Motion Information Statement

Case 16-628, Document 263-1, 03/14/2016, 1726772, Page1 of 55 UNITED STATES COURT OF APPEALS FOR THE SECOND CIRCUIT Thurgood Marshall U.S. Courthouse 40 Foley Square, New York, NY 10007 Telephone: 212-857-8500

MOTION INFORMATION STATEMENT

Docket Number(s): 16-628{L) Caption [use short title] ---~~------Motion for: Emergency Motion to Intervene as Aurelius Capital Master, Ltd. v. The Republic of Argentina Interested Non-Party Appellants

Set fortb below precise, complete statement of relief sought: To intervene in the appeal, and to submit briefing and otherwise participate in the appeals as interested non-party appellants, or in the alternative, leave to join the appeals by filing a brief as an amicus curiae

MOVINRAR.TY: Foreign-law Bondholders OPPOSING PARTY: The Republic of Argentina LJPiaintiff E3 Defendant [!'.]Appellant/Petitioner Appellee/Respondent

MOVINGATTORNEY: P. Sabin Willett oPPosINGATTORNEY: Michael Paskin [name of attorney, with firm, address, phone number and e-mail] Morgan, Lewis & Bockius LLP Cravath, Swain & Moore LLP ------0 ne Federal Street 825 Eighth Avenue ------Boston, MA02110 New York, NY 10019 court-Judge/Agency appealed from: Southern District of New York, District Judge Thomas P. Griesa

Please check appropriate boxes: FOR EMERGENCY MOTIONS, MOTIONS FOR STAYS AND INJUNCTIONS PENDING APPEAL: Has mo~ noilli&ll,opposing counsel (required by Local Rule 27. I): Has request for relief been made below? [!'.]Yes D No ~ YeslJNo (explain):______Has this reliefbeeopreviously sought in this Court? D Yes [!'.]No ------Requested return date and explanation of emergency: ______Opposin~unsel's position on motion: LJ Unopposedl!'.]opposed [}ion't Know March 14, 2016 --Appellant briefs are due Does opposing counsel intend to file a response: 0Yes O"o 0>on•t Know on this date and there has been a very recent change of circumstances necessitating this appeal ls oral argument on motion requested? D Yes l!'.J No (requests for oral argument will not necessarily be granted)

Has argument date of appeal been set? D Yes [!'.]No Ifyes, eoterdate: ______

Signature of Moving Attorney: Isl Sabin Willett Date: 3/14/16 Service by: l!'.JcM/ECF Other [Attach proofofservice] ~~~~~~~---~ D

Form T-1080 (rev. 12-13) Case 16-628, Document 263-1, 03/14/2016, 1726772, Page2 of 55

UNITED STATES COURT OF APPEALS FOR THE SECOND CIRCUIT

AURELIUS CAPITAL MASTER, LTD. AND ACP MASTER, LTD.,

Plaintiffs - Appellants, No. 16-628(L) - against -

THE REPUBLIC OF ARGENTINA,

Defendant - Appellee.

EMERGENCY MOTION OF FOREIGN-LAW BONDHOLDERS TO INTERVENE AS INTERESTED NON-PARTY APPELLANTS

Case 16-628, Document 263-1, 03/14/2016, 1726772, Page3 of 55

CORPORATE DISCLOSURE STATEMENT

ARAG-A Limited is a Cayman Islands corporation. AGBPI Fund, Ltd. is

the parent of ARAG-A Limited. No publicly held corporation owns 10% or more

of the stock of ARAG-A Limited.

ARAG-O Limited is a Cayman Islands corporation. Alden Global

Opportunities Master Fund, L.P. is the parent of ARAG-O Limited. No publicly

held corporation owns 10% or more of the stock of ARAG-O Limited.

ARAG-T Limited is a Cayman Islands corporation. Turnpike Limited is the

parent of ARAG-T Limited. No publicly held corporation owns 10% or more of

the stock of ARAG-T Limited.

ARAG-V Limited is a Cayman Islands corporation. Alden Global Value

Recovery Master Fund, L.P. is the parent of ARAG-V Limited. No publicly held corporation owns 10% or more of the stock of ARAG-V Limited.

Yellow Crane Holdings, L.L.C. is a limited liability company organized and

existing under the laws of the State of Delaware. Yellow Crane Holdings L.L.C. is

not a corporation and therefore Rule 26.1 does not require any disclosures with

respect to it.

Case 16-628, Document 263-1, 03/14/2016, 1726772, Page4 of 55

MCHA Holdings, LLC is a limited liability company organized and existing under the laws of the State of Delaware. MCHA Holdings, LLC is not a corporation and therefore Rule 26.1 does not require any disclosures with respect to it.

Honero Fund I, LLC is a limited liability company organized and existing under the laws of the State of Delaware. Honero Fund I, LLC is not a corporation

and therefore Rule 26.1 does not require any disclosures with respect to it.

Red Pines LLC is a limited liability company organized and existing under

the laws of the State of Delaware. Red Pines LLC is not a corporation and

therefore Rule 26.1 does not require any disclosures with respect to it.

Trinity Investments Limited is an Irish private company limited by shares.

Trinity Investments Limited has no corporate parent. No publicly held corporation

owns 10% or more of the stock of Trinity Investments Limited.

Case 16-628, Document 263-1, 03/14/2016, 1726772, Page5 of 55

Spinnaker Global Emerging Markets Fund, Ltd. is a British Virgin Islands private company limited by shares. Spinnaker Global Emerging Markets Fund,

Ltd. has no corporate parent. No publicly held corporation owns 10% or more of the stock of Spinnaker Global Emerging Markets Fund, Ltd.

Spinnaker Global Special Situations Fund LP is a limited partnership organized under the laws of the Cayman Islands. Spinnaker Global Special

Situations Fund LP is not a corporation and therefore Rule 26.1 does not require any disclosures with respect to it.

iii

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TABLE OF CONTENTS

CORPORATE DISCLOSURE STATEMENT ...... i TABLE OF CONTENTS ...... iv TABLE OF AUTHORITIES ...... v MOTION ...... 1 ARGUMENT ...... 5 CONCLUSION ...... 8 ADDENDUM...Brief of Interested Non-Party Appellant Foreign-Law Bondholders

Case 16-628, Document 263-1, 03/14/2016, 1726772, Page7 of 55

TABLE OF AUTHORITIES

CASES Aurelius Capital Partners, LP v. The Republic of Argentina, 584 F.3d 120 (2d Cir. 2009) ...... 1, 6

EM Ltd. v. The Republic of Argentina, 473 F.3d 463 (2d Cir. 2007) ...... 7

Kaplan v. Rand, 192 F.3d 60 (2d Cir. 1999) ...... 6

Karaha Bodas Co. v. Pertamina, 313 F.3d 70 (2d Cir. 2002) ...... 5

NML Capital, Ltd. v. The Republic of Argentina, 497 F. App’x 96 (2d Cir. 2012) ...... 6

NML Capital, Ltd. v. The Republic of Argentina, No. 12-105(L) (2d Cir. 2012) ...... 6

Official Committee Of Unsecured Creditors of WorldCom, Inc. v. Securities Exchange Commission, 467 F.3d 73 (2d Cir. 2006) ...... 1, 5

SEC v. Certain Unknown Purchasers of the Common Stock of and Call Options for the Common Stock of Santa Fe Int’l Corp., 817 F.2d 1018 (2d Cir. 1987) ...... 6

STATUTES Lock Law ...... 7

OTHER AUTHORITIES Rule 27 of the Federal Rules of Appellate Procedure ...... 1

Local Rule 27.1 ...... 1

Rule 10b-5 ...... 6

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MOTION

Pursuant to Rule 27 of the Federal Rules of Appellate Procedure and Local

Rule 27.1, the interested non-parties ARAG-A Limited, ARAG-O Limited,

ARAG-T Limited, ARAG-V Limited, Yellow Crane Holdings, L.L.C., MCHA

Holdings, LLC, Honero Fund I, LLC, Red Pines LLC, Trinity Investments

Limited, Spinnaker Global Emerging Markets Fund, Ltd. and Spinnaker Global

Special Situations Fund LP (collectively, “Foreign-law Bondholders”) submit this

Emergency Motion to Intervene as Interested Non-Party Appellants for the purpose of appealing an order entered by the United States District Court for the Southern

District of New York on March 2, 2016, in case no. 08-6978 (S.D.N.Y. Mar. 2,

2016) [Dkt. No. 912] (the “Order”). See SPA-70.1

Because the Order directly affects their interests, non-party Foreign-law

Bondholders seek this Court’s permission to intervene, in order to file the Brief of

Interested Non-Party Appellant Foreign-Law Bondholders (the “Brief”) lodged herewith,2 and otherwise to participate as interested non-party appellants in this

appeal, per the authority of Aurelius Capital Partners, LP v. The Republic of

Argentina, 584 F.3d 120 (2d Cir. 2009), and Official Committee Of Unsecured

1 “JA A-###” refers to the Joint Appendix and “SPA-###” refers to the Special Appendix.

2 A copy of the Brief is attached as an addendum to this motion. 1

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Creditors of WorldCom, Inc. v. Securities Exchange Commission, 467 F.3d 73 (2d

Cir. 2006). As grounds for this relief, Foreign-law Bondholders state:

Foreign-law Bondholders hold defaulted bonds issued by the Republic of

Argentina (“Argentina”) that are governed by foreign law.3 On February 19, 2016,

Foreign-law Bondholders had pending actions in related proceedings before the district court seeking debt judgment and pari passu injunctions.4 On February 19,

2016, the district court entered an indicative order, stating that upon recovery of jurisdiction in the lead cases, it was inclined to vacate certain previously-issued injunctions (the “Injunctions”) ordered in those cases. See SPA-35. The

Injunctions protected Foreign-law Bondholders, among numerous other parties.

The indicative ruling was appealed, and in its mandate dated February 24,

2016, remanding the case to the district court, this Court directed that, “[b]efore the

3 Collectively, Foreign-law Bondholders hold roughly $500 million equivalent in principal amount of these foreign-law bonds. Many of the Foreign-law Bondholders also hold New York-law governed bonds, and in this capacity, are represented by separate counsel in the appeal at issue in the brief.

4 See Trinity Investments Limited, et. al. v. The Republic of Argentina (“Trinity”), Case No. 14-09095 (S.D.N.Y.) (TPG), Red Pines LLC, et. al. v. The Republic of Argentina (“Red Pines”), Case No. 14-09427 (S.D.N.Y.) (TPG), MCHA Holdings, LLC, et. al. v. The Republic of Argentina, Case No. 15-08529 (S.D.N.Y.) (TPG), Procella Holdings, L.P., et. al. v. The Republic of Argentina, Case No. 15-09579 (S.D.N.Y.) (TPG), ARAG-A Limited, et. al. v. The Republic of Argentina, Case No. 16-00905 (S.D.N.Y.) (TPG), Honero Fund I, LLC, et. al. v. The Republic of Argentina, Case No. 16-00911 (S.D.N.Y.) (TPG) and Spinnaker Global Special Situations Fund LP, et al. v. The Republic of Argentina, Case No. 16-01512 (S.D.N.Y.) (TPG). 2

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indicative ruling is formally entered as an order, Argentina will file a motion in the district court seeking such relief, giving notice of the motion to all parties, and affording them an opportunity to be heard in the district court.” JA A-1721.

On March 1, 2016, the district court heard argument from Argentina, the lead appellants, the Foreign-law Bondholders, and numerous other affected parties, before entering the Order. The Order directs that the Injunctions be vacated upon

satisfaction by Argentina of two conditions precedent:

(1) The Republic repeals all legislative obstacles to settlement with the FAA bondholders, including the Lock Law and the Sovereign Payment law;

(2) For all plaintiffs that entered into agreements in principle with the Republic on or before February 29, 2016, Argentina must make full payment in accordance with the specific terms of each such agreement. The Republic must also notify the court once those plaintiffs have all received full payment.

SPA-84 (emphasis added).

Foreign-law Bondholders did not immediately seek relief from the Order,

because prior to the March 1 hearing, each Foreign-law Bondholder entered into

one or more binding agreements with Argentina to resolve its claims on foreign-

law bonds, as contemplated by the Order’s second condition precedent. See Brief

at 2.5 One of those agreements (in form identical to all of the others) was cited by

5 On Mar 2, 2016, Foreign-Law Bondholders requested, with Argentina’s assent, an extension of time to file reply submissions on certain pending cross-motions in the underlying litigation. The letters recited that all plaintiffs had accepted 3

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Argentina on February 29, 2016, and again the following day, when Argentina appeared before the district court, arguing that settlement momentum was grounds

for issuance of the Order. See JA A-1939 ¶ 13 (“Attached as Exhibit 9 is a true

and correct copy of the Agreement in Principle between Red Pines LLC and the

Republic of Argentina, executed as of February 28, 2016.”); Brief at 10.

While this expedited appeal has been pending here, Argentina has reversed

field. It now says that its settlement agreements with Foreign-law Bondholders are

not contracts. On March 11, 2016, Argentina formally advised through its counsel that it has reneged on these agreements. See Scotch-Marmo Decl., Ex. C (email from S. Willett, counsel for Foreign-law Bondholders, to M. Paskin, counsel for

Argentina, dated March 11, 2016). Argentina advised that in its view any payout must be limited by the statute of limitations, contrary to the terms of the agreements themselves. See Brief at 12.

Argentina specifically advised that it had construed the situation with Red

Pines LLC (“Red Pines”) in this way. See Scotch-Marmo Decl., Ex. C (“I write to confirm the advice that you provided on our call . . . [f]or Red Pines LLC,

Argentina’s offer of settlement. See Declaration of Stephen Scotch-Marmo (“Scotch-Marmo Decl.”), Ex. A (Trinity [Dkt. No. 51]; Red Pines [Dkt. No. 51])(“[A]ll Plaintiffs have accepted the Republic of Argentina’s offer of settlement . . . Once settlements are consummated, the actions will be dismissed in accordance with the terms of the Master Settlement Agreement.”). The District Court granted the requests. Id., Ex. B (Trinity [Dkt. No. 52]; Red Pines [Dkt. No. 52]). 4

Case 16-628, Document 263-1, 03/14/2016, 1726772, Page12 of 55

Argentina’s position is that it does not have a contract with Red Pines LLC, and that Exhibit 9 to Mr. Bausili’s Second Supplemental Declaration does not constitute a contract binding Argentina.”). Twelve days before, Argentina touted the Red Pines agreement to the district court as an example of settlement momentum supporting vacatur of the Injunctions. See JA A-1939 ¶ 13; Brief at

22.

Argentina’s remarkable volte face -- entering into binding settlement

agreements with Foreign-law Bondholders in order to obtain relief in the district

court, and then disavowing those agreements once the Order was entered -- is

powerful evidence of what the lead appellants have argued both below and here:

that the district court’s Order was premature, and that the continued efficacy of the

Injunctions is vital to securing Argentina’s good-faith compliance with its

obligations, even after it makes public commitments to U.S. courts.

With their interests jeopardized by the Order’s premature vacatur of the

Injunctions, Foreign-law Bondholders seek this Court’s permission to intervene in

this matter and submit briefing as interested non-party appellants.

ARGUMENT

Foreign-law Bondholders, as interested non-parties, should be granted

standing to appeal the Order. This Court has long recognized that a non-party may

appeal a district court’s order where the non-party states “a plausible affected

Case 16-628, Document 263-1, 03/14/2016, 1726772, Page13 of 55

interest” in that order. Official Comm. Of Unsecured Creditors of WorldCom, Inc. v. S.E.C., 467 F.3d 73, 77 (2d Cir. 2006) (“[A]s the Supreme Court has recognized . . . a nonparty may appeal if it has an interest affected by the judgment.”) (internal citation and quotation marks omitted); Karaha Bodas Co. v.

Pertamina, 313 F.3d 70, 82 (2d Cir. 2002) (non-party had standing to participate in appeal); Kaplan v. Rand, 192 F.3d 60, 67 (2d Cir. 1999) (same); see also SEC v.

Certain Unknown Purchasers of the Common Stock of and Call Options for the

Common Stock of Santa Fe Int’l Corp., 817 F.2d 1018, 1021 n.1 (2d Cir. 1987)

(allowing non-party investor to appeal settlement on ground that settlement “may affect” investor’s subsequent assertion of Rule 10b-5 claim).

In previous appeals of the district court’s rulings in the present and related matters, motions to intervene as an interested non-party have regularly been granted. See, e.g., Aurelius Capital Partners, LP v. The Republic of Argentina, 584

F.3d 120, 127-29 (2d Cir. 2009) (holding that non-parties have standing to appeal where interests are “directly affected” by district court’s orders, even where interest of the non-party are already “fully and amply protected”); Order, NML

Capital, Ltd. v. The Republic of Argentina, No. 12-105(L) (2d Cir. Nov. 28, 2012)

(“NML”)[Dkt. No. 482] (motion by the Exchange Bondholder Group for leave to intervene as interested non-parties granted); Order, NML (Dec. 6, 2012) [Dkt. No.

544] (motion by Bank of New York Mellon for leave to appear and to submit

Case 16-628, Document 263-1, 03/14/2016, 1726772, Page14 of 55

briefs as a non-party appellant granted); Order, NML (Dec. 6, 2012) [Dkt. No. 552]

(motion by Euro Bondholders for leave to intervene and participate in the appeal as non-parties granted); NML (Dec. 28, 2012) [Dkt. No. 645] (motion by ICE Canyon

LLC for leave to appear as a non-party appellant granted); see also NML Capital,

Ltd. v. The Republic of Argentina, 497 F. App’x 96 (2d Cir. 2012); EM Ltd. v. The

Republic of Argentina, 473 F.3d 463 (2d Cir. 2007).

The issues raised in the Brief are exceedingly important to this Court’s review of the Order. As the lead appellants have argued, the district court’s action was premature and likely to embolden Argentina. Argentina’s actions during the period when this appeal has been pending shows that has now occurred. Foreign- law Bondholders entered into contracts with Argentina settling their claims,

Argentina used those contracts to seek relief below, and then, discovering that it wanted to reduce their economic value, announced its intention to breach the contracts.

For the same reason, Foreign-law Bondholders have a clear and direct interest in the outcome of the instant appeal. The Injunctions remain the sole bulwark against the continued misconduct of Argentina toward them.

As matters stand today, once the Lock Law has been repealed, it appears that

Argentina will simply notify the district court of its unilateral view as to its contractual obligations, and on that basis assert that the Injunctions are

Case 16-628, Document 263-1, 03/14/2016, 1726772, Page15 of 55

automatically vacated. Its conduct to date shows a willingness to breach settlement agreements at its political convenience, and it appears that it expects to notify the district court that it has made “full payment in accordance with the specific terms”

of each agreement in principle that it entered in on or before February 29, 2016.

This heavy-handed approach to its creditors would not be possible without the

Order in place.

Because the interests of Foreign-law Bondholders are directly jeopardized

by the Order, and a review of Argentina’s conduct toward Foreign-law

Bondholders will assist the Court in its review of the Order itself, Foreign-law

Bondholders should be allowed to intervene in this matter and submit briefing as

interested non-party appellants.

CONCLUSION

For the foregoing reasons, Foreign-law Bondholders request that this Court grant their motion to intervene, and authorize them to file the Brief of Interested

Non-Party Appellant Foreign-Law Bondholders lodged herewith, and otherwise to participate in this appeal as interested non-party appellants.

In the alternative, should the Court for any reason deny the request to

intervene, Foreign-law Bondholders request leave to file the Brief of Interested

Non-Party Appellant Foreign-Law Bondholders lodged herewith as the brief of an

amicus curiae in support of reversal.

Case 16-628, Document 263-1, 03/14/2016, 1726772, Page16 of 55

Dated: March 14, 2016 Respectfully Submitted, New York, New York MORGAN, LEWIS & BOCKIUS LLP

/s/ Sabin Willett Sabin Willett One Federal Street Boston, MA 02110 (617) 951-8000

Attorney for Foreign-law Bondholders

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ADDENDUM

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16-628(CON),16 16-639(CON),- 16-640(CON),628 16-641(CON), 16-642(CON),(L 16-643(CON),) 16-644(CON), 16-649(CON), 16-650(CON), 16-651(CON), 16-653(CON), 16-657(CON), 16-658(CON), 16-659(CON), 16-660(CON), 16-661(CON), 16-662(CON), 16-664(CON), 16-665(CON), 16-666(CON), 16-667(CON), 16-668(CON), 16-669(CON), 16-670(CON), 16-671(CON), 16-672(CON), 16-673(CON), 16-674(CON), 16-675(CON), 16-676(CON), 16-677(CON), 16-678(CON), 16-681(CON), 16-682(CON), 16-683(CON), 16-684(CON), 16-685(CON), 16-686(CON), 16-687(CON), 16-688(CON), 16-689(CON), 16-690(CON), 16-691(CON), 16-694(CON), 16-695(CON), 16-696(CON), 16-697(CON), 16-698(CON)

IN THE UNITED STATES COURT OF APPEALS FOR THE SECOND CIRCUIT

AURELIUS CAPITAL MASTER, LTD., ACP MASTER, LTD., NML CAPITAL, LTD., BLUE ANGEL CAPITAL I LLC, AURELIUS OPPORTUNITIES FUND II, LLC, FFI FUND, LTD., FYI LTD., OLIFANT FUND, LIMITED, Plaintiffs-Appellants, v.

REPUBLIC OF ARGENTINA, Defendant-Appellee,

(Caption Continued on subsequent pages)

On Appeal from the United States District Court for the Southern District of New York

OPENING BRIEF OF INTERESTED NON-PARTY APPELLANT FOREIGN-LAW BONDHOLDERS

Sabin Willett MORGAN, LEWIS & BOCKIUS LLP One Federal Street Boston, MA 02110 (617) 951-8000

Attorney for Foreign-law Bondholders

Case 16-628, Document 263-1, 03/14/2016, 1726772, Page19 of 55

BANCA ARNER S.A., BRANTFORD HOLDING S.A., RICARDO PONS, OFELIA NELIDA GARCIA, NW GLOBAL STRATEGY, MARIA CRISTINA ARGENT BARNA, VIRGILIO LUIS FOGLIA, ADELA NOEMI JURI, RICARDO AURELIO TRIAY, TORTUS CAPITAL MASTER FUND, LP, HECTOR PEREZ, MARLAND INTERNATIONAL S.A., LIS CARINA MEDINA, M. ALEJANDRA TERRA RISSO, WITKRON S.A., GOLSUN S.A., JUAN ALBERTO JOSE, JOSE LUIS QUATRINI, MARIO ALBERTO RUIZ, FARIGOLD TRADE S.A., CLAUDIO MARTINEZ, FRANCISCO DE GAMBOA, SILVIA ALCIRA MURILLO DE GEBERT, ENRIQUE ANTONIO JULIO GEBERT, LAYNEL CORPORATION, LIVIO MAZZOLA, BRADFORD PROMOTIONS S.A., HAMBURG CONSULTING INC., PIERINO GARRAFA, CARLOS JESUS SENDIN, EDUARDO GIBSON, FRANCISCO BASSO, FRANCA ANTONIONE, FLORENCIO PEREZ, JUAN CARLOS GRECO, RAMON ZUBIELQUI, EDUARDO ANDRES FRANCHESCHI, GELLXON CORP., ENRIQUE COHEN, MARIA ISABEL BERRAONDO, GRACIELA ZUBASTI, ADOLFO SANCHEZ BLANCO, RAFAEL ANTONIO SALAMANCA, KINBURG TRUST S.A., MAZZINI, JORGE MARCELO, GRACIELA ALEJANDRA, COMPANIA CALITECNO S.A., ZUM FELDE, HEINRICH PETER BARAVALLE, ANA VALERIA, ALEJANDRO PABLO BARAVALLE, EZEQUIEL HERNAN BACLINI, PATRICIA RUTH CARONNA, JOSE ALBERTO LANDI, SALVADOR SADDEMI, MARIA TERESA LEPONE, HERNAN TABOADA, SUSANA FRASCA DE LAURIA, NORBERTO PABLO GIUDICE, SUSANA LAURIA, GUILLERMO DOTTO, JORGE MANUEL TABOADA, MARIA DEL CARMEN ESCUDERO, ROSAS DE COHEN, ESTRELLA BETY, CORBINS TRADE S.A., LUIGI GIACOMAZZI, LUCIANA PEDROLLI, PATRIZIA GIACOMAZZI, MICHELE STAGNITTO, CLAUDIO MIGUEL MATHEOU, HUGO MASINI, VIVIANA NOEMI TUORON, GUILLERMO JORGE DOMATO, IMPERIAL BYLIDOL S.A., DARIO ALBERTO PARDAL, PAULA MASTRONARDI, HORACIO ALBERTO VAZQUEZ, LILIANA CEBROWSKI, DIEGO PEDRO PELUFFO, JUAN OMAR GIOVACHINI, LILIA ANGELICA PARISI, TRALOVE COMPANY S.A., MAURA MALETTI, GRACIELA ADRIANA GAMITO, ADRIAN CALEFFA, GUILLERMO ALMANZA, FELICITAS C. VON GROMANN, ROBERTO VIRGILIO SAURO, RITA LESO, RODOLFO ALBERTO GIL, VICENCIO, VIVIAN ORIANA VICENCIO SAAVEDRA, FELICITAS FLORENCIA FOX ANASAGASTI, FRANCISCO EDUARDO DE LA MERCED, ISABEL EVANGELINA BAVASSI, MAKAPYAN S.R.L., FRANCISCO JOSE MECHURA, GRACIELA DONNANTUONI, BERNARDO G. FERMAN, FRANCAISE COMPAGNIE, D'INVESTISSEMENTS S.A., MARIA SUSANA PAGANO, CARLOS ALBERTO LAGOS, JULIO HECTOR KRASUK, MAZORAL S.A., MIGUEL LIMOLI, LUCIO RAMON MUR, JESUS JORGE OTANI, ALEJANDRO ENRIQUE FERNANDEZ, GUIDO DEBIASI, ATTILIO DE ROSA, MANUEL G. GUILLEN, BEATRIZ M. CASTANO, MONICA HAYDEE GRACIOTTI, LISANDRO ROBERTO ARTURO MORA, ABEL VICENTE SANTANA, MARIA CLAUDIA MANGIALAVORI, HORACIO ALBERTO M. SANC CABALLERO, RICARDO SANCHEZ CABALLERO, ELISA SANCHEZ CABALLERO, FIRST CITY S.A., JORGE JORACIO ROSINI, ALICIA ESTER SALVADOR, DOLLY ESTHER CUBASSO, SANTA

Case 16-628, Document 263-1, 03/14/2016, 1726772, Page20 of 55

SORRENTINO, RODOLFO BURUL, LYDIA HAYDEE GIGAGLIA, ANSGAR NEUENHOFER, DORA RAQUEL MALEC, CLAUDIO OSCAR MAZZA, ADRIANA BEATRIZ POVEDA, ALBERTO SILVIO BURSZTYN, ANDREA FABIANA FUCITO, CARLOS ALBERTO LAGOS, MARIA DEL LAS MERCEDE LAGOS, MAURIZIO GIOVE, GUILLERMO CARLOS F. CENTENO, CARLOS ALBERTO MURACA, PATRIZIA VALERI, ANDREA RONZON, SILVA FALOMO, VITTORIO GIANNATTASIO, MONICA GIANNATTASIO, MARCELO EDUARDO PRIMA, RICARDO SANCHEZ CABALLERO, ELISA SANCHEZ CABALLERO, SUSANA MOLINA GOWLAND, THEA PINA GORGONE, ALESSANDRA PADOAN, GLORIA PADOAN, PIERLUIGI PADOAN, THEA PINA GORGONE, LUIGI PADOAN, MASSIMILIANO MAZZANTI, MANUELA MAZZANTI, GIUSEPPINA FUSCHINI, MARTA GUERRINI, CORRADO GUERRINI, STEFANIA SIMONCINI, LUIGI PACIELLO, LERINERCO S.A., AURELIO PESENTI, ARNOLDO DOLECETTI, TELLADE NAVA, TOMMASINO VITIELLO, LUIGI VITIELLO, GABRIELLE DOLCETTI, GUISEPPE DOLCETTI, PABLO HUGO KALBERMANN, EVA SONDERMANN GELLER, PEDRO KALBERMANN, INTER PALMISANO S.A., DORA RAQUEL MALEC, ANDREA SUSANA BURSZTYN, ALBERTO SILVIO BURSZTYN, ALFREDO PACHECO, FRANCES BROWN, ADOLFO MIGUEL MUSCHIETTI, JOSE ANTONIO MUSCHIETTI, MARIA CRISTINA BUENANO, ADOLFO MIGUEL MUSCHIETTI, MARIA CRISTINA BUENANO, RODRIGO FELIPE MUSCHIETTO, MARIA CRISTINA MUSCHIETTI, ALEJANDRO FEDERICO MUSCHIETTI, NELSON DANTE LUCIANO, DANTE LUCIANO, MERCEDES FELIU, DAVID ADRIAN LUCIANO, OSCAR PAUL CLAVIJO, ANA MARIA AURORA OTERO, CARLOS ALBERTO BRUZZONE, PEDRO KALBERMANN, EVA SONDERMANN, COLOMBO MASI, MARIA ELENA PELAYO, LUIS PEDRO BIVORT, VALENTINA ETCHART, MARIA FAUSTA CILLI, FIORENZO FACCIONI, LEONARDO HILARIO SIMONE, CARLOS ARTURO JOSE ULLA, PATRICIA STORARI, DECIO CARLOS FRANCISC ULLA, OSCAR SECCO, MERCEDES CALVO, DELFIN A. RABINOVICH, DIEGO PEDRO PELUFFO, ELVIRA DAGMAR BUZCAT, LEONIDAS RAUL BORDIGONI, ALEJANDRO FERNANDEZ BARBEITO, RAMON BARBEITO, LIDIA FERNANDEZ DE BARBEITO, MANUEL CALVO, MERCEDES CALVO, ALCIRA NOEMI ARDITI, CLAUDIO GABRIEL ARDITI, FERNANDO BARBEITO FERNANDEZ, SANDRO CONCETTINI, MARIA ASUNCION INMACU CASTELLI, JOSEFA AMBROSELLI, ROBERTO CARLOS PARADA, ROSA SARA POMPEYA LA DE PARADA, GUILLERMO PEDRO PARADA, MARIANO ROBERTO PARADA, ALICIA G. DE SONDERMANN, EVA SONDERMANN, SUSANA SONDERMANN, RICARDO SONDERMANN, PAULA ARMANDA AZCARATE, EDITH ELVIRA NICOLAS, FISEICO, - FINANCIAL SERVICES INTERNATIONAL CORPORATION, ENSENADA UNITED CORPORATION, LORENZO BIANCHI, GIORDANO ALLIEVI, GABRIELLA TOSCANO, AMBROGIO STUCCHI, GIUSEPPE STUCCHI, MARIA LUISA STUCCHI, MORENO LEGNARO, MARIO DAL TOE, DAVIDE CIALLELLA, BRAMANTE DAL TOE, LUCIA VETTORETTI, ALDO NAJ OLEARI, MARIA IDA MODENA, ADA DAL TROZZO, LUIS GARCIA TOBIO, ANTONIA MIRIAN

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MACIEL, KAZIMIERZ KORNAS, LUIGI GIACOMAZZI, LUCIANA PEDROLLI, AGOSTINO SCOCCHERA, MARCELO SPILLER, ROMINA MARIA BUSCAGLIA, NORA RAQUEL LOPEZ, GABRIEL MIGUEL, RAMON MIGUEL, MARCOS VANNI, ANA ANTONIA CABRERA, TERENCIANO DE JESUS CABRERA, CARLOS ALBERTO MARTINEZ, MONICA CRISTINA BARBERO, SIDNEY SUTTER, EDUARDO ARGENTIERI, CARLOS ADOLFO ESCATI, ARMANDO EDUARDO VALERIO, MIRTA ANTONIA PORTELA, ROQUE PEREZ VILLALBIA, GABRIEL FEDRICO LEIMGRUBER, FEDERICO HECTOR LEIMGRUBER, LAURA VICTORIA DEMIDOVICH, ALEJANDRO DEMIDOVICH, DIEGO WALTER CASTRILLI, DANIEL HORACIO ROLFO, ALICIA EVELIA GALIANI, SILVIA MABEL SACCONE, MARCELO RUBEN RIGUEIRO, ALFREDO ENRIQUE ZUCCHINI, NESTOR DE NICOLA, GRACIELA MARTA BERRETTI, PAULA DE NICOLA, SANTIAGO ROCCA, ANA MARIA SALDANA, ENRIQUE JORGE ROCCA, JOSEF SCHWALD, DENISE MARIE LAURETTE COLELLA, MICHELLE COLELLA, SUSANA LEONOR GATTI, MARTA BEATRIZ GATTI, LUIS ANGEL GATTI, GRISELDA TERESA DULEVICH, MARIA AGUSTINA SAUCO, MARIA GRISELDA SAUCO, MARIA FLORENCIA SAUCO, OSVALDO LORENZO SAUCO, ANGELA BUSI, RAMON EDUARDO NEBHEN, ANA CECILIA ALBORNOZ, BRUNO ITALIA, RUBEN UBALDO DI MARCO, MARIA LUCRECIA QUIROGA, JORGE ALBERTO ATILIO NEGRI, NICOLAS CARLOS AMADOR FARINOLA, JORGE CORADO FARINOLA, RENATE ARNOLD, IRMA HAYDEE REDONDO DE NEGRI, MASSIMO BALDARI, LILLINA ROSSO, ALBERTO ANICETO GONZALEZ, DELIA ISABEL GONZALEZ, MARIANA GONZALEZ, ROBERTO FEDECOSTANTE, DINA DI TOMMASO, BRIGIDA ELVIRA DENIS, VILMA BURGIO, NAIBY ELIANA SORIA, MARIA MARTA DE LUCA, ALEXANDER STERN, NELIDA AMELIA GIUSTI DE BEHAR, INGEBORG STERN, SERGIO RODOLFO BERRI, STELLA MARIS BOFFELLI, MALCOLM GERALD BERRI, NELIDA ROSA PAOLINI, FRANCO MARIA CONTE, LINA LO VULLO, FRANCESCO MASSOLETTI, DIANA KLEIN, FERISMAR CORP. S.A., CARLOS A. RIAL COTO, MARIA C. UNGARO TORRADO, COUNTY BAY INVESTMENTS LTD., GHIBLI INVESTMENTS LTD., SILVIO EDUARDO SAUCO, MIGUEL KAUFMANN, EDGARDO A. RAMOS, RIVKA SCHMUSKOVITS DE SCHUSTER, NICOLAS SCHUSTER, FLAVIA MARINA SCHUSTER, BEATRIZ LEONOR DE RAMOS, JORG ZAHN, ELENA PASQUALI, PORTICO CAPITAL INC., HARTMUT PETERS, SABINE ZAHN, WOLFGANG BOLLAND, BLIWAY INTERNATIONAL S.A., RICARDO KAUFMANN, MIGUEL ANGEL BITTO, MARIA SILVIA CINQUEMANI, EUGENIO QUARTRINI, OLGA ALBA MARINI, SEBASTIAN QUATRINI, PEDRO MARCELO SEXE, SAMUEL OLDAK, ANNA OLDAK, DAVID OLDAK, URI OLDAK, TELINCOR S.A., SOCRATE PASQUALI, ANNA MARIA CARDUCCI, NORFOLK INVESTMENT TRADE CO. LTD., GAMETOWN CORPORATION, NORBERTO ANGEL GARCIA MADEO, ANA MARIA SAENZ, GRACIELA CANDIDA CORLEIS SAENZ, WEGE ZU MOZART VERANSTALTUNGSGESEKKSCHAFT M.B.H, BOIM S.A., STEFANO SPANICCIATI, NESTOR ALBERTO RUBIN, ANDREAS WILFRED SCHWALD, ANTONIO

Case 16-628, Document 263-1, 03/14/2016, 1726772, Page22 of 55

JUAN PAULETICH, FABIAN E. PAULETICH, FRANCO PERUZ, NORBERTO DARIO CASTELLA, STREET INVESTMENTS LIMITED, GUIDO SCANAVINO, LYDIA SCANAVINO, GIANCARLO GRASSI, HENDRIK BEYER, EDGARDO GERARDO A. SCLAFANI, LUCIA RAFAELA TASSO, ALEXIA BRANDES, FERNANDO EXPOSITO, MARA CAVANA, MAURIZIO DALLA, RENATO PALLADINI, ANDREA VIGNALI, FINCOMPANY S.A., GLORIA GAGGIOLO, VALERIO CHIRIATTI, SIMONETTA BUCCIOLI, ATTILIO GAUDENZI, LORIS ZAVOLI, ELENA MARCACCINI, ILDEBRANDO MOTTI, TULLIA TURCHI, CARLO CIGOLINI, JUAN EDUARDO COLUMBO, ESTELA ISABEL DELGADO, CARLA NANNI, MAURIZIO PETRONI, ROBERTO AKMAN, LILIANA EDITH GENNI, ARNOLDO DOLCETTI, MARCELLA DOLCETTI, LUCA MULAZZANI, ROBERTO BAUTISTA FRANCO BACCANELLI, ALFREDO CARLOS ALZAGA, MIGUEL ALBERTO BALESTRINI, BIBIANA DELLA FLORA, MARIA ISABEL BALESTRINI, MARIANA NOEMI TAUSS, ALEJANDRO R. LUPPI, ATILIO LUIS POCOSGNICH, ALICIA BEATRIZ GRACIAN, CAROLINA POCOSGNICH, BEATRIZ MARTI RETA, HORACIO TOMAS LIENDO, LUCIANA CEREDI, LUCIANO MILANESI, ALESIA MILANESI, PENG ZEYING, WOON CHEUNG LEUNG, RAUL ALEJANDRO GONZA MARTIN, GUSTAVO CARLOS FERREIRA, JOSE EMILIO CARTANA, RAUL HORACIO MENDEZ, MARIA MERCEDES MENDEZ FERRO, ROBERTO CLAUDIO PITRONA ELLE, ALBERTO GUILLERMO HILLCOAT, ELENA GRACIELA MARTINEZ, ENRIQUE SEBASTIAN PALAC MINETTI, SEBASTIAN JORGE PALACIO, MARIA ESTHER FERRER, AJU S.A., CASIMIRO KORNAS, MICHAEL HEEB, LIDIA FLORINDA PIOLI, ANA LIDIA LEIVAS, JUAN DOMINGO BALESTRELLI, GUNTHER BRAUN, HWB RENTEN PORTFOLIO PLUS, HWB ALEXANDRA STRATEGIES PORTFOLIO, NW GLOBAL STRATEGY, VICTORIA STRATEGIES PORTFOLIO LTD., HWB VICTORIA STRATEGIES PORTFOLIO, HWB PORTFOLIO PLUS, CESARE DE JULIIS, MIRTA BEATRIZ MANDOLINO, EDUARDO HECTOR SORROCHE, SUSANA ALICIA COSTA, DIEGO MARCOS SORROCHE, VERONICA SORROCHE, CHRISTA ERB, RUDOLF ERB, SILVIA BEATRIZ OVEJERO, DAVID DE LAFUENTE, JOSE L. PELUSO, HWB ALEXANDRIA STRATEGIES PORTFOLIO, ZYLBERBERG FEIN LLC, U.V.A. VADUZ, KLAUS BOHRER, AMBER REED CORP., CONSULTORA KILSER S.A., MICHAEL SCHMIDT, MARIE LAURETTE DUSSAULT, BURGHARD PILTZ, OSCAR REINALDO CARABAJAL, DORA LUISA SASAL, UTE KANTNER, SUSANA ALICIA MONKES, ALBERTO HABER, ALEJANDRO ALBERTO ETCHETO, CRISTA IRENE BRANDES, FRANCISCO MIGUEL MOLINARI, HELMUT HAGEMANN, HWB DACHFONDS- VENIVIDIVICI, HWB GOLD & SILBER PLUS, ROSA DELFINA CASTRO, GAMETOWN CORPORATION S.A., CRISTOPH HAGEMANN, DRAWRAH LIMITED, MICHELE COLELLA, DENISE DUSSAULT, ANYE SALINOVICH, DEBORA REINA COHEN, FEYSOL S.A., VANINA ANDREA EXPOSITO, BEATE NEUENHOFER, LERINERCO S.A., ANDREA DE NICOLA, INES DELIA EIDELMAN, DIEGO FABIAN TOPF, MODERN GROUP S.A., LUCABRAS S.A., CESAR CIVETTA, ALDO CIVETTA, AMANDA WIELIWIS, SUSANA

Case 16-628, Document 263-1, 03/14/2016, 1726772, Page23 of 55

AQUERRETA, LILA INES BURGUENO, MARIA EVANGELINA CARBALLO, MARIA ELENA CORRAL, TERESA MUNOZ DE CORRAL, MIRTA SUSANA DIEGUEZ, NORMA HAYDEE GINES, CARMEN IRMA LAVORATO, NORMA ELSA LAVORATO, LEANDRO DANIEL POMILIO, PABLO ALBERTO VARELA, CESAR RUBEN VAZQUEZ, MARTA AZUCENA VAZQUEZ, MAXIMO DORRA, OLGA DE DORRA DORRA, ANGEL EMILIO MOLINOS, RAUL RENNELLA, SANDRA ELIZABETH SCHULER, MIGUEL ANGEL BELOQUI, ANA ZEMBORAIN ZEMBORAIN, MARTA MABEL FOLGADO, HORACIO GUIBELALDE, ARAG- A LIMITED, ARAG-O LIMITED, ARAG-T LIMITED, ARAG-V LIMITED, GRAZIANO ADAMI, GIANFRANCO AGOSTINI, ALLAN APPLESTEIN TTEE FBO DCA GRANTOR TRUST, MILENA AMPALLA, AUGUSTO ARCANGELI DE FELICIS, ANTONELLA BACCHIOCCHI, ALBERTO BACIUCCO, OTELLO BACIUCCO, FILIPPO BAGOLIN, SARA BARTOLOZZI, ANNELIESE GUNDA BECKER, SERENELLA BELLEGGIA, GIORGIO BENNATI, STUDIO LEGALE BENNATI, ROBERTO BERARDOCCO, GRAZIELLA BERCHI, ORSOLINA BERRA, ADRIANO BETTINELLI, MASSIMO BETTONI, GIORGIO BISTAGNINO, STEFANO BISTAGNINO, GRAZIELLA BONADIMAN, ANDREA BONAZZI, STEFANIA BONPENSIERE, RACHELE BONTEMPI, MARCO BORGRA, SERGIO BORGRA, RENATA BOSCARIOL, EMANUELE BOTTI, CARLO BRETTI, SUSANNA BRETTI, ANTONIETTA GUISEPPINA BRIOSCHI, MARCELLO CALANCA, BRUNO CALMASINI, ITALIA CAMATO, GIUSEPPINA CAPEZZERA, LAURA ANNA CAPURRO, VINCENZO CARBONE, CARIFIN S.A., GIOVANNI CARLOTTA, ELETTRA CASALINI, DIEGO CASTAGNA, MARCO CAVALLI, CARMELINA CENSI, GIAN FRANCESCO CERCATO, ALBERTO COMPARE, GIOVANNA CONNENA, AGOSTINO CONSOLINI, CESARINO CONSOLINI, MARIA LUIGIA CONTI, SILVANA CORATO, GIANCARLO BARTOLOMEI CORSI, FRANCESCO CORSO, GIUSEPPINA CORSO, LAURA COSCI, ANGELO COTTONI, MONICA CROZZOLETTO, GRAZIELLA DACROCE, TARCISIA DALBOSCO, ALDO DAVID, CARLA MARINI DE FELICIS ARCANGLI, ANTONIO DE FRANCESCO, ADRIANA DELL'ERA, CARLO FARIOLI, ANNA FERRI, GIOVANNA FERRO, FRANCESCO FOGGIATO, DONATELLA ZANOTTI FRAGONARA, RINALDO FRISINGHELLI, ANGIOLINO FUSATO, MADDALENA GAIOLI, FRANCESCO MAURO GHEZZI, GABRIELE FUSATO, FELICINA GAIOLI, GIAN CARLO GANAPINI, MARIO GIACOMETTI, GIOVANNI GIARDINA, CELESTINO GOGLIA, GIULIA GREGGIO, VERNA GUALANDI, LUISELLA GUARDINCERRI, GIANFRANCO GUARINI, RAIMONDO IALLONARDO, INNOVAMEDICA S.P.A., ANTONELLA DE ROSA KUNDERFRANCO, MANUELA DE ROSA KUNDERFRANCO, MARITZA LENTI, ANGELO LEONI, PAOLO LISI, UGO LORENZI, SERGIO LOVATI, FERNANDA ANGELA LOVERO, CLAUDIO MANGANO, ELIDE MARGNELLI, ROMANO MARTON, MIRCO MASINA, GUGLIELMINA MASSARA, BRUNA MATTIOLI, SALVATORE MELCHIONDA, MASINA MIRCO MIRCO, SIMONETTA MONTANARI, GIAMPAOLO MONTINO, ALESSANDRO MORATA, CARLA MORATA, MARIA RITA MORETTO, AMATO MORI, BRUNO PAPPACODA, SABRINA PARODI,

Case 16-628, Document 263-1, 03/14/2016, 1726772, Page24 of 55

ALFREDO PELLI, FRANCO PEZZE, VALERIO PIACENZA, PERI LUIGI LUCIBELLO PIANI, EUGENIA RE, ALEESSANDRA REGOLI, BARBARA RICCHI, MARIA ROBBIATI, PAOLA ROSA, ADRIANO ROSATO, GIUSEPPE SILVIO ROSSINI, LAURA ROSSINI, RAFFAELE ROSSINI, RUGGERO ROSSINI, INES ROTA, HILDA RUPPRECHT, VINCENZA SABATELLI, ANGELINA SALMISTRARO, TIZIANO SASSELLI, MARINELLA SCALVI, MAURIZIO SERGI, SIMONA STACCIOLI, LICIA STAMPFLI-ROSA, SANTE STEFANI, EUFROSINA DE STEFANO, ANNA STORCHI, RENATE TIELMAN, MANUELITO TOSO, VALERIA TOSO, FRANCO TRENTIN, STEFANIA TRENTIN, MARTINO VERNA, MARIO VICINI, LUCA VITALI, VITO ZANCANER, GIOVANNI ZANICHELLI, MATTEO ZANICHELLI, JOHNNIE ERVING, FRANCES ERVING, LISA CHAMBERLIN ENGELHARDT, JOHN CLARIZIA, GERALD COULTHURST, ENRIQUE DOMINGUEZ, TRINITY INVESTMENTS LIMITED, MCHA HOLDINGS, LLC, EGAR RAMON LAMBERTINI, ANA DORATELLI, SCOGGIN CAPITAL MANAGEMENT II LLC, JUANA BONAIUTI, SCOGGIN INTERNATIONAL FUND LTD., SCOGGIN WORLDWIDE FUND LTD., TITO SIENA, ATTESTOR MASTER VALUE FUND LP, ARMANDO RUBEN FAZZOLARI, JULIO ROBERTO PEREZ, WHITE HAWTHORNE, LLC, JOSE PEDRO ANGULO, PEDRO TIMOTEO ANGULO, FERNANDO CROSTELLI, JUAN CARLOS CROSTELLI, MARTINA CROSTELLI, VIVIANA CROSTELLI, PATRICIO HANSEN, CLAREN CORPORATION, BYBROOK CAPITAL HAZELTON MASTER LP, BYBROOK CAPITAL MASTER FUND LP, ANDRAREX, LTD., CLARIDAE LTD, MARIA DEL PILAR DE WE FERRER, STONEHILL INSTITUTIONAL PARTNERS, LP, AND STONEHILL MASTER FUND LTD., Plaintiffs-Appellants, V.

BANK OF AMERICA, N.A., Respondent, BANCO BILBAO VIZCAYA ARGENTARIA, S.A., BBVA COMPASS BANCSHARES, INC., BBVA SECURITIES INC., STANDARD INSURANCE COMPANY, ADMINISTRACION NACIONAL DE SEGURIDAD SOCIAL, UNION DE ADMINISTRADORAS DE FONDOS DE JUBILACIONS Y PENSIONES, CONSOLIDAR AFJP S.A., ARAUCA BIT AFJP S.A., FUTURA AFJP S.A., MAXIMA AFJP S.A., MET AFJP S.A., ORIGENES AFJP S.A., PROFESION+AUGE AFJP S.A., UNIDOS S.A. AFJP, OCWEN FINANCIAL CORPORATION, OCWEN LOAN SERVICING, LLC, ASSURANT, INC., AMERICAN SECURITY INSURANCE COMPANY, SAXON MORTGAGE SERVICES, INC., AND MORGAN STANLEY,

Third-Party Defendants.

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CORPORATE DISCLOSURE STATEMENT

ARAG-A Limited is a Cayman Islands corporation. AGBPI Fund, Ltd. is the parent of ARAG-A Limited. No publicly held corporation owns 10% or more of the stock of ARAG-A Limited.

ARAG-O Limited is a Cayman Islands corporation. Alden Global

Opportunities Master Fund, L.P. is the parent of ARAG-O Limited. No publicly held corporation owns 10% or more of the stock of ARAG-O Limited.

ARAG-T Limited is a Cayman Islands corporation. Turnpike Limited is the parent of ARAG-T Limited. No publicly held corporation owns 10% or more of the stock of ARAG-T Limited.

ARAG-V Limited is a Cayman Islands corporation. Alden Global Value

Recovery Master Fund, L.P. is the parent of ARAG-V Limited. No publicly held corporation owns 10% or more of the stock of ARAG-V Limited.

Yellow Crane Holdings, L.L.C. is a limited liability company organized and existing under the laws of the State of Delaware. Yellow Crane Holdings L.L.C. is not a corporation and therefore Rule 26.1 does not require any disclosures with respect to it.

MCHA Holdings, LLC is a limited liability company organized and existing under the laws of the State of Delaware. MCHA Holdings, LLC is not a

Case 16-628, Document 263-1, 03/14/2016, 1726772, Page26 of 55

corporation and therefore Rule 26.1 does not require any disclosures with respect to it.

Honero Fund I, LLC (“Honero”) is a limited liability company organized and existing under the laws of the State of Delaware. Honero is not a corporation

and therefore Rule 26.1 does not require any disclosures with respect to it.

Red Pines LLC is a limited liability company organized and existing under

the laws of the State of Delaware. Red Pines LLC is not a corporation and

therefore Rule 26.1 does not require any disclosures with respect to it.

Trinity Investments Limited is an Irish private company limited by shares.

Trinity Investments Limited has no corporate parent. No publicly held corporation

owns 10% or more of the stock of Trinity Investments Limited.

Spinnaker Global Emerging Markets Fund, Ltd. is a British Virgin Islands

private company limited by shares. Spinnaker Global Emerging Markets Fund,

Ltd. has no corporate parent. No publicly held corporation owns 10% or more of the stock of Spinnaker Global Emerging Markets Fund, Ltd.

Spinnaker Global Special Situations Fund LP is a limited partnership

organized under the laws of the Cayman Islands. Spinnaker Global Special

Situations Fund LP is not a corporation and therefore Rule 26.1 does not require any disclosures with respect to it.

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TABLE OF CONTENTS

CORPORATE DISCLOSURE STATEMENT ...... i TABLE OF CONTENTS ...... iii TABLE OF AUTHORITIES ...... iv PRELIMINARY STATEMENT ...... 1 STATEMENT OF JURISDICTION...... 3 STATEMENT OF THE ISSUE PRESENTED FOR REVIEW ...... 4 STATEMENT OF THE CASE ...... 4 STATEMENT OF RELEVANT FACTS ...... 5 STANDARD OF REVIEW ...... 13 SUMMARY OF ARGUMENT ...... 14 ARGUMENT ...... 15 I. The Foreign-law Bondholders Entered Into Binding Settlement Agreements with Argentina ...... 16 A. The Text of the Unilateral Settlement Offer ...... 17 B. Principles of Contract Construction Show that the Parties Entered into Binding Agreements that Included No Statute of Limitations Term ...... 20 C. Argentina’s Conduct Demonstrates that that the Contracts Do Not Include Any Statute of Limitations Term ...... 22 II. The Injunctions Remain Necessary ...... 25 CONCLUSION ...... 26 CERTIFICATE OF COMPLIANCE ...... 27

iii

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TABLE OF AUTHORITIES

CASES Korn v. Franchard Corp., 456 F.2d 1206 (2d Cir. 1972) ...... 14

Krumme v. WestPoint Stevens Inc., 143 F.3d 71 (2d Cir. 1998), rev’d on other grounds, 238 F.3d 133 (2d Cir. 2000) ...... 16

McCarthy v. Am. Int’l Grp., Inc., 283 F.3d 121 (2d Cir. 2002) ...... 21

Morgan Stanley Grp. Inc. v. New England Ins. Co., 225 F.3d 270 (2d Cir. 2000) ...... 21

Saks Inc. v. Attachmate Corp., No. 14 CIV. 4902, 2015 WL 1841136 (S.D.N.Y. Apr. 17, 2015) ...... 21

Sierra Club v. U.S. Army Corps of Engineers, 732 F.2d 253 (2d Cir. 1984) ...... 13

Zheng v. City of New York, 19 N.Y.3d 556 (2012) ...... 17

STATUTES 28 U.S.C § 1292(a)(1) ...... 3

28 U.S.C. § 1330 ...... 3

28 U.S.C. § 1605(a)(1) ...... 3

OTHER AUTHORITIES Fed. R. App. P. 27 ...... 2

Fed. R. Civ. P. 60(b) ...... 4

Local Rule 27.1 ...... 2

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PRELIMINARY STATEMENT

This is an appeal from an order entered by the United States District Court

for the Southern District of New York on March 2, 2016, in case no. 08-6978 (the

“Order”). See SPA-70.1 The district court directed that certain previously-issued injunctions ordered in litigation over defaulted Argentine sovereign bonds (the

“Injunctions”) would be vacated upon satisfaction by the Republic of Argentina

(“Argentina”) of two conditions precedent:

(1) The Republic repeals all legislative obstacles to settlement with the FAA bondholders, including the Lock Law and the Sovereign Payment law;

(2) For all plaintiffs that entered into agreements in principle with the Republic on or before February 29, 2016, the Republic must make full payment in accordance with the specific terms of each such agreement. The Republic must also notify the court once those plaintiffs have all received full payment.

