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98\)25/10/2007 01:31:30 p.m.)Tj ET EMC endstream endobj 518 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 12.5 247.5 746.1212 Tm (INTRODUCTION)Tj /TT1 1 Tf ( )Tj -19 -1.803 Td ( )Tj /TT0 1 Tf (When you make your investment decision, you should rely only on the info\ rmation contained or )Tj 0 -1.203 TD (incorporated by reference in this prospectus supplement and the accompan\ ying prospectus. Uruguay has )Tj 0 -1.2 TD (not authorized anyone to provide you with information that is different.\ This document may only be used )Tj 0 -1.2 TD (where it is legal to offer and sell these securities. The information in\ this prospectus supplement and the )Tj T* (prospectus may only be accurate as of the date of this prospectus supple\ ment or the prospectus, as )Tj T* (applicable.)Tj /TT1 1 Tf ( )Tj 0 -1.8 TD ( Uruguay is furnishing this prospectus supplement and the prospectus\ solely for use by prospective investors in )Tj 0 -1.2 TD (connection with their consideration of a purchase of the bonds. After ha\ ving made all reasonable inquiries, )Tj T* (Uruguay confirms that: )Tj 0 -1.8 TD ( )Tj /TT0 1 Tf 1.38 -0.003 Td (\225)Tj /TT1 1 Tf 1.38 0.003 Td ( )Tj 0.46 0 Td (the information contained in this prospectus supplement and the accompan\ ying prospectus is true and )Tj 0 -1.2 TD (correct in all material respects and is not misleading as of the date of\ this prospectus supplement or the )Tj 0 -1.2 TD (accompanying prospectus, as applicable;)Tj 7.5 0 0 7.5 10 532.8697 Tm ( )Tj 12.5 0 0 12.5 10 519.5379 Tm ( )Tj /TT0 1 Tf 1.38 -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 this prospectus supple\ ment and the accompanying )Tj 0 -1.2 TD (prospectus;)Tj 7.5 0 0 7.5 10 493.8697 Tm ( )Tj 12.5 0 0 12.5 10 480.5379 Tm ( )Tj /TT0 1 Tf 1.38 -0.003 Td (\225)Tj /TT1 1 Tf 1.38 0.003 Td ( )Tj 0.46 0 Td (to the best of its knowledge and belief, it has not omitted other facts,\ the omission of which would make )Tj T* (this prospectus supplement or the accompanying prospectus as a whole mis\ leading as of the date of this )Tj T* (prospectus supplement or the accompanying prospectus, as applicable; and\ )Tj 7.5 0 0 7.5 10 439.8697 Tm ( )Tj 12.5 0 0 12.5 10 426.5379 Tm ( )Tj /TT0 1 Tf 1.38 -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 supplement and the )Tj T* (accompanying prospectus.)Tj -3.22 -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 (\(file no. 333-124476\) \(the \223Registration Statement\224\) initially\ filed with the United States Securities and Exchange )Tj T* (Commission \(the \223SEC\224\) under the Securities Act of 1933 \(the \223\ Act\224\) on April 29, 2005. The accompanying )Tj T* (prospectus is part of that registration statement, which became effectiv\ e on May 2, 2005. The accompanying )Tj T* (prospectus provides you with a general description of the debt securitie\ s that Uruguay may offer. This prospectus )Tj 0 -1.2 TD (supplement contains specific information about the terms of the bonds an\ d may add or change information )Tj T* (provided in the accompanying prospectus. Consequently, you should read t\ his prospectus supplement together )Tj T* (with the accompanying prospectus, as each contains information regarding\ Uruguay, the bonds and other matters. )Tj /TT0 1 Tf 14.611 -3.003 Td (INCORPORATION BY REFERENCE)Tj /TT1 1 Tf ( )Tj -14.611 -1.8 Td ( The SEC allows Uruguay to incorporate by reference some information\ that Uruguay files with the SEC. )Tj T* (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:\ )Tj 0 -1.8 TD ( )Tj /TT0 1 Tf 1.38 -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, \ 2004, filed with the SEC on )Tj 0 -1.2 TD (April 29, 2005;)Tj 7.5 0 0 7.5 10 130.8281 Tm ( )Tj 12.5 0 0 12.5 10 117.4963 Tm ( )Tj /TT0 1 Tf 1.38 -0.003 Td (\225)Tj /TT1 1 Tf 1.38 0.003 Td ( )Tj 0.46 0 Td (Amendment No. 1 on Form 18-K/A to the Annual Report, filed with the SEC \ on May 23, 2005;)Tj 7.5 0 0 7.5 10 106.8281 Tm ( )Tj 12.5 0 0 12.5 10 93.4963 Tm ( )Tj /TT0 1 Tf 1.38 -0.003 Td (\225)Tj /TT1 1 Tf 1.38 0.003 Td ( )Tj 0.46 0 Td (Amendment No. 2 on Form 18-K/A to the Annual Report, filed with the SEC \ on June 17, 2005;)Tj 7.5 0 0 7.5 10 82.8281 Tm ( )Tj 12.5 0 0 12.5 10 69.4963 Tm ( )Tj /TT0 1 Tf 1.38 -0.003 Td (\225)Tj /TT1 1 Tf 1.38 0.003 Td ( )Tj 0.46 0 Td (Amendment No. 3 on Form 18-K/A to the Annual Report, filed with the SEC \ on August 4, 2005;)Tj 7.5 0 0 7.5 10 58.8281 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/102385/000095012305013822/y13442e\ 424b2.htm \(5 de 98\)25/10/2007 01:31:30 p.m.)Tj ET EMC endstream endobj 519 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 1.38 -0.003 Td (\225)Tj /TT0 1 Tf 1.38 0.003 Td ( )Tj 0.46 0 Td (Any amendment on Form 18-K/A to the 2004 annual report filed after the d\ ate of this prospectus )Tj 0 -1.2 TD (supplement and prior to the termination of the offering of the bonds; an\ d)Tj 19.085 -2.72 Td (S-1 )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/102385/000095012305013822/y13442e\ 424b2.htm \(6 de 98\)25/10/2007 01:31:30 p.m.)Tj ET EMC endstream endobj 520 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 1.38 -0.003 Td (\225)Tj /TT0 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 0 -1.2 TD (this prospectus supplement and prior to the termination of the offering \ of the bonds.)Tj -3.22 -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 supplement may obtai\ n, without charge and upon request, a )Tj 0 -1.2 TD (copy of any of the above documents \(including only the exhibits that ar\ e specifically incorporated by reference in )Tj T* (them\). Requests for such documents should be directed to: )Tj 2.76 -1.8 Td (Banco Central del Uruguay )Tj 0 -1.2 TD (C. Correo 1467 )Tj T* (11100, Montevideo )Tj T* (Rep\372blica Oriental del Uruguay )Tj T* (Fax No.: 598-2-902-1636 )Tj 0 -1.2 TD (Attention: General Manager)Tj 19.545 -2.72 Td (S-2 )Tj ET 0.5 0.5 0.5 rg 10 480.992 575 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/102385/000095012305013822/y13442e\ 424b2.htm \(7 de 98\)25/10/2007 01:31:30 p.m.)Tj ET EMC endstream endobj 521 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 US$200,\ 000,000 8.00% Bonds due 2022 )Tj 0 -1.203 TD (\(the \223bonds\224\). This summary must be read as an introduction to t\ his prospectus supplement and prospectus and )Tj 0 -1.2 TD (any decision to invest in the bonds should be based on a consideration o\ f the prospectus supplement and )Tj 0 -1.2 TD (prospectus as a whole, including the documents incorporated by reference\ . Following the implementation of the )Tj T* (relevant provisions of the Prospectus Directive \(Directive 2003/71/EC\)\ in each Member State of the European )Tj T* (Economic Area no civil liability will attach to Uruguay in any such Memb\ er State solely on the basis of this )Tj T* (summary, including any translation thereof, unless it is misleading, ina\ ccurate or inconsistent when read together )Tj 0 -1.2 TD (with the other parts of this prospectus supplement or the prospectus. Wh\ ere a claim relating to the information )Tj T* (contained in this prospectus supplement or the prospectus is brought bef\ ore a court in a Member State of the )Tj T* (European Economic Area, the plaintiff may, under the national legislatio\ n of the Member State where the claim is )Tj T* (brought, be required to bear the costs of translating this prospectus su\ pplement or the prospectus before the legal )Tj T* (proceedings are initiated.)Tj /TT1 1 Tf ( )Tj T* ( )Tj 17.48 0 Td ( )Tj 2.3 0 Td ( )Tj /TT0 1 Tf -19.78 -1.203 Td (Issuer)Tj /TT1 1 Tf ( )Tj 17.48 0 Td ( )Tj 2.3 0.003 Td (The Republic of Uruguay.)Tj -19.78 -1.203 Td ( )Tj 17.48 0 Td ( )Tj 2.3 0 Td ( )Tj /TT0 1 Tf -19.78 -1.203 Td (Indenture)Tj /TT1 1 Tf ( )Tj 17.48 0 Td ( )Tj 2.3 0.003 Td (The bonds are being issued under a trust indenture.)Tj -19.78 -1.203 Td ( )Tj 17.48 0 Td ( )Tj 2.3 0 Td ( )Tj /TT0 1 Tf -19.78 -1.203 Td (Principal Amount)Tj /TT1 1 Tf ( )Tj 17.48 0 Td ( )Tj 2.3 0.003 Td (US$200,000,000.)Tj -19.78 -1.203 Td ( )Tj 17.48 0 Td ( )Tj 2.3 0 Td ( )Tj /TT0 1 Tf -19.78 -1.203 Td (Issue Price)Tj /TT1 1 Tf ( )Tj 17.48 -1.197 Td ( )Tj 2.3 1.2 Td (98.237% of the principal amount plus interest accrued from )Tj T* (November 18, 2005.)Tj -19.78 -1.2 Td ( )Tj 17.48 0 Td ( )Tj 2.3 0 Td ( )Tj /TT0 1 Tf -19.78 -1.203 Td (Final Maturity)Tj /TT1 1 Tf ( )Tj 17.48 0 Td ( )Tj 2.3 0.003 Td (November 18, 2022.)Tj -19.78 -1.203 Td ( )Tj 17.48 0 Td ( )Tj 2.3 0 Td ( )Tj /TT0 1 Tf -19.78 -1.203 Td (Interest)Tj /TT1 1 Tf ( )Tj 17.48 -2.397 Td ( )Tj 2.3 2.4 Td (8.00% per annum, payable semi-annually in arrears on May 18 )Tj T* (and November 18 of each year, commencing on May 18, 2006, )Tj T* (with a final interest payment on the maturity date.)Tj -19.78 -1.2 Td ( )Tj 17.48 0 Td ( )Tj 2.3 0 Td ( )Tj /TT0 1 Tf -19.78 -1.203 Td (Payment of Principal)Tj /TT1 1 Tf ( )Tj 17.48 -2.397 Td ( )Tj 2.3 2.4 Td (Amounts due in respect of principal will be paid in three equal )Tj 0 -1.2 TD (installments on November 18, 2020, November 18, 2021 and the )Tj T* (maturity date.)Tj -19.78 -1.2 Td ( )Tj 17.48 0 Td ( )Tj 2.3 0 Td ( )Tj /TT0 1 Tf -19.78 -1.203 Td (Form and Settlement)Tj /TT1 1 Tf ( )Tj 17.48 -2.397 Td ( )Tj 2.3 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 bonds )Tj T* (will be issued in bearer form.)Tj -19.78 -1.2 Td ( )Tj 17.48 0 Td ( )Tj 2.3 0 Td ( )Tj /TT0 1 Tf -19.78 -1.203 Td (Denominations)Tj /TT1 1 Tf ( )Tj 17.48 -1.197 Td ( )Tj 2.3 1.2 Td (Uruguay will issue the bonds only in denominations of US)Tj T* ($100,000 and integral multiples of US$1,000 in excess thereof.)Tj -19.78 -1.2 Td ( )Tj 17.48 0 Td ( )Tj 2.3 0 Td ( )Tj /TT0 1 Tf -19.78 -1.203 Td (Withholding Tax and Additional )Tj T* (Amounts)Tj /TT1 1 Tf ( )Tj 17.48 -3.597 Td ( )Tj 2.3 4.8 Td (Uruguay will make payments of principal and interest in respect )Tj T* (of the bonds without withholding or deducting for or on account )Tj T* (of any present or future Uruguayan taxes, duties, assessments or )Tj T* (governmental charges of whatever nature except as set forth in )Tj T* (\223Description of the Bonds\227Additional Amounts.\224)Tj -19.78 -1.2 Td ( )Tj 17.48 0 Td ( )Tj 2.3 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/102385/000095012305013822/y13442e\ 424b2.htm \(8 de 98\)25/10/2007 01:31:30 p.m.)Tj ET EMC endstream endobj 522 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 (Further Issues)Tj /TT1 1 Tf ( )Tj 17.48 -4.797 Td ( )Tj 2.3 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 further )Tj 0 -1.2 TD (debt securities will be consolidated and form a single series with )Tj 0 -1.2 TD (the bonds.)Tj -19.78 -1.2 Td ( )Tj 17.48 0 Td ( )Tj 2.3 0 Td ( )Tj /TT0 1 Tf -19.78 -1.203 Td (Governing Law and Jurisdiction)Tj /TT1 1 Tf ( )Tj 17.48 0 Td ( )Tj 2.3 0.003 Td (New York.)Tj 2.526 -2.723 Td (S-3 )Tj ET 0.5 0.5 0.5 rg 10 648.958 575 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/102385/000095012305013822/y13442e\ 424b2.htm \(9 de 98\)25/10/2007 01:31:30 p.m.)Tj ET EMC endstream endobj 523 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 17.48 0 Td ( )Tj 2.3 0 Td ( )Tj /TT1 1 Tf -19.78 -1.203 Td (Settlement Date)Tj /TT0 1 Tf ( )Tj 17.48 0 Td ( )Tj 2.3 0.003 Td (November 18, 2005.)Tj -19.78 -1.203 Td ( )Tj 17.48 0 Td ( )Tj 2.3 0 Td ( )Tj /TT1 1 Tf -19.78 -1.203 Td (Listing)Tj /TT0 1 Tf ( )Tj 17.48 -2.397 Td ( )Tj 2.3 2.4 Td (Application will be made to admit the bonds to the Official List )Tj 0 -1.2 TD (of the UK Listing Authority and to admit the bonds to trading on )Tj 0 -1.2 TD (the regulated market of the London Stock Exchange.)Tj -19.78 -1.2 Td ( )Tj 17.48 0 Td ( )Tj 2.3 0 Td ( )Tj /TT1 1 Tf -19.78 -1.203 Td (Taxation)Tj /TT0 1 Tf ( )Tj 17.48 -7.197 Td ( )Tj 2.3 7.2 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* (Uruguay Taxation\224 and \223\227United States Federal Taxation\224 in )Tj T* (the accompanying prospectus. Investors should consult their )Tj T* (own tax advisors in determining the foreign, United States )Tj T* (federal, state, local and any other tax consequences to them of )Tj T* (the ownership and disposition of the bonds.)Tj -19.78 -1.2 Td ( )Tj 17.48 0 Td ( )Tj 2.3 0 Td ( )Tj /TT1 1 Tf -19.78 -1.203 Td (Trustee)Tj /TT0 1 Tf ( )Tj 17.48 0 Td ( )Tj 2.3 0.003 Td (The Bank of New York.)Tj 2.526 -2.723 Td (S-4 )Tj ET 0.5 0.5 0.5 rg 10 458.409 575 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/102385/000095012305013822/y13442e\ 424b2.htm \(10 de 98\)25/10/2007 01:31:30 p.m.)Tj ET EMC endstream endobj 524 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 12.5 196.9687 746.1212 Tm (INVESTMENT CONSIDERATIONS)Tj /TT1 1 Tf ( )Tj -14.958 -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 (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 /TT2 1 Tf 0 -2.404 TD (Market for the Bonds)Tj /TT1 1 Tf ( )Tj 0 -1.8 TD ( Uruguay has been advised by the underwriter that the underwriter ma\ y make a market in the bonds but it is not )Tj 0 -1.2 TD (obligated to do so and may discontinue market making at any time without\ notice. Uruguay has applied to list the )Tj T* (bonds on the London Stock Exchange. No assurance can be given as to the \ liquidity of the trading market for the )Tj T* (bonds. The price at which the bonds will trade in the secondary market i\ s uncertain. )Tj /TT0 1 Tf 0 -2.403 TD (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 0 -1.2 TD (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 T* (in growth rates will also impose constraints on government revenues, req\ uiring that fiscal discipline be applied )Tj T* (over time to preserve the government\222s ability to service its debt. )Tj 0 -1.804 TD ( )Tj /TT2 1 Tf (Impact of Argentina\222s Economic Crisis on Uruguay\222s Banking System)Tj /TT1 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 T* (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 T* (received assistance of approximately US$2.0 billion from the Uruguayan a\ uthorities, including US$539 million )Tj T* (from Banco Central, US$524 million from the central government \(acting \ through one of its agencies\) and US)Tj T* ($986 million from a banking stability fund created in response to the cr\ isis. 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 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/102385/000095012305013822/y13442e\ 424b2.htm \(11 de 98\)25/10/2007 01:31:30 p.m.)Tj ET EMC endstream endobj 525 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 (concentration of banking activities with government-owned banks. Althoug\ h Uruguay\222s financial sector has )Tj 0 -1.2 TD (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 )Tj 22.305 -2.72 Td (S-5 )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/102385/000095012305013822/y13442e\ 424b2.htm \(12 de 98\)25/10/2007 01:31:30 p.m.)Tj ET EMC endstream endobj 526 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 (external shocks. Furthermore, despite the banks\222 increased liquidity,\ they have not increased lending to the )Tj 0 -1.2 TD (private sector. The Uruguayan government\222s economic program includes \ the analysis and implementation of )Tj T* (measures designed to address the shortcomings of the banking system and \ mitigate the risks to which it is )Tj 0 -1.2 TD (exposed. )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% at Dece\ mber 2002 compared to December 2001. )Tj 0 -1.2 TD (The devaluation of the peso in turn caused a deterioration in the qualit\ y of the foreign currency-denominated loan )Tj T* (portfolio of several financial institutions and caused Uruguay\222s fore\ ign currency-denominated debt to GDP ratio )Tj T* (to rise to 89.1% as of December 31, 2002, while the foreign currency-den\ ominated debt service to exports ratio )Tj T* (for 2002 was 33.6%. The gradual stabilization resulting in part from the\ successful debt re-profiling in 2003 and )Tj T* (the economic growth in 2004 have resulted in a significant real apprecia\ tion of the Uruguayan peso versus the )Tj T* (dollar. The continued U.S. dollar denomination of many assets and liabil\ ities of the Uruguayan economy, )Tj T* (including most of the government\222s financial debt, renders Uruguay vu\ lnerable to a real depreciation of the peso. )Tj 0 -1.804 TD ( )Tj /TT1 1 Tf (IMF Program)Tj /TT0 1 Tf ( )Tj 0 -1.8 TD ( Uruguay\222s current program with the IMF, under which net disburse\ ments totaling US$1.13 billion between )Tj 0 -1.2 TD (June 2005 and May 2008 are anticipated, was approved on June 8, 2005. As\ of October 31, 2005, Uruguay\222s total )Tj T* (debt to the IMF was approximately US$2.3 billion, of which approximately\ US$731 million is scheduled to be )Tj T* (repaid in 2006. The program with the IMF includes certain quantitative o\ bjectives as well as performance criteria )Tj T* (that Uruguay must meet. See \223Recent Developments \226 IMF Program.\224\ If Uruguay does not meet the performance )Tj T* (criteria set out in the IMF program \(and such criteria are not amended \ or waived by the IMF\), the government )Tj T* (may not be able to obtain disbursements from the IMF under the IMF progr\ am. This may also interfere with the )Tj T* (government\222s ability to obtain financing from other multilateral fina\ ncial institutions and to refinance its debt )Tj T* (facilities. The loss of official sector financing could adversely affect\ Uruguay\222s fiscal viability, including its )Tj T* (ability to service the bonds. )Tj 0 -1.804 TD ( )Tj /TT1 1 Tf (Political Situation)Tj /TT0 1 Tf ( )Tj 0 -1.8 TD ( Mr. Tabar\351 V\341zquez of the Frente Amplio was elected president\ in October 2004 and inaugurated on March 1, )Tj 0 -1.2 TD (2005. The Frente Amplio also won majorities in both houses of Congress i\ n the 2004 election and in important )Tj T* (municipalities in an election held in May 2005. It is the first time in \ Uruguay\222s history that the Frente Amplio )Tj T* (accedes to the presidency of the Republic. One of the government\222s pr\ incipal tasks this year is to prepare and )Tj T* (submit to Congress a budget for the period 2006-2010. While the Frente A\ mplio has reached consensus with )Tj T* (opposition parties with respect to policies affecting key areas of gover\ nment, it is possible that important )Tj T* (differences between the various political factions in Congress may arise\ in connection with the discussion of the )Tj T* (new five-year budget. On June 24, 2005, Congress refused to ratify the b\ ilateral investment treaty with the United )Tj T* (States that had been signed by the two countries on October 25, 2004. Ur\ uguay submitted a proposed amendment )Tj T* (to the bilateral investment treaty to the United States. We can give you\ no assurance that the proposed amendment )Tj T* (will be accepted by the United States government or that even if accepte\ d the treaty will be ratified. )Tj 22.305 -2.72 Td (S-6 )Tj ET 0.5 0.5 0.5 rg 10 98.329 575 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/102385/000095012305013822/y13442e\ 424b2.htm \(13 de 98\)25/10/2007 01:31:30 p.m.)Tj ET EMC endstream endobj 527 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$195,819,000, 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$55,000 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 /TT0 1 Tf 16.596 -3.003 Td (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 Uruguay\222s annual re\ port on Form 18-K, as amended, for the )Tj 0 -1.2 TD (fiscal year ended December 31, 2004. To the extent that the information \ included in this section differs from the )Tj T* (information set forth in the annual report, you should rely on the infor\ mation in this section.)Tj /TT1 1 Tf ( )Tj /TT0 1 Tf 0 -2.403 TD (The IMF Program)Tj /TT1 1 Tf ( )Tj 0 -1.8 TD ( On June 8, 2005, the Executive Board of the IMF approved a Stand-By\ Arrangement for Uruguay. The new )Tj 0 -1.2 TD (agreement, which runs for 36 months beginning in June 2005, provides for\ disbursements of up to SDR )Tj T* (766.3 million \(US$1.137 billion\) and contemplates repayments of at lea\ st US$1.87 billion during the whole )Tj T* (period. )Tj 0 -1.8 TD ( Although Uruguay is expected to make net positive repayments over t\ he period, they are intended to be )Tj 0 -1.2 TD (incremental as the economy grows stronger, the structural reforms begin \ to yield results, and the costs of the )Tj T* (temporary social emergency program \(the \223Emergency Plan\224\) dimini\ sh by the end of 2007. )Tj 0 -1.8 TD ( The economic program agreed with the IMF for the 2005-2008 period e\ nvisages real GDP growth to average )Tj 0 -1.2 TD (approximately 4.0% a year, benefiting from the momentum of the recent re\ covery and two large direct foreign )Tj T* (investment projects. Inflation is targeted to decline gradually, by 1% a\ nnually, to approximately 3.5% by 2008, )Tj 0 -1.2 TD (while exports are projected to increase by about 9.0% a year and net int\ ernational reserves to increase by US)Tj T* ($1.5 billion over the program period. The program aims at gradually re-e\ stablishing Uruguay\222s access to )Tj T* (international capital markets, which is considered instrumental to Urugu\ ay\222s longer-term growth prospects and its )Tj T* (exit from IMF financial support programs. )Tj 0 -1.8 TD ( The fiscal program is anchored on a medium-term primary surplus tar\ get of 4.0% of GDP commencing in )Tj 0 -1.2 TD (2007, with a view to reducing the public debt-to-GDP ratio over time. To\ achieve this result, Uruguay is expected )Tj T* (to implement a comprehensive tax reform, improve its budgetary framework\ and abide by firm spending controls, )Tj T* (adjust public tariffs on a timely basis, and reform the specialized pens\ ion funds. Uruguay expects the support of )Tj T* (the World Bank and the Inter-American Development Bank through lending p\ rograms to be available for the )Tj T* (implementation of certain of the structural reforms contemplated in the \ IMF program. The primary surplus in )Tj T* (2005-2006 would be somewhat less than 4.0% of GDP to accommodate the Eme\ rgency Plan. The IMF program )Tj T* (assumes that monetary policy will continue to be based on base money tar\ geting in the context of a flexible )Tj T* (exchange rate regime, until conditions are in place to move to an inflat\ ion targeting framework. )Tj 0 -1.8 TD ( The IMF program also assumes that reforms to the financial system w\ ill continue, building on the crisis )Tj 0 -1.2 TD (resolution efforts of recent years, with a view to creating the necessar\ y infrastructure of financial intermediation )Tj T* (in support of sustained private-sector led growth. Priorities include th\ e continued reform of public banks \(BROU )Tj T* (and Banco Hipotecario del Uruguay\), the sale of Nuevo Banco Comercial S\ .A., further improving the supervisory )Tj T* (framework, and overhauling the bank resolution framework to ensure rapid\ and efficient resolution of banking )Tj T* (problems should they occur. )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/102385/000095012305013822/y13442e\ 424b2.htm \(14 de 98\)25/10/2007 01:31:30 p.m.)Tj ET EMC endstream endobj 528 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 ( On September 28, 2005, the Executive Board of the IMF completed the\ first review under the SDR )Tj 0 -1.2 TD (766.3 million \(US$1.11 billion\) stand-by facility and agreed to make S\ DR 30.7 million \(approximately US)Tj T* ($44.4 million\) immediately available to Uruguay. In completing the revi\ ew, the Executive Board approved a two )Tj 0 -1.2 TD (month extension in the timeframe for the submission to Congress of a com\ prehensive tax reform to )Tj 0 -1.2 TD (February 2006, approved )Tj 22.305 -2.72 Td (S-7 )Tj ET 0.5 0.5 0.5 rg 10 679 575 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/102385/000095012305013822/y13442e\ 424b2.htm \(15 de 98\)25/10/2007 01:31:30 p.m.)Tj ET EMC endstream endobj 529 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 (modifications to the level of net domestic assets of the Banco Central f\ or September 30 and December 31, 2005, )Tj 0 -1.2 TD (and modifications to the net international reserves and non-financial pu\ blic sector debt performance criteria. The )Tj T* (Executive Board of the IMF is expected to conduct its next review under \ the stand-by facility in December 2005. )Tj 0 -1.8 TD ( We cannot give any assurance that the assumptions on which the IMF \ program is based will materialize or that )Tj 0 -1.2 TD (all of the goals included in the program will be achieved. We also canno\ t assure that the quantitative objectives )Tj T* (and performance criteria of the IMF program will be met. If Uruguay does\ not meet the performance criteria set )Tj T* (out in the IMF program \(and such criteria are not amended or waived by \ the IMF\), the government may not be )Tj 0 -1.2 TD (able to obtain disbursements from the IMF under the IMF program. This ma\ y also interfere with the )Tj T* (government\222s ability to obtain financing from other multilateral fina\ ncial institutions and to refinance its debt )Tj T* (facilities. The loss of official sector financing could adversely affect\ Uruguay\222s fiscal viability, including its )Tj T* (ability to service the bonds. )Tj /TT1 1 Tf 0 -2.403 TD (Public Sector Budget)Tj /TT0 1 Tf ( )Tj 0 -1.8 TD ( On August 31, 2005, the Ministry of Economy and Finance and the Off\ ice of Budget and Planning submitted )Tj 0 -1.2 TD (the five-year budget to the Congress. The bill establishes a plan for de\ creasing consolidated public sector deficit )Tj T* (from 2.0% in 2004 to 0.4% in 2009. Interest payments as a percentage of \ GDP are expected to decline from 5.9% )Tj T* (in 2004 to 4.4% in 2009. The budget includes a restriction that limits t\ he growth of the primary current spending )Tj T* (of the Central Government to a maximum of 3% real increase each year \(e\ xcluding educational, investment and )Tj T* (Emergency Plan related spending\). The bill was approved by the lower ch\ amber of Congress without substantive )Tj T* (amendments and is being considered by the senate, with a view to complet\ ing approval during December 2005. )Tj /TT1 1 Tf 0 -2.403 TD (Tax Reform)Tj /TT0 1 Tf ( )Tj 0 -1.8 TD ( On November 7, 2005, the government announced the principal guideli\ nes of a comprehensive tax reform it )Tj 0 -1.2 TD (intends to submit to Congress during the first quarter of 2006. The gove\ rnment seeks to improve the fairness of )Tj T* (the tax system by partially replacing consumption taxes with progressive\ personal income taxes. It also seeks to )Tj T* (increase efficiency by substantially reducing the number of taxes. If ap\ proved by Congress, the new tax system is )Tj 0 -1.2 TD (scheduled to be implemented in 2007. )Tj /TT1 1 Tf 0 -2.403 TD (Sale of Nuevo Banco Comercial S.A.)Tj /TT0 1 Tf ( )Tj 0 -1.8 TD ( On September 6, 2005, the Uruguayan government and an investment gr\ oup led by Advent International )Tj 0 -1.2 TD (Investment Fund \(\223Advent International\224\) announced an agreement \ regarding the acquisition of Nuevo Banco )Tj T* (Comercial S.A. The consummation of the transaction is subject to certain\ conditions, including regulatory )Tj T* (approval by the Banco Central and the adoption of a personnel restructur\ ing program. The total consideration of )Tj T* (the transaction for Uruguay is approximately US$170 million. Under the a\ greement, Advent International, jointly )Tj T* (with Morgan Stanley Alternative Investment Partners, DEG from Germany an\ d FMO from Holland, is required to )Tj T* (pay the Republic US$98 million in cash upon satisfaction \(or waiver by \ the purchaser\) of the conditions \(of which )Tj T* (up to US$10 million will remain in escrow for six months to cover certai\ n contingencies\). Uruguay will retain )Tj T* (ownership of preferred shares in Nuevo Banco Comercial S.A., which will \ be transferred to the purchaser within )Tj T* (five years of the date of the agreement for the balance of the considera\ tion. )Tj /TT1 1 Tf 0 -2.403 TD (The Economy)Tj /TT0 1 Tf ( )Tj 0 -1.804 TD ( )Tj /TT2 1 Tf (Gross Domestic Product)Tj /TT0 1 Tf ( )Tj 0 -1.8 TD ( According to preliminary figures, real gross domestic product \(\223\ GDP\224\) grew 6.9% for the first six months of )Tj 0 -1.2 TD (2005, as compared to the same period in 2004. While practically all sect\ ors of the economy experienced )Tj T* (increases, the largest increases were perceived in the commerce, restaur\ ants and hotels and transport and )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/102385/000095012305013822/y13442e\ 424b2.htm \(16 de 98\)25/10/2007 01:31:30 p.m.)Tj ET EMC endstream endobj 530 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 (communications sectors. 