussion does not describe any tax )Tj T* (consequences arising out of the laws of any state, local or foreign juri\ sdiction. )Tj 22.055 -2.72 Td (S-29 )Tj ET 0.5 0.5 0.5 rg 10 671.5 575 2 re f EMC /Artifact <>BDC Q BT /T1_0 1 Tf 9 0 0 9 18 7.17 Tm (http://www.sec.gov/Archives/edgar/data/102385/000095012307004873/y32802e\ 424b2.htm \(52 de 115\)25/10/2007 01:42:24 p.m.)Tj ET EMC endstream endobj 638 0 obj<>stream /Artifact <>BDC 0 0 0 rg 0 i BT /T1_0 1 Tf 0 Tc 0 Tw 0 Ts 100 Tz 0 Tr 9 0 0 9 18 830.17 Tm (424B2)Tj ET EMC /Article <>BDC q 0 18 595 806 re W* n 0 0 1 RG 1.086 w 10 M 0 j 0 J []0 d 10 782.42 m 119.135 782.42 l S 0 0 1 rg BT /T1_1 1 Tf 12.9231 0 0 12.9231 10 785.6766 Tm (Table of Contents)Tj 0 0 0 rg /TT0 1 Tf 12.5 0 0 12.5 10 749.6628 Tm ( YOU ARE URGED TO CONSULT WITH YOUR TAX ADVISORS AS TO THE PARTICULA\ R U.S. )Tj 0 -1.2 TD (FEDERAL INCOME TAX CONSEQUENCES TO YOU OF HOLDING BONDS AS WELL AS THE E\ FFECT )Tj T* (OF ANY STATE, LOCAL OR FOREIGN TAX LAWS. )Tj /TT1 1 Tf 0 -2.404 TD (Consequences of Holding the Bonds)Tj /TT0 1 Tf ( )Tj 0 -1.8 TD ( Because the Bonds are denominated in Uruguayan pesos and pay intere\ st semiannually based in part on )Tj 0 -1.2 TD (changes in the Unidad Indexada \(UI\), the Bonds will be treated as \223\ nonfunctional currency contingent payment )Tj 0 -1.2 TD (debt instruments\224 for U.S. federal income tax purposes. As a result, \ the Bonds will be subject to special Original )Tj T* (Issue Discount rules that require you to accrue income on the Bonds as g\ enerally set forth below. The rules )Tj T* (applicable to nonfunctional currency contingent payment debt instruments\ are complex, and you should consult )Tj T* (with your tax advisor with respect to the application of these rules to \ the Bonds. The following discussion only )Tj T* (applies to U.S. Holders that purchase Bonds in the primary market. If yo\ u purchased Bonds in the secondary )Tj T* (market, you should consult with your tax advisor. )Tj 0 -1.8 TD ( Very generally, Uruguay will be required to determine and report to\ the Internal Revenue Service a )Tj 0 -1.2 TD (hypothetical payment schedule based on an assumed tax yield for the Bond\ s computed under applicable U.S. tax )Tj T* (rules. This assumed tax yield, which will be greater than the annual int\ erest rate \(unadjusted by the UI\) on the )Tj T* (Bonds, will generally be the rate at which Uruguay could issue a fixed r\ ate debt instrument on terms and )Tj T* (conditions similar to the Bonds, but without adjustments to interest and\ principal based on changes in the UI. This )Tj T* (hypothetical payment schedule and the assumed tax yield will be publishe\ d each year by the Internal Revenue )Tj T* (Service in Publication 1212, which you may obtain directly from the Inte\ rnal Revenue Service or electronically at )Tj ET 0 0 0 RG 0.6 w 10 432.754 m 74.575 432.754 l S BT /TT0 1 Tf 12.5 0 0 12.5 10 434.5537 Tm (www.irs.gov. )Tj /TT1 1 Tf (The assumed tax yield and the hypothetical payment schedule are used to \ determine accruals of )Tj 0 -1.204 TD (interest FOR TAX PURPOSES ONLY and are not assurances or predictions by \ Uruguay with respect to the )Tj 0 -1.2 TD (actual yield on or payments to be made in respect of the Bonds. )Tj /TT0 1 Tf (Unless you timely disclose and justify the use of )Tj 0 -1.2 TD (other estimates to the Internal Revenue Service, you will be required to\ use the assumed tax yield and )Tj T* (hypothetical payment schedule to determine for U.S. federal income tax p\ urposes the interest accruals and )Tj T* (adjustments in respect of the Bonds. )Tj 0 -1.8 TD ( Based on the assumed tax yield and the issue price of the Bonds and\ regardless of your accounting method, )Tj 0 -1.2 TD (you will be required to accrue as OID the sum of the daily portions of i\ nterest on the Bond for each day in the )Tj T* (taxable year on which you held such Bonds, translated into U.S. dollars \ \(as described in the following paragraph\) )Tj T* (and adjusted upward or downward to reflect the difference, if any, betwe\ en the actual and the hypothetical )Tj T* (amount of any contingent payments on the Bond \(as set forth below\). Th\ e daily portions of interest in respect of a )Tj T* (Bond are determined by allocating to each day in an accrual period the i\ nterest on the Bond that accrues in the )Tj T* (accrual period. The amount of interest on a Bond that accrues in an accr\ ual period is the product of the assumed )Tj 0 -1.2 TD (tax yield on the Bond \(adjusted to reflect the length of the accrual pe\ riod\) and the adjusted issue price of the bond. )Tj 0 -1.2 TD (The adjusted issue price of a Bond will be denominated in Uruguayan peso\ s and at the beginning of the first )Tj T* (accrual period will equal its issue price and for any accrual period the\ reafter will be \(x\) the sum of the issue price )Tj T* (of such Bond and any interest you previously accrued thereon \(disregard\ ing any positive or negative adjustments\) )Tj T* (minus \(y\) the hypothetical amount of any payments on the Bond for prev\ ious accrual periods. )Tj 0 -1.8 TD ( The amount of interest income you will recognize will be based on t\ he average exchange rate in effect during )Tj 0 -1.2 TD (the interest accrual period. Alternatively, you may elect to translate a\ ll interest income on foreign currency-)Tj T* (denominated Bonds at the spot rate on the last day of the accrual period\ \(or the last day of the taxable year, in the )Tj T* (case of an accrual period that spans more than one taxable year\) or on \ the date that you receive the interest )Tj T* (payment if that date is within five business days of the end of the accr\ ual period. If you make this election, you )Tj T* (must apply it consistently to all debt instruments from year to year and\ you cannot change the election without the )Tj T* (consent of the Internal Revenue Service. )Tj ET EMC /Artifact <>BDC Q BT /T1_0 1 Tf 9 0 0 9 18 7.17 Tm (http://www.sec.gov/Archives/edgar/data/102385/000095012307004873/y32802e\ 424b2.htm \(53 de 115\)25/10/2007 01:42:24 p.m.)Tj ET EMC endstream endobj 639 0 obj<>stream /Artifact <>BDC 0 0 0 rg 0 i BT /T1_0 1 Tf 0 Tc 0 Tw 0 Ts 100 Tz 0 Tr 9 0 0 9 18 830.17 Tm (424B2)Tj ET EMC /Article <>BDC q 0 18 595 806 re W* n BT /TT0 1 Tf 12.5 0 0 12.5 10 805.1353 Tm ( You will be required to recognize interest income equal to the amou\ nt of any positive adjustment \()Tj /TT1 1 Tf (i.e.)Tj /TT0 1 Tf (, the )Tj 0 -1.2 TD (excess of actual payments over projected payments\) in respect of a Bond\ for a taxable year, translated into U.S. )Tj T* (dollars at the spot rate on the last day of the taxable year in which th\ e adjustment is taken into account. A negative )Tj 0 -1.203 TD (adjustment \()Tj /TT1 1 Tf (i.e.)Tj /TT0 1 Tf (, the excess of projected payments over actual payments\) in respect of \ a Bond for a taxable year )Tj 0 -1.2 TD (\(i\) will first reduce the amount of interest in respect of the Bond th\ at you would otherwise be required to include )Tj T* (in income in the taxable year and \(ii\) to the extent that the negative\ adjustment exceeds the amount described in )Tj T* (\(i\), will give rise to an ordinary loss, up to the amount by which you\ r total interest inclusions on the debt )Tj T* (instrument in prior taxable years exceed the total amount of your net ne\ gative adjustments treated as ordinary loss )Tj 0 -1.2 TD (on the debt )Tj 22.055 -2.72 Td (S-30 )Tj ET 0.5 0.5 0.5 rg 10 618.93 575 2 re f EMC /Artifact <>BDC Q BT /T1_0 1 Tf 9 0 0 9 18 7.17 Tm (http://www.sec.gov/Archives/edgar/data/102385/000095012307004873/y32802e\ 424b2.htm \(54 de 115\)25/10/2007 01:42:24 p.m.)Tj ET EMC endstream endobj 640 0 obj<>stream /Artifact <>BDC 0 0 0 rg 0 i BT /T1_0 1 Tf 0 Tc 0 Tw 0 Ts 100 Tz 0 Tr 9 0 0 9 18 830.17 Tm (424B2)Tj ET EMC /Article <>BDC q 0 18 595 806 re W* n 0 0 1 RG 1.086 w 10 M 0 j 0 J []0 d 10 782.42 m 119.135 782.42 l S 0 0 1 rg BT /T1_1 1 Tf 12.9231 0 0 12.9231 10 785.6766 Tm (Table of Contents)Tj 0 0 0 rg /TT0 1 Tf 12.5 0 0 12.5 10 749.6628 Tm (instrument in prior taxable years. The amount of a negative adjustment o\ ffset against any accrued but unpaid )Tj 0 -1.2 TD (interest on a Bond will be translated into U.S. dollars at the same rate\ at which such interest was accrued. To the )Tj T* (extent a net negative adjustment exceeds the amount of accrued but unpai\ d interest, the negative adjustment will )Tj 0 -1.2 TD (be treated as offsetting interest that has accrued and been paid on such\ Bond and will be translated into U.S. )Tj 0 -1.2 TD (dollars at the spot rate on the date the Bond was issued. A negative adj\ ustment is not subject to the two percent )Tj T* (floor limitation imposed on miscellaneous deductions under Section 67 of\ the Internal Revenue Code. Any )Tj T* (negative adjustment in excess of the amounts described above in \(i\) an\ d \(ii\) will be carried forward first to offset )Tj T* (future interest income in respect of the Bond and then, if applicable, t\ o reduce the amount realized on a sale, )Tj 0 -1.2 TD (exchange or retirement of the bond, in Uruguayan pesos. )Tj 0 -1.8 TD ( Upon a sale, exchange or retirement of a bond, you generally will r\ ecognize taxable gain or loss equal to the )Tj 0 -1.2 TD (difference between the amount realized on the sale, exchange or retireme\ nt and your tax basis in the bond, both )Tj T* (translated into U.S. dollars as described below. Your tax basis in a Bon\ d will equal \(i\) the cost thereof \(translated )Tj T* (into U.S. dollars at the spot rate on the issue date\), \(ii\) increased\ by the amount of interest income you previously )Tj 0 -1.2 TD (accrued in respect of the Bonds \(disregarding any positive or negative \ adjustment and translated into U.S. dollars )Tj 0 -1.2 TD (using the exchange rate applicable to such interest\) and \(iii\) decrea\ sed by the projected amount of all prior )Tj T* (payments in respect of the bond. The U.S. dollar amount of the hypotheti\ cal payments described in clause \(iii\) of )Tj T* (the preceding sentence is determined by \(i\) first allocating the payme\ nts to the most recently accrued interest to )Tj T* (which prior amounts have not already been attributed and translating suc\ h amounts into U.S. dollars at the rate at )Tj T* (which the interest was accrued and \(ii\) then allocating any remaining \ amount to principal and translating such )Tj T* (amounts into U.S. dollars at the spot rate on the date the instrument wa\ s issued \(or, if later, acquired\). For this )Tj T* (purpose, any accrued interest reduced by a negative adjustment carryforw\ ard will be treated as principal. Your )Tj T* (amount realized will equal the amount of cash and the fair market value \ \(denominated in Uruguayan pesos\) of )Tj T* (property, if any, that you receive. If you hold a Bond until its schedul\ ed maturity, the U.S. dollar equivalent of the )Tj T* (amount realized will be determined by separating such amount realized in\ to principal and one or more interest )Tj T* (components, based on the principal and interest comprising your basis, w\ ith the amount realized allocated first to )Tj T* (interest \(and allocated to the most recently accrued amounts first\) an\ d any remaining amounts allocated to )Tj T* (principal. The U.S. dollar equivalent of the amount you realize upon a s\ ale, exchange or unscheduled retirement )Tj 0 -1.2 TD (of a Bond will be determined in a similar matter, but will first be allo\ cated to principal and then any accrued )Tj T* (interest \(and will be allocated to the earliest accrued amounts first\)\ . Each component of the amount realized will )Tj T* (be translated into U.S. dollars using the exchange rate used with respec\ t to the corresponding principal or accrued )Tj T* (interest. The amount of any gain realized upon a sale, exchange or unsch\ eduled retirement of a Bond will be equal )Tj T* (to the excess of the amount realized over your tax basis, both expressed\ in Uruguayan pesos, and will be )Tj T* (translated into U.S. dollars using the spot rate on the payment date. Yo\ u generally will treat any gain as interest )Tj T* (income, and any loss as ordinary loss to the extent of the excess of pre\ vious interest inclusions over the total )Tj T* (negative adjustments previously taken into account as ordinary losses, a\ nd the balance as capital loss. )Tj 0 -1.8 TD ( You also will recognize foreign currency gain or loss on the receip\ t of Uruguayan pesos if the exchange rate in )Tj 0 -1.2 TD (effect on the date the payment is received differs from the rate applica\ ble to the principal or a previous accrual to )Tj T* (which such payment is allocable. This foreign currency gain or loss will\ be treated as ordinary income or loss, but )Tj T* (generally will not be treated as an adjustment to any interest income or\ loss otherwise recognized with respect to )Tj T* (the note. )Tj 0 -1.8 TD ( In the event that consumer prices in Uruguay increase by more than \ 100% on a cumulative basis over the three-)Tj 0 -1.2 TD (year period ending on December 31st of any year, the Bonds may be subjec\ t to special rules that differ from the )Tj T* (rules described above. You should consult your tax advisor concerning th\ e potential effects of consumer prices in )Tj T* (Uruguay on the tax treatment of Bonds. )Tj /TT1 1 Tf 0 -2.404 TD (Non-U.S. Holders)Tj /TT0 1 Tf ( )Tj ET EMC /Artifact <>BDC Q BT /T1_0 1 Tf 9 0 0 9 18 7.17 Tm (http://www.sec.gov/Archives/edgar/data/102385/000095012307004873/y32802e\ 424b2.htm \(55 de 115\)25/10/2007 01:42:24 p.m.)Tj ET EMC endstream endobj 641 0 obj<>stream /Artifact <>BDC 0 0 0 rg 0 i BT /T1_0 1 Tf 0 Tc 0 Tw 0 Ts 100 Tz 0 Tr 9 0 0 9 18 830.17 Tm (424B2)Tj ET EMC /Article <>BDC q 0 18 595 806 re W* n BT /TT0 1 Tf 12.5 0 0 12.5 10 805.1705 Tm ( Subject to the discussion of backup withholding below, if you are, \ with respect to the United States, a foreign )Tj 0 -1.2 TD (corporation or nonresident alien individual \(a \223Non-U.S. Holder\224\)\ , the interest income, other ordinary income and )Tj T* (gains that you derive in respect of the Bonds generally will be exempt f\ rom U.S. federal income taxes, including )Tj 0 -1.2 TD (withholding tax. However, to receive this exemption you may be required \ to satisfy certain certification )Tj 0 -1.2 TD (requirements \(described below under \223Backup Withholding and Informat\ ion Reporting\224\) of the IRS to establish )Tj T* (that you are a Non-U.S. Holder. )Tj 22.055 -2.72 Td (S-31 )Tj ET 0.5 0.5 0.5 rg 10 664 575 2 re f EMC /Artifact <>BDC Q BT /T1_0 1 Tf 9 0 0 9 18 7.17 Tm (http://www.sec.gov/Archives/edgar/data/102385/000095012307004873/y32802e\ 424b2.htm \(56 de 115\)25/10/2007 01:42:24 p.m.)Tj ET EMC endstream endobj 642 0 obj<>stream /Artifact <>BDC 0 0 0 rg 0 i BT /T1_0 1 Tf 0 Tc 0 Tw 0 Ts 100 Tz 0 Tr 9 0 0 9 18 830.17 Tm (424B2)Tj ET EMC /Article <>BDC q 0 18 595 806 re W* n 0 0 1 RG 1.086 w 10 M 0 j 0 J []0 d 10 782.42 m 119.135 782.42 l S 0 0 1 rg BT /T1_1 1 Tf 12.9231 0 0 12.9231 10 785.6766 Tm (Table of Contents)Tj 0 0 0 rg /TT0 1 Tf 12.5 0 0 12.5 10 749.6628 Tm ( Even if you are a Non-U.S. Holder, you may still be subject to U.S.\ federal income taxes on any interest )Tj 0 -1.2 TD (income, including OID, or other ordinary income you derive in respect of\ the Bonds if: )Tj 0 -1.8 TD ( )Tj /TT1 1 Tf 0.92 -0.003 Td (\225)Tj /TT0 1 Tf 1.38 0.003 Td ( )Tj 0.46 0 Td (you are an insurance company carrying on a U.S. insurance business to wh\ ich such income is attributable )Tj 0 -1.2 TD (within the meaning of the Code, or)Tj 7.5 0 0 7.5 10 686.4946 Tm ( )Tj 12.5 0 0 12.5 10 673.1628 Tm ( )Tj /TT1 1 Tf 0.92 -0.003 Td (\225)Tj /TT0 1 Tf 1.38 0.003 Td ( )Tj 0.46 0 Td (with respect to interest income, including OID, you have an office or ot\ her fixed place of business in the )Tj 0 -1.2 TD (United States to which such income is attributable and the income either\ )Tj 7.5 0 0 7.5 10 647.4946 Tm ( )Tj 12.5 0 0 12.5 10 634.1628 Tm ( )Tj /TT1 1 Tf 0.92 -0.003 Td (\225)Tj /TT0 1 Tf 1.38 0.003 Td ( )Tj 0.46 0 Td (is derived in the active conduct of a banking, financing or similar busi\ ness within the United States, or)Tj 7.5 0 0 7.5 10 623.4946 Tm ( )Tj 12.5 0 0 12.5 10 610.1628 Tm ( )Tj /TT1 1 Tf 0.92 -0.003 Td (\225)Tj /TT0 1 Tf 1.38 0.003 Td ( )Tj 0.46 0 Td (is received by a corporation the principal business of which is in tradi\ ng stocks or securities for its own )Tj T* (account and you are otherwise engaged in a U.S. trade or business.)Tj -2.76 -1.8 Td ( If you are a Non-U.S. Holder, any gain you realize on a sale or exc\ hange of the Bonds generally will be )Tj 0 -1.2 TD (exempt from U.S. federal income tax, including withholding tax, unless: \ )Tj 0 -1.8 TD ( )Tj /TT1 1 Tf 0.92 -0.003 Td (\225)Tj /TT0 1 Tf 1.38 0.003 Td ( )Tj 0.46 0 Td (such gain is effectively connected with the conduct of your trade or bus\ iness within the United States, or)Tj 7.5 0 0 7.5 10 524.4946 Tm ( )Tj 12.5 0 0 12.5 10 511.1628 Tm ( )Tj /TT1 1 Tf 0.92 -0.003 Td (\225)Tj /TT0 1 Tf 1.38 0.003 Td ( )Tj 0.46 0 Td (if you are an individual, you are present in the United States for a tot\ al of 183 days or more during the )Tj 0 -1.2 TD (taxable year in which such gain is realized and either)Tj -2.76 -1.8 Td ( )Tj 2.76 0 Td (\226)Tj 1.38 0 Td ( )Tj 0.46 0 Td (such gain is attributable to your office or fixed place of business main\ tained in the United States, or)Tj 7.5 0 0 7.5 10 462.9946 Tm ( )Tj 12.5 0 0 12.5 10 449.6628 Tm ( )Tj 2.76 0 Td (\226)Tj 1.38 0 Td ( )Tj 0.46 0 Td (you have a tax home in the United States.)Tj /TT2 1 Tf -4.6 -2.404 Td (Backup Withholding and Information Reporting)Tj /TT0 1 Tf ( )Tj 0 -1.8 TD ( In general, information reporting requirements will apply to the ac\ crual of OID and to payments in respect of )Tj 0 -1.2 TD (the Bonds within the United States if you are not a corporation, and bac\ kup withholding will apply to such )Tj T* (payments if you fail to provide an accurate taxpayer identification numb\ er or you are notified by the IRS that you )Tj T* (have failed to report all interest and dividends required to be shown on\ your federal income tax return. )Tj 0 -1.8 TD ( Backup withholding and information reporting will not apply to paym\ ents made by Uruguay or any agent )Tj 0 -1.2 TD (thereof \(acting in such capacity\) to you if you are a Non-U.S. Holder \ so long as either \(i\) if you are the beneficial )Tj T* (owner, you certify to Uruguay or its agent, under penalties of perjury, \ that you are a Non-U.S. Holder and provide )Tj T* (your name, address and taxpayer identification number or \(ii\) you have\ otherwise established an exemption, and )Tj T* (provided that neither Uruguay nor its agent has actual knowledge that yo\ u are not a Non-U.S. Holder or that the )Tj T* (conditions of any exemption are not in fact satisfied. )Tj 0 -1.8 TD ( Backup withholding and information reporting will not apply to the \ sale of Bonds effected outside the United )Tj 0 -1.2 TD (States by a foreign office of a foreign broker, provided that such broke\ r \(i\) derives less than 50 percent of its gross )Tj T* (income for certain periods from the conduct of a trade or business in th\ e United States, \(ii\) is not a controlled )Tj T* (foreign corporation for United States federal income tax purposes and \(\ iii\) is not a foreign partnership that, at any )Tj T* (time during its taxable year, is 50 percent or more \(by income or capit\ al interest\) owned by U.S. persons or is )Tj T* (engaged in the conduct of a U.S. trade or business. If you receive payme\ nts of such amounts outside the United )Tj T* (States from a foreign office of any other broker, the payment will not b\ e subject to backup withholding tax, but )Tj T* (will be subject to information reporting requirements unless \(i\) you a\ re the beneficial owner and such broker has )Tj T* (documentary evidence in its records that you are a Non-U.S. Holder or \(\ ii\) you otherwise establish an exemption, )Tj T* (and provided that the broker does not have actual knowledge that you are\ not a Non-U.S. Holder or that the )Tj T* (conditions of any exemption are not in fact satisfied. )Tj 22.055 -2.72 Td (S-32 )Tj ET EMC /Artifact <>BDC Q BT /T1_0 1 Tf 9 0 0 9 18 7.17 Tm (http://www.sec.gov/Archives/edgar/data/102385/000095012307004873/y32802e\ 424b2.htm \(57 de 115\)25/10/2007 01:42:24 p.m.)Tj ET EMC endstream endobj 643 0 obj<>stream /Artifact <>BDC 0 0 0 rg 0 i BT /T1_0 1 Tf 0 Tc 0 Tw 0 Ts 100 Tz 0 Tr 9 0 0 9 18 830.17 Tm (424B2)Tj ET EMC /Article <>BDC q 0 18 595 806 re W* n 0.5 0.5 0.5 rg 10 795.938 575 2 re f EMC /Artifact <>BDC Q BT /T1_0 1 Tf 9 0 0 9 18 7.17 Tm (http://www.sec.gov/Archives/edgar/data/102385/000095012307004873/y32802e\ 424b2.htm \(58 de 115\)25/10/2007 01:42:24 p.m.)Tj ET EMC endstream endobj 644 0 obj<>stream /Artifact <>BDC 0 0 0 rg 0 i BT /T1_0 1 Tf 0 Tc 0 Tw 0 Ts 100 Tz 0 Tr 9 0 0 9 18 830.17 Tm (424B2)Tj ET EMC /WebCaptureBG BMC /WebCaptureFN <>BDC q 0 18 595 806 re W* n /Artifact <>BDC Q 10 548.951 m 461.176 548.951 l 461.176 549.951 l 10 549.951 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 486.811 548.951 m 579.873 548.951 l 579.873 549.951 l 486.811 549.951 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 0.8 0.933 1 rg 10 533.951 451.176 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 461.176 533.951 25.635 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 486.811 533.951 11.813 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 498.623 533.951 81.25 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 579.873 533.951 5.127 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 0 0 0 rg 486.811 518.951 m 579.873 518.951 l 579.873 517.951 l 486.811 517.951 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 0.8 0.933 1 rg 10 501.751 451.176 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 461.176 501.751 25.635 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 486.811 501.751 11.813 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 498.623 501.751 81.25 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 579.873 501.751 5.127 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 0 0 0 rg 486.811 501.751 m 579.873 501.751 l 579.873 500.751 l 486.811 500.751 l h f 486.811 499.751 m 579.873 499.751 l 579.873 498.751 l 486.811 498.751 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 512.21 379.551 m 585 379.551 l 585 380.551 l 512.21 380.551 l h f EMC EMC EMC /Article <>BDC q 0 18 595 806 re