Case 1:08-cv TPG Document 864 Filed 02/11/16 Page 1 of 17. Plaintiff, Defendant. Plaintiff, Defendant. Plaintiff, Defendant.

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1 Case 108-cv TPG Document 864 Filed 02/11/16 Page 1 of 17 UNITED STATES DISTRICT COURT SOUTHERN DISTRICT OF NEW YORK NML CAPITAL, Plaintiff, 08 Civ (TPG) 09 Civ (TPG) 09 Civ (TPG) NML CAPITAL, Plaintiff, 14 Civ (TPG) NML CAPITAL, Plaintiff, 14 Civ (TPG) (captions continue on following pages) DECLARATION OF MICHAEL A. PASKIN

2 Case 108-cv TPG Document 864 Filed 02/11/16 Page 2 of 17 FFI FUND, LTD. and FYI LTD., Plaintiffs, 14 Civ (TPG) AURELIUS CAPITAL MASTER, LTD. and ACP MASTER, LTD., Plaintiffs, 09 Civ (TPG) 09 Civ (TPG) AURELIUS OPPORTUNITIES FUND II, LLC and AURELIUS CAPITAL MASTER, LTD., Plaintiffs, 10 Civ (TPG) 10 Civ (TPG) 2

3 Case 108-cv TPG Document 864 Filed 02/11/16 Page 3 of 17 AURELIUS CAPITAL MASTER, LTD. and AURELIUS OPPORTUNITIES FUND II, LLC, Plaintiffs, 10 Civ (TPG) 10 Civ (TPG) BLUE ANGEL CAPITAL I LLC, Plaintiff, 10 Civ (TPG) 10 Civ (TPG) OLIFANT FUND, LTD., Plaintiff, 10 Civ (TPG) PABLO ALBERTO VARELA, et al., Plaintiffs, 10 Civ (TPG) 3

4 Case 108-cv TPG Document 864 Filed 02/11/16 Page 4 of 17 PEREZ, et al., Plaintiffs, 14 Civ (TPG) AURELIUS CAPITAL PARTNERS, LP, et al., Plaintiffs, 14 Civ (TPG) BLUE ANGEL CAPITAL I LLC, Plaintiff, 14 Civ (TPG) EM LTD., Plaintiff, 14 Civ (TPG) 4

5 Case 108-cv TPG Document 864 Filed 02/11/16 Page 5 of 17 LIGHTWATER CORP. LTD., Plaintiff, 14 Civ (TPG) OLD CASTLE HOLDINGS, LTD., Plaintiff, 14 Civ (TPG) SETTIN, Plaintiff, 14 Civ (TPG) CAPITAL VENTURES INTERNATIONAL, Plaintiff, 14 Civ (TPG) 5

6 Case 108-cv TPG Document 864 Filed 02/11/16 Page 6 of 17 ADAMI, et al., Plaintiffs, 14 Civ (TPG) CAPITAL MARKETS FINANCIAL SERVICES INC., et al., Plaintiffs, 15 Civ. 710 (TPG) FOGLIA, et al., Plaintiffs, 14 Civ (TPG) PONS, et al., Plaintiffs, 13 Civ (TPG) 6

7 Case 108-cv TPG Document 864 Filed 02/11/16 Page 7 of 17 GUIBELALDE, et al., Plaintiffs, 11 Civ (TPG) DORRA, et al., Plaintiffs, 14 Civ (TPG) BELOQUI, et al., Plaintiffs, 14 Civ (TPG) TORTUS CAPITAL MASTER FUND, LP, Plaintiff, 14 Civ (TPG) 7

8 Case 108-cv TPG Document 864 Filed 02/11/16 Page 8 of 17 TORTUS CAPITAL MASTER FUND, LP, Plaintiff, 14 Civ (TPG) TRINITY INVESTMENTS LIMITED, Plaintiff, 14 Civ (TPG) MONTREUX PARTNERS, L.P., Plaintiff, 14 Civ (TPG) LOS ANGELES CAPITAL, Plaintiff, 14 Civ (TPG) 8

9 Case 108-cv TPG Document 864 Filed 02/11/16 Page 9 of 17 CORDOBA CAPITAL, Plaintiff, 14 Civ (TPG) WILTON CAPITAL, LTD., Plaintiff, 14 Civ (TPG) MCHA HOLDINGS, LLC, Plaintiff, 14 Civ (TPG) MCHA HOLDINGS, LLC, Plaintiff, 14 Civ (TPG) 9

10 Case 108-cv TPG Document 864 Filed 02/11/16 Page 10 of 17 ANDRAREX LTD., Plaintiff, 14 Civ (TPG) CLARIDAE, et al., Plaintiffs, 14 Civ (TPG) ARAG-A LIMITED, et al., Plaintiffs, 14 Civ (TPG) ATTESTOR MASTER VALUE FUND LP, Plaintiff, 14 Civ (TPG) 10

11 Case 108-cv TPG Document 864 Filed 02/11/16 Page 11 of 17 ANGULO, et al., Plaintiffs, 15 Civ (TPG) LAMBERTINI, et al., Plaintiffs, 15 Civ (TPG) HONERO FUND I, LLC, Plaintiff, 15 Civ (TPG) TRINITY INVESTMENTS LIMITED, Plaintiff, 15 Civ (TPG) 11

12 Case 108-cv TPG Document 864 Filed 02/11/16 Page 12 of 17 BANCA ARNER S.A., et al., Plaintiffs, 15 Civ (TPG) TRINITY INVESTMENTS LIMITED, Plaintiff, 15 Civ (TPG) TRINITY INVESTMENTS LIMITED, Plaintiff, 15 Civ (TPG) MCHA HOLDINGS, LLC, Plaintiff, 15 Civ (TPG) 12

13 Case 108-cv TPG Document 864 Filed 02/11/16 Page 13 of 17 MCHA HOLDINGS, LLC, Plaintiff, 15 Civ (TPG) ERCOLANI, et al., Plaintiffs, 15 Civ (TPG) FAZZOLARI, et al., Plaintiffs, 15 Civ (TPG) STONEHILL INSTITUTIONAL PARTNERS, L.P., et al., Plaintiffs, 15 Civ (TPG) 13

14 Case 108-cv TPG Document 864 Filed 02/11/16 Page 14 of 17 WHITE HAWTHORNE, LLC, Plaintiff, 15 Civ (TPG) VR GLOBAL PARTNERS, LP, Plaintiff, 11 Civ (TPG) HONERO FUND I, LLC, Plaintiff, 15 Civ (TPG) PROCELLA HOLDINGS, L.P., Plaintiff, 15 Civ (TPG) 14

15 Case 108-cv TPG Document 864 Filed 02/11/16 Page 15 of 17 BYBROOK CAPITAL MASTER FUND LP, et al., Plaintiffs, 15 Civ (TPG) BYBROOK CAPITAL MASTER FUND LP, et al., Plaintiffs, 15 Civ (TPG) DECLARATION OF MICHAEL A. PASKIN Michael A. Paskin hereby declares as follows 1. I am a member of the Bar of this Court and a partner at the law firm of Cravath, Swaine & Moore LLP, counsel to defendant the Republic of Argentina (the Republic ) in this Action. 2. I make this Declaration in support of the Republic s motion, by order to show cause, to vacate the injunctions issued on November 21, 2012, and October 30, The Republic is proceeding by Order to Show Cause, rather than by notice of motion, because (a) the Republic has reached settlements in principle with the plaintiffs in five of the above-captioned cases and prompt resolution of this motion is needed to complete those settlements; (b) prompt resolution of this motion is needed to 15

16 Case 108-cv TPG Document 864 Filed 02/11/16 Page 16 of 17 bring about further settlements; and (c) the Congress of the Republic, which will be asked to approve those settlements, reconvenes on March 1, No previous application for relief similar to that requested today has been made. 5. Attached as Exhibit A is a true and correct copy of the 1994 Fiscal Agency Agreement ( FAA ). 6. Attached as Exhibit B is a true and correct copy of this Court s Order dated February 23, 2012, entered in the actions captioned NML Capital, Ltd. v. Republic of Argentina, Nos. 08 Civ (TPG), 09 Civ (TPG), and 09 Civ (TPG) (the NML Pari Passu Actions ). 7. Attached as Exhibit C is a true and correct copy of this Court s Amended February 23, 2012 Order, dated November 21, 2012, entered in the NML Pari Passu Actions. 8. Attached as Exhibit D is a true and correct copy of the Opinion and Order entered by the Court on October 30, 2015, in the Me Too actions Attached as Exhibit E is a true and correct copy of a certified transcript of the August 8, 2014, hearing held in the action captioned NML Capital Ltd., et al. v. The Republic of Argentina, 08 Civ (TPG). 1 The Me Too actions are located at Docket Nos. 14 Civ (TPG); 14 Civ (TPG); 14 Civ (TPG); 10 Civ. 4101; 10 Civ. 4782; 10 Civ. 9587; 10 Civ. 5338; 14 Civ (TPG); 14 Civ (TPG); 14 Civ (TPG); 14 Civ (TPG); 14 Civ (TPG); 14 Civ (TPG); 14 Civ (TPG); 14 Civ (TPG); 14 Civ (TPG); 15 Civ. 710 (TPG); 14 Civ (TPG); 13 Civ (TPG); 11 Civ (TPG); 14 Civ (TPG); 14 Civ (TPG); 14 Civ (TPG); 14 Civ (TPG); 14 Civ (TPG); 14 Civ (TPG); 14 Civ (TPG); 14 Civ (TPG); 14 Civ (TPG); 14 Civ (TPG); 14 Civ (TPG); 14 Civ (TPG); 14 Civ (TPG); 14 Civ (TPG); 14 Civ (TPG); 15 Civ (TPG); 15 Civ (TPG); 15 Civ (TPG); 15 Civ (TPG); 15 Civ (TPG); 15 Civ (TPG); 15 Civ (TPG); 15 Civ (TPG); 15 Civ (TPG); 15 Civ (TPG); 15 Civ (TPG); 15 Civ (TPG); 15 Civ (TPG); 11 Civ (TPG); 15 Civ (TPG); 15 Civ (TPG); 15 Civ (TPG); 15 Civ (TPG). 16

17 Case 108-cv TPG Document 864 Filed 02/11/16 Page 17 of Attached as Exhibit Fis a true and correct copy of the Court's Order for Appointment of Special Master, flied June 23, Attached as Exhibit G is a true and correct copy of a certified transcript of the August 21, 2014 hearing in NML Capital Ltd., et al. v. The Republic of Argentina, 08 Civ (TPG). 12. Attached as Exhibit H is a certified transcript of an interview with President Mauricio Macri of Argentina, conducted by Reuters on January 22, 2016, and available in video fonnat at http// (last visited February 11, 2016). 13. Attached as Exhibit I is a true and correct copy of the Statement of Daniel A. Pollack, Special Master in Argentina Debt Litigation, dated Feb. 5, Attached as Exhibit J is a true and correct copy of the public Proposal issued by the Republic of Argentina on February 5, 2016, together with a certified translation thereof. 15. Attached as Exhibit K is a true and correct copy of a press release issued by the U.S. Department of the Treasury entitled "Readout from a Treasury Spokesperson of Lew's Call with Argentine Finance Minister Alfonso Prat-Gay", available at https// 39.aspx. I declare under penalty of perjury that the foregoing is true and correct. Executed on February 11, Michael A. Paskin 17

18 Case 108-cv TPG Document Filed 02/11/16 Page 1 of 175 Exhibit A

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73 Case 108-cv TPG Document Filed 02/11/16 Page 56 of 175 Exhibit B

74 Case Case 108-cv TPG Document Filed 02/11/16 02/23/12 Page 157 of of UNITED STATES DlSTRJCT COURT SOUTHERN DlSTRJCT OF NEW YORK x NML CAPn AL, LTD. Plaintiff, Ii'U==S==DC==.'=SD=NY=======ii DOCUMENT ELECrRONIC\LLY FILED DOC# -.~~-- DATE FILED 2-/2.3/ I L 08 Civ (TPG) 09 Civ (fpg) 09 Civ (TPG) v. REPUBLIC OF ARGENTINA, x I.MSF 2!!ml-ORDER WHEREAS, in an Order dated December 7, 2011, this Court found that, under Paragraph \(c) of tlle 1994 Fiscal Agency Agreement ("FAA"), the Republic is "required... at all times to rank its payment obli gations pursuant to NML's Bonds at least equally with all the Republic's other present and future unsecured and unsubordinated External Indebtedness," WHEREAS, in its December 7, Order, this Court granted partial sununary judgment to NML on its claim that the Republ ic repeatedly has breached, and continues to breach, its obligations under Paragraph J(c) of the FAA by, among other things, "ma[king] payments currently due under the Exchange Bonds, whil e persisting in its refusal to satisfy its payment obligations currentl y due under NML's Bonds." And WHEREAS NM L Capital, Ltd. ("NML") has filed a renewed motion for equitable relief as a remedy for such violations pursuant to Rule 65(d) of the Federal Rules of Civil Procedure and the Court's inherent equitable powers

75 Case Case 108-cv TPG Document Filed 02/11/16 02/23/12 Page 258 of of Upon consideration of NML's renewed motion, the response of the Republic of Argentina (the "Republic") thereto, NML's reply, and all other arguments submittcd to the Court in the parties' papers and at oral argument, it is HEREBY ORDERED that \. It is DECLARED, ADJUDGED, and DECREED that NML is irreparably hanned by and has no adequate remedy at law for the Republic's ongoing violations of Paragraph I (c) of the FAA, and that the equities and public interest strongly support issuance of equitable relief to prevent the Republic from further violating Paragraph I (c) of the FAA, in that a. Absent equitable relief, NML would suffer irreparable hann because the Republic's payment obligations to NML would remain debased of their contractually-guaranteed status, and NML would never be restored to the position it was promised that it would hold relative to other creditors in the event of default. b. There is no adequate remedy at law for the Republic's ongoing violations of Paragraph ICc) of the FAA because the Republic bas made clearindeed, it has codified in Law 26,017 and Law 26,547- its intention to defy any money judgment issued by this Court. c. The balance of the equities strongly supports this Order in light of the clear text of Paragraph ICc) of the FAA and the Republic's repeated failures to make required payments to NML. fn the absence of the equitable relief provided by this Order, the Republic will continue to violate Paragraph I(c) with impunity, thus subjecting NML to hann. On the other hand, the Order requires of the Republic only that which it 2

76 Case Case 108-cv TPG Document Filed 02/11/16 02/23/12 Page 359 of of promised NML and similarly situated creditors to induce those creditors to purchase the Republic' s bonds. Because the Republic has the fmancial wherewithal to meet its commitment of providing equal treatment to both NML (and simil arly situated creditors) and those owed under the tenns of the Exchange Bonds, it is equitable to require it to do so. Indeed, equitable relief is particularly appropriate here, given that the Republic has engaged in an unprecedented, systematic scheme of making payments on other external indebtedness, after repudiating its payment obligations to NML. in direct violation of its contractual commitment set fo rth in Paragraph I (c) of the FAA d. The public interest of enforcing contracts and upholding the rule of law will be served by the issuance of this Order, particularly here, where creditors of the Republic have no recourse to bankruptcy regimes to protect their interests and must rely upon courts to enforce contractual promises. No less than any other entity entering into a commercial transaction, there is a strong public interest in holding the Republi c to its contractual obligations. 2. The Republic accordingly is pennanently ORDERED to specifically perform its obligations to NML under Paragraph I (c) of the FAA as follows a. Whenever the Republic pays any amount due under tenns of the bonds or other obligations issued pursuant to the Republic's 2005 or 20 I 0 Exchange Offers, or any subseq uent exchange of or substitution fo r the 3

77 Case Case 108-cv TPG Document Filed 02/11/16 02/23/12 Page 460 of of and 2010 Exchange Offers that may occur in the future (collectively, the " Exchange Bonds"), the Republic shall concurrently or in advance make a "Ratable Payment" (as defined below) to NML. b. Such "Ratable Payment" that the Republic is ORDERED to make to NML shall be an amount equal to the "Payment Percentage" (as defined below) multiplied by the total amount currently due to NML in respect of the bonds at issue in these cases (08 Civ. 6978, 09 Civ. 1707, and 09 Civ. 1708), including pre-judgment interest (the "NML Bonds"). c. Such "Payment Percentage" shall be the fraction calculated by dividing the amount actually paid or which the Republic intends to pay under the tenns of the Exchange Bonds by the total amount then due under the tenns of the Exchange Bonds. d. 1be Republic is ENJO INED from violating Paragraph \(c) of the FAA, including by making any payment under the tenns of the Exchange Bonds without complying with its obligation pursuant to Paragraph I(c) of the FAA by concurrently or in advance making a Ratable Payment to NML. e. Within three (3) days of the issuance of this ORDER, the Republic shall provide copies of this ORDER to all parties involved, directly or indirectly, in advising upon, preparing, processing, or facilitating any payment on the Exchange Bonds (collectively, "Agents and Participants"), with a copy to counsel for NML. Such Agents and Participants shall be bound by the tenns of this ORDER as provided by Rule 6S(d)(2) and 4

