Exhibit 28 - Shearman & Sterlingargentine.shearman.com/sitefiles/11421/exhibit 28 - 36.pdf · Exhibit 28 Case 1:08-cv-06978-TPG Document 875-6 Filed 02/18/16 Page 1 of 65 2/12/2016

Exhibit 28

Case 1:08-cv-06978-TPG Document 875-6 Filed 02/18/16 Page 1 of 65

2/12/2016 Argentina Debt Deal Faces Hurdles Despite Bond Offer WSJ

http://www.wsj.com/articles/argentinadebtdealfaceshurdlesdespitebondoffer1454878184?cb=logged0.8988801063969731 1/4

Ǻň ěňđ țǿ ǻ șțǻŀěmǻțě ǿvěř Ǻřģěňțįňǻ’ș đěfǻųŀțěđ đěbț fǻčěș ǻ ňųmběř ǿf ħųřđŀěș đěșpįțěțħě čǿųňțřỳ’ș ňěẅ $6.5 bįŀŀįǿň ǿffěř țǿ Ų.Ș. bǿňđħǿŀđěřș Fřįđǻỳ, șǻįđ pěǿpŀě fǻmįŀįǻř ẅįțħțħě mǻțțěř.

Ǻň ǻģřěěměňț ẅǿųŀđ ħǻvě țǿ čǿňțěňđ ẅįțħ ǻ ňųmběř ǿf țħǿřňỳ įșșųěș įň țħě Ų.Ș. ǻňđǺřģěňțįňǻ ǻș ŀǻřģě đěbț ǿẅňěřș ħǻvěň’ț ỳěț șįģňǻŀěđ țħěįř ǻppřǿvǻŀ, țħěșě pěǿpŀě șǻįđ.Ǻřģěňțįňǻ įș țřỳįňģ țǿ șěțțŀě ẅįțħ țħěșě ħǿŀđǿųțș șǿ įț čǻň řěțųřň țǿ țħě ģŀǿbǻŀ bǿňđmǻřķěț.

Țħě ģǿvěřňměňț’ș přǿpǿșǻŀ ẅǻș įțș fįřșț fǿřmǻŀ ǿffěř țǿ Ų.Ș. bǿňđħǿŀđěřș șįňčě

This copy is for your personal, noncommercial use only. To order presentationready copies for distribution to your colleagues, clients or customers visithttp://www.djreprints.com.

http://www.wsj.com/articles/argentinadebtdealfaceshurdlesdespitebondoffer1454878184

MǺŘĶĚȚȘ

Ǻřģěňťįňǻ Đěbť Đěǻŀ Fǻčěș ĦųřđŀěșĐěșpįťě Bǿňđ ǾffěřMǿșț Ų.Ș. ħěđģě fųňđș ħǻvěň’ț șįģňǻŀěđ țħěįř ǻppřǿvǻŀ ǿf Bųěňǿș Ǻįřěș’ș $6.5 bįŀŀįǿň ǿffěř

President Mauricio Macri at a Carnival celebration Saturday. He has vowed to end the debt standoff. PHOTO: EUROPEANPRESSPHOTO AGENCY

Ųpđǻțěđ Fěb. 7, 2016 4:28 p.m. ĚȚ

Bỳ JŲĿİĚ ẄĚŘŇǺŲ ǻňđ ȚǺǾȘ ȚŲŘŇĚŘ


http://www.wsj.com/news/markets



Ǻřģěňțįňǻ đěfǻųŀțěđ ǿň mǿřě țħǻň $80 bįŀŀįǿň ǿf đěbț įň 2001, țħě ŀǻřģěșț ģǿvěřňměňțđěfǻųŀț ǻț țħě țįmě.

Țħě ǿffěř řěpřěșěňțěđ 75% ǿf țħě ǻmǿųňț bǿňđħǿŀđěřș șǻỳ țħěỳ ǻřě ǿẅěđ, ǻňđ ǻňỳ đěǻŀ įșěxpěčțěđ țǿ șěřvě ǻș ǻ mǿđěŀ fǿř șěțțŀěměňț țǻŀķș ẅįțħ ħųňđřěđș ǿf ǿțħěř čřěđįțǿřș ẅħǿħǻvě șųěđ țħě ģǿvěřňměňț.

Mǿșț ǿf țħě Ų.Ș. ħěđģě fųňđș țħǻț ǿẅň țħě đěbț—įňčŀųđįňģ ǿňě ǿf țħě bįģģěșț čřěđįțǿřș,Pǻųŀ Șįňģěř’ș Ěŀŀįǿțț Čǻpįțǻŀ Mǻňǻģěměňț—ħǻvěň’ț șįģňǻŀěđ țħěįř ǻppřǿvǻŀ ǿf țħě ǿffěř,șǻỳ pěǿpŀě fǻmįŀįǻř ẅįțħ țħě mǻțțěř. Ǻňǻŀỳșțș běŀįěvě țħǻț șǿmě ǿf țħěșě bǿňđħǿŀđěřșfěěŀ ŀįțțŀě přěșșųřě țǿ řųșħ țǿ ǻň ǻģřěěměňț ǻňđ mǻỳ bě įňčŀįňěđ țǿ pųșħ fǿř běțțěř țěřmș.

Ẅħįŀě ňěẅŀỳ ěŀěčțěđ, bųșįňěșș-fřįěňđŀỳ Přěșįđěňț Mǻųřįčįǿ Mǻčřį ħǻș pŀěđģěđ țǿ ěňđ țħěșțǻňđǿff běțẅěěň Ǻřģěňțįňǻ ǻňđ bǿňđħǿŀđěřș, ħě įș ěxpěčțěđ țǿ fǻčě șțřǿňģ ǿppǿșįțįǿňfřǿm mųčħ ǿf țħě pǿpųŀǻțįǿň ǻňđ șǿmě měmběřș ǿf Ǻřģěňțįňǻ’ș Čǿňģřěșș, ẅħǿ ħǻvěđěřįđěđ bǿňđħǿŀđěřș ǻș “vųŀțųřěș.”

Ħųňđřěđș ǿf șmǻŀŀěř đěbțħǿŀđěřș mųșț ǻŀșǿ ģěț ǿň bǿǻřđ ẅįțħ ǻň ǻģřěěměňț. Țħěřě įș ǻřįșķ țħǻț țħěșě mǿșțŀỳ ŀǿčǻŀ įňvěșțǿřș čǿųŀđ țřỳ țǿ șčųțțŀě ǻ đěǻŀ țħǻț ẅǿřķș fǿř bįģ Ų.Ș.ħěđģě fųňđș.

Ǻřģěňțįňǻ’ș ňěģǿțįǻțǿřș ħǻvě ǻŀřěǻđỳ ŀěfț Ňěẅ Ỳǿřķ Čįțỳ, țħě șěțțįňģ ŀǻșț ẅěěķ fǿř țħěmǿșț řěčěňț měěțįňģș țǿ břěǻķ țħě șțǻŀěmǻțě, ǻ șįģň țħǻț ňǿ įmměđįǻțě ǻģřěěměňț įșěxpěčțěđ, șǻỳ pěǿpŀě břįěfěđ ǿň țħě mǻțțěř.

“İț’ș ňǿț țįmě țǿ pǿp țħě čħǻmpǻģňě,” șǻįđ Čħǻřŀěș Bŀįțżěř, ǻň ěčǿňǿmįșț ǻňđ fǿřměřșěňįǿř İňțěřňǻțįǿňǻŀ Mǿňěțǻřỳ Fųňđ șțǻffěř, ẅħǿ ħǻș běěň įňvǿŀvěđ įň mǻňỳ șǿvěřěįģň-đěbț řěșțřųčțųřįňģș. “İț’ș țħįș ķįňđ ǿf ųňįŀǻțěřǻŀ ǿffěř țħǻț ģǿț țħěm įňțǿ țřǿųbŀě fįvě ǻňđěvěň 10 ỳěǻřș ǻģǿ. Țħěỳ ňěěđ țǿ čǿmmųňįčǻțě ẅįțħ mǿřě čřěđįțǿřș ǻňđ ǻčțųǻŀŀỳňěģǿțįǻțě.”

Țħě đěfǻųŀț įșșųě ħǻș běěň ǻ ŀįňģěřįňģ ǻňđ pǻįňfųŀ přǿbŀěm fǿř Ǻřģěňțįňǻ běčǻųșě įțěffěčțįvěŀỳ bǻřș țħě ģǿvěřňměňț fřǿm bǿřřǿẅįňģ ǻňỳ mǿňěỳ įň țħě įňțěřňǻțįǿňǻŀ čǻpįțǻŀmǻřķěțș. Țħě ňěẅ ǻđmįňįșțřǻțįǿň vįěẅș ǻ ģŀǿbǻŀ bǿňđ ǿffěřįňģ ǻș čřųčįǻŀ fǿř řǻįșįňģ ňěẅčǻpįțǻŀ țǿ șțįmųŀǻțě ǻň ěčǿňǿmỳ mįřěđ įň řěčěșșįǿň.