See SPA-84 (emphasis added). The district court did not require Argentina to

identify the agreements in principle that had been reached, or to provide any

mechanism for bondholders to challenge a deficient notice before the Injunctions

are vacated.

1 “JA A-###” refers to the Joint Appendix. “SPA-###” refers to the Special Appendix.

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The Injunctions protect the interested non-party Appellants (the “Foreign- law Bondholders”),2 who hold bonds issued by Argentina and governed by foreign law. They are among many litigants whose rights are affected by the question

whether the Injunctions should be lifted. Just prior to a March 1, 2016 hearing,

which the district court held pursuant to this Court’s mandate, the Foreign-law

Bondholders entered into the agreements with Argentina contemplated by the

Order’s second condition precedent. Some of these agreements were cited by

Argentina on February 29, 2016, and again the following day, when Argentina

argued before the district court for issuance of the Order.

With the Order safely issued, however, Argentina reneged on these agreements. While this expedited appeal has been pending, Argentina first suggested that its obligations to the Foreign-law Bondholders under settlement agreements could be reduced significantly by inserting a new “statute of limitations” term that is not present in the agreements themselves. These suggestions hardened on Friday, March 11, 2016, when Argentina’s

2 The Foreign-law Bondholders are ARAG-A Limited, ARAG-O Limited, ARAG- T Limited, ARAG-V Limited, Yellow Crane Holdings, L.L.C., MCHA Holdings, LLC, Honero, Red Pines LLC, Trinity Investments Limited, Spinnaker Global Emerging Markets Fund, Ltd. and Spinnaker Global Special Situations Fund LP. On March 14, 2016, pursuant to Fed. R. App. P. 27 and Local Rule 27.1, the Foreign-law Bondholders moved for leave to intervene in this appeal as interested nonparties with respect to their foreign-law holdings. Many of the Foreign-law Bondholders also hold New York-law governed bonds, and, in this capacity, are represented by separate counsel in this appeal.

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representatives advised that Argentina would not honor the Foreign-law

Bondholders’ settlement agreements.3

This remarkable reversal is powerful evidence of what the lead appellants

have argued both below and here: that the district court’s Order was premature,

and that the continued efficacy of the Injunctions is vital to securing Argentina’s

good-faith compliance with its obligations, even after Argentina makes public

commitments to U.S. courts.

STATEMENT OF JURISDICTION

The district court had jurisdiction over these actions pursuant to 28 U.S.C.

§ 1605(a)(1) and 28 U.S.C. § 1330 because Argentina is a foreign sovereign that has waived its immunity with respect to actions on obligations under the defaulted

FAA bonds beneficially owned by Appellants.

This Court has jurisdiction pursuant to 28 U.S.C § 1292(a)(1) because the

Order being appealed from is an interlocutory order of the district court “dissolving

injunctions” that it previously entered. Additionally, a mandate issued by this

Court on February 24, 2016 provided that any appeal of the district court’s Order would be consolidated for review by this Court. See JA A-1715.

3 See Declaration of Stephen Scotch-Marmo, Ex. C, filed in support of Emergency Motion of Foreign-law Bondholders to Intervene as Interested Non-Party Appellants (the “Scotch-Marmo Declaration”).

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STATEMENT OF THE ISSUE PRESENTED FOR REVIEW

Did the district court err by vacating the permanent “pari passu” Injunctions it entered in 2012 and 2015, based on its determination that Argentina’s recent settlement strategy amounted to “changed circumstances” rendering those injunctions “no longer equitable” under Fed. R. Civ. P. 60(b), and should this

Court vacate the Order and remand the cases to the district court with instructions that, at minimum, the Injunctions not be lifted until all disputes concerning the

Foreign-law Bondholders’ acceptances of the Unilateral Settlement Offer (defined below) have been fully adjudicated?

STATEMENT OF THE CASE

Certain of the Foreign-law Bondholders moved to intervene in the district

court proceeding on February 19, 2016. JA A-1649. That motion is pending, but

the Foreign-law Bondholders were permitted by the district court to appear and be

heard on March 1, 2016.4

The Foreign-law Bondholders moved for leave to intervene in these consolidated appeals on March 14, 2014. The appeals are from the Order, which was issued by the Southern District of New York (Griesa, J.) on March 2, 2016, granting Argentina’s motions (dated February 11, 2016, and February 25, 2016) to vacate the permanent pari passu Injunctions entered by the district court on

4 On March 4, 2016, the district court extended Argentina’s time to respond to the motion to intervene from March 7 to April 6, 2016. JA A-2388.

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November 21, 2012, and October 30, 2015, in sixty-two actions. The Order provides that the Injunctions will be lifted solely upon the occurrence of two

conditions precedent (detailed below). The Order is not yet reported in the Federal

Supplement, but is available at 2016 WL 836773.

The Foreign-law Bondholders sought leave to intervene in this proceeding

on March 14, 2016.

The Foreign-law Bondholders adopt and here incorporate the more detailed

procedural summary set out in the “Statement of the Case and Facts” section of the

Joint Brief for Plaintiffs-Appellants ARAG-A Limited, ARAG-O Limited, ARAG-

T Limited, ARAG-V Limited, Attestor Value Master Fund, Bybrook Capital

Hazelton Master Fund LP, Bybrook Capital Master Fund LP, Claridae Ltd., Maria

Del Pilar De We Ferrer, MCHA Holdings, LLC, Stonehill Institutional Partners,

LP, Stonehill Master Fund Ltd., Trinity Investments Limited, White Hawthorne,

LLC, and All Plaintiffs-Appellants in the Adami Appeal.

STATEMENT OF RELEVANT FACTS

The Foreign-law Bondholders are plaintiffs in several cases brought against

Argentina pending before the district court.5 The relevant bond instruments

5 See Trinity Investments Limited, et. al. v. The Republic of Argentina (“Trinity”), Case No. 14-09095 (S.D.N.Y.) (TPG), Red Pines LLC, et. al. v. The Republic of Argentina (“Red Pines”), Case No. 14-09427 (S.D.N.Y.) (TPG), MCHA Holdings, LLC, et. al. v. The Republic of Argentina, Case No. 15-08529 (S.D.N.Y.) (TPG), Procella Holdings, L.P., et. al. v. The Republic of Argentina, Case No. 15-09579 5

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contain equal treatment covenants similar to those upon which the district court rested the Injunctions. Collectively, the Foreign-law Bondholders hold roughly

$500 million equivalent in principal amount. Last year, motions for pari passu

injunctions -- similar in form to the Injunctions -- were filed in these cases. Those

motions were pending in February 2016, when the settlement process accelerated.6

The Foreign-law Bondholders have long been proponents of settlement.

Initially, they were pleased that Argentina’s new administration appeared to make

settlement a priority. It appeared that the Injunctions (entered in 2012 and again in

2015) helped incentivize this change in position. In early February, Argentina’s

new administration presented a settlement offer to defaulted bondholders, and

invited parties to accept or negotiate those terms. The Foreign-law Bondholders

(S.D.N.Y.) (TPG), ARAG-A Limited, et. al. v. The Republic of Argentina, Case No. 16-00905 (S.D.N.Y.) (TPG), Honero Fund I, LLC, et. al. v. The Republic of Argentina, Case No. 16-00911 (S.D.N.Y.) (TPG) and Spinnaker Global Special Situations Fund LP, et. al. v. The Republic of Argentina, Case No. 16-01512 (S.D.N.Y.) (TPG). On March 2, 2016, with Argentina’s assent, plaintiffs in the Trinity and Red Pines cases jointly requested an adjournment of certain filing deadlines, reciting that “all Plaintiffs have accepted the Republic of Argentina’s offer of settlement with respect to the bonds at issue in these matters.” Scotch- Marmo Declaration Ex. A. The district court granted the extension requests on March 3, 2016. Scotch-Marmo Declaration Ex. B. 6 See Trinity and Red Pines. In November, 2015, the Trinity and Red Pines Foreign-law Bondholders sought pari passu injunctions, submitting affidavits from German and English-law jurists and scholars showing that their claims were valid and timely. Argentina filed its responsive pleadings on February 12, 2016. These actions will be moot if Argentina performs its agreements set out below. A provisional reply date is now set at May 17, 2016.

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tried to negotiate, but in most cases, their efforts met with virtual silence. With the

February 29 deadline looming, the Foreign-law Bondholders accepted Argentina’s

settlement offer for their foreign-law bonds by completing, executing and

returning, without variance, the form of Master Settlement Agreement written and

published by Argentina. But while this appeal has been pending here, Argentina

reversed field and reneged. The specific facts are as follows:

On February 5, 2016, Argentina published a settlement proposal (the

“Unilateral Proposal”) in Spanish, on its official website. JA A-648. On February

17, 2016, Argentina published on its website, in English, a formal offer to all holders of defaulted bond debt. The offer package was comprised of a set of

“Instructions for Bondholders to Accept its Settlement Proposal” (the

“Instructions”), containing the economic terms of settlement, a “Master Settlement

Agreement” and an “Agreement Schedule” by which a bondholder could accept

(together, the “Unilateral Settlement Offer”).7 The Unilateral Settlement Offer limited eligible bonds according to “prescription” principles, but not under any statute of limitations. See JA A-1620 (Section 1) (“‘Prescribed Claims’ means 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.”); see also discussion,

7 See JA A-1620 (Master Settlement Agreement); JA A-1631 (Agreement Schedule); JA A-1674 (Instructions).

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infra at 17-25. The economic terms of the Unilateral Settlement Offer were

unattractive, and so, until the district court entered its Indicative Ruling on

February 19, 2016 (SPA-35), the Foreign-law Bondholders tried to engage

Argentina in settlement discussions. With two exceptions discussed below, these

efforts met with silence.

Meanwhile, matters in the district court were rushing toward judgment. On

February 19, 2016, the Foreign-law Bondholders moved to intervene in the lead

case in the district court (JA A-1649) for the purpose of opposing Argentina’s

motion, by order to show cause, to lift the Injunctions. JA A-450.8

At least two bondholders (including one of the appellant Foreign-law

Bondholders) holding foreign-law bonds made progress in reaching a negotiated settlement. One bondholder actually succeeded in negotiating a countersigned agreement. Procella Holdings, L.P. (“Procella”), submitted a modified form of acceptance to the Unilateral Settlement Offer, adding a rider. On February 19,

Procella received from Argentina a fully-executed contract, countersigned by

Argentina’s Finance Minister Luis Caputo (the “Procella Agreement”). JA A-

2010. The Procella Agreement listed foreign-law bonds held by Procella, some of which showed maturities as old as 2002 and 2003. JA A-2014 - 15. The rider

8 On March 4, 2016, the district court extended Argentina’s time to respond to the motion to intervene from March 7 to April 6, 2016. JA A-2388.

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provided “belts and suspenders” confirmation that none of the listed bonds was time barred. JA A-2012 (“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.”).

Many of the appellant Foreign-law Bondholders, including Honero,

submitted signed settlement agreements with similar riders. On the morning of

February 19, 2016, Argentina emailed Honero and stated: “We will be okay with

the rider.” JA A-1783. The district court entered its indicative ruling on the

afternoon of February 19, 2016. SPA-35. Argentina instantly went silent on

Honero. A few days later, it reneged, stating: “we reviewed your calculation and we believe that you are not taking into consideration the statu[te] of limitations.”

JA A-1763 ¶ 15.

The indicative ruling was immediately appealed here, and on February 24,

2016, this Court entered its Mandate, remanding the case to the district court. See

JA A-1715. But there was little doubt of the district court’s inclination. Because the indicative ruling provided that the protection of the Injunctions would be available only to those who settled on or prior to February 29, the Foreign-law

Bondholders concluded that they had no choice but to accept the Unilateral

Settlement Offer.

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Accordingly, on or before February 29, 2016, the Foreign-law Bondholders

rescinded any prior settlement submissions and expressly accepted Argentina’s

Unilateral Settlement Offer. They executed acceptances of the Unilateral

Settlement Offer according to the Instructions and delivered them to Argentina.

This group included Honero, which expressly accepted the Unilateral Settlement

Offer without modification (i.e., without the Honero rider Argentina had

previously said it “would be okay with.”) in order to be certain of settlement by the

February 29 deadline.

On February 29, 2016, Argentina filed a supplemental memorandum, urging

the district court to vacate the Injunctions. JA A-1863. Argentina boasted of

settlement momentum. JA A-1879 (“Those [settlement] discussions have already

yielded numerous settlements, totaling in excess of $6.2 billion with plaintiffs in

these actions alone, plus additional amounts with other holders of defaulted

debt.”). As undersecretary of finance for Argentina, Mr. Bausili detailed the settlements reached to date. He specifically highlighted the Procella Agreement.

JA A-1939 ¶ 12 (“Attached as Exhibit 8 is a true and correct copy of the

Agreement in Principle between Procella Holdings, L.P., and the Republic of

Argentina, executed as of February 19, 2016.”). He also cited Argentina’s agreement with Red Pines LLC (the “Red Pines Agreement”). Id. ¶ 13 (“Attached as Exhibit 9 is a true and correct copy of the Agreement in Principle between Red

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Pines LLC and the Republic of Argentina, executed as of February 28, 2016.”).

Mr. Bausili referred to both the Procella Agreement and Red Pines Agreement as

“Agreements in Principle,” and each holder was identified as part of a group of

settling bondholders: “the Republic has entered into agreements in principle to

settle claims made by numerous bondholders.” JA A-1938 ¶ 6.

Argentina noted that “[t]he February 29 date in the Republic’s proposed

Order signifies that any plaintiff who has reached an agreement to settle with the

Republic by that date must be paid as a precondition to vacating the Injunctions.”

JA A-1878 (emphasis added). The other Foreign-law Bondholders had all done precisely as Red Pines LLC had done, submitting signed acceptances of the

Unilateral Settlement Offer, per the Instructions. That same day -- February 29,

2016 -- the Foreign-law Bondholders, relying on their accepted settlements and on the Bausili Declaration, see JA A-1922, advised the district court that all of the

Foreign-law Bondholders had reached settlement with Argentina in respect of their foreign-law bonds. JA A-2032. The Foreign-law Bondholders stated that they

“entered into these settlements in reliance on the Court’s February 19, 2016

Indicative Ruling - and Argentina’s representations made to the Court - and its requirement that the [Foreign-law Bondholders] are entitled to payment in full in accordance with their settlements as a condition to the lifting of the injunctions.”

JA A-2033. Argentina did not dispute this statement.

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On March 2, 2016, relying in part on the Bausili Declaration, the district

court entered its Order vacating the Injunctions upon the occurrence of two

conditions precedent:

(1) The Republic repeals all legislative obstacles to settlement with the FAA bondholders, including the Lock Law and the Sovereign Payment law;

SPA-84 (emphasis added). The district court found that changed circumstances

warranted lifting the Injunctions: “First, the Republic has now signed Agreements

in Principle with plaintiffs representing the vast majority of claims in these actions.

The total settlement consideration now amounts to at least $6.2 billion, potentially resolving over 85% of the claims held by plaintiffs with injunctions.” SPA-83.

Following the issuance of the Order, Argentina’s informal communications suggested that it was reneging on its agreements by attempting to insert a statute- of-limitations provision after the fact. On March 11, 2016, Argentina confirmed, in a telephonic communication to counsel, that it had taken that position. See

Scotch-Marmo Declaration Ex. C (email from S. Willett, counsel for Foreign-law

Bondholders, to M. Paskin, counsel for Argentina, dated March 11, 2016) (“I write to confirm the advice that you provided on our call . . . [f]or Red Pines LLC,

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Argentina’s position is that it does not have a contract with Red Pines LLC, and that Exhibit 9 to Mr. Bausili’s Second Supplemental Declaration does not constitute a contract binding Argentina . . . . For . . . other holders . . . who executed and submitted the form of ‘Argentina Agreement Schedule’ on or prior to

February 29, 2016, but did not obtain a countersignature after such submission,

Argentina’s position is the same as it is for Red Pines LLC.”).

STANDARD OF REVIEW

“A final or permanent injunction is granted only after a hearing on the

merits, and may not be changed in the interest of the defendants if the purposes of

the litigation as incorporated in the decree have not been fully achieved.” Sierra

Club v. U.S. Army Corps of Engineers, 732 F.2d 253, 256 (2d Cir. 1984) (citing

United States v. United Shoe Machinery Corp., 391 U.S. 244, 248 (1968)). A permanent injunction may be vacated or modified “only where conditions have so changed as to make such relief equitable, i.e., a significant change in the law or facts.” Sierra Club, 732 F.2d at 256; see also Fed. R. Civ. P. 60(b)(5) (requiring a showing that “applying [a permanent injunction] prospectively is no longer equitable”). Once granted, a permanent injunction “may not be changed in the interest of the defendants if the purposes of the litigation as incorporated in the decree have not been fully achieved.” Sierra Club, 732 F. 2d at 256 (finding that a

“stricter standard” applies to permanent injunctions). The inquiry in this appeal is

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whether the record below shows such a change in the circumstances as to make

modification of the decree equitable. See id. “[W]here circumstances have

changed between the ruling below and the decision on appeal, the preferred

procedure is to remand to give the district court an opportunity to pass on the

changed circumstances.” See Korn v. Franchard Corp., 456 F.2d 1206, 1208 (2d

Cir. 1972).

SUMMARY OF ARGUMENT

Having entered Injunctions to protect bondholders, the district court was

required to ensure that those Injunctions not be vacated prematurely. It clearly

erred by prematurely vacating the Injunctions, for the “exceptional change in

circumstances” is, as the objectors advised the district court, illusory. The district

court committed clear err when it relied on Argentina’s assertions that settlements

had been reached and that Argentina would consummate all settlements reached on

or prior to February 29, 2016, as a condition to vacating the Injunctions. Argentina

has historically engaged in inequitable conduct. As Judge Raggi observed on

February 24, 2016, “[w]hile [Argentina] professes to have a new view of all of this,

those of us who’ve been involved in the supervision of the litigation for 14 years

know that there’ve been changes of heart over time.” JA A-1836. The observation

was prescient. Within days of the Order’s entry, Argentina reneged on a settlement

contract that it had touted to the district court as a settlement, and on March 11, its

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position hardened into a refusal to consider that contract, or the others precisely

like it, as a contract at all. The Order’s failure to include provisions - easily drafted

- that would regulate Argentina’s behavior was also clear error.

The Foreign-law Bondholders request that this Court vacate the Order and remand the cases to the district court, with instructions that the district court hear and determine all disputes as to the settlement agreements entered on or before

February 29 before the entry of further relief. Without such relief, no procedure is in place to prevent Argentina from unilaterally reneging on committed agreements

that are the entire premise of the relief granted to it to date.

ARGUMENT

The district court ordered that the Injunctions be lifted upon the fulfillment

of two conditions precedent. The second condition states: “For all plaintiffs that

entered into agreements in principle with the Republic on or before February 29,

2016, the Republic must make full payment in accordance with the specific terms

of each such agreement.” SPA-84. Unfortunately, the Order permits Argentina

unilaterally to “notify[ ] the Court once those plaintiffs have all received full

payment.” Id.

While the appeal was pending here, Argentina breached some of those very

agreements -- including agreements that, only days before, it had touted to the

district court as completed settlements. Its breaches consisted of after-the-fact

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attempts to limit its promises to pay based on unspecified statutes of limitation.

The Foreign-law Bondholders show below that this is a limitation found nowhere in the Unilateral Settlement Offer itself.

To be sure, Argentina’s breaches have not been litigated in the district court, because they arose only after that court lost jurisdiction.9 Because they are crucial to the second condition precedent of the Order now under review, the Foreign-law

Bondholders set out the basis of the breaches below. The Foreign-law

Bondholders do not expect the Court of Appeals to adjudicate the breaches in the first instance, but describe them to demonstrate that the district court’s action was over-hasty. At minimum, adjudication of these points must precede any vacatur of the Injunctions.

I. The Foreign-law Bondholders Entered Into Binding Settlement Agreements with Argentina Each Foreign-law Bondholder formed a contract by accepting Argentina’s

Unilateral Settlement Offer precisely according to its terms. It did so by executing

the Unilateral Settlement Offer without modification and providing a list of its

bond holdings pursuant to the Instructions. The result was a set of binding

contracts. See Krumme v. WestPoint Stevens Inc., 143 F.3d 71, 84 (2d Cir. 1998)

(valid contract formed when a party unconditionally accepts an offer without

9 Because the breaches were not adjudicated below, the Foreign-law Bondholders rely on various filings made in their pending civil actions, as well as attachments to filings in the district court, to frame the dispute for this Court.

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modification), rev’d on other grounds, 238 F.3d 133 (2d Cir. 2000); Zheng v. City of New York, 19 N.Y.3d 556, 579 (2012) (contract formed when a party accepted

an offer in accordance with its terms).

These binding contracts are limited by the “Prescribed Claims” definition in

the Master Settlement Agreement, but not by any statute of limitations. This result

is shown by (a) the text of the Unilateral Settlement Offer, (b) principles of

contract construction, and (c) Argentina’s conduct.

A. The Text of the Unilateral Settlement Offer Delivery of the Foreign-law Bondholders’ acceptances of the Unilateral

Settlement Offer formed binding contracts with Argentina subject only to reconciling the “Settlement Amount,”10 i.e., Argentina verifying that the accepting

party indeed holds the stated bonds and that the mathematical terms set out in the

instructions conform to the “Settlement Amount.” See JA A-1674 (Section 2)

(“Holders may become a party to a Settlement Agreement by executing and

exchanging with the Republic a completed agreement Schedule, the form of which

is attached as Exhibit A to the Master Settlement Agreement.”). The Master

Settlement Agreement states, “[s]ubject to satisfaction of the conditions set out in

Section 6 below, on the Closing Date the Republic shall pay to the Holder, in full

10 “Settlement Amount” is defined under the Master Settlement Agreement as “the amount shown in item (iv) of the Agreement Schedule.” Section (iv) of the Agreement Schedule states that “[t]his Settlement Amount has been reconciled between the Republic and the Holder.” JA A-1626 (Section (iv)).

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satisfaction of the Holder’s claims under the Bonds, the Settlement Amount.” JA

A-1621 (Section 2).

The Unilateral Settlement Offer contains no reference to any statute of limitations defense. It does contain a precisely-defined time limitation related to bond expiration. It excludes from the bond claims entitled to payment those claims

(and only those claims) that arise “under defaulted Republic of Argentina bonds as to which the contractual prescription period set out in the relevant instrument evidencing those bonds has expired.” JA A-1620 (Section 1) (definition of

“Prescribed Claims”). This is a reference to the “prescription period,” which is common in bond instruments (and present in most of the relevant instruments here). It forecloses claims on the bonds under certain time-related circumstances.

However, the Foreign-law Bondholders are not aware of, and Argentina has not

identified, any bonds included in the Foreign-law Bondholders’ acceptances that

would be “Prescribed Claims” as defined; i.e., under any “contractual prescription

period set out in the relevant instrument.”

In these expedited appeals, there is no record before this Court to adjudicate

whether any acceptance contains a “Prescribed Claim” within the definition set out

in the Unilateral Settlement Offer. The Foreign-law Bondholders accepted that

provision when they accepted the Unilateral Settlement Offer, and, provided

disputes on the matter are fully adjudicated before any vacatur of the Injunctions,

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their rights will be protected. For context, however, a short summary of the issue will illustrate for this Court why Argentina suddenly pivoted from its written commitments to the Foreign-law Bondholders and the district court.

Substantially all of the Foreign-law Bondholders’ submissions are on

English- and German-law bonds. The prescription clause of the English-law trust deed (which governs all of the English-law bonds) begins to run “from the appropriate Relevant Date,” which has not yet occurred.11 While the German-law

bond instruments vary, some of the bond instruments include a provision that

limits Germany’s statutory thirty-year prescription period to ten years.12 However,

presentation (which satisfies the prescription requirement under German law) was

made on all of the Foreign-law Bondholders’ German-law bonds in 2006, well

11 The relevant Trust Deed states that: Claims against the Republic . . . shall be prescribed and become void unless made within 10 years (in the case of principal) and five years (in the case of interest) from the appropriate Relevant Date in respect thereof. Scotch-Marmo Declaration Ex. E (Section 9) (emphasis added). As used in these Conditions, “Relevant Date” in respect of any Note or Coupon means the date on which payment in respect thereof first becomes due or (if the full amount of the money payable has not been received by the Trustee or the Principal Paying Agent on or prior to such due date) the date on which notice is duly given to the Noteholders in accordance with Condition 17 that such moneys have been so received and are available for payment. Scotch-Marmo Declaration Ex. E (Section 8) (emphasis added). 12 “The presentation period provided in § 801 subparagraph 1 sentence 1 of the German Civil Code is reduced to ten years for the Bonds.” Scotch-Marmo Declaration Ex. F (Section 8).

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within the period.13 This Court need not now adjudicate these prescription

arguments -- on remand, in construing the settlement agreements, the district court

will be able to construe the agreements and address the arguments with a full

record. But even a brief review shows why Argentina suddenly tried to insert a

statute-of-limitations provision that does not exist in the Unilateral Settlement

Offer that it drafted.

The Master Settlement Agreement is clearly and precisely written. Neither

the Master Settlement Agreement nor the Instructions makes any reference to any time bar other than a contractual prescription period.14 In short, the plain words of

the Unilateral Settlement Offer show that the Foreign-law Bondholders entered

into binding settlement agreements that do not include any preclusion based on any

statute of limitations.

B. Principles of Contract Construction Show that the Parties Entered into Binding Agreements that Included No Statute of Limitations Term The Unilateral Settlement Offer was drafted entirely by Argentina. It was

widely and publicly advertised as an offer by Argentina, and it was not in any way

the product of negotiation. It is governed by New York law. JA A-1624 (Section

13 Scotch-Marmo Declaration Ex. G (notices from Clearstream confirming that presentment was made for all relevant German-law ISINs.). 14 The Master Settlement Agreement also refers to the Unilateral Proposal, but the Unilateral Proposal does not refer to statutes of limitation either; rather, it refers simply to “bonos que hayan prescriptos.” JA A-648.

Case 16-628, Document 263-1, 03/14/2016, 1726772, Page49 of 55

8). While there appears to be no ambiguity in the “Prescribed Claim” definition, under the law of New York, if there were, it would be construed against Argentina.

Because all of the drafting was Argentina’s -- the Unilateral Proposal, the

Instructions, the Agreement Schedule and the Master Settlement Agreement -- the contract is a classic contract of adhesion, and any ambiguity would be construed against Argentina. “New York follows the well-established contra proferentem

principle which requires that ‘equivocal contract provisions are generally to be

construed against the drafter.’” McCarthy v. Am. Int’l Grp., Inc., 283 F.3d 121,

124 (2d Cir. 2002) (quoting Revson v. Cinque & Cinque, P.C., 221 F.3d 59, 67 (2d

Cir. 2000)). This is particularly true when contracts are drafted without input from

the other party. See Saks Inc. v. Attachmate Corp., No. 14 CIV. 4902, 2015 WL

1841136, at *2 (S.D.N.Y. Apr. 17, 2015) (citing Westchester Resco Co., L.P. v.

New England Reinsurance Corp., 818 F.2d 2, 3 (2d Cir. 1987)). The rule applies

even when the counterparty is sophisticated. See Morgan Stanley Grp. Inc. v. New

England Ins. Co., 225 F.3d 270, 279 (2d Cir. 2000) (citing Lazard Freres & Co. v.

Protective Life Ins. Co., 108 F.3d 1531, 1533–34, 1544 (2d Cir. 1997)). The

Master Settlement Agreement contains a cross-reference to the Unilateral Proposal, which in turn contains a general reference to “bonos que hayan prescriptos,” but this language found its full expression in the “Prescribed Claims” definition in the

Master Settlement Agreement -- so-called prescription limitations that would be

Case 16-628, Document 263-1, 03/14/2016, 1726772, Page50 of 55

found on the face of the bonds. Argentina has consistently noted the integrated nature of the Master Settlement Agreement. In the district court, when it cited to each “Agreement in Principle,” it attached only the Master Settlement Agreement and Agreement Schedule, not the Unilateral Proposal. See JA A-1938 - 39 ¶¶ 7-13.

The contra preferentem rule applies with force here, for these were contracts

of extreme adhesion. Not only were they drafted entirely by Argentina, but the

February 29 deadline forced the Foreign-law Bondholders to act hastily, or risk

losing everything. In short, if the Unilateral Settlement Offer is ambiguous, any

ambiguity must be construed against Argentina.

C. Argentina’s Conduct Demonstrates that that the Contracts Do Not Include Any Statute of Limitations Term Argentina’s profoundly inconsistent conduct after entering into the

agreements weighs heavily against its effort to read a statute-of-limitations term

into the agreements.15 Between them, Procella and Red Pines LLC listed every

German or English-law issue upon which any Foreign-law Bondholder submitted

an acceptance. See JA A-2015; JA A-2025. Procella received a countersigned

settlement agreement from Argentina that confirms that the Unilateral Settlement

Offer expressly waives any prescription or statute of limitations defense.

Argentina did not simply countersign that agreement: it filed it with the district

15 “[A]ny plaintiff who is unhappy with the Proposal is free to reject it or to try to negotiate different terms . . . .” JA A-1880.

Case 16-628, Document 263-1, 03/14/2016, 1726772, Page51 of 55

court, described it as an agreement in principle and touted it as evidence of settlement momentum. See JA A-1922 ¶ 12, and see JA A-2010. A second holder,

Red Pines LLC, submitted on similar foreign-law bonds. That agreement too was characterized by Argentina as a settled agreement in principle, JA A-1922 ¶ 13, and see JA A-2017; see also JA A-1878, and touted as evidence supporting the lifting of the Injunctions.

In his declaration in support of Argentina’s motion to vacate the Injunctions,

Mr. Bausili averred, “[a]s a result of the negotiation process overseen by the

Special Master, the Republic has entered into agreements in principle to settle claims made by numerous bondholders.” JA A-1938 ¶ 6. He referred specifically to Procella and Red Pines LLC. JA A-1939 ¶ 12 (“Attached as Exhibit 8 is a true and correct copy of the Agreement in Principle between Procella Holdings, L.P. and the Republic of Argentina, executed as of February 19, 2016.”); JA A-1939 ¶

13 (“Attached as Exhibit 9 is a true and correct copy of the Agreement in Principle between Red Pines LLC and the Republic of Argentina, executed as of February

28, 2016.”). Argentina did not advise the district court, nor those parties, that their settlements were subject to a statute of limitations defense.

The Foreign-law Bondholders are at a loss to understand Argentina’s position. Either Ministers Caputo and Bausili have nakedly breached obligations that, only days before, they publicly embraced in support of relief from the district

Case 16-628, Document 263-1, 03/14/2016, 1726772, Page52 of 55

court, or, for reasons known only to themselves, they made special exceptions for two funds, while rejecting the submissions, on identical terms, of identically- situated Foreign-law Bondholders. The issue cannot have been a mistake. Senior

ministers, advised by highly skilled and competent counsel, prepared the Unilateral

Settlement Offer, received the acceptances, prepared declarations, and submitted them to the district court. The Procella Agreement, countersigned on February 19,

2016, was presented by Argentina to the district court in support of vacating the

Injunctions ten days after it was fully executed -- certainly enough time for

Argentina (and its counsel) to address any inconsistencies before touting the agreements in principle to the district court. See JA A-1939 ¶ 12.16

The cause for this misconduct, whatever it is, does not matter here. The unambiguous text of the Unilateral Settlement Offer, the rules of contract formation and construction, and Argentina’s conduct show that Argentina made

16 In the case of Red Pines LLC and Procella, Argentina was acutely aware that statute of limitations was a legal issue under active litigation in the underlying Trinity and Red Pines cases. Argentina filed its most recent brief, asserting German-law statute of limitations issues, Argentina’s sole argument regarding statute of limitations, on February 12, 2016. Trinity, Case No. 14-09095 (S.D.N.Y. Feb. 12, 2016) [Dkt. No. 46]. Argentina was well aware that in order to induce parties to accept a compromise that included a materially discounted payout, and avoid the uncertainty associated with statute of limitations issues, limiting the scope of excluded bonds to a binary question -- whether the instruments were out of time under their own express terms -- was far preferable.

Case 16-628, Document 263-1, 03/14/2016, 1726772, Page53 of 55

binding commitments to each of the Foreign-law Bondholders that do not exclude any bonds based on any statute of limitations.

II. The Injunctions Remain Necessary

In 2001, Argentina defaulted on all of its public debts, including the bonds

held by the Foreign-law Bondholders. In 2005 and 2010, it presented its creditors

with heavily-discounted, take-it-or-leave it offers. It was only after the Injunctions

were imposed that Argentina showed any willingness to negotiate a consensual

resolution. In 2016, now with the assistance of the district court, Argentina has

presented what amounts to yet another take-it-or-leave-it discount offer.

Argentina’s recent conduct toward the Foreign-law Bondholders shows that

the Order has had the opposite effect from what the district court intended. It has

emboldened Argentina to avoid its contractual obligations and gainsay its promises

to the courts. Argentina apparently believes that it can satisfy the second condition

precedent merely by notifying the district court of its own view that it has paid

settling parties according to its own changed terms. No mechanism exists for the

district court to adjudicate (1) which settlement agreements were entered into on or

before February 29, or (2) the terms of those agreements.

All of this is a result of a hasty Order.

Case 16-628, Document 263-1, 03/14/2016, 1726772, Page54 of 55

CONCLUSION

For the foregoing reasons, the Foreign-law Bondholders request that the

Court vacate the Order and remand the cases to the district court with instructions that, at minimum, the Injunctions not be lifted until all disputes concerning the

Foreign-law Bondholders’ acceptances of the Unilateral Settlement Offer have been fully adjudicated.

Dated: March 14, 2016 Respectfully Submitted, New York, New York MORGAN, LEWIS & BOCKIUS LLP

/s/ Sabin Willett Sabin Willett One Federal Street Boston, MA 02110 (617) 951-8000

Attorney for Foreign-law Bondholders

Case 16-628, Document 263-1, 03/14/2016, 1726772, Page55 of 55

CERTIFICATE OF COMPLIANCE

This brief complies with the type-volume limitation of Fed. R. App. P.

32(a)(7)(B) because the brief contains 6,047 words, excluding the parts of the brief

exempted by Fed. R. App. P. 32(a)(7)(B)(iii).

This brief complies with the typeface requirements of Fed. R. App. P.

32(a)(5) and the type style requirements of Fed. R. App. P. 32(a)(6) because the

brief has been prepared in a proportionally spaced typeface using Microsoft Word,

version 2010, in 14-point Times New Roman font.

Dated: March 14, 2016 Respectfully Submitted, New York, New York MORGAN, LEWIS & BOCKIUS LLP

/s/ Sabin Willett Sabin Willett One Federal Street Boston, MA 02110 (617) 951-8000

Attorney for Foreign-law Bondholders

Case 16-628, Document 263-2, 03/14/2016, 1726772, Page1 of 3

UNITED STATES COURT OF APPEALS FOR THE SECOND CIRCUIT

AURELIUS CAPITAL MASTER, LTD. AND ACP MASTER, LTD.,

Plaintiffs - Appellants, No. 16-628(L) - against -

THE REPUBLIC OF ARGENTINA,

Defendant - Appellee.

DECLARATION OF STEPHEN SCOTCH-MARMO IN SUPPORT OF FOREIGN-LAW BONDHOLDERS EMERGENCY MOTION FOR LEAVE TO INTERVENE AS INTERESTED NON-PARTY APPELLANTS

I, Stephen Scotch-Marmo, pursuant to 28 U.S.C. § 1746(2), declare as follows:

1. I am an associate of the law firm Morgan, Lewis & Bockius LLP, counsel to

interested non-parties ARAG-A Limited, ARAG-0 Limited, ARAG-T

Limited, ARAG-V Limited, Yellow Crane Holdings, L.L.C., MCHA

Holdings, LLC, Honero Fund I, LLC, Red Pines LLC, Trinity Investments

Limited, Spinnaker Global Emerging Markets Fund, Ltd. and Spinnaker

Global Special Situations Fund LP (collectively, "Foreign-law

Bondholders") in the above-captioned and related actions. I respectfully Case 16-628, Document 263-2, 03/14/2016, 1726772, Page2 of 3

submit this declaration in support of the Foreign-law Bondholders

Emergency Motion to Intervene and Appear as Interested Non-Party

Appellants and the appended Brief of Interested Non-Party Appellant

Foreign-Law Bondholders.

2. Attached to this declaration as Exhibit A are true and correct copies of Dkt.

No. 51 in Trinity Investments Limited, et. al. v. The Republic ofArgentina,

Case No. 14-09095 (S.D.N.Y.) (TPG) and Dkt. No. 51 in Red Pines LLC, et.

al. v. The Republic ofArgentina, Case No. 14-09427 (S.D.N.Y.) (TPG).

3. Attached to this declaration as Exhibit B are true and correct copies of Dkt.

No. 52 in Trinity Investments Limited, et. al. v. The Republic ofArgentina,

Case No. 14-09095 (S.D.N.Y.) (TPG) and Dkt No. 52 in Red Pines LLC, et.

al. v. The Republic ofArgentina, Case No. 14-09427 (S.D.N.Y.) (TPG).

4. Attached to this declaration as Exhibit C is a true and correct copy of an

email from S. Willett, counsel for the Foreign-law Bondholders, to M.

Paskin, counsel for the Republic, dated March 11, 2016, 11 :46 a.m.

5. Attached to this declaration as Exhibit Dis a true and correct copy of the

Declaration of Catherine R. Murphy, Dkt. No. 40 in Trinity Investments

Limited, et. al. v. The Republic ofArgentina, Case No. 14-09095 (S.D.N.Y.)

(TPG) (the "Murphy Declaration").

2 Case 16-628, Document 263-2, 03/14/2016, 1726772, Page3 of 3

6. Attached to this declaration as Exhibit E is a true and correct copy of Exhibit

11 to the Murphy Declaration.

7. Attached to this declaration as Exhibit Fis a true and correct copy of Exhibit

12 to the Murphy Declaration.

8. Attached to this declaration as Exhibit G is a true and correct copy of

Exhibit 22 to the Murphy Declaration.

I declare under penalty of perjury that the foregoing is true and correct.

Dated: March 14, 2016 New York, New York

Stephen Scotch-Marmo

3 Case 16-628, Document 263-3, 03/14/2016, 1726772, Page1 of 8

EXHIBIT A CaseCase 1:14-cv-09095-TPG 16-628, Document 263-3,Document 03/14/2016, 51 Filed 1726772, 03/02/16 Page2 Page of1 of8 1

P. Sabin Willett Partner +1.617.951.8775 [email protected]

March 2, 2016

Honorable Thomas P. Griesa United States District Court for the Southern District of New York 500 Pearl Street New York, NY 10007-1312

Re: Trinity Investments Limited, et al. v. The Republic of Argentina, No. 14 Civ. 9095; Red Pines LLC, et al. v. The Republic of Argentina, No. 14 Civ. 9427

Dear Judge Griesa:

On behalf of Plaintiffs in the above-titled matters, we write to request an extension of time of sixty (60) days, from March 18, 2016 to May 17, 2016, in connection with Plaintiffs’ reply submissions on the cross-motions for partial summary judgment and for injunctive relief. Argentina has assented to this relief.

As we advised the Court on February 29, 2016 (Dkt. No. 906 filed in Case No. 08 Civ. 6978), all Plaintiffs have accepted the Republic of Argentina’s offer of settlement with respect to the bonds at issue in these matters. Once the settlements are consummated, the actions will be dismissed in accordance with the terms of the Master Settlement Agreement.

Pursuant to Rule 1.F of the Court’s Individual Practices, Plaintiffs attest that this is the second request for an extension of the briefing schedule for Plaintiffs’ cross-motions for partial summary judgment and for injunctive relief. The Court entered an order on the parties’ first request for an extension of the briefing schedule on the Plaintiffs’ cross- motion for partial summary judgment and for injunctive relief on December 4, 2015.

We respectfully request that the Court so-Order the proposed extension.

Respectfully submitted,

/s/ Sabin Willett

cc: Counsel of Record (via ECF)

Morgan, Lewis & Bockius LLP

One Federal Street Boston, MA 02110-1726 +1.617.341.7700 United States +1.617.341.7701 CaseCase 1:14-cv-09427-TPG 16-628, Document 263-3,Document 03/14/2016, 51 Filed 1726772, 03/02/16 Page3 Page of1 of8 1

P. Sabin Willett Partner +1.617.951.8775 [email protected]

March 2, 2016

Honorable Thomas P. Griesa United States District Court for the Southern District of New York 500 Pearl Street New York, NY 10007-1312

Re: Trinity Investments Limited, et al. v. The Republic of Argentina, No. 14 Civ. 9095; Red Pines LLC, et al. v. The Republic of Argentina, No. 14 Civ. 9427

Dear Judge Griesa:

We respectfully request that the Court so-Order the proposed extension.

Respectfully submitted,

/s/ Sabin Willett

cc: Counsel of Record (via ECF)

Morgan, Lewis & Bockius LLP

One Federal Street Boston, MA 02110-1726 +1.617.341.7700 United States +1.617.341.7701 Case 16-628, Document 263-3, 03/14/2016, 1726772, Page4 of 8

EXHIBIT B CaseCase 1:14-cv-09095-TPG 16-628, Document 263-3,Document 03/14/2016, 52 Filed 1726772, 03/03/16 Page5 Page of1 of8 1 Case 1:14-cv-09095-TPG Document 51 Filed 03/02/16 Page 1of1 Mo1·gan Lewis USDC SDJ\'Y I) DOCUMENT t ELEC'I'RONICALLY FILED if P. Sabin Willett Partner DOC#: l· + 1.617. 951.8775 [email protected] DATE Fil.ED: 2.Jg_.t: __j

March 2, 2016

Honorable Thomas P. Griesa United States District Court for the Southern District of New York 500 Pearl Street New York, NY 10007-1312

Re: Trinity Investments Limited, et al. v. The Republic ofArgentina, No. 14 Civ. 9095; Red Pines LLC, et al. v. The Republic o[Argentina, No. 14 Civ. 9427

Dear Judge Griesa:

On behalf of Plaintiffs in the above-titled matters, we write to request an extension of time of sixty ( 60) days, from March 18, 2016 to May 17, 2016, in connection with Plaintiffs' reply submissions on the cross-motions for partial summary judgment and for injunctive relief. Argentina has assented to this relief

As we advised the Court on February 29, 2016 (Dkt. No. 906 filed in Case No. 08 Civ. 6978), all Plaintiffs have accepted the Republic of Argentina's offer of settlement with respect to the bonds at issue in these matters. Once the settlements are consummated, the actions will be dismissed in accordance with the terms of the Master Settlement Agreement.

Pursuant to Rule l .F of the Court's Individual Practices, Plaintiffs attest that this is the second request for an extension of the briefing schedule for Plaintiffs' cross-motions for partial summary judgment and for injunctive relief. The Court entered an order on the parties' first request for an extension of the briefing schedule on the Plaintiffs' cross motion for partial summary judgment and for injunctive relief on December 4, 2015.

We respectfully request that the Court so-Order the proposed extension.

Respectfully submitted,

Isl Sabin Willett

cc: Counsel of Record (via ECF)

Morgan, Lewis 8i. Bockius LLP

One Federal Street Boston, MA 02110-1726 0+1.617.341.7700 United States 0+1.617.341.7701 ;/BI I b CaseCase 1:14-cv-09427-TPG 16-628, Document 263-3,Document 03/14/2016, 52 Filed 1726772, 03/03/16 Page6 Page of1 of8 1 Case 1:14-cv-09095-TPG Document 51 Filed 03/02/16 Page 1of1 Mo1·gan Lewis USDC SDJ\'Y I) DOCUMENT t ELEC'I'RONICALLY FILED if P. Sabin Willett Partner DOC#: l· + 1.617. 951.8775 [email protected] DATE Fil.ED: 2.Jg_.t: __j

March 2, 2016

Honorable Thomas P. Griesa United States District Court for the Southern District of New York 500 Pearl Street New York, NY 10007-1312

Re: Trinity Investments Limited, et al. v. The Republic ofArgentina, No. 14 Civ. 9095; Red Pines LLC, et al. v. The Republic o[Argentina, No. 14 Civ. 9427

Dear Judge Griesa:

We respectfully request that the Court so-Order the proposed extension.

Respectfully submitted,

Isl Sabin Willett

cc: Counsel of Record (via ECF)

Morgan, Lewis 8i. Bockius LLP

One Federal Street Boston, MA 02110-1726 0+1.617.341.7700 United States 0+1.617.341.7701 ;/BI I b Case 16-628, Document 263-3, 03/14/2016, 1726772, Page7 of 8

EXHIBIT C Case 16-628, Document 263-3, 03/14/2016, 1726772, Page8 of 8

From: Willett, P. Sabin To: [email protected] Cc: DeSieno, Timothy B.; [email protected]; Levine, Richard ([email protected]); Carter, Christopher Louis Subject: Argentina litigation Date: Friday, March 11, 2016 11:46:14 AM

Dear Michael --

Thank you for speaking with us this morning. I write to confirm the advice that you provided on our call. I understand from that advice that it is Argentina’s position that:

1. For VR Global Partners, L.P. and Procella Holdings L.P., Argentina’s position is that it is bound by contract and will honor the contracts that were attached to Mr. Bausili’s Second Supplemental Declaration of February 29, 2016 [1:08-cv-06978-TPG, Doc. 904-2] as Exhibits 7 and 8.

2. For Red Pines LLC, Argentina’s position is that it does not have a contract with Red Pines LLC, and that Exhibit 9 to Mr. Bausili’s Second Supplemental Declaration does not constitute a contract binding Argentina.

3. For all of the submissions made by other holders of U.S. and foreign-law bonds, who executed and submitted the form of “Argentina Agreement Schedule” on or prior to February 29, 2016, but did not obtain a countersignature after such submission, Argentina’s position is the same as it is for Red Pines LLC.

If I am incorrect about any of the above, please advise at once.

Kind regards,

Case 16-628, Document 263-4, 03/14/2016, 1726772, Page1 of 8

EXHIBIT D CaseCase 1:14-cv-09095-TPG 16-628, Document 263-4,Document 03/14/2016, 40 Filed 1726772, 11/13/15 Page2 Page of1 of8 7

UNITED STATES DISTRICT COURT SOUTHERN DISTRICT OF NEW YORK

Trinity Investments Limited, Procella Holdings, L.P., Yellow Crane Holdings, L.L.C., Red Pines LLC, Honero Fund I, LLC, MCHA Holdings, LLC, ARAG-T Limited, ARAG-V Limited, ARAG-O Limited and ARAG-A Limited, Civil Action No. 14 Civ. 09095 (TPG)

Plaintiffs, v.

The Republic of Argentina, Defendant.

Red Pines LLC, Trinity Investments Limited, Procella Holdings, L.P., Yellow Crane Holdings, L.L.C., Honero Fund I, LLC, ARAG- T Limited, ARAG-V Limited, ARAG-O Limited and ARAG-A Limited, Civil Action No. 14 Civ. 09427 (TPG)

Plaintiffs, v. The Republic of Argentina, Defendant.

DECLARATION OF CATHERINE R. MURPHY

I, Catherine R. Murphy, pursuant to 28 U.S.C. § 1746(2), declare as follows:

1. I am an associate of the law firm Morgan, Lewis & Bockius LLP, counsel to

Trinity Investments Limited (“Trinity”), Procella Holdings, L.P. (“Procella”), Yellow Crane

Holdings, L.L.C. (“Yellow Crane”), Red Pines LLC (“Red Pines”), Honero Fund I, LLC

(“Honero”), MCHA Holdings, LLC (“MCHA”), ARAG-T Limited (“ARAG-T”), ARAG-V

Limited (“ARAG-V”), ARAG-O Limited (“ARAG-O”), and ARAG-A Limited (“ARAG-A”) in

the above-captioned actions.

1 DB3/ 200568568.4

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2. I have personal knowledge of the facts in this Declaration.

3. As shown by the custodian statement of Trinity’s beneficial holdings attached

hereto as Exhibit 1, Trinity is the beneficial owner of (i) certain notes issued by the Republic of

Argentina (the “Republic”) pursuant to the Trust Deed dated July 27, 1993 (the “Trust Deed”),

and (ii) certain bonds issued by the Republic pursuant to certain bond instruments (the “Bond

Instruments”) governed by German law.

4. As shown by the custodian statement of Procella’s beneficial holdings attached

hereto as Exhibit 2, Procella is the beneficial owner of (i) certain notes issued by the Republic

pursuant to the Trust Deed, and (ii) certain bonds issued by the Republic pursuant to the Bond

Instruments.

5. As shown by the custodian statement of Yellow Crane’s beneficial holdings

attached hereto as Exhibit 3, Yellow Crane is the beneficial owner of (i) certain notes issued by

the Republic pursuant to the Trust Deed, and (ii) certain bonds issued by the Republic pursuant

to the Bond Instruments.

6. As shown by the custodian statement of Red Pines’ beneficial holdings attached hereto as Exhibit 4, Red Pines is the beneficial owner of (i) certain notes issued by the Republic pursuant to the Trust Deed, and (ii) certain bonds issued by the Republic pursuant to the Bond

Instruments.

7. As shown by the custodian statement of Honero’s beneficial holdings attached hereto as Exhibit 5, Honero is the beneficial owner of (i) certain notes issued by the Republic pursuant to the Trust Deed, and (ii) certain bonds issued by the Republic pursuant to the Bond

Instruments.

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8. As shown by the custodian statement of MCHA’s beneficial holdings attached

hereto as Exhibit 6, MCHA is the beneficial owner of certain bonds issued by the Republic

pursuant to the Bond Instruments.

9. As shown by the custodian statement of ARAG-T’s beneficial holdings attached

hereto as Exhibit 7, ARAG-T is the beneficial owner of (i) certain notes issued by the Republic

pursuant to the Trust Deed, and (ii) certain bonds issued by the Republic pursuant to the Bond

Instruments.

10. As shown by the custodian statement of ARAG-V’s beneficial holdings attached

hereto as Exhibit 8, ARAG-V is the beneficial owner of (i) certain notes issued by the Republic

pursuant to the Trust Deed, and (ii) certain bonds issued by the Republic pursuant to the Bond

Instruments.

11. As shown by the custodian statement of ARAG-O’s beneficial holdings attached

hereto as Exhibit 9, ARAG-O is the beneficial owner of (i) certain notes issued by the Republic

pursuant to the Trust Deed, and (ii) certain bonds issued by the Republic pursuant to the Bond

Instruments.

12. As shown by the custodian statement of ARAG-A’s beneficial holdings attached

hereto as Exhibit 10, ARAG-A is the beneficial owner of (i) certain notes issued by the

Republic pursuant to the Trust Deed, and (ii) certain bonds issued by the Republic pursuant to

the Bond Instruments.

13. Attached to this declaration as Exhibit 11 is a true and correct copy of the Trust

Deed, as authenticated by the Republic in no. 14-Civ-09095 (TPG) [Dkt. No. 32 Ex. K].

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14. Attached to this declaration as Exhibit 12 is a true and correct copy of the Bond

Instrument, as authenticated by the Republic in no. 14-Civ-09095 (TPG) [Dkt. No. 32 Ex. J].1

15. Attached to this declaration as Exhibit 13 is a true and correct copy of the prospectus supplement for the 2005 bond exchange, as authenticated by the plaintiffs in no. 14-

Civ-8601 (TPG) [Dkt. No. 9 Ex. 7].

16. Attached to this declaration as Exhibit 14 is a true and correct copy of the prospectus supplement for the 2010 bond exchange, as authenticated by the plaintiffs in no. 14-

Civ-8601 (TPG) [Dkt. No. 9 Ex. 5].

17. Attached to this declaration as Exhibit 15 is a true and correct copy of Decree

1735, and an English translation, as filed by the Republic on August 9, 2005 with the SEC and available at:

http://www.sec.gov/Archives/edgar/containers/fix180/914021/000090342305000588/roapos

am4ex-h1_0630.htm.