78 Case Case 108-cv TPG Document Filed 02/11/16 02/23/12 Page 561 of of prohibited from aiding and abetting any violation of this ORDER, including any further violation by the Republic of its obligations under Paragraph 1 (c) of the FAA, such as any effort to make payments under the tenns of the Exchange Bonds without also concurrently or in advance making a Ratable Payment to NML. f. Concurrently or in advance of making a payment on the Exchange Bonds, the Republic shall certify to the Court and give notice of this certification to its Agents and Participants, and to counsel for NML, that the Republic has satisfied its obligations under this ORDER to make a Ratable Payment tonml. 3. NML shall be entitled to discovery to continn the timing and amounts of the Republic's payments under the tenns of the Exchange Bonds; the amounts the Republic owes on these and other obligations; and such other infonnation as appropriate to confum compliance with this ORDER; 4. The Republic is pennanenlly PROHIBITED from taking action to evade the directives of this ORDER, render it ineffective, or to take any steps to diminish the Co urt' s ability to supervise compliance with the ORDER, including, but not limited to, altering or amending the processes or specific transfer mechanisms by which it makes payments on the Exchange Bonds, without obtaining prior approval of the Court; 5

79 Case Case 108-cv TPG Document Filed 02/11/16 02/23/12 Page 662 of of This Court shall retain jurisdiction to monitor and enforce this ORDER, and to modify and amend it as justice requires to achieve its equitable purposes and to account for changing circumstances. 6

80 Case 108-cv TPG Document Filed 02/11/16 Page 63 of 175 Exhibit C

81 Case 108-cv TPG Document Filed 02/11/16 Page 64 of 175 UNITED STATES DISTRICT COURT SOUTHERN DISTRICT OF NEW YORK x NML CAPITAL, LTD., Plaintiff, against REPUBLIC OF ARGENTINA, Defendants x ORDER 08 Civ (TPG) 09 Civ (TPG) 09 Civ (TPG) AMENDED FEBRUARY 23, 2012 ORDER WHEREAS, in an Order dated December 7, 2011, this Court found that, under Paragraph 1(c) of the 1994 Fiscal Agency Agreement ( FAA ), the Republic is required... at all times to rank its payment obligations pursuant to NML s Bonds at least equally with all the Republic s other present and future unsecured and unsubordinated External Indebtedness. WHEREAS, in its December 7, 2011 Order, this Court granted partial summary judgment to NML on its claim that the Republic repeatedly has breached, and continues to breach, its obligations under Paragraph 1(c) of the FAA by, among other things, ma[king] payments currently due under the Exchange Bonds, while persisting in its refusal to satisfy its payment obligations currently due under NML s Bonds. 1

82 Case 108-cv TPG Document Filed 02/11/16 Page 65 of 175 And WHEREAS NML Capital, Ltd. ( NML ) has filed a renewed motion for equitable relief as a remedy for such violations pursuant to Rule 65(d) of the Federal Rules of Civil Procedure and the Court s inherent equitable powers. Upon consideration of NML s renewed motion, the response of the Republic of Argentina (the Republic ) thereto, NML s reply, and all other arguments submitted to the Court in the parties papers and at oral argument, it is HEREBY ORDERED that 1. It is DECLARED, ADJUDGED, and DECREED that NML is irreparably harmed by and has no adequate remedy at law for the Republic s ongoing violations of Paragraph 1(c) of the FAA, and that the equities and public interest strongly support issuance of equitable relief to prevent the Republic from further violating Paragraph 1(c) of the FAA, in that a. Absent equitable relief, NML would suffer irreparable harm because the Republic s payment obligations to NML would remain debased of their contractually-guaranteed status, and NML would never be restored to the position it was promised that it would hold relative to other creditors in the event of default. b. There is no adequate remedy at law for the Republic s ongoing violations of Paragraph 1(c) of the FAA because the Republic has made clear indeed, it has codified in Law 26,017 and Law 2

83 Case 108-cv TPG Document Filed 02/11/16 Page 66 of ,547 its intention to defy any money judgment issued by this Court. c. The balance of the equities strongly supports this Order in light of the clear text of Paragraph 1(c) of the FAA and the Republic s repeated failures to make required payments to NML. In the absence of the equitable relief provided by this Order, the Republic will continue to violate Paragraph 1(c) with impunity, thus subjecting NML to harm. On the other hand, the Order requires of the Republic only that which it promised NML and similarly situated creditors to induce those creditors to purchase the Republic s bonds. Because the Republic has the financial wherewithal to meet its commitment of providing equal treatment to both NML (and similarly situated creditors) and those owed under the terms of the Exchange Bonds, it is equitable to require it to do so. Indeed, equitable relief is particularly appropriate here, given that the Republic has engaged in an unprecedented, systematic scheme of making payments on other external indebtedness, after repudiating its payment obligations to NML, in direct violation of its contractual commitment set forth in Paragraph 1(c) of the FAA. d. The public interest of enforcing contracts and upholding the rule of law will be served by the issuance of this Order, particularly here, where creditors of the Republic have no 3

84 Case 108-cv TPG Document Filed 02/11/16 Page 67 of 175 recourse to bankruptcy regimes to protect their interests and must rely upon courts to enforce contractual promises. No less than any other entity entering into a commercial transaction, there is a strong public interest in holding the Republic to its contractual obligations. 2. The Republic accordingly is permanently ORDERED to specifically perform its obligations to NML under Paragraph 1(c) of the FAA as follows a. Whenever the Republic pays any amount due under terms of the bonds or other obligations issued pursuant to the Republic s 2005 or 2010 Exchange Offers, or any subsequent exchange of or substitution for the 2005 and 2010 Exchange Offers that may occur in the future (collectively, the Exchange Bonds ), the Republic shall concurrently or in advance make a Ratable Payment to NML (as defined below and as further defined in the Court s Opinion of November 21, 2012). b. Such Ratable Payment that the Republic is ORDERED to make to NML shall be an amount equal to the Payment Percentage (as defined below) multiplied by the total amount currently due to NML in respect of the bonds at issue in these cases (08 Civ. 6978, 09 Civ. 1707, and 09 Civ. 1708), including pre-judgment interest (the NML Bonds ). c. Such Payment Percentage shall be the fraction calculated by dividing the amount actually paid or which the Republic 4

85 Case 108-cv TPG Document Filed 02/11/16 Page 68 of 175 intends to pay under the terms of the Exchange Bonds by the total amount then due under the terms of the Exchange Bonds. d. The Republic is ENJOINED from violating Paragraph 1(c) of the FAA, including by making any payment under the terms of the Exchange Bonds without complying with its obligation pursuant to Paragraph 1(c) of the FAA by concurrently or in advance making a Ratable Payment to NML. e. Within three (3) days of the issuance of this ORDER, the Republic shall provide copies of this ORDER to all participants in the payment process of the Exchange Bonds ( Participants ). Such Participants shall be bound by the terms of this ORDER as provided by Rule 65(d)(2) and prohibited from aiding and abetting any violation of this ORDER, including any further violation by the Republic of its obligations under Paragraph 1(c) of the FAA, such as any effort to make payments under the terms of the Exchange Bonds without also concurrently or in advance making a Ratable Payment to NML. f. Participants refer to those persons and entities who act in active concert or participation with the Republic, to assist the Republic in fulfilling its payment obligations under the Exchange Bonds, including (1) the indenture trustees and/or registrars under the Exchange Bonds (including but not limited to The Bank of New York Mellon f/k/a/ The Bank of New York); 5

86 Case 108-cv TPG Document Filed 02/11/16 Page 69 of 175 (2) the registered owners of the Exchange Bonds and nominees of the depositaries for the Exchange Bonds (including but not limited to Cede & Co. and The Bank of New York Depositary (Nominees) Limited) and any institutions which act as nominees; (3) the clearing corporations and systems, depositaries, operators of clearing systems, and settlement agents for the Exchange Bonds (including but not limited to the Depository Trust Company, Clearstream Banking S.A., Euroclear Bank S.A./N.V. and the Euroclear System); (4) trustee paying agents and transfer agents for the Exchange Bonds (including but not limited to The Bank of New York (Luxembourg) S.A. and The Bank of New York Mellon (including but not limited to the Bank of New York Mellon (London)); and (5) attorneys and other agents engaged by any of the foregoing or the Republic in connection with their obligations under the Exchange Bonds. g. Nothing in this ORDER shall be construed to extend to the conduct or actions of a third party acting solely in its capacity as an intermediary bank, under Article 4A of the U.C.C. and N.Y.C.L.S. U.C.C. 4-A-104, implementing a funds transfer in connection with the Exchange Bonds. h. Any non-party that has received proper notice of this ORDER, pursuant to Rule 65(d)(2), and that requires clarification as to 6

87 Case 108-cv TPG Document Filed 02/11/16 Page 70 of 175 its duties, if any, under this ORDR may make an application to this Court, with notice to the Republic and NML. Such clarification will be promptly provided. i. Concurrently or in advance of making a payment on the Exchange Bonds, the Republic shall certify to the Court and give notice of this certification to its Participants, and to counsel for NML, that the Republic has satisfied its obligations under this ORDER to make a Ratable Payment to NML. 3. NML shall be entitled to discovery to confirm the timing and amounts of the Republic s payments under the terms of the Exchange Bonds; the amounts the Republic owes on these and other obligations; and such other information as appropriate to confirm compliance with this ORDER; 4. The Republic is permanently PROHIBITED from taking action to evade the directives of this ORDER, render it ineffective, or to take any steps to diminish the Court s ability to supervise compliance with the ORDER, including, but not limited to, altering or amending the processes or specific transfer mechanisms by which it makes payments on the Exchange Bonds, without obtaining prior approval by the Court; 5. This Court shall retain jurisdiction to monitor and enforce this ORDER, and to modify and amend it as justice requires to achieve its equitable purposes and to account for changing circumstances. 7

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89 Case 108-cv TPG Document Filed 02/11/16 Page 72 of 175 Exhibit D

90 Case Case 108-cv TPG 114-cv TPG Document Filed 10/30/15 02/11/16 Page 173 of of 26175

91 Case Case 108-cv TPG 114-cv TPG Document Filed 10/30/15 02/11/16 Page 274 of of PEREZ, et al., Plaintiffs, AURELIUS CAPITAL PARTNERS, LP, et al., Plaintiffs, BLUE ANGEL CAPITAL I LLC, Plaintiff, EM LTD., Plaintiff, x x x x x 14 Civ (TPG) 14 Civ (TPG) 14 Civ (TPG) 14 Civ (TPG)

92 Case Case 108-cv TPG 114-cv TPG Document Filed 10/30/15 02/11/16 Page 375 of of LIGHTWATER CORP. LTD., Plaintiff, OLD CASTLE HOLDINGS, LTD., Plaintiff, SETTIN, Plaintiff, CAPITAL VENTURES INTERNATIONAL, Plaintiff, x x x x x 14 Civ (TPG) 14 Civ (TPG) 14 Civ (TPG) 14 Civ (TPG)

93 Case Case 108-cv TPG 114-cv TPG Document Filed 10/30/15 02/11/16 Page 476 of of ADAMI, et al., Plaintiffs, CAPITAL MARKETS FINANCIAL SERVICES INC., et al., Plaintiffs, FOGLIA, et al., Plaintiffs, PONS, et al., Plaintiffs, x x x x x 14 Civ (TPG) 15 Civ (TPG) 14 Civ (TPG) 13 Civ (TPG)

94 Case Case 108-cv TPG 114-cv TPG Document Filed 10/30/15 02/11/16 Page 577 of of GUIBELALDE, et al., Plaintiffs, DORRA, et al., Plaintiffs, BELOQUI, et al., Plaintiffs, TORTUS CAPITAL MASTER FUND, LP, Plaintiff, x x x x x 11 Civ (TPG) 14 Civ (TPG) 14 Civ (TPG) 14 Civ (TPG)

95 Case Case 108-cv TPG 114-cv TPG Document Filed 10/30/15 02/11/16 Page 678 of of TORTUS CAPITAL MASTER FUND, LP, Plaintiff, TRINITY INVESTMENTS LIMITED, Plaintiff, MONTREUX PARTNERS, L.P., Plaintiff, LOS ANGELES CAPITAL, Plaintiff, x x x x x 14 Civ (TPG) 14 Civ (TPG) 14 Civ (TPG) 14 Civ (TPG)

96 Case Case 108-cv TPG 114-cv TPG Document Filed 10/30/15 02/11/16 Page 779 of of CORDOBA CAPITAL, Plaintiff, WILTON CAPITAL, LTD., Plaintiff, MCHA HOLDINGS, LLC, Plaintiff, MCHA HOLDINGS, LLC, Plaintiff, x x x x x 14 Civ (TPG) 14 Civ (TPG) 14 Civ (TPG) 14 Civ (TPG)

97 Case Case 108-cv TPG 114-cv TPG Document Filed 10/30/15 02/11/16 Page 880 of of ANDRAREX LTD., Plaintiff, CLARIDAE, et al., Plaintiffs, ARAG-A LIMITED, et al., Plaintiffs, ATTESTOR MASTER VALUE FUND LP, Plaintiff, x x x x x 14 Civ (TPG) 14 Civ (TPG) 14 Civ (TPG) 14 Civ (TPG)

98 Case Case 108-cv TPG 114-cv TPG Document Filed 10/30/15 02/11/16 Page 981 of of ANGULO, et al., Plaintiffs, LAMBERTINI, et al., Plaintiffs, HONERO FUND I, LLC, Plaintiff, TRINITY INVESTMENTS LIMITED, Plaintiff, x x x x x 15 Civ (TPG) 15 Civ (TPG) 15 Civ (TPG) 15 Civ (TPG)

99 Case Case 108-cv TPG 114-cv TPG Document Filed 10/30/15 02/11/16 Page of of BANCA ARNER S.A., et al., Plaintiffs, TRINITY INVESTMENTS LIMITED, Plaintiff, TRINITY INVESTMENTS LIMITED, Plaintiff, MCHA HOLDINGS, LLC, Plaintiff, x x x x x 15 Civ (TPG) 15 Civ (TPG) 15 Civ (TPG) 15 Civ (TPG)

100 Case Case 108-cv TPG 114-cv TPG Document Filed 10/30/15 02/11/16 Page of of MCHA HOLDINGS, LLC, Plaintiff, ERCOLANI, et al., Plaintiffs, FAZZOLARI, et al., Plaintiffs, STONEHILL INSTITUTIONAL PARTNERS, L.P. et al., Plaintiffs, x x x x x 15 Civ (TPG) 15 Civ (TPG) 15 Civ (TPG) 15 Civ (TPG)

101 Case Case 108-cv TPG 114-cv TPG Document Filed 10/30/15 02/11/16 Page of of WHITE HAWTHORNE, LLC, Plaintiff, VR GLOBAL PARTNERS, LP, Plaintiff, HONERO FUND I, LLC, Plaintiff, PROCELLA HOLDINGS, L.P., Plaintiff, x x x x x 15 Civ (TPG) 11 Civ (TPG) 15 Civ (TPG) 15 Civ (TPG)

102 Case Case 108-cv TPG 114-cv TPG Document Filed 10/30/15 02/11/16 Page of of BYBROOK CAPITAL MASTER FUND LP et al., Plaintiffs, BYBROOK CAPITAL MASTER FUND LP et al., Plaintiffs, x x x 15 Civ (TPG) 15 Civ (TPG) Plaintiffs in these forty-nine actions hold defaulted bonds issued by defendant, the Republic of Argentina. Plaintiffs have already obtained partial summary judgment that the Republic violated, and continues to violate, the pari passu clause of the underlying bond agreement. Plaintiffs now seek a remedy. They request an order granting specific performance of the pari passu clause. For the following reasons, the court grants plaintiffs motions for specific performance. Background In 1994, the Republic began issuing bonds pursuant to a Fiscal Agency Agreement ( FAA ). The FAA contains a provision, the pari passu clause, which 1

