Republic of Ecuador Senior Unsecured CDS. Credit Event Auction Summary

Republic of Ecuador Senior Unsecured CDS Credit Event Auction Summary January 14, 2009

Credit Event Auction Summary - Republic of Ecuador Reference Data Republic of Ecuador Final Price 31.375 Auction Date 14Jan09 RED 6 : PX85AV USP8055QDE90 RED 9 : PX85AVAA0 XS0115743519 - RED Preferred Index Constituents of *Markit CDX EM Div 1,2,3,4 XS0115748401 Trade Information Warehouse (DTCC) Deliverable Obligations Gross Notional : $4,167,532,000 Contracts : 476 Net Notional : $489,973,000 Date as of: 1/9/2009 Auction Details Default Date 12/15/2008 Inside Market Quotation Amount $3 MM EDD 12/18/2008 Bid-Offer Spread 2% Auction Date 1/14/2009 Participating Bidders 12 Cash Settlement Date 1/23/2009 Adhering Parties 42 Event Failure to Pay Accrual Calculation Method Normal Inside Market Midpoint Net Open Interest Initial Bidding Results 32.375 $ 77.482 million to buy 37 36 35 34 33 32 31 30 29 28 27 Inside Market Submissions IMM: 32.375 Cap Amount: 31.375 Dealer pays adjustment amount 1 2 3 4 5 6 7 8 9 10 11 12 Bid Offer IMM Cap Adjustment Amount : Goldman Sachs & Co. pays $11250 Sum of Buy Physical Requests $ 223.330 MM Sum of Sell Physical Requests $ 145.848 MM Final Bidding Results Final Price : 31.375 Offer 100 90 80 70 60 50 40 30 20 Limit Orders Filled at Final Price of 31.375 1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35 37 39 Dealer Submission Number Partially Filled Not filled * See Appendix V for details 1 of 7

Credit Event Auction Summary - Republic of Ecuador CDS Upfronts Ecuador (ECUA) Upfronts - SNRFOR - CR - USD - 5Y 80.00% 70.00% 60.00% Upfronts 50.00% 40.00% 30.00% 20.00% 10.00% 0.00% EDD - 90 Days EDD - 30 Days EDD - 9 Days EDD - 7 Days EDD - 5 Days EDD - 3 Days EDD - 1 Day * EDD stands for Event Determination Date Bond Prices 100.00% 80.00% Prices 60.00% 40.00% 20.00% 0.00% Auction day - 90 Days Auction day - 30 Days Auction day - 9 Days Auction day - 7 Days Auction day - 5 Days Auction day - 3 Days Auction day - 1 Day ECUA 9.375 15Dec15 ECUA 4 15Aug30 Stepup ECUA 12 15Nov12 2 of 7

Credit Event Auction Summary - Republic of Ecuador Appendix 3 of 7

APPENDIX I Credit Event Auction Summary - Republic of Ecuador Initial Bidding Results Inside Market Submissions Dealers Bid Offer ABN AMRO Bank N.V. 33 35 Barclays Bank PLC 31.25 33.25 Citigroup Global Markets Inc. 30.5 32.5 Credit Suisse International 31.125 33.125 Deutsche Bank 31.5 33.5 Dresdner Bank AG 32 34 Goldman Sachs & Co. 30 32 HSBC Bank USA, National Association 32 34 J.P. Morgan Securities Inc. 31 33 Merrill Lynch, Pierce, Fenner, & Smith Incorporated 31.5 33.5 Morgan Stanley & Co. Incorporated 34 36 UBS Securities LLC 30.5 32.5 Physical settlement requests Dealers Type Size ABN AMRO Bank N.V. O 34 Citigroup Global Markets Inc. O 27 Deutsche Bank O 4 Goldman Sachs & Co. O 15 J.P. Morgan Securities Inc. O 19.632 Merrill Lynch, Pierce, Fenner, & Smith Incorporated O 0 Morgan Stanley & Co. Incorporated O 34.78 UBS Securities LLC O 11.436 Barclays Bank PLC B 20.5 Credit Suisse International B 2.83 Dresdner Bank AG B 200 HSBC Bank USA, National Association B 0 4 of 7