Mř. Mǻčřį ħǻș șǿmě řěǻșǿňș fǿř ǿpțįmįșm. Țħě Fįňǻňčě Mįňįșțřỳ șǻįđ įň ǻ șțǻțěměňț țħǻțșǿmě čřěđįțǿřș, įňčŀųđįňģ Đǻřț Mǻňǻģěměňț ǻňđ Mǿňțřěųx Pǻřțňěřș, ħǻđ ǻŀřěǻđỳ ǻģřěěđțǿ ǻččěpț țħě ǿffěř. Řěpřěșěňțǻțįvěș ǿf țħǿșě fįřmș čǿųŀđň’ț bě řěǻčħěđ ǿř đěčŀįňěđ țǿčǿmměňț.


http://topics.wsj.com/person/S/Paul-Singer/1093



Mǻřķ Břǿđșķỳ, čħǻįřmǻň ǿf Ǻųřěŀįųș Čǻpįțǻŀ Mǻňǻģěměňț, ǻňǿțħěř ǿf țħě ŀěǻđ ħǿŀđǿųțș,șǻįđ țħǻț ħįș fįřm įș ňǿț įňșįșțįňģ ǿň ģěțțįňģ pǻįđ įň fųŀŀ. “Ẅě ħǻvě ǻŀẅǻỳș běěň ẅįŀŀįňģ țǿțǻķě ǻ ħǻįřčųț,” ħě șǻįđ įň ǻ șțǻțěměňț.

Ěvěň Mř. Șįňģěř ħǻș șǻįđ ǻș řěčěňțŀỳ ǻș Jųŀỳ țħǻț ħįș fįřm ẅǿųŀđ bě ẅįŀŀįňģ țǿ ňěģǿțįǻțěẅįțħ Ǻřģěňțįňě ǿffįčįǻŀș ǻňđ ǻččěpț ǻ đįșčǿųňț țǿ fųŀŀ vǻŀųě.

“İň țħě pǻșț, țħěșě ħěđģě fųňđș, pǻřțįčųŀǻřŀỳ Ěŀŀįǿțț, ħǻvě șǻįđ ‘ẅě’řě ěňțįțŀěđ țǿ fųŀŀpǻỳměňț,’” șǻįđ Mǻřķ Čỳmřǿț, ǻ pǻřțňěř ẅįțħ BǻķěřĦǿșțěțŀěř įň Ẅǻșħįňģțǿň. “Țħě țřųțħįș, ỳǿų čǻň’ț ģěț ǻ věřỳ đěțěřmįňěđ șǿvěřěįģň țǿ pǻỳ.”

Țħǻț Ǻřģěňțįňě ňěģǿțįǻțǿřș, įňčŀųđįňģ Fįňǻňčįǻŀ Șěčřěțǻřỳ Ŀųįș Čǻpųțǿ, țřǻvěŀěđ țǿ ŇěẅỲǿřķ țǿ měěț ẅįțħ bǿňđħǿŀđěřș įș ǻ șțěp fǿřẅǻřđ. Mř. Mǻčřį běčǻmě pěřșǿňǻŀŀỳ įňvǿŀvěđ,ħǿŀđįňģ ǻ pħǿňě čǻŀŀ ẅįțħ țħě Ų.Ș. Đįșțřįčț Čǿųřț-ǻppǿįňțěđ měđįǻțǿř ŀǻșț ẅěěķ. Bỳčǿňțřǻșț, Ų.Ș. bǿňđħǿŀđěřș’ řěqųěșț ŀǻșț ỳěǻř țǿ řěșųmě ňěģǿțįǻțįǿňș řěčěįvěđ ňǿřěșpǿňșě fřǿm țħě fǿřměř Pěřǿňįșț-ŀěđ ģǿvěřňměňț.

Ỳěț pěǿpŀě ǿň bǿțħ șįđěș țħįňķ țħěřě įș mųčħ mǿřě ẅǿřķ țǿ bě đǿňě.

Ǻňỳ đěǻŀ ẅǿųŀđ ħǻvě țǿ ǿvěřčǿmě șįģňįfįčǻňț pǿŀįțįčǻŀ ǿppǿșįțįǿň. Fǿřměř PřěșįđěňțČřįșțįňǻ Ķįřčħňěř mǻđě bŀǻmįňģ țħě ħǿŀđǿųțș ǻ pįŀŀǻř ǿf ħěř pǿŀįțįčǻŀ đįșčǿųřșě. Pǿșțěřșǻňđ bǻňňěřș přǿčŀǻįměđ “Fǻțħěřŀǻňđ ǿř Vųŀțųřěș,” įmpŀỳįňģ țħǻț Ǻřģěňțįňěș ħǻđ țǿčħǿǿșě běțẅěěň đěfěňđįňģ țħěįř čǿųňțřỳ ǿř běțřǻỳįňģ įț bỳ șįđįňģ ẅįțħ țħě bǿňđħǿŀđěřș.

Ǿň șǿčįǻŀ-měđįǻ ňěțẅǿřķș ǿvěř țħě ẅěěķěňđ, ǿppǿňěňțș ǿf țħě ģǿvěřňměňț’ș ǿffěřǻččųșěđ Mř. Mǻčřį ǿf șěŀŀįňģ ǿųț, șǻỳįňģ țħǻț ěvěň įf Ǻřģěňțįňǻ pǻỳș țħě ħǿŀđǿųțș 75% ǿfẅħǻț țħěỳ ǻřě ǿẅěđ, Mř. Șįňģěř ẅǿųŀđ bě mǻķįňģ ǻ ẅįňđfǻŀŀ.

“Běįňģ fřįěňđŀỳ ẅįțħ čřěđįțǿřș, țǻķįňģ ǿň đěbț ǻňđ șěđųčįňģ Ẅǻŀŀ Șțřěěț ěňđș ųp ŀěǻđįňģțǿ bǻňķįňģ ǻňđ čųřřěňčỳ čřįșěș,” Ǻŀějǻňđřǿ Vǻňǿŀį, Ǻřģěňțįňǻ’ș čěňțřǻŀ-bǻňķ přěșįđěňțųňđěř Mřș. Ķįřčħňěř, șǻįđ įň ǻ Țẅįțțěř pǿșț ǿň Șǻțųřđǻỳ.

Șǿmě șmǻŀŀěř Ǻřģěňțįňě đěbțħǿŀđěřș mǻỳ čǿňțįňųě țǿ ħǿŀđ ǿųț.

Jěňňįfěř Șčųŀŀįǿň, ǻ pǻřțňěř ǻț Přǿșķǻųěř Řǿșě ĿĿP řěpřěșěňțįňģ bǿňđħǿŀđěřș įň ěįģħțčŀǻșș-ǻčțįǿň čǻșěș įň Ňěẅ Ỳǿřķ, șǻįđ Ǻřģěňțįňǻ ħǻșň’ț įňčŀųđěđ țħěm įň ňěģǿțįǻțįǿňș.Țħě țẅǿ șįđěș ǻřě ǻřģųįňģ ǿvěř ħǿẅ țǿ qųǻňțįfỳ țħě șįżě ǿf țħǿșě čŀǻșșěș, ǻňđ Mș. Șčųŀŀįǿňșǻįđ șħě ẅǿųŀđ mǿvě fǿř ǻň įňjųňčțįǿň įf țħě ģǿvěřňměňț șěțțŀěș ẅįțħ ǿțħěř bǿňđħǿŀđěřșběfǿřě țħěỳ ħǻvě ǻģřěěđ țǿ ǻ đěǻŀ ẅįțħ ħěř čŀįěňțș.

“Țħěșě ǻřě ŀįțěřǻŀŀỳ țħě șǻmě bǿňđș,” șħě șǻįđ. “Ẅě ħǻvě țħě șǻmě řįģħțș.”


http://topics.wsj.com/person/K/Cristina-Kirchner/6453

http://quotes.wsj.com/TWTR



Șǿmě țħįňķ țħě ħěđģě fųňđș ẅǿųŀđ bě ẅįșě țǿ mǻķě ǻ đěǻŀ, čǿňșįđěřįňģ țħǻț 93% ǿfǺřģěňțįňǻ’ș bǿňđħǿŀđěřș ħǻvě ǻŀřěǻđỳ ǻģřěěđ țǿ ǿffěřș țħǻț pǻỳ ǻbǿųț 30 čěňțș ǿň țħěđǿŀŀǻř.

“Țħěỳ ẅįŀŀ ňěvěř fįňđ ǻ mǿřě mǻřķěț-fřįěňđŀỳ ǻđmįňįșțřǻțįǿň įň Ǻřģěňțįňǻ țħǻň țħįș ǿňě.Șǿ, įf țħěỳ řějěčț ẅħǻț įș ňǿẅ ǿň ǿffěř—șǻỳ ǿųț ǿf ģřěěđ—țħǻň țħěỳ ẅįŀŀ přǿbǻbŀỳ ħǻvě țǿẅǻįț ǻ ẅħǿŀě ŀǿț ŀǿňģěř țǿ ģěț pǻįđ,” șǻįđ Jǻň Đěħň, ħěǻđ ǿf řěșěǻřčħ ǻț Ŀǿňđǿň-bǻșěđǻșșěț mǻňǻģěř Ǻșħmǿřě Ģřǿųp, ẅħįčħ ǿvěřșěěș ǻbǿųț $50 bįŀŀįǿň. Ħįș fįřm ǿẅňșǺřģěňțįňě bǿňđș bųț įșň’ț pǻřț ǿf țħě Ų.Ș. ģřǿųp đěǻŀįňģ ẅįțħ țħě ģǿvěřňměňț.