W* n 0 0 1 RG 1.086 w 10 M 0 j 0 J []0 d 10 782.42 m 119.135 782.42 l S 0 0 1 rg BT /T1_1 1 Tf 12.9231 0 0 12.9231 10 785.6766 Tm (Table of Contents)Tj 0 0 0 rg /TT0 1 Tf 12.5 0 0 12.5 222.4937 746.1212 Tm (PLAN OF DISTRIBUTION)Tj /TT1 1 Tf ( )Tj -17 -1.8 Td ( Subject to the terms and conditions stated in the underwriting agre\ ement dated March 29, 2007, Deutsche )Tj 0 -1.2 TD (Bank Securities Inc. and Merrill Lynch, Pierce, Fenner & Smith Incorpora\ ted have agreed to purchase, and )Tj 0 -1.2 TD (Uruguay has agreed to sell to the underwriters Ps.12,135,000,000 aggrega\ te principal amount of the Bonds. )Tj 0 -1.8 TD ( The underwriters have advised Uruguay that they propose initially t\ o offer the Bonds to the public at the public )Tj 0 -1.2 TD (offering price set forth on the cover page of this prospectus supplement\ . After the initial public offering, the )Tj T* (public offering price may be changed. )Tj 0 -1.8 TD ( Subject to the terms and conditions stated in the underwriting agre\ ement, each underwriter named below has )Tj 0 -1.2 TD (agreed to purchase, and Uruguay has agreed to sell to that underwriter, \ the principal amount of Bonds set forth )Tj T* (opposite the underwriter\222s name. )Tj 0 -1.8 TD ( )Tj 36.094 0 Td ( )Tj 2.051 0 Td ( )Tj 0.945 0 Td ( )Tj 6.5 0 Td ( )Tj /TT0 1 Tf 10 0 0 10 10 553.2538 Tm (Underwriters)Tj /TT1 1 Tf 45.118 -0.097 Td ( )Tj /TT0 1 Tf 2.564 0.097 Td (Principal Amount)Tj /TT1 1 Tf 9.306 -0.097 Td ( )Tj 12.5 0 0 12.5 25 538.1212 Tm (Deutsche Bank Securities Inc.)Tj 34.894 0 Td ( )Tj 2.051 0 Td (Ps.6,067,500,000 )Tj -36.945 -1.2 Td (Merrill Lynch, Pierce, Fenner & Smith Incorporated)Tj 34.894 0 Td ( )Tj 2.051 0 Td (Ps.6,067,500,000 )Tj 1 0 0 1 25 517.5843 Tm ( )Tj 436.176 0 Td ( )Tj 118.447 -0.5 Td ( )Tj 0.25 0.5 Td ( )Tj 12.5 0 0 12.5 40 505.9212 Tm (Total)Tj 33.694 0 Td ( )Tj 2.051 0 Td (Ps.12,135,000,000 )Tj 1 0 0 1 25 499.3843 Tm ( )Tj 436.176 0 Td ( )Tj 118.447 -1.5 Td ( )Tj 0.25 1.5 Td ( )Tj 12.5 0 0 12.5 10 479.2211 Tm ( The underwriting agreement provides that the obligations of the und\ erwriters to purchase the Bonds included )Tj 0 -1.2 TD (in this offering are subject to approval of legal matters by counsel and\ to other conditions. The underwriters are )Tj T* (obligated to purchase all the Bonds if they purchase any of the Bonds. )Tj 0 -1.8 TD ( The following table indicates the underwriting discounts and commis\ sions that Uruguay is to pay to the )Tj 0 -1.2 TD (underwriters in connection with this offering \(expressed as a percentag\ e of the principal amount of the Bonds\): )Tj T* ( )Tj 38.017 0 Td ( )Tj 2.16 0 Td ( )Tj 1.532 0 Td ( )Tj 2.177 0 Td ( )Tj 10 0 0 10 10 382.8871 Tm ( )Tj 47.521 0 Td ( )Tj /TT0 1 Tf 2.7 0.097 Td (Paid by Uruguay)Tj /TT1 1 Tf 12.5 0 0 12.5 25 368.7211 Tm (Per Bond)Tj 36.817 0 Td ( )Tj 3.442 0 Td ( )Tj 0.677 0 Td (0.05%)Tj -42.135 -2.4 Td ( In connection with the issue of the Bonds, Deutsche Bank Securities\ Inc. may over-allot Bonds \(provided that )Tj 0 -1.2 TD (the aggregate principal amount of the Bonds allotted does not exceed 105\ % of the aggregate principal amount of )Tj 0 -1.2 TD (Bonds\) or effect transactions with a view to supporting the market pric\ e of the Bonds at a level higher than that )Tj T* (which might otherwise prevail. However, there is no assurance that Deuts\ che Bank Securities Inc. will undertake )Tj T* (stabilization action. Any stabilization action may begin on or after the\ date on which adequate public disclosure )Tj T* (of the final terms of the offer of the Bonds is made and, if begun, may \ be ended at any time, but it must end no )Tj 0 -1.2 TD (later than the earlier of 30 days after the issue date of the Bonds and \ 60 days after the date of the allotment of the )Tj T* (Bonds. )Tj 0 -1.8 TD ( Neither Uruguay nor the underwriters make any representation or pre\ diction as to the direction or magnitude )Tj 0 -1.2 TD (of any effect that the transactions described above may have on the pric\ e of the Bonds. In addition, neither )Tj T* (Uruguay nor the underwriters make any representation that the underwrite\ rs will engage in these transactions or )Tj 0 -1.2 TD (that these transactions, once commenced, will not be discontinued withou\ t notice. )Tj 0 -1.8 TD ( Uruguay estimates that its total expenses for this offering will be\ approximately US$80,000. )Tj T* ( The underwriters have performed investment banking and advisory ser\ vices for Uruguay from time to time, for )Tj 0 -1.2 TD (which they have received customary fees and expenses. The underwriters m\ ay engage in transactions with and )Tj T* (perform services for Uruguay in the ordinary course of their business. )Tj 0 -1.8 TD ( In compliance with NASD guidelines, the maximum compensation to the\ underwriters or agents in connection )Tj 0 -1.2 TD (with the sale of the Bonds pursuant to the prospectus accompanying this \ prospectus supplement will not exceed )Tj T* (8% of the aggregate total offering price to the public of the Bonds set \ forth on the cover page of this prospectus )Tj ET EMC /Artifact <>BDC Q BT /T1_0 1 Tf 9 0 0 9 18 7.17 Tm (http://www.sec.gov/Archives/edgar/data/102385/000095012307004873/y32802e\ 424b2.htm \(59 de 115\)25/10/2007 01:42:24 p.m.)Tj ET EMC endstream endobj 645 0 obj<>stream /Artifact <>BDC 0 0 0 rg 0 i BT /T1_0 1 Tf 0 Tc 0 Tw 0 Ts 100 Tz 0 Tr 9 0 0 9 18 830.17 Tm (424B2)Tj ET EMC /Article <>BDC q 0 18 595 806 re W* n BT /TT0 1 Tf 12.5 0 0 12.5 10 803.7211 Tm (supplement. )Tj 0 -1.8 TD ( Uruguay has agreed to indemnify the underwriters against certain li\ abilities, including liabilities under the )Tj 0 -1.2 TD (United States Securities Act of 1933, or to contribute to payments the u\ nderwriters may be required to make )Tj 0 -1.2 TD (because of any of those liabilities. )Tj 22.055 -2.72 Td (S-33 )Tj ET 0.5 0.5 0.5 rg 10 685.051 575 2 re f EMC /Artifact <>BDC Q BT /T1_0 1 Tf 9 0 0 9 18 7.17 Tm (http://www.sec.gov/Archives/edgar/data/102385/000095012307004873/y32802e\ 424b2.htm \(60 de 115\)25/10/2007 01:42:24 p.m.)Tj ET EMC endstream endobj 646 0 obj<>stream /Artifact <>BDC 0 0 0 rg 0 i BT /T1_0 1 Tf 0 Tc 0 Tw 0 Ts 100 Tz 0 Tr 9 0 0 9 18 830.17 Tm (424B2)Tj ET EMC /Article <>BDC q 0 18 595 806 re W* n 0 0 1 RG 1.086 w 10 M 0 j 0 J []0 d 10 782.42 m 119.135 782.42 l S 0 0 1 rg BT /T1_1 1 Tf 12.9231 0 0 12.9231 10 785.6766 Tm (Table of Contents)Tj 0 0 0 rg /TT0 1 Tf 12.5 0 0 12.5 10 749.6628 Tm ( The Bonds are offered for sale in the United States and other juris\ dictions where it is legal to make these )Tj 0 -1.2 TD (offers. The distribution of this prospectus supplement and the accompany\ ing prospectus, and the offering of the )Tj T* (Bonds in certain jurisdictions may be restricted by law. Persons into wh\ ose possession this prospectus supplement )Tj 0 -1.2 TD (and the accompanying prospectus come and investors in the Bonds should i\ nform themselves about and observe )Tj 0 -1.2 TD (any of these restrictions. This prospectus supplement and the accompanyi\ ng prospectus do not constitute, and )Tj T* (may not be used in connection with, an offer or solicitation by anyone i\ n any jurisdiction in which such offer or )Tj T* (solicitation is not authorized, or in which the person making such offer\ or solicitation is not qualified to do so, or )Tj T* (to any person to whom it is unlawful to make such offer or solicitation.\ )Tj 0 -1.8 TD ( The underwriters have agreed that they have not offered, sold or de\ livered, and they will not offer, sell or )Tj 0 -1.2 TD (deliver any of the Bonds, directly or indirectly, or distribute this pro\ spectus supplement, the accompanying )Tj T* (prospectus or any other offering material relating to the Bonds, in or f\ rom any jurisdiction except under )Tj T* (circumstances that will, to the best knowledge and belief of the underwr\ iters, after reasonable investigation, result )Tj T* (in compliance with the applicable laws and regulations of such jurisdict\ ion and which will not impose any )Tj 0 -1.2 TD (obligations on Uruguay except as set forth in the underwriting agreement\ . )Tj 0 -1.8 TD ( Neither Uruguay nor the underwriters have represented that the Bond\ s may be lawfully sold in compliance )Tj 0 -1.2 TD (with any applicable registration or other requirements in any jurisdicti\ on, or pursuant to an exemption, or assumes )Tj T* (any responsibility for facilitating these sales. )Tj /TT1 1 Tf 0 -2.403 TD (European Economic Area)Tj /TT0 1 Tf ( )Tj 0 -1.8 TD ( In relation to each Member State of the European Economic Area whic\ h has implemented the Prospectus )Tj 0 -1.2 TD (Directive \(each, a \223Relevant Member State\224\), an offer to the pub\ lic of any Bonds may not be made in that )Tj T* (Relevant Member State unless and until a prospectus within the meaning o\ f the Prospectus Directive has, in the )Tj T* (case of the United Kingdom, been approved by the UKLA and published or, \ in the case of any other Relevant )Tj T* (Member States \223passported\224 into that Relevant Member State in acco\ rdance with the Prospectus Directive, except )Tj T* (that an offer to the public in that Relevant Member State of any Bonds m\ ay be made at any time under the )Tj T* (following exemptions under the Prospectus Directive: )Tj 0 -1.8 TD ( )Tj 0.92 0 Td (\(a\))Tj 1.38 0 Td ( )Tj 0.46 0 Td (to legal entities which are authorized or regulated to operate in the fi\ nancial markets or, if not so )Tj 0 -1.2 TD (authorized or regulated, whose corporate purpose is solely to invest in \ securities;)Tj 7.5 0 0 7.5 10 303.953 Tm ( )Tj 12.5 0 0 12.5 10 290.6212 Tm ( )Tj 0.92 0 Td (\(b\))Tj 1.38 0 Td ( )Tj 0.46 0 Td (to any legal entity which has two or more of \(1\) an average of at leas\ t 250 employees during the last )Tj 0 -1.284 TD (financial year; \(2\) a total balance sheet of more than )Tj /T1_2 1 Tf (\240)Tj /TT0 1 Tf (43,000,000 and \(3\) an annual net turnover of more )Tj T* (than )Tj /T1_2 1 Tf (\240)Tj /TT0 1 Tf (50,000,000, as shown in its last annual or consolidated accounts;)Tj 7.5 0 0 7.5 10 247.862 Tm ( )Tj 12.5 0 0 12.5 10 234.5302 Tm ( )Tj 0.92 0 Td (\(c\))Tj 1.38 0 Td ( )Tj 0.46 0 Td (an offer addressed to fewer than 100 natural or legal persons in that Re\ levant Member State \(other than )Tj 0 -1.2 TD (Qualified Investors\); or)Tj 7.5 0 0 7.5 10 208.862 Tm ( )Tj 12.5 0 0 12.5 10 195.5302 Tm ( )Tj 0.92 0 Td (\(d\))Tj 1.38 0 Td ( )Tj 0.46 0 Td (in any other circumstances falling within Article 3\(2\) of the Prospect\ us Directive.)Tj -2.76 -1.8 Td ( For the purposes of this section, the expression an \223offer to th\ e public\224 in relation to the Bonds in any Relevant )Tj T* (Member State means the communication in any form and by any means of suf\ ficient information on the terms of )Tj 0 -1.2 TD (the offer and any of the Bonds to be offered so as to enable an investor\ to decide to purchase such Bonds, as the )Tj T* (same may be further defined in that Member State by any measure implemen\ ting the Prospectus Directive in that )Tj T* (Member State and the expression \223Prospectus Directive\224 includes an\ y relevant implementing measure in each )Tj T* (Relevant Member State. )Tj /TT1 1 Tf 0 -2.403 TD (United Kingdom)Tj /TT0 1 Tf ( )Tj 0 -1.8 TD ( The underwriters have represented and agreed that: \(i\) they have \ only communicated or caused to be )Tj ET EMC /Artifact <>BDC Q BT /T1_0 1 Tf 9 0 0 9 18 7.17 Tm (http://www.sec.gov/Archives/edgar/data/102385/000095012307004873/y32802e\ 424b2.htm \(61 de 115\)25/10/2007 01:42:24 p.m.)Tj ET EMC endstream endobj 647 0 obj<>stream /Artifact <>BDC 0 0 0 rg 0 i BT /T1_0 1 Tf 0 Tc 0 Tw 0 Ts 100 Tz 0 Tr 9 0 0 9 18 830.17 Tm (424B2)Tj ET EMC /Article <>BDC q 0 18 595 806 re W* n BT /TT0 1 Tf 12.5 0 0 12.5 10 805.1705 Tm (communicated and will only communicate or cause to be communicated an in\ vitation or inducement to engage in )Tj 0 -1.2 TD (investment activity \(within the meaning of Section 21 of the UK Financi\ al Services and Markets Act 2000 \(the )Tj T* (\223FSMA\224\) received by them in connection with the issue or sale of \ any Bonds in circumstances in which )Tj 0 -1.2 TD (Section 21\(1\) of the FSMA does not apply to Uruguay and \(ii\) they ha\ ve complied and will comply with all )Tj 0 -1.2 TD (applicable provisions of the FSMA with respect to anything done by them \ in relation to the Bonds in, from or )Tj T* (otherwise involving the United Kingdom. )Tj 22.055 -2.72 Td (S-34 )Tj ET 0.5 0.5 0.5 rg 10 664 575 2 re f EMC /Artifact <>BDC Q BT /T1_0 1 Tf 9 0 0 9 18 7.17 Tm (http://www.sec.gov/Archives/edgar/data/102385/000095012307004873/y32802e\ 424b2.htm \(62 de 115\)25/10/2007 01:42:24 p.m.)Tj ET EMC endstream endobj 648 0 obj<>stream /Artifact <>BDC 0 0 0 rg 0 i BT /T1_0 1 Tf 0 Tc 0 Tw 0 Ts 100 Tz 0 Tr 9 0 0 9 18 830.17 Tm (424B2)Tj ET EMC /Article <>BDC q 0 18 595 806 re W* n 0 0 1 RG 1.086 w 10 M 0 j 0 J []0 d 10 782.42 m 119.135 782.42 l S 0 0 1 rg BT /T1_1 1 Tf 12.9231 0 0 12.9231 10 785.6766 Tm (Table of Contents)Tj 0 0 0 rg /TT0 1 Tf 12.5 0 0 12.5 187.5937 746.1212 Tm (FORWARD-LOOKING STATEMENTS)Tj /TT1 1 Tf ( )Tj -14.208 -1.8 Td ( The following documents relating to Uruguay\222s securities offered\ by this prospectus supplement may contain )Tj 0 -1.2 TD (forward-looking statements: )Tj 0 -1.8 TD ( )Tj /TT0 1 Tf 0.46 -0.003 Td (\225)Tj /TT1 1 Tf 1.38 0.003 Td ( )Tj 0.46 0 Td (the accompanying prospectus;)Tj 7.5 0 0 7.5 10 675.453 Tm ( )Tj 12.5 0 0 12.5 10 662.1212 Tm ( )Tj /TT0 1 Tf 0.46 -0.003 Td (\225)Tj /TT1 1 Tf 1.38 0.003 Td ( )Tj 0.46 0 Td (this prospectus supplement;)Tj 7.5 0 0 7.5 10 651.453 Tm ( )Tj 12.5 0 0 12.5 10 638.1212 Tm ( )Tj /TT0 1 Tf 0.46 -0.003 Td (\225)Tj /TT1 1 Tf 1.38 0.003 Td ( )Tj 0.46 0 Td (any amendment or supplement hereto; and)Tj 7.5 0 0 7.5 10 627.453 Tm ( )Tj 12.5 0 0 12.5 10 614.1212 Tm ( )Tj /TT0 1 Tf 0.46 -0.003 Td (\225)Tj /TT1 1 Tf 1.38 0.003 Td ( )Tj 0.46 0 Td (the documents incorporated by reference into this prospectus supplement \ and the accompanying prospectus.)Tj -2.3 -1.8 Td ( Forward-looking statements are statements that are not historical f\ acts, including statements about Uruguay\222s )Tj 0 -1.2 TD (beliefs and expectations. These statements are based on current plans, e\ stimates and projections, and therefore )Tj 0 -1.2 TD (you should not place undue reliance on them. Forward-looking statements \ speak only as of the date they are )Tj T* (made. Uruguay undertakes no obligation to update any of them in light of\ new information or future events. )Tj 0 -1.8 TD ( Forward-looking statements involve inherent risks and uncertainties\ . Uruguay cautions you that a number of )Tj 0 -1.2 TD (important factors could cause actual results to differ materially from t\ hose contained in any forward-looking )Tj 0 -1.2 TD (statement. The information contained in this prospectus supplement ident\ ifies important factors that could cause )Tj T* (such differences. Such factors include, but are not limited to: )Tj 0 -1.8 TD ( )Tj /TT0 1 Tf 0.46 -0.003 Td (\225)Tj /TT1 1 Tf 1.38 0.003 Td ( )Tj 0.46 0 Td (adverse external factors, such as changes in international prices, high \ international interest rates and )Tj 0 -1.2 TD (recession or low economic growth in Uruguay\222s trading partners. Chang\ es in international prices and high )Tj T* (international interest rates could increase Uruguay\222s current account\ deficit and budgetary expenditures. )Tj 0 -1.2 TD (Recession or low economic growth in Uruguay\222s trading partners could \ decrease exports \(including )Tj 0 -1.2 TD (manufactured goods\) from Uruguay, reduce tourism to Uruguay, induce a c\ ontraction of the Uruguayan )Tj T* (economy and, indirectly, reduce tax revenues and other public sector rev\ enues and adversely affect the )Tj T* (country\222s fiscal accounts;)Tj 7.5 0 0 7.5 10 355.953 Tm ( )Tj 12.5 0 0 12.5 10 342.6212 Tm ( )Tj /TT0 1 Tf 0.46 -0.003 Td (\225)Tj /TT1 1 Tf 1.38 0.003 Td ( )Tj 0.46 0 Td (adverse domestic factors, such as a decline in foreign direct and portfo\ lio investment, increases in domestic )Tj 0 -1.2 TD (inflation, high domestic interest rates and exchange rate volatility and\ a further deterioration in the health of )Tj T* (the domestic banking system. These factors could lead to lower economic \ growth or a decrease in )Tj 0 -1.2 TD (Uruguay\222s international reserves; and)Tj 7.5 0 0 7.5 10 286.953 Tm ( )Tj 12.5 0 0 12.5 10 273.6212 Tm ( )Tj /TT0 1 Tf 0.46 -0.003 Td (\225)Tj /TT1 1 Tf 1.38 0.003 Td ( )Tj 0.46 0 Td (other adverse factors, such as climatic or political events and internat\ ional hostilities.)Tj 19.756 -2.72 Td (S-35 )Tj ET 0.5 0.5 0.5 rg 10 207.451 575 2 re f EMC /Artifact <>BDC Q BT /T1_0 1 Tf 9 0 0 9 18 7.17 Tm (http://www.sec.gov/Archives/edgar/data/102385/000095012307004873/y32802e\ 424b2.htm \(63 de 115\)25/10/2007 01:42:24 p.m.)Tj ET EMC endstream endobj 649 0 obj<>stream /Artifact <>BDC 0 0 0 rg 0 i BT /T1_0 1 Tf 0 Tc 0 Tw 0 Ts 100 Tz 0 Tr 9 0 0 9 18 830.17 Tm (424B2)Tj ET EMC /Article <>BDC q 0 18 595 806 re W* n 0 0 1 RG 1.086 w 10 M 0 j 0 J []0 d 10 782.42 m 119.135 782.42 l S 0 0 1 rg BT /T1_1 1 Tf 12.9231 0 0 12.9231 10 785.6766 Tm (Table of Contents)Tj 0 0 0 rg /TT0 1 Tf 12.5 0 0 12.5 218.5063 727.1212 Tm (GENERAL INFORMATION)Tj /TT1 1 Tf ( )Tj /TT0 1 Tf -16.68 -2.403 Td (Due Authorization)Tj /TT1 1 Tf ( )Tj 0 -1.8 TD ( Uruguay has authorized the creation and issue of the Bonds pursuant\ to Decree No. 115/2007, dated March 27, )Tj 0 -1.2 TD (2007, of the Executive Power of the Republic of Uruguay and the Resoluti\ on dated March 29, 2007 of the )Tj T* (Ministry of Finance. )Tj /TT0 1 Tf 0 -2.403 TD (Litigation)Tj /TT1 1 Tf ( )Tj 0 -1.8 TD ( During the twelve months preceding the date of this prospectus, nei\ ther Uruguay nor any Uruguayan )Tj 0 -1.2 TD (governmental agency is or has been involved in any litigation or arbitra\ tion or administrative proceedings or )Tj T* (governmental proceedings \(including any such proceedings which are pend\ ing or threatened of which the issuer is )Tj T* (aware\) which may have, or have had in the recent past, significant effe\ cts on Uruguay\222s financial position. )Tj /TT0 1 Tf 0 -2.403 TD (Listing)Tj /TT1 1 Tf ( )Tj 0 -1.8 TD ( Application has been made to admit the Bonds to the Official List o\ f the UKLA and to admit the Bonds to )Tj 0 -1.2 TD (trading on the regulated market of the London Stock Exchange. )Tj /TT0 1 Tf 0 -2.403 TD (Validity of the Bonds)Tj /TT1 1 Tf ( )Tj 0 -1.8 TD ( The validity of the Bonds will be passed upon for Uruguay by Counse\ l to the Ministry of Economy and )Tj 0 -1.2 TD (Finance of Uruguay and by Cleary Gottlieb Steen & Hamilton LLP, One Libe\ rty Plaza, New York, New York )Tj T* (10006, special New York counsel to Uruguay. )Tj 0 -1.8 TD ( The validity of the Bonds will be passed upon for the underwriters \ by Shearman & Sterling LLP, 599 )Tj 0 -1.2 TD (Lexington Avenue, New York, New York 10022, United States counsel to the\ underwriters, and by Guyer & )Tj T* (Regules, Plaza Independencia 811, 11100 Montevideo, Uruguayan counsel to\ the underwriters. )Tj 0 -1.8 TD ( As to all matters of Uruguayan law, Cleary Gottlieb Steen & Hamilto\ n LLP may rely on the opinion of )Tj 0 -1.2 TD (Counsel to the Ministry of Economy and Finance of Uruguay, and Shearman \ & Sterling LLP may rely on the )Tj T* (opinion of Guyer & Regules. )Tj 0 -1.8 TD ( As to all matters of United States law, Counsel to the Ministry of \ Economy and Finance of Uruguay may rely )Tj 0 -1.2 TD (on the opinion of Cleary Gottlieb Steen & Hamilton LLP, and Guyer & Regu\ les may rely on the opinion of )Tj T* (Shearman & Sterling LLP. All statements with respect to matters of Urugu\ ayan law in this prospectus supplement )Tj T* (and the accompanying prospectus have been passed upon by Counsel to the \ Ministry of Economy and Finance of )Tj T* (Uruguay and Guyer & Regules and are made upon their authority. )Tj /TT0 1 Tf 0 -2.403 TD (Significant Changes to Public Finance and Trading Position)Tj /TT1 1 Tf ( )Tj 0 -1.8 TD ( Since December 31, 2005 there have been no significant changes to t\ he public finance and trade data of the )Tj 0 -1.2 TD (Republic of Uruguay. )Tj /TT0 1 Tf 0 -2.403 TD (Where You Can Find More Information)Tj /TT1 1 Tf ( )Tj 0 -1.8 TD ( Uruguay has filed a registration statement with the SEC. You may re\ quest copies of this document, including )Tj 0 -1.2 TD (all amendments thereto, the accompanying prospectus, any documents incor\ porated by reference into the )Tj T* (registration statement and the various exhibits to these documents, free\ of charge, by contacting the Office of the )Tj T* (Representative of the Ministry of Economy and Finance of the Republic of\ Uruguay, 1025 Connecticut Ave, N.)Tj ET EMC /Artifact <>BDC Q BT /T1_0 1 Tf 9 0 0 9 18 7.17 Tm (http://www.sec.gov/Archives/edgar/data/102385/000095012307004873/y32802e\ 424b2.htm \(64 de 115\)25/10/2007 01:42:24 p.m.)Tj ET EMC endstream endobj 650 0 obj<>stream /Artifact <>BDC 0 0 0 rg 0 i BT /T1_0 1 Tf 0 Tc 0 Tw 0 Ts 100 Tz 0 Tr 9 0 0 9 18 830.17 Tm (424B2)Tj ET EMC /Article <>BDC q 0 18 595 806 re W* n BT /TT0 1 Tf 12.5 0 0 12.5 10 805.1705 Tm (W. Suite 902, Washington, D.C. 20036, United States. )Tj 22.055 -2.72 Td (S-36 )Tj ET 0.5 0.5 0.5 rg 10 739 575 2 re f EMC /Artifact <>BDC Q BT /T1_0 1 Tf 9 0 0 9 18 7.17 Tm (http://www.sec.gov/Archives/edgar/data/102385/000095012307004873/y32802e\ 424b2.htm \(65 de 115\)25/10/2007 01:42:24 p.m.)Tj ET EMC endstream endobj 651 0 obj<>stream /Artifact <>BDC 0 0 0 rg 0 i BT /T1_0 1 Tf 0 Tc 0 Tw 0 Ts 100 Tz 0 Tr 9 0 0 9 18 830.17 Tm (424B2)Tj ET EMC /Article <>BDC q 0 18 595 806 re W* n 0 0 1 RG 1.086 w 10 M 0 j 0 J []0 d 10 782.42 m 119.135 782.42 l S 0 0 1 rg BT /T1_1 1 Tf 12.9231 0 0 12.9231 10 785.6766 Tm (Table of Contents)Tj 0 0 0 rg /TT0 1 Tf 12.5 0 0 12.5 10 749.6628 Tm ( Uruguay is not subject to the informational requirements of the U.S\ . Securities Exchange Act of 1934. )Tj 0 -1.2 TD (Uruguay commenced filing annual reports on Form 18-K with the SEC on a v\ oluntary basis beginning with its )Tj T* (fiscal year ended December 31, 2004. These reports include certain finan\ cial, statistical and other information )Tj 0 -1.2 TD (concerning Uruguay. Uruguay may also file amendments on Form 18-K/A to i\ ts annual reports for the purpose of )Tj 0 -1.2 TD (filing with the SEC exhibits which have not been included in the registr\ ation statement to which this prospectus )Tj T* (supplement and the accompanying prospectus relate. When filed, these