Document of offer

Democratic Socialist Republic of Sri Lanka

Sri Lanka Development Bonds

Document of Offer

Issuing Office Public Debt Department Central Bank of Sri Lanka 30, Janadhipathi Mawatha

Colombo 1 Sri Lanka 15 May 2019

Printed at the Central Bank of Sri Lanka Printing Press 58, Sri Jayewardenapura Mawatha, Rajagiriya, Sri Lanka

SRI LANKA DEVELOPMENT BONDS

Main Features

Issuer Currency Size and Maturity Period Type of Security Issuance Interest Rate

Period for Subscription Date of Settlement Interest Payments

Minimum Investment Transferability

Eligible Investors*

Tax Issuing Office Designated Agents to Purchase Bonds Paying Agent Governing Law

Democratic Socialist Republic of Sri Lanka

US Dollar

Upto US Dollars 200 million of 1 year 8 months, 2 years 2 months 2 years 11 months and 3 years 11 months

Bond

Auction Based

? Floating rate arrangement : 6 month LIBOR or its successor for US Dollar + margin through competitive bidding

? Fixed rate arrangement : Fixed rate determined through competitive bidding

From 11:00 hrs on 17 May to 10:00 hrs on 22 May 2019

24 May 2019

Semi - annual

US Dollars 10,000 & in multiples of US Dollars 10,000

By Endorsement, Delivery & Registration

Foreign Citizens & Entities, Non Resident Sri Lankans, Sri Lankan Dual Citizens, Holders of Personel Foreign Currency Accounts and Business Foreign Currency Accounts, Licensed specialised banks and licensed finance companies who have been permitted to accept deposits in foreign currency, Authorized Dealers in foreign exchange, Primary Dealers in government securities, Specified companies that have entered into agreements with the Board of Investment of Sri Lanka and Specified Insurance Companies licensed under the Regulation of Insurance Industry Act.

Subject to the applicable Tax Laws in Sri Lanka

Public Debt Department, Central Bank of Sri Lanka

Selected Licensed Commercial Banks & Primary Dealers

Bank of Ceylon

Laws in Sri Lanka

* Refer to Paragraph 1

Democratic Socialist Republic of Sri Lanka

Offer of Sri Lanka Development Bonds Upto US Dollars 200 Million of

1 year 8 months, 2 years 2 months, 2 years 11 months and 3 years 11 months

Due to applicable regulatory requirements in the United States of America (USA) it is not possible to make this offer in the USA within the time frame of the proposed Sri Lanka Development Bond issue. Accordingly, this offer is not extended to the USA or to United States (US) persons. The Sri Lanka Development Bonds shall not be offered, sold, resold, pledged, transferred, assigned or delivered to or within the USA or to US persons. Any attempted sale, resale, pledge, transfer, assignment or delivery of Sri Lanka Development Bonds within the USA or to a US person shall not be recognised or accepted by the Government of Sri Lanka. Any application for Sri Lanka Development Bonds with an address in the USA or originating from the USA or requesting delivery of the Sri Lanka Development Bonds to the USA or any Notice of Transfer of Sri Lanka Development Bonds to a US person shall not be accepted by the Government of Sri Lanka.

This offer is made in terms of the Foreign Loans Act, No.29 of 1957. Sri Lanka Development Bonds (SLDBs) are offered by the Government of Sri Lanka (the Issuer) to investors as specified in paragraph 1 of the Schedule hereto (Eligible Investors). The Central Bank of Sri Lanka has granted the requisite permission under the Foreign Exchange Act, No. 12 of 2017 for the issue of SLDBs and for all transactions in and relating to SLDBs specified in this Document of Offer. The SLDBs shall be issued in Sri Lanka only and shall be subject to the terms and conditions in the Schedule hereto.

Schedule

1. Eligible Investors Only the following categories of investors are eligible to invest in SLDBs:

(a) Authorised Dealers appointed by the Central Bank of Sri Lanka under the Sections 4(1)(a) and 4(1)(b) of the Foreign Exchange Act, No. 12 of 2017;

(b) Primary Dealers appointed by the Central Bank of Sri Lanka under the Registered Stock and Securities Ordinance No. 7 of 1937 and the Local Treasury Bills Ordinance No. 8 of 1923;

(c) Citizens of foreign states whether resident in Sri Lanka or outside Sri Lanka; (d) Any person (natural or legal person including partnerships) in, or resident in, Sri Lanka who - (i) holds

foreign exchange in a bank account in Sri Lanka or outside Sri Lanka; or (ii) owns any foreign asset; (e) Citizens of Sri Lanka who have obtained Permanent Residency Visa in another country and residing

outside Sri Lanka;

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