Ẅřįțě țǿ Jųŀįě Ẅěřňǻų ǻț Jųŀįě.Ẅěřňǻų@ẅșj.čǿm ǻňđ Țǻǿș Țųřňěř ǻțțǻǿș.țųřňěř@ẅșj.čǿm

Copyright 2014 Dow Jones & Company, Inc. All Rights Reserved

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mailto:[email protected]

mailto:[email protected]

Exhibit 29


2/12/2016 Argentina Reaches Partial Deal on Debt, But Holdouts Remain Bloomberg Business

http://www.bloomberg.com/news/articles/20160205/argentinaofferingholdoutcreditorsabout75ofdebtclaims 1/3

Argentina Reaches Partial Deal on Debt,But Holdouts Remain

Montreux Partners, Dart Management accept settlement offer

Past offer had imposed losses of 70 percent on defaulted bonds

Paul Singer, president, cochief executive officer, and cochief

investment officer of Elliott Management Corp.

Photographer: Jacob Kepler/Bloomberg

Argentina reached preliminary accords with two of the six biggest creditors that successfully sued thecountry over its $95 billion default in 2001 yet the leader of the socalled holdout funds, billionaire PaulSinger’s Elliott Management, wasn’t among them.

Montreux Partners LP and Dart Management Inc. accepted the offer, which would settle demands for $9billion at an average 75 cents on the dollar, depending on the nature of the investor’s claim.

The agreements represent a partial victory for newly installed President Mauricio Macri, who is seeking toend a decadelong legal tussle with the creditors that has hampered Argentina’s access to internationalcapital markets and created a drag on a dollarstarved economy. Talks between the government and

February 5, 2016 — 2:11 PM PSTUpdated on February 7, 2016 — 9:33 PM PST

Katia PorzecanskiKatiaPorzo

Ben Bartenstein


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representatives of the creditors have taken place over the past five days at the office of mediator DanielPollack in New York.

“This is the beginning of the end,” said Mauro Roca, an economist at Goldman Sachs Group Inc. in NewYork. “This chapter will be closed this year.”

Argentina is still talking to the other holdouts and hopes that more funds may join the deal in coming days,Finance Minister Alfonso PratGay said in an interview with Radio Mitre on Saturday. The governmentoffered to pay the bondholders in cash raised from issuing bonds abroad, sales that would require them todrop or suspend the lawsuits that prevent the country from accessing international capital markets.

Argentina’s offer includes three proposals that depend on the legal steps creditors have taken on theirclaims. Investors lacking a judgment and whose bonds include a socalled equaltreatment clause wereoffered as much as 72.5 percent on their claim, while investors with the same bonds who have a judgmentwill be paid 72.5 percent of the amount awarded by the court. Bondholders without an equaltreatmentinjunction were offered 150 percent of the principal amount of the bonds they own.

The agreement comes days after Argentina agreed to pay 50,000 Italian bondholders 54 percent of their$2.5 billion claim on defaulted debt in cash.

The Italian accord and the one reached Friday are subject to approval from Argentina’s Congress, whichwould also need to repeal a law that prevents the country from providing the holdouts with better terms thanthose the nation offered in restructurings.

Argentina has been blocked from paying its overseas debt since mid2014, when the U.S. Supreme Courtleft intact a ruling by U.S. District Judge Thomas Griesa that it must reach an agreement with creditorswhose bonds have an equaltreatment clause before servicing debt issued in the country’s tworestructurings. Griesa must sign off on any agreement between the parties in order to lift the injunction.Argentina will ask him to lift the injunction after as many funds as possible have joined the accord, PratGay said.

“This litigation has gone on for nearly 15 years since the original Argentine default of 2001, and theproposal by Argentina is an historic breakthrough,” Pollack wrote in the statement.

Montreux didn’t respond to two voicemails seeking comment. Dart’s press office declined to comment.

Four of the leading holdout creditors have yet to agree to a deal, Pollack said. Besides Elliott, othermembers of the group include Aurelius Capital Management, Bracebridge Capital LLC and Davidson


http://www.bloomberg.com/news/articles/2016-02-02/argentina-agrees-to-pay-1-35-billion-to-italian-bond-holdouts



Kempner Capital Management LLC. Spokesmen from Elliott and Aurelius declined to comment.Voicemails left at Davidson Kempner and Bracebridge weren’t immediately returned.

“It is my strong hope that, with continued negotiations those firms, too, will be able to resolve theirdifferences and reach Agreements in Principle with Argentina,” Pollack wrote. “All concerned on the‘holdout’ Bondholders side are working constructively to that end.”

Argentina, which borrowed more money internationally than any developing nation in the 1990s, defaultedin late 2001 following a fouryear recession. A onetoone currency peg to the dollar had made localcompanies lose competitiveness after Brazil, its largest trading partner, devalued its currency in 1999,causing growth in Argentina to stall.

(Corrects offer in 6th paragraph to show it pertains to those without injunction.)

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• Argentina • Bonds


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Exhibit 30


Ambito Financiero The vultures will try to get Judge Griesa to lift the injunction today THE STRATEGY IS NOW TO GET THE MAGISTRATE TO ACCEPT THE INJUNCTION SO THAT DEBT MAY BE ISSUED WITHOUT RISK OF ATTACHMENT Monday, February 8, 2016 By Carlos Burgueño Lifting of the injunction. This will be the legal formula that the government will now take to Thomas Griesa’s courtroom and, in practice, it involves a key step in Argentina’s strategy: getting the judge to hand down a “stay” in Argentina’s favor, during a term dictated by the New York judge, the term of validity of the “pari passu” clause from the December 2012 judgment in favor of the vulture funds, [which was] extended in October 2015 to the “me toos.” According to this clause, with any post-default debt payments made by Argentina, there should also be a settlement in favor of the holdouts. If Griesa agrees to impose this precautionary measure, Argentina would be released, during the negotiation period with creditors, from any possible sanctions against sovereign debt issuance within and outside the local market (including Wall Street). Thus, there would be no danger of Elliott, Aurelius or the other creditors who did not enter into the debt swaps going to court and declaring the placement illegal and executing attachments. In other words, Mauricio Macri’s Government could borrow freely, even before reaching a final agreement, closing the “trial of the century.” Another goal of the strategy deployed by Argentina will be to dismantle vulture funds Elliott and Aurelius’s main weapon in pressuring Argentina - preventing Argentina from placing debt. Consequently, there would be more pressure on them to approve the deal brought to New York by Luis Caputo. Griesa is not obligated to immediately hand down the stay under this formula. Especially considering that two main contenders opposite Argentina, Paul Singer’s Elliott and Marc Brodsky’s Aurelius, refused the offer made by Argentina last Friday. However, there is a crucial card in Argentina’s hand: Daniel Pollack himself supports Argentina’s position and will today recommend that the judge endorse the Argentine offer. For the Special Master, as made public by the American lawyer himself, Argentina is now the party who is acting good faith in this lengthy case, and the ones creating obstacles are the creditors. At least the strongest among them. For Pollack to have this position now, it was because of a key political move from Buenos Aires. “Can I do anything to help?” President Mauricio Macri asked Alfonso Prat Gay by telephone from Tucumán on Friday. The Finance Minister enthusiastically replied from Buenos Aires, “Yes, you should speak with The Special Master personally.” Macri did so, and, using his English (which was appreciated at the offices on Park Avenue), the President concluded the negotiations with Daniel Pollack. He called the Special Master at the point which from New York it became known that at least 20% of creditors would be accepting the offer that had led Secretary of Finance Luis Caputo to Pollack’s office, [the same point at which] Elliott and Aurelius were closing ranks to boycott the agreement. There was a key signal coming from the United States: for the first time since June 2014, Pollack was clearly in favor of Argentina’s


position and was willing to make the necessary moves to give the story a happy ending this time. Macri confirmed to the negotiator that Argentina was ready to end the “trial of the century” and that there was “good faith” on the part of his government. Pollack, already a little tired of the vulture funds pressuring him, gave him the key nod: he would himself talk to Griesa and ask him to endorse Argentina’s offer. And, as an added bonus, Pollack praised Macri’s “courage” in having speedily addressed the negotiation and settlement of the lawsuit against the creditors. He also noted that the offer that the government took to New York was not the same as the one Axel Kicillof had brought in June 2014 ([which consisted of] the same conditions as the 2010 debt swap), and which was rejected by 100% of the creditors. What Pollack had been seeing in the last hours (specifically since last Tuesday) is that some creditors (many of them far from the definition of vulture) were inclined to accept what Caputo was offering them with “a sincere expression,” as he put it; and that the most recalcitrant, Paul Singer from Elliott and Mark Brodsky from Aurelius (a disciple of Singer, by the way), were those who insisted on postponing an agreement and stretching out the conflict to the fullest extent. There Pollack realized that the situation was exactly the opposite of 2014: Argentina was there in good faith to try and fix a problem, and Singer and Brodsky wanted to complicate things. Already on Thursday evening near the end of the day, Pollack put an arm around the shoulder of one of the members of the Argentine delegation with a big smile and a wink. At that point everything was going well, and the Special Master was openly prepared to go to bat for Argentina. What remains clear from the five long days of negotiations in Pollack’s office is that the strategy pursued by Luis Caputo worked. The Finance Secretary managed to divide the vulture funds into two camps, one of which was close to signing an agreement that clashes with Elliott and company. He has managed to isolate Singer and Brodsky, and label them the “complicated guys” who do not want to reach an agreement, even though Argentina has recognized 100% of the principal owed to the creditors. In a sense, Caputo managed to make Singer look like an staunch radical, which is more or less the same as the Elliott head said of Kicillof in June 2014. What happens next in this conflict? The negotiator will raise the offer to Griesa today, who must give his approval, and open up a sort of sign-up list for the creditors. From Buenos Aires it is assumed that many of the “me toos” will sign up, such as the so-called “Varela Group” (the 13 Argentines who decided not to enter the exchange swaps and chose to go to trial in Griesa’s courtroom). What the country is seeking is to get 75% of bondholders on board. This is not a random number. It is what is given in the bankruptcy law for private American companies to deem that a bankruptcy has been successful. Griesa had pointed out in several different hearings that in the case of Argentina’s defaulted debt, this threshold was correct. The deadline for making this list would be February 29. Griesa will wait until then. Then the process will end and, if all goes as expected from Buenos Aires, those who have not accepted would be outside the agreement. Thus, the judge would end the “trial of the century” and there would be no more opportunities to litigate against Argentina. Also, this would close any already open lawsuits against the country; including the causes for Discovery,


attachments on bonds such as the Bonar 24, the “alter ego” of the BCRA and the rest of the parallel actions brought by the vulture funds in US courts.


