Republic of Costa Rica · The orderbook of Costa Rica’s Long 11-Year Notes reached ~US$4.6 billion in peak demand, with 206 accounts participating in the transaction’s final orderbook

US$1.5 billion Dual-Tranche Bond Offering

Republic of Costa Rica Case Study

Strictly Private and Confidential

Pricing Date: November 12, 2019

Citigroup Global Markets Inc. | Banking, Capital Markets & Advisory

Republic of Costa Rica | US$1.5 Billion Dual-Tranche Bond Offering On November 12, 2019, the Republic of Costa Rica priced a US$1.5 billion dual-tranche offering consisting of US$1.2 billion in 6.125% Notes due 2031 and

US$300.0 million of a tap to the existing 7.158% Notes due 2045. The new Notes priced at 99.077% and 98.925% to yield 6.250% and 7.250%, respectively.

The transaction marks the Republic’s return to the international capital markets since March 2015. Citi acted as Joint Bookrunner in the transaction.

This landmark transaction marks the return of Costa Rica to the international capital markets since

March 2015

Key Transaction Highlights

Key Offering Terms

Issuer: Republic of Costa Rica

Format: 144A / Reg S

Ranking: Senior Unsecured

Issue Ratings: B1 / B+ / B+ (all negative)

Currency: US$

Transaction: New Notes due 2031 March 2045 Reopening

Tenor: Long 11-Year (~10.3-Year WAL) 25.4-Year WAL

Size: US$1.2 billion US$300.0 million

New Size: N/A US$1.3 billion

Final Maturity: February 19,2031 March 12, 2045

Amortization: Three equal annual payments

(2029, 2030, 2031) Bullet

Coupon: 6.125% 7.158%

Price: 99.077% 98.925%

Yield: 6.250% 7.250%

Optional

Redemption: MWC T+50 bps MWC T+50 bps

Use of Proceeds: Budgetary Needs, including refinancing of debt

Denominations: US$200k x US$1k

Listing: Luxembourg Stock Exchange / Euro MTF

Governing Law: State of New York

Joint Bookrunners: +1

Settlement Date: T+5 (November 19, 2019)

This dual-tranche offering represents the largest ever deal executed by the Republic in the

international debt markets

The quality and size of the orderbook demonstrates the broad investor support to the Costa Rica

credit and the continuous support of long time Costa Rica investors

Execution Overview

On the back of the success of the Roadshow and positive feedback received from investors, at New York

open, the Republic of Costa Rica announced Initial Price Thoughts (IPTs) of mid-to-high 6% for Costa

Rica’s 2031 Notes and mid-to-high 7s for the tap of the 2045 Notes

Following the announcement, demand for the offering gained strong momentum, with the orderbook

growing quickly with topline orders coming from a combination of blue chip investors

The transaction’s orderbook reached US$7.6 billion at its peak, representing an oversubscription ratio

of ~5.1x, with US$4.6 billion in the 2031 notes and US$3.0 billion in the tap of the 2045

The quality of the orderbook allowed the Republic to release price guidance of 6.375% area (+/- 18th)

and 7.375% area (+/- 1/8th) for the new 2031 and the 2045 Notes, respectively. Ultimately Costa Rica

launched the transaction at 6.250% and 7.250%, a yield ~50.0 bps tighter than IPTs for both tranches.

Despite the aggressive tightening the final orderbook settled at US$6.5 billion with the majority of

accounts reaffirming orders

On their first trading date, both notes had positive performance in the secondary market. The 2031 notes

had a closing price of 100.50, while the 2045 closed with a price of 100.45. This represents an increase in

price of 1.42 and 1.53 for the 2031 and 2045 notes, respectively. This was driven by the demand of

accounts willing to complete their non allocated bids in the primary offering due to oversubscription

The transaction reached an oversubscription of ~5.1x, which allowed a price tightening vs. Initial

Price Thoughts of ~50bps for both tranches, allowing the Republic to price the tap of the 2045

Notes with no new issue concession

Extended the average life of Costa Rica’s international debt and established a new, liquid 10-year

benchmark with an amortizing structure to minimize annual maturity towers, contributing to establish

an efficient secondary trading curve

The extensive four-day roadshow allowed the Republic to meet in person with more than 55 accounts

in the US and Europe to provide an update on Costa Rica’s credit and highlight key structural

developments such as the implementation of the fiscal reform

1

The transaction allows Costa Rica to complete its financing needs for 2019 and prefund part of the

requirements of 2020

The orderbook of Costa Rica’s Long 11-Year Notes reached ~US$4.6 billion in peak demand, with 206 accounts participating in the

transaction’s final orderbook through indications. Allocations met 27.9% of the final demand, with 183 accounts (88.8%) receiving

allocations. The final orderbook reached US$4.3 billion.