103 Case Case 108-cv TPG 114-cv TPG Document Filed 10/30/15 02/11/16 Page of of reads The Securities will constitute... direct, unconditional, unsecured and unsubordinated obligations of the Republic and shall at all times rank pari passu and without any preference among themselves. The payment obligations of the Republic under the Securities shall at all times rank at least equally with all its other present and future unsecured and unsubordinated External Indebtedness.... FAA 1(c). In 2001, the Republic experienced an economic crisis and defaulted on its public debts, including the FAA bonds. Each year since 2002, the Republic has passed legislation prohibiting payment on the FAA bonds. As a result, many FAA bondholders began filing actions against the Republic in this court. 1. The 2005 and 2010 Exchange Offers In 2005 and 2010, the Republic issued exchange offers inviting creditors, including FAA bondholders, to exchange their old bonds for newly issued bonds worth 25% to 29% of the original bonds value. The Republic took certain steps to encourage participation in the exchange offers, and to discourage holdouts from pursuing better terms. For example, the Republic enacted Law 26,017 (the Lock Law ), prohibiting settlement with those who declined the 2005 exchange. See Law 26,017 art. 4. In all, an estimated 93% of the Republic s creditors accepted the 2005 and 2010 exchange offers. After each exchange, the Republic made regular payments on the Exchange Bonds but continuously refused to pay on the FAA bonds. 2

104 Case Case 108-cv TPG 114-cv TPG Document Filed 10/30/15 02/11/16 Page of of The Lead Plaintiffs and the Pari Passu Injunction In 2010, a group of plaintiffs led by NML Capital, Ltd. (the Lead Plaintiffs ) filed motions seeking a different kind of judgment. These plaintiffs, by motion for partial summary judgment, asked the court to declare that the Republic had violated a portion of the pari passu clause, the Equal Treatment Provision, by creating a class of creditors who are guaranteed payment while formally condemning [plaintiffs] to a lower rank that is barred from receiving any payment at all. See Mem. L. Supp. Mot. Part. Summ. J. at 2, NML Capital Ltd. v. Republic of Argentina, No. 08-cv-6978 (Oct. 20, 2010). After extensive briefing, the court agreed with the Lead Plaintiffs and adjudged that the Republic had violated the pari passu clause of the FAA when it lowered the rank of [plaintiffs ] bonds... [and] when it made payments currently due under the Exchange Bonds[] while persisting in its refusal to satisfy its payment obligations currently due under [plaintiffs ] Bonds. Order at 4 5, NML Capital Ltd. v. Republic of Argentina, No. 08-cv-6978 (Dec. 7, 2011). On February 23, 2012, the court fashioned an injunction to enforce its judgment that the Republic had violated the pari passu clause. See Order, NML Capital Ltd. v. Republic of Argentina, No. 08-cv-6978 (Feb. 23, 2012). In granting equitable relief, the court found that each plaintiff is irreparably harmed by and has no adequate remedy at law for the Republic s ongoing violations of [the pari passu clause], and that the equities and public interest strongly support issuance of equitable relief to prevent the Republic from further violating [the pari passu clause]. Id. 3

105 Case Case 108-cv TPG 114-cv TPG Document Filed 10/30/15 02/11/16 Page of of The Court of Appeals for the Second Circuit affirmed the injunction, but remanded to this court to clarify precisely how it intends this injunction to operate. NML Capital, Ltd. v. Republic of Argentina, 699 F.3d 246, 255 (2d Cir. 2012) (NML I ). On remand, the court issued an order clarifying that a. Whenever the Republic pays any amount due under terms of the bonds or other obligations issued pursuant to the Republic s 2005 or 2010 Exchange Offers, or any subsequent exchange of or substitution for the 2005 and 2010 Exchange Offers that may occur in the future (collectively, the Exchange Bonds ), the Republic shall concurrently or in advance make a Ratable Payment to [plaintiffs]. b. Such Ratable Payment that the Republic is ORDERED to make to [plaintiffs] shall be an amount equal to the Payment Percentage... multiplied by the total amount currently due to [plaintiffs] in respect of the bonds at issue in these cases..., including pre-judgment interest.... Order at 2 (a) (b), NML Capital Ltd. v. Republic of Argentina, No. 08-cv-6978 (Nov. 21, 2012). This order became known as the Amended Injunction. The Republic appealed the Amended Injunction to the Court of Appeals. 1 The Second Circuit affirmed the Amended Injunction in its entirety. NML Capital, Ltd. v. Republic of Argentina, 727 F.3d 230, 248 (2d Cir. 2013) (NML II ). Nonetheless, it stayed the injunction to allow the Republic to file a petition for a writ of certiorari. Id. The Republic filed its petition, and the Supreme Court denied it on June 16, Republic of Argentina v. NML Capital, Ltd., 134 S. Ct (2014). Soon thereafter, the Court of Appeals lifted the stay of the Amended Injunction and the Republic chose to default on the Exchange Bonds. 1 Despite taking an appeal, at oral argument before the Court of Appeals in February 2013, counsel for the Republic told the panel that it would not voluntarily obey the district court s injunctions, even if those injunctions were upheld.... NML Capital, Ltd. v. Republic of Argentina, 727 F.3d 230, 238 (2d Cir. 2013). 4

106 Case Case 108-cv TPG 114-cv TPG Document Filed 10/30/15 02/11/16 Page of of The Republic s Post-Injunction Conduct Less than a month after the Court of Appeals affirmed the Amended Injunction, the Republic passed Law 26,886, reopening the exchanges but again prohibiting those who wished to participate from receiving terms more favorable than it had already offered. See Law 26,886 art. 2. Moreover, the Republic continued to forbid settlement with the holdouts who had filed lawsuits unless those holdouts accepted the same terms given in 2005 and Id. art. 4. In response, this court again ordered the Republic not to take any steps to evade its orders and held that the proposed evasion scheme would be illegal. Order, NML Capital, Ltd. v. Republic of Argentina, No. 08-cv-6978 (Oct. 3, 2013). The day after the Supreme Court denied the Republic s petition for a writ of certiorari, the Republic announced a plan to pay on the Exchange Bonds without making a payment to the FAA bondholders. See Statement of the Minister of the Economy at 4 (June 17, 2014) ( We are initiating steps to initiate a debt exchange that would permit us to pay in Argentina under Argentine law. ). Six days later, the Republic attempted to make a payment of $832 million on the Exchange Bonds without making a ratable payment to the Lead Plaintiffs. It has attempted to make additional payments since then. See Op. & Order, NML Capital, Ltd. v. Republic of Argentina, No. 14-cv-8601 (June 5, 2015). On September 11, 2014, the Republic enacted legislation with the stated purpose of paying on the Exchange Bonds without observing this court s orders 5

107 Case Case 108-cv TPG 114-cv TPG Document Filed 10/30/15 02/11/16 Page of of in the Lead Cases. See Law 26,984 art. 2. The legislation purported to appoint an Argentine entity as trustee of the Exchange Bonds and establish a process for Exchange Bondholders to swap their Exchange Bonds for securities governed by French Law. Id. arts. 3, 7. Law 26,984 also declared this court s orders as illegitimate and illegal obstruction of the payment process on the Exchange Bonds. Id. art. 2. In response, the court held the Republic in contempt of court at a hearing on September 29, See Am. & Suppl. Order, NML Capital, Ltd. v. Republic of Argentina, No. 08-cv-6978 (Oct. 3, 2014). The very next day the Republic purported to make yet another payment on the Exchange Bonds and has apparently attempted to do so again in March and June Cohen Decl. Exs. 22, 23, The Me Too Plaintiffs and the Motions for Partial Summary Judgment As discussed, in 2011 the Lead Plaintiffs obtained judgments from this court that the Republic violated the pari passu clause of the FAA when it lowered the rank of their FAA bonds. In early 2015, so-called me too plaintiffs in thirty-six actions filed motions for partial summary judgment seeking a similar ruling. On June 5, 2015, the court granted those motions, finding that By issuing the Exchange Bonds and passing legislation prohibiting payment on the FAA bonds, the Republic has created a superior class of debt to that held by plaintiffs. By making payments on this superior class of debt, the Republic has violated its promise to rank plaintiffs bonds equally with its later-issued external indebtedness. Thus, the court holds, in light of the Republic s entire and continuing course of conduct, that it has breached the pari passu clause of the FAA. 6

108 Case Case 108-cv TPG 114-cv TPG Document Filed 10/30/15 02/11/16 Page 191 of of Op. & Order, NML Capital, Ltd. v. Republic of Argentina, No. 14-cv-8601 (June 5, 2015). Plaintiffs in fifteen additional actions then filed similar motions for partial summary judgment, which the court granted on October 22, Op. & Order, Trinity Invest. Ltd. v. Republic of Argentina, No. 15-cv-2611 (Oct. 22, 2015). 5. The Me Too Plaintiffs and the Motions for Specific Performance In total, me too plaintiffs in fifty-one actions have obtained judgments that the Republic violated, and continues to violate, the pari passu clause of the FAA. Plaintiffs in forty-nine of those actions now move for specific performance. 2 Plaintiffs seek equitable relief akin to the Amended Injunction obtained by the Lead Plaintiffs and upheld by the Court of Appeals in August 2013 namely, an order requiring the Republic to make ratable payments to plaintiffs any time it makes, or attempts to make, payments on the Exchange Bonds. See Fed. R. Civ. P. 65(d). Discussion Specific performance may be ordered where no adequate monetary remedy is available and that relief is favored by the balance of equities, which may include the public interest. NML I, 699 F.3d at 261 (citations omitted). 2 The two actions where plaintiffs have obtained summary judgment but have not moved for specific performance are Yellow Crane Holdings, LLC v. Republic of Argentina, No. 14-cv-5675, and Yellow Crane Holdings, LLC v. Republic of Argentina, No. 15-cv

109 Case Case 108-cv TPG 114-cv TPG Document Filed 10/30/15 02/11/16 Page of of The Republic s conduct causes plaintiffs irreparable harm for which there is no adequate remedy at law. The Republic s ongoing violations of the pari passu clause cause plaintiffs irreparable harm for which there is no adequate remedy at law. The Republic has violated its promise to rank plaintiffs bonds equally with its later-issued external indebtedness by making payments on the Exchange Bonds and not on plaintiffs bonds. The Republic has made clear its intention to defy any money judgment issued by this court, and plaintiff has no other means to enforce its rights under the pari passu clause. See id. at 262 ( [I]t is clear to us that monetary damages are an ineffective remedy for the harm plaintiffs have suffered as a result of Argentina s breach. ). 2. The balance of equities favors specific performance. The balance of equities tips in plaintiffs favor because the Republic has engaged in a scheme of making payments on other external indebtedness after repudiating its payment obligations to plaintiffs. As far back as 2012, the court held that the Republic s evasive tactics meant the balance of equities strongly supports an award of specific performance. The Republic has done nothing in recent years to alleviate the court s concerns. If anything, it has escalated its scheme of attempting to make payments on the Exchange Bonds while refusing to make any payment on the FAA bonds. See, e.g., Order, NML Capital, Ltd. v. Republic of Argentina, No. 08-cv-6978 (Oct. 3, 2013) (finding that the Republic s proposed evasion scheme would contravene the Amended Injunction). 8

110 Case Case 108-cv TPG 114-cv TPG Document Filed 10/30/15 02/11/16 Page of of The relief sought would also not unfairly prejudice the rights of third parties. The order does not affect the Exchange Bondholders contractual right to be paid by the Republic, and the Republic s threat not to pay the Exchange Bondholders does not make an otherwise lawful injunction inequitable. See NML II, 727 F.3d at 242. Moreover, the injunction is not unfair to the Exchange Bondholders because, as the Court of Appeals stressed, before accepting the exchange offers, they were expressly warned by Argentina in the accompanying prospectus that there could be no assurance that litigation over the FAA Bonds would not interfere with payments under the Exchange Bonds. Id. The Republic s arguments concerning its ability to pay all its debts in full are unavailing. Nothing in this order requires or coerces the Republic to pay plaintiffs anything at all. 3 The Republic laments that it will have no choice but to default if it is subject to an injunction requiring it to pay all plaintiffs if it wants to pay the Exchange Bondholders. But this argument ignores the obvious fact that the Republic has already chosen to default on its Exchange Bonds. Granting plaintiffs motion here will therefore cause no new harm that would alter the equities. 3 That said, the Republic has repeatedly shown it can pay its debts when it chooses to do so such as its October 2015 payment of nearly $6 billion to creditors; its February 2014 settlement with Repsol S.A. for $5 billion; and its May 2014 settlement with the Paris Club nations for $9.7 billion. See Cohen Decl. Exs Cf. NML II, 727 F.3d at 242 (noting the importance of the Republic s failure to present the district court with any record evidence to support its assertions that it could not service its defaulted debt). 9

111 Case Case 108-cv TPG 114-cv TPG Document Filed 10/30/15 02/11/16 Page of of The Republic also claims the court should not issue additional injunctions because they would impede settlement. The Republic s reluctance to entertain meaningful settlement discussions before the Special Master should not prevent plaintiffs from vindicating their rights under the pari passu clause. If anything, the equities cut the other way. It would be inequitable to give injunctive relief to one group of bondholders while denying that relief to other, similarly situated bondholders. Ordering specific performance therefore ensures basic fairness by placing these plaintiffs on equal footing with the Lead Plaintiffs. 3. The public interest supports granting specific performance. Finally, an order of specific performance serves the public interest of enforcing contracts, maintaining confidence in debt markets, and upholding the rule of law. As the Court of Appeals held back in 2013, the interest one widely shared in the financial community in maintaining New York s status as one of the foremost commercial centers is advanced by requiring debtors, including foreign debtors, to pay their debts. Id. at 248. The same holds true today. Nor will relief in this exceptional case imperil future sovereign debt restructurings. See id. at 247. As the Court of Appeals observed, cases like this one are unlikely to occur in the future because Argentina has been a uniquely recalcitrant debtor and because newer bonds almost universally include collective action clauses ( CACs ) which permit a super-majority of 10

112 Case Case 108-cv TPG 114-cv TPG Document Filed 10/30/15 02/11/16 Page of of bondholders to impose a restructuring on potential holdouts. Id. An order of specific performance therefore serves the public interest. 4. The FSIA poses no bar to the relief sought by the post-judgment plaintiffs. The Republic asserts that 1609 of the Foreign Sovereign Immunities Act ( FSIA ) prohibits the injunctions sought by the post-judgment plaintiffs here. Although the Court of Appeals held that the FSIA posed no bar to the Amended Injunction, the Republic argues that it did so only because plaintiffs in the earlier cases had not yet obtained judgments, unlike many of the plaintiffs here. The injunction sought by the post-judgment plaintiffs would therefore be in aid of execution of their judgments and subject to the execution immunity afforded to sovereign property under the FSIA. The Republic s attempt to evade the Court of Appeals decision is unpersuasive. The Court of Appeals placed no weight on the pre-judgment status of those plaintiffs, instead holding generally that the FSIA has no relation to an order requiring the Republic to honor its contractual promise to pay all of its creditors ratably if it chooses to pay any of them. NML I, 699 F.3d at 262 ( [B]ecause compliance with the Injunctions would not deprive Argentina of control over any of its property, they do not operate as attachments of foreign property prohibited by the FSIA. ). Just as with the Amended Injunction, the injunctions sought here do not attach, arrest, or execute upon any property, nor do they require seizure and control over specific property. Id. Indeed, as the Court of Appeals made clear, these injunctions can be complied with without the court s ever exercising dominion 11

113 Case Case 108-cv TPG 114-cv TPG Document Filed 10/30/15 02/11/16 Page of of over sovereign property. See id. And, if it so chooses, the Republic may pay its debts with whatever resources it likes. See NML II, 727 F.3d at At oral argument, counsel for the Republic repeatedly claimed that, because the Amended Injunction is already in effect, the post-judgment plaintiffs request for additional injunctions is redundant and necessarily shows that plaintiffs seek only to enforce their money judgments since the injunctions could serve no other purpose. See, e.g., Hr g Tr. at (Oct. 28, 2015) ( [S]ince we have injunctions in place, the question becomes why are they insisting on this additional amount. And my submission to your Honor is that it is this issue of coercing a payment in full to them and to others.... ). Not so. Plaintiffs here are equally entitled to enforce their rights under the pari passu clause and understandably seek the same relief as the Lead Plaintiffs. Absent an injunction, plaintiffs in these actions would be left without the protection guaranteed to them under the FAA if the Lead Plaintiffs were to withdraw their claims against the Republic. The relief plaintiffs seek is reasonable and has nothing to do with coercing payment or enforcement money judgments. 5. Compliance with the injunction is not impossible. The Republic also argues that the court must deny all plaintiffs motions because specific performance is unavailable where compliance is impossible. The Republic claims that no sovereign... could afford to reduce its Central Bank reserves by the amount of the Republic s outstanding defaulted debt because those reserves are vital to maintaining the healthy functioning of the 12