18. Attached to this declaration as Exhibit 16 is a true and correct copy of Law

26,017 (the “Lock Law”), enacted on February 10, 2005, with an English translation, as authenticated by the plaintiffs in no. 14-Civ-8601 (TPG) [Dkt. No. 9 Ex. 6].

19. Attached to this declaration as Exhibit 17 is a true and correct copy of Law

26,547, enacted on December 9, 2009, with an English translation, as authenticated by the plaintiffs in no. 14-Civ-8601 (TPG) [Dkt. No. 9 Ex. 10].

1 Except as otherwise noted, references to the “Bond Instruments” are to the Terms and Conditions for the Information Memorandum for bond ISIN DE0002488509. The Republic also refers to this set of Terms and Conditions and the parties agree that these Terms and Conditions do not differ materially from the terms used in the twenty-five other Bond Instruments at issue.

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20. Attached to this declaration as Exhibit 18 is a true and correct copy of Law

26,886, enacted on September 11, 2013, with an English translation, as authenticated by the

plaintiffs in no. 14-Civ-8601 (TPG) [Dkt. No. 9 Ex. 18].

21. Attached to this declaration as Exhibit 19 is a true and correct copy of the

Court’s Amended February 23, 2012 Order in NML Capital, Ltd. v. Republic of Argentina, no.

08-Civ-6978 (TPG) (S.D.N.Y. Nov. 21, 2012).

22. Attached to this declaration as Exhibit 20 is a true and correct copy of the

Court’s February 23, 2012 Order in NML Capital, Ltd. v. Republic of Argentina, no. 08-Civ-

6978 (TPG) (S.D.N.Y. Feb. 23, 2012).

23. Attached to this declaration as Exhibit 21 is a true and correct copy of Law

26,984, enacted on September 11, 2014, with an English translation, as authenticated by the

plaintiffs in no. 14-Civ-8601 (TPG) [Dkt. No. 9 Ex. 35].

24. Attached to this declaration as Exhibit 22 are true and correct copies of

Clearstream Banking AG’s notices of presentment, made available at:

http://www.clearstream.com/blob/50894/9387655aa344746e2cc81775d64665a9/d074-en-

data.pdf, and

http://www.clearstream.com/blob/49530/af456937d41d7411a2001db581ff1c80/migrated-

8pqh2t075nsgden-d071-data.pdf

These Clearstream notices list all of the Plaintiffs’ bonds.

25. Attached to this declaration as Exhibit 23 is a true and correct copy of the letter

from Argentina’s Secretary of Finance, Pablo Julio Lopez, to Bank of New York Mellon, dated

July 3, 2014, with an English translation, as authenticated by the plaintiffs in no. 14-Civ-8601

(TPG) [Dkt. No. 9 Ex. 29].

DB3/ 200568568.4 5

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26. Attached to this declaration as Exhibit 24 is a true and correct copy of the letter

from the Argentina Ministry of Economy and Public Finances to Bank of New York Mellon,

dated August 6, 2014, with an English translation, as authenticated by the plaintiffs in no. 14-

Civ-8601 (TPG) [Dkt. No. 9 Ex. 30].

27. Attached to this declaration as Exhibit 25 is a true and correct copy of the letter

from Argentina’s Secretary of Finance, Pablo Julio Lopez, to Citibank, N.A., dated August 6,

2014, with an English translation, as authenticated by the plaintiffs in no. 14-Civ-8601 (TPG)

[Dkt. No. 9 Ex. 31].

28. Attached to this declaration as Exhibit 26 is a true and correct copy of the

transcript of the televised address given by Argentina President Cristina Fernandez de Kirchner

on August 26, 2013, with an English translation, as authenticated by the plaintiffs in no. 14-Civ-

8601 (TPG) [Dkt. No. 9 Ex. 17].

29. Attached to this declaration as Exhibit 27 is a true and correct copy of the article

“Argentina Deposits $1 Billion for June 30 Bond Payments,” which was published on

Bloomberg News on June 26, 2014.

30. Attached to this declaration as Exhibit 28 is a true and correct copy of the article

“Argentina Bond Holdouts Say Nation Still Defying Court,” which was posted on

Bloomberg.com on October 2, 2014.

31. Attached to this declaration as Exhibit 29 is a true and correct copy of the article

“More and more sovereign bond issuers are turning to new anti-vulture clauses,” which was

published by El Cronista on March 24, 2015, with an English translation, as authenticated by

the plaintiffs in no. 14-Civ-8601 (TPG) [Dkt. No. 27 Ex. 33].

DB3/ 200568568.4 6

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I declare under penalty of pe1jury that the foregoing in true and correct.

Dated: November 13, 2015 New York, New York

083/ 200568568.4 7 Case 16-628, Document 263-5, 03/14/2016, 1726772, Page1 of 95

EXHIBIT E CaseCase 1:14-cv-09095-TPG 16-628, Document Document 263-5, 03/14/2016, 40-11 Filed 1726772, 11/13/15 Page2 Page of 195 of 94

EXHIBIT 11

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CONFOBMEP COPY

Dated July 27. 1993

THE REPUBLIC or ARGENTINA

- and -

CRASE MANHATTAN 'l'IUS?EES LIMITED

'l'IUS? DEED relatin1 to THE REPUBLIC-OF ARGENTINA U.S.$1,000,000,000 Euro Medium-term Note Pro1ramne arranged by Lehman Brother• International (Europe)

LINlO.AtERS ' PAIN!S Barrin1ton Bouae 59-67 Gre1hlm Street London EC2V 7JA tel: (71) 606 7080 Ref: AJC/LIMF CaseCaseCase 1:14-cv-09095-TPG 1:14-cv-09095-TPG 16-628, Document Document Document 263-5, 03/14/2016, 40-11 32-6 Filed Filed 1726772, 07/23/15 11/13/15 Page4 Page Page of 3 395 of of 59 94

CONT[NTS

Clause

1 Interpre~ation

2 Amount of the Note• and Covenant to Pay 5 3 Form of the Notes; Issue of the Notes 8

4 Stamp Duties and !axes 9

s Application of Moneys Received by the Trustee 9

6 Covenants 10 7 Remuneration and Indemnification of the Trustee lZ

8 Provisions Supplemental to the Trustee Act 1925 13

9 Trustee Liable for Ne1li1ence 16

10 Waiver and Proof of Default 16

11 trustee not Precluded from !nterin1 into Contract• 16 12 Modification 17 13 Appointment, Retirement and Removal of the tru1tee 17

14 Couponholders 18

15 Currency Indemnity 18

16 Com11Wtication1 19 17 Governin1 Lav and Jurisdiction 20 18 Counterparts 22

Schedule 1 for111 of Definitive Bearer Note, Coupon, Talon and Definitive Re1i1tered Note 23

Schedule 2 Form of Temporar7 Global Note 39

Schedule 3 Form of Global Note 47 Schedule 4 Forms of DTC Global Notes 56 Schedule s Provi1ion1 for Heetinga of Noteboldera 62

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THIS TRUST DEED is made on July 27, 1993 BE!WEEN:-

(l) THE REPUBLIC OF ARGENTINA {the "Republic"); and

(2) CHASE MANHATTAN TRUSTEES LIMITED (the "Tru1t11", which expre11ion, where the context so admits, includes any other trustee for the ti111e bein1 under this Tru1t Deed).

WHEREAS:-

(A) The Republic proposes to iuue up to U.S.Sl,000,000,000 principal amount of Euro Hedlum-Term Notes to be constituted by this Trust Deed.

(B) The Trustee has •creed to act •• trustee of this Trust Deed on the following terms and conditions.

THIS DEED WilNESSES AND IT IS DECLARED as follows:- 1 INTERPRETJ.TIQN

1.1 Dtfinition1: Unless the context otherwise requires, the follovin1 expressions have the follovin1 111eanin1s:-

"A1ency A1reea1ent" 111ean1 the a1ree111ent, as uended fr0111 ti.Ille to time, dated the date of thil Trust D11d between the Republic, the Trustee and the A11nt1 and includes any other a1ree1111nts approved in writin1 by the Trustee appointinc Succe11or A11nt1 or alterin1 such a1reements;

"AnnU" means the Principal Payin1 A1ent, the other Payin1 Agents, the Recistrar, the Calculation A1ent and the Transfer A1ents or any of them;

"Authgdud Simaton" means, in respect of a person, an individual duly authori1ed by such person to 1i1n 1pecif ied documents on behalf of such person;

"l•aru Nptt" means a definitive Note which ii in bearer form in or 1ub1tantially in the for91 set out in Schedule 1, 2 or 3 and includes any replac.. nt Bearer Notes i11ued pursuant to the Conditions and (except for the purpo1e1 of Clause 3.1) any Temporary Global Note or Global Note;

"l••rt[ S1ri11" aeana a Series of Bearer Notes;

"Cals:ulatipp A1ent" mean1 The Chaae Manhattan lank, N.A. at its 1pecif ied office or any Successor Calculation A1ent;

"Conditign111 means the terms and conditions Ht out in Schedule l, as from time to ti.Ille modified in accordance with this Trust Deed and, with respect to any Notes represented by a Global Note, aa modified by the provisions of the Global Note. Any reference to a particularly nuanbered Condition shall be construed accordin1ly;

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"Coupopboldu" and (in relation to a Coupon) "bolder" means the bearer of a Coupon;

"Coupon•" means the bearer coupons for the time being relatin1 to the Bearer Notet or, H the context may require, a specific number of them and includes any replacement Coupons i11ued pursuant to the Condition1;

"Dealer Acreemept" 111ean1 the dealer agreement dated July 27. 1993 between the Republic, Lehman Brother• International (Europe), Lehman Brothen Bankhau1 Akti.enceaelhchaft, Sheareon Lehman Brothen lnc. and Chase Investment Bank Limited and includes any acreement by which any additional dealer• accede to 1uch acreement;

"Definitive Resiltend Nott" 111ean1 a definitive not.e which ii in re1i1tered form in or 1ub1tantially in the form 1et out in Schedule• 1 or 4, iuued· in the nue of the holder of one or more Re1htered Note• and include• any replacement Definitive Regi1tered Notes i11ued pursuant to the Condition• and any DTC Global Note;

"DIC Glgbal Ngte" 111ean1 any DTC Restricted Global Note and any DTC Unre1tricted Global Note i11ued in re1pect of the 1ame Tranche of a Serie1 of Notes;

"DTC R11tdctes! Global Note" 11ean1 a definitive 1lobal Re1htered Note in or 1ub1tantially in the form Ht out in Schedule 4 and bearin1 the Rule 144A Lesend and the le1end1 required by The Depo1itory Tru1t Company;

"DIC Unr11tdct1d Glgbal Nott" mean1 a definitive slobal Re1htered Note in or substantially in the foni Ht out in Schedule 4 bearing the lesends required by The Depolitory Tru1t Company but not the Rule 144A Leaend;

"!yent gf Default" hH the meanin1 Ht out in Condition 10;

"ixtragrdinacy B11gluUon" hH the 111eanin1 aet out in Schedule 5;

"Global Nptt" mean1 a permanent slobal Bearer Note in or 1ub1tantially in the form 1et out in Schedule 3;

"Coyemnptal Agepcy" inean1 each as ency, department, 11in ii try, authority, 1tate, municipality, 1tatutory corporation or other 1tatutory body or juridical entity of the Republic or any political 1ubdividon thereof or therein, now exiltin1 or hereafter created, and any bank, corporation or other lesal entity 51 per cent. or more of the capital or votins 1tock or other ovner1hip interest of which i1 now or hereafter owned or controlled, directly or indirectly, by the Republic or by any state or municipality of the Republic;

''lf.lll.u'' ·1nean1 no tea (whether in bearer or re1il tered forftl) with a maturity of not leis than 30 day1 and not more than 30 year• (or in the ca1e of floatins Rate Not11, 360 month1) comprilin1 the euro

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111ediU111-tem notes constituted by this Trust Deed and for the time bein1 outstanding or, as the context may require, a specific number of them and, in the case of a Bearer Series, includes any replacement Bearer Notes issued pursuant to the Conditions and Temporary Global Notes and Global Notes; "Ngtebgldcr" and (in relation to a Note) "hglder" means the bearer of a Bearer Note and/or a person in who1e name a le1i1tered Note is re1iltered; "out a tapdina" means, in relation to the 'No tea, all the No tu issued except (a) those which have been redeemed in accordance with the Conditions, (b) those in respect of vhich the date for redemption ha1 occurred and the redemption moneys (1ncludin1 •11 intere1t accrued on 1uch Notes to the date for such red1111ption and any inter11t payable under the Conditions after such date) have been duly paid to the Trustee or to the Principal Payins Asent as provided in Clau1e 2 and remain available for payment a1ainst presentation and surrender of Bearer Note• and/or Coupon• or surrender of Definitive l11htered Notes, aa the case may be, (c) NotH vhich have become void or thoH in r11pect of which claim• have become preecribed, (d) those which have been purchased and cancelled as provided in the Conditions, (e) those 111Utilated or defaced Bearer NotH which have been surrendered in exchan1e for replacement Notes, (f) (for the purpo1e only of detenninina hov many Bearer Notee are out1tandin1 and without prejudice to their 1tatu1 for any other purpose) those Bearer Notes allesed to have been lost, stolen or destroyed and in respect of which replacement Bearer Notes have been i11ued, and (1) a Temporary Global Note to the extent that it shall have been exchan1ed for a Global Note pursuant to its provi1ion1 and a Global Note to the extent that it shall have been exchan1ed for definitive Bearer Notes pursuant to its provisions; provided that, for the purpo111 of (i) a1certainin1 the ri1ht to attend and vote at any meetin1 of the Noteholder1, (ii) the determination of how many Notes are out1tandin1 for the purpose• of Condition• 10 and ll and Schedule 5, (iii) the exercise of any discretion, power or authority which the Trustee i1 required, expr111ly or impliedly, to exercise in or by reference to the intere1t1 of the Noteholder1 and (iv) the certification (where relevant) by the Trustee a1 to whether an Event of Default or Potential !vent of Default is in it1 opinion materially prejudicial to the interests of the Noteholders, those Notes which are beneficially held by, or are held on behalf of, the Republic and not cancelled 1ball (unlesa no lon1er ao held) be deemed not to remain out1tandin1;

"Paying A1tnt1" mean1 the banka (including the Principal Payin1 Asent) referred to aa 1uch in the Condition• or any Successor Payin1 A1ent1 in each case at their respective specified offices;

".,P111.o~ttnau.:t.-i~a... 1.._.!i&l:Yu•1.11n1.1it...... io11.1f.,_;,,j. Dt_..f.,.au.uul~t" meana an event or circumstance which could with the 1ivin1 of notice, lapse of time, i11ue of a

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certificate and/or fulfilment of any other requirement provided for in Condition 10 become an Event of Default; "Princhal Paying Asent" mean• The Chase Manhattan Bank, N.A. at it• 1pecif ied off ice or any Succe11or Principal Payin1 A1ent; "Progranpe" •ean1 the Euro-Medium Term Note Pro1rU111e eatablhhed by and contemplated in the Dealer A1reement; "Red•ttrcd Mote" mean1 a Note in re1istered form; "R1Ji1tcred Serie1" 111eana a Ser1H of Re1htered NotH; "Rnhtrar" mean The Chaae Manhattan Bank, N.A. at its specified off ice or any Succe11or Re1i1trar; "Replaccmcnt Asent" 11ean1, in the caae of Bearer NotH, the Payin1 A1ent in London or, in the case of Re1htered Notes, the Trani fer Acent in New York City; "Rule 144A teHnd" mean• the tranafer reetriction lecend set out in Schedules 1 and 4, re1pectively, on the Definitive Re1i1tered Notes relatin1 to Rule 144A under the Securities Act;

"SecuritiH Act" means the U.S. SecuritiH Act of 1933, H uended;

"Serie•" •ean1 all Notee in the IW bearer or rechtered fonn and havin1 one or more iaaue datH and the sue uturity date, bearin1 intere1t (if any) on the 1ue bad• and at the sue rate and on terms otherwi1e identical;

"Specified Currency" 11ean1 the currency in which any Note is denominated; "1pcc:ified qffic1" 111ean1, in relation to any Acent, the office identified with it1 name at the end of the Condition• or any other office approved by the Tru1tee and notified to the Noteholder1 purauant to ClaU1e 6.1.8; "Suc:c111qr" mean1, in relation to the A1enu, 1ucb other or further peraon H ma1 from ti.Ile to time be appointed by the Republic a• the relevant Acent, with the written approval of, and on ter1111 approved in writin1 b1, the Tru1tee and notice of whose appointment i1 given to Noteholder• purauant to Clauae 6.1.8;

"Talon•" 111ean1 the talons for the time be inc re la tine to Bearer Note1 or, a1 the context may require, a specific number of the11, exchanceable for 1heet1 of Coupon• in accordance with, and including any replace111ent Talons i11ued pursuant to, the Condition•; "Truc:ht" mean• all NotH of the same Serie• with the 1ame Iuue Date;

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"lC!!!POrary Global Note" means a temporary 1lobal Bearer Note in or substantially in the form set out in Schedule Zi

"tbil Trust Deed" means this trust Deed (as from time to time altered in accordance with this Trust Deed) and any other document executed in accordance with this Trust Deed (as from time to time so altered) and expre11ed to be supplemental to this Trust Deed; "Irtn•hr A1nt1" means the bank1 referred to as such in the Conditions or any Successor Transfer A1ent1 at their respective specified officesi

"truat corpgntipn" means a trust corporation (as defined in the Law of Property Act 1925) or a corporation entitled to act as a tru1tee pursuant to applicable foreisn lesislation relatin1 to tru1tee1; and "Zero Cgupgn Note" means a Note which doH not bear interest. 1.2 Con1truction of Certain Refercnc11: References to:- 1.2.1 co1t1, char1es, remuneration or expenses include any value add•d, turnover or similar· tax charsed in respect thereof;

1.2.2 "U.S. dollan" and "llJ...i" are to the lawful currency for the time beinc of the United States of America; and 1.2.3 an action, remedy or method of judicial proceedin11 for the enforcement of creditor•' ri1ht1 includes references to 1uch action, remedy or method of judicial proeeedin11 in jurhdiction1 other than Ens land as shall most nearly approximate thereto. 1.3 Zero Coyppn Ngte1: References to Coupons and Couponholder1 •hall be isnored in the ca1e of Zero Coupon Notes. 1.4 B•1i1tgr1d Ngt11: Reference• to Coupons and Couponholdera shall be isnored in the ca1e of Re1i1tered Note1. 1.S B11din11: Beadings shall be isnored in construing thh Tru1t Deed.

1.6 Claµ111 lftd Ssb1dul11: Reference to Clau1e1 and Schedule• are to Cla\llel and Schedules to this Tru1t Deed. The Schedules are part of tbit Tru.t Deed and have effect accordin1ly. 1.7 Conditign1: Terms defined in the Conditions have the same meanin1 herein. 2 AHOQNI OF DE NOTES AND COVENANT TO PAY 2.1 Amowt pf the Npt11: The Notes will be iuued frOt'll time to ti.me in Series, each Seriet beinc of a currency and havins an initial 111ue Date, Maturity Date, Red•ption laail, Interest Rate

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and Intere1t Payment Date1 all al determined pur1uant to the Dealer Asreement and a1 specified in the relevant Pricing Supplement. The Republic shall notify (or cause to be notified) the Trustee in writins, prior to the iuue of any Series, of each 1uc:h Series 1pec:ifyin1 the above detaill. The Republic 1hall notify (or cause

to be notified) the Tru1tee in writin1 1 in re1pect of any Serie1, of the date of iHue of each Temporary Global Note or each DTC Global Note, al the ca1e may be, and of the principal IUlll to be repre1ented by each Temporary Global Note or each DTC Global Note, a1 the case may be. In the case of a Series denominated in a currency other than U.S. dollars, Australian Dollars, Canadian Dollar1, Danish Krone, Deut1che Hark•, Dutch Guilders, ECU, Finnish Harkka1, Hong Kon1 Dollar1, Italian Lire, Japaneae Yen, New Zealand Dollar1. Sterlins, Swedish Kronor or Swi11 Franca, the Republic 1hall not i11ue Notes of any 1uch 1erie1 without the prior written approval of the Tru1tee and the Trustee 1hall be entitled to require the Republic, a1 a condition of i11uin1 Note1 in such Serie1 to provide such opinion1, docum~nt1, certificates and inforaation relevant in the context H it may request and to uend thb Trust Deed in such manner a• the Trustee 1hall consider nece11ary or expedient to take account of e.ny 1uch Serie1. Where legal opinion• are 1iven to any Dealer in accordance with the teni1 of the Dealer A1reement the Republic ehall ensure that all such le1al opinion• 1hall al10 be 1tated to be siven for the benefit of the Tru1tee and that the HIH 1ball be Hnt to the Tru1tee, 1isned by the partie1 re1pon1ible, at the 1ame time a1 they are sent to 1uch Dealer. The Republic undertakes not to have out1tandin1 at any one time Notes i11ued by the Republic: in the a11re1ate principal amount of more than U.S.$1,000,000,000 (or it1 equivalent calculated a1 provided in the Dealer Asreement) or 1uch lar1er uount a• may be asreed pur1uant to Clause 11 of the Dealer A1reement and effected by way of a deed 1upplemental to thi• Truat Deed. For the avoidance of doubt, the principal amount of a Zero Coupon Note or other Note i11ued at a diacount 1hall be calculated by reference to the amorti1ation yield for111ula a1 1pecified in the Condition• applicable to 1uch Note• a1 at the relevant date of calculation or, if no formula h 1pecified, the face uount of 1uch Zero Coupon Note or other Note i11ued at a di1count.

2. 2 Cqynant to P&J'' The Republic will b:; 10 a.m. (New York City time) on any date when any Series of NotH or any Notes become due to be redeemed unconditionally pay to or to the order of the Tru1tee (in the case of Note1 den0111inated in u.s. dollar1) in New York City in U.S. dollar1, (in the ca1e of Note• denominated in another currency) in the principal financial centre for such currency in such currency and (in the case of Note• denominated in !CU) in such financial centre and 1uch currency a1 accord• with the Condition1 in each caae in 1ame day funds the principal amount of the Note• beco11in1 due for redemption on that date and, except in the case of Zero Coupon Note1, will (subject to the Conditions) until such payment (both before and after judpent) unconditionally 10 pay to

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or to the order of the Trustee interest on the principal amount of the Note1 out1tanding a1 set out in the Condition• (1ubject, in the ca1e of Floating late Note1, to Clau1e 2.6) provided that:-

2. 2 .1 payment of any 1\1111 due in respect of the Notes mad'! tC1 the Principal Paying Agent a1 provided in the Agency Agreement 1hal1, to 1uch extent, aatilfy 1ueh obligation except to the extent that there ii failure in it1 1ubaequent payment to the relevant Noteholden or Couponholden under the Condition•; and 2.2.2 a payment made after the due date or pur1uant to Condition 10, will be dee111ed to have been made when the full amount due ha1 been received by the rrinclpal Paying Agent or the Tru1tee and notice to that effect haa been given to the Noteholder1 (if required under Clauae 6.1.6), except, where payment ii 111&de to the Principal Paying Agent, to the extent that there i1 failure in the 1ub1equent pa711ent to the relevant Noteholder1 or Couponholder1 under the Condition1. Thi• covenant 1hall only have effect each ti111e Note• are i11ued and out1tanding when the Tru1tee 1hall hold the benefit of thi1 covenant and the other covenanta of the Republic under thil Tru1t Deed on tru1t for i taelf, the Noteholden and Couponholden according to their re1pective intere1t1. 2.3 Ptnent in a Cbp11n Currency: If, pursuant to Condition 7, a pa)'lllent will be required to be made in a choaen currency, the Tru1tee 1hall:- 2.3.1 after con1ulting with it1 financial advi1er1 and without liability on it1 part and without being obliged to con1ider the intere1t1 of individual Notehold1r1 but after con1ultation with the Republic, where practicable, chooae a component of the EC !CU a1 the choaen currency aa provided in Condition 7, shall forthwith notify the Republic and the Paying Agent• thereof and the Republic 1hall she notice thereof to the Noteholden in accordance with Conditions 7 and 17; 2.3.2 promptly perfol'lll the dutie1 required of it under Condition 7; 2.3,3 notify the Republic and the Paying Agent• of the uiount payable per Note and Coupon in the cho1en curency on the relevant due date.

2.4 pitsh1r11: Subject to Clause 2.s, any payment to be made in re1pect of the Note1 or the Coupon• by the Republic or the Tru1tee may be ude a1 provided in the Condition• and any pa,,..ent 10 111ade will (1ubject to Clauae 2.5) to that extent be a good dhcharge to the Republic or the Tru1tee, a1 the caae IB&Y be. 2.5 PaJ!llent after a petault: At any time after an Event of Default or a Potential Event of Default ha1 occurred the Tru1tee 111ay:-

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2.5, l by notice in writing to the llepublic and the Asen ts, require the Agents, until notified by the Trustee to the contrary, 10 far aa permitted by any applicable law:-

(i) to act aa Agent• of the Trustee under thia Trust Deed and the Notea on the terms of the Agency Agreement (with con1equential usendmenta aa nec111ary and except that the Tru1tee'1 liability for the indeamification, remuneration and expen1e1 of the Agents will be limited to the amounts for the time bein1 held by the Trustee in respect of the Notes on the terms of this Trust Deed) and thereafter to hold all Notes, Coupon1 and Talons and all moneys, docwaents and records held by them in respect of Notes, Coupons and Talon• to the order of the Trustee; or (ii) to deliver all Note1, Coupons and Talon1 and all moneys, doc1.1111ent1 and record• held by them in reapect of the No tea, Coupons and Talon• to the Trustee or aa the Tru1tee·direct1 in auch notice: and 2.5.2 by notice in writing to the llepublic require it to make all 1ub11quent pa11111nt1 in respect of the Notes and Coupon• to or to the order of the Trustee and not to the Principal Paying Agent. 2.6 Bat• pf Int1rw1t aft1r P,fault: If any Series of Floating llate No tea become imediately repayable pursuant to Condition 10, the rate of interest and interest amount• in respect of them shall continue to be calculated in accordance with the Condition• until all 1uch Floatin1 llate Note• shall have been repaid, except that th• rate• of intereat and interest amounts need not be published. 3 fOBM or ti! NOTES; ISSY! OF JR! NOTIS 3.1 [Qrw pf Ngt11: Each Serita of Note1 will initially be repr••ented by one or 110re Temporary Global Notes or one or more DTC Global Not••· Neither any T.. porary Global Note nor any Global Note nor any Definitive llegi1tered Note need be 11curity printed. The learer Not11, the Coupons and the Talon& will be security printed in accorclact with applicable legal and a tock exchange requirements. The Bearer Notea and the Definitive llegi1tered Notea will be endoraed with the Conditions, 3, 2 Sim•tun: The lurer No tea, the Coupons, the Talons and the Definitive llegiatered Note• will be signed manually or in facsimile by a duly authorhed person designated by the Republic and, the Bearer Notti will be authenticated by or on behalf of the Principal Payin1 A1ent and the Definitive Re1iltered NotH will be authenticated by or on behalf of the lleghtrar. The Republic may uae the f acaimile denature of a person who at the date of thia Tru1t Deed ii a duly autboriaed person dedgnated by the Republic even if at the time of i11u1 of any Bearer Notes, Coupons, talon• and Definitive Re1i1tered Note• 1uch per1on 11 no longer 10

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autbori1ed. Bearer Notes, Coupons, talon• and Definitive Registered Notes 10 executed and authenticated will be bindin1 and valid obli1ation1 of the Republic. 3.3 I11u1 of R11i1ter1d Notes: Issue and delivery of the Notes on the relevant I11ue Date shall be complete on the i11ue and delivery of the DtC Global Note(1) by, or at the order of, the Rep.ublie. 4 StAMP DUTIES Nf P IAJ(ES

the Republic will pay any stup, i11ue, re1htration, docwnentary or other taxe1 and dutie1, includin1 interest and penalties, payable in the Republic of Arcentina, lelcium, Luxembour1, the United Kin1dom and the United Stat•• in re1pect of the creation, i11ue and offerin1 of the Notes of each Serie1, the Coupon• and the Talon• and the execution, delivery or performance of thh Tru1t Deed. The Republic will also inde111nify the Tru1tee, the Noteholder1 and the Couponholder1 from and a1ain1t all

stamp, iuue, re1htration 1 docwnentary or other taxes paid by any of them in any jurisdiction in connection with any action taken by or on behalf of the Tru1tee or, a• the ca1e may be (where entitled under Condition 12 to do 10), the Noteholden or the Couponholden to enforce the obli1ationt of the Republic under this Tru1t Deed, the Notes, the Coupons or the talon1. S APPLICAIIQH OF MONEYS gECEJV!D BY IHE TBUSI!E

S. l Declaration of Iru1t: All money1 received by the Trustee in re1pect of the Notea or amount1 payable under thi1 Tru1t Deed will, deapite any appropriation of all or part of them by the Republic, be held by the truatee on truat to apply them (aubject to Clauae 5.2):-

first, in payment of all coat•, char1ea, expen111 and liabilitiea rea1onably incurred by the Tru1tee (including remuneration payable to it) in carryin1 out it1 functions under thil Tru1t Deed; Hcondly, in payment of any uountl owinc in reapect of the Note1 or Coupon• pari pa11u and rateably; and thirdly, in payment of the balance (if any) to the Republic for itaelf. If the trustee hold1 any money• which repre1ent principal or intereat in reapect of Notn or Coupons which have become void or claim• in re1pect of which have bec0111e prescribed under Condition 9, the Tru1tee will hold 1uch moneys on the1e tru1t1. S.2 Accwpulatiop: If the amount of the money1 at any time available for pa11Hnt of principal in re1pect of a SeriH of Notes under Clause S.l ii 'lell than 101 of the principal amount of the

Note• of that Serie• then out1tandin1 1 the Tru1tee may, at its di1cretion, inve1t 1uch 111oney1. The Iru1tee may retain such inve1tment1 and accumulate the re1ultin1 income until the

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inve1tment1 and the accumulation1, to1ether vith any other funds for the tiJH bein1 under it1 control and available for 1uch payment, &111ount to at lea1t 101 of the principal emount of the Note1 of such Serie• then out1tanding and then 1uch inve1tment1, accU11ulation1 and fund• (after deduction of, or provilion for, any applicable taxes) will be applied a1 1pecif ied in Cl•u1e 5.1. 5.3 lnye1t;ment: Money1 held by the TrU1tee may be inve1ted in the name or under the control of the Tru1tee in any inve1t•ent1 or other a111t1 anJWhen whether or not they produce income or deposited in ita na111 or under ita control at 1uch bank or other financial in1titution in 1uch currenciea 11 the Truatee may, in it• abaolute diacretion, think Ht. If that bank or in1titution h the Tru1t11 or a 1Ublidiary, holdin1 or auociated cOllpany of the Trustee, it need only account for an uiount of inter11t equal to the lar1e1t amount of inter11t payable by it on 1Uch a depolit to an independent cuatomer. The Tru1tee may at any tille vary or tran1po1e any 1uch inve1tment1 for or into other 1uch inve1t•ent1 or convert any •oney1 10 deposited into any other currency, and will not be reaponlible for any re1ultin1 1011, whether by depreciation in value, chan1e in exchan1e rat~• or otherwi••·

6 CQV!tWffS 6 .1 Qaneral: So lon1 aa any Note ii out1tandin1, the Republic will:- 6.1.1 Notis• pf Ey1nt1 pf Peftult1 notify the Tru1tee in writin1 1-diately on b1comin1 aware of the occurrence of any !vent of Default or Potential !vent of Default; 6.1.2 Information: 10 fa.r a• per11itted by applicable law, 1ive to the trustee 1uch inforution aa it rea1onably requirea to p1rfor11 it1 function• (includin1 1 without limitation to the 1en1rality of the fore1oin1 1 a report in ln1li1h dated no later than June 30 in each year (be1iMin1 with June 30, 1994) vhich update•, in the , ... manner a• required by the Dealer Arreement for the Dealen, the data contained in the Inf or111ation M•orandum dated July 27, 1993 iuued in connection with the lro1r.... or 1uch other report a1 .., be rea1onably acceptable to the tru.tee) and 1hall provide to the Tru1tee any 1upplement to 1uch Information Memorandum iuued punuant to the Dealer A1reea1nt; 6.1.3 Certificate: 1end to the Tru1tee, on or before Harch 31 in each year (be1innin1 with March 31, 1994), and within 14 days after any written requ11t by the Tru1tee, a certificate of the Republic dgned by an Authorhed Sipatory to the effect that, havin1 made all rea1onable enquirie1, to the beat of the knowled1e of 1uch Authori1ed Signatory, no !vent of Default or Potential !vent of Default ha• occurred and i1 continuing a• of the date of 1uch certificate or, if an Event of Default or Potential !vent of Default ha1 occurred, the circumstance•

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1urrounding it and the steps that the Republic has taken or proposes to take to remedy it;

6.1,4 Noticts to Ng_t1bolde.n: prior to the aiving of any n,otice, send to the Trustee a copy of the form of each notice to be given to Noteholders and, once given, two copies of each notice, the form of such notice having previously been approved by the Trustee;

6 .1. S Further Acta: 10 far a1 permitted by applicable Law, regulation, decree or ordinance do such further things as may be necessary in the opinion of .the Trustee to 1ive effect to this Trult Deed;

6. l. 6 Nptice of I.at• PaJlllOt: forthwith upon requu t by the Trustee give notice to the Noteholders of any unconditional pa)'91ent to the Principal Paying Agent or the Trustee of any sum due in respect of the Notes or Coupons made after the due date for 1uch pa)'lllent;

6.1.7 Li1ting: if the Notes of any Series are to be listed on or shortly after their issue, uae all rea1onable endeavours to obtain and maintain tbe li1tin1 of tbe Notes of such Series on the Luxembourg Stock Exchanse. If, however, it is wiable to do 10, having used such endeavour•, or if the maintenance of such U.1tin1 it acreed by the Truetee to be unduly onerou1 and the Trustee is 1ati1f ied that the interests of the Noteholders would not be thereby materially prejudiced, it will instead use all reasonable endeavours to obtain and maintain a li1tin1 of the Notes on 1uch other stock exchan;e or exchan1e1 aa it may (with the written approval of the Trustee) decide;

6.1.8 Cbonre in Aguu: give or cause to be given prompt notice to the Noteholdera in accordance with Condition 17 of any future appoint111ent, resiplation or removal of an A1ent or of an1 change by an Agent of it1 specified office and not make any 1ucb appointment or removal or chance without the written approval of the Trustee;

6.1.9 Not11 held by R.epublic. uc.; send to the Truetee and the Jlegiatrar as soon as practicable aftu bein1 so requested by the Trustee and/or the Jlegistrar a certificate of the Jlepublic, sipied by an Authoriaed Signatory atating the •11re1ate principal ...ount of Notea held, at the date of such certificate by or on behalf of the Republic;

6 .1.10 Early Bcd11ption: 1ive prior notice to the Trustee of any proposed redemption pursuant to Condition 6 and, if it give1 notice to Noteholder1 of its intention to redee11 any Notes pursuant to Condition 6(d), make drawings (if appropriate) and redeem Notes accordingly;

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6.1.11 Hegibcrsbip gf IMF: maintain its ~emberahip in, and its eli1ibility to use the 1eneral resources of, the International Monetary Fund;

6.1.U Iruatee Approvah: obtain the prior written approv11l or con1ent of the Trustee in the circumstances where required to do •o under the Dealer A1rcement; and

6.l.13 Ruh U.4A{d)(4) Infor111ation Reguiremtnt: without prejudice to Clause 6.1.2, for ao lon1 as any Notes are out1tandin1, durin1 any period in which the Republic is neither subject to Section 13 or 15(d) of the U.S. Securities Exchange Act of 1934, a• amended, nor exempt from reportin1 pursuant to Rule 1213-2(b) thereunder nor a foreisn 1overnment .. defined in Rule 405 under the Securitie• Act eli1ible to resister securities under Schedule 8 of the SecuritiH Act, provide to any bolder of such Notes, or to any proapective purchaser of auch Notea deaisnated by 1ucb holder of NotH, upon request, the information apecified in, and meeting the requirement of, Rule 144A(d)(4) under the SecuritiH Act. the Truatee will hold the benefit of thia covenant on truat for the bolder• and the proapective purcha1er1 de1isnated by 1ucb holders, from time to time, of such Note; 6.1.14 Not11 I11u1d pr 0ut•tandin1: aend to the Trustee within lit daya after any written request by the Trustee, a certificate of the Republic dped by an Authorised Si1natory confirmin1 the a11re1ate principal amount of Notes i11ued and/or out1tandin1 under the Pro1ramne. 6.2 lauco Ceptral Yndcrtokin1: With reapect to any exchanged amounts of the Specified Currency made available by Banco Central under Section 2 of the Banco Central Undertakin1 in connection with payment• to be made by the Republic hereunder or under the Notes, the Republic hereby irrevocably in1truct1 Banco Central to deliver 1uch excban1ed a111oun~• of aucb Specified Currency at the place• and at the times apecifled herein and in the Agency A1reement for such pa7"1ent1 by the Republic.

7 RnruMgRATIQN ANJ) INplMNIFICATIOB or TIE TBVSTE!

7 .1 Npnul B•untr•tion: So lone H any Note h outatandin1 the Republic, will pay the Truatee a• remuneration for it• aervicea as Trustee auch aum on auch date• in each ca•• aa they 111ay from time to time a1ree. Such r ..uneration will accrue from day to day from the date of thia Tru1t Deed. However, if any payment to a Noteholder or Couponholder of money• due in reapect of any Note or Coupon is improperly withheld or refused, such remuneration will again accrue aa from the date of auch withholdin1 or refuHl until paywient to aucb Notebolder or Couponholder i• duly made.

7, 2 lxtra B111unerttiM: At any time after the occurrence of an Event of Default 1hall have occurred or if tbe Trustee find• it

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expedient or necessary or i1 requested by the Republic to undertake dutie1 which the Trustee and the Republic agree to be of an exceptional nature or otherwise outside the scope of the Trustee's normal dutiH under this Trust Deed, the Republic, will pay such additional remuneration as they may agree or, failing agreement as to any of the matters in this Clause 7.2 (or as to such 1ums referred to in Clause 7.1), as determined by a merchant bank (acting as an expert) selected by the Trustee and approved by the Republic, failing such approval, nominated by the President for the time being of The Law Society of England and Wales, the expenses involved in such nomination and such merchant bank's he beins shand equally between the TrU1t11 and the Republic. The determination of such merchant bank will be conclusive and binding on the Republic, the Tru1tee, the Noteholders and the Couponholders.

7. 3 [Xpen111: The Republic will also pay or dilcharge all costs, charges, liabiliti11 and expenses reaaonably incurred by the Trustee in relation to the preparation and execution of this Truat Deed and the performance of its functions under this Trust Deed including, but not limited to, legal and travdlina expensH and any stamp, registration, docWlltntary or other taxe1 or dutie1 paid by the Tru1tee in connection with any legal proceedings reasonably brought or contemplated by the Trustee again1t the Republic to enforce any provision of thia TrUlt Deed, the Note• or the Coupons.

7.4 Payment nf £xpen1e1: All cost1, char1e1, liabilities and expen111 incurred and pa11119nt1 made by the Trustee in accordance with the provi1ion1 of, or in the lawful performance of its function• under, thi1 Trutt Deed will be payable or reimburseable by the Republic on de•and by the Truatee.

7 .S Iodemlty: The Republic will indemnify the Trustee in rupect of all liabilities and expense• rea1onably incurred by it or by anyone appointed by it or to whom any of iu functions may be delegated by it in the carrying out of ita function• and against any los1, liability, co1t, claim, action, d..-nd or expense (includins, but not limited to, all reasonable co1t1, charge• and expenses paid or incurred in disputing or defending any of the foregoing) which an7 of tb• •Y incur or which may be •de against any of them ari1in1 out of or in relation to or in connection with it• appoint.ent or the exerci1e of it1 function•. 7.6 Cpntiguing l.fftst: Clau111 7.3, 7.4 and 7.5 vill continue in full force and effect a1 regard• the Tru1tee even if it no lonser is Tru1tee.

8 PROVISIONS SUPPLQSRfTAL IO IBE lJUStEE ACT 1925

8.1 Advicu The Truatee may act on the opinion or advice of, or infor11ation obtained from, any expert and will not be responsible to anyone for any 1011 occaaioned by 10 acting. Any auch opinion, advice or information may be 11nt or obtained by letter, telex or fax and the TrU1tee will not be liable to anyone for acting in good

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faith on any opinion, advice or infonnation purporting to be conveyed by 1uch mean• even if it contain• 1ome error or h not authentic.

8. 2 Iru1tee to AHUllC PerforMnce: The Tru1tee need not notify anyone of the execution of this Trust Deed or do anything to find out if an Event of Default or Potential Event of Default has occurred. Until it has actual knowled1e or expren notice to the contrary, the Tru1tee may a1sU111e that no 1uch event has occurred and that the Republic i1 performin1 all it1 obli1ation1 under thi1 Tru1t Deed, the Notes and the Coupons. 8.3 Re1olution1 of Nptehplder1: The Tru1tee will not be re1pon1ible for havin1 acted ln 1ood faith on a resolution purportin1 to have been pa11ed at a meetin1 of Noteholder1 in re1pect of which minute• have been made and 1isn1d even thouch it i1 later found that there was a defect in the con1titution of 1uch meetin1 or the pa1sing of such resolution or that the resolution va1 not valid or bindin1 upon the Noteholder1 or the Couponholder1. 8.4 Certificate: The Tru1tee may call for and may accept as sufficient evidence of any fact or the expediency of any act a certificate •isned by an Authori1ed Sisnatory of the Republic a• to any fact or matter upon which the Trustee may, in the exercise of any of it• function•, require to be 1ati1fied or to have infor111ation to the effect that, in the opinion of the penon or persons 10 certifyin1, any particular act 11 expedient and the Trustee need not call for further evidence and will not be responlible for any lou occasioned by actin1 on such a certificate.

8.5 D1pp1it of Dpcum1nt1: The Trustee may deposit this Trust Deed and any other document• with any banker or bankin1 company or entity whose bu1iness includes undertakin1 the safe custody of document• or with any lawyer or Ura of lawyers believed by it to be of 1ood repute and may pay all 1U1111 to be paid on account or ln respect of any such depo1it. 8.6 Diacretipn pf Tru1te1: The Trustee will have ab1olute end uncontrolled di1cretion a1 to the exerci1e of it1 function• and will not be r11ponlible for any 1011, liability, co1t, claim, action. demand, expen1e or inconvenience which may re1ult from their exerci1e or non-.xercise. 8.7 A11nt1: Whenever it con1ider1 it expedient in the intere1t1 of the Noteholdera, the Trustee may, in the conduct of it• trust bulineu, in1tead of acting personally, employ and pay an agent •elected by it, whether or not a lawyer or other profe11ional person, to tran1act or conduct, or concur in transactin1 or conductin1, any budne11 and to do or concur in doin1 all acts required to be done by the Truttee (includin1 the receipt and pa)'lllent of money). If the Trustee exerci1es reasonable care in the Hlection of such aaent, it will not be responlible to anyone for any mi1conduct or omis1ion on the part of any 1uch agent 10 employed

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by it or be bound to 1u~ervi1e the proceedings or acts of any such agent.

8.8 Delcsatign: Whenever it considers it expedient in the interests of the Noteholders, the Trustee may delegate to any person on any terms (including power to sub-delegate) all or any of its functions. If the Trustee exercbes rea1onable care in the selection of such dele1ate, it will not have any obli1ation to auperviae such delegate or be responsible for any 1011, liability, cost, claim, action, demand or expenae incurred by reason of any misconduct or default by any such dele1ate or 1ub-dele1ate.

8.9 For1ed Bearer Note1. Coupon• or llgi1ter: The Trustee will not be liable to the Republic or any Noteholdtr or Couponholder by reason of havin1 accepted as valid or not havin1 rejected any Note or Coupon or entry in the Register, aa the case may be, purporting to be such and later found to be for1ed or not authentic.

8.10 Confid1nti1lity: Unless ordered to do 10 by a court of competent jurisdiction the Trustee 1hall not be required to disclose to any Noteholder or Couponholder any confidential financial or other information made available to the Trustee by the Republic. 8.11 Deterpinatipn1 Cgnclu1ive: A• between itaelf and the Noteboldera and Couponboldera, the Tru1te1 may determine all questions and doubts ari1in1 in relation to any of the provisions of this Trust Deed. Such determination1, whether made upon such a queation act1.1ally raised or implied in the acti or proceedin11 of the Truatee, will be conclusive and ahall bind the Trustee, the Noteholdera and the Couponholdera.

8 .12 Currncv Cpnvcraigq: Where it ii nece11ary or deairab le to convert any sum from one currency to another, it will (unless otherwise provided hereby or required by law, regulation, decree or ordinance) be converted at such rate or rat11, in accordance with such •ethod and aa at such date &1 may reaaonably be specified by the Truatee but havin1 regard to current ratu of exchan1e, if available. Any rate, method and date ao apecified will be bindin1 on the Republic, the Noteholdera and the Couponholdera.

8.13 lvtnt• pf Pefault: The Trustee may determine whether or not a default in the performance or obHrvance b:y the Republic of any obligation ii, in its opinion, continuin1 and/or whether or not any event ia, in its opinion, materiall:y prejudicial to the interests of the Noteholdera. Any determination whether or not any event is, in its opinion, materially prejudicial to the interests of the Noteholden will be conclusive and binding upon the Republic, the Noteholdera and the Couponholdera.

8.14 hm•ot fgr and l>tliy1n gf Ngt11: The trustee will not be responsible for the receipt or application by the Republic of the proceed• of the i11ue of the Notea or the delivery of Jeanr Notes or Definitive le1i1tered Note• to the persona entitled to them.

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8 .15 Npt11 Hild by the Republic etc.: In the absence of know ledge or expre11 notice to the contrary, the Trustee may auume without enquiry (other than requesting a certificate under Clause 6 .1. 9) that no Notes are for the time beinr held by or on behalf of the Republic. 8.16 Clearing Systems: So long as any Global Note or any DTC Global

Note ii held on behalf of a clearing 1y1tem 1 in considering the interests of Noteholder1, the Trustee may have regard to any information provided to it by such clearin1 system or its operator as to the identity (either individual or by caterory) of its accountholder1 or participant• with entitlements to any such Global Note or DTC Global Note and may consider auch interests 11 if such accountholder1 or participant• were the holder(1) thereof. 9 TBYSTEE LIABLE FQB NEQLIGr;NCE Nothin1 in this Trust Deed shall in any case in which the Trustee fails to show the desree of care and dilisence required of it as trustee relieve or indemnify it fr011 or asainst any liability which would otherwise attach to it in respect of any ne1li1ence, default, breach of duty or breach of trust of which it may be ruilty. 10 WAIY!R AND PROOF OF DEFAULT

10.l Waiytr: The Trustee 11ay 1 without the connnt of the Noteholders or Couponholders and without prejudice to it• rirhts in respect of any subsequent breach, fro• time to time and at any time, if in its opinion the interHts of the Noteholders will not be materially prejudiced thereby, waive or authorise, on such term• as seem expedient to it, any breach or proposed breach by the Republic of thh Trust Deed or the NotH or detemine that any Event of Default or Potential !vent of Default will not be treated as such provided that the Trustee will not do so in contravention of an expreH direction 1iven by an lxtraordinary Resolution or a request made pursuant to Condition 10 or Condition 12. No such direction or request will affect a previous waiver, authorisation or detennination. Any such waiver, authorisation or determination will be bindin1 on the Noteholdeu and the Couponholdeu and, if the truatee 10 requires, will be notified to the Noteholdera a1 soon as practicable. 10.2 Prppf pf Pefault: If it is proved that as re1ard1 any specified Note or Coupon the Republic has made default in payin1 any 11.1111 due to the relevant Noteholder such proof will ( unle11 the contrary \e proved) be 1ufflcient evidence that it has 111ade the sa111e default as re1ard1 all other Notes or Coupons which are then payable. 11 TBVS'fl! NOT PR!CLQD!D lB,QM !NIERING INIO CONTJlACTS No person, whether actinr for itself or in any other capacity, will be precluded from becomin1 the owner of, or acquirin1 any interest in, holdin1 or dispo1in1 of any Note or Coupon or any 1bare1 or securities of

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the Republic or any Governmental Agency vith the 1ame ri1ht1 a1 it would have had if the Tru1tee vere not Tru1tee or from enterin1 into or being interested in any contracts or transaction• with the Republic or any Govern111ental Agency or from acting on, or as depoaitary or a1ent for, any con111ittee or body of holden of any 1ecuritiea of the Republic or a~y Governmental Agency and will not be liable to account for any profit.

12 HODIFICATIQN

The Trustee and the Republic may agree without the con1ent of the Noteholder1 or Couponholder1 to any modification to thi1 Trust Deed of a formal, minor or tecbnical nature or to correct a 111U1if 11t error. The Trustee and the Republic may aho 10 a1ree to any modification to this Trult Deed which ii in the Trustee' 1 opinion not materially prejudicial to the interest• of the Noteholdeu, but 1uch power doH not extend to any 1uch modification as is mentioned in the proviso to paragraph 19 of Schedule S. 13 APPOINlM!:NI. RETIRP.MEHT AND BQSoVAL QF Ill lJtUSTEE 13.1 Agppintmtnt: The Republic baa the power of appointin1 new tru1tee1 but no per1on may be 10 appointed unlea1 previously approved by an Extraordinary Beaolution of Noteholder1, provided that if at any tl•e any of the followins •hall occur:- 13.1.l the 'tru1tee 1hall cease to be a trust corporation and shall fail to reaip after written request therefor by the Republic or by an Extraordinary Resolution of Noteholders; or 13.1.2 the Trustee shall become incapable of acting, or shall be adjudged a bankrupt or intolvent, or a receiver or liquidator of the Trustee or of its property shall be appointed, or any public officer thall take charge or control of t'he Trustee or of it1 property or affairs for the purpol"! of rehabilitation, conservation or liquidation, then, in any 1uch ca1e, the Republic may, without the con1ent of the Noteholdera aa described above, rnove the Trustee and appoint a 1ucce11or truatee by written in1trument, in duplicate, one copy of wbicb inltl'Ulllent 1ball be delivered to the Tru1tee so removed and one copy to the 1ucce11or trustee. A tru1t corporation will at all timea be a Trustee and may be the 1ole Truetee. Any appointment of a new Trustee will be notified by the Republic to the Noteholder1 a1 toon aa practicable.

13.2 ~: Any Tru1tee may retire at any time on aiving not less than three months' notice in writing to the Republic without 1iving any reason or being re1pon1ible for any costs occasioned by auch retirement and the Noteholdera may by Extraordinary Resolution remove any Iruatee provided that the retirement or removal of a sole tru1t corporation will not become effective until a tru1t corporation i1 appointed aa successor

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Tru1tee. If a sole trustee or a sole trust corporation gives notice of retirement or an Extraordinar1 Resolution is pa11ed for its removal under this Clau1e 13.2, it will u1e all reasonable endeavour• to procure that another trust corporation i1 appointed a1 Tru1tee.

13.3 Co-Tru1tee1: The Trustee may, despite Clause 13.1, bf written notice to the Republic, appoint an1one to act a1 an additional Trustee jointl1 with the Trustee:- 13.3.l if the Tru1tee con1ider1 1uch appointment to be in the intere1t1 of the Noteholder1 and/or the Couponholder1;

13. 3. 2 vi th the purpose of conformin1 vi th 1 lt1a l requirement, restriction or condition in a jurisdiction in which a particular act is to be performed; or 13.3.3 for the purpose of obtainin1 a judsment in any juriadiction in or the enforcement in any jurisdiction against the Republic of either a judpent already obtained or any provi1ion1 of thi1 Trust Deed. Subject to the provi1ion1 of thi1 Tru1t Deed, the TrUltee ma1 confer on an1 person 10 appointed 1uch functions a1 it think• fit. The Trustee may bf written notice to the Republic and 1uch per1on remove any person 10 appointed. At the Trustee' 1 requt1 t, the Re pub lie will forthwith do all thin11 H mar be required to perfect 1uch appointment or removal and it lrrevocabl1 appoint• the Trustee to be it• attorner in its name and on it• behalf to do 10.

13.4 Cgmpctence gf a Majgrlty of Iru1t111: If then are more than two TrU1tet1, the 11ajority of such TrusteH will be (provided such majority include• a trust corporation) competent to perform the Tru1tee'1 function1. 14 COUPQlfHOtplBS

14.l Hptic:111 Neither the Tru.tH nor the Republic nHd be 1iven any notice to the Couponholder1 and the Couponholder1 will be deemed to ha•e notice of the content• of any notice 1iven to Noteholder1.

14.2 Ngtebglden A11wned to Hold Coupon1: Even if it has express notice to the contrar1, whenever the trustee i1 required to exerci1e any of lta function• by reference to the intere1t1 of the Noteholder1, the tru1tee will a11\lllt that (and act a1 if) the holder of each Bearer Note ii the holder of all Coupon• relatina to such Bearer Note.