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388.391 330.3 11.855 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 400.246 330.3 19.759 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 420.005 330.3 22.225 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 442.23 330.3 38.538 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 480.768 330.3 11.855 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 492.623 330.3 19.759 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 512.382 330.3 22.225 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 534.607 330.3 38.538 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 573.145 330.3 11.855 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 10 300.3 205.493 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 215.493 300.3 19.759 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 235.252 300.3 22.225 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 257.477 300.3 38.538 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 296.014 300.3 11.855 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 307.87 300.3 19.759 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 327.629 300.3 22.225 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 349.854 300.3 38.538 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 388.391 300.3 11.855 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 400.246 300.3 19.759 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 420.005 300.3 22.225 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 442.23 300.3 38.538 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 480.768 300.3 11.855 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 492.623 300.3 19.759 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 512.382 300.3 22.225 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 534.607 300.3 38.538 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 573.145 300.3 11.855 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 10 270.3 205.493 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 215.493 270.3 19.759 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 235.252 270.3 22.225 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 257.477 270.3 38.538 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 296.014 270.3 11.855 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 307.87 270.3 19.759 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 327.629 270.3 22.225 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 349.854 270.3 38.538 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 388.391 270.3 11.855 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 400.246 270.3 19.759 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 420.005 270.3 22.225 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 442.23 270.3 38.538 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 480.768 270.3 11.855 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 492.623 270.3 19.759 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 512.382 270.3 22.225 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 534.607 270.3 38.538 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 573.145 270.3 11.855 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 0 0 0 rg 235.252 270.3 m 585 270.3 l 585 269.3 l 235.252 269.3 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 235.252 253.1 m 585 253.1 l 585 252.1 l 235.252 252.1 l h f 235.252 251.1 m 585 251.1 l 585 250.1 l 235.252 250.1 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 0.8 0.933 1 rg 10 218.9 205.493 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 215.493 218.9 19.759 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 235.252 218.9 22.225 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 257.477 218.9 38.538 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 296.014 218.9 11.855 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 307.87 218.9 19.759 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 327.629 218.9 22.225 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 349.854 218.9 38.538 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 388.391 218.9 11.855 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 400.246 218.9 19.759 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 420.005 218.9 22.225 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 442.23 218.9 38.538 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 480.768 218.9 11.855 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 492.623 218.9 19.759 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 512.382 218.9 22.225 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 534.607 218.9 38.538 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 573.145 218.9 11.855 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 10 188.9 205.493 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 215.493 188.9 19.759 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 235.252 188.9 22.225 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 257.477 188.9 38.538 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 296.014 188.9 11.855 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 307.87 188.9 19.759 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 327.629 188.9 22.225 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 349.854 188.9 38.538 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 388.391 188.9 11.855 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 400.246 188.9 19.759 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 420.005 188.9 22.225 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 442.23 188.9 38.538 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 480.768 188.9 11.855 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 492.623 188.9 19.759 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 512.382 188.9 22.225 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 534.607 188.9 38.538 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 573.145 188.9 11.855 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 10 158.9 205.493 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 215.493 158.9 19.759 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 235.252 158.9 22.225 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 257.477 158.9 38.538 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 296.014 158.9 11.855 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 307.87 158.9 19.759 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 327.629 158.9 22.225 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 349.854 158.9 38.538 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 388.391 158.9 11.855 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 400.246 158.9 19.759 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 420.005 158.9 22.225 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 442.23 158.9 38.538 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 480.768 158.9 11.855 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 492.623 158.9 19.759 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 512.382 158.9 22.225 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 534.607 158.9 38.538 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 573.145 158.9 11.855 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 0 0 0 rg 235.252 158.9 m 585 158.9 l 585 157.9 l 235.252 157.9 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 235.252 126.7 m 585 126.7 l 585 125.7 l 235.252 125.7 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 0.8 0.933 1 rg 10 109.5 205.493 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 215.493 109.5 19.759 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 235.252 109.5 22.225 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 257.477 109.5 38.538 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 296.014 109.5 11.855 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 307.87 109.5 19.759 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 327.629 109.5 22.225 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 349.854 109.5 38.538 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 388.391 109.5 11.855 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 400.246 109.5 19.759 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 420.005 109.5 22.225 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 442.23 109.5 38.538 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 480.768 109.5 11.855 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 492.623 109.5 19.759 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 512.382 109.5 22.225 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 534.607 109.5 38.538 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 573.145 109.5 11.855 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 0 0 0 rg 235.252 109.5 m 585 109.5 l 585 108.5 l 235.252 108.5 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 235.252 92.3 m 585 92.3 l 585 91.3 l 235.252 91.3 l h f 235.252 90.3 m 585 90.3 l 585 89.3 l 235.252 89.3 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 0.8 0.933 1 rg 10 58.1 205.493 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 215.493 58.1 19.759 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 235.252 58.1 22.225 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 257.477 58.1 38.538 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 296.014 58.1 11.855 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 307.87 58.1 19.759 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 327.629 58.1 22.225 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 349.854 58.1 38.538 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 388.391 58.1 11.855 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 400.246 58.1 19.759 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 420.005 58.1 22.225 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 442.23 58.1 38.538 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 480.768 58.1 11.855 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 492.623 58.1 19.759 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 512.382 58.1 22.225 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 534.607 58.1 38.538 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 573.145 58.1 11.855 30 re 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 (Employment and Labor)Tj /TT0 1 Tf ( )Tj 0 -1.8 TD ( The continued recovery of economic activity in Uruguay during the f\ irst six months of 2005 led to a decrease )Tj 0 -1.2 TD (in the nationwide unemployment rate, which fell from an average of 13.5%\ in the first six months of 2004 to an )Tj 0 -1.2 TD (average of 12.2% during the same period of 2005. )Tj 0 -1.8 TD ( The increase in real wages that started during the third quarter of\ 2004 has continued during the first six )Tj 0 -1.2 TD (months of 2005. During this period, real wages increased by 4.5% compare\ d with the same period in 2004. )Tj T* (During the first six months of 2005, the real wage increase in the publi\ c sector was 6.7%, whereas the increase for )Tj 0 -1.2 TD (the private sector was 3.3%. )Tj /TT2 1 Tf 0 -2.403 TD (Balance of Payments and Foreign Trade)Tj /TT0 1 Tf ( )Tj 0 -1.804 TD ( )Tj /TT1 1 Tf (Balance of Payments)Tj /TT0 1 Tf ( )Tj 0 -1.8 TD ( For the first six months of 2005, Uruguay\222s balance of payments \ registered a surplus of US$60.0 million, as )Tj 0 -1.2 TD (compared to a surplus of US$165.2 million for the same period in 2004. D\ uring the first six months of 2005, )Tj 0 -1.2 TD (Uruguay had a current account deficit of US$61.0 million and net capital\ outflows resulting mainly from the )Tj T* (redemption of government bonds and the repayment of IMF loans. )Tj 0 -1.8 TD ( The following table presents preliminary balance of payments inform\ ation for 2003, 2004, the first six months )Tj 0 -1.2 TD (of 2004 and the first six months of 2005. )Tj /TT2 1 Tf 18.06 -3.003 Td (Balance of Payments)Tj /TT0 1 Tf 10.625 0 0 10.625 346.8556 434.4705 Tm (\(1\))Tj 12.5 0 0 12.5 359.2444 434.4705 Tm ( )Tj -8.523 -1.2 Td (\(Millions of US$\) )Tj -19.416 -1.2 Td ( )Tj 16.439 0 Td ( )Tj 1.581 0 Td ( )Tj 1.778 0 Td ( )Tj 3.083 0 Td ( )Tj 0.948 0 Td ( )Tj 1.581 0 Td ( )Tj 1.778 0 Td ( )Tj 3.083 0 Td ( )Tj 0.948 0 Td ( )Tj 1.581 0 Td ( )Tj 1.778 0 Td ( )Tj 3.083 0 Td ( )Tj 0.948 0 Td ( )Tj 1.581 0 Td ( )Tj 1.778 0 Td ( )Tj 3.083 0 Td ( )Tj 10 0 0 10 10 391.6364 Tm ( )Tj 20.549 0 Td ( )Tj 1.976 0 Td ( )Tj 2.223 0 Td ( )Tj 3.854 0 Td ( )Tj 1.186 0 Td ( )Tj 1.976 0 Td ( )Tj 2.223 0 Td ( )Tj 3.854 0 Td ( )Tj 1.186 0 Td ( )Tj /TT2 1 Tf 3.042 -0.003 Td (Jan-June)Tj /TT0 1 Tf 5.011 0.003 Td ( )Tj 1.186 0 Td ( )Tj /TT2 1 Tf 3.042 -0.003 Td (Jan-June)Tj /TT0 1 Tf 5.011 0.003 Td ( )Tj -56.314 -1.3 Td ( )Tj 20.549 0 Td ( )Tj /TT2 1 Tf 4.014 0.097 Td (2003)Tj /TT0 1 Tf 4.038 -0.097 Td ( )Tj 1.186 0 Td ( )Tj /TT2 1 Tf 3.518 0.097 Td (2004)Tj /TT0 1 Tf 8.5 0 0 8.5 363.0543 379.6031 Tm (\(2\))Tj 10 0 0 10 388.3911 378.6364 Tm ( )Tj 1.186 0 Td ( )Tj /TT2 1 Tf 3.518 0.097 Td (2004)Tj /TT0 1 Tf 8.5 0 0 8.5 455.4311 379.6031 Tm (\(2\))Tj 10 0 0 10 480.7679 378.6364 Tm ( )Tj 1.186 0 Td ( )Tj /TT2 1 Tf 3.518 0.097 Td (2005)Tj /TT0 1 Tf 8.5 0 0 8.5 547.8079 379.6031 Tm (\(2\))Tj 10 0 0 10 573.1446 378.6364 Tm ( )Tj 12.5 0 0 12.5 25 364.4705 Tm (Current account:)Tj 15.239 0 Td ( )Tj 1.581 0 Td ( )Tj 1.778 0 Td ( )Tj 3.083 0 Td ( )Tj 0.948 0 Td ( )Tj 1.581 0 Td ( )Tj 1.778 0 Td ( )Tj 3.083 0 Td ( )Tj 0.948 0 Td ( )Tj 1.581 0 Td ( )Tj 1.778 0 Td ( )Tj 3.083 0 Td ( )Tj 0.948 0 Td ( )Tj 1.581 0 Td ( )Tj 1.778 0 Td ( )Tj 3.083 0 Td ( )Tj -43.852 -1.2 Td (Merchandise trade balance)Tj 15.239 0 Td ( )Tj 1.581 0 Td ( )Tj 2.611 0 Td (183.4 )Tj 3.198 0 Td ( )Tj 1.581 0 Td ( )Tj 3.111 0 Td (31.0 )Tj 2.698 0 Td ( )Tj 1.581 0 Td ( )Tj 3.111 0 Td (36.5 )Tj 2.698 0 Td ( )Tj 1.581 0 Td ( )Tj 2.778 0 Td (\(65.5\))Tj -40.569 -1.2 Td (Exports)Tj 14.039 0 Td ( )Tj 1.581 0 Td ( )Tj 2.111 0 Td (2281.2 )Tj 3.698 0 Td ( )Tj 1.581 0 Td ( )Tj 2.111 0 Td (3021.3 )Tj 3.698 0 Td ( )Tj 1.581 0 Td ( )Tj 2.111 0 Td (1378.5 )Tj 3.698 0 Td ( )Tj 1.581 0 Td ( )Tj 2.111 0 Td (1676.4 )Tj -39.902 -1.2 Td (Imports)Tj 14.039 0 Td ( )Tj 1.581 0 Td ( )Tj 1.778 0 Td (\(2097.8\))Tj 4.031 0 Td ( )Tj 1.581 0 Td ( )Tj 1.778 0 Td (\(2990.3\))Tj 4.031 0 Td ( )Tj 1.581 0 Td ( )Tj 1.778 0 Td (\(1342.0\))Tj 4.031 0 Td ( )Tj 1.581 0 Td ( )Tj 1.778 0 Td (\(1741.9\))Tj -40.769 -1.2 Td (Services, net)Tj 15.239 0 Td ( )Tj 1.581 0 Td ( )Tj 2.611 0 Td (166.7 )Tj 3.198 0 Td ( )Tj 1.581 0 Td ( )Tj 2.611 0 Td (304.3 )Tj 3.198 0 Td ( )Tj 1.581 0 Td ( )Tj 2.611 0 Td (215.8 )Tj 3.198 0 Td ( )Tj 1.581 0 Td ( )Tj 2.611 0 Td (217.3 )Tj -41.602 -1.2 Td (Interest and dividends)Tj 15.239 0 Td ( )Tj 1.581 0 Td ( )Tj 2.278 0 Td (\(488.4\))Tj 3.531 0 Td ( )Tj 1.581 0 Td ( )Tj 2.278 0 Td (\(521.6\))Tj 3.531 0 Td ( )Tj 1.581 0 Td ( )Tj 2.278 0 Td (\(273.0\))Tj 3.531 0 Td ( )Tj 1.581 0 Td ( )Tj 2.278 0 Td (\(256.8\))Tj -41.269 -1.2 Td (Current transfers)Tj 10.625 0 0 10.625 109.35 274.4705 Tm (\(3\))Tj 12.5 0 0 12.5 215.4929 274.4705 Tm ( )Tj 1.581 0 Td ( )Tj 3.111 0 Td (82.7 )Tj 2.698 0 Td ( )Tj 1.581 0 Td ( )Tj 3.111 0 Td (88.7 )Tj 2.698 0 Td ( )Tj 1.581 0 Td ( )Tj 3.111 0 Td (40.4 )Tj 2.698 0 Td ( )Tj 1.581 0 Td ( )Tj 3.111 0 Td (44.0 )Tj 1 0 0 1 10 268.9336 Tm ( )Tj 205.493 0 Td ( )Tj 19.759 -0.5 Td ( )Tj 12.5 0 0 12.5 25 257.2705 Tm (Total current account)Tj 15.239 0 Td ( )Tj 1.581 0 Td ( )Tj /TT2 1 Tf 2.778 -0.003 Td (\(55.6\))Tj /TT0 1 Tf 3.031 0.003 Td ( )Tj 1.581 0 Td ( )Tj /TT2 1 Tf 2.778 -0.003 Td (\(97.6\))Tj /TT0 1 Tf 3.031 0.003 Td ( )Tj 1.581 0 Td ( )Tj /TT2 1 Tf 3.111 -0.003 Td (19.7)Tj /TT0 1 Tf 1.75 0.003 Td ( )Tj 0.948 0 Td ( )Tj 1.581 0 Td ( )Tj /TT2 1 Tf 2.778 -0.003 Td (\(61.0\))Tj /TT0 1 Tf 1 0 0 1 10 250.7336 Tm ( )Tj 205.493 0 Td ( )Tj 19.759 -1.5 Td ( )Tj 12.5 0 0 12.5 25 238.0705 Tm ( )Tj 15.239 0 Td ( )Tj 1.581 0 Td ( )Tj 1.778 0 Td ( )Tj 3.083 0 Td ( )Tj 0.948 0 Td ( )Tj 1.581 0 Td ( )Tj 1.778 0 Td ( )Tj 3.083 0 Td ( )Tj 0.948 0 Td ( )Tj 1.581 0 Td ( )Tj 1.778 0 Td ( )Tj 3.083 0 Td ( )Tj 0.948 0 Td ( )Tj 1.581 0 Td ( )Tj 1.778 0 Td ( )Tj 3.083 0 Td ( )Tj -43.852 -1.2 Td (Capital account:)Tj 15.239 0 Td ( )Tj 1.581 0 Td ( )Tj 1.778 0 Td ( )Tj 3.083 0 Td ( )Tj 0.948 0 Td ( )Tj 1.581 0 Td ( )Tj 1.778 0 Td ( )Tj 3.083 0 Td ( )Tj 0.948 0 Td ( )Tj 1.581 0 Td ( )Tj 1.778 0 Td ( )Tj 3.083 0 Td ( )Tj 0.948 0 Td ( )Tj 1.581 0 Td ( )Tj 1.778 0 Td ( )Tj 3.083 0 Td ( )Tj -43.852 -1.2 Td (Direct investments)Tj 15.239 0 Td ( )Tj 1.581 0 Td ( )Tj 2.611 0 Td (401.3 )Tj 3.198 0 Td ( )Tj 1.581 0 Td ( )Tj 2.611 0 Td (337.4 )Tj 3.198 0 Td ( )Tj 1.581 0 Td ( )Tj 2.611 0 Td (163.0 )Tj 3.198 0 Td ( )Tj 1.581 0 Td ( )Tj 2.611 0 Td (175.2 )Tj -41.602 -1.2 Td (Portfolio investments)Tj 10.625 0 0 10.625 132.3 193.0705 Tm (\(4\))Tj 12.5 0 0 12.5 215.4929 193.0705 Tm ( )Tj 1.581 0 Td ( )Tj 2.278 0 Td (\(311.0\))Tj 3.531 0 Td ( )Tj 1.581 0 Td ( )Tj 2.278 0 Td (\(415.5\))Tj 3.531 0 Td ( )Tj 1.581 0 Td ( )Tj 2.278 0 Td (\(547.9\))Tj 3.531 0 Td ( )Tj 1.581 0 Td ( )Tj 3.111 0 Td (26.6 )Tj -42.102 -1.2 Td (Other medium-and long-term capital)Tj 15.239 0 Td ( )Tj 1.581 0 Td ( )Tj 2.611 0 Td (582.3 )Tj 3.198 0 Td ( )Tj 1.581 0 Td ( )Tj 3.111 0 Td (63.6 )Tj 2.698 0 Td ( )Tj 1.581 0 Td ( )Tj 2.778 0 Td (\(53.7\))Tj 3.031 0 Td ( )Tj 1.581 0 Td ( )Tj 2.278 0 Td (\(183.9\))Tj -41.269 -1.2 Td (Other short-term capital)Tj 15.239 0 Td ( )Tj 1.581 0 Td ( )Tj 2.278 0 Td (\(246.3\))Tj 3.531 0 Td ( )Tj 1.581 0 Td ( )Tj 2.611 0 Td (137.7 )Tj 3.198 0 Td ( )Tj 1.581 0 Td ( )Tj 2.611 0 Td (343.1 )Tj 3.198 0 Td ( )Tj 1.581 0 Td ( )Tj 2.278 0 Td (\(221.8\))Tj 1 0 0 1 10 157.5336 Tm ( )Tj 205.493 0 Td ( )Tj 19.759 -0.5 Td ( )Tj 12.5 0 0 12.5 25 145.8705 Tm (Total capital and financial account, )Tj 0 -1.2 TD (net)Tj 15.239 0 Td ( )Tj 1.581 0 Td ( )Tj /TT2 1 Tf 2.611 -0.003 Td (426.3)Tj /TT0 1 Tf 2.25 0.003 Td ( )Tj 0.948 0 Td ( )Tj 1.581 0 Td ( )Tj /TT2 1 Tf 2.611 -0.003 Td (123.1)Tj /TT0 1 Tf 2.25 0.003 Td ( )Tj 0.948 0 Td ( )Tj 1.581 0 Td ( )Tj /TT2 1 Tf 2.778 -0.003 Td (\(95.4\))Tj /TT0 1 Tf 3.031 0.003 Td ( )Tj 1.581 0 Td ( )Tj /TT2 1 Tf 2.278 -0.003 Td (\(203.9\))Tj /TT0 1 Tf 1 0 0 1 10 125.3336 Tm ( )Tj 205.493 0 Td ( )Tj 19.759 -0.5 Td ( )Tj 12.5 0 0 12.5 25 113.6705 Tm (Errors and omissions)Tj 15.239 0 Td ( )Tj 1.581 0 Td ( )Tj /TT2 1 Tf 2.111 -0.003 Td (1009.5)Tj /TT0 1 Tf 2.75 0.003 Td ( )Tj 0.948 0 Td ( )Tj 1.581 0 Td ( )Tj /TT2 1 Tf 2.611 -0.003 Td (428.7)Tj /TT0 1 Tf 2.25 0.003 Td ( )Tj 0.948 0 Td ( )Tj 1.581 0 Td ( )Tj /TT2 1 Tf 2.611 -0.003 Td (240.9)Tj /TT0 1 Tf 2.25 0.003 Td ( )Tj 0.948 0 Td ( )Tj 1.581 0 Td ( )Tj /TT2 1 Tf 2.611 -0.003 Td (324.9)Tj /TT0 1 Tf 2.25 0.003 Td ( )Tj 1 0 0 1 10 108.1336 Tm ( )Tj 205.493 0 Td ( )Tj 19.759 -0.5 Td ( )Tj 12.5 0 0 12.5 25 96.4705 Tm (Total balance of payments)Tj 15.239 0 Td ( )Tj /TT2 1 Tf 1.581 -0.003 Td (US$)Tj 2.111 0 Td (1380.2)Tj /TT0 1 Tf 2.75 0.003 Td ( )Tj 0.948 0 Td ( )Tj /TT2 1 Tf 1.581 -0.003 Td (US$)Tj 2.611 0 Td (454.3)Tj /TT0 1 Tf 2.25 0.003 Td ( )Tj 0.948 0 Td ( )Tj /TT2 1 Tf 1.581 -0.003 Td (US$)Tj 2.611 0 Td (165.2)Tj /TT0 1 Tf 2.25 0.003 Td ( )Tj 0.948 0 Td ( )Tj /TT2 1 Tf 1.581 -0.003 Td (US$)Tj 3.111 0 Td (60.0)Tj /TT0 1 Tf 1.75 0.003 Td ( )Tj 1 0 0 1 10 89.9336 Tm ( )Tj 205.493 0 Td ( )Tj 19.759 -1.5 Td ( )Tj 12.5 0 0 12.5 25 77.2705 Tm (Change in Banco Central )Tj T* (international reserve assets)Tj 10.625 0 0 10.625 159.6875 62.2705 Tm (\(5\))Tj 12.5 0 0 12.5 215.4929 62.2705 Tm ( )Tj /TT2 1 Tf 1.581 -0.003 Td (US$\(1380.2\))Tj /TT0 1 Tf 5.809 0.003 Td ( )Tj /TT2 1 Tf 1.581 -0.003 Td (US$)Tj 2.278 0 Td (\(454.3\))Tj /TT0 1 Tf 3.531 0.003 Td ( )Tj /TT2 1 Tf 1.581 -0.003 Td (US$)Tj 2.278 0 Td (\(165.2\))Tj /TT0 1 Tf 3.531 0.003 Td ( )Tj /TT2 1 Tf 1.581 -0.003 Td (US$)Tj 2.778 0 Td (\(60.0\))Tj /TT0 1 Tf -41.769 -1.197 Td (Assets:)Tj 15.239 0 Td ( )Tj 1.581 0 Td ( )Tj 1.778 0 Td ( )Tj 3.083 0 Td ( )Tj 0.948 0 Td ( )Tj 1.581 0 Td ( )Tj 1.778 0 Td ( )Tj 3.083 0 Td ( )Tj 0.948 0 Td ( )Tj 1.581 0 Td ( )Tj 1.778 0 Td ( )Tj 3.083 0 Td ( )Tj 0.948 0 Td ( )Tj 1.581 0 Td ( )Tj 1.778 0 Td ( )Tj 3.083 0 Td ( )Tj ET EMC /Artifact <>BDC Q 0 0 0 rg BT /T1_0 1 Tf 9 0 0 9 18 7.17 Tm (http://www.sec.gov/Archives/edgar/data/102385/000095012305013822/y13442e\ 424b2.htm \(18 de 98\)25/10/2007 01:31:30 p.m.)Tj ET EMC endstream endobj 532 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 10 801 205.493 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 215.493 801 19.759 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 235.252 801 22.225 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 257.477 801 38.538 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 296.014 801 11.855 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 307.87 801 19.759 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 327.629 801 22.225 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 349.854 801 38.538 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 388.391 801 11.855 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 400.246 801 19.759 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 420.005 801 22.225 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 442.23 801 38.538 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 480.768 801 11.855 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 492.623 801 19.759 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 512.382 801 22.225 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 534.607 801 38.538 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 573.145 801 11.855 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 10 771 205.493 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 215.493 771 19.759 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 235.252 771 22.225 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 257.477 771 38.538 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 296.014 771 11.855 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 307.87 771 19.759 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 327.629 771 22.225 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 349.854 771 38.538 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 388.391 771 11.855 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 400.246 771 19.759 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 420.005 771 22.225 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 442.23 771 38.538 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 480.768 771 11.855 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 492.623 771 19.759 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 512.382 771 22.225 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 534.607 771 38.538 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 573.145 771 11.855 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 10 741 205.493 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 215.493 741 19.759 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 235.252 741 22.225 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 257.477 741 38.538 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 296.014 741 11.855 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 307.87 741 19.759 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 327.629 741 22.225 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 349.854 741 38.538 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 388.391 741 11.855 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 400.246 741 19.759 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 420.005 741 22.225 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 442.23 741 38.538 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 480.768 741 11.855 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 492.623 741 19.759 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 512.382 741 22.225 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 534.607 741 38.538 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 573.145 741 11.855 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 0 0 0 rg 235.252 741 m 585 741 l 585 740 l 235.252 740 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 235.252 723.8 m 585 723.8 l 585 722.8 l 235.252 722.8 l h f 235.252 721.8 m 585 721.8 l 585 720.8 l 235.252 720.8 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 40 805.1705 Tm (Gold)Tj 14.039 0 Td ( )Tj 1.581 0 Td ( )Tj 3.611 0 Td (0.0 )Tj 2.198 0 Td ( )Tj 1.581 0 Td ( )Tj 3.611 0 Td (0.0 )Tj 2.198 0 Td ( )Tj 1.581 0 Td ( )Tj 3.611 0 Td (0.0 )Tj 2.198 0 Td ( )Tj 1.581 0 Td ( )Tj 3.611 0 Td (0.0 )Tj -41.402 -1.2 Td (SDRs)Tj 14.039 0 Td ( )Tj 1.581 0 Td ( )Tj 3.278 0 Td (\(3.0\))Tj 2.531 0 Td ( )Tj 1.581 0 Td ( )Tj 3.278 0 Td (\(3.0\))Tj 2.531 0 Td ( )Tj 1.581 0 Td ( )Tj 3.278 0 Td (\(0.1\))Tj 2.531 0 Td ( )Tj 1.581 0 Td ( )Tj 3.611 0 Td (1.7 )Tj -41.402 -1.2 Td (IMF position)Tj 14.039 0 Td ( )Tj 1.581 0 Td ( )Tj 3.611 0 Td (0.0 )Tj 2.198 0 Td ( )Tj 1.581 0 Td ( )Tj 3.611 0 Td (0.0 )Tj 2.198 0 Td ( )Tj 1.581 0 Td ( )Tj 3.611 0 Td (0.0 )Tj 2.198 0 Td ( )Tj 1.581 0 Td ( )Tj 3.611 0 Td (0.0 )Tj -41.402 -1.2 Td (Foreign exchange)Tj 14.039 0 Td ( )Tj 1.581 0 Td ( )Tj 2.611 0 Td (478.5 )Tj 3.198 0 Td ( )Tj 1.581 0 Td ( )Tj 2.111 0 Td (1299.3 )Tj 3.698 0 Td ( )Tj 1.581 0 Td ( )Tj 2.278 0 Td (\(667.4\))Tj 3.531 0 Td ( )Tj 1.581 0 Td ( )Tj 2.278 0 Td (\(330.9\))Tj -40.069 -1.2 Td (Other holdings)Tj 14.039 0 Td ( )Tj 1.581 0 Td ( )Tj 2.611 0 Td (904.7 )Tj 3.198 0 Td ( )Tj 1.581 0 Td ( )Tj 2.278 0 Td (\(842.0\))Tj 3.531 0 Td ( )Tj 1.581 0 Td ( )Tj 2.611 0 Td (832.7 )Tj 3.198 0 Td ( )Tj 1.581 0 Td ( )Tj 2.611 0 Td (389.2 )Tj 1 0 0 1 10 739.6336 Tm ( )Tj 205.493 0 Td ( )Tj 19.759 -0.5 Td ( )Tj 12.5 0 0 12.5 55 727.9705 Tm (Total assets)Tj 12.839 0 Td ( )Tj /TT1 1 Tf 1.581 -0.003 Td (US$)Tj 2.111 0 Td (1380.2)Tj /TT0 1 Tf 2.75 0.003 Td ( )Tj 0.948 0 Td ( )Tj /TT1 1 Tf 1.581 -0.003 Td (US$)Tj 2.611 0 Td (454.3)Tj /TT0 1 Tf 2.25 0.003 Td ( )Tj 0.948 0 Td ( )Tj /TT1 1 Tf 1.581 -0.003 Td (US$)Tj 2.611 0 Td (165.2)Tj /TT0 1 Tf 2.25 0.003 Td ( )Tj 0.948 0 Td ( )Tj /TT1 1 Tf 1.581 -0.003 Td (US$)Tj 3.111 0 Td (60.0)Tj /TT0 1 Tf 1.75 0.003 Td ( )Tj 1 0 0 1 10 721.4336 Tm ( )Tj 205.493 0 Td ( )Tj 19.759 -1.5 Td ( )Tj 12.5 0 0 12.5 288.8188 689.7705 Tm (S-9 )Tj ET 0.5 0.5 0.5 rg 10 657.6 575 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/102385/000095012305013822/y13442e\ 424b2.htm \(19 de 98\)25/10/2007 01:31:30 p.m.)Tj ET EMC endstream endobj 533 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 10 759.492 m 113.5 759.492 l 113.5 758.492 l 10 758.492 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 109.969 298.319 m 488.141 298.319 l 488.141 299.319 l 109.969 299.319 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 109.969 285.319 m 163.444 285.319 l 163.444 286.319 l 109.969 286.319 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 183.215 285.319 m 236.69 285.319 l 236.69 286.319 l 183.215 286.319 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 256.461 285.319 m 306.811 285.319 l 306.811 286.319 l 256.461 286.319 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 331.556 285.319 m 391.281 285.319 l 391.281 286.319 l 331.556 286.319 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 428.416 285.319 m 488.141 285.319 l 488.141 286.319 l 428.416 286.319 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 512.886 285.319 m 572.611 285.319 l 572.611 286.319 l 512.886 286.319 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 0.8 0.933 1 rg 10 225.319 87.613 60 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 97.613 225.319 12.357 60 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 109.969 225.319 15.975 60 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 125.944 225.319 37.5 60 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 163.444 225.319 7.414 60 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 170.858 225.319 12.357 60 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 183.215 225.319 15.975 60 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 199.19 225.319 37.5 60 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 236.69 225.319 7.414 60 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 244.104 225.319 12.357 60 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 256.461 225.319 22.225 60 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 278.686 225.319 28.125 60 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 306.811 225.319 12.389 60 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 319.2 225.319 12.357 60 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 331.556 225.319 22.225 60 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 353.781 225.319 37.5 60 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 391.281 225.319 24.777 60 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 416.059 225.319 12.357 60 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 428.416 225.319 22.225 60 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 450.641 225.319 37.5 60 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 488.141 225.319 12.389 60 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 500.529 225.319 12.357 60 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 512.886 225.319 22.225 60 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 535.111 225.319 37.5 60 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 572.611 225.319 12.389 60 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 0 0 0 rg 109.969 225.319 m 163.444 225.319 l 163.444 224.319 l 109.969 224.319 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 183.215 225.319 m 236.69 225.319 l 236.69 224.319 l 183.215 224.319 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 256.461 225.319 m 306.811 225.319 l 306.811 224.319 l 256.461 224.319 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 331.556 225.319 m 391.281 225.319 l 391.281 224.319 l 331.556 224.319 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 428.416 225.319 m 488.141 225.319 l 488.141 224.319 l 428.416 224.319 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 512.886 225.319 m 572.611 225.319 l 572.611 224.319 l 512.886 224.319 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 109.969 208.119 m 163.444 208.119 l 163.444 207.119 l 109.969 207.119 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 183.215 208.119 m 236.69 208.119 l 236.69 207.119 l 183.215 207.119 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 256.461 208.119 m 306.811 208.119 l 306.811 207.119 l 256.461 207.119 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 331.556 208.119 m 391.281 208.119 l 391.281 207.119 l 331.556 207.119 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 428.416 208.119 m 488.141 208.119 l 488.141 207.119 l 428.416 207.119 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 512.886 208.119 m 572.611 208.119 l 572.611 207.119 l 512.886 207.119 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 0.8 0.933 1 rg 10 175.919 87.613 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 97.613 175.919 12.357 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 109.969 175.919 15.975 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 125.944 175.919 37.5 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 163.444 175.919 7.414 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 170.858 175.919 12.357 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 183.215 175.919 15.975 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 199.19 175.919 37.5 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 236.69 175.919 7.414 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 244.104 175.919 12.357 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 256.461 175.919 22.225 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 278.686 175.919 28.125 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 306.811 175.919 12.389 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 319.2 175.919 12.357 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 331.556 175.919 22.225 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 353.781 175.919 37.5 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 391.281 175.919 24.777 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 416.059 175.919 12.357 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 428.416 175.919 22.225 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 450.641 175.919 37.5 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 488.141 175.919 12.389 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 500.529 175.919 12.357 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 512.886 175.919 22.225 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 535.111 175.919 37.5 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 572.611 175.919 12.389 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 0 0 0 rg 109.969 175.919 m 163.444 175.919 l 163.444 174.919 l 109.969 174.919 l h f 109.969 173.919 m 163.444 173.919 l 163.444 172.919 l 109.969 172.919 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 183.215 175.919 m 236.69 175.919 l 236.69 174.919 l 183.215 174.919 l h f 183.215 173.919 m 236.69 173.919 l 236.69 172.919 l 183.215 172.919 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 256.461 175.919 m 306.811 175.919 l 306.811 174.919 l 256.461 174.919 l h f 256.461 173.919 m 306.811 173.919 l 306.811 172.919 l 256.461 172.919 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 331.556 175.919 m 391.281 175.919 l 391.281 174.919 l 331.556 174.919 l h f 331.556 173.919 m 391.281 173.919 l 391.281 172.919 l 331.556 172.919 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 428.416 175.919 m 488.141 175.919 l 488.141 174.919 l 428.416 174.919 l h f 428.416 173.919 m 488.141 173.919 l 488.141 172.919 l 428.416 172.919 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 512.886 175.919 m 572.611 175.919 l 572.611 174.919 l 512.886 174.919 l h f 512.886 173.919 m 572.611 173.919 l 572.611 172.919 l 512.886 172.919 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 109.969 96.719 m 163.444 96.719 l 163.444 95.719 l 109.969 95.719 l h f 109.969 94.719 m 163.444 94.719 l 163.444 93.719 l 109.969 93.719 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 183.215 96.719 m 236.69 96.719 l 236.69 95.719 l 183.215 95.719 l h f 183.215 94.719 m 236.69 94.719 l 236.69 93.719 l 183.215 93.719 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 256.461 96.719 m 306.811 96.719 l 306.811 95.719 l 256.461 95.719 l h f 256.461 94.719 m 306.811 94.719 l 306.811 93.719 l 256.461 93.719 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 331.556 96.719 m 391.281 96.719 l 391.281 95.719 l 331.556 95.719 l h f 331.556 94.719 m 391.281 94.719 l 391.281 93.719 l 331.556 93.719 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 428.416 96.719 m 488.141 96.719 l 488.141 95.719 l 428.416 95.719 l h f 428.416 94.719 m 488.141 94.719 l 488.141 93.719 l 428.416 93.719 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 512.886 96.719 m 572.611 96.719 l 572.611 95.719 l 512.886 95.719 l h f 512.886 94.719 m 572.611 94.719 l 572.611 93.719 l 512.886 93.719 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 3.75 0 0 3.75 10 755.2435 Tm ( )Tj 12.5 0 0 12.5 10 743.1628 Tm (\(1\))Tj 1.38 0 Td ( )Tj 0.46 0 Td (Calculated in accordance with the methodology set forth in the IMF Balan\ ce of Payments Manual, 5)Tj 10.625 0 0 10.625 535.0125 743.1628 Tm (th)Tj 12.5 0 0 12.5 543.2787 743.1628 Tm ( )Tj -40.822 -1.2 Td (Edition.)Tj 3.75 0 0 3.75 10 720.7435 Tm ( )Tj 12.5 0 0 12.5 10 708.6628 Tm (\(2\))Tj 1.38 0 Td ( )Tj 0.46 0 Td (Preliminary data.)Tj 3.75 0 0 3.75 10 701.2435 Tm ( )Tj 12.5 0 0 12.5 10 689.1628 Tm (\(3\))Tj 1.38 0 Td ( )Tj 0.46 0 Td (Current transfers consist of transactions without a quid pro quo, many o\ f which are donations.)Tj 3.75 0 0 3.75 10 681.7435 Tm ( )Tj 12.5 0 0 12.5 10 669.6628 Tm (\(4\))Tj 1.38 0 Td ( )Tj 0.46 0 Td (Includes public bonds, commercial paper, notes and commercial banks\222 \ foreign portfolio investment.)Tj 3.75 0 0 3.75 10 662.2435 Tm ( )Tj 12.5 0 0 12.5 10 650.1628 Tm (\(5\))Tj 1.38 0 Td ( )Tj 0.46 0 Td (Change in Central Bank international reserve assets does not reflect adj\ ustments in the value of gold. )Tj 0 -1.2 TD (Numbers in parentheses represent increases in reserves.)Tj /TT1 1 Tf -1.84 -2.403 Td (Source: )Tj /TT0 1 Tf (Banco Central. )Tj 0 -1.804 TD ( )Tj /TT2 1 Tf (Foreign Trade)Tj /TT0 1 Tf ( )Tj 0 -1.8 TD ( According to preliminary data, Uruguayan merchandise exports contin\ ued to increase during 2005. )Tj 0 -1.2 TD (Preliminary figures indicate a 18.5% increase in exports in the first se\ ven months of 2005 compared with the )Tj 0 -1.2 TD (same period in 2004, as measured in U.S. dollars. During the first seven\ months of 2005, imports increased by )Tj T* (24.4% compared with the first seven months of 2004, attributable in part\ to the increase in the price of oil, of )Tj T* (which Uruguay is an importer. )Tj /TT3 1 Tf 0 -2.403 TD (Monetary System)Tj /TT0 1 Tf ( )Tj 0 -1.8 TD ( As of October 31, 2005, Banco Central\222s international reserves a\ ssets totaled US$2,568.4 million compared to )Tj 0 -1.2 TD (US$2,511.8 million at December 31, 2004. )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 reserves assets as\ of the dates indicated. )Tj /TT3 1 Tf 8.52 -3.003 Td (Monetary Base and Banco Central\222s International Reserve Assets)Tj /TT0 1 Tf 10.625 0 0 10.625 466.1119 357.4899 Tm (\(1\))Tj 12.5 0 0 12.5 478.5006 357.4899 Tm ( )Tj -18.522 -1.2 Td (\(in millions of US$\) )Tj -18.958 -1.2 Td ( )Tj 7.009 0 Td ( )Tj 0.989 0 Td ( )Tj 1.278 0 Td ( )Tj 3 0 Td ( )Tj 0.593 0 Td ( )Tj 0.989 0 Td ( )Tj 1.278 0 Td ( )Tj 3 0 Td ( )Tj 0.593 0 Td ( )Tj 0.989 0 Td ( )Tj 1.778 0 Td ( )Tj 2.25 0 Td ( )Tj 0.991 0 Td ( )Tj 0.989 0 Td ( )Tj 1.778 0 Td ( )Tj 3 0 Td ( )Tj 1.982 0 Td ( )Tj 0.989 0 Td ( )Tj 1.778 0 Td ( )Tj 3 0 Td ( )Tj 0.991 0 Td ( )Tj 0.989 0 Td ( )Tj 1.778 0 Td ( )Tj 3 0 Td ( )Tj 10 0 0 10 10 314.6558 Tm ( )Tj 8.761 0 Td ( )Tj 1.236 0 Td ( )Tj 1.597 0 Td ( )Tj 3.75 0 Td ( )Tj 0.741 0 Td ( )Tj 1.236 0 Td ( )Tj 1.597 0 Td ( )Tj 3.75 0 Td ( )Tj 0.741 0 Td ( )Tj 1.236 0 Td ( )Tj 2.223 0 Td ( )Tj 2.813 0 Td ( )Tj 1.239 0 Td ( )Tj 1.236 0 Td ( )Tj 2.223 0 Td ( )Tj 3.75 0 Td ( )Tj 2.478 0 Td ( )Tj 1.236 0 Td ( )Tj 2.223 0 Td ( )Tj 3.75 0 Td ( )Tj 1.239 0 Td ( )Tj /TT3 1 Tf 3.125 -0.003 Td (As of)Tj /TT0 1 Tf 4.083 0.003 Td ( )Tj -56.261 -1.3 Td ( )Tj 8.761 0 Td ( )Tj /TT3 1 Tf 16.007 0.097 Td (As of December 31,)Tj /TT0 1 Tf 23.046 -0.097 Td ( )Tj 1.239 0 Td ( )Tj /TT3 1 Tf 1.722 -0.003 Td (October 31,)Tj /TT0 1 Tf 5.486 0.003 Td ( )Tj -56.261 -1.3 Td ( )Tj 8.761 0 Td ( )Tj /TT3 1 Tf 2.909 0.097 Td (2000)Tj /TT0 1 Tf 3.674 -0.097 Td ( )Tj 0.741 0 Td ( )Tj /TT3 1 Tf 2.909 0.097 Td (2001)Tj /TT0 1 Tf 3.674 -0.097 Td ( )Tj 0.741 0 Td ( )Tj /TT3 1 Tf 2.753 0.097 Td (2002)Tj /TT0 1 Tf 3.518 -0.097 Td ( )Tj 1.239 0 Td ( )Tj /TT3 1 Tf 3.222 0.097 Td (2003)Tj /TT0 1 Tf 3.986 -0.097 Td ( )Tj 2.478 0 Td ( )Tj /TT3 1 Tf 3.222 0.097 Td (2004)Tj /TT0 1 Tf 3.986 -0.097 Td ( )Tj 1.239 0 Td ( )Tj /TT3 1 Tf 2.601 0.097 Td (2005 )Tj 8.5 0 0 8.5 549.0432 289.6225 Tm (\(2\))Tj /TT0 1 Tf 10 0 0 10 572.6113 288.6558 Tm ( )Tj 12.5 0 0 12.5 25 274.4899 Tm (Currency, )Tj 0 -1.2 TD (including )Tj T* (cash in vaults )Tj 0 -1.2 TD (at banks)Tj 5.809 0 Td ( )Tj 0.989 1.2 Td (US)Tj 0 -1.2 TD ($)Tj 2.028 0 Td (756.7 )Tj 2.843 0 Td ( )Tj 0.989 1.2 Td (US)Tj T* ($)Tj 2.028 0 Td (639.8 )Tj 2.843 0 Td ( )Tj 0.989 0 Td (US$367.7 )Tj 5.019 0 Td ( )Tj 0.989 0 Td (US$)Tj 2.528 0 Td (417.9 )Tj 4.232 0 Td ( )Tj 0.989 0 Td (US$)Tj 2.528 0 Td (537.8 )Tj 3.241 0 Td ( )Tj 0.989 0 Td (US$)Tj 2.528 0 Td (607.1 )Tj 1 0 0 1 25 223.953 Tm ( )Tj 72.612 0 Td ( )Tj 65.582 -0.5 Td ( )Tj 0.25 0.5 Td ( )Tj 7.414 0 Td ( )Tj 65.582 -0.5 Td ( )Tj 0.25 0.5 Td ( )Tj 7.414 0 Td ( )Tj 62.457 -0.5 Td ( )Tj 0.25 0.5 Td ( )Tj 12.389 0 Td ( )Tj 71.832 -0.5 Td ( )Tj 0.25 0.5 Td ( )Tj 24.777 0 Td ( )Tj 71.832 -0.5 Td ( )Tj 0.25 0.5 Td ( )Tj 12.389 0 Td ( )Tj 71.832 -0.5 Td ( )Tj 0.25 0.5 Td ( )Tj 12.5 0 0 12.5 25 212.2899 Tm (Others)Tj 5.809 0 Td ( )Tj 0.989 0 Td ( )Tj 2.528 0 Td (41.6 )Tj 2.343 0 Td ( )Tj 0.989 0 Td ( )Tj 2.528 0 Td (43.5 )Tj 2.343 0 Td ( )Tj 0.989 0 Td ( )Tj 2.278 0 Td (70.5 )Tj 2.741 0 Td ( )Tj 0.989 0 Td ( )Tj 3.028 0 Td (70.4 )Tj 3.732 0 Td ( )Tj 0.989 0 Td ( )Tj 3.028 0 Td (62.9 )Tj 2.741 0 Td ( )Tj 0.989 0 Td ( )Tj 2.528 0 Td (238.7 )Tj 1 0 0 1 25 206.753 Tm ( )Tj 72.612 0 Td ( )Tj 65.582 -0.5 Td ( )Tj 0.25 0.5 Td ( )Tj 7.414 0 Td ( )Tj 65.582 -0.5 Td ( )Tj 0.25 0.5 Td ( )Tj 7.414 0 Td ( )Tj 62.457 -0.5 Td ( )Tj 0.25 0.5 Td ( )Tj 12.389 0 Td ( )Tj 71.832 -0.5 Td ( )Tj 0.25 0.5 Td ( )Tj 24.777 0 Td ( )Tj 71.832 -0.5 Td ( )Tj 0.25 0.5 Td ( )Tj 12.389 0 Td ( )Tj 71.832 -0.5 Td ( )Tj 0.25 0.5 Td ( )Tj 12.5 0 0 12.5 25 195.0899 Tm (Monetary )Tj 0 -1.2 TD (Base)Tj 5.809 0 Td ( )Tj 0.989 1.2 Td (US)Tj T* ($)Tj 2.028 0 Td (798.4 )Tj 2.843 0 Td ( )Tj 0.989 1.2 Td (US)Tj T* ($)Tj 2.028 0 Td (683.3 )Tj 2.843 0 Td ( )Tj 0.989 0 Td (US$438.2 )Tj 5.019 0 Td ( )Tj 0.989 0 Td (US$)Tj 2.528 0 Td (488.3 )Tj 4.232 0 Td ( )Tj 0.989 0 Td (US$)Tj 2.528 0 Td (600.7 )Tj 3.241 0 Td ( )Tj 0.989 0 Td (US$)Tj 2.528 0 Td (845.8 )Tj 1 0 0 1 25 173.553 Tm ( )Tj 72.612 0 Td ( )Tj 65.582 -1.5 Td ( )Tj 0.25 1.5 Td ( )Tj 7.414 0 Td ( )Tj 65.582 -1.5 Td ( )Tj 0.25 1.5 Td ( )Tj 7.414 0 Td ( )Tj 62.457 -1.5 Td ( )Tj 0.25 1.5 Td ( )Tj 12.389 0 Td ( )Tj 71.832 -1.5 Td ( )Tj 0.25 1.5 Td ( )Tj 24.777 0 Td ( )Tj 71.832 -1.5 Td ( )Tj 0.25 1.5 Td ( )Tj 12.389 0 Td ( )Tj 71.832 -1.5 Td ( )Tj 0.25 1.5 Td ( )Tj 12.5 0 0 12.5 25 160.8899 Tm ( )Tj 5.809 0 Td ( )Tj 0.989 0 Td ( )Tj 1.278 0 Td ( )Tj 3 0 Td ( )Tj 0.593 0 Td ( )Tj 0.989 0 Td ( )Tj 1.278 0 Td ( )Tj 3 0 Td ( )Tj 0.593 0 Td ( )Tj 0.989 0 Td ( )Tj 1.778 0 Td ( )Tj 2.25 0 Td ( )Tj 0.991 0 Td ( )Tj 0.989 0 Td ( )Tj 1.778 0 Td ( )Tj 3 0 Td ( )Tj 1.982 0 Td ( )Tj 0.989 0 Td ( )Tj 1.778 0 Td ( )Tj 3 0 Td ( )Tj 0.991 0 Td ( )Tj 0.989 0 Td ( )Tj 1.778 0 Td ( )Tj 3 0 Td ( )Tj -43.809 -1.2 Td (Banco )Tj T* (Central )Tj 0 -1.2 TD (international )Tj 0 -1.2 TD (reserve assets)Tj 5.809 0 Td ( )Tj 0.989 1.2 Td (US)Tj T* ($)Tj 1.278 0 Td (2,777.7 )Tj 3.593 0 Td ( )Tj 0.989 1.2 Td (US)Tj T* ($)Tj 1.278 0 Td (3,100.0 )Tj 3.593 0 Td ( )Tj 0.989 0 Td (US$772.0)Tj 10.625 0 0 10.625 306.8109 100.2643 Tm (\(3\))Tj 12.5 0 0 12.5 319.1997 100.8899 Tm ( )Tj 0.989 0 Td (US$2,086.7)Tj 10.625 0 0 10.625 391.2815 100.2643 Tm (\(3\)\(4\))Tj 12.5 0 0 12.5 416.059 100.8899 Tm ( )Tj 0.989 0 Td (US$2,511.8)Tj 10.625 0 0 10.625 488.1407 100.2643 Tm (\(5\))Tj 12.5 0 0 12.5 500.5295 100.8899 Tm ( )Tj 0.989 0 Td (US$2,568.4)Tj 10.625 0 0 10.625 572.6113 100.2643 Tm (\(6\) )Tj 1 0 0 1 25 94.353 Tm ( )Tj 72.612 0 Td ( )Tj 65.582 -1.5 Td ( )Tj 0.25 1.5 Td ( )Tj 7.414 0 Td ( )Tj 65.582 -1.5 Td ( )Tj 0.25 1.5 Td ( )Tj 7.414 0 Td ( )Tj 62.457 -1.5 Td ( )Tj 0.25 1.5 Td ( )Tj 12.389 0 Td ( )Tj 71.832 -1.5 Td ( )Tj 0.25 1.5 Td ( )Tj 24.777 0 Td ( )Tj 71.832 -1.5 Td ( )Tj 0.25 1.5 Td ( )Tj 12.389 0 Td ( )Tj 71.832 -1.5 Td ( )Tj 0.25 1.5 Td ( )Tj 12.5 0 0 12.5 25 81.6899 Tm ( )Tj 5.809 0 Td ( )Tj 0.989 0 Td ( )Tj 1.278 0 Td ( )Tj 3 0 Td ( )Tj 0.593 0 Td ( )Tj 0.989 0 Td ( )Tj 1.278 0 Td ( )Tj 3 0 Td ( )Tj 0.593 0 Td ( )Tj 0.989 0 Td ( )Tj 1.778 0 Td ( )Tj 2.25 0 Td ( )Tj 0.991 0 Td ( )Tj 0.989 0 Td ( )Tj 1.778 0 Td ( )Tj 3 0 Td ( )Tj 1.982 0 Td ( )Tj 0.989 0 Td ( )Tj 1.778 0 Td ( )Tj 3 0 Td ( )Tj 0.991 0 Td ( )Tj 0.989 0 Td ( )Tj 1.778 0 Td ( )Tj 3 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/102385/000095012305013822/y13442e\ 424b2.htm \(20 de 98\)25/10/2007 01:31:30 p.m.)Tj ET EMC endstream endobj 534 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 10 771 87.613 45 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 97.613 771 12.357 45 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 109.969 771 15.975 45 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 125.944 771 37.5 45 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 163.444 771 7.414 45 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 170.858 771 12.357 45 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 183.215 771 15.975 45 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 199.19 771 37.5 45 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 236.69 771 7.414 45 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 244.104 771 12.357 45 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 256.461 771 22.225 45 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 278.686 771 28.125 45 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 306.811 771 12.389 45 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 319.2 771 12.357 45 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 331.556 771 22.225 45 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 353.781 771 37.5 45 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 391.281 771 24.777 45 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 416.059 771 12.357 45 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 428.416 771 22.225 45 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 450.641 771 37.5 45 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 488.141 771 12.389 45 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 500.529 771 12.357 45 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 512.886 771 22.225 45 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 535.111 771 37.5 45 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 572.611 771 12.389 45 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 0 0 0 rg 10 751 m 113.5 751 l 113.5 750 l 10 750 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 40 805.1705 Tm (Amount )Tj 0 -1.2 TD (represented )Tj T* (in gold)Tj 4.609 0 Td ( )Tj 0.989 1.2 Td (US)Tj T* ($)Tj 2.028 0 Td (294.5 )Tj 2.843 0 Td ( )Tj 0.989 1.2 Td (US)Tj T* ($)Tj 3.028 0 Td (2.3 )Tj 1.843 0 Td ( )Tj 0.989 0 Td (US$)Tj 2.778 0 Td (2.9 )Tj 2.241 0 Td ( )Tj 0.989 0 Td (US$)Tj 3.528 0 Td (3.5 )Tj 3.232 0 Td ( )Tj 0.989 0 Td (US$)Tj 3.528 0 Td (3.6 )Tj 2.241 0 Td ( )Tj 0.989 0 Td (US$)Tj 3.528 0 Td (3.9 )Tj 3.75 0 0 3.75 10 746.7511 Tm ( )Tj 12.5 0 0 12.5 10 734.6705 Tm (\(1\))Tj 1.38 0 Td ( )Tj 0.46 0 Td (All figures are at market value as of the date indicated. \(2\) Prelimin\ ary data.)Tj 3.75 0 0 3.75 10 727.2511 Tm ( )Tj 12.5 0 0 12.5 10 715.1705 Tm (\(3\))Tj 1.38 0 Td ( )Tj 0.46 0 Td (This amount does not include US$ 507.5 million held by the Fondo de Esta\ bilidad del Sistema Bancario at )Tj T* (December 31, 2002 and US$ 224.1 million at December 31, 2003.)Tj 3.75 0 0 3.75 10 692.7511 Tm ( )Tj 12.5 0 0 12.5 10 680.6705 Tm (\(4\))Tj 1.38 0 Td ( )Tj 0.46 0 Td (This amount includes US$ 1,044.4 million of reserves and voluntary depos\ its of the Uruguayan banking )Tj T* (system, including US$ 495.2 million of Banco de la Rep\372blica, with Ba\ nco Central.)Tj 3.75 0 0 3.75 10 658.2511 Tm ( )Tj 12.5 0 0 12.5 10 646.1705 Tm (\(5\))Tj 1.38 0 Td ( )Tj 0.46 0 Td (This amount includes US$ 1,625.5 million of reserves and voluntary depos\ its of the Uruguayan banking )Tj T* (system, including US$ 724.6 million of Banco de la Rep\372blica, with Ba\ nco Central.)Tj 3.75 0 0 3.75 10 623.7511 Tm ( )Tj 12.5 0 0 12.5 10 611.6705 Tm (\(6\))Tj 1.38 0 Td ( )Tj 0.46 0 Td (This amount includes US$1,556.0 million of reserves and voluntary deposi\ ts of the Uruguayan banking )Tj T* (system, including US$679.5 million of Banco de la Rep\372blica, with Ban\ co Central.)Tj /TT1 1 Tf -1.84 -2.403 Td (Source: )Tj /TT0 1 Tf (Banco Central. )Tj 0 -2.404 TD ( )Tj /TT2 1 Tf (Inflation)Tj /TT0 1 Tf ( )Tj 0 -1.8 TD ( For the twelve months ended October 31, 2005, changes in consumer p\ rices showed an increase of 4.6% while )Tj 0 -1.2 TD (changes in wholesale prices showed a decrease of 0.5%. For the twelve mo\ nths ended December 31, 2004, )Tj 22.055 -2.72 Td (S-10 )Tj ET 0.5 0.5 0.5 rg 10 432.91 575 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/102385/000095012305013822/y13442e\ 424b2.htm \(21 de 98\)25/10/2007 01:31:30 p.m.)Tj ET EMC endstream endobj 535 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 439.176 667.992 m 585 667.992 l 585 668.992 l 439.176 668.992 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 439.176 642.992 m 496.761 642.992 l 496.761 643.992 l 439.176 643.992 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 523.253 642.992 m 585 642.992 l 585 643.992 l 523.253 643.992 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 0.8 0.933 1 rg 10 627.992 402.684 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 412.684 627.992 26.492 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 439.176 627.992 15.895 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 455.072 627.992 24.225 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 479.297 627.992 17.464 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 496.761 627.992 26.492 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 523.253 627.992 15.895 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 539.148 627.992 24.225 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 563.374 627.992 21.626 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 10 597.992 402.684 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 412.684 597.992 26.492 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 439.176 597.992 15.895 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 455.072 597.992 24.225 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 479.297 597.992 17.464 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 496.761 597.992 26.492 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 523.253 597.992 15.895 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 539.148 597.992 24.225 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 563.374 597.992 21.626 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 10 567.992 402.684 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 412.684 567.992 26.492 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 439.176 567.992 15.895 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 455.072 567.992 24.225 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 479.297 567.992 17.464 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 496.761 567.992 26.492 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 523.253 567.992 15.895 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 539.148 567.992 24.225 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 563.374 567.992 21.626 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 10 537.992 402.684 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 412.684 537.992 26.492 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 439.176 537.992 15.895 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 455.072 537.992 24.225 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 479.297 537.992 17.464 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 496.761 537.992 26.492 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 523.253 537.992 15.895 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 539.148 537.992 24.225 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 563.374 537.992 21.626 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 0 0 0 rg 10 517.992 m 113.5 517.992 l 113.5 516.992 l 10 516.992 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 269.087 356.903 m 330.735 356.903 l 330.735 357.903 l 269.087 357.903 