114 Case Case 108-cv TPG 114-cv TPG Document Filed 10/30/15 02/11/16 Page of of Republic s economy, and the requested orders would subject the Republic to an unacceptable degree of catastrophic risk. Mem. L. Opp n Mot. Specific Performance at 2 3, NML Capital, Ltd. v. Republic of Argentina, No. 14-cv-8601 (Sept. 25, 2015). Again, the Republic fundamentally misapprehends the nature of the pari passu clause and these injunctions. The injunctions are not meant to coerce payment they seek to fulfill a promise to treat the Republic s obligations under the FAA equally with its obligations on other external indebtedness, both in ranking and through ratable payments. The pari passu clause does not ensure that plaintiffs bonds will be paid in full or even paid at all. Rather, it ensures that if the Republic chooses to pay some external indebtedness, it must pay the same ratable share to plaintiffs. The Republic can comply with the injunction even if it never pays plaintiffs, so long as it affords the same treatment to other holders of its external indebtedness. 13

115 Case Case 108-cv TPG 114-cv TPG Document Filed 10/30/15 02/11/16 Page of of

116 Case 108-cv TPG Document Filed 02/11/16 Page 99 of 175 Exhibit E

117 Case 108-cv TPG Document Filed 02/11/16 Page 100 of 175 E882repc 1 1 UNITED STATES DISTRICT COURT SOUTHERN DISTRICT OF NEW YORK x 3 NML CAPITAL, LTD., et al., 4 Plaintiffs, 5 v. 08 CV 6978 (TPG) x 9 New York, N.Y. August 8, p.m. 11 Before 12 HON. THOMAS P. GRIESA, 13 District Judge A P P E A R A N C E S 16 DECHERT LLP 17 Attorneys for Plaintiff NML Capital, Ltd. BY ROBERT A. COHEN 18 FRIEDMAN KAPLAN SEILER & ADELMAN LLP 19 Attorneys for Interested Parties Aurelius Capital Partners and Blue Angel 20 BY EDWARD A. FRIEDMAN DANIEL B. RAPPORT 21 MILBERG LLP 22 Attorneys for Varela plaintiffs BY MICHAEL C. SPENCER 23 LATHAM & WATKINS LLP 24 Attorneys for the Euro Bondholders BY CRAIG A. BATCHELOR 25 SOUTHERN DISTRICT REPORTERS, P.C. (212)

118 Case 108-cv TPG Document Filed 02/11/16 Page 101 of 175 E882repc 2 1 A P P E A R A N C E S 2 (continued) 3 4 LEVI LUBARSKY & FEIGENBAUM LLP Attorneys for JPMorgan Chase Bank N.A. 5 BY ALAN H. SCHEINER 6 MORGAN LEWIS & BOCKIUS LLP Attorneys for Clearstream Banking 7 BY MARY C. PENNISI 8 GREENFIELD STEIN & SENIOR LLP Attorneys for Euroclear Bank 9 BY PAUL T. SHOEMAKER 10 GOODWIN PROCTER LLP Attorneys for Plaintiff 11 Olifank Fund Ltd BY ROBERT D. CARROLL 12 CLEARY GOTTLIEB STEEN & HAMILTON LLP 13 Attorneys for Defendant BY JONATHAN I. BLACKMAN 14 DANIEL J. NORTHROP 15 DANIEL POLLACK Special Master SOUTHERN DISTRICT REPORTERS, P.C. (212)

119 Case 108-cv TPG Document Filed 02/11/16 Page 102 of 175 E882repc 3 1 (Case called) 2 THE COURT The reason we are here today is because of 3 the two-page document entitled "Legal Notice" which appeared on 4 two pages of the Wall Street Journal and also of the New York 5 Times. 6 Last week, last Friday, we had a meeting, and I went 7 through at that time a complete statement of the obligations of 8 the Republic that are relevant to this matter. The Republic 9 had issued statements omitting relevant facts about its 10 obligations and, of course, that needed to stop. 11 It goes without saying that during that meeting I 12 warned that misleading statements by the Republic must cease, 13 and I put it upon counsel for the Republic to assist in seeing 14 that that was done. There were certain events of June 30 which 15 were covered and at least one statement or ruling issued by the 16 court, and I won't go into that. But what I was hoping is that 17 the parties would get back on the track of settlement 18 negotiations under the aegis of the special master who was 19 appointed to supervise or assist in such negotiations. 20 I want to say now, and I will repeat it at the end, it 21 is through settlement that obligations which need to be honored 22 can be honored; therefore, it is highly important that 23 settlement negotiations go forward and bear fruition. I was 24 hoping that that would take place. 25 However, on Thursday, August 7, a two-page write-up SOUTHERN DISTRICT REPORTERS, P.C. (212)

120 Case 108-cv TPG Document Filed 02/11/16 Page 103 of 175 E882repc 4 1 entitled "Legal Notice" appeared in the New York Times and the 2 Wall Street Journal. This so-called legal notice is false and 3 misleading, and the court could not let time go by without 4 making it publicly clear what has occurred, and that is the 5 reason the court called the session today on what is, 6 admittedly, somewhat short notice. Unfortunately, this notice 7 continues something which I thought should have ceased after 8 last Friday. 9 What the Republic has done over substantial time is to 10 make various public pronouncements which, on the face of it, 11 are supposed to describe the obligations of the Republic. But 12 these various pronouncements have regularly and systematically 13 omitted a vital part of the obligations of the Republic. The 14 Republic has discussed publicly in various ways the obligations 15 that it has to parties who exchanged their bonds for new bonds 16 of the Republic in 2005 and The Republic surely has 17 obligations to those exchangers, without any doubt; but, it 18 also has obligations to people who did not exchange and who 19 still have their judgments and who are judgment creditors on 20 those judgments. 21 There is no virtue in saying one kind of obligation is 22 more important than another. That would be a useless exercise. 23 The fact is, the Republic has these obligations and not just 24 one. And if the Republic puts out public information 25 describing only one and indicating this is all that the SOUTHERN DISTRICT REPORTERS, P.C. (212)

121 Case 108-cv TPG Document Filed 02/11/16 Page 104 of 175 E882repc 5 1 Republic has in the way of obligations, that is false and 2 misleading. 3 This kind of thing was discussed last Friday and, 4 naturally, the court warned against further false and 5 misleading public pronouncements or statements by the Republic, 6 and the court assumed that that warning would be heeded. Why 7 should it not be? Litigants come to this court all the time, 8 and it is not difficult to avoid false and misleading 9 pronouncements relative to a court case. That is naturally 10 done by most litigants and most attorneys. It is naturally 11 done, instinctively done. It has not been done here. I 12 thought that the discussion held last Friday would put an end 13 to the false and misleading public information which had been 14 put out by the Republic. I assumed that it would, and I asked 15 counsel for the Republic to monitor that. However, we have, 16 yesterday, a two-page newspaper spread in the New York Times 17 and in the Wall Street Journal, which constituted another, yet 18 another, false and misleading statement by the Republic about 19 its obligations. 20 I repeat Yesterday in the two-page spread, published 21 obviously at the request of the Republic, in the Wall Street 22 Journal and The New York Times we had another false and 23 misleading description of the Republic's obligations. 24 The notice which was published in the press describes 25 the obligations of the Republic to parties who exchanged their SOUTHERN DISTRICT REPORTERS, P.C. (212)

122 Case 108-cv TPG Document Filed 02/11/16 Page 105 of 175 E882repc 6 1 bonds and received new bonds in 2005 and some in It goes 2 on to describe in detail how payment is to be made to those 3 exchangers under the relevant trust indenture. It omits, 4 however, except for some possible fragmentary notice, which I 5 don't recall at the moment, but it omits any description of the 6 obligation of the Republic to judgment creditors and it omits 7 any mention of the legal requirements now imposed by the 8 District Court and the Court of Appeals before payment can be 9 made on these obligations. The latter point is highly 10 important. 11 Both the District Court and the Court of Appeals 12 recognize that, because of certain contractual provisions, 13 particularly something called the pari passu provision, that 14 any payment made on any of these obligations must appropriately 15 cover all of the obligations. I say "appropriately," because I 16 am not going to try to get into a definition of the specific 17 requirements. But the basic point is there. Payment cannot be 18 made in part and still be called payment of the obligations. 19 Payment must deal, under the definition and requirement of the 20 District Court and the Court of Appeals, with the full range of 21 obligations. 22 This should not be surprising. If someone has a debt, 23 say, of $10,000 and goes up to the creditor and says, Here, I 24 will give you $8,000, it would not surprise anybody in this 25 gathering today to find out that that does not mean payment of SOUTHERN DISTRICT REPORTERS, P.C. (212)

123 Case 108-cv TPG Document Filed 02/11/16 Page 106 of 175 E882repc 7 1 the debt. It is very simple. 2 So payment of part is not payment of all. And payment 3 here must comply with certain requirements imposed by law, 4 imposed by the District Court and the Court of Appeals. 5 I think I have said this, but I want to make sure, 6 because I don't want to be abstract The obligations of the 7 Republic, of course, include its obligations to its exchange 8 bondholders, but they also include obligations to those who did 9 not exchange, because exchange was not required. So the 10 obligations of the Republic also run to the parties who 11 exercised their rights and maintain their judgments and who 12 are, today, in the position of being judgment creditors, a 13 position hardly unimportant. 14 Now, there is also the requirement that any payment to 15 the exchangers must comply with requirements that arise under 16 what is called the pari passu clause or term. Let it be 17 remembered that we are dealing with contractual terms. We are 18 not dealing with something imposed by the court. We are 19 dealing with contractual terms. And who proposed and authored 20 those contractual terms? It was the Republic of Argentina. 21 And they did so in order to help market their bonds. 22 Now, therefore, when the so-called notice talks about 23 or asserts the proposition that the Republic has paid, that 24 proposition, as presented here, is false and misleading. The 25 Republic did pay money to the indentured trustee; and the SOUTHERN DISTRICT REPORTERS, P.C. (212)

124 Case 108-cv TPG Document Filed 02/11/16 Page 107 of 175 E882repc 8 1 indentured trustee, wisely and in accordance with the court 2 orders in existence, held and has held that money. But that 3 did not constitute payment within the terms specified under the 4 law as laid out by the District Court and the Court of Appeals. 5 Consequently, there has been no payment to the bondholders, to 6 the judgment creditors. There has been no payment. 7 Let me repeat There has been no payment. 8 The reason for that is what I have explained a moment 9 ago; and, that is, payment must cover what is required under 10 the law and under the rulings of the District Court and the 11 Court of Appeals. That is the only way payment can be made, 12 and no such payment has been made. 13 To the extent that the so-called notice would lead a 14 reader to think that some kind of a payment has been made and that is one of the important points of this so-called 16 notice -- such a statement, such an implication, is false and 17 misleading. 18 Now, the court can only hope -- no, the court can do 19 more than hope. The court reiterates its direction to cease 20 and desist from false and misleading public pronouncements by 21 the Republic. That must be done. And again I am charging 22 counsel with responsibility for monitoring that. Again I issue 23 the warning and again I charge counsel. 24 I don't want to go farther than that because the 25 really truly important thing is to recognize that this matter SOUTHERN DISTRICT REPORTERS, P.C. (212)

125 Case 108-cv TPG Document Filed 02/11/16 Page 108 of 175 E882repc 9 1 will not be resolved without a successful settlement. Maybe 2 "successful" is not the right word. Without a settlement. 3 Obviously if the Republic paid everything it owed, it would be 4 in the position of the kind of judgment debtor which is often 5 found, which simply pays. The indications are that that will 6 not occur. The court understands that there may be reasons why 7 it will not occur, and that is why the court appointed a 8 special master to carry out and assist in settlement 9 negotiations, because in this case, there are issues which 10 deserve negotiation and which deserve resolution by settlement. 11 That, of course, leads to the point that if the parties and if 12 the attorneys wish to resolve this matter, there must be 13 negotiation of issues and there must be a settlement. And 14 there can be a settlement. 15 So this afternoon the court wishes to go no farther 16 than to reiterate what is in the order appointing the special 17 master, and that is that he is to supervise settlement 18 negotiations and the parties are to cooperate with him. 19 Surely there will be a cessation of false and 20 misleading statements by the Republic. Surely there will be a 21 cessation. If there is not, it will be necessary to consider 22 contempt of court. But the court earnestly, earnestly hopes 23 and desires that the matter will not get into that posture and 24 that negotiations can continue. 25 If anyone has any comments, please give them. SOUTHERN DISTRICT REPORTERS, P.C. (212)

126 Case 108-cv TPG Document Filed 02/11/16 Page 109 of 175 E882repc 10 1 MR. BLACKMAN Thank you, your Honor. Jonathan 2 Blackman representing the Republic of Argentina. 3 As always, we appreciate what you have said. It will 4 certainly, as the court's earlier statements have been, be 5 conveyed to our client. 6 I have to say a couple of things. 7 One, the ad that the court referred to or the press 8 statements that the court referred to have not been prepared by 9 my firm, by me, by anyone associated with us, and we knew 10 nothing about them until I read them, probably the same time 11 your Honor did, in the New York Times yesterday. In fact, I 12 read them later because it wasn't until this hearing was 13 scheduled that I got to that page of the paper in my office as 14 a result of the hearing being scheduled. 15 I say that because the court needs to understand that 16 the Republic of Argentina is a state. The court knows that. 17 THE COURT Is what? 18 MR. BLACKMAN Is a state. A state takes positions, 19 makes decisions. They are not necessarily legal decisions. 20 They are decisions that are made without their lawyers. This 21 is a statement of its position, for better or worse, and I 22 can't say more than that. 23 If we are talking about statements, though, that are 24 false and misleading, I have to bring to the court's attention 25 the fact that this week, every day this week, an organization SOUTHERN DISTRICT REPORTERS, P.C. (212)

127 Case 108-cv TPG Document Filed 02/11/16 Page 110 of 175 E882repc 11 1 called American Task Force Argentina, which was created by 2 Ellie & Associates, which is the owner of the plaintiff NML and 3 funded by it, has put out on its Web site false and misleading 4 statements about me and about my law firm. It has put out 5 statements saying that we are responsible for Argentina's 6 default; that I personally have told the president of Argentina 7 to default. 8 The next one is entitled, "Should the Court Sanction 9 Cleary?" on the grounds that our legal representation of our 10 client in this case for the last 12 years somehow represents 11 sanctionable behavior. 12 The final one -- and I am going to bring these up to 13 your Honor so they can be put into the record -- shows me on 14 the body of a vulture saying that I am a vulture and my firm 15 are vultures because we are preying on Argentina and that 16 somehow this default occurred so that my firm and I could make 17 legal fees. That is false and misleading. It is also 18 reprehensible. It is outrageous. The people who prepared 19 that -- and I suspect I know who they are, but I'm not going to 20 stoop to their level and name them -- have acted in a way that 21 is malicious and evil, a way that no one -- no human being should act towards another human being. There have been high 23 tempers in this case, and obviously, the court knows, a great 24 deal of animosity between clients. But to attack a lawyer and 25 his law firm in that fashion personally, day after day, so that SOUTHERN DISTRICT REPORTERS, P.C. (212)

128 Case 108-cv TPG Document Filed 02/11/16 Page 111 of 175 E882repc 12 1 my family has to read this sort of stuff, just goes beyond any 2 bounds of human decency. It is just absolutely wrong and 3 improper. 4 I am going to hand up to the court copies of these 5 documents so that they can be put into the record, with the 6 court's permission, and I will hand a copy to counsel. 7 I regret having to bring up this subject, but I felt I 8 owed it to myself, I owed it to my firm, I owed it to my 9 family, and I owed it to our profession to do that. This kind 10 of stuff is far more damaging to the fabric of the court and 11 our profession than anything that's been discussed. 12 As far as the substance, which is what we should all 13 stick to, Argentina has made it clear that it does want to 14 engage with all of its creditors, judgment creditors, other 15 holdout creditors, and of course it wants to service its 16 obligations, which no one questions exist, to the exchange 17 bondholders. I won't repeat all the reasons why that is a huge 18 challenge and why, thus far, those efforts have not borne 19 fruition. Of course they need to continue in some fashion. 20 I would just ask the court to keep in mind, in doing 21 that, that the government of Argentina, my client, has to be a 22 government. It has to make statements on matters that are of 23 intense public interest to Argentina. And those statements, 24 for better or worse, are not always -- not even often -- what 25 lawyers would draft if they had any role in drafting them. SOUTHERN DISTRICT REPORTERS, P.C. (212)