15 CUURfCX Ufl>Q1NIU 15.1 Currmcy of Account and Payment: In relation to each Series, the Specified Currency and, in relation to Clause 7.1, u.s. dollars and, in relation to Clauses 7.2, 7.,3, 7.4 and 7.5, pound• 1terlin1

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(the "ContnctUAl Currency") ii the sole currency of account and payment for all sums payable by the Republic under or in connection vith thi1 Tru1t Deed, the Notes and the Coupon1, including damages. 15 .2 lxUnt of Diacb1n1: Any amount received or recovered in a currency other than the relevant Contractual Currency (whether as a result of, or of the enforcement of, a judcment or order of a court of any jurisdiction or otherwise) by tbe trustee, or any Noteholder or Couponbolder in respect of any SUll expressed to be due to it from the Republic will only constitute a discharse to the Republic to the extent of tbe Contractual Currency uount which the recipient is able to purcha1e with the U10unt so received or recovered in that other currency on the date of that receipt or recovery (or, if it is not practicable to make that purchHe on that date, on the first date on which it i1 practicable to do 10).

15. 3 Indempiti11; If that Contractual Currency amount ii leu than the Contractual Currency amount expre1sed to be due to the recipient under this Truat Deed, the Notes or the Coupons, the Republic will indemnify 1uch recipient against any 1011 1u1tained by such recipient H a result. In any event, the Republic will indemnify the recipient againat the cost of making any 1uch purchases.

15.4 Ind1111Ditiu 11paratc: Then indelllft:l.t:l.11 con1titute a 1eparate and independent oblisation froe the other oblisations in thi1 Trust Deed, will give ri1e to a 1ep1rate and independent cauae of action, will apply irrespective of any indul1ence 1ranted by the Trustee and/or any Noteholder or Couponbolder and will continue in full force and effect deapite any jud.. ent, order, claim or proof for a liquidated 111ount in respect of any IUlll due under thi1 Trust Deed, the Note• and/or the Coupon• or any judgt11nt or order. No proof of evidence of any actual loss may be required. 16 C(ftJUNICA'IIOlfS Any connunication shall be by letter or by, telex or by fascimile transeission or by telephone:- in the case of the Republic, to it at:- c/o Sub1ecretaria de Financia111iento Hipolito Yri107en 250, Pi10 6 - Oficina 627 1310-luenos Aires Telephone no.: (541) 349-6242 Fax no.: (541) 349-6080 Attention1 Deuda ixterna

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and in the case of the Trustee, to it at:- Woolgate House Coleman Street London EC2P 2HD Telephone no.: (44-202) 347-931

Telex no.: 8954681 CMBG Fax no.: (44-202) 347-945/6 Attention: Manager, Corporate Trust Operations

Any 1uch coanunication will take effect, in the CHI of delivery at the time of delivery, in the case of telex or facsimile tran1mi11ion, at the time of dispatch or, in the case of telephone, when made. Any communication not by letter shall be confirmed by letter but failure to send or receive any the letter of confirmation shall not invalidate the ori1inal connunication.

Except as otherwise specified herein or H the Tru1tee may otherwise a1ree, all notices, coanunicationa and other document• to be supplied by or on behalf of the Republic pursuant to the NotH or this Trust Deed shall be in the En11i1h lansua1e, except for Ar1entine lav1, decree•, re1ulation1 and re1olution1 and other official actions of the Republic and Govern.mental Agencies, which may be in the Spanish lan1uage if accompanied by a certified En1li1h transaction thereof. In the event of any dhcrepanc1 between the En1lilh verlion and the Spanish version of any of the fore1oin1 documents (other than those which are not required to be in the English langua1e as provided in the precedin1 sentence) the En1li1h version shall 1overn. 17 GQVlBNING L\W AND JUBISDICIIQN 17.1 Goyerning I.aw: Thi• Trust Deed shall be 1overned by and construed in accordance with En1li1h law, except that all 1uch matten 1overnin1 the power and authority of the Republic to iaaue Notes 1ball be governed by the law of the Republic of Argentina.

17.2 Jwildistion: The Republic irrevocably 1ubmit1 to the juri1diction of the court• of En1land; any New York State or Federal court littin1 in the Borough of Manhattan, New York Cit,; and the court• of the Republic of Argentina (the "Specified Cgurta") over any 1uit, action, or proceeding against it or itl properties, a11et1 or revenues with respect to the Notes, the Coupons or the Trust Deed (a "Belated Prpc11din1"). The Republic waives any objection to Related Proceedin11 in such courts whether on the 1round1 of venue, reaidence or domicile or on the gro\Dld that the Related Proceedin11 have been brou1ht in an inconvenient for\111. The Republic also a1ree1 that a final non-appealable judgment in any such Related Proceeding (a "Belated Judptnt") 1hall be conclulive and bindin1 upon it and may be enforced in any Specified Court or in any other

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court• to the jurisdiction of which the Republic ia or may be 0 subject (the "Other Cpurta ), by a auit upon auch judsment.

17. 3 Apppintment pf Prps:eu Ascot: The Republic asrees that ( i) aervice of all vrit1, proce11 and 1UJ1111onsu in any Related Proceeding or any action or proceedins to enforce or execute any Related Judgment brought asainat it in the State of Nev York may be made upon Banco de la Nacion Arsentina, preaently located at 299 Park Avenue, Nev York, NY 10171, and, if 1uch peraon is not maintained by the Republic aa its asent for auch purpoae, the Republic vill appoint CI Corporation Syatem to act aa ita agent for auch purpoae and (ii) aervice of all vrita, proce11 and 1U11111on1e1 in any Related Proceedin1 or any action or proceedin1 to enforce or execute any Related Judpent brou1ht a1ain1t it in En1land may be made upon Banco de la Nacion Ar1entina, presently located at Lon1bow Houae, 14/20 Chiavell Street, London EClY 4TI>, En1land, and, if auch peraon is not maintained by the Republic •• its asent for such purpoae, the Republic vUl appoint a succe11or asent to act as its •sent for auch purpose.

17.4 Wa!ver of 1R111uoity: To the extent that the Republic or any of ita revenues, a11et1 or properties ahall be entitled, in any jurisdiction in which any Specified Court ia located, in which any Related Proceedin1 may at any time be brou1bt a1ainat it or any of ita revenuu, a11et1 or properties, or in any jurisdiction in which any Specified Court or Other Court ii located in which any suit, action, or proceedin1 may at any time be brou1ht aolely for the purpoae of enforcins or executins any Related Judpent, to any i•unity from suit, from the jurisdiction of any auch court, fr0tn •et-off, from attachlllent prior to judgment, from attachlllent in aid of execution of judpent, from execution of a judpent or frOlll any other lesal or judicial proce11 or remedy, and to the extent that in. any such jurisdiction there ahall be attributed auch an i11111unity, the Republic irrevocably asreea not to claim and irrevocably waives auch i.nunity to the fulleat extent permitted by the lava of such jurhdiction (and conaent1 1enerally for the purpoaea of the State Innunity Act 1978 to the 1ivin1 of any relief or the iasue of any proce11 in connection vith any Related Proceedin1 or Related Jud... nt), provided that the fore1oin1 waiver ahall not be effective (1) vi th reepect to the &1Ht1 which constitute freely available reaerves, pursuant to Article 6 of the Convertibility Lav (the "CQDYtrtibiUty X.w"), the uount, compoaition and invut•ent of which will be reflected on the balance aheet and accountin1 atat.... nt of Banco Central conaiatently prepared purauant to Article 5 of the Convertibility Law and (2) with respect to property of the public domain located in the territory of the Republic of Argentina or property owned by the Republic and located in its territory which h dedicated to the purpoH of an euential public service; and provided further that euch a1reement and waiver, insofar aa it relates to any juriadiction other than a. jurisdiction in which a Specified Court is located, ii 1iven solely for the purpose of enablin1 the Trustee, a Notebolder or a Couponholder to enforce or execute a Related Judpent. The waiver of imunitiea referred to

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herein con1titute1 only a limited and 1pecific waiver for the purpoH of the Notes, the Coupon1 and thil Tru1t Deed and under no circum1tance1 1hall it be interpreted a1 a 1eneral waiver of the Republic or a waiver with respect to procHdin11 unrelated to the

Note1 1 the Coupons or this TrUlt Deed. 18 COQNTERPABTS

Thi• Deed may be executed in any nwaber of counterpartl, each of which shall be deemed an oricinal.

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SCHEDULE l

FOBH OF DEFINITIVE IEAJtER NOIE

On the front:

[FOR PURPOSES OF SECTIONS 1271 EI. SEQ. OF THE UNIIED STATES INTERNAL REVENUE CODE OF 1986, AS AMENDED, THIS NOTE HAS ORIGINAL ISSUE DISCOUNT OF [currency] [uount) PER EACH [currency) (amount) OF PRINCIPAL AMOUNT OF THIS NOTE; THE ISSUE PRICE OF THIS NOTE IS (currency)[amount); THE ISSUE DATE IS (date]; AND THE YIELD TO MATURITY (COMPOUNDED [1e11i-annually]).](*) SeriH Number: Form of Notes: Bearer Specified Currency: c . ) Authorised Denomination(1): [ ] Principal Amount: Calculation Amounts c luue Price: [ IHu• Date: Maturity Date (Fixed Rate Note or Zero Coupon Note): Redemption Month (Floatin1 Rate [month and year] Note): c Interest C0111encement Date: Intereat late(1) (Fixed late Note, includin1 Step-up Note and Step-dovn Note): Fixed late Day la1i1 (Fixed Rate Note):

Reference Date(•) (Fixed Rate C NOtH):

(*) Le1end to be borne by any definitive Bearer Note is1ued with "ori1inal iuue discount" for U.S. federal income tax purpoaH.

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Initial Broken Amount (Fixed llate Note): Final Broken Amount (fixed Rate Note): Lons Maturity NotH (as defined in Condition 7(e)): FR.N Day Ba1i1 (Floatin1 Rate Note): J Specified Number of Month• J (Floatin1 llate Note): Benchmark (Floating Rate Note): (LIBOR, LIBID, LIHEAN or other benchmark) Relevant Financial Centre (Floatin1 (London if LIBOR, LIBID or LIHEAN Rate Notes): Notes, if another benchmark, 1pecif7 centre)

Spread (Floatin1 Rate Note): l per cent. per annum Spread Multiplier (Floating Rate Note): per cent. Interest Determination Date (Floating Rate Note): Primary Source for Intere1t Rate Quotations (Floatin1 Rate Note): (Screen pare, section or p~rt/Reference Banks) Relevant Screen Pa1e (Floatin1 Rate Note): Reference lank• (Floatin1 llate Note): Hinimwa Intereat Rate (Floatin1 Rate Note): Hu:iJnwa Inter11t Rate (Floatin1 Rate Note): Unmatured Coupons to become void [ye1/no) upon the date for redemption of the relative Bearer Note (Floatin1 Rate Note, Loni Maturity Rate Note): Amortisation Yield (Zero Coupon ) per·cent. per annum Note):

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Reference Price (Zero Coupon Note):

Redemption at Republic's option [yes/no - if yu, specify minimum permitted (pursuant to Condition or maximum amounts to be redeemed, 6(d)): redemption dates, applicable premia)

Redemption at Noteholders' option (yes/no if yes, specify permitted (pursuant to Condition redemption dates, applicable 6(e)): premia] Entitlement to payments po1tponed [yes/no) until the followinc bu1ines1 day if date for payment does not fall on a buaineu day Details of any additions or variations to the terms and condition• of the Note1: Detail• of any additional or ( alternative clearin1 system approved by the Republic, the Trustee and Re1istrar, if applicable and the Principal Payinc A1ent: Li1ted/Unli1ted: Other relevant tenn1 of 1uch Notes: Connon Code: ISIN: talons for future Coupons to be attached to definitive Note1: Intere1t ra,..nt Dateh) on which the Talone (if en7) mature:

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ANY UNITED STATES PERSON WHO HOLDS l11IS OBLIGATION WILL BE SUBJECT TO LIMITATIONS UNDER THE UNITED STATES INCOME TAX LAWS, INCLUDING THE LIMITATIONS PROVIDED IN SECTIONS 16S(j) AND 1287(a) OF THE INTERNAL REVENUE CODE.

Dengminatign Seriu/Tranche Certificate Number

(Medium-term note i11ued in accordance with regulations made under Section 4 of the Banking Act 1987.)(*)

[The Republic of Ar1entina i1 not authorised under the Banking Act 1987. )(•) THE REPUBLIC or ARGENTINA (SHORT TITLE or NOTES] Iuued under a EURO HEDIUH-TERH NOTE PROGllA!t'tE

Thia Note for1111 one of the Series of NotH referred to above iHued by The Republic of Ar1en tina (the "Republic"), deliroated as specified in the title hereof, and constituted by the Trust Deed referred to on the reverie hereof. The Note• are 1ubject to, and have the benefit of, the Tru1t Deed and the termt and conditiont (the "Conditions") endorsed hereon. The Republic, for value received, hereby promi1e1 to pay to the bearer of this Note the Principal Amount 1pecified above or, (if this Note ii specified above to be Zero Coupon), the Amortised face Amount in accordance with Condition 6(c) on the Maturity Date stated above (if thi• Note ii 1pecified above to be Fixed Rate or Zero Coupon) or on the InterHt Payment Date (a1 defined in Condition S(II )(a)) fallin1 in the Redemption Month 1tated above (if this Note ii 1pecified above to be Floating Rate) or on such earlier date as that principal 1wn or other 1wn may become repaya~le in accordance with the Condition•) and (unle11 thi• Note i1 1pecifled above to be Zero Coupon) to pay interest on the Principal Amount 1tated above from the Ia1ue Date 1tated above (unleu there ii 1tated above an Interelt Co ...ncement Date that ii different from the l11ue Date in which caH interHt 1hall be payable from the Intereat Comenc•ent Date) at the Interest Rate stated above (if thil Note it 1,.cified above to be fixed Rate) or at the rates determined in accordance with Condition 5(11) (if it i1 1pecified above to be floating Rate) or in the ..ount1 determined in accordance with Condition S(V) (if it i1 1pecified above to be Step-up or Step-down) in arrear on the date1 for payment provided for lo the Conditions, together with 1uch other 1wn1 and additional uount1 (if any) a1 may be payable under the Condition• until payment of 1uch Principal Amount or other IUllll and additional amount• has been.made or duly provided. for.

(*) Delete lf Note i1 not denominated in Sterlin1.

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Thh Note shall not become valid or obligatory for any purpose until authenticated by or on behalf of the Principal Payins A1ent.

IN WIINESS WHEREOF the Republic ha• cau1ed this Note to be 1igned on its behalf. Dated •• of the I11ue Date 1tated above. THE REPUBLIC OF ARGENTINA

By: Authorieed Sisnatory

Thi• Note i• authenticated without recour1e or warr1nty by or on behalf of the Principal Payin1 A1ent.

By: Authori1ed Sisnatory

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On the back:

TERMS AND CONDmONS OF THE NOTES

The Notea (u dcbed below) an cou1111n1d by a Tnist.Dtcd (tbc "Trust Detd") dated July 27, 1993 and awJe bcrweea The Republic of Arpadaa (lhe .. Republic") aad Cbut Mlllbttu Tnastta Limned (lhe "Tnastte", •bic:b upnaioa sball ilcludt Ill penou ror die limt bc1q th• 1rUSr11 or lnlStea under lhe Trust Deed). u D'Ultee ror die Notellolden (u dt6aed btlow). Tbac tcnm ud coDdiliou ilclude summana of. ud arc subject io. tbc deWled pl'O¥iliau of tbe Tnut DeocL wbida iDcludtl dis form ol the Notca ud the Coupons (if uy) 11latiq to them (tht "Coupou"). Copiea ol tht Trut Deed. tbe Deed ol Undenalaq or Buco Ceau.J di la Rqllblic:a Arplldu ("Buco C..1rll") dattd July 27, 1993 (cbt "Buco CannJ Uadcnatiq") coacainiDI 111 UDdlrllJciDt by Buco Ce11rll to acJauac for die Spcci6ed CWftacy (u dc&.aed ii cbt TNlt Deod) ud u lplCi6ed OD tbc r1e1 of tbc Note, IUCb t1lldl u "" rrwfcrrcd to ic by tbc Republic ill colUllC1iOD with tht obllpdou of the ltapublic under tbc Trut Dtld ud the Notea, 1ubjtct to ccn&iA coadidou dcacribtd mthe Buco C..11'11 UDdcnlldq, ud of the Aft1111 Apeaial (tbc "Afney Almmt•t") dalld Jiiiy 2'7, 1993 ud made bctweea tbc Republic, the Tnaatec, '1111 Cbuc MubatllD Bau. N.A., Loadoa brucb u priDcipal payiaa qat (the "PriDc:iplJ Pa1iltl Aaat") ud u c:ak:ulatiaa 11eat (th• "CaJculadoa Apat"), Cbul Mu.Ilana laDk Lusmbouzt S.A. u payiq qat (topther with cbt Pri.Dcipal Payiq Aaac. the "Payilla Aceata")aad u Evopeu trmfer qeat ud T'oe Cbue Mlllbtllll 8aAk. N.A .• New York brucb u reptnr (tlla "Recia1nr") ud u New Voit 11111fer .,.., (1aptbtr with the Europeu nmfer lplll. di• ''Trulfcr Apn•") IN aftilalllc for iupscdaa at di• lp9cil..S a8Sca of cub of die Tr111tee. the Rlsilftr ud tht hyiq Aiata. Tbt Payiq Acatl. dM Cak:ulalioza Acat. the JltPtnr ud dle Traultr Apau an 111Pdler rtftmd to benia • dle "Aaeou". Tbt NotAolclcn (u dcbed below) &Dd tbe boldtrs of tlla Coupoa (ir uy) ud, wbCN applieablt ID lbs eut of 1za..... 1 Muiq Nota bl beam fonu, WoU for funbcr Coupou (da• "Talou") (di• "Coupolllloldtn") an added to dl• beaclt of, arc bound by ud .,. dnmed &o bawe aodot ol all ol tlll pro¥ilioaa ol th• Truat Deed ud tht Buco Catrll UDdenakiq ud ans dtemtd to laavc aodct of dame applicablt to tbtm ol tlll AllllC1 Afr'tcmaL

1. Fo,., Clllft8C1, Dlaomlaactoa. Tlllt aa4 Pltdq S.ppltmeat fo) Fonn Each Scrill of No• ol•bk* ddl Noc. Ca put CID thao CODdldoU. tbt "No111") an llncd either Ill be.ll9r fona ("._.. Nolll") ii Ill• PriDcipll Amolust ol a AllthoriMd DaomiaalioD (u dtbed ID Coadilioo l (b)), or la rtcilterld Cora ("Jtalilterld Notea") ba tllt Prillcipll Amout ol 111 AudloriNd Dcaoml11doa ot a iaitpd mullipll datnof, 1111 blam or ftliatared Corm ol eacb Note will be specified OD. iu (aQC, ud -. o.dltloU mui lie read ICl&lOldlql)'. A dealdd" N• wUI be -..S to Pell bolder of bpllrld Not8(1) l:!t- ..,.et of itl rqlttlNd ..... or lloldiap (acb a '"Debi1ive bptered Note"). Eacll l>ebid" ...... Nota will be a...... Staiallr witb a idta~ auablr wbida will be recorded ill tbe ..,.._ (die ...... _,.) wMc:b dat RlpubUc: alaal1 J110C11ft to bt bpt by dM Jlqianr. n. Priacipal A.mout of cacb N• will M ~ oa i11 race. nil Note fl a filld latl Note. a F1oldq Rate Note. a Zero Coupoa Nott. a Step.up Note or a Step. down Nott (dtpncliq lpOO die ·IDtllltlt luil apec&d OD ill faoe). AD paya•ll ill respect of dUI Note shill bt made ID dlt Speciled Olnucy spteiaed oo i11 fact (111bjoct. wblrt dlt wmacy IO abowD ii ECU, to dlt proviliou orco1dhio1 7(f)) • ...,. Nolll .,. illued with Coupoa1 (IDd, wlacn appropria18 la dlt Cllt of IDterat bariq Bearer Nena, a TalOD) attaclled, .... ill the c:ue of a Zen» Coupcm Nola ID wlak:b C&M Nfaeac:a fO batcrat (other tlaaa ill rtJa1iOD to illtcn1t chat after ill MllUril)' Dm), eou.., ud Talou ID di• Coadhiou ue not applicable.

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f bJ O.nomtno1ion "Authonscd De101ND1doa" mew:- (i) bl the cue of a Bclrer Note. the dcaam.iuooa or deiaom.inadom specmed oo the lace of such Note. Bever Notes of oae Audaoriscd Daommatioa may aot be t1cball1cd for Bever Noia of another Authorised Deiaosnmalioo (ii ID)'); or (ii) iD the cue of a Reptcred Note wbich ii resold PllrtUIDt lO llule 1'4A UGder the Sccuri1ies Act. U.S. $250,000 (or i11 equiYlleat maded upwards u sp.d6ed 01 tbe face of such Note) ud hiaher ultesnl muldplc1 of U.S. SS0,000 (or ha cquivaleat u alomaid) ud iD tbe case of a lle,Utered Noie sold punvut to lle.,.iadoa S v.ader tbe Secunda Act. U.S. Sl0.000 (or ill cquivaleat as alomaid) and batesnl muhipla tbmaf, or, iD eitbcr cue. tbe hilbcr daomina1ioo or daoDUD&tioU specmcd on the race of such Note. Aay milaimuaa Autboriaed Oeoom.inatiaa of a Note l'lqUired by ID)' law or direcdve or rcplatory audloril)' iD respect of tbc c:unacy ol i1a111 ol 1uch Note lbaD be 111c:la u applied 011 or prior to tbe luue Date (u debed ill Coadidoa 5(111)) speet6ed OD tbc flCI ol ncla Note.

fc) Tl1l1 Title to tbe Beam Not11, the Coupom lfJPCNiliq tberato ud. where applicable, the Talom appcnailiq thereto sb&ll pm by delivery. Tid• to tbe R.eptlnd NOtll lball pua by repnlioa ill the llcpater. Except u ordeNd by a ooun of compeuuu jurilclicdoa or u llqUirld by law, tbe bolder of ID)' Note, Coupoa or Talala lbal1 be deemed to be ucl may be au&ed u the ablolu• owur of l1lch Nore, Cwpoa or Talol. u tbe cut may be. for tbl pupmc ol rca:iviDI pl1mlllt tberlol' Cl' Oil account cbenoC ud for all other p¥rp0111. wuther or aot ncla Note. Coupoe ar Taloa IUD bl ovtrtbae aid DOtwitbsudiq uy 101icc or oWDCnldp. theft or a. tbmof or uy wridllf tbereoD made by uyou. la tbllC Coadidou, "No11bolder'" 1Dd, ill rclatioe to a Note. CCNJ10D or Taloa. "holder'', mlUI the bearer of ID)' Bearer Note, Coupoa or Taloa. llld the plllOD ill wlaolc u.mt a aqiltercd Note ii rcpwred (u tbl ctM may be), "Seda" meua Notu wllicla u" ldadcal tenu 1Dd coaclldom, otber thlD ill r11pect of Iaterat CollUDUCCmeat Dat11 (u clebed iD ColMlitioa 5(111) ), line Data IDd l'lllted manen, a.ad "Trucb•" mum. ill r1latioa to a Serill, thclc Now of l1ICla Saia wlaicb uve the WM luue Date.

(d J """""" Suppllnwnl llcfereac:es ID tbCll Coadhiau lO tams lpeci&ed oa the face of a Note lbal1 be deemed lO illchldc rcfereaca to 11n11 iplCi6ld ii tbt applicabll pdi:i.q nppi.11111t 11111ed la rapec:c ol a Trucu whicb iDcbadca aucb No• (each a "Priciq SupplelDat').

2. Truden of ...... NICel ud 11111 ol Ddaldte ...... NM• (o) Tro111/11 of R4f#lml Now A lqiaund Note may bl nuf'mecl ill wide or la pan ill u Autborilod Deaomlulioa upon tbe IUJTCDder or the Ddaltiw RqiaCINd Note iuued bl rapect of tbe Rspwect Nota to be 1r1111fmed. toptber witb tbe farm of aadv eadonld oa it dldy completad ud ISIC'ltld. at tbe apedeed o5c. of the Rsptrv or ID)' Truafer Apat. la tbe CUI fl a nufer or put oaly of a llqiltlred Note a uw Ddailive Rqiafered Note ID 1111J19Ct ol tbe baJuot aot nuf'ened will be iuuld to th• tnlllferor. Eaeb uw De&Udve Repwred Nota to bl ial1led upca lnUfcr of .a.pt1rcd NOtll will. witbla W. haiam days of receipt of svch form of tra1fer, be malltd at tbe riat ol the bolder adtled to tbe uw Ddmd" Resiatercd No&c lO nc:b eddreu u may be specl.&ed iD ncla farm ol nurer.

( b) Tro111/1r Fm of Cltlup RePntioa of hlllfer will bl dieted without cbarp by or oa bebllf of tbe Jlepublic, the llepuv or tb• Tramfer Apata, but upo11 paymat (or the sfviq ol 111Cla iDdeamity u th• Repav or tbe relevut

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Truster Aa•nt may require) iD mpcc:t of 111y w or other fo¥enune11t&l cbarses wlucb may be imposed 111 rcl&DOll lO iL

fcJ Clos1d /'mods No Notcholder may require the ausfer of a bptcred Noic to be rqistcred (i) durin1 tile period or 1s days cadiD1 oath• due date for aay paymaat or prilcipal or Amonised Face Amouat (as de11rmmed in ac:cordaDct with CODdhioa 6(c)) 011 that Note. (ii) duriq the period of 60 days prior to uy date cxi whicb Notes of the rell\'lllt Stria may be ndnlDld by th1 bpublic at its optio11 punuut to CODClillOG 6(d) or ( ili) after uy 1ucb Note bu bma drawa for redcmptiOD ill wllole or ill pan.

(d J R1111Jotionl

All nmfen of llqislend Nota aad ealriea CID the Jlcpster wW be made subject to the ckl&iled replatiou coaccraiq nmfen of leplend Nota IC!Mdulecl to the Alacy ,.,_...t. 11w repladou may be cbupd by th1 Republic, with the prior writta applOYll or the Trustee llld the lt.epmr. A copy of the CUITlllt rquladou wW be mailed by tbe llepcnr to uy bolder of a lllfiltered Note wbo requ11t1 a copy.

3. Statue The Nota llld Coupou of Ill Saia coutim11 (111bject ID CoDdldOll 4) direct, uDCGGclilioul. uuecured aad uuubordiulld obliptiou of the Republic llld lball u all m. rat put pu111 ud without uy prefert11ce &mOll dMmMlva. The full faith llld Clldlt or tbt a.public bu .. pledpd rar the due ud p'111Cl1111 payme11t or the priDcipal or Amaniled Fa Am.out or, or IDunat aa. tbe No• ud the pcrformuce of tbe c:ova&11t1 ill th• Nota ud tbe Trat Deed. TU pa)'IDIDt obliptiou of tbt lt.epublic under tbe Not11 ud tbe Coupou lball (aabject • CclldidoD 4) at all dmll rat at Inn equally with all its ocber praeat aad futurl UUIGUl1d ud IUIRborcliwld £xtaul bdlblldD• (U dmld ill Collditio11 ,).

4. Ntpd" PWp ... C°'IDHtl (oJ N-rortH /'Wp So loq u uy No11 or Coupo11 remaim outlwadiq (u debed ID tbt Trat Deed), save ror the aceptiou aet oat iD Collditio11 4(b), the llpublic wW DOt era• or permit to 1ublilt, or pll'mit Buco C111tnl to create or pamh to 111bliat, uy lid. pledp. monpp. MICl&rity batlnllt, deed of trat, cbuse ar other eGCWDbrucl or prd'aadal unapmat wbic:b bu the pracdcll efecc or cou1imdq a ICCUrity illterat ( .. Lila") upoa tbl •boll or 1111 put oJ ltl UMtl or rtY111ua to llCUl'I uy Publlc: Extlnlll llldebtedllaa of tbe ltlpubUc or 8aco Cllltnl Ulleu, at the ume dmi or prior thereto, the Republic'• obliptiou Ullder tbe No111. tbl Coupau ud the Trat Deed 1itber (i) ue MCUllCI eqully lld ratc1bly thenwida. ar (ii) U?C.tlie bcadt or Rcb other llCUri!J, parutet, badcmaitJ or other uraqelllCllt u the Truiee ID lta lllloha!I' dllcrldoll lbaD deem to be aot materially I• blDlkill ID th• Notebolden or u •ball bt by ~ ba the Deed) appro..S u . 1\eloludoD (u dcbed Trut or the Noteboldcn. (b) b:qdolu 10N-""1114p n. followill .-ptiou apply to th• lt.epublic'1 oblilatiou Ullder Coedldoll 4(a):- (i) uy U. upc11 prop1n1 to MGurt Public: Exttl'lll IDdlbtedDta or th• Republic or Buco Cntral illc;umd ror th• PurpeM of buciq th• M:qUialdoD or 1ucb proptny, any reuwal or Utelllioll of uy 1ucls Lin wlUc::b ii limited to the orisiaal property covered thereby ud wblcb MCUNI uy renewal or extslllioa of th• oriaiml MC:Urld ellancills (ii) uy Lia ai11iq Oil 1uc:b pniptny at th• time or ill acquilidoa to aeeurw Public !xttnaal llldcbtedaea or th• lllpubUc: or Buco CnD'll ud uy reuwal or uteuiOll of uy 1ucb Lia whicb is limited to th• oriaill1 property covmd thmby ud w!Ucb MCw. uy rtll1wal or exteuioa or the oripaal MC1lnCI bucllls

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(iii) ID)' Liea erated in coueeuoa whb tbe nmaedou COD1emplated by the Repubbc of Ars•ana 1992 Fi11Dciq PllD dated June 23, 1992 sent lo tbe iDtenaaQoul bankin1 commuany wnll the commUlic11io1 dated Juae 23, 1992 rrom tbe MiAilierorEcoaomy IDd Public Works ud Semces or Arsenana (tbe '' 1992 Fillucus1 PllD") 1Dd lbe implemau1 documenuTioa therefor. uscludua1 uy Lia to *"" obqaaoas vader tbe coUateralised bOlldl issued thereuader (tbe "Par ud DiscO\lnt Bonds") ud ID)' Liea securiq iDdebt1dlla1 out11111din1 oa tbe date btreor to tbe eiueat required to be eqll&lly and rateably secvred wilb tbe Par ud Discount Boads; (iv) uy Lien ii elisteace on tbe date of the Tnast Deed; (Y) any Uea Hcvriq Public Extenaal ladeb&edllaa Of tbe Republic or Buco CenU'al issued upon surnader or cucelladoa or uy of tbe Par ud Dilcolmt Boada or tbe prilacipal a.mouat or any indebtedllaa O\lUWldial u or Jue 23, 1992. ia eacb cue, to die atut 1ucb Lita is crated lo SCC\lre sucb Public Eatenaal ladebtedlleu oa a bllis compable lo tbe Par aid Dilcown Bonds;

(vi) ID)' Liea OD ID)' or tbe Pv 1Dd Dbcowat loads; ud

( vil) U)' Lia llCUriq Public: El1lllll IDdebllldllell iaQll'l'ld ror tbe pmpoH or buciq all or pan of tbe costs or tbe acqllililioll. c:oamac:tioll or dcveJopmeat of a plOjeet pnmcted tba1 (a) tbc bolden or l\lcb Public Ennaal ladebtldll• upnllly .... to limit dleir rtOOUIW to tbe ...11 ud r.veaues or sucb ,., u tbe prilciPll IOURC Of repaymea& or ncla Public: btlnal1 IDdebtldlleu ud (b) tbe property over wbicb ncb Lia ii pu1ed couilll lolety of ncb UMll ud reYHva.

(c} Dtft11ltl01U "bterul ladebtedaw" mau obU,adou (otber dala the Note1) ror borrowed mooey or eYideaced by bonds. debenw. ao• or otber limiLlr imtnameatl dnomia•..S or p&Jable. or wbicb &1 tbe opdoa of tbe bolder tbertof may bt payable, ia a cunacy otbcr dlu tbc lawfl&l wnacy or tb• Republic: provided tbat ao Domas Foreip Cvmacy ladcbtldlleu •ball couthutt Eatcrul lDdebtedllaa.

"Public: Eatcrul ladcbtedacu" IDCIDI, witb rapect ID tbe llpublic or Buco CcnUll. uy Ulcnaal lzadcbtedlleu of, or puuteed by, tbe lllp.ablic or Buco C11nL u die cue may bl. wbicb (I) ii publicly o«cred or privatcly plaoed ia ICCl&rid• marke11, (ii) ii iD tbe rorm or, or repraeated by, bonds, aota or otber secwidea ar uy parutecs tbcrecf ud (iil) 11, or wu iaieaded at di• dme of illu 10 bl. quoted. lilled or nded oa uy 1toclc ac:bup. a.atomatecl ndill IY'tem or over-tbe.ooutcr or otber securida market (ilclucliq, widlovt prejudioc ID die aeQCrllity or tbe roreaoill. llCUridea eUsible ror PORTAL or a liznilar mamt ror tbe ndmi of IM:midel elislble ror 1111-panuul ID llllle l44A uder tbt U.S. Secwi~ll Act or 1933 {or aay 111Cee110r law or repladoa of limillr doct)).

"Domestic Foreip Oanmcy llldebllclllm" m11111 (l) tbe followiq iaclebtcdnu: (a) BonOI del Taon» is18ed wader Decree-Wo. 152119l ud Decree No. 1130191, (b) .._di Couolidlci6a ilned uader Law No. 23,912 ud Deci. No. 2140191, (c) lcacll de ColloUdlcl6a de Dtudu Pmilioulll issutd uader Law No. 23,912 ud ~No. 2140/91, (d) lo1IOI de la "t-..fa a 10 AIOI de Piiio ilnld under~ No. 211192 IDd ~No. S26/92. (t) loDOI de la TllOl'lda a S AIOI de Plao illutd _..Deer. No. 211192 ud Dec:ltt No. 526/92, (f) Ftnaboaol llAed Ullda' 0.:- No. 52/92 Ud Dtcr9I No. 526/92 ud (I) bell de Couo"dld6D ck bpllu de Hidloc:arbUJOt a 16 AIOI de Pluo issued udlr Dtc:ne No. 221'192 ud 1>eorw No. 54193; (ii) ay badtbtldaal iaued ia ucbaqc, or u repl1eeami. ror die iadcbtedllea !dared 10 ill (i) abow9i ud (Ii) ay otber br.deblldDcu pa,ablc by its tams. or wbic:b at tbe optioll of tbe bolder tbcreof may tie payable, ill a wnac:y odacr dwa tbe lawful cummcy of tbe bpubli: or Aqeatiu wbicb ii (a) olerecl ac:lumty wilbia die RlpubUc of AlpadD& or (b) issued ill paymeat, ucbuae. aubldtudoa, ctilcbaqt or rsplaceamt or iadcbtldwa payabll ill tbe tawfW cumacy or tb• llcpQli: of Arplatial; provided daat iza IO 1¥9Dl lllall tbe rolJowilt badtb ..... be deemed to COUTiNte "Domeadc: Foreip Cum•CJ ladeb...._": (I) IOllOI Estemol de la a.p.lblk:a Aqealiu iuu.S under Law No. 19,616 lllCted oa Jae U, 1912 IDd (2) ay iadebi.dllell iuu..s by tbe R.epublic: iD acbaqe, or u replacemeat, ror Ill)' ildebtldllaa referred 10 ia (l) above.

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f dJ Cov1no11u

la tbe Trust Deed. the Republic bu aive1 certain cov11u11 io tbe Trustee. iDcludiq a C:OYCD&Dt thll the Republic will mainwn iu membership m. ud its elisibility io 111t tbe PDml raourca of. tbe Jntemauonal MODewy F111d (dae ··tMF").

5. (I) lnttl'llC on FbrH Rate Nous la} /ru11'Uf Rllll alld A«l'Vlll Each Fixed Rate Note bean interest OD iu Caleuladon Amouat (u ddaed iD CODditioa S(lll)) from the lat.,.t Comme1c:emaat Date iD napeot tbertof It tbe rate per IUIUD (elpl'UICd u a pen:entqe) equal co tbe lntuat Rate specified OD the face of 1ucla Note payable ia unar oo tlCll Refercnc:e Date or Reference Data 1peci61d OD die face ol aucb Not• ill acla yar &Dd OD tbl MaNrity Date 1peci6ed OD tbe face of sucb Note ii tbat date doel DOt fall OD a Referuc1 Date. Tbe 6nt payment d IDtercat will be made on tbe llcferacc Date ncxt followiq 111cb lDtemt Commac1me1t Date (ad ii tbc bterat Comme1e1me1t Date ii aot a llllerace Date. will amouat co the lmdal Broba Amoull apeciW OD the flCC "'l\lcb Note), 1UIJcu 1M Maaarity Date rans befon the date OD wlllcb lb• 6nt pa71D1Dt of ial91at would odacrwill bl dM. II tlle Maiurity Date ii aot a llcfer11ce Date, ilnemt from tb1 Preoedbta llcfcnace Dat1 (or from dae IDtlrllt Commaclmat Date, u tlle cue may be) co tlae Mamriiy Datt will amout to the Ftlll Bnma Amo111t lpecilld OD the fa ol aucb Note.

haterat will '11111 to ICCl1ll oa eacla rmd Ratl Noll OD tlle d1ll data for ndcmptioD ualcaa. upoD due pnacauticm. paymeDt of principal ii improperly witblacld or refuMd. My omdue priadpal of ud. to the ext11t permitlld by law, ovwdue illtaat OD 1111 Flud Rall Noll 111111 blar iDterat (befcn ud alter judpllat), payable OD dcmud. for eacb day ncb paJIDlllt ii due at tbe 1a111Dd ill lbc muuaer provided ia WI CODditicm 5(1) to the lltllvut Dae (u ddaed la Coadidoa I). f bJ Calculo1lo111 Interest la rapect of a period ol laa t1m ou year will be caloalated OD tbe Fixed Rate Day Buis spcciAcd OD tbe faca of eacla rllld Rall Notl.

(U) latwtst OD Floadq llltl NOCll fa} /1111rur ,.,,,,., Dtaa ·' Eaola Floadls late No11 bean iat11at OD i11 Calculatioa Amowat from tbc b11rat Commencement Date iD rapeot thlrlol apd rucb iDttrat will be payabll ia U1'lll' oo tlCll date ("bterat PaymeDt Date") wbicb (11¥1 u IDllldaMd bl 111111 Ccmdldou) faUa tbc nmber or moatbl tpeCilld u dlc IJlwat Period oa tbc f1e1 of tlle Not!i (th• '"Spedled Number ol ~ODdal") alttr tlle pru 1dlq IDterat Paymeat Date or, ia tbe cue of tbt Im lawt ~ DI-. lfllr tlle ....., CommlDCllDIDt Date (ad wbkb oorrwapoadl iaulDlrically witb _. ,...... la""" Paymeat Dall ar IDwt COIDIDIOOllDmt Date, u the cw may bl). If 1111 ID..,. ~ Dat9 woald otblrwt. fall oa a day wldcla 11 aot 1 llclcYUt B111iaeu Day (u ddDed below), k -.Ube pal1pCIUd to the mt clay wbicb ii 1 RlltYut Bum• Day uD1cu it would thereby fall into the am aalrdv maatb. la ..., aucb C1M u afcnuid or if tblN la DO datl ia tbl relcYut moDtb wbicla conoapoDdl a'lllllriollly wida dal pNCICtiq lataat Paymat Diii or, u dal c:ue may be, thl bterut CommtDOllDIDt Da"' tha (i) th• IDllNlt Paymat Date alalll be blOupt forwud to the immediately pnC*llq RalPut 1-.. Day ud (II) acb •'-la•t 11._t PaJIDlllt Datt lball be thc lut a..l1vut BuaiDaa Day of th• moath wllJcb ii tbc lut ol thc Speci6ccl N111Dbtr of MODthl altll' the moath ia wbicb tbc precediq l111rat Paymeat Date or, u tbl cue may bl. tlle IJltaat Comwmat Dats ablll bav1 fallea.

Tb• period blsimUDI cm tbe IDtlnlt CommlDCllDIDt Dat1 ad adiq 01 tJac 6nt btemt Paymat Date IDd eacb nee... period besf,uiq OD ID IDlll'llt PaymcDt Dall ud acUq OD tht lllxt 1uce11diq l1tcr11t Paymeat Date ii b1rtia called ID "IDtlnlt Period".

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Interest will cease to accnae Oil cac:b Floaoq Rate Note from tbe due date for ndemption thereof unless. upoa dae praeatatioa tbcreof, paymeDt fl pnnc:ipal &1 improperly witbbeld or rcfucd. Al1y overdue pnac1paJ or and. to tbc ute1n permitted by law, overdue interest oa any Floadq late Note sball bur interest (before and alter judameDt), payable aa demand. for eac:b day suc:b pa)'tnellt &1 due at the rate and m tile znwicr provided in WI CoDditioD S(ll) and tbe Trust Deed to tbe llelmat Date.

fbJ Rat1 of lnt1rut Eac:b Floatina Rate Note ban interat at a variable rate detcrmiled by rcfuac:e to a benc:bmark as spec:i!ed oa lhe race or suc:b Note, bcina LIBOll (IA whic:b cue 1ucb Note will be a LIBOll Note). LlBID (m wluc:b cue 111eb Note will be a LIBID Note), LIMEAN (ill whic:b cue suc:b Note will be a LIMEAN Note) or ill uy cue 111dt other beadmwk u ii spcc:i6cd oa tbe race fl 111c:b Note ("Beacbawk"). Sacb Ylriable rate may be adjuted by ldclilt « 111bncdq die Sprad (if uy) speeified OD tbe face or auc:b Note aad/or by maldplyiq by tbt Sprud Mmtipller (If uy) spec:i6ed on tbt face of suc:b Note. The "Spnad" is tbe pe=ltqc rate per 11Ul111D spcci!ed OD tbe race ol 111c:b Note u bcila applicable to tbe llellvut Ila• (u dl6Dtd in Coaclldoa S(UI)) for 1ucb Note ud tbe "Sprad Multiplier" ii tbe pcrcelltale speci6ed OD tbe face or 111cb Note u belq applicable to tbe Rclc¥ut late for 111c:b Note. The rate or ilterat ("Rate of bterat") payable from time to time will be determiAed by tbe Calculatioa Apllt OD tbt bull ol tbe followiq pmiaiou ud lbal1bl111bject to CcmditioD S(II)(c:), ii applicable:- (i) At or about tbe leltYIDt Time (a ddaed Ill ColldltioD S(lll)) oa tbe rclevut IDterest DetcrmiDatioD Date (u cldDed ia Coaditiol S(III)) ill respect or eacb IDtcnat Period. tbe Calc:ulaaoa Aaeat will:- (A) la tbt CUI of I f'loadal Ra• Note wllicb ..,... OD hi fua tbat tbt Primary Source for llnaat Rate Quotedou 1ball be dtri..S &am a 1pec:f6ed p1p. •doe or otbtr pan or a panicvlar illlormadOD ..mce (a "ltlt.nat Scl'ala Pip" u lpeciW 01 tbl flCI of •ell Note), detennine tbe Rate of IDICNt for 111c:b IDterut Period wbic:b •ball. subject u pro¥icled below, be (1) tbe llelevant Rafi IO apparial la or OD tlw RaleYIDt Ser.a Pap (wb"' 1ucb llelevut Rafi ii a composite quocadoa or ilataat 11• per amaum or it cutmlrily 111ppu.d by Ole atity) or (y) tbe aritbmetic: tDllD (rouded, if UClllllJ1 to tbe 1111 ODO•buadled tbouudda or I pcrcatqc polllt) Of tbe llekvlllt Ratel of tbe penau at dw lime wbCllC llele¥ut Rata IO appear ii or OD daat llelevaat Serna ..... Ill U)' ncb cue ii lllpect or Speciled C~ dcpolia fot I period equal to tbe dvndoa ol auc:b IDterllt Period ud u ldjulld by tbs Spl'lld or Spmd Multiplier (if any); ud

(I) ill tbe CUI". P1oadq Rate Kofi wbicb ..... OD hi flCI ..._, dae Primuy.Source of lallnlt Ra• QuoWiau lball be tbe lleftrtacic Blllkl abowD OD tlll flCC tbeNOI' and la dae cue or Floatiq Rate Not11 fllliq witbia Coadidoa S(ll)(b)(l)(A) but Ill rapeot fl whic:b DO lltlevl.Dt Rafi ...,.... •tor allout IUCb llele¥ut TUii or, u tbe oua may be, wb.icll an to be determiled by refeNIOl .tD qiaotadoll ol penau appeadq ii or cm tbe Rclc¥ut Sc:reea Pip but ill respect or wbicb ._ dau two ...... t Ralll appear at or about 1ucll ltl1e¥ut Tame, NqU•t tbe prillcipal oSoea ii tbe ...._, F1uaci11 Can(• debed ii Coadidoa S(lll))ol tacb fl tbe Refcruc:e lalllrl Uow9 ca tbe f• ol tb• NOlll (or, u tbe CUI may be, uy 111blllt11t1 ltl(tnace Buk appoilf8d hm lime to lime p1111111Dt to Coedidca S(II) (I)) IO proride tbe Caloul1doa Aaat wida i• ...._, llate quolld to IMdiq bub for dat nlPut Speoilld Cuneacy dcpalill for a period eqai¥11nt to tbe dvntioa fl 1ucb IDllNlt Period. W-. tbil CODdltioa S{ll) (b) (i) (8) lbaU apply, tbt R.at1 ol IDw.t for dat rclt¥1Dt IDllNlt Ptriad sbaQ, 1ubj9Ct u pnMdld below, be dae aritbmctic mtu (soaded. If Dtelllll)', to u. DGt tuper au-buclnd tbouudtb or a pe=Dtqe poillt) of 1uob llellYUt R.ata u ldjulld by tbe Spread• Spl'lld Multiplier (if any) u oalculated by u. Cllc:ula&ioa Apat.. (U) If at or aboat tbt llelevut t1me oa aay Iaterat Dttlrmiaadoll Date wbere tbc Rate of laterest raua to"' dettrmiPd p1111UAt IO CollditioD S(II) (b) (i) (I) la rapect ". Floatina !late Note, two or three only of 1uc:b llefcreace lu.b pnMde IUCb rclcYut quotadou, tb• Rate or lDtenst for tbe releYUt

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buerest Period shall, subject U pmidcd bclaw, be de1crmilcd u aforesaid OD tbe basis or the Relevaiu Rates cpaoted by sucb llcreruce BUI.ks.

(iii) lr at or about tbe llcleYlllt T'unc 01 uy Interest De1ennmalioa Date where tbe Rate of 11teres1 falls to bt de1crmiled pmlUIDt IO CoadidoD 5(11) (b) (i) (8) mrapeet or a Floalia1 R.ate Nole denominated ba a Speei6ed Cumacy other tbu ECU ( u dacribcd ID CODditioll 7(f) ), only one or none of web llef'erence Bu.ks provide 111eb llclevut Rates, the Rall or Interest for tbe relevant Interest Penod shall. subject u provided below, be wbicbever ii the hilbcr or:- (A) the bll or lateral in elect for tbe lut prec:ediq Interest Penod to which Collditioa S(Il){b)(i)(A) or (B) or Ccmdilioa S(ll)(b)(ii) sbaU bave applied: 1Dd (I) the rate per lllllUm (elqlrllMd u a perc:allp) wbicb tbe Calc:uladon Aaeat determines to be the aritbmelic: meu (rouaded. if aeceauy, to tbe nat blPer oae·bulldrcd tbo1111Adth of a pen:lltlp poiDt) or tbl Rllevut ..... ml'llplct or tb• nlPut cunDCY wbicb bu.ks in tbe a-.a1 Fiallc:ial Cllltn (u ddaed below) or tbe CCllAllJ or ncb curracy HleclCCI by lbe Calculatiol Apat (afw couutadoll with tbe Republic) ue quodq 11 or about tbe llclevaat Time a tbe nllvut lafllnlt Dttlrmiudoa Diii for a period _....., to aucb Intaeat Period to leadiq bub canyiq • b1atilllu in tbu lt.tlevut Fiuacial Cllln. u adj111ted by tbe Spread or Spl'lld Muliplilr (if ID)') actpt tba«. if tbe bub'° llllc1lcl by tbt Calc111adoa Aaat an 1101 ClUOUa U aforaUS. tbe It.all of l1t1rat IUJI. tabjlct U pro'rided below, bl tbe rate or inttreSl spec:i6ed ill Coadido1 5(11)('9)(tii)(A). (iv) If at or about tbe llclMDt TllDI OD uy Iatmat Detlrmiudoa Da• where tbe Rate of Iaierat rllll to be dttcrmiaecS p1U1111Dt to Coaditim 5(11) ('9) (l) (I) ia lllpeCt or I f1oldza1 Rate Note dlllomiDatecl bl !CU... oa1y or DODI or tbe w._ 111111 pmidl ncb Rlllvut Rata. tbe CalcuJadoa Aaat will NC(ll• IKla al die ..,.._ Bub to proWle tM c:.lcuiatiaD Aaau widl Ille l\c11¥ut Ra•.-so them by ..... bub ia •b 1111¥ut ill...._ mubt for clepolitl ia eacb of dl1 tbea COlllpaullt camacill ol the !CU (tbe "a...... t Cunaaia") for tbe Interat Penod colCllUd a at or abolt tbe llelevul Tlm• CID tbe ..._t la... t Detilnlliudoa Da• (provided tbat. iftbe EC !CU (uddatdill CclldidCID 7(f)(l)) ilaottba IMdiD tbe E....-MOD1tarySyst1m. tbe compoaeat cmadll al tb• !CU lblD bt tbml pnwlded far udtr CoadidOD 1(1')), ne Rate of l1ten1t ror lllCb llltlnlt Ptriod IUD. nbjlet u protided below, be tb• arl1bmldc lllllD (rouadecl. if noceuuy, to tbt 11a1 blP.- Olll•bwaclNd tbouudtb al a percaa11p poiDt) of tbe Mevut R.ata 10 commllllica11d by tbt Rlf'lllDOI 111111 or uy two or men ot tbtm (if Olly 111eb prowidl aiacb llelevut R.a&a1), ftiahted ill tbe mallll' provided btlow, lld u ldju11Cl by the Spread or Spread Mwdplier (if . ID)') u Clln.la.. by tbt Cllculadoa Apat,..pro9idld tllat. if It or .... w Rll1Y1Dt T~ Oil uy IDtaat Dltlrmiutioa Dul the Jllfauoc Bub or ay two or man al tb• (if oily aucb provide 111eb RlllYut Ra•) •.IOI plV'lde ..,_t It.a• for II tbe llllmat Cmacia but do providl sucb l11SY111t Rata.J'ar Mnut Ounacile ,...... in agrepte 95 per cat. (dlflrmilled by dlc Calcalatlaa Apat u JWUWilld Wqw) or more ol w ECU • lllCb latmat DetlrmiaadoD Dat1, dlen tb• Ila• o11a .... ,_..., • tllil COldhiaD S(ll)(b)(l•) • tbe .. ol tbe Mt'lllt ..... IO pmidld ud lparlas tbe ...... t Oanacill for. wldcb sucb lllmat R.atll 11'1 DOI pl'OYlded. (v) U al W Uoat tbt aalevut Tlmc OD U)' Jaterat J>mnaiudoD Date WUN tbt Rall or lataral r.u. • • ...... pu11&1at to Coadld• 5(11)(b)(i)(I) ii 11111*1 of a Floati.11 I.a• Note dnornl11fld la ECU. the ltlfCllllOI Bub or uy two or IDDl'I of them (U' Ollly l1lcb proYld• aucb lleleYut b•) ..... tbt CU:aladoa Aplt with ..,_t latll purllllDt IO CCIDdldoa 5(11) (b) (iv) for....._, CUlllllCill npriMat:iq ia llP"P" ._du 9S ,. CID&. (cletenlliMd u plOYided below) of W !CU OD IUcb la..... t Dltll'ni"doa Dall tba. witla NlplOt 10 -' of the RlllYUt Cumac:lel ror wbicll cpaotadcmt 111 IOI IO Pl'O'ided. tbt CllculadoD Apat aball detlrmiae 111Cb rlll u ii l'IUODlbly Npr••tadYI ol the RlitYut b&a ia Mpect al dlpoli11 ia Rcb ~ C1lftW)' ol ladiaa buks selected by it (alter cona1tadoa wttb tbc lltpublic) ill the Relnlat Fllucial Cllln at ar about dle a.-.at nm. oa tbe rtlsYat Jat1111t De11rmiudoD Datt rar 1 patod •blmtially co-atemi•• with sucb l1taat Period. U at or abo11t tbe llclcvaat 11me oa uy latmst De&armiaatioa Date tbc P.•l•Ylllt

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Currcacics for wbicb Relcvut Rates &R provided by tile Reference BIZW punuaot to Condi· uoa S(II) (b) (iv) ud tile R.clcvut Currencies for wbic:b rates u dttcnnincd by tile Calculaaon Agent pursuut to this Coadidon S(Il)(b)(v) rcprcsat iD aurcsatc 95 per can. or more (deccrznancd as provided below) or oae ECU Oil sucb Interest De1ermm1tioD Date, the Rate or Interest for such Interest Period sball be calculated on tbc basil of 1ucb quotadous IDd rata.