exh\ ibits will be incorporated by reference )Tj T* (into the registration statement. See \223Incorporation by Reference\224 \ on page S-1 of this prospectus supplement. You )Tj T* (can request copies of these documents, upon payment of a duplicating fee\ , by writing to the SEC. Uruguay\222s SEC )Tj ET 0 0 0 RG 0.6 w 311.7 627.863 m 409.613 627.863 l S BT /TT0 1 Tf 12.5 0 0 12.5 10 629.6628 Tm (filings are available to the public from the SEC\222s website at http://\ www.sec.gov and you may also read and copy )Tj 0 -1.2 TD (these documents at the SEC\222s public reference room in Washington, D.C\ . at 100 F Street, N.E., Washington, D.C. )Tj T* (20549. You may call the SEC at 1-800-SEC-0330 for further information. )Tj 0 -1.8 TD ( You may inspect copies of the indenture and the form of the Bonds d\ uring normal business hours on any )Tj 0 -1.2 TD (weekday \(except public holidays\) at the offices of the trustee. )Tj 22.055 -2.72 Td (S-37 )Tj ET 0.5 0.5 0.5 rg 10 495.992 575 2 re f EMC /Artifact <>BDC Q BT /T1_0 1 Tf 9 0 0 9 18 7.17 Tm (http://www.sec.gov/Archives/edgar/data/102385/000095012307004873/y32802e\ 424b2.htm \(66 de 115\)25/10/2007 01:42:24 p.m.)Tj ET EMC endstream endobj 652 0 obj<>stream /Artifact <>BDC 0 0 0 rg 0 i BT /T1_0 1 Tf 0 Tc 0 Tw 0 Ts 100 Tz 0 Tr 9 0 0 9 18 830.17 Tm (424B2)Tj ET EMC /WebCaptureBG BMC /WebCaptureFN <>BDC q 0 18 595 806 re W* n /Artifact <>BDC Q 10 695.951 m 585 695.951 l 585 694.951 l 10 694.951 l h f EMC EMC EMC /Article <>BDC q 0 18 595 806 re W* n 0 0 1 RG 1.086 w 10 M 0 j 0 J []0 d 10 782.42 m 119.135 782.42 l S 0 0 1 rg BT /T1_1 1 Tf 12.9231 0 0 12.9231 10 785.6766 Tm (Table of Contents)Tj 0 0 0 rg /TT0 1 Tf 12.5 0 0 12.5 10 749.6212 Tm (Clearing)Tj /TT1 1 Tf ( )Tj 0 -1.8 TD ( The Bonds have been accepted for clearance through DTC, Euroclear a\ nd Clearstream. The codes are: )Tj 0 -1.2 TD ( )Tj 13.8 0 Td ( )Tj 2.3 0 Td ( )Tj 13.8 0 Td ( )Tj 2.3 0 Td ( )Tj /TT0 1 Tf 10 0 0 10 85.97 699.2538 Tm (ISIN)Tj /TT1 1 Tf 9.653 0.003 Td ( )Tj /TT0 1 Tf 10 -0.003 Td (CUSIP)Tj /TT1 1 Tf 10.125 0.003 Td ( )Tj /TT0 1 Tf 8.292 -0.003 Td (Common Code)Tj /TT1 1 Tf 1 0 0 1 10 694.0843 Tm ( )Tj 12.5 0 0 12.5 54.2375 682.9212 Tm (US760942AU61 )Tj 10.261 0 Td ( )Tj 6.603 0 Td (760942 AU6 )Tj 9.497 0 Td ( )Tj 6.95 0 Td (029507929)Tj -14.794 -2.72 Td (S-38 )Tj ET 0.5 0.5 0.5 rg 10 616.751 575 2 re f EMC /Artifact <>BDC Q BT /T1_0 1 Tf 9 0 0 9 18 7.17 Tm (http://www.sec.gov/Archives/edgar/data/102385/000095012307004873/y32802e\ 424b2.htm \(67 de 115\)25/10/2007 01:42:24 p.m.)Tj ET EMC endstream endobj 653 0 obj<>stream /Artifact <>BDC 0 0 0 rg 0 i BT /T1_0 1 Tf 0 Tc 0 Tw 0 Ts 100 Tz 0 Tr 9 0 0 9 18 830.17 Tm (424B2)Tj ET EMC /WebCaptureBG BMC /WebCaptureFN <>BDC q 0 18 595 806 re W* n /Artifact <>BDC Q 10 340.905 m 113.5 340.905 l 113.5 339.905 l 10 339.905 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 10 192.405 m 113.5 192.405 l 113.5 191.405 l 10 191.405 l h f EMC EMC EMC /Article <>BDC q 0 18 595 806 re W* n 0 0 1 RG 1.086 w 10 M 0 j 0 J []0 d 10 782.42 m 119.135 782.42 l S 0 0 1 rg BT /T1_1 1 Tf 12.9231 0 0 12.9231 10 785.6766 Tm (Table of Contents)Tj 0 0 0 rg /TT0 1 Tf 12.5 0 0 12.5 10 749.6212 Tm (PROSPECTUS)Tj /TT1 1 Tf ( )Tj ET q 92 0 0 104 251.5 618.9506836 cm /Im0 Do Q BT /TT1 1 Tf 12.5 0 0 12.5 343.5 618.9507 Tm ( )Tj /TT0 1 Tf 22.5 0 0 22.5 142.8013 588.9621 Tm (Rep\372blica Oriental del Uruguay)Tj /TT1 1 Tf ( )Tj 12.5 0 0 12.5 135.1938 570.6257 Tm (acting through Banco Central del Uruguay as its Financial Agent)Tj /TT0 1 Tf 15 0 0 15 248.9675 545.9099 Tm (Debt Securities )Tj 1.818 -1.2 Td (and/or )Tj -6.665 -1.2 Td (Warrants to Purchase Debt Securities)Tj /TT1 1 Tf ( )Tj 11.25 0 0 11.25 10 487.6588 Tm ( Uruguay may from time to time offer and sell its securities in amou\ nts, at prices and on terms to be determined at the time)Tj ( )Tj 0 -1.2 TD (of sale and provided in supplements to this prospectus. Uruguay may offe\ r debt securities in exchange for other debt securities )Tj T* (or that are convertible into new debt securities. Uruguay may offer secu\ rities having an aggregate principal amount of up to )Tj 0 -1.2 TD ($2,800,000,000 \(or the equivalent in other currencies\) in the United S\ tates. The securities will be direct, general and )Tj 0 -1.2 TD (unconditional public foreign debt of Uruguay and will rank equal in righ\ t of payment among themselves and with all other )Tj T* (unsecured and unsubordinated foreign debt of Uruguay. )Tj 0 -1.867 TD ( Uruguay may sell the securities directly, through agents designated\ from time to time or through underwriters. The names )Tj 0 -1.2 TD (of any agents or underwriters will be provided in the applicable prospec\ tus supplement. )Tj 0 -1.867 TD ( )Tj 3.75 0 0 3.75 61.2813 336.6565 Tm ( )Tj 11.25 0 0 11.25 10 318.1588 Tm ( The trust indenture described in this prospectus contains collectiv\ e action clauses with provisions regarding future )Tj 0 -1.2 TD (modifications to the terms of debt securities issued thereunder that are\ described herein beginning on page 8. Under these )Tj T* (provisions, modifications affecting the reserve matters listed in the in\ denture, including modifications to payment and other )Tj 0 -1.2 TD (important terms, may be made to a single series of debt securities issue\ d under the indenture with the consent of the holders of)Tj ( )Tj 0 -1.2 TD (75% of the aggregate principal amount outstanding of that series, and to\ multiple series of debt securities issued under the )Tj T* (indenture with the consent of the holders of 85% of the aggregate princi\ pal amount outstanding of all affected series and 66-)Tj 9.5625 0 0 9.5625 10 237.1588 Tm (2)Tj 11.25 0 0 11.25 14.7812 237.1588 Tm (/)Tj 9.5625 0 0 9.5625 17.9088 237.1588 Tm (3)Tj 11.25 0 0 11.25 22.69 237.1588 Tm (% in aggregate principal amount outstanding of each affected series. )Tj -1.128 -1.867 Td ( )Tj 3.75 0 0 3.75 61.2813 188.1565 Tm ( )Tj 11.25 0 0 11.25 10 169.6588 Tm ( This prospectus may not be used to make offers or sales of securiti\ es unless accompanied by a supplement. You should )Tj 0 -1.2 TD (read this prospectus and the supplements carefully. You should not assum\ e that the information in this prospectus, any )Tj T* (prospectus supplement or any document incorporated by reference is accur\ ate as of any date other than the date on the front of )Tj 0 -1.2 TD (those documents. )Tj 0 -1.87 TD ( )Tj /TT0 1 Tf (Neither the Securities and Exchange Commission nor any other regulatory \ body has approved or disapproved of )Tj 0 -1.203 TD (these securities or determined if this prospectus is truthful or complet\ e. Any representation to the contrary is a )Tj 0 -1.2 TD (criminal offense.)Tj /TT1 1 Tf ( )Tj 12.5 0 0 12.5 189.525 59.0009 Tm (The date of this prospectus is June 5, 2006. )Tj ET EMC /Artifact <>BDC Q BT /T1_0 1 Tf 9 0 0 9 18 7.17 Tm (http://www.sec.gov/Archives/edgar/data/102385/000095012307004873/y32802e\ 424b2.htm \(68 de 115\)25/10/2007 01:42:24 p.m.)Tj ET EMC endstream endobj 654 0 obj<>stream /Artifact <>BDC 0 0 0 rg 0 i BT /T1_0 1 Tf 0 Tc 0 Tw 0 Ts 100 Tz 0 Tr 9 0 0 9 18 830.17 Tm (424B2)Tj ET EMC /Article <>BDC q 0 18 595 806 re W* n BT /TT0 1 Tf 12.5 0 0 12.5 295.9375 805.0009 Tm ( )Tj ET 0.5 0.5 0.5 rg 10 772.83 575 2 re f EMC /Artifact <>BDC Q BT /T1_0 1 Tf 9 0 0 9 18 7.17 Tm (http://www.sec.gov/Archives/edgar/data/102385/000095012307004873/y32802e\ 424b2.htm \(69 de 115\)25/10/2007 01:42:24 p.m.)Tj ET EMC endstream endobj 655 0 obj<>stream /Artifact <>BDC 0 0 0 rg 0 i BT /T1_0 1 Tf 0 Tc 0 Tw 0 Ts 100 Tz 0 Tr 9 0 0 9 18 830.17 Tm (424B2)Tj ET EMC /WebCaptureBG BMC /WebCaptureFN <>BDC q 0 18 595 806 re W* n /Artifact <>BDC Q 544.75 715.951 m 579.25 715.951 l 579.25 716.951 l 544.75 716.951 l h f EMC EMC EMC /Article <>BDC q 0 18 595 806 re W* n BT /T1_1 1 Tf 12.9231 0 0 12.9231 10 785.6766 Tm ( )Tj /TT0 1 Tf 12.5 0 0 12.5 230.125 748.1212 Tm (TABLE OF CONTENTS)Tj /TT1 1 Tf ( )Tj -17.61 -1.2 Td ( )Tj 40.48 0 Td ( )Tj 2.3 0 Td ( )Tj 0.46 0 Td ( )Tj 2.3 0 Td ( )Tj 10 0 0 10 10 719.2871 Tm ( )Tj 50.6 0 Td ( )Tj 3.628 0.1 Td (Page)Tj 2.697 -0.1 Td ( )Tj ET 0 0 1 RG 0.6 w 10 M 0 j 0 J []0 d 25 703.321 m 179.875 703.321 l S 0 0 1 rg BT /TT1 1 Tf 12.5 0 0 12.5 25 705.1212 Tm (ABOUT THIS PROSPECTUS)Tj 0 0 0 rg 39.28 -0.16 Td ( )Tj 2.3 0 Td ( )Tj 2.26 0 Td (1 )Tj ET 25 686.321 m 232.962 686.321 l S 0 0 1 rg BT /TT1 1 Tf 12.5 0 0 12.5 25 688.1212 Tm (FORWARD-LOOKING STATEMENTS)Tj 0 0 0 rg 39.28 -0.16 Td ( )Tj 2.3 0 Td ( )Tj 2.26 0 Td (1 )Tj ET 25 669.321 m 160.738 669.321 l S 0 0 1 rg BT /TT1 1 Tf 12.5 0 0 12.5 25 671.1212 Tm (DATA DISSEMINATION)Tj 0 0 0 rg 39.28 -0.16 Td ( )Tj 2.3 0 Td ( )Tj 2.26 0 Td (2 )Tj ET 25 652.321 m 134.738 652.321 l S 0 0 1 rg BT /TT1 1 Tf 12.5 0 0 12.5 25 654.1212 Tm (USE OF PROCEEDS)Tj 0 0 0 rg 39.28 -0.16 Td ( )Tj 2.3 0 Td ( )Tj 2.26 0 Td (2 )Tj ET 25 635.321 m 226.738 635.321 l S 0 0 1 rg BT /TT1 1 Tf 12.5 0 0 12.5 25 637.1212 Tm (DESCRIPTION OF THE SECURITIES)Tj 0 0 0 rg 39.28 -0.16 Td ( )Tj 2.3 0 Td ( )Tj 2.26 0 Td (3 )Tj ET 25 618.321 m 89.563 618.321 l S 0 0 1 rg BT /TT1 1 Tf 12.5 0 0 12.5 25 620.1212 Tm (TAXATION)Tj 0 0 0 rg 39.28 -0.16 Td ( )Tj 2.3 0 Td ( )Tj 1.76 0 Td (18 )Tj ET 25 601.321 m 167.35 601.321 l S 0 0 1 rg BT /TT1 1 Tf 12.5 0 0 12.5 25 603.1212 Tm (PLAN OF DISTRIBUTION)Tj 0 0 0 rg 39.28 -0.16 Td ( )Tj 2.3 0 Td ( )Tj 1.76 0 Td (19 )Tj ET 25 584.321 m 165.625 584.321 l S 0 0 1 rg BT /TT1 1 Tf 12.5 0 0 12.5 25 586.1212 Tm (OFFICIAL STATEMENTS)Tj 0 0 0 rg 39.28 -0.16 Td ( )Tj 2.3 0 Td ( )Tj 1.76 0 Td (21 )Tj ET 25 567.321 m 205.188 567.321 l S 0 0 1 rg BT /TT1 1 Tf 12.5 0 0 12.5 25 569.1212 Tm (VALIDITY OF THE SECURITIES)Tj 0 0 0 rg 39.28 -0.16 Td ( )Tj 2.3 0 Td ( )Tj 1.76 0 Td (21 )Tj ET 25 550.321 m 216.3 550.321 l S 0 0 1 rg BT /TT1 1 Tf 12.5 0 0 12.5 25 552.1212 Tm (AUTHORIZED REPRESENTATIVE)Tj 0 0 0 rg 39.28 -0.16 Td ( )Tj 2.3 0 Td ( )Tj 1.76 0 Td (22 )Tj ET 25 533.321 m 291.288 533.321 l S 0 0 1 rg BT /TT1 1 Tf 12.5 0 0 12.5 25 535.1212 Tm (WHERE YOU CAN FIND MORE INFORMATION)Tj 0 0 0 rg 39.28 -0.16 Td ( )Tj 2.3 0 Td ( )Tj 1.76 0 Td (22 )Tj /TT0 1 Tf -28.069 -3.003 Td (ABOUT THIS PROSPECTUS)Tj /TT1 1 Tf ( )Tj -16.471 -1.8 Td ( This prospectus provides a general description of the securities Ur\ uguay may offer under the \223shelf\224 )Tj 0 -1.2 TD (registration statement it has filed with the Securities and Exchange Com\ mission \(the \223SEC\224\). Each time Uruguay )Tj T* (sells some of these securities, it will provide a prospectus supplement \ that will contain specific information about )Tj T* (the terms of that offering. The prospectus supplement may also add, upda\ te or change information contained in )Tj 0 -1.2 TD (this prospectus. If the information in this prospectus differs from any \ prospectus supplement, you should rely on )Tj T* (the information in the prospectus supplement. You should read both this \ prospectus and the accompanying )Tj T* (prospectus supplement together with additional information described bel\ ow under the heading \223Where You Can )Tj T* (Find More Information.\224 )Tj 0 -1.8 TD ( This prospectus is based on information that is publicly available \ or that Uruguay has supplied, unless )Tj 0 -1.2 TD (otherwise expressly stated. Uruguay confirms that: )Tj 0 -1.8 TD ( )Tj /TT0 1 Tf 0.92 -0.003 Td (\225)Tj /TT1 1 Tf 1.38 0.003 Td ( )Tj 0.46 0 Td (the information contained in this prospectus is true and correct in all \ material respects and is not )Tj 0 -1.2 TD (misleading as of its date;)Tj 7.5 0 0 7.5 10 282.4113 Tm ( )Tj 12.5 0 0 12.5 10 269.0795 Tm ( )Tj /TT0 1 Tf 0.92 -0.003 Td (\225)Tj /TT1 1 Tf 1.38 0.003 Td ( )Tj 0.46 0 Td (it has not omitted facts, the omission of which makes this prospectus as\ a whole misleading; and)Tj 7.5 0 0 7.5 10 258.4113 Tm ( )Tj 12.5 0 0 12.5 10 245.0795 Tm ( )Tj /TT0 1 Tf 0.92 -0.003 Td (\225)Tj /TT1 1 Tf 1.38 0.003 Td ( )Tj 0.46 0 Td (it accepts responsibility for the information it has provided in this pr\ ospectus and will provide in any )Tj 0 -1.2 TD (prospectus supplement.)Tj /TT0 1 Tf 11.448 -3.003 Td (FORWARD-LOOKING STATEMENTS)Tj /TT1 1 Tf ( )Tj -14.208 -1.8 Td ( The following documents relating to Uruguay\222s securities offered\ by this prospectus may contain forward-)Tj 0 -1.2 TD (looking statements: )Tj 0 -1.8 TD ( )Tj /TT0 1 Tf 0.92 -0.003 Td (\225)Tj /TT1 1 Tf 1.38 0.003 Td ( )Tj 0.46 0 Td (this prospectus;)Tj 7.5 0 0 7.5 10 121.8697 Tm ( )Tj 12.5 0 0 12.5 10 108.5379 Tm ( )Tj /TT0 1 Tf 0.92 -0.003 Td (\225)Tj /TT1 1 Tf 1.38 0.003 Td ( )Tj 0.46 0 Td (any prospectus supplement;)Tj 7.5 0 0 7.5 10 97.8697 Tm ( )Tj 12.5 0 0 12.5 10 84.5379 Tm ( )Tj /TT0 1 Tf 0.92 -0.003 Td (\225)Tj /TT1 1 Tf 1.38 0.003 Td ( )Tj 0.46 0 Td (any pricing supplement to a prospectus supplement; and)Tj 7.5 0 0 7.5 10 73.8697 Tm ( )Tj 12.5 0 0 12.5 10 60.5379 Tm ( )Tj /TT0 1 Tf 0.92 -0.003 Td (\225)Tj /TT1 1 Tf 1.38 0.003 Td ( )Tj 0.46 0 Td (the documents incorporated by reference in this prospectus, any prospect\ us supplement or any pricing )Tj 0 -1.2 TD (supplement.)Tj ET EMC /Artifact <>BDC Q BT /T1_0 1 Tf 9 0 0 9 18 7.17 Tm (http://www.sec.gov/Archives/edgar/data/102385/000095012307004873/y32802e\ 424b2.htm \(70 de 115\)25/10/2007 01:42:24 p.m.)Tj ET EMC endstream endobj 656 0 obj<>stream /Artifact <>BDC 0 0 0 rg 0 i BT /T1_0 1 Tf 0 Tc 0 Tw 0 Ts 100 Tz 0 Tr 9 0 0 9 18 830.17 Tm (424B2)Tj ET EMC /Article <>BDC q 0 18 595 806 re W* n BT /TT0 1 Tf 12.5 0 0 12.5 294.375 791.5379 Tm (1 )Tj ET 0.5 0.5 0.5 rg 10 759.367 575 2 re f EMC /Artifact <>BDC Q BT /T1_0 1 Tf 9 0 0 9 18 7.17 Tm (http://www.sec.gov/Archives/edgar/data/102385/000095012307004873/y32802e\ 424b2.htm \(71 de 115\)25/10/2007 01:42:24 p.m.)Tj ET EMC endstream endobj 657 0 obj<>stream /Artifact <>BDC 0 0 0 rg 0 i BT /T1_0 1 Tf 0 Tc 0 Tw 0 Ts 100 Tz 0 Tr 9 0 0 9 18 830.17 Tm (424B2)Tj ET EMC /Article <>BDC q 0 18 595 806 re W* n 0 0 1 RG 1.086 w 10 M 0 j 0 J []0 d 10 782.42 m 119.135 782.42 l S 0 0 1 rg BT /T1_1 1 Tf 12.9231 0 0 12.9231 10 785.6766 Tm (Table of Contents)Tj 0 0 0 rg /TT0 1 Tf 12.5 0 0 12.5 10 742.1628 Tm ( Forward-looking statements are statements that are not historical f\ acts, including statements about Uruguay\222s )Tj 0 -1.2 TD (beliefs and expectations. These statements are based on current plans, e\ stimates and projections, and therefore )Tj T* (you should not place undue reliance on them. Forward-looking statements \ speak only as of the date they are )Tj 0 -1.2 TD (made. Uruguay undertakes no obligation to update any of them in light of\ new information or future events. )Tj 0 -1.8 TD ( Forward-looking statements involve inherent risks and uncertainties\ . Uruguay cautions you that a number of )Tj 0 -1.2 TD (important factors could cause actual results to differ materially from t\ hose contained in any forward-looking )Tj T* (statement. Such factors include, but are not limited to: )Tj 0 -1.8 TD ( )Tj /TT1 1 Tf 0.92 -0.003 Td (\225)Tj /TT0 1 Tf 1.38 0.003 Td ( )Tj 0.46 0 Td (adverse external factors, such as changes in international prices, high \ international interest rates and )Tj 0 -1.2 TD (recession or low economic growth in Uruguay\222s trading partners. Chang\ es in international prices and high )Tj T* (international interest rates could increase Uruguay\222s current account\ deficit and budgetary expenditures. )Tj T* (Recession or low economic growth in Uruguay\222s trading partners could \ decrease exports \(including )Tj T* (manufactured goods\) from Uruguay, reduce tourism to Uruguay, induce a c\ ontraction of the Uruguayan )Tj T* (economy and, indirectly, reduce tax revenues and other public sector rev\ enues and adversely affect the )Tj 0 -1.2 TD (country\222s fiscal accounts;)Tj 7.5 0 0 7.5 10 521.4946 Tm ( )Tj 12.5 0 0 12.5 10 508.1628 Tm ( )Tj /TT1 1 Tf 0.92 -0.003 Td (\225)Tj /TT0 1 Tf 1.38 0.003 Td ( )Tj 0.46 0 Td (adverse domestic factors, such as a decline in foreign direct and portfo\ lio investment, increases in domestic )Tj 0 -1.2 TD (inflation, high domestic interest rates and exchange rate volatility and\ a further deterioration in the health )Tj T* (of the domestic banking system. These factors could lead to lower econom\ ic growth or a decrease in )Tj 0 -1.2 TD (Uruguay\222s international reserves; and)Tj 7.5 0 0 7.5 10 452.4946 Tm ( )Tj 12.5 0 0 12.5 10 439.1628 Tm ( )Tj /TT1 1 Tf 0.92 -0.003 Td (\225)Tj /TT0 1 Tf 1.38 0.003 Td ( )Tj 0.46 0 Td (other adverse factors, such as climatic or political events and internat\ ional hostilities.)Tj /TT1 1 Tf 14.587 -3.003 Td (DATA DISSEMINATION)Tj /TT0 1 Tf ( )Tj -17.347 -1.8 Td ( On February 18, 2004, Uruguay became the 56)Tj 10.625 0 0 10.625 261.3375 379.1212 Tm (th)Tj 12.5 0 0 12.5 269.6037 379.1212 Tm ( subscriber to the IMF\222s Special Data Dissemination Standard )Tj -20.768 -1.2 Td (or SDDS, which is designed to improve the timeliness and quality of info\ rmation of subscribing member )Tj 0 -1.2 TD (countries. The SDDS requires subscribing member countries to provide sch\ edules indicating, in advance, the date )Tj 0 -1.2 TD (on which data will be released or the so-called \223Advance Release Cale\ ndar.\224 For Uruguay, precise dates or \223no-)Tj 0 -1.2 TD (later-than-dates\224 for the release of data under the SDDS are dissemin\ ated in advance through the Advance )Tj T* (Release Calendar, which is published on the Internet under the Internati\ onal Monetary Fund\222s Dissemination )Tj T* (Standards Bulletin Board. Summary methodologies of all metadata to enhan\ ce transparency of statistical )Tj T* (compilation are also provided on the Internet under the International Mo\ netary Fund\222s Dissemination Standards )Tj 0 -1.2 TD (Bulletin Board. The Internet website is located at http://dsbb.imf.org. \ Neither the government nor any dealers, )Tj T* (agents or underwriters acting on behalf of Uruguay in connection with th\ e offer and sale of securities as )Tj T* (contemplated in this prospectus accept any responsibility for informatio\ n included on that website, and its )Tj T* (contents are not intended to be incorporated by reference into this pros\ pectus. )Tj /TT1 1 Tf 18.36 -3.003 Td (USE OF PROCEEDS)Tj /TT0 1 Tf ( )Tj -18.36 -1.8 Td ( Unless otherwise specified in a prospectus supplement, Uruguay will\ use the net proceeds from the sale of )Tj T* (securities for the general purposes of the government of Uruguay, includ\ ing but not limited to the refinancing, )Tj T* (repurchase or retirement of domestic and external indebtedness of the go\ vernment. Uruguay may also issue )Tj T* (securities to be offered in exchange for any of its outstanding securiti\ es. )Tj 22.75 -2.72 Td (2 )Tj ET 0.5 0.5 0.5 rg 10 42.909 575 2 re f EMC /Artifact <>BDC Q BT /T1_0 1 Tf 9 0 0 9 18 7.17 Tm (http://www.sec.gov/Archives/edgar/data/102385/000095012307004873/y32802e\ 424b2.htm \(72 de 115\)25/10/2007 01:42:24 p.m.)Tj ET EMC endstream endobj 658 0 obj<>stream /Artifact <>BDC 0 0 0 rg 0 i BT /T1_0 1 Tf 0 Tc 0 Tw 0 Ts 100 Tz 0 Tr 9 0 0 9 18 830.17 Tm (424B2)Tj ET EMC /Artifact <>BDC BT /T1_0 1 Tf 9 0 0 9 18 7.17 Tm (http://www.sec.gov/Archives/edgar/data/102385/000095012307004873/y32802e\ 424b2.htm \(73 de 115\)25/10/2007 01:42:24 p.m.)Tj ET EMC endstream endobj 659 0 obj<>stream /Artifact <>BDC 0 0 0 rg 0 i BT /T1_0 1 Tf 0 Tc 0 Tw 0 Ts 100 Tz 0 Tr 9 0 0 9 18 830.17 Tm (424B2)Tj ET EMC /Article <>BDC q 0 18 595 806 re W* n 0 0 1 RG 1.086 w 10 M 0 j 0 J []0 d 10 782.42 m 119.135 782.42 l S 0 0 1 rg BT /T1_1 1 Tf 12.9231 0 0 12.9231 10 785.6766 Tm (Table of Contents)Tj 0 0 0 rg /TT0 1 Tf 12.5 0 0 12.5 189.6687 746.1212 Tm (DESCRIPTION OF THE SECURITIES)Tj /TT1 1 Tf ( )Tj -14.374 -1.803 Td ( )Tj /TT2 1 Tf (This prospectus provides a general description of the debt securities an\ d warrants that Uruguay may offer. )Tj 0 -1.203 TD (Each time Uruguay offers securities, Uruguay will provide a prospectus s\ upplement that will contain specific )Tj 0 -1.2 TD (information about the terms of that offering. The prospectus supplement \ may also add, update or change )Tj 0 -1.2 TD (information contained in this prospectus. If the information in this pro\ spectus differs from any prospectus )Tj T* (supplement, you should rely on the updated information in the prospectus\ supplement.)Tj /TT1 1 Tf ( )Tj /TT0 1 Tf 0 -2.403 TD (Debt Securities)Tj /TT1 1 Tf ( )Tj 0 -1.8 TD ( Uruguay will issue the debt securities under a trust indenture date\ d May 29, 2003 among Uruguay, Banco )Tj 0 -1.2 TD (Central del Uruguay, or Banco Central, as financial agent to Uruguay, an\ d The Bank of New York, as trustee. )Tj T* (Uruguay has filed the indenture and the forms of debt securities with th\ e SEC. The following description )Tj T* (summarizes some of the terms of the debt securities and the indenture. T\ his summary does not contain all of the )Tj T* (information that may be important to you as a potential investor in the \ securities. You should read the prospectus )Tj T* (supplement, the indenture and the forms of debt securities before making\ your investment decision. )Tj 0 -1.804 TD ( )Tj /TT3 1 Tf (General)Tj /TT1 1 Tf ( )Tj 0 -1.8 TD ( The prospectus supplement relating to any series of debt securities\ offered will include specific terms relating )Tj 0 -1.2 TD (to the debt securities of that series. These terms will include some or \ all of the following: )Tj 0 -1.8 TD ( )Tj /TT0 1 Tf 0.92 -0.003 Td (\225)Tj /TT1 1 Tf 1.38 0.003 Td ( )Tj 0.46 0 Td (the title;)Tj 7.5 0 0 7.5 10 442.7865 Tm ( )Tj 12.5 0 0 12.5 10 429.4547 Tm ( )Tj /TT0 1 Tf 0.92 -0.003 Td (\225)Tj /TT1 1 Tf 1.38 0.003 Td ( )Tj 0.46 0 Td (any limit on the aggregate principal amount;)Tj 7.5 0 0 7.5 10 418.7865 Tm ( )Tj 12.5 0 0 12.5 10 405.4547 Tm ( )Tj /TT0 1 Tf 0.92 -0.003 Td (\225)Tj /TT1 1 Tf 1.38 0.003 Td ( )Tj 0.46 0 Td (the issue price;)Tj 7.5 0 0 7.5 10 394.7865 Tm ( )Tj 12.5 0 0 12.5 10 381.4547 Tm ( )Tj /TT0 1 Tf 0.92 -0.003 Td (\225)Tj /TT1 1 Tf 1.38 0.003 Td ( )Tj 0.46 0 Td (the maturity date or dates;)Tj 7.5 0 0 7.5 10 370.7865 Tm ( )Tj 12.5 0 0 12.5 10 357.4547 Tm ( )Tj /TT0 1 Tf 0.92 -0.003 Td (\225)Tj /TT1 1 Tf 1.38 0.003 Td ( )Tj 0.46 0 Td (if the debt securities will bear interest, the interest rate, which may \ be fixed or floating, the date from )Tj 0 -1.2 TD (which interest will accrue, the interest payment dates and the record da\ tes for these interest payment dates;)Tj 7.5 0 0 7.5 10 331.7865 Tm ( )Tj 12.5 0 0 12.5 10 318.4547 Tm ( )Tj /TT0 1 Tf 0.92 -0.003 Td (\225)Tj /TT1 1 Tf 1.38 0.003 Td ( )Tj 0.46 0 Td (the form of debt