Total Number of Allocated Orders in Final Book: 183

Demand Met (Book Allocation / Book Indication): 27.93%

Demand Met (Accounts Allocated / All Accounts): 88.83%

Average Indication: US$20.9 million

Median Indication: US$6.9 million

Average Allocation: US$5.8 million

Median Allocation: US$0.5 million

es Republic of Costa Rica | US$1.2 billion 6.125% Notes due 2031

Distribution by Ticket Size Categorized (x-axis) by US$ Amount (in US$ mm)

Distribution by Number of Accounts Categorized (x-axis) by US$ Amount (in US$ mm)

Orderbook by Type of Investor Orderbook by Region

Indication Allocation Indication Allocation

92

3829

2110

16

146

814 10

3 20

20

40

60

80

100

120

140

160

<= 5 >5 to 10 >10 to 25 >25 to 50 >50 to 75 >75

Nu

mb

er

of

Ac

co

un

ts

Ticket Size (US$ Millions)

Indication (2031)

Allocation (2031)

231 301

505

785660

1,814

15862

295 340180 165

0

500

1,000

1,500

2,000

<= 5 >5 to 10 >10 to 25 >25 to 50 >50 to 75 >75

US

$ M

illio

n


Indication (2031)

Allocation (2031)

65.9% 2.3%

7.4%

17.4%

5.1%

2.0% 0.0% Asset Manager

Insurance

Bank & Trust

Hedge Fund

Private Bank

Broker Dealer

Pension Fund

80.40%

3.79%

2.87%

11.18% 1.40%

0.36%

0.00%

58% 33%

2% 8% United States

Europe

Asia

Latin America 75%

20%

1% 4%

2

Cost Rica’s tap of the existing 2045 Notes generated ~US$3.0 billion of indications of interest at the peak, with 157

accounts participating in the final orderbook. Final allocations met 13.8% of final demand, with 86 accounts (54.8%)

receiving allocations. The final order book reached US$2.2 billion.

Distribution by Ticket Size Categorized (x-axis) by US$ Amount (in US$ mm)

Distribution by Number of Accounts Categorized (x-axis) by US$ Amount (in US$ mm)

Total Number of Allocated Orders in Final Book: 86

Demand Met (Book Allocation / Book Indication): 13.82%

Demand Met (Accounts Allocated / All Accounts): 54.78%

Average Indication: US$8.8 million

Median Indication: US$2.0 million

Average Allocation: US$1.2 million

Median Allocation: US$0.5 million

Orderbook by Type

es Republic of Costa Rica | US$300 million tap 7.158% Notes due 2045

Orderbook by Region

Indication Allocation Indication Allocation

215248

295

664

510

273

8954

162

0 0 00

100

200

300

400

500

600

700

<= 5 >5 to 10 >10 to 25 >25 to 50 >50 to 75 >75

US

$ M

illio

n


Indication (2045)

Allocation (2045)

82

30

16 18

83

73

6 80 0 0

0

10

20

30

40

50

60

70

80

90

<= 5 >5 to 10 >10 to 25 >25 to 50 >50 to 75 >75

Nu

mb

er

of

Acco

un

ts


Indication (2045)

Allocation (2045)

63%

3%

5%

19%

9%

1%

Asset Manager

Insurance

Bank & Trust

Hedge Fund

Private Bank

Broker Dealer

Pension Fund

84%

3% 3%

9% 1.2%

0.1%

48%

44%

4% 4% United States

Europe

Asia

Latin America

76%

21%

1%

2%

3

Republic of Costa Rica | US$1.5 Billion Dual-Tranche Bond Offering

(*) accounts visited during roadshow that received allocations in the final orderbook

accounts visited during roadshow that expressed indications in final orderbook

Roadshow Investor Meetings by City

Wed, Nov 6 Thurs, Nov 7 Fri, Nov 8 Mon, Nov 11

Los Angeles New York Boston London

AMIA*

Ashmore*

Aventicum*

AXA

Blackrock*

BlueBay AM*

BMO Global AM

BNP Paribas AM

Fidelity*

Finisterre*

Franklin

GoldenTree*

GSAM*

HBK Global

Insight*

Investec*

Jupiter

M&G

Macquarie

Merian Global

Newton IM

Observatory*

Pictet*

Pioneer

PineBridge

RBC Global

Standard Life

London

Los Angeles

London

New York Boston

Costa Rica

CAPRE*

Doubleline

Payden & Rygel*

PIMCO*

T Rowe*

TCW*

WAMCO*

Los Angeles

Barings*

Eaton Vance*

Fidelity*

GMO

Loomis

Manulife*

MFS*

Standish Mellon*

Wellington*

Boston

AIG*

AllianceBernstein*

Brandywine*

Columbia

GoldenTree*

JPMorgan IM*

Lazard

Lord Abbett

Marathon*

MEAG

Metlife*

Mid Atlantic*

Morgan Stanley IM*

Neuberger Berman*

Nomura*

NWI

Oppenheimer

Prudential

Schroder

TIAA-CREF*

Van Eck*

Vanguard*

Warlander*

Value Partners* (Call

Asia)

New York

During the days preceding the transaction, the Republic conducted an extensive four-day roadshow in the U.S. and the UK, where Costa Rica

met with top Emerging Markets accounts to provide an update on Costa Rica’s credit and highlight key structural developments such as the

implementation of the fiscal reform. Additionally, client calls where conducted to complement the meetings.

