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DB3/ 200806968.6

UNITED STATES DISTRICT COURTSOUTHERN DISTRICT OF NEW YORK

:

ARAG-A Limited, ARAG-O Limited, ARAG-T Limited,ARAG-V Limited, Honero Fund I, LLC, Attestor Value :Master Fund, Bybrook Capital Hazelton Master Fund LP,Bybrook Capital Master Fund LP, MCHA Holdings, LLC, :Red Pines LLC, Spinnaker Global Emerging Markets Fund,Ltd., Spinnaker Global Special Situations Fund LP, Trinity :Investments Limited, White Hawthorne, LLC, WhiteHawthorne II, LLC and Yellow Crane Holdings, L.L.C., :

Plaintiffs, : CIVIL ACTION NO.16-2238

v. :

The Republic of Argentina, :

Defendant. :

DECLARATION OF PIERRE BOUR

Pursuant to 28 U.S.C. Section 1746, I declare that the following is true and correct:

1. My name is Pierre Bour. I am an authorized representative of Trinity Investments

Limited (“Trinity”) and Attestor Value Master Fund LP (“Attestor”). I have personal knowledge

of the averments in this declaration and am authorized by Trinity and Attestor to make this

declaration.

2. Trinity holds various beneficial rights in bonds issued by the Republic of

Argentina (“Argentina”) that are governed by foreign and New York law, and on which

Argentina has long been in default.

Case 1:16-cv-02238-TPG Document 38 Filed 04/07/16 of 9

DB3/ 200806968.6 2

3. Attestor holds various beneficial rights in bonds issued by Argentina that are

governed by New York law.

4. Trinity is a plaintiff in civil actions pending before this Court, including those

with docket numbers 14-09095 (S.D.N.Y.) (TPG), 14-09427 (S.D.N.Y.) (TPG), 14-10016

(S.D.N.Y.) (TPG), 15-01588 (S.D.N.Y.) (TPG), 15-02611 (S.D.N.Y.) (TPG), 15-05886



(S.D.N.Y.) (TPG), 16-01484 (S.D.N.Y.) (TPG) and 16-01512 (S.D.N.Y.) (TPG). In certain of

these cases relating to bonds governed by foreign law (but not in the cases involving bonds

governed by New York law), there are pending disputes concerning whether claims filed by

Trinity and other plaintiffs are time-barred by virtue of contractual prescription clauses, and the

applicability of other technical defenses raised by Argentina.

5. Attestor is a plaintiff in a civil action pending before this Court with docket

number 14-05489 (S.D.N.Y.) (TPG).

6. Prior to February 2016, Trinity and Attestor representatives made numerous

efforts to speak with representatives of Argentina to discuss settlement. To the best of my

knowledge, no representative of Argentina engaged in any substantive discussion with us during

that period.

7. On or about February 5, 2016, I reviewed a Spanish language version of

Argentina’s settlement proposal published on its official government website. A true copy of the

proposal that I reviewed is attached as Exhibit 4 to the Declaration of Stephen Scotch-Marmo in


DB3/ 200806968.6 3

Support of Plaintiffs’ Motion by Order to Show Cause for a Preliminary Injunction (“Scotch-

Marmo Declaration”).

8. On or about February 7, 2016, I received and reviewed an English translation of

the proposal, a copy of which is attached as Exhibit 5 to the Scotch-Marmo Declaration.

9. Mr. Santiago Bausili, Undersecretary of Finance for Argentina, and I both had

worked at Deutsche Bank. Prior to Mr. Bausili’s appointment as Undersecretary of Finance, he

and I had encountered each other previously on a business matter.

10. On or about February 12, 2016, I sent a message to Mr. Bausili asking whether we

could speak by telephone. Shortly thereafter Mr. Bausili and Mr. Luis Caputo, Finance Secretary

of Argentina, joined a telephone call with me. Mr. Bausili said that he had noticed that Attestor

and Trinity were significant holders of bonds. He said that they were calling to see whether we

had reviewed the Proposal, and what our thoughts were. Mr. Bausili introduced Mr. Caputo. It

is my best memory that Mr. Caputo did most of the talking on the call from the Argentine side.

11. Mr. Caputo began by asking what our funds held, and I summarized the Attestor

and Trinity holdings. Mr. Caputo then outlined the Proposal as a straightforward 150% offer on

principal of foreign law bonds, and 72.5% of judgment or claim amount on New York injunction

bonds. It appeared to me that Messrs. Caputo and Bausili were most interested in trying to

obtain agreement to settle on our New York-law injunction bonds.

12. I told Messrs. Caputo and Bausili that I didn’t know whether Trinity and Attestor

could accept the economics of the Proposal, but that I was curious about the mechanics. I asked

how we would accept if we chose to do so. Mr. Caputo answered that Argentina would shortly


DB3/ 200806968.6 4

publish on its website a public, formal offer with instructions on how to accept. I then asked,

other than the economics he had mentioned, were there any other limitations on the offer? Mr.

Caputo then said that the offer would be subject to contractual prescription. I asked what that

meant. Mr. Caputo said that I should look at the New York-law bond documents, and that in

some New York-law bonds, interest payments “timed out” after five years, and principal after ten

years. He said that this was only an issue for the New York-law bonds, and the foreign-law

bonds would be a “straight 150% of principal.” I thanked them for the call and said that I would

review the matter and respond.

13. Neither Mr. Caputo nor Mr. Bausili raised on the February 12, 2016 call any

exclusion under any statute of limitations.

14. On February 17, 2016, I reviewed Argentina’s form of “Master Settlement

Agreement” published on its government website. I noted that, consistent with what Mr. Caputo

had told me on February 12, the form of agreement excluded from settlement “claims (whether

for principal or interest) arising under defaulted Republic of Argentina bonds as to which the

contractual prescription period set out in the relevant instrument evidencing those bonds has

expired.” I also noted that no exclusion was included referring to any statute of limitations. A

copy of the “Master Settlement Agreement” that I reviewed is attached to the Scotch-Marmo

Declaration as Exhibit 7.

15. On February 17, 2016, at 5:08 p.m. (GMT) I sent to Mr. Bausili, by email, a

spreadsheet of Trinity and Attestor’s list of holdings of Argentine bonds, ISIN by ISIN.

Attached as Exhibit 1 is a true copy of my email to Mr. Bausili with the spreadsheet attachment.


DB3/ 200806968.6 5

16. On February 19, 2016, at 1:07 p.m. (GMT) I re-sent the spreadsheet of Trinity and

Attestor’s list of holdings of Argentine bonds, ISIN by ISIN to Mr. Bausili. Attached as Exhibit

2 is a true copy of my February 19, 2016, 1:07 p.m. (GMT) email to Mr. Bausili with the

spreadsheet attachment.

17. On February 19, 2016, at 10:00 p.m. (GMT), given that I did not hear back from

Mr. Bausili on my earlier email and that the time-limit on Argentina’s offer was reached, I

confirmed by email to Mr. Bausili that Attestor and Trinity would accept Argentina’s offer.

Attached as Exhibit 3 is a true copy of my February 19, 2016 10:00 p.m. (GMT) email to Mr.

Bausili.

18. On February 19, 2016, at 11:34 p.m. (GMT), responding to an email from me,

Mr. Bausili emailed me, stating, “Pierre, Thanks for this. The deadline today was for plaintiffs

with an Injunction taking the Injunction Offer. . . . If you are saying that you have injunction and

would like to take the Injunction Offer and we did not have time to reconcile your figures in time,

we can consider taking your email as a ‘stop the clock’… ” (emphasis added). Attached as

Exhibit 4 is a true copy of Mr. Bausili’s February 19, 2016, 11:34 p.m. (GMT) email. I

responded to Mr. Bausili shortly thereafter, at 11:54 p.m. (GMT) on February 19, 2016,

indicating that “[b]ased on our calculations, our NY law bonds get to a claim amount of

approximately 410[%], hence a 27.5% discount on that would get to approx. 300[%].” Attached

as Exhibit 5 is a true copy of my February 19, 2016, 11:54 p.m. (GMT) email.

19. Late in the day on February 19, 2016, New York time, this Court’s Indicative

Ruling on the order to show cause was published on the Court docket. After its publication,

between February 19, 2016 and February 26, I had numerous email exchanges with Argentine


DB3/ 200806968.6 6

representatives, attempting to reconcile the schedules of bonds I had forwarded on February 19.

The communications addressed which bonds were subject to lawsuits, and which bonds had

injunctions, but Argentina did not raise with me any question of statute of limitations.

20. On February 25, 2016, at 9:52 a.m. (GMT), my colleague Jessica Tuck sent an

email to Mr. Osvaldo Colazo, another representative of Argentina, “a revised spreadsheet for our

NY Law exposure, now broken down by complaint [and] an updated version of our non-NY Law

exposure.” A true copy of Ms. Tuck’s email, with attachments, is attached as Exhibit 6.

21. On February 26, 2016, at 3:40 p.m. (GMT), Mr. Colazo responded to Ms. Tuck

and me by email, a copy of which is attached as Exhibit 7. Mr. Colazo wrote, in part, “About the

amount your spread sheet US Law bonds I agree with the total amount if you take out the AH34”

(emphasis added). Mr. Colazo made no reference to any statute-of-limitations limitation that

might limit that “total amount.” (The AH34 referred to bonds that Mr. Colazzo could not tie out

to a filed lawsuit.)