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 330.735 356.903 m 353.462 356.903 l 353.462 357.903 l 330.735 357.903 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 353.462 356.903 m 415.109 356.903 l 415.109 357.903 l 353.462 357.903 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 415.109 356.903 m 437.836 356.903 l 437.836 357.903 l 415.109 357.903 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 437.836 356.903 m 499.484 356.903 l 499.484 357.903 l 437.836 357.903 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 499.484 356.903 m 522.21 356.903 l 522.21 357.903 l 499.484 357.903 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 522.21 356.903 m 585 356.903 l 585 357.903 l 522.21 357.903 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 0.8 0.933 1 rg 10 341.903 236.361 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 246.361 341.903 22.727 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 269.087 341.903 13.636 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 282.724 341.903 34.375 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 317.099 341.903 13.636 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 330.735 341.903 22.727 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 353.462 341.903 13.636 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 367.098 341.903 34.375 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 401.473 341.903 13.636 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 415.109 341.903 22.727 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 437.836 341.903 13.636 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 451.472 341.903 34.375 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 485.847 341.903 13.636 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 499.484 341.903 22.727 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 522.21 341.903 13.636 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 535.847 341.903 35.517 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 571.364 341.903 13.636 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 10 311.903 236.361 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 246.361 311.903 22.727 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 269.087 311.903 13.636 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 282.724 311.903 34.375 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 317.099 311.903 13.636 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 330.735 311.903 22.727 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 353.462 311.903 13.636 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 367.098 311.903 34.375 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 401.473 311.903 13.636 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 415.109 311.903 22.727 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 437.836 311.903 13.636 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 451.472 311.903 34.375 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 485.847 311.903 13.636 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 499.484 311.903 22.727 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 522.21 311.903 13.636 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 535.847 311.903 35.517 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 571.364 311.903 13.636 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 10 281.903 236.361 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 246.361 281.903 22.727 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 269.087 281.903 13.636 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 282.724 281.903 34.375 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 317.099 281.903 13.636 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 330.735 281.903 22.727 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 353.462 281.903 13.636 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 367.098 281.903 34.375 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 401.473 281.903 13.636 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 415.109 281.903 22.727 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 437.836 281.903 13.636 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 451.472 281.903 34.375 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 485.847 281.903 13.636 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 499.484 281.903 22.727 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 522.21 281.903 13.636 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 535.847 281.903 35.517 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 571.364 281.903 13.636 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 0 0 0 rg 10 246.903 m 113.5 246.903 l 113.5 245.903 l 10 245.903 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 (inflation was 7.6% as measured by changes in consumer prices, and 5.1% a\ s measured by changes in wholesale )Tj 0 -1.2 TD (prices. )Tj 0 -1.8 TD ( The following table shows changes in the CPI and the WPI for the pe\ riod indicated. )Tj 0 -1.2 TD ( )Tj 32.215 0 Td ( )Tj 2.119 0 Td ( )Tj 1.272 0 Td ( )Tj 1.938 0 Td ( )Tj 1.397 0 Td ( )Tj 2.119 0 Td ( )Tj 1.272 0 Td ( )Tj 1.938 0 Td ( )Tj 10 0 0 10 10 684.3287 Tm ( )Tj 40.268 0 Td ( )Tj /TT1 1 Tf 5.358 -0.003 Td (Percent Change from)Tj /TT0 1 Tf -45.627 -1.297 Td ( )Tj 40.268 0 Td ( )Tj /TT1 1 Tf 3.802 0.097 Td (Previous Year at Period End)Tj /TT0 1 Tf -44.07 -1.297 Td ( )Tj 40.268 0 Td ( )Tj /TT1 1 Tf 3.306 -0.003 Td (Consumer)Tj /TT0 1 Tf 5.101 0.003 Td ( )Tj /TT1 1 Tf 3.542 -0.003 Td (Wholesale)Tj /TT0 1 Tf -52.218 -1.297 Td ( )Tj 40.268 0 Td ( )Tj /TT1 1 Tf 4.223 0.097 Td (Prices)Tj /TT0 1 Tf 4.184 -0.097 Td ( )Tj /TT1 1 Tf 4.432 0.097 Td (Prices)Tj /TT0 1 Tf 12.5 0 0 12.5 25 632.1628 Tm (1999)Tj 31.015 0 Td ( )Tj 3.141 0 Td ( )Tj 0.938 0 Td (4.2%)Tj 2.647 0 Td ( )Tj 3.141 0 Td ( )Tj 0.605 0 Td (\(0.3\)%)Tj -41.487 -1.2 Td (2000)Tj 31.015 0 Td ( )Tj 2.119 0 Td ( )Tj 1.96 0 Td (5.1 )Tj 2.647 0 Td ( )Tj 2.119 0 Td ( )Tj 1.96 0 Td (9.5 )Tj -41.82 -1.2 Td (2001)Tj 31.015 0 Td ( )Tj 2.119 0 Td ( )Tj 1.96 0 Td (3.6 )Tj 2.647 0 Td ( )Tj 2.119 0 Td ( )Tj 1.96 0 Td (3.8 )Tj -41.82 -1.2 Td (2002)Tj 31.015 0 Td ( )Tj 2.119 0 Td ( )Tj 1.46 0 Td (25.9 )Tj 3.147 0 Td ( )Tj 2.119 0 Td ( )Tj 1.46 0 Td (64.6 )Tj -41.32 -1.2 Td (2003)Tj 31.015 0 Td ( )Tj 2.119 0 Td ( )Tj 1.46 0 Td (10.2 )Tj 3.147 0 Td ( )Tj 2.119 0 Td ( )Tj 1.46 0 Td (20.5 )Tj -41.32 -1.2 Td (2004)Tj 31.015 0 Td ( )Tj 2.119 0 Td ( )Tj 1.96 0 Td (7.6 )Tj 2.647 0 Td ( )Tj 2.119 0 Td ( )Tj 1.96 0 Td (5.1 )Tj -41.82 -1.2 Td (For the twelve months ended October 31, 2005)Tj 31.015 0 Td ( )Tj 2.119 0 Td ( )Tj 1.96 0 Td (4.6 )Tj 2.647 0 Td ( )Tj 3.141 0 Td ( )Tj 0.605 0 Td (\(0.5\))Tj 3.75 0 0 3.75 10 513.7435 Tm ( )Tj /TT2 1 Tf 12.5 0 0 12.5 10 501.6276 Tm (Source: )Tj /TT0 1 Tf (Instituto Nacional de Estad\355stica \(INF\).)Tj 0 -1.804 TD ( )Tj /TT3 1 Tf (Exchange Rates)Tj /TT0 1 Tf ( )Tj 0 -1.8 TD ( The following table shows the high, low, average and period-end pes\ o/U.S. dollar exchange rates for the years )Tj 0 -1.2 TD (2000 through 2005. )Tj /TT1 1 Tf 19.102 -3.003 Td (Exchange Rates)Tj /TT0 1 Tf 10.625 0 0 10.625 333.8369 404.0315 Tm (\(1\))Tj 12.5 0 0 12.5 346.2256 404.0315 Tm ( )Tj -7.12 -1.197 Td (\(pesos per US$\) )Tj -19.778 -1.2 Td ( )Tj 18.909 0 Td ( )Tj 1.818 0 Td ( )Tj 1.091 0 Td ( )Tj 2.75 0 Td ( )Tj 1.091 0 Td ( )Tj 1.818 0 Td ( )Tj 1.091 0 Td ( )Tj 2.75 0 Td ( )Tj 1.091 0 Td ( )Tj 1.818 0 Td ( )Tj 1.091 0 Td ( )Tj 2.75 0 Td ( )Tj 1.091 0 Td ( )Tj 1.818 0 Td ( )Tj 1.091 0 Td ( )Tj 2.841 0 Td ( )Tj 10 0 0 10 10 360.239 Tm ( )Tj 23.636 0 Td ( )Tj /TT1 1 Tf 4.299 0.097 Td (High)Tj /TT0 1 Tf 4.138 0.003 Td ( )Tj /TT1 1 Tf 4.411 -0.003 Td (Low)Tj /TT0 1 Tf 4.027 0.003 Td ( )Tj /TT1 1 Tf 3.578 -0.003 Td (Average)Tj /TT0 1 Tf 4.859 0.003 Td ( )Tj /TT1 1 Tf 2.981 -0.003 Td (Period End)Tj /TT0 1 Tf 12.5 0 0 12.5 25 346.0731 Tm (2000)Tj 17.709 0 Td ( )Tj 1.818 0 Td ( )Tj 1.091 0 Td (12.505 )Tj 3.841 0 Td ( )Tj 1.818 0 Td ( )Tj 1.091 0 Td (11.615 )Tj 3.841 0 Td ( )Tj 1.818 0 Td ( )Tj 1.091 0 Td (12.097 )Tj 3.841 0 Td ( )Tj 1.818 0 Td ( )Tj 1.182 0 Td (12.505 )Tj -40.959 -1.2 Td (2001)Tj 17.709 0 Td ( )Tj 1.818 0 Td ( )Tj 1.091 0 Td (14.768 )Tj 3.841 0 Td ( )Tj 1.818 0 Td ( )Tj 1.091 0 Td (12.495 )Tj 3.841 0 Td ( )Tj 1.818 0 Td ( )Tj 1.091 0 Td (13.317 )Tj 3.841 0 Td ( )Tj 1.818 0 Td ( )Tj 1.182 0 Td (14.768 )Tj -40.959 -1.2 Td (2002)Tj 17.709 0 Td ( )Tj 1.818 0 Td ( )Tj 1.091 0 Td (32.325 )Tj 3.841 0 Td ( )Tj 1.818 0 Td ( )Tj 1.091 0 Td (14.025 )Tj 3.841 0 Td ( )Tj 1.818 0 Td ( )Tj 1.091 0 Td (21.309 )Tj 3.841 0 Td ( )Tj 1.818 0 Td ( )Tj 1.182 0 Td (27.170 )Tj -40.959 -1.2 Td (2003)Tj 17.709 0 Td ( )Tj 1.818 0 Td ( )Tj 1.091 0 Td (29.540 )Tj 3.841 0 Td ( )Tj 1.818 0 Td ( )Tj 1.091 0 Td (26.150 )Tj 3.841 0 Td ( )Tj 1.818 0 Td ( )Tj 1.091 0 Td (28.160 )Tj 3.841 0 Td ( )Tj 1.818 0 Td ( )Tj 1.182 0 Td (29.290 )Tj -40.959 -1.2 Td (2004)Tj 17.709 0 Td ( )Tj 1.818 0 Td ( )Tj 1.091 0 Td (29.810 )Tj 3.841 0 Td ( )Tj 1.818 0 Td ( )Tj 1.091 0 Td (26.010 )Tj 3.841 0 Td ( )Tj 1.818 0 Td ( )Tj 1.091 0 Td (28.645 )Tj 3.841 0 Td ( )Tj 1.818 0 Td ( )Tj 1.182 0 Td (26.380 )Tj -40.959 -1.2 Td (12 months ended October 31, 2005)Tj 17.709 0 Td ( )Tj 1.818 0 Td ( )Tj 1.091 0 Td (27.950 )Tj 3.841 0 Td ( )Tj 1.818 0 Td ( )Tj 1.091 0 Td (23.250 )Tj 3.841 0 Td ( )Tj 1.818 0 Td ( )Tj 1.091 0 Td (24.879 )Tj 3.841 0 Td ( )Tj 1.818 0 Td ( )Tj 1.182 0 Td (23.250 )Tj 3.75 0 0 3.75 10 242.6538 Tm ( )Tj 12.5 0 0 12.5 10 230.5731 Tm (\(1\))Tj 1.38 0 Td ( )Tj 0.46 0 Td (Daily interbank end-of-day bid rates.)Tj 3.75 0 0 3.75 10 223.1538 Tm ( )Tj /TT2 1 Tf 12.5 0 0 12.5 10 211.038 Tm (Source: )Tj /TT0 1 Tf (Banco Central.)Tj 0 -1.804 TD ( )Tj /TT3 1 Tf (The Financial Sector)Tj /TT0 1 Tf ( )Tj 0 -1.8 TD ( During the first eight months of 2005, the non-financial private se\ ctor\222s deposits with the banking system )Tj 0 -1.2 TD (increased and solvency ratios, as the share of non-performing loans \(NP\ Ls\) on total loans, improved. Deposits )Tj T* (\(including deposits in off-shore banks\) increased by US$239 million du\ ring the first eight months of 2005, to a )Tj T* (total of US$9,394 million as of August 31, 2005. Despite the increase in\ deposits, credit extended to the non-)Tj 0 -1.2 TD (financial sector declined during the first eight months of 2005 compared\ to the fourth quarter of 2004. Solvency )Tj T* (ratios of the banking system on average remained above the 10% total cap\ ital to risk-weighted asset ratio required )Tj T* (by Banco Central and slightly above the year-end level for 2004. In Augu\ st 2005, the regulatory capital of private )Tj T* (banks \(including Nuevo Banco Comercial S.A.\) was 2.3 times above the m\ inimum regulatory requirement, while )Tj T* (the Banco de la Rep\372blica Oriental del Uruguay \(\223BROU\224\) capit\ al was 2.2 times the minimum requirement. )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/102385/000095012305013822/y13442e\ 424b2.htm \(22 de 98\)25/10/2007 01:31:30 p.m.)Tj ET EMC endstream endobj 536 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 (Finally, the share of NPLs on total loans \(based on client payment beha\ vior\) of private banks \(including Nuevo )Tj 0 -1.2 TD (Banco Comercial S.A.\) declined from 7.9% at year-end 2004 to 5.4% in Au\ gust 2005, while it increased from )Tj T* (7.1% to 8.5% in the same period for BROU. )Tj 22.055 -2.72 Td (S-11 )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/102385/000095012305013822/y13442e\ 424b2.htm \(23 de 98\)25/10/2007 01:31:30 p.m.)Tj ET EMC endstream endobj 537 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 292.083 698.992 m 585 698.992 l 585 699.992 l 292.083 699.992 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 292.083 686.992 m 585 686.992 l 585 685.992 l 292.083 685.992 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 0.8 0.933 1 rg 10 669.792 257.339 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 267.339 669.792 24.744 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 292.083 669.792 14.846 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 306.93 669.792 18.057 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 324.987 669.792 14.846 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 339.834 669.792 24.744 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 364.578 669.792 14.846 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 379.424 669.792 28.125 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 407.549 669.792 14.846 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 422.396 669.792 24.744 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 447.14 669.792 14.846 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 461.986 669.792 29.327 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 491.313 669.792 14.846 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 506.16 669.792 24.744 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 530.904 669.792 14.846 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 545.751 669.792 24.403 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 570.154 669.792 14.846 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 10 639.792 257.339 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 267.339 639.792 24.744 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 292.083 639.792 14.846 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 306.93 639.792 18.057 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 324.987 639.792 14.846 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 339.834 639.792 24.744 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 364.578 639.792 14.846 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 379.424 639.792 28.125 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 407.549 639.792 14.846 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 422.396 639.792 24.744 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 447.14 639.792 14.846 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 461.986 639.792 29.327 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 491.313 639.792 14.846 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 506.16 639.792 24.744 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 530.904 639.792 14.846 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 545.751 639.792 24.403 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 570.154 639.792 14.846 15 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 0 0 0 rg 10 619.792 m 113.5 619.792 l 113.5 618.792 l 10 618.792 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 12.5 201.5 746.1212 Tm (Selected Financial Sector Indicators)Tj /TT1 1 Tf ( )Tj 3.555 -1.197 Td (\(in billions of pesos\) )Tj -18.875 -1.2 Td ( )Tj 20.587 0 Td ( )Tj 1.98 0 Td ( )Tj 1.188 0 Td ( )Tj 1.445 0 Td ( )Tj 1.188 0 Td ( )Tj 1.98 0 Td ( )Tj 1.188 0 Td ( )Tj 2.25 0 Td ( )Tj 1.188 0 Td ( )Tj 1.98 0 Td ( )Tj 1.188 0 Td ( )Tj 2.346 0 Td ( )Tj 1.188 0 Td ( )Tj 1.98 0 Td ( )Tj 1.188 0 Td ( )Tj 1.952 0 Td ( )Tj 10 0 0 10 10 702.3287 Tm ( )Tj 25.734 0 Td ( )Tj /TT0 1 Tf 12.495 0.097 Td (As of August 31, 2005)Tj /TT1 1 Tf -38.229 -1.297 Td ( )Tj 25.734 0 Td ( )Tj /TT0 1 Tf 2.917 -0.003 Td (Earnings)Tj /TT1 1 Tf 4.332 0.003 Td ( )Tj /TT0 1 Tf 4.032 -0.003 Td (Assets)Tj /TT1 1 Tf 4.224 0.003 Td ( )Tj /TT0 1 Tf 3.286 -0.003 Td (Liabilities)Tj /TT1 1 Tf 5.091 0.003 Td ( )Tj /TT0 1 Tf 2.888 -0.003 Td (Net Worth)Tj /TT1 1 Tf 1 0 0 1 10 685.6259 Tm ( )Tj 257.339 0 Td ( )Tj 24.744 -0.5 Td ( )Tj 12.5 0 0 12.5 25 673.9628 Tm (Private Sector Financial Institutions \(1\))Tj 19.387 0 Td ( )Tj 1.98 0 Td ( )Tj 1.382 0 Td (0.4 )Tj 2.438 0 Td ( )Tj 1.98 0 Td ( )Tj 1.188 0 Td (128.0 )Tj 3.438 0 Td ( )Tj 1.98 0 Td ( )Tj 1.284 0 Td (116.5 )Tj 3.438 0 Td ( )Tj 1.98 0 Td ( )Tj 1.39 0 Td (11.6 )Tj -41.862 -1.2 Td (State-owned Financial Institutions \(2\))Tj 19.387 0 Td ( )Tj 1.98 0 Td ( )Tj 1.382 0 Td (2.6 )Tj 2.438 0 Td ( )Tj 1.98 0 Td ( )Tj 1.188 0 Td (176.3 )Tj 3.438 0 Td ( )Tj 1.98 0 Td ( )Tj 1.284 0 Td (158.7 )Tj 3.438 0 Td ( )Tj 1.98 0 Td ( )Tj 1.39 0 Td (17.7 )Tj -41.862 -1.2 Td (Total)Tj 19.387 0 Td ( )Tj 1.98 0 Td ( )Tj 1.382 0 Td (3.0 )Tj 2.438 0 Td ( )Tj 1.98 0 Td ( )Tj 1.188 0 Td (304.4 )Tj 3.438 0 Td ( )Tj 1.98 0 Td ( )Tj 1.284 0 Td (275.1 )Tj 3.438 0 Td ( )Tj 1.98 0 Td ( )Tj 1.39 0 Td (29.2 )Tj 3.75 0 0 3.75 10 615.5434 Tm ( )Tj 12.5 0 0 12.5 10 603.4628 Tm (\(1\))Tj 1.38 0 Td ( )Tj 0.46 0 Td (Includes banks, cooperatives and financial houses.)Tj 3.75 0 0 3.75 10 596.0434 Tm ( )Tj 12.5 0 0 12.5 10 583.9628 Tm (\(2\))Tj 1.38 0 Td ( )Tj 0.46 0 Td (Includes BROU, Banco Hipotecario del Uruguay and Nuevo Banco Comercial S\ .A.)Tj 3.75 0 0 3.75 10 576.5434 Tm ( )Tj /TT2 1 Tf 12.5 0 0 12.5 10 564.4276 Tm (Source: )Tj /TT1 1 Tf (Banco Central.)Tj 0 -1.8 TD ( On September 6, 2005, the Uruguayan government and an investment gr\ oup led by Advent International )Tj 0 -1.2 TD (announced an agreement regarding the acquisition of Nuevo Banco Comercia\ l S.A. The consummation of the )Tj 0 -1.2 TD (transaction is subject to certain conditions, including regulatory appro\ val by the Banco Central and the adoption )Tj T* (of a personnel restructuring program. The total consideration of the tra\ nsaction for Uruguay is approximately US)Tj T* ($170 million. Under the agreement, Advent International, jointly with Mo\ rgan Stanley Alternative Investment )Tj T* (Partners, DEG from Germany and FMO from Holland, is required to pay the \ Republic US$98 million in cash )Tj 0 -1.2 TD (upon satisfaction \(or waiver by the purchaser\) of the conditions \(of \ which up to US$10 million will remain in )Tj T* (escrow for six months to cover certain contingencies\). Uruguay will ret\ ain ownership of preferred shares in )Tj T* (Nuevo Banco Comercial S.A., which will be transferred to the purchaser w\ ithin five years of the date of the )Tj T* (agreement for the balance of the consideration. )Tj /TT0 1 Tf 0 -2.403 TD (Public Sector Finances)Tj /TT1 1 Tf ( )Tj 0 -1.804 TD ( )Tj /TT3 1 Tf (Public Sector Accounts)Tj /TT1 1 Tf ( )Tj 0 -1.8 TD ( Preliminary figures indicate that during the first nine months of 2\ 005 the central government\222s expenditures )Tj 0 -1.2 TD (totaled Ps. 71.4 billion, a decrease of 0.7% in real terms compared to t\ he same period in 2004. Due to the )Tj T* (recovery in economic activity, revenues totaled Ps. 65.2 billion in the \ first nine months of 2005, an increase of )Tj T* (1.8% in real terms as compared to the first nine months of 2004. )Tj 0 -1.8 TD ( For the twelve months ended September 30, 2005, the consolidated pu\ blic sector had a deficit of Ps. )Tj 0 -1.2 TD (6.0 billion, which represented 1.5% of GDP. The overall primary balance \ of this period showed a surplus of 3.3% )Tj T* (of GDP, similar to the surplus achieved in 2004, slightly below the 3.5%\ of GDP target contemplated for 2005 in )Tj T* (the agreement reached with the IMF. Non-financial public sector enterpri\ ses saw their surplus \(and their )Tj T* (contribution to the overall public sector surplus\) decrease during the \ first nine months of 2005, largely as a result )Tj T* (of the adverse impact of the price of oil on the results of ANCAP \(the \ state-owned oil refining company\) and the )Tj T* (electricity utility, which was forced to increase oil imports as a resul\ t of the drought that affected Uruguay in the )Tj 0 -1.2 TD (first quarter of 2005. )Tj /TT0 1 Tf 0 -2.403 TD (Public Sector Debt)Tj /TT1 1 Tf ( )Tj 0 -1.8 TD ( As of June 30, 2005, Uruguay\222s total gross public sector debt to\ taled US$13.5 billion, which represents 91.3% )Tj 0 -1.2 TD (of GDP compared with 100.9% of GDP as of December 31, 2004. Net public s\ ector debt totaled US$9.1 billion, )Tj 0 -1.284 TD (representing 61.3% of GDP compared with 69.2% of GDP as of December 31, \ 2004. Uruguay issued its )Tj /T1_2 1 Tf (\240)Tj /TT1 1 Tf ( )Tj 0 -1.2 TD (300 million 6.875% Bonds due 2016 on July 26, 2005. )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/102385/000095012305013822/y13442e\ 424b2.htm \(24 de 98\)25/10/2007 01:31:30 p.m.)Tj ET EMC endstream endobj 538 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 10 805.116 Tm ( )Tj /TT1 1 Tf (Amortization of Gross Public Debt)Tj /TT0 1 Tf ( )Tj 0 -1.8 TD ( The following table sets forth information regarding the amortizati\ on schedule of total gross public debt )Tj 0 -1.2 TD (outstanding as of June 30, 2005. )Tj 22.055 -2.72 Td (S-12 )Tj ET 0.5 0.5 0.5 rg 10 701.445 575 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/102385/000095012305013822/y13442e\ 424b2.htm \(25 de 98\)25/10/2007 01:31:30 p.m.)Tj ET EMC endstream endobj 539 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 78.142 674.992 m 137.867 674.992 l 137.867 675.992 l 78.142 675.992 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 151.875 674.992 m 195.975 674.992 l 195.975 675.992 l 151.875 675.992 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 209.983 674.992 m 263.458 674.992 l 263.458 675.992 l 209.983 675.992 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 277.465 674.992 m 330.94 674.992 l 330.94 675.992 l 277.465 675.992 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 344.948 674.992 m 389.048 674.992 l 389.048 675.992 l 344.948 675.992 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 403.056 674.992 m 447.156 674.992 l 447.156 675.992 l 403.056 675.992 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 461.164 674.992 m 505.264 674.992 l 505.264 675.992 l 461.164 675.992 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 519.272 674.992 m 578.997 674.992 l 578.997 675.992 l 519.272 675.992 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 0.8 0.933 1 rg 10 614.992 60.137 60 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 70.137 614.992 8.004 60 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 78.142 614.992 15.975 60 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 94.117 614.992 43.75 60 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 137.867 614.992 6.003 60 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 143.87 614.992 8.004 60 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 151.875 614.992 15.975 60 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 167.85 614.992 28.125 60 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 195.975 614.992 6.003 60 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 201.978 614.992 8.004 60 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 209.983 614.992 15.975 60 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 225.958 614.992 37.5 60 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 263.458 614.992 6.003 60 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 269.461 614.992 8.004 60 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 277.465 614.992 15.975 60 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 293.44 614.992 37.5 60 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 330.94 614.992 6.003 60 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 336.944 614.992 8.004 60 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 344.948 614.992 15.975 60 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 360.923 614.992 28.125 60 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 389.048 614.992 6.003 60 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 395.052 614.992 8.004 60 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 403.056 614.992 15.975 60 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 419.031 614.992 28.125 60 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 447.156 614.992 6.003 60 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 453.159 614.992 8.004 60 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 461.164 614.992 15.975 60 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 477.139 614.992 28.125 60 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 505.264 614.992 6.003 60 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 511.267 614.992 8.004 60 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 519.272 614.992 15.975 60 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 535.247 614.992 43.75 60 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 578.997 614.992 6.003 60 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 0 0 0 rg 78.142 554.992 m 137.867 554.992 l 137.867 553.992 l 78.142 553.992 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 151.875 554.992 m 195.975 554.992 l 195.975 553.992 l 151.875 553.992 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 209.983 554.992 m 263.458 554.992 l 263.458 553.992 l 209.983 553.992 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 277.465 554.992 m 330.94 554.992 l 330.94 553.992 l 277.465 553.992 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 344.948 554.992 m 389.048 554.992 l 389.048 553.992 l 344.948 553.992 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 403.056 554.992 m 447.156 554.992 l 447.156 553.992 l 403.056 553.992 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 461.164 554.992 m 505.264 554.992 l 505.264 553.992 l 461.164 553.992 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 519.272 554.992 m 578.997 554.992 l 578.997 553.992 l 519.272 553.992 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 0.8 0.933 1 rg 10 522.792 60.137 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 70.137 522.792 8.004 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 78.142 522.792 15.975 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 94.117 522.792 43.75 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 137.867 522.792 6.003 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 143.87 522.792 8.004 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 151.875 522.792 15.975 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 167.85 522.792 28.125 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 195.975 522.792 6.003 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 201.978 522.792 8.004 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 209.983 522.792 15.975 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 225.958 522.792 37.5 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 263.458 522.792 6.003 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 269.461 522.792 8.004 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 277.465 522.792 15.975 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 293.44 522.792 37.5 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 330.94 522.792 6.003 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 336.944 522.792 8.004 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 344.948 522.792 15.975 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 