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ECUADOR

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March 20, 2008	Moody's Upgrades Ecuador's Foreign Currency Government Bond Rating from Caa2 to B3.
November 21, 2007	Standard & Poor's Upgrades Ecuador's Long-Term Sovereign Credit Rating from CCC to B-.
February 14, 2007	Press Release from Ecuadorian Ministry of Finance Confirming Interest Payment on 2030 Bonds.
February 12, 2007	Market Practice for Ecuador 2030 Bonds.
January 30, 2007	Moody's Downgrades Ecuador's Sovereign Rating from Caa1 to Caa2.
January 23, 2007	Fitch Downgrades Ecuador's Long-Term Foreign Currency Rating from B- to CCC.
January 19, 2007	Standard & Poor's Downgrades Ecuador's Long-Term Sovereign Credit Rating from CCC+ to CCC.
April 10, 2006	Ecuador to Partially Redeem 2012 Bonds - Fiscal Agent Notice; April 28 Record Date.
March 29, 2006	EM Sovereign Bond Charts for Ecuador and Macedonia.
April 21, 2005	Market Reacts to Ouster of Ecuador's President Lucio Gutierrez. Commentary from CSFB, Goldman Sachs, JP Morgan, Merrill Lynch and Morgan Stanley.
May 23, 2003	EM Sovereign Bond Documentation Charts for Brazil, Mexico, South Africa and Uruguay, as well as for 2000 Ecuador and Russia.
March 8, 2002	The Slide Presentation Made by the Paris Club Officials at a Meeting with Private Sector Representatives Is Available at http://www.clubdeparis.org/rep_upload/presentationcomplete0.pdf.
June 12, 2001	Revised Payment Schedule for Ecuador Bonds.
August 23, 2000	Transfer Certificates for Transfers Between the Reg S and 144A Branches of Russia and Ecuador Bonds Now Available.
August 22, 2000	Salomon Smith Barney, as a Co-Deal Manager for the Ecuador Exchange, Confirms to EMTA Allocations of the 2012 Bonds: With Respect to Elections Made to Receive 2012 Bonds in Lieu of 2030 Bonds, Eurobond and IE Holders will Receive 100% of the 2012 Bonds Requested; PDI Holders will Receive 62.9% of the 2012 Bonds Requested; and Par and Discount Holders will not Receive any 2012 Bonds Requested. WI Trades of Ecuador Bonds Should Settle on August 28, 2000 with 5 Days of Accrued Interest from August 23, 2000 to August 28, 2000.
August 18, 2000	Market Practices Now Available for (1) Negative Accrued Period Claims for Russia Prin Trades, (2) Participation Deliveries for Russia Prin Trades and (3) Failed Deliveries of Russia Bonds Prior to the Expiration Date of the Russia Restructuring Offer and Failed Deliveries of Ecuador Bonds Prior to the Expiration Date of the Ecuador Exchange Offer.
August 14, 2000	EMTA Has Confirmed that Holders of More than 85% of Ecuador's Outstanding Brady Bonds and Eurobonds Have Accepted Ecuador's Proposal to Swap Such Debt for New 12- and 30-Year Eurobonds. The Bond Exchange is Expected to Close on August 23, 2000.
August 11, 2000	Revised Draft Market Practices for Failed Trades of IANs and Ecuador Bonds, and Draft Market Practices for Claims in Respect of Russia Assignment or Participation Trades Settled During the 'Negative Accrued Period' and Delivery Obligations under Existing Russia Participations are being Distributed for Comment. Please contact Aviva Werner with any comments ASAP.
August 9, 2000	At the Request of EMTA and Certain Bondholders, the Republic of Ecuador Has Extended the Deadline for its Exchange Offer of New Eurobond Debt for Existing Brady and Eurobond Debt Until Friday, August 11, 2000 at 5:00 pm New York Time. The Results of the Offer are Still Expected to be Released on August 14, 2000 and the Closing is Still Foreseen for August 23, 2000. EMTA Had Requested the Extension in Order to Allow for Additional Processing Time.
August 8, 2000	Draft EMTA Market Practice for Failed Trades of Russian IANs and Ecuador Bonds Distributed for Comment. Please contact Aviva Werner with any comments ASAP since the Market Practice is expected to be finalized no later than August 11, 2000.
August 7, 2000	WI Confirmation Forms and Bilateral Netting Agreement for Ecuador Global Bonds Now Available.
August 3, 2000	EMTA Recommends that W/I Trading in Ecuador 2030 and 2012 Bonds Begins Friday, August 4.
July 27, 2000	Bondholders Interested in Obtaining a Copy of the Ecuador Term Sheet are Advised to Contact Their Salesperson at Salomon Smith Barney or J.P. Morgan.
June 29, 2000	Fiscal Agent Announces Ecuador Discount Bond Record and Payment Dates, as well as the Interest Rate and Amount of Interest Payable, in respect of the August 28, 1999 Interest Payment Date.
June 26, 2000	The Fiscal Agent for Ecuador Discount Bonds Confirmed that 25% of Discount Bondholders have Voted to Release the Collateral for the August 28, 1999 Interest Payment. The Record and Payment Dates have not yet been Determined. EMTA has Contacted the Fiscal Agent and Ecuador's Counsel for Further Information.
May 19, 2000	Ecuador Creditors Advisory Group Posts Procedure and Notices to Draw Down Rolling Interest Guaranty on Ecuador Discount and Par Bonds.
May 16, 2000	EMTA Receives Copies of Economic Information on Ecuador and the IMF's Statement for Presentation at May 16, 2000 Meeting in New York City.
May 9, 2000	Ecuador Presentation on May 16, 2000/Time Change.
May 5, 2000	Ecuador Makes a Presentation to Bondholders on May 16, 2000.