22. Also on February 26, 2016, at 17:30 (GMT), I responded to Mr. Colazo’s email. I

wrote, “when I had a call with Luis [Caputo] and Santiago [Bausili] last week, they described the

proposal for injunction holders as being a cash payment of 72.5% of the claim amount calculated

using the Second Circuit ruling from 2013 leading to a claim amount of approximately 380% on

our bonds.” Neither Mr. Colazo nor any other Argentine representative ever communicated to

me any disagreement with this statement, although it would not be possible to reach 380%

payment on any bond limited either by prescription or by a six-year statute-of-limitations.

23. On February 29, 2016 at 12:05 p.m. (GMT), I emailed Mr. Bausili and

[email protected], which is the email address bondholders were directed to


DB3/ 200806968.6 7

email accepted settlement offers. Attached as Exhibit 8 is a true copy of my February 29, 2016,

12:05 p.m. (GMT) email to Mr. Bausili (the “First February 29 Email”). In my First February 29

Email, in response to the entry of the Court’s Indicative Ruling, I delivered to Argentina Trinity

and Attestor’s executed acceptances of Argentina’s offer (without modification to Argentina’s

Master Settlement Agreement or Agreement Schedule) on behalf of Trinity’s bonds governed by

New York, German and English law and on behalf of Attestor’s bonds governed by New York

law (“We are . . . pleased to now send over the signed forms and to accept the Republic of

Argentina’s offer set forth in its Master Settlement Agreement with the enclosed acceptance

submission dated February 29th, 2016.”).

24. On February 29, 2016 at 7:52 p.m. (GMT), I received an email from Argentina

acknowledging receipt of Trinity and Attestor’s accepted offers included in the First February 29

Email: “Dear Mr. Bour, We have received your documentation successfully. Thank you very

much. Regards. MHyFP ONCP.” Attached as Exhibit 9 is a true copy of the February 29, 2016,

7:52 p.m. (GMT) email from Argentina.

25. On February 29, 2016 at 5:14 p.m. (GMT), I emailed Mr. Bausili and

[email protected], which is the email address bondholders were directed to

email accepted settlement offers. Attached as Exhibit 10 is a true copy of my February 29, 2016,

5:14 p.m. (GMT) email to Mr. Bausili (the “Second February 29 Email”). In my Second

February 29 Email, in response to the entry of the Court’s Indicative Ruling, I delivered to

Argentina Trinity’s additional executed acceptances of Argentina’s offer (without modification

to Argentina’s Master Settlement Agreement or Agreement Schedule) on behalf of Trinity’s

additional bonds governed by New York law (“Hi Santiago, many thanks for the feedback. I


DB3/ 200806968.6 8

attach the additional MSA’s for the bonds I wanted to discuss with you. We can discuss at your

convenience.”).

26. On February 29, 2016 at 8:45 p.m. (GMT), I received an email from Argentina

acknowledging receipt of Trinity’s additional accepted offers included in the Second February 29

Email: “Dear Mr. Bour, We have received your documentation successfully. Thank you very

much. Regards. MHyFP ONCP.” Attached as Exhibit 11 is a true copy of the February 29,

2016, 8:45 p.m. (GMT) email from Argentina.

27. Following my submissions on February 29, 2016, I tried to reach Mr. Bausili by

telephone to confirm our settlement. On March 7, 2016, he telephoned me. During the call he

said that Argentina would only pay five years of interest and could not pay principal older than

ten years under contractual prescription. He suggested that I change our interest calculations to

five years of interest. I explained to him that we had checked this, and the contractual

prescription periods on the New York-law bonds had never started to run, since those periods did

not commence until holders receive notice that the trustee is holding funds to pay them, which

had never happened. He then said to me that “in any case our lawyers say there is also statute of

limitations, which is six years.”

28. As far as I am aware, the March 7, 2016 conversation with Mr. Bausili was the

first time any representative of Argentina had mentioned statute of limitations to Attestor or

Trinity.


EXHIBIT 1

Case 1:16-cv-02238-TPG Document 38-1 Filed 04/07/16 Page 1 of 5

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pdat

ing

any

opin

ions

or o

ther

info

rmat

ion

cont

aine

d in

this

com

mun

icat

ion

and

does

not

mak

e an

y re

pres

enta

tions

or w

arra

ntie

s as

to th

e ac

cura

cy a

nd c

ompl

eten

ess

of a

ny in

form

atio

n co

ntai

ned

in th

is c

omm

unic

atio

n.�


3

Inte

rnet

com

mun

icat

ions

are

not

sec

ure,

rel

iabl

e, e

rror

-free

or

viru

s-fre

e an

d th

eref

ore

the

Inve

stm

ent M

anag

er d

oes

not a

ccep

t leg

al r

espo

nsib

ility

for

the

cont

ent o

f thi

s co

mm

unic

atio

n. T

he In

vest

men

t Man

ager

doe

s no

t acc

ept r

espo

nsib

ility

for a

ny d

amag

e w

hats

oeve

r tha

t is

caus

ed b

y vi

ruse

s be

ing

trans

mitt

ed.

It is

the

resp

onsi

bilit

y of

the

reci

pien

t to

ensu

re th

at th

e co

nten

t of t

his

com

mun

icat

ion

is v

irus

free.

Rep

lies

to th

is c

omm

unic

atio

n m

ay b

e m

onito

red

by th

e In

vest

men

t Man

ager

for o

pera

tiona

l or b

usin

ess

reas

ons.�

If�you�received

�this�commun


med

iately�con

tact�th

e�send

er�and

�destroy�th


ty.�A

ttestor�C

apita


rised

�and

�regulated�

by�th

e�Financial�Con

duct�Autho

rity.�Registered



don,�W

1K�6TL,�England

.�� <A

ttest

or -

Expo

sure

.xls

x>


Attestor�exposure��NY�Law

ISIN:US040114AH34US040114AZ32US040114AN02XS0086333472US040114GF14US040114BE93US040114FC91US040114GD65US040114GA27US040114AR16US040114GG96US040114FB19US040114AV28US040114BD11US040114GB00US040114GH79



ISIN:XS0113833510XS0105694789XS0124528703XS0103457585XS0089277825DE0001904308DE0003089850DE0001354751DE0001319507DE0004509005DE0002923851DE0001767101DE0002966900DE0003045357DE0001954907DE0002483203DE0001325017DE0001340917DE0001348100


EXHIBIT 3


1

Bour

, Pie

rre

From

:Bo

ur, P

ierr

eSe

nt:

19 F

ebru

ary

2016

22:

00To

:Sa

ntia

go B

ausi

liCc

:O

sval

do A

. Col

azo

Subj

ect:

RE: H

oldi

ngs

Santiago,�

� I�have�no

t�heard�from

�you

�following�my�em

ails�from

�earlier�this�m

orning.�

To�progress�this�d

iscussio

n,�I�confirm

�that�we�wou

ld�be�willing�to�se

ttle�our�NY�Law�bon

ds�(list�of�ISIN�attache

d�earlier),�am

ounting�to�app

roximately�U$8

2m.�

I�con

firm�th

at�we�wou

ld�be�willing�to�se

ttle�th

e�po

ol�of�b

onds�at�3

00%�of�the

�prin

cipal�amou

nt,�and

�wou

ld�abide

�to�th

e�cond

ition

s�laid�ou

t�in�your�docum

ents�pub

lishe

d�earlier�th

is�week.�

� Given

�the�tim

e�diffe

rence,�I�am

�not�in�a�position

�to�se

nd�over�signe

d�copies�of�the

�docum

ents�re

quested,�but�upo

n�your�con

firmation�of�re

ceipt�a

nd�accep

tance�we�will�

ende

avou

r�to�send

�those�across�as�soo

n�as�possib

le.�

� I�und

erstand�you�have�not�been�available�today�du

e�to�ongoing�se

ttlemen

t�disc

ussio

ns�with

�the�lead�plaintiffs,�but�given

�the�vario

us�deadlines�laid�out�in�you

r�settle

men

t�prop

osal,�w

e�were�keen

�to�provide

�a�re

spon

se�before�the�de

adline�

� I� am�available�to�disc

uss�a

t�you

r�con

venien

ce.�

� � Best�

� Pierre�

� � From

:�Santia

go�Bausili�[mailto

:s.bausili@

gmail.com

]��Sent:�17�February�201

6�19

:05�

To:�B

our,�Pierre�

Cc:�O

svaldo

�A.�Colazo�

Subject:�Re

:�Holdings�


2

Pier

re, w

hat a

bout

thes

e?