360.923 522.792 28.125 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 389.048 522.792 6.003 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 395.052 522.792 8.004 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 403.056 522.792 15.975 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 419.031 522.792 28.125 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 447.156 522.792 6.003 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 453.159 522.792 8.004 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 461.164 522.792 15.975 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 477.139 522.792 28.125 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 505.264 522.792 6.003 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 511.267 522.792 8.004 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 519.272 522.792 15.975 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 535.247 522.792 43.75 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 578.997 522.792 6.003 30 re f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 0 0 0 rg 78.142 522.792 m 137.867 522.792 l 137.867 521.792 l 78.142 521.792 l h f 78.142 520.792 m 137.867 520.792 l 137.867 519.792 l 78.142 519.792 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 151.875 522.792 m 195.975 522.792 l 195.975 521.792 l 151.875 521.792 l h f 151.875 520.792 m 195.975 520.792 l 195.975 519.792 l 151.875 519.792 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 209.983 522.792 m 263.458 522.792 l 263.458 521.792 l 209.983 521.792 l h f 209.983 520.792 m 263.458 520.792 l 263.458 519.792 l 209.983 519.792 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 277.465 522.792 m 330.94 522.792 l 330.94 521.792 l 277.465 521.792 l h f 277.465 520.792 m 330.94 520.792 l 330.94 519.792 l 277.465 519.792 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 344.948 522.792 m 389.048 522.792 l 389.048 521.792 l 344.948 521.792 l h f 344.948 520.792 m 389.048 520.792 l 389.048 519.792 l 344.948 519.792 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 403.056 522.792 m 447.156 522.792 l 447.156 521.792 l 403.056 521.792 l h f 403.056 520.792 m 447.156 520.792 l 447.156 519.792 l 403.056 519.792 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 461.164 522.792 m 505.264 522.792 l 505.264 521.792 l 461.164 521.792 l h f 461.164 520.792 m 505.264 520.792 l 505.264 519.792 l 461.164 519.792 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 519.272 522.792 m 578.997 522.792 l 578.997 521.792 l 519.272 521.792 l h f 519.272 520.792 m 578.997 520.792 l 578.997 519.792 l 519.272 519.792 l h f EMC q 0 18 595 806 re W* n /Artifact <>BDC Q 10 498.592 m 113.5 498.592 l 113.5 497.592 l 10 497.592 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 12.5 189 746.1212 Tm (Amortization of Total Gross Public Debt)Tj /TT1 1 Tf ( )Tj 4.638 -1.197 Td (\(in millions of US$\) )Tj -18.958 -1.2 Td ( )Tj 4.811 0 Td ( )Tj 0.64 0 Td ( )Tj 1.278 0 Td ( )Tj 3.5 0 Td ( )Tj 0.48 0 Td ( )Tj 0.64 0 Td ( )Tj 1.278 0 Td ( )Tj 2.25 0 Td ( )Tj 0.48 0 Td ( )Tj 0.64 0 Td ( )Tj 1.278 0 Td ( )Tj 3 0 Td ( )Tj 0.48 0 Td ( )Tj 0.64 0 Td ( )Tj 1.278 0 Td ( )Tj 3 0 Td ( )Tj 0.48 0 Td ( )Tj 0.64 0 Td ( )Tj 1.278 0 Td ( )Tj 2.25 0 Td ( )Tj 0.48 0 Td ( )Tj 0.64 0 Td ( )Tj 1.278 0 Td ( )Tj 2.25 0 Td ( )Tj 0.48 0 Td ( )Tj 0.64 0 Td ( )Tj 1.278 0 Td ( )Tj 2.25 0 Td ( )Tj 0.48 0 Td ( )Tj 0.64 0 Td ( )Tj 1.278 0 Td ( )Tj 3.5 0 Td ( )Tj 10 0 0 10 10 703.3287 Tm ( )Tj 6.014 0 Td ( )Tj /TT0 1 Tf 1.119 -0.003 Td (Outstanding)Tj /TT1 1 Tf 5.654 0.003 Td ( )Tj 0.6 0 Td ( )Tj 0.8 0 Td ( )Tj 1.597 0 Td ( )Tj 2.813 0 Td ( )Tj 0.6 0 Td ( )Tj 0.8 0 Td ( )Tj 1.597 0 Td ( )Tj 3.75 0 Td ( )Tj 0.6 0 Td ( )Tj 0.8 0 Td ( )Tj 1.597 0 Td ( )Tj 3.75 0 Td ( )Tj 0.6 0 Td ( )Tj 0.8 0 Td ( )Tj 1.597 0 Td ( )Tj 2.813 0 Td ( )Tj 0.6 0 Td ( )Tj 0.8 0 Td ( )Tj 1.597 0 Td ( )Tj 2.813 0 Td ( )Tj 0.6 0 Td ( )Tj 0.8 0 Td ( )Tj 1.597 0 Td ( )Tj 2.813 0 Td ( )Tj 0.6 0 Td ( )Tj 3.662 0 Td ( )Tj 3.111 0 Td ( )Tj -56.9 -1.2 Td ( )Tj 6.014 0 Td ( )Tj /TT0 1 Tf 0.898 -0.003 Td (as of June 30,)Tj /TT1 1 Tf 5.875 0.003 Td ( )Tj 0.6 0 Td ( )Tj 0.8 0 Td ( )Tj 1.597 0 Td ( )Tj 2.813 0 Td ( )Tj 0.6 0 Td ( )Tj 0.8 0 Td ( )Tj 1.597 0 Td ( )Tj 3.75 0 Td ( )Tj 0.6 0 Td ( )Tj 0.8 0 Td ( )Tj 1.597 0 Td ( )Tj 3.75 0 Td ( )Tj 0.6 0 Td ( )Tj 0.8 0 Td ( )Tj 1.597 0 Td ( )Tj 2.813 0 Td ( )Tj 0.6 0 Td ( )Tj 0.8 0 Td ( )Tj 1.597 0 Td ( )Tj 2.813 0 Td ( )Tj 0.6 0 Td ( )Tj 0.8 0 Td ( )Tj 1.597 0 Td ( )Tj 2.813 0 Td ( )Tj 0.6 0 Td ( )Tj /TT0 1 Tf 1.009 -0.003 Td (2011 to Final)Tj /TT1 1 Tf 5.764 0.003 Td ( )Tj -56.9 -1.3 Td ( )Tj 6.014 0 Td ( )Tj /TT0 1 Tf 2.787 0.097 Td (2005)Tj /TT1 1 Tf 3.986 -0.097 Td ( )Tj 0.6 0 Td ( )Tj /TT0 1 Tf 2.005 0.097 Td (2005)Tj /TT1 1 Tf 3.205 -0.097 Td ( )Tj 0.6 0 Td ( )Tj /TT0 1 Tf 2.474 0.097 Td (2006)Tj /TT1 1 Tf 3.674 -0.097 Td ( )Tj 0.6 0 Td ( )Tj /TT0 1 Tf 2.474 0.097 Td (2007)Tj /TT1 1 Tf 3.674 -0.097 Td ( )Tj 0.6 0 Td ( )Tj /TT0 1 Tf 2.005 0.097 Td (2008)Tj /TT1 1 Tf 3.205 -0.097 Td ( )Tj 0.6 0 Td ( )Tj /TT0 1 Tf 2.005 0.097 Td (2009)Tj /TT1 1 Tf 3.205 -0.097 Td ( )Tj 0.6 0 Td ( )Tj /TT0 1 Tf 2.005 0.097 Td (2010)Tj /TT1 1 Tf 3.205 -0.097 Td ( )Tj 0.6 0 Td ( )Tj /TT0 1 Tf 1.843 0.097 Td (Maturity)Tj /TT1 1 Tf 4.93 -0.097 Td ( )Tj 12.5 0 0 12.5 25 664.1628 Tm (Gross )Tj 0 -1.2 TD (public )Tj T* (external )Tj 0 -1.2 TD (debt)Tj 3.611 0 Td ( )Tj 0.64 1.2 Td (US)Tj 0 -1.2 TD ($)Tj 1.778 0 Td (9,931.0 )Tj 3.48 0 Td ( )Tj 0.64 1.2 Td (US)Tj T* ($)Tj 1.278 0 Td (770.6 )Tj 2.73 0 Td ( )Tj 0.64 1.2 Td (US)Tj T* ($)Tj 1.278 0 Td (2,155.3 )Tj 3.48 0 Td ( )Tj 0.64 1.2 Td (US)Tj T* ($)Tj 1.278 0 Td (1,228.3 )Tj 3.48 0 Td ( )Tj 0.64 1.2 Td (US)Tj T* ($)Tj 1.278 0 Td (642.7 )Tj 2.73 0 Td ( )Tj 0.64 1.2 Td (US)Tj T* ($)Tj 1.278 0 Td (322.6 )Tj 2.73 0 Td ( )Tj 0.64 1.2 Td (US)Tj T* ($)Tj 1.278 0 Td (327.8 )Tj 2.73 0 Td ( )Tj 0.64 1.2 Td (US)Tj T* ($)Tj 1.778 0 Td (4,483.8 )Tj -41.32 -1.2 Td (Gross )Tj T* (public )Tj T* (domestic )Tj T* (debt)Tj 3.611 0 Td ( )Tj 0.64 0 Td ( )Tj 1.778 0 Td (3,586.9 )Tj 3.48 0 Td ( )Tj 0.64 0 Td ( )Tj 1.278 0 Td (172.2 )Tj 2.73 0 Td ( )Tj 0.64 0 Td ( )Tj 2.028 0 Td (382.9 )Tj 2.73 0 Td ( )Tj 0.64 0 Td ( )Tj 2.028 0 Td (559.0 )Tj 2.73 0 Td ( )Tj 0.64 0 Td ( )Tj 1.278 0 Td (195.5 )Tj 2.73 0 Td ( )Tj 0.64 0 Td ( )Tj 1.278 0 Td (309.9 )Tj 2.73 0 Td ( )Tj 0.64 0 Td ( )Tj 1.278 0 Td (198.1 )Tj 2.73 0 Td ( )Tj 0.64 0 Td ( )Tj 1.278 0 Td (11,769.3 )Tj 1 0 0 1 25 553.6259 Tm ( )Tj 45.138 0 Td ( )Tj 67.479 -0.5 Td ( )Tj 0.25 0.5 Td ( )Tj 6.003 0 Td ( )Tj 51.854 -0.5 Td ( )Tj 0.25 0.5 Td ( )Tj 6.003 0 Td ( )Tj 61.229 -0.5 Td ( )Tj 0.25 0.5 Td ( )Tj 6.003 0 Td ( )Tj 61.229 -0.5 Td ( )Tj 0.25 0.5 Td ( )Tj 6.003 0 Td ( )Tj 51.854 -0.5 Td ( )Tj 0.25 0.5 Td ( )Tj 6.003 0 Td ( )Tj 51.854 -0.5 Td ( )Tj 0.25 0.5 Td ( )Tj 6.003 0 Td ( )Tj 51.854 -0.5 Td ( )Tj 0.25 0.5 Td ( )Tj 6.003 0 Td ( )Tj 67.479 -0.5 Td ( )Tj 0.25 0.5 Td ( )Tj 12.5 0 0 12.5 40 526.9628 Tm (Total)Tj 2.411 0 Td ( )Tj 0.64 1.2 Td (US)Tj 0 -1.2 TD ($)Tj 1.278 0 Td (13,518.0 )Tj 3.98 0 Td ( )Tj 0.64 1.2 Td (US)Tj T* ($)Tj 1.278 0 Td (942.8 )Tj 2.73 0 Td ( )Tj 0.64 1.2 Td (US)Tj T* ($)Tj 1.278 0 Td (2,538.1 )Tj 3.48 0 Td ( )Tj 0.64 1.2 Td (US)Tj T* ($)Tj 1.278 0 Td (1,787.3 )Tj 3.48 0 Td ( )Tj 0.64 1.2 Td (US)Tj T* ($)Tj 1.278 0 Td (838.2 )Tj 2.73 0 Td ( )Tj 0.64 1.2 Td (US)Tj T* ($)Tj 1.278 0 Td (632.4 )Tj 2.73 0 Td ( )Tj 0.64 1.2 Td (US)Tj T* ($)Tj 1.278 0 Td (525.9 )Tj 2.73 0 Td ( )Tj 0.64 1.2 Td (US)Tj T* ($)Tj 1.778 0 Td (6,253.1 )Tj 1 0 0 1 25 520.4259 Tm ( )Tj 45.138 0 Td ( )Tj 67.479 -1.5 Td ( )Tj 0.25 1.5 Td ( )Tj 6.003 0 Td ( )Tj 51.854 -1.5 Td ( )Tj 0.25 1.5 Td ( )Tj 6.003 0 Td ( )Tj 61.229 -1.5 Td ( )Tj 0.25 1.5 Td ( )Tj 6.003 0 Td ( )Tj 61.229 -1.5 Td ( )Tj 0.25 1.5 Td ( )Tj 6.003 0 Td ( )Tj 51.854 -1.5 Td ( )Tj 0.25 1.5 Td ( )Tj 6.003 0 Td ( )Tj 51.854 -1.5 Td ( )Tj 0.25 1.5 Td ( )Tj 6.003 0 Td ( )Tj 51.854 -1.5 Td ( )Tj 0.25 1.5 Td ( )Tj 6.003 0 Td ( )Tj 67.479 -1.5 Td ( )Tj 0.25 1.5 Td ( )Tj 3.75 0 0 3.75 10 494.3434 Tm ( )Tj /TT2 1 Tf 12.5 0 0 12.5 10 482.2276 Tm (Source: )Tj /TT1 1 Tf (Banco Central.)Tj 22.055 -2.72 Td (S-13 )Tj ET 0.5 0.5 0.5 rg 10 416.057 575 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/102385/000095012305013822/y13442e\ 424b2.htm \(26 de 98\)25/10/2007 01:31:30 p.m.)Tj ET EMC endstream endobj 540 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 US$200,000,000 8.00% bonds due 2022 will: )Tj T* ( )Tj /TT0 1 Tf 1.38 -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 US$100,000 and )Tj T* (integral multiples of US$1,000 in excess 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 1.38 -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 1.38 -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 1.38 -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 1.38 -0.003 Td (\225)Tj /TT1 1 Tf 1.38 0.003 Td ( )Tj 0.46 0 Td (accrue interest on the outstanding principal amount from and including N\ ovember 18, 2005 at the rate of )Tj T* (8.00% per annum, interest for any period less than a year being calculat\ ed on the basis of a 360-day year )Tj T* (of twelve 30-day months;)Tj 7.5 0 0 7.5 10 339.3124 Tm ( )Tj 12.5 0 0 12.5 10 325.9806 Tm ( )Tj /TT0 1 Tf 1.38 -0.003 Td (\225)Tj /TT1 1 Tf 1.38 0.003 Td ( )Tj 0.46 0 Td (pay interest in U.S. dollars in arrears on May 18 and November 18 of eac\ h year, commencing on May 18, )Tj T* (2006, with a final interest payment on the maturity date;)Tj 7.5 0 0 7.5 10 300.3124 Tm ( )Tj 12.5 0 0 12.5 10 286.9806 Tm ( )Tj /TT0 1 Tf 1.38 -0.003 Td (\225)Tj /TT1 1 Tf 1.38 0.003 Td ( )Tj 0.46 0 Td (mature on November 18, 2022; and)Tj 7.5 0 0 7.5 10 276.3124 Tm ( )Tj 12.5 0 0 12.5 10 262.9806 Tm ( )Tj /TT0 1 Tf 1.38 -0.003 Td (\225)Tj /TT1 1 Tf 1.38 0.003 Td ( )Tj 0.46 0 Td (pay principal in three equal installments on November 18, 2020, November\ 18, 2021 and the maturity )Tj T* (date.)Tj /TT0 1 Tf -3.22 -2.403 Td (Payment of Principal and Interest)Tj /TT1 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 0 -1.2 TD (City are authorized or obligated by law or executive order to be closed,\ Uruguay will make the payment on the )Tj T* (next New York City banking day. No interest on the bonds 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 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 T* (be liable for that payment to the relevant holders. Uruguay will hold th\ e unclaimed money in trust for the relevant )Tj T* (holders until four years from the date on which the payment first became\ due. )Tj 22.055 -2.72 Td (S-14 )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/102385/000095012305013822/y13442e\ 424b2.htm \(27 de 98\)25/10/2007 01:31:30 p.m.)Tj ET EMC endstream endobj 541 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 10 796.769 575 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/102385/000095012305013822/y13442e\ 424b2.htm \(28 de 98\)25/10/2007 01:31:30 p.m.)Tj ET EMC endstream endobj 542 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 (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 0 -1.2 TD (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 0 -1.803 TD ( )Tj /TT2 1 Tf (Modifications)Tj /TT0 1 Tf ( )Tj 0 -1.8 TD ( The indenture and the bonds contain collective action clauses with \ provisions regarding future modifications to )Tj 0 -1.2 TD (the terms of the bonds and to multiple series of debt securities issued \ 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 412.0121 Tm (2)Tj 12.5 0 0 12.5 336.1 412.0121 Tm (/)Tj 10 0 0 10 339.575 408.8121 Tm (3)Tj 12.5 0 0 12.5 344.575 412.0121 Tm (% in aggregate principal amount of the bonds )Tj -26.766 -1.665 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 1.38 -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 10 320.528 Tm ( )Tj 12.5 0 0 12.5 10 307.1962 Tm ( )Tj /TT2 1 Tf 1.38 -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 10 296.528 Tm ( )Tj 12.5 0 0 12.5 10 283.1962 Tm ( )Tj /TT2 1 Tf 1.38 -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 10 257.528 Tm ( )Tj 12.5 0 0 12.5 10 244.1962 Tm ( )Tj /TT2 1 Tf 1.38 -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 10 233.528 Tm ( )Tj 12.5 0 0 12.5 10 220.1962 Tm ( )Tj /TT2 1 Tf 1.38 -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 10 209.528 Tm ( )Tj 12.5 0 0 12.5 10 196.1962 Tm ( )Tj /TT2 1 Tf 1.38 -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 10 185.528 Tm ( )Tj 12.5 0 0 12.5 10 172.1962 Tm ( )Tj /TT2 1 Tf 1.38 -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 \(and the corre\ sponding provisions of the terms )Tj T* (and conditions of the bonds\) in respect of the bonds;)Tj 7.5 0 0 7.5 10 131.528 Tm ( )Tj 12.5 0 0 12.5 10 118.1962 Tm ( )Tj /TT2 1 Tf 1.38 -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 T* (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 92.528 Tm ( )Tj 12.5 0 0 12.5 10 79.1962 Tm ( )Tj /TT2 1 Tf 1.38 -0.003 Td (\225)Tj /TT0 1 Tf 1.38 0.003 Td ( )Tj 0.46 -0.003 Td (change the )Tj /TT3 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 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/102385/000095012305013822/y13442e\ 424b2.htm \(29 de 98\)25/10/2007 01:31:30 p.m.)Tj ET EMC endstream endobj 543 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 12.5 285.6938 805.1705 Tm (S-15 )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/102385/000095012305013822/y13442e\ 424b2.htm \(30 de 98\)25/10/2007 01:31:30 p.m.)Tj ET EMC endstream endobj 544 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 ( 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 0 -1.8 TD ( 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 T* (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 T* (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 1.38 -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 10 513.9595 Tm ( )Tj 12.5 0 0 12.5 10 500.6276 Tm ( )Tj /TT1 1 Tf 1.38 -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 10.625 204.4 500.6276 Tm (2)Tj 12.5 0 0 12.5 209.7125 500.6276 Tm (/)Tj 10 0 0 10 213.1875 497.4276 Tm (3)Tj 12.5 0 0 12.5 218.1875 500.6276 Tm (% in aggregate principal amount of the outstanding debt securities of )Tj -13.435 -1.665 Td (each affected series \(taken individually\).)Tj -3.22 -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 1.38 -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 10 146.6436 Tm ( )Tj 12.5 0 0 12.5 10 133.3117 Tm ( )Tj /TT1 1 Tf 1.38 -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 10 107.6436 Tm ( )Tj 12.5 0 0 12.5 10 94.3117 Tm ( )Tj /TT1 1 Tf 1.38 -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 -3.22 -1.8 Td ( For purposes of determining whether the required percentage of hold\ ers of the bonds has approved any )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/102385/000095012305013822/y13442e\ 424b2.htm \(31 de 98\)25/10/2007 01:31:30 p.m.)Tj ET EMC endstream endobj 545 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 (modification, amendment, supplement or waiver or other action or instruc\ tion pursuant to the indenture or, in the )Tj 0 -1.2 TD (case of a meeting, whether sufficient holders are present for quorum pur\ poses, any bonds owned or controlled, )Tj 22.055 -2.72 Td (S-16 )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/102385/000095012305013822/y13442e\ 424b2.htm \(32 de 98\)25/10/2007 01:31:30 p.m.)Tj ET EMC endstream endobj 546 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 (directly or indirectly, by Uruguay or any public sector instrumentality \ of Uruguay will be disregarded and deemed )Tj 0 -1.2 TD (to be not outstanding. As used in this paragraph, \223public sector inst\ rumentality\224 means Banco Central, any )Tj T* (department, ministry or agency of the government of Uruguay or any corpo\ ration, trust, financial institution or )Tj 0 -1.2 TD (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 T* (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 entity. In determining whether the trustee shall be protected in r\ elying 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 0 -1.2 TD (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 1.38 -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 10 251.4113 Tm ( )Tj 12.5 0 0 12.5 10 238.0795 Tm ( )Tj /TT1 1 Tf 1.38 -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 )Tj 0 -1.2 TD (such compliance is required; or)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 1.38 -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 -3.22 -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 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/102385/000095012305013822/y13442e\ 424b2.htm \(33 de 98\)25/10/2007 01:31:30 p.m.)Tj ET EMC endstream endobj 547 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 10 799.0379 Tm ( So long as any bonds remain outstanding, Uruguay will maintain a pr\ incipal paying agent in a Western )Tj 0 -1.2 TD (European or United States city and a registrar in New York City for that\ series and maintain in New York City an )Tj T* (office or agency where notices and demands to or upon Uruguay in respect\ of the bonds or of the indenture may )Tj 0 -1.2 TD (be served. Uruguay has )Tj 22.055 -2.72 Td (S-17 )Tj ET 0.5 0.5 0.5 rg 10 687.867 575 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/102385/000095012305013822/y13442e\ 424b2.htm \(34 de 98\)25/10/2007 01:31:30 p.m.)Tj ET EMC endstream endobj 548 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 (initially designated the corporate trust office of the trustee as the ag\ ency for each such purpose and as the place )Tj 0 -1.2 TD (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 0 -1.2 TD (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 /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 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 T* (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 /TT1 1 Tf 0 -2.403 TD (Registration and Book-Entry System)Tj /TT0 1 Tf ( )Tj 0 -1.804 TD ( )Tj /TT3 1 Tf (Global Bonds)Tj /TT0 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 T* (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 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/102385/000095012305013822/y13442e\ 424b2.htm \(35 de 98\)25/10/2007 01:31:30 p.m.)Tj ET EMC endstream endobj 549 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 2.3 -0.003 Td (\225)Tj /TT0 1 Tf 1.38 0.003 Td ( )Tj 0.46 0 Td (in the United States, through DTC;)Tj 17.916 -2.72 Td (S-18 )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/102385/000095012305013822/y13442e\ 424b2.htm \(36 de 98\)25/10/2007 01:31:30 p.m.)Tj ET EMC endstream endobj 550 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 (outside the United States, through Euroclear or Clearstream; or)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 2.3 -0.003 Td (\225)Tj /TT0 1 Tf 1.38 0.003 Td ( )Tj 0.46 0 Td (through organizations that participate in such systems.)Tj -4.14 -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 0 -1.8 TD ( 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 2.3 -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 )Tj 0 -1.2 TD (act as depositary and Uruguay or Banco Central acting on Uruguay\222s be\ half does not appoint a )Tj T* (successor depositary or clearing agency within 90 days;)Tj 7.5 0 0 7.5 10 437.453 Tm ( )Tj 12.5 0 0 12.5 10 424.1212 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 (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 10 413.453 Tm ( )Tj 12.5 0 0 12.5 10 400.1212 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 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 -4.14 -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 22.055 -2.72 Td (S-19 )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/102385/000095012305013822/y13442e\ 424b2.htm \(37 de 98\)25/10/2007 01:31:30 p.m.)Tj ET EMC endstream endobj 551 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 10 806.451 575 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/102385/000095012305013822/y13442e\ 424b2.htm \(38 de 98\)25/10/2007 01:31:30 p.m.)Tj ET EMC endstream endobj 552 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 -1.803 TD ( )Tj /TT0 1 Tf (The Depository Trust Company)Tj /TT1 1 Tf ( )Tj 0 -1.8 TD ( )Tj 2.3 0 Td (DTC is:)Tj 7.5 0 0 7.5 10 465.2994 Tm ( )Tj 12.5 0 0 12.5 10 451.9676 Tm ( )Tj /TT0 1 Tf 2.3 -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 10 441.2994 Tm ( )Tj 12.5 0 0 12.5 10 427.9676 Tm ( )Tj /TT0 1 Tf 2.3 -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 10 417.2994 Tm ( )Tj 12.5 0 0 12.5 10 403.9676 Tm ( )Tj /TT0 1 Tf 2.3 -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 10 393.2994 Tm ( )Tj 12.5 0 0 12.5 10 379.9676 Tm ( )Tj /TT0 1 Tf 2.3 -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 10 369.2994 Tm ( )Tj 12.5 0 0 12.5 10 355.9676 Tm ( )Tj /TT0 1 Tf 2.3 -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 -4.14 -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/102385/000095012305013822/y13442e\ 424b2.htm \(39 de 98\)25/10/2007 01:31:30 p.m.)Tj ET EMC endstream endobj 553 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 12.5 285.6938 805.1705 Tm (S-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/102385/000095012305013822/y13442e\ 424b2.htm \(40 de 98\)25/10/2007 01:31:30 p.m.)Tj ET EMC endstream endobj 554 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, DTC or its custodian will cr\ edit on its internal system the respective )Tj 0 -1.2 TD (principal amount of the individual beneficial interests represented by a\ book-entry security to the accounts of )Tj T* (persons who have accounts with DTC. Ownership of beneficial interests in\ those global bonds will be limited to )Tj T* (persons who have accounts with direct account holders, including Eurocle\ ar or Clearstream, or indirect account )Tj T* (holders. Ownership of beneficial interests in the global bonds will be s\ hown on, and the transfer of that ownership )Tj T* (will be effected only through, records maintained by DTC or its nominee,\ with respect to interests of direct )Tj T* (account holders, and the records of direct account holders, with respect\ to interests of indirect DTC )Tj T* (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 22.055 -2.72 Td (S-21 )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/102385/000095012305013822/y13442e\ 424b2.htm \(41 de 98\)25/10/2007 01:31:30 p.m.)Tj ET EMC endstream endobj 555 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/102385/000095012305013822/y13442e\ 424b2.htm \(42 de 98\)25/10/2007 01:31:30 p.m.)Tj ET EMC endstream endobj 556 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 T* (on the intended value date \(i.e., the trade fails\), the cash debit wil\ l 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 T* (preposition funds \(i.e., have funds in place at Euroclear or Clearstrea\ m before the value date\), either from cash on )Tj T* (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 T* (funds to \(i.e., the interest rate that Euroclear or Clearstream charges\ \) each participant. )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/102385/000095012305013822/y13442e\ 424b2.htm \(43 de 98\)25/10/2007 01:31:30 p.m.)Tj ET EMC endstream endobj 557 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 ( 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 )Tj 22.055 -2.72 Td (S-22 )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/102385/000095012305013822/y13442e\ 424b2.htm \(44 de 98\)25/10/2007 01:31:30 p.m.)Tj ET EMC endstream endobj 558 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 (fail on the sale side unless affirmative action is taken. At least three\ techniques should be readily available to )Tj 0 -1.2 TD (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 10 671.4946 Tm ( )Tj 12.5 0 0 12.5 10 658.1628 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 10 617.4946 Tm ( )Tj 12.5 0 0 12.5 10 604.1628 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 \(which will be the )Tj T* (preceding day if settlement occurs in New York\). If settlement is not c\ ompleted on the intended value date \(i.e., )Tj T* (the trade fails\), 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 22.055 -2.72 Td (S-23 )Tj ET 0.5 0.5 0.5 rg 10 290.438 575 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/102385/000095012305013822/y13442e\ 424b2.htm \(45 de 98\)25/10/2007 01:31:30 p.m.)Tj ET EMC endstream endobj 559 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 12.5 222.4937 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 November 15, 2005, UBS )Tj 0 -1.2 TD (Securities LLC has agreed to purchase, and Uruguay has agreed to sell to\ the underwriter US$200,000,000 )Tj 0 -1.2 TD (aggregate principal amount of bonds. )Tj 0 -1.8 TD ( The underwriter has advised Uruguay that it proposes initially to o\ ffer 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 ( The underwriting agreement provides that the obligations of the und\ erwriter to purchase the bonds included in )Tj 0 -1.2 TD (this offering are subject to approval of legal matters by counsel and to\ other conditions. The underwriter is )Tj T* (obligated to purchase all the bonds if it purchases 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 (underwriter in connection with this offering \(expressed as a percentage\ of the principal amount of the bonds\): )Tj 0 -1.2 TD ( )Tj 36.829 0 Td ( )Tj 2.093 0 Td ( )Tj 4.242 0 Td ( )Tj 1.581 0 Td ( )Tj 10 0 0 10 10 523.2871 Tm ( )Tj 46.036 0 Td ( )Tj /TT0 1 Tf 2.616 -0.003 Td (Paid by Uruguay)Tj /TT1 1 Tf 7.279 0.003 Td ( )Tj 12.5 0 0 12.5 25 509.1212 Tm (Per Bond)Tj 35.629 0 Td ( )Tj 4.34 0 Td (0.30%)Tj -41.169 -1.8 Td ( In connection with the issue of the bonds, UBS Securities LLC may o\ ver-allot bonds \(provided that the )Tj 0 -1.2 TD (aggregate principal amount of the bonds allotted does not exceed 105 per\ cent of the aggregate principal amount )Tj 0 -1.2 TD (of bonds\) or effect transactions with a view to supporting the market p\ rice of the bonds at a level higher than that )Tj T* (which might otherwise prevail. However, there is no assurance that UBS S\ ecurities LLC 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 underwriter make any representation or pred\ iction as to the direction or magnitude of )Tj 0 -1.2 TD (any effect that the transactions described above may have on the price o\ f the bonds. In addition, neither Uruguay )Tj T* (nor the underwriter make any representation that the underwriter will en\ gage in these transactions or that these )Tj T* (transactions, once commenced, will not be discontinued without notice. )Tj 0 -1.8 TD ( Uruguay estimates that its total expenses for this offering will be\ approximately US$55,000. )Tj T* ( The underwriter has performed investment banking and advisory servi\ ces for