February 14, 2016

I hereby certify that I am a professional translator, that I abide by the Code of Ethics and Professional Practice of the American Translators Association, that I am fluent in Spanish and English, that I have

employed a team of professional translators, and that we have translated, to the best of our knowledge, the attached document entitled

News Article

From Spanish into English

Signed,

Cathleen Waters

Founder, New World Medium

Translator of French, Spanish, Italian, Portuguese and English

American Translator’s Association Membership no. 257918


Ambito Financiero Buitres: intentarán hoy que el juez Griesa imponga cautelar LA ESTRATEGIA AHORA ES QUE EL MAGISTRADO ACEPTE EL "INJUCTION" Y SE PUEDA EMITIR DEUDA SIN PELIGRO DE EMBARGOS Lunes, 8 de febrero de 2016 Por Carlos Burgueño Lifting of the injunction. Ésta será la fórmula legal que el Gobierno llevará ahora al tribunal de Thomas Griesa y que, en la práctica, implica un paso clave para la estrategia argentina: que el juez dicte un "stay" a favor del país y que se detenga, durante el plazo que disponga el magistrado de Nueva York, la vigencia del "pari passu" del fallo de diciembre de 2012 a favor de los fondos buitre, extendida en octubre de 2015 para los "me too". Según esta cláusula, por cualquier pago de deuda posdefault que haga el país, también debería haber una liquidación a favor de los holdouts. Si Griesa aceptara imponer esta medida cautelar, la Argentina se liberaría, durante el tiempo que dure la negociación con los acreedores, de eventuales sanciones contra la emisión de deuda soberana dentro y fuera del mercado local (incluyendo Wall Street). Así, no existiría el peligro de que Elliott, Aurelius y el resto de los acreedores que no ingresaron en los canjes de deuda puedan presentarse y declarar ilegal la colocación y ejecutar embargos. En otras palabras, el Gobierno de Mauricio Macri podría endeudarse libremente, aun antes de un acuerdo final que cierre el "juicio del siglo". Otra meta de la estrategia desplegada por la Argentina será que se desmoronaría la principal arma que tienen los fondos buitre Elliott y Aurelius para presionar al país: impedir la colocación de colocar deuda. En consecuencia, tendrían más presiones para aprobar la oferta que llevó Luis Caputo a Nueva York. Griesa no está obligado a dictar el "stay" bajo esta fórmula de manera inmediata. Más teniendo en cuenta que los dos principales contendientes contra el país, los fondos Elliott de Paul Singer y Aurelius de Marc Brodsky, se negaron a aceptar la propuesta argentina presentada el viernes pasado. Sin embargo, hay una carta importantísima a favor: el propio Daniel Pollack apoya la posición del país y hoy recomendaría al juez que avale la oferta argentina. Para el "special master", según hizo público el propio abogado norteamericano, el que ahora tiene buena fe en esta larguísima causa es la Argentina, y los que ponen trabas son los acreedores. Al menos los más fuertes. Para que Pollack tenga ahora esta posición, hubo un movimiento político clave desde Buenos Aires. "¿Puedo hacer algo para ayudar?", preguntó el viernes desde Tucumán el presidente Mauricio Macri vía telefónica a Alfonso Prat Gay. Desde Buenos Aires, el ministro de Hacienda y Finanzas contestó entusiasmado: "Sí, que hables personalmente con el mediador". Así lo hizo Macri, y, usando su inglés (algo que se valoró en el despacho de Park Avenue), el Presidente cerró las negociaciones con Daniel Pollack. El Presidente llamó al "special master" cuando desde Nueva York ya se sabía que al menos un 20% de los acreedores estaban aceptando la propuesta que llevó el secretario de Finanzas, Luis Caputo, hacia el despacho de Pollack, y que Elliott y Aurelius cerraban filas para boicotear el acuerdo. Había una señal clave que venía desde los Estados Unidos: por primera vez desde junio de 2014, Pollack estaba claramente a favor de la


http://www.ambito.com/diario/noticia.asp?id=826718

posición de la Argentina y se mostraba dispuesto a moverse para que la historia terminara, ahora sí, con un final feliz. Macri le ratificó al negociador que el país estaba dispuesto a terminar con el "juicio del siglo" y que había "buena fe" de parte de su Gobierno. Pollack, ya también algo cansado de la presión de los fondos buitre sobre su persona, le dio el guiño clave: él mismo hablaría con Griesa y le pediría que avale la propuesta argentina. Y, como regalo, Pollack ponderó la "valentía" de Macri por haber encarado tan rápidamente la negociación y la solución del juicio contra los acreedores. Y también destacó que la oferta que el Gobierno llevó hasta Nueva York no sea la misma que Axel Kicillof había traído en junio de 2014 (las mismas condiciones que el canje de deuda de 2010), y que había logrado el 100% del rechazo de los acreedores. Lo que venía viendo Pollack en las últimas horas (concretamente desde el martes pasado) es que algunos acreedores (muchos de ellos lejos de la definición de buitre) iban aceptando lo que Caputo les mostraba "con cara de sinceridad", según su definición; y que los más recalcitrantes, Elliott de Paul Singer y Aurelius de Mark Brodsky (discípulo de Singer, por otro lado), eran los que insistían en postergar un acuerdo y en extender al máximo el conflicto. Ahí Pollack se dio cuenta de que la situación era exactamente la contraria a la de 2014: la Argentina venía de buena fe a arreglar un problema, y Singer y Brodsky querían complicar la parada. Ya el jueves por la noche, casi al final de la jornada, Pollack puso un brazo en el hombro de uno de los integrantes de la delegación argentina y le dio una sonrisa amplia y un guiño de ojo. Todo iba bien entonces, y ahora sí, el "special master" comenzaba a jugar abiertamente para la posición argentina Lo que dejan claro las cinco largas jornadas de negociaciones en el juzgado de Pollack es que la estrategia aplicada por Luis Caputo dio resultado. El secretario de Finanzas logró quebrar a los fondos buitre en dos bandos, y que haya un grupo cercano a firmar un acuerdo que se enfrente a Elliott y compañía. Logró así aislar a Singer y Brodsky, y ponerlos en el lugar de los "complicados", que no quieren llegar a un acuerdo, pese a que el país le reconocía a los acreedores el 100% del capital adeudado. En cierto sentido, Caputo logró que se viera a Singer como un radical irreductible. Casi lo mismo que el dueño de Elliott decía de Kicillof en junio de 2014. ¿Cómo sigue ahora el conflicto? El negociador elevará hoy la oferta a Griesa, y éste debe dar su aval, y abrir una especie de listado para que los acreedores se vayan anotando. Desde Buenos Aires se descarta que muchos de los "me too" se anotarán, como también el denominado "Grupo Varela" (los 13 argentinos que decidieron no ingresar en los canjes y que eligieron hacer juicio en el tribunal de Griesa). Lo que buscará el país es que el 75% de los bonistas acepte. No es un porcentaje caprichoso. Es lo que indica la ley de "bancarrota" a las compañías privadas norteamericanas para que un concurso de acreedores sea exitoso. Griesa siempre indicó en diferentes audiencias que, en el caso de la deuda argentina en default, ese nivel era el correcto. La fecha límite para confeccionar esta lista sería el 29 de febrero. Hasta ese día esperaría Griesa. Luego, daría por terminado ese proceso y, si todo sale como esperan desde Buenos Aires, el que no haya aceptado quedaría fuera del acuerdo. Así, el juez daría por terminado el "juicio del siglo" y no ofrecería más oportunidades para litigar contra la Argentina. Además, cerraría cualquier tipo de demanda ya abierta contra el país; incluyendo las causas por


Discovery, embargos a bonos como Bonar 24, el "álter ego" del BCRA y el resto de los juicios paralelos que los fondos buitre mantienen en juzgados de los Estados Unidos.


