Variable Income, or equity, instruments traded at the Caracas Stock Exchange include the following:

• Shares of companies listed on the exchange.

• Global Depository Shares (GDS) which represent a determined number of shares of a publicly traded company, and

• Warrants which are options to purchase shares at a given price at some time in the future.

Fixed Income instruments include the following:

• Bonds issued by private sector companies or the National Government, the Central Bank, Ministries, and other national and regional government agencies. Bonds may also be traded in local or foreign currency.

• Commercial Papers which are defined as debt obligations with a maturity of less than one year.