129 Case 108-cv TPG Document Filed 02/11/16 Page 112 of 175 E882repc 13 1 They are statements made, just like our president makes 2 statements, just like the president of any other country makes 3 statements. I would just ask the court to appreciate them in 4 that context and not let what is essentially, if I can call it 5 that, a side issue -- because everyone knows what these 6 injunctions say and what they do and the effect they have had, 7 including the banks who have been before your Honor -- not let 8 that side issue divert us or make the temperature rise further 9 from what should be the main event, which is trying to resolve 10 this very difficult situation. 11 Thank you. 12 THE COURT I am very glad that you made clear that 13 you and your firm did not play a role in drafting this 14 so-called notice. That is a fact that is highly important. 15 On the other points you have made, I deeply regret any 16 personal attacks or disparagement upon you. 17 When the different elements that have been discussed 18 are put on the scale, so to speak, it is impossible for me to 19 neglect the fact that I presided over this case for about a 20 dozen years. I sat on this bench over and over, pointing out 21 the fact that the Republic of Argentina had obligations here 22 which it was ignoring, it was issuing misleading statements 23 about, but basically was ignoring. I urged that those 24 obligations be honored despite the fact that, under the 25 circumstances that existed during those years, I had no ability SOUTHERN DISTRICT REPORTERS, P.C. (212)

130 Case 108-cv TPG Document Filed 02/11/16 Page 113 of 175 E882repc 14 1 to compel the Republic to honor those obligations. But I 2 appealed to the Republic as a matter of honor, honesty, to 3 honor those obligations. That appeal was not responded to in 4 the slightest degree in a positive manner, not the slightest. 5 Years went by. NML and other plaintiffs sought to 6 find assets in the United States they could recover against, 7 and those efforts were unsuccessful. But the Republic did not 8 honor its basic obligation, but hid behind the fact that it was 9 a distant republic at that time and was shielded as a matter of 10 law. 11 Things changed when a new concept was introduced into 12 the case, which I won't get into the technicalities, but a new 13 concept introduced into the case called the pari passu doctrine 14 in This finally compelled the Republic to recognize and 15 to begin to deal with its obligations. That process is going 16 on and hopefully that process will lead to settlement. So what 17 cannot be forgotten is that for a dozen years or more the 18 Republic was not compelled to and did not do anything to honor 19 its legal obligations. 20 Entirely apart from what occurred in court, apart from 21 what I knew anything about, it may be that attacks were made on 22 Mr. Blackman. I don't really say "it may be." I credit 23 Mr. Blackman. That was wrong. Without excuse. And what I am 24 saying now is not an excuse, but it is, when people with just 25 causes go year after year after year, as NML and Aurelius, SOUTHERN DISTRICT REPORTERS, P.C. (212)

131 Case 108-cv TPG Document Filed 02/11/16 Page 114 of 175 E882repc 15 1 etc., did year after year after year, without any recognition 2 of their legal rights, it may very well be that frustration 3 develops and behavior that is wrong occurs. 4 All of that occurred outside of the knowledge and 5 responsibility of the court. Mr. Blackman had every right to 6 bring it up today. 7 But, as he himself recognizes, it is not a matter 8 which can interfere in any way with the real motion that must 9 take place in this case, and that is the movement towards a 10 settlement. There are people who are being harmed by the 11 present circumstances, and settlement is necessary to eliminate 12 that harm. That is what we want to focus on now, and nobody 13 denies that. 14 So let us stick to the resolution of the issues before 15 the court. Let us avoid any further false and misleading press 16 releases or statements by the Republic, and let us continue 17 with the process of settling this case. That is what will 18 assist real human beings. 19 Thank you SOUTHERN DISTRICT REPORTERS, P.C. (212)

132 Case 108-cv TPG Document Filed 02/11/16 Page 115 of 175

133 Case 108-cv TPG Document Filed 02/11/16 Page 116 of 175 Exhibit F

134 Case Case 108-cv TPG Document Filed 02/11/16 06/23/14 Page of of 2175 Re Republic of Argentina Litigation 08 Civ 6978, 09 Civ 1707, 09 Civ 1708, 09 Civ 8757, 09 Civ 10620, 10 Civ 1602, 10 Civ 3507, 10 Civ 3970, 10 Civ 8339, 10 Civ 4101, 10 Civ 4782, 10 Civ 9587, 10 Civ 5338 Order for Appointment of Special Master 1. The Court hereby appoints Daniel A. Pollack, 245 Park Avenue, New York City, as Special Master to conduct and preside over settlement negotiations between and among the parties to this litigation. 2. The Special Master may conduct and preside over such negotiations publicly or in camera, in whole or in part, and shall also be empowered to confer with the parties ex parte in his sole discretion. 3. The Special Master is not expected to file a report of the negotiations, but shall have the right to confer with the Court at such times and in such manner as he deems necessary and appropriate in his sole discretion. The Special Master shall not displace the Court in any respect and shall have no responsibility for or power to make any rulings of any kind in this litigation. 4. The Special Master shall have the right to use such other support persons (both lawyer and non-lawyer) to assist him in the carrying out of his responsibilities as he deems necessary and appropriate in his sole discretion. 5. The compensation of the Special Master, including fees and expenses incurred by him and others who assist him, shall be the

135 Case Case 108-cv TPG Document Filed 02/11/16 06/23/14 Page of of 2175 responsibility of (a) the Republic of Argentina and (b) Elliot Capital Management and Aurelius Capital Management, and shall be borne equally between these two sides. All invoices of the Special Master shall be due and payable when rendered and the parties are instructed by the Court to pay all such invoices promptly. 6. The parties are instructed to give full co-operation to the Special Master.in all respects in the negotiations and to provide the Special Master promptly with any and all information he may appropriately request and any and all logistical assistance which he may request. 7. The Court expressly finds that, in view of the limited scope of this appointment, except as expressly set forth in this Order the provisions of Rule 53 of the Federal Rules of Civil Procedure shall be of no applicability to this appointment and compliance therewith shall not be required of the Special Master.. So Ordered New York, New York June 23, 2014 Hon. Thomas P. Griesa United States District Judge USDCSD~~ OOCUI\fENT.. l. ELECTRON!CALLY FILED.j DOC# 1! DATE FILED 2;(2-zl\~ ~~ I

136 Case 108-cv TPG Document Filed 02/11/16 Page 119 of 175 Exhibit G

137 Case 108-cv TPG Document Filed 02/11/16 Page 120 of 175 E8L8REPC 1 1 UNITED STATES DISTRICT COURT SOUTHERN DISTRICT OF NEW YORK x 3 NML CAPITAL, LTD., et al., 4 Plaintiffs, 5 v. 08 CV 6978 (TPG) x 9 New York, N.Y. August 21, p.m. 11 Before 12 HON. THOMAS P. GRIESA, 13 District Judge 14 A P P E A R A N C E S 15 DECHERT LLP 16 Attorneys for Plaintiff NML Capital, Ltd. BY ROBERT A. COHEN 17 GIBSON DUNN & CRUTCHER LLP 18 Attorneys for Plaintiff NML Capital, Ltd. BY MATTHEW D. McGILL 19 FRIEDMAN KAPLAN SEILER & ADELMAN LLP 20 Attorneys for Interested Parties Aurelius Capital Partners and Blue Angel 21 BY EDWARD A. FRIEDMAN 22 GOODWIN PROCTER LLP Attorneys for Plaintiff Olifant Fund Ltd. 23 BY ROBERT D. CARROLL SOUTHERN DISTRICT REPORTERS, P.C. (212)

138 Case 108-cv TPG Document Filed 02/11/16 Page 121 of 175 E8L8REPC 2 1 APPEARANCES (Cont'd) 2 MILBERG LLP Attorneys for Varela plaintiffs 3 BY MICHAEL C. SPENCER 4 REED SMITH LLP Attorneys for The Bank of New York Mellon 5 BY NEIL GRAY ERIC A. SCHAFFER 6 CLEARY GOTTLIEB STEEN & HAMILTON LLP 7 Attorneys for Defendant BY CARMINE D. BOCCUZZI, JR. 8 DAVIS POLK & WARDWELL LLP 9 Attorneys for Citibank BY KAREN E. WAGNER SOUTHERN DISTRICT REPORTERS, P.C. (212)

139 Case 108-cv TPG Document Filed 02/11/16 Page 122 of 175 E8L8REPC 3 1 (Case called) 2 THE COURT All right. Let's start with Mr. Cohen. 3 You asked for the conference. Do you have an application? 4 MR. COHEN Thank you, your Honor. Robert Cohen from 5 Dechert on behalf of plaintiff NML Capital. 6 Your Honor, we are here with an application for a 7 citation of contempt with respect to the Republic of 8 Argentina's cumulative violations of your Honor's amended 9 February 23rd order. 10 The most recent of those violations is the 11 introduction of legislation this week in the Congress of 12 Argentina that would have the effect of gutting the amended 13 February 23rd order, in that it would provide for a mechanism 14 to pay the exchange bondholders interest payments in Argentina 15 and outside the control and jurisdiction of this court, the 16 precise risk that the amended February 23rd orders and 17 subsequent orders were designed to avoid. 18 This threat, the threat to find a way around your 19 Honor's order, has been percolating since at least August of Your Honor may remember that following the Second 21 Circuit's affirmance of the amended February 23rd order, 22 President Kirchner went on the airwaves in Argentina and said 23 she was going to find a way to evade that order by allowing 24 payment in Argentina. 25 We came to your Honor, brought that to your attention, SOUTHERN DISTRICT REPORTERS, P.C. (212)

140 Case 108-cv TPG Document Filed 02/11/16 Page 123 of 175 E8L8REPC 4 1 and that resulted in an order on October 3rd of 2013, which 2 specifically prohibited the evasion of the amended February 3 23rd order, including by adopting a mechanism to pay in 4 Argentina. 5 Cleary Gottlieb said at that time that the speech of 6 the president was merely politics. She was talking to the 7 populace. There were no such plans, and there were no such 8 documents, which we sought as part of that proceeding to 9 describe what that plan might be. They said there were no such 10 things. 11 On June 16th of this year, the Supreme Court denied 12 certiorari and the amended February 23rd order became fully 13 effective. That very night, June 16th, the president went back 14 on the airwaves in Argentina and repeated the threat to create 15 a mechanism to avoid the amended February 23rd order, by 16 allowing payment to be made on bonds to be issued in Argentina 17 and paid in Argentina to the exchange bondholders. 18 On the next day, the economy minister, Mr. Axel 19 Kicillof, also had a nationwide press conference where he 20 repeated that same threat. 21 We brought those incidents to the Court's attention, 22 and on June 20, three days later, your Honor entered an order, 23 a short two-paragraph order, which said, "In his June 17, speech, Argentina's economy minister, Axel Kicillof, proposed 25 that Argentina initiate steps to carry out a debt exchange to SOUTHERN DISTRICT REPORTERS, P.C. (212)

141 Case 108-cv TPG Document Filed 02/11/16 Page 124 of 175 E8L8REPC 5 1 pay the exchange bondholders in Argentina under Argentine law. 2 This Court rules that the above proposal of the economy 3 minister is in violation of the rulings and procedures now in 4 place in the Southern District of New York, and the Republic of 5 Argentina is prohibited from carrying out the proposal of the 6 economy minister." That was June 20, your Honor. 7 A week later, your Honor, also in defiance of the 8 amended February 23rd order, Argentina purported to take steps 9 to make a payment on exchange bonds without simultaneously 10 paying what we are calling the holdouts. That was contumacious 11 and in direct violation of the Court's amended February 23rd 12 order. 13 Your Honor found that it was illegal for them to do 14 that, and fortunately, as we know, Bank of New York Mellon 15 abided by the order and did not forward that money on, although 16 there have been some other related incidents that we have been 17 dealing with recently. 18 THE COURT What was the latter? 19 MR. COHEN I am referring, your Honor, to the 20 Citibank issue with respect to certain of the moneys that were 21 paid at the end of June. 22 Earlier this week, on Tuesday, the president again 23 went on national television and announced that she had 24 introduced legislation in the Congress of Argentina that if 25 adopted would provide a mechanism for exchange bondholders to SOUTHERN DISTRICT REPORTERS, P.C. (212)

142 Case 108-cv TPG Document Filed 02/11/16 Page 125 of 175 E8L8REPC 6 1 be paid in Argentina on bonds to be exchanged for their bonds, 2 and unabashedly, the president said, This is to avoid the 3 orders of this court. 4 And yesterday, Minister Kicillof again repeated what 5 the president said. He said that these steps were necessary 6 because the courts of the United States -- this Court, the 7 Supreme Court and others -- have put it in an untenable 8 position, in violation of international law, and as a sovereign 9 country they were going to take these steps. 10 Your Honor, we think this accumulation of defiant, 11 blatantly defiant, actions finally require this Court to find 12 the Republic in contempt. And it's important, your Honor, not 13 just because of the impact we hope it will have on Argentina, 14 but because what they have proposed, in order to be effective, 15 we believe will require third parties that are within this 16 Court's jurisdiction to cooperate in some manner or means, and 17 they need to know that this Court is prepared to act harshly 18 with respect to anyone who would violate this Court's order. 19 THE COURT Before we get to contempt, isn't it 20 necessary to deal with the issue of whether this August proposal of the president is or is not legal, is or is not in 22 compliance with the current injunctions and orders of the 23 court? Isn't that the first thing that must be dealt with? 24 MR. COHEN Yes, your Honor. And I think that the 25 proposal in the legislation is that exchange bondholders be SOUTHERN DISTRICT REPORTERS, P.C. (212)

143 Case 108-cv TPG Document Filed 02/11/16 Page 126 of 175 E8L8REPC 7 1 given the opportunity to exchange their bonds, which are 2 payable through Bank of New York Mellon, for bonds that would 3 be issued in Argentina, under Argentine law, and payable 4 through an entity that is a government controlled trust 5 company. 6 If that happened, your Honor, there would be no 7 obligation on the part of Argentina any longer to pay the 8 holdout creditors at the same time that the exchange 9 bondholders were paid. That, we think, your Honor, is a direct 10 violation of the amended February 23rd order, and it is exactly 11 the circumstance that your Honor addressed when you entered 12 your June 20th of this year order saying that if Minister 13 Kicillof's proposal was adopted, it would be illegal and a 14 violation of the amended February 23rd order. 15 So I don't think there is any doubt that what has been 16 proposed is a clear and intended way to evade your Honor's 17 order. 18 THE COURT Let me just get back then to the issue of 19 contempt of court. I guess the answers to my questions are 20 pretty evident, but I am going to ask them anyway. 21 The Republic has obligations, and I don't want to get 22 into too much of this in any questioning, but how does a 23 finding of contempt contribute to the settlement of this case? 24 Because the settlement is what has got to come somehow, some 25 day. The Court is finished issuing judgments and so forth so SOUTHERN DISTRICT REPORTERS, P.C. (212)

144 Case 108-cv TPG Document Filed 02/11/16 Page 127 of 175 E8L8REPC 8 1 there has got to be a settlement. So how does it contribute to 2 a settlement? 3 MR. COHEN Your Honor, we, too, believe that a 4 settlement is the way that this matter will ultimately be 5 resolved, and we welcome and applaud the efforts that Special 6 Master Pollack has undertaken to try to make that happen, and 7 he has been in contact with us, and I believe with the other 8 side, to keep those discussions going. 9 But to answer your question directly, the Republic 10 needs to feel that it has to settle. Parties to litigation 11 don't typically settle unless they feel it is necessary or in 12 their best interest. And we believe that we can propose 13 sanctions, and we would like to defer discussing what those are 14 precisely. 15 THE COURT What are you saying now? 16 MR. COHEN I am saying that we believe that we can 17 propose sanctions that will have the effect or contribute to 18 the effect of the Republic feeling a need to resolve its 19 dispute with the holdouts. Until that happens, your Honor, 20 until there is a change in circumstance, we are concerned that 21 the Republic will continue to behave as it has, which is 22 feeling no compulsion to deal with this problem. But we think 23 we can suggest to your Honor, and we would propose to do that 24 leading up to perhaps a hearing in early September on what the 25 appropriate sanctions should be, but there are monetary and SOUTHERN DISTRICT REPORTERS, P.C. (212)