Uruguay from time to time, for )Tj 0 -1.2 TD (which it has received customary fees and expenses. The underwriter may e\ ngage in transactions with and perform )Tj T* (services for Uruguay in the ordinary course of its business. )Tj 0 -1.8 TD ( In compliance with NASD guidelines, the maximum compensation to the\ underwriter or agents in connection )Tj 0 -1.2 TD (with the sale of the bonds pursuant to this prospectus supplement and th\ e accompanying prospectus will not )Tj T* (exceed 8% of the aggregate total offering price to the public of the bon\ ds as set forth on the cover page of this )Tj T* (prospectus supplement. )Tj 0 -1.8 TD ( Uruguay has agreed to indemnify the underwriter against certain lia\ bilities, including liabilities under the )Tj 0 -1.2 TD (United States Securities Act of 1933, or to contribute to payments the u\ nderwriter may be required to make )Tj T* (because of any of those liabilities. )Tj /TT0 1 Tf 0 -2.403 TD (European Economic Area)Tj /TT1 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 other than Austria, Denmark, France, Germany, Ireland and Spai\ n \(each, a Relevant Member State\), the )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/102385/000095012305013822/y13442e\ 424b2.htm \(46 de 98\)25/10/2007 01:31:30 p.m.)Tj ET EMC endstream endobj 560 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 (underwriter has represented and agreed that with effect from and includi\ ng the date on which the Prospectus )Tj 0 -1.2 TD (Directive is implemented in that Relevant Member State \(the \223Relevan\ t Implementation Date\224\) it has not made )Tj T* (and will not make an offer of the bonds to the public in that Relevant M\ ember State prior to the publication of a )Tj 0 -1.2 TD (prospectus in relation to the bonds which has been approved by the compe\ tent authority in that Relevant Member )Tj 0 -1.2 TD (State or, where appropriate, approved in another Relevant Member State a\ nd notified to the competent authority )Tj T* (in )Tj 22.055 -2.72 Td (S-24 )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/102385/000095012305013822/y13442e\ 424b2.htm \(47 de 98\)25/10/2007 01:31:30 p.m.)Tj ET EMC endstream endobj 561 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 (that Relevant Member State, all in accordance with the Prospectus Direct\ ive, except that it may, with effect from )Tj 0 -1.2 TD (and including the Relevant Implementation Date, make an offer of the bon\ ds to the public in that Relevant )Tj T* (Member State at any time: )Tj 0 -1.8 TD ( \(a\) to legal entities which are authorized or regulated to operat\ e in the financial markets or, if not so authorized )Tj 0 -1.2 TD (or regulated, whose corporate purpose is solely to invest in securities;\ )Tj 0 -1.8 TD ( \(b\) to any legal entity which has two or more of \(1\) an average\ of at least 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 than )Tj /T1_2 1 Tf 0 -1.284 TD (\240)Tj /TT0 1 Tf (50,000,000, as shown in its last annual or consolidated accounts; or )Tj 0 -1.8 TD ( \(c\) in any other circumstances which do not require the publicati\ on by the issuer of a prospectus pursuant to )Tj 0 -1.2 TD (Article 3 of the Prospectus Directive. )Tj 0 -1.8 TD ( For the purposes of this provision, the expression an \223offer of \ bonds to the public\224 in relation to any bonds in )Tj 0 -1.2 TD (any Relevant Member State means the communication in any form and by any\ means of sufficient information on )Tj T* (the terms of the offer and the bonds to be offered so as to enable an in\ vestor to decide to purchase or subscribe the )Tj T* (bonds, as the same may be varied in that Member State by any measure imp\ lementing the Prospectus Directive in )Tj T* (that Member State and the expression Prospectus Directive means Directiv\ e 2003/71/EC and includes any )Tj T* (relevant implementing measure in each Relevant Member State. )Tj /TT1 1 Tf 0 -2.403 TD (United Kingdom)Tj /TT0 1 Tf ( )Tj 0 -1.8 TD ( The underwriter has represented and agreed that: \(i\) it has only \ communicated or caused to be communicated )Tj 0 -1.2 TD (and will only communicate or cause to be communicated an invitation or i\ nducement to engage in investment )Tj T* (activity \(within the meaning of Section 21 of the FSMA\) received by it\ in connection with the issue or sale of any )Tj T* (bonds in circumstances in which Section 21\(1\) of the FSMA does not app\ ly to Uruguay and \(ii\) it has complied )Tj T* (and will comply with all applicable provisions of the FSMA with respect \ to anything done by it in relation to the )Tj T* (bonds in, from or otherwise involving the United Kingdom. )Tj 22.055 -2.72 Td (S-25 )Tj ET 0.5 0.5 0.5 rg 10 298.86 575 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/102385/000095012305013822/y13442e\ 424b2.htm \(48 de 98\)25/10/2007 01:31:30 p.m.)Tj ET EMC endstream endobj 562 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 underwriter has agreed that it has not offered, sold or deliver\ ed, and it will not offer, sell or deliver any of )Tj 0 -1.2 TD (the bonds, directly or indirectly, or distribute this prospectus supplem\ ent, the accompanying prospectus or any )Tj T* (other offering material relating to the bonds, in or from any jurisdicti\ on except under circumstances that will, to )Tj T* (the best knowledge and belief of the underwriter, after reasonable inves\ tigation, result in compliance with the )Tj T* (applicable laws and regulations of such jurisdiction and which will not \ impose any obligations on Uruguay except )Tj 0 -1.2 TD (as set forth in the underwriting agreement. )Tj 0 -1.8 TD ( Neither Uruguay nor the underwriter have represented that the bonds\ may be lawfully sold in compliance with )Tj 0 -1.2 TD (any applicable registration or other requirements in any jurisdiction, o\ r pursuant to an exemption, or assumes any )Tj T* (responsibility for facilitating these sales. )Tj /TT1 1 Tf 14.208 -3.003 Td (FORWARD-LOOKING STATEMENTS)Tj /TT0 1 Tf ( )Tj -14.208 -1.8 Td ( The following documents relating to Uruguay\222s securities offered\ by this prospectus supplement may contain )Tj T* (forward-looking statements: )Tj 0 -1.8 TD ( )Tj /TT1 1 Tf 1.38 -0.003 Td (\225)Tj /TT0 1 Tf 1.38 0.003 Td ( )Tj 0.46 0 Td (the accompanying prospectus;)Tj 7.5 0 0 7.5 10 386.453 Tm ( )Tj 12.5 0 0 12.5 10 373.1212 Tm ( )Tj /TT1 1 Tf 1.38 -0.003 Td (\225)Tj /TT0 1 Tf 1.38 0.003 Td ( )Tj 0.46 0 Td (this prospectus supplement;)Tj 7.5 0 0 7.5 10 362.453 Tm ( )Tj 12.5 0 0 12.5 10 349.1212 Tm ( )Tj /TT1 1 Tf 1.38 -0.003 Td (\225)Tj /TT0 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 10 338.453 Tm ( )Tj 12.5 0 0 12.5 10 325.1212 Tm ( )Tj /TT1 1 Tf 1.38 -0.003 Td (\225)Tj /TT0 1 Tf 1.38 0.003 Td ( )Tj 0.46 0 Td (the documents incorporated by reference into this prospectus supplement \ and the accompanying )Tj 0 -1.2 TD (prospectus.)Tj -3.22 -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 T* (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 T* (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 /TT1 1 Tf 1.38 -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 0 -1.2 TD (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 \(including )Tj T* (manufactured goods\) 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 T* (country\222s fiscal accounts;)Tj 7.5 0 0 7.5 10 51.953 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/102385/000095012305013822/y13442e\ 424b2.htm \(49 de 98\)25/10/2007 01:31:30 p.m.)Tj ET EMC endstream endobj 563 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 1.38 -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 )Tj 0 -1.2 TD (domestic inflation, high domestic interest rates and exchange rate volat\ ility and a further deterioration in )Tj T* (the health of)Tj 18.835 -2.72 Td (S-26 )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/102385/000095012305013822/y13442e\ 424b2.htm \(50 de 98\)25/10/2007 01:31:30 p.m.)Tj ET EMC endstream endobj 564 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 1.38 0 Td ( )Tj 1.38 0 Td ( )Tj 0.46 0 Td (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 10 723.9946 Tm ( )Tj 12.5 0 0 12.5 10 710.6628 Tm ( )Tj /TT1 1 Tf 1.38 -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 13.461 -3.003 Td (GENERAL INFORMATION)Tj /TT0 1 Tf ( )Tj /TT1 1 Tf -16.68 -2.403 Td (Due Authorization)Tj /TT0 1 Tf ( )Tj 0 -1.8 TD ( Uruguay has authorized the creation and issue of the bonds pursuant\ to Decree No. 476/005, dated )Tj 0 -1.2 TD (November 15, 2005, of the Executive Power of the Republic of Uruguay and\ Resolution D/652/2005, dated )Tj 0 -1.2 TD (November 15, 2005 of Banco Central of Uruguay. )Tj /TT1 1 Tf 0 -2.403 TD (Litigation)Tj /TT0 1 Tf ( )Tj 0 -1.8 TD ( Neither Uruguay nor any Uruguayan governmental agency is involved i\ n any litigation or arbitration or )Tj 0 -1.2 TD (administrative proceedings relating to claims or amounts that are materi\ al in the context of the offer or issue of )Tj T* (the bonds and that would materially and adversely affect Uruguay\222s ab\ ility to meet its obligations under the bonds )Tj T* (and the indenture with respect to the bonds. No such litigation or arbit\ ration or administrative proceedings are )Tj T* (pending or, so far as Uruguay is aware, threatened. )Tj 0 -1.8 TD ( On June 3, 2005, the United States Court for the Southern District \ of New York entered judgment confirming )Tj 0 -1.2 TD (an arbitration award rendered against Uruguay in the context of a disput\ e with three former shareholders of Banco )Tj T* (Comercial S.A., requiring Uruguay to pay such shareholders US$100 millio\ n as well as interest, arbitration and )Tj T* (administrative expenses and reasonable attorneys\222 fees. The court ord\ er does not allow action to be taken against )Tj T* (any assets of Uruguay in the United States prior to obtaining the court\222\ s approval. Uruguay has appealed the )Tj T* (judgment to the United States Court of Appeals for the Second Circuit. )Tj /TT1 1 Tf 0 -2.403 TD (Listing)Tj /TT0 1 Tf ( )Tj 0 -1.8 TD ( Application will be made to admit the bonds to the Official List of\ the UK Listing Authority and to admit the )Tj 0 -1.2 TD (bonds to trading on the regulated market of the London Stock Exchange. )Tj /TT1 1 Tf 0 -2.403 TD (Validity of the Bonds)Tj /TT0 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 underwriter b\ y Shearman & Sterling LLP, 599 Lexington )Tj 0 -1.2 TD (Avenue, New York, New York 10022, United States counsel to the underwrit\ er, and by Guyer & Regules, Plaza )Tj T* (Independencia 811, 11100 Montevideo, Uruguayan counsel to the underwrite\ r. )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 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/102385/000095012305013822/y13442e\ 424b2.htm \(51 de 98\)25/10/2007 01:31:30 p.m.)Tj ET EMC endstream endobj 565 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 12.5 285.6938 788.9547 Tm (S-27 )Tj ET 0.5 0.5 0.5 rg 10 756.784 575 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/102385/000095012305013822/y13442e\ 424b2.htm \(52 de 98\)25/10/2007 01:31:30 p.m.)Tj ET EMC endstream endobj 566 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 10 373.409 m 585 373.409 l 585 372.409 l 10 372.409 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 (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 0 -1.2 TD (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 T* (W. Suite 902, Washington, D.C. 20036, United States. )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* (supplement and the accompanying prospectus relate. When filed, these exh\ ibits will be incorporated by reference )Tj T* (into the registration statement. You can request copies of these documen\ ts, upon payment of a duplicating fee, by )Tj 0 -1.2 TD (writing to the SEC. Uruguay\222s SEC filings are available to the public\ from the SEC\222s website at http://www.sec.)Tj 0 -1.2 TD (gov and you may also read and copy these documents at the SEC\222s publi\ c reference room in Washington, D.C. at )Tj T* (Room 1024, Judiciary Plaza, 450 Fifth Street, N.W., Washington, D.C. 205\ 49. You may call the SEC at 1-800-)Tj T* (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 /TT0 1 Tf 0 -2.403 TD (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 9.2 0 Td ( )Tj /TT0 1 Tf 10 0 0 10 85.97 376.7121 Tm (ISIN)Tj /TT1 1 Tf 9.653 0.003 Td ( )Tj /TT0 1 Tf 24.375 -0.003 Td (CUSIP)Tj /TT1 1 Tf 1 0 0 1 10 371.5427 Tm ( )Tj 12.5 0 0 12.5 54.925 360.3795 Tm (US917288BC52 )Tj 10.206 0 Td ( )Tj 18.283 0 Td (917288BC5)Tj -10.028 -2.72 Td (S-28 )Tj ET 0.5 0.5 0.5 rg 10 294.209 575 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/102385/000095012305013822/y13442e\ 424b2.htm \(53 de 98\)25/10/2007 01:31:30 p.m.)Tj ET EMC endstream endobj 567 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 (PROSPECTUS)Tj /TT1 1 Tf ( )Tj ET q 94 0 0 106 250.5 620.4506836 cm /Im0 Do Q BT /TT1 1 Tf 12.5 0 0 12.5 344.5 620.4507 Tm ( )Tj /TT0 1 Tf 30 0 0 30 91.235 572.4394 Tm (Rep\372blica Oriental del Uruguay)Tj /TT1 1 Tf ( )Tj 15 0 0 15 102.7325 530.4349 Tm (acting through Banco Central del Uruguay as its Financial Agent)Tj /TT0 1 Tf 17.5 0 0 17.5 240.8788 491.2107 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 12.5 0 0 12.5 10 413.5425 Tm ( Uruguay may from time to time offer and sell its securities in amou\ nts, at prices and on terms to be determined )Tj 0 -1.2 TD (at the time of sale and provided in supplements to this prospectus. Urug\ uay may offer debt securities in exchange )Tj T* (for other debt securities or that are convertible into new debt securiti\ es. Uruguay may offer securities having an )Tj 0 -1.2 TD (aggregate principal amount of up to US$1,786,138,700 \(or the equivalent\ in other currencies\) in the United )Tj 0 -1.2 TD (States. The securities will be direct, general and unconditional public \ foreign debt of Uruguay and will rank equal )Tj T* (in right of payment among themselves and with all other unsecured and un\ subordinated foreign debt of Uruguay. )Tj 0 -2.72 TD ( Uruguay may sell the securities directly, through agents designated\ from time to time or through underwriters. )Tj 0 -1.2 TD (The names of any agents or underwriters will be provided in the applicab\ le prospectus supplement. )Tj ET 0.5 0.5 0.5 rg 222.75 258.372 149.5 1 re f 0 0 0 rg BT /TT1 1 Tf 12.5 0 0 12.5 10 221.5425 Tm ( The trust indenture described in this prospectus contains collectiv\ e action clauses with provisions regarding )Tj 0 -1.2 TD (future modifications to the terms of debt securities issued thereunder t\ hat are described herein beginning on page )Tj T* (8. Under these provisions, modifications affecting the reserve matters l\ isted in the indenture, including )Tj 0 -1.2 TD (modifications to payment and other important terms, may be made to a sin\ gle series of debt securities issued )Tj 0 -1.2 TD (under the indenture with the consent of the holders of 75% of the aggreg\ ate principal amount outstanding of that )Tj T* (series, and to multiple series of debt securities issued under the inden\ ture with the consent of the holders of 85% )Tj T* (of the aggregate principal amount outstanding of all affected series and\ 66-)Tj 10.625 0 0 10.625 385.2625 131.5425 Tm (2)Tj 12.5 0 0 12.5 390.575 131.5425 Tm (/)Tj 10 0 0 10 394.05 128.3425 Tm (3)Tj 12.5 0 0 12.5 399.05 131.5425 Tm (% in aggregate principal amount )Tj -31.124 -1.665 Td (outstanding of each affected series. )Tj ET 0.5 0.5 0.5 rg 222.75 79.556 149.5 1 re f 0 0 0 rg BT /TT1 1 Tf 12.5 0 0 12.5 10 42.7266 Tm ( This prospectus may not be used to make offers or sales of securiti\ es unless accompanied by a 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/102385/000095012305013822/y13442e\ 424b2.htm \(54 de 98\)25/10/2007 01:31:30 p.m.)Tj ET EMC endstream endobj 568 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 544.75 488.875 m 579.25 488.875 l 579.25 489.875 l 544.75 489.875 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 10 805.1705 Tm (You should read this prospectus and the supplements carefully. You shoul\ d not assume that the information in )Tj 0 -1.2 TD (this prospectus, any prospectus supplement or any document incorporated \ by reference is accurate as of any date )Tj T* (other than the date on the front of those documents. )Tj ET 0.5 0.5 0.5 rg 222.75 744 149.5 1 re f 0 0 0 rg BT /TT0 1 Tf 12.5 0 0 12.5 10 707.1288 Tm ( )Tj /TT1 1 Tf (Neither the Securities and Exchange Commission nor any other regulatory \ body has approved or )Tj 0 -1.203 TD (disapproved of these securities or determined if this prospectus is trut\ hful or complete. Any representation )Tj 0 -1.2 TD (to the contrary is a criminal offense.)Tj /TT0 1 Tf ( )Tj 14.362 -2.72 Td (The date of this prospectus is May 2, 2005. )Tj 8.513 -2.72 Td ( )Tj ET 0.5 0.5 0.5 rg 10 576.917 575 2 re f 0 0 0 rg BT /TT1 1 Tf 12.5 0 0 12.5 230.125 540.0456 Tm (TABLE OF CONTENTS)Tj /TT0 1 Tf ( )Tj -17.61 -2.72 Td ( )Tj 41.4 0 Td ( )Tj 1.38 0 Td ( )Tj 0.46 0 Td ( )Tj 2.3 0 Td ( )Tj 10 0 0 10 10 492.2115 Tm ( )Tj 51.75 0 Td ( )Tj 2.478 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 25 476.246 m 179.875 476.246 l S 0 0 1 rg BT /TT0 1 Tf 12.5 0 0 12.5 25 478.0456 Tm (ABOUT THIS PROSPECTUS)Tj 0 0 0 rg 40.2 -0.16 Td ( )Tj 1.38 0 Td ( )Tj 2.26 0 Td (1 )Tj ET 25 459.246 m 232.962 459.246 l S 0 0 1 rg BT /TT0 1 Tf 12.5 0 0 12.5 25 461.0456 Tm (FORWARD-LOOKING STATEMENTS)Tj 0 0 0 rg 40.2 -0.16 Td ( )Tj 1.38 0 Td ( )Tj 2.26 0 Td (1 )Tj ET 25 442.246 m 160.738 442.246 l S 0 0 1 rg BT /TT0 1 Tf 12.5 0 0 12.5 25 444.0456 Tm (DATA DISSEMINATION)Tj 0 0 0 rg 40.2 -0.16 Td ( )Tj 1.38 0 Td ( )Tj 2.26 0 Td (2 )Tj ET 25 425.246 m 134.738 425.246 l S 0 0 1 rg BT /TT0 1 Tf 12.5 0 0 12.5 25 427.0456 Tm (USE OF PROCEEDS)Tj 0 0 0 rg 40.2 -0.16 Td ( )Tj 1.38 0 Td ( )Tj 2.26 0 Td (2 )Tj ET 25 408.246 m 226.738 408.246 l S 0 0 1 rg BT /TT0 1 Tf 12.5 0 0 12.5 25 410.0456 Tm (DESCRIPTION OF THE SECURITIES)Tj 0 0 0 rg 40.2 -0.16 Td ( )Tj 1.38 0 Td ( )Tj 2.26 0 Td (3 )Tj ET 25 391.246 m 89.563 391.246 l S 0 0 1 rg BT /TT0 1 Tf 12.5 0 0 12.5 25 393.0456 Tm (TAXATION)Tj 0 0 0 rg 40.2 -0.16 Td ( )Tj 1.38 0 Td ( )Tj 1.76 0 Td (17 )Tj ET 25 374.246 m 167.35 374.246 l S 0 0 1 rg BT /TT0 1 Tf 12.5 0 0 12.5 25 376.0456 Tm (PLAN OF DISTRIBUTION)Tj 0 0 0 rg 40.2 -0.16 Td ( )Tj 1.38 0 Td ( )Tj 1.76 0 Td (19 )Tj ET 25 357.246 m 165.625 357.246 l S 0 0 1 rg BT /TT0 1 Tf 12.5 0 0 12.5 25 359.0456 Tm (OFFICIAL STATEMENTS)Tj 0 0 0 rg 40.2 -0.16 Td ( )Tj 1.38 0 Td ( )Tj 1.76 0 Td (20 )Tj ET 25 340.246 m 205.188 340.246 l S 0 0 1 rg BT /TT0 1 Tf 12.5 0 0 12.5 25 342.0456 Tm (VALIDITY OF THE SECURITIES)Tj 0 0 0 rg 40.2 -0.16 Td ( )Tj 1.38 0 Td ( )Tj 1.76 0 Td (20 )Tj ET 25 323.246 m 216.3 323.246 l S 0 0 1 rg BT /TT0 1 Tf 12.5 0 0 12.5 25 325.0456 Tm (AUTHORIZED REPRESENTATIVE)Tj 0 0 0 rg 40.2 -0.16 Td ( )Tj 1.38 0 Td ( )Tj 1.76 0 Td (21 )Tj ET 25 306.246 m 291.288 306.246 l S 0 0 1 rg BT /TT0 1 Tf 12.5 0 0 12.5 25 308.0456 Tm (WHERE YOU CAN FIND MORE INFORMATION)Tj 0 0 0 rg 40.2 -0.16 Td ( )Tj 1.38 0 Td ( )Tj 1.76 0 Td (21 )Tj /TT1 1 Tf -28.069 -2.723 Td (ABOUT THIS PROSPECTUS)Tj /TT0 1 Tf ( )Tj -16.471 -2.72 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 0 -1.2 TD (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 T* (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 -2.72 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 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/102385/000095012305013822/y13442e\ 424b2.htm \(55 de 98\)25/10/2007 01:31:30 p.m.)Tj ET EMC endstream endobj 569 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 1.38 0 Td (\225 )Tj 1.38 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 -2.76 -1.2 Td ( )Tj 0 -1.2 TD ( )Tj 1.38 0 Td (\225 )Tj 1.38 0 Td (it has not omitted facts, the omission of which makes this prospectus as\ a whole misleading; and)Tj -2.76 -1.2 Td ( )Tj 0 -1.2 TD ( )Tj 1.38 0 Td (\225 )Tj 1.38 0 Td (it accepts responsibility for the information it has provided in this pr\ ospectus and will provide in any )Tj T* (prospectus supplement.)Tj /TT1 1 Tf 11.448 -2.723 Td (FORWARD-LOOKING STATEMENTS)Tj /TT0 1 Tf ( )Tj -14.208 -2.72 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 -2.72 TD ( )Tj 1.38 0 Td (\225 )Tj 1.38 0 Td (this prospectus;)Tj -2.76 -1.2 Td ( )Tj 0 -1.2 TD ( )Tj 1.38 0 Td (\225 )Tj 1.38 0 Td (any prospectus supplement;)Tj -2.76 -1.2 Td ( )Tj T* ( )Tj 1.38 0 Td (\225 )Tj 1.38 0 Td (any pricing supplement to a prospectus supplement; and)Tj -2.76 -1.2 Td ( )Tj T* ( )Tj 1.38 0 Td (\225 )Tj 1.38 0 Td (the documents incorporated by reference in this prospectus, any prospect\ us supplement or any pricing )Tj T* (supplement.)Tj -2.76 -2.72 Td ( Forward-looking statements are statements that are not historical f\ acts, including statements about Uruguay\222s )Tj T* (beliefs and expectations. These statements are based on current plans, e\ stimates and projections, and )Tj 22.75 -2.72 Td (1 )Tj ET 0.5 0.5 0.5 rg 10 377.958 575 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/102385/000095012305013822/y13442e\ 424b2.htm \(56 de 98\)25/10/2007 01:31:30 p.m.)Tj ET EMC endstream endobj 570 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 10 730.6628 Tm (therefore you should not place undue reliance on them. Forward-looking s\ tatements speak only as of the date they )Tj 0 -1.2 TD (are made. Uruguay undertakes no obligation to update any of them in ligh\ t of new information or future events. )Tj 0 -2.72 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 -2.72 TD ( )Tj 1.38 0 Td (\225 )Tj 1.38 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 -2.76 -1.2 Td ( )Tj 0 -1.2 TD ( )Tj 1.38 0 Td (\225 )Tj 1.38 0 Td (adverse domestic factors, such as a decline in foreign direct and portfo\ lio investment, increases in domestic )Tj T* (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 T* (Uruguay\222s international reserves; and)Tj -2.76 -1.2 Td ( )Tj T* ( )Tj 1.38 0 Td (\225 )Tj 1.38 0 Td (other adverse factors, such as climatic or political events and internat\ ional hostilities.)Tj /TT1 1 Tf 14.587 -2.723 Td (DATA DISSEMINATION)Tj /TT0 1 Tf ( )Tj -17.347 -2.72 Td ( On February 18, 2004, Uruguay became the 56)Tj 10.625 0 0 10.625 261.3375 354.6212 Tm (th)Tj 12.5 0 0 12.5 269.6037 354.6212 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 -2.723 Td (USE OF PROCEEDS)Tj /TT0 1 Tf ( )Tj -18.36 -2.72 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 EMC /Artifact <>BDC Q BT /T1_0 1 Tf 9 0 0 9 18 7.17 Tm (http://www.sec.gov/Archives/edgar/data/102385/000095012305013822/y13442e\ 424b2.htm \(57 de 98\)25/10/2007 01:31:30 p.m.)Tj ET EMC endstream endobj 571 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 10 790.409 575 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/102385/000095012305013822/y13442e\ 424b2.htm \(58 de 98\)25/10/2007 01:31:30 p.m.)Tj ET EMC endstream endobj 572 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 749.6212 Tm (DESCRIPTION OF THE SECURITIES)Tj /TT1 1 Tf ( )Tj -14.374 -2.723 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 T* (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 -2.723 TD (Debt Securities)Tj /TT1 1 Tf ( )Tj 0 -2.72 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, as financial agent to Uruguay, and The Bank of New York, as tru\ stee. Uruguay has filed the indenture )Tj T* (and the forms of debt securities with the SEC. The following description\ summarizes some of the terms of the )Tj T* (debt securities and the indenture. This summary does not contain all of \ the information that may be important to )Tj T* (you as a potential investor in the securities. You should read the prosp\ ectus supplement, the indenture and the )Tj T* (forms of debt securities before making your investment decision. )Tj /TT3 1 Tf 0 -2.724 TD (General)Tj /TT1 1 Tf ( )Tj 0 -2.72 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 -2.72 TD ( )Tj 1.38 0 Td (\225 )Tj 1.38 0 Td (the title;)Tj -2.76 -1.2 Td ( )Tj 0 -1.2 TD ( )Tj 1.38 0 Td (\225 )Tj 1.38 0 Td (any limit on the aggregate principal amount;)Tj -2.76 -1.2 Td ( )Tj 0 -1.2 TD ( )Tj 1.38 0 Td (\225 )Tj 1.38 0 Td (the issue price;)Tj -2.76 -1.2 Td ( )Tj T* ( )Tj 1.38 0 Td (\225 )Tj 1.38 0 Td (the maturity date or dates;)Tj -2.76 -1.2 Td ( )Tj T* ( )Tj 1.38 0 Td (\225 )Tj 1.38 0 Td (if the debt securities will bear interest, the interest rate, which may \ be fixed or floating, the date from )Tj T* (which interest will accrue, the interest payment dates and the record da\ tes for these interest payment dates;)Tj -2.76 -1.2 Td ( )Tj T* ( )Tj 1.38 0 Td (\225 )Tj 1.38 0 Td (the form of debt security \(global or certificated\);)Tj -2.76 -1.2 Td ( )Tj T* ( )Tj 1.38 0 Td (\225 )Tj 1.38 0 Td (any mandatory or optional sinking fund provisions;)Tj -2.76 -1.2 Td ( )Tj T* ( )Tj 1.38 0 Td (\225 )Tj 1.38 0 Td (any provisions that allow Uruguay to redeem the debt securities at its o\ ption;)Tj -2.76 -1.2 Td ( )Tj T* ( )Tj 1.38 0 Td (\225 )Tj 1.38 0 Td (any provisions that entitle the holders to repayment at their option;)Tj -2.76 -1.2 Td ( )Tj T* ( )Tj 1.38 0 Td (\225 )Tj 1.38 0 Td (the currency in which the debt securities are denominated and the curren\ cy in which Uruguay will make )Tj T* (payments;)Tj -2.76 -1.2 Td ( )Tj T* ( )Tj 1.38 0 Td (\225 )Tj 1.38 0 Td (the authorized denominations;)Tj -2.76 -1.2 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/102385/000095012305013822/y13442e\ 424b2.htm \(59 de 98\)25/10/2007 01:31:30 p.m.)Tj ET EMC endstream endobj 573 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 1.38 0 Td (\225 )Tj 1.38 0 Td (a description of any index Uruguay will use to determine the amount of p\ rincipal or any premium or )Tj 0 -1.2 TD (interest payments; and)Tj -2.76 -1.2 Td ( )Tj 0 -1.2 TD ( )Tj 1.38 0 Td (\225 )Tj 1.38 0 Td (any other terms that do not conflict with the provisions of the indentur\ e.)Tj -2.76 -2.72 Td ( 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 -2.72 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 )Tj 22.75 -2.72 Td (3 )Tj ET 0.5 0.5 0.5 rg 10 536 575 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/102385/000095012305013822/y13442e\ 424b2.htm \(60 de 98\)25/10/2007 01:31:30 p.m.)Tj ET EMC endstream endobj 574 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 (U.S. federal income tax consequences that may be associated with an inve\ stment in a series of the debt securities )Tj 0 -1.2 TD (and other relevant considerations in the prospectus supplements for thes\ e offerings. )Tj 0 -2.72 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 -2.724 TD ( )Tj /TT1 1 Tf (Status)Tj /TT0 1 Tf ( )Tj 0 -2.72 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 0 -1.2 TD (unsubordinated foreign debt, as defined under \223\227Negative Pledge\224\ below. Uruguay