Exhibit 31


[BCRA logo] BCRA [Central Bank of the Republic of Argentina] @BancoCentral_AR Reserves closed at US$ 29.672 billion, subject to closing adjustments. The consolidated accounting data will be published in two days’ time. RETWEETS LIKES 23 19 1:43 PM — Feb 5, 2016

[BCRA logo]

BCRA

@BancoCentral_AR Official account of the Central Bank of the Republic of Argentina (BCRA). For questions, complaints or reports, contact 0800-999- 6663 or [email protected] Joined May 2014


February 14, 2016



Tweet


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Cathleen Waters






Cathleen

Text Box

Exhibit 32


[BCRA logo] BCRA [Central Bank of the Republic of Argentina] @BancoCentral_AR Reserves without the swap transaction in dollars abroad: US$ 24.834 billion. RETWEETS LIKES 23 11 1:40 PM — Feb 11, 2016

[BCRA logo]

BCRA

@BancoCentral_AR Official account of the Central Bank of the Republic of Argentina (BCRA). For questions, complaints or reports, contact 0800-999- 6663 or [email protected] Joined May 2014

BCRA @BancoCentral_AR Reserves closed at US$ 29.672 billion, subject to closing adjustments. The consolidated accounting data will be published in two days’ time.


February 14, 2016



Tweet


Signed,

Cathleen Waters






Exhibit 33


2/15/2016 Argentina Agrees to Borrow $5 Billion From Wall Street Banks Bloomberg Business

http://www.bloomberg.com/news/articles/20160129/argentinaagreesto5billionofloansfromwallstreetbanks 1/3

Argentina Agrees to Borrow $5 BillionFrom Wall Street Banks

Country's loan being backed by local sovereign bonds

Argentina is set to resume talks with holdout creditors Feb. 1

Argentina’s central bank reached terms with seven Wall Street banks for $5 billion of loans as thegovernment looks to bolster reserves ahead of talks with holdout creditors next week.

The oneyear loan, finalized Friday, will be backed by sovereign bonds, according to an emailed statementfrom the central bank.

Argentina has been seeking to shore up its central bank reserves after years of currency controls andpolicies that discouraged investment and depleted the country’s supply of dollars. Unable to tapinternational bond markets because of a decadelong feud with creditors left over from the nation’s 2001default, the country’s cash hoard dropped to a nineyear low last month. Next week, officials will beginsettlement talks with holders of some defaulted bonds who won a U.S. court order requiring they be paid infull.

HSBC Holdings Plc, JPMorgan Chase & Co. and Banco Santander SA are each providing $1 billion in

January 29, 2016 — 12:45 PM PSTUpdated on January 29, 2016 — 2:26 PM PST

Carolina Millancmillanr

Katia PorzecanskiKatiaPorzo


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loans, according to three people familiar with the matter who asked not to be identified because theinformation is private. Deutsche Bank AG, Banco Bilbao Vizcaya Argentaria SA, Citigroup Inc. and UBSGroup AG will each provide $500 million, the people said. The interest rate is Libor plus 6.15 percentagepoints, the people said.

Press officials for Citigroup, Santander, JPMorgan and HSBC declined to comment on the loan. Officials atBBVA, Deutsche Bank, UBS and Argentina’s Finance Ministry didn’t immediately reply to a request forcomment. The central bank declined to comment beyond its statement.

Finance Secretary Luis Caputo will meet debt mediator Daniel Pollack Feb. 1 and Feb. 2 in New York tobegin the process of opening negotiations with the holdout creditors, according to a ministry official. Afterbolstering reserves, Argentine authorities will have more bargaining power in the talks, according toHernan Yellati, the head of research and strategy at BancTrust & Co.

“This is a good way of raising confidence and increasing reserves so that the government can negotiate withthe holdouts without an urgency that might put Argentina in a situation where they need to accept worseterms,” Yellati said from Miami. "It’s a positive first step."

Argentina’s reserves rose by $4.8 billion Friday to $30 billion, the highest since Oct. 2, according to acentral bank statement a few hours after the deal was finalized Friday.

In his first month in office, President Mauricio Macri has undone policies put in place by his predecessorsthat throttled foreign investment, moving to remove currency controls and being talks with the holdoutcreditors. In an interview with Bloomberg at the World Economic Forum in Davos, Switzerland, Macri saidhe aims for a "realistic, reasonable settlement" with the holdouts.

"We want to finish all our conflicts of the past," he said.

The holdouts, who are trying to limit the nation’s ability to raise money offshore to pressure Argentina tocomply with a court order to repay their defaulted debt, subpoenaed HSBC in late December forinformation on Argentina’s efforts to raise cash, according to a person familiar with the matter. U.S.District Judge Thomas Griesa has prohibited Argentina from paying future overseas creditors beforesettling with the holdouts.

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• Argentina • Wall StreetCase 1:08-cv-06978-TPG Document 875-6 Filed 02/18/16 Page 29 of 65

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Exhibit 34


3164281.2

UNITED STATES DISTRICT COURT SOUTHERN DISTRICT OF NEW YORK -------------------------------------------------------------------x: NML CAPITAL, LTD., Plaintiff, - against - THE REPUBLIC OF ARGENTINA, Defendant.

: : : : : : : : : : : : :

No. 03 Civ. 8845 (TPG) No. 05 Civ. 2434 (TPG) No. 06 Civ. 6466 (TPG) No. 07 Civ. 1910 (TPG) No. 07 Civ. 2690 (TPG) No. 07 Civ. 6563 (TPG) No. 08 Civ. 2541 (TPG) No. 08 Civ. 3302 (TPG) No. 08 Civ. 6978 (TPG) No. 09 Civ. 1707 (TPG) No. 09 Civ. 1708 (TPG) No. 14 Civ. 8601 (TPG) No. 14 Civ. 8988 (TPG)

-------------------------------------------------------------------xAURELIUS CAPITAL PARTNERS, LP and AURELIUS CAPITAL MASTER, LTD., Plaintiffs, - against - THE REPUBLIC OF ARGENTINA, Defendant.

: : : : : : : : : : :

No. 07 Civ. 2715 (TPG) No. 07 Civ. 11327 (TPG) No. 14 Civ. 8946 (TPG)

-------------------------------------------------------------------xBLUE ANGEL CAPITAL I LLC, Plaintiff, - against - THE REPUBLIC OF ARGENTINA, Defendant. -------------------------------------------------------------------x

: : : : : : : : : : :

No. 07 Civ. 2693 (TPG) No. 10 Civ. 4101 (TPG) No. 10 Civ. 4782 (TPG) No. 14 Civ. 8947 (TPG) (Captions continued on following pages)

PLAINTIFFS’ FEBRUARY 12, 2016 REQUESTS FOR PRODUCTION TO DEFENDANT

THE REPUBLIC OF ARGENTINA


3164281.2

-------------------------------------------------------------------x AURELIUS CAPITAL MASTER, LTD. and ACP MASTER, LTD., Plaintiffs, - against - THE REPUBLIC OF ARGENTINA, Defendant.

: : : : : : : : : : :

No. 09 Civ. 8757 (TPG) No. 09 Civ. 10620 (TPG)

-------------------------------------------------------------------x AURELIUS OPPORTUNITIES FUND II, LLC and AURELIUS CAPITAL MASTER, LTD., Plaintiffs, - against - THE REPUBLIC OF ARGENTINA, Defendant.

: : : : : : : : : : :


-------------------------------------------------------------------x AURELIUS CAPITAL MASTER, LTD. and AURELIUS OPPORTUNITIES FUND II, LLC, Plaintiffs, - against - THE REPUBLIC OF ARGENTINA, Defendant.

: : : : : : : : : : :


-------------------------------------------------------------------x OLIFANT FUND, LTD., Plaintiff, - against - THE REPUBLIC OF ARGENTINA, Defendant. -------------------------------------------------------------------x

: : : : : : : : : : :

No. 10 Civ. 5338


3164281.2

-------------------------------------------------------------------x PABLO ALBERTO VARELA, et al. Plaintiffs, - against - THE REPUBLIC OF ARGENTINA, Defendant. -------------------------------------------------------------------x

: : : : : : : : : : :

No. 10 Civ. 9587

Pursuant to Rules 26, 34, and 69 of the Federal Rules of Civil Procedure (“Federal

Rules”), and Rule 26.3 of the Local Civil Rules of the District Court for the Southern District of

New York (“Local Civil Rules”), plaintiffs, by their attorneys, hereby demand that defendant the

Republic of Argentina produce the documents described herein at the offices of Friedman

Kaplan Seiler & Adelman LLP, 7 Times Square, New York, N.Y. 10036-6516, no later than

February 13, 2016, in the manner prescribed by the Federal Rules, and in accordance with the

further Definitions and Instructions set forth below.

The instructions, rules of construction, and definitions set forth in Rules 26 and 34 of the

Federal Rules of Civil Procedure and in Rule 26.3 of the Local Civil Rules are hereby

incorporated in their entirety.


3164281.2

DEFINITIONS

1. The term “Communication” (or “Communications”) means the transmittal of

information in the form of facts, ideas, inquiries or otherwise. Local Civil Rule 26.3.

2. The term “Concerning” means relating to, referring to, describing, evidencing or

constituting. Local Civil Rule 26.3.

3. The term “Dart” means Dart Capital Limited, EM Limited, their parents,

subsidiaries, branches and affiliates, as well as their officers, directors, principals, agents,

representatives, and all other Persons acting or purporting to act for or on their behalf, whether or

not authorized to do so.