145 Case 108-cv TPG Document Filed 02/11/16 Page 128 of 175 E8L8REPC 9 1 non-monetary sanctions that we think will bite the Republic in 2 a way that it will feel more inclined to engage in those 3 settlement discussions. 4 THE COURT All right. You will want to defer that 5 till September. 6 MR. COHEN Yes, your Honor. 7 MR. FRIEDMAN May I add a couple of things? 8 THE COURT You go ahead. 9 MR. FRIEDMAN Thank you. 10 THE COURT Mr. Friedman. 11 MR. FRIEDMAN Yes, your Honor. 12 Edward Friedman, Friedman Kaplan Seiler & Adelman, on 13 behalf of the Aurelius and Blue Angel plaintiffs. 14 Just two things, your Honor. First, in answer to your 15 Honor's question, how does a finding of contempt contribute to 16 settlement, I would submit that a finding of contempt directly 17 contributes to the prospects for settlement because a finding 18 of contempt would send a clear message that in this court the 19 rule of law must be respected, and that if it is not, the Court 20 will continue to apply and enforce the rule of law. And, 21 furthermore, a finding of contempt, which we believe is clearly 22 warranted, will send a clear message not only to Argentina, but 23 also to third parties who might be otherwise inclined to assist 24 Argentina. 25 So we believe that a finding of contempt is directly SOUTHERN DISTRICT REPORTERS, P.C. (212)

146 Case 108-cv TPG Document Filed 02/11/16 Page 129 of 175 E8L8REPC 10 1 relevant to and supportive of the prospects for settlement. 2 THE COURT Maybe Mr. Cohen answered this, but if 3 there is a finding of contempt, are you seeking sanctions now 4 or would you propose sanctions later? 5 MR. FRIEDMAN That's an excellent question, your 6 Honor. What Mr. Cohen and I and the plaintiffs would suggest 7 is that the first step should be a finding by the Court that 8 the Republic's continued violations warrant a finding of 9 contempt, and as a first step there should be an order holding 10 the Republic in contempt. Subsequently, we would suggest the 11 Court should consider what sanctions are warranted as a result 12 of the contempt. 13 So, in answer to your Honor's question, we do believe 14 there should be a two-step process, with the first step simply 15 being a finding that because Argentina has repeatedly violated 16 the orders of this Court, Argentina is in contempt of court. 17 THE COURT Look, I am going to ask the same question 18 to you that I asked of Mr. Cohen. 19 Obviously, I assume you take the position that the 20 proposal of August 19 is contrary to the orders of the Court 21 and must be stricken, right? 22 MR. FRIEDMAN Yes, your Honor. 23 THE COURT Now, regardless of how that issue comes 24 out, I have said it today, we all know it, and that is, the 25 thing that is of paramount necessity is to have a settlement. SOUTHERN DISTRICT REPORTERS, P.C. (212)

147 Case 108-cv TPG Document Filed 02/11/16 Page 130 of 175 E8L8REPC 11 1 Without that, there will be people who should be paid interest, 2 they won't be getting their interest. There must be a 3 settlement. 4 Obviously, if you have got a judgment debtor who 5 simply pays the judgment 100 percent, there is no need for a 6 settlement, but that's really not going to come about here in 7 anything like a simple form. So my question is Recognizing 8 that ultimately, with the benefit of everybody, including some 9 very innocent parties, there must be a settlement, how does a 10 finding of contempt contribute to a settlement? 11 MR. FRIEDMAN The answer to that question, your 12 Honor, is that what we see in Argentina's conduct is a pattern 13 of repeated efforts to evade the orders of your Honor and to 14 evade the jurisdiction of this Court. I firmly believe that 15 there will not be a settlement until it becomes crystal clear 16 to the Republic of Argentina that its evasion efforts will not 17 be countenanced and will not succeed. 18 That is why we are here today asking your Honor to 19 rule and declare firmly, and again, that violations of this 20 Court's order will not be countenanced. And we believe that 21 the way to send that message in very clear terms is to rule 22 that, on the basis of repeated, blatant violations of express 23 orders of this Court, Argentina is in contempt of court. And 24 we believe, as I was saying, your Honor, that such a clear 25 ruling by this Court that the rule of law will be respected in SOUTHERN DISTRICT REPORTERS, P.C. (212)

148 Case 108-cv TPG Document Filed 02/11/16 Page 131 of 175 E8L8REPC 12 1 this court is necessary as a condition for settlement 2 negotiations and ultimately settlement. 3 THE COURT All right. Let me hear from Mr. Boccuzzi. 4 MR. FRIEDMAN May I just add very briefly before I 5 sit down one other thing that I wanted to say so the record 6 will be clear? 7 THE COURT Of course. 8 MR. FRIEDMAN Under the proposed legislation that we 9 have described to your Honor in the letter this week, under 10 that legislation, the exchange bonds would be swapped for new 11 bonds issued in Argentina and payable in Argentina. I think 12 it's important to note that, as a technical matter, under your 13 Honor's rulings, Argentina would still have an obligation to 14 make rateable payments to the plaintiffs when it pays those new 15 bonds. 16 However, and this is the key point about the 17 violation, if the legislation is enacted and the new bonds are 18 issued, then the Court's ability to enforce the amended 19 February 23 orders will be destroyed, because Argentina will 20 have succeeded in creating a new payment mechanism away from 21 the parties such as Bank of New York Mellon that have been 22 complying with your Honor's orders. And that is why we view 23 this as an incredibly dangerous violation of your Honor's order 24 and a violation that threatens to destroy the ability of your 25 Honor to enforce the order in the future. SOUTHERN DISTRICT REPORTERS, P.C. (212)

149 Case 108-cv TPG Document Filed 02/11/16 Page 132 of 175 E8L8REPC 13 1 THE COURT Thank you. 2 Mr. Boccuzzi. 3 MR. BOCCUZZI Thank you, your Honor. Good afternoon. 4 Carmine Boccuzzi from Cleary Gottlieb on behalf of the Republic 5 of Argentina. 6 Just to answer your Honor's question that you posed to 7 both plaintiffs' counsel about how would a finding of contempt 8 contribute to a possible settlement, it would not, your Honor, 9 and I think it would not for two reasons, in response to both 10 of their answers. 11 When Mr. Blackman was here last time, he talked about 12 the rather heated rhetoric that's out there directed towards 13 Argentina, directed towards Cleary Gottlieb. A finding of 14 contempt would only be pouring gasoline on that fire. It 15 wouldn't be conducive to a healthy dialogue among anybody. So 16 that would be harmful and deleterious to possible settlement 17 talks. 18 In terms of third parties, your Honor has in place the 19 anti-evasion injunctions. Everybody knows about them. Those 20 are very broadly worded and they are very clear. We have seen 21 it in action with Bank of New York not moving the money, with 22 other institutions coming to your Honor and saying, I don't 23 want to violate the injunction or the anti-evasion provisions, 24 your Honor please tell me what to do. So a finding of contempt 25 adds nothing by way of helping bring about settlement. SOUTHERN DISTRICT REPORTERS, P.C. (212)

150 Case 108-cv TPG Document Filed 02/11/16 Page 133 of 175 E8L8REPC 14 1 In terms of their entitlement to a finding of 2 contempt, they are just not entitled to that as a matter of 3 law. As a procedural matter, your Honor, local rule requires that a finding of contempt be made on by notice of 5 motion, by order to show cause, and that there is an affidavit 6 that sets forth with particularity the misconduct that's being 7 complained of. None of that is in the plaintiffs' application, 8 and even if it was, I have had no opportunity to respond to it. 9 Putting that procedural problem aside, as a matter of 10 substance, and we haven't been able to fully research it yet 11 given the time we have had in terms of the hearing being 12 called, we are not aware of any case in which the proposing of 13 a bill for consideration by a legislator of a foreign 14 sovereign, or any sovereign, within the United States or 15 outside, has been deemed to be a contempt. 16 What we are dealing with, in terms of Argentina, is a 17 foreign state dealing at the highest political levels with the 18 fallout created by the court orders that have been entered 19 against it. These orders, as we all know, have enormous 20 effects on third parties, whom your Honor has characterized as 21 by and large innocent, third parties who are not even in this 22 room, third parties who are not subject to this Court's 23 jurisdiction. Obviously, it has effects on the larger 24 restructuring by the Republic and on Argentina's economy, and 25 those are issues that are broader and outside of this Court, SOUTHERN DISTRICT REPORTERS, P.C. (212)

151 Case 108-cv TPG Document Filed 02/11/16 Page 134 of 175 E8L8REPC 15 1 beyond the Court's jurisdiction. 2 THE COURT Let me interrupt you. Did Cleary Gottlieb 3 know about this proposed legislation in advance? 4 MR. BOCCUZZI We did not, your Honor. Cleary 5 Gottlieb learned about this on Tuesday night when it was 6 released as part of the president's public statement. 7 I would add, your Honor, in terms of the legislation, 8 the legislation will be discussed and debated in the Argentine 9 Congress. So we are many steps away from any act that could be 10 even adjudged by your Honor to be violative or not violative of 11 your Honor's injunctions. And I would note that the language 12 in the bill authorizes certain conduct which plaintiffs say 13 would run afoul of your Honor's injunctions; it doesn't require 14 it. So that's another level of remove from any act, any 15 controversy for your Honor to be able to say this or that 16 violates the injunction. 17 As an aside, cases like this have been brought in the 18 United States about a bill that's been proposed, and those have 19 been deemed not even ripe for adjudication, much less ripe for 20 a contempt citation. 21 THE COURT Well, what you say is well taken. The 22 problem is, we are not here as if we were starting afresh. We 23 have background. I am going to be frank to say I am absolutely 24 appalled that the Republic would not consult with Cleary 25 Gottlieb before it made this proposal. The proposal is a SOUTHERN DISTRICT REPORTERS, P.C. (212)

152 Case 108-cv TPG Document Filed 02/11/16 Page 135 of 175 E8L8REPC 16 1 proposal made by the president of the country, and in light of 2 all the background, it is not something that springs afresh and 3 so forth. 4 Why don't you finish up and I will rule. 5 MR. BOCCUZZI I was almost done. My main point, 6 since we are here today, as your Honor said, in this conference 7 to talk about the application for contempt, I think in summary, 8 contempt, they are not entitled to it as a matter of procedural 9 and the other underlying factual scenario we are dealing with. 10 And, also, I don't think at all a citation of contempt will 11 help the parties reach any sort of negotiated solution or a 12 settlement. So, really, I will just conclude with that point. 13 The other point I would say is Mr. Cohen talked about 14 statements made a year ago. We went through the entire period 15 of the appeal with no violation of the anti-evasion injunction. 16 As we have learned now, this hearing is the best evidence. 17 What the Republic is doing it's doing openly. This is a bill, 18 part of a democratic process. It was public knowledge. Within hours we are before your Honor. So, really, we are in 20 midstream here, there is no basis for a contempt, and they know 21 how to respect their rights should anything they deem amiss 22 occur. 23 THE COURT Is there any other lawyer that wishes to 24 speak? 25 I don't hear anybody. Let me go ahead with my ruling. SOUTHERN DISTRICT REPORTERS, P.C. (212)

153 Case 108-cv TPG Document Filed 02/11/16 Page 136 of 175 E8L8REPC 17 1 Under the injunction and court order now in effect, 2 whenever the Republic makes any payment -- and the relevant 3 payment here would be payment of interest -- whenever the 4 Republic would make any payment on the bonds issued by the 5 Republic in the 2005 and 2010 exchanges, there must also be a 6 payment on the Republic's obligations to judgment creditors, 7 that is, people who did not exchange. 8 I have said this before, but it has to be said again 9 The Republic has and continues to take what is basically a 10 lawless position. It has taken this position over the years, 11 and still takes this position. I have mentioned this before, I 12 have mentioned it probably more than two or three times, but it 13 has to be borne in mind every time we consider the issues. 14 The Republic offered exchanges in 2005 and The 15 exchanges were not compulsory. People could exchange or not 16 exchange, and the majority of people did. But there was a 17 substantial amount of people interested in the bonds who did 18 not exchange. They maintained their position as having 19 lawfully obtained judgments in this court. Another way to term 20 them is judgment creditors. 21 Therefore, the Republic had obligations after the 22 exchanges, had obligations to the exchangers to service those 23 new bonds, but they also had obligations to the judgment 24 creditors. And being a judgment creditor in this court is not 25 a light matter. It gives one rights. And those rights here SOUTHERN DISTRICT REPORTERS, P.C. (212)

154 Case 108-cv TPG Document Filed 02/11/16 Page 137 of 175 E8L8REPC 18 1 developed in a way that the record shows, and I am not going to 2 go into detail about it. But the point I want to make is that 3 the Republic had these two obligations after the exchanges 4 One of course was to the people who accepted the exchanges; the 5 other was to the holders of judgments who did not make the 6 exchanges. The Republic had those two obligations, both 7 substantial, both serious, both needing the proper resolution. 8 The Republic spent years taking what was really a 9 lawless position, a position expressly espoused by the highest 10 officials, and that was that the people who had judgments would 11 not get paid. This was the express policy of the Republic of 12 Argentina, expressed in numerous ways over a long period of 13 time. This was a lawless position. The Republic had no right 14 to ignore, to declare that it would not pay. It had, 15 obviously, no possible right or legal basis to take the 16 position that it would not service the people who had 17 judgments. This position has led to the years of litigation 18 which have occurred. 19 At some point the parties who held the judgments 20 proposed to the Court what is referred to as the pari passu 21 treatment. I held that they were entitled to that. The Court 22 of Appeals affirmed me on that. Which means, in substance, 23 without going into detail -- and this is the law of the Second 24 Circuit Court of Appeals, not only of the District Court, this 25 is the law laid down by the Second Circuit Court of Appeals -- SOUTHERN DISTRICT REPORTERS, P.C. (212)

155 Case 108-cv TPG Document Filed 02/11/16 Page 138 of 175 E8L8REPC 19 1 if the Republic proposes to pay interest, for instance, on the 2 exchange bonds, it must make a payment at the same time on the 3 obligation to the judgment creditors. And the amount of that 4 and the formula for calculating all of that I won't try to get 5 into. But what I want to stress today, and it is relevant to 6 the current issue presented by the current proposal, is this 7 The Republic has obligations to people who made the exchanges, 8 and the Republic has its obligations to the people who have 9 judgments. 10 There is in effect an injunction -- and this is all 11 approved by the Court of Appeals -- there is in effect an 12 injunction, which requires the Republic of Argentina as 13 follows If the Republic proposes to pay interest, for 14 instance, to the people who have the exchange bonds, it must 15 make an appropriate recognition and payment to the people who 16 have the judgments and who have now, as established by the 17 District Court and the Court of Appeals, who have this right 18 which is called the pari passu right; in other words, 19 basically, the right to equal treatment. 20 (Continued on next page) SOUTHERN DISTRICT REPORTERS, P.C. (212)

156 Case 108-cv TPG Document Filed 02/11/16 Page 139 of 175 E8LVREP THE COURT What I've said this afternoon I have said 2 before, in essence. And what I'm saying now is correct on the 3 facts, it's correct on the law. Its correctness is established 4 not only by the district court, but by the Court of Appeals. 5 The Republic of Argentina will not recognize this full 6 obligation. This is a lawless position. I really don't know 7 why the Republic should take such a position. But whether it's 8 rational or irrational or whatever, it is a lawless position. 9 Now, I want to come to the proposal made by the 10 President of the Republic of Argentina on August 19th. In this 11 proposal, the President of the Republic states that she is 12 making this proposal, and that it will be submitted to the 13 Senate and Chamber of Deputies of Argentina. I don't believe 14 that submission has yet been made. 15 Mr. Boccuzzi quite reasonably argued that any action 16 by this Court is premature, because if there is to be an actual 17 proposal, it has to be approved by the parliament, and such has 18 not occurred. Under normal circumstances, I would agree with 19 Mr. Book see. 20 But we don't have normal circumstances. And a 21 proposal by the president has to be taken seriously by this 22 Court. And if it is improper, there must be a remedy. If 23 there is not a remedy, the next thing we can find out is that 24 the payment process has been moved to Argentina, etc., etc. 25 And that could happen overnight. Therefore, the proposal of SOUTHERN DISTRICT REPORTERS, P.C. (212)