4

The Republic achieved an investor hit ratio of ~76%(1) of accounts visited

during the roadshow.

(1) Hit Ratio is calculated as the number of accounts visited during the roadshow that participated in the transaction divided by the total number of accounts visited.

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

8:49 AM 9:10 AM 9:30 AM 10:00 AM 10:30 AM 11:00 AM 11:30 AM 12:15 PM 13:30:00 PM 14:30:00 PM

Note: Hour Axis in New York Time; not to scale

Costa Rica’s orderbook grew quickly over the course of the morning of pricing day, reaching ~US$7.6 billion in aggregate demand across both

tranches. In terms of orderbook distribution, 61% of the indications of interest concentrated in the new 2031 Notes and 39% on the 2045 Notes.

Republic of Costa Rica | Bookbuilding Process and Orderbook Evolution

8:42 AM

IPTs Announced

New 2031: mid-to-high 6%

2045 tap: mid-to-high 7%

1:38 PM

Transaction Launched

New 2031: US$1.2 bn @ 6.250%

2045 tap: US$300 mm @ 7.250%

4:21 PM

Transaction Priced

10:45 AM

Books Go Subject

Orderbook Evolution Orderbook size reached at peak over ~US$7.6 billion in demand.

Final book at US$6.5 billion

11:56 AM

Final Guidance

New 2031: 6.375% (+/- 1/8th)

2045 tap: 7.375% (+/- 1/8th)

5

Republic of Costa Rica I New Issue Orderbook Drill Down

Investor Indication (2031) Allocation (2031) Indication (2045) Allocation (2045) Total Indication Total Allocation Region Type

Alliance Bernstein 235,000,000 85,000,000 62,000,000 25,000,000 297,000,000 110,000,000 US Asset Manager

Pacific Investment Mgmt - PIMCO 80,000,000 80,000,000 40,000,000 25,000,000 120,000,000 105,000,000 US Asset Manager

Wellington Management Company 126,490,000 60,000,000 42,050,000 20,000,000 168,540,000 80,000,000 US Asset Manager

Blackrock Financial Mgmt - NY 74,450,000 50,000,000 83,400,000 25,000,000 157,850,000 75,000,000 US Asset Manager

Western Asset Mgmt Us -Wamco 90,000,000 50,000,000 40,000,000 20,000,000 130,000,000 70,000,000 US Asset Manager

Jpmorgan Asset Mgmt 115,000,000 60,000,000 90,000,000 - 205,000,000 60,000,000 US Asset Manager

Payden & Rygel 160,000,000 60,000,000 160,000,000 60,000,000 US Asset Manager

Mass Financial Services (Mfs) 63,000,000 30,000,000 73,000,000 20,000,000 136,000,000 50,000,000 US Asset Manager

Goldman Sachs Asset Management 50,000,000 30,000,000 25,000,000 15,000,000 75,000,000 45,000,000 US Asset Manager

Goldentree Asset Mgmt 110,000,000 30,000,000 62,000,000 10,000,000 172,000,000 40,000,000 US Asset Manager

Metropolitan Life Investment Ltd 60,000,000 30,000,000 55,000,000 10,000,000 115,000,000 40,000,000 US Insurance

Marathon Asset Management Llc 50,000,000 25,000,000 50,000,000 12,000,000 100,000,000 37,000,000 US Hedge Fund

Bluebay Asset Management 90,000,000 30,000,000 30,000,000 5,000,000 120,000,000 35,000,000 Europe Hedge Fund

Neuberger & Berman 100,000,000 30,000,000 40,000,000 5,000,000 140,000,000 35,000,000 US Asset Manager

Bac San Jose Puesto Bolsa Sa 156,000,000 25,000,000 40,000,000 7,000,000 196,000,000 32,000,000 LatAm Bank & Trust

Amundi Am Uk 74,700,000 20,000,000 74,500,000 10,000,000 149,200,000 30,000,000 Europe Asset Manager

Ashmore Investment Mgmt Ltd 100,000,000 30,000,000 100,000,000 30,000,000 Europe Asset Manager

Aviva Investors Global Serv 97,000,000 20,000,000 63,000,000 10,000,000 160,000,000 30,000,000 Europe Asset Manager