We

see

them

in th

e lis

t of y

our p

lain

tiffs

:

DE0

0013

1950

7D

E000

4509

005

DE0

0019

7460

8U

SP80

55K

FQ33

Than

ks

SB

On

Feb

17, 2

016,

at 2

:07

PM, B

our,

Pier

re <

Pier

re.B

our@

atte

stor

capi

tal.c

om>

wro

te:

Hi�Santia

go,�

�� Following�on

�from


eek,�please�fin

d�attached

�the�list�o

f�ISINs�w

e�are�expo

sed,�sp


ds�(o


ns)�and

�non

�NY�Law�bon

ds�(o

n�which�th

ere�are�no

�injunctio

ns).�

�� Best�

�� Pierre�

�� Atte

stor

Cap

ital L

LP�

20 B

alde

rton

Stre

et ,�

Lond

on W

1K 6

TL

�

Tel:

+44

207

074

9622�

Mob

ile: +

44 7

9 00

164

725

�pi

erre

.bou

r@at

test

orca

pita

l.com

�� Dis

clai

mer�

The

info

rmat

ion

trans

mitt

ed in

this

com

mun

icat

ion

is in

tend

ed o

nly

for

the

pers

on(s

) or

ent

ity to

whi

ch it

is a

ddre

ssed

and

may

con

tain

con

fiden

tial a

nd/o

r pr

ivile

ged

mat

eria

l. A

ny re

view

, ret

rans

mis

sion

, dis

sem

inat

ion,

cop

ying

, dis

clos

ure

or o

ther

use

of,

or ta

king

of a

ny a

ctio

n in

relia

nce

upon

, thi

s in

form

atio

n by


3

pers

ons

or e

ntiti

es o

ther

than

the

inte

nded

reci

pien

t is

proh

ibite

d. If

you

rece

ived

this

com

mun

icat

ion

in e

rror

, ple

ase

cont

act t

he s

ende

r and

del

ete

the

mat

eria

l fro

m a

ny c

ompu

ter.

If th

is c

omm

unic

atio

n w

as m

isdi

rect

ed, n

o co

nfid

entia

lity

or p

rivile

ge a

re w

aive

d.�

This

com

mun

icat

ion

is fo

r inf

orm

atio

nal p

urpo

ses

only

. It i

s no

t int

ende

d as

an

offe

r or s

olic

itatio

n fo

r the

pur

chas

e or

sal

e of

any

fina

ncia

l ins

trum

ent o

r as

an

offic

ial c

onfir

mat

ion

of a

ny tr

ansa

ctio

n.�

All

mar

ket p

rices

, dat

a an

d ot

her i

nfor

mat

ion

are

not w

arra

nted

as

to c

ompl

eten

ess

or a

ccur

acy

and

are

subj

ect t

o ch

ange

with

out n

otic

e. A

ny c

omm

ents

or

stat

emen

ts m

ade

here

in d

o no

t nec

essa

rily

refle

ct th

ose

of A

ttest

or C

apita

l LLP

or i

ts m

embe

rs a

nd a

ffilia

tes

(toge

ther

, the

“In

vest

men

t Man

ager

”) a

nd th

e In

vest

men

t Man

ager

doe

s no

t acc

ept a

ny re

spon

sibi

lity

for u

pdat

ing

any

opin

ions

or o

ther

info

rmat

ion

cont

aine

d in

this

com

mun

icat

ion

and

does

not

mak

e an

y re

pres

enta

tions

or w

arra

ntie

s as

to th

e ac

cura

cy a

nd c

ompl

eten

ess

of a

ny in

form

atio

n co

ntai

ned

in th

is c

omm

unic

atio

n.�

Inte

rnet

com

mun

icat

ions

are

not

sec

ure,

rel

iabl

e, e

rror

-free

or

viru

s-fre

e an

d th

eref

ore

the

Inve

stm

ent M

anag

er d

oes

not a

ccep

t leg

al r

espo

nsib

ility

for

the

cont

ent o

f thi

s co

mm

unic

atio

n. T

he In

vest

men

t Man

ager

doe

s no

t acc

ept r

espo

nsib

ility

for a

ny d

amag

e w

hats

oeve

r tha

t is

caus

ed b

y vi

ruse

s be

ing

trans

mitt

ed.

It is

the

resp

onsi

bilit

y of

the

reci

pien

t to

ensu

re th

at th

e co

nten

t of t

his

com

mun

icat

ion

is v

irus

free.

Rep

lies

to th

is c

omm

unic

atio

n m

ay b

e m

onito

red

by th

e In

vest

men

t Man

ager

for o

pera

tiona

l or b

usin

ess

reas

ons.�

If�you�received

�this�commun


med

iately�con

tact�th

e�send

er�and

�destroy�th


ty.�A

ttestor�C

apita


rised

�and

�regulated�

by�th

e�Financial�Con

duct�Autho

rity.�Registered



don,�W

1K�6TL,�England

.�� <A

ttest

or -

Expo

sure

.xls

x>


EXHIBIT 4


1

Bour

, Pie

rre

From

:S

Baus

ili <

s.bau

sili@

gmai

l.com

>Se

nt:

19 F

ebru

ary

2016

23:

34To

:Bo

ur, P

ierr

eCc

:O

sval

do A

. Col

azo;

San

tiago

Bau

sili

Subj

ect:

Re: H

oldi

ngs

Pier

re,

Than

ks fo

r thi

s. Th

e de

adlin

e to

day

was

for p

lain

tiffs

with

an

Inju

nctio

n ta

king

the

Inju

nctio

n O

ffer

. I d

o no

t kno

w w

hat y

our 3

00%

resu

lts in

. If y

ou a

re

sayi

ng th

at y

ou h

ave

inju

nctio

n an

d w

ould

like

to ta

ke th

e In

junc

tion

Off

er a

nd w

e di

d no

t hav

e tim

e to

reco

ncile

you

r fig

ures

in ti

me,

we

can

cons

ider

taki

ng

your

em

ail a

s a "

stop

of t

he c

lock

". A

ltern

ativ

ely,

we

can

look

into

them

on

Mon

day

unde

r the

pub

lishe

d pr

opos

al te

rms.

Bes

t,

Sant

iago

Bau

sili

Cel

: +54

9 1

1 23

50-1

948

On

Feb

19, 2

016,

at 8

:04

PM, B

our,

Pier

re <

Pier

re.B

our@

atte

stor

capi

tal.c

om>

wro

te:

With�the�spreadsheet�attached…

� � � From

:�Bour,�Pierre��

Sent:�19�February�2016�21:59�

To:�'Santiago�Bausili'�

Cc:�Osvaldo�A.�Colazo�

Subject:�RE:�Holdings

Santiago,

� I�have�not�heard�from�you�following�my�emails�from�earlier�this�m

orning.


2

To�progress�this�discussion,�I�confirm

�that�we�would�be�willing�to�settle�our�NY�Law�bonds�(list�of�ISIN�attached�earlier),�amounting�to�approximately�

U$82m.

I�confirm�that�we�would�be�willing�to�settle�the�pool�of�bonds�at�300%�of�the�principal�amount,�and�would�abide�to�the�conditions�laid�out�in�your�

documents�published�earlier�this�week.

� Given�the�time�difference,�I�am�not�in�a�position�to�send�over�signed�copies�of�the�documents�requested,�but�upon�your�confirmation�of�receipt�and�

acceptance�we�will�endeavour�to�send�those�across�as�soon�as�possible.

� I�understand�you�have�not�been�available�today�due�to�ongoing�settlement�discussions�with�the�lead�plaintiffs,�but�given�the�various�deadlines�laid�out�in�

your�settlement�proposal,�we�were�keen�to�provide�a�response�before�the�deadline

� I�am�available�to�discuss�at�your�convenience.

� � Best

� Pierre

� � From

:�Santiago�Bausili�[mailto:[email protected]]��


To:�Bour,�Pierre�


Subject:�Re:�Holdings

Pier

re, w

hat a

bout

thes

e?

We

see

them

in th

e lis

t of y

our p

lain

tiffs

:

DE0

0013

1950

7D

E000

4509

005

DE0

0019

7460

8U

SP80

55K

FQ33

Than

ks

SB


3

On

Feb

17, 2

016,

at 2

:07

PM, B

our,

Pier

re <

Pier

re.B

our@

atte

stor

capi

tal.c

om>

wro

te:

Hi�Santiago,

� Following�on�from�our�call�last�week,�please�find�attached�the�list�of�ISINs�we�are�exposed,�split�into�NY�Law�bonds�(on�which�we�have�

injunctions)�and�non�NY�Law�bonds�(on�which�there�are�no�injunctions).

� Best

� Pierre

� � � Atte

stor

Cap

ital L

LP20

Bal

derto

n S

treet

,Lo

ndon

W1K

6TL

Te

l: +4

4 20

7 07

4 96

22M

obile

: +44

79

00 1

64 7

25

pier

re.b

our@

atte

stor

capi

tal.c

om

Dis

clai

mer

The

info

rmat

ion

trans

mitt

ed in

thi

s co

mm

unic

atio

n is

inte

nded

onl

y fo

r th

e pe

rson

(s)

or e

ntity

to

whi

ch it

is a

ddre

ssed

and

may

con

tain

co

nfid

entia

l and

/or p

rivile

ged

mat

eria

l. A

ny re

view

, ret

rans

mis

sion

, dis

sem

inat

ion,

cop

ying

, dis

clos

ure

or o

ther

use

of,

or ta

king

of a

ny a

ctio

n in

relia

nce

upon

, thi

s in

form

atio

n by

per

sons

or e

ntiti

es o

ther

than

the

inte

nded

reci

pien

t is

proh

ibite

d. If

you

rece

ived

this

com

mun

icat

ion

in

erro

r, pl

ease

con

tact

the

sen

der

and

dele

te t

he m

ater

ial f

rom

any

com

pute

r. I

f th

is c

omm

unic

atio

n w

as m

isdi

rect

ed,

no c

onfid

entia

lity

or

priv

ilege

are

wai

ved.