security \(global or certificated\);)Tj 7.5 0 0 7.5 10 307.7865 Tm ( )Tj 12.5 0 0 12.5 10 294.4547 Tm ( )Tj /TT0 1 Tf 0.92 -0.003 Td (\225)Tj /TT1 1 Tf 1.38 0.003 Td ( )Tj 0.46 0 Td (any mandatory or optional sinking fund provisions;)Tj 7.5 0 0 7.5 10 283.7865 Tm ( )Tj 12.5 0 0 12.5 10 270.4547 Tm ( )Tj /TT0 1 Tf 0.92 -0.003 Td (\225)Tj /TT1 1 Tf 1.38 0.003 Td ( )Tj 0.46 0 Td (any provisions that allow Uruguay to redeem the debt securities at its o\ ption;)Tj 7.5 0 0 7.5 10 259.7865 Tm ( )Tj 12.5 0 0 12.5 10 246.4547 Tm ( )Tj /TT0 1 Tf 0.92 -0.003 Td (\225)Tj /TT1 1 Tf 1.38 0.003 Td ( )Tj 0.46 0 Td (any provisions that entitle the holders to repayment at their option;)Tj 7.5 0 0 7.5 10 235.7865 Tm ( )Tj 12.5 0 0 12.5 10 222.4547 Tm ( )Tj /TT0 1 Tf 0.92 -0.003 Td (\225)Tj /TT1 1 Tf 1.38 0.003 Td ( )Tj 0.46 0 Td (the currency in which the debt securities are denominated and the curren\ cy in which Uruguay will make )Tj T* (payments;)Tj 7.5 0 0 7.5 10 196.7865 Tm ( )Tj 12.5 0 0 12.5 10 183.4547 Tm ( )Tj /TT0 1 Tf 0.92 -0.003 Td (\225)Tj /TT1 1 Tf 1.38 0.003 Td ( )Tj 0.46 0 Td (the authorized denominations;)Tj 7.5 0 0 7.5 10 172.7865 Tm ( )Tj 12.5 0 0 12.5 10 159.4547 Tm ( )Tj /TT0 1 Tf 0.92 -0.003 Td (\225)Tj /TT1 1 Tf 1.38 0.003 Td ( )Tj 0.46 0 Td (a description of any index Uruguay will use to determine the amount of p\ rincipal or any premium or )Tj T* (interest payments; and)Tj 7.5 0 0 7.5 10 133.7865 Tm ( )Tj 12.5 0 0 12.5 10 120.4547 Tm ( )Tj /TT0 1 Tf 0.92 -0.003 Td (\225)Tj /TT1 1 Tf 1.38 0.003 Td ( )Tj 0.46 0 Td (any other terms that do not conflict with the provisions of the indentur\ e.)Tj 19.99 -2.72 Td (3 )Tj ET 0.5 0.5 0.5 rg 10 54.284 575 2 re f EMC /Artifact <>BDC Q BT /T1_0 1 Tf 9 0 0 9 18 7.17 Tm (http://www.sec.gov/Archives/edgar/data/102385/000095012307004873/y32802e\ 424b2.htm \(74 de 115\)25/10/2007 01:42:24 p.m.)Tj ET EMC endstream endobj 660 0 obj<>stream /Artifact <>BDC 0 0 0 rg 0 i BT /T1_0 1 Tf 0 Tc 0 Tw 0 Ts 100 Tz 0 Tr 9 0 0 9 18 830.17 Tm (424B2)Tj ET EMC /Artifact <>BDC BT /T1_0 1 Tf 9 0 0 9 18 7.17 Tm (http://www.sec.gov/Archives/edgar/data/102385/000095012307004873/y32802e\ 424b2.htm \(75 de 115\)25/10/2007 01:42:24 p.m.)Tj ET EMC endstream endobj 661 0 obj<>stream /Artifact <>BDC 0 0 0 rg 0 i BT /T1_0 1 Tf 0 Tc 0 Tw 0 Ts 100 Tz 0 Tr 9 0 0 9 18 830.17 Tm (424B2)Tj ET EMC /Article <>BDC q 0 18 595 806 re W* n 0 0 1 RG 1.086 w 10 M 0 j 0 J []0 d 10 782.42 m 119.135 782.42 l S 0 0 1 rg BT /T1_1 1 Tf 12.9231 0 0 12.9231 10 785.6766 Tm (Table of Contents)Tj 0 0 0 rg /TT0 1 Tf 12.5 0 0 12.5 10 742.1628 Tm ( Uruguay may issue debt securities in exchange for other debt securi\ ties or that are convertible into new debt )Tj 0 -1.2 TD (securities. The specific terms of the exchange or conversion of any debt\ security and the debt security for which it )Tj T* (will be exchangeable or to which it will be converted will be described \ in the prospectus supplement relating to )Tj 0 -1.2 TD (the exchangeable or convertible debt security. )Tj 0 -1.8 TD ( Uruguay may issue debt securities at a discount below their stated \ principal amount, bearing no interest or )Tj 0 -1.2 TD (interest at a rate that at the time of issuance is below market rates. U\ ruguay may also issue debt securities that )Tj T* (have floating rates of interest but are exchangeable for fixed rate debt\ securities. Uruguay will describe the )Tj T* (applicable U.S. federal income tax consequences that may be associated w\ ith an investment in a series of the debt )Tj 0 -1.2 TD (securities and other relevant considerations in the prospectus supplemen\ ts for these offerings. )Tj 0 -1.8 TD ( Uruguay is not required to issue all of its debt securities under t\ he indenture and this prospectus, but instead )Tj 0 -1.2 TD (may issue debt securities other than those described in this prospectus \ under other indentures and documentation. )Tj T* (That documentation may contain different terms from those included in th\ e indenture and described in this )Tj T* (prospectus. )Tj 0 -1.804 TD ( )Tj /TT1 1 Tf (Status)Tj /TT0 1 Tf ( )Tj 0 -1.8 TD ( The debt securities will be direct, unconditional and unsecured pub\ lic foreign debt of Uruguay and will not )Tj 0 -1.2 TD (have the benefit of any separate undertaking of other governmental entit\ ies \(including Banco Central\). They will )Tj T* (rank equal in right of payment among themselves and with all of Uruguay\222\ s existing and future unsecured and )Tj T* (unsubordinated foreign debt, as defined under \223\227Negative Pledge\224\ below. Uruguay has pledged its full faith and )Tj T* (credit to make all payments on the debt securities when due. )Tj 0 -1.804 TD ( )Tj /TT1 1 Tf (Payment of Principal and Interest)Tj /TT0 1 Tf ( )Tj 0 -1.8 TD ( Uruguay will arrange for payments to be made on global debt securit\ ies by wire transfer to the applicable )Tj 0 -1.2 TD (clearing system, or to its nominee or common depositary, as the register\ ed owner or bearer of the debt securities, )Tj T* (which will receive the funds for distribution to the holders. See \223Gl\ obal Securities\224 below. )Tj 0 -1.8 TD ( Uruguay will arrange for payments to be made on any certificated de\ bt securities to the registered holders of )Tj 0 -1.2 TD (the debt securities on the specified payment dates. Uruguay may make suc\ h payments by wire transfer or by )Tj T* (check mailed to the holder\222s registered address. )Tj 0 -1.8 TD ( If any date for an interest or principal payment on a debt security\ denominated in U.S. dollars is a day on )Tj 0 -1.2 TD (which banking institutions in New York City are authorized or obligated \ by law or executive order to be closed, )Tj T* (Uruguay will make the payment on the next New York City banking day. A s\ imilar rule will apply to payments )Tj T* (under securities denominated in other currencies, but with reference to \ business days in the place of payment. No )Tj T* (interest on the debt securities will accrue as a result of this delay in\ payment. )Tj 0 -1.8 TD ( If any money that Uruguay pays to the trustee or to any paying agen\ t to make payments on any debt securities )Tj 0 -1.2 TD (is not claimed at the end of two years after the applicable payment was \ due and payable, then the money will be )Tj T* (repaid to Uruguay on Uruguay\222s written request. Uruguay will hold suc\ h unclaimed money in trust for the )Tj T* (relevant holders of those debt securities. After any such repayment, nei\ ther the trustee nor any paying agent will )Tj T* (be liable for the payment. However, Uruguay\222s obligations to make pay\ ments on the debt securities as they )Tj T* (become due will not be affected until the expiration of the prescription\ period, if any, specified in the securities )Tj T* (\(see \223\227Limitations on Time for Claims\224 below\). )Tj 0 -1.804 TD ( )Tj /TT1 1 Tf (Additional Amounts)Tj /TT0 1 Tf ( )Tj 0 -1.8 TD ( Uruguay will make all principal and interest payments on the debt s\ ecurities without withholding or deducting )Tj 0 -1.2 TD (any present or future taxes imposed by Uruguay or any of its political s\ ubdivisions. If Uruguayan law requires )Tj T* (Uruguay to deduct or withhold taxes \(which it currently does not requir\ e\), Uruguay will pay the holders of )Tj ET EMC /Artifact <>BDC Q BT /T1_0 1 Tf 9 0 0 9 18 7.17 Tm (http://www.sec.gov/Archives/edgar/data/102385/000095012307004873/y32802e\ 424b2.htm \(76 de 115\)25/10/2007 01:42:24 p.m.)Tj ET EMC endstream endobj 662 0 obj<>stream /Artifact <>BDC 0 0 0 rg 0 i BT /T1_0 1 Tf 0 Tc 0 Tw 0 Ts 100 Tz 0 Tr 9 0 0 9 18 830.17 Tm (424B2)Tj ET EMC /Article <>BDC q 0 18 595 806 re W* n BT /TT0 1 Tf 12.5 0 0 12.5 294.375 790.4992 Tm (4 )Tj ET 0.5 0.5 0.5 rg 10 758.329 575 2 re f EMC /Artifact <>BDC Q BT /T1_0 1 Tf 9 0 0 9 18 7.17 Tm (http://www.sec.gov/Archives/edgar/data/102385/000095012307004873/y32802e\ 424b2.htm \(77 de 115\)25/10/2007 01:42:24 p.m.)Tj ET EMC endstream endobj 663 0 obj<>stream /Artifact <>BDC 0 0 0 rg 0 i BT /T1_0 1 Tf 0 Tc 0 Tw 0 Ts 100 Tz 0 Tr 9 0 0 9 18 830.17 Tm (424B2)Tj ET EMC /Article <>BDC q 0 18 595 806 re W* n 0 0 1 RG 1.086 w 10 M 0 j 0 J []0 d 10 782.42 m 119.135 782.42 l S 0 0 1 rg BT /T1_1 1 Tf 12.9231 0 0 12.9231 10 785.6766 Tm (Table of Contents)Tj 0 0 0 rg /TT0 1 Tf 12.5 0 0 12.5 10 749.6628 Tm (debt securities the additional amounts necessary to ensure that they rec\ eive the same amount as they would have )Tj 0 -1.2 TD (received without any withholding or deduction. )Tj 0 -1.8 TD ( Uruguay will not, however, pay any additional amounts in conne\ ction with any tax, assessment or other )Tj 0 -1.2 TD (governmental charge that is imposed due to any of the following: )Tj 0 -1.8 TD ( )Tj /TT1 1 Tf 2.3 -0.003 Td (\225)Tj /TT0 1 Tf 1.38 0.003 Td ( )Tj 0.46 0 Td (the holder of debt securities has or had some connection with Uruguay ot\ her than merely owning the )Tj 0 -1.2 TD (securities or receiving principal and interest payments on the securitie\ s;)Tj 7.5 0 0 7.5 10 648.9946 Tm ( )Tj 12.5 0 0 12.5 10 635.6628 Tm ( )Tj /TT1 1 Tf 2.3 -0.003 Td (\225)Tj /TT0 1 Tf 1.38 0.003 Td ( )Tj 0.46 0 Td (the holder of debt securities has failed to comply with any certificatio\ n or other reporting requirement )Tj 0 -1.2 TD (concerning its nationality, residence, identity or connection with Urugu\ ay, and Uruguay requires )Tj T* (compliance with these reporting requirements as a precondition to exempt\ ion from Uruguayan )Tj 0 -1.2 TD (withholding taxes or deductions and has provided notice of such requirem\ ent to the trustee at least )Tj 0 -1.2 TD (60 days prior to the date such compliance is required; or)Tj 7.5 0 0 7.5 10 564.9946 Tm ( )Tj 12.5 0 0 12.5 10 551.6628 Tm ( )Tj /TT1 1 Tf 2.3 -0.003 Td (\225)Tj /TT0 1 Tf 1.38 0.003 Td ( )Tj 0.46 0 Td (the holder of debt securities has failed to present its security within \ 30 days after a payment of principal )Tj 0 -1.2 TD (or interest has been made available to the holder.)Tj -4.14 -1.8 Td ( Uruguay will pay any administrative, excise or property taxes \ that arise in Uruguay under Uruguayan law )Tj 0 -1.2 TD (in connection with the debt securities. Uruguay will also indemnify the \ holder of debt securities against any )Tj T* (administrative, excise or property taxes resulting from the enforcement \ of the obligations of Uruguay under the )Tj T* (debt securities following an event of default. )Tj 0 -1.804 TD ( )Tj /TT2 1 Tf (Form and Denominations)Tj /TT0 1 Tf ( )Tj 0 -1.8 TD ( Unless otherwise provided in the applicable prospectus supplem\ ent, Uruguay will issue debt securities: )Tj T* ( )Tj /TT1 1 Tf 2.3 -0.003 Td (\225)Tj /TT0 1 Tf 1.38 0.003 Td ( )Tj 0.46 0 Td (denominated in U.S. dollars;)Tj 7.5 0 0 7.5 10 390.9401 Tm ( )Tj 12.5 0 0 12.5 10 377.6082 Tm ( )Tj /TT1 1 Tf 2.3 -0.003 Td (\225)Tj /TT0 1 Tf 1.38 0.003 Td ( )Tj 0.46 0 Td (in fully registered book-entry form;)Tj 7.5 0 0 7.5 10 366.9401 Tm ( )Tj 12.5 0 0 12.5 10 353.6082 Tm ( )Tj /TT1 1 Tf 2.3 -0.003 Td (\225)Tj /TT0 1 Tf 1.38 0.003 Td ( )Tj 0.46 0 Td (without coupons; and)Tj 7.5 0 0 7.5 10 342.9401 Tm ( )Tj 12.5 0 0 12.5 10 329.6082 Tm ( )Tj /TT1 1 Tf 2.3 -0.003 Td (\225)Tj /TT0 1 Tf 1.38 0.003 Td ( )Tj 0.46 0 Td (in denominations of $1,000 and integral multiples of $1,000.)Tj -4.14 -1.804 Td ( )Tj /TT2 1 Tf (Redemption, Repurchase and Early Repayment)Tj /TT0 1 Tf ( )Tj 0 -1.8 TD ( Unless otherwise provided in the applicable prospectus supplem\ ent, the debt securities will not be )Tj 0 -1.2 TD (redeemable before maturity at the option of Uruguay or repayable before \ maturity at the option of the holder. )Tj T* (Nevertheless, Uruguay may at any time repurchase the debt securities at \ any price in the open market or )Tj T* (otherwise. Uruguay may hold or resell debt securities it purchases or ma\ y surrender them to the trustee for )Tj 0 -1.2 TD (cancellation. )Tj 0 -1.804 TD ( )Tj /TT2 1 Tf (Negative Pledge)Tj /TT0 1 Tf ( )Tj 0 -1.8 TD ( Uruguay has agreed that as long as any of the debt securities \ remain outstanding or any amount payable by )Tj 0 -1.2 TD (Uruguay under the indenture remains unpaid, Uruguay will not grant or al\ low any lien to be placed on its assets or )Tj T* (revenues or the assets or revenues of Banco Central as security for any \ of its public foreign debt, unless it )Tj T* (contemporaneously grants or allows a lien that provides security on the \ same terms for Uruguay\222s obligations )Tj 0 -1.2 TD (under the debt securities. )Tj 22.75 -2.72 Td (5 )Tj ET 0.5 0.5 0.5 rg 10 53.329 575 2 re f EMC /Artifact <>BDC Q BT /T1_0 1 Tf 9 0 0 9 18 7.17 Tm (http://www.sec.gov/Archives/edgar/data/102385/000095012307004873/y32802e\ 424b2.htm \(78 de 115\)25/10/2007 01:42:24 p.m.)Tj ET EMC endstream endobj 664 0 obj<>stream /Artifact <>BDC 0 0 0 rg 0 i BT /T1_0 1 Tf 0 Tc 0 Tw 0 Ts 100 Tz 0 Tr 9 0 0 9 18 830.17 Tm (424B2)Tj ET EMC /Artifact <>BDC BT /T1_0 1 Tf 9 0 0 9 18 7.17 Tm (http://www.sec.gov/Archives/edgar/data/102385/000095012307004873/y32802e\ 424b2.htm \(79 de 115\)25/10/2007 01:42:24 p.m.)Tj ET EMC endstream endobj 665 0 obj<>stream /Artifact <>BDC 0 0 0 rg 0 i BT /T1_0 1 Tf 0 Tc 0 Tw 0 Ts 100 Tz 0 Tr 9 0 0 9 18 830.17 Tm (424B2)Tj ET EMC /Article <>BDC q 0 18 595 806 re W* n 0 0 1 RG 1.086 w 10 M 0 j 0 J []0 d 10 782.42 m 119.135 782.42 l S 0 0 1 rg BT /T1_1 1 Tf 12.9231 0 0 12.9231 10 785.6766 Tm (Table of Contents)Tj 0 0 0 rg /TT0 1 Tf 12.5 0 0 12.5 10 749.6628 Tm ( For this purpose: )Tj 0 -1.8 TD ( )Tj /TT1 1 Tf 2.3 -0.003 Td (\225)Tj /TT0 1 Tf 1.38 0.003 Td ( )Tj 0.46 0 Td (\223foreign debt\224 means obligations of or guaranteed \(whether by con\ tract, statute or otherwise\) by the )Tj 0 -1.2 TD (Republic or Banco Central for borrowed money or evidenced by bonds, debe\ ntures, notes or other )Tj 0 -1.2 TD (similar instruments denominated or payable, or which at the option of th\ e holder thereof may be )Tj T* (payable, in a currency other than the local currency of Uruguay;)Tj 7.5 0 0 7.5 10 671.4946 Tm ( )Tj 12.5 0 0 12.5 10 658.1628 Tm ( )Tj /TT1 1 Tf 2.3 -0.003 Td (\225)Tj /TT0 1 Tf 1.38 0.003 Td ( )Tj 0.46 0 Td (\223lien\224 means any lien, pledge, mortgage, security interest, deed o\ f trust, charge or other encumbrance )Tj 0 -1.2 TD (or preferential arrangement which has the practical effect of constituti\ ng a security interest with respect )Tj T* (to the payment of any obligations with or from the proceeds of any asset\ s or revenues of any kind )Tj 0 -1.2 TD (whether in effect on the date the indenture becomes effective or at any \ time thereafter; and)Tj 7.5 0 0 7.5 10 602.4946 Tm ( )Tj 12.5 0 0 12.5 10 589.1628 Tm ( )Tj /TT1 1 Tf 2.3 -0.003 Td (\225)Tj /TT0 1 Tf 1.38 0.003 Td ( )Tj 0.46 0 Td (\223public foreign debt\224 means any foreign debt that is in the form o\ f, or represented by, bonds, notes or )Tj 0 -1.2 TD (other securities that are or may be quoted, listed or ordinarily purchas\ ed or sold on any stock exchange, )Tj T* (automated trading system or over-the-counter or other securities market.\ )Tj -4.14 -1.8 Td ( However, Uruguay may grant or agree to certain permitted types\ of liens, as described below: )Tj 0 -1.8 TD ( )Tj /TT1 1 Tf 2.3 -0.003 Td (\225)Tj /TT0 1 Tf 1.38 0.003 Td ( )Tj 0.46 0 Td (any lien on property to secure public foreign debt arising in the ordina\ ry course of business to finance )Tj 0 -1.2 TD (export, import or other trade transactions, which matures \(after giving\ effect to all renewals and )Tj T* (refinancings thereof\) not more than one year after the date on which th\ at public foreign debt was )Tj 0 -1.2 TD (originally incurred;)Tj 7.5 0 0 7.5 10 458.4946 Tm ( )Tj 12.5 0 0 12.5 10 445.1628 Tm ( )Tj /TT1 1 Tf 2.3 -0.003 Td (\225)Tj /TT0 1 Tf 1.38 0.003 Td ( )Tj 0.46 0 Td (any lien on property to secure public foreign debt that was incurred sol\ ely for the purpose of financing )Tj 0 -1.2 TD (Uruguay\222s acquisition of the property \(or, in the case of public for\ eign debt guaranteed by Uruguay, )Tj T* (acquisition by the relevant debtor\);)Tj 7.5 0 0 7.5 10 404.4946 Tm ( )Tj 12.5 0 0 12.5 10 391.1628 Tm ( )Tj /TT1 1 Tf 2.3 -0.003 Td (\225)Tj /TT0 1 Tf 1.38 0.003 Td ( )Tj 0.46 0 Td (any lien on property arising by operation of law in connection with publ\ ic foreign debt, including any )Tj T* (right of set-off with respect to demand or time deposits maintained with\ financial institutions and )Tj T* (bankers\222 liens with respect to property held by financial institution\ s;)Tj 7.5 0 0 7.5 10 350.4946 Tm ( )Tj 12.5 0 0 12.5 10 337.1628 Tm ( )Tj /TT1 1 Tf 2.3 -0.003 Td (\225)Tj /TT0 1 Tf 1.38 0.003 Td ( )Tj 0.46 0 Td (any lien existing on property at the time of acquisition;)Tj 7.5 0 0 7.5 10 326.4946 Tm ( )Tj 12.5 0 0 12.5 10 313.1628 Tm ( )Tj /TT1 1 Tf 2.3 -0.003 Td (\225)Tj /TT0 1 Tf 1.38 0.003 Td ( )Tj 0.46 0 Td (any lien on property created pursuant to the Collateral Pledge Agreement\ dated as of February 19, 1991 )Tj T* (made by Banco Central in favor of the Federal Reserve Bank of New York, \ as collateral agent, to )Tj T* (secure the Series A and Series B Collateralized Fixed Rate Notes Due 202\ 1;)Tj 7.5 0 0 7.5 10 272.4946 Tm ( )Tj 12.5 0 0 12.5 10 259.1628 Tm ( )Tj /TT1 1 Tf 2.3 -0.003 Td (\225)Tj /TT0 1 Tf 1.38 0.003 Td ( )Tj 0.46 0 Td (any lien in existence as of the issue date of the relevant series of deb\ t securities; and)Tj 7.5 0 0 7.5 10 248.4946 Tm ( )Tj 12.5 0 0 12.5 10 235.1628 Tm ( )Tj /TT1 1 Tf 2.3 -0.003 Td (\225)Tj /TT0 1 Tf 1.38 0.003 Td ( )Tj 0.46 0 Td (any lien securing public foreign debt incurred for the purpose of financ\ ing all or part of the costs of the )Tj T* (acquisition, construction or development of a project provided that \(a\)\ the holders of the public foreign )Tj T* (debt agree to limit their recourse to the assets and revenues of project\ as the principal source of )Tj 0 -1.2 TD (repayment and \(b\) the property over which the lien is granted consists\ solely of the assets and revenues )Tj 0 -1.2 TD (of the project.)Tj -4.14 -1.804 Td ( )Tj /TT2 1 Tf (Events of Default)Tj /TT0 1 Tf ( )Tj 0 -1.8 TD ( Each of the following is an event of default under any series \ of debt securities: )Tj 0 -1.803 TD ( 1. )Tj /TT3 1 Tf (Non-Payment: )Tj /TT0 1 Tf (Uruguay\222s failure for a period of 30 consecutive days to make a payme\ nt of principal or )Tj 0 -1.2 TD (interest when due on any debt security of that series; or )Tj 22.75 -2.72 Td (6 )Tj ET EMC /Artifact <>BDC Q BT /T1_0 1 Tf 9 0 0 9 18 7.17 Tm (http://www.sec.gov/Archives/edgar/data/102385/000095012307004873/y32802e\ 424b2.htm \(80 de 115\)25/10/2007 01:42:24 p.m.)Tj ET EMC endstream endobj 666 0 obj<>stream /Artifact <>BDC 0 0 0 rg 0 i BT /T1_0 1 Tf 0 Tc 0 Tw 0 Ts 100 Tz 0 Tr 9 0 0 9 18 830.17 Tm (424B2)Tj ET EMC /Article <>BDC q 0 18 595 806 re W* n 0.5 0.5 0.5 rg 10 806.403 575 2 re f EMC /Artifact <>BDC Q BT /T1_0 1 Tf 9 0 0 9 18 7.17 Tm (http://www.sec.gov/Archives/edgar/data/102385/000095012307004873/y32802e\ 424b2.htm \(81 de 115\)25/10/2007 01:42:24 p.m.)Tj ET EMC endstream endobj 667 0 obj<>stream /Artifact <>BDC 0 0 0 rg 0 i BT /T1_0 1 Tf 0 Tc 0 Tw 0 Ts 100 Tz 0 Tr 9 0 0 9 18 830.17 Tm (424B2)Tj ET EMC /Article <>BDC q 0 18 595 806 re W* n 0 0 1 RG 1.086 w 10 M 0 j 0 J []0 d 10 782.42 m 119.135 782.42 l S 0 0 1 rg BT /T1_1 1 Tf 12.9231 0 0 12.9231 10 785.6766 Tm (Table of Contents)Tj 0 0 0 rg /TT0 1 Tf 12.5 0 0 12.5 10 749.6276 Tm ( 2. )Tj /TT1 1 Tf (Breach of Other Obligations: )Tj /TT0 1 Tf (The failure for a period of 60 days following written notice to Uruguay \ by )Tj 0 -1.2 TD (the trustee or holders representing 25% of the outstanding debt securiti\ es of that series to remedy the failure by )Tj T* (Uruguay or, where applicable, Banco Central acting on Uruguay\222s behal\ f, to observe or perform any of the )Tj 0 -1.2 TD (covenants or agreements provided in the debt securities of that series o\ r the indenture \(other than a non-payment )Tj 0 -1.2 TD (default\); or )Tj 0 -1.803 TD ( 3. )Tj /TT1 1 Tf (Cross Default:)Tj /TT0 1 Tf ( )Tj 0 -1.8 TD ( )Tj /TT2 1 Tf 2.3 -0.003 Td (\225)Tj /TT0 1 Tf 1.38 0.003 Td ( )Tj 0.46 0 Td (Uruguay fails to make a payment when due or within the applicable grace \ period on public foreign debt )Tj 0 -1.2 TD (issued, or amended as to payment terms, on or after April 10, 2003 havin\ g an aggregate principal )Tj T* (amount greater than or equal to US$60,000,000 \(or its equivalent in oth\ er currencies\);)Tj 7.5 0 0 7.5 10 603.9243 Tm ( )Tj 12.5 0 0 12.5 10 590.5925 Tm ( )Tj /TT2 1 Tf 2.3 -0.003 Td (\225)Tj /TT0 1 Tf 1.38 0.003 Td ( )Tj 0.46 0 Td (Any public foreign debt of Uruguay issued, or amended as to payment term\ s, on or after April 10, 2003 )Tj 0 -1.2 TD (having an aggregate principal amount greater than or equal to US$60,000,\ 000 \(or its equivalent in other )Tj T* (currencies\) is accelerated due to an event of default, unless the accel\ eration is rescinded or annulled; or)Tj -4.14 -1.803 Td ( 4. )Tj /TT1 1 Tf (Moratorium: )Tj /TT0 1 Tf (Uruguay or certain courts declare a general suspension of payments or a \ moratorium on )Tj 0 -1.2 TD (payment of Uruguay\222s public foreign debt issued, or amended as to pay\ ment terms, on or after April 10, 2003. )Tj 0 -1.803 TD ( 5. )Tj /TT1 1 Tf (Validity:)Tj /TT0 1 Tf ( )Tj 0 -1.8 TD ( )Tj /TT2 1 Tf 2.3 -0.003 Td (\225)Tj /TT0 1 Tf 1.38 0.003 Td ( )Tj 0.46 0 Td (The validity of the debt securities of that series is contested in certa\ in formal proceedings by Uruguay )Tj 0 -1.2 TD (or by any governmental entity of Uruguay that has the legal power to con\ test the validity of the )Tj T* (securities;)Tj 7.5 0 0 7.5 10 437.354 Tm ( )Tj 12.5 0 0 12.5 10 424.0222 Tm ( )Tj /TT2 1 Tf 2.3 -0.003 Td (\225)Tj /TT0 1 Tf 1.38 0.003 Td ( )Tj 0.46 0 Td (Uruguay denies any of its obligations to the holders of that series unde\ r the debt securities or the )Tj 0 -1.2 TD (indenture; or)Tj 7.5 0 0 7.5 10 398.354 Tm ( )Tj 12.5 0 0 12.5 10 385.0222 Tm ( )Tj /TT2 1 Tf 2.3 -0.003 Td (\225)Tj /TT0 1 Tf 1.38 0.003 Td ( )Tj 0.46 0 Td (A legislative or constitutional measure or a final decision by a court i\ n Uruguay purports to render any )Tj T* (material provision of the debt securities of that series invalid or to p\ revent or delay the performance of )Tj T* (any of Uruguay\222s material obligations under the securities; or)Tj -4.14 -1.803 Td ( 6. )Tj /TT1 1 Tf (Failure of Authorizations: )Tj /TT0 1 Tf (Any law, regulation or governmental authorization necessary for Uruguay \ to )Tj 0 -1.2 TD (perform its material obligations under the debt securities of that serie\ s ceases to be in full force and effect or is )Tj T* (modified in a manner that adversely affects the rights or claims of any \ of the holders; or )Tj 0 -1.803 TD ( 7. )Tj /TT1 1 Tf (Judgments: )Tj /TT0 1 Tf (Any of several special types of judgments is levied against all or any s\ ubstantial part of the )Tj 0 -1.2 TD (assets of Uruguay in connection with a monetary judgment exceeding US$60\ ,000,000 \(or its equivalent in other )Tj T* (currencies\) and Uruguay does not adequately satisfy, bond, contest in g\ ood faith, or receive a stay of execution in )Tj T* (respect of, such judgment within 45 days; or )Tj 0 -1.803 TD ( 8. )Tj /TT1 1 Tf (Illegality: )Tj /TT0 1 Tf (Any applicable law, rule or regulation is adopted which would make it un\ lawful for Uruguay )Tj 0 -1.2 TD (to comply with its obligations described in \223Additional Amounts\224 a\ bove; or )Tj 0 -1.803 TD ( 9. )Tj /TT1 1 Tf (IMF Membership: )Tj /TT0 1 Tf (Uruguay ceases to be a member of the IMF. )Tj 0 -1.8 TD ( If any of the above events of default occurs and is continuing\ , holders holding debt securities representing )Tj 0 -1.2 TD (at least 25% of the aggregate principal amount of the then-outstanding d\ ebt securities of that series may declare )Tj T* (the principal amount of all the debt securities of that series to be due\ and payable immediately by giving written )Tj T* (notice to Uruguay or Banco Central, with a copy to the trustee. )Tj 0 -1.8 TD ( Holders holding debt securities representing in the aggregate \ at least two-thirds of the principal amount of )Tj 0 -1.2 TD (the then-outstanding debt securities of that series may waive any existi\ ng defaults, and their consequences, on )Tj T* (behalf of the holders of all of the debt securities of that series, if: \ )Tj ET EMC /Artifact <>BDC Q BT /T1_0 1 Tf 9 0 0 9 18 7.17 Tm (http://www.sec.gov/Archives/edgar/data/102385/000095012307004873/y32802e\ 424b2.htm \(82 de 115\)25/10/2007 01:42:24 p.m.)Tj ET EMC endstream endobj 668 0 obj<>stream /Artifact <>BDC 0 0 0 rg 0 i BT /T1_0 1 Tf 0 Tc 0 Tw 0 Ts 100 Tz 0 Tr 9 0 0 9 18 830.17 Tm (424B2)Tj ET EMC /Article <>BDC q 0 18 595 806 re W* n BT /TT0 1 Tf 12.5 0 0 12.5 294.375 800.8817 Tm (7 )Tj ET 0.5 0.5 0.5 rg 10 768.711 575 2 re f EMC /Artifact <>BDC Q BT /T1_0 1 Tf 9 0 0 9 18 7.17 Tm (http://www.sec.gov/Archives/edgar/data/102385/000095012307004873/y32802e\ 424b2.htm \(83 de 115\)25/10/2007 01:42:24 p.m.)Tj ET EMC endstream endobj 669 0 obj<>stream /Artifact <>BDC 0 0 0 rg 0 i BT /T1_0 1 Tf 0 Tc 0 Tw 0 Ts 100 Tz 0 Tr 9 0 0 9 18 830.17 Tm (424B2)Tj ET EMC /Article <>BDC q 0 18 595 806 re W* n 0 0 1 RG 1.086 w 10 M 0 j 0 J []0 d 10 782.42 m 119.135 782.42 l S 0 0 1 rg BT /T1_1 1 Tf 12.9231 0 0 12.9231 10 785.6766 Tm (Table of Contents)Tj 0 0 0 rg /TT0 1 Tf 12.5 0 0 12.5 10 749.6628 Tm ( )Tj /TT1 1 Tf 2.3 -0.003 Td (\225)Tj /TT0 1 Tf 1.38 0.003 Td ( )Tj 0.46 0 Td (following the declaration that the principal of the debt securities of t\ hat series has become due and )Tj 0 -1.2 TD (payable immediately, Uruguay deposits with the trustee a sum sufficient \ to pay all outstanding amounts )Tj T* (then due on those debt securities \(other than principal due by virtue o\ f the acceleration upon the event )Tj 0 -1.2 TD (of default\) together with interest on such amounts through the date of \ the deposit as well as the )Tj 0 -1.2 TD (reasonable fees and compensation of the trustee; and)Tj 7.5 0 0 7.5 10 678.9946 Tm ( )Tj 12.5 0 0 12.5 10 665.6628 Tm ( )Tj /TT1 1 Tf 2.3 -0.003 Td (\225)Tj /TT0 1 Tf 1.38 0.003 Td ( )Tj 0.46 0 Td (all events of default \(other than non-payment of principal that became \ due by virtue of the acceleration )Tj 0 -1.2 TD (upon the event of default\) have been remedied.)Tj -4.14 -1.804 Td ( )Tj /TT2 1 Tf (Suits for Enforcement and Limitations on Suits by Holders)Tj /TT0 1 Tf ( )Tj 0 -1.8 TD ( If an event of default for a series has occurred and is contin\ uing, the trustee may institute judicial action to )Tj 0 -1.2 TD (enforce the rights of the holders of that series. With the exception of \ a suit to enforce the absolute right of a holder )Tj T* (to receive payment of the principal of and interest on debt securities o\ n the stated maturity date therefor \(as that )Tj 0 -1.2 TD (date may be amended or modified pursuant to the terms of the debt securi\ ties\), a holder has no right to bring a )Tj T* (suit, action or proceeding with respect to the debt securities of a seri\ es unless \(1\) such holder has given notice to )Tj T* (the trustee that a default with respect to that series has occurred and \ is continuing, \(2\) holders of at least 25% of )Tj T* (the aggregate principal amount outstanding of that series have instructe\ d the trustee to institute an action or )Tj T* (proceeding and provided an indemnity satisfactory to the trustee, and \(\ 3\) 60 days have passed since the trustee )Tj T* (received the instruction and the trustee has failed to institute an acti\ on or proceeding as directed. Moreover, any )Tj T* (such action commenced by a holder must be for the equal, ratable and com\ mon benefit of all holders of debt )Tj T* (securities of that series. )Tj 0 -1.804 TD ( )Tj /TT2 1 Tf (Meetings)Tj /TT0 1 Tf ( )Tj 0 -1.8 TD ( Uruguay or the trustee at any time may, and upon written reque\ st to the trustee by holders of at least 10% of )Tj 0 -1.2 TD (the aggregate principal amount of the debt securities of any series the \ trustee shall, call a meeting of holders of the )Tj T* (debt securities of that series. This meeting will be held at the time an\ d place determined by Uruguay and Banco )Tj T* (Central and specified in a notice sent to the holders by the trustee. Th\ is notice must be given at least 30 days and )Tj T* (not more than 60 days prior to the meeting. )Tj 0 -1.8 TD ( Registered holders holding debt securities representing at lea\ st a majority of the aggregate principal amount )Tj 0 -1.2 TD (of the then-outstanding debt securities of a series will constitute a qu\ orum at a meeting of registered holders )Tj T* (described above. If there is no quorum, the meeting may be adjourned for\ a period of at least ten days, and if there )Tj T* (is no quorum at the adjourned meeting, it may be further adjourned, prov\ ided in each case that notice is given at )Tj T* (least five days prior to each date the meeting is to be reconvened. At t\ he reconvening of any meeting that had )Tj T* (been adjourned twice, registered holders holding debt securities represe\ nting at least 25% of the aggregate )Tj 0 -1.2 TD (principal amount of the then-outstanding debt securities of the series w\ ill constitute a quorum. )Tj 0 -1.804 TD ( )Tj /TT2 1 Tf (Modifications)Tj /TT0 1 Tf ( )Tj 0 -1.8 TD ( The New Bonds contain collective action clauses with provision\ s regarding future modifications to the )Tj 0 -1.2 TD (terms of the New Bonds. These clauses are described below. )Tj 0 -1.8 TD ( Any modification, amendment, supplement or waiver to the inden\ ture or the terms and conditions of the )Tj 0 -1.2 TD (debt securities of one or more series may be made or given pursuant to a\ written action of the holders of the debt )Tj T* (securities of that series without the need for a meeting or by vote of t\ he holders of the debt securities of that series )Tj T* (taken at a meeting of holders thereof, in each case in accordance with t\ he applicable provisions of the indenture or )Tj T* (the debt securities. )Tj 0 -1.8 TD ( Any modification, amendment, supplement or waiver to the terms\ and conditions of the debt securities of a )Tj 0 -1.2 TD (single series, or to the indenture insofar as it affects the debt securi\ ties of a single series, may generally be made, )Tj T* (and future compliance therewith may be waived, with the consent of Urugu\ ay and the holders of not less than 66-)Tj ET EMC /Artifact <>BDC Q BT /T1_0 1 Tf 9 0 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<>BDC q 0 18 595 806 re W* n 0 0 1 RG 1.086 w 10 M 0 j 0 J []0 d 10 782.42 m 119.135 782.42 l S 0 0 1 rg BT /T1_1 1 Tf 12.9231 0 0 12.9231 10 785.6766 Tm (Table of Contents)Tj 0 0 0 rg /TT0 1 Tf 12.5 0 0 12.5 10 749.6628 Tm ( However, special requirements apply with respect to any modifi\ cation, amendment, supplement or waiver )Tj 0 -1.2 TD (that would: )Tj 0 -1.8 TD ( )Tj /TT1 1 Tf 0.92 -0.003 Td (\225)Tj /TT0 1 Tf 1.38 0.003 Td ( )Tj 0.46 0 Td (change the date for payment of principal or premium of, or any installme\ nt of interest on, the debt )Tj 0 -1.2 TD (securities of a series;)Tj 7.5 0 0 7.5 10 686.4946 Tm ( )Tj 12.5 0 0 12.5 10 673.1628 Tm ( )Tj /TT1 1 Tf 0.92 -0.003 Td (\225)Tj /TT0 1 Tf 1.38 0.003 Td ( )Tj 0.46 0 Td (reduce the principal amount or redemption price or premium, if any, paya\ ble under the debt securities of a )Tj 0 -1.2 TD (series;)Tj 7.5 0 0 7.5 10 647.4946 Tm ( )Tj 12.5 0 0 12.5 10 634.1628 Tm ( )Tj /TT1 1 Tf 0.92 -0.003 Td (\225)Tj /TT0 1 Tf 1.38 0.003 Td ( )Tj 0.46 0 Td (reduce the portion of the principal amount which is payable in the event\ of an acceleration of the maturity )Tj T* (of the debt securities of a series;)Tj 7.5 0 0 7.5 10 608.4946 Tm ( )Tj 12.5 0 0 12.5 10 595.1628 Tm ( )Tj /TT1 1 Tf 0.92 -0.003 Td (\225)Tj /TT0 1 Tf 1.38 0.003 Td ( )Tj 0.46 0 Td (reduce the interest rate on the debt securities of a series;)Tj 7.5 0 0 7.5 10 584.4946 Tm ( )Tj 12.5 0 0 12.5 10 571.1628 Tm ( )Tj /TT1 1 Tf 0.92 -0.003 Td (\225)Tj /TT0 1 Tf 1.38 0.003 Td ( )Tj 0.46 0 Td (change the currency or place of payment of any amount payable under the \ debt securities of a series;)Tj 7.5 0 0 7.5 10 560.4946 Tm ( )Tj 12.5 0 0 12.5 10 547.1628 Tm ( )Tj /TT1 1 Tf 0.92 -0.003 Td (\225)Tj /TT0 1 Tf 1.38 0.003 Td ( )Tj 0.46 0 Td (change the obligation of Uruguay to pay additional amounts in respect of\ the debt securities of a series;)Tj 7.5 0 0 7.5 10 536.4946 Tm ( )Tj 12.5 0 0 12.5 10 523.1628 Tm ( )Tj /TT1 1 Tf 0.92 -0.003 Td (\225)Tj /TT0 1 Tf 1.38 0.003 Td ( )Tj 0.46 0 Td (change the definition of outstanding or the percentage of votes required\ for the taking of any action )Tj T* (pursuant to the modification provisions of the indenture \(and the corre\ sponding provisions of the terms and )Tj T* (conditions of the debt securities\) in respect of the debt securities of\ a series;)Tj 7.5 0 0 7.5 10 482.4946 Tm ( )Tj 12.5 0 0 12.5 10 469.1628 Tm ( )Tj /TT1 1 Tf 0.92 -0.003 Td (\225)Tj /TT0 1 Tf 1.38 0.003 Td ( )Tj 0.46 0 Td (authorize the trustee, on behalf of all holders of the debt securities o\ f a series, to exchange or substitute all )Tj T* (the debt securities of that series for, or convert all the debt securiti\ es of that series into, other obligations or )Tj T* (securities of Uruguay or any other Person; or)Tj 7.5 0 0 7.5 10 428.4946 Tm ( )Tj 12.5 0 0 12.5 10 415.1628 Tm ( )Tj /TT1 1 Tf 0.92 -0.003 Td (\225)Tj /TT0 1 Tf 1.38 0.003 Td ( )Tj 0.46 -0.003 Td (change the )Tj /TT2 1 Tf (pari passu )Tj /TT0 1 Tf (ranking, governing law, submission to jurisdiction or waiver of immuniti\ es )Tj T* (provisions of the terms and conditions of the debt securities of a serie\ s.)Tj -2.76 -1.8 Td ( We refer to the above subjects as \223reserve matters\224 and \ to any modification, amendment, supplement or )Tj 0 -1.2 TD (waiver constituting a reserve matter as a \223reserve matter modificatio\ n.\224 )Tj 0 -1.8 TD ( Any reserve matter modification to the terms and conditions of\ the debt securities of a single series, or to )Tj 0 -1.2 TD (the indenture insofar as it affects the debt securities of a single seri\ es, may generally be made, and future )Tj T* (compliance therewith may be waived, with the consent of Uruguay and the \ holders of not less than 75% in )Tj 0 -1.2 TD (aggregate principal amount of the debt securities of such series at the \ time outstanding. )Tj 0 -1.8 TD ( If Uruguay proposes any reserve matter modification to the ter\ ms and conditions of the debt securities of )Tj 0 -1.2 TD (two or more series, or to the indenture insofar as it affects the debt s\ ecurities of two or more series, in either case )Tj T* (as part of a single transaction, Uruguay may elect to proceed pursuant t\ o provisions of the indenture providing )Tj T* (that such modifications may be made, and future compliance therewith may\ be waived, for each affected series if )Tj 0 -1.2 TD (made with the consent of Uruguay and )Tj 0 -1.8 TD ( )Tj /TT1 1 Tf 0.92 -0.003 Td (\225)Tj /TT0 1 Tf 1.38 0.003 Td ( )Tj 0.46 -0.003 Td (the holders of not less than 85% in aggregate principal amount of the ou\ tstanding debt securities of )Tj /TT2 1 Tf (all )Tj /TT0 1 Tf 0 -1.2 TD (series that would be affected by that modification \(taken in aggregate\)\ , and)Tj 7.5 0 0 7.5 10 164.4243 Tm ( )Tj 12.5 0 0 12.5 10 151.0925 Tm ( )Tj /TT1 1 Tf 0.92 -0.003 Td (\225)Tj /TT0 1 Tf 1.38 0.003 Td ( )Tj 0.46 -0.003 Td (the holders of not less than 66-)Tj 10.625 0 0 10.625 198.65 151.0574 Tm (2)Tj 12.5 0 0 12.5 203.9625 151.0574 Tm (/)Tj 10.625 0 0 10.625 207.4375 151.0574 Tm (3)Tj 12.5 0 0 12.5 212.75 151.0574 Tm (% in aggregate principal amount of the outstanding debt securities of )Tj /TT2 1 Tf (that )Tj /TT0 1 Tf -13.46 -1.2 Td (series \(taken individually\).)Tj -2.76 -1.8 Td ( If any reserve matter modification is sought in the context of\ a simultaneous offer to exchange the debt )Tj 0 -1.2 TD (securities of one or more series for new debt instruments of Uruguay or \ any other person, Uruguay shall ensure )Tj T* (that the relevant provisions of the affected debt securities, as amended\ by such modification, are no less favorable )Tj T* (to the holders thereof than the provisions of the new instrument being o\ ffered in the exchange, or if more than one )Tj T* (debt )Tj ET EMC /Artifact <>BDC Q BT /T1_0 1 Tf 9 0 0 9 18 7.17 Tm (http://www.sec.gov/Archives/edgar/data/102385/000095012307004873/y32802e\ 424b2.htm \(86 de 115\)25/10/2007 01:42:24 p.m.)Tj ET EMC endstream endobj 672 0 obj<>stream /Artifact <>BDC 0 0 0 rg 0 i BT /T1_0 1 Tf 0 Tc 0 Tw 0 Ts 100 Tz 0 Tr 9 0 0 9 18 830.17 Tm (424B2)Tj ET EMC /Article <>BDC q 0 18 595 806 re W* n BT /TT0 1 Tf 12.5 0 0 12.5 294.375 799.5574 Tm (9 )Tj ET 0.5 0.5 0.5 rg 10 767.387 575 2 re f EMC /Artifact <>BDC Q BT /T1_0 1 Tf 9 0 0 9 18 7.17 Tm (http://www.sec.gov/Archives/edgar/data/102385/000095012307004873/y32802e\ 424b2.htm \(87 de 115\)25/10/2007 01:42:24 p.m.)Tj ET EMC endstream endobj 673 0 obj<>stream /Artifact <>BDC 0 0 0 rg 0 i BT /T1_0 1 Tf 0 Tc 0 Tw 0 Ts 100 Tz 0 Tr 9 0 0 9 18 830.17 Tm (424B2)Tj ET EMC /Article <>BDC q 0 18 595 806 re W* n 0 0 1 RG 1.086 w 10 M 0 j 0 J []0 d 10 782.42 m 119.135 782.42 l S 0 0 1 rg BT /T1_1 1 Tf 12.9231 0 0 12.9231 10 785.6766 Tm (Table of Contents)Tj 0 0 0 rg /TT0 1 Tf 12.5 0 0 12.5 10 749.6628 Tm (instrument is offered, no less favorable than the new debt instrument is\ sued having the largest aggregate principal )Tj 0 -1.2 TD (amount. )Tj 0 -1.8 TD ( Uruguay agrees that it will not issue new debt securities or r\ eopen any existing series of debt securities with )Tj 0 -1.2 TD (the intention of placing such debt securities with holders expected to s\ upport any modification proposed by )Tj T* (Uruguay \(or that Uruguay plans to propose\) for approval pursuant to th\ e modification provisions of the indenture )Tj T* (or the terms and conditions of any series of debt securities. )Tj 0 -1.8 TD ( Any modification consented to or approved by the holders of th\ e debt securities of one or more series )Tj 0 -1.2 TD (pursuant to the modification provisions will be conclusive and binding o\ n all holders of the debt securities of that )Tj T* (series, whether or not they have given such consent or were present at a\ meeting of holders at which such action )Tj T* (was taken, and on all future holders of the debt securities of that seri\ es whether or not notation of such )Tj T* (modification is made upon the debt securities of that series. Any instru\ ment given by or on behalf of any holder of )Tj T* (a debt security in connection with any consent to or approval of any suc\ h modification will be conclusive and )Tj T* (binding on all subsequent holders of such debt security. )Tj 0 -1.8 TD ( Before seeking the consent of any holder of a debt security of\ any series to a reserve matter modification )Tj 0 -1.2 TD (affecting that series, Uruguay shall provide to the trustee \(for onward\ distribution to the holders of the affected )Tj T* (debt securities\) the following information: )Tj 0 -1.8 TD ( )Tj /TT1 1 Tf 3.22 -0.003 Td (\225)Tj /TT0 1 Tf 1.38 0.003 Td ( )Tj 0.46 0 Td (a description of the economic or financial circumstances that, in Urugua\ y\222s view, explain the request )Tj 0 -1.2 TD (for the proposed modification;)Tj 7.5 0 0 7.5 10 453.9946 Tm ( )Tj 12.5 0 0 12.5 10 440.6628 Tm ( )Tj /TT1 1 Tf 3.22 -0.003 Td (\225)Tj /TT0 1 Tf 1.38 0.003 Td ( )Tj 0.46 0 Td (if Uruguay shall at the time have entered into a standby, extended funds\ or similar program with the )Tj 0 -1.2 TD (International Monetary Fund, a copy of that program \(including any rela\ ted technical memorandum\); )Tj T* (and)Tj 7.5 0 0 7.5 10 399.9946 Tm ( )Tj 12.5 0 0 12.5 10 386.6628 Tm ( )Tj /TT1 1 Tf 3.22 -0.003 Td (\225)Tj /TT0 1 Tf 1.38 0.003 Td ( )Tj 0.46 0 Td (a description of Uruguay\222s proposed treatment of its other major cred\ itor groups \(including, where )Tj T* (appropriate, Paris Club creditors, other bilateral creditors and interna\ l debtholders\) in connection )Tj T* (with Uruguay\222s efforts to address the situation giving rise to the re\ quested modification.)Tj -5.06 -1.8 Td ( For purposes of determining whether the required percentage of\ holders of the notes has approved any )Tj 0 -1.2 TD (modification, amendment, supplement or waiver or other action or instruc\ tion pursuant to the indenture or, in the )Tj T* (case of a meeting, whether sufficient holders are present for quorum pur\ poses, any debt securities owned or )Tj T* (controlled, directly or indirectly, by Uruguay or any public sector inst\ rumentality of Uruguay will be disregarded )Tj 0 -1.2 TD (and deemed to be not outstanding. As used in this paragraph, \223public \ sector instrumentality\224 means Banco )Tj T* (Central, any department, ministry or agency of the government of Uruguay\ or any corporation, trust, financial )Tj T* (institution or other entity owned or controlled by the government of Uru\ guay or any of the foregoing, and )Tj T* (\223control\224 means the power, directly or indirectly, through the own\ ership of voting securities or other ownership )Tj T* (interests or otherwise, to direct the management of or elect or appoint \ a majority of the board of directors or other )Tj T* (persons performing similar functions in lieu of, or in addition to, the \ board of directors of a corporation, trust, )Tj T* (financial institution or other entity. In determining whether the truste\ e shall be protected in relying upon any )Tj T* (modification, amendment, supplement or waiver, or any notice from holder\ s, only debt securities that the trustee )Tj T* (knows to be so owned shall be so disregarded. Prior to any vote on a res\ erve matter modification affecting any )Tj T* (series of debt securities, Uruguay shall deliver to the trustee a certif\ icate signed by an authorized representative of )Tj T* (Uruguay specifying, for Uruguay and each public sector instrumentality, \ any debt securities of that series deemed )Tj T* (to be not outstanding as described above or, if no debt securities of th\ at series are owned or controlled by )Tj T* (Uruguay or any public sector instrumentality, a certificate signed by an\ authorized representative of Uruguay to )Tj T* (this effect. )Tj /TT1 1 Tf 0 -2.403 TD (Warrants)Tj /TT0 1 Tf ( )Tj ET EMC /Artifact <>BDC Q BT /T1_0 1 Tf 9 0 0 9 18 7.17 Tm (http://www.sec.gov/Archives/edgar/data/102385/000095012307004873/y32802e\ 424b2.htm \(88 de 115\)25/10/2007 01:42:24 p.m.)Tj ET EMC endstream endobj 674 0 obj<>stream /Artifact <>BDC 0 0 0 rg 0 i BT /T1_0 1 Tf 0 Tc 0 Tw 0 Ts 100 Tz 0 Tr 9 0 0 9 18 830.17 Tm (424B2)Tj ET EMC /Article <>BDC q 0 18 595 806 re W* n BT /TT0 1 Tf 12.5 0 0 12.5 10 805.1353 Tm ( )Tj /TT1 1 Tf (If Uruguay issues warrants, it will describe their specific terms in a p\ rospectus supplement. If any warrants )Tj 0 -1.203 TD (are registered with the SEC, Uruguay will file a warrant agreement and f\ orm of warrant with the SEC.)Tj /TT0 1 Tf ( )Tj 22.5 -2.72 Td (10 )Tj ET 0.5 0.5 0.5 rg 10 723.93 575 2 re f EMC /Artifact <>BDC Q BT /T1_0 1 Tf 9 0 0 9 18 7.17 Tm (http://www.sec.gov/Archives/edgar/data/102385/000095012307004873/y32802e\ 424b2.htm \(89 de 115\)25/10/2007 01:42:24 p.m.)Tj ET EMC endstream endobj 675 0 obj<>stream /Artifact <>BDC 0 0 0 rg 0 i BT /T1_0 1 Tf 0 Tc 0 Tw 0 Ts 100 Tz 0 Tr 9 0 0 9 18 830.17 Tm (424B2)Tj ET EMC /Article <>BDC q 0 18 595 806 re W* n 0 0 1 RG 1.086 w 10 M 0 j 0 J []0 d 10 782.42 m 119.135 782.42 l S 0 0 1 rg BT /T1_1 1 Tf 12.9231 0 0 12.9231 10 785.6766 Tm (Table of Contents)Tj 0 0 0 rg /TT0 1 Tf 12.5 0 0 12.5 10 749.6276 Tm (The following description briefly summarizes some of the general terms t\ hat apply to warrants. You should read )Tj 0 -1.2 TD (the applicable prospectus supplement, warrant agreement and form of warr\ ant before making your investment )Tj T* (decision.)Tj /TT1 1 Tf ( )Tj 0 -1.8 TD ( Uruguay may issue the warrants separately or together with any\ debt securities. All warrants will be issued )Tj 0 -1.2 TD (under a warrant agreement between Uruguay and a bank or trust company, a\ s warrant agent. The applicable )Tj T* (prospectus supplement will include some or all of the following specific\ terms relating to the warrants: )Tj 0 -1.8 TD ( )Tj /TT2 1 Tf 2.3 -0.003 Td (\225)Tj /TT1 1 Tf 1.38 0.003 Td ( )Tj 0.46 0 Td (the initial offering price;)Tj 7.5 0 0 7.5 10 633.9595 Tm ( )Tj 12.5 0 0 12.5 10 620.6276 Tm ( )Tj /TT2 1 Tf 2.3 -0.003 Td (\225)Tj /TT1 1 Tf 1.38 0.003 Td ( )Tj 0.46 0 Td (the currency you must use to purchase the warrants;)Tj 7.5 0 0 7.5 10 609.9595 Tm ( )Tj 12.5 0 0 12.5 10 596.6276 Tm ( )Tj /TT2 1 Tf 2.3 -0.003 Td (\225)Tj /TT1 1 Tf 1.38 0.003 Td ( )Tj 0.46 0 Td (the title and terms of the debt securities or other consideration that y\ ou will receive on exercise of the )Tj 0 -1.2 TD (warrants;)Tj 7.5 0 0 7.5 10 570.9595 Tm ( )Tj 12.5 0 0 12.5 10 557.6276 Tm ( )Tj /TT2 1 Tf 2.3 -0.003 Td (\225)Tj /TT1 1 Tf 1.38 0.003 Td ( )Tj 0.46 0 Td (the principal amount of debt securities or amount of other consideration\ that you will receive on )Tj T* (exercise of the