has pledged its full faith and )Tj 0 -1.2 TD (credit to make all payments on the debt securities when due. )Tj 0 -2.724 TD ( )Tj /TT1 1 Tf (Payment of Principal and Interest)Tj /TT0 1 Tf ( )Tj 0 -2.72 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 -2.72 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 -2.72 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 -2.72 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 -2.724 TD ( )Tj /TT1 1 Tf (Additional Amounts)Tj /TT0 1 Tf ( )Tj 0 -2.72 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 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/102385/000095012305013822/y13442e\ 424b2.htm \(61 de 98\)25/10/2007 01:31:30 p.m.)Tj ET EMC endstream endobj 575 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 (securities the additional amounts necessary to ensure that they receive \ the same amount as they would have )Tj 0 -1.2 TD (received without any withholding or deduction. )Tj 0 -2.72 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 -2.72 TD ( )Tj 0 -1.2 TD ( )Tj 1.38 0 Td (\225 )Tj 1.38 0 Td (the holder of debt securities has or had some connection with Uruguay ot\ her than merely owning the )Tj T* (securities or receiving principal and interest payments on the securitie\ s;)Tj -2.76 -1.2 Td ( )Tj T* ( )Tj 1.38 0 Td (\225 )Tj 1.38 0 Td (the holder of debt securities has failed to comply with any certificatio\ n or other reporting requirement )Tj T* (concerning its nationality, residence, identity or connection with Urugu\ ay, and Uruguay )Tj 19.99 -2.72 Td (4 )Tj ET 0.5 0.5 0.5 rg 10 566 575 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/102385/000095012305013822/y13442e\ 424b2.htm \(62 de 98\)25/10/2007 01:31:30 p.m.)Tj ET EMC endstream endobj 576 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 1.38 0 Td ( )Tj 1.38 0 Td (requires compliance with these reporting requirements as a precondition \ to exemption from Uruguayan )Tj 0 -1.2 TD (withholding taxes or deductions and has provided notice of such requirem\ ent to the trustee at least 60 days )Tj T* (prior to the date such compliance is required; or)Tj -2.76 -1.2 Td ( )Tj 0 -1.2 TD ( )Tj 1.38 0 Td (\225 )Tj 1.38 0 Td (the holder of debt securities has failed to present its security within \ 30 days after a payment of principal or )Tj T* (interest has been made available to the holder.)Tj -2.76 -2.72 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 debt securities. Uruguay will also indemnify the hol\ der 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 -2.724 TD ( )Tj /TT1 1 Tf (Form and Denominations)Tj /TT0 1 Tf ( )Tj 0 -2.72 TD ( Unless otherwise provided in the applicable prospectus supplement, \ Uruguay will issue debt securities: )Tj 0 -2.72 TD ( )Tj 1.38 0 Td (\225 )Tj 1.38 0 Td (denominated in U.S. dollars;)Tj -2.76 -1.2 Td ( )Tj 0 -1.2 TD ( )Tj 1.38 0 Td (\225 )Tj 1.38 0 Td (in fully registered book-entry form;)Tj -2.76 -1.2 Td ( )Tj T* ( )Tj 1.38 0 Td (\225 )Tj 1.38 0 Td (without coupons; and)Tj -2.76 -1.2 Td ( )Tj T* ( )Tj 1.38 0 Td (\225 )Tj 1.38 0 Td (in denominations of $1,000 and integral multiples of $1,000.)Tj -2.76 -2.724 Td ( )Tj /TT1 1 Tf (Redemption, Repurchase and Early Repayment)Tj /TT0 1 Tf ( )Tj 0 -2.72 TD ( Unless otherwise provided in the applicable prospectus supplement, \ the debt securities will not be redeemable )Tj 0 -1.2 TD (before maturity at the option of Uruguay or repayable before maturity at\ the option of the holder. Nevertheless, )Tj T* (Uruguay may at any time repurchase the debt securities at any price in t\ he open market or otherwise. Uruguay )Tj T* (may hold or resell debt securities it purchases or may surrender them to\ the trustee for cancellation. )Tj 0 -2.724 TD ( )Tj /TT1 1 Tf (Negative Pledge)Tj /TT0 1 Tf ( )Tj 0 -2.72 TD ( Uruguay has agreed that as long as any of the debt securities remai\ n 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 T* (under the debt securities. )Tj 0 -2.72 TD ( For this purpose: )Tj T* ( )Tj 1.38 0 Td (\225 )Tj 1.38 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 similar )Tj T* (instruments denominated or payable, or which at the option of the holder\ thereof may be payable, in a )Tj T* (currency other than the local currency 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/102385/000095012305013822/y13442e\ 424b2.htm \(63 de 98\)25/10/2007 01:31:30 p.m.)Tj ET EMC endstream endobj 577 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 0 -1.2 TD ( )Tj 1.38 0 Td (\225 )Tj 1.38 0 Td (\223lien\224 means any lien, pledge, mortgage, security interest, deed o\ f trust, charge or other encumbrance or )Tj T* (preferential arrangement which has the practical effect of constituting \ a security interest with respect to the )Tj 0 -1.2 TD (payment of any obligations with or from the proceeds of any assets or re\ venues of any kind whether in )Tj 0 -1.2 TD (effect on the date the indenture becomes effective or at any time therea\ fter; and)Tj -2.76 -2.72 Td ( )Tj 1.38 0 Td (\225 )Tj 1.38 0 Td (\223public foreign debt\224 means any foreign debt that is in the form o\ f, or represented by, bonds, notes or other )Tj 0 -1.2 TD (securities that are or may be quoted, listed or ordinarily purchased or \ sold on any stock exchange, )Tj T* (automated trading system or over-the-counter or other securities market.\ )Tj 19.99 -2.72 Td (5 )Tj ET 0.5 0.5 0.5 rg 10 615 575 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/102385/000095012305013822/y13442e\ 424b2.htm \(64 de 98\)25/10/2007 01:31:30 p.m.)Tj ET EMC endstream endobj 578 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 ( However, Uruguay may grant or agree to certain permitted types of l\ iens, as described below: )Tj 0 -2.72 TD ( )Tj 1.38 0 Td (\225 )Tj 1.38 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 \(after giving\ effect to all renewals and )Tj 0 -1.2 TD (refinancings thereof\) not more than one year after the date on which th\ at public foreign debt was originally )Tj T* (incurred;)Tj -2.76 -1.2 Td ( )Tj T* ( )Tj 1.38 0 Td (\225 )Tj 1.38 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 -2.76 -1.2 Td ( )Tj T* ( )Tj 1.38 0 Td (\225 )Tj 1.38 0 Td (any lien on property arising by operation of law in connection with publ\ ic foreign debt, including any right )Tj T* (of set-off with respect to demand or time deposits maintained with finan\ cial institutions and bankers\222 liens )Tj T* (with respect to property held by financial institutions;)Tj -2.76 -1.2 Td ( )Tj T* ( )Tj 1.38 0 Td (\225 )Tj 1.38 0 Td (any lien existing on property at the time of acquisition;)Tj -2.76 -1.2 Td ( )Tj T* ( )Tj 1.38 0 Td (\225 )Tj 1.38 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 secure )Tj T* (the Series A and Series B Collateralized Fixed Rate Notes Due 2021;)Tj -2.76 -1.2 Td ( )Tj T* ( )Tj 1.38 0 Td (\225 )Tj 1.38 0 Td (any lien in existence as of the issue date of the relevant series of deb\ t securities; and)Tj -2.76 -1.2 Td ( )Tj T* ( )Tj 1.38 0 Td (\225 )Tj 1.38 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 repayment )Tj T* (and \(b\) the property over which the lien is granted consists solely of\ the assets and revenues of the project.)Tj -2.76 -2.724 Td ( )Tj /TT1 1 Tf (Events of Default)Tj /TT0 1 Tf ( )Tj 0 -2.72 TD ( Each of the following is an event of default under any series of de\ bt securities: )Tj 0 -2.723 TD ( 1. )Tj /TT2 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 0 -2.723 TD ( 2. )Tj /TT2 1 Tf (Breach of Other Obligations: )Tj /TT0 1 Tf (The failure for a period of 60 days following written notice to Uruguay \ by the )Tj 0 -1.2 TD (trustee or holders representing 25% of the outstanding debt securities o\ f 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 T* (covenants or agreements provided in the debt securities of that series o\ r the indenture \(other than a non-payment )Tj T* (default\); or )Tj 0 -2.723 TD ( 3. )Tj /TT2 1 Tf (Cross Default:)Tj /TT0 1 Tf ( )Tj 0 -2.72 TD ( )Tj 1.38 0 Td (\225 )Tj 1.38 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 amount )Tj T* (greater than or equal to US$60,000,000 \(or its equivalent in other curr\ encies\);)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/102385/000095012305013822/y13442e\ 424b2.htm \(65 de 98\)25/10/2007 01:31:30 p.m.)Tj ET EMC endstream endobj 579 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 0 -1.2 TD ( )Tj 1.38 0 Td (\225 )Tj 1.38 0 Td (Any public foreign debt of Uruguay issued, or amended as to payment term\ s, on or after April 10, 2003 )Tj T* (having an aggregate principal amount greater than or equal to US$60,000,\ 000 \(or its equivalent in other )Tj 0 -1.2 TD (currencies\) is accelerated due to an event of default, unless the accel\ eration is rescinded or annulled; or)Tj -2.76 -2.723 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 22.75 -2.72 Td (6 )Tj ET 0.5 0.5 0.5 rg 10 644.965 575 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/102385/000095012305013822/y13442e\ 424b2.htm \(66 de 98\)25/10/2007 01:31:30 p.m.)Tj ET EMC endstream endobj 580 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 10 730.6276 Tm ( 5. )Tj /TT1 1 Tf (Validity:)Tj /TT0 1 Tf ( )Tj 0 -2.72 TD ( )Tj 1.38 0 Td (\225 )Tj 1.38 0 Td (The validity of the debt securities of that series is contested in certa\ in formal proceedings by Uruguay or )Tj 0 -1.2 TD (by any governmental entity of Uruguay that has the legal power to contes\ t the validity of the securities;)Tj -2.76 -1.2 Td ( )Tj 0 -1.2 TD ( )Tj 1.38 0 Td (\225 )Tj 1.38 0 Td (Uruguay denies any of its obligations to the holders of that series unde\ r the debt securities or the indenture; )Tj T* (or)Tj -2.76 -1.2 Td ( )Tj 0 -1.2 TD ( )Tj 1.38 0 Td (\225 )Tj 1.38 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 any )Tj T* (of Uruguay\222s material obligations under the securities; or)Tj -2.76 -2.723 Td ( 6. )Tj /TT1 1 Tf (Failure of Authorizations: )Tj /TT0 1 Tf (Any law, regulation or governmental authorization necessary for Uruguay \ to )Tj T* (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 -2.723 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 -2.723 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 to )Tj 0 -1.2 TD (comply with its obligations described in \223Additional Amounts\224 abov\ e; or )Tj 0 -2.723 TD ( 9. )Tj /TT1 1 Tf (IMF Membership: )Tj /TT0 1 Tf (Uruguay ceases to be a member of the IMF. )Tj 0 -2.72 TD ( If any of the above events of default occurs and is continuing, hol\ ders holding debt securities representing at )Tj 0 -1.2 TD (least 25% of the aggregate principal amount of the then-outstanding debt\ securities of that series may declare the )Tj T* (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 -2.72 TD ( Holders holding debt securities representing in the aggregate at le\ ast two-thirds of the principal amount of the )Tj 0 -1.2 TD (then-outstanding debt securities of that series may waive any existing d\ efaults, and their consequences, on behalf )Tj T* (of the holders of all of the debt securities of that series, if: )Tj 0 -2.72 TD ( )Tj 1.38 0 Td (\225 )Tj 1.38 0 Td (following the declaration that the principal of the debt securities of t\ hat series has become due and payable )Tj 0 -1.2 TD (immediately, Uruguay deposits with the trustee a sum sufficient to pay a\ ll outstanding amounts then due )Tj T* (on those debt securities \(other than principal due by virtue of the acc\ eleration upon the event of default\) )Tj T* (together with interest on such amounts through the date of the deposit a\ s well as the reasonable fees and )Tj T* (compensation of the trustee; and)Tj -2.76 -1.2 Td ( )Tj T* ( )Tj 1.38 0 Td (\225 )Tj 1.38 0 Td (all events of default \(other than non-payment of principal that became \ due by virtue of the acceleration )Tj T* (upon the event of default\) have been remedied.)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/102385/000095012305013822/y13442e\ 424b2.htm \(67 de 98\)25/10/2007 01:31:30 p.m.)Tj ET EMC endstream endobj 581 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 10 805.116 Tm ( )Tj /TT1 1 Tf (Suits for Enforcement and Limitations on Suits by Holders)Tj /TT0 1 Tf ( )Tj 0 -2.72 TD ( If an event of default for a series has occurred and is continuing,\ 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 0 -1.2 TD (to receive payment of the principal of and interest on debt securities o\ n the stated maturity date therefor \(as that )Tj T* (date may be amended or modified pursuant to the terms of the debt securi\ ties\), 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 0 -1.2 TD (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 )Tj 22.75 -2.72 Td (7 )Tj ET 0.5 0.5 0.5 rg 10 569.945 575 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/102385/000095012305013822/y13442e\ 424b2.htm \(68 de 98\)25/10/2007 01:31:30 p.m.)Tj ET EMC endstream endobj 582 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 (commenced by a holder must be for the equal, ratable and common benefit \ of all holders of debt securities of that )Tj 0 -1.2 TD (series. )Tj 0 -2.724 TD ( )Tj /TT1 1 Tf (Meetings)Tj /TT0 1 Tf ( )Tj 0 -2.72 TD ( Uruguay or the trustee at any time may, and upon written request 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 0 -1.2 TD (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 -2.72 TD ( Registered holders holding debt securities representing at least a \ majority of the aggregate principal amount of )Tj 0 -1.2 TD (the then-outstanding debt securities of a series will constitute a quoru\ m at a meeting of registered holders )Tj 0 -1.2 TD (described above. If there is no quorum, the meeting may be adjourned for\ a period of at least ten days, and if there )Tj 0 -1.2 TD (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 T* (principal amount of the then-outstanding debt securities of the series w\ ill constitute a quorum. )Tj 0 -2.724 TD ( )Tj /TT1 1 Tf (Modifications)Tj /TT0 1 Tf ( )Tj 0 -2.72 TD ( The New Bonds contain collective action clauses with provisions reg\ arding future modifications to the terms )Tj 0 -1.2 TD (of the New Bonds. These clauses are described below. )Tj 0 -2.72 TD ( Any modification, amendment, supplement or waiver to the indenture \ or the terms and conditions of the debt )Tj 0 -1.2 TD (securities of one or more series may be made or given pursuant to a writ\ ten 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 0 -1.2 TD (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 -2.72 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 10.625 0 0 10.625 10 226.5537 Tm (2)Tj 12.5 0 0 12.5 15.3125 226.5537 Tm (/)Tj 10 0 0 10 18.7875 223.3537 Tm (3)Tj 12.5 0 0 12.5 23.7875 226.5537 Tm (% in aggregate principal amount of the debt securities of such series at\ the time outstanding. )Tj -1.103 -3.185 Td ( However, special requirements apply with respect to any modificatio\ n, amendment, supplement or waiver that )Tj 0 -1.2 TD (would: )Tj 0 -2.72 TD ( )Tj 1.38 0 Td (\225 )Tj 1.38 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 -2.76 -1.2 Td ( )Tj T* ( )Tj 1.38 0 Td (\225 )Tj 1.38 0 Td (reduce the principal amount or redemption price or premium, if any, paya\ ble under the debt securities of a )Tj T* (series;)Tj -2.76 -1.2 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/102385/000095012305013822/y13442e\ 424b2.htm \(69 de 98\)25/10/2007 01:31:30 p.m.)Tj ET EMC endstream endobj 583 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 1.38 0 Td (\225 )Tj 1.38 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 debt securities of a series;)Tj -2.76 -1.2 Td ( )Tj 0 -1.2 TD ( )Tj 1.38 0 Td (\225 )Tj 1.38 0 Td (reduce the interest rate on the debt securities of a series;)Tj -2.76 -1.2 Td ( )Tj 0 -1.2 TD ( )Tj 1.38 0 Td (\225 )Tj 1.38 0 Td (change the currency or place of payment of any amount payable under the \ debt securities of a series;)Tj -2.76 -1.2 Td ( )Tj T* ( )Tj 1.38 0 Td (\225 )Tj 1.38 0 Td (change the obligation of Uruguay to pay additional amounts in respect of\ the debt securities of a series;)Tj -2.76 -2.72 Td ( )Tj 1.38 0 Td (\225 )Tj 1.38 0 Td (change the definition of outstanding or the percentage of votes required\ for the taking of any action )Tj 0 -1.2 TD (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 -2.76 -1.2 Td ( )Tj T* ( )Tj 1.38 0 Td (\225 )Tj 1.38 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 19.99 -2.72 Td (8 )Tj ET 0.5 0.5 0.5 rg 10 510 575 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/102385/000095012305013822/y13442e\ 424b2.htm \(70 de 98\)25/10/2007 01:31:30 p.m.)Tj ET EMC endstream endobj 584 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 0 -1.2 TD ( )Tj 1.38 0 Td (\225 )Tj 1.38 -0.003 Td (change the )Tj /TT1 1 Tf (pari passu )Tj /TT0 1 Tf (ranking, governing law, submission to jurisdiction or waiver of immuniti\ es )Tj 0 -1.2 TD (provisions of the terms and conditions of the debt securities of a serie\ s.)Tj -2.76 -2.72 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 0 -2.72 TD ( Any reserve matter modification to the terms and conditions of the \ debt securities of a single series, or to the )Tj 0 -1.2 TD (indenture insofar as it affects the debt securities of a single series, \ may generally be made, and future compliance )Tj T* (therewith may be waived, with the consent of Uruguay and the holders of \ not less than 75% in aggregate principal )Tj T* (amount of the debt securities of such series at the time outstanding. )Tj 0 -2.72 TD ( If Uruguay proposes any reserve matter modification to the terms an\ d conditions of the debt securities of two )Tj 0 -1.2 TD (or more series, or to the indenture insofar as it affects the debt secur\ ities of two or more series, in either case as )Tj 0 -1.2 TD (part of a single transaction, Uruguay may elect to proceed pursuant to p\ rovisions of the indenture providing that )Tj T* (such modifications may be made, and future compliance therewith may be w\ aived, for each affected series if )Tj T* (made with the consent of Uruguay and )Tj 0 -2.72 TD ( )Tj 1.38 0 Td (\225 )Tj 1.38 -0.003 Td (the holders of not less than 85% in aggregate principal amount of the ou\ tstanding debt securities of )Tj /TT1 1 Tf (all )Tj /TT0 1 Tf 0 -1.2 TD (series that would be affected by that modification \(taken in aggregate\)\ , and)Tj -2.76 -1.2 Td ( )Tj T* ( )Tj 1.38 0 Td (\225 )Tj 1.38 -0.003 Td (the holders of not less than 66-)Tj 10.625 0 0 10.625 198.65 418.5574 Tm (2)Tj 12.5 0 0 12.5 203.9625 418.5574 Tm (/)Tj 10 0 0 10 207.4375 415.3574 Tm (3)Tj 12.5 0 0 12.5 212.4375 418.5574 Tm (% in aggregate principal amount of the outstanding debt securities of )Tj /TT1 1 Tf (that )Tj /TT0 1 Tf -13.435 -1.665 Td (series \(taken individually\).)Tj -2.76 -2.72 Td ( If any reserve matter modification is sought in the context of a si\ multaneous 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 instrument is offered, no less favorable than the new debt instrume\ nt issued having the largest aggregate )Tj 0 -1.2 TD (principal amount. )Tj 0 -2.72 TD ( Uruguay agrees that it will not issue new debt securities or reopen\ 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 -2.72 TD ( Any modification consented to or approved by the holders of the deb\ t securities of one or more series pursuant )Tj 0 -1.2 TD (to the modification provisions will be conclusive and binding on all hol\ ders of the debt securities of that series, )Tj T* (whether or not they have given such consent or were present at a meeting\ of holders at which such action was )Tj T* (taken, and on all future holders of the debt securities of that series w\ hether or not notation of such modification is )Tj T* (made upon the debt securities of that series. Any instrument given by or\ on behalf of any holder of a debt security )Tj T* (in connection with any consent to or approval of any such modification w\ ill be conclusive and binding on all )Tj T* (subsequent holders of such debt security. )Tj 0 -2.72 TD ( Before seeking the consent of any holder of a debt security of any \ series to a reserve matter modification )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/102385/000095012305013822/y13442e\ 424b2.htm \(71 de 98\)25/10/2007 01:31:30 p.m.)Tj ET EMC endstream endobj 585 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 (affecting that series, Uruguay shall provide to the trustee \(for onward\ distribution to the holders of the affected )Tj 0 -1.2 TD (debt securities\) the following information: )Tj 0 -2.72 TD ( )Tj 1.38 0 Td (\225 )Tj 1.38 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 -2.76 -1.2 Td ( )Tj T* ( )Tj 1.38 0 Td (\225 )Tj 1.38 0 Td (if Uruguay shall at the time have entered into a standby, extended funds\ or similar program with the )Tj T* (International Monetary Fund, a copy of that program \(including any rela\ ted technical memorandum\); and)Tj 19.99 -2.72 Td (9 )Tj ET 0.5 0.5 0.5 rg 10 630 575 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/102385/000095012305013822/y13442e\ 424b2.htm \(72 de 98\)25/10/2007 01:31:30 p.m.)Tj ET EMC endstream endobj 586 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 0 -1.2 TD ( )Tj 1.38 0 Td (\225 )Tj 1.38 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 0 -1.2 TD (Uruguay\222s efforts to address the situation giving rise to the request\ ed modification.)Tj -2.76 -2.72 Td ( For purposes of determining whether the required percentage of hold\ ers 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 0 -1.2 TD (controlled, directly or indirectly, by Uruguay or any public sector inst\ rumentality of Uruguay will be disregarded )Tj T* (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 0 -1.2 TD (persons performing similar functions in lieu of, or in addition to, the \ board of directors of a corporation, trust, )Tj 0 -1.2 TD (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 -2.723 TD (Warrants)Tj /TT0 1 Tf ( )Tj T* ( )Tj /TT2 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. The )Tj 0 -1.2 TD (following description briefly summarizes some of the general terms that \ apply to warrants. You should read the )Tj T* (applicable prospectus supplement, warrant agreement and form of warrant \ before making your investment )Tj T* (decision.)Tj /TT0 1 Tf ( )Tj 0 -2.72 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 -2.72 TD ( )Tj 1.38 0 Td (\225 )Tj 1.38 0 Td (the initial offering price;)Tj -2.76 -1.2 Td ( )Tj 0 -1.2 TD ( )Tj 1.38 0 Td (\225 )Tj 1.38 0 Td (the currency you must use to purchase the warrants;)Tj -2.76 -1.2 Td ( )Tj T* ( )Tj 1.38 0 Td (\225 )Tj 1.38 0 Td (the title and terms of the debt securities or other consideration that y\ ou will receive on exercise of the )Tj T* (warrants;)Tj -2.76 -1.2 Td ( )Tj T* ( )Tj 1.38 0 Td (\225 )Tj 1.38 0 Td (the principal amount of debt securities or amount of other consideration\ that you will receive on exercise )Tj T* (of the warrants;)Tj -2.76 -1.2 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/102385/000095012305013822/y13442e\ 424b2.htm \(73 de 98\)25/10/2007 01:31:30 p.m.)Tj ET EMC endstream endobj 587 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 1.38 0 Td (\225 )Tj 1.38 0 Td (the exercise price or ratio;)Tj -2.76 -1.2 Td ( )Tj 0 -1.2 TD ( )Tj 1.38 0 Td (\225 )Tj 1.38 0 Td (the procedures of, and conditions to, exercise of the warrants;)Tj -2.76 -1.2 Td ( )Tj 0 -1.2 TD ( )Tj 1.38 0 Td (\225 )Tj 1.38 0 Td (the date or dates on which you must exercise the warrants;)Tj -2.76 -2.72 Td ( )Tj 1.38 0 Td (\225 )Tj 1.38 0 Td (whether and under what conditions Uruguay may cancel the warrants;)Tj -2.76 -1.2 Td ( )Tj 0 -1.2 TD ( )Tj 1.38 0 Td (\225 )Tj 1.38 0 Td (the title and terms of any debt securities issued with the warrants and \ the amount of debt securities issued )Tj T* (with each warrant;)Tj -2.76 -1.2 Td ( )Tj T* ( )Tj 1.38 0 Td (\225 )Tj 1.38 0 Td (the date, if any, on and after which the warrants and any debt securitie\ s issued with the warrants will trade )Tj T* (separately;)Tj -2.76 -1.2 Td ( )Tj T* ( )Tj 1.38 0 Td (\225 )Tj 1.38 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 19.74 -2.72 Td (10 )Tj ET 0.5 0.5 0.5 rg 10 510 575 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/102385/000095012305013822/y13442e\ 424b2.htm \(74 de 98\)25/10/2007 01:31:30 p.m.)Tj ET EMC endstream endobj 588 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 0 -1.2 TD ( )Tj 1.38 0 Td (\225 )Tj 1.38 0 Td (the identity of the warrant agent;)Tj -2.76 -1.2 Td ( )Tj 0 -1.2 TD ( )Tj 1.38 0 Td (\225 )Tj 1.38 0 Td (any special considerations regarding federal income tax in the United St\ ates or other countries;)Tj -2.76 -1.2 Td ( )Tj 0 -1.2 TD ( )Tj 1.38 0 Td (\225 )Tj 1.38 0 Td (any other terms of the warrants.)Tj /TT1 1 Tf -2.76 -2.723 Td (Global Securities)Tj /TT0 1 Tf ( )Tj 0 -2.723 TD ( )Tj /TT2 1 Tf (DTC, Euroclear and Clearstream are under no obligation to perform or con\ tinue to perform the procedures )Tj 0 -1.203 TD (described below, and they may modify or discontinue them at any time. Ne\ ither Uruguay nor the trustee will be )Tj 0 -1.2 TD (responsible for DTC\222s, Euroclear\222s or Clearstream\222s performance\ of their obligations under their rules and )Tj T* (procedures. Nor will Uruguay or the trustee be responsible for the perfo\ rmance by direct or indirect participants )Tj T* (of their obligations under their rules and procedures.)Tj /TT0 1 Tf ( )Tj 0 -2.72 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 -2.72 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 T* (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* (The Depository Trust Company, or DTC, in the United States and Euroclear\ and Clearstream in Europe. )Tj 0 -2.72 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 -2.72 TD ( Euroclear and Clearstream are connected to each other by a direct l\ ink and participate in DTC through their )Tj 0 -1.2 TD (New York depositaries, which act as links between the clearing systems. \ )Tj 0 -2.72 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 \(including DTC, )Tj T* (Euroclear, Clearstream, and their participants\) to exercise any of the \ rights granted to the holder of the security or )Tj T* (securities. Under existing industry practice, if you desire to take any \ action that the holder of a security is entitled )Tj T* (to take, then the registered holder would authorize the clearing system \ participant through which you own your )Tj T* (beneficial interest to take the action, and the participant would then e\ ither authorize you to take the action or act )Tj T* (for you on your instructions. )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/102385/000095012305013822/y13442e\ 424b2.htm \(75 de 98\)25/10/2007 01:31:30 p.m.)Tj ET EMC endstream endobj 589 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 