This

com

mun

icat

ion

is fo

r in

form

atio

nal p

urpo

ses

only

. It i

s no

t int

ende

d as

an

offe

r or

sol

icita

tion

for

the

purc

hase

or

sale

of a

ny fi

nanc

ial

inst

rum

ent o

r as

an o

ffici

al c

onfir

mat

ion

of a

ny tr

ansa

ctio

n.A

ll m

arke

t pric

es, d

ata

and

othe

r inf

orm

atio

n ar

e no

t war

rant

ed a

s to

com

plet

enes

s or

acc

urac

y an

d ar

e su

bjec

t to

chan

ge w

ithou

t not

ice.

Any

co

mm

ents

or

stat

emen

ts m

ade

here

in d

o no

t ne

cess

arily

ref

lect

tho

se o

f A

ttest

or C

apita

l LLP

or i

ts m

embe

rs a

nd a

ffilia

tes

(toge

ther

, the

“In

vest

men

t Man

ager

”) a

nd th

e In

vest

men

t Man

ager

doe

s no

t acc

ept a

ny re

spon

sibi

lity

for u

pdat

ing

any

opin

ions

or o

ther

info

rmat

ion

cont

aine

d in

this

com

mun

icat

ion

and

does

not

mak

e an

y re

pres

enta

tions

or w

arra

ntie

s as

to th

e ac

cura

cy a

nd c

ompl

eten

ess

of a

ny in

form

atio

n co

ntai

ned

in th

is c

omm

unic

atio

n.In

tern

et c

omm

unic

atio

ns a

re n

ot s

ecur

e, r

elia

ble,

err

or-fr

ee o

r vi

rus-

free

and

ther

efor

e th

e In

vest

men

t M

anag

er d

oes

not

acce

pt l

egal

re

spon

sibi

lity

for t

he c

onte

nt o

f thi

s co

mm

unic

atio

n. T

he In

vest

men

t Man

ager

doe

s no

t acc

ept r

espo

nsib

ility

for a

ny d

amag

e w

hats

oeve

r tha

t is

cau

sed

by v

iruse

s be

ing

trans

mitt

ed. I

t is

the

resp

onsi

bilit

y of

the

reci

pien

t to

ensu

re th

at th

e co

nten

t of t

his

com

mun

icat

ion

is v

irus

free.

R

eplie

s to

this

com

mun

icat

ion

may

be

mon

itore

d by

the

Inve

stm

ent M

anag

er fo

r ope

ratio

nal o

r bus

ines

s re

ason

s.


4

If�you�received�this�communication�in�error,�please�immediately�contact�the�sender�and�destroy�the�material�in�its�entirety.�Attestor�Capital�LLP�is�

authorised�and�regulated�by�the�Financial�Conduct�Authority.�Registered�Office:�20�Balderton�Street,�London,�W1K�6TL,�England.

� � <Atte

stor

- Ex

posu

re.x

lsx>

<Atte

stor

- Ex

posu

re.x

lsx>


EXHIBIT 5


1

Bour

, Pie

rre

From

:Bo

ur, P

ierr

eSe

nt:

19 F

ebru

ary

2016

23:

54To

:S

Baus

iliCc

:O

sval

do A

. Col

azo;

San

tiago

Bau

sili

Subj

ect:

RE: H

oldi

ngs

Hi�Santiago,�

Based�on�our�calculations,�our�NY�Law�bonds�get�to�a�claim�amount�of�approximately�410,�hence�a�27.5%�discount�on�that�would�get�to�approx.�300.�

You�did�not�clarify�your�claim�amount�calculation�(I�was�keen�to�do�that�last�few�days�but�did�not�hear�back).�

Subject�to�us�agreeing�on�the�claim�amounts,�we�would�accept�that�offer�for�all�the�NY�law�bonds.�

� We�had�already�communicated�via�Morgan�Lewis�(I�think�Fore�may�have�sent�the�email,�I�am�not�sure�of�the�logistics�details)�that�we�accept�the�150%�offer�on�our�

European�Law�bonds,�but�we�have�not�heard�back�on�those�either,�but�I�assume�you�got�the�message�there�as�well.�

� We�can�reconcile�the�figures�over�te�coming�days�if�that�is�acceptable�to�you�

� Best�

� Pierre�

� � From

:�S�Bausili�[mailto:[email protected]]��



Cc:�Osvaldo�A.�Colazo;�Santiago�Bausili�

Subject:�Re:�Holdings�

Pier

re,

Than

ks fo

r thi

s. Th

e de

adlin

e to

day

was

for p

lain

tiffs

with

an

Inju

nctio

n ta

king

the

Inju

nctio

n O

ffer

. I d

o no

t kno

w w

hat y

our 3

00%

resu

lts in

. If y

ou a

re

sayi

ng th

at y

ou h

ave

inju

nctio

n an

d w

ould

like

to ta

ke th

e In

junc

tion

Off

er a

nd w

e di

d no

t hav

e tim

e to

reco

ncile

you

r fig

ures

in ti

me,

we

can

cons

ider

taki

ng

your

em

ail a

s a "

stop

of t

he c

lock

". A

ltern

ativ

ely,

we

can

look

into

them

on

Mon

day

unde

r the

pub

lishe

d pr

opos

al te

rms.


2

Bes

t,

Sant

iago

Bau

sili

Cel

: +54

9 1

1 23

50-1

948

On

Feb

19, 2

016,

at 8

:04

PM, B

our,

Pier

re <

Pier

re.B

our@

atte

stor

capi

tal.c

om>

wro

te:

With�the�spreadsheet�attached…

� � � From

:�Bour,�Pierre��


To:�'Santiago�Bausili'�


Subject:�RE:�Holdings

Santiago,

� I�have�not�heard�from�you�following�my�emails�from�earlier�this�m

orning.

To�progress�this�discussion,�I�confirm

�that�we�would�be�willing�to�settle�our�NY�Law�bonds�(list�of�ISIN�attached�earlier),�amounting�to�approximately�

U$82m.

I�confirm�that�we�would�be�willing�to�settle�the�pool�of�bonds�at�300%�of�the�principal�amount,�and�would�abide�to�the�conditions�laid�out�in�your�

documents�published�earlier�this�week.

� Given�the�time�difference,�I�am�not�in�a�position�to�send�over�signed�copies�of�the�documents�requested,�but�upon�your�confirmation�of�receipt�and�

acceptance�we�will�endeavour�to�send�those�across�as�soon�as�possible.

� I�understand�you�have�not�been�available�today�due�to�ongoing�settlement�discussions�with�the�lead�plaintiffs,�but�given�the�various�deadlines�laid�out�in�

your�settlement�proposal,�we�were�keen�to�provide�a�response�before�the�deadline

� I�am�available�to�discuss�at�your�convenience.

� � Best

�


3

Pierre

� � From

:�Santiago�Bausili�[mailto:[email protected]]��




Subject:�Re:�Holdings

Pier

re, w

hat a

bout

thes

e?

We

see

them

in th

e lis

t of y

our p

lain

tiffs

:

DE0

0013

1950

7D

E000

4509

005

DE0

0019

7460

8U

SP80

55K

FQ33

Than

ks

SB

On

Feb

17, 2

016,

at 2

:07

PM, B

our,

Pier

re <

Pier

re.B

our@

atte

stor

capi

tal.c

om>

wro

te:

Hi�Santiago,

� Following�on�from�our�call�last�week,�please�find�attached�the�list�of�ISINs�we�are�exposed,�split�into�NY�Law�bonds�(on�which�we�have�

injunctions)�and�non�NY�Law�bonds�(on�which�there�are�no�injunctions).

� Best

� Pierre

� �


4

� Atte

stor

Cap

ital L

LP20

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derto

n S

treet

,Lo

ndon

W1K

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l: +4

4 20

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25

pier

re.b

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capi

tal.c

om

Dis

clai

mer

The

info

rmat

ion

trans

mitt

ed in

thi

s co

mm

unic

atio

n is

inte

nded

onl

y fo

r th

e pe

rson

(s)

or e

ntity

to

whi

ch it

is a

ddre

ssed

and

may

con

tain

co

nfid

entia

l and

/or p

rivile

ged

mat

eria

l. A

ny re

view

, ret

rans

mis

sion

, dis

sem

inat

ion,

cop

ying

, dis

clos

ure

or o

ther

use

of,

or ta

king

of a

ny a

ctio

n in

relia

nce

upon

, thi

s in

form

atio

n by

per

sons

or e

ntiti

es o

ther

than

the

inte

nded

reci

pien

t is

proh

ibite

d. If

you

rece

ived

this

com

mun

icat

ion

in

erro

r, pl

ease

con

tact

the

sen

der

and

dele

te t

he m

ater

ial f

rom

any

com

pute

r. I

f th

is c

omm

unic

atio

n w

as m

isdi

rect

ed,

no c

onfid

entia

lity

or

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ilege

are

wai

ved.

