- (1) Principal amount of Old Notes tendered pursuant to the Invitation expressed as an approximate percentage of the aggregate principal amount of Old Notes outstanding. Holders whose Old Notes are accepted for purchase (after proration) by Ecuador will be entitled to receive for such Old Notes the applicable Purchase Price plus Accrued Interest (if any), which will be paid on the Settlement Date, if the conditions of the Invitation are met. The Settlement Date is expected to occur on June 18, 2019, subject to the terms and conditions set forth in the Invitation. Ecuador reserves the right, in its sole discretion, to delay the Settlement Date without extending the Withdrawal Deadline. Any holder who fails to make delivery in accordance with the Invitation shall not be entitled to receive any payment therefore unless Ecuador, in its sole discretion, determines to waive any such failure. Ecuador will use the proceeds from the issuance of the New Notes in the New Notes Offering for cash to pay for Old Notes purchased pursuant to the Invitation. Ecuador will cancel Old Notes purchased pursuant to the Invitation following the Settlement Date. NONE OF ECUADOR, THE DEALER MANAGERS OR THE INFORMATION AND TENDER AGENT MAKES ANY RECOMMENDATION THAT ANY HOLDER TENDER OR REFRAIN FROM TENDERING ALL OR ANY PORTION OF THE PRINCIPAL AMOUNT OF SUCH HOLDER'S OLD NOTES, AND NO ONE HAS BEEN AUTHORIZED BY ANY OF THEM TO MAKE SUCH A RECOMMENDATION. HOLDERS MUST MAKE THEIR OWN DECISIONS WHETHER TO TENDER OLD NOTES, AND, IF SO, MUST DECIDE ON THE PRINCIPAL AMOUNT OF OLD NOTES TO TENDER.