warrants;)Tj 7.5 0 0 7.5 10 531.9595 Tm ( )Tj 12.5 0 0 12.5 10 518.6276 Tm ( )Tj /TT2 1 Tf 2.3 -0.003 Td (\225)Tj /TT1 1 Tf 1.38 0.003 Td ( )Tj 0.46 0 Td (the exercise price or ratio;)Tj 7.5 0 0 7.5 10 507.9595 Tm ( )Tj 12.5 0 0 12.5 10 494.6276 Tm ( )Tj /TT2 1 Tf 2.3 -0.003 Td (\225)Tj /TT1 1 Tf 1.38 0.003 Td ( )Tj 0.46 0 Td (the procedures of, and conditions to, exercise of the warrants;)Tj 7.5 0 0 7.5 10 483.9595 Tm ( )Tj 12.5 0 0 12.5 10 470.6276 Tm ( )Tj /TT2 1 Tf 2.3 -0.003 Td (\225)Tj /TT1 1 Tf 1.38 0.003 Td ( )Tj 0.46 0 Td (the date or dates on which you must exercise the warrants;)Tj 7.5 0 0 7.5 10 459.9595 Tm ( )Tj 12.5 0 0 12.5 10 446.6276 Tm ( )Tj /TT2 1 Tf 2.3 -0.003 Td (\225)Tj /TT1 1 Tf 1.38 0.003 Td ( )Tj 0.46 0 Td (whether and under what conditions Uruguay may cancel the warrants;)Tj 7.5 0 0 7.5 10 435.9595 Tm ( )Tj 12.5 0 0 12.5 10 422.6276 Tm ( )Tj /TT2 1 Tf 2.3 -0.003 Td (\225)Tj /TT1 1 Tf 1.38 0.003 Td ( )Tj 0.46 0 Td (the title and terms of any debt securities issued with the warrants and \ the amount of debt securities )Tj T* (issued with each warrant;)Tj 7.5 0 0 7.5 10 396.9595 Tm ( )Tj 12.5 0 0 12.5 10 383.6276 Tm ( )Tj /TT2 1 Tf 2.3 -0.003 Td (\225)Tj /TT1 1 Tf 1.38 0.003 Td ( )Tj 0.46 0 Td (the date, if any, on and after which the warrants and any debt securitie\ s issued with the warrants will )Tj T* (trade separately;)Tj 7.5 0 0 7.5 10 357.9595 Tm ( )Tj 12.5 0 0 12.5 10 344.6276 Tm ( )Tj /TT2 1 Tf 2.3 -0.003 Td (\225)Tj /TT1 1 Tf 1.38 0.003 Td ( )Tj 0.46 0 Td (the form of the warrants \(global or certificated and registered or bear\ er\), whether they will be )Tj T* (exchangeable between such forms and, if registered, where they may be tr\ ansferred and exchanged;)Tj 7.5 0 0 7.5 10 318.9595 Tm ( )Tj 12.5 0 0 12.5 10 305.6276 Tm ( )Tj /TT2 1 Tf 2.3 -0.003 Td (\225)Tj /TT1 1 Tf 1.38 0.003 Td ( )Tj 0.46 0 Td (the identity of the warrant agent;)Tj 7.5 0 0 7.5 10 294.9595 Tm ( )Tj 12.5 0 0 12.5 10 281.6276 Tm ( )Tj /TT2 1 Tf 2.3 -0.003 Td (\225)Tj /TT1 1 Tf 1.38 0.003 Td ( )Tj 0.46 0 Td (any special considerations regarding federal income tax in the United St\ ates or other countries;)Tj 7.5 0 0 7.5 10 270.9595 Tm ( )Tj 12.5 0 0 12.5 10 257.6276 Tm ( )Tj /TT2 1 Tf 2.3 -0.003 Td (\225)Tj /TT1 1 Tf 1.38 0.003 Td ( )Tj 0.46 0 Td (any other terms of the warrants.)Tj 18.36 -2.72 Td (11 )Tj ET 0.5 0.5 0.5 rg 10 191.457 575 2 re f EMC /Artifact <>BDC Q BT /T1_0 1 Tf 9 0 0 9 18 7.17 Tm (http://www.sec.gov/Archives/edgar/data/102385/000095012307004873/y32802e\ 424b2.htm \(90 de 115\)25/10/2007 01:42:24 p.m.)Tj ET EMC endstream endobj 676 0 obj<>stream /Artifact <>BDC 0 0 0 rg 0 i BT /T1_0 1 Tf 0 Tc 0 Tw 0 Ts 100 Tz 0 Tr 9 0 0 9 18 830.17 Tm (424B2)Tj ET EMC /Article <>BDC q 0 18 595 806 re W* n 0 0 1 RG 1.086 w 10 M 0 j 0 J []0 d 10 782.42 m 119.135 782.42 l S 0 0 1 rg BT /T1_1 1 Tf 12.9231 0 0 12.9231 10 785.6766 Tm (Table of Contents)Tj 0 0 0 rg /TT0 1 Tf 12.5 0 0 12.5 10 749.6212 Tm (Global Securities)Tj /TT1 1 Tf ( )Tj 0 -1.803 TD ( )Tj /TT2 1 Tf (The Depository Trust Company, or DTC, Euroclear Bank S.A./C.V., )Tj /TT1 1 Tf (or Euroclear, )Tj /TT2 1 Tf (and Clearstream, )Tj 0 -1.203 TD (Luxembourg are under no obligation to perform or continue to perform the\ procedures described below, and they )Tj 0 -1.2 TD (may modify or discontinue them at any time. Neither Uruguay nor the trus\ tee will be responsible for DTC\222s, )Tj 0 -1.2 TD (Euroclear\222s or Clearstream, Luxembourg\222s performance of their obli\ gations under their rules and procedures. )Tj T* (Nor will Uruguay or the trustee be responsible for the performance by di\ rect or indirect participants of their )Tj T* (obligations under their rules and procedures.)Tj /TT1 1 Tf ( )Tj 0 -1.8 TD ( Uruguay may issue the warrants or the debt securities of a series i\ n whole or in part in the form of one or more )Tj 0 -1.2 TD (global securities, the ownership and transfer of which are recorded in c\ omputerized book-entry accounts, )Tj T* (eliminating the need for physical movement of securities. Uruguay refers\ to the intangible securities represented )Tj T* (by a global security as \223book-entry\224 securities. )Tj 0 -1.8 TD ( Uruguay will deposit any global security it issues with a clearing \ system. The global security will be registered )Tj 0 -1.2 TD (in the name of the clearing system or its nominee or common depositary. \ Unless a global security is exchanged )Tj 0 -1.2 TD (for certificated securities, as discussed below under \223Certificated S\ ecurities,\224 it may not be transferred, except )Tj T* (among the clearing system, its nominees or common depositaries and their\ successors. Clearing systems include )Tj T* (DTC, in the United States and Euroclear and Clearstream, Luxembourg in E\ urope. )Tj 0 -1.8 TD ( Clearing systems process the clearance and settlement of book-entry\ securities for their direct participants. A )Tj 0 -1.2 TD (\223direct participant\224 is a bank or financial institution that has a\ n account with a clearing system. The clearing )Tj T* (systems act only on behalf of their direct participants, who in turn act\ on behalf of indirect participants. An )Tj T* (\223indirect participant\224 is a bank or financial institution that gai\ ns access to a clearing system by clearing through or )Tj T* (maintaining a relationship with a direct participant. )Tj 0 -1.8 TD ( Euroclear and Clearstream, Luxembourg are connected to each other b\ y a direct link and participate in DTC )Tj 0 -1.2 TD (through their New York depositaries, which act as links between the clea\ ring systems. )Tj 0 -1.8 TD ( Uruguay generally will treat the registered holder of a global secu\ rity as the absolute owner of the security for )Tj 0 -1.2 TD (all purposes. The legal obligations of Uruguay and the trustee run only \ to the registered owner or bearer of a )Tj T* (global security, which will be the relevant clearing system or its nomin\ ee or common depositary. For example, )Tj T* (once Uruguay arranges for payments to be made to the registered holder, \ Uruguay will no longer be liable for the )Tj T* (amounts so paid on the security. In addition, if you own a beneficial in\ terest in a global security, you must rely on )Tj T* (the procedures of the institutions through which you hold your interests\ in the security \(including DTC, )Tj T* (Euroclear, Clearstream, Luxembourg, and their participants\) to exercise\ any of the rights granted to the holder of )Tj T* (the security or securities. Under existing industry practice, if you des\ ire to take any action that the holder of a )Tj T* (security is entitled to take, then the registered holder would authorize\ the clearing system participant through )Tj T* (which you own your beneficial interest to take the action, and the parti\ cipant would then either authorize you to )Tj T* (take the action or act for you on your instructions. )Tj /TT0 1 Tf 0 -2.403 TD (The Clearing Systems)Tj /TT1 1 Tf ( )Tj 0 -1.803 TD ( )Tj /TT2 1 Tf (The following description reflects Uruguay\222s understanding of the cur\ rent rules and procedures of DTC, )Tj 0 -1.203 TD (Euroclear and Clearstream, Luxembourg. Uruguay has obtained the informat\ ion in this section from sources it )Tj 0 -1.2 TD (believes to be reliable, including from DTC, Euroclear and Clearstream, \ Luxembourg, but Uruguay takes no )Tj T* (responsibility for the accuracy of this information.)Tj /TT1 1 Tf ( )Tj 0 -1.804 TD ( )Tj /TT3 1 Tf (The Depository Trust Company)Tj /TT1 1 Tf ( )Tj 0 -1.8 TD ( DTC is a limited-purpose trust company organized under the laws of \ the State of New York, a member of the )Tj 0 -1.2 TD (Federal Reserve System, a \223clearing corporation\224 within the meanin\ g of the New York Uniform Commercial )Tj ET EMC /Artifact <>BDC Q BT /T1_0 1 Tf 9 0 0 9 18 7.17 Tm (http://www.sec.gov/Archives/edgar/data/102385/000095012307004873/y32802e\ 424b2.htm \(91 de 115\)25/10/2007 01:42:24 p.m.)Tj ET EMC endstream endobj 677 0 obj<>stream /Artifact <>BDC 0 0 0 rg 0 i BT /T1_0 1 Tf 0 Tc 0 Tw 0 Ts 100 Tz 0 Tr 9 0 0 9 18 830.17 Tm (424B2)Tj ET EMC /Article <>BDC q 0 18 595 806 re W* n BT /TT0 1 Tf 12.5 0 0 12.5 10 805.1705 Tm (Code and a \223clearing agency\224 registered pursuant to the provisions\ of Section 17A of the U.S. Securities )Tj 0 -1.2 TD (Exchange Act of 1934. )Tj 22.5 -2.72 Td (12 )Tj ET 0.5 0.5 0.5 rg 10 724 575 2 re f EMC /Artifact <>BDC Q BT /T1_0 1 Tf 9 0 0 9 18 7.17 Tm (http://www.sec.gov/Archives/edgar/data/102385/000095012307004873/y32802e\ 424b2.htm \(92 de 115\)25/10/2007 01:42:24 p.m.)Tj ET EMC endstream endobj 678 0 obj<>stream /Artifact <>BDC 0 0 0 rg 0 i BT /T1_0 1 Tf 0 Tc 0 Tw 0 Ts 100 Tz 0 Tr 9 0 0 9 18 830.17 Tm (424B2)Tj ET EMC /Article <>BDC q 0 18 595 806 re W* n 0 0 1 RG 1.086 w 10 M 0 j 0 J []0 d 10 782.42 m 119.135 782.42 l S 0 0 1 rg BT /T1_1 1 Tf 12.9231 0 0 12.9231 10 785.6766 Tm (Table of Contents)Tj 0 0 0 rg /TT0 1 Tf 12.5 0 0 12.5 10 749.6628 Tm ( DTC was created to hold securities for its participants and to faci\ litate the clearance and settlement of )Tj 0 -1.2 TD (transactions between its participants through electronic book-entry chan\ ges in accounts of its participants, thereby )Tj T* (eliminating the need for physical movement of certificates. Persons who \ have accounts with DTC, or DTC )Tj 0 -1.2 TD (participants, include the global coordinator, the underwriters, the U.S.\ depositaries, the fiscal agent, securities )Tj 0 -1.2 TD (brokers and dealers, banks, trust companies and clearing corporations an\ d may in the future include certain other )Tj T* (organizations. Indirect access to the DTC system is also available to ot\ hers that clear through or maintain a )Tj T* (custodial relationship with a DTC participant, either directly or indire\ ctly. )Tj 0 -1.8 TD ( Transfers of ownership or other interests in global securities in D\ TC may be made only through DTC )Tj 0 -1.2 TD (participants. In addition, beneficial owners of global securities in DTC\ will receive all distributions of principal of )Tj T* (and interest on the global securities from the trustee through such DTC \ participant. )Tj 0 -1.804 TD ( )Tj /TT1 1 Tf (Euroclear and Clearstream, Luxembourg)Tj /TT0 1 Tf ( )Tj 0 -1.8 TD ( Euroclear and Clearstream, Luxembourg hold securities for their par\ ticipants and facilitate the clearance and )Tj 0 -1.2 TD (settlement of securities transactions between their participants through\ electronic book-entry changes in their )Tj 0 -1.2 TD (accounts. Euroclear and Clearstream, Luxembourg provide various services\ to their participants, including the )Tj T* (safekeeping, administration, clearance, settlement, lending and borrowin\ g of internationally traded securities. )Tj T* (Euroclear and Clearstream, Luxembourg participants are financial institu\ tions such as underwriters, securities )Tj T* (brokers and dealers, banks, trust companies and other organizations. Ban\ ks, brokers, dealers and trust companies )Tj T* (have indirect access to Euroclear or Clearstream, Luxembourg by clearing\ through or maintaining a custodial )Tj T* (relationship with a Euroclear or Clearstream, Luxembourg participant. )Tj 0 -1.804 TD ( )Tj /TT1 1 Tf (Secondary Market Trading)Tj /TT0 1 Tf ( )Tj 0 -1.803 TD ( )Tj /TT2 1 Tf (Trading Between DTC Purchasers and Sellers)Tj /TT0 1 Tf ( )Tj 0 -1.8 TD ( DTC participants will transfer interests in the securities among th\ emselves in the ordinary way according to )Tj 0 -1.2 TD (DTC rules governing global security issues. The laws of some states requ\ ire certain purchasers of securities to )Tj T* (take physical delivery of the securities in definitive form. These laws \ may impair your ability to transfer )Tj T* (beneficial interests in the global security or securities to such purcha\ sers. DTC can act only on behalf of its direct )Tj 0 -1.2 TD (participants, who in turn act on behalf of indirect participants and cer\ tain banks. Thus, your ability to pledge a )Tj T* (beneficial interest in the global security or securities to persons that\ do not participate in the DTC system, and to )Tj T* (take other actions, may be limited because you will not possess a physic\ al certificate that represents your interest. )Tj 0 -1.803 TD ( )Tj /TT2 1 Tf (Trading Between Euroclear and/or Clearstream, Luxembourg Participants)Tj /TT0 1 Tf ( )Tj 0 -1.8 TD ( Participants in Euroclear and Clearstream, Luxembourg will transfer\ interests in the securities among )Tj 0 -1.2 TD (themselves in the ordinary way according to the rules and operating proc\ edures of Euroclear and Clearstream, )Tj T* (Luxembourg governing conventional Eurobonds. )Tj 0 -1.803 TD ( )Tj /TT2 1 Tf (Trading Between a DTC Seller and a Euroclear or Clearstream, Luxembourg \ Purchaser)Tj /TT0 1 Tf ( )Tj 0 -1.8 TD ( When the securities are to be transferred from the account of a DTC\ participant to the account of a Euroclear )Tj 0 -1.2 TD (or Clearstream, Luxembourg participant, the purchaser must first send in\ structions to Euroclear or Clearstream, )Tj T* (Luxembourg through a participant at least one business day prior to the \ settlement date. Euroclear or Clearstream, )Tj T* (Luxembourg will then instruct its depositary to receive the securities a\ nd make payment for them. On the )Tj T* (settlement date, the depositary will make payment to the DTC participant\ \222s account and the securities will be )Tj T* (credited to the depositary\222s account. After settlement has been compl\ eted, DTC will credit the securities to )Tj T* (Euroclear or Clearstream, Luxembourg. Euroclear or Clearstream, Luxembou\ rg will credit the securities, in )Tj T* (accordance with its usual procedures, to the participant\222s account, a\ nd the participant will then credit the )Tj T* (purchaser\222s account. These securities credits will appear the next da\ y \(European time\) after the settlement date. )Tj T* (The cash debit from the account of Euroclear or Clearstream, Luxembourg \ will be back-valued to the value date )Tj ET EMC /Artifact <>BDC Q BT /T1_0 1 Tf 9 0 0 9 18 7.17 Tm (http://www.sec.gov/Archives/edgar/data/102385/000095012307004873/y32802e\ 424b2.htm \(93 de 115\)25/10/2007 01:42:24 p.m.)Tj ET EMC endstream endobj 679 0 obj<>stream /Artifact <>BDC 0 0 0 rg 0 i BT /T1_0 1 Tf 0 Tc 0 Tw 0 Ts 100 Tz 0 Tr 9 0 0 9 18 830.17 Tm (424B2)Tj ET EMC /Article <>BDC q 0 18 595 806 re W* n BT /TT0 1 Tf 12.5 0 0 12.5 10 805.1705 Tm (\(which will be the )Tj 22.5 -2.72 Td (13 )Tj ET 0.5 0.5 0.5 rg 10 739 575 2 re f EMC /Artifact <>BDC Q BT /T1_0 1 Tf 9 0 0 9 18 7.17 Tm (http://www.sec.gov/Archives/edgar/data/102385/000095012307004873/y32802e\ 424b2.htm \(94 de 115\)25/10/2007 01:42:24 p.m.)Tj ET EMC endstream endobj 680 0 obj<>stream /Artifact <>BDC 0 0 0 rg 0 i BT /T1_0 1 Tf 0 Tc 0 Tw 0 Ts 100 Tz 0 Tr 9 0 0 9 18 830.17 Tm (424B2)Tj ET EMC /Article <>BDC q 0 18 595 806 re W* n 0 0 1 RG 1.086 w 10 M 0 j 0 J []0 d 10 782.42 m 119.135 782.42 l S 0 0 1 rg BT /T1_1 1 Tf 12.9231 0 0 12.9231 10 785.6766 Tm (Table of Contents)Tj 0 0 0 rg /TT0 1 Tf 12.5 0 0 12.5 10 749.6276 Tm (preceding day if settlement occurs in New York\). If settlement is not c\ ompleted on the intended value date \()Tj /TT1 1 Tf (i.e.)Tj /TT0 1 Tf (, )Tj 0 -1.2 TD (the trade fails\), the cash debit will instead be valued at the actual s\ ettlement date. )Tj 0 -1.8 TD ( Participants in Euroclear and Clearstream, Luxembourg will nee\ d to make funds available to Euroclear or )Tj 0 -1.2 TD (Clearstream, Luxembourg in order to pay for the securities by wire trans\ fer on the value date. The most direct )Tj 0 -1.203 TD (way of doing this is to preposition funds \()Tj /TT1 1 Tf (i.e.)Tj /TT0 1 Tf (, have funds in place at Euroclear or Clearstream, Luxembourg )Tj 0 -1.2 TD (before the value date\), either from cash on hand or existing lines of c\ redit. Under this approach, however, )Tj T* (participants may take on credit exposure to Euroclear and Clearstream, L\ uxembourg until the securities are )Tj 0 -1.2 TD (credited to their accounts one day later. )Tj 0 -1.8 TD ( As an alternative, if Euroclear or Clearstream, Luxembourg has\ extended a line of credit to a participant, )Tj 0 -1.2 TD (the participant may decide not to preposition funds, but to allow Eurocl\ ear or Clearstream, Luxembourg to draw )Tj T* (on the line of credit to finance settlement for the securities. Under th\ is procedure, Euroclear or Clearstream, )Tj T* (Luxembourg would charge the participant overdraft charges for one day, a\ ssuming that the overdraft would be )Tj T* (cleared when the securities were credited to the participant\222s accoun\ t. However, interest on the securities would )Tj T* (accrue from the value date. Therefore, in these cases the interest incom\ e on securities that the participant earns )Tj T* (during that one-day period will substantially reduce or offset the amoun\ t of the participant\222s overdraft charges. Of )Tj 0 -1.203 TD (course, this result will depend on the cost of funds to \()Tj /TT1 1 Tf (i.e.)Tj /TT0 1 Tf (, the interest rate that Euroclear or Clearstream, )Tj 0 -1.2 TD (Luxembourg charges\) each participant. )Tj 0 -1.8 TD ( Since the settlement will occur during New York business hours\ , a DTC participant selling an interest in )Tj 0 -1.2 TD (the security can use its usual procedures for transferring global securi\ ties to the depositaries of Euroclear or )Tj T* (Clearstream, Luxembourg for the benefit of Euroclear or Clearstream, Lux\ embourg participants. The DTC seller )Tj T* (will receive the sale proceeds on the settlement date. Thus, to the DTC \ seller, a cross-market sale will settle no )Tj T* (differently than a trade between two DTC participants. )Tj 0 -1.803 TD ( )Tj /TT1 1 Tf (Trading Between a Euroclear or Clearstream, Luxembourg Seller and a DTC \ Purchaser)Tj /TT0 1 Tf ( )Tj 0 -1.8 TD ( Due to time zone differences in their favor, Euroclear and Cle\ arstream, Luxembourg participants can use )Tj 0 -1.2 TD (their usual procedures to transfer securities through their depositaries\ to a DTC participant. The seller must first )Tj T* (send instructions to Euroclear or Clearstream, Luxembourg through a part\ icipant at least one business day prior to )Tj 0 -1.2 TD (the settlement date. Euroclear or Clearstream, Luxembourg will then inst\ ruct its depositary to credit the securities )Tj T* (to the DTC participant\222s account and receive payment. The payment wil\ l be credited in the account of the )Tj T* (Euroclear or Clearstream, Luxembourg participant on the following day, b\ ut the receipt of the cash proceeds will )Tj T* (be back-valued to the value date \(which will be the preceding day if se\ ttlement occurs in New York\). If settlement )Tj 0 -1.203 TD (is not completed on the intended value date \()Tj /TT1 1 Tf (i.e.)Tj /TT0 1 Tf (, the trade fails\), the receipt of the cash proceeds will instead be )Tj 0 -1.2 TD (valued at the actual settlement date. )Tj 0 -1.8 TD ( If the Euroclear or Clearstream, Luxembourg participant sellin\ g the securities has a line of credit with )Tj 0 -1.2 TD (Euroclear or Clearstream, Luxembourg and elects to be in debit for the s\ ecurities until it receives the sale )Tj T* (proceeds in its account, then the back-valuation may substantially reduc\ e or offset any overdraft charges that the )Tj T* (participant incurs over that one-day period. )Tj /TT2 1 Tf 0 -2.403 TD (Certificated Securities)Tj /TT0 1 Tf ( )Tj 0 -1.8 TD ( Unless otherwise specified in a prospectus supplement, Uruguay\ will issue securities in certificated form )Tj 0 -1.2 TD (only if: )Tj 0 -1.8 TD ( )Tj /TT2 1 Tf 0.92 -0.003 Td (\225)Tj /TT0 1 Tf 0.46 0.003 Td ( )Tj 0.46 0 Td (the depositary notifies Uruguay that it is unwilling or unable to contin\ ue as depositary, is ineligible to act as )Tj 0 -1.2 TD (depositary or, in the case of DTC, ceases to be a clearing agency regist\ ered under the U.S. Securities )Tj T* (Exchange Act of 1934 and Uruguay or Banco Central acting on Uruguay\222s\ behalf does not appoint a )Tj T* (successor depositary or clearing agency within 90 days; )Tj ET EMC /Artifact <>BDC Q BT /T1_0 1 Tf 9 0 0 9 18 7.17 Tm (http://www.sec.gov/Archives/edgar/data/102385/000095012307004873/y32802e\ 424b2.htm \(95 de 115\)25/10/2007 01:42:24 p.m.)Tj ET EMC endstream endobj 681 0 obj<>stream /Artifact <>BDC 0 0 0 rg 0 i BT /T1_0 1 Tf 0 Tc 0 Tw 0 Ts 100 Tz 0 Tr 9 0 0 9 18 830.17 Tm (424B2)Tj ET EMC /Article <>BDC q 0 18 595 806 re W* n BT /TT0 1 Tf 12.5 0 0 12.5 10 801.9455 Tm ( )Tj /TT1 1 Tf 0.92 -0.003 Td (\225)Tj /TT0 1 Tf 0.46 0.003 Td ( )Tj 0.46 0 Td (Uruguay decides it no longer wishes to have all or part of the debt secu\ rities represented by global securities; )Tj 0 -1.2 TD (or )Tj 20.66 -2.72 Td (14 )Tj ET 0.5 0.5 0.5 rg 10 720.775 575 2 re f EMC /Artifact <>BDC Q BT /T1_0 1 Tf 9 0 0 9 18 7.17 Tm (http://www.sec.gov/Archives/edgar/data/102385/000095012307004873/y32802e\ 424b2.htm \(96 de 115\)25/10/2007 01:42:24 p.m.)Tj ET EMC endstream endobj 682 0 obj<>stream /Artifact <>BDC 0 0 0 rg 0 i BT /T1_0 1 Tf 0 Tc 0 Tw 0 Ts 100 Tz 0 Tr 9 0 0 9 18 830.17 Tm (424B2)Tj ET EMC /Article <>BDC q 0 18 595 806 re W* n 0 0 1 RG 1.086 w 10 M 0 j 0 J []0 d 10 782.42 m 119.135 782.42 l S 0 0 1 rg BT /T1_1 1 Tf 12.9231 0 0 12.9231 10 785.6766 Tm (Table of Contents)Tj 0 0 0 rg /TT0 1 Tf 12.5 0 0 12.5 10 749.6628 Tm ( )Tj /TT1 1 Tf 0.92 -0.003 Td (\225)Tj /TT0 1 Tf 0.46 0.003 Td ( )Tj 0.46 0 Td (the trustee has instituted or been directed to institute any judicial pr\ oceeding to enforce the rights of the )Tj 0 -1.2 TD (holders under the debt securities and has been advised by its legal coun\ sel that it should obtain possession of )Tj T* (the securities for the proceeding. )Tj -1.84 -1.8 Td ( If a physical or certificated security becomes mutilated, defa\ ced, destroyed, lost or stolen, Uruguay may )Tj 0 -1.2 TD (issue, and the trustee shall authenticate and deliver, a substitute secu\ rity in replacement. In each case, the affected )Tj T* (holder will be required to furnish to Uruguay and to the trustee an inde\ mnity under which it will agree to pay )Tj T* (Uruguay, the trustee and any of their respective agents for any losses t\ hey may suffer relating to the security that )Tj 0 -1.2 TD (was mutilated, defaced, destroyed, lost or stolen. Uruguay and the trust\ ee may also require that the affected holder )Tj T* (present other documents or proof. The affected holder may be required to\ pay all taxes, expenses and reasonable )Tj T* (charges associated with the replacement of the