This

com

mun

icat

ion

is fo

r in

form

atio

nal p

urpo

ses

only

. It i

s no

t int

ende

d as

an

offe

r or

sol

icita

tion

for

the

purc

hase

or

sale

of a

ny fi

nanc

ial

inst

rum

ent o

r as

an o

ffici

al c

onfir

mat

ion

of a

ny tr

ansa

ctio

n.A

ll m

arke

t pric

es, d

ata

and

othe

r inf

orm

atio

n ar

e no

t war

rant

ed a

s to

com

plet

enes

s or

acc

urac

y an

d ar

e su

bjec

t to

chan

ge w

ithou

t not

ice.

Any

co

mm

ents

or

stat

emen

ts m

ade

here

in d

o no

t ne

cess

arily

ref

lect

tho

se o

f A

ttest

or C

apita

l LLP

or i

ts m

embe

rs a

nd a

ffilia

tes

(toge

ther

, the

“In

vest

men

t Man

ager

”) a

nd th

e In

vest

men

t Man

ager

doe

s no

t acc

ept a

ny re

spon

sibi

lity

for u

pdat

ing

any

opin

ions

or o

ther

info

rmat

ion

cont

aine

d in

this

com

mun

icat

ion

and

does

not

mak

e an

y re

pres

enta

tions

or w

arra

ntie

s as

to th

e ac

cura

cy a

nd c

ompl

eten

ess

of a

ny in

form

atio

n co

ntai

ned

in th

is c

omm

unic

atio

n.In

tern

et c

omm

unic

atio

ns a

re n

ot s

ecur

e, r

elia

ble,

err

or-fr

ee o

r vi

rus-

free

and

ther

efor

e th

e In

vest

men

t M

anag

er d

oes

not

acce

pt l

egal

re

spon

sibi

lity

for t

he c

onte

nt o

f thi

s co

mm

unic

atio

n. T

he In

vest

men

t Man

ager

doe

s no

t acc

ept r

espo

nsib

ility

for a

ny d

amag

e w

hats

oeve

r tha

t is

cau

sed

by v

iruse

s be

ing

trans

mitt

ed. I

t is

the

resp

onsi

bilit

y of

the

reci

pien

t to

ensu

re th

at th

e co

nten

t of t

his

com

mun

icat

ion

is v

irus

free.

R

eplie

s to

this

com

mun

icat

ion

may

be

mon

itore

d by

the

Inve

stm

ent M

anag

er fo

r ope

ratio

nal o

r bus

ines

s re

ason

s.If�you�received�this�communication�in�error,�please�immediately�contact�the�sender�and�destroy�the�material�in�its�entirety.�Attestor�Capital�LLP�is�

authorised�and�regulated�by�the�Financial�Conduct�Authority.�Registered�Office:�20�Balderton�Street,�London,�W1K�6TL,�England.

� � <Atte

stor

- Ex

posu

re.x

lsx>

<Atte

stor

- Ex

posu

re.x

lsx>


EXHIBIT 6


1

Bour

, Pie

rre

From

:Tu

ck, J

essi

caSe

nt:

25 F

ebru

ary

2016

09:

52To

:'O

sval

do C

olaz

o'; B

our,

Pier

reCc

:Sa

ntia

go B

ausi

li; O

sval

do C

olaz

oSu

bjec

t:RE

: Hol

ding

sA

ttac

hmen

ts:

2016

0219

_Att

esto

r - E

xpos

ure

(non

-NY

Law

).xls

x; A

rgen

tina

Non

NY

law

bon

ds S

ched

ule

Agre

emen

t _ T

rinity

.doc

x; 2

0160

219_

Atte

stor

-

Expo

sure

(NY

Law

).xls

x

Dea

r Osv

aldo

,

As d

iscu

ssed

with

Pie

rre,

ple

ase

find

atta

ched

a re

vise

d sp

read

shee

t for

our

NY

Law

exp

osur

e, n

ow b

roke

n do

wn

by c

ompl

aint

. I h

ope

that

cla

rifie

s you

r que

stio

n.

Plea

se n

ote

that

I al

so a

ttach

an

upda

ted

vers

ion

of o

ur n

on-N

Y L

aw e

xpos

ure,

as t

here

was

a sm

all m

ista

ke in

the

shee

t sen

t acr

oss p

revi

ousl

y.

Bes

t

Jess

ica

� � From

:�Osv

aldo

�Col

azo�

[mai

lto:o

cola

zo@

gmai

l.com

]��Sent:�2

3�Fe

brua

ry�2

016�

20:3

2�To

:�Bou

r,�Pi

erre

�<Pi

erre

.Bou

r@at

test

orca

pita

l.com

>�Cc:�S

antia

go�B

ausil

i�<sb

ausil

i@m

econ

.gob

.ar>

;�Osv

aldo

�Col

azo�

<oco

laz@

mec

on.g

ov.a

r>;�T

uck,

�Jess

ica�

<Jes

sica.

Tuck

@at

test

orca

pita

l.com

>;�S

antia

go�B

ausil

i�<s

baus

ili@

mec

on.g

ov.a

r>�

Subject:�

Re:�H

oldi

ngs�

Than

ks P

ierr

e.

Rag

ards

Osv

aldo

El fe

b 23

, 201

6 5:

28 P

M, "

Bou

r, Pi

erre

" <P

ierr

e.B

our@

atte

stor

capi

tal.c

om>

escr

ibió

: H

i Osv

aldo

, yes

, we

can

send

that

ove

r. Y

ou sh

ould

hav

e it

by o

ur m

orni

ng to

mor

row


2

Bes

t

Pier

re

On

23 F

eb 2

016,

at 1

9:56

, Osv

aldo

A. C

olaz

o <o

cola

z@m

econ

.gov

.ar>

wro

te:

Dea

r Pie

rre

Than

ks fo

r you

r spr

eads

heet

det

ailin

g th

e ho

ldin

g. U

nfor

tuna

tely

I co

uld

not f

igur

es so

me

face

val

ue o

f you

r bon

ds

I gue

ss th

at y

ou a

re a

ddin

g th

e or

igin

al c

ompl

aint

s and

new

com

plai

nt n

ot fi

le y

et o

r not

has

bee

n gr

ante

d ye

t. Th

en I

will

app

reci

ate

a lo

t if y

ou c

ould

split

the

hold

ings

into

inju

nctio

n, p

endi

ng in

junc

tion

and

new

pre

sent

atio

n, c

ause

I sh

ould

che

ck th

e am

ount

s aga

inst

the

info

rmat

ion

I hav

e fr

om m

y la

wye

rs.

Reg

ards

Osv

aldo

.

El 2

3/02

/201

6 15

:32,

Bou

r, Pi

erre

esc

ribió

:

Hi�S

antia

go,

� Hope

�you

�are

�wel

l.

I�wan

ted�

to�fo

llow

�up�

on�o

ur�c

onve

rsat

ion�

from

�Frid

ay�(s

orry

�for�l

ate�

repl

y,�a

ctua

lly�w

as�b

riefin

g�th

e�CE

O�o

f�one

�of�o

ur�p

ortf

olio

�co

mpa

nies

�that

�is�g

oing

�to�se

e�M

.�Mac

ri�w

ith�H

olla

nde)

.

� To�m

ake�

sure

�you

�hav

e�ou

r�non

�NY�

Law

�exp

osur

e�de

tails

�as�w

ell,�

as�I�

am�n

ot�to

tally

�sure

�wha

t�the

�Mor

gan�

Lew

is�la

wye

rs�p

asse

d�al

ong�

or�

not�l

ast�w

eek,

�I�at

tach

�a�su

mm

ary�

of�o

ur�n

on�N

Y�La

w�e

xpos

ure�

incl

udin

g�sc

hedu

le�fo

r�Trin

ity�In

vest

men

ts�L

td.�(

I�und

erst

and�

it�w

as�n

ot�

subj

ect�t

o�la

st�F

riday

’s�d

eadl

ine�

but�f

or�c

ompl

eten

ess�s

ake�

I�wan

t�to�

mak

e�su

re�y

ou�h

ave�

that

�as�w

ell).

�I�al

so�a

ttac

h�a�

spre

adsh

eet�s

how

ing�

the�

calc

ulat

ions

�(for

�bac

k�up

).

�


3

I�also

�att

ach�

agai

n�a�

full�

deta

il�of

�our

�NY�

Law

�exp

osur

e�in

clud

ing�

lega

l�act

ions

�for�y

our�r

efer

ence

.

� Best

� Pier

re

� � � � From

:�San

tiago

�Bau

sili�[

mai

lto:s

baus

ili@

mec

on.g

ob.a

r]��

Sent:�2

0�Fe

brua

ry�2

016�

00:4

5�To

:�Bou

r,�Pi

erre

;�S�B

ausil

i�Cc:�O

sval

do�A

.�Col

azo;

�San

tiago

�Bau

sili�

Subject:�

RE:�H

oldi

ngs

Yes

. Let

s do

it on

Mon

day.

