Issuer: The Republic of Ecuador
Guarantor: None
Issue Size: USD 191,000,000
Maturity: December 21, 2004
Interest Rate: 6-month LIBOR plus 13/16%
Coupon Frequency: Semi-annual
Coupon Dates: June 21 & December 21
Day Count: Actual/360
Issue Date: December 21, 1994
Amortisation: Repayable in 20 equal semi-annual installments beginning June 21, 1995

Installments 1 to 8: ..........................2 1/2% of principal
Installments 9 to 14: ........................5% of principal
Installment 15 to 20: ........................8.33% of principal
Options: Callable at par with accrued interest on coupon dates if no default.
Currency: US Dollar only
Form: Bearer and registered securities
Denominations: $250,000 and integral multiples thereof
Credit Rating: not rated
Principal Collateral: None
Interest Payment Collateral: None