mutilated, defaced, destr\ oyed, lost or stolen security. )Tj 0 -1.8 TD ( If Uruguay issues certificated securities, a holder of certifi\ cated securities may exchange them for securities )Tj 0 -1.2 TD (of a different authorized denomination by submitting the certificated se\ curities, together with a written request for )Tj T* (an exchange, at the office of the trustee as specified in the indenture \ in New York City, or at the office of any )Tj T* (paying agent. In addition, the holder of any certificated security may t\ ransfer it in whole or in part by surrendering )Tj T* (it at any of such offices together with an executed instrument of transf\ er. )Tj 0 -1.8 TD ( Uruguay will not charge the holders for the costs and expenses\ associated with the exchange, transfer or )Tj 0 -1.2 TD (registration of transfer of certificated securities. Uruguay may, howeve\ r, charge the holders for certain delivery )Tj T* (expenses as well as any applicable stamp duty, tax or other governmental\ or insurance charges. The trustee may )Tj T* (reject any request for an exchange or registration of transfer of any se\ curity made within 15 days of the date for )Tj T* (any payment of principal of or interest on the securities. )Tj /TT1 1 Tf 0 -2.403 TD (Trustee)Tj /TT0 1 Tf ( )Tj 0 -1.8 TD ( The indenture establishes the obligations and duties of the tr\ ustee, the right to indemnification of the trustee )Tj 0 -1.2 TD (and the liability and responsibility, including limitations, for actions\ that the trustee takes. The trustee is entitled )Tj T* (to enter into business transactions with Uruguay or Banco Central acting\ on Uruguay\222s behalf or any of their )Tj T* (respective affiliates without accounting for any profit resulting from t\ hese transactions. )Tj /TT1 1 Tf 0 -2.403 TD (Paying Agents; Transfer Agents; Registrar)Tj /TT0 1 Tf ( )Tj 0 -1.8 TD ( Uruguay may appoint paying agents, transfer agents and a regis\ trar with respect to each series of securities, )Tj 0 -1.2 TD (which will be listed at the back of the relevant prospectus supplement. \ Uruguay or Banco Central acting on )Tj T* (Uruguay\222s behalf may at any time appoint new paying agents, transfer \ agents and registrars with respect to a )Tj T* (series. Uruguay, however, will at all times maintain a principal paying \ agent in a Western European or United )Tj T* (States city and a registrar in New York City for each series until the s\ ecurities of that series are paid. Uruguay )Tj T* (will provide prompt notice of termination, appointment or change in the \ office of any paying agent, transfer agent )Tj T* (or registrar acting in connection with any series of securities. )Tj /TT1 1 Tf 0 -2.403 TD (Notices)Tj /TT0 1 Tf ( )Tj 0 -1.803 TD ( All notices to holders will be published in the )Tj /TT2 1 Tf (Financial Times )Tj /TT0 1 Tf (in London. If at any time publication in the )Tj /TT2 1 Tf 0 -1.203 TD (Financial Times )Tj /TT0 1 Tf (is not practicable, Uruguay will publish notices in another daily newspa\ per with general )Tj 0 -1.2 TD (circulation in London. Any notice so published shall be deemed to have b\ een given on the date of its publication. )Tj 0 -1.8 TD ( Notices will also be mailed to holders at their registered add\ resses. So long as a clearing system, or its )Tj 0 -1.2 TD (nominee or common custodian, is the registered holder of a global securi\ ty, each person owning a beneficial )Tj T* (interest in that global security must rely on the procedures of that cle\ aring system to receive notices provided to it. )Tj T* (Each person owning a beneficial interest in a global security who is not\ a participant in a clearing system must )Tj ET EMC /Artifact <>BDC Q BT /T1_0 1 Tf 9 0 0 9 18 7.17 Tm (http://www.sec.gov/Archives/edgar/data/102385/000095012307004873/y32802e\ 424b2.htm \(97 de 115\)25/10/2007 01:42:24 p.m.)Tj ET EMC endstream endobj 683 0 obj<>stream /Artifact <>BDC 0 0 0 rg 0 i BT /T1_0 1 Tf 0 Tc 0 Tw 0 Ts 100 Tz 0 Tr 9 0 0 9 18 830.17 Tm (424B2)Tj ET EMC /Article <>BDC q 0 18 595 806 re W* n BT /TT0 1 Tf 12.5 0 0 12.5 10 805.1705 Tm (rely on the procedures of the participant through which the person owns \ its interest in the global security to )Tj 0 -1.2 TD (receive notices provided to the clearing system. Uruguay will consider m\ ailed notice to have been given three )Tj T* (business days after it has been sent. )Tj 22.5 -2.72 Td (15 )Tj ET 0.5 0.5 0.5 rg 10 709 575 2 re f EMC /Artifact <>BDC Q BT /T1_0 1 Tf 9 0 0 9 18 7.17 Tm (http://www.sec.gov/Archives/edgar/data/102385/000095012307004873/y32802e\ 424b2.htm \(98 de 115\)25/10/2007 01:42:24 p.m.)Tj ET EMC endstream endobj 684 0 obj<>stream /Artifact <>BDC 0 0 0 rg 0 i BT /T1_0 1 Tf 0 Tc 0 Tw 0 Ts 100 Tz 0 Tr 9 0 0 9 18 830.17 Tm (424B2)Tj ET EMC /Article <>BDC q 0 18 595 806 re W* n 0 0 1 RG 1.086 w 10 M 0 j 0 J []0 d 10 782.42 m 119.135 782.42 l S 0 0 1 rg BT /T1_1 1 Tf 12.9231 0 0 12.9231 10 785.6766 Tm (Table of Contents)Tj 0 0 0 rg /TT0 1 Tf 12.5 0 0 12.5 10 749.6212 Tm (Further Issues of Securities)Tj /TT1 1 Tf ( )Tj 0 -1.8 TD ( Uruguay may without the consent of the holders create and issue add\ itional securities with the same terms and )Tj 0 -1.2 TD (conditions as a series of securities \(or the same except for the amount\ of the first interest payment\) so long as the )Tj 0 -1.2 TD (additional securities are consolidated and form a single series with any\ outstanding series, except as otherwise set )Tj T* (forth in the Prospectus Supplement of a series. )Tj /TT0 1 Tf 0 -2.403 TD (Limitation on Time for Claims)Tj /TT1 1 Tf ( )Tj 0 -1.8 TD ( Claims against Uruguay for the payment of principal or interest on \ the securities \(including additional )Tj 0 -1.2 TD (amounts\) must be made within four years after the date on which such pa\ yment first became due, or a shorter )Tj T* (period if provided by law. )Tj /TT0 1 Tf 0 -2.403 TD (Jurisdiction, Consent to Service, Enforcement of Judgments and Immunitie\ s from Attachment)Tj /TT1 1 Tf ( )Tj 0 -1.8 TD ( The securities and the indenture are governed by, and will be inter\ preted according to, the law of the State of )Tj 0 -1.2 TD (New York. )Tj 0 -1.8 TD ( The securities and the indenture provide that Uruguay will appoint \ and maintain at all times as its process )Tj 0 -1.2 TD (agent CT Corporation System, with an office on the date of this Prospect\ us at 111 Eighth Avenue, 13th Floor, )Tj T* (New York, New York 10011, United States of America. Process may be serve\ d upon Uruguay\222s process agent in )Tj T* (any judicial action or proceeding commenced by the trustee or any holder\ arising out of or relating to the )Tj T* (securities and the indenture in a New York state or federal court sittin\ g in New York City. )Tj 0 -1.8 TD ( The process agent will receive on behalf of Uruguay and its propert\ y service of copies of the summons and )Tj 0 -1.2 TD (complaint and any other process that may be served in any such action or\ proceeding brought in such New York )Tj T* (state or federal court sitting in New York City. This service may be mad\ e by mailing or delivering a copy of this )Tj T* (process to Uruguay at the address specified above for the process agent.\ Uruguay authorizes and directs the )Tj T* (process agent to accept such service on its behalf. )Tj 0 -1.8 TD ( Uruguay also will consent \(as an alternative\) to the service of a\ ny and all process in any such action or )Tj 0 -1.2 TD (proceeding in such New York state or federal court sitting in New York C\ ity by the mailing of copies of such )Tj T* (process to itself at its address specified in the indenture. )Tj 0 -1.8 TD ( In addition, the trustee or, in actions permitted to be taken by th\ e holders, the holders of securities may serve )Tj 0 -1.2 TD (legal process in any other manner permitted by law and bring any action \ or proceeding against Uruguay or its )Tj T* (property in the competent courts of other proper jurisdictions pursuant \ to applicable law. )Tj 0 -1.8 TD ( Uruguay is a foreign sovereign state. Consequently, it may be diffi\ cult for the trustee or the holders of )Tj 0 -1.2 TD (securities to obtain judgments from courts in the United States or elsew\ here against Uruguay. Furthermore, it may )Tj T* (be difficult for the trustee or holders to enforce, in the United States\ or elsewhere, the judgments of United States )Tj T* (or foreign courts against Uruguay. )Tj 0 -1.8 TD ( In connection with any legal action relating to the securities, Uru\ guay will: )Tj T* ( )Tj /TT0 1 Tf 0.92 -0.003 Td (\225)Tj /TT1 1 Tf 1.38 0.003 Td ( )Tj 0.46 0 Td (submit to the jurisdiction of any New York state or federal court sittin\ g in New York City, and any )Tj 0 -1.2 TD (appellate court from any thereof, in any action or proceeding arising ou\ t of or relating to the securities; and)Tj 7.5 0 0 7.5 10 123.8697 Tm ( )Tj 12.5 0 0 12.5 10 110.5379 Tm ( )Tj /TT0 1 Tf 0.92 -0.003 Td (\225)Tj /TT1 1 Tf 1.38 0.003 Td ( )Tj 0.46 0 Td (agree that all claims in respect of such action or proceeding may be hea\ rd and determined in such New )Tj 0 -1.2 TD (York state or federal court and waive, to the fullest extent permitted b\ y law, the defense of an inconvenient )Tj T* (forum to the maintenance of such action or proceeding and any right of j\ urisdiction in such action or )Tj 0 -1.2 TD (proceeding on account of the place of residence or domicile of Uruguay.)Tj ET EMC /Artifact <>BDC Q BT /T1_0 1 Tf 9 0 0 9 18 7.17 Tm (http://www.sec.gov/Archives/edgar/data/102385/000095012307004873/y32802e\ 424b2.htm \(99 de 115\)25/10/2007 01:42:24 p.m.)Tj ET EMC endstream endobj 685 0 obj<>stream /Artifact <>BDC 0 0 0 rg 0 i BT /T1_0 1 Tf 0 Tc 0 Tw 0 Ts 100 Tz 0 Tr 9 0 0 9 18 830.17 Tm (424B2)Tj ET EMC /Article <>BDC q 0 18 595 806 re W* n BT /TT0 1 Tf 12.5 0 0 12.5 291.25 805.1705 Tm (16 )Tj ET 0.5 0.5 0.5 rg 10 773 575 2 re f EMC /Artifact <>BDC Q BT /T1_0 1 Tf 9 0 0 9 18 7.17 Tm (http://www.sec.gov/Archives/edgar/data/102385/000095012307004873/y32802e\ 424b2.htm \(100 de 115\)25/10/2007 01:42:24 p.m.)Tj ET EMC endstream endobj 686 0 obj<>stream /Artifact <>BDC 0 0 0 rg 0 i BT /T1_0 1 Tf 0 Tc 0 Tw 0 Ts 100 Tz 0 Tr 9 0 0 9 18 830.17 Tm (424B2)Tj ET EMC /Article <>BDC q 0 18 595 806 re W* n 0 0 1 RG 1.086 w 10 M 0 j 0 J []0 d 10 782.42 m 119.135 782.42 l S 0 0 1 rg BT /T1_1 1 Tf 12.9231 0 0 12.9231 10 785.6766 Tm (Table of Contents)Tj 0 0 0 rg /TT0 1 Tf 12.5 0 0 12.5 10 749.6628 Tm ( To the extent that Uruguay has or may acquire or have attributed to\ it any immunity under any law \(including, )Tj 0 -1.2 TD (to the fullest extent permitted, under Uruguayan law\), Uruguay will wai\ ve that immunity in respect of any claims )Tj T* (or actions regarding its obligations under the securities, except that U\ ruguay will not waive immunity from )Tj 0 -1.2 TD (attachment prior to judgment and attachment in aid of execution under Ur\ uguayan law. Uruguay agrees that this )Tj 0 -1.2 TD (waiver shall be to the fullest extent permitted under the United States \ Foreign Sovereign Immunities Act of 1976 )Tj T* (and is intended to be irrevocable for purposes of that law. )Tj 0 -1.8 TD ( Uruguay reserves the right to plead sovereign immunity under the Fo\ reign Sovereign Immunities Act with )Tj 0 -1.2 TD (respect to actions brought against it under United States federal securi\ ties laws or any state securities laws, and )Tj 0 -1.2 TD (Uruguay\222s appointment of the process agent will not extend to such ac\ tions. Without a waiver of immunity by )Tj T* (Uruguay with respect to such actions, it would be impossible to obtain a\ United States judgment in an action )Tj T* (against Uruguay unless a court were to determine that Uruguay is not ent\ itled under the Foreign Sovereign )Tj T* (Immunities Act to sovereign immunity with respect to that action. Howeve\ r, even if a United States judgment )Tj T* (could be obtained in an action under the Foreign Sovereign Immunities Ac\ t, it may not be possible to enforce in )Tj T* (Uruguay a judgment based on that United States judgment. )Tj 0 -1.8 TD ( Uruguay will waive, to the fullest extent permitted by law, any req\ uirement or other provision of law, rule, )Tj 0 -1.2 TD (regulation or practice which requires or otherwise establishes as a cond\ ition to the institution, prosecution or )Tj T* (completion of any action or proceeding \(including appeals\) arising out\ of or relating to the securities, the posting )Tj T* (of any security or the furnishing, directly or indirectly, of any other \ security. )Tj 0 -1.8 TD ( A final judgment in any of the above actions or proceedings will be\ conclusive and may be enforced in other )Tj 0 -1.2 TD (jurisdictions. )Tj 0 -1.8 TD ( A judgment obtained against Uruguay in a foreign court can be enfor\ ced in the courts of Uruguay, if such )Tj 0 -1.2 TD (judgment is ratified by the Uruguayan Supreme Court. Based on existing l\ aw, the Uruguayan Supreme Court will )Tj T* (ratify such a judgment: )Tj 0 -1.8 TD ( \(a\) if there exists a treaty with the country where such judgment\ was issued \(no such treaty exists at the present )Tj 0 -1.2 TD (time between Uruguay and the United States\); or )Tj 0 -1.8 TD ( \(b\) if such judgment: )Tj 0 -1.8 TD ( )Tj /TT1 1 Tf 1.84 -0.003 Td (\225)Tj /TT0 1 Tf 1.38 0.003 Td ( )Tj 0.46 0 Td (complies with all formalities required for the enforceability thereof un\ der the laws of the country where )Tj 0 -1.2 TD (it was issued;)Tj 7.5 0 0 7.5 10 281.4946 Tm ( )Tj 12.5 0 0 12.5 10 268.1628 Tm ( )Tj /TT1 1 Tf 1.84 -0.003 Td (\225)Tj /TT0 1 Tf 1.38 0.003 Td ( )Tj 0.46 0 Td (has been translated into Spanish, together with related documents, and s\ atisfies the authentication )Tj 0 -1.2 TD (requirements of Uruguayan law;)Tj 7.5 0 0 7.5 10 242.4946 Tm ( )Tj 12.5 0 0 12.5 10 229.1628 Tm ( )Tj /TT1 1 Tf 1.84 -0.003 Td (\225)Tj /TT0 1 Tf 1.38 0.003 Td ( )Tj 0.46 0 Td (was issued by a competent court after valid service of process upon the \ parties to the action;)Tj 7.5 0 0 7.5 10 218.4946 Tm ( )Tj 12.5 0 0 12.5 10 205.1628 Tm ( )Tj /TT1 1 Tf 1.84 -0.003 Td (\225)Tj /TT0 1 Tf 1.38 0.003 Td ( )Tj 0.46 0 Td (was issued after an opportunity was given to the defendant to present it\ s defense;)Tj 7.5 0 0 7.5 10 194.4946 Tm ( )Tj 12.5 0 0 12.5 10 181.1628 Tm ( )Tj /TT1 1 Tf 1.84 -0.003 Td (\225)Tj /TT0 1 Tf 1.38 0.003 Td ( )Tj 0.46 0 Td (is not subject to further appeal; and)Tj 7.5 0 0 7.5 10 170.4946 Tm ( )Tj 12.5 0 0 12.5 10 157.1628 Tm ( )Tj /TT1 1 Tf 1.84 -0.003 Td (\225)Tj /TT0 1 Tf 1.38 0.003 Td ( )Tj 0.46 0 Td (is not against Uruguayan public policy.)Tj /TT1 1 Tf -3.68 -2.403 Td (Indemnification for Foreign Exchange Rate Fluctuations)Tj /TT0 1 Tf ( )Tj 0 -1.8 TD ( Uruguay\222s obligation to any holder under the securities that has\ obtained a court judgment affecting those )Tj 0 -1.2 TD (securities will be discharged only to the extent that the holder may pur\ chase the currency in which the securities )Tj T* (are denominated, referred to as the \223agreement currency,\224 with the\ judgment currency. If the holder cannot )Tj T* (purchase the agreement currency in the amount originally to be paid, Uru\ guay agrees to pay the difference. The )Tj 0 -1.2 TD (holder, however, agrees to reimburse Uruguay for the excess if the amoun\ t of the agreement currency purchased )Tj ET EMC /Artifact <>BDC Q BT /T1_0 1 Tf 9 0 0 9 18 7.17 Tm (http://www.sec.gov/Archives/edgar/data/102385/000095012307004873/y32802e\ 424b2.htm \(101 de 115\)25/10/2007 01:42:24 p.m.)Tj ET EMC endstream endobj 687 0 obj<>stream /Artifact <>BDC 0 0 0 rg 0 i BT /T1_0 1 Tf 0 Tc 0 Tw 0 Ts 100 Tz 0 Tr 9 0 0 9 18 830.17 Tm (424B2)Tj ET EMC /Article <>BDC q 0 18 595 806 re W* n BT /TT0 1 Tf 12.5 0 0 12.5 10 805.1705 Tm (exceeds the )Tj 22.5 -2.72 Td (17 )Tj ET 0.5 0.5 0.5 rg 10 739 575 2 re f EMC /Artifact <>BDC Q BT /T1_0 1 Tf 9 0 0 9 18 7.17 Tm (http://www.sec.gov/Archives/edgar/data/102385/000095012307004873/y32802e\ 424b2.htm \(102 de 115\)25/10/2007 01:42:24 p.m.)Tj ET EMC endstream endobj 688 0 obj<>stream /Artifact <>BDC 0 0 0 rg 0 i BT /T1_0 1 Tf 0 Tc 0 Tw 0 Ts 100 Tz 0 Tr 9 0 0 9 18 830.17 Tm (424B2)Tj ET EMC /Article <>BDC q 0 18 595 806 re W* n 0 0 1 RG 1.086 w 10 M 0 j 0 J []0 d 10 782.42 m 119.135 782.42 l S 0 0 1 rg BT /T1_1 1 Tf 12.9231 0 0 12.9231 10 785.6766 Tm (Table of Contents)Tj 0 0 0 rg /TT0 1 Tf 12.5 0 0 12.5 10 749.6628 Tm (amount originally to be paid to the holder. If Uruguay is in default of \ its obligations under the securities, however, )Tj 0 -1.2 TD (the holder will not be obligated to reimburse Uruguay for any excess. )Tj /TT1 1 Tf 20.305 -3.003 Td (TAXATION)Tj /TT0 1 Tf ( )Tj -20.305 -1.803 Td ( )Tj /TT2 1 Tf (The following discussion provides a general summary of certain Uruguayan\ and U.S. federal income tax )Tj 0 -1.203 TD (considerations that may be relevant to you if you purchase, own or sell \ the debt securities. This summary is based )Tj 0 -1.2 TD (on tax laws, regulations, rulings and decisions in effect on the date of\ this prospectus. All of these laws and )Tj T* (authorities are subject to change, and any change could be effective ret\ roactively. No assurances can be given )Tj T* (that any change in these laws or authorities will not affect the accurac\ y of the discussion set forth herein. )Tj T* (Additional information may be included in the prospectus supplement with\ respect to a series of the securities. )Tj T* (For further information, you should consult your tax advisor to determin\ e the tax consequences relevant to your )Tj T* (particular situation. In addition, you may be required to pay stamp taxe\ s and other charges under the laws of the )Tj T* (country where you purchase the debt securities.)Tj /TT0 1 Tf ( )Tj /TT1 1 Tf 0 -2.403 TD (Uruguayan Taxation)Tj /TT0 1 Tf ( )Tj 0 -1.8 TD ( Under existing laws and regulations of Uruguay, if you are not a re\ sident of Uruguay for tax purposes, the )Tj 0 -1.2 TD (principal and interest payments that you receive on the debt securities \ will be exempt from taxation in Uruguay. )Tj 0 -1.8 TD ( Subject to certain exceptions, Uruguay will make all principal and \ interest payments on the debt securities )Tj 0 -1.2 TD (without withholding or deducting any Uruguayan taxes. If the law require\ s Uruguay to withhold or deduct taxes, )Tj T* (Uruguay will pay you any additional amounts necessary to ensure that you\ receive the same amount as you would )Tj T* (have received without the withholding or deduction. For more information\ , see \223Description of the Securities\227)Tj T* (Additional Amounts.\224 )Tj /TT1 1 Tf 0 -2.403 TD (United States Federal Taxation)Tj /TT0 1 Tf ( )Tj 0 -1.8 TD ( In general, a United States person who holds the debt securities or\ owns a beneficial interest in the debt )Tj 0 -1.2 TD (securities will be subject to United States federal taxation in respect \ of holding, owning or disposing the debt )Tj T* (securities. You are a United States person for U.S. federal income tax p\ urposes if you are: )Tj 0 -1.8 TD ( )Tj /TT1 1 Tf 0.92 -0.003 Td (\225)Tj /TT0 1 Tf 1.38 0.003 Td ( )Tj 0.46 0 Td (a citizen or resident of the United States or its territories, possessio\ ns or other areas subject to its )Tj 0 -1.2 TD (jurisdiction,)Tj 7.5 0 0 7.5 10 273.7994 Tm ( )Tj 12.5 0 0 12.5 10 260.4676 Tm ( )Tj /TT1 1 Tf 0.92 -0.003 Td (\225)Tj /TT0 1 Tf 1.38 0.003 Td ( )Tj 0.46 0 Td (a corporation, partnership or other entity organized under the laws of t\ he United States or any political )Tj 0 -1.2 TD (subdivision,)Tj 7.5 0 0 7.5 10 234.7994 Tm ( )Tj 12.5 0 0 12.5 10 221.4676 Tm ( )Tj /TT1 1 Tf 0.92 -0.003 Td (\225)Tj /TT0 1 Tf 1.38 0.003 Td ( )Tj 0.46 0 Td (an estate, the income of which is subject to United States federal incom\ e taxation regardless of its source or)Tj 7.5 0 0 7.5 10 210.7994 Tm ( )Tj 12.5 0 0 12.5 10 197.4676 Tm ( )Tj /TT1 1 Tf 0.92 -0.003 Td (\225)Tj /TT0 1 Tf 1.38 0.003 Td ( )Tj 0.46 0 Td (a trust if \(i\) a United States court is able to exercise primary super\ vision over the trust\222s administration and )Tj T* (\(ii\) one or more United States persons have the authority to control a\ ll of the trust\222s substantial decisions.)Tj -2.76 -1.8 Td ( Under current United States federal income tax law, if you are not \ a United States person, the interest )Tj 0 -1.2 TD (payments that you receive on the debt securities generally will be exemp\ t from United States federal income )Tj T* (taxes, including withholding tax. However, to receive this exemption you\ may be required to satisfy certain )Tj T* (certification requirements \(described below\) of the United States Inte\ rnal Revenue Service to establish that you )Tj T* (are not a United States person. )Tj 0 -1.8 TD ( Even if you are not a United States person, you may still be subjec\ t to United States federal income taxes on )Tj 0 -1.2 TD (any interest payments you receive if: )Tj ET EMC /Artifact <>BDC Q BT /T1_0 1 Tf 9 0 0 9 18 7.17 Tm (http://www.sec.gov/Archives/edgar/data/102385/000095012307004873/y32802e\ 424b2.htm \(103 de 115\)25/10/2007 01:42:24 p.m.)Tj ET EMC endstream endobj 689 0 obj<>stream /Artifact <>BDC 0 0 0 rg 0 i BT /T1_0 1 Tf 0 Tc 0 Tw 0 Ts 100 Tz 0 Tr 9 0 0 9 18 830.17 Tm (424B2)Tj ET EMC /Article <>BDC q 0 18 595 806 re W* n BT /TT0 1 Tf 12.5 0 0 12.5 291.25 805.1705 Tm (18 )Tj ET 0.5 0.5 0.5 rg 10 773 575 2 re f EMC /Artifact <>BDC Q BT /T1_0 1 Tf 9 0 0 9 18 7.17 Tm (http://www.sec.gov/Archives/edgar/data/102385/000095012307004873/y32802e\ 424b2.htm \(104 de 115\)25/10/2007 01:42:24 p.m.)Tj ET EMC endstream endobj 690 0 obj<>stream /Artifact <>BDC 0 0 0 rg 0 i BT /T1_0 1 Tf 0 Tc 0 Tw 0 Ts 100 Tz 0 Tr 9 0 0 9 18 830.17 Tm (424B2)Tj ET EMC /Article <>BDC q 0 18 595 806 re W* n 0 0 1 RG 1.086 w 10 M 0 j 0 J []0 d 10 782.42 m 119.135 782.42 l S 0 0 1 rg BT /T1_1 1 Tf 12.9231 0 0 12.9231 10 785.6766 Tm (Table of Contents)Tj 0 0 0 rg /TT0 1 Tf 12.5 0 0 12.5 10 749.6628 Tm ( )Tj /TT1 1 Tf 0.92 -0.003 Td (\225)Tj /TT0 1 Tf 1.38 0.003 Td ( )Tj 0.46 0 Td (you are an insurance company carrying on a United States insurance busin\ ess, within the meaning of the )Tj 0 -1.2 TD (United States Internal Revenue Code of 1986, or)Tj 7.5 0 0 7.5 10 723.9946 Tm ( )Tj 12.5 0 0 12.5 10 710.6628 Tm ( )Tj /TT1 1 Tf 0.92 -0.003 Td (\225)Tj /TT0 1 Tf 1.38 0.003 Td ( )Tj 0.46 0 Td (you have an office or other fixed place of business in the United States\ that receives the interest and you )Tj T* (\(i\) earn the interest in the course of operating a banking, financing \ or similar business in the United States )Tj T* (or \(ii\) are a corporation the principal business of which is trading i\ n stock or securities for its own account, )Tj 0 -1.2 TD (and certain other conditions exist.)Tj -2.76 -1.8 Td ( If you are not a United States person, any gain you realize on a sa\ le or exchange of the debt securities )Tj 0 -1.2 TD (generally will be exempt from United States federal income tax, includin\ g withholding tax, unless: )Tj 0 -1.8 TD ( )Tj /TT1 1 Tf 0.92 -0.003 Td (\225)Tj /TT0 1 Tf 1.38 0.003 Td ( )Tj 0.46 0 Td (your gain is effectively connected with your conduct of a trade or busin\ ess in the United States, or)Tj 7.5 0 0 7.5 10 594.9946 Tm ( )Tj 12.5 0 0 12.5 10 581.6628 Tm ( )Tj /TT1 1 Tf 0.92 -0.003 Td (\225)Tj /TT0 1 Tf 1.38 0.003 Td ( )Tj 0.46 0 Td (you are an individual holder and are present in the United States for 18\ 3 days or more in the taxable year )Tj 0 -1.2 TD (of the sale, and either \(i\) your gain is attributable to an office or \ other fixed place of business that you )Tj T* (maintain in the United States or \(ii\) you have a tax home in the Unite\ d States.)Tj -2.76 -1.8 Td ( The trustee must file information returns with the United States In\ ternal Revenue Service in connection with )Tj 0 -1.2 TD (payments made on the debt securities to certain United States persons. I\ f you are a United States person, you )Tj T* (generally will not be subject to United States backup withholding tax on\ such payments if you provide your )Tj T* (taxpayer identification number to the trustee. You may also be subject t\ o information reporting and backup )Tj 0 -1.2 TD (withholding tax requirements with respect to the proceeds from a sale of\ the debt securities. If you are not a )Tj T* (United States person, in order to avoid information reporting and backup\ withholding tax requirements you may )Tj T* (have to comply with certification procedures to establish that you are n\ ot a United States person. )Tj 0 -1.8 TD ( A debt security held by an individual holder who at the time of dea\ th is a non-resident alien will not be subject )Tj 0 -1.2 TD (to United States federal estate tax. )Tj /TT1 1 Tf 17 -3.003 Td (PLAN OF DISTRIBUTION)Tj /TT0 1 Tf ( )Tj /TT1 1 Tf -17 -2.403 Td (Terms of Sale)Tj /TT0 1 Tf ( )Tj 0 -1.8 TD ( Uruguay will describe the terms of a particular offering of securit\ ies in the applicable prospectus supplement, )Tj 0 -1.2 TD (including the following: )Tj 0 -1.8 TD ( )Tj /TT1 1 Tf 0.92 -0.003 Td (\225)Tj /TT0 1 Tf 1.38 0.003 Td ( )Tj 0.46 0 Td (the name or names of any underwriters, dealer/managers or agents;)Tj 7.5 0 0 7.5 10 263.4113 Tm ( )Tj 12.5 0 0 12.5 10 250.0795 Tm ( )Tj /TT1 1 Tf 0.92 -0.003 Td (\225)Tj /TT0 1 Tf 1.38 0.003 Td ( )Tj 0.46 0 Td (the purchase price of the securities, if any;)Tj 7.5 0 0 7.5 10 239.4113 Tm ( )Tj 12.5 0 0 12.5 10 226.0795 Tm ( )Tj /TT1 1 Tf 0.92 -0.003 Td (\225)Tj /TT0 1 Tf 1.38 0.003 Td ( )Tj 0.46 0 Td (the proceeds to Uruguay from the sale, if any;)Tj 7.5 0 0 7.5 10 215.4113 Tm ( )Tj 12.5 0 0 12.5 10 202.0795 Tm ( )Tj /TT1 1 Tf 0.92 -0.003 Td (\225)Tj /TT0 1 Tf 1.38 0.003 Td ( )Tj 0.46 0 Td (any underwriting discounts and other items constituting underwriters\222\ compensation;)Tj 7.5 0 0 7.5 10 191.4113 Tm ( )Tj 12.5 0 0 12.5 10 178.0795 Tm ( )Tj /TT1 1 Tf 0.92 -0.003 Td (\225)Tj /TT0 1 Tf 1.38 0.003 Td ( )Tj 0.46 0 Td (any agents\222 commissions;)Tj 7.5 0 0 7.5 10 167.4113 Tm ( )Tj 12.5 0 0 12.5 10 154.0795 Tm ( )Tj /TT1 1 Tf 0.92 -0.003 Td (\225)Tj /TT0 1 Tf 1.38 0.003 Td ( )Tj 0.46 0 Td (any initial public offering price of the securities;)Tj 7.5 0 0 7.5 10 143.4113 Tm ( )Tj 12.5 0 0 12.5 10 130.0795 Tm ( )Tj /TT1 1 Tf 0.92 -0.003 Td (\225)Tj /TT0 1 Tf 1.38 0.003 Td ( )Tj 0.46 0 Td (any concessions allowed or reallowed or paid to dealers; and)Tj 7.5 0 0 7.5 10 119.4113 Tm ( )Tj 12.5 0 0 12.5 10 106.0795 Tm ( )Tj /TT1 1 Tf 0.92 -0.003 Td (\225)Tj /TT0 1 Tf 1.38 0.003 Td ( )Tj 0.46 0 Td (any securities exchanges on which such securities may be listed.)Tj -2.76 -1.8 Td ( Uruguay may agree to indemnify any agents and underwriters against \ certain liabilities, including liabilities )Tj 0 -1.2 TD (under the U.S. Securities Act of 1933. The agents and underwriters may a\ lso be entitled to contribution from )Tj ET EMC /Artifact <>BDC Q BT /T1_0 1 Tf 9 0 0 9 18 7.17 Tm (http://www.sec.gov/Archives/edgar/data/102385/000095012307004873/y32802e\ 424b2.htm \(105 de 115\)25/10/2007 01:42:24 p.m.)Tj ET EMC endstream endobj 691 0 obj<>stream /Artifact <>BDC 0 0 0 rg 0 i BT /T1_0 1 Tf 0 Tc 0 Tw 0 Ts 100 Tz 0 Tr 9 0 0 9 18 830.17 Tm (424B2)Tj ET EMC /Article <>BDC q 0 18 595 806 re W* n 0 0 1 RG 1.086 w 10 M 0 j 0 J []0 d 10 782.42 m 119.135 782.42 l S 0 0 1 rg BT /T1_1 1 Tf 12.9231 0 0 12.9231 10 785.6766 Tm (Table of Contents)Tj ET q 92 0 0 104 251.5 652.9923096 cm /Im0 Do Q 0 0 0 rg BT /TT0 1 Tf 12.5 0 0 12.5 343.5 652.9923 Tm ( )Tj /TT1 1 Tf 30 0 0 30 91.235 601.4811 Tm (Rep\372blica Oriental del Uruguay)Tj /TT0 1 Tf ( )Tj 12.5 0 0 12.5 295.9375 561.6424 Tm ( )Tj ET EMC /Artifact <>BDC Q BT /T1_0 1 Tf 9 0 0 9 18 7.17 Tm (http://www.sec.gov/Archives/edgar/data/102385/000095012307004873/y32802e\ 424b2.htm \(115 de 115\)25/10/2007 01:42:24 p.m.)Tj ET EMC endstream endobj 692 0 obj<>stream /Artifact <>BDC 0 0 0 rg 0 i BT /T1_0 1 Tf 0 Tc 0 Tw 0 Ts 100 Tz 0 Tr 9 0 0 9 18 830.17 Tm (424B2)Tj ET EMC /Article <>BDC q 0 18 595 806 re W* n BT /TT0 1 Tf 12.5 0 0 12.5 291.25 805.1705 Tm (19 )Tj ET 0.5 0.5 0.5 rg 10 773 575 2 re f EMC /Artifact <>BDC Q BT /T1_0 1 Tf 9 0 0 9 18 7.17 Tm (http://www.sec.gov/Archives/edgar/data/102385/000095012307004873/y32802e\ 424b2.htm \(106 de 115\)25/10/2007 01:42:24 p.m.)Tj ET EMC endstream endobj 693 0 obj<>stream /Artifact <>BDC 0 0 0 rg 0 i BT /T1_0 1 Tf 0 Tc 0 Tw 0 Ts 100 Tz 0 Tr 9 0 0 9 18 830.17 Tm (424B2)Tj ET EMC /Article <>BDC q 0 18 595 806 re W* n 0 0 1 RG 1.086 w 10 M 0 j 0 J []0 d 10 782.42 m 119.135 782.42 l S 0 0 1 rg BT /T1_1 1 Tf 12.9231 0 0 12.9231 10 785.6766 Tm (Table of Contents)Tj 0 0 0 rg /TT0 1 Tf 12.5 0 0 12.5 10 749.6628 Tm (Uruguay for payments they make relating to these liabilities. Agents and\ underwriters may engage in transactions )Tj 0 -1.2 TD (with or perform services for Uruguay in the ordinary course of business.\ )Tj /TT1 1 Tf 0 -2.403 TD (Method of Sale)Tj /TT0 1 Tf ( )Tj 0 -1.8 TD ( Uruguay may sell the securities in any of three ways: )Tj T* ( )Tj /TT1 1 Tf 0.92 -0.003 Td (\225)Tj /TT0 1 Tf 1.38 0.003 Td ( )Tj 0.46 0 Td (through underwriters or dealers;)Tj 7.5 0 0 7.5 10 648.953 Tm ( )Tj 12.5 0 0 12.5 10 635.6212 Tm ( )Tj /TT1 1 Tf 0.92 -0.003 Td (\225)Tj /TT0 1 Tf 1.38 0.003 Td ( )Tj 0.46 0 Td (directly to one or more purchasers; or)Tj 7.5 0 0 7.5 10 624.953 Tm ( )Tj 12.5 0 0 12.5 10 611.6212 Tm ( )Tj /TT1 1 Tf 0.92 -0.003 Td (\225)Tj /TT0 1 Tf 1.38 0.003 Td ( )Tj 0.46 0 Td (through agents.)Tj -2.76 -1.8 Td ( If Uruguay uses underwriters or dealers in a sale, they will acquir\ e the securities for their own account and )Tj 0 -1.2 TD (may resell them in one or more transactions, including negotiated transa\ ctions, at a fixed public offering price or )Tj 0 -1.2 TD (at varying prices determined at the time of sale. Uruguay may offer the \ securities to the public either through )Tj T* (underwriting syndicates represented by managing underwriters or directly\ through underwriters. The obligations )Tj T* (of the underwriters to purchase a particular offering of securities may \ be subject to conditions. The underwriters )Tj T* (may change the initial public offering price or any concessions allowed \ or reallowed or paid to dealers. )Tj 0 -1.8 TD ( Uruguay may also sell the securities directly or through agents. An\ y agent will generally act on a reasonable )Tj 0 -1.2 TD (best efforts basis for the period of its appointment. The applicable pro\ spectus supplement will name any agent )Tj T* (involved in the offer or sale of securities and will disclose any commis\ sions Uruguay may pay those agents. )Tj 0 -1.8 TD ( In compliance with NASD guidelines, the maximum compensation to the\ underwriters or agents in connection )Tj 0 -1.2 TD (with the sale of securities pursuant to the applicable prospectus supple\ ment will not exceed 8% of the aggregate )Tj T* (total offering price to the public of the securities as set forth on the\ cover page of the applicable prospectus )Tj T* (supplement. )Tj 0 -1.8 TD ( Uruguay may authorize agents, underwriters or dealers to solicit of\ fers by certain institutions to purchase a )Tj 0 -1.2 TD (particular offering of securities at the public offering price using del\ ayed delivery contracts. These contracts )Tj T* (provide for payment and delivery on a specified date in the future. The \ applicable prospectus supplement will )Tj T* (describe the commission payable for solicitation and the terms and condi\ tions of these contracts. )Tj 0 -1.8 TD ( In addition, Uruguay may offer the securities to holders of other s\ ecurities issued or guaranteed by Uruguay as )Tj 0 -1.2 TD (consideration for Uruguay\222s purchase or exchange of the other securit\ ies, including as part of a reprofiling of )Tj T* (Uruguay\222s public debt. Uruguay may conduct such an offer either \(a\)\ through a publicly announced tender or )Tj T* (exchange offer for the other securities or \(b\) through privately negot\ iated transactions. This type of offer may be )Tj T* (in addition to sales of the same securities using the methods discussed \ above. )Tj /TT1 1 Tf 0 -2.403 TD (Non-U.S. Offerings)Tj /TT0 1 Tf ( )Tj 0 -1.8 TD ( Uruguay will generally not register under the Securities Act the se\ curities that it will offer and sell outside the )Tj 0 -1.2 TD (United States. Thus, subject to certain exceptions, Uruguay cannot offer\ , sell or deliver such securities within the )Tj T* (United States or to U.S. persons. When Uruguay offers or sells securitie\ s outside the United States, each )Tj T* (underwriter or dealer will acknowledge that the securities: )Tj 0 -1.8 TD ( )Tj /TT1 1 Tf 0.92 -0.003 Td (\225)Tj /TT0 1 Tf 1.38 0.003 Td ( )Tj 0.46 0 Td (have not been and will not be registered under the Securities Act; and)Tj 7.5 0 0 7.5 10 113.4113 Tm ( )Tj 12.5 0 0 12.5 10 100.0795 Tm ( )Tj /TT1 1 Tf 0.92 -0.003 Td (\225)Tj /TT0 1 Tf 1.38 0.003 Td ( )Tj 0.46 0 Td (may not be offered or sold within the United States except pursuant to a\ n exemption from, or in a )Tj 0 -1.2 TD (transaction not subject to, the registration requirements of the Securit\ ies Act.)Tj -2.76 -1.8 Td ( Each underwriter or dealer will agree that: )Tj ET EMC /Artifact <>BDC Q BT /T1_0 1 Tf 9 0 0 9 18 7.17 Tm (http://www.sec.gov/Archives/edgar/data/102385/000095012307004873/y32802e\ 424b2.htm \(107 de 115\)25/10/2007 01:42:24 p.m.)Tj ET EMC endstream endobj 694 0 obj<>stream /Artifact <>BDC 0 0 0 rg 0 i BT /T1_0 1 Tf 0 Tc 0 Tw 0 Ts 100 Tz 0 Tr 9 0 0 9 18 830.17 Tm (424B2)Tj ET EMC /Article <>BDC q 0 18 595 806 re W* n BT /TT0 1 Tf 12.5 0 0 12.5 291.25 805.1705 Tm (20 )Tj ET 0.5 0.5 0.5 rg 10 773 575 2 re f EMC /Artifact <>BDC Q BT /T1_0 1 Tf 9 0 0 9 18 7.17 Tm (http://www.sec.gov/Archives/edgar/data/102385/000095012307004873/y32802e\ 424b2.htm \(108 de 115\)25/10/2007 01:42:24 p.m.)Tj ET EMC endstream endobj 695 0 obj<>stream /Artifact <>BDC 0 0 0 rg 0 i BT /T1_0 1 Tf 0 Tc 0 Tw 0 Ts 100 Tz 0 Tr 9 0 0 9 18 830.17 Tm (424B2)Tj ET EMC /Article <>BDC q 0 18 595 806 re W* n 0 0 1 RG 1.086 w 10 M 0 j 0 J []0 d 10 782.42 m 119.135 782.42 l S 0 0 1 rg BT /T1_1 1 Tf 12.9231 0 0 12.9231 10 785.6766 Tm (Table of Contents)Tj 0 0 0 rg /TT0 1 Tf 12.5 0 0 12.5 10 749.6628 Tm ( )Tj /TT1 1 Tf 0.92 -0.003 Td (\225)Tj /TT0 1 Tf 1.38 0.003 Td ( )Tj 0.46 0 Td (it has not offered or sold, and will not offer or sell, any of these unr\ egistered securities within the United )Tj 0 -1.2 TD (States, except pursuant to Rule 903 of Regulation S under the Securities\ Act; and)Tj 7.5 0 0 7.5 10 723.9946 Tm ( )Tj 12.5 0 0 12.5 10 710.6628 Tm ( )Tj /TT1 1 Tf 0.92 -0.003 Td (\225)Tj /TT0 1 Tf 1.38 0.003 Td ( )Tj 0.46 0 Td (neither it nor its affiliates nor any persons acting on its or their beh\ alf have engaged or will engage in any )Tj T* (directed selling efforts regarding these securities.)Tj /TT1 1 Tf 14.253 -3.003 Td (OFFICIAL STATEMENTS)Tj /TT0 1 Tf ( )Tj -17.013 -1.8 Td ( Information in this prospectus whose source is identified as a publ\ ication of, or supplied by, Uruguay or one of )Tj 0 -1.2 TD (Uruguay\222s agencies or instrumentalities relies on the authority of su\ ch publication as a public official document )Tj T* (of Uruguay. All other information in this prospectus, any prospectus sup\ plement and in the registration statement )Tj 0 -1.2 TD (for the securities that Uruguay has filed with the SEC \(of which this p\ rospectus is a part\) is included as an official )Tj T* (public statement made on the authority of Mr. Danilo Astori, the Ministe\ r of Economy and Finance of Uruguay. )Tj /TT1 1 Tf 15.346 -3.003 Td (VALIDITY OF THE SECURITIES)Tj /TT0 1 Tf ( )Tj -15.346 -1.8 Td ( The following persons, whose addresses will appear on the inside ba\ ck cover of the applicable prospectus )Tj 0 -1.2 TD (supplement or pricing supplement, will give opinions regarding the valid\ ity of the securities: )Tj /TT1 1 Tf 0 -1.803 TD (\225)Tj /TT0 1 Tf 0.46 0.003 Td ( )Tj /TT2 1 Tf 0.46 -0.003 Td (For Uruguay:)Tj /TT0 1 Tf -0.92 -1.797 Td ( )Tj /T1_2 1 Tf 1.84 -0.084 Td (\250)Tj /TT0 1 Tf 1.38 0.084 Td ( )Tj 0.46 0 Td (as to all matters of Uruguayan law, Counsel to the Ministry of Economy a\ nd Finance of Uruguay; and)Tj 7.5 0 0 7.5 10 444.9113 Tm ( )Tj 12.5 0 0 12.5 10 431.5795 Tm ( )Tj /T1_2 1 Tf 1.84 -0.084 Td (\250)Tj /TT0 1 Tf 1.38 0.084 Td ( )Tj 0.46 0 Td (as to all matters of U.S. law, Cleary Gottlieb Steen & Hamilton LLP, spe\ cial New York counsel to )Tj 0 -1.2 TD (Uruguay and Banco Central on Uruguay\222s behalf or any other counsel to\ Uruguay and Banco Central )Tj T* (named in the applicable prospectus supplement.)Tj /TT1 1 Tf -3.68 -1.803 Td (\225)Tj /TT0 1 Tf 0.46 0.003 Td ( )Tj /TT2 1 Tf 0.46 -0.003 Td (For the underwriters, if any)Tj /TT0 1 Tf (:)Tj -0.92 -1.8 Td ( )Tj /T1_2 1 Tf 1.38 -0.084 Td (\250)Tj /TT0 1 Tf 1.38 0.084 Td ( )Tj 0.46 0 Td (as to all matters of U.S. law, any U.S. counsel to the underwriters name\ d in the applicable prospectus )Tj 0 -1.2 TD (supplement; and)Tj 7.5 0 0 7.5 10 330.8762 Tm ( )Tj 12.5 0 0 12.5 10 317.5444 Tm ( )Tj /T1_2 1 Tf 1.38 -0.084 Td (\250)Tj /TT0 1 Tf 1.38 0.084 Td ( )Tj 0.46 0 Td (as to all matters of Uruguayan law, any Uruguayan counsel to the underwr\ iters named in the applicable )Tj 0 -1.2 TD (prospectus supplement.)Tj -3.22 -2.4 Td (As to all matters of Uruguayan law: )Tj 0 -1.8 TD ( )Tj /TT1 1 Tf 1.84 -0.003 Td (\225)Tj /TT0 1 Tf 1.38 0.003 Td ( )Tj 0.46 0 Td (Cleary Gottlieb Steen & Hamilton LLP, or any other counsel to Uruguay an\ d Banco Central named in )Tj 0 -1.2 TD (the applicable prospectus supplement, may rely on the opinion of Counsel\ to the Ministry of Economy )Tj T* (and Finance of Uruguay; and)Tj 7.5 0 0 7.5 10 209.3762 Tm ( )Tj 12.5 0 0 12.5 10 196.0444 Tm ( )Tj /TT1 1 Tf 1.84 -0.003 Td (\225)Tj /TT0 1 Tf 1.38 0.003 Td ( )Tj 0.46 0 Td (Any U.S. counsel to the underwriters may rely on the opinions of Counsel\ to the Ministry of Economy )Tj 0 -1.2 TD (and Finance of Uruguay and any Uruguayan counsel to the underwriters.)Tj -3.68 -2.4 Td (As to all matters of U.S. law: )Tj 0 -1.8 TD ( )Tj /TT1 1 Tf 1.84 -0.003 Td (\225)Tj /TT0 1 Tf 1.38 0.003 Td ( )Tj 0.46 0 Td (Counsel to the Ministry of Economy and Finance of Uruguay may rely on th\ e opinion of Cleary Gottlieb )Tj 0 -1.2 TD (Steen & Hamilton LLP, or any other counsel to Uruguay or Banco Central n\ amed in the applicable )Tj T* (prospectus supplement; and)Tj 7.5 0 0 7.5 10 87.8762 Tm ( )Tj 12.5 0 0 12.5 10 74.5444 Tm ( )Tj /TT1 1 Tf 1.84 -0.003 Td (\225)Tj /TT0 1 Tf 1.38 0.003 Td ( )Tj 0.46 0 Td (Any Uruguayan counsel to the underwriters may rely on the opinion of any\ U.S. counsel to the )Tj 0 -1.2 TD (underwriters.)Tj ET EMC /Artifact <>BDC Q BT /T1_0 1 Tf 9 0 0 9 18 7.17 Tm (http://www.sec.gov/Archives/edgar/data/102385/000095012307004873/y32802e\ 424b2.htm \(109 de 115\)25/10/2007 01:42:24 p.m.)Tj ET EMC endstream endobj 696 0 obj<>stream /Artifact <>BDC 0 0 0 rg 0 i BT /T1_0 1 Tf 0 Tc 0 Tw 0 Ts 100 Tz 0 Tr 9 0 0 9 18 830.17 Tm (424B2)Tj ET EMC /Article <>BDC q 0 18 595 806 re W* n BT /TT0 1 Tf 12.5 0 0 12.5 291.25 805.1705 Tm (21 )Tj ET 0.5 0.5 0.5 rg 10 773 575 2 re f EMC /Artifact <>BDC Q BT /T1_0 1 Tf 9 0 0 9 18 7.17 Tm (http://www.sec.gov/Archives/edgar/data/102385/000095012307004873/y32802e\ 424b2.htm \(110 de 115\)25/10/2007 01:42:24 p.m.)Tj ET EMC endstream endobj 697 0 obj<>stream /Artifact <>BDC 0 0 0 rg 0 i BT /T1_0 1 Tf 0 Tc 0 Tw 0 Ts 100 Tz 0 Tr 9 0 0 9 18 830.17 Tm (424B2)Tj ET EMC /Article <>BDC q 0 18 595 806 re W* n 0 0 1 RG 1.086 w 10 M 0 j 0 J []0 d 10 782.42 m 119.135 782.42 l S 0 0 1 rg BT /T1_1 1 Tf 12.9231 0 0 12.9231 10 785.6766 Tm (Table of Contents)Tj 0 0 0 rg /TT0 1 Tf 12.5 0 0 12.5 195.925 727.1212 Tm (AUTHORIZED REPRESENTATIVE)Tj /TT1 1 Tf ( )Tj -14.874 -1.8 Td ( The Authorized Representative of Uruguay in the United States is Ca\ rlos St\351neri, the Financial Representative )Tj 0 -1.2 TD (for Uruguay in the United States of America, whose address is 1025 Conne\ cticut Avenue N.W., Suite 902, )Tj 0 -1.2 TD (Washington, D.C. 20036. )Tj /TT0 1 Tf 11.765 -3.003 Td (WHERE YOU CAN FIND MORE INFORMATION)Tj /TT1 1 Tf ( )Tj -11.765 -1.8 Td ( This prospectus is part of a registration statement that Uruguay fi\ led with the U.S. Securities and Exchange )Tj 0 -1.2 TD (Commission. This prospectus does not contain all of the information prov\ ided in the registration statement. For )Tj T* (further information, you should refer to the registration statement. )Tj 0 -1.8 TD ( Uruguay is not subject to the informational requirements of the U.S\ . Securities Exchange Act of 1934. )Tj 0 -1.2 TD (Uruguay commenced filing annual reports on Form 18-K with the SEC on a v\ oluntary basis beginning with its )Tj T* (fiscal year ended December 31, 2004. These reports include certain finan\ cial, statistical and other information )Tj T* (concerning Uruguay. Uruguay may also file amendments on Form 18-K/A to i\ ts annual reports for the purpose of )Tj T* (filing with the SEC exhibits which have not been included in the registr\ ation statement to which this prospectus )Tj T* (and any prospectus supplements relate. When filed, these exhibits will b\ e incorporated by reference into this )Tj T* (registration statement. )Tj 0 -1.8 TD ( You can request copies of the registration statement, including its\ various exhibits, upon payment of a )Tj 0 -1.2 TD (duplicating fee, by writing to the SEC. You may also read and copy these\ documents at the SEC\222s public )Tj T* (reference room in Washington, D.C.: )Tj 19.389 -1.8 Td (100 F Street, N.E. )Tj 1.264 -1.2 Td (Room 1580 )Tj -2.639 -1.2 Td (Washington, D.C. 20549 )Tj -18.014 -1.8 Td ( Any filings that Uruguay makes electronically are available to the \ public over the Internet at the SEC\222s )Tj ET 0 0 0 RG 0.6 w 55.475 327.78 m 153.387 327.78 l S BT /TT1 1 Tf 12.5 0 0 12.5 10 329.5795 Tm (website \(http://www.sec.gov\). Please call the SEC at 1-800-SEC-0330 fo\ r further information. )Tj 0 -1.8 TD ( The SEC allows Uruguay to incorporate by reference some information\ that Uruguay files with the SEC. )Tj 0 -1.2 TD (Incorporated documents are considered part of this prospectus. Uruguay c\ an disclose important information to )Tj 0 -1.2 TD (you by referring you to those documents. The following documents, which \ Uruguay has filed or will file with the )Tj T* (SEC, are considered part of and incorporated by reference in this prospe\ ctus, any accompanying prospectus )Tj T* (supplement and any accompanying pricing supplement: )Tj 0 -1.8 TD ( )Tj /TT0 1 Tf 0.92 -0.003 Td (\225)Tj /TT1 1 Tf 1.38 0.003 Td ( )Tj 0.46 0 Td (Uruguay\222s annual report on Form 18-K for the year ended December 31, \ 2005 filed with the SEC on )Tj 0 -1.2 TD (May 24, 2006;)Tj 7.5 0 0 7.5 10 198.9113 Tm ( )Tj 12.5 0 0 12.5 10 185.5795 Tm ( )Tj /TT0 1 Tf 0.92 -0.003 Td (\225)Tj /TT1 1 Tf 1.38 0.003 Td ( )Tj 0.46 0 Td (Any amendment on Form 18-K/A to the 2005 annual report filed after the d\ ate of this prospectus and prior )Tj 0 -1.2 TD (to the termination of the offering of the debt securities and/or warrant\ s; and)Tj 7.5 0 0 7.5 10 159.9113 Tm ( )Tj 12.5 0 0 12.5 10 146.5795 Tm ( )Tj /TT0 1 Tf 0.92 -0.003 Td (\225)Tj /TT1 1 Tf 1.38 0.003 Td ( )Tj 0.46 0 Td (Each subsequent annual report on Form 18-K and any amendment on Form 18-\ K/A filed after the date of )Tj T* (this prospectus and prior to the termination of the offering of the debt\ securities and/or warrants.)Tj -2.76 -1.8 Td ( Later information that Uruguay files with the SEC will update and s\ upersede earlier information that it has )Tj 0 -1.2 TD (filed. )Tj 0 -1.8 TD ( Any person receiving a copy of this prospectus may obtain, without \ charge and upon request, a copy of any of )Tj 0 -1.2 TD (the above documents \(including only the exhibits that are specifically \ incorporated by reference in them\). )Tj T* (Requests for such documents should be directed to: )Tj ET EMC /Artifact <>BDC Q BT /T1_0 1 Tf 9 0 0 9 18 7.17 Tm (http://www.sec.gov/Archives/edgar/data/102385/000095012307004873/y32802e\ 424b2.htm \(111 de 115\)25/10/2007 01:42:24 p.m.)Tj ET EMC endstream endobj 698 0 obj<>stream /Artifact <>BDC 0 0 0 rg 0 i BT /T1_0 1 Tf 0 Tc 0 Tw 0 Ts 100 Tz 0 Tr 9 0 0 9 18 830.17 Tm (424B2)Tj ET EMC /Article <>BDC q 0 18 595 806 re W* n BT /TT0 1 Tf 12.5 0 0 12.5 291.25 787.5795 Tm (22 )Tj ET 0.5 0.5 0.5 rg 10 755.409 575 2 re f EMC /Artifact <>BDC Q BT /T1_0 1 Tf 9 0 0 9 18 7.17 Tm (http://www.sec.gov/Archives/edgar/data/102385/000095012307004873/y32802e\ 424b2.htm \(112 de 115\)25/10/2007 01:42:24 p.m.)Tj ET EMC endstream endobj 699 0 obj<>stream /Artifact <>BDC 0 0 0 rg 0 i BT /T1_0 1 Tf 0 Tc 0 Tw 0 Ts 100 Tz 0 Tr 9 0 0 9 18 830.17 Tm (424B2)Tj ET EMC /Article <>BDC q 0 18 595 806 re W* n 0 0 1 RG 1.086 w 10 M 0 j 0 J []0 d 10 782.42 m 119.135 782.42 l S 0 0 1 rg BT /T1_1 1 Tf 12.9231 0 0 12.9231 10 785.6766 Tm (Table of Contents)Tj 0 0 0 rg /TT0 1 Tf 12.5 0 0 12.5 142.25 749.6628 Tm (Banco Central del Uruguay )Tj 0 -1.2 TD (C. 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00001 f 0000673143 00000 n 0000673162 00000 n 0000673246 00000 n 0000673333 00000 n trailer <]>> startxref 676790 %%EOF