The

Eur

opea

n La

w b

onds

are

not

subj

ect t

o to

day'

s dea

dlin

e.

Enjo

y th

e w

eeke

nd.


4

Sant

iago

Bau

sili

Subs

ecre

tario

de

Fina

ncia

mie

nto

Min

iste

rio d

e H

acie

nda

y Fi

nanz

as P

úblic

as

Rep

úblic

a A

rgen

tina

Tel:

+54.

11-4

349-

5240

Cel

: +54

.911

-358

4-85

12

----

----

Orig

inal

mes

sage

----

----

From

: "B

our,

Pier

re"

<Pie

rre.

Bou

r@at

test

orca

pita

l.com

>

Dat

e: 2

/19/

2016

8:5

4 PM

(GM

T-03

:00)

To: S

Bau

sili

<s.b

ausi

li@gm

ail.c

om>

Cc:

"O

sval

do A

. Col

azo"

<oc

olaz

@m

econ

.gov

.ar>

, San

tiago

Bau

sili

<sba

usili

@m

econ

.gov

.ar>

Subj

ect:

RE:

Hol

ding

s


5

Hi�S

antia

go,

Base

d�on

�our

�cal

cula

tions

,�our

�NY�

Law

�bon

ds�g

et�to

�a�c

laim

�am

ount

�of�a

ppro

xim

atel

y�41

0,�h

ence

�a�2

7.5%

�disc

ount

�on�

that

�wou

ld�g

et�to

�ap

prox

.�300

.

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did�

not�c

larif

y�yo

ur�c

laim

�am

ount

�cal

cula

tion�

(I�w

as�k

een�

to�d

o�th

at�la

st�fe

w�d

ays�b

ut�d

id�n

ot�h

ear�b

ack)

.

Subj

ect�t

o�us

�agr

eein

g�on

�the�

clai

m�a

mou

nts,

�we�

wou

ld�a

ccep

t�tha

t�offe

r�for

�all�

the�

NY�

law

�bon

ds.

� We�

had�

alre

ady�

com

mun

icat

ed�v

ia�M

orga

n�Le

wis�

(I�th

ink�

Fore

�may

�hav

e�se

nt�th

e�em

ail,�

I�am

�not

�sure

�of�t

he�lo

gist

ics�d

etai

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at�w

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cept

�the�

150%

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r�on�

our�E

urop

ean�

Law

�bon

ds,�b

ut�w

e�ha

ve�n

ot�h

eard

�bac

k�on

�thos

e�ei

ther

,�but

�I�as

sum

e�yo

u�go

t�the

�mes

sage

�ther

e�as

�wel

l.

� We�

can�

reco

ncile

�the�

figur

es�o

ver�t

e�co

min

g�da

ys�if

�that

�is�a

ccep

tabl

e�to

�you

� Best

� Pier

re

� � From

:�S�B

ausil

i�[m

ailto

:s.b

ausil

i@gm

ail.c

om]��

Sent:�1

9�Fe

brua

ry�2

016�

23:3

4�To

:�Bou

r,�Pi

erre

�Cc:�O

sval

do�A

.�Col

azo;

�San

tiago

�Bau

sili�

Subject:�

Re:�H

oldi

ngs


6

Pier

re,

Than

ks fo

r thi

s. Th

e de

adlin

e to

day

was

for p

lain

tiffs

with

an

Inju

nctio

n ta

king

the

Inju

nctio

n O

ffer

. I d

o no

t kno

w w

hat y

our

300%

resu

lts in

. If y

ou a

re sa

ying

that

you

hav

e in

junc

tion

and

wou

ld li

ke to

take

the

Inju

nctio

n O

ffer

and

we

did

not h

ave

time

to re

conc

ile y

our f

igur

es in

tim

e, w

e ca

n co

nsid

er ta

king

you

r em

ail a

s a "

stop

of t

he c

lock

". A

ltern

ativ

ely,

we

can

look

into

th

em o

n M

onda

y un

der t

he p

ublis

hed

prop

osal

term

s.

Bes

t,

Sant

iago

Bau

sili

Cel

:+54

9 1

1 23

50-1

948

On

Feb

19, 2

016,

at 8

:04

PM, B

our,

Pier

re <

Pier

re.B

our@

atte

stor

capi

tal.c

om>

wro

te:

With

�the�

spre

adsh

eet�a

ttac

hed…

� � � From

:�Bou

r,�Pi

erre

��Sent:�1

9�Fe

brua

ry�2

016�

21:5

9�To

:�'Sa

ntia

go�B

ausil

i'�Cc:�O

sval

do�A

.�Col

azo�

Subject:�

RE:�H

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11) 4

349-

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emai

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@m

econ

.gov

.ar

ww

w.m

econ

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.ar



SettlementISIN: ccy Notional: Notional: Amount:

(Local) (EUR) (EUR)

XS0084071421 EUR 23,000�� 23,000�� 150% 34,500�� XS0113833510 EUR 157,000�� 157,000�� 150% 235,500�� XS0105694789 EUR 1,200,000�� 1,200,000�� 150% 1,800,000�� USP8055KFQ33 EUR 424,000�� 424,000�� 150% 636,000�� XS0124528703 EUR 781,000�� 781,000�� 150% 1,171,500�� XS0103457585 EUR 566,698�� 566,698�� 150% 850,046�� XS0089277825 EUR 561,000�� 561,000�� 150% 841,500��

TOTAL 3,712,698�� 5,569,046��

DE0002466208 EUR 35,000�� 35,000�� 150% 52,500�� DE0004500558 EUR 557,000�� 557,000�� 150% 835,500�� DE0001904308 DEM 1,495,000�� 764,393�� 150% 1,146,590�� DE0002929452 EUR 26,000�� 26,000�� 150% 39,000�� DE0003089850 EUR 714,000�� 714,000�� 150% 1,071,000�� DE0001354751 DEM 2,041,000�� 1,043,563�� 150% 1,565,344�� DE0002488509 DEM 80,000�� 40,904�� 150% 61,356�� DE0001319507 DEM 258,000�� 131,915�� 150% 197,873�� DE0004509005 EUR 882,000�� 882,000�� 150% 1,323,000�� DE0002923851 EUR 592,000�� 592,000�� 150% 888,000�� DE0001974608 EUR 1,025,177�� 1,025,177�� 150% 1,537,766�� DE0001767101 DEM 185,000�� 94,590�� 150% 141,886�� DE0003045357 EUR 1,896,000�� 1,896,000�� 150% 2,844,000�� DE0001954907 DEM 763,000�� 390,122�� 150% 585,183�� DE0002483203 EUR 1,003,036�� 1,003,036�� 150% 1,504,554�� DE0001325017 DEM 3,031,000�� 1,549,749�� 150% 2,324,624�� DE0001340917 DEM 1,064,000�� 544,023�� 150% 816,034�� DE0001348100 DEM 5,503,000�� 2,813,682�� 150% 4,220,524��

TOTAL 14,103,155�� 21,154,732��

Total�Amount�due 17,815,852�� 26,723,778.51�

DEM:EUR 1.9558


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��


Argentina Agreement Schedule

This Agreement Schedule, dated as of date indicated in the signature page forms an integral part of the Master Settlement Agreement dated as of February 8, 2016 between the Republic and the Holder identified in item (i) below (the “Settlement Agreement”). Terms used but not defined in this Agreement Schedule have the meanings given to those terms in the Settlement Agreement.

This Agreement Schedule is being submitted in respect of

� Injunction Offer Bonds [X] Standard Offer Bonds owned (or beneficially owned) by the Holder.

(i) Name and address of Holder

Trinity Investments Limited

Fourth Floor, 3 George’s Dock

IFSC, Dublin 1, Ireland

Telephone +44 (0) 20 7074 9610

Email [email protected]

Contact Person Pierre Bour

(ii) Closing Date

The Closing Date shall be the business day (in Buenos Aires and New York City) that the parties shall agree falling within the Closing Period.

(iii) Closing Period

The Closing Period means the period beginning on the date of this Agreement Schedule and ending 120 days after that date; provided, however, that the Republic may, at its option and by written notice to the Holder, extend the Closing Period for a further period ending not later than 150 days after the date of this Agreement Schedule.


(iv) Settlement Amount

USD _________________ or

EUR 26,723,778.51

This Settlement Amount has been reconciled between the Republic and the Holder.

(v) Termination Date

The Termination Date means the last day of the Closing Period.

(vi) Additional Undertaking for Holders of Injunction Offer Bonds

If this Agreement Schedule relates to Injunction Offer Bonds, the Holder agrees:

At the request of the Republic, the Holder shall submit a motion to the U.S. District Court for the Southern District of New York (or shall join such a motion if submitted by other holders of defaulted Argentine bonds) requesting that the court permanently lift the pari passu injunctions granted to the Holder and certain other holders of defaulted Argentine bonds.

