Uruguay Announces Results of its International Offer

Montevideo, Uruguay (ots/PRNewswire) - The Republic of
Uruguay, in accordance with the schedule of its offer launched on
June 24, 2008 to holders outside the United States (the
"International Offer") of 14 series of outstanding foreign currency
external bonds of Uruguay (the "Eligible Bonds") to exchange those
bonds for either Uruguayan Pesos UI Bonds due 2030 (the "2030 UI
Bonds") or U.S. Dollar 7.625% Bonds due 2036 (the "2036 Global Bonds"
and together with the 2030 UI Bonds, the "New Bonds") to be issued by
the Republic of Uruguay upon settlement of the transaction, announced
today the following:

A. U.S.$/EUR spot exchange rate today at 11:00 a.m. NYC time:

U.S.$1.575 per EUR 1

B. All series of Eligible Bonds were accepted in the
International Offer and concurrent exchange offers.

C. For each series of Eligible Bonds, the reference rate and
purchase price as of today at 11:00 a.m. NYC time, and the
preliminary aggregate principal amount accepted in the International
Offer and concurrent exchange offer in the United States (the
"Preliminary Amount Accepted"), as set forth in the table below:

Purchase
Reference Price Preliminary
Eligible Amount
Bonds Rate (%) (per 1,000) Accepted
EUR Bonds
7.000% Bonds 5.129 EUR 1,039.20 EUR 332,000
due 2011
7.000% Bonds 5.171 EUR 1,030.74 EUR 3,239,620
due 2012
USD Bonds
7.875% Bonds 2.944 USD 1,016.33 USD 137,500
due 2008
7.875% Bonds 3.306 USD 1,029.29 USD 60,000
due 2009
7.250% Bonds 3.349 USD 1,028.23 0
due 2009
8.750% Bonds 3.538 USD 1,090.42 0
due 2010
7.250% Bonds 3.770 USD 1,075.02 USD 11,559,711
due 2011
8.375% Bonds 3.962 USD 1,118.29 USD 1,565,800
due 2011
7.625% Bonds 4.035 USD 1,101.39 USD 150,000
due 2012
7.000% Bonds 4.252 USD 1,085.24 USD 464,854
due 2013
7.875% Bonds 4.374 USD 1,134.55 USD 1,198,886
due 2014
7.250% Bonds 4.387 USD 1,104.98 USD 726,618
due 2014
7.500% Bonds 4.473 USD 1,126.92 USD 100,523,907
due 2015
8.750% Bonds 4.499 USD 1,201.64 USD 3,397,868
due 2015

D. For the 2036 Global Bonds:

Reopening benchmark rate: 5.018%

Reopening Price: U.S.$1,029.65 per U.S.$1,000

Preliminary aggregate amount to be issued in the International
Offer and concurrent exchange offers: U.S.$123,975,000

E. For the 2030 UI Bonds:

Preliminary aggregate amount to be issued in the International
Offer and the concurrent offer in Uruguay: Ps.14,333,748,358

F. The preliminary aggregate principal amount tendered for cash
by "cash eligible holders" in the International Offer and concurrent
offers was U.S.$ 10,359,830 of U.S.$ denominated Eligible Bonds and
EUR 546,100 of EUR denominated Eligible Bonds.

Information regarding the International Offer is described in an
Offering Circular dated June 24, 2008.

The International Offer expired on June 26, 2008, at 5.00 p.m.,
New York time. Settlement is currently expected to take place on July
10, 2008.

Citigroup Global Markets Ltd. acts as Dealer Manager for the
International Exchange Offer, Citibank N.A. as Exchange Agent and
Global Bondholder Services as Information Agent.

This press release is for information purposes only and does not
constitute or form part of, and should not be construed as an offer
or an invitation to sell, or issue or the solicitation of any offer
to buy or subscribe for, any securities. This press release does not
constitute a "prospectus" for the purpose of Article 5.4 of the
Prospectus Directive 2003/71/EC and has not been approved by the
competent authority of any member state of the European Economic
Area. In connection with this transaction there has not been, nor
will there be, any public offering of the New Bonds. No prospectus
will be prepared in connection with the offering of the New Bonds.
The New Bonds may not be offered to the public in any jurisdiction in
circumstances that would require the issuer of the New Bonds to
prepare or register any prospectus or offering document relating to
the Bonds in such jurisdiction. The distribution of this press
release and the offer and sale of the New Bonds in certain
jurisdictions may be restricted by law. Italy has only partially
implemented the Prospectus Directive and, accordingly, the provisions
of the Prospectus Directive shall apply with respect to Italy only to
the extent to which the relevant provisions of the Prospectus
Directive have already been implemented in Italy. The New Bonds may
not be placed, sold or offered to individuals resident in Italy in
the primary or in the secondary market. Any persons reading this
press release should inform themselves of and observe any such
restrictions.

This press release does not constitute an offer to sell or a
solicitation of an offer to purchase any securities in the United
States. The 2030 UI Bonds have not been and will not be registered
under the U.S. Securities Act of 1933, as amended (the "Securities
Act") or the laws of any state within the U.S., and may not be
offered or sold in the United States or to or for the account or
benefit of U.S. persons, except in a transaction not subject to, or
pursuant to an applicable exemption from, the registration
requirements of the Securities Act or any state securities laws. This
press release and the information contained herein may not be
distributed or sent into the United States, or in any other
jurisdiction in which offers or sales of the securities described
herein would be prohibited by applicable laws and should not be
distributed to United States persons or publications with a general
circulation in the United States. No offering of the 2030 UI Bonds is
being made in the United States.

Until 40 days after the settlement date, all dealers effecting
transactions in the 2036 Global Bonds in the United States may be
required to deliver a copy of a prospectus relating to the 2036
Global Bonds.

ots Originaltext: The Republic of Uruguay
Im Internet recherchierbar: http://www.presseportal.de

Contact:
Azucena Arbeleche, +2-1712-2957