12.5 291.25 792.5509 Tm (11 )Tj ET 0.5 0.5 0.5 rg 10 760.38 575 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/102385/000095012305013822/y13442e\ 424b2.htm \(76 de 98\)25/10/2007 01:31:30 p.m.)Tj ET EMC endstream endobj 590 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 (The Clearing Systems)Tj /TT1 1 Tf ( )Tj 0 -2.723 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. Uruguay has obtained the information in this \ section from sources it believes to be )Tj 0 -1.2 TD (reliable, including from DTC, Euroclear and Clearstream, but Uruguay tak\ es no responsibility for the accuracy )Tj T* (of this information.)Tj /TT1 1 Tf ( )Tj 0 -2.724 TD ( )Tj /TT3 1 Tf (The Depository Trust Company)Tj /TT1 1 Tf ( )Tj 4.14 -2.72 Td ( DTC is: )Tj -4.14 -2.72 Td ( )Tj 1.38 0 Td (\225 )Tj 1.38 0 Td (a limited-purpose trust company organized under the New York Banking Law\ ;)Tj -2.76 -1.2 Td ( )Tj 0 -1.2 TD ( )Tj 1.38 0 Td (\225 )Tj 1.38 0 Td (a \223banking organization\224 under the New York Banking Law;)Tj -2.76 -1.2 Td ( )Tj T* ( )Tj 1.38 0 Td (\225 )Tj 1.38 0 Td (a member of the Federal Reserve System;)Tj -2.76 -1.2 Td ( )Tj T* ( )Tj 1.38 0 Td (\225 )Tj 1.38 0 Td (a \223clearing corporation\224 under the New York Uniform Commercial Cod\ e; and)Tj -2.76 -1.2 Td ( )Tj T* ( )Tj 1.38 0 Td (\225 )Tj 1.38 0 Td (a \223clearing agency\224 registered under Section 17A of the Securities\ Exchange Act of 1934.)Tj -2.76 -2.72 Td ( DTC was created to hold securities for its participants and facilit\ ate the clearance and settlement of securities )Tj T* (transactions between its participants. It does this through electronic b\ ook-entry changes in the accounts of its )Tj T* (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 0 -1.2 TD (Dealers, Inc. )Tj 0 -2.72 TD ( DTC can only act on behalf of its direct participants, who in turn \ act on behalf of indirect participants and )Tj 0 -1.2 TD (certain banks. In addition, unless a global security is exchanged in who\ le or in part for a definitive security, it may )Tj T* (not be physically transferred, except as a whole among DTC, its nominees\ and their successors. Therefore, a )Tj T* (holder\222s ability to pledge a beneficial interest in the global securi\ ty to persons that do not participate in the DTC )Tj T* (system and to take other actions may be limited because the holder will \ not possess a physical certificate that )Tj T* (represents the holder\222s interest. )Tj 0 -2.724 TD ( )Tj /TT3 1 Tf (Euroclear and Clearstream)Tj /TT1 1 Tf ( )Tj 0 -2.72 TD ( Euroclear and Clearstream hold securities for their participants an\ d facilitate the clearance and settlement of )Tj 0 -1.2 TD (securities transactions between their participants through electronic bo\ ok-entry changes in their accounts. )Tj T* (Euroclear and Clearstream provide various services to their participants\ , including the safekeeping, )Tj T* (administration, clearance, settlement, lending and borrowing of internat\ ionally traded securities. Euroclear and )Tj T* (Clearstream participants are financial institutions such as underwriters\ , securities brokers and dealers, banks, trust )Tj T* (companies and other organizations. Banks, brokers, dealers and trust com\ panies have indirect access to Euroclear )Tj T* (or Clearstream by clearing through or maintaining a custodial relationsh\ ip with a Euroclear or Clearstream )Tj T* (participant. )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/102385/000095012305013822/y13442e\ 424b2.htm \(77 de 98\)25/10/2007 01:31:30 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 10 803.3873 Tm ( )Tj /TT1 1 Tf (Secondary Market Trading)Tj /TT0 1 Tf ( )Tj 0 -2.723 TD ( )Tj /TT2 1 Tf (Trading Between DTC Purchasers and Sellers)Tj /TT0 1 Tf ( )Tj 0 -2.72 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 22.5 -2.72 Td (12 )Tj ET 0.5 0.5 0.5 rg 10 579.182 575 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/102385/000095012305013822/y13442e\ 424b2.htm \(78 de 98\)25/10/2007 01:31:30 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 10 749.6276 Tm ( )Tj /TT1 1 Tf (Trading Between Euroclear and/or Clearstream Participants)Tj /TT0 1 Tf ( )Tj 0 -2.72 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 -2.723 TD ( )Tj /TT1 1 Tf (Trading Between a DTC Seller and a Euroclear or Clearstream Purchaser)Tj /TT0 1 Tf ( )Tj 0 -2.72 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 settlement date. Euro\ clear or Clearstream will then instruct its )Tj T* (depositary to receive the securities and make payment for them. On the s\ ettlement 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 0 -1.2 TD (settlement has been completed, DTC will credit the securities to Eurocle\ ar or Clearstream. Euroclear or )Tj 0 -1.2 TD (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 settlement date. The cash debit from the account of Eur\ oclear or Clearstream will be back-valued )Tj T* (to the value date \(which will be the preceding day if settlement occurs\ in New York\). If settlement is not )Tj 0 -1.203 TD (completed on the intended value date \()Tj /TT1 1 Tf (i.e.)Tj /TT0 1 Tf (, the trade fails\), the cash debit will instead be valued at the actual\ )Tj 0 -1.2 TD (settlement date. )Tj 0 -2.72 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 \()Tj /TT1 1 Tf (i.e.)Tj /TT0 1 Tf (, have funds in place at Euroclear or Clearstream before the value date\)\ , 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 -2.72 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 \()Tj /TT1 1 Tf (i.e.)Tj /TT0 1 Tf (, the interest rate that Euroclear or Clearstream charges\) each partici\ pant. )Tj 0 -2.72 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 settlement date. Thus, to the DTC seller, a cross-market\ sale will settle no differently than a trade )Tj T* (between two DTC participants. )Tj 0 -2.723 TD ( )Tj /TT1 1 Tf (Trading Between a Euroclear or Clearstream Seller and a DTC Purchaser)Tj /TT0 1 Tf ( )Tj 0 -2.72 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 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/102385/000095012305013822/y13442e\ 424b2.htm \(79 de 98\)25/10/2007 01:31:30 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 BT /TT0 1 Tf 12.5 0 0 12.5 10 805.1705 Tm (instructions to Euroclear or Clearstream through a participant at least \ one business day prior to the settlement )Tj 0 -1.2 TD (date. Euroclear or Clearstream will then instruct its depositary to cred\ it the securities to the DTC participant\222s )Tj T* (account and receive payment. The payment will be credited in the account\ of the Euroclear or Clearstream )Tj 0 -1.2 TD (participant on the following day, but the receipt of the cash proceeds w\ ill be back-valued to the value date \(which )Tj 0 -1.2 TD (will be the preceding day if settlement occurs in New York\). If settlem\ ent is not completed on the intended value )Tj 0 -1.203 TD (date \()Tj /TT1 1 Tf (i.e.)Tj /TT0 1 Tf (, the trade fails\), the receipt of the cash proceeds will instead be va\ lued at the actual settlement date. )Tj 0 -2.72 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 22.5 -2.72 Td (13 )Tj ET 0.5 0.5 0.5 rg 10 584.965 575 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/102385/000095012305013822/y13442e\ 424b2.htm \(80 de 98\)25/10/2007 01:31:30 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 /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 (Certificated Securities)Tj /TT1 1 Tf ( )Tj 0 -2.72 TD ( Unless otherwise specified in a prospectus supplement, Uruguay will\ issue securities in certificated form only )Tj 0 -1.2 TD (if: )Tj 0 -2.72 TD ( )Tj 1.38 0 Td (\225 )Tj 1.38 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 or, in the case of DTC, ceases to be a clearing agency reg\ istered 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 0 -1.2 TD (successor depositary or clearing agency within 90 days;)Tj -2.76 -1.2 Td ( )Tj T* ( )Tj 1.38 0 Td (\225 )Tj 1.38 0 Td (Uruguay decides it no longer wishes to have all or part of the debt secu\ rities represented by global )Tj T* (securities; or)Tj -2.76 -1.2 Td ( )Tj 0 -1.2 TD ( )Tj 1.38 0 Td (\225 )Tj 1.38 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 )Tj T* (of the securities for the proceeding.)Tj -2.76 -2.72 Td ( If a physical or certificated security becomes mutilated, defaced, \ destroyed, lost or stolen, Uruguay may issue, )Tj T* (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 T* (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 -2.72 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 0 -1.2 TD (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 -2.72 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 /TT0 1 Tf 0 -2.723 TD (Trustee)Tj /TT1 1 Tf ( )Tj 0 -2.72 TD ( The indenture establishes the obligations and duties of the trustee\ , 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 /TT0 1 Tf 0 -2.723 TD (Paying Agents; Transfer Agents; Registrar)Tj /TT1 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/102385/000095012305013822/y13442e\ 424b2.htm \(81 de 98\)25/10/2007 01:31:30 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 10 803.5379 Tm ( Uruguay may appoint paying agents, transfer agents and a registrar \ 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 0 -1.2 TD (series. Uruguay, however, will at all times maintain a principal paying \ agent in a Western European or United )Tj 0 -1.2 TD (States city and a registrar in New York City for each series until the s\ ecurities of that series are paid. )Tj 0 -2.72 TD ( In addition, Uruguay will maintain a paying agent and a transfer ag\ ent in Luxembourg with respect to any )Tj 0 -1.2 TD (series of securities listed on the Luxembourg Stock Exchange so long as \ the rules of the Luxembourg Stock )Tj T* (Exchange so require. Uruguay will provide prompt notice of the terminati\ on, appointment or change in the office )Tj T* (of any paying agent, transfer agent or registrar acting in connection wi\ th any series of securities. )Tj 22.5 -2.72 Td (14 )Tj ET 0.5 0.5 0.5 rg 10 598.367 575 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/102385/000095012305013822/y13442e\ 424b2.htm \(82 de 98\)25/10/2007 01:31:30 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 10 749.6212 Tm (Notices)Tj /TT1 1 Tf ( )Tj 0 -2.723 TD ( All notices to holders will be published in the )Tj /TT2 1 Tf (Financial Times )Tj /TT1 1 Tf (in London. In addition, as long as any series of )Tj 0 -1.2 TD (debt securities is listed on the Luxembourg Stock Exchange, Uruguay will\ publish all notices related to those debt )Tj 0 -1.203 TD (securities in English in the )Tj /TT2 1 Tf (Luxemburger Wort)Tj /TT1 1 Tf (. If at any time publication in either the )Tj /TT2 1 Tf (Financial Times )Tj /TT1 1 Tf (or the )Tj /TT2 1 Tf T* (Luxemburger Wort )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 or Luxembourg, as applicable. Any notice so publis\ hed shall be deemed to have been given )Tj T* (on the date of its publication. )Tj 0 -2.72 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 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 0 -1.2 TD (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 /TT0 1 Tf 0 -2.723 TD (Further Issues of Securities)Tj /TT1 1 Tf ( )Tj 0 -2.72 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 T* (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 -2.723 TD (Limitation on Time for Claims)Tj /TT1 1 Tf ( )Tj 0 -2.72 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 -2.723 TD (Jurisdiction, Consent to Service, Enforcement of Judgments and Immunitie\ s from Attachment)Tj /TT1 1 Tf ( )Tj 0 -2.72 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 -2.72 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 -2.72 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 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/102385/000095012305013822/y13442e\ 424b2.htm \(83 de 98\)25/10/2007 01:31:30 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 10 805.1705 Tm (process agent to accept such service on its behalf. )Tj 0 -2.72 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 0 -1.2 TD (process to itself at its address specified in the indenture. )Tj 0 -2.72 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 22.5 -2.72 Td (15 )Tj ET 0.5 0.5 0.5 rg 10 611 575 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/102385/000095012305013822/y13442e\ 424b2.htm \(84 de 98\)25/10/2007 01:31:30 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 ( 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 0 -1.2 TD (or foreign courts against Uruguay. )Tj 0 -2.72 TD ( In connection with any legal action relating to the securities, Uru\ guay will: )Tj T* ( )Tj 1.38 0 Td (\225 )Tj 1.38 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 -2.76 -1.2 Td ( )Tj T* ( )Tj 1.38 0 Td (\225 )Tj 1.38 0 Td (agree that all claims in respect of such action or proceeding may be hea\ rd and determined in such New )Tj T* (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 -2.76 -2.72 Td ( 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 T* (attachment prior to judgment and attachment in aid of execution under Ur\ uguayan law. Uruguay agrees that this )Tj T* (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 -2.72 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 T* (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 0 -1.2 TD (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 -2.72 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 -2.72 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 -2.72 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 -2.72 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 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/102385/000095012305013822/y13442e\ 424b2.htm \(85 de 98\)25/10/2007 01:31:30 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 10 803.6628 Tm ( \(b\) if such judgment: )Tj 0 -2.72 TD ( )Tj 2.76 0 Td (\225 )Tj 1.38 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 -4.14 -1.2 Td ( )Tj 0 -1.2 TD ( )Tj 2.76 0 Td (\225 )Tj 1.38 0 Td (has been translated into Spanish, together with related documents, and s\ atisfies the authentication )Tj T* (requirements of Uruguayan law;)Tj -4.14 -1.2 Td ( )Tj 0 -1.2 TD ( )Tj 2.76 0 Td (\225 )Tj 1.38 0 Td (was issued by a competent court after valid service of process upon the \ parties to the action;)Tj 18.36 -2.72 Td (16 )Tj ET 0.5 0.5 0.5 rg 10 613.492 575 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/102385/000095012305013822/y13442e\ 424b2.htm \(86 de 98\)25/10/2007 01:31:30 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 10 749.6628 Tm ( )Tj 0 -1.2 TD ( )Tj 2.76 0 Td (\225 )Tj 1.38 0 Td (was issued after an opportunity was given to the defendant to present it\ s defense;)Tj -4.14 -1.2 Td ( )Tj 0 -1.2 TD ( )Tj 2.76 0 Td (\225 )Tj 1.38 0 Td (is not subject to further appeal; and)Tj -4.14 -1.2 Td ( )Tj 0 -1.2 TD ( )Tj 2.76 0 Td (\225 )Tj 1.38 0 Td (is not against Uruguayan public policy.)Tj /TT1 1 Tf -4.14 -2.723 Td (Indemnification for Foreign Exchange Rate Fluctuations)Tj /TT0 1 Tf ( )Tj 0 -2.72 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 T* (holder, however, agrees to reimburse Uruguay for the excess if the amoun\ t of the agreement currency purchased )Tj T* (exceeds the amount originally to be paid to the holder. If Uruguay is in\ default of its obligations under the )Tj T* (securities, however, the holder will not be obligated to reimburse Urugu\ ay for any excess. )Tj /TT1 1 Tf 20.305 -2.723 Td (TAXATION)Tj /TT0 1 Tf ( )Tj -20.305 -2.723 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 0 -1.2 TD (country where you purchase the debt securities.)Tj /TT0 1 Tf ( )Tj /TT1 1 Tf 0 -2.723 TD (Uruguayan Taxation)Tj /TT0 1 Tf ( )Tj 0 -2.72 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 -2.72 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 -2.723 TD (United States Federal Taxation)Tj /TT0 1 Tf ( )Tj 0 -2.72 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. You are a \ United States person for U.S. federal income )Tj T* (tax purposes if you are: )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/102385/000095012305013822/y13442e\ 424b2.htm \(87 de 98\)25/10/2007 01:31:30 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 10 799.426 Tm ( )Tj 1.38 0 Td (\225 )Tj 1.38 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 -2.76 -1.2 Td ( )Tj 0 -1.2 TD ( )Tj 1.38 0 Td (\225 )Tj 1.38 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 -2.76 -1.2 Td ( )Tj T* ( )Tj 1.38 0 Td (\225 )Tj 1.38 0 Td (an estate, the income of which is subject to United States federal incom\ e taxation regardless of its source or)Tj -2.76 -1.2 Td ( )Tj 0 -1.2 TD ( )Tj 1.38 0 Td (\225 )Tj 1.38 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 19.74 -2.72 Td (17 )Tj ET 0.5 0.5 0.5 rg 10 598.256 575 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/102385/000095012305013822/y13442e\ 424b2.htm \(88 de 98\)25/10/2007 01:31:30 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 ET q 137 0 0 155 229 601.9923096 cm /Im0 Do Q 0 0 0 rg BT /TT0 1 Tf 12.5 0 0 12.5 366 601.9923 Tm ( )Tj /TT1 1 Tf 22.5 0 0 22.5 142.8013 557.0038 Tm (Rep\372blica Oriental del Uruguay)Tj /TT0 1 Tf ( )Tj 17.5 0 0 17.5 295.3125 511.8356 Tm ( )Tj 0 -2.486 TD ( )Tj 0 -2.486 TD ( )Tj 0 -2.486 TD ( )Tj 0 -2.486 TD ( )Tj 0 -2.486 TD ( )Tj /TT1 1 Tf -4.625 -2.489 Td (UBS Investment Bank)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/102385/000095012305013822/y13442e\ 424b2.htm \(98 de 98\)25/10/2007 01:31:30 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 10 730.6628 Tm ( If you are a United States person, the interest you receive on the \ debt securities will generally be subject to )Tj 0 -1.2 TD (United States taxation and will be considered ordinary interest income. \ Under current United States federal )Tj T* (income tax law, if you are not a United States person, the interest paym\ ents that you receive on the debt securities )Tj 0 -1.2 TD (generally will be exempt from United States federal income taxes, includ\ ing withholding tax. However, to receive )Tj 0 -1.2 TD (this exemption you may be required to satisfy certain certification requ\ irements \(described below\) of the United )Tj T* (States Internal Revenue Service to establish that you are not a United S\ tates person. )Tj 0 -2.72 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 0 -2.72 TD ( )Tj 1.38 0 Td (\225 )Tj 1.38 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 -2.76 -1.2 Td ( )Tj T* ( )Tj 1.38 0 Td (\225 )Tj 1.38 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 T* (and certain other conditions exist.)Tj -2.76 -2.72 Td ( If you are not a United States person, any gain you realize on a sa\ le or exchange of the debt securities )Tj T* (generally will be exempt from United States federal income tax, includin\ g withholding tax, unless: )Tj 0 -2.72 TD ( )Tj 1.38 0 Td (\225 )Tj 1.38 0 Td (your gain is effectively connected with your conduct of a trade or busin\ ess in the United States, or)Tj -2.76 -2.72 Td ( )Tj 1.38 0 Td (\225 )Tj 1.38 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 -2.72 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 T* (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 -2.72 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 22.5 -2.72 Td (18 )Tj ET 0.5 0.5 0.5 rg 10 96.492 575 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/102385/000095012305013822/y13442e\ 424b2.htm \(89 de 98\)25/10/2007 01:31:30 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 /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 749.6212 Tm (PLAN OF DISTRIBUTION)Tj /TT1 1 Tf ( )Tj /TT0 1 Tf -17 -2.723 Td (Terms of Sale)Tj /TT1 1 Tf ( )Tj 0 -2.72 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 -2.72 TD ( )Tj 1.38 0 Td (\225 )Tj 1.38 0 Td (the name or names of any underwriters, dealer/managers or agents;)Tj -2.76 -1.2 Td ( )Tj 0 -1.2 TD ( )Tj 1.38 0 Td (\225 )Tj 1.38 0 Td (the purchase price of the securities, if any;)Tj -2.76 -2.72 Td ( )Tj 1.38 0 Td (\225 )Tj 1.38 0 Td (the proceeds to Uruguay from the sale, if any;)Tj -2.76 -1.2 Td ( )Tj T* ( )Tj 1.38 0 Td (\225 )Tj 1.38 0 Td (any underwriting discounts and other items constituting underwriters\222\ compensation;)Tj -2.76 -1.2 Td ( )Tj T* ( )Tj 1.38 0 Td (\225 )Tj 1.38 0 Td (any agents\222 commissions;)Tj -2.76 -1.2 Td ( )Tj T* ( )Tj 1.38 0 Td (\225 )Tj 1.38 0 Td (any initial public offering price of the securities;)Tj -2.76 -1.2 Td ( )Tj T* ( )Tj 1.38 0 Td (\225 )Tj 1.38 0 Td (any concessions allowed or reallowed or paid to dealers; and)Tj -2.76 -1.2 Td ( )Tj T* ( )Tj 1.38 0 Td (\225 )Tj 1.38 0 Td (any securities exchanges on which such securities may be listed.)Tj -2.76 -2.72 Td ( Uruguay may agree to indemnify any agents and underwriters against \ certain liabilities, including liabilities )Tj T* (under the U.S. Securities Act of 1933. The agents and underwriters may a\ lso be entitled to contribution from )Tj T* (Uruguay for payments they make relating to these liabilities. Agents and\ underwriters may engage in transactions )Tj T* (with or perform services for Uruguay in the ordinary course of business.\ )Tj /TT0 1 Tf 0 -2.723 TD (Method of Sale)Tj /TT1 1 Tf ( )Tj 0 -2.72 TD ( Uruguay may sell the securities in any of three ways: )Tj T* ( )Tj 1.38 0 Td (\225 )Tj 1.38 0 Td (through underwriters or dealers;)Tj -2.76 -1.2 Td ( )Tj 0 -1.2 TD ( )Tj 1.38 0 Td (\225 )Tj 1.38 0 Td (directly to one or more purchasers; or)Tj -2.76 -1.2 Td ( )Tj T* ( )Tj 1.38 0 Td (\225 )Tj 1.38 0 Td (through agents.)Tj -2.76 -2.72 Td ( If Uruguay uses underwriters or dealers in a sale, they will acquir\ e the securities for their own account and )Tj T* (may resell them in one or more transactions, including negotiated transa\ ctions, at a fixed public offering price or )Tj T* (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 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/102385/000095012305013822/y13442e\ 424b2.htm \(90 de 98\)25/10/2007 01:31:30 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 /Article <>BDC q 0 18 595 806 re W* n BT /TT0 1 Tf 12.5 0 0 12.5 10 805.1705 Tm ( 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 -2.72 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. 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This type of offer may be )Tj T* (in addition to sales of the same securities using the methods discussed \ above. )Tj 22.5 -2.72 Td (19 )Tj ET 0.5 0.5 0.5 rg 10 536 575 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/102385/000095012305013822/y13442e\ 424b2.htm \(91 de 98\)25/10/2007 01:31:30 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 /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 (Non-U.S. Offerings)Tj /TT1 1 Tf ( )Tj 0 -2.72 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 0 -1.2 TD (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 -2.72 TD ( )Tj T* ( )Tj 1.38 0 Td (\225 )Tj 1.38 0 Td (have not been and will not be registered under the Securities Act; and)Tj -2.76 -1.2 Td ( )Tj 0 -1.2 TD ( )Tj 1.38 0 Td (\225 )Tj 1.38 0 Td (may not be offered or sold within the United States except pursuant to a\ n exemption from, or in a )Tj T* (transaction not subject to, the registration requirements of the Securit\ ies Act.)Tj -2.76 -2.72 Td ( Each underwriter or dealer will agree that: )Tj 0 -2.72 TD ( )Tj 1.38 0 Td (\225 )Tj 1.38 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 -2.76 -1.2 Td ( )Tj T* ( )Tj 1.38 0 Td (\225 )Tj 1.38 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 /TT0 1 Tf 14.253 -2.723 Td (OFFICIAL STATEMENTS)Tj /TT1 1 Tf ( )Tj -17.013 -2.72 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. 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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 -2.72 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 -2.72 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 17.361 -2.72 Td (Room 1024, Judiciary Plaza )Tj 1.167 -1.2 Td (450 Fifth Street, N.W. )Tj -0.514 -1.2 Td (Washington, D.C. 20549 )Tj -18.014 -2.72 Td ( Any filings that Uruguay makes electronically are available to the \ public over the Internet at the SEC\222s )Tj T* (website \(http://www.sec.gov\). Please call the SEC at 1-800-SEC-0330 fo\ r further information. )Tj 0 -2.72 TD ( The SEC allows Uruguay to incorporate by reference some information\ that Uruguay files with the SEC. )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/102385/000095012305013822/y13442e\ 424b2.htm \(94 de 98\)25/10/2007 01:31:30 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 (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 0 -1.2 TD (supplement and any accompanying pricing supplement: )Tj 0 -2.72 TD ( )Tj 1.38 0 Td (\225 )Tj 1.38 0 Td (Uruguay\222s annual report on Form 18-K for the year ended December 31, \ 2004 filed with the SEC on )Tj 0 -1.2 TD (April 29, 2005;)Tj -2.76 -1.2 Td ( )Tj 0 -1.2 TD ( )Tj 1.38 0 Td (\225 )Tj 1.38 0 Td (Any amendment on Form 18-K/A to the 2004 annual report filed after the d\ ate of this prospectus and prior )Tj T* (to the termination of the offering of the debt securities and/or warrant\ s; and)Tj 19.74 -2.72 Td (21 )Tj ET 0.5 0.5 0.5 rg 10 600 575 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/102385/000095012305013822/y13442e\ 424b2.htm \(95 de 98\)25/10/2007 01:31:30 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 /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 0 -1.2 TD ( )Tj 1.38 0 Td (\225 )Tj 1.38 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 -2.72 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 -2.72 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 4.14 -2.72 Td (Banco Central del Uruguay )Tj T* (C. Correo 1467 )Tj T* (11100, Montevideo )Tj T* (Rep\372blica Oriental del Uruguay )Tj T* (Fax No.: 598-2-902-1636 )Tj T* (Attention: General Manager )Tj -4.14 -2.72 Td ( As long as any of the securities of a series remain outstanding and\ are listed on the Luxembourg Stock )Tj T* (Exchange, you may also obtain, free of charge, copies of this prospectus\ and any prospectus supplement or )Tj T* (pricing supplement at the office of the paying agent for the securities \ in Luxembourg. )Tj 22.5 -2.72 Td (22 )Tj ET 0.5 0.5 0.5 rg 10 367.492 575 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/102385/000095012305013822/y13442e\ 424b2.htm \(96 de 98\)25/10/2007 01:31:30 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 /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 12.5 260.1625 746.1212 Tm (THE ISSUER)Tj /TT1 1 Tf ( )Tj -3.415 -3 Td (Rep\372blica Oriental del Uruguay )Tj 0.181 -1.2 Td (c/o Banco Central del Uruguay )Tj 3.124 -1.2 Td (C. 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