Ecuador 2014 - 2024.....Cleary hat gelernt (aus dem Argy-Debakel) .............such ranking is in terms of priority only and does not require that Ecuador make ratable payments on the Notes with payments made on its other External Indebtedness;

DESCRIPTION OF THE NOTES
Ecuador will issue Notes (as defined below) under an indenture between Ecuador and The Bank of New
York Mellon (the "Trustee"), dated June 20, 2014 (the "Indenture"). The following description summarizes the
material provisions of the Notes and the Indenture. This summary does not contain all of the information that may
be important to you as a potential investor in the Notes. You should read the Indenture and the forms of Notes
before making your investment decision.
General
Authorization
The issue of the Notes was authorized by the Republic's Debt and Finance Committee under Acta
Resolutiva No. 009 dated June 5, 2014 and Acta Resolutiva No. 011 dated June 17, 2014.
Basic Terms
The Notes will:
• be general, direct, unsecured, unsubordinated and unconditional obligations of Ecuador, will be backed by the
full faith and credit of Ecuador and will rank equally in terms of priority with Ecuador's External Indebtedness
(other than Excluded Indebtedness), provided, that, such ranking is in terms of priority only and does not 
require that Ecuador make ratable payments on the Notes with payments made on its other External 
Indebtedness; 
• be initially issued in an aggregate principal amount of U.S.$2,000,000,000 of 7.95% Notes due June 20, 2024
(the "Notes");
• mature at par on June 20, 2024 (subject to any Optional Redemption, prepayment or repurchase);
• be issued in denominations of U.S.$200,000 and integral multiples of U.S.$1,000 in excess thereof;