157 Case 108-cv TPG Document Filed 02/11/16 Page 140 of 175 E8LVREP the president presents the Court with a genuine issue that 2 needs to be dealt with. I do not believe the president was 3 making a proposal with the intention of backing down about it 4 instead of submitting it to parliament. 5 The essence of the proposal is to provide for the 6 payment of interest on the exchange debt. It would also remove 7 the Bank of New York Mellon as indenture trustee and replace 8 and have a new indenture trustee, if that would be what it 9 would be called, located in Argentina. And one way or another, 10 the proposal would have the effect of doing away with the 11 jurisdiction over the exchange securities, jurisdiction in New 12 York, and having that go to Argentina. 13 I want to be very clear, and I want to state it right 14 now. This proposal is a violation of the current orders of 15 this Court and of the Second Circuit. It is illegal, and the 16 Court directs that it cannot be carried out. 17 Let me repeat. 18 The proposal of August 19, which would involve methods 19 of payment of interest which would involve procedures and so 20 forth, it is the ruling of the Court that that is in violation 21 of the current injunctions and orders of the Court; it is 22 illegal and cannot be carried out. 23 The current injunctions and orders of this Court as I 24 have said surely allow payment of interest to exchange 25 bondholders; but what the injunctions and orders of the Court SOUTHERN DISTRICT REPORTERS, P.C. (212)

158 Case 108-cv TPG Document Filed 02/11/16 Page 141 of 175 E8LVREP recognize is that there is a whole other side to the 2 obligations of the Republic of Argentina, and that is the 3 obligation to people who have judgments which have not been 4 paid. 5 The requirement of the injunctions and orders now in 6 effect is that in the event the Republic wishes to make 7 interest payments to the exchangers, it must make an 8 appropriate payment to the judgment creditors under a formula 9 which I won't try to repeat. 10 This is not surprising. 11 What the current orders and injunctions require is 12 that the Republic service all of its obligations. 13 If someone had a contract to buy a house for $100,000, 14 and payment was due, and the closing was September 30 of some 15 year, if the buyer came in and said, Well, I'm ready to close. 16 I have $80, The seller would say, Where is the other $20,000? 18 And if the buyer said, Well, $80,000 is a lot of 19 money, and my family is ready to move in, and we should get the 20 house, he would be laughed out of the neighborhood. 21 Getting back to our issue. 22 The proposal of August 19 would provide for payment of 23 interest to the exchangers, but no payment of the other 24 obligation; therefore, the proposal of August 19 is not a 25 lawful carrying out of the obligations of the Republic. SOUTHERN DISTRICT REPORTERS, P.C. (212)

159 Case 108-cv TPG Document Filed 02/11/16 Page 142 of 175 E8LVREP There is an injunction which requires the Republic, if 2 it is going to make payment to exchangers, it requires 3 servicing of the other obligation, that is, the obligation to 4 the judgment creditors. The proposal of August 19 does not 5 comply with the current injunction and order of the Court; it 6 does not contain any provision about payment to the judgment 7 creditors. And as far as the process, it has been established 8 over years -- and this dates back to the original contractual 9 documents on the original bonds -- any issues arising from 10 default will be handled in this Court; not in Argentina, but in 11 this Court, the federal court in New York. And that's what has 12 happened over years. And when issues have come up, the 13 Republic has come up into this Court. The Republic hasn't gone 14 to Argentina; the Republic has come to this Court to deal with 15 issues which have come up over the years. 16 So the processing litigation, if any, about the 17 exchange bonds will continue to reside in the Southern District 18 of New York, and any payments are to be in compliance with the 19 injunction that is in effect. The proposal of August 19 is 20 contrary to all of that. It is a violation of the current 21 injunction and order of the Court; it is illegal, and the Court 22 directs that it cannot be carried out. 23 Thank you very much. 24 I think that it is understood, I think the Bank of New 25 York showed clearly that any entity that assists the Republic SOUTHERN DISTRICT REPORTERS, P.C. (212)

160 Case 108-cv TPG Document Filed 02/11/16 Page 143 of 175 E8LVREP of Argentina in avoiding the basic order of this Court, that 2 would be a clear violation. 3 I want to now get back to the issue of contempt. 4 I think that if it were clearly proper to find the 5 Republic in contempt, I don't think that the formalities of 6 Rule 83 or whatever it is would need to apply; in other words, 7 if there is contempt, that is something that can happen on the 8 spot and be dealt with on the spot. 9 I want to return to something that I dwelled upon 10 earlier, and that is this There are no more judgments to be 11 entered. What is going on now is a process of recovering on 12 settlements or judgments. 13 In this case, it is clear as can be that somehow, 14 sometime, and, I hope, sooner rather than later, there will be 15 a settlement. There can be a settlement. There are issues in 16 the way, but they can be dealt with. There is a highly 17 competent and experienced special master who has, by court 18 order, been given the responsibility of assisting to find a 19 possible settlement. 20 If the Republic can avoid further illegal activities 21 such as the one that occurred on August 19, and I would hope 22 that Cleary Gottlieb would be brought in and counsel on this, 23 that if the Republic can avoid that, and if we can have a 24 process leading to a settlement, that is the path that should 25 be taken. Maybe the Republic doesn't want to settle, but if SOUTHERN DISTRICT REPORTERS, P.C. (212)

161 Case 108-cv TPG Document Filed 02/11/16 Page 144 of 175 E8LVREP the Republic doesn't settle, it will have quarter, after 2 quarter, after quarter of people that it owes interest to who 3 will not be getting their interest, not because of what a 4 federal judge says, but because of the format laid down and 5 approved by the Court of Appeals. 6 In my judgment, it does not add anything to the scales 7 of settlement to make a finding of contempt. What I have found 8 is certain facts, and I particularly have found that the 9 proposal of August 19 is invalid, illegal, and in violation of 10 current court orders and injunctions. To nullify that August proposal of the president of the country, that's the measure 12 that is really required this afternoon. And that's as far as 13 I'm going to go at the present moment. 14 Thank you very much. 15 * * * SOUTHERN DISTRICT REPORTERS, P.C. (212)

162 Case 108-cv TPG Document Filed 02/11/16 Page 145 of 175

163 Case 108-cv TPG Document Filed 02/11/16 Page 146 of 175 Exhibit H

164 Case 108-cv TPG Document Filed 02/11/16 Page 147 of 175 INTERVIEW OF PRESIDENT MAURICIO MACRI by STEPHEN ADLER INTERVIEW February 9, 2016 Original File TXT Min-U-Script with Word Index

165 Case 108-cv TPG Document Filed 02/11/16 Page 148 of X 3 INTERVIEW OF PRESIDENT MAURICIO MACRI 4 by 5 STEPHEN ADLER 6 AVAILABLE AT 7 http// X Transcribed by Darby Ginsberg, RPR, a Notary 13 Public of the State of New York ELLEN GRAUER COURT REPORTING CO., LLC 126 East 56Thth Street, Fifth Floor 24 New York, New York Ref

166 Case 108-cv TPG Document Filed 02/11/16 Page 149 of INTERVIEW WITH PRESIDENT MACRI 2 MR. ADLER We are here in Davos with 3 President Macri of Argentina. Thank you, so 4 much, Mr. President, for joining us. 5 PRESIDENT MACRI Thank you. Thank you 6 for the chance to talk with you. 7 MR. ADLER I want to dive right in and 8 talk about the bondholder litigation in New 9 York because it's of such high interest to 10 investors. 11 You are in the midst of settlement 12 talks, which your previous administration 13 did not want to do. Are you making 14 progress? 15 PRESIDENT MACRI Not so much, 16 unfortunately, because we showed our will to 17 arrive to a settlement at the New York 18 courts, since we traveled to New York in the 19 very beginning of our government, no? And I 20 didn't finish my second round of power, and 21 we went there with my team at the beginning 22 of January. We have many talks. 23 Next meeting will be 1st of February. 24 We were ready to travel the 25th to submit 25 our offer, but Mediator Pollack asked for a

167 Case 108-cv TPG Document Filed 02/11/16 Page 150 of INTERVIEW WITH PRESIDENT MACRI 2 postponement to 1st of February, but I want 3 to be clear We want to reach a settlement. 4 We want to find a fair agreement. We don't 5 discuss the capital. We are -- we want to 6 discuss the penalties. The penalties are 7 really high, you know, and that's -- I think 8 that that's why the judge designated a 9 mediator, to find an agreement. So I expect 10 that it will help the mediator to finish 11 this conflict of the past and start thinking 12 about the future. 13 MR. ADLER So are you disputing the 14 interest calculations as well as the 15 penalties, or both? 16 PRESIDENT MACRI The penalties, the 17 penalties, the penalties. 18 MR. ADLER Thank you. 19 PRESIDENT MACRI Principally the 20 penalties. In some cases, penalties arrive 21 to 80 percent. 22 MR. ADLER Uh-huh. Yes. 23 PRESIDENT MACRI In the case of one 24 month, the capital is 10 cents, the penalty 25 is 90 cents. It's unbelievable.

168 Case 108-cv TPG Document Filed 02/11/16 Page 151 of INTERVIEW WITH PRESIDENT MACRI 2 MR. ADLER So the original 3 restructuring was 30 cents to the dollar 4 that the bondholders had been wanting 5 essentially a hundred percent, plus interest 6 and penalties. Do you think you end up 7 between 30 and 100? Where are you hoping to 8 end up? 9 PRESIDENT MACRI Well, I don't want to 10 be so exact because I am not the Minister of 11 Finance that is in charge, but are we ready 12 to a fair agreement, and I would think that 13 a mediator would have room enough to finish 14 this conflict and expect the holdouts will 15 be happy with the agreement, and I will get 16 the approval of the Congress because I need 17 approval of my Congress. 18 MR. ADLER Right. How much is at stake 19 for you? Can you walk away or do you really 20 need a settlement to get back to the capital 21 markets? 22 PRESIDENT MACRI It would help. We are 23 already working with the capital markets 24 here in Davos. That was we have -- maybe we 25 have early good news this week. What's

169 Case 108-cv TPG Document Filed 02/11/16 Page 152 of INTERVIEW WITH PRESIDENT MACRI 2 going on in the markets is running crazy 3 everybody here, no? But Argentina is back. 4 We really think we can take off. We want to 5 be recognized as an open, trustworthy 6 country and with clear rules, sustainable, 7 equal for everybody; and for that, we want 8 to finish with all the conflicts of the 9 past, no? Because we don't think that being 10 isolated have brought any solution to our 11 citizens, no? Now we want to take our place 12 in the global landscape, and we think that 13 we have a role to fulfill. 14 I really think that Argentina can play 15 an important role in terms of energy 16 security, food security, working with the 17 central countries against terrorism, climate 18 change and the corruption, drug trafficking, 19 are battles that we want to be part in the 20 world working for the good sense. 21 MR. ADLER So you also are talking to 22 big banks about getting loans separate from 23 the bond issue. Are you close to being able 24 to announce significant loans from a group 25 of big banks?

170 Case 108-cv TPG Document Filed 02/11/16 Page 153 of INTERVIEW WITH PRESIDENT MACRI 2 PRESIDENT MACRI That's something that 3 has been done by the Central Bank. That's 4 independent. Now, I have provided the 5 really independence to the Central Bank, to 6 the National Bureau of Logistics, so they 7 can carry their jobs. So they are doing 8 that. 9 MR. ADLER But from what you hear is PRESIDENT MACRI We making good 11 progress, very good process. 12 MR. ADLER Expecting an announcement 13 fairly soon on that? 14 PRESIDENT MACRI Very soon. 15 MR. ADLER Okay. Excellent. One last 16 thing on that topic and I will delve out, 17 Paul Singer of Elliott Management is in 18 Davos and the question has been raised as to 19 whether you or you finance minister and 20 others have met with him in Davos. Have 21 you? 22 PRESIDENT MACRI He never asked for an 23 appointment, and we asked for an appointment 24 last week in New York with a mediator and 25 now it has been fixed for the 1st of

171 Case 108-cv TPG Document Filed 02/11/16 Page 154 of INTERVIEW WITH PRESIDENT MACRI 2 February, but here there were no contacts. 3 MR. ADLER Yes. What about the IMF? 4 You haven't had relations with the IMF as a 5 country for quite a while. Have you been 6 talking to Christine Lagarde or others about 7 reconnecting with the IMF? 8 PRESIDENT MACRI Yes. I think that we 9 have to go back to IMF in terms of 10 fulfilling Article IV as every country in 11 the world. Normal relations for Argentina. 12 MR. ADLER Yeah. When you get back 13 into the capital markets, what do you most 14 need the capital for? What do you want to 15 invest in? 16 PRESIDENT MACRI Well, Argentina is now 17 the second country in terms of production, 18 food production per capita in the world; but 19 still we can increase that 50 percent. We 20 produce food for 400 million people. We can 21 do it for more than 600 million people, but 22 for that we need a huge infrastructure plan 23 put in place because we need roads MR. ADLER Yes. 25 PRESIDENT MACRI -- ports, trains.

172 Case 108-cv TPG Document Filed 02/11/16 Page 155 of INTERVIEW WITH PRESIDENT MACRI 2 MR. ADLER Uh-huh. 3 PRESIDENT MACRI And also water -- 4 water and waste, and for that we need 5 financing. No? 6 MR. ADLER Yes. Yes. 7 PRESIDENT MACRI And because we have a 8 bottleneck with all of the infrastructure, I 9 think that we are near to be the worst 10 logistics system in Latin America. 11 MR. ADLER Yeah. 12 PRESIDENT MACRI Mainly truck- 13 dependent, and we are a huge country. We 14 can't depend any more on the trucks to 15 export without increasing our internal 16 costs. So that's a great opportunity also 17 for companies and investors. 18 MR. ADLER Uh-huh. Yeah. 19 PRESIDENT MACRI So we are looking for 20 that. 21 MR. ADLER What would you say to 22 foreign investors now who may have felt as 23 if they have been burnt in the past in 24 Argentina? Is it a good time to come in? 25 PRESIDENT MACRI The best time. We

173 Case 108-cv TPG Document Filed 02/11/16 Page 156 of INTERVIEW WITH PRESIDENT MACRI 2 have learned. For many years, let me tell 3 you, we believed that the success of the 4 country depended on supposedly providential 5 leaders, and we also believed that we could 6 develop by our own. We learned. We learned 7 that it's a different century, things turn 8 to get out best if you work together as a 9 team, joining with the world and not letting 10 ideological differences to stand in the way 11 of the best solution, and that is the 12 framework in which we -- with which we are 13 going to work in the future years in 14 internal and foreign affairs. 15 So we want to be recognized as an open 16 and trustworthy -- and trustworthy country 17 and insist that we understand that the key 18 to investments is credibility, is 19 confidence. So we are in this new process 20 after this great political change that we 21 have in our country after 30 years of 22 populism, we are beginning a new stage of 23 institution-building and economic 24 development based in this special 25 institution-building because we know we need

174 Case 108-cv TPG Document Filed 02/11/16 Page 157 of INTERVIEW WITH PRESIDENT MACRI 2 to offer rule of law, and we want to be back 3 in the world, and I insist Argentina is 4 ready to take its place in the global 5 landscape. 6 MR. ADLER So what are the implications 7 for foreign relations, particularly in Latin 8 America, for example, Venezuela? How do you 9 see the relationship developing there? 10 PRESIDENT MACRI Well, I have been very 11 clear. We are fully committed to defend to defend human rights, and certainly that 13 has not been respected. So that's why I that was my position in the last meeting, 15 and I am going to continue. My principles 16 doesn't -- will not change. So I still 17 think that Venezuela is not respecting human 18 rights. They have politicians in jail with 19 no reason, and I will mark up this 20 situation. 21 MR. ADLER Some of the things you are 22 looking at doing may be very good for the 23 economy and may turn out to be good for the 24 economy, but there will be some issues with 25 the population, for example, cutting back on

175 Case 108-cv TPG Document Filed 02/11/16 Page 158 of INTERVIEW WITH PRESIDENT MACRI 2 subsidies that people have gotten used to in 3 the consumer markets; some of the tougher 4 measures, tougher market-related measures 5 you are doing. How much time do you think 6 the public and the opposition is going to 7 give you to show real progress on the 8 economy? 9 PRESIDENT MACRI Well, we are working 10 in a new era in Argentina, and part of this 11 new era is working with the truth. I think 12 that the -- you have to -- we have to go 13 back to emphasize the importance of your 14 word and compro -- and committed in that. 15 So I -- I have told them that we have to, 16 for example, unify the exchange rate, and we 17 already did it. We have to remove barriers 18 to trade, and we did it. We have to give 19 independence to the Central Bank, to the 20 National Bureau of Logistics, and we did it, 21 and now we are compromised to reduce the 22 fiscal deficit to go to one-digit inflation, 23 and we have to align the prices. Okay? 24 By the end of this month, we are going 25 to fulfill another commitment that this