4. The term “Document” (or “Documents”) is defined to be synonymous in

meaning and equal in scope to the usage of the term “Documents or electronically stored

information” in Fed. R. Civ. P. 34(a)(1)(A), and includes writings, drawings, graphs, charts,

photographs, sound recordings, images, instant messages, text messages, chats, Bloomberg

messages, correspondence, email, postings on boards, entries in broker systems, and other data

or data compilation, stored in any medium from which information can be obtained either

directly or, if necessary, after translation by the responding party into a reasonably usable form.

A draft or non-identical copy is a separate Document within the meaning of this term. Fed. R.

Civ. P. 34(a).

5. The term “Montreux” means Montreux Capital Management, LLC, Montreux

Partners, L.P., Cordoba Capital, Wilton Capital, Ltd., Los Angeles Capital, their parents,

subsidiaries, branches and affiliates, as well as their officers, directors, principals, agents,

representatives, and all other Persons acting or purporting to act for or on their behalf, whether or

not authorized to do so.


2 3164281.2

6. The term “Person” means any natural person, or any business, legal, or

governmental entity, or association. Local Civil Rule 26.3.

7. The terms “You,” Your,” and “Argentina” mean the Republic of Argentina, as

well as its ministries, political subdivisions, agencies, instrumentalities, representatives, and

assigns, and all other Persons acting or purporting to act on its behalf, whether or not authorized

to do so. For the avoidance of doubt, “Argentina” includes Banco Central de la República

Argentina (BCRA), the Administración Nacional de la Seguridad Social, and Yacimientos

Petrolíferos Fiscales S.A.


3 3164281.2

INSTRUCTIONS

1. Documents referred to herein are to include all portions, or pages of each

document referred to, and all attachments, enclosures, appendices, and supporting

documentation, including, without limitation, originals, copies, non-identical copies (that may

contain handwritten notes, markings, stamps, interlineations or electronic information), drafts,

working papers, routing slips, and similar materials.

2. A document is deemed in your actual or constructive possession, custody, or

control if it is in your physical custody, or if it is in the physical custody of any other Person and

you (a) own such document in whole or in part; (b) have a right, by control, contract, statute,

order, or otherwise, to use inspect, examine or copy such document on any terms; (c) have an

understanding, express or implied, that you may use, inspect, examine, or copy such document

upon any terms; or (d) have, as a practical matter, been able to use, inspect, examine, or copy

such document when you sought to do so. For the avoidance of doubt, a document is deemed in

your actual or constructive possession, custody, or control if it is accessible on a network or

server that you maintain.

3. These document requests are continuing in character so as to require prompt

amendment or supplementation whenever you obtain, at any time during the period between your

initial responses and the satisfaction of all judgments in the above-referenced actions,

information that renders your responses in some material respect incorrect or incomplete.

4. These document requests are submitted for the purposes of discovery and are not

to be taken as waiving any objections to the introduction of evidence on subjects covered by

these document requests, or as an admission of the relevance or materiality of any of the matters

covered by these document requests.


4 3164281.2

5. The specifications of these document requests are to be construed as being

inclusive rather than exclusive. Thus, words importing the singular include the plural; words

importing the plural include the singular; words importing one gender includes both genders; the

words “and” and “or” are to be construed conjunctively or disjunctively as necessary to make the

document request inclusive; the word “all” means “any and all” and the word “any” means “any

and all.” Local Civil Rule 26.3(c)(7).

6. In producing responsive documents, you should furnish all documents in your

possession, custody, or control, regardless of whether such documents are possessed directly by

you or by your agents, employees, or representatives, including your attorneys or their agents,

employees, or representatives.

7. You are to produce any and all drafts and copies of each document that is

responsive to any specification of these document requests and all copies of each such document

that are not identical in any respect, including but not limited to handwritten notes, markings,

stamps, interlineations, and electronic information.

8. With respect to Electronically Stored Information (“ESI”):

All electronic mail and spreadsheets responsive to these document requests that are maintained in the usual course of business in electronic format are to be produced in their native format along with the software necessary to interpret such files if such software is not readily available.

All other documents responsive to these document requests that are maintained in the usual course of business in electronic format are to be produced in properly utilized, multi-page TIFF Group IV format complete with full text extracts and all associated metadata.

All documents responsive to these document requests are to be produced with the metadata normally contained within such documents, and the necessary Concordance or Introspect load files. If such metadata is not available, each document is to be accompanied by a listing of all file properties relating to such document, including, but not limited to, all information relating to the date(s) the document was last accessed, created, modified or distributed, and the author(s) and recipient(s) of the document.


5 3164281.2

Under no circumstances should ESI be converted from the form in which it is ordinarily maintained to a different form that makes it more difficult or burdensome to use. ESI should not be produced in a form that removes or significantly degrades the ability to search the ESI by electronic means where the ESI is ordinarily maintained in a way that makes it searchable by electronic means. Databases or underlying data should not be produced without first discussing production format issues with Plaintiffs’ counsel. If you decline to search or produce ESI on the ground that such ESI is not reasonably accessible because of undue burden or cost, identify such information by category or source and provide detailed information regarding the burden of cost you claim is associated with the search or production of such ESI.

9. All documents that are physically attached to each other when located for

production are to be left so attached when produced. Documents that are segregated or separated

from other documents, whether by inclusion in binders, files, subfiles, or by use of dividers, tabs

or any other method, are to be left so segregated or separated when produced. Documents are to

be produced in the order in which they were maintained and in the files in which they were

found.

10. If any document, or any part of a document, called for by these document requests

has been destroyed, discarded, lost, or otherwise disposed of or placed beyond your custody or

control, you are to furnish a list identifying each such document by: (i) date, (ii) author;

(iii) recipient(s); (iv) type of document (e.g., letter, memorandum, chart, e-mail, etc.); (v) general

subject matter; (vi) the document’s present or last-known location or custodian; (vii) the date of

the document’s destruction or other disposition; (viii) the reason for such destruction or other

disposition; and (ix) the Person authorizing such destruction or other disposition.

11. Each specification of these document requests requires production in full, without

abbreviation, redaction, or expurgation, of any responsive documents. If any responsive

document is not or cannot be produced in full, produce it to the extent possible, indicating which

document, or portion of that document is being withheld, and the reason(s) it is being withheld.


6 3164281.2

12. Documents not otherwise responsive to specifications of these document requests

are to be produced if such documents mention, discuss, refer to, or explain the documents which

are responsive to these document requests, or if such documents are attached to documents

responsive to these document requests and constitute routing slips, transmittal memoranda, or

letters, comments, evaluations or similar materials.

13. If in responding to these document requests, you encounter any ambiguity in

construing them or any definitions and instructions relevant to them, set forth the matter or term

deemed “ambiguous” and the construction used in responding to the document requests.

14. If a privilege is claimed as the basis for not producing any document, you are to

furnish a privilege log setting forth, for each such document: (i) nature of the privilege

(including work product) which is being claimed and, if the privilege is governed by state law,

indicate the state’s privilege rule being invoked; (ii) the type of document, e.g., letter,

memorandum, etc.; (iii) the general subject matter of the document; (iv) the date of the

document; and (v) the author of the document, the addressees and any other recipients of the

document and, where not apparent, the relationship of the author, addressees, and recipients to

each other. Local Civil Rule 26.2(a).

DOCUMENTS TO BE PRODUCED

1. All documents reflecting or constituting any agreement(s) or agreement(s) in

principle entered into after December 10, 2015 with Dart, Montreux or any other bondholder

whereby Argentina would (i) satisfy any judgments, or (ii) settle any litigation. For the

avoidance of doubt, such agreement(s) or agreement(s) in principle include, but are not limited

to, those referenced in the Memorandum of Law in Support of the Republic of Argentina’s

Motion, By Order to Show Cause, to Vacate the Injunction Issued on November 21, 2012, and

October 30, 2015; the accompanying declarations of Michael A. Paskin and Santiago Bausili; the


7 3164281.2

Memorandum of Law in Further Support of Defendant the Republic of Argentina’s Motion for

an Indicative Ruling that the Court Would Grant Relief From the Pari Passu Injunction; and the

accompanying declarations of Kenneth E. Johns and Michael Straus; all filed on February 11,

2016, in EM Ltd. v. The Republic of Argentina, No. 14 Civ. 8303 (TPG) (SDNY), and related

cases.


8 3164281.2

DATED: February 12, 2016 New York, New York

By:

Edward A. Friedman ([email protected]) Daniel B. Rapport ([email protected]) FRIEDMAN KAPLAN SEILER & ADELMAN LLP 7 Times Square New York, NY 10036-6516 (212) 833-1100 Attorneys for Plaintiffs Aurelius Capital Partners, LP, Aurelius Capital Master, Ltd., Blue Angel Capital I LLC, ACP Master, Ltd., and Aurelius Opportunities Fund II, LLC Robert A. Cohen ([email protected]) Dennis H. Hranitzky ([email protected]) DECHERT LLP 1095 Avenue of the Americas New York, NY 10036 (212) 698-3500 Attorneys for Plaintiff NML Capital, Ltd. Robert D. Carroll ([email protected]) GOODWIN PROCTER LLP Exchange Place Boston, MA 02109 (617) 570-1000 Attorneys for Plaintiff Olifant Fund, Ltd. Michael C. Spencer ([email protected]) MILBERG LLP One Pennsylvania Plaza New York, NY 10119 (212) 594-5300 Attorneys for Plaintiffs Pablo Alberto Varela, et al.