(vi) Ir iD rapect or I f\oltiq R.ate Note dCDomiaated iD ECU the Calculation Aae1n is unable 10 detcnnine tbe R.ate of latereat ror aa lattnst Period iD ac:cordaacc witb Condiaon S(ll)(b)(i). (ii). (iv) or (v), tbc Rate or Interest for sucb Interest Period sball be tbe Rase of l11erat ua eft'ec:1 for the last preccdiq laterest Period to wbicb Condiuoa S(II) (b) (i) (A) or (8) or 5(11) (b) (ii) shall have apphed.

(c} ECU W1t1l11tn1

For tbe plUpQMI of dUs CoadRioe 5. tbe wciabtiq to be pY111 to• Relcvut Cunucy or the pcrcentaae wbic:b it bean to Ollt ECU 1ball be detanniDed by the Calculado11 ,\pat by refereoc1 to tbe proponioD that tbe amown or sucb RelcYllt Cumncy ilcluded ii one ECU ban to ou ECU IDd calculated Oil tbe bu11 of tbe U.S. dollar equivalat of eacb of tbe Relcvut Cvrt11c:ill u at or about tbe Rclcvaat Tbne 011 tbe Interest Dettnniaatioa Datt ii quatioL Suell U.S. dollar equivalent 1ball be dctermiled by the Calculatioa Apnt iD tile amDer pl'O'idod Wider Coadicion '7(1), cuopt tbat ror tbe pupGlll or dlil Caaditioll 5, (i) any reference tbercil to a Day or ValuatioD (u ddaed ii Coiadidoa '7(0) lblll bl dlcalld to refer to tbc Iaterat Dctcrminatioa Date ID qu•tioa. ud (ii) If tbe EC ECU II bliq ued ii tbc Europcu Monetary System oa sucb hlterest D111rminatiol Date. tbe compoDC11t1 or tbe ECU 1ball be tbe wnacy amouctl tllat arc componeDU of tbe EC ECU OD such date.

(d/ /tlllllm"1fllJl~mllM it.lo Ir I MlzWnas batllelt Rai. ia speci6ed OD tbe race Of tbil Noee, tbea tbe Rate or JDterest shall Ul no evtat be las dllD it and if tbere ii IO speciied a Muinsum Interat It.au:, tbaa tbe llate or Iatcrest shall in 110 eveat exceed it.

(1} Dl,,,,,.illOllon of RJJ11o/1""1Vt ONI Cal&ui4doll o/ lmlffn Amotlllll The Calc:uladoa Apnt wm, u SOOD u pncdcablc after tbe a.tcYut Time OD each latenst Detennina· tioD Dai.. demmil• tbe It.ate fA IAW.t and calculats tb• mown of IDtaat payable (tbe "lntcrat AmoUDU") ID rapeet or ucb Autborilcd l>o11ominadoD or tbe rcleYIDt l'loldq llate Notll (la the cue or Beanr Nota) IDd tbt milimam AllboriMd Dtao11iD1tioD (ii tbt CMI or JlcPterod Nota) for tbe relevant lDterllt Period. lla• ID-Amoua111ball be calc1llatod b)' appl1iDI tbe llatt of laterat to tbe Calculation Amoat. mvl~ RCb product by tbe acuaal Dumber of da)'I ID tb• !Ataat Period CODClroed. divided by tbt FIN Day Bui1 .,a&ed oo tbe r• or 1ucb Note ud rouw.,, if lllCCllU)', tbe rauhaat lpre to tbe acuat uaic of tbe .,.t cuneacy (ball of lllCb uit beiq l'OWldecl upwudl) ar, iD tbe c:ue of ECU, to tbe awat 0.01 ICU t0.005 !CU Wq nudld 11,_...), Thi determillatiGD of tb• Rate of Interest ud tbe lDterat Amoua11 by tbc Calc:vlatiall Apat lhaJJ EiD tbc ablence or manifest error) be 6DaJ and bildiq upoD all panitl.

(/} NotlfiallMI of RJJi. o/ 1111""' olMI 1111,,.,, AmOMU llae Calcula1loD A.pat will cause tbe It.ate or Iataat ud tbc latenat Amou.latl ror cacb latercat Period IDd tbe relevant lararest Paymcoi Dara to be aod!od to tbe TNltlll, tbe llepublic, each or tbe AltDts and \r tb1 relcvut Not11.,. ror tbe dmt beiq Uatod OD tll11..uumboura Stock E.:xcbup (the "hclluac"), tbe Eubup and to be aod6ed to Notebolden ia accorduaee witll CoDditioa 11 u IOOD u pouibl• alter tbeu determialadoa Rt ID ao tftllt law tbu tb1 fori Relevut BuiaeA Day tbtl'llfter. The lnllmlt AmoUDts and tbc lDtcreat PaymeDt Date IO pllblisbed may 111blequ111tly be IUDClldld (or appropriate 1h111alive uru1em111t1 made by way of adju11Deat) without Dodoc iD tbe emat or an utsuioa or 1boncDiD1 cl tbe Interest Period.

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f I) D111mti1t01io11 or C11lculall01t by 11t1 TrtU111 If the Caleulatioa Apat doCI not at any lizne (or uy reUOD so detcnniDe tbc R.atc of Interest or caleulatc the Interest Amount for u lateral Period. the Tnastec •ball do so ud 111cb determination or caleulatioa sball be deemed to bavc been made by the Calculation Apat. la dolls so, tile Trustee shall apply the rore1oiD1 prcmsiou of tbis Coaditioll 5(11), witb uy accasary comcqucneial amcndmenu. to tile e1ten1 that. in iu opmioa. it cu do so. llld iD all other rapccu it sball do so ill such llWIDtr 11 at shall dctm fur and rcuonable m all tbe circ\lmsmcea.

Ila) Cokuhulo11 Ap111 '"'' R1jlmra BOlllu Tbe P.cpublic will procure tbat. so loq u uy Floaq latt Note nmaiu outstudiq there shall at all times be row llcf- Bub Witb omce. ill tbe lltltYuc Filueial Can aad I Calculatioa Apnt. lf uy Jlcfcrenoc 8aak (acU. llnusb ill relcwut 6') ii aaablc or awilliq to cmtiDa to act u a Rertmacc BlllJc Iba tbl Republic will appoiat uotber w ..... Buk witb 11 alicl iD tbl lleleYut F'muc:ial Cenire 10 act u sucb iD i11 plact. Ir tbe Caleuladoa Apat ii uablc or uwilliq to act u sucb or I! tbe Calculation Aplll falls duly lO aublilb tbe l\ate or latcNt for U'/ latcnlt Period or to CIJcUlatl die lateral Amounts, tbe bpublic will appoint tbl Loadoa oSct of I ladiDa blU appd iD tbt Loadoa ud Uatlrll&tioaaJ intmuk mara11 to act u such in i11 plaol. n. Calculadoo ,\pat may DOt rllip i11 duDel without 1 IUCCIUOI' haviq beta appobatld u atoraaid.

(M) Dtlaldoa Al used ba tbac Coadidou:-

.. CalculadOD Amout" mau tbc amoat apeci&ed u acll OD die flee of uy Nose. or if llO aucb amout ii so ...... die Priacipll Amout or aucb No• U abowa Oii tbl race tbenof. .. lattreat COllUDIDClmtDt Datt" muu. ill tbl CUI ot tbt 8nt illut or a Note or Notta of a Stria, dlt date of iaaue of l'Uch Nott or Now (die .. blu Datt") or luch otblr date u NY bt apeci&ed u tbe Ja-.t Commtaoemeat Date Oii tbe rue of IUCb Note and, ba tbe CUI of a funber .... or a Note or Notes of aucb Serita, ..... tbl lllOlt reoeat RtfertllOI Data or, u tbl cue may 'bl, lattnat Pa)'lftnt D1t1 ba lllatioa to ncb Int ilnc Ult Pl'IOldbls di• date Oii whicb aucb flnber No• or Not11 vc iAued or if tMrl ii u 111cb data. at law Commaotmat Dael la sapect or ncb Int ilauc. or ill uy cue sucb othlr datt u my be .,.... u tbt latlnlt c.m-011neat Datt OD tbt faot or such Nott. "latlMt Dctamiutloa D111• 1111111. ii' sapect of ay la11111t·Paiod. tbu aumbcr or R.elevut Buillu De,. prior to tbc Int day of 11&cb latenlt Period u speci6ed OD di• raoe or tb• relevut Note. ''bl-.t ..... Day" --- (A) iia dal - Of I Cm"IMJ otblr tb11a'ECU, I.., (otblr tblll a Sllmday or I SWlday):

(lJ OD ~ blab ud fomp acbup lllllb11 ue opea for bllliaal ba tbl J.elcvun Filudal Can; IDd (U) OD wtaicb blab ue opa ror b-... iD tbl priDcipal blDcial Clltltre of tb• cumacy cl tbt CalcuJadoa Amouat ill Nl*t or such floaU, lats Neu ud oa wbicb dcpoliu iD aucb CUll'IDC1 may bl dlllt ill tb• RlleYuat Fiaucial Can; ud

(B) ia tb• C1111 f1l ECU, a day (otbcr duua a Salmday or a Suday) OD wbicb bu.kl ud rcn1p cxcbaap m.uUta 111 opea for buaiDm ill tbl lltl.tvut Filllacial Can ud wbicb ii aot daipatld I DOHCtdtmlat day for !CU aa tbt lllotlrl ISDE .... aa tbt llluter Molitor MODI)' Raw Slrm or a day 10 dlltpated bJ tbt !CU lluldq AllociatiOD if !CU Naa·S.nl•mtDt .,. do aot ...... OD dlat PIP or, if DO .,. ... IO •UW. • day OD wbicb ECU illterbuk payma11 cauot be •nled.

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"blev1D1 Fmucial Ccaue" mew:- (A) in me cue ot a cumney otbcr 1hu ECU, Londoa (in the cue or LIBOR Notes. LlMEAN Notes or LIBlD Nota) or (in tbc c:uc or Floatizls R.atc Notes the llate or In1arcs1 111 respact or wbic:b ii to be calc:ulatcd by rtferuc:e to some otber Beac:bmark) tb• 6.Duc:ial centre spcc:iAcd OD lbe rac:e of tlM: rtlevut Floatiq lla&e No-. or it ao sucb centre is so spccdicd. the fiullc:ial caun detcrmiDcd by tbe CaJcula1ioa Aa•t to be appropriate to sucb Bcncbmark: ud (B) iD tbe cue of ECU, Loadoa or sucb otber or addilioaal 6Duce ccarrc or centres u may be spccifted on tbe race or tbe relevut Floaaq R.aie Noll. "Relcvuu lla11" meau:- (A) u offend ra11 in tbc cue or a Note tbc Bcac:bmark ror wbicb rtlates to u offered rate. (8) a bid rate iD tbc cue or a Note the leDcbmut ror wbkb nlaru io a bid rate; 1Dd (C) lbe melD of u offered ud bid rate bl tb• cue rl a Noll the leaclunark ror wbic:b relues lO tb1 Inell rl ID o!end ud bid rall. "llellYIDt Tame" mem tbe local 1ime ii tbe a.llvuat Fmuc:ill Cena. at wbicb h is cuslODW)' to dellrmbul bid ud off'll'Cd rates iD rapect or dlpolitl ii &bat cumacy iD tb1 iDtcrbuk market iD tb11 llellvut Flludal Cean.

(IV) z.ro Co•poa Noce1 Wbcrc a Zero Coupoa Nofl ii npayabll prior to ill MaNJity Data ud ii aot paMt wbell due. tb1 amount dua and payabla 1ball ba tile Amaniled Faes AmollDt of auc:h Note u determiaed iD ac:corducc witb Coaditioa 6(c) (iii). Wlaue a Zero Coupoa Not. ii to ba nll11med oa ita Macurity Date ud ii aot paid wbea duc. uy ovadul prildpa1 or l1ICb Not1 lbal1 bear bnaat at I !ale per lllWD (apreaed u I ~Dtqe) equal to tbc Amoniatioa Yield l)*i&ed oa tbe rue ol tba Nots. Such iDllNlt sball coadllue to ac:cnae (OD tbc wne buia u tbat nfund to ID Coadi1ioD 5(1)) (Wen ud after judpD&Dt) to tbe JlelcYUt Date.

(V) Sc...... ~Noe. 11ae race or tbe Notll iuued ID MptCt or a Tnac:ba or Stap-up Notea or Stap-dowa Nota sball specify tbe daic1 OD wbicb bucrat aUU lll payable oa 111cb NoCll. tbe 11t1 at wbicb tb1 lateral payable OD cacb sucb date sbaU accrue udlor tbc balil ror calculadoll tbcnof ud tbc iata (or tbl blail or c:alculatiGD or suds rate) at wbicb iatmat will accnac ID IWJ*l or 1DJ ovenlue priDcipll or ovmlue iatcrwt. UDI• otbarwilc providad Oil tbe race or mcb Not11. such ia1aat lball ID alhtber nspec:tl u:c:nae ud •ball be payable in u:corduce witb Coaditioa 5(1). . 6.ltampdoa ...... (•} Fful A...... Ualeu prmou.ly lldeemld or purcbucd IDd 'cuCllW u prowillcd below, dail Noll wW be redeemed at iU Priacipal Amoaat OD tbe M&Nrity Datl spcciSed CID itl rue (if dUa Notl ii speclied OD iU race to be rmd Ratl Note or Zn CoupoD Noll) or Oil tbe ID&anlt Paymat D1t1 raWq la tb1 RedemptioD Moatb speci8cd OD i11 rue (if dlil Notl ii spec:ihd Clll 111 llCC to bl I l'loadas ltata Notl). fbJ hnltolu ne llepublic m&)' It ID)' time p111'Cbue No&el at IDY price (providod tbat la tbt cue of Bearer Nola tbey 11'1 pmcbued ioptb8f witb all umatU'ld Coll)IOU ud uc1c:b11pd Talou raladq to tbam) ill tbc opca awbt or odwwile, pnMdld tbat ID uy ac:h - 111Cb purc:hue or purclauel IN ia compliucc witb all rallvaat laws. rqv.ladou ud dirlc:d'IL na Now '° pllCbued, wMlt bald by or oD behalf or ror tbc badt ol tbl Rcptablk, lblll aot ndtla tbe balder to '°" at uy meeliDp or Not1bolden IDd 1ball aot be deemed to be ouutllldiq for tbs J*l'PCIMI or calc:ulatiq quorwm at __.,. or tbe Notlboldcn or ror tbe

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purposes or Coaditiou 11 and 12. Tbe Republic will aot acqw.re any bcamc:ial iDtcrcst iD any Repmcd Noie unless n aives pnor wrina DOUc:e of cac:b acquisnioa 10 the Tnastee llld the R.cp1r1r. Tbe Trustee and the R.cptrv and all bolden of R.cptcrcd Notes sball be eautled to rely watbout funbcr aavesusation on anv such noufi"tioa (or lack ibereof). •

For the pU1p01c1 of tbac Coadiuo111, "dircc1ivc" iDcludes any praat or ruturc directive, rcplauon. request, rcqwrtmeat. rule or c:redit runillt prOll'llDIDe or any relevant apDcy, authonty, central bank depanmeat. 1ovtnuncat. leplanuc, minister, mumay, o8ieial. public or sratutory corporauoa. self·reaulanns OflWAUOD or stock e1eb1Dp.

(eJ Eorly R1d1mptton of Z1ro Coupon Notu

(i) Tbe anout payable iD rupKt ot any Zero Coupoa Note upoD ndemptioa or sucb Note punuant to. ii applicable. Coadi1ioa 6(d) or (1) or apoa it blc:omilf due llld payable u plO'ided ia CoDClitioD 10, sball be the A.moniled Face Amout (Clkuiaud u proWled below) ol suc:b Note.

(ii) Subjec:t to the plOYiaiou Of CoDditioa 6(c:)(iii), the AmoniMd Face Amout of any Zero Coupoa Note sbaD be dM sum of (A) dM lefll'IW Price spec:i6td OD Cbl fa of sw:b Now llld (I) tbc aare1at1 amonilatioa of die •eruce beiweea die bftnac:e Price llld the Priacipal Amout ol sw:b Note from the Issue Date to die date oa wbicb sueb Not1 becomcl due IDd payable at a 11t1 per mum (11prc11ed u a pen:ta1q1) equal to tbt A.monilatioa Yield lpeCi6ed oa die fue of sw:b Note eompoUDded mually. Where the speci6ed c:alcWatioa ii to be made ror a period ot leu tblD oae ,ear, it lball he made OD tbt Fixed Rate Day Buis spec:iled oa die fa of 111c:b NOii. (ill) U die amout paJabll iD rapec:t ol uy Zero CoupGD Nota upcm .....,doo ol ncb Noes punuuu to. it app&able. Collditioe 6(d) or (1), or upoa it bwimtn1 d1le llld ]1111blc u ,..mded ia Coadidoa 10, ii DOt paid wba due. die amouat du• ud payabll la N1J*C ol 1ucb No• .UU IMt tbl A.mortiMcl Face Amouat or sucb Note u dllcribed ill Coaditioa 6(c)(il), •IQIPI tllat Coadidoa 6(c:)(i) ablll bav. el'ect u dlouab tbe reforeaca dlereiD to di• date oa wbic:b dlt Note becom• du• ud payablt were repluld by a refereace to the Rlltvlllt Dati. Tbe oalnladoa of die AmoniMd F1e1 Amout ia accordlDc:e widl tbil Coadi· cioa 6(c) (ill) will oooda111 to be ... (berore IDd after Jladpae1at) mil th• Rele\'IDt Date \llllea die Relevaat Date fllll OD ar nr die Mamrity Date. ill. wblc:b '*' di• UDOUt dlle ud payable shall be the PriDcipll Amoulat of lllCb Note toptber with UJ latenat wblc:b may ICQ'Ue ia llCCOrdance with Coadidoa S(IV).

(d) R1 ....p1Um ot di Opdoll. of di Rtpubllt If IO proYidlcl oi dat l'a fll tbl Notll iuutd ia NlpeCt or a Trucbe of Notea. die llepubUc: may, subject to compliua widl"iD ,..,_, lawt. rtpJadou ad diNcd'lll llld u7 IDUdmum or muimum amowata io be rtdeaatd u spectll( • 1111 &ol of ncb Not11, OD~ DOt man daaa 60 Dor leal daaa lO days' irre'°"ble aotict to tbt bolMll fll ._ NOtll ..U.m all or, if eo specM oa die ra of '"c:b Nota, aom1 ol 11&c:b Notu ill die Prilalpl1 A.wt lplciltd oa die f11C1 ol 1uc:b Nolll or iatepU multiples dlereol, CID die date or datll apeciled • 1111 fMe ol IUCla NOlll (wbic:la 111111, ID tbt cue of a Flolda1 Rate Note. be u latarut PaJIDIDt DI•) It dllir Priaclpll Amaut or, ii lpplk:able, at tbt pmaium ar snmia speci6od oa tbt race ol suc:b Nolll ar at tbtir AIDanllld Fllll Amout (ID tbt cue of Zcsa Coapoa Now) tasttbcr with iDttrest ICCl'Ued to th• da• bed ror ndimptioa.

AD Notll ia N1J*C of wbic:b IDJ l1lc:b aotice ii pYea lb.all be lldllmed Oil di• date speeiled iD sucb aodcc ia IOCOldaDoe wtdl tbil Coaclidoa 6. la dM ..of a panW radempdaa. die DOtice to Notebolcltn sball also c:oallin flit llrial aaaben oldie Notti to be redetmlcL wbic:b sball ba'9 MID dnwa iD sw:b place u die Trutee may approve ud iD suQ 11111U1er u lt deeml approprta-. 111bje;t to complilDc:e widl any applicable laws IDd stock excbup requnmeo11.

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f 1} RtdtrnpllOll 011111 Op1io11 of No11lioldus

tr so provided 011 tbe race of the Note issued ill respect or a Truc:he or Notes. the R.epublle shall. subject to c:ompliance wlm all ielevut laws. rqulatiom ud dinc:tives. al me optioD of the bolder or IDY suc:b Notes. redeem suc:h Notes OD me dall or data lpec:ified OD me race or suc:b Notes (whic:b sball. ill tbe c:ue or a Floawaa Rate Note. be u IDtereat PaymeDt Date) 1t tbeir PriDQpal A.mown or, ii applicable, 1t the preauum or pretnia spcc:ified OD me face of suc:h Notes or at tbeir Amonised Face Amout (ill the c:ue of Zer9 Coupon Notes) toaether with interest acc:naod to me date bed for redemptiOL To exercise sucb option the bolder must depolit such Nota wtm uy Pa)'illa Aaent (ill tbe case of Beam Notes) or dae R.qiaav or uy Truafer Aant (ia me cue of lleptlNCI Notes) at their respecuve spec:ilied oftices. qetber wlm a duly c:ompleted DOtic:e of redemption ("ledemptioll Notice") iD the form obtainable from uy ApDt not more mu 60 Dor 1111 thu 30 days prior to the relevut date for redempdoD. No Note (or R.edcmptioa Notice) so dcpolited may be withdraWD (except u provided iD the Aaency Ap'eement) wnbout tbe prior C:ODMDI of tbc Republic:.

(f1 C1111e1llo11o1t

All Note1 IO redeemed will be cancelled forthwith ud may not be re·sold or re·illued. All Notes so purcbued ud uy Ulllll&tund Coupou or Talou anacbcd tD or purcbuod with them may be c:uc:eUed or may be re•ilnod or raold.

1. Payme111 ud Tal•u (o) ltartr NOUJ (I) PqwwllU o/ l'riltdpdl 111111 /lltllUf Paymau or prindpal ud ba""'t iD NlpCICt or Bunir Not11 will. subjlc:c u mentioned below, be made apiut pr11111atio1 ud aumadtr d the nltYut Balw Not11 or Coupou. u the cue may be, at the 1pectlecl o!k:e of uy PaJiq ,\pat wtlide the Ulitod S1a• ud hi po111Uiou ( l) iD rmpect of paymeaa claomillaied iD a Spcci6td C1111Ucy odacr tbu U.S. c1o111n. ECU ad Stldiq. at tbe optioD of tbe bolder either by a cheque iD auch Speci6od C1111Ucy drawa oa. or by nufer to u uoout (iD th• cu. of 1 peyment iD Ya '°a llOD•raideDt of Japa. I IOD•raideDt acc:ouat) ID IUcb Spcci6od Currenc:y mamtained by the payee with. 1 but (bl tho cue of 1 paymat ID Ye to a aon·-1dcDt of Japu. u authorised Coreip exc:hup buak) ill the priDdpel bucial c:eatn of the couaay or aucb Speci8ed Cunacy, (2) ill rupec:t of payme1111 deaomillatod ID U.S. doUarl. subject to ooadldoD 7(a)(U), or th• opdoD or the bolder either by a U.S. doUlr cheque drawa OD 1 Miik iD New York-City or by trllllfer to a U.S. dollar acc:oat maipltained by tho payee with 1 but oaadde tho Ulitld Sia• d Amaic:a. (3) ID sapec:t d payments dtoomiDaied ID ECU, subjtc:t to Ccmdldoa 1(1). by cndlt or 111111f'cr ID u ECU ICCCNllt lplCi6ed by tbl paJM (Uld paymeau iD a compoant currtDCY-" ao detllmiud ill accordaDcc with Condldoll 7(1)) will be made ba the cbola c:urnncy (U de6lll!l ID Collditioe 7(f) (il)) by I cbequt draWD on. ar, It th• opdoD or the bolder, by trusfcr to u accoat lpldlod by the PIJll wttb. 1 blllk Ill the priDcipal blllc:ial ccatn d the cowaay or the cbOICD CllftW1), (4) la ..... fll p&ymlllll ffnomineted ilt StaUq. by I Sterllq cheque drawa OD. or, at the opaoa or th• ...._ by nurcr '° a Stcrliq ICCIOUt with. a towa dMriq bnac:h or a but iD th• City or LODdoa or (5) u may otberwile be pcovtdod iD the applicable Priciq Supplemnt.

(Ill p_,IMllU Ill IM Ulllktl Srill&I Notwitbat111diq tbe roraaoill. paymeau ID rapec:t of Beuer Nota dnomiuied bl U.S. doU&n my be made at tbe apeciW doe of uy Paytq Apot iD New York City iD the same IDllUICr • aforesaid if ( 1) the Jt.epublic 1ball llPe appobatod Paytq Apllu with apeci8ld d• outllde tht UDitod Stata with the rwuoubll apectadoa that 111c:h Payiq Apntl would bl ablt to make peymat of the llDOUllD OD tht Beanr Note• ID dlt 111111111r pmidod abcM wUa clue. (2) paymeat ID full of 111c:h amounts at all 1uc:h dca is Wepl or dJec:tiYCly prec:luded by acbaqc cooaoll or other atmilar' 1111rictiou OD paymaat or receipt or suc:h amowHa and (3) such paymqt ii tba permitted by UDiied Stata law. U, uadcr auch c:irc:wnatanca, a Bouer

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Note is pra11ncd for paymcat of priDcipal at the spcc:i8td o&e of uy Pa)'ia1 A,cat m lbe tJ1ned States or Its polsaslODS mc:ircumsmccs wbcrc IDtcrclt (U' Ill)' ii payable apWI prCMDllUOll of the 8cartr Note) u not to be paid there, tile relevut Pa)'inl AICll will lllDotatc the Beanr Note wtlb lbe record of the pnncspal pa.ad lld rlNnl il to the bolder for the ObWIWll of Ua1eml elsewhere.

(iii} Pt111M11U 011 lrutMu Dtlys Subject II pfO\'ided OI lb• face of a Noll issued ill reapect of a Trucbe of Notes. if any date for payment in mpcct of uy Bearer Note or Coupcm comprilil1 all or pan of 1ucla Truclac 11 Dot a blWIWS day, the bolder 1ball 1ot be nddcd to pa)'lllelt ulil lbe ant followiq blUillcu day nor to uy unerest or other swn in rapcc:t ol 111cla postpOHd paymc1L 11 dUI CoadilioD 7(1), .. blllilaa day" 111111111day01 wbil:b banks ue. open for busila1 iD tbe relcYut placc ti pnscatadoo ud:- (l) (ill tbe cue of a paymaat iD a Speci61d CutnDCY otber dtu ECU) wbcn paymcat ii to be made by U'IDlfer co Ill ACCOUDt mailnaincd with a blllk ba die Nlevut Speci6ed Curre1cy. oa wluc:h dealiap may bl canied OD iD lb• relcvut Spedaed Curracy iD lb1 priDc:ipal ~al ccan of the couaay of sucla Spec:i6ed ClllftllCTo or (2) (a) la die cue of paymeat iD ECU, a day wblcla 11 aa ECU buiatsa day (u ddlacd below) or (b) iD tbc cuo ol payment iD a cbola cunu;y by tnufcr to u acoouat. a day OD •bicll baakl ud forcip exclaup mubu an opa for buam.a ill die priDcipll baDc:ial c:ean or 1ucla cbouD currency. "ECU busillal day" 11111111 ID)' day odllr dlu Samnla)'. I SUlday or I day dcaip&tcd II I llOD• settlcmnt day for ECU OD tbc Rcu1er1 5creeD ISDE pip OD tilt leutlr Molitor Money R.ata Service or a day so daipated by tile ECU BuJdat Allocia1iOD if ECU Noo-Secdcmcat Days do llOt appear 01 · tlaat pap or, ii ao days art '° -....s. a day oa wldcla ECU ID•·bat pa11D1Dll c:umot be 11tdcd. U tbc due date for lldempdoa or repaymat of uy 8mll Note It aat a d1ll data for paymat of bnerat. iAtc11111ccrued nm dae PNOCClbit due date for paymcat ol iDWt or tbe ....., Commacemcat Date. II lbc cue may bl. lblll aaly bl payable apillt ,._tatiaa (aad lall'llldcr if appn:tpda•) oldie Nim.at Bearer Note. l1tm11acc:Ned01 a Zero Coupoa Noae from hi Maturity Dm llaall bl payable OD "Pl)'111Cllt of sucll Zao Coupoe Noas lpillt pnaatadoa daenoC. (bJ R,,UUrff Noto (t) Pt1ytrN11U o/ !Wtldptll Paymc111 ol priDcipll iD ...,.ct of Rep.tend Nom will be made by tbe Jlrtacipal Pa)iDa A1111 ill the muacr provided for iD Coadidoo 7(a) (i), nbjtc:tJO CODdhioa '7(b)(l•). Pqma11 of pdllcipll wU1 oaJy bl made apiut sunadlr of dac .-VUt Dc6Dl1"1 ltqiatllld Note at dae IPldled otacc of u.y Trusler AllDL (ii) '"'"""° ofI,._ .· ..... OD ...... No• payable OD IDY JllflNDCl9 Date ar lataUt Pa)"llllllt Date will be paid by lbe PriDciplJ,.,... Aplt IO tbc ,._ lho'wa OD tlal-llqisaer 11 dac c:loM otb-... oa t.bc lftccada day before dlt dut da• for paym•t damol (dat .. lleoard Data"). Pl)"llllDU of IDtaUl ~ acb Rqiatcrcd Note (oth• t1aaD a NOii dnom'11ted iD ECU) wU1 bl IDldl iD t.bc Spedeed Cumaoy iD wbicb mc:b Not• arc dcaomiaalld, nbjlcl llO c..udaa '7(b) {lY), by ch... draft OD I llaak ID dal prlDcipll laaacial CIDtrl of the couay ol the cumKJ CODOll'Dld ud mailed to dal bolder (or to tbc int umtd of joiDt boldm) or 1ucll Noll at ita ldclral lpplldq la ·the leptu aw1u11Ded by tbe a.,iaav. Pl)'IDIDll i1I ..,.ct fl Nota dtaomiutld ill ECU will be madl ii tlll lllllUllr pmidlcl ID Coadldoa 7(a)(i). Upoa applicadoo by dac bolder to dae lpOCIUd dee of dtc Rqllnr or ID)' Trulfer As•• blfcn tbe ltlCOl'd Da&e. melt paymut of iln1.. 1 may bl made by nut• llO u ICCOUDt iD tbe rtllvaat Specillcl Cumaoy mailltained by dae payee wilb I buk fa tbt priDcipll IDHci.al OIDft of th• couauy of that Spec161d Cunaoy. For tilt purpo111 of dalll Coadidou. dac prlDclpl1 6Dudll ceaue ID nspcct of Aua1nliu dollan shall be Melbow'Dc.

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ftllJ P111m1nt /nittotion When payment Is to be made by nasfer to ID accowt ill tbe rcle•1Dl Speci6ed C11rrency, payment i.ascnacaoas (For value tile due date, or ii that is aot a b111mcss day, ror value the 6.rst (ollowiD1 day wbic:b u 1 buincss day) will be mitiatcd. and. wbere paymeat ii to be made by cbeque, tile cbeque will be lftailcd oa the bu1111eu day prec:ecliq die due date ror paymcat or, in the cue of paymenu of principal ii later. oa the blllineu day on wbidl tbe rclev1Dt Oe6niaTt R.esistercd Note is surnlldered at the specified office or anv Trusfcr Ascat. ·

(tv) P111,,.,nu Tltrow1ll Tlt1 Drpository Tnut Company

R.csistcrcd Notes. ii IO spcciicd ill the rclCYIDt Priciq Supplcmeat, will be issued in tile fonn or ODI or more Oebidve R.esistered Now resistered in die ume of, or tile ume of a DOmiDee for, lbe Oepoanory Trust Compuy ("OTC"). Paymau of prilcipal 1Dd iaterat ii rapect oflt.eptered No&a deDOmiaatcd in U.S. dollan will be made ID aecordaace wtdl Coadidoa 7(b) (I), (ii) ucl (iii). Paym11u1 of priAcip&l and interest ill reapcet or Jlesiatered Notes clnomiu1ad Ill a Speoi61d Cunucy otllcr tllu U.S. dollan will be made by the Priacipll P&yiq Al•t iD tile l'lleYUt Spec:iled Ounacy ill ICCOl'daac:e with tile proYisioas of Coadidm 7(b) (i), (il) IDd (iii) to panicip1Dt1 ill OTC wbo an bell6d&l owaen of sucb R.eptered Notes.

( vJ D1"1y In l'llY"''nt Notebolden will DOl be entitled to uy iDtereat or otller payment for IDY delay alter the due date I.a rectiviq lbe amcnuat due ii lb• due date ii DOt a buaiDlu day, ii die Notebolder ii late ill aumaderins iu Oebitivt R.eptaed Note (If rtqQlred to do IO) or ii a cbeque mailed II acconluc:e wtdl lbil CoDditiOD 7( b) aniYa alter lbe due date for paymeat.

(vi} '"'"'"'"on B1111MU 0.,1 For tile purpo111oftbiaCoDditioa1(b), .. butaal day" 11111111 a day OD "'1cb oammercial bub in lbe rcllvaat city ucL II tit• CIM ol a 1umadlr of a Ddlitiw Reptcred Note, in tile place lbe Debi1ive R.eptered Nots ii slll'lllUleNd, 11'1 op&

(vii} '"'''""'Not Modi In Full If tile unouat or prillcipll or interut •bicb ii due oa lbe a.pterecl No&a is not paid lD full, tile Rqiaav wiU auotate tile R.epter wttll a nc:ord of die llDCIUllt of prillcipll or illterat, if ID)', iD fact p&id.

(c{ Poymfftll SullJ«:t to Ltlw-. ·"' All paymenu an 1ubject bl Ill cue1 to uy applicable 6lcl1orolber1a.., repladom ud directiva, but witbout prejudice to-tie pro¥iliau of Coadilioa I. No commiaiola or a:peuea aball be cbarpcl to the Noteboldm or Cc.paallolden bl respect of IUCb paymenu.

( d) Appol11,,,_, of;c,.., n. Payila Apall, tbe llesisav. tilt Calculatioll Apat IDd Tramrcr Apou initially appointed by tile bpubllc ud dMllr Nlplll:tN lplCi&td oSC9I an lilted below. T'ae llapublic ,..... tile npl at uy time to vary or lenDiute tile appoia1111at ol uy Payiq Alllll. tile Resiatnr, till CalcWalioa ApDt or uy Traufer Al•t. to appoial uodler R.epnr or Cllcu11do1 Aplt ud to appollt lddidolLll or olbcr Pa)'ial Aseats or Trusler A&•U. pro¥ided tbat tile llepublic will at all times mailltlia (i) a PrinciPll PayiAa A111t. (Ii) a Rqilnr 1Dd a Tnufer ApDt baviq a lpeci6ed o9Cll iD New York City, (iii) a PayiAa Ascat ud a Truafar Aplt baviq a apeci6td olloe ID a Evopeu city wMcla. so loq u tbc Notes an lilted OD the Eacbup. sllall be Luembouq. ud (i•) a Calcv.latioa Aplt.

ID addilion, lbt llepublic •ball forthwtlb appoint I Payiq Altat ill New York Clty ill rapec:t or uy Bcucr Nota deaominatld iD U.S. dollan iD tilt cin:umstue111 dacnW bi Collditioo 7(1) (ii).

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Nouee or any suc:b cbup or ID)' c:baqc of any spded of&c:e will promptly be Jivea to tile Notebolders in ac:c:orduc:c witb Co1acticio1t 17. ftJ U11m11tund Coupon.r 1111d U11acll111111d Tolon.r (i) Filed Rate Nota wbic:b arc Bearer Now. otber tbu Now wbic:b an 1pec:i6cd on their race to be Lona MaNnty Now (bciq Filed Rate Now whole Princ:ipal Amount is las tbu the aure1aie uuerat payable tbCNOll Oil tbe relcvut dates ror paymat or illterest udcr Concliuon S(l)(a)). should be wrrelldered for payment ol priDcipa1 t01ctbcr witb all llDIDl&ulld Coupau (if any) apperta.uuq therero. fail.ms wbx:b ID amout equal to tbe race value or ac:b miuiq umnaNred Coupon (or. ill tbe cue or payment not beiq made ill NU. that proponioa ol tbe amout ol 1uc:b lniNlllf wnaNred Coupon wb.ic:b the Slalft or pnacipal IO paid bem to tbe tolll prillcipal due) will be deduc:ted from tbe prillc:ipal he for payment. M'J amount so deducted wtU bt paid ill tbe mauer madoacd above lpimt nnnder or •=b missln1 CoupoD withia a period or 10 yan rrc. tbe llele¥ut Date ror tbc payment or mc:b priDcipal ( wbetber or DOI Siad! Coupon bu become void punuut to Coadltioll 9). Ir tbe date ror paymeat or priDc:ipal ii uy date other tbu a date ror paymat or illterest, tbe acc:rucd illtaat OD SUC:b principal sbalJ be paid only upoD presen &ation or tbe releVIDt Note.

(ii) Ir IO speciAed OD tbe race or mil Note, upoD tbe due date ror redemption or ID)' Floadn1 Rate Note or Loos Maturity Note wbic:b it a Bearer Note, umnatmed Coupou relatiq to 1ucb Note (wbctbcr or DOt attacbecl) lbalJ become void ad DO paymat lblll be made ia lllplC1 or them. (iii) Upo1 tbe due date ror redemptio1 of IDY Note. ID)' UDUCballpd Tllon rclatiq to such Note (wbetbcr or DOt anacbecl) sbalJ become void and DO Coupoa •ball be delivered ia rupec:t ol suc:b Talon. (iv) When any Floadq Rate Note or Loq Maturity NOie wbkla la a Beuer Note ii preae1tted for redemplioa witbout all IWllltul'ld Coupou IDd ID)' umbanpd TalOD rtladas to it. and where any Barer Note ii preseatld for redempdoa wltbout any ac:baqed Taloa relatiq to it, rtdcmptioll sball be made only apWt tbe provtaiou or IUC:b bulcmaity U tbe ltapublic m&)' l'lq1&irL

(/} ECU Noiu (IJ CompolidOll o/ ECU Subject to tbc proNiou or dlil Coadl1ioD 1 (0, tbe eompoeidaD or tbe ECU ror tbe purpoM of any Noia deDOmiufsd ia ECU ii tbe 111111 a dis GOmpolidOD or tb1 ECU tbat ii lalld from timl to timl ID the European Moaewy System (tbe .. EC ECU") IDd wbic:b ii u at .tbe date or the Tr111t Deed compolCd of spect61d unoua11 or lbl CUl'IDCiel of tbc memberbaaiea of tbc Europeu Coaummld• ("EC") u sbowu below. Punuut to CtPodl llpladaD (EEC) No. 1971119 of Jue 19, 1919, tbe EC ECU bu boa detcrmiud to be ~ - of tbe ro11ow1q compo1aen~- o.oa a.mu mm 0.130 Llumbms f'ruc: o.Cll'7M PolllMI a1lrUq 0.1976 Dlllilb llroac I J32 FNaCll fluac O.OOIS52 btlb poud 151.1 ltllllalirl l.4ot0 G..tclncbmu 0.2191 Datcb pilder 6.U5 Spuilll peMtll 3.301 lelPam. .frwl 1.393 '°""tUlt aeudol Tbl buia may be cbupd b)' the EC. iaclucUDa cbapl ill tbe COIDpolllllU. ill wbic:b cvcDt tbc compoaidoll or tbe ECU will claup accordiqly.

(II) 1t11m•11U ill• COlfltpolllfll Clll7'MQ' Witb rapect to eacb d111 date for tbc payment or principal. iDttrest or otb• amoUDta ia respect of Notes denomillatad ia ECU OD wb.icb lbl EC ECU ii 10t ued ia tb1 European MOlleW)' System. tbe Trustee shall.

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whbout liabili1Y OD ha pan ud without bavlDa rcprd to tbc ilucnsu of individual Notebolden. cboose a compoant currncy of lhe EC ECU (lhc .. cbosCI cum11cy") iD wbicb all paymcau due Oil tbat due date wttb rapcct to sucb Notes sball be made. Noacc of lhe cbola curn11cy sclcctcd by tbc TNllCC shall. where practicable. be Ji•ell to Noteboldcrs in acc:orducc wilh Condidcm 17. Tbe amown of cacb payment IA the chosen cumncy shall be computed Oil lhc bu11 of tbc equinlcat of lhe ECU in that cumncy, deicmuned as set out IA this CODdidOD 7(f) u of lhc founb RclCYUt Businas Day prior to lhe date on which such payment 11 due.

Oil tbe 6nt R.clev111t BusiAcu Day Oil wbicb lhe EC ECU ii llOt used ill lhe European Monewy System, tbc TNttee sball, wilhout liabWiy on its pan ud wilhout baviq rcaud to lhc illterests of 1Adividual Noteholden. cboose a componcat cumacy of lhe EC ECU (the "cllou cum11cy") in wbicb all paymenu of principal. iDtmat or other amouu iD respect of Notes dellOIDiaated iD ECU baviDa a due date pnor thereto but llOt yet presented for payment are ro be made. Tbe amoam or eacll payment in lhc cba1ea cumncy shall be computed on lhc bub or lh• tqlli•alellt of lhc ECU ill tbat cumacy determined u set out m tlus CCIDdidOD 7(f), u or sucb 6nt lt.elCYUt Bu.siDcu Day. Tbc equivalclll or lhc ECU ii lhc rclcvut cllOllll c:unucy a or uy date (lhe "Day of Valuation") shall be determined by lhe Excllaqc oa the followiq bail. llle compount curreacia of the ECU for this purpose (lhe "Compoacau") sball be lhe cumacy IDIOUDll wbic:ll were compoDCllll of the EC ECU wbe11 lhe EC ECU wu moet rec:atly uMd ill lhc Europeu Mom11ry System. HowcYCr, if the EC ECU is beiq used for th• Httlcmat or trmacdou by pgbUc iuduadou of or wldaia lhc EC. or if it wu so ued alter tu znost recat UH ill lhc E1nPCID Moacwy System, me Compoaata slllll be (a) lhc cumacy unounts dlat arc compoacau or lhc EC !CU u so ued u or lhc Dar ol Vlludoll. or (b) lhc cmrucy amounu dlat were compcmcau or lhc EC ECU wllca it wu lllCllt nice1tly 10 Uld, u lhc ouc may be. Tbe equhraleat of lhe ECU ill tbe cbOla curracy alllll be c:alculalld by Int llllllltiDI the U.S. doUar eq'Uivalcnll of the Compouau lid tha., uiq th8 ra• uMd for detcmiaiq thl U.S. doUlr equinlcDt of tb• Compo1cat ill the C:bOICD QURIC)' U Ht ronb below, calculadq tile equivalcat ii lhc c:llolca CVRllC)' of IUcb agrcaate amount ill U.S. dollan. Tbc U.S. doUar cq'Uivale11 or eacb of tbt Compollau .UU be dccammed by the b:llaqc oa lhe buis of the mjddlc spot delivery cp&otatiom preYliliq at 2.JO p.m.. (local 1i1Dc iD tbc RclcYUt f'muc:ial Ce11tn) on tbc Day of Vabaalioa, u obllJned by thl Excbaqc from oec or more leadiq bub. u selected by the TruatlC, ill tbe COUDtry of llaue of tbe Compo11at ID queatioL If lhe of!cial llllil or uy compoacat cumDCY ii altcNd by way of combiDatloa or aubdivilioa. the auznber of lllliu of tbat c:unacy a a Compoeat 1ball be divided or mlldpUed ID lhe umc proponion. U nro or znore coqapoaent cumacill ll't oouolidawl mto a~. tbc amouu ol lhcm cunac:ia u C!llllpoaeau allall bs replaoed by u amowat la auc:ll aiqlc cunacy equl to the Nm ol lhc 1moua11 of the couoliclatcd compoee11t c1lft'CICill upr1utd iD ncb liDllc cwnncy. U uy compoacDt CVl'llcy ii divided ilto two or more ev.ncncica, lhc--amouDt ol 11aat cu.znacy u a Compoacat sblU be replaced by amown1 or JUcll iwo or more cumac:ill, ~of wlaicll lball 1tt equl lo lhe amout of tbt form• compoDCDt cumacy divided by the llUIDMr or etamDcia IDto wlllcll tbal C\&INDC)' WU divided. If DO dirclCt cp&otitiom U'C milabk for I cOmpo0.at U of I Day or ValuatiOG from lily of the bub selected by the Trui.c for dais pupoM becaull fonip acbaqc mukcu an c:lOMd ill the couaay or issue of tbat cunacy or for _, otbcr .--. the moet NCCDt dinct qucnaliou for tlaat c111TUC)' obWDcd by the Eia:baqe sball be ued iD compatiq tbt cqu1YllcG• of tbc ECU oa 111ell Day of Vllulioa. provided. lacnmu, tbat 1ucla IDCllt neat ...,..... may bs ued oaly if' tbty wera pmailiq ill the c:ouay of isaue aot more lhlD nro b1aliacu days Wen aucll Day of VabaadoL a.,..cl 1uell period of two bulacu days, tbe Exclaaqc sball dctermiac the U.S. dollar ....., ol mc:la Compoaat OG tbe basil ol crou rata dcmed from tbe middle spot dellYay quotadou for aucla compoMBI cumacy ud for tbe U.S. doUll pmailiAa at 2.30 p.m. (lacal time iD th• blnut fiDaDclal Can) oe IUCll Day of Valutioa, u obtaiDld by lhe Exclaaqc mm oae or man ltadiq bub. u acllc:tcd by tbt Tnaatec. ID a couay otber tbu lh• couaay of issue of IUCla ComponcDt. WitblD IUCb period or two buiDcu dayl, the !xcbaqe sball dcCSnninc the U.S. dollar cquivalcat of aucla Compoacat oe the bail of 1ucb C1011 ntll lf tbc Tnaatee judaa that lhc

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equivale111 so calculated is more represatative tbal the U.S. dollar equivalan calculated on the buas or sucb most reClllt direct quota1iou. Unless otherwise speci6ed by the Tn&11ee. ii there is mare tbu one market for dealiq in uy Component by rason of foreip uc:baqe repladou or for Ill)' other reUOA, the market to be ref med to 11 respect of suc:b cumncy sball be tbat upo11 wmcb a DOl·raident issuer of llCllrilll denom.umed iD sucb currency would purcbuc sucb currency iD order to make payments in rapect of sucb sec:unues. All detenniu1iom made by eacb d tbe Tnast1t or the Eachaqe sball be at iu sole discretion and sball. ID tbe absence of manifat error, be coadusiYC for all purposes aad biDdiq on tbe Republic: and all Notellolden aad Coupoa.bolden.

(II Tolon.r

E"'Pt where lllcb TaloD bu become void punuaat to Condition 7 (e) (iii), 01 or after tbe Reference Date or, u die cue may be, the hu11rat Payment Date for die 6aal Coupon fonniq pan of a Coupoa sbeet issued la respect of uy Note, the TaloD formiq pan of aucb Coupo1 sb•t may be sarrndered at the specified otace of die Principal Payiq Al•t ia acb1111 for a fv.rdler Coupon sheet (but excludin1 uy Coupom wbicb may have become void punuaat to CoDdilioD 9).

L Tuadoa All payments ia respect of die Notll aad die Coupom will be made free aad clear of, IDd without witbboldiq or deducliola for, or 01 ac:couat of. aay tua, duda, llMlllDlltl or ao•cnunental cbqca (to11tber, ''Tues") of wbateYer uturc impCllcd. lnied. c:oUected. withheld or utalld by or within the Republic of A.rpntiaa or ID)' authority dlercia or dlereol baYiq power to tu, IUlllla 1acla withllolctin.1 or dcd11c1io1 ii required by law. Ia IUCb 1¥CDt. die lllpublic abal1pay111cb lddidoul amoats u will mu.It la receipt by the Notebolden or, u the c:ue may bl, tbe Coupaalaolden of 1ucb amou11 u would have been reccivtd by tbcm bid DO auc:b witbboldm1 or deducdoD belll required, mpt tbat ao suc:b additioul amouau sba1l be payable with NlplCt to ID)' Note or Coapoe:- ( i) ia die cue of Bearer Notes or Coupou:- ( l) to a bolder (or to a dWd pany OD bebllf of a bolder) wbere 1ucb bolder ii liable to 1uc:b Tua iD N1J11C1 ol 1acb larlr Note or CoupOD by l'IUOI fl 11 baYIDa some COIDICtioD witb th• R.1public: of Aqatill otber tbaa tbl 11111'1 bolcliq of suc:b Beuv Note or Coupoa: ar (l) ,.._ted for p1ymat men dlu 30 daya after di• Ralevut Date acept to die lltCDt tbat die bolder dltNOI would bave blla 11litled to additioul amouats OD ps.1neiD1 tbe wne for paymat cm tbe IMt day ol sucb period of 30 daya. (ii) ia die cue ol l.esiltered N0tes:- (l) to-iboldlr (or to a tllild ptrty OD bebalr ol a bolder) wbere 1ucb bolder ii liable to 111c:b Tua· ia "'Piel ol DCb Rlsistend Note by rillOO of it ba.tq IOlllt couec:tioa with tho R.opublic of Arpa1iaa, otblr tbaa die mere "bo1cUa1 ol 1ucb Rqistend Note or tbc receil)t of tb• rellYIDt pa)'mlllt II ;.,.cc dllrlol; Cl' • (2) 11 IM Dlbidw Rqiltierld Nott ii ,.,.ct ol 1ucb JltPtend Note ii aurreadcnd more dlaa 30 U,. att.r tbe Ralevaat Date ad 1ucb sunuder II 1'8quired for pa)'IDlllt uc:opt to tbe 1st1nt that die Jtolder tbenof would UYC 1*a IDdtled to addldoul Ul0Ull11 Cit PnMDtiq tbc llllll for paymtDt Cll die lut Uy·of IUCb period of 30 days.

A.a 1llld ill th.. Coadiliou. •Mevat Date" ia rllplCt of uy Note or Coupoa meaDI die date OD whicb p&)'lllllt ia lllplOt dlenof Int McolDll due or (if tbe flll1 amouat ol tbe mouy p1yabl1 bu aot beu rec:liYed by th• Tnutll or tbt Pmcipll PaJiD1 Apat •or prior to 111c:b due datl) tbc date OD whicb D01ice ii duly pv• to tbc Notaboldm la ICClOfducc with CODditiOD 17 that sucb 1DGM11 U\19 blla IO received aad an availabl• for pa)'IDlllt. llcfcnac. b1reiD to .. priac:ipal" aJsaU be dllmed to iDdude ID)' premium payable iD respect of the Not11 ad uy referac:t to "priDcipal" ad/pr "Amoniled Face Amout" and/or

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"premium" and/or .. illtere1t" sball be deemed to mchade any additional amounts wbicb may be payable under tbu Coadiaon a.

9. Prescripdoa Claims qainst tbe Republic ror payment iD respect or the Notes ud Coupons (which, ror t1us purpose shall not mcludc Talons) shall be pnlCribcd and become void unlas made wtthm 10 years (m the cue of pnncipal) and &ve yean (ill tb1 cue or illtenst) from tbl appropn&tl Reltvant Oats ill respect tbercof.