APPENDIX II Credit Event Auction Summary - Republic of Ecuador Final Bidding Results Limit Orders Dealer Offer Size Barclays Bank PLC 31.375^ 30 Barclays Bank PLC 31.375^ 46.338 Barclays Bank PLC 31.375^ 3.18 Citigroup Global Markets Inc. 31.375^ 15 ABN AMRO Bank N.V. 32 12.665 ABN AMRO Bank N.V. 32.125 6.15 Goldman Sachs & Co.** 32.375 3 UBS Securities LLC** 32.375 3 Citigroup Global Markets Inc.** 32.5 3 Deutsche Bank 32.5 3.4 J.P. Morgan Securities Inc.** 33 3 Barclays Bank PLC 33 4.08 Goldman Sachs & Co. 33 2 UBS Securities LLC 33 10 Credit Suisse International** 33.125 3 Barclays Bank PLC** 33.25 3 Merrill Lynch, Pierce, Fenner, & Smith Incorporated** 33.5 3 Deutsche Bank** 33.5 3 UBS Securities LLC 33.5 1 ABN AMRO Bank N.V. 33.5 10.5 HSBC Bank USA, National Association** 34 3 Dresdner Bank AG** 34 3 UBS Securities LLC 34 2 HSBC Bank USA, National Association 34 2 Deutsche Bank 34.5 0.5 Deutsche Bank 34.5 0.4 UBS Securities LLC 34.5 2 ABN AMRO Bank N.V.** 35 3 UBS Securities LLC 35 2 HSBC Bank USA, National Association 35 3 Morgan Stanley & Co. Incorporated** 36 3 HSBC Bank USA, National Association 37 2 HSBC Bank USA, National Association 39 2 J.P. Morgan Securities Inc. 40 3.03 HSBC Bank USA, National Association 40 2 Deutsche Bank 42.5 8 Dresdner Bank AG 45 10 Dresdner Bank AG 50 25 Dresdner Bank AG 55 25 Morgan Stanley & Co. Incorporated 99 1 ** Limit Orders that were derived from inside markets. * Limit Orders that were filled. ^ Limit Orders that were partially filled. 5 of 7

APPENDIX III Credit Event Auction Summary - Republic of Ecuador CDS Upfronts Date CDS Upfront EDD - 90 Days 08/14/2008 11.20% EDD - 60 Days 09/25/2008 17.47% EDD - 30 Days 11/06/2008 50.66% EDD - 10 Days 12/04/2008 60.55% EDD - 9 Days 12/05/2008 60.92% EDD - 8 Days 12/08/2008 61.13% EDD - 7 Days 12/09/2008 60.38% EDD - 6 Days 12/10/2008 60.34% EDD - 5 Days 12/11/2008 60.37% EDD - 4 Days 12/12/2008 61.61% EDD - 3 Days 12/15/2008 67.09% EDD - 2 Days 12/16/2008 67.25% EDD - 1 Day 12/17/2008 68.22% CDS Recovery Rate Date Auction day - 90 Days Auction day - 60 Days Auction day - 30 Days Auction day -10 Days Auction day - 9 Days Auction day - 8 Days Auction day - 7 Days Auction day - 6 Days Auction day - 5 Days Auction day - 4 Days Auction day - 3 Days Auction day - 2 Days Auction day - 1 Day Rec. Rate 9/8/08 36.25% 10/20/08 39.33% 12/1/08 25.00% 12/29/08 25.00% 12/30/08 24.25% 1/2/09 24.25% 1/5/09 24.25% 1/6/09 26.50% 1/7/09 28.63% 1/8/09 28.44% 1/9/09 28.44% 1/12/09 28.44% 1/13/09 28.88% APPENDIX IV Bond Details ISIN CUSIP Name Coupon Maturity Bond 1 USP8055QDE90 P8055QDE9 Republic of Ecuador 9.375 12/15/2015 Bond 2 XS0115743519 P8055QAD4 Republic of Ecuador 4 8/15/2030 Bond 3 XS0115748401 P8055QAC6 Republic of Ecuador 12 11/15/2012 Bond Prices Date Auction day - 90 Days Auction day - 60 Days Auction day - 30 Days Auction day -10 Days Auction day - 9 Days Auction day - 8 Days Auction day - 7 Days Auction day - 6 Days Auction day - 5 Days Auction day - 4 Days Auction day - 3 Days Auction day - 2 Days Auction day - 1 Day Prices USP8055QDE90 XS0115743519 XS0115748401 9/8/08 97.17% 88.18% 100.03% 10/20/08 62.50% 49.00% 67.32% 12/1/08 30.50% 29.27% 31.48% 12/29/08 25.92% 25.00% 23.31% 12/30/08 25.58% 25.00% 22.98% 1/2/09 29.83% 25.23% 25.74% 1/5/09 30.83% 26.73% 28.17% 1/6/09 34.38% 29.90% 30.00% 1/7/09 34.38% 30.36% 30.30% 1/8/09 34.50% 30.33% 30.80% 1/9/09 35.00% 30.18% 30.06% 1/12/09 34.00% 30.47% 30.30% 1/13/09 37.50% 31.13% 31.50% 6 of 7

Credit Event Auction Summary - Republic of Ecuador APPENDIX V Indices Affected Old Index Name Dow Jones CDX.EM.DIVERSIFIED.1-V1 Dow Jones CDX.EM.DIVERSIFIED.2-V1 Dow Jones CDX.EM.DIVERSIFIED.3-V1 Dow Jones CDX.EM.DIVERSIFIED.4-V1 Old RED Code 2165EKAA7 2165EKAB5 2165EKAC3 2165EKAD1 New Index Name Dow Jones CDX.EM.DIVERSIFIED.1-V2 Dow Jones CDX.EM.DIVERSIFIED.2-V2 Dow Jones CDX.EM.DIVERSIFIED.3-V2 Dow Jones CDX.EM.DIVERSIFIED.4-V2 New RED Code 2165EKAI0 2165EKAJ8 2165EKAK5 2165EKAL3 7 of 7