176 Case 108-cv TPG Document Filed 02/11/16 Page 159 of INTERVIEW WITH PRESIDENT MACRI 2 having a balance, balance and let's say, 3 reasonable system of tariffs, public 4 tariffs, and we didn't. 5 In Argentina we are subsidizing the rich 6 part of the community in electricity and gas 7 tariffs, and that's not reasonable. 8 MR. ADLER You have a lot of ex-ceos on 9 your cabinet. You actually have a very 10 impressive cabinet if you are looking at it 11 from the perspective of business acumen. Is 12 that a political risk, and does it create 13 the possibility of people who feel that 14 corporations have too much of an influence 15 on the government? 16 PRESIDENT MACRI I don't think so. I 17 believe that in 21st century politics have 18 to bring up solutions. People deserve to 19 live better, and what I promote to my 20 cabinet are people that have been doing good 21 things during their whole life; that they 22 have a trajectory. So and that's combined 23 among people like with previous experience 24 in politics and some -- some others are not; 25 but it's a good combination, and I am really

177 Case 108-cv TPG Document Filed 02/11/16 Page 160 of INTERVIEW WITH PRESIDENT MACRI 2 happy and proud of the very good team that I 3 could put in place. That it was another 4 commitment during my campaign. I always say 5 that I was going to name the best team in 6 the last 50 years, and I think that we did 7 it. I could achieve to get back some people 8 from the outside of the country that were 9 like our Minister of Foreign Affairs that 10 was chief of governor of United Nations and 11 many others

178 Case 108-cv TPG Document Filed 02/11/16 Page 161 of C E R T I F I C A T E 2 3 STATE OF NEW YORK ) 4 Ss. 5 COUNTY OF NEW YORK ) 6 7 I, DARBY GINSBERG, a Registered 8 Professional Reporter and Notary Public within 9 and for the State of New York, do hereby certify 10 That the foregoing audio file, available 11 at http// 12 president-iduskcn0v00up was transcribed by me; 13 That the whole transcript is a true 14 record of said proceedings, to the best of my 15 ability; 16 I further certify that I am not related 17 to any of the parties to this action by blood or 18 marriage, and that I am in no way interested in 19 the outcome of this matter. 20 IN WITNESS WHEREOF, I have hereunto set 21 my hand this 9th day of February, DARBY GINSBERG Commission Number 01GI Expires

179 Case 108-cv TPG Document Filed 02/11/16 Page 162 of 175 INTERVIEW OF PRESIDENT MAURICIO MACRI by STEPHEN ADLER INTERVIEW February 9, 2016 A able (1) 523 achieve (1) 137 actually (1) 129 acumen (1) 1211 ADLER (22) 22,7;313,18,22; 42,18;521;69,12, 15;73,12,24;82,6, 11,18,21;106,21; 128 administration (1) 212 affairs (2) 914;139 against (1) 517 agreement (4) 34,9;412,15 align (1) 1123 always (1) 134 America (2) 810;108 among (1) 1223 announce (1) 524 announcement (1) 612 appointment (2) 623,23 approval (2) 416,17 Argentina (9) 23;53,14;711,16; 824;103;1110;125 arrive (2) 217;320 Article (1) 710 away (1) 419 B back (8) 420;53;79,12; 102,25;1113;137 balance (2) 122,2 Bank (3) 63,5;1119 banks (2) 522,25 barriers (1) 1117 based (1) 924 battles (1) 519 beginning (3) 219,21;922 best (4) 825;98,11;135 better (1) 1219 big (2) 522,25 bond (1) 523 bondholder (1) 28 bondholders (1) 44 both (1) 315 bottleneck (1) 88 bring (1) 1218 brought (1) 510 Bureau (2) 66;1120 burnt (1) 823 business (1) 1211 C cabinet (3) 129,10,20 calculations (1) 314 campaign (1) 134 Can (6) 419;54,14;67; 719,20 capita (1) 718 capital (6) 35,24;420,23; 713,14 carry (1) 67 case (1) 323 cases (1) 320 central (4) 517;63,5;1119 cents (3) 324,25;43 century (2) 97;1217 certainly (1) 1012 chance (1) 26 change (3) 518;920;1016 charge (1) 411 chief (1) 1310 Christine (1) 76 citizens (1) 511 clear (3) 33;56;1011 climate (1) 517 close (1) 523 combination (1) 1225 combined (1) 1222 commitment (2) 1125;134 committed (2) 1011;1114 community (1) 126 companies (1) 817 compro (1) 1114 compromised (1) 1121 confidence (1) 919 conflict (2) 311;414 conflicts (1) 58 Congress (2) 416,17 consumer (1) 113 contacts (1) 72 continue (1) 1015 corporations (1) 1214 corruption (1) 518 costs (1) 816 countries (1) 517 country (9) 56;75,10,17;813; 94,16,21;138 courts (1) 218 crazy (1) 52 create (1) 1212 credibility (1) 918 cutting (1) 1025 D Davos (4) 22;424;618,20 defend (2) 1011,12 deficit (1) 1122 delve (1) 616 depend (1) 814 depended (1) 94 dependent (1) 813 deserve (1) 1218 designated (1) 38 develop (1) 96 developing (1) 109 development (1) 924 differences (1) 910 different (1) 97 discuss (2) 35,6 disputing (1) 313 dive (1) 27 dollar (1) 43 done (1) 63 drug (1) 518 during (2) 1221;134 E early (1) 425 economic (1) 923 economy (3) 1023,24;118 electricity (1) 126 Elliott (1) 617 emphasize (1) 1113 end (3) 46,8;1124 energy (1) 515 enough (1) 413 equal (1) 57 era (2) 1110,11 essentially (1) 45 everybody (2) 53,7 exact (1) 410 example (3) 108,25;1116 Excellent (1) 615 ex-ceos (1) 128 exchange (1) 1116 expect (2) 39;414 Expecting (1) 612 experience (1) 1223 export (1) 815 F fair (2) 34;412 fairly (1) 613 February (3) 223;32;72 feel (1) 1213 felt (1) 822 Finance (2) 411;619 financing (1) 85 find (2) 34,9 finish (4) 220;310;413;58 fiscal (1) 1122 fixed (1) 625 food (3) 516;718,20 Min-U-Script Ellen Grauer Court Reporting Co. LLC (1) able - food

180 Case 108-cv TPG Document Filed 02/11/16 Page 163 of 175 INTERVIEW OF PRESIDENT MAURICIO MACRI by STEPHEN ADLER INTERVIEW February 9, 2016 foreign (4) 822;914;107; 139 framework (1) 912 fulfill (2) 513;1125 fulfilling (1) 710 fully (1) 1011 future (2) 312;913 G gas (1) 126 global (2) 512;104 good (10) 425;520;610,11; 824;1022,23;1220, 25;132 government (2) 219;1215 governor (1) 1310 great (2) 816;920 group (1) 524 H happy (2) 415;132 hear (1) 69 help (2) 310;422 high (2) 29;37 holdouts (1) 414 hoping (1) 47 huge (2) 722;813 human (2) 1012,17 hundred (1) 45 I ideological (1) 910 IMF (4) 73,4,7,9 implications (1) 106 importance (1) 1113 important (1) 515 impressive (1) 1210 increase (1) 719 increasing (1) 815 independence (2) 65;1119 independent (1) 64 inflation (1) 1122 influence (1) 1214 infrastructure (2) 722;88 insist (2) 917;103 institution-building (2) 923,25 interest (3) 29;314;45 internal (2) 815;914 INTERVIEW (12) 21;31;41;51; 61;71;81;91;101; 111;121;131 into (1) 713 invest (1) 715 investments (1) 918 investors (3) 210;817,22 isolated (1) 510 issue (1) 523 issues (1) 1024 IV (1) 710 J jail (1) 1018 January (1) 222 jobs (1) 67 joining (2) 24;99 judge (1) 38 K key (1) 917 L Lagarde (1) 76 landscape (2) 512;105 last (4) 615,24;1014;136 Latin (2) 810;107 law (1) 102 leaders (1) 95 learned (3) 92,6,6 letting (1) 99 life (1) 1221 litigation (1) 28 live (1) 1219 loans (2) 522,24 Logistics (3) 66;810;1120 looking (3) 819;1022;1210 lot (1) 128 M MACRI (35) 21,3,5,15;31,16, 19,23;41,9,22;51; 61,2,10,14,22;71,8, 16,25;81,3,7,12,19, 25;91;101,10;111, 9;121,16;131 Mainly (1) 812 making (2) 213;610 Management (1) 617 many (3) 222;92;1311 mark (1) 1019 market-related (1) 114 markets (5) 421,23;52;713; 113 may (3) 822;1022,23 maybe (1) 424 measures (2) 114,4 Mediator (5) 225;39,10;413; 624 meeting (2) 223;1014 met (1) 620 midst (1) 211 million (2) 720,21 Minister (3) 410;619;139 month (2) 324;1124 more (2) 721;814 most (1) 713 much (5) 24,15;418;115; 1214 N name (1) 135 National (2) 66;1120 Nations (1) 1310 near (1) 89 need (7) 416,20;714,22, 23;84;925 New (8) 28,17,18;624; 919,22;1110,11 news (1) 425 Next (1) 223 Normal (1) 711 O off (1) 54 offer (2) 225;102 one (2) 323;615 one-digit (1) 1122 open (2) 55;915 opportunity (1) 816 opposition (1) 116 original (1) 42 others (4) 620;76;1224; 1311 out (3) 616;98;1023 outside (1) 138 own (1) 96 P part (3) 519;1110;126 particularly (1) 107 past (3) 311;59;823 Paul (1) 617 penalties (9) 36,6,15,16,17,17, 20,20;46 penalty (1) 324 people (8) 720,21;112; 1213,18,20,23;137 per (1) 718 percent (3) 321;45;719 perspective (1) 1211 place (4) 511;723;104; 133 plan (1) 722 play (1) 514 plus (1) 45 political (2) 920;1212 politicians (1) 1018 politics (2) 1217,24 Pollack (1) 225 population (1) 1025 populism (1) 922 ports (1) 725 position (1) 1014 Min-U-Script Ellen Grauer Court Reporting Co. LLC (2) foreign - position

181 Case 108-cv TPG Document Filed 02/11/16 Page 164 of 175 INTERVIEW OF PRESIDENT MAURICIO MACRI by STEPHEN ADLER INTERVIEW February 9, 2016 possibility (1) 1213 postponement (1) 32 power (1) 220 PRESIDENT (36) 21,3,4,5,15;31,16, 19,23;41,9,22;51; 61,2,10,14,22;71,8, 16,25;81,3,7,12,19, 25;91;101,10;111, 9;121,16;131 previous (2) 212;1223 prices (1) 1123 Principally (1) 319 principles (1) 1015 process (2) 611;919 produce (1) 720 production (2) 717,18 progress (3) 214;611;117 promote (1) 1219 proud (1) 132 provided (1) 64 providential (1) 94 public (2) 116;123 put (2) 723;133 quite (1) 75 Q R raised (1) 618 rate (1) 1116 reach (1) 33 ready (3) 224;411;104 real (1) 117 really (6) 37;419;54,14; 65;1225 reason (1) 1019 reasonable (2) 123,7 recognized (2) 55;915 reconnecting (1) 77 reduce (1) 1121 relations (3) 74,11;107 relationship (1) 109 remove (1) 1117 respected (1) 1013 respecting (1) 1017 restructuring (1) 43 rich (1) 125 right (2) 27;418 rights (2) 1012,18 risk (1) 1212 roads (1) 723 role (2) 513,15 room (1) 413 round (1) 220 rule (1) 102 rules (1) 56 running (1) 52 S second (2) 220;717 security (2) 516,16 sense (1) 520 separate (1) 522 settlement (4) 211,17;33;420 show (1) 117 showed (1) 216 significant (1) 524 Singer (1) 617 situation (1) 1020 solution (2) 510;911 solutions (1) 1218 soon (2) 613,14 special (1) 924 stage (1) 922 stake (1) 418 stand (1) 910 start (1) 311 still (2) 719;1016 submit (1) 224 subsidies (1) 112 subsidizing (1) 125 success (1) 93 supposedly (1) 94 sustainable (1) 56 system (2) 810;123 T talk (2) 26,8 talking (2) 521;76 talks (2) 212,22 tariffs (3) 123,4,7 team (4) 221;99;132,5 terms (3) 515;79,17 terrorism (1) 517 thinking (1) 311 together (1) 98 told (1) 1115 topic (1) 616 tougher (2) 113,4 trade (1) 1118 trafficking (1) 518 trains (1) 725 trajectory (1) 1222 travel (1) 224 traveled (1) 218 truck- (1) 812 trucks (1) 814 trustworthy (3) 55;916,16 truth (1) 1111 turn (2) 97;1023 U unbelievable (1) 325 unfortunately (1) 216 unify (1) 1116 United (1) 1310 up (4) 46,8;1019;1218 used (1) 112 V Venezuela (2) 108,17 W walk (1) 419 waste (1) 84 water (2) 83,4 way (1) 910 week (2) 425;624 What's (1) 425 whole (1) 1221 without (1) 815 word (1) 1114 work (2) 98,13 working (5) 423;516,20;119, 11 world (5) 520;711,18;99; 103 worst (1) 89 Y years (4) 92,13,21;136 York (4) 29,17,18; (1) (1) 47 1st (3) 223;32;625 21st (1) th (1) (3) 43,7; (1) (2) 719; (1) (1) (1) Min-U-Script Ellen Grauer Court Reporting Co. LLC (3) possibility - 90

182 Case 108-cv TPG Document Filed 02/11/16 Page 165 of 175 Exhibit I

183 Case 108-cv TPG Document Filed 02/11/16 Page 166 of 175 Statement Of Daniel A. Pollack, Special Master In Argentina Debt Litigation, Feb. 5, 2016 NEW YORK, Feb. 5, 2016 /PRNewswire/ -- Daniel A. Pollack, Special Master presiding over settlement negotiations between the Republic of Argentina and its "holdout" Bondholders issued the following statement today In my capacity as Special Master, I have met over the past week with high-level Argentine government officials and senior-most principals of the leading institutional "holdout" Bondholders as well as attorneys for individual Bondholders. The negotiations were intense, but civil, and I am pleased to report that enormous progress has been made. Argentina today has released a proposal to settle with and pay the many defaulted Bondholders with cases in the Federal Court in New York pending before Hon. Thomas P. Griesa. The payments, if made, will total approximately $6.5 billion. The proposal is subject to two important conditions 1. approval by the Argentine Congress, and 2. lifting of the Injunction that Judge Griesa issued several years ago. This litigation has gone on for nearly 15 years since the original Argentine default of 2001, and the proposal by Argentina is an historic breakthrough which, if the conditions mentioned above are met, will allow Argentina to return to the global financial markets to raise much needed capital. I have personally spoken today by telephone to President Mauricio Macri and, earlier in the day, to Minister of the Economy Alfonso Prat-Gay. They both stand solidly behind this proposal. Both have shown courage and flexibility in stepping up to and dealing with this longfestering problem which was not of their making. I also wish to acknowledge the tireless and meaningful contributions of their team on the ground in New York City, led by Secretary of Finance, Luis Caputo, and Vice Chief of the Cabinet, Mario Quintana. Others on their team worked around the clock to facilitate the negotiations, and there were many senior ministers in Buenos Aires who, although not physically present, were important to the process, in particular the Chief of the Cabinet, Marcos Pena. On the "holdout" Bondholders side, all of the senior principals involved worked diligently to resolve differences between their firms and Argentina. Two of the six leading "holdouts" succeeded in doing so, and have signed Agreements in Principle with Argentina; four of the six have yet to reach agreement. It is my strong hope that, with continued negotiations those firms, too, will be able to resolve their differences and reach Agreements in Principle with Argentina. All concerned on the "holdout" Bondholders side are working constructively to that end. The events of this week and today were an important step in resolving Argentina's debt crisis; more remains to be done. No further statement will be made tonight. SOURCE Daniel A. Pollack

184 Case 108-cv TPG Document Filed 02/11/16 Page 167 of 175 Find this article at http// Check the box to include the list of links referenced in the article.

185 Case 108-cv TPG Document Filed 02/11/16 Page 168 of 175 Exhibit J

186 Case 108-cv TPG Document Filed 02/11/16 Page 169 of 175

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