10. £qau of Dtfaalt Ir any of tbl followiq 1v11u ("EYC11t1 of Default") occurs ud ii coalilluiq:- (a) NM•P.,,,..,.t die llepublic faila to pay anf pdacipal (or AmoniMd Face Amou11t) or any of tbe Nota wba d11 ud payabll or f1111 to pay UJ latlnlt oa any of tbl Notes wbn due llld payable llld such failure coatiaues for a period of 30 daya; or (b) SreMll of Oiiier 06lllfldo111: tb1 lt8p11blic doll llOt perform or comply witb lily 011e or mon of its otber oblicatioDS ill tbe Notll or la tbe Tnut Deed. wbicb default II ilc:apabl1 of rclMdy or ii not rcmedild witbil 90 daya after udcc of RC:b default lball bave bla pa to dae llepublic by dat Tnastee: or (c) CfOll D1/oull: uy IYIDt or COldi1ioa 1ball occv wbicb ..i11 ia tbc tcCClcratloa of dae maturity (otbcr tball by opdoul or madarory pnpaymeat or rcdcmptioa) of ay Public: !1tema1 ladlbtldD• of tbl lllpubUc or Buco Cnml ba¥iq Ill ...... priDeipal amouDt mU.S.$30.000,000 or more. or uy default la tbe paymat m pdaclp.a of, or pmlliwD or prepayment ~ (ii lily) or iDtaat Giit lllY IUCb Public Utmal ladlbtldaal baYiq ID IUl'ptC prilacipal llllOUI of U.S.$30,000.000 or JDOn. aball occv wbCI aad u dal 111111 lball become dUI ud payable. if' IUCb default 1baD coadau1 for mon tbu tb1 ,.riod of pus. ii uy, oriPlll1Y appUl:ab11 tblnto; or (d) llortllOrlwrt: I moratorium OI tbl paymat of priacipal of, or iltlnlt oa. tbc Public Utel'Dal ladebttdaaa of tbl R1p11blic lb.all be dec:llNcl by tbl RepubUc; or (1) Yolldl1Y: tbl Yllldity of tbl Notll or tbl T~t Deed 1ball bl coatattd by tbc bpublic; tba ill eacb and 1YCrY ncb cue. tbl Trutee at its dilc:ntioD may mrwpec:t of Nota of uy Series. or at tbc request fll di• boldcn of ut Im tJau 25 per cat. bl agreptl principal amout of tbc Noa or 111c:b Series tbea outswadlq. by notice ill wri1iq to dal RlptabUc alllll, dlc1are dal priAcipal amouDt (or AmoniMd Face Amount) of ID tbl Now of sucb Sericl to be dUl.aad payable immediately, ad upoe uy suc:la dcdan.don tbc Ami lb.all bloomc IDd lball M iJmnlcllately d1lt Ud payablt UpGll tbl da11 tbat IUCb wria.~ DOticc ii reccMd by tbl lllpublk; ullu prior 1D 1ucb date all Eveatl of Default la sapect m ID die Note1 m sucb Stria 1baD 111" bllll ~ Jn¥icW tbat mlbe cue "Coadidou IO(b), (d) ud (e) tbl Tnut11 sball bl" Clftf8ld dlat ia-li opillaD llCla mat ii matlrial1y pltjld1clal to tbl iD-11 of die Noi.Jaoldcn and proricW furM, tDt II, at IDJ dme alter dal priaeipll (or A.morliled F1e1 Amouat) of tbl Not11 of nc:b Saill lblU 1law ..._ IO dec:lllld du• ud payable, ...,s WOl'I aay 1111 d psapeny uder ay judlmat or decree for tbl PIJmlDI of tbl moai• duo lblU lla" beca oblliMd ar at&Nd u bcnbllfter psovidcd. tbl Republic lblD p11ar111111 dlpoltt wltb dM Tnutll a 111m dc:iat to pay all llllNnd IUDOllll11 of iDtenst ud priDcipll (or AmoniMd Fa Amoullt) upon ID tbl Notes of 1ucb 5'rill wbicb lbal1 bavt become dut odaerwile tbaa IOlelJ by dec1uadoa (witb iatlnlt OI OYerdut UDOUDll of mtlnlt, to tbl UttDl permined by law, aad 011ueb prillcipll (or Amoniled Fa Amout) of aeb Nott at tbc rate of bltmlt (or Amonisadoo Yllld u calc:ulatlld UDlllr Camlltloa 6(c)) apeciled blnil. to tbl date of IUOb paymat or dlpolit) and tbe llplDMI of tbl Tnut11, llld nuaaable oompeuatioD to tb1 Tnulll. iia 11ea11. llpl llMaln, llld ay ud aD dlfaulta uder tbl Not11 or sucb Serill. otblr tbaa tbc aoe·paymat f/I prillc:ipal (or AmoniMd Face Amout) oa tbc Nota wbicb sbaU bavc becomt da sollly by decllratioa. Uall ba" beca nmldiod. tbea. ud ii cv.ry suc:b cue, tb1 bolderl of 75 per cent. ia ...,..... pdadpal mout of tbl Notes of such Series tbea oulltlllCliq, alter a m11dlla of Nottboldcn lllld bl ICClOl'Clulc9 wltb tbl proceduNI clacribcd ill Coadidoa l l, by written aodce to tbe llepublic and to tbl TnutH, may oa bsbalf of tbe boldcn of aD of tbe

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Notes or sucb Serils waive all defaulu ud rescmd ud mul sucb dcc:laration ud iu consequences: but no sucb waiver or resc:ission ud aullbnent sbal1 extend to or sbal1 aft'ect uy subsequat def'ault. or sb&Jl 1mpm uy riabt consequeat lhema.

U. Mlltiap or Nottholdtn, Modltcadoa aad Walttr (o} M1111111s of No111eoldlfs Tbt Tnast Oeld coataim provisions for convaiq meetilp or Notlholden or a Series to consider anv matttr aft'ecd.q their ill11re1u. illeladiaa modi5calioll by EmaordiDlry Raoludoa of me Nom of such Sina (illc:ludina lh11e Condidou illlofar u tbe 111111 may apply to sucb Notes). Sucb a meetilla may be coavtned by me Republic: or tbe Tnastee, ud sbal1 be c:GDYCDed by die Tr111te1 (subject to beina illdemnified to us satisfacdoll apimt all CICllU ud UJICUll dmeby oc:cuioDed) UpclD writtlD requat or Noteboldan boldina DOl laa Iba 10 pll' cent. ID priDcipll amoat of tbe NOlll or tM relevut Seria for tbe time bem1 ouuwadiq. lbe quonam for ay meetizla to couidlr aa Exvlordbwy ltaalutiol will be two or more penoas boldiaa or npra111tills a c:l1ar majority ill prilldpal UDOUDt or dae NOlll of tM reltvut Saia for the lime beiq ouuwadlq. or at aay ldjounaed mt1dq iwo or llMll'I pmou boldiDf ar repnaadq bolden of Notes ol lhe relavaat Scrill whatever me priMipal amouat or tbe Notes of tbe llleY&Dt Saia bcld or repra111ted. unless me bllliDlu of sucb m•dq blduda couidlradoa or propoula, later Ilia, (i) to amead tbe data or m&Nrity or redemptiGll of dae Nota of ay Serita or &DY date rar paylDIDt or illterelt tbenoa. (ii) to reduce or cac:1l tbe PriDc:ipal Amcut of tbe Now of ay Seria. (ii) to reducl tbl rata or ratel ol iDt1N1t ill respect or tbl Now of ay Saia or to 'fllJ tbe metbod or buia of calclaladDs dae rate or ra111 or amount or illt1r.1, (iv) if tbere ii 1bowa oe tbe raaa or tb1 Not11 of ay Sat. a Milimum lnter.t Rate ad/or a Maximum l1tere1t Rate, to redllc:e lllCb Milimum lalll'llt lata ad/or lllCb Maximum laterelt Rate, (v) to cbup tbe metbod or Cllculadq tbe AIDOl'dMd F1&11 Amout iD NII*' of Zan» Coupon Nota of aay Series. (vi) to cblDp tbe carr ...-y or cvraclll al paymeat of tbe N«11 or uy Scria or (vU) io modify me proviliou concmaill tbe quonam required 11 uy 1M1dq or Notaboldm of uy Serill or tbe majonty required to pua tb1 EmlOl'diltuy JtelOludaa, ill wblch CIM tbc DIClllllY quarum will be twO or men pcrsoas boldilf or rcpraudq DOt I• tbu 75 per cat.. or at aay Ujounlecl .... DOI leu tbaa 25 per caat., ill prillcipal amouat of tbe Nota of tbe nllYIDt Slrill for tbs dmc batl oua11adiq. Aay Emlordiury Raolucioa duly puud lbaU tll 1riDdilta oe aD laoldlll of Now of tbe Nlsvut Saiu (wb•da• or aot tbey were pre.at ar reprmaled at tbe mtedq 11 wbicb Mcb l'CIOladoa wu plllld) ad 01 all Coupoabolden (if aay). la tbc TMt Deed, ••El1rlonliaaly lllloludall• II de6aed to meu a l'Cll01u1iaa pueed at a meeliq or baldan of Notu or a s.rila, wbiab m.tiDa ,.. duly oaaveDlll aad bald iD llDCIOnluc:e witb tbe provisiou ol tb1 Tnast Dead. by a majority ...... of not 1111 tlla 50 per ceat. of dae 10111 cut. ·" (b J Modlfil:GllOll tUlll Wcrl• Tb1 Trutll -t.11ae· Rcpablic .., .-. wltbout tbe coueat of tbe Notlbold111 or Coupoaboldm, to (i) aay modllcadoa,of ay ol dal ps01idou of tbe T~ Deed wbicb II a formal, miaor or 1ee1Wcal uNre or ii mada io comet aIDllil•t mar, ... (ii) aay otber moclilcadoa (11111pt a madoaed ill tbe True Deed), ud 1111 WliYS ar ....._.. of ay blwla or ,...-bracll. ol uy of tbl J110riaiou or tbe Tiut Deed wbicla ii la tbe opialaa of tbe Tru• 10t mtlriall)' pnjudicial to tbe IDllNlll of dae Notebolden. Aay 1uela modilc:adoa, 11ttbadmiiaD Gr ..., lblll be biDdlq oe tbe Notebolclcn ad tbc Coupoaboldm aad. if tbe Tnast• IO requiNa. llCb madllCltioe •lalU be DOdlecl to tbe Notlbolcllll u IOOll u pncdcable.

'eJ £111111,,,..,., o/ 1111 r,,.,,,. . la c:oaucdoa witb tbc llll'CiM of ill fuc:1iou (illcludiq but aot limitld to tbOM refemd to ill this Colldidoe 11) tb1 Trut11 llall1 llaw "lard to tbe illt11W11 « tbe Notalaoldcn u a elm ad •hall aot laave resud to tbe COU1q111DC11 or lllCla curciM rar illdividul Notllaolclen or Coupoebolclen aacS tbe Trutee •ball aot be aatitled to require. w 11111l aay Notelaolder or CoupoUoldlr M added to claim. flom tbe lbpublic aay iDdlllUUAcldoa or paymlllt ill rapact or uy ta ~ of uy eucb aen:iM upoa individual Notela~ or Coupcmbold111.

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12. E1rora111111 At uy time after dlc Nota become due ud payable, tbe Tnastee may, at ill discrcuon ud without runher aotic:e, iutlNte •b proceediqs qaillst tbe Republic er Buco Cannl, u tbe cue may be. u u may think !t to ellfom tbe tenm or tbt Trust Deed. tbe Note1. tbe Coupou ud tbt Buco CennJ Undenabna. but lt aeed DOI take uy suda proceedilp ullll (a) ii lball hawc bea so d.incted by u Exnordinuy R.esolutioa or so flq1lllled bl wriliq by Notebolden holdiq at leut 25 per ceat. ill principal amount of 1bc Notes or the rellvut Series ouutandiq, ud (b) it •ball h1•1 bee• mdllDDifted to its sausracuon. No Noteboldlf or Coupoalloldar may proceed dircc:tly qaillst tbe Republic or Buco CeanJ, u the c111 may be. unless the Trustn. b1vm1 become bouad so to proceed. faill to do so wilbm tbe r.uolllble tune ud such failure is co11in11ill1.

13. lldtmallcadoa or the Tn11111 Tlae Trust DRd coataiu prcwiliou for tbt iadaami6catioD or tbe Trustee ud for ill rtlief from respoDSibUicy. The Trustee b eatldtd to eater IDIO builaaa ll'IUactiou witb tb1 lllpublic ud uy eaaty r.llled to tbe llepublic witbo11t 1GC01&11dD1 for uy pro6t.

1•. lcplace•lt of Beam N..... Coapou, Talou ... Dtllld19 ...._... Notes If uy Bearer Note, Co11poa. TaJoa or Debldte Jleaisterllll Note ii lolt. 1toln. mu1ilated. defaced or delaoyed it may be repllad at tbt speclled o&e of tb1 Payiq Apat ia LoadoA (ill tb1 cue of Bearer Nota. Coupom ud Talou) ud tbe Truafw Acal ii New Yott CIC)' (ID dlc cue of Ddaltiwc ll1ptcred No••) nbjcct to all applicable laws ud stock ac:llaqe "'111irtmeata. upaa paymeat by tbe c:laimut of the tuca ud ..,... iDcvnd ID oauec:lioa witb 111Cb rcpl1G1111111t uad oa 1uc:b tenm u to cvideace, aecurity, IDcltamity ud otbeftiM u tbe Repabllc: may reqalN (plOYfded 1UI tb1 req11iremeat Is nuollRla ID tbt qbt of pmliliq marbt pncdee). Mudlatld or ddl&lld Nota. Co11po111, Talou or Ddaidvt R.ap.....S Notca mut be sunudlnd Won nplueml111 will be llned.

15. flftblr ..... The lllpubUc may from dme to dme witbcnat tb1 coueat of tb1 NOllbolden or Coupoabolden crute ud issue fv.rtber MCUrhiel baviq tbe ume tenm aad cmdltiolll u tbe Nota of IDY Saia ID all mpccts (or iD all respecu esept for tbe Int p&1IDIAI of iatlNt oa tbem) ao tbal 1ucb funlaer ilne 1ball M coasolidated IAd form ...... Hriel witb tbt oulllllldiq MCWitlll of ay Hriel (IDcludiq the No• of IDY SeriCI). a.fsreacea ID i-. Coadldou to tbe Now of uy Saia iDclude (uleu tbe OODIGt NqWtl otberwlM) uy odlcr IOCUritia Med punuaal to dm CoadhioD 15 ud formiq a llDP Illies wltb dlc Now of ncb Series. Aay f\lrtber llCUridll formiq a lilP llri• wltb ik outltalldlq llCUritill of ay ..-(iacltdiartbe Now of uy Seriel) caudtlttd udtr tb1 Trut Deed or uy deed auppllmanal to lt aball M coudtuisd Wide the Truat Deed. 1\e Trua1 DW ooetliu pmiliou for caa'lliq a lill1e meedq or tbe Noiebolden or a Serie• ud tbe boldcn of .ciridll fll otbcr llri• (iaclucllq tbe Notea of ay otber Saia) wbcn: tbe Tnaat.c 10 decidel. •• .

l"Ap.u la acdq Dlllr tbe AllfJ#I Atmmaat. tbt Apall sl solely u 11aat1 of tbe Republic ud do 1101 unmc uy oblipdoa or nlatiaulUp of lteDCy or 1n11t for or with 1DJ bolder.

17. Nodell Nodc:ta to holden al Rqilterod Notea will be mailed to tbem at tbeir ~e lddrelAI ID tbe R.epter uad 1ball be publiabed (IO Ioli u tbt Not11 of tbe relPUt Seritl an liated oa tbe Eacbaqe ud tbe b:baq110 nquinl) ID a llldiq •CWIPll* ba.U.. seaeral circulatioll iD Luxcmbouq (which is 11p1etld to M tbt L..,.hlpr Worf), IUq mcla ll01ice aball M dellDICI 10 U.1 beea pa OD tbe later of tbe date or auclt pablicadoe ud faanb weetdlJ (bciq a day other tbaD a Salllday or a Suaday) after tbe date of m.W.,. Noticel to tbe holden of Barer Nolll will "' ¥&lid if publilbed ID a daily aewspapcr of sacral

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c:itculatio1 iA LoDdoD ud (so loq utile Nata of the releYlllt Slrill are lilted oa tbe Excbaqe and the Exchaqe so reqWrel) iA a leadiq newspaper baviq acaeral cimalatioD ill Luumbouq or. if ill dae opuuon of the Trustee ID'/ 1ucb publieatiOD ii 1ot practieable, iA uodaer 1adiq daily Eaalilh lanauaae newspaper of 11neral evculatJoll iA Europe approved by dae Trutce. It is upeeted that IUc:b publication will be made in the Financ1ol Tlmu ill LODdoD lllcl dae Lu.mbwpf Worr ill Lucmbours. Nodca. will. ii published more than once or OD di!ll'IDt daces, be deaned tD bave bin sivca OD tbe date of the 6nt publicaaoa in botb sucb ftlWSplptl'S U provided above. CoupoDholdcn shall be deemed for all purpo111 to bave notice of dae contents of uy aodce to the holden of Bearer Notes ill accorducc wida tbis Coaditioa 17.

IL Gottnlq Law, .Jarildicdoa aad wa1 ..r of lmauDICJ (o) Gownsinr Low Tbe Trust Deed. tbe Nota, dat Coupou ud tbc Talom arc aovernod by, aad 1ball be comcnacd ill accordance wida, Eqlilb law •

.fbJ Jwdlaion Tbc Republic bu ill tbe Trust Dtod irrevocably 1ubminod to dac jlUildicdoll of tbc couns of Eaalud; uy New York Statt or Fedcnl court litdq ill da1 Boroup of MIDbattaa. New York Chy; ud tbe oourts of tbe JlepubUc of Aqeatiaa (tbc "Speci&od Coma") owr uay 1uic, acdoa. or prooecdill1 apimt it or its propenaa. UllU or mlll• wida ""*' to tbl Nota. tbl Coupau or dat Trun Dad (I "lltlated Proc:adiq"). n. Republic bu ia tbl Tnut Deod waived ID)' objctiaa to Rcl&tod Procttdiap bl such eoun1 wlaldaer • tbl poudl ol Yeaut, nlidace or domieile or • die poad daat die llllalld Proctediap bave bon broqlat iD Ill ilcolrlwlint fm n. ..,.blic .,.... tlaat a lal-·apptllabt. j....,_at ill uy such llllatld Proctectin1 (die "lt.elatlcl Judpleat") lball 111 cwluiYe ud bildiq upon lt ud may be nforcecl bl uy Spec:W Court or iD uay odatr caurt1 to tbl jarilcticdca of wbicla dae Republic ii or may be subject (the "Odatr Counl"), by a nit upoa ncla judsmcat.

(e) ApttlforS.~ o/l'rot:ul n. Republic bll ia tbl Tnaat Deed qrlld that (i) um:. of Ill wriu. proceu uad IUIDIDOllMI ill uy R.clatod P1ci=11'Jiq or 1111 IC1ka or psa11ndiq wafcnc or aecu• ID'J llllatod Judpumt broupt apimt it in tbl Stats o1 New York 111&1 be IDldt upcm Buco di la Naci6D Alpaliu. ..-dy located at 299 Park Avt1tU1, N.. Yadc, Nn Yark 10171, ad. if melt pmon ia aot llllilltliaed by tbe Republic • l11 qeat for such pupoee. tilt lltpubllc wt1l lppCliDt CT Corp6ratiae s,.._ w ICC u h1 .,_, for 1ucb PUIJIOM, uad (ii) lllYlce of aD wda. J110C1111 ad llll!!mou. ID uay aclatld Proolodlll or U)' .edoa or PIOQOtdlDs to llfon:is er UllCU• 1111 ..._. J..,._t npt apiat it ia lllllad may 111 madl upoa Buco di la Naci6a Araadu. ,._.dy located at i..,bow Houa. 14/20 ClailwcD StrttC. LoDdoD !ClY 4TD, Enpnd, ud, If ...,.... ii moc mlialliatd by tit• Jllpublic u l• .,., for IUCla purpoec. dMt bpubllc will appoillt a succe.or lpAt to ICI u l11 apDt for such pUlpOIC.

(d) Wtlh,, o/ 1""""""1 To tbt .-. dial tile ..bllo or 1111 ol lta ..,...._ ..11 or ,..... abalJ be added, ill U)' jllrildicdma ill wbicla aay SpacilW Coart ia located, iD wbicla uy llllatod Pnlc•d"'1 may at aay time be blaqlat aplui lt or 1111 ol hi mm-. 111e11 or propenia. or la aay jurildll:doa ID wbicb uay Spsi6ed Coun or Otblr Court ii locatld ai wllicb uy nic. ICdoD or pra ;_.,may at U)' 1ime be broupt IOltly for tile purpoM ol alorciq or lllCUtiq uy 1t*lld Judpacac, to uay imlDUlty hm suit. f!Olll die jurildicdoo of uy aucb OOUI\ from •t-ol', hat attacbmat prior 1D juclpMDC. r.. 1ttacbmm' in lid of lllCUdOD of jud,_..c, from lllCUdoD ot & jadplat or ha uy odtlr "'81 or judlclll proc111 or remedy, uad to t.b1 meat tltat ill uay IUCla juNdicdae tbtrt lball be anrtbuted ncb u imlDUlty, die lllpubUc bll lrrtvoeably ..,.d aot w claim aad bll bmoc:ab!J wu..d aucla immuaity to tbl fdelt enat pcrmittod by tile laws of sucll jvbdlcdoa (uad coua11 patrllly for da• purpoea of tile State Immuity Act 19'1 to tbe sivila or uy

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relief or the issue of aay proceu in c:ouection with uy R.elated Proc:eediD1 or R.elated Judsment). proY1ded that suc:h waavcr shall not be effec:uve (i) wnb rcspcc:t to tbe uacu wlucb c:onsunne freclv 1va'1able reserves pursuant to Anic:le 6 of the ConvenibUily Law (the "ConvenibWty Law"), the unou~i. composition and invcsunent or which will be reflected OD the baluc:e sheet ud &c:cOl&Dtilll Statement or Banco Central coas111eady prepared punuut to Anscle s of the ConvenibWry Law aad (ii) with respcc:t to propcny of the public domain located iD the tcrrilory or the Republic or Arseaau or property owucd by the Republic and located in au territory wbicb is dedicated to the PUIJIOM or u eueanal public 1eMCe, and provided funher that sucb qrcemeat ud waiver, imofar u it relates to uy Jurisdicdoa other thu a JunsdlCDoD m whlch 1 Spcci6ed Coun is located. is pvca solely for the purpose of eaabliD1 the Tnastec. a Noteboldcr or a Coupoebolder to eaforce or aecuie a R&lated Judpneat. llae waiver of immwaincs refemd to bercin couliNta oily a limhed ud spcci6c waiver for tbt pulpOIC or the Nota. the Coupoas ud the Tnast Deed aad Ullclcr ao r:bwmswaca lball it be iatapNted u a paenl wai._r of the R.epublic: or a waiver with respec:t to proceedillp umelated to tbe Nocu, the Coupoas or the Tnast Deed.

TR US IEE Cha1e Manhattan Iru1tee1 Liaited Wool1ate BOUie Coleman StrHt London EC1r ZBD

PRINCIPAL PAYING AND PA YING AGENT CALCULATION AGENT The Ch&1e Manhattan lank, N.A. Cha1e Manhattan lank Luxembourg S.A. Wool1ate BOUH 5 Rue Plaeth Col ...n Street L-2338 Luxembour1 London EC2P ZHD

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FORM OF COUlON· FOB FIXED RAD NOTES IN BUBER FOBH On the front:

ANY UNITED STATES PERSON WHO HOLDS THIS OBLIGATION WILL BE SUBJECT TO LIMITATIONS UNDER THE UNITED STATES INCOME TAX LAWS, INCLUDING THE LIMITATIONS PROVIDED IN SECTIONS 165(j) AND 1287(a) OF THE INTERNAL REVENUE COD!. THE REPUBLIC OF ARGENTINA (SHORT TITLE OF NOTES) IHued under a EURO MEDIUM-TERM NOT! PROGRAPll! SeriH No. [ 1 Coupon for [ ) (Specified Amount) due on [ J' { ]. This Coupon is payable to bearer (subject to the Conditions endorsed on the Note to which this Coupon relates, which shall be bindin1 upon the holder of thh Coupon whether or not it it for the time bein1 attached to such Note) at the specified offices of the Payin1 A1ents set out on the reverse hereof (or any further or other Paying A1ent1 or specified of fices duly appointed or nominated and notified to the Noteholders). [If tbt Note to which thi1 Coupon relate• shall have become due and payable before the maturity date of this Coupon, thi1 Coupon shall become void and no payment shall be made in re1pect of it.}(*)

THE REPUBLIC OF ARGENTINA By: Autbori1ed Sianatory

On the back: PRINCIPAL PAYING AGENT The ChaH Manhattan lank, N.A. Wool1ate Bouae Coleman StrHt London IC2f 2HD PAYING AGENT Chase Manhattan lank Luxembour1 S.A. 5 Rue Plae tit L-2338 Luxembour1

(*) Delete if the front of the relative Note 1tates that unmatured Coupons will not become 10 void.

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FORM OF COUPON FOR FLOATING RATE NOTES IN B£ARER FORM

On the front:

THE REPUBLIC OF ARGENTINA (SHORT TITLE OF NOTES) I11ued under a EURO MEDIUM-TERM NOTE PROGRAMME Series No. { ) Coupon for the amount of interHt due on the InterHt Payment Date fallin1 in [ J, ( ) (and which ii subject to adjustment in accordance with the Conditions referred to below).

This Coupon ii payable to bearer (1ubject to the Condition• endorsed on the Note to which thh Coupon relatH, which 1hall be bindin1 upon the holder of thia Coupon whether or not it it for the time beint attached to 1uch Note) at the 1pecified office• of the Payin1 A1ent1 1et out on the reverie hereof (or any further or other rayin1 A1ent1 or 1pecif ied offices duly appointed or nominated and notified to the Noteholders).

If the Note to which this Coupon relates shall have become due and payable before the maturity date of thi1 Coupon, this Coupon •hall become void and no payment •hall be made in reapect of it.

THE REPUBLIC OF ARGENTINA By; Authori1ed Sisnatory

On the back:

PRINCIPAL PAYING AGENT The Cha11 Manhattan Bank, N.A. Wool1ate BouH Coleman Street London ICZP 2HD PAYING AGENT Cha1e Manhattan Bank Luxembour1 S.A. 5 Rue Plaetil L-2338 Luxembour1

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FOBM OF TALON

On the front: ANY UNITED STATES PERSON WHO HOLDS TRIS OBLIGATION WILL BE SUBJECT Tl) LIMITATIONS UNDER THE UNITED STATES INCOME TAX LAWS, INCLUDING THE LIMITATIONS PROVIDED IN SECTIONS 165(j) AND 1287(a) OF THE INTERNAL REVENUE CODE. THE REPUBLIC OF ARGENTINA (SHORT TITLE OF NOTES) Iuued under a EURO MEDIUM-TERM NOTE PROGRAMME Serles No. [ ] After all the Coupon• relatin1 to the Note to which this Talon relates have matured, further Coupon• (ineludin1, if appropriate, a Talon for further Coupon1) will be i••ued at the 1pecified office of the Principal Payin1 A1ent (or any other 1peeified office of 1uch Principal Payin1 Agent duly nominated and notified to the Noteholder1) upon production and surrender of thi1 Talon. If the Note to which this Talon relate1 1hall have become due and payable or be purchased and cancelled before the original due date for exchan1e of thi1 Talon, thi• Talon 1hall become void and no exchan1e shall be made in respect of it.

THE REPUBLIC OF ARGENTINA By: Authori1ed Si1natory

On the back: PRINCIPAL PAYING AGENT The Cha•e Manhattan lank, N.A. Wool1ate louH Coleman Street London !C2P 2BD

PAYING AGENT Chase Manhattan lank Luxembour1 S.A. 5 Rue Plaeth L-2338 Luxembour1

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FORM OF DEFINITIVE REGISTERED NOTE

On the front:

(TRIS DEFINITIVE REGISTERED NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT'') OR WITH ANY SECURITIES REGULATORY AUTHORITY OF ANY STATE OR OTHER JURISDICTION OF THE UNITED STATES. THE OFFER, SALE, PLEDGE OR TRANSFER OF THIS DEFINITIVE REGISTERED NOTE IS SUBJECT TO CERTAIN CONDITIONS AND RESTRICTIONS, INCLUDING THOSE SET FORTH IN THE AGENCY AGREEMENT DATED JULY 27, 1993 RELATING TO THIS DEFINITIVE REGISTERED NOTE. THE HOLDER HEREOF, BY PURCHASING OR OTHERWISE ACQUIRING THIS DEFINITIVE REGISTERED NOTE, ACKNOWLEDGES THAT THIS DEFINITIVE llEGISTER!D NOTE IS A "RESTRICTED SECURITY" THAT HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT ANO AGREES FOil THE BENEFIT OF THE REPUBLIC THAT nus DEFINITIVE REGISTERED NOTE MAY BE OFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS OF THE STATES, TERRITORIES AND POSSESSIONS OF THE UNITED STATES GOVERNING THE OFFER AND SALE OF SECURITIES AND ONLY (l) TO THE REPUBLIC OR AN AFFILIATE OF THE llEPU!LIC (UPON llEDF.HPTION HEREOF OR OTHERWISE), ( 2) PURSUANT TO AND IN ACCOllDANCE WITH RULE 144A UNDEll THE SECURITIES ACT TO AN INSTITUTIONAL INVESTOR THAT THE BOLDER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL IUY&a WITHIN TH! M!ANINC or RULE 144A UNDER TH! SECURITIES ACT PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER WHOH THE ROLDEI HAS INFORMED, IN EACH CASE, THAT THE OFFER, RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE l44A UNDER THE SECURITIES ACT OR (3) PURSUANT TO AN EXEMPTION FROM R!GISD.ATION IN ACCORDANCE WITH R!GULATION S OR RULE 144 (IF AVAILABLE) UNDER THE SECURITIES ACT. NO R!PR!SENTATION CAN BE HADE AS TO THE AVAILABILITY OF THE EXr.HPTION PROVIDED BY RULE 144 UNDER THE SECURITIES ACT FOR RESALES OF THIS DEFINITIVE REGISTERED NOTE.)(*)

FOR PURPOSES OF SECTIONS 1271 ET. SEQ. OF THE UNITED STATES INTERNAL REVENUE CODE OF 1986, AS AMENDED, TRIS NOTE HAS ORIGINAL ISSUE DISCOUNT OF (currency){1o111ount) PER EACH (currency)(a111ount) OF PRINCIPAL AMOUNT OF THIS NOTE; tllE ISSUE PRICE OF TRIS NOTE IS (currency)(&1110unt]; THE ISSUE DATE IS (date); AND THE YIELD TO MATURITY (COMPOUNDED (1emi-annuall7)).)(**)

(*) Le1end to be borne on any Definitive Reghtered Note vhich has been transferred pursuant to and ·in reliance on Rule l44A under the Securities Act.

(**) Le1end to be borne by any Definitive Re1iatered Note iuued with "ori1inal haue diacount" for U.S. federal inc0tne tax purpoaH.

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Principal Amount cysIP/CINS Scries/Tngc:hc

(Hedium-term note i11ued in accordance with regulation• made under Section 4 of the Banking Act 1987,)(*)

(The Republic of Argentina i1 not authorised under the Bankin1 Act 1987.)(*)

tllE REPUBLIC OF ARGENTINA [SHOIT TITLE OF NOTES] I11ued under a EURO MEDIUM-TERM NOTE PROGRAMME

The Notes in respect of "hich thil Definitive legiste-red Note is i11ued f or1111 one of the Series of Notes referred to above i1aued by The Republic of Ar1entina (the "Republic"), deai1nated a1 1pecified in the title hereof, and constituted by the Trust Deed referred to on the reveru hereof. The Notes are subject to, and have the benefit of, that Trust Deed and the terms and conditions (the "Conditions") endoraed hereon. Ter1111 referred t~ in the Pricin1 Supplement attached hereto shall take effect as if •et out here on the face hereof.

The lepublic, for value received, hereby certifies that it will pay to ( name 1 of ( addre11 1 (the "legiltered Holder"), on surrender hereof, the Principal Amount specified herein or, on any date after the date hereof, such other principal amount of the Notes identified from time to time on the legi1ter a1 being represented by tbil Definitive R.egiatered Note, or (if the Notes in rHpect of which this De Unitive R.egil tered Note ii il1ued are specified herein to be Zero Coupon), the Amortised Face Aalount in accordance with Condition 6(c) in respect of the Principal Amount of Notes in respect of which this Definitive Registered Note h issued, on the Maturity Date stated herein (if the Notes in respect of which this Definitive le1htered Note ii i11ued are •P•cified herein to be Fixed Rate or Zero Coupon) or on tbe Interest Payment Date (a1 defined in Condition 5{II)(a)) falling in the lede111ption Month stated herein (if the Not11 in respect of which this Definitive Registered Note h i11ued are apecified herein to be Floating R.ate) (or on 1uch earlier date aa that principal IUll or other IUlll may become repayable in accordance with the Condition•) and (unle11 th• Not•• in re1pect of which this Definitive Regiltered Note ii i11ued are 1peciUed herein to be Zero Coupon) pay inter11t on the Principal Allount of Notes in respect of which thh Definitive R.eghtered Note ii i11ued, from the I11ue Date stated herein (unle11 there ii 1tated herein an lntere1t Comencement Date which ii different frOll the l11ue Date, in which caH interelt 1hall be payable from the lntere1t COftlftencement Date) at the lntere1t R.ate stated herein (if the Notes in respect of which thh Definitive le1htered Note ii l11ued are specified herein to be Fixed late) or at the rates determined in accordance with Condition 5(11) (if the Not•• in re1pect of which this Definitive R.egi1tered Note i1 i11ued are 1pecified herein to be Floating

(*) Delete if Note 11 not denominated in Sterling.

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Rate) or in the araountl determined in accordance with Condition (V) (if the Notes in respect of which this Definitive Reciltered Note i1 iuued are 1pecified herein to be Step-up or Step-down) in arrear on the dates for payment provided for in the Condition1, together with 1uch other 1wn1 and additional uounts (if any) as may be payable under the Conditions until payment of the Principal Amount or other 1wns and additional uount1 ha• been made or duly provided for.

(The 1tatement1 1et forth in the legend below are an integral part of the Notes in respect of which this Definitive Re1iltered Note is issued and by acceptance hereof each holder of 1uch Note1 a1rees to be subject to and bound by the terms and provi1ion1 set forth in 1uch le1end.](*) For 10 lon1 11 the Notes are out1tandin1, the l11uer will, during the period in which the I11uer 11 neither 1ubject to Section 13 or 15(d) of the U.S. Securities Exchan1e Act of 1934, as uended, nor exempt from reporting pursuant to Rule 1213-2(b) thereunder, nor a foreign 1overnment as defined in Rule 405 under the Securities Act eli1ible to resister 1ecuritie1 under Schedule B of the Securitie1 Act, provide to the holder hereof, or to any prospective purcha1er hereof de1ignated by such holder, upon request, the information 1pecified in, and meetin1 the requirements of, Rule 144A(d)(4) under the U.S. Securities Act of 1933, as amended (the "Securities Act"), For the purposes of this Definitive Re1istered Note, the Republic certifies that (a) the Re1i1tered Holder is, at the date hereof, entered in the Resister a1 the holder of the Note in respect of which this Definitive Re1i1tered Note ii i11ued, (b) this Definitive Re1istered Note ii evidence of entitlement only, (c) title to the Note in respect of which this Definitive lle1i1tered Note i1 i11ued pa11e1 only on due re1i1tration on the Re1i1ter, and (d) only the Re1istered Holder is entitled to payments in respect of the Note in respect of which this Definitive Registered Note is is1ued. This Definitive Re1i1tered Note shall not become valid or obligatory for any purpose until authenticated by or on behalf of the Resistrar. THE REPUBLIC OF ARGENTINA

By: Authorised Signatory

(*) Sentence be included on any Definitive lle1htered Note which has been ttan1ferred pursuant to, and in reliance on, Rule 144A under the Securities Act.

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• Certificate of Authentication Certified by or on behalf of the Registrar that the above-narned holder is on [ ) entered in the Re1i1ter as holder of the above-mentioned principal amount of Notes.

By: Authorised Si1natory

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EXHIBIT K-2

CaseCaseCase 1:14-cv-09095-TPG 1:14-cv-09095-TPG 16-628, Document Document Document263-5, 03/14/2016, 40-11 32-7 Filed 1726772, 11/13/1507/23/15 Page62 Page of 612 95of of 35 94

[Include Terms and Conditions as set out in the form of defintive Bearer Note in Schedule l]

TRUSTEE

Chase Manhattan Trustees Limited Woolgate House Coleman Street London EC2P 2HD

PRINCIPAL PAYING AGENT REGISTRAR AND AND NEW YORK TRANSFER AGENT CALCULATION AGENT

The Chase Manhattan Bank, N.A. The Chase Manhattan Bank, N.A. Woolgate House " Chase MetroTech Center Coleman Street Brooklyn, NY 112"5 London EC2P 2HD

PAYING AGENT AND EUROPEAN TRANSFER AGENT Chase Manhattan Bank Luxembourg S.A. S Rue Plaetis L-2338 Luxembourg

[Attach Pricing Supplement]

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FORM OF !RANSFER

FOR VALUE RECEIVED the wtdersigned hereby transfers to

...... ' ...... (PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS OF TRANSFEREE)

•.••••••••••.•••••••••. principal amount of the Notes in respect of which this Definitive Registered Note is issued, and all rights wider it, and irrevocably constitutes and appoints ••••••••••••••••• as attorney to transfer Notes in respect of which this Definitive Registered Note is issued on the books kept for registration thereof, with full power of substitution.

Dated ••••.•••••.•••..•••••••......

Signed ....•...... •... Certifying Signature

Note:

(i) The signature to this transfer must correspond with the name as it appears on the face of this Definitive Registered Note. (ii) A representative of the Noteholder should state the capacity in which he signs e.g. executor. (iii) The signature of the person effecting a transfer shall conform to any list of duly authorised specimen signatures supplied by the registered holder or be certified by a recognised bank, notary public or in such other manner as the relevant Transfer Agent may require.

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SCHEDULE 2

FORM OF IEMPOBARY GLOBAL NOTE

THIS TEMPORARY GLOBAL NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED l~DER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"). NEITHER THIS TEMPORARY GLOBAL NOTE NOR ANY PORTION HEREOF MAY BE OFFERED OR SOLD WITHIN THE UNITED STATES OR TO ANY U.S. PERSON UNLESS AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT IS AVAILABLE.

ANY UNITED STATES PERSON WHO HOLDS THIS OBLIGATION WILL BE SUBJECT TO LIMITATIONS UNDER THE UNITED STATES INCOME TAX LAWS, INCLUDING THE LIMITATIONS PROVIDED IN SECTIONS 165(j) AND 1287(a) OF THE INTERNAL REVENUE CODE. [Medium-term note issued in acCQ£dance with regulations made under Section 4 of the Banking Act 1987.]\ )

[The Republic of Argentina is not authorised wider the Banking Act 1987.] (*)

!SIN:

THE REPUBLIC OF ARGENTINA [SHORT TITLE OF NOTES] Issued under a EURO MEDIUM-TERM NOTE PROGRAMME Series No. [ ] Tranche No. [ ]

TEtJPOBARY QLOBAL ~OIE The Republic of Argentina (the "Republic"), for value received, hereby promises to pay the bearer of this Temporary Global Note the Principal Amowit stated herein upon presentation and surrender hereof, on the Maturity Date stated herein (if this Temporary Global Note is stated herein to be Fixed Rate or Zero Coupon) or on the Interest Payment Date (as defined in the terms and conditions (the "Conditions") of the Notes designated above (the "Notes") set out in Schedule 1 to the Trust Deed dated July 27, 1993 (the "Trust Deed") between the Republic and Chase Manhattan Trustees Limited as trustee) falling in the Redemption Month stated herein (if this Temporary Global Note is specified to be Floating Rate) (or on such earlier date as that principal sum (or, if this Temporary Global Note is specified herein to be Zero Coupon) the

(*) Delete if Note is not denominated in Sterling.

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Amortised Face Amount in accordance with Condition 6(c)) may become repayable in accordance with the Conditions) and (W'lless this Temporary Global Note is specified herein to be Zero Coupon) to pay interest on the Principal Amount from the Iss\le Date stated herein (\lnless there is stated herein an Interest Conmencement Date that is different from the Issue Date in which case interest shall be payable from the Interest Commencement Date) at the Interest Rate stated herein (if this Temporary Global Note is specified herein to be Fixed Rate) or at the rates determined in accordance with Condition S(II) (if it is specified herein to be Floating Rate) or i~ the amoW'lts determined in accordance with Condition S(V) (if it is specified to be Step-up or Step-down) in arrear on the dates for payment provided for in the Conditions, together with S\lCh other swns and additional amoW'lts (if any) as may be payable under the Conditions W'ltil payment of the Principal Amount or other· sums and additional amoW'lts (if any) payable pursuant to the Conditions has been made or d\lly provided for, but, except as provided herein, only to the extent and in respect of an aggregate Principal Amount of Notes eq\lal to the Certified AmoW'lt for the time being referred to below, together with all amounts payable W'lder this Temporary Global Note which are referable thereto.

Interests in this Temporary Global Note are exchangeable in accordance with the terms and conditions hereof for interests in the Global Note (the "Global Note") in bearer form without coupons and, witil so exchanged, are subject to the Conditions and the Trust Deed. Subject to the terms and conditions hereof, the Republic hereby irrevocably undertakes to deliver the Global Note in bearer form in exchange for this Temporary Global Note on or after the Exchange Date. Terms referred to in the Pricing Supplement attached hereto shall take effect as if set out here on the face hereof.

On or after [ ] , 199(] (the "Exchange Date"), this Temporary Global Note may be exchanged in whole or in part (free of charge to the holder) by its presentetion and, on exchange in full, surrender to or to the order of the Principal Paying Agent for interests in the Global Note in an aggregate principal amowit equal to the principal amowit of this Temporary Global Note submitted for exchange with respect to which there shall be presented to the Principal Paying Agent a certificate from Morgan Guaranty Iruat Company of New York, Brussels office, as operator of the Euroclear System ("Euroclear") or Cedel S.A. ("Cedel") substantially to the following effect:-

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"CERTIFICATE

THE REPUBLIC OF ARGENTINA (the ''Republic") [SHORT TITLE OF NOTES] (the "Notes") Issued under a EURO MEDIUM-TERM NOTE PROGRAMME

Series No. [ ] Tranche No. [ ]

This is to certify that, based solely on certificates we have received in writing, by tested telex or by electronic transmission from member organisations appearing in our records as persons being entitled to a portion of the principal amount set out below (our "Member Organisations'') substantially to the effect set out in the temporary global Note in respect of the Notes the form of whi_.ch is set out in Schedule 2 to the Trust Deed relating to the Notes(*J, as of the date hereof, principal amount of the Notes (i) is owned by persons that are not citizens or residents of the United States, domestic partnerships, domestic corporations or any estate or trust the income of which is subject to United States federal income taxation regardless of its source ("United States persons"), (ii) is owned by United States persons that (a) are foreign branches of United States financial institutions (as defined in U.S. Treasury Regulations Section 1.165-lZ(c)(l)(v) ("financial institutions")) purchasing for their own account or for resale, or (b) acquired the Notes through foreign branches of United States financial institutions and who hold the Notes through such United States financial institutions on the date hereof (and in either case (a) or (b), each such United States financial institution has agreed, on its own behalf or through its agent, that we may advise the Republic or the Republic's agent that it will comply with the requirements of Section 165(j)(3)(A), (B) or (C) of the Internal Revenue Code of 1986, as amended, and the regulations thereunder), or (iii) is owned by United States or foreign financial institutions for purposes of resale during the restricted period (as defined in U.S. Treasury Regulations Section l.163-5(c)(Z)(i)(D)(7)), and to the further effect that United States or foreign financial institutions described in clause (iii) above (whether or not also described in clause (i) or (ii)) have certified that they have not acquired the Notes for purposes of resale directly or indirectly to a United States person or to a person within the United States or its possessions.

If the Notes are of the category contemplated in Section 903(c)(3) of Regulation S under the U.S. Securities Act of 1933, as amended (the "Act"), then this is also to certify with respect to such principal amount of Notes set forth above that, except as set forth below, we have received in writing, by tested telex or by electronic transmission, from our Member Organisations entitled to a portion of such principal amount, certificates with respect t8 such portion, substantially to the effect set forth in the Trust Deed. *)

We further certify (i) that we are not making available herewith for exchange (or, if relevant, exercise of any rights of collection of any

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interest) any portion of such temporary global Note excepted in such certificates and (ii) that as of the date hereof we have not received any notification from any of our Member Organisations to the effect that the statements made by such Member Organisation with respect to any portion of the part submitted herewith for exchange (or, if relevant, exercise of any rights or collection of any interest) are no longer true and cannot be relied upon as of the date hereof.

We understand that this certificate is required in connection with certain tax laws, and if applicable, certain securities laws of the United States. In connection therewith, if administrative or legal proceedings are co11111enced or threatened in connection with which this certificate is or would be relevant, we irrevocably authorise you to produce this certificate to any interested party in such proceedings.

Yours faithfully,

[MORGAN GUARANTY TRUST COMPANY OF NEW YORK, Brussels office, as operator of the Euroclear System] or [Cedel S.A.]

By: ______Date:

(") Note: Unless Morgan Guaranty Brussels is otherwise informed by Lehman Brothers International (Europe), the long form certificate set out in the Operating Procedures will be deemed to meet the requirements of this sentence.

(**) Not earlier than the certification event to which the certificate relates."

Any person appearing in the records maintained by Euroclear or Cedel as entitled to any interest in this Temporary Global Note shall be entitled to require the exchange of an appropriate part of this Temporary Global Note for interests in the Global Note which exchange shall not be effected prior to the Exchange Date by delivering or causing to be delivered to Euroclear or Cedel a certificate or certificates dated not more than 15 daya before the Exchange Date in substantially the following form (copiea of which certificate will be available at the off ice of Euroclear in Bruaaela and Cedel in Luxembourg):-

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"CERTIFICATE

THE REPUBLIC OF ARGENTINA (the "Republic") [SHORT TITLE OF NOTES] (the "Notes") Issued under a EURO MEDIUM-TERM NOTE PROGRAMME

To: Morgan Guaranty Trust Company of New York, Brussels office, as operator of the Euroclear System or Cedel S.A.

This is to certify that as of the date hereof, and except as set out below, the Notes held by you for our accow1t (i) are owned by person(s) that are not citizens or residents of the United States, domestic partnerships, domestic corporations or any estate or trust the income of which is subject to United States Federal income taxation regardless of its source ("United States person(s)"), (ii) are owned by United States person(s) that (a) are foreign branches of United States financial institutions (as defined in U.S. Treasury Regulations Section l.165-12(c)(l)(v) ("financial institutions")) purchasing for their own account or for resale, or (b) acquired the Notes through foreign branches of United States financial institutions and who hold the Notes through such United States financial institutions on the date hereof (and in either case (a) or (b), each such United States financial institution hereby agrees, on its own behalf or through its agent, that you may advise the Republic or the Republic's agent that it will comply with the requirements of Section l65(j)(3)(A), (B) or (C) of the Internal Revenue Code of 1986, as amended, and the regulations thereunder), or (iii) are owned by United States or foreign financial institution(s) for purposes of resale during the restricted period (as defined in U.S. Treasury Regulations Section l.163-S(c)(2)(i)(D)(7)), and in addition if the owner of the Notes is a United States or foreign financial institution described in clause (iii) above (whether or not also described in clause (i) or (ii)) this is to further certify that such financial institution has not acquired the Notes for purposes of resale directly or indirectly to a United States person or to a person within the United States or its possessions.

If the Notes are of the category contemplated in Section 903(c)(3) of Regulation S under the U.S. Securities Act of 1933, as a.mended (the ''Act"), then this is also to certify that, except as set forth below (i) in the caae of debt securities, the Notes are beneficially owned by (a) non-U.S. peraon(a) or (b) U.S. person(s) who purchased the Notes in transactions which did not require registration under the Act; or (ii) in the case of equity securities, the Notes are owned by (x) non-u.s. person(s) (and such person(&) are not acquiring the Notes for the account or benefit of U.S. person(&)) or (y) U.S. person(a) who purchased the Notes in a transaction which did not require registration under the Act. As used in this paragraph, the term "U .s, person" has the meaning given to it by Regulation S under the Act.

As used herein, "United States" means the United States of America (including the States and the District of Columbia) and its "pouessions" include Puerto Rico, the U.S. Virgin Islands, Guam, Alnerican Samoa, Wake Island and the Northern Mariana Islands.

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We undertake to advise you promptly by tested telex on or prior to that date on which you intend to submit your certificate relating to the Notes held by you for our account in accordance with your docwnented procedures if any applicable statement herein is not correct on such date, and in the absence of any such notification it may be asswned that this certificate applies as of such date.

This certificate excepts and does not relate to principal amount of such interest in the Notes in respect of which we are not able to certify and as to which we understand exchange for an equivalent interest in the Global Note (or, if relevant, exercise of any rights or collection of any interest) cannot be made until we do so certify.

We understand that this certificate is required in connection with certain tax laws and, if applicable, certain securities laws of the United States. In connection therewith, if administrative or legal proceedings are commenced or threatened in connection with which this certificate is or would be relevant, we irrevocably authorise you to produce this certificate to any interested party in such proceeding.

Dated: _____ , 199_ (*)

By: [Name of person giving certificate) As, or as agent for, the beneficial owner(s) of the above Notes to which this certificate relates

To be dated no earlier than 15 days prior to the certification event to which the certificate relates."

Until certification in respect of the appropriate part of this Temporary Global Note pursuant to the foregoing provisions, no such person as aforesaid shall be entitled to receive the Global Note which he would otherwise be entitled to receive. Until exchange of the appropriate part of this Temporary Global Note purs1,Ulnt to the foregoing provisions, no such person as aforesaid shall be entitled to receive payment by the way of principal of or interest on this Temporary Global Note, 1,111less delivery of the Global Note is improperly withheld or refused by or on behalf of the Republic.

Upon any exchange of a part of this Temporary Global Note for equivalent interests in the Global Note, the portion of the Principal Amount hereof 10 exchanged shall be endorsed by or on behalf of the Principal Paying Agent in the Schedule hereto, whereupon the Principal Amount hereof shall be reduced for all purposes by the amount so exchanged and endorsed. The Global Note will be substantially in the form scheduled to the Trust Deed.

This Temporary Global Note is subject to the Conditions and the Trust Deed and until the whole of this Temporary Global Note shall have been exchanged for equivalent interests in the Global Note the holder hereof shall be entitled to the same benefits as if he were the holder of the

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Global Note for interests in which it may be exchanged (or the rele\'ant part of it, as the case be) except that (Wlless exchange of this Temporary Global Note for the relevant interest in the Global Note shall be improperly withheld or refused by or on behalf of the Repub lie) no person shall be entitled to receive any payment by way of principal of or interest on this Temporary Global Note.

No provision of this Temporary Global Note shall alter or impair the obligation of the Republic to pay the principal of and interest on the Notes when due in accordance with the Conditions.

This Temporary Global Note shall not be valid or become obligatory for any purpose until authenticated by or on behalf of the Principal Paying Agent.

This Temporary Global Note is governed by and shall be cons trued in accordance with the laws of England.

IN WITNESS WHEREOF the Republic has caused this Temporary Global Note to be signed on its behalf.

Dated [ ],[

THE REPUBLIC OF ARGENTINA

By: Authorised Signatory

This Temporary Global Note is authenticated without recourse or warranty by or on behalf of the Principal Paying Agent.

By: Authorieed Sisnatory

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SCHEDULE Of E)(CffANGES FOR INTERESTS IN THE GLOBAL NOTE

The following exchanges of interests in this Temporary Global Note for interests in the Global Note have been made:-

Portion of Principal Amount of this R11nainin9 Principal Notll 1 on Ttmporary G1ob1l Note Amount of this made by or l)n exchanged for T1111porary Global bthalf or th• D1te of interests 10 the Note fol 1owing Pr1nc1p1l exchange Global Note such exchange Paying Agent

[Attach Pricing Supplement)

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SCHEDULE 3

FORM OF GLOBAL NOTE

ANY UNITED STATES PERSON WHO HOLDS THIS OBLIGATION WILL BE SUBJECT Tn LIMITATIONS UNDER THE UNITED STATES INCOME TAX LAWS, INCLUDING THE LIMITATIONS PROVIDED IN SECTIONS 165(j) AND 1287(a) OF THE INTERNAL REVENUE CODE OF 1986.

[Medium-term note issued in acc~r1ance with regulations made under Section 4 of the Banking Act 1987.] *

[The Republic of Argentina is not authorised under the Banking Act 1987.] (*)

ISIN:

THE REPUBLIC OF ARGENTINA

[SHORT TITLE OF NOTES] Issued under a EURO-MEDIUM TERM NOTE PROGRAMME

Series No. [ ] Tranche No. [ ]

GLOBAL NOTE

The Republic of Argentina (the "Republic"), for value received, hereby promises to pay to the bearer of this Global Note the Principal Amount stated herein upon presentation and surrender hereof, on the Maturity Date stated herein (if this Global Note is specified herein to be Fixed Rate or Zero Coupon) or on the Interest Payment Date (as defined in the terms and conditions (the "Conditions") of the Notes designated herein (the "Notes"} set out in Schedule 1 to the Trust Deed dated July 27, 1993 (the "Trust Deed") between the Republic and Chase Manhattan Trustees Limited as trustee) falling in the Redemption Month stated herein (if this Global Note is specified herein to be Floating Rate) (or on such earlier date as that principal sum (or, if this Global Note is specified herein to be Zero Coupon, the Amortised Face Amount in accordance with Condition 6(c)) may become repayable in accordance with the Conditions) and (unleu this Global Note is specified herein to be Zero Coupon) to pay interest on the Principal Amount from the Issue Date stated herein (unleu there is stated herein an Interest Co111Uencement Date that is different from the Issue Date in which case interest shall be payable from the Interest Connencement Date) at the Interest Rate stated herein (if this Global Note is specified herein to be Fixed Rate) or at the rates determined in accordance with Condition S(II) (if it is specified herein to be Floating Rate) or in the amounts determined in accordance

(*) Delete if Note is not denominated in Sterling.

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with Condition S(V) (if it is specified herein to be Step-up or Step-down) in arrear on the dates for payment provided for in the Conditions, together with such other sums and additional amounts (if any) as may be payable under the Conditions until payment of the Principal Amount or other· sums and additional amounts (if any) payable pursuant to the Conditions has been made or duly provided for, but, except as provided herein, together. with all amounts payable under this Global Note which are referable thereto. Terms referred to in the Pricing Supplement attached hereto shall take effect as if set out here on the face hereof.