(vii) For the avoidance of doubt, the Holder and the Republic confirm and agree that (a) no Prescribed Claims exist with respect to the Bonds listed on the attachment to this Agreement Schedule, and the Republic will not assert that the Holder’s claims to any Bonds listed thereon are untimely, or otherwise time-barred, (b) each of the Holder and the Republic reserves the right to prosecute all of its rights, remedies, defenses, litigation claims and litigation defenses with respect to all Argentine bonds that are not Bonds listed in the attachment to the Agreement Schedule, including but not limited to, all Argentine bonds that were exchanged with the Republic under its 2005 and 2010 defaulted bond exchange offers, any other bonds issued by the Republic after the date


the 1st January 2006 and any other claims against the Republic of Argentina not related to bonds.

* * * *


By executing counterparts of this Agreement Schedule in the space provided below and exchanging those counterparts, the parties agree to be bound by the terms of the Settlement Agreement, as completed by the information contained in this Agreement Schedule.

Trinity Investments Limited Republic of Argentina

/s/ /s/

By: By: Luis A. Caputo

Title: Title: Secretary of Finance

DATE:

Attachment -- List of Bonds


Atta

chm

ent t

o A

gree

men

t Sch

edul

e

Lis

t of B

onds

IS

IN N

umbe

r

A

mou

nt o

f Orig

inal

Prin

cipa

l O

wne

d by

Hol

der

Le

gal A

ctio

n or

Arb

itrat

ion

Pend

ing?

(g

ive

cour

t and

doc

ket n

umbe

r)

M

onet

ary

Judg

men

t or

Arb

itral

Aw

ard

Ente

red?

(Y

or N

) If

yes

, giv

e

orig

inal

am

ount

and

dat

e of

judg

men

t/aw

ard

XS0

0840

7142

1 €

23,0

00.0

0 16

-009

05 (S

DN

Y)

N

XS0

1138

3351

0 €

157,

000.

00

16-0

0905

(SD

NY

)

N

XS0

1056

9478

9 €

1,20

0,00

0.00

14

-094

27 (S

DN

Y)

N

USP

8055

KFQ

33

€ 42

4,00

0.00

14

-094

27 (S

DN

Y),

n/a

N

XS0

1245

2870

3 €

781,

000.

00

14-0

9427

(SD

NY

)

N

XS0

1034

5758

5 €

566,

697.

57

14-0

9427

(SD

NY

), n/

a N

XS0

0892

7782

5 €

561,

000.

00

14-0

9427

(SD

NY

), 15

-095

79 (S

DN

Y),

16-0

0905

(SD

NY

)

N

DE0

0024

6620

8 €

35,0

00.0

0 16

-009

11 (S

DN

Y)

N

DE0

0045

0055

8 €

557,

000.

00

16-0

0911

(SD

NY

), n/

a N

DE0

0019

0430

8 D

EM 1

,495

,000

.00

16-0

0911

(SD

NY

), n/

a N


(€76

4,39

3.09

)

DE0

0029

2945

2 €

26,0

00.0

0 16

-009

11 (S

DN

Y)

N

DE0

0030

8985

0 €

714,

000.

00

n/a

N

DE0

0013

5475

1 D

EM 2

,041

,000

.00

(€1,

043,

562.

74)

14-0

9095

(SD

NY

), n/

a N

DE0

0024

8850

9 D

EM 8

0,00

0.00

(€4

0,90

3.98

) 16

-009

11 (S

DN

Y)

N

DE0

0013

1950

7 D

EM 2

58,0

00.0

0 (€

131,

915.

00)

14-0

9095

(SD

NY

) N

DE0

0045

0900

5 €

882,

000.

00

n/a

N

DE0

0029

2385

1 €

592,

000.

00

14-0

9095

(SD

NY

) N

DE0

0019

7460

8 €

1,02

5,17

7.00

n/

a N

DE0

0017

6710

1 D

EM 1

85,0

00.0

0 (€

94,5

90.0

0)

n/a

N

DE0

0030

4535

7 €

1,89

6,00

0.00

14

-090

95 (S

DN

Y),

n/a

N

DE0

0019

5490

7 D

EM 7

63,0

00.0

0 (€

390,

122.

00)

14-0

9095

(SD

NY

) N

DE0

0024

8320

3 €

1,00

3,03

5.69

14

-090

95 (S

DN

Y),

n/a

N

DE0

0013

2501

7 D

EM 3

,031

,000

.00

(€1,

549,

749.

00)

14-0

9095

(SD

NY

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a N

DE0

0013

4091

7 D

EM 1

,064

,000

.00

(€54

4,02

3.00

) 14

-090

95 (S

DN

Y)

N

DE0

0013

4810

0 D

EM 5

,503

,000

.00

14-0

9095

(SD

NY

), n/

a N


Atta

chm

ent t

o A

gree

men

t Sch

edul

e

(€2,

813,

682.

38)


EXHIBIT 7


1

Bour

, Pie

rre

From

:O

sval

do A

. Col

azo

<oc

olaz

@m

econ

.gov

.ar>

Sent

:26

Feb

ruar

y 20

16 1

5:40

To:

Tuck

, Jes

sica

; 'O

sval

do C

olaz

o'; B

our,

Pier

reCc

:Sa

ntia

go B

ausi

liSu

bjec

t:Re

: Hol

ding

s

Dea

r Pie

rre

and

Jess

ica

I che

ck w

ith m

y la

wye

r the

stat

us o

f you

r com

plai

nts a

n I r

evis

ed c

orre

ctio

ns fr

om th

en a

bout

you

r hol

ding

s. Th

ey in

form

me

that

the

bond

AH

34 G

loba

l 200

3 w

as d

elet

ed in

the

amen

dmen

t com

plai

nt.

Abo

ut th

e am

ount

you

r spr

ead

shee

t US

Law

bon

ds I

am a

gree

with

the

tota

l am

ount

if y

ou ta

ke o

ut th

e A

H34

. B

ut th

e bo

nds o

nly

with

inju

nctio

n or

der g

rant

ed a

re c

over

for t

he in

junt

ion

prop

osal

, the

oth

er w

ithou

t mon

etar

y ju

dgem

ent a

re e

ligib

le fo

r th

e St

anda

rd O

ffer

. Th

e Eu

ro u

nder

the

FAA

in n

ot u

nder

the

inju

nctio

n or

der o

f Oct

ober

31,

201

5, a

s you

det

ail i

n th

e se

cond

par

t of t

he c

hart

it´s s

till p

endi

ng

and

this

info

rmat

ion

is e

qual

to w

as p

rovi

ded

to m

e.

If y

ou st

ill a

re w

illin

g to

send

the

Age

emen

t you

can

split

into

USD

und

er th

e in

junc

tion

orde

r and

a se

cond

one

with

the

stan

dard

off

er.

Reg

ards

Osv

aldo

.

El 2

5/02

/201

6 6:

52, T

uck,

Jess

ica

escr

ibió

: D

ear O

sval

do,

As d

iscu

ssed

with

Pie

rre,

ple

ase

find

atta

ched

a re

vise

d sp

read

shee

t for

our

NY

Law

exp

osur

e, n

ow b

roke

n do

wn

by c

ompl

aint

. I h

ope

that

cla

rifie

s you

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stio

n.

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se n

ote

that

I al

so a

ttach

an

upda

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vers

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of o

ur n

on-N

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aw e

xpos

ure,

as t

here

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a sm

all m

ista

ke in

the

shee

t sen

t acr

oss p

revi

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Bes

t

Jess

ica

� �


2

From

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aldo

�Col

azo�

[mai

lto:o

cola

zo@

gmai

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3�Fe

brua

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20:3

2�To

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r,�Pi

erre

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Subject:�

Re:�H

oldi

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Than

ks P

ierr

e.

Rag

ards

Osv

aldo

El fe

b 23

, 201

6 5:

28 P

M, "

Bou

r, Pi

erre

" <P

ierr

e.B

our@

atte

stor

capi

tal.c

om>

escr

ibió

: H

i Osv

aldo

, yes

, we

can

send

that

ove

r. Y

ou sh

ould

hav

e it

by o

ur m

orni

ng to

mor

row

B

est

Pier

re

On

23 F

eb 2

016,

at 1

9:56

, Osv

aldo

A. C

olaz

o <o

cola

z@m

econ

.gov

.ar>

wro

te:

Dea

r Pie

rre

Than

ks fo

r you

r spr

eads

heet

det

ailin

g th

e ho

ldin

g. U

nfor

tuna

tely

I co

uld

not f

igur

es so

me

face

val

ue o

f you

r bo

nds

I gue

ss th

at y

ou a

re a

ddin

g th

e or

igin

al c

ompl

aint

s and

new

com

plai

nt n

ot fi

le y

et o

r not

has

bee

n gr

ante

d ye

t. Th

en I

will

app

reci

ate

a lo

t if y

ou c

ould

split

the

hold

ings

into

inju

nctio

n, p

endi

ng in

junc

tion

and

new

pr

esen

tatio

n, c

ause

I sh

ould

che

ck th

e am

ount

s aga

inst

the

info

rmat

ion

I hav

e fr

om m

y la

wye

rs.

Reg

ards

Osv

aldo

.

El 2

3/02

/201

6 15

:32,

Bou

r, Pi

erre

esc

ribió

:

Hi�S

antia

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3

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oldi

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s do

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day.