Finisterre Capital Llp 90,000,000 30,000,000 - - 90,000,000 30,000,000 Europe Hedge Fund

Hsbc Global Asset Management Usa 70,000,000 25,000,000 12,000,000 5,000,000 82,000,000 30,000,000 US Asset Manager

Vanguard Funds Group 41,000,000 21,000,000 15,000,000 7,000,000 56,000,000 28,000,000 US Asset Manager

Capital Research Global 50,000,000 20,000,000 10,000,000 5,000,000 60,000,000 25,000,000 US Asset Manager

Eaton Vance 65,000,000 25,000,000 65,000,000 25,000,000 US Asset Manager

Morgan Stanley Inv Mgmt 75,000,000 25,000,000 75,000,000 25,000,000 US Asset Manager

PGIM 52,000,000 20,000,000 52,000,000 20,000,000 US Asset Manager

Stone Harbor Investment Partners Lp 75,000,000 20,000,000 75,000,000 20,000,000 US Hedge Fund

Trust Company Of The West - TCW 30,000,000 20,000,000 - - 30,000,000 20,000,000 US Asset Manager

Legal And General 23,050,000 12,000,000 7,400,000 4,500,000 30,450,000 16,500,000 US Asset Manager

Barings (Uk) Ltd 20,000,000 15,000,000 20,000,000 15,000,000 Europe Asset Manager

Fidelity International (Fil) 42,000,000 10,000,000 27,000,000 5,000,000 69,000,000 15,000,000 US Asset Manager

Investec Asset Management Uk 26,200,000 10,000,000 26,700,000 5,000,000 52,900,000 15,000,000 Europe Asset Manager

T Rowe Price 30,500,000 15,000,000 350,000 30,850,000 15,000,000 US Asset Manager

Pictet Am 30,800,000 7,000,000 30,800,000 5,000,000 61,600,000 12,000,000 Europe Asset Manager

Union Investment Gesellschaft 39,500,000 7,000,000 38,500,000 5,000,000 78,000,000 12,000,000 Europe Asset Manager

UBS AM 9,700,000 7,200,000 5,800,000 3,800,000 15,500,000 11,000,000 US Asset Manager

Amia Capital 40,000,000 5,000,000 60,000,000 5,000,000 100,000,000 10,000,000 Europe Hedge Fund

Banco Lafise Bancentro Sa 55,000,000 8,000,000 55,000,000 8,000,000 LatAm Private Bank

Danske Bank 30,000,000 5,000,000 30,000,000 3,000,000 60,000,000 8,000,000 Europe Asset Manager

Aig Global (America Intl Grp) 10,000,000 7,000,000 10,000,000 7,000,000 US Insurance

Tiaa Global Asset Mgmt 12,550,000 7,000,000 12,550,000 7,000,000 US Asset Manager

Deka Investment Gmbh 23,200,000 5,000,000 15,200,000 38,400,000 5,000,000 Europe Asset Manager

Eurizon Am 11,000,000 3,000,000 17,700,000 2,000,000 28,700,000 5,000,000 Europe Asset Manager

Gml Capital Llp 20,000,000 5,000,000 15,000,000 - 35,000,000 5,000,000 Europe Asset Manager

Manulife Asset Management (US) 5,000,000 5,000,000 5,000,000 - 10,000,000 5,000,000 US Insurance

Ostrum Asset Management 21,000,000 5,000,000 9,000,000 - 30,000,000 5,000,000 Europe Asset Manager

Rogge Global Partners 11,950,000 5,000,000 11,950,000 5,000,000 Europe Asset Manager

Value Partners 20,000,000 5,000,000 20,000,000 - 40,000,000 5,000,000 Asia Asset Manager

Fidelity Management & Research 2,650,000 2,650,000 2,100,000 2,100,000 4,750,000 4,750,000 US Asset Manager

Invesco Capital Management 2,750,000 2,750,000 3,450,000 2,000,000 6,200,000 4,750,000 US Asset Manager

Bluecrest Capital Management (New York), L.P. 31,000,000 4,000,000 25,000,000 500,000 56,000,000 4,500,000 US Hedge Fund

6

Republic of Costa Rica I New Issue Orderbook Drill Down (Cont’d)


BFAM 20,000,000 3,000,000 20,000,000 1,000,000 40,000,000 4,000,000 Asia Hedge Fund

Nn Investment Partners 25,000,000 4,000,000 25,000,000 4,000,000 US Asset Manager

United National Bank Ltd 30,000,000 3,000,000 15,000,000 1,000,000 45,000,000 4,000,000 Europe Private Bank

APG Investments Europe 10,000,000 3,000,000 10,000,000 3,000,000 Europe Asset Manager

Kls Diversified Asset Management 50,000,000 3,000,000 50,000,000 3,000,000 US Asset Manager

