IMPORTANT You Must Read the Following Before Continuing. The
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IMPORTANT You must read the following before continuing. The following applies to the Prospectus following this page, and you are therefore required to read this carefully before reading, accessing or making any other use of the Prospectus. In accessing the Prospectus, you agree to be bound by the following terms and conditions, including any modifications to them any time you receive any information from us as a result of such access. THE FOLLOWING PROSPECTUS MAY NOT BE FORWARDED OR DISTRIBUTED OTHER THAN AS PROVIDED BELOW AND MAY NOT BE REPRODUCED IN ANY MANNER WHATSOEVER. THIS PROSPECTUS MAY ONLY BE DISTRIBUTED OUTSIDE THE UNITED STATES AND WITHIN THE UNITED STATES TO “QUALIFIED INSTITUTIONAL BUYERS” (QIBs) AS DEFINED IN AND PURSUANT TO RULE 144A OF THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE SECURITIES ACT) (RULE 144A). ANY FORWARDING, DISTRIBUTION OR REPRODUCTION OF THIS DOCUMENT IN WHOLE OR IN PART IS UNAUTHORISED. FAILURE TO COMPLY WITH THIS DIRECTIVE MAY RESULT IN A VIOLATION OF THE SECURITIES ACT OR THE APPLICABLE LAWS OF OTHER JURISDICTIONS. IF YOU HAVE GAINED ACCESS TO THIS TRANSMISSION CONTRARY TO ANY OF THE FOREGOING RESTRICTIONS, YOU ARE NOT AUTHORISED AND WILL NOT BE ABLE TO PURCHASE ANY OF THE NOTES DESCRIBED IN THE ATTACHED DOCUMENT. NOTHING IN THIS ELECTRONIC TRANSMISSION CONSTITUTES AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO BUY ANY SECURITIES IN ANY JURISDICTION. THE SECURITIES HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT OR WITH ANY SECURITIES REGULATORY AUTHORITY OF ANY STATE OR OTHER JURISDICTION OF THE UNITED STATES AND MAY NOT BE OFFERED OR SOLD WITHIN THE UNITED STATES EXCEPT TO QIBs PURSUANT TO RULE 144A. Confirmation of your Representation: In order to be eligible to view this Prospectus or make an investment decision with respect to the securities, you must be a person who is outside the United States unless you are a QIB in the United States. By accepting the email and accessing this Prospectus, you shall be deemed to have represented to the Republic of Benin, Citigroup Global Markets Limited, Natixis and Société Générale that you and any customers you represent, unless you are QIBs, are not in the United States; the electronic mail address that you have given to us and to which this e-mail has been delivered is not located in the U.S., its territories and possessions (including Puerto Rico, the U.S. Virgin Islands, Guam, American Samoa, Wake Island and the Northern Mariana Islands), any State of the United States or the District of Columbia unless you are a QIB in the United States; and that you consent to delivery of such Prospectus by electronic transmission. You are reminded that this Prospectus has been delivered to you on the basis that you are a person into whose possession this Prospectus may be lawfully delivered in accordance with the laws of the jurisdiction in which you are located and you may not, nor are you authorised to, deliver this Prospectus to any other person. Any materials relating to the offering do not constitute, and may not be used in connection with, an offer or solicitation in any place where offers or solicitations are not permitted by law. If a jurisdiction requires that the potential offering be made by a licensed broker or dealer and any underwriter or any affiliate of any underwriter is a licensed broker or dealer in that jurisdiction, any offering shall be deemed to be made by the underwriter or such affiliate on behalf of the Republic of Benin in such jurisdiction. This Prospectus is being distributed only to and directed only at (i) persons who are outside the United Kingdom, (ii) persons who have professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the Order) ; (iii) persons falling within Article 49(2)(a) to (d) of the Order or (iv) those persons to whom it may otherwise lawfully be distributed (all such persons together being referred to as relevant persons). This Prospectus is directed only at relevant persons and must not be acted on or relied on by persons who are not relevant persons. Any investment or investment activity to which this Prospectus relates is available only to relevant persons and will be engaged in only with relevant persons. This Prospectus has been sent to you in an electronic form. You are reminded that documents transmitted via this medium may be altered or changed during the process of electronic transmission and consequently none of the Republic of Benin, Citigroup Global Markets Limited, Natixis, Société Générale, any person who controls any such persons, or any of their respective directors, officers, employees, agents