Exhibit 35


3164469.1


: : : : : : : : : : : : :



: : : : : : : : : : :



: : : : : : : : : : :


DECLARATION OF SERVICE


2 3164469.1


: : : : : : : : : : :



: : : : : : : : : : :



: : : : : : : : : : :



: : : : : : : : : : :

No. 10 Civ. 5338



Exhibit 36


3164399.1


: : : : : : : : : : : : :



: : : : : : : : : : :



: : : : : : : : : : :


NOTICE OF SUBPOENA DUCES TECUM


2 3164399.1


: : : : : : : : : : :



: : : : : : : : : : :



: : : : : : : : : : :



: : : : : : : : : : :

No. 10 Civ. 5338


3 3164399.1


: : : : : : : : : : :

No. 10 Civ. 9587

TO: Daniel Slifkin Cravath, Swaine & Moore LLP Worldwide Plaza 825 Eighth Avenue New York, NY 10019 Carmine D. Boccuzzi Jr. Cleary Gottlieb Steen & Hamilton LLP One Liberty Plaza New York, NY 10006 PLEASE TAKE NOTICE that, pursuant to Rule 45 of the Federal Rules of Civil

Procedure, Plaintiffs NML Capital, Ltd., Aurelius Capital Partners, LP, Aurelius Capital

Master, Ltd., ACP Master, Ltd., Aurelius Opportunities Fund II, LLC, Blue Angel Capital

I LLC, Olifant Fund, Ltd., and Pablo Alberto Varela, et al., by their undersigned counsel,

will issue the attached subpoena on Dart Capital Limited and EM Limited for the

production of documents, electronically stored information, and tangible things. The

requested documents and things must be produced on or before February 13, 2016, at the

offices of Gibson, Dunn & Crutcher LLP, 2100 McKinney Avenue, Suite 1100, Dallas, TX

75201, or at such other time and place as may be agreed upon in writing by counsel for the

parties.


4 3164399.1


By:

Edward A. Friedman ([email protected]) Daniel B. Rapport ([email protected]) FRIEDMAN KAPLAN SEILER & ADELMAN LLP 7 Times Square New York, NY 10036-6516 (212) 833-1100 Attorneys for Plaintiffs Aurelius Capital Partners, LP, Aurelius Capital Master, Ltd., Blue Angel Capital I LLC, ACP Master, Ltd., and Aurelius Opportunities Fund II, LLC Robert A. Cohen ([email protected]) Dennis H. Hranitzky ([email protected]) DECHERT LLP 1095 Avenue of the Americas New York, NY 10036 (212) 698-3500 Attorneys for Plaintiff NML Capital, Ltd. Robert D. Carroll ([email protected]) GOODWIN PROCTER LLP Exchange Place Boston, MA 02109 (617) 570-1000 Leonard F. Lesser ([email protected]) SIMON LESSER PC 355 Lexington Avenue, 10th Floor New York, New York 10017 (212) 599-5455 Attorneys for Plaintiff Olifant Fund, Ltd.


5 3164399.1

Michael C. Spencer ([email protected]) MILBERG LLP One Pennsylvania Plaza New York, NY 10119 (212) 594-5300 Attorneys for Plaintiffs Pablo Alberto Varela, et al.



3164399.1


: : : : : : : : : : : : :



: : : : : : : : : : :



: : : : : : : : : : :


SUBPOENA DUCES TECUM


3164399.1


: : : : : : : : : : :



: : : : : : : : : : :



: : : : : : : : : : :



: : : : : : : : : : :

No. 10 Civ. 5338


3164399.1


: : : : : : : : : : :

No. 10 Civ. 9587

TO: Dart Capital Limited EM Limited c/o Kenneth E. Johns, Jr. 5309 Tate Ave

Plano, TX 75093-3433

PLEASE TAKE NOTICE THAT you are commanded, pursuant to Rule 45 of the Federal

Rules of Civil Procedure, to produce for inspection and copying to the offices of Gibson, Dunn

& Crutcher LLP, 2100 McKinney Avenue, Suite 1100, Dallas, TX 75201, on or before February

13, 2016, all documents specified in Attachment A to this subpoena, in accordance with the

Definitions and Instructions set forth in Attachment A.

This subpoena has been issued by the United States District Court for the Southern

District of New York. Your failure to comply with this subpoena may be punished as contempt

of that court. Pursuant to the requirements of Rule 45(a)(1)(A)(iv) of the Rules, the text of Rule

45(d) and (e) is reproduced in this subpoena.


3164399.1


By:

Edward A. Friedman ([email protected]) Daniel B. Rapport ([email protected]) FRIEDMAN KAPLAN SEILER & ADELMAN LLP 7 Times Square New York, NY 10036-6516 (212) 833-1100 Attorneys for Plaintiffs Aurelius Capital Partners, LP, Aurelius Capital Master, Ltd., Blue Angel Capital I LLC, ACP Master, Ltd., and Aurelius Opportunities Fund II, LLC Robert A. Cohen ([email protected]) Dennis H. Hranitzky ([email protected]) DECHERT LLP 1095 Avenue of the Americas New York, NY 10036 (212) 698-3500 Attorneys for Plaintiff NML Capital, Ltd. Robert D. Carroll ([email protected]) GOODWIN PROCTER LLP Exchange Place Boston, MA 02109 (617) 570-1000 Leonard F. Lesser ([email protected]) SIMON LESSER PC 355 Lexington Avenue, 10th Floor New York, New York 10017 (212) 599-5455 Attorneys for Plaintiff Olifant Fund, Ltd.


3164399.1

Michael C. Spencer ([email protected]) MILBERG LLP One Pennsylvania Plaza New York, NY 10119 (212) 594-5300 Attorneys for Plaintiffs Pablo Alberto Varela, et al.


3164399.1

ATTACHMENT A

DEFINITIONS

1. Local Civil Rule 26.3(c)(1) (Uniform Definition in Discovery Requests) shall

apply to this Subpoena.

2. The term “Argentina” means the Republic of Argentina, as well as its ministries,

political subdivisions, agencies, instrumentalities, representatives, and assigns, and all other

Persons acting or purporting to act on its behalf, whether or not authorized to do so. For the

avoidance of doubt, “Argentina” includes Banco Central de la República Argentina (BCRA),

the Administración Nacional de la Seguridad Social, and Yacimientos Petrolíferos Fiscales S.A.

3. The term “Communication” (or “Communications”) means the transmittal of

information in the form of facts, ideas, inquiries or otherwise. Local Civil Rule 26.3.

4. The term “Concerning” means relating to, referring to, describing, evidencing or

constituting. Local Civil Rule 26.3.

5. The term “Document” (or “Documents”) is defined to be synonymous in

meaning and equal in scope to the usage of the term “Documents or electronically stored

information” in Fed. R. Civ. P. 34(a)(1)(A), and includes writings, drawings, graphs, charts,

photographs, sound recordings, images, instant messages, text messages, chats, Bloomberg

messages, correspondence, email, postings on boards, entries in broker systems, and other data

or data compilation, stored in any medium from which information can be obtained either

directly or, if necessary, after translation by the responding party into a reasonably usable form.

A draft or non-identical copy is a separate Document within the meaning of this term. Fed. R.

Civ. P. 34(a).


2 3164399.1

6. The term “Person” means any natural person, or any business, legal, or

governmental entity, or association. Local Civil Rule 26.3.

7. The terms “You,” “Your” and “Dart” mean Dart Capital Limited, EM Limited,

their parents, subsidiaries, branches and affiliates, as well as their officers, directors, principals,

agents, representatives, and all other Persons acting or purporting to act for or on their behalf,

whether or not authorized to do so.


3 3164399.1

INSTRUCTIONS

1. Documents called for by this subpoena are to include all portions, or pages of

each document, and all attachments, enclosures, appendices, and supporting documentation,

including, without limitation, originals, copies, non-identical copies (that may contain

handwritten notes, markings, stamps, interlineations or electronic information), drafts, working

papers, routing slips, and similar materials.

2. A document is deemed in Your actual or constructive possession, custody, or

control if it is in Your physical custody, or if it is in the physical custody of any other person and

You (a) own such document in whole or in part; (b) have a right, by control, contract, statute,

order, or otherwise, to use inspect, examine or copy such document on any terms; (c) have an

understanding, express or implied, that You may use, inspect, examine, or copy such document

upon any terms; or (d) have, as a practical matter, been able to use, inspect, examine, or copy

such document when You sought to do so. For the avoidance of doubt, a document is deemed in

Your actual or constructive possession, custody, or control if it is accessible on a network or

server that You maintain.

3. The specifications of this subpoena are to be construed as being inclusive rather

than exclusive. Thus, use of the singular form of any word includes the plural and vice versa;

words importing one gender includes both genders; the connectives “and” and “or” shall be

construed either disjunctively or conjunctively as necessary to bring within the scope of this

subpoena all documents that might otherwise be construed to be outside of its scope; the words

“all,” “any,” and “each” shall each be construed as encompassing “any and all.” Local Civil Rule

26.3(d).

4. In producing responsive documents, You should furnish all documents in Your

possession, custody, or control, regardless of whether such documents are possessed directly by


4 3164399.1

You or by Your directors, officers, partners, members, agents, employees, representatives,

subsidiaries, managing agents, affiliates, investigators, or by Your attorneys or their agents,

employees, representatives or investigators.