Silver Ridge Asset Mgmt US LP 100,000,000 2,000,000 100,000,000 1,000,000 200,000,000 3,000,000 US Asset Manager

Voya Investment Management 5,000,000 3,000,000 5,000,000 3,000,000 US Asset Manager

Exoduspoint Capital Management Uk, LLP 110,000,000 2,000,000 50,000,000 500,000 160,000,000 2,500,000 Europe Hedge Fund

Aetna Asset Mgmt 10,000,000 2,000,000 10,000,000 2,000,000 US Hedge Fund

Banco DAVIVIENDA 10,000,000 2,000,000 10,000,000 2,000,000 LatAm Bank & Trust

Bluecrest Capital 15,000,000 2,000,000 15,000,000 - 30,000,000 2,000,000 Europe Hedge Fund

Bluecrest Capital 15,000,000 2,000,000 15,000,000 2,000,000 Europe Hedge Fund

Carmignac Gestion SA 6,000,000 2,000,000 6,000,000 - 12,000,000 2,000,000 Europe Asset Manager

Fundamenta Asset Mgmt 25,000,000 2,000,000 25,000,000 2,000,000 LatAm Asset Manager

Gaoteng Global Asset Man Ltd 20,000,000 2,000,000 20,000,000 2,000,000 Asia Asset Manager

Guarantee Life Ins 10,000,000 2,000,000 - - 10,000,000 2,000,000 US Insurance

Pensions Forsikrings Anstalten 6,000,000 2,000,000 6,000,000 2,000,000 Europe Asset Manager

Pohjola 11,000,000 2,000,000 11,000,000 2,000,000 Europe Asset Manager

United Overseas Bank Asset Management 5,000,000 2,000,000 5,000,000 2,000,000 Asia Asset Manager

Nomura Asset Management 1,500,000 1,500,000 1,000,000 400,000 2,500,000 1,900,000 US Asset Manager

Aktia Asset Management 5,800,000 1,000,000 4,300,000 500,000 10,100,000 1,500,000 Europe Asset Manager

Analytical Research Cm Lp 15,000,000 1,000,000 15,000,000 500,000 30,000,000 1,500,000 US Asset Manager

Aventicum Capital Management 10,000,000 1,000,000 5,000,000 500,000 15,000,000 1,500,000 Europe Asset Manager

Eastspring Investments Singapore Ltd 3,000,000 1,000,000 3,000,000 500,000 6,000,000 1,500,000 Asia Asset Manager

Greylock Capital Management 15,000,000 1,500,000 10,000,000 - 25,000,000 1,500,000 US Hedge Fund

Saba Capital Management Lp 5,000,000 1,000,000 5,000,000 500,000 10,000,000 1,500,000 US Hedge Fund

Mellon 1,450,000 1,450,000 1,450,000 1,450,000 US Asset Manager

Fideuram Am Ireland Ltd 4,500,000 200,000 2,500,000 1,000,000 7,000,000 1,200,000 Europe Asset Manager

Marshall Wace Asset Mgmt - Uk 40,000,000 1,000,000 20,000,000 200,000 60,000,000 1,200,000 Europe Asset Manager

Millennium Partners 8,000,000 1,000,000 8,000,000 200,000 16,000,000 1,200,000 US Asset Manager

Observatory Capital Mgmt Llp (Brummer) 22,500,000 1,000,000 7,500,000 200,000 30,000,000 1,200,000 Europe Hedge Fund

Ultralat Securities Inc. 85,000,000 1,000,000 10,000,000 200,000 95,000,000 1,200,000 US Bank & Trust

Actinver Capital Man LLC 10,000,000 1,000,000 10,000,000 1,000,000 LatAm Broker Dealer

Agp/Alliance Global Partners Corp 2,000,000 1,000,000 2,000,000 1,000,000 US Broker Dealer

Av Securities Inc 50,500,000 1,000,000 500,000 - 51,000,000 1,000,000 LatAm Broker Dealer

Az Fund Management S.A. 15,000,000 1,000,000 15,000,000 1,000,000 Europe Asset Manager

Bankhaus Lampe 10,000,000 500,000 10,000,000 500,000 20,000,000 1,000,000 Europe Private Bank

Cargill Inc 7,000,000 1,000,000 7,000,000 1,000,000 US Asset Manager

Corporation Financiere Europeenne Sa 6,000,000 1,000,000 6,000,000 - 12,000,000 1,000,000 Europe Asset Manager

Elo Mutual Pension Insurance Co 5,000,000 500,000 5,000,000 500,000 10,000,000 1,000,000 Europe Insurance

Fort Washington Inv Advisors 1,000,000 1,000,000 1,000,000 1,000,000 US Asset Manager

Glen Point Capital LLP 20,000,000 1,000,000 20,000,000 1,000,000 Europe Hedge Fund

