letztlich werden defaulte sovereigns immer auf die eine oder andere art honoriert....hier Ecuador-Exchange-Offer via Lazrd Jan 2014

10 % (4 % - 10 %) RGD NTS REPUBLIK 1111884
ECUADOR 2000-15.08.2030
REG.-S- STAFFELZINS NOTLEIDEND

Pursuant to a communication, Lazard Frères Banque is accepting tender orders on behalf
of a corporate client.
Therefore, holders may tender their bonds on a calculation basis of USD 500 per
USD 1,000 principal amount (including any accrued and unpaid interest).
IMPORTANT: Any tender order will be effected ON A BEST EFFORT BASIS. UBS AG cannont
guarantee that any tender instructions lodged will be taken into
consideration by the exchange agent.

If your clients wish to tender their notes under the offer, please sign and return to
us the enclosed order form.
If we do not receive your instructions by 07 February 2014, we shall take no action in
this matter.
Yours very truly
UBS AG

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12 % REGD.GLOBAL NOTES REPUBLIK 1111876
ECUADOR 2000-15.11.2012
REG-S -NOTLEIDEND


Therefore, holders may tender their bonds on a calculation basis of USD 500 per
USD 1,000 principal amount and a pool factor of 40.8%. Consequently, for every bond
of USD 1,000 principal amount the purchase price will be USD 204 (including any
accrued and unpaid interest).
IMPORTANT: Any tender order will be effected ON A BEST EFFORT BASIS. UBS AG cannont
guarantee that any tender instructions lodged will be taken into
consideration by the exchange agent.

If your clients wish to tender their notes under the offer, please sign and return to
us the enclosed order form.
If we do not receive your instructions by 07 February 2014, we shall take no action in
this matter.
Yours very truly
UBS AG