The aggregate principal amount from time to time of this Global Note shall be that amount shown by the latest entry made by or on behalf of the Principal Paying Agent in the second column of Exhibit C hereto, being such amount not exceeding the principal &111ount as shall be shown in the latest entry in the third column of Exhibit A hereto, which shall be completed by or on behalf of the Principal Paying Agent upon any exchange of the whole or a part of the Temporary Global Note initially representing the Notes for a corresponding interest herein and the amount of the Notes represented hereby which are redeemed or purchased and cancelled in accordance with the Condition• as shall be shown by the latest entry made by or on behalf of the Principal Paying Agent in the second column of Exhibit B here~o.

Interests in this Global Note are exchangeable in whole but not in part (free of charge to the holder) for the definitive Notes in bearer form ("Bearer Notes") if this Global Note ii held on behalf of Euroclear or Cedel or the Alternative Clearing System (each as defined under "Notices" below) and any such clearing system is closed for business for a continuous period of 14 days (other than by reason of holidays, statutory or otherwise) or announces an intention permanently to cease business or does in fact do so by such holder giving notice to the Principal Paying Agent and by surrender of this Global Note by such holder to or to the order of the Principal Paying Agent on or after the Exchange Date (as defined below). In exchange for this Global Note, the Republic shall deliver, or procure the delivery of, an equal aggregate principal amount of duly executed and authenticated definitive Bearer Notes having attached to them all Coupons in respect of interest which has not already been paid on this Global Note, security printed in accordance with any applicable legal and stock exchange requirements and in or substantially in the form set out in Schedule 1 to the Trust Deed. On exchange in full of this Global Note, the Republic will, if the holder so requests, procure that it is cancelled and returned to the holder together with the relevant Bearer Notes. "Exchange Date" means a day falling not less than '-0 days after that on which the notice requiring exchange is given and on which banks are open for business in the city in which the specified office of the Principal Paying Agent is located and in which Euroclear and Cedel or, if relevant, the Alternative Clearing System are located.

If, for any actual or alleged reason which would not have been applicable had there been no ex~hange of this Global Note or in any other circums.tances whatsoever, the Republic does not perform or comply with

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any one or more of what are expressed to be its obligations under anv Bearer Notes then any right or remedy relating in any way to th~ obligation(s) in question may be exercised or pursued on the basis of this Global Note notwithstanding its stated cancellation after its exchange, as an alternative, or in addition, to the Bearer Notes (or the Coupons appertaining to the Bearer Notes as appropriate). With this exception, upon exchange of this Global Note in whole for Bearer Notes this Global Note shall become void.

Except as otherwise described herein, this Global Note is subject to the Conditions and, until it shall have been exchanged in whole for Bearer Notes, the holder hereof shall in all respects be entitled to the same benefits as if it were the holder of the Bearer Notes for which it may be exchanged and as if such Bearer Notes had been issued on the date of this Global Note.

The Conditions shall be modified with respect to Notes represented by this Global Note by the following provisions of this Global Note.

Pavments

Principal and interest in respect of this Global Note shall be paid to its holder against presentation and (if no further payment falls to be made on it) surrender of it to, or to the order of, the Principal Paying Agent in respect of the Notes, in the case of interest only, at an office outside the United States and its possessions (or to or to the order of such other Paying Agent as shall have been notified to the Noteholders "for this purpose) which shall endorse such payment or cause such payment to be endorsed in Exhibit D hereto (such endorsement being prima facie evidence that the payment in question has been made). References in the Conditions to Coupons and Couponholders shall be construed accordingly. No person shall however be entitled to receive any payment by way of principal of or interest on this Global Note falling due after the Exchange Date, unless exchange of this Global Note for definitive Bearer Notes, is improperly withheld or refused by or on behalf of the Republic or the Republic does not perform or comply with any one or more of what are expressed to be its obligations under any Bearer Notes.

So lona as this Global Note is held on behalf of Morgan Guaranty Trust Company of New York, Brussels off ice, as operator of the Euroclear system ("Euroclear") or Cedel S.A. ("Cedel") or such other clearing system as shall have been approved by the Trustee (the "Alternative Clearing System"), notices required to be given to Noteholders may be given by their being delivered to Euroclear, Cedel or, as the can may be. the Alternative Clearing System, rather than by publication as required by the Conditions.

Prescription

Claims in respect of principal and interest in respect of this Global Note will become void unless it is presented for payment within a period

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of 10 years (in the case of principal) and 5 years (in the case of interest) from the appropriate Relevant Date (as defined in Condition 8).

Meetings

The holder hereof shall (unless this Global Note represents only one Note) be treated as two persons for the purposes of any quorum requirements of a meeting of Noteholders and, at any such meeting, as having one vote in respect of each minimum Authorised Denomination as set out on the face of this Global Note in principal amount of Notes for which this Global Note may be exchanged.

Purchase and Cancellation

All Notes redeemed or purchased by the Republic may be cancelled or may be re-issued or re-sold, such cancellation to be effected by reduction in the principal amowit of this Global Note on its presentation to or to the order of the Principal Paying Agent for notation in Exhibit A. Notes may only be purchased by the Republic if they are purchased together with the right to receive all future payments of interest thereon.

Truste~'s Powers

In considering the interests of Noteholders in circumstances where this Global Note is held on behalf of any one or more of Euroclear, Cedel and an Alternative Clearing System, the Trustee may, to the extent it considers it appropriate to do so in the circumstances, (a) have regard to such information as may have been made available to it by or on behalf of the relevant clearing system or its operator as to the identity of its accountholders (either individually or by way of category) with entitlements in respect of this Global Note and (b) consider such interests on the basis that such accowitholders were the holder of this Global Note.

Call Option

No drawing of No tu will be required wider Condition 6 ( d) in the event that the Republic exercises its call option in that Condition while all the Notes are represented by this Global Note in respect of less than the aggregate principal amowit of Notes outstanding. Put Option

The Noteholders' put option in Condition 6(e) may be exercised by the holder of this Global Note giving notice to the Principal Paying Agent of the principal amowit of Notes in respect of which the option is expressed and presenting this Global Note for endorsement within the time limits specified in Condition 6(e).

This Global Note shall not be valid or become obligatory for any purpose witil authenticated by or on behalf of the Principal Paying Agent.

This Global Note is governed by and shall be construed in accordance with the laws of England.

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IN WITNESS WHEREOF the Republic has caused this Global Note to be signed on its behalf.

Dated ( J t 199 ( ] •

THE REPUBLIC OF ARGENTINA

By: Authorised Signatory

This Global Note is authenticated without recourse or warranty by or on behalf of the Principal Paying Agent.

By: Authorised Signatory

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Exhibit A

Exchange for Interests in this Global Note

The following exchanges of interests in the Temporary Global Note for interests in this Global Note have been made.

Portion of Principal Principal Amount Amount of of the Temporary this Global Note Global Note Notation made remaining following by or on behalf Date of following such such of the Principal exchange exchaou exchange Paying Agent

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Exhibit B

Redemption/Pur~elCancellatiRn of interests represented by this Global Note

Reductions in the principal amount of this Global Note follo~ing redemption or the purchase and cancellation of Notes are entered in the second column below.

Notation made t-y Date of redemption/ or on behalf of purchase/ · Amount of Reason for the Principal cancellation reduction reduction Payine Ae~~

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Exhibit c

Principal Amount of this Global Note

The following sets out the principal amount from time to time of the Notes to which this Global Note relate& following the exchanges, redemptions, purchases and cancellations entered in Exhibits A and B hereto.

Principal Amount Notation made by or on behalf of this Global Note of the Principal Payinc Agent

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Exhibit D

Interest Payments in Respect of this Global Note

The following payments of interest in respect of this Global Note have been made.

Notation made by or on Date behalf of the auua Amount of interest Paying Agent

[Attach Pricing Supplement]

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SCHEDULE 4 FORM OF DIC GLOBAL NOTES

[THIS DIC GLOBAL NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT'') OR WITH ANY SECURITIES REGULATORY AUTHORITY OF ANY STATE OR OTHER JURISDICTION OF THE UNITED STATES. THE OFFER, SALE, PLEDGE OR TRANSFER OF THIS OTC GLOBAL NOTE IS SUBJECT TO CERTAIN CONDITIONS AND RESTRICTIONS, INCLUDING THOSE SET FORTH IN THE AGENCY AGREEMENT DATED JULY 27, 1993 RELATING IO THIS DIC GLOBAL NOTE. THE HOLDER HEREOF, BY PURCHASING OR OTHERWISE ACQUIRING THIS OTC GLOBAL NOTE, ACKNOWLEDGES THAT TRIS DIC GLOBAL NOTE IS A "RESTRICTED SECURITY" THAT HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT AND AGREES FOR THE BENEFIT OF THE REPUBLIC THAT THIS OTC GLOBAL NOTE MAY BE OFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS OF THE STATES, TERRITORIES AND POSSESSIONS OF THE UNITED· STATES GOVERNING THE OFFER AND SALE OF SECURITIES AND ONLY (1) IO THE REPUBLIC OR AN AFFILIATE OF THE REPUBLIC (UPON REDEMPTION HEREOF OR OTHERWISE), ( 2) PURSUANT IO AND IN ACCORDANCE WITH RULE 144A UNDER THE SECURITIES ACT TO AN INSTITUTIONAL INVESTOR THAT THE HOLDER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A UNDER THE SECURITIES ACT PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER WHOM THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE OFFER, RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A UNDER THE SECURITIES ACT OR (3) PURSUANT TO AN EXEMPTION FROM REGISTRATION IN ACCORDANCE WITH REGULATION S OR RULE 144 (IF AVAILABLE) UNDER THE SECURITIES ACT. NO REPRESENTATION CAN BE MADE AS IO THE AVAILABILITY OF THE EXEMPTION PROVIDED BY RULE 144 UNDER THE SECURITI_ES ACT FOR RESALES OF THIS OTC GLOBAL NOTE.)(*) Unless this certificate is presented by an authorised representative of The Depository Trust Company ("DIC") to the Republic or its agent for registration of transfer, exchange or payment, and any certificate issued is registered in the name of Cede & Co. or such other name as is requested by an authorised representative of DTC (and any payment is made to Cede & Co, ) , ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL since the registered owner hereof, Cede & Co., has an interest herein. [FOR PURPOSES OF SECTIONS 12 71 ET. SEQ. OF THE UNITED STATES INTERNAL REVENUE CODE OF 1986, AS AMENDED, THIS NOTE HAS ORIGINAL ISSUE DISCOUNT OF [currency)[amount) PER EACH (currency)(amount) OF PRINCIPAL AMOUNT OF THIS NOTE; THE ISSUE PRICE OF THIS NOTE IS (currency)[amount]; THE ISSUE DATE IS [ date ); AND THE YIELD TO MATURITY (COMPOUNDED [semi-annually]).](**)

(*) Le&end to be borne on any DIC Restricted Global Note which has been transferred pursuant to and in reliance on Rule 144A under the Securities Act.

(**) Legend to be born~ by any DIC Global Note issued with "original issue discount" for U.S. federal income tax purposes.

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Principal Amount CUSIP/CINS Series /Iranc;he Certificate Number

[Mediwn-terrn note issued in accordance with regulations made under Section 4 of the Banking Act 1987.](*)

[The Republic of Argentina is not authorised under the Banking Act 1987. ](•)

THE REPUBLIC OF ARGENTINA

[SHORT TITLE OF NOTES] Issued under a EURO MEDIUM-TERM NOTE PROGRAMME

The Note(s) in respect of which this DTC Global Note is issued forms one of the Series of Notes referred to above issued by The Republic of Argentina (the "Republic"). designated aa specified in the title hereof, an~ constituted by the Trust Deed referred to on the reverse hereof. The Notes are subject to, and have the benefit of, that Trust Deed and the terms and conditions (the "Conditions") endorsed hereon. Terms referred to in the Pricinc Supplement attached hereto shall take effect as if set out on the face hereof.

The Republic, for value received, hereby certifies that it will pay to Cede &. Co. at its office for the time beinc (the "Registered Holder"), on surrender hereof, the Principal Amount specified herein or, on any date after the date hereof, such other principal amount as is equal to the aggregate principal amount of the Notes identified from time to time on the Register as being represented by this DTC Global Note) or (if the Notes in respect of which this OTC Global Note is issued are specified herein to be Zero Coupon) the Amortised Face Amount in accordance with Condition 6(c) in respect of the Principal Amount of Notes in respect of which this DTC Global Note is issued on the Maturity Date stated herein (if the Notes in respect of which this OTC Global Note is issued are specified herein to be Fixed Rate or Zero Coupon) or on the Interest Payment Date (as defined in Condition S(II)(a)) falling in the Redemption Month stated herein (if this Note is specified herein to be Floating Rate) (or on such earlier date as that principal sum or other sum may become repayable in accordance with the Conditions) and (unless the Notes in respect of which this OTC Global Note is issued are specified herein to be Zero Coupon) pay interest on the Principal Amount of Notes in respect of which this DTC Global Note is issued from the Issue Date stated herein (unless there is stated herein an Interest Connencement Date which is different from the Issue Date, in which case interest shall be payable from the Interest Co1m1encement Date) at the Interest Rate stated herein (if the Notes in respect of which this OTC Global Note is issued are specified herein to be Fixed Rate) or

(*) Delete if Note is not denominated in Sterling.

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at the rates determined in accordance with Condition 5(II) (if the Notes in respect of which this OTC Global Note is issued are specified herein to be Floating Rate) or in the amoWlts determined in accordance with Condition (V) (if the Notes in respect of which this OTC Global Note is issued are specified herein to be Step-up or Step-down), in arrear on the dates for payment provided for in the Conditions, together with such other sums and additional amounts (if any) as may be payable under the Conditions until payment of the Principal Amount or other sums and additional amounts has been made or duly provided for.

[The statements set forth in the legend below are an integral part of the Notes in respect of which this OTC Global Note is issued and by acceptance hereof each holder of such Notes agrees to be subject to and bound by the terms and provisions set forth in such legend.](*) For so long as the Notes are outstanding, the Issuer will, during the period in which the Issuer is neither subject to Section 13 or 15(d) of the U.S. Securities Exchange Act of 1934, as amended, nor exempt from reporting pursuant to Rule 12g3-2(b) thereunder, nor a foreign government as defined in Rule 405 under the Securities Act eligible to register securities under Schedule B of the Securities Act, provide to the holder hereof, or to any prospective purchaser hereof designated by such holder, upon request, the information specified in, and meeting the requirements of, Rule 144A(d)(4) under the U.S. Securities Act of 1933, as amended (the "Securities Act").

For the purposes of this DTC Global Note, the Republic certifies that (a) the Registered Holder is, at the date hereof, entered in the Register as the holder of the Note(s) in respect of which this DTC Global Note is issued, (b) this OTC Global Note is evidence of entitlement only, (c) title to the Note Cs) in respect of which this DtC Global Note is issued passes only on due registration on the Register, and (d) only the Registered Holder is entitled to payments in respect of the Note (s) in respect of which this OTC Global Note is issued.

This DTC Global Note shall not become valid or obligatory for any purpose until authenticated by or on behalf of the Registrar. IN WITNESS WHEREOF the Republic has caused this DTC Global Note to be signed on its behalf. Dated aa of the Isaue Date stated above. THE REPUBLIC OF ARGENTINA

By: Authorised Sisnatory Certificate of Authentication

(*) Sentence to be included on any OTC Global Note which has been transferred pursuant to, and in reliance on, Rule l44A under the Securities Act.

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Certified by or on behalf of the Registrar that the above-named holder is on [ ] entered in the Register as holder of the above-mentioned principal amount of Notes.

By: Authorised Signatory

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On the back:

[Include Terms and Conditions as set out in the form of defintive Bearer Note in Schedule l]

TRUSTEE

Chase Manhattan Trustees Limited Woolgate House Coleman Street London EC2P 2HD

PRINCIPAL PAYING AGENT REGISTRAR AND AND CALCULATION AGENT NEW YORK TRANSFER AGENT The Chase Manhattan Bank. N.A. The Chase Manhattan Bank, N.A. Woolgate House 4 Chase MetroTech Center Coleman Street Brooklyn, NY 11245 London EC2P 2HD

PAYING AGENT AND EUROPEAN TRANSFER AGENT Chase Manhattan Bank Luxembourg S.A. 5 Rue Plaetia L-2338 Luxembourg

[Attach Pricing Supplement)

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FORM OF IRANSFER

FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers to

• e ••• e • e • e e e ••••• e •• t t • t t t •• t •••••••• t t ••• t t f t f f • t f f f f f f f f f e f •• e f • f I

e • f f f f • t f e t I f f f t f t f f f t f f f f f f f f f f f f f f f t f f I f f f f e f f f f f I f I f f f f f f f • • t t I t •

(PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS OF TRANSFEREE)

••••••••••••••.•••. principal amount of the Note(s} in respect of which this DTC Global Note is iHued, and all rights under it, and irrevocably constitutes and appoints ••••••••••••••••••••••• as attorney to transfer the Note(s) in re1pect of which this DTC Global Note ii issued on the books kept for registration thereof, with full power of substitution. Dated ...... Signed Certifying Signature

Note: (i) The signature to this assignment must correspond with the name as it appears on the face of this DTC Global Note.

(ii) A representative of the Noteholder should state the capacity in which he signs.

(iii) The signature of the person effecting a transfer shall conform to any list of duly authorised specimen signatures supplied by the registered holder or be certified by a recognised bank, notary public or in such other manner as the Registrar may require.

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SCHEDULE 5

PRQYISIONS FOR MEETINGS OF NOTEHOLPERS

1 The following expressions have the following meanings:-

1.1 "votinc certificate" means· a certificate in English issued by a Paying Agent and dated in which it is stated:-

1.1. l that on that date Bearer Notes (not being Notes in respect of which a block voting instruction has been issued and is outstanding in respect of the meeting specified in such voting certificate or any adjournment of it) bearing specified certificate numbers were deposited with that Paying Agent (or to its order at a bank or other depositary) and that such Notes will not be released w1til the earlier of:-

(i) the conclusion of the meeting specified in such certificate or any adjournment of it (whichever is the later); and

(ii) the surrender of the certificate to the Paying Agent which issued it;

1.1.2 that its bearer is entitled to attend and vote at such meeting or any adjournment of it in respect of the Notes represented by such certificate;

1. 2 "block votin1 inst[uction" means a document in English issued by a Paying Agent and dated in which:-

1.2.1 it is certified that Bearer Notes (not being Notes in respect of which a voting certificate has been issued and is outstanding in respect of the meeting specified in such block voting instruction or any adjournment of it) have been deposited with that Paying Agent (or to its order at a bank or other depositary) and that such Notes will not be released until the earlier of:-

(i) the conclusion of the meeting specified in such document or any adjournment of it (whichever is the later); and

(ii) the surrender, not less than 48 hours before the time fixed for such meeting or adjournment, of the receipt for each such deposited Note which is to be released to the Paying Agent which issued it and the notification of such surrender by such Paying Agent to the Republic;

1. 2. 2 it ia certified that each depositor of such Notes or a duly authorised agent on his behalf has instructed that Paying Agent that the votes attributable to his Notes so deposited

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should be cast in a particular way in relation to the resolution to be put to such meeting or any adjournment of it and that all such instructions are, during the period of t.8 hours before the time fixed for such meeting or adjourned meeting, neither revocable nor subject to amendment;

1.2.3 the total number and the certificate numbers of the Notes so deposited are listed, distinguishing with re,ard to each resolution between those in respect of which instructions have been so given (i) to vote for, and (ii) to vote against, the resolution;

1.2.4 a person named in such document (a "~") is authorised and instructed by that Paying Agent to vote in respect of the Notes so listed in accordance with the instructions referred to in paragraph 1.2.3 above as set out in such document.

2 2.1 A holder of a Bearer Note may obtain a voting certificate from a Paying Agent or require a Paying Agent to hsue a block voting instruction by depositing his Note with such Paying Agent not later than 48 hours before the time fixed for a meeting. Voting certificates and block voting instructions shall be valid until the relevant Notes are released pursuant to paragraph l and until then the holder of a voting certificate or (aa the case may be) the proxy named in a block voting instruction shall, for all purposes in connection with any meeting of Noteholders, be deemed to be the holder of the Notes to which that voting certificate or block voting instruction relates and the Paying Agent with which (or to the order of which) such Note have been deposited shall be deemed for s1.ich purposes not to be the holder of those Notes.

2.2.1 A holder of a Registered Note may by an instrument in writing (a "form 9f proxy") in the form available from the specified off ice of any Transfer Agent signed by the holder or, in the case of a corporation, executed wtder its co11111on seal or signed on its behalf by an attorney or a duly authorised officer of the corporation and delivered to the Transfer Agent not later than 24 hours before the time fixed for any meeting, appoint any peraon (a "~") to act on his or its behalf in connection with any meeting or proposed meeting of Noteholders.

2.2.2 A holder of a Registered Note which is a corporation may by delivering to any Transfer Agent not later than 24 hours before the time fixed for any meeting a resolution of its directors or other governing body authorise any person to act H its representative (a "repnsentaUve") in connection with any meeting or proposed meeting of Noteholders.

2.2.3 Any proxy appointed pursuant to paragraph 2.2.l above or representative appointed pursuant to paragraph 2.2.2 above shall so long as such appointment remains in force be deemed, for all purposes in connection with any meeting or proposed

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meeting of Noteholders specified in such appointment, to be the holder of the Registered Notes to which such appointment relates and the holder of the Registered Notes shall be deemed for such purposes not to be the holder.

2.3 For so long as the Registered Notes are eligible for settlement through The Depository Trust Company's book-entry settlement system, the Republic may fix a record date for the purpose of any meeting, provided such record date is no more than 10 days prior to the date fixed for such meeting which shall be specified in the notice convening the meeting. The person in whose name a Registered Note is registered on the record date shall be the holder for the purposes of the relevant meeting.

3 Each of the Republic and the Trustee at any time may, and the Trustee (subject to its being indemnified to its satisfaction against all costs and expenses thereby occasioned) shall upon a request in writing of Noteholders holding at least 10 per cent. in principal amount of the Notes for the time being outstanding, convene a meeting of Noteholders. Whenever any such party is about to convene any such meeting it shall forthwith give notice in writing to the other parties of the day, time and place of the meeting and of the nature of the business to be transacted by it. Every meeting shall be held at a time and place approved by the Trustee.

4 At least 21 days' notice (exclusive of the day on which the notice is given and of the day of the meeting) shall be given to the Noteholders. A copy of the notice shall be given by the party convening the meeting to the other parties. The notice shall specify the day, time and place of meeting, be given in the manner provided herein and in the Conditions and shall specify, unless the Trustee otherwise agrees, the nature of the resolutions to be proposed and shall include, in the case of Bearer Notes, a statement to the effect that Notes may be deposited with (or to the order of) any Paying Agent for the purpose of obtaining voting certificates or appointing proxies until 48 hours before the time fixed for the meeting or, in the case of Registered Notes, a statement to the effect that the holders of Registered Notes may appoint proxies by executing and delivering a form of proxy in the English language to the specified office of a Transfer Agent not later than 24 hours before the time fixed for the meeting or, in the case of corporations, may appoint representatives by resolution of their directors or other governing body and by delivering an executed copy of such resolution to the Transfer Agent not later than 24 hours before the time fixed for the meeting.

5 The Trustee shall, by an instrument in writing, appoint a temporary chairman of the meeting, unless the meeting shall have been called by the Republic or the Noteholders as provided in paragraph 3, in which case the Republic or the Noteholders calling the meeting, as the case may be, shall in like manner appoint a temporary chairman. A permanent chairman of the meeting shall be elected by vote of the holders of a majority in principal amount of Notes represented at the meeting and entitled to vote.

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6 At a meeting 2 or more persons present in person holding Notes or voting certificates or being proxies or representatives and holding or representing in the aggregate not less than 10 per cent. in principal amount of the Notes for, the time being outstanding shall (except for the purpose of passing an Extraordinary Resolution) form a quorum for the transaction of business and no business (other than the choosing of a chairman) shall be transacted unless the requisite quorum be present at the commencement of business. The quorum at a meeting for passing an Extraordinary Resolution shall (subject as provided below) be 2 or more persons in person present holding Notes or voting certificates or being proxies or representatives and holding or representing in the aggregate more than SO per cent. in principal amount of the Notes for the time being outstanding provided that the quorum at any meeting the business of which includes any of the matters specified in the proviso to paragraph 19 shall be 2 or more persons so present holding Notes or voting certificates or being proxies or representatives and holding or representing in the aggregate not less than 75 per cent. in principal amount of the Notes for the time being outstanding.

7 If within lS minutes from the time fixed for a meeting a quorum is not present the meeting shall, if convened upon the requisition of Noteholders or if the Republic and the Trustee agree, be dissolved. In any other case it shall stand adjourned for such period, not being less than 10 days, and to such place as the chairman may decide. At s1,1ch adjourned meeting 2 or more persons present in person holding Notes or voting certificates or being proxies or representatives (whatever the principal amount of the Notes so held or represented) shall form a quorum and may pass any resolution and decide upon all matters which could properly have been dealt with at the meeting from which the adjournment took place had a quorum been present at such meeting provided that at an adjourned meeting at which an Extraordinary Resolution is to be proposed for the purpose of effecting any of the modifications specified in the proviso to paragraph 19 the quorum shall be 2 or more persons so present holding Notes or voting certificates or being proxies or representatives and holding or representing in the aggregate not less than 2S per cent. in principal amount of the Notes for the time being outstanding.

8 The chairman may with the consent of persons holding Notes or voting certificates or being proxies or representative and holding or repreaenting in the aggregate more than SO per cent. in principal amount of the Note& for the time being outstanding and represented at the meeting adjourn the meeting from time to time and from place to place but no busineas shall be transacted at any adjourned meeting except business which might lawfully have been transacted at the meeting from which the adjournment took place.

9 At least 10 days' notice of any meeting adjourned through want of a quorum shall be given in the same manner as for an original meeting and such notice shall state the quorum required at such adjourned meeting. It shall not, however, otherwise be necessary to give notice of an adjourned meeting.

10 Each question submitted to a meeting shall be decided in the first instance by a show of hands and in case of equality of votes the chairman

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shall both on a show of hands and on a poll have a casting vote in addition to the vote or votes (if any) which he may have as a Noteholder or as a holder of a voting certificate or as a proxy or representatives. ll At any .meeting, unless a poll is (before or on the declaration of the result of the show of hands) demanded at any meeting by the chairman, the Republic, the Trustee or by one or more persons holding one or more Notes or voting certificates or being proxies or representatives and holding or representing in the aggregate not less than 2 per cent. in principal amount of the Notes for the time being outstanding, a declaration by the chairman that a resolution has been carried or carried by a particular majority or lost or not carried by any particular majority shall be conclusive evidence of the fact without proof of the number or proportion of the votes recorded in favour of or against such resolution.

12 If a poll is demanded, it shall be taken in such manner and (subj~ct as provided below) either at once or after such adjournment as the chairman directs and the result of the poll shall be deemed to be the resolution of the meeting at which the poll was demanded as at the date of the taking of the poll. The demand for a poll shall not prevent the continuation of the meeting for the transaction of any business other than the question on which the poll has been demanded. 13 Any poll demanded at any meeting on the election of a chairman or on any question of adjournment shall be taken at the meeting without adjournment.

14 The Republic and the Trustee (through their respective representatives) and their respective financial and legal advisers may attend and speak at any meeting of Noteholders. No one else may attend or speak at any meeting of Noteholders or join with others in requesting the convening of such a meeting unless he is the holder of a Note or a voting certificate or is a proxy or representative.

15 At any meeting on a &how of hands every person who is a Noteholder and who produces a Note or voting certificate or is a proxy or a representative shall have one vote and on a poll every person who is a Noteholder shall have one vote in respect of each minimum Authorised Denomination principal amount of Notes of which he is a Noteholder or represented by the voting certificate so produced or in respect of which he is a proxy or a representative. Without prejudice to the obligations of proxies, a person entitled to more than one vote need not use them all or cast them all in the same way.

16 The proxy named in any block voting instruction need not be a Noteholder.

17 Each block voting instruction shall be deposited at such office of the Republic as h designated in the notice convening the meeting, or at such place as the Trustee shall designate or approve, not less than 24 hours before the time appointed for holding the meeting or adjourned meeting at which the proxy named in the block voting instruction proposes

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to vote and in default the block voting instruction shall not be treated as valid unless the chairman of the meeting decides otherwise before the meeting or adjourned meeting proceeds to business. A notarially certified copy of each block voting instruction and satisfactory proof (if applicable) shall if required by the Trustee be produced by the proxy at the meeting or adjourned meeting but the Trustee shall not thereby be obliged to investigate or be concerned with the validity of, or the authority of, the proxy named in a block voting instruction.

18 A vote cast in accordance with the terms of a block voting instruction shall be valid even if the block voting instruction or any of the Noteholders' instructions pursuant to which it was executed has been previously revoked or amended, unle11 written intimation of such revocation or amendment ia received from the relevant Paying Agent by the Trustee at its head off ice (or at such other place as the Trustee shall designate or approve) or by the chairman of the meeting in each case at least 24 hours before the time fixed for the meeting or adjourned meeting at which the block voting instruction is uaed.

19 A meeting of Noteholders shall, subject to the Conditions. in addition to the powers given above, but without prejudice to any powers conferred on other persons by this Trust Deed, have power exercisable by Extraordinary Resolution:- 19 .1 to sanction any propoaal by the Republic or the Trustee for any modifi.cation, abrogation, variation or compromise of, or arrangement in reapect of, the rights of the Noteholders and/or the Couponholders against the Republic whether or not these rights arise under this Trust Deed or otherwiae;

19.2 to sanction the exchange or substitution for the Notes of, or the conversion of the Notes into, bonds or other obligations or securities of the Republic or any other entity;

19.3 to assent to any modification of this Trust Deed, the Notes or the Coupons which shall be proposed by the Republic or the Trustee;

19.4 to authorise anyone to concur in and do anything necessary to carry out and give effect to an Extraordinary Resolution;

19.5 to give any authority, direction or sanction required to be given by Extraordinary Resolution;

19.6 to appoint any persons (whether Noteholders or not) as a co11111ittee or co11111ittees to represent the interests of the Noteholdera and to confer upon them any powers or discretions which the Noteholders could themselves exercise by Extraordinary Resolution;

19.7 subject to Clause 13 of the Trust Deed, to approve a proposed new Trustee and to remove a Trustee; and

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19.8 to discharge or exonerate the Trustee from any liability in respect of any act or omission for which it may become responsible under this Trust Deed, the Notes or the Coupons; provided that the special quorum provisions contained in the proviso to paragraph 6 and, in the case of an adjourned meeting, in the proviso to paragraph 7 shall apply in relation to any of the matters specified in paragraph 19.2, any of the proposals listed in Condition 11 or any amendment to this proviso (each of which shall only be capable of ~eing effected after having been approved by an Extraordinary Resolution).

20 An Extraordinary Resolution passed at a meeting of Noteholders duly convened and held in accordance with this Trust Deed shall be binding on all the Noteholders, whether or not present at the meeting, and on all the Couponholders and each of them shall be bound to give effect to it accordingly. The passing of such a resolution shall be conclusive evidence that the circumstances of such resolution justify the passing of it. The Republic shall give notice of the pa11ing of an Extraordinary Resolution to Noteholders within 14 days but failure to do so shall not invalidate the resolution.

21 The expression "Extraordinary RHolution" means a resolution passed at a duly covered meeting of Noteholders held in accordance with this Trust Deed by a majority consisting of not less than 50 per cent. of the votes cast.

22 Minutes shall be made of all resolutions and proceedings at every such meeting shall be made and entered in the books to be from time to time provided for that purpose by the Republic or the Trustee and any such minutes, if purporting to be signed by the chairman of that meeting or of the next succeeding meeting of Noteholders, shall be conclusive evidence of the matters in them and until the contrary is proved every such meeting in respect of the proceedings of which minutes have been so made and signed shall be deemed to have been duly convened and held and all resolutions passed or proceedings transacted at it to have been duly passed and transacted.

23 Subject to all other provisions of this Trust Deed the Trustee may without the consent of the Noteholders pre1cribe such further regulations regardins the holdins of meetings and attendance and voting at them as the Trustee may in its sole discretion determine including particularly (but without prejudice to the generality of the foregoing) such regulations and requirements as the Trustee thinks reasonable:-

23.l so as to satisfy itself that the persons who purport to requisition a meeting in accordance with paragraph 3 or who purport to make any requisition to the Trustee in accordance with this Trust Deed are in fact Noteholders; and 23.2 as to the form of voting certificates or block voting instructions to be issued. pursuant to paragraph 1 so as to satisfy itself that persons who purport to attend or vote at any meeting of Noteholders are entitled to do so in accordance with this Trust Deed.

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24 If and whenever the Republic shall have issued and have outstandin2 any Notes which are not identical and do not form one single Series the1~ those Notes which are in all respects identical shall be deemed to constitute a separate Series of the Notes and the foregoing provisions of this Schedule shall have effect subject to the following modifications:-

24.l a resolution which in the opinion of the Trustee affects only one Series of the Notes shall be deemed to have been duly passed if passed at a separate meeting of the holders of Notes of that Series;

24. 2 a resolution which in the opinion of the Trustee affects more than one Series of the Notes but does not give rise to a conflict of interest between the holders of Notes of any of the Series so affected shall be deemed to have been duly passed if passed at a single meeting of the holders of the Notes of all the Series so affected;

24.3 a resolution which in the opinion of the Trustee affects more than one Series of the Notes and gives or may give rise to a conflict of interest between the holders of the Notes of one Series or group of Series so affected and the holders of the Notes of another Series or group of Series so affected shall be deemed to have been duly passed only if in lieu of being passed at a single meeting of the holders of the Notes of all such Series it shall be duly passed at separate meetings of the holders of the Notes of each Series or group of Series 10 affected; and 24.4 to all such meetings as aforesaid all the preceding provisions of this Schedule shall mutatis mutandis apply as though references therein to Notes and holders were references to the Notes of the Series or group of Series in question and to the holders of such Notes respectively.

25 If all the Notes are at any time represented by a Global Note or a OTC Global Note, the holder thereof shall be treated as two persons for the purposes of any quorum requirements of a meeting of Noteholders and, at any such meeting, as having one vote in respect of each minimum Authoriaed Denomination as may be set out on the face of such Global Note or DTC Global Note and for the time being represented by such Global Note or OTC Global Note.

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IN WITNESS WHEREOF this Trust Deed has been executed as a deed on the date stated at the beginning.

Signed, sealed and delivered ) as a deed by ) THE REPUBLIC OF ARGENTINA ) L.S. by its duly authorised ) attorney NOEMI LAGRECA

In the presence of:

R. Steller Linklater• ' Paines 885 Third Avenue New York, NY 10022

THE COMMON SEAL of CHASE ) MANHATTAN TRUSTEES LIMITED ) was aff i.xed in the ) c.s. presence of:- )

Director R.F. MORISON

Director s. KAUFMANN

G26RXS0494 - 91 - Case 16-628, Document 263-6, 03/14/2016, 1726772, Page1 of 22

EXHIBIT F CaseCase 1:14-cv-09095-TPG 16-628, Document Document 263-6, 03/14/2016, 40-12 Filed 1726772, 11/13/15 Page2 Page of 122 of 21

EXHIBIT 12

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The Republic of Argentina

DM 750,000,000 7.875 % Bearer Bonds of 1998/2005

Issue Price: 101.14 %

Application wlll be made to llst the OM 750,000,000 Bearer Bonds of 1998/2005 (the "Bonds") on the Frankfurt and Munich Stock Exchanges.

Bayerische Landesbank Glrozentrale

ABNAMRO PARIBAS Bayarfsche Verelnsbank AG ABN AMRO Bank (Deutschland) AG Zweignlederlassung Frankfurt am Main

Commerzbank Credit Suisse First Boston Deutsche Bank Aktlengesellschaft Aktlengesellschaft Aktlengesellschaft

Dresdner Kleinwort Benson HSBC Trinkaus ING Barlngs Dresdner Bank Aktlengesellschaft Trinkaus & Burkhardt KGaA

Socl8te Ganarale S.A. Warburg Dillon Read AG CaseCaseCase 1:14-cv-09095-TPG 1:14-cv-09095-TPG 16-628, Document Document Document 263-6, 03/14/2016, 40-12 32-5 Filed Filed 1726772, 07/23/15 11/13/15 Page4 Page Page of 3 322 of of 21 21

23 JUL '98 14:50 __ VON BLB 7551/WPS AN 00012122258999 SEITE 011

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Annex 1 Annex l (Translation)

REPUBLIK ARGENTINIEN REPUBLIC OF ARGENTINA

7,875 % Deutsche Mark·Anleihe 7.875 % Deutsche Mark Bonds of von 1998/2005 1998/2005

ANLEIHEBEDINOUNGEN TERM S OF I S S U E

§ 1 § l (Form und Nennbetmg) (Form and Denomination)

(I) Die Anlcihe im Gesamtnennbetrag (1) The issue in the aggregate principal von amount of

DM 750.000.000,-- (siebcnhundertftlnfzig OM 7S0,000,000 (Deutsche Mark seven Millionen Deutsche Mark) hundred and fifty million)

ist eingeteilt in untereinander gleicbberech is divided into · 7SO,OOO bonds of tigte, auf den Inhabcr lautende 750.000 DM 1,000 each, (hereinafter called the Tcilschuldvcrschreibungcn zu je "Bonds") payable to bearer and ranking DM 1.000,-. nachstchcnd die pari passu with each other. ,, Teilschuldverschreibungen" genannt.

(2) Die Teilschuldverschreibungen sind (2) The Bonds are represented by a :fUr die gesamte Laufzeit der Anleihe in ei global bearer bond (the "Global Bearer ner Globalurkunde vcrbrieft, die bei der Bond") which has been deposited with Deutsche BlSrse Clearing AO, hinterlegt ist Deutsche Borse Clearing AO. No Effektive Teilschuldverschrcibungcn und definitive Bonds or interest coupons will Zinsscheine werden nicht ausgelicfert. Den be delivered. The Bonds are transferable Inhabern von Teilschuldversc:hreibungen as ccrowncrsbip participations in the stehen Miteigentumsanteile an der Globa~ Global Bearer Bond pursuant to the rules lurkunde zu. die gemiB den Bcstimm.tmgcn and regulations of Deutsche Barse und Regeln der Deutsche BOrse Clearing Clearinl AO and, outside the Federal AO und auBcrhalb dcr Bundcsrepublilc Republic of Germany, pursuant to the Deutschland der Cedel Bank societe an rules and regulations of the Euroclear onyme. Luxemburg, ~d des Euroclear Sy System, BrUsisels, and Cedcl Bank socicte stems, BrUssel, tlbertragen werden k~nnen. anonyme, Luxembourg. The Global Die Olobalurkunde trlgt die eigenhtindige Bearer Bond shall bear the handwritten Unterschrift des Finan%ministcrs der Re> signature of the Secretary of the Treasury publik Argentinien (nachstehend die of the Republic of Argentina (hereinafter •.Republik" oder die ,,Anleiheschuldnerin" called the "Republic" or the "BoITOwer") genannt) oder ei.nes anderen befugten Ver or another empowered attorney-in-fact. of treters der Republik und eines Kontrollbe the Republic and of a control officer of auftragten del" Bayerischen Landesbank Baycrischc L,andesbank Girozentrale Oirozcntrale (nachstehend auch (hereinafter also called "Bayerische , CaseCaseCase 1:14-cv-09095-TPG 1:14-cv-09095-TPG 16-628, Document Document Document 263-6, 03/14/2016, 40-12 32-5 Filed Filed 1726772, 07/23/15 11/13/15 Page5 Page Page of 4 422 of of 21 21 23 JUL '98 14: 51 VON BLB 7551/WPS AN 00012122253999 SEITE 012

. 2.

,,Bayerische Landesbank" geuannt) sowie Landesbank'') and an embossed stamp of einen Priigestcmpel der Republi.k. the Republic.

§2 §2 (Wahrungsumstcllung und Kontinuit!t) (Substitution of the Currency Continuity and Redcnomination)

(1) Die Europiische Wirtschafts- und Wah (I) The European Economic and nmgsunion (,,EWWU.. ) sieht die E.infilh Monetary Union (the "EMU") provides rung einer einheitlichen Wn.hrung und die for the introduction of a single currency Ersetzung der nationalen Wabrungen der an (the "Euro") and the substitution of the der Wlhrungsunion teilnehmcnden Mit national currencies of the member states gliedsstaaten vor. Mit dem Zeitpunkt der participating in EMU. On the date of the Einfilhrung der einheitlichen Wilhrung introduction of the Euro for the Federal (Euro) filr die Bun.desrepublilc Deutschland Republic of Germany, the currency wird die in diesen Anleihebedingungcn specified in these Tenns of Issue of the bestiounte Wtilinmg und die fUr ZahlU11gcn Bonds and the currency specified or nach dicsen Anlcihcbedingungen bestimmte payments under these Terms of Issue of W§hrung durch die einheitlichc Wtlluung the Bonds shall be substituted by the ersetzt und die Umstcllung in die einheitli single currency and the changeover into che Wabrung bewirkt. Fiir die Umrechnung the single cummcy shall take place. ist dcr offizicll festgelegtc Umrcchnungs Conversions shall be based on the kurs m.aagcbend. officially fixed conversion rate.

(2) Weder die Einfllhnmg des Euro noch (2) Neither the introduction of the Euro die Ersetzw:tg der nationalen Wahnmgen nor the substitution of the national der an der Wahrungsunion tcilnehmenden currencies of the member states Mitgliedstaaten noch die Festlegung des participating in the EMU nor the fixing of o:ffiziellen Umrechungskurses noch irgend the official conversion rate nor any welche wirtschaftlichen Folgen, die sich aus economic consequences that arise from einem der vorgenannten Ereignisse oder im any of the aforementioned events or in Zusammenhang mit der Europliischen Wirt connection with EMU shall give rise to schafts- und Wilhrungsunion ergeben, be· any right to prematurely terminate, rechtigt zu einer vorzeitigen Beendigung, contest, rescind, modify or renegotiate the Anfcchtung. KUndigung, einem RUc:ktritt, Bonds, the Terms of Issue of the Bonds einer Anpassung oder einer Neuverhand· or any of their provisions or to raise any lwig dcr Schuldve~hrcibungcn oder dcr other objections and/or exceptions or to Anleihebedingungen oder ihrer einzelnen assert any claims for compensation. The Bestimmungen oder zur Erhebung sonstiger Bonds and the Tenns of Issue of the Einrcdcn und/oder Einwendungen oder zur Bonds and all their provisions shall be Oeltcndma.chung von Ausgleichsanspril continued unchan$ed. chen. Die Schuldverschreibungen und die Anleihebcdingungen werdcn vielmehr mit allen ihren Bestimmungcn unverandert fortgefilhrt. , CaseCaseCase 1:14-cv-09095-TPG 1:14-cv-09095-TPG 16-628, Document Document Document 263-6, 03/14/2016, 40-12 32-5 Filed Filed 1726772, 07/23/15 11/13/15 Page6 Page Page of 5 522 of of 21 21 VON BLB 7551/WPS AN 00012122253999 SEITE 013

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(3) Unter d.er Voraussetzung, da8 das auf (3) Provided that the law which applies to die Schuldverschreibungen anwendbare the Bonds does not prescribe a method of Recht kcinc ausreichende Methode zur redenomination which is different from Umstellung der Schuldverschrcibungen auf the method stipulated below and provided Euro vorschreibt und die nachfolgend bc that the method stipulated below is schriebcne Umstellungsmethode nicht ge compatible. with such law, the Issuer gen diescs Recht verstOJ3t, behalt sich die reserves the right, on or after the date on Republik das Recht vor, an oder nach dem which the Federal Republic of Germany Tag, an dcm die Bundesrepublik Deutsch shall have become a participating land der Europ!ischen Wll.hnlngsunion bei member state of the EMU that has getreten ist, gem!B § 315 BOB den Nennbe adopted the· Euro, to determine in trag der Schuldverschreibungen fortan als in accordance with § 315 of the German der neuen europaischen Wfthnulg ,,Euro" Civil Code (BUrgerliches Geserzbuch) ausgedrilckt zu behandeln. Zud.em wirc1 die that the face amounts of the Bonds shall Republik berechtigt scin, den Nennbetrag henceforth be deemed to be expressed in der Schuldverschrcibungen in kleinere Eu Euro. The Issuer shall also be entitled to ro-Nennbetdigc zu unterteilen sowie die divide the face amounts of Bonds into neuen Nennbetrilge bis zu Yz Cent pro smaller face amounts expressed in Euro Schuldverschreibung nach obcn oder witen and round new face amounts up or down zu · runden oder Teilbetrlge am nichsten by up to Y2 Cent per B'ond, or pay out Zinstennin ausmzahlcn. Die neucn Schuld· fractional amounts of the principal on the versc~bungen, die aufgrund der Umstel· . next following Interest Payment Date. lung dcr alten Schuldversc:hreibungen in The new bonds resulting from the Euro sowie durch die Unterteilung in neue redenomination of Bonds into Euro and Nennbctrage entstanden sind, untediegen their division into new face amounts shall diescn Anleihcbedingungcn. Die Umstel be governed by the Terms of Issue of the lung der Schuldverschreibungen auf Euro Bonds. The redenomination of the Bonds und ihrc Aufteilung in neuc Nennbetr!ge and the division into new face amounts wird mit Veroffentlichung gem1tl3 § 12 dcr shall become effective with their Anleihebedingungen wirk.sam. publication by the Issuer in accordance with§ 12 of these Terms of Issue of the Bonds.

§3 §3 (Verainsung). (Interest)

(1) Die Teilschuldverschrcibungen wer~ (I) The Bonds bear interest at the rate of den vom 29. Juli 1998 (e.inschlie.Blich) bis 7.875 o/o pei annum from- and including · zum 29. Juli 2005 (ausschlie.Blich) mit July 29, 1998, until and excluding July 7,875 % jibrlich verzinst. Die Zinscn sind 29, 2005. Interest shall be payable jahrlich nachtriglich am 29. Juli eines jcdcn annually in arrears on July 29 of each Jahres zahlbar. Die erste Zinszahlung ist am year. The first interest payment shall be 29. Juli 1999 flillig. Der Zinslauf der Tcil~ due on July 29, 1999. The Bonds shall schuldverschreibungen cndet mit Begion cease to bear interest as of the beginning des Tages, an dem sie zur RUc.kzahlung of the day on which they become due for flillig werdcn. redemption. CaseCaseCase 1:14-cv-09095-TPG 1:14-cv-09095-TPG 16-628, Document Document Document 263-6, 03/14/2016, 40-12 32-5 Filed Filed 1726772, 07/23/15 11/13/15 Page7 Page Page of 6 622 of of 21 21

23 JUL 1 98 14:52 UON BLB 7551/WPS AN 00012122253999 SEITE 014

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(2) Sofem die Anleiheschuldncrin die (2) Should the Bo1Tower fail to redeem Tilgung dcr Tcilschuldverschrcibungcn (a) the Bonds (a) when due, or (b) where the bei Fii!.ligkeit oder, (b) wcnn der Fa.Jligkcits· due date is a Saturday, Sunday, legal tag cin Samstag, Sonntag oder gesetzlicher holiday at the place of performance(§ 14 Feiertag am Erfilllungsort (§ 14 (2)) ist, am (2)), on the next succeeding banking day, darauffolgcnden Bankarbeitstag unterllBt, interest shall continue to accrue beyond cndet der Zinslauf nicht am Falligkeitstag, the due date until the actual redemption sondcm erst mit der Einlosung der Teil of the Bonds, but not beyond the schuldverschreibungen, sp!testcns jcdoch beginning of the fourteenth day after a mit Beginn des vicrzehnten Tages nach notice has been published in accordance eincr Bekanntmachung der Zablstelle ge with § 12 by the Paying Agent to the mafi § 12, da6 dieser die ZUl' Tilgung erfor effect that the necessary ft.Inds for derlichen Mittcl zur V erfilgung gestellt redemption have been provided to the wordcn sind. Paying Agent.

(3) Sind Zin.sen auf einen Zcitraum von (3) If interest is to be calculated for a weniger als einem Jahr zu berechne.n. so period of less than one year each, it shall wcrden sie auf der Orundlagc cines Jahres be calculated on the basis of a 360-day von 360 Tagen, bestehend aus 12 Monaten year consisting of 12 months of 30 days von je 30 Tagen. bcrcchnet. each.

§4 §4 (Rtlcb:ahlung, Rtlckcrwcrb) (Repayment, Repurchase)

(1) Die Teilsc.huldvetSChrcibungen werden (1) The Bonds shall be redeemed at par am 29. Juli 2005 zum Nennbetrag zur

(2) Die Anleiheschuldnerin ist be:rechtigt. (2) The Bo1Towcr is entitled to purchase Teilschuldverschreibungen .im Markt oder the Bonds in the market or otherwise. auf andcrc Weise zu erwerben.

§5 §5 (Voneitige Rilckzahlung) (Early Redemption)

(1) Die Anieilieschuldnerin kann die ( 1) The Borrower is not entitled to call TeilschuldverschJ::eibungen nicht zur vor the Bonds for redemption prior to their :zeitigen Rttckzahlung ldlndigen. stated maturity.

(2) Die ~bcr von Teilschuldverschrei (2) Except as provided in § 11, the bungen kOnnen diese nur gcmlB § I I zur holders of Bonds arc not entitled to vorzeitigcn R11C?kzahlung ldlndigen. demand early redemption of the Bonds. CaseCaseCase 1:14-cv-09095-TPG 1:14-cv-09095-TPG 16-628, Document Document Document 263-6, 03/14/2016, 40-12 32-5 Filed Filed 1726772, 07/23/15 11/13/15 Page8 Page Page of 7 722 of of 21 21

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§6 §6 (Zahlwigen) (Payments)

(1) · Die Anleiheschuldneiin vcrpflichtet (1) The Borrower .irrevocably undertakes sich gemaB diesen Anleihebedingungen to pay, as and when due, interest and unwiderruflich. Zin.sen un'd Kapital bei Fil· principal in such currency as at the time Iigkeit in derjcnigen Wahrung zu z.ahlen, of payment is legal tender in the Federal die zur Zeit der Zahlung gesetzliches Zah· Republic of Germany in accordance with lungsmittel in dcr Bundesrepublik and subject to the terms hereof. Deutschland ist.

(2) Kapita.l und Zinsen werden den Inha (2) The payment of principal and interest bem ausgezahlt, ohne da.B, abgesehen von to the Bondholders shall be made without der Beachtung etwaiger Steuer-, Devisen it being pcnnissible, except for und sonstiger Vorschriften des Landes der compliance with applicable tax, foreign betreffenden Zahlstelle. die Ausfertigung exchange, or other laws and regulations eines Affidavits oder die ErftUlung irgend of the country where the Paying Agent is einer sonstigen FOrmlichkeit vedangt wer located, to require the execution of an den darf. Die EinlOsung crfolgt bei der affidavit or compliance with any other Bayerischen Landesbank Oirozent:rale formality whatsoever. Such payments (nachstehend ,.zahlstelle" genannt). will be made at Bayerische Landesbank Girozentrale (hereinafter called the "Paying Agent"):

(3) Die Zahlsrelle a1s solehe ist aus (3) The Paying Agent in it.s capacity as schlie.Blicb Beauftragte der Anleihcschuld such shall act only as agent of the nerin. Zwischen der Zahlstelle und den Borrower. There is no relationship of AnleihegUlubigem besteht kein Auftrags agency or trust between the Paying Agent oder Treuhandvcrhiltois. and the Bondholders.

( 4) Die Zahlstelle wird die als Zinsen ( 4) Payments of principal and/or interest und/oder K.apital zu zahleru:len Betrage an on the Bonds received from the Borrower die Deutsche B~rsc Clearing AO zur Zah shall be promptly made by the Paying lung an die Inliaber dcr Teilschuldvcr Agent by way of transfer through the schreibungen 'Clberweisen. Deutsche Barse Clearing AG to the Bondholders.

(S) Die Anleiheschuldnerin kann die von (5) The Bo1T0wer may deposit with the den Anleihegllubigem innerhalb von 12 Amtsgcricht in Munich (with or without a Monatcn nach Fa.Iligkeit nicht eriiobenen waiver of the right to withdraw such Betrllge an Zinsen Wld Kapital bei dem deposit) int.erest and principal not claimed Am.tsgericbt MUnchcn unter oder ohne by Bondholders within 12 months after V erzicht auf das Recht zur Rtlcknahme the due date thereof, even though the hinterlegen, auch wenn sich die betrcff'en rcspcctive Bondholders 'lnay not be in den AnleihegUlUbiger nicht im Annahme default of acccPtmice. If and to the extent verzug befinden. Soweit unter V erzicht auf that the deposit is effected and the right das Recht zur Rtlcknahmc hintcrlegt wird, of withdrawal is waived, all claims of the erlischt jeglicher Anspruch der betreffenden respective Bondholders against the CaseCaseCase 1:14-cv-09095-TPG 1:14-cv-09095-TPG 16-628, Document Document Document 263-6, 03/14/2016, 40-12 32-5 Filed Filed 1726772, 07/23/15 11/13/15 Page9 Page Page of 8 822 of of 21 21

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Anleiheglaubiger gegen die Anleiheschuld- BoITower shall cease. nerin.