Ins Valores Puesto De Bolsa Sa 6,800,000 1,000,000 6,800,000 1,000,000 LatAm Asset Manager

Insight Securities Inc 4,500,000 1,000,000 4,500,000 1,000,000 US Asset Manager

Newfleet Asset Management LLC 3,000,000 1,000,000 3,000,000 1,000,000 US Asset Manager

Sun Global Investments Limited 2,500,000 1,000,000 2,500,000 - 5,000,000 1,000,000 Europe Asset Manager

Van Eck Global 7,000,000 1,000,000 7,000,000 1,000,000 US Asset Manager

Warlander Asset Management 15,000,000 1,000,000 15,000,000 1,000,000 US Hedge Fund

Bluefin Europe LLP 6,000,000 500,000 6,000,000 200,000 12,000,000 700,000 Europe Hedge Fund

Dz Privatbank (Schweiz) AG 2,000,000 500,000 2,000,000 200,000 4,000,000 700,000 Europe Private Bank

7



EFG Capital International 17,000,000 500,000 17,000,000 500,000 US Hedge Fund

Hauck & Aufh?User Asset Management Gmbh 2,000,000 500,000 2,000,000 200,000 4,000,000 700,000 Europe Private Bank

Isp Financial Services Ag 2,000,000 500,000 2,000,000 200,000 4,000,000 700,000 LatAm Private Bank

Jane Street Capital 40,000,000 500,000 40,000,000 200,000 80,000,000 700,000 Europe Hedge Fund

Mid Atlantic Capital Management 10,000,000 500,000 10,000,000 200,000 20,000,000 700,000 US Hedge Fund

Mm Warburg & Co Kgaa 5,000,000 500,000 5,000,000 200,000 10,000,000 700,000 Europe Private Bank

Steubing Asset Management 6,000,000 500,000 6,000,000 200,000 12,000,000 700,000 Europe Hedge Fund

Ubs Zurich 49,000,000 500,000 31,600,000 200,000 80,600,000 700,000 Europe Private Bank

V-Bank Ag 3,000,000 500,000 3,000,000 200,000 6,000,000 700,000 Europe Bank & Trust

Volksbank 3,000,000 500,000 3,000,000 200,000 6,000,000 700,000 Europe Bank & Trust

Wells Fargo Advisors 9,900,000 200,000 500,000 500,000 10,400,000 700,000 US Broker Dealer

Credit Suisse Pb 11,000,000 200,000 15,000,000 400,000 26,000,000 600,000 Europe Private Bank

Raiffeisen Kapitalanlage 6,000,000 400,000 2,000,000 200,000 8,000,000 600,000 Europe Asset Manager

Citibank Private Bkg Group 7,500,000 390,000 7,000,000 200,000 14,500,000 590,000 US Private Bank

Advent 8,000,000 500,000 8,000,000 500,000 US Asset Manager

Alm Brands Bank 5,000,000 500,000 5,000,000 - 10,000,000 500,000 Europe Bank & Trust

Anchorage Advisors 30,000,000 500,000 30,000,000 500,000 US Hedge Fund

Anima Sgr 15,000,000 500,000 15,000,000 500,000 Europe Asset Manager

Arca 5,000,000 500,000 2,000,000 - 7,000,000 500,000 US Insurance

Bank J Safra Sarasin 5,700,000 500,000 2,000,000 - 7,700,000 500,000 Europe Private Bank

Coherence Capital Partners, Llc 8,000,000 500,000 8,000,000 - 16,000,000 500,000 US Asset Manager

Donner & Reuschel Am 7,000,000 500,000 7,000,000 500,000 Europe Bank & Trust

Dz Bank Ag 1,000,000 500,000 1,000,000 500,000 Europe Bank & Trust

Gables Asset Management 4,000,000 500,000 4,000,000 500,000 US Asset Manager

Ikona Capital Llc 6,000,000 500,000 6,000,000 500,000 US Asset Manager

Investment Placement Group 6,000,000 500,000 3,000,000 - 9,000,000 500,000 US Asset Manager

Invex, Casa De Bolsa 3,000,000 500,000 10,000,000 13,000,000 500,000 LatAm Bank & Trust

Kepler Fonds Kag 1,900,000 500,000 1,900,000 500,000 Europe Asset Manager

Negocios Y Valores Sa Corr De 7,000,000 500,000 10,000,000 - 17,000,000 500,000 LatAm Broker Dealer

Pala Assets Holdings Ltd 10,000,000 500,000 10,000,000 500,000 Europe Asset Manager

Pensiondanmark 1,000,000 500,000 1,000,000 - 2,000,000 500,000 Europe Asset Manager

Quish & Co. Ltd 8,000,000 500,000 8,000,000 - 16,000,000 500,000 US Asset Manager

