The Republic of Ecuador ("Ecuador") announced today the results of its invitation for each holder to submit offers (the "Offers") to tender for cash the notes set forth in the table below (collectively, the "Old Notes"), upon the terms and subject to the conditions described in the invitation dated June 10, 2019 (the "Invitation"), subject to an aggregate amount not to exceed the proceeds received from the New Notes Offering (the "Aggregate Maximum Tender Amount"). The Invitation expired as scheduled at 8:00 a.m., New York time, on June 17, 2019. Capitalized terms not defined in this communication have the meanings specified in the Invitation. The following table sets forth the results of the Invitation: Securities ISINs and Principal Principal Percentage of Principal Amount Proration Principal Common Amount Amount Principal Accepted for Factor Amount Codes Outstanding Tendered Amount Purchase Remaining Tendered(1) Outstanding 10.500% Rule 144A U.S.$ U.S.$ 93.28% U.S.$ 86.7496335% U.S.$324,630,000 Notes ISIN: 1,500,000,000 1,399,233,000 1,175,370,000 due March 24, XS1199930329 2020 (the Common Code: “2020 119993032 Notes”) Regulation S ISIN: XS1199929826 Common Code: 119992982 ______________________ (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. The Information and Tender Agent for the Invitation was: Lucid Issuer Services Limited Tankerton Works 12 Argyle Walk London WC1H 8HA United Kingdom Attention: Arlind Bytyqi and Thomas Choquet E-mail: ecuador@lucid-is.com Tel: +44 20 7704 0880 The Dealer Managers for the Invitation were: Citigroup Global Markets Inc. 388 Greenwich St, 7th Floor New York, NY 10013 Attention: Liability Management Group Collect: +1-212-723-6106 U.S. Toll-free: +1-800-558-3745 Deutsche Bank Securities Inc. 60 Wall Street New York, New York 10005 Attention: Liability Management Group Collect: +1-212-250-2955 U.S. Toll-free: +1-866-627-0391 Deutsche Bank Securities Inc. 60 Wall Street New York, New York 10005 Attention: Liability Management Group Collect: +1-212-250-2955 U.S. Toll-free: +1-866-627-0391 Source: The Republic of Ecuador