# EDGAR Filing Document

**Accession Number:** 0000873465
**File Stem:** 0001193125-26-047853
**Filing Date:** 2026-2
**Character Count:** 28278
**Document Hash:** 0275e692ad6f6999e09f9b389a8e7294
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-047853.hdr.sgml**: 20260212

**ACCESSION NUMBER**: 0001193125-26-047853

**CONFORMED SUBMISSION TYPE**: POS EX

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20260212

**DATE AS OF CHANGE**: 20260212

**EFFECTIVENESS DATE**: 20260212

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** REPUBLIC OF KOREA
- **CENTRAL INDEX KEY:** 0000873465
- **STANDARD INDUSTRIAL CLASSIFICATION:** FOREIGN GOVERNMENTS [8888]
- **ORGANIZATION NAME:** International Corp Fin
- **EIN:** 000000000

**FILING VALUES:**
- **FORM TYPE:** POS EX
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-289630
- **FILM NUMBER:** 26623854

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** MINISTRY OF ECONOMY AND FINANCE, SEJONG
- **STREET 2:** GOVERNMENT COMPLEX, 42, DOUM, 6-RO
- **CITY:** SEJONG-SI
- **PROVINCE COUNTRY:** M5
- **ZIP:** 30112
- **BUSINESS PHONE:** 8225039267

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** MINISTRY OF ECONOMY AND FINANCE, SEJONG
- **STREET 2:** GOVERNMENT COMPLEX, 42, DOUM, 6-RO
- **CITY:** SEJONG-SI
- **PROVINCE COUNTRY:** M5
- **ZIP:** 30112

**As filed with the Securities and Exchange Commission on February 12, 2026** 

**Registration Statement No. 333-289630** 

**SECURITIES AND EXCHANGE COMMISSION** 

**WASHINGTON, D.C. 20549** 

**POST-EFFECTIVE AMENDMENT NO. 2** 

**TO** 

**REGISTRATION STATEMENT** 

***UNDER***

***SCHEDULE B***

***OF***

***THE SECURITIES ACT OF 1933***

## THE REPUBLIC OF KOREA
**(Name of Registrant)** 

**Name and Address of Authorized Representative in the United States:** 

**Munkyu Park** 

**Consul** 

**Korean Consulate General** 

**460 Park Avenue, 9th Floor** 

**New York, New York 10022** 

***Copies to:***

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| | |
|:---|:---|
| **Jinduk Han, Esq.**<br> **Cleary Gottlieb Steen & Hamilton LLP**<br> **c/o 19F, Ferrum Tower**<br> **19, Eulji-ro 5-gil, Jung-gu**<br> **Seoul 04539, Korea** | **Alan L. Beller, Esq.**<br> **Cleary Gottlieb Steen & Hamilton LLP**<br> **One Liberty Plaza**<br> **New York, New York 10006**<br> **United States of America** |

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The securities registered hereby will be offered on a delayed or continuous basis pursuant to the procedures set forth in Securities Act Release Nos. 33-6240 and 33-6424.

This Post-Effective Amendment No. 2 is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act of 1933, as amended (the "Securities Act").

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**EXPLANATORY NOTE** 

This Post-Effective Amendment No. 2 to the registrant's Registration Statement under Schedule B (File No. 333-289630), declared effective by the Securities and Exchange Commission on August 28, 2025, is being filed solely for the purpose of filing Exhibits E-2 and F-2 to such Registration Statement pursuant to Rule 462(d) under the Securities Act. This Post-Effective Amendment No. 2 is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act. No changes or additions are being made hereby to the Prospectus which forms part of such Registration Statement.