The

Eur

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w b

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are

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subj

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o to

day'

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dlin

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y th

e w

eeke

nd.

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iago

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sili

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ecre

tario

de

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ncia

mie

nto

Min

iste

rio d

e H

acie

nda

y Fi

nanz

as P

úblic

as

Rep

úblic

a A

rgen

tina

Tel:

+54.

11-4

349-

5240

Cel

: +54

.911

-358

4-85

12

----

----

Orig

inal

mes

sage

----

----


5

From

: "B

our,

Pier

re"

<Pie

rre.

Bou

r@at

test

orca

pita

l.com

>

Dat

e: 2

/19/

2016

8:5

4 PM

(GM

T-03

:00)

To: S

Bau

sili

<s.b

ausi

li@gm

ail.c

om>

Cc:

"O

sval

do A

. Col

azo"

<oc

olaz

@m

econ

.gov

.ar>

, San

tiago

Bau

sili

<sba

usili

@m

econ

.gov

.ar>

Subj

ect:

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ding

s

Hi�S

antia

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cula

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�NY�

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11

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11) 4

349-

6309

emai

l: oc

olaz

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econ

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.ar

ww

w.m

econ

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.ar


EXHIBIT 8


1

Bour

, Pie

rre

From

:Bo

ur, P

ierr

eSe

nt:

29 F

ebru

ary

2016

12:

05To

:Sa

ntia

go B

ausi

li; 'O

sval

do A

. Col

azo'

; 'ag

reem

entin

prin

cipl

e@m

econ

.gov

.ar'

Cc:

Tuck

, Jes

sica

; Pet

ers,

Jan

Subj

ect:

RE: H

oldi

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Att

achm

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gent

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Dea

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laim

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ount

, Osv

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aged

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laim

last

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Feb

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th, 2

016.

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stan

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79

00 1

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is in

tend

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nly

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erso

n(s)

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ntity

to w

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add

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ay c

onta

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mis

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clos

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use

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atio

n by

per

sons

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ntiti

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ther

than

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inte

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reci

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proh

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you

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ived

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com

mun

icat

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in e

rror

, ple

ase

cont

act t

he s

ende

r and

del

ete

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mat

eria

l fro

m a

ny c

ompu

ter.

If th

is c

omm

unic

atio

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as

mis

dire

cted

, no

conf

iden

tialit

y or

priv

ilege

are

wai

ved.

This

com

mun

icat

ion

is fo

r inf

orm

atio

nal p

urpo

ses

only

. It i

s no

t int

ende

d as

an

offe

r or s

olic

itatio

n fo

r the

pur

chas

e or

sal

e of

any

fina

ncia

l ins

trum

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an o

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onfir

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ny tr

ansa

ctio

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mar

ket p

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d ot

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eten

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ccur

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ect t

o ch

ange

with

out n

otic

e. A

ny c

omm

ents

or s

tate

men

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ade

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o no

t nec

essa

rily

refle

ct th

ose

of A

ttest

or C

apita

l LLP

or i

ts m

embe

rs a

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ffilia

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EXHIBIT 9


1

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, Pie

rre

From

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publ

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29 F

ebru

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19:

52To

:Bo

ur, P

ierr

eCc

:Tu

ck, J

essi

ca; P

eter

s, Ja

nSu

bjec

t:Re

: Hol

ding

s

Dea

r Mr.

Bou

r,

We

have

rece

ived

you

r doc

umen

tatio

n su

cces

fully

.

Than

k yo

u ve

ry m

uch.

Reg

ards

.

MH

yFP

ON

CP.

El 2

9/02

/201

6 9:

04, B

our,

Pier

re e

scrib

ió:

Dea

r San

tiago

,

Follo

win

g on

from

our

bel

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mai

l exc

hang

e fr

om 1

9th F

ebru

ary,

whe

re w

e ac

cept

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our o

ffer

at 2

7.5%

dis

coun

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ccru

ed c

laim

am

ount

, Osv

aldo

and

us m

anag

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fina

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atio

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our

cla

im la

st F

riday

. The

exe

rcis

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ok a

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appe

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our l

awye

rs p

rovi

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with

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atio

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gard

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brea

k-do

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laim

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t we

man

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l tho

se

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entin

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ettle

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men

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ated

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ruar

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th, 2

016.

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m a

mou

nt w

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scus

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t pho

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onve

rsat

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.


2

Than

k yo

u fo

r all

your

eff

orts

ove

r the

pas

t wee

ks.

Sant

iago

– if

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cou

ld c

all m

e se

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rega

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add

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mitt

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r the

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t,

Sant

iago

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sili

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: +54

9 1

1 23

50-1

948

On

Feb

19, 2

016,

at 8

:04

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our,

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Arg

entin

a. T

e: (5

4-11

) 434

9-61

00


EXHIBIT 10


1

Bour

, Pie

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nda

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2

Tel:

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11-4

349-

5240

C

el: +

54.9

11-3

584-

8512

----

----

Orig

inal

mes

sage

----

----

Fr

om: "

Bou

r, Pi

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" < P

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e.B

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Dat

e: 2

/29/

2016

9:0

5 A

M (G

MT-

03:0

0)To

: San

tiago

Bau

sili

<sba

usili

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sval

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ters

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pita

l.com

>Su

bjec

t: R

E: H

oldi

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Dea

r San

tiago

,

Follo

win

g on

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l exc

hang

e fr

om 1

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ebru

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ccru

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laim

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ount

, Osv

aldo

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ur c

laim

last

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app

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l tho

se p

oint

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now

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ove

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entin

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ter S

ettle

men

t Agr

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subm

issi

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ated

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ruar

y 29

th, 2

016.

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stan

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ausil

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EXHIBIT 11


1

Bour

, Pie

rre

From

:Re

publ

ic o

f Arg

entin

a -

Agre

emen

t in

Prin

cipl

e <

agre

emen

tinpr

inci

ple@

mec

on.g

ov.a

r>Se

nt:

29 F

ebru

ary

2016

20:

45To

:Bo

ur, P

ierr

eCc

:Tu

ck, J

essi

ca; P

eter

s, Ja

nSu

bjec

t:Re

: Hol

ding

s

Dea

r Mr.

Bou

r,

We

have

rece

ived

you

r doc

umen

tatio

n su

cces

fully

.

Than

k yo

u ve

ry m

uch.

Reg

ards

.

MH

yFP

ON

CP.

El 2

9/02

/201

6 14

:14,

Bou

r, Pi

erre

esc

ribió

:Hi

�San

tiago

,m

any�

than

ks�fo

r�the

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ttac

h�th

e�ad

ditio

nal�M

SA’s

�for�t

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onds

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ante

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uss�w

ith�y

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can�

disc

uss�a

t�you

r�con

veni

ence

.Be

stPi

erre

� � � From

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tiago

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9�Fe

brua

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016�

13:5

6�To

:�Bou

r,�Pi

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;�'O

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reem

entin

prin

cipl

e@m

econ

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2

Cc:�T

uck,

�Jess

ica;

�Pet

ers,

�Jan�

Subject:�

RE:�H

oldi

ngs

Than

ks P

ierr

e, I

will

cal

l you

the

min

ute

we

have

a c

hanc

e.

Sant

iago

Bau

sili

Subs

ecre

tario

de

Fina

ncia

mie

nto

Min

iste

rio d

e H

acie

nda

y Fi

nanz

as P

úblic

as

Rep

úblic

a A

rgen

tina

Tel:

+54.

11-4

349-

5240

C

el: +

54.9

11-3

584-

8512

----

----

Orig

inal

mes

sage

----

----

Fr

om: "

Bou

r, Pi

erre

" < P

ierr

e.B

our@

atte

stor

capi

tal.c

om>

Dat

e: 2

/29/

2016

9:0

5 A

M (G

MT-

03:0

0)To

: San

tiago

Bau

sili

<sba

usili

@m

econ

.gob

.ar>

, "'O

sval

do A

. Col

azo'

" <o

cola

z@m

econ

.gov

.ar>

,"'ag

reem

entin

prin

cipl

e@m

econ

.gov

.ar'"

<agr

eem

entin

prin

cipl

e@m

econ

.gov

.ar>

Cc:

"Tu

ck, J

essi

ca"

<Jes

sica

.Tuc

k@at

test

orca

pita

l.com

>, "P

eter

s, Ja

n" <

Jan.

Pete

rs@

atte

stor

capi

tal.c

om>

Subj

ect:

RE:

Hol

ding

s

Dea

r San

tiago

,

Follo

win

g on

from

our

bel

ow e

mai

l exc

hang

e fr

om 1

9th F

ebru

ary,

whe

re w

e ac

cept

ed y

our o

ffer

at 2

7.5%

dis

coun

t on

our a

ccru

ed c

laim

am

ount

, Osv

aldo

and

us m

anag

ed to

fina

lize

the

reco

ncili

atio

n on

our

cla

im la

st F

riday

. The

exe

rcis

e to

ok a

littl

e lo

nger

than

exp

ecte

d as

it

appe

ars y

our l

awye

rs p

rovi

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ettle

men

t A

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men

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acc

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ruar

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th, 2

016.

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scus

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.


3

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k yo

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pas

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e: (5

4-11

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9-61

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