Rsb Geld-Und Wertpapierhandels 5,000,000 500,000 5,000,000 - 10,000,000 500,000 Europe Bank & Trust

Safra National Bank Of Ny 1,000,000 500,000 1,000,000 500,000 US Bank & Trust

Statetrust Capital Llc 5,000,000 500,000 5,000,000 500,000 US Asset Manager

Vendome Asset Mgmt Ltd 2,000,000 500,000 2,000,000 - 4,000,000 500,000 US Asset Manager

Virobel Wealth Management Sa 5,000,000 500,000 2,000,000 - 7,000,000 500,000 Europe Private Bank

Zurcher Kantonalbank Zurich 2,000,000 500,000 2,000,000 - 4,000,000 500,000 Europe Insurance

Banca Promos Spa 1,000,000 200,000 1,000,000 200,000 2,000,000 400,000 Europe Bank & Trust

Bankinter 3,000,000 200,000 3,000,000 200,000 6,000,000 400,000 Europe Bank & Trust

Banque Cantonale Vaudoise 2,000,000 200,000 2,000,000 200,000 4,000,000 400,000 Europe Bank & Trust

Banque J. Safra (Monaco) Sa 10,200,000 200,000 10,000,000 200,000 20,200,000 400,000 Europe Private Bank

Bolsa Nacional De Valores 200,000 200,000 400,000 200,000 600,000 400,000 LatAm Broker Dealer

Ckc Capital Llc 3,000,000 200,000 3,000,000 200,000 6,000,000 400,000 US Asset Manager

Euromobiliare Asset Management 600,000 200,000 600,000 200,000 1,200,000 400,000 Europe Asset Manager

Helaba Invest 4,500,000 200,000 1,800,000 200,000 6,300,000 400,000 Europe Asset Manager

Mn Services 4,000,000 200,000 4,000,000 200,000 8,000,000 400,000 Europe Asset Manager

Reuss Private Ag 3,000,000 200,000 4,000,000 200,000 7,000,000 400,000 Europe Asset Manager

UNIVERSAL INVESTMENT GMBH 400,000 400,000 400,000 400,000 Europe Hedge Fund

Credit Europe Bank (Suisse) Sa 3,000,000 300,000 3,000,000 - 6,000,000 300,000 Europe Bank & Trust

8



Brandywine Global Inv Mgmt 260,000 260,000 - - 260,000 260,000 US Asset Manager

Abanca Corporacion Bancaria 2,500,000 200,000 2,500,000 200,000 Europe Bank & Trust

Acf, Xestion Inmobiliaria 3,000,000 200,000 3,000,000 - 6,000,000 200,000 Europe Asset Manager

Auriga Investors 1,000,000 200,000 1,000,000 200,000 Europe Bank & Trust

Azimut Capital Management 15,000,000 - 4,000,000 200,000 19,000,000 200,000 Europe Asset Manager

Banco Etcheverria Sa 2,500,000 200,000 2,500,000 200,000 Europe Bank & Trust

Bank Hapoalim 2,500,000 200,000 2,500,000 - 5,000,000 200,000 US Private Bank

Bank Vontobel Ag 2,000,000 200,000 60,000,000 62,000,000 200,000 Europe Private Bank

Banque Degroof Luxembourg 4,000,000 200,000 4,000,000 - 8,000,000 200,000 Europe Bank & Trust

Barclays Stockbrokers Ltd 200,000 200,000 200,000 - 400,000 200,000 Europe Hedge Fund

Blaylock Van Llc 2,000,000 200,000 2,000,000 - 4,000,000 200,000 US Broker Dealer

Brick Lane Capital Mgmt Ltd 3,000,000 200,000 2,000,000 - 5,000,000 200,000 Europe Hedge Fund

Btg Investments Lp 2,000,000 200,000 7,000,000 - 9,000,000 200,000 LatAm Asset Manager

Cedar Lane Capital Llc 2,500,000 200,000 2,500,000 - 5,000,000 200,000 US Hedge Fund

Cim Banque Geneva 1,000,000 200,000 1,000,000 - 2,000,000 200,000 Europe Private Bank

Citypoint Capital Management 3,000,000 200,000 3,000,000 200,000 Europe Asset Manager

Efg Bank Ag 800,000 200,000 800,000 200,000 Europe Bank & Trust

Excellence Nessuah Brokerage 5,000,000 200,000 5,000,000 200,000 Asia Asset Manager

IDB Capital Corp. 300,000 200,000 300,000 200,000 US Bank & Trust

Israel Discount Bank 3,000,000 - 3,000,000 200,000 6,000,000 200,000 Asia Private Bank

Jyske Invest 3,000,000 - 3,000,000 200,000 6,000,000 200,000 Europe Private Bank

Lgt Bank - Liechtenstein 2,000,000 200,000 2,000,000 - 4,000,000 200,000 Europe Private Bank