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**PART II** 

**INFORMATION NOT REQUIRED IN THE PROSPECTUS** 

**Item 11.** **Estimated Expenses.\*** <br>

It is estimated that our expenses in connection with the sale of the debt securities hereunder, exclusive of compensation payable to underwriters and agents, will be as follows:

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| | | |
|:---|:---|:---|
|  SEC Registration Fee | US$ | 765500.0 |
|  Listing Fee and Expenses |  | 25000.0 |
|  Printing Expenses |  | 100000.0 |
|  Rating Agencies' Fees |  | 350000.0 |
|  Legal Fees and Expenses |  | 400000.0 |
|  Fiscal Agent Fees and Expenses |  | 50000.0 |
|  Blue Sky Fees and Expenses |  | 3000.0 |
|  Miscellaneous |  | 200000.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | US$ | 1893500.0 |

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\* Based on three underwritten offerings of the debt securities.

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**UNDERTAKINGS** 

The Registrant hereby undertakes:

(a) To file, during any period in which offers or sales are being made, a post-effective amendment to this
Registration Statement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) To include any prospectus required by Section 10(a)(3) of the Securities Act of 1933;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) To reflect in the prospectus any facts or events arising after the effective date of this Registration
Statement (or the most recent post-effective amendment thereto) which, individually or in the aggregate, represent a fundamental change in the information set forth in this Registration Statement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) To include any material information with respect to the plan of distribution not previously disclosed in this
Registration Statement or any material change to such information in this Registration Statement;

(b) That, for the purpose of determining any liability under the Securities Act of 1933, each such post-effective
amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof; and

(c) To remove from registration by means of a post-effective amendment any of the securities being registered which
remain unsold at the termination of the offering.

(d) That, for purposes of determining liability under the Securities Act of 1933 to any purchaser: each prospectus
filed pursuant to Rule 424(b) as part of a registration statement relating to an offering, other than registration statements relying on Rule 430B or other than prospectuses filed in reliance on Rule 430A, shall be deemed to be part of and included
in the registration statement as of the date it is first used after effectiveness. Provided, however, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or
deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such first use, supersede or modify any statement that was
made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such date of first use.

(e) That, for the purpose of determining any liability under the Securities Act of 1933 to any purchaser in the
initial distribution of the securities:

The undersigned registrant undertakes that in a primary offering of securities of the undersigned registrant pursuant to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following communications, the undersigned registrant will be a seller to the purchaser and will be considered to offer or sell such securities to such purchaser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Any preliminary prospectus or prospectus of the undersigned registrant relating to the offering required to be
filed pursuant to Rule 424;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Any free writing prospectus relating to the offering prepared by or on behalf of the undersigned registrant or
used or referred to by the undersigned registrant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The portion of any other free writing prospectus relating to the offering containing material information about
the undersigned registrant or its securities provided by or on behalf of the undersigned registrant; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Any other communication that is an offer in the offering made by the undersigned registrant to the purchaser.

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**CONTENTS** 

This Registration Statement is comprised of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Facing Sheet.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Explanatory Note.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Part I, consisting of the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Part II, consisting of pages II-1 to II-6.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) The exhibits as listed on page II-4.

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**EXHIBIT INDEX** 

A. Form of Underwriting Agreement, incorporated herein by reference to Exhibit C to the Registration Statement of
The Republic of Korea (No.333-8502).

B. Form of Fiscal Agency Agreement, dated as of April 17, 1998, including forms of debt securities,
incorporated herein by reference to Exhibit A to the Registration Statement of The Republic of Korea (No. 333-8502).

C. Form of Amendment No. 1 to the Fiscal Agency Agreement, dated as of June 3, 2003, incorporated herein
by reference to Exhibit B-1 filed as part of Post-Effective Amendment No. 3 to the Registration Statement of The Republic of Korea (No. 333-8502).

D. Form of debt securities (attached to the Form of Amendment No. 1 to the Fiscal Agency Agreement),
incorporated herein by reference to Exhibit B-2 filed as part of Post-Effective Amendment No. 3 to the Registration Statement of The Republic of Korea (No. 333-8502).

D-1. Form of debt securities (attached to the Form of Amendment No. 2 to the Fiscal Agency Agreement), incorporated herein by reference to Exhibit C-1 filed as part of Post-Effective Amendment No. 2 to the Registration Statement of The Republic of Korea (No. 333-214726).