5. You are to produce any and all drafts and copies of each document that are

responsive to any specification of this subpoena and all copies of each such document that are

not identical in any respect, including but not limited to handwritten notes, markings, stamps,

interlineations, and electronic information.

6. With respect to Electronically Stored Information (“ESI”):

a.) All electronic mail and spreadsheets responsive to this subpoena that are maintained in the usual course of business in electronic format are to be produced in their native format along with the software necessary to interpret such files if such software is not readily available.

b.) All other documents responsive to this subpoena that are maintained in the usual course of business in electronic format are to be produced in properly utilized, multi-page TIFF Group IV format complete with full text extracts and all associated metadata.

c.) All documents responsive to this subpoena are to be produced with the metadata normally contained within such documents, and the necessary Concordance, Introspect or other database load files. If such metadata is not available, each document is to be accompanied by a listing of all file properties relating to such document, including, but not limited to, all information relating to the date(s) the document was last accessed, created, modified or distributed, and the author(s) and recipient(s) of the document.

d.) Under no circumstances should ESI be converted from the form in which it is ordinarily maintained to a different form that makes it more difficult or burdensome to use. ESI should not be produced in a form that removes or significantly degrades the ability to search the ESI by electronic means where the ESI is ordinarily maintained in a way that makes it searchable by electronic means. Databases or underlying data should not be produced without first discussing production format issues with Plaintiff's counsel. If You decline to search or produce ESI on the ground that such ESI is not reasonably accessible because of undue burden or cost, identify such information by category or source and provide detailed information regarding the burden of cost You claim is associated with the search or production of such ESI.


5 3164399.1

7. All documents that are physically attached to each other when located for

production are to be left so attached when produced. Documents that are segregated or separated

from other documents, whether by inclusion in binders, files, subfiles, or by use of dividers, tabs

or any other method, are to be left so segregated or separated when produced. Documents are to

be produced in the order in which they were maintained and in the files in which they were

found.

8. If any document, or any part of a document, called for by this subpoena has been

destroyed, discarded, lost, or otherwise disposed of or placed beyond Your custody or control,

You are to furnish a list identifying each such document by: (a) date, (b) author; (c) recipient(s);

(d) type of document (e.g., letter, memorandum, chart, e-mail, etc.); (e) general subject matter;

(f) the document's present or last-known location or custodian; (g) the date of the document's

destruction or other disposition; (h) the reason for such destruction or other disposition; and (i)

the Person authorizing such destruction or other disposition.

9. Each specification of this subpoena requires production in full, without

abbreviation, redaction, or expurgation, of any responsive documents. If any responsive

document is not or cannot be produced in full, produce it to the extent possible, indicating which

document, or portion of that document is being withheld, and the reason(s) it is being withheld.

10. Documents not otherwise responsive to specifications of this subpoena are to be

produced if such documents mention, discuss, refer to, or explain the documents which are

responsive to this subpoena, or if such documents are attached to documents responsive to this

subpoena and constitute routing slips, transmittal memoranda, or letters, comments, evaluations

or similar materials.


6 3164399.1

11. If in responding to this subpoena, You encounter any ambiguity in construing it or

any definitions and instructions relevant to it, set forth the matter or term deemed “ambiguous”

and the construction used in responding to the subpoena.

12. If a privilege is claimed as the basis for not producing any document, You are to

furnish a privilege log setting forth, for each such document: (a) nature of the privilege

(including work product) which is being claimed and, if the privilege is governed by state law,

indicate the state's privilege rule being invoked; (b) the type of document, e.g., letter,

memorandum, etc.; (c) the general subject matter of the document; (d) the date of the document;

and (e) the author of the document, the addressees and any other recipients of the document and,

where not apparent, the relationship of the author, addressees, and recipients to each other. Local

Civil Rule 26.2(a).

13. The specifications of this subpoena are submitted for the purposes of discovery

and are not to be taken as waiving any objections to the introduction of evidence on subjects

covered by this subpoena, or as an admission of the relevance or materiality of any of the matters

covered by this subpoena.

DOCUMENTS TO BE PRODUCED

1. All documents reflecting or constituting any agreement(s) or agreement(s) in

principle with Argentina whereby Argentina would (i) satisfy any judgments held by You, or (ii)

settle any litigation between Argentina and You. For the avoidance of doubt, such agreement(s)

or agreement(s) in principle include, but are not limited to, those referenced in the Memorandum

of Law in Support of the Republic of Argentina’s Motion, By Order to Show Cause, to Vacate

the Injunction Issued on November 21, 2012, and October 30, 2015; the accompanying

declarations of Michael A. Paskin and Santiago Bausili; the Memorandum of Law in Further

Support of Defendant the Republic of Argentina’s Motion for an Indicative Ruling that the Court


7 3164399.1

Would Grant Relief From the Pari Passu Injunction; and the accompanying declarations of

Kenneth E. Johns and Michael Straus; all filed on February 11, 2016, in EM Ltd. v. The Republic

of Argentina, No. 14 Civ. 8303 (TPG) (SDNY), and related cases.


8 3164399.1

Rule 45 Federal Rules of Civil Procedure, Parts D & E

(d) Protecting a Person Subject to a Subpoena; Enforcement. (1) Avoiding Undue Burden or Expense; Sanctions. A party or attorney responsible for issuing and serving a subpoena must take reasonable steps to avoid imposing undue burden or expense on a person subject to the subpoena. The court for the district where compliance is required must enforce this duty and impose an appropriate sanction--which may include lost earnings and reasonable attorney’s fees--on a party or attorney who fails to comply. (2) Command to Produce Materials or Permit Inspection. (A) Appearance Not Required. A person commanded to produce documents, electronically stored information, or tangible things, or to permit the inspection of premises, need not appear in person at the place of production or inspection unless also commanded to appear for a deposition, hearing, or trial. (B) Objections. A person commanded to produce documents or tangible things or to permit inspection may serve on the party or attorney designated in the subpoena a written objection to inspecting, copying, testing, or sampling any or all of the materials or to inspecting the premises--or to producing electronically stored information in the form or forms requested. The objection must be served before the earlier of the time specified for compliance or 14 days after the subpoena is served. If an objection is made, the following rules apply: (i) At any time, on notice to the commanded person, the serving party may move the court for the district where compliance is required for an order compelling production or inspection. (ii) These acts may be required only as directed in the order, and the order must protect a person who is neither a party nor a party’s officer from significant expense resulting from compliance. (3) Quashing or Modifying a Subpoena. (A) When Required. On timely motion, the court for the district where compliance is required must quash or modify a subpoena that: (i) fails to allow a reasonable time to comply; (ii) requires a person to comply beyond the geographical limits specified in Rule 45(c); (iii) requires disclosure of privileged or other protected matter, if no exception or waiver applies; or (iv) subjects a person to undue burden. (B) When Permitted. To protect a person subject to or affected by a subpoena, the court for the district where compliance is required may, on motion, quash or modify the subpoena if it requires: (i) disclosing a trade secret or other confidential research, development, or commercial information; or (ii) disclosing an unretained expert’s opinion or information that does not describe specific occurrences in dispute and results from the expert’s study that was not requested by a party. (C) Specifying Conditions as an Alternative. In the circumstances described in Rule 45(d)(3)(B), the court may, instead of quashing or modifying a subpoena, order appearance or production under specified conditions if the serving party:

(i) shows a substantial need for the testimony or material that cannot be otherwise met without undue hardship; and (ii) ensures that the subpoenaed person will be reasonably compensated. (e) Duties in Responding to a Subpoena. (1) Producing Documents or Electronically Stored Information. These procedures apply to producing documents or electronically stored information: (A) Documents. A person responding to a subpoena to produce documents must produce them as they are kept in the ordinary course of business or must organize and label them to correspond to the categories in the demand. (B) Form for Producing Electronically Stored Information Not Specified. If a subpoena does not specify a form for producing electronically stored information, the person responding must produce it in a form or forms in which it is ordinarily maintained or in a reasonably usable form or forms. (C) Electronically Stored Information Produced in Only One Form. The person responding need not produce the same electronically stored information in more than one form. (D) Inaccessible Electronically Stored Information. The person responding need not provide discovery of electronically stored information from sources that the person identifies as not reasonably accessible because of undue burden or cost. On motion to compel discovery or for a protective order, the person responding must show that the information is not reasonably accessible because of undue burden or cost. If that showing is made, the court may nonetheless order discovery from such sources if the requesting party shows good cause, considering the limitations of Rule 26(b)(2)(C). The court may specify conditions for the discovery. (2) Claiming Privilege or Protection. (A) Information Withheld. A person withholding subpoenaed information under a claim that it is privileged or subject to protection as trial-preparation material must: (i) expressly make the claim; and (ii) describe the nature of the withheld documents, communications, or tangible things in a manner that, without revealing information itself privileged or protected, will enable the parties to assess the claim. (B) Information Produced. If information produced in response to a subpoena is subject to a claim of privilege or of protection as trial-preparation material, the person making the claim may notify any party that received the information of the claim and the basis for it. After being notified, a party must promptly return, sequester, or destroy the specified information and any copies it has; must not use or disclose the information until the claim is resolved; must take reasonable steps to retrieve the information if the party disclosed it before being notified; and may promptly present the information under seal to the court for the district where compliance is required for a determination of the claim. The person who produced the information must preserve the information until the claim is resolved.