or affiliates accepts any liability or responsibility whatsoever in respect of any difference between the Prospectus distributed to you in electronic format and the hard copy version available to you on request from Citigroup Global Markets Limited, Natixis or Société Générale. NOT FOR GENERAL CIRCULATION IN THE UNITED STATES THE REPUBLIC OF BENIN EUR500,000,000 5.750% AMORTISING NOTES DUE 2026 ISSUE PRICE: 98.774% The EUR500,000,000 5.750% Amortising Notes due 2026 (the Notes) are issued by the Republic of Benin (the Republic or Benin). The Notes will bear interest on their outstanding principal amount from time to time. Interest on the Notes will be paid on 26 March in each year. The first payment of interest will be made on 26 March 2020 for the period from and including 26 March 2019 to but excluding 26 March 2020. The Notes will, unless previously redeemed or cancelled, be redeemed in three instalments of EUR166,666,666.66 on 26 March 2024, EUR166,666,666.67 on 26 March 2025 and EUR166,666,666.67 on 26 March 2026. See “Conditions of the Notes — 7. Redemption and Purchase”. The Notes initially will be sold to investors at a price equal to 98.774% of the principal amount thereof. For a more detailed description of the Notes, see “Conditions of the Notes” beginning on page 22. The Notes have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the Securities Act) or with any securities regulatory authority of any state or other jurisdiction of the United States and may not be offered, sold or delivered within the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws. Accordingly, the Notes are being offered, sold or delivered: (a) in the United States only to qualified institutional buyers (QIBs) (as defined in Rule 144A (Rule 144A) under the Securities Act) in reliance on, and in compliance with, Rule 144A; and (b) outside the United States in reliance on Regulation S (Regulation S) under the Securities Act. Each purchaser of the Notes will be deemed to have made the representations described in “Plan of Distribution” and is hereby notified that the offer and sale of Notes to it is being made in reliance on the exemption from the registration requirements of the Securities Act provided by Rule 144A or Regulation S. The Notes have not been and will not be registered under the regulations of the West African Economic and Monetary Union (the Union Economique et Monétaire Ouest Africaine or WAEMU) or Beninese financial regulations. Unless they are registered and authorised by the financial regulators of the WAEMU and Benin, the Notes cannot be issued, offered or sold in these jurisdictions. This prospectus (the Prospectus) has been approved by the Central Bank of Ireland, as competent authority under the Prospectus Directive. For the purposes of this Prospectus, the expression Prospectus Directive means Directive 2003/71/EC (as amended, including by the Directive 2010/73/EU), and includes any relevant implementing measures in a relevant Member State of the European Economic Area). The Central Bank of Ireland only approves this Prospectus as meeting the requirements imposed under Irish and EU law pursuant to the Prospectus Directive. Such approval relates only to Notes that are to be admitted to trading on the regulated market (the regulated market of Euronext Dublin) of the Irish Stock Exchange plc trading as Euronext Dublin (Euronext Dublin) or on another regulated market for the purposes of Directive 2014/65/EU (as amended, MiFID II) or that are to be offered to the public in any member state of the European Economic Area (EU Member States). Application has been made to Euronext Dublin for the Notes to be admitted to the Official List (the Official List) and trading on its regulated market. This Prospectus constitutes a prospectus for the purpose of the Prospectus (Directive 2003/71/EC) Regulations 2005 (the Prospectus Regulations) (which implement the Prospectus Directive in Ireland). Reference in this Prospectus to being listed (and all date references) shall mean that the Notes have been admitted to trading on the regulated market of Euronext Dublin. The Notes are expected to be rated on issuance B by Fitch Ratings Ltd. (Fitch) and B+ by Standard & Poor’s Credit Market Services Europe Limited (Standard & Poor’s). Each of Fitch and Standard & Poor’s is established in the European Union and is registered under the Regulation (EC) No. 1060/2009 (as amended) (the CRA Regulation). As such each of Fitch and Standard & Poor’s is included in the list of credit rating agencies published by the European Securities and Markets Authority (ESMA) on its website (at http://www.esma.europa.eu/page/List-registered-and-certified-CRAs) in accordance with the CRA Regulation.