E. Opinion (including consent) of Bae, Kim & Lee LLC, Korean counsel to the Republic, in respect of the
legality of the Debt Securities.\*

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| | |
|:---|:---|
| E-1. | Opinion (including consent) of Bae, Kim & Lee LLC, Korean counsel to the Republic, in respect of the legality of the Republic's US$1,000,000,000 3.625% Notes due 2030.\*  |

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| | |
|:---|:---|
| E-2. | Opinion (including consent) of Kim & Chang, Korean counsel to the Republic, in respect of the legality of the Republic's US$1,000,000,000 3.625% Notes due 2029 and US$2,000,000,000 3.875% Notes due 2031.  |

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F. Opinion (including consent) of Cleary Gottlieb Steen & Hamilton LLP, special U.S. counsel to the
Republic, in respect of the legality of the Debt Securities.\*

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| | |
|:---|:---|
| F-1. | Opinion (including consent) of Cleary Gottlieb Steen & Hamilton LLP, special U.S. counsel to the Republic, in respect of the legality of the Republic's US$1,000,000,000 3.625% Notes due 2030.\*  |

---

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| | |
|:---|:---|
| F-2. | Opinion (including consent) of Cleary Gottlieb Steen & Hamilton LLP, special U.S. counsel to the Republic, in respect of the legality of the Republic's US$1,000,000,000 3.625% Notes due 2029 and US$2,000,000,000 3.875% Notes due 2031.  |

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G. Consent of the Minister of Finance and Economy of the Republic of Korea (included on Page II-5).

H. Power of Attorney of the Minister of Economy and Finance of the Republic of Korea, incorporated herein by
reference to Exhibit H to the Registration Statement of The Republic of Korea (No. 333-118631).

I. Letter appointing Authorized Representative of the Republic of Korea in the United States, incorporated herein
by reference to Exhibit I to the Registration Statement of The Republic of Korea (No. 333-157904).

\* Previously filed.

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**SIGNATURE OF THE REGISTRANT** 

Pursuant to the requirements of the U.S. Securities Act of 1933, as amended, the registrant, The Republic of Korea, has duly caused this registration statement or amendment thereto to be signed on its behalf by the undersigned, thereunto duly authorized, in Seoul, The Republic of Korea, on the 12th day of February 2026.

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| | |
|:---|:---|
| THE REPUBLIC OF KOREA | THE REPUBLIC OF KOREA |
| By: | YUN CHEOL KOO †\* |
|  | *Minister of Finance and Economy* |
| †By: | /s/ HEE JAE KIM |
|  | HEE JAE KIM<br> *(Attorney-in-fact)* |

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\* Consent is hereby given to the use of his name in connection with the information specified in this registration statement or amendment thereto to have been supplied by him and stated on his authority.

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**SIGNATURE OF AUTHORIZED REPRESENTATIVE** 

Pursuant to the requirements of the U.S. Securities Act of 1933, as amended, the undersigned, a duly authorized representative of The Republic of Korea in the United States, has signed this registration statement or amendment thereto in The City of New York, New York, on the 12th day of February 2026.

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| | |
|:---|:---|
| By: | /s/ MUNKYU PARK |
|  | MUNKYU PARK |
|  | *Consul* |
|  | *Korean Consulate General in New York* |

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## Ex-99.(E-2)

**Exhibit E-2** 

[Kim & Chang Letterhead]

February 12, 2026

The Republic of Korea

Ministry of Finance and Economy

Sejong Government Complex

42, Doum 6-ro

Sejong-si 30112

The Republic of Korea

Re: <u>The Republic of Korea:</u> 

<u>US$1,000,000,000 3.625% notes due 2029 and US$2,000,000,000 3.875% notes due 2031</u>

Ladies and Gentlemen:

We have acted as special Korean legal counsel for The Republic of Korea (the "**Republic**"), in connection with the Republic's offering of US$1,000,000,000 3.625% notes due 2029 (the "**2029 Notes**") and US$2,000,000,000 3.875% notes due 2031 (the "**2031 Notes**", and together with the 2029 Notes, the "**Notes**") to be issued under the fiscal agency agreement dated as of April 17, 1998, by and between the Republic, as issuer, and The Bank of New York Mellon (formerly known as The Bank of New York), as fiscal agent, as amended by the Amendment No. 1 thereto (the "**Amendment No. 1**"), dated as of June 3, 2003, and Amendment No. 2 thereto (the "**Amendment No. 2**"), dated as of July 17, 2018 (such fiscal agency agreement, as amended by Amendment No. 1 and Amendment No. 2, being referred to as the "**Fiscal Agency Agreement**") based on a registration statement (the "**Registration Statement**") filed with the United States Securities and Exchange Commission (the "**Commission**") under Schedule B (file number: 333-289630) of the Securities Act of 1933, as amended (the "**Securities Act**"). The prospectus dated August 28, 2025 (the "**Base Prospectus**") relating to any debt securities to be issued by the Republic pursuant to the Registration Statement, as supplemented by the final prospectus supplement dated February 5, 2026 used in connection with the offering of the Notes, is herein called the "**Prospectus**".

We have examined all such laws and regulations of the Republic as are relevant to the Fiscal Agency Agreement and the Notes and the originals or copies, certified or otherwise identified to our satisfaction, of all such official records of the Republic, and orders of officials and agencies of the Korean government, of all such certificates of officials and other representatives of the Republic, and of all such other agreements, documents and matters as we have deemed necessary or advisable for the purposes of this opinion.

In such examination, we have assumed the genuineness of all signatures, stamps and seals, the authenticity of all documents submitted to us as originals and the conformity with the originals of all documents submitted to us as copies thereof, and we have found nothing to indicate that such assumptions are not fully justified.

In giving this opinion, we have also assumed in relation to the documents which we examined that other than in relation to the Republic, all such documents are within the capacity and powers of, and have been validly authorized, executed and delivered by, the relevant parties thereto and are legal, valid, binding and enforceable in accordance with their respective terms under the laws of the State of New York by which they are expressed to be governed, and that all necessary governmental consents, authorizations and approvals required in any country (other than the Republic) for the execution, delivery and performance by any parties to the Fiscal Agency Agreement and the Notes have been or will be obtained and that all necessary notices, filings, registrations and recordings in any applicable jurisdiction (other than the Republic) in respect of the Fiscal Agency Agreement and the Notes have been or will be given or effected in accordance with the laws and regulations of every such applicable jurisdiction. As to any other matters of fact material to the opinions expressed herein, we have relied upon certificates or statements of officials and other representatives of the Republic.

Based upon the foregoing and subject to further qualifications set forth below, we are of the opinion that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Fiscal Agency Agreement has been duly authorized and executed by the Republic;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The statements in the Prospectus concerning matters of Korean law (except for the financial and statistical
data contained therein as to which we express no opinion) are accurate and up-to-date as of the date hereof in all material respects; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The Notes have been duly authorized, executed, issued and delivered by the Republic and constitute valid and
binding obligations of the Republic and enforceable in accordance with their terms.

We are admitted to practice law in the Republic, and this opinion is given with respect to the laws of the Republic as currently in effect and we do not pass upon and we express no opinion in respect of those matters governed by or construed in accordance with the laws of the United States of America or the State of New York or the laws of any jurisdiction other than the Republic. To the extent that the laws of the United States of America and the State of New York are relevant to our opinions set forth above, we have, without making any independent investigation with respect thereto, relied upon the opinions of Cleary Gottlieb Steen & Hamilton LLP, United States counsel to the Republic filed with the Commission on February 12, 2026 in connection with the Notes (subject to the qualifications, assumptions and exceptions set forth therein). We have also assumed that there is nothing in the law of any jurisdiction other than the Republic which affects this opinion.

