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Bolivarian Republic of Venezuela

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Bolivarian Republic of Venezuela Prospectus Supplement To prospectus dated September 21, 2004 Bolivarian Republic of Venezuela US $500,000,000 9.375% Global Bonds Due 2034 Interest payable January 13 and July 13 The global bonds will bear interest at the rate of 9.375% per year, accruing from July 13, 2004 and will mature on January 13, 2034. The global bonds are not redeemable prior to maturity. The global bonds are direct, unconditional and unsecured obligations of the Republic. Venezuela has applied to list the global bonds on the Luxembourg Stock Exchange. The global bonds will be designated Collective Action Securities and, as such, will contain provisions regarding future modifications to their terms that differ from those applicable to a substantial portion of Venezuela’s outstanding Public External Indebtedness. Under these provisions, which are described in the section entitled “Description of the Global Bonds—Meetings and Amendments” in this prospectus supplement, Venezuela may amend the payment provisions and certain other terms of the global bonds with the consent of the holders of 85% of the aggregate principal amount Outstanding of the global bonds. The global bonds will constitute a further issuance of, have the same terms and conditions as, and form a single series and be fully fungible with the Republic’s U.S.$1,000,000,000 principal amount of 9.375% Global Bonds due 2034 issued on January 14, 2004. The global bonds are being offered and sold exclusively to investors in Venezuela and are not being offered or sold within the United States or to any U.S. persons. Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined the adequacy or accuracy of this prospectus supplement or the accompanying prospectus. Any representation to the contrary is a criminal offense. Per Global Bond Total Public Offering Price 123.5%(1) U.S.$617,500,000(2) Commissions 0.4% U.S.$2,000,000 Proceeds to the Republic (before net expenses) 123.1%(2) U.S.$615,500,000(2) (1) Purchasers of the global bonds must also pay accrued interest on the global bonds from (and including) July 13, 2004 to (but excluding) the date of delivery. (2) Payment for the global bonds will be made in Venezuelan Bolívares at the official fixed exchange rate of Bs.1,920 = U.S.$1.00. The Republic will issue the global bonds through the book-entry system of the Depository Trust Company on or about December 10, 2004. You should read this prospectus supplement and the accompanying prospectus carefully before you invest. Dealer Managers ABN AMRO DRESDNER KLEINWORT WASSERSTEIN December 3, 2004 You should rely only on the information contained in or incorporated by reference in this prospectus supplement and the accompanying prospectus. The Republic has not authorized anyone to provide you with different or additional information. The Republic is not making an offer of these securities in any jurisdiction where the offer or sale is not permitted. You should not assume that the information provided by this prospectus supplement or the accompanying prospectus is accurate as of any date other than the date on the front of this prospectus supplement. The financial condition and prospects of the Republic may have changed since that date. TABLE OF CONTENTS Prospectus Supplement About This Prospectus Supplement........................................................................................................................... S-3 Summary.................................................................................................................................................................... S-4 Investment Considerations ........................................................................................................................................ S-7 Use of Proceeds ....................................................................................................................................................... S-13 Description of the Global Bonds ............................................................................................................................. S-14 Global Clearance and Settlement............................................................................................................................. S-19 Taxation................................................................................................................................................................... S-23 Plan of Distribution ................................................................................................................................................. S-27 Payment for Global Bonds by Venezuelan Investors .............................................................................................. S-27 Validity of the Global Bonds................................................................................................................................... S-28 Authorized Representative....................................................................................................................................... S-28 General Information ................................................................................................................................................ S-28 Prospectus Official Statements ........................................................................................................................................................3 Enforcement of Civil Liabilities ....................................................................................................................................3 Forward-Looking Statements ........................................................................................................................................3 Use of Proceeds .............................................................................................................................................................5 About This Prospectus...................................................................................................................................................5 Where You Can Find Additional Information...............................................................................................................6 Description of the Debt Securities.................................................................................................................................7 Debt Record.................................................................................................................................................................15 Banco Central Undertaking .........................................................................................................................................16 Plan of Distribution .....................................................................................................................................................17 Legal Matters...............................................................................................................................................................18 Authorized Representative...........................................................................................................................................18 Annex A Principal Economic Indicators.......................................................................................................................................2 Recent Developments....................................................................................................................................................3 Bolivarian Republic of Venezuela.................................................................................................................................9 The Venezuelan Economy...........................................................................................................................................16 Principal Sectors of the Venezuelan Economy............................................................................................................45 The Financial System ..................................................................................................................................................62 Public Finance .............................................................................................................................................................69 Public Debt ..................................................................................................................................................................78 Tables and Supplementary Information.......................................................................................................................86 S-2 ABOUT THIS PROSPECTUS SUPPLEMENT The Republic, having made all reasonable inquiries, confirms that this prospectus supplement and the accompanying prospectus contain all information with respect to the Republic and the global bonds which is material in the context of the issue and offering of the global bonds, and that such information is true and accurate in all material respects and is not misleading, that the opinions and intentions expressed herein are honestly held and that, to the best of the Republic’s knowledge and belief, there are no other facts the omission of which would make any such information or the expression of any such opinions and intentions materially misleading. The Republic accepts responsibility
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