Venezuelan Bonds

Venezuela: Summary Bond Terms

Venezuela Bonds

Issuer Currency Issue Date Tenor at Issue Time Remaining Till Maturity Duration Maturity Date Maturity Type Coupon Day Count Basis Bond Rating September 27, 2001 17 Years 5.31 Years 3.85 August 15, 2018 Bullet 13.625% p.a. semi-annual (February & August) 30/360 B2, Negative (Moodys; Jan 2013), B+ (S&P; Dec 2012), B+, Negative (Fitch; March 2013) Use of Proceeds Governing Law Price/ Yield Data1 Recommendation Price: $93.00 Yield to Maturity: 8.601% BUY Project Finance/General Corporate Purpose New York Price: $115.375 Yield to Maturity: 10.153% BUY Price: $95.006 Yield to Maturity: 9.906% HOLD

13.625%, 2018

12.75%, 2022

Bolivarian Republic of Venezuela USD August 23, 2010 12 Years 9.33 Years 5.59 August 23, 2022 Sinkable 12.75% p.a. semi-annual (February & August) 30/360 B2, Negative (Moodys; Jan 2013), B+ (S&P; Dec 2012), B+, Negative (Fitch; March 2013) General Corporate Purpose

9.25%, 2027

September 18, 1997 30 Years 14.39 Years 7.65 September 15, 2027 Bullet 9.25% p.a. semi-annual (March & September) 30/360 B2, Negative (Moodys; Jan 2013), B+ (S&P; Dec 2012), B+, Negative (Fitch; March 2013) Repay / Refinance Debt

1

As at April 24, 2013 Prepared by: VMWM Research Department; April 26, 2013

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Venezuela: Summary Bond Terms

Venezuela Bonds

Issuer Currency Issue Date Tenor at Issue Time Remaining Till Maturity Duration Maturity Date Maturity Type Coupon Day Count Basis Bond Rating Use of Proceeds Governing Law Price/Yield Data2 Recommendation Price: $95.875 Yield to Maturity: 9.779% HOLD May 7, 2008 20 Years 15.04 Years 7.56 May 7, 2028 Bullet 9.25% p.a. semi-annual (May & November) 30/360 B2, Negative (Moodys; Jan 2013), B+ (S&P; Dec 2012), B+, Negative (Fitch; March 2013) Repay / Refinance Debt New York Price: $79.75 Yield to Maturity: 9.06% HOLD

9.25%, 2028

Bolivarian Republic of Venezuela USD

7%, 2038

November 15, 2007 31 Years 24.88 Years 10.25 March 31, 2038 Bullet...