The opinions set forth above are subject to the following qualifications: (a) with respect to the Fiscal Agency Agreement, we have assumed that the collective action clauses as set forth in Sections 13 and 14 of the Fiscal Agency Agreement are legal, valid and enforceable under the laws of the State of New York, by which the Fiscal Agency Agreement is expressed to be governed, and we note that there is no express provision under the National Bond Act of the Republic in respect of the collective action clauses as set forth in Sections 13 and 14 of the Fiscal Agency Agreement nor is there any Korean court precedent dealing with issues arising from such clause; (b) the obligations of the Republic under the Fiscal Agency Agreement and the Notes may be limited or affected by the laws governing fraudulent conveyance, moratorium, statutory limitation or other similar matters which generally affect the rights of creditors; (c) the obligations of the Republic under the Fiscal Agency Agreement and the Notes may be also affected or limited by the general principle of good morals and other social order and the general principle of good faith and fairness provided for in the Civil Code of the Republic; (d) nothing herein should be taken as indicating that the remedies of specific performance or injunction would necessarily be available with respect to any particular provision of the Fiscal Agency Agreement, the Notes and any related agreements in any particular instance; (e) the enforceability of provisions releasing or exculpating a party from, or requiring indemnification of a party for, liability for its own action or inaction may be limited or affected where the action or inaction involves unlawful conduct, willful misconduct or gross negligence; (f) Korean courts may exercise judicial discretion in determining such matters as conclusiveness of certificates, amount of damages and entitlement to attorneys' fees and other costs; (g) failure to exercise a right of action for more than a certain period of time may operate as a bar to the exercise of such right, and failure to exercise such a right for a certain period of time may, under certain circumstances, be deemed by the Korean courts to constitute a waiver thereof; and (h) if the Korean government deems that certain emergency circumstances, including but not limited to severe and sudden changes in domestic or overseas economic circumstances, extreme difficulty in stabilizing the balance of payments or in implementing currency, exchange rate and other macroeconomic policies, has occurred or is likely to occur, it may impose certain necessary restrictions provided for under the Foreign Exchange Transaction Law and the rules and regulations promulgated thereunder, such as the suspension of payments or requiring prior approval from governmental authorities for any transaction.

This opinion is addressed to and is solely for the benefit of the Republic and, except with our express consent, is not to be transmitted to, nor is to be relied upon by, any other person (save the United States counsel to the Republic in connection with the issue and sale of the Notes) or for any purpose other than in connection with the issue and sale of the Notes. This opinion is limited to the matters addressed herein and is not to be read as an opinion with respect to any other matter. Furthermore, we assume no obligations to advise you, or to make any investigations, as to any legal developments or factual matters arising subsequent to the date hereof that might affect the views expressed herein.

We hereby consent to the use of this opinion as an exhibit to the Registration Statement filed by the Republic with the Commission and to the use of our name under the caption "Legal Matters" in the Prospectus included in the Registration Statement. In giving this consent, we do not thereby admit that we are within the category of persons whose consent is required under Section 7 of the Securities Act or the rules and regulations of the Commission thereunder.

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| |
|:---|
| Very truly yours,<br>/s/ Kim & Chang |
| Kim & Chang |

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## Ex-99.(F-2)

**Exhibit F-2** 

[Cleary Gottlieb Steen & Hamilton LLP Letterhead]

February 12, 2026

The Republic of Korea

Ministry of Finance and Economy

Sejong Government Complex

42, Doum 6-ro

Sejong-si 30112

The Republic of Korea

Ladies and Gentlemen:

We have acted as special United States counsel to the Republic of Korea (the "Republic") in connection with the Republic's offering pursuant to a registration statement under Schedule B (No. 333-289630) of US$1,000,000,000 3.625% notes due 2029 (the "2029 Notes") and US$2,000,000,000 3.875% notes due 2031 (the "2031 Notes" and, together with the 2029 Notes, the "Notes") issued under a fiscal agency agreement dated as of April 17, 1998, as amended by amendment no. 1 thereto dated as of June 3, 2003 and Amendment No. 2 thereto dated July 17, 2018 (the "<u>Fiscal Agency Agreement</u>"), between the Republic and The Bank of New York Mellon, as fiscal agent. Such registration statement, as amended when it became effective, is herein called the "Registration Statement;" the related prospectus dated August 28, 2025, as filed with the Securities and Exchange Commission (the "Commission") pursuant to Rule 424(b) under the Securities Act of 1933, as amended (the "Securities Act"), is herein called the "Base Prospectus;" the related prospectus supplement dated February 5, 2026, as filed with the Commission pursuant to Rule 424(b) under the Securities Act, is herein called the "Prospectus Supplement;" and the Base Prospectus and the Prospectus Supplement, together, are herein called the "Prospectus."

In arriving at the opinion expressed below, we have reviewed the following documents:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Registration Statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) specimens of the Notes; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) an executed copy of the Fiscal Agency Agreement.

In addition, we have reviewed the originals or copies certified or otherwise identified to our satisfaction of all such records of the Republic and such other documents, and we have made such investigations of law, as we have deemed appropriate as a basis for the opinion expressed below.

In rendering the opinion expressed below, we have assumed the authenticity of all documents submitted to us as originals and the conformity to the originals of all documents submitted to us as copies. In addition, we have assumed and have not verified (i) the accuracy as to factual matters of each document we have reviewed and (ii) that the Notes conform to the specimens thereof that we have reviewed and have been duly authenticated in accordance with the terms of the Fiscal Agency Agreement.

Based on the foregoing, and subject to the further assumptions and qualifications set forth below, it is our opinion that the Notes are the valid, binding and enforceable obligations of the Republic, entitled to the benefit of the Fiscal Agency Agreement.

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In connection with the foregoing opinion, (a) we have assumed that each of the Republic and the Fiscal Agent has satisfied those legal requirements that are applicable to it to the extent necessary to make the Fiscal Agency Agreement and the Notes enforceable against it (except that no such assumption is made as to the Republic regarding matters of the federal law of the United States of America or the law of the State of New York that in our experience normally would be applicable with respect to the Fiscal Agency Agreement and the Notes), (b) such opinion is subject to applicable bankruptcy, insolvency and similar laws affecting creditors' rights generally and to general principles of equity and (c) such opinion is subject to the effect of judicial application of foreign laws or foreign governmental actions affecting creditors' rights. In addition, we note that (i) the enforceability of the waiver of immunities by the Republic set forth in the Notes is subject to the limitations imposed by the Foreign Sovereign Immunities Act of 1976 and (ii) the designation of the U.S. federal courts sitting in The City of New York as a venue for actions or proceedings relating to the Notes is (notwithstanding the waiver in such provisions) subject to the power of such courts to transfer actions pursuant to 28 U.S.C. § 1404(a) or to dismiss such actions or proceedings on the grounds that such federal court is an inconvenient forum for such action or proceeding. We express no opinion as to the subject matter jurisdiction of any United States federal court to adjudicate any action relating to the Notes where jurisdiction based on diversity of citizenship under 28 U.S.C. §1332 does not exist.

The foregoing opinion is limited to the federal law of the United States of America and the law of the State of New York.

We hereby consent to the filing of this opinion letter as an exhibit to the Registration Statement and to the reference to us under the heading "Legal Matters" in the Prospectus. In giving such consent, we do not thereby admit that we are experts with respect to any part of the Registration Statement, including this exhibit, within the meaning of the term "expert" as used in the Securities Act, or the rules and regulations of the Commission issued thereunder. We assume no obligation to advise you, or to make any investigations, as to any legal developments or factual matters arising subsequent to the date hereof that might affect the opinion expressed herein.

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| | |
|:---|:---|
| Very truly yours,<br>CLEARY GOTTLIEB STEEN & HAMILTON LLP | Very truly yours,<br>CLEARY GOTTLIEB STEEN & HAMILTON LLP |
| By: | /s/ JINDUK HAN |
|  | Jinduk Han, a Partner |

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