LIECHTENSTEINISCHE LANDESBANK 2,000,000 200,000 2,000,000 200,000 Europe Bank & Trust

Meitav Ds Investments 2,000,000 200,000 2,000,000 200,000 Asia Hedge Fund

Mns International Llc 2,000,000 200,000 2,000,000 - 4,000,000 200,000 US Asset Manager

Murex Cap Llc 2,000,000 200,000 2,000,000 200,000 LatAm Asset Manager

Old Mission Capital Holdings 3,000,000 200,000 3,000,000 - 6,000,000 200,000 US Broker Dealer

Peregrine & Black Ltd 4,000,000 200,000 4,000,000 200,000 Europe Asset Manager

Providentia Capital Llp 3,000,000 200,000 3,000,000 - 6,000,000 200,000 Europe Hedge Fund

Quirin Bank Ag 2,000,000 200,000 2,000,000 200,000 Europe Bank & Trust

Schilling Bank Hammelburg 2,000,000 200,000 2,000,000 200,000 Europe Bank & Trust

Swiss Merchant Group Ag 2,000,000 200,000 1,000,000 - 3,000,000 200,000 Europe Bank & Trust

Ubp Geneva 3,000,000 200,000 3,000,000 200,000 Europe Private Bank

Valcourt Sa 600,000 200,000 600,000 200,000 Europe Asset Manager

Wegelin & Co 2,000,000 200,000 2,000,000 200,000 Europe Hedge Fund

Adia Middle East 3,500,000 - 3,500,000 - Asia Asset Manager

Aetna Life Insurance 5,000,000 - 5,000,000 - US Insurance

Asfid Capital Sa 5,000,000 - 5,000,000 - Europe Asset Manager

Atlantide Asset Management Ltd 19,000,000 - 19,000,000 - 38,000,000 - Europe Asset Manager

Banco Santander Intl 2,000,000 - 4,000,000 - 6,000,000 - Europe Bank & Trust

BANK CIAL 1,000,000 - 1,000,000 - Europe Private Bank

Banque De Commerce Et De Place 1,000,000 - 1,000,000 - 2,000,000 - Europe Bank & Trust

Berkeley Asset Management Llp 7,000,000 - 7,000,000 - 14,000,000 - US Asset Manager

BMO Asset Mgmt 27,000,000 - - - 27,000,000 - US Asset Manager

Bridport And Company 200,000 - 200,000 - Europe Asset Manager

Columbia Threadneedle - Us 7,400,000 - 7,400,000 - US Asset Manager

Edmond de Rothschild France 400,000 - 400,000 - Europe Private Bank

Fiera Capital - - - - US Asset Manager

Grantham Mayo - - - - - US Hedge Fund

Hamilton Stuart Capital Ltd 4,000,000 - 4,000,000 - 8,000,000 - Europe Hedge Fund

9



Hsbc Private Bank Geneva 10,000,000 - 10,000,000 - 20,000,000 - Europe Private Bank

Ibp Markets Ltd 2,000,000 - 2,000,000 - Europe Broker Dealer

Insight Investment Management Uk 8,300,000 - 8,300,000 - 16,600,000 - Europe Asset Manager

Inverseguros 5,000,000 - 5,000,000 - Europe Insurance

M&G Investment Management Ltd 25,000,000 - 25,000,000 - 50,000,000 - Europe Asset Manager

Magma Asset Management 4,000,000 - 4,000,000 - 8,000,000 - Europe Asset Manager

Meag Munich Ergo Am Gmbh 47,000,000 - 47,000,000 - Europe Asset Manager

Met Capital Management Llp 10,000,000 - 10,000,000 - 20,000,000 - US Asset Manager

Mizrahi Tefahot Bank Limited 1,000,000 - 1,000,000 - Asia Private Bank

Nine Masts Capital Ltd 30,000,000 - 30,000,000 - 60,000,000 - Asia Hedge Fund

Seminario Y Cia Soc Ag De Bols 5,000,000 - 5,000,000 - LatAm Broker Dealer

Shell Asset Management Company Bv 3,000,000 - 3,000,000 - 6,000,000 - Europe Asset Manager

Spar Invest 200,000 - 2,000,000 - 2,200,000 - Europe Asset Manager

State Pension Fund Finland 6,000,000 - 6,000,000 - Europe Asset Manager

Sydbank 7,200,000 - 7,200,000 - 14,400,000 - Europe Bank & Trust

Ubp Geneva 2,000,000 - 2,000,000 - Europe Private Bank

Total 4,296,500,000 1,200,000,000 2,205,150,000 304,800,000 6,501,650,000 1,504,800,000

10

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Republic of Costa Rica · The orderbook of Costa Rica’s Long 11-Year Notes reached ~US$4.6 billion in peak demand, with 206 accounts participating in the transaction’s final orderbook

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