( 6) Die Republik verpflichtct sich. alle (6) The Republic undertakes to transfer Bct:rage, die zur Erftlllung der sich aus die. to the Paying Agent in lawful money of sen Anleihebcdingungcn ergcbenden Zah the Federal Republic of Germany all lungsvcrpflichtungcn erforderlich sind, iu sums required for the perfonnance of the gcsetzlicher Wahrung der Btmdesrepublik financial obligations arising &om these Deutschland an die Zahlstelle zu t:ransfcrie Tenns oflssue of the Bonds. ren.

§7 §7 (Stcuem) (Taxes)

Aile Zahlungen auf Zinsen und Kapital er· All payments of interest and principal folgen ohne Einbehalt oder Abzug von oder shall be made without withholding or wegen gegenwlirtiger oder zukilnftiger deduction for or on account of any Steuem, Abgaben oder behlSrdlicher GebUh present or future taxes, duties, or rcn irgendwelchcr Art, die von di:r oder fl1r governmental charges of whatsoever die Rcpublik Argen.tinicn oder von irgcnd nature imposed or levied by or on behalf einer dort zur Steuererhebung crmlchtigtcn of the Republic of Argentina or any Stelle auferlcgt od~ crhobcn werden. sofem authority therein having power to tax nicht die .Anleihescbuldnerin kraft Gesetzes (together ..Taxes .. ), unless such vcrpflichtct ist, solche Steuem, Abgaben withholding or deduction is required by -oder GebOhrcn (zusammen: ,,Steuem") ab law. In that event, the Bom>wer shall pay ZU2iehen oder einzubehalten. In diesem Fall such additional amounts as. will result in wird die Anleiheschuldnerin diejenigcn receipt by the Bondholders of such :zusa.ttlichen Betrllgc zahlen, die dazu erfor amounts as would have been received by dedich sind, daB der nach cincm solchen them had no such withholding or Einbehalt oder Abzug verbleibende Netto· deduction been made. No such additional betrag dem Betrag entspricht, der zu zahlen amounts shall, however, be payable with gewescn ware. wenn kein solcher Einbehalt respect to any Bond: oder Ab.zug crfolgt ware. Solche zusatzli chen. Betdlge sind jedoch nicht zahlbar in bezug auf Schuldverschreibungcn:

(a) an einen Anl~ihegllubiger (oder (a) to a holder (or to a third party an einen Dritten zugunsten eines on behalf of a holder) where Anleihglllubigcrs), wcnn dicser such holder is liable to such Anleihcg.liubigcr in bezug auf Taxes in respect of any Bond by Schuldverschreibungcn einer reason of his having some solchcn Steuer aufgnmd einer connection with the Republic of andcren Bczichung zu der Rc Argentina other than the mere publik Argentinien unt.erlicgt als holding of such Bond; or elem blo&n Umstand, dal3 er In habcr der betreffendcn Schqld vcrschreibungen ist; CaseCaseCase 1:14-cv-09095-TPG 1:14-cv-09095-TPG 16-628, Document Document Document263-6, 03/14/2016, 40-12 32-5 Filed Filed 1726772, 07/23/15 11/13/15 Page10 Page Page of 9 9 22of of 21 21

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(b) die mchr· als 30 Tage nach dem (b) presented for payment more ma.Ogeblichen Datum zur Zah than 30 days after the Relevant lung vorgelegt werden., soweit Date except to the extent that nfoht der AnleihegU!ubiger bei the holders thereof would have Vorlage zur Zahlung am· lctzt.en been entitled to additional Tag eines solchen Zeitraums von amounts on presenting the same 30 Tagen ein Recht auf Zahlung for payment on the last day of zusitzlichcr Betrllgc gehabt hllt such period of 30 days. te.

In dem in diescn Anleihebedingungen ver~ As used in th~ Tcnns of Issue, wcndeten Sinn bedeutct ,,maBgeblichcs "Relevant Date" in respect of any Bond Datum" in bezug auf Schuldve'rschreibun means the date on which payment in gen das Datum. an dem Zahlungen darauf respect thereof first becomes due or (jf erstmals Billig werden bzw., falls die Zahl the full amount of the money payable has stelle den gesamten zahlbSl'Cn Geldbetrag not been received by the Paying Agent on nicht an oder vor dem betre:ffenden Fillig or prior to such due date) the date on keitsdatum erhalten hat, das Datum, an elem which notice is duly given to the den Anleihegliiubigcm ordnungsgeml.B Bondholders in accordance with § 12 that gcmiiB § 12 bekannt gemacht wordcn i.st, such moneys have been received and are daB die betre:ffenden Oeldbetr!ge cingcgan available for payment. Any reference to gen sind tmd zur Zahlung bereitstehen. Be "principal" and/or "interest•' shall be zugnahmen in diesen Anleihebedingungcn deemed to include any additional auf Zinsen und/oder K.apital der Schuldver amounts which may be payable under this schreibungen schlie&n geml.6 diesem § 7 § 7. zu zahlende zusltzliche Betrilge ein.

§8 §8 (Vorlegungsfrist) (Presentation Period)

Die in § 801 Absatz 1 Satz 1 BGB be The period for presentation provided in stimmte Vorlegungsfrist wird fiir die Teil § 80 I paragraph 1 sentence 1 of the schuldverschreibungen auf zehn Jahre ab German Civil Code - Bilrgerliches gektlr.zt. Die Vorlegung der Teilschuldver Oesctzbuch • is reduced to ten years for sc~ibllllgen erfolgt durch Obenragung der the Bonds. The Bonds shall be presented jeweiligen Miteigentumsanteile an der Olo by transfer of the - co-ownership balurkundc auf das Konto der Zahlstelle bei participations in the Global Bearer Bond der Deutsche Borse Clearin'g AG. to the account of the Paying Agent with Deutsche Borse Clearing AO. CaseCaseCase 1:14-cv-09095-TPG 1:14-cv-09095-TPG 16-628, Document Document Document 263-6, 03/14/2016, 40-12 32-5 Filed Filed 1726772, 07/23/15 11/13/15 Page11 Page Page of10 10 22 of of 21 21

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§9 §9 (Status, Negativvezpflichtung) (Status, Negative Pledge)

( 1) Die Schuldverschreibungen stellen vor (1) The Bonds constitute (subject to behaltlich der Absitze (2) und· (3) wunittel subparagraphs (2) and (3)) direct, bare, unbedingte, wibesicherte und nicht unconditional, unsecured and nachrangige V erpflichtungen dcr Republik unsubordinat.ed obligations of the dar, die untcrcinandcr stets in glcichcm Republic and shall at all times rank part Rang stehen. passu and without any preference among theinselves. ·

Die Zahhmgsverpflichtungen dcr Republik The payment obligations of the Republic aus den Schuldverschreibungen werden . under the Bonds shall (subject to vorbehaltlich der AbslU.e (2) und (3) stets subparagraphs (2) and (3)) at all times mindestens im gleichen Rang stehen mit rank at least equally with all its other allen ihren sonstigen gegenwlrtigen und present and ·future wisccured and zukiinftigen unbesicherten und nicht unsubordinated External Indebtedness (as nachrangigen Auslandsverbindlichkeiten defined below). (wie nachstehend definiert).

(2) Solange Schuldverschreibungen ausste (2) So long as any Bond remains hen, jedoch nur bis ~ dem Zeitpwikt, an outstanding, but only up to the time dem die Schuldverscbreibungen fiillig und when, upon maturity of the Bonds, the alle Betrllge an Kapital ordnungsgemiB payment of all amounts of principal and bereitgestellt worden sind, wird die Repu interest has been duly provided for, save blik vorbehaltlich der Ausnahmen gemiB for the exceptions sCt out in subparagraph Absatz (3) ihre Vcrmogcnswertc oder Ein (3), the Republic will not create or permit kUnfte insgesamt oder teilweise kcinen so subsist any lien, pledge, mortgage, Gnmdpfandrechtcn. Mobiliarpfandrcchten, security interest, deed of trust, charge or Hypotheken, urkuncllichen Sichenmgsrech other encumbrance or preferential ten oder sonstigen Sichenmgsrechten oder arrangemc:nt which has the practical Vorrangvercinbarungen, die ein Sichenmgs effect of constituting a security interest rcoht faktisch begrilnden (,,Lien'') unter <:'Lien") upon the whole or any part of its werfen oder den Fortbestand eincr solchen assets or revenues to secure any Public Belastung zulassen, um cine offentliche External Indebtedness (as defined. below) Auslanclsverbindlichkeit (wie nachstehend of the Republic unless. at the same time defi.oiert) der Rcpublik zu bcsichem. es sci or prior thereto, the Republic's demi, die Verbindlichkeiten der Republik obligations under the Bonds are secured aus den Schuldverschrcibungcn werden equally and ratcably thereWith. gleichzeitig oder vorhcr in gleichcm Rang und V crhal1nis besichert.

(3) Folgende Ausnahmen gelten fUr die in (3) The following exceptions apply to the Absatz (2) ge:nannten· Vcrpflichtungen der Republic's obligations under subpara Repub1ilc: graph (2): CaseCaseCase 1:14-cv-09095-TPG 1:14-cv-09095-TPG 16-628, Document Document Document 263-6, 03/14/2016, 40-12 32-5 Filed Filed 1726772, 07/23/15 11/13/15 Page12 Page Page of11 11 22 of of 21 21

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(i) jcdes Sicherungsrecht au Eigcntum (i) any Lien upon property to secure zur Bcsichcrung von Oft'entlichen Public External Indebtedness of the Auslandsverbindlichkeiten dcr Rc Republic incurrred for the purpose publik, die zum Zwcck der Finamic of financing the acquisition of such rung des Erwerbs solchen Eigentums property; any renewal or extension eingcgangen wurden; jede Emeue of any such Lien which is limited to rung oder VcrUlngcrung eines sol the original property covered chen Sicbenms~hts, die auf das thereby and which secures any ursprUnglich unbesicherte Eigentum renewal or extension of the original beschr!nkt ist u.nd die der Besiche secured financing; rung eincr Erneuerung oder Verlan gerung dcr ursprUnglich besicherten Finanzierung client;

(ii) jcdes Sichcrungsrecht, das an sol (ii) any Lien existing on such property chem Eigentum zum Zeitpunkt von at the time of its acquisition to dessen Erwerb 2l1In. Z~k der Bcsi secw-e Public External Indebtedness chenmg von otfentlichen Auslands of the Republic and any renewal or verbindlichkeitcn der Republi.k be extension of any such Lien which is steht. und jede Emeuerung oder limited to the original property V erUlngenmg eines solchen Siche covered thereby and which secures rungsrechts, die auf das ursprilnglich any renewal or extension of the bcsichertc Eigentum beschrankt ist original secured financing; wid die der Besicherung einer Er neuenmg oder V crllngcrung der ur sprOnglich besicherten Finanzierung d.ient;

(iii) jedes Sicherungsrccht, das in Ver (iii) any Lien created in connection with bindung mit Transaktioncn gemlB the transactions contemplated by dem Finanzierungsplan 1992 dcr Re the Republic of Argentina 1992 publik Argentinien vom 23. Juni Financing Plan dated June 23, 1992 '1992 ( der ,,Finanzicrungsplan 1992'') (the "1992 Financing Plan") and the und der Umsetzung der diesbezilgli implementing documentation chen Dokumcntation bestcllt wurde, therefor, including any Lien to einschlie.Blich der Sicberungsrccbtc secure obligations under the zur Besichcrung von Verp:flichtungen collatcraliscd bonds issued aus in diescm Zusammcnhang bege thereunder (the "Par_ and Discowit benen, besicherten Schuldverschrci Bonds") and any Lien securing bungen (die ,.Par- wid Discount indebtedness outstanding on the Schuldverschreibungen") sowie Si date hereof to the extent required to cherungsrcchtc zur Bcsichcrung von be equally and rateably secured V erbindlichkeiten, die am Datum with the Par and Discount Bonds; dicscr V crcinbarung ausstehen, so weit diese im gleichcn Rang WJd V erhliltnis mit den Par- uud Dis· count-Schuldverscbreibungen be sichert werden mOssen; CaseCaseCase 1:14-cv-09095-TPG 1:14-cv-09095-TPG 16-628, Document Document Document 263-6, 03/14/2016, 40-12 32-5 Filed Filed 1726772, 07/23/15 11/13/15 Page13 Page Page of12 12 22 of of 21 21

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(iv) jedes Sicherungsrecht. das am Tag (iv) any Lien in exist.ence on the date of der Begebung der Schuldverschrci issue of the Bonds; bung besteht;

(v) jedes Sicherungsrecht zur Besiche (v) any Lien securing Public External rung von offentlichen Auslandsver indebtedness of the Republic issued bindlichkeiten der Republik, die an upon surrender or cancellation of l!Blich eincs RQcke:iwerbs oder einer any of the Par and Discount Bonds Entwcrtung von Par- und DiscoWlt of the principal amount of any Schuldverschrcibungen eingegangen indebtedness outstanding as of June werden, oder des Kapitalbetrages von 23, 1992, in each case, to the extent am 23. Juni 1992 ausstchenden Ver such Lien is created so secure such bindlichkeiten, und zwar jeweils so public Extcma,1 Indebtedness on a weit ein solches Sic:herungsrccht eil,le basis comparable to the Par and Offentlichc Auslandsverbindlichkeit Discount Bonds; auf einer mit den Par- und Di.scount Schuldvcrschreibungen vergleich baren Basis besichert;

(vi) jedes Sicherungsrecht an jeglichen (vi) any Lien on any of the Par and Par- und Discount-Schuldver,schrei Discount Bonds and bungen und

(vii) jedes Sicherungsrecht zur Besiche (vii) any Lien securing Public External rung von Offentlichen Auslandsver,. Indebtedness incurred for the bindlichkeit.cn, die zum Zweckc der puipose of financing all or part of Finanzienmg ~ TeiJfinanzienmg the .costs of the acquisition, dcr Kosten des Erwerbs, der Emch construction or development of a tung oder Entwickl\lng eines Projekts project provided that (a) the holders eingegangen wurden, vorausgesetzt, of · such Public Extemal daB (a) die GUlubiger einer solchen Indebtedness expressly agree to offentlichcn Auslandsverbindlichkeit limit their recolll'SC to the assets and sich ausdrllcklich mit eincr Be revenues of such project as the sclnilnkung ihres Rilckg:riffs auf principal SOW'CC of repayment of Vennogcnsgcgcnstinde oder Ein such Public Ext.ernal Indebtedness ktlnfte aus ein.em solchen Projekt als and (b} the property over which Hauptrllckz.ahlungsquelle einverstan such Lien is granted consists solely den erklart haben und (b) das Eigen of such assets and revenues. nun, an dem ein solches Sichenmgs recht gewilhrt wird, ausschlieJ31ich aus solchen Venn~gensgegenstanden und oder EinkO.nftcn besteht.

( 4) Im in diesen Anleihebedingungen vcr (4) As used in these Tenns oflssue of the wendeten Sinn bedeutct: Bonds: CaseCaseCase 1:14-cv-09095-TPG 1:14-cv-09095-TPG 16-628, Document Document Document 263-6, 03/14/2016, 40-12 32-5 Filed Filed 1726772, 07/23/15 11/13/15 Page14 Page Page of13 13 22 of of 21 21

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,,Auslandsverbindlichkeit.. alle V erpflich "External Indebtedness" means tungen, mit Ausnahme dcr Schuldver obligations other than the Bonds for schreibungen. aus aufgenommcnen Geldem borrowed money or evidenced by bonds, oder V erptlichtungen, die in Schuldvcr debentures, notes or other similar schreibWlgen oder ilhnlichcn Wertpapieren instruments denominated or payable, or vcrbrieft sind und ·auf cine andcre Wlhnmg which at the option of the holder thereof als die gesetzlichc Wlhrung der Rcpub!ik may be payable, in a CWTency other than lauten oder bcsti.mmungsgema.13 oder nach the lawful currency of the Republic Wahl des Inhabers in einer anderen Wah provided that no Domestic Foreign rung als der gesetzlichen WEl.hrung dcr R.e Currency Indebtedness shall constitute publik zablba:c sind, wobei jed.och cine External Indebtedness; .. Inlandische Fremdwihrungsvcrbindlich keit.. keine Auslandsvcrbindlichkcit be- grQndct; · ·

"Offcntliche Auslandsvcrbindlichkcit'' in ,,Public External Indebtedness" means, bczug ~uf die Republik, jede von der Re with respect to the Republic, any External publik cingegangcnc oder garantierte Aus· Indebtedness of. or guaranteed by. the landsverbindlichkeit dcr Republic, die (i) in Republic, as the case ~y be, which (i) is Wertpapiermarlcten lSffcntlich angeboten publicly offered or privatly placed in oder privat plazicrt ist, (ii) in der Form von securities markets, (ii) is in the fonn of, Schuldverscbreibungen oder anderen Wcrt or represented by, bonds, notes or other papieren verbrie.ft ist, einschlieJ3lich einer securities or any guarantees, thereof and Garantie hierfilr und (iii) an einer Wertpa (iii) is, or was int.ended at the time of pieroorse, in eincm automatisierten Han issue to be, quoted, listed or traded on delssystcm, im Freivcrkehr oder cinem an any stock exchange, automated trading dcrcn Wertpapicnnarkt noticrt, eingcfilhrt system or over-the-counter or other oder gchandelt wird oder im Zeitpunkt dcr secwitics market including, without Bcgebung noticrt, eingcfUhrt oder gcbandelt prejudice to the generality of the wcrden sollte, einschlicBlich, ungcachtet foregoing, sccunucs eligible for dcr AllgerncingUltigkeit des V orhergehcn PORTAL or a similiar market for the den, von Wertpapi~ die zum Handel in trading of securities eligible for sale PORTAL oder eineJn iilmlichen Markt filr pursuant to Rule 144 A under the U.S. den Handel von Wcrtpapi~n gcmA8 RuJe Secwitics Act of 1933 (or any successor 144 A des Securities Act der V ercinigten law or regulation of similar effect); Staaten von Amcrika von 1933 (oder einer gesetzlichen oder sonstigen Nachfolgcbe stimmung mit lhnlichem lnhalt) zugelassen sind;

,jn1andische Fremdwabrungsverbindlich- ,,Domestic Foreign CWTency keit" bcdcutet: Indebtedness" means:

(i) die folgenden Verbindlichkeitcn: (a) (i) the following. indebtedness: (a) Bonos de Tesoro, begcben gem!.B De Bonos des Tesoro issued under kret Nr. 1527/91 und Dekret Nr. Decree No. 1527/91 and Dec.rec No. 1730/91, (b) Banos de Consolidacion, 1703191, (b) &mos de Consolidacion begeben gem.IB Ocsctz Nr. 23,982 und issued under Law No. 23,982 and CaseCaseCase 1:14-cv-09095-TPG 1:14-cv-09095-TPG 16-628, Document Document Document 263-6, 03/14/2016, 40-12 32-5 Filed Filed 1726772, 07/23/15 11/13/15 Page15 Page Page of14 14 22 of of 21 21

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Dela-et Nr. 2140/91, (c) Bonos de Con Decree No. 2140/91, (c) Bo'TICs de so/idacion de Deudas Previsionales. Consolidacion de Deudas bcgebcn gem!B Gesetz Nr. 23,982 und Prevtslonales issued Wider Law No. Dekret Nr. 2140/9, (d) Bonos de la Te 23,982 mid Decree No. 2140/91, (d) soreria a 10 A.ilos ck Plaza, begebcn Bonos de Ia Tesorerla a 10 .A.ifos de gemiB Dekrct Nr. 211192 und Delaet P/azo issued under Decree No. Nr. 526/92, (e) Bonos de Ia. Tesoreria 211/92 and Decree No. 526/92, (e) a 5 A.nos de Plazo, bcgeben gemW3 &nos de la Tesorerfa a 5 Anos de Dekret Nr. 211/92 und Delaet Nr. Plazo issued under Decree No. 526192, · (f) Ferrobonos. begeben ge 211/92 and Decree No. 526/92, (f) maB Dckrct 52/92 und Dckret Nr. Ferrobonos issued under Decree No. 526192, (g) Bonos de Consolidacion 5'2192 and Decree No. 526/92. · (g) de Regattas de Hidrocarburos a J6 BoMs de Consol~ion de Regalia.s A.nos de Plazo, bcgcbcn gcmaB Delcret de Hidrocarburos a 16 A.lfos de Nr. 2284/92 und Delaet Nr. 54/93, und Plazo issued under Decree No. (h) Bonos de/ Tesoro a Medtano Plazo 2284/92 and Decree No. 54/93, (h) en Do/ares Estadounidenses, bcgebcn Bonos tkl Tesoro a Mediano Plazo gemllB Ocsctz Nr. 24,156 und Dckrct en Dolares &tadounidenses issued Nr. 340/96, und (i) Bonos de Consolt under Law No. 24,156 and Decree daci6n, bcgcbcn gcmlB Gesetz Nr. No. 340/96 and (i) Banos de 24.411 und Delaet Nr. 726/97, und Consoltdacion issued under Law No. 24,411 and Decree No. 726/97, and

(ii) jcde V erbindlichkeit, die im Aus (ii) any indebtednesss issued in tausch oder als Ersatz ftlr die vorste exchange, or as replacement, for the hend unter (i) aufgefiihrten Verbind indebtedness referred to in (i) above, lichkciten eingcgangen wird, und and

(iii) jede andere Verbindlichkeit, die ge (ill) any other indebtedness payable by its mAB ihren Bedingungcn oder nach texms, or which at the option of the Wahl des lnhabers der Forderung in holder thereof rnay be payable, in a irgendeiner andercn Wlhrung als der currency other than the lawful gesctzlichen Wlhrung der Republilc currency of the Republic of Argcntinicn zahlbat ist und die (a) Argentina which is (a) offered ausschlicSlich innerhalb der Repu exclusively within the Republic of blik Argentinicn angebotcn wird oder Argentina or (b) issued in payment, (b) zum Zweck von Zahlung. Aus excbaogc, substitution, discharge or tansch, Tilgung oder Ersatz von replacement of indebtedness payable V erbindlichlceiten begeben wird, die in the . lawful cunency of the in dcr gesctzlichen Wlhrung der Re Republic of Argentina; provided that publilc Argentinien z:ahlbar sind, mit in no event shall the following der MaBgabe, daB in keincm Fall die indebtedness be deemed to constitute folgenden V erbindlichkeiten "Domestic Foreign CWTency ,,lnltindischc Frcmdwahrungsver· Indebtedness": (x) Bonos Externos bindlichkeitcn" darstellen: (x) Bonos ~ la Republica Argentina issued Extemos de la Republica Argentina, under Law No. 19,686 enacted on bcgebcn gcmi8 Gesetz Nr. 19,686, in June lS~ 1972 and (y) any Kraft gctreten am IS. Juni 1972 und indebtedness issued by the Republic CaseCaseCase 1:14-cv-09095-TPG 1:14-cv-09095-TPG 16-628, Document Document Document 263-6, 03/14/2016, 40-12 32-5 Filed Filed 1726772, 07/23/15 11/13/15 Page16 Page Page of15 15 22 of of 21 21

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(y) jcglichc Vcrbindlichkeit, die von in exchange, or as replacement, for der Republik im Austausch oder als any indebtedness referred to in (x) Ersatz fllr jede unter (x) genannte above. Verbindlichkeit bcgebcn wurde.

§ 10 § 10 (Zahlstellenfunktion) (Paying Agency)

(1) Die Bayerische Lande:;bank: ist (1) Bayerische Landesbank shall be the Zahlstelle. Paying Agent.

(2) Sollten irgendwelche Ereignisse ein (2) Should any events occur which in treten, .die nach Ansicht der Bayerischen the opinion of Bayerische Landesbank Landesbank dazu filhrcn, da8 sic nicht in would result in its being unable to act as der Lage ist, als Zahlstelle tltig zu werden, Paying Agent, it shall promptly notify the so hat sie wngehend die Anleiheschuldnerin Borrower of its inability. Bayerische davon zu benachrichtigen. Die Bayerische Landesbank, with the prior consent of the Landesbank ist mit schriftlicher Einwilli Borrower, shall be entitled to appoint as gung der Anleiheschuldnerin berechtigt, Paying Agent another bank of cine anderc Bank von internationalem Rang international standing. Should, in such als Zahlstelle zu bestellen. Sollte die Baye case, Bayerische Landesbank be unable, rische Landesbank in einem derartigen Fall· or fail, to transfer its responsibilities as auBerstande sein oder cs unterlassen, die Paying Agent, "1te Borrower shall be Obertrag~g der Stellung als Zahlstelle vor entitled and obliged to do so. The zunehmen, so ist die Anleihcschuld.nerin appointment of another Paying Agent berechtigt und verpflichtet, dies zu tun. Die shall be published without delay by both Bestellung eincr andercn Zahlstelle ist von Bayerische Landesbank and the Borrower der Bayerischen Landesbank uud von der in accordance with § 12, or should this Anleiheschuldnerin unverzQglich genliiB § not be possible, in some other way. 12 oder, falls dies nicht mOglich sein ~lite, in sonstiger Weise Offentlich bekanntzuma chen.

(3) Die Zahlstelle haftet daraus, daB sie (3) The Paying Agent shall be held Erklirungen abgxot, nicht abgibt oder ent responsible for giving, failing to give, or gegennimmt oder Handlungen vomimm.t accepting ~ ~cclaration. o~ for acting or oder untcrlisst, D'Ul', wenn und soweit sie failing to ~ only if, and insofar as, it die Sorgfalt eines ordentlichcn Kaufmanns fails to show the due care of a proper verletzt hat. merchant.

( 4) Die Zahlstclle ist von den Bescluiin ( 4) The Paying Agent shall be exempted kungen des § 181 BGB und etwaigen from the restrictions of § 181 of the gleichartiiicn Beschrl!nkungen des anwend German Civil Code and any similar barcn Rcchts anderer Lander befreit. restrictions of the applicable laws of any other country. CaseCaseCase 1:14-cv-09095-TPG 1:14-cv-09095-TPG 16-628, Document Document Document 263-6, 03/14/2016, 40-12 32-5 Filed Filed 1726772, 07/23/15 11/13/15 Page17 Page Page of16 16 22 of of 21 21

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§ 11 § 11 (KUndigungsrccht dcr Anleiheglaubiger) (Events of Default)

(I) Wenn irgendeines dcr folgenden Ereig (1) If any of the following events njsse (,,KUndigungsgrilnde") cintritt und ("Events of Default") occurs and is fortbesteht, ist jeder Inhaber von Schuldvcr continuing, the holder of any Bond may, schreibungen berechtigt, mittels schriftli upon written notice to the Paying Agent cher Erkliirung gcgenilbcr der Zahlstelle, given before all defaults in respect of all die vor Heilung aller KUndigwigsgrUnde of the Bonds shall have been cured, bczUglich aller Schuldvcrschreibungen ab declare such bond to be immediately due gegeben wcrden muB, diesc Schuldvcr and payable together with accrued schreibungen ZUZO.glich aufgelaufencr Zin interest thcron, as of the date on which scn mit Wirkung ab Zugang der KUndi· such notice is received by the Paying · gungserldArung bei der Zahlstelle flllig und Agent: zahlbar zu stellen:

(a) Nichtzahlung: die Rcpublik untcrliBt (a) Non Payment: the Republic fails to die Zahlung von Kapital auf irgendei pay any principal of any of the ne der SchuldverschrcibWlgcn bci Fiil Bonds when due and payable or ligkeit und Zahlbarkeit oder unterlW3t . fails to pay any interest on any of die Zahlung von Zinsen auf irgendeine the Bonds when due and payable der Schuldverschrcibangcn bci Flllig and such failure continues for a keit und Zahlbarkeit und dieses Unter period of 30 days; or lasscn daucrt Uber einen Zcittaum von 30 Tagen an; oder

(b) Ver/erzung anderer Verpjllchrungen: (b) Breach of Other Obligations: the die Republik erfilllt oder beachtet ei Republic docs not perform or nen oder mehrerc sonstige, sich aus comply with any one or more of its den Schuldverschrcibungen ergcbcn other obligations in the Bonds, den V expflichtungen nicht und diese which default is incapable of Nichterftlllung ist cmtweder nicht heil remedy or is not remedied within bar oder ist nicht innerhalb von 90 Ta 90 days after notice of such default gcn nach einer Bcnachrichtigung der shall have been given to the Paying Zahlstelle durch cinen Inhabcr von Agent by the holder of any Bond; Schuldverschrcibungcn geheilt wor or den; oder

( c) Cross Default: der Eintritt eines Er (c) Cross Default: any event or eignisses oder einer Bedingung hat die condition sball occur results in vorzcitige Fllli&Jc.eit (mit Ausnahme the acceleration of the maturity von wahlwciser oder pflichtgemiJ3er (other than by optional or Rilckzahlung vor Fai.ligkeit) einer Of mandatory prepayment or fentlichen Auslandsvcrbindlichkcit der redemption) of any Public Republik im Gcsamtnennbetrag von External Indebtedness of the USO 30.000.000,- oder mehr zur Fol Republic having an aggregate ge, oder Nichtzahlung bei Fllligkeit principal amount of und Zahlbarkeit von Kapital, Aufgeld, USO 30,000.000 or more, or any CaseCaseCase 1:14-cv-09095-TPG 1:14-cv-09095-TPG 16-628, Document Document Document 263-6, 03/14/2016, 40-12 32-5 Filed Filed 1726772, 07/23/15 11/13/15 Page18 Page Page of17 17 22 of of 21 21

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GebUhr fi1r vorzcitigc Tilgung (soweit default in the payment or principal cin.schliigig). oder Zinsen auf eine sol of, or premium or prepayment che offentli~ Auslandsverbindlich charge (if any) or interest on, any keit im Gesamtnennbetrag von USD such Public External Indebtedness 30.000.000,-- oder mchr, falls cine having an aggregate principal solche Nichtzahlung linger als einc amount of USO 30,000,000 or gcgcbenenfalls ursprOnglich anwend more, shall occur when and as the barc Nachfrist andauert; oder same shall become due and payable, if such default shall continue for more than the period of grace, if any, originally applicable thereto; or

(d) Moratorium: cin Moratoriwn hin (d) Moratorium: a moratorium on the sichtlich der Zahlung vo~ K.apital und payment of principal of, interest on, Zinsen ein.er Oft'entlichen Auslands the Public External Indebtedness of verbindlichkcit der Republik wird the Republic shall be proposed or durch die Rcpublik vorgcschlagen declared by the Republic; or oder erklart; oder

(c) Rechrsgtiltigkeil: die Recht.sgilltigkcit (e) Validity: the validity of the Bonds der Schuldvcrschreibungen wird von shall be contested by the Republic. der Republik bestritten.

Das Recht, die Schuldversc:hrcibungen flll The right to declare Bonds due shall lig zu stellen, crlischt zu dem Zeitpunkt, an terminate as at the time that all amounts dem alle Betrage an Kapital und Zinsen auf of principal of: and interest on, the Bonds die Schuldverschreibungcn der Zahlstellc have been placed at the disposal of the zur Verfilgung gestellt worden sind. Paying Agent.

(2) Einc Bcnachrichtigung oder KOndigung (2) Any notice, including any notice gelnaB Absatz (1) hat in der Weise zu crfol declaring Bonds due in accordance with gcn, daB der Zahlstcllc cine schriftlichc subparagraph (1) shall be made by means Erklirung Ubergeben oder durch einge of a written delivered declaration by hand schriebenen Bricfttbcrmittelt wircl or registered mail to the Paying Agent.

(3) In jcdem der in Absatz (1) (b) bis (d) (3) In any of the events" specified in genannten Fillc wird cine KOndigung, so subparagraph (I)' (b) through (d) any fcrn nicht bei deren Eingang zugleich einer notice declaring Bonds immediately due der anderen in Absatz ( 1) bezeichnetcn and payable shall, unless at the time such Ktlndigungsgrllnde vorliegt. erst wirksam, notice is received, any of the other events wenn bei dcr Zahlst.e~le Ktlndigungserkli specified in subparagraph ( 1) entitling rungen von Inhabem von Schuldverschrei holders of Bonds to declare their Bonds bungen im Nennbctrag von mindcstcns due has occurred, become effective only DM 75.000.000,- oder (falls diese wcnigcr when the Paying Agent has received such als DM 75.000.000,~ ist) eincm Zchntel des notices from the holders of at least CaseCaseCase 1:14-cv-09095-TPG 1:14-cv-09095-TPG 16-628, Document Document Document 263-6, 03/14/2016, 40-12 32-5 Filed Filed 1726772, 07/23/15 11/13/15 Page19 Page Page of18 18 22 of of 21 21

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Nennbetragcs der dann ausstehcnden DM 7.5,000,000 in principal amount or (if Schuldverschreibungen eingcgangen sind. this is less than ·oM 75,000,000) one tenth in principal amotmt of the Bonds then outstanding.

§ 12 § 12 (Bckanntmachungen) (Notices)

Bekanntmachungen, wclchc die Teilschuld Notices relating to the Bonds shall be vcrschreibungen betrc:ffen, werdcn im Bun published in the Bundcsanzeigcr (German desanzeigcr und in mindestens cinem Federal Gautte) and in at least one Pflichtblatt dcrjenigen deutschen Wertpa newspaper designated by the German pierbOrsen veroffcntlicht, an dcnen die Tcil stock exchanges on which the Bonds are schuldverschreibungcn zum Handel mit listed for trading with official quotation. amtlichcr Noticrung zugclassen ~d; Zur For legal purposes. the publication in the R.echtswirksamkcit genilgt die Beka.nntma Bwidesanzeiger shall suffice. chung im Bundesanzciger.

§ 13 § 13 (Begebung wciterer Schuldvcrschreibtm· (Issue of Additional Bonds, gen; Zusammenfassung Consolidation) mit weiteren Schuldverschreibungcn)

(1) Die Anlcihcschuldnerin bchalt sich (l) The Borrower reserves the right from das Recht vor, von Zcit zu Zeit ohne Zu time to time without the consent of the stixnmung dcr Anleihegllubiger weitcrc Bondholders to issue additional bonds Schuldverschreibungen mit glcichcr Aus with identical terms, so that the same stattung zu begeben in der Weise, daB sie shall be consolidated, form a single issue mit den TcilschuldverschreibUilgen zusam with and increase the aggregate principaJ mengef&at werde.n, eine cinhcitliche Anlci amount of the Bonds. The term ..Bonds" hc mit ihnen bildcn und ihrcn Ocsamtnenn shall, in the event of such increase, also bctrag erh6hcn. Der Begri.ff comprise such additionally issued bonds. ,,Teilschuldverschreibungcn" umfaJlt im Fall einer solchen ErhOhung auch soJche zudtzlich begcbcnen SchuldvcrschreibWl gen.

(2) Die Rcpublik behllt sich ferner das (2) The Republic may also from time to Recht vor, die Schuldvcrschreibungcn jc time. without the consent of the derzeit ohnc Zustimmung dcr A:aleihcgc Bondholders consolidate the Bonds with laubiger mit cincr oder mehreren von ihr one or more issues of other bonds issued begcbcnen andercn Schuldverschreibungen by it, which are originally denominated in zusamrncnzufasscn. welchc bei ihrer Begc ECU, Euro or a cummcy substituted by bung auf ECU, Euro oder cine durch den the Euro and are, in respect of all periods Euro ersetzt.e Wihrung gelautet habcn und subsequent to such consolidation, subject die filr allc ZeitriiUme nach der Zusammen- to the same Terms of Issue as the Bonds. CaseCaseCase 1:14-cv-09095-TPG 1:14-cv-09095-TPG 16-628, Document Document Document 263-6, 03/14/2016, 40-12 32-5 Filed Filed 1726772, 07/23/15 11/13/15 Page20 Page Page of19 19 22 of of 21 21

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fassung dcnsclbcn Anlcihcbcdingungen unterliegen wie die Schuldverscbrcibungen.

§ 14 § 14 (Anwendbares Rech~ Erfilllungsort (Oovcming Law, Place of Performance. Gerichtsstand, lmmunitJJ.tsve1'2icht) Jurisdiction, Waiver ofimmunity)

(1) The Bonds, both as to form and ( 1) Fonn und Inhalt der Schuldvcrschrei content, as well as the rights and duties of bungen sowie die Rcchte und Ptlichtcn der the Bondholders, the Republic and the Anlcihegllubiger, der Rcpublik und dcr Paying Agents shall in all respects be Zahlstellcn bestimmen sich in jeder Hin determined in accordance with Gennan sicht nach deutschcm Recht. law.

(2) ErfW.lungsort und . Geric:htsstand ist (2) Place of performance and place of Mtlnchen. jwisdiction shall be Munich.

(3) Die R.epublik untcrwirft sich hiermit (3) The Republic hereby ilTcvocably unwiderruflich dcr nicht ausschlicBlichen submits to the non-exclusive jurisdiction Gerichtsbarkcit jcdcs deutschen Gerichts of any German court sitting in Frankfurt mit Sitz in Frankfurt am .Main und jcdcs am Main and any Federal court sitting in Bundesgerichts mit Si1z in dcr Stadt Buenos the City of Buenos Aires as well as any Aires cbenso wic deren Berufungsgcrichten appellate court of any thereof, in any suit. in jeder Rechtsstreitigkcit, jedem gerichtli· action or procccding against it arising out chcn oder sonstigcn V crfahren gegen sic of or relating to these Bonds. The aufgrund oder im Zusammcnhang mit den Republic hereby irrevocably waives - to SchuldvetSchrcibungcn. Die Republik ver the fullest extent it may effectively do so zichtet hicrmit unwidenuflich in dem ihr - the defense of an inconvenient forwn to rcchtlich weitcstmOglichcn Umfang auf den the maintenance of such suit or action or Einwand der fehlendcn Gcrichtsbarkeit zur such proceeding and any present or future Durchfilhrung eines solchcn Rechtsstreits, objection to such suit, action or gerichtlichcn oder sonstigen gegen"'lrtigen proceeding whether on the grounds of oder zukOn.ftigen Einw!ndc gegen solche venue, rcsidc::nce or domicile. The Rcchtsstrcitigkcitcn. gerichtlichc oder Republic agrees that a final proceeding in sonstige V erfahrcn auf Grund VOil '3rtlichcr the courts mentioned above shall be Zustandigkeit, Wobn.sitz oder Zahlungsort. conclusive and may be enforced in other Die Rcpublik crkcnnt an. da& ein cndgOlti jurisdictions by suit on the judgement or gcs Urtcil in einem R.echtsstrcit, gcrichtli any other matter provided by law. - chen oder sonstigcn Vcrfahren vor de11 oben genannten Gerichten bindcnd ist und in andcren R.echtsordnungen im Klagcwcg oder aufgrund cincs andc:ren Rechtsstreits vollstreckt werden .kann.

(4) In dem Ausma8, in dem die Rcpublik (4) To the extent that the Republic has or derzeit oder zukQnftig Immunitlt (aus ho hereafter may acquire any inununity heitlicben oder aus ~onstigen Grilnden) von (sovereign or otherwise) from jurisdiction CaseCaseCase 1:14-cv-09095-TPG 1:14-cv-09095-TPG 16-628, Document Document Document 263-6, 03/14/2016, 40-12 32-5 Filed Filed 1726772, 07/23/15 11/13/15 Page21 Page Page of20 20 22 of of 21 21

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der Gerichtsbarkeit irgendcines Gerichtcs of any court or from any legal process oder von irgendeinem rechtlichen V erfahren (whether through service or notice, (ob · bci Zustellung, Benachrichtigung. attachment prior to judgement. Pfiindung. VoJlstrec.kung oder in sonstigem attacbement in aid of execution, Zusammenhang) in bezug auf sich selbst execution or otherwise), with respect to oder ihre Einkan:fte, ihr Vermtsgen oder itself or its revenues, assets or properties, Eigentum besitzt oder erwerben solltc, ver the Republic hereby irrevocably waives zichtet die Republik hiermit in bezug auf such immunity in respect of its ihre Verptlichtungen in dem Umfang, in obligations under the Bonds to the extent dem sie dazu gemaB anwendbarcm Recht it is permitted to do so under applicable bercchtigt ist, auf Immunit!t. law.

Unbeschadet des Vorstehenden werden Notwithstanding the foregoing attach dw-ch argentinische Gerichte Pflindungen ment prior to judgment or attachment in vor einer gcrichtlichen Entscheidung oder aid of execution will not be ordered by zur Sicherung der Zwangsvollstreckung Argentine courts in respect of (i) the nicht angcordnet im Hinblick auf (i) Ver assets which constitute freely available mogenswerte, die entsprechend Artikcl 6 reserves pursuant to Article 6 of the des Konvertibilit!tsgcsc:tzes frei verfUgbare Convertibility Law, (ii) property of the Reserven darstellen, (ii) in Argentinien be public domain located in the territory of legene Venn~gensgegenstlJnde, die C>ffentli Argentina included within the provisions ches Eigentum in Sinne der Artikel 233 7 of Articles 2337 and 2340 of the Civil Wld 2340 des argentinischcn Zivilgcsetzbu Code of Argentina, (iii) property located ches darstellen, (iii) in Argentinien belege in the tcmtoty of Argentina which is ne V ermtsgensgegenstindc, die der Etbrin dedicated to providing an essential public gung unvcrzichtbarer staatlichcr Dienstlei service, and (iv) property covered by stungen gewidmct sind und (iv) VennO Anicles 66 and 67 of the Permanent gensgegcnstande im Sinnc der Artikel 66 Supplementary Budget Law. und 67 des Haushaltsgesetzes.

(5) FUr etwaige Streitigkeiten oder sonstige {S) For any legal disputes or other Verfahren vor deutschen Gericbten bestcllt proceedings before German courts. the die Republik die FIDEUROP Treuhandge ~ublic appoints FIDEUROP sellscbaft :fnr den gemeinsamcn Markt Trcuhandgesellschaft fUr den mbH, Marie-Curie-Stra6e 30, D-60493 gemeinsamcn Markt mbH, Marie-Curie Frankfurt am Main. zum Zustellungsbc Stra.Be 30, D-00493 Frankfurt a.rn Main, vollmachtigtcn. as authoriz.cd agent for accepting service of process.

§ 15 §15 (Teilnichtigkeit., Schuldbefreiung, (Partial Invalidity, Discharge, Stamp Stempelsteuern, Sprachc) Duties, Language)

(I) Sollte eine Bestimmung dieser An (I) Should any provisions hereof be or leihebedingungen ganz oder teilweise become invalid in whole or in part, all rechtsunwirksam sein oder werden, so sol other provisions shall ?emain in force. len die Ubrigen Bcstimmungen wirksam Invalid provisions shall be replaced in CaseCaseCase 1:14-cv-09095-TPG 1:14-cv-09095-TPG 16-628, Document Document Document 263-6, 03/14/2016, 40-12 32-5 Filed Filed 1726772, 07/23/15 11/13/15 Page22 Page Page of21 21 22 of of 21 21

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bleiben. Unwirksame Bestimmungen sollcn accordance with the meaning and purpose dann dem Sinn und Zwcck dieser Anleihe of these Terms oflssuc. bedingungen entsprechend ersctzt werden.

(2) Zahlungen, die die Anlcihcschuldnc (2) Payments in a currency other than rin an einen Anleihegliubiger aufgrund Deutsche Mark made by the Borrower to ciner Entscheidung eincs Oerichtes in eincr any Bondholder pursuant to a judgment anderen Wlhnmg als in Deutscher Mark or order of a court or tribunal shall leistet. befreien die. Anlei"heschuldnerin nur constitute a discharge of the Borrower in der Hl>hc des Betrages in Deutscher only to the extent of the amount of Mark. den der ADlcihegUtubiger unmittelbar Deutsche Mark that the Bondholder, nach Erhalt der Zahlung in dcr andercn immediately after receipt of such Wlihrung mit dem erhaltenen Bet.rag auf payment in such CUITency, would be able einem anerlcannten · Devisenmarkt kaufcn to purchase with the amount so received k

(3) Diese Anlcihebedingungen sind in (3) These Terms of Issue are written in deutschcr Sprache abgefaBt. Die cnglische the German Language. The English Obcrsetzung ist unverbindlich. Die deutsche translation is provided for convenience Fassung ist in jcder Hinsicht rcchtlich only. T:he German language version shall maBgebend und verbindlich. be legally binding and controlling in each and every respect Case 16-628, Document 263-7, 03/14/2016, 1726772, Page1 of 6

EXHIBIT G CaseCase 1:14-cv-09095-TPG 16-628, Document Document 263-7, 03/14/2016, 40-24 Filed 1726772, 11/13/15 Page2 Page of 16 of 5

EXHIBIT 22

CaseCase 1:14-cv-09095-TPG 16-628, Document Document 263-7, 03/14/2016, 40-24 Filed 1726772, 11/13/15 Page3 Page of 26 of 5

Announcement Custody Domestic D074 22 December 2006

Compliance with submission deadlines for legacy bonds of the Republic of Argentina and the Province of Buenos Aires (BA)

Clearstream Banking1 hereby informs customers that in accordance with Section 801 of the German Civil Code (BGB) any securities actually held by Clearstream Banking (including any corresponding, due interest coupons) for the issues listed below were submitted for payment to the corresponding paying agents on 19 and 22 December 2006:

DE0001300200 10,5 % Argentinien 95 - 02 14.11. G DE0001308609 10,25 % Argentinien 96 - 03 06.02. G DE0001319507 11,25% Republik Argentinien DE0001325017 11,75 ARGENTINIEN 96/11 20.05.G DE0001340909 9% Republik Argentinien DE0001340917 12 ARGENTINIEN 96/16 19.09.G DE0001348100 11,75% Republik Argentinien DE0001354751 8,5 % Argentinien 96 - 05 23.02. G DE0001767101 9 % Republik Argentinien EO-Anleihe 98-08 DE0001904308 7% Republik Argentinien DE0001954907 8 % Republik Argentinien EO-Anleihe 97-09 DE0001974608 8 % Republik Argentinien EO-Anleihe 98-08 DE0002466208 9 % Republik Argentinien EO-Anleihe 00-03 DE0002483203 8,25 % Argentinien 98 - 10 06.07. G DE0002488509 7,875 % Republik Argentinien EO-Anleihe 98-05 DE0002923851 8 ARGENTINIEN 99/08 26.02.G DE0002929452 9,5 % Republik Argentinien EO-Anleihe 99-04 DE0002966900 8 Republik Argentinien DE0002998952 9 % Republik Argentinien EO-Anleihe 99-06 DE0003040408 9,75% Buenos Aires EO-Anleihe 99-04 DE0003045357 9 % Republik Argentinien EO-Anleihe 99-09 DE0003089850 8,5 ARGENTINIEN 99/04 01.07.G DE0003138806 10,625% Buenos Aires EO-Anleihe 99-06 DE0003527966 9,25 % Republik Argentinien EO-Anleihe 99-02 DE0003538914 9,5 % Republik Argentinien EO-Anleihe 99-03 DE0004103007 DM-Anleihe Republik Argentinien 93-23 DE0004103015 DM-FLR-Notes Republik Argentinien 93-23 DE0004500558 10 % Republik Argentinien EO-Anleihe 99-04 DE0004509005 10,25 % Republik Argentinien EO-Anleihe 00-07 DE0004528450 10,75% Buenos Aires EO-Anleihe 00-05 DE0005450258 10 % Republik Argentinien EO-Anleihe 00-07

1. Clearstream Banking in this announcement refers to Clearstream Banking Frankfurt (CBF). CBF is a Deutsche Börse Group company. 22 December 2006 D074 (1) CaseCase 1:14-cv-09095-TPG 16-628, Document Document 263-7, 03/14/2016, 40-24 Filed 1726772, 11/13/15 Page4 Page of 36 of 5

The submission and demand for payment was confirmed to Clearstream Banking AG in writing and in legally binding form by two authorised representatives of the respective paying agent. Customers with proof of corresponding securities may request a certified copy of this confirmation. In this context, customers are kindly requested to ensure with immediate effect that if they deposit actual certificates related to the aforementioned issues, these are accompanied by an up- to-date submission confirmation signed by the relevant paying agent, pursuant to section 801 of the German Civil Code. Clearstream Banking AG will otherwise be unable to deposit the certificates in collective safe custody and the deposit instructions will be returned to the sender.

Further information

For further information, please contact:

Domestic Customer Service Phone: +49-(0) 69-2 11-1 11 77

Clearstream Banking AG, Frankfurt Neue Börsenstraße 1 60487 Frankfurt am Main Germany

22 December 2006 D074 (2) CaseCase 1:14-cv-09095-TPG 16-628, Document Document 263-7, 03/14/2016, 40-24 Filed 1726772, 11/13/15 Page5 Page of 46 of 5

Announcement Custody - Vaults Domestic D071 21 November 2007

Physical deposits and withdrawals of legacy bonds of the Republic of Argentina and the Province of Buenos Aires (BA)

Clearstream Banking1 hereby informs its customers that she will present physically to and request payment from the corresponding paying agents in accordance with section 801 of the German Civil Code (BGB) for all due securities (including any corresponding due interest coupons) for the issues listed below which are deposited with Clearstream Banking on

17 December 2007

by 28 December 2007 at the latest in order to comply with presentation deadlines.

Deposits and deliveries To ensure that presentations are processed in time, customers are requested to effect deposits and deliveries by 14 December 2007 otherwise Clearstream Banking will be unable to carry out the presentation and instructions will have to be returned to the sender. Please note that for physical deliveries to Clearstream Banking after the above date, the requirements and basic conditions as set out in customer information D074 of 22 December 2006 and D011 of 9 March 2007 shall apply. Please also note that the deadlines for timely presentation have been adjusted as follows:

· It must be proven that securities (including any corresponding due interest coupons ) were presented and payment was requested prior to 1 January 2007 for all certificated entitlements due in 2002; · It must be proven that securities (including any corresponding due interest coupons) were presented and payment was requested prior to 1 January 2008 for all certificated entitlements due in 2003.

The above deadlines correspondingly apply to an alternative evidence that shows that a complaint was filed to court in good time. Note: Clearstream Banking draws your attention to the fact that it might under certain circumstances request that additional evidence be furnished where securities are delivered subsequently. It therefore reserves the right to reject individual deposits if this serves to maintain the integrity of the relevant collective holdings, or if it considers it necessary for organisational reasons.

1 Clearstream Banking in this announcement refers to Clearstream Banking AG, Frankfurt (CBF). CBF is a Deutsche Börse Group company. 21 November 2007 D071 (1) CaseCase 1:14-cv-09095-TPG 16-628, Document Document 263-7, 03/14/2016, 40-24 Filed 1726772, 11/13/15 Page6 Page of 56 of 5

Affected issues DE0001308609 10,25 % Argentinien 96 - 03 06.02. G DE0001319507 11,25% Republik Argentinien DE0001325017 11,75 ARGENTINIEN 96/11 20.05.G DE0001340909 9% Republik Argentinien DE0001340917 12 ARGENTINIEN 96/16 19.09.G DE0001348100 11,75% Republik Argentinien DE0001354751 8,5 % Argentinien 96 - 05 23.02. G DE0001767101 9 % Republik Argentinien EO-Anleihe 98-08 DE0001904308 7% Republik Argentinien DE0001954907 8 % Republik Argentinien EO-Anleihe 97-09 DE0001974608 8 % Republik Argentinien EO-Anleihe 98-08 DE0002466208 9 % Republik Argentinien EO-Anleihe 00-03 DE0002483203 8,25 % Argentinien 98 - 10 06.07. G DE0002488509 7,875 % Republik Argentinien EO-Anleihe 98-05 DE0002923851 8 ARGENTINIEN 99/08 26.02.G DE0002929452 9,5 % Republik Argentinien EO-Anleihe 99-04 DE0002966900 8 Republik Argentinien DE0002998952 9 % Republik Argentinien EO-Anleihe 99-06 DE0003040408 9,75% Buenos Aires EO-Anleihe 99-04 DE0003045357 9 % Republik Argentinien EO-Anleihe 99-09 DE0003089850 8,5 ARGENTINIEN 99/04 01.07.G DE0003138806 10,625% Buenos Aires EO-Anleihe 99-06 DE0003538914 9,5 % Republik Argentinien EO-Anleihe 99-03 DE0004103007 DM-Anleihe Republik Argentinien 93-23 DE0004103015 DM-FLR-Notes Republik Argentinien 93-23 DE0004500558 10 % Republik Argentinien EO-Anleihe 99-04 DE0004509005 10,25 % Republik Argentinien EO-Anleihe 00-07 DE0004528450 10,75% Buenos Aires EO-Anleihe 00-05 DE0005450258 10 % Republik Argentinien EO-Anleihe 00-07

Further information

For further information, please contact:

Domestic Customer Service Phone: +49-(0) 69-2 11-1 11 77 Vaults – Securities Deposits Phone: +49-(0) 69-2 11-1 52 55

21 November 2007 D071 (2)