(2) Buyers will be entitled to all unpaid and accrued interest and related claims as of the trade date (both for the current interest period and for any previous interest period that is unpaid as of the trade date, collectively “Interest”). Unpaid Interest includes the interest on the non-local law Discount Bonds due and payable on June 30, 2014 (the “June 30 Coupon”) that is currently being held at Bank of New York (“BONY”) and not disbursed to bondholders.

146.

 August 8, 2014

Recommended Market Practice for Trades of Argentina's Sovereign Bonds

The following is a further clarification of the Market Practice recommendation dated July 31, 2014
and clarified on August 1, 2014. The language below is meant to encompass the full Market
Practice recommendation, including all clarifications. Anything to the contrary contained in the
July 31 or August 1 statements will be superseded by this Market Practice recommendation.
Following consultations with major market participants, EMTA is recommending that, for all trades
entered into on or after July 31, 2014, USD, EUR and JPY Bonds issued by the Republic of
Argentina should, unless otherwise agreed, trade “flat”.*

Accordingly, (1) such trades will settle at an all-in (or ”dirty”) price and without an additional
payment in respect of accrued interest and (2) Buyers will be entitled to all unpaid and accrued 
interest and related claims as of the trade date (both for the current interest period and for any 
previous interest period that is unpaid as of the trade date, collectively “Interest”). Unpaid Interest 
includes the interest on the non-local law Discount Bonds due and payable on June 30, 2014 (the 
“June 30 Coupon”) that is currently being held at Bank of New York (“BONY”) and not disbursed 
to bondholders.

The change in recommended Market Practice was made with effect for trade dates on and after
July 31, 2014 (collectively, trade dates of July 31, 2014 and beyond are referred to as “July 31
Trades”). Accordingly, unless otherwise agreed, as between such July 31 Trade Buyers and
Sellers, the Buyer is entitled to receive all payments or other distributions made by Argentina in
respect of such Interest, and such Buyer is entitled to claim from its Seller delivery thereof (to the
extent such payment or other distribution was received by such Seller or by any predecessor in
chain of title).

Note: Buyers during the grace period for the non-local Discount Bonds who sell their Bonds in a
July 31 Trade will not be entitled to any Interest (including interest specifically paid to their grace
period Sellers in respect of the interest period succeeding the June 30 Coupon (the “Next
Interest”)) because (a) those grace period Buyers did not pay their grace period Sellers for the
June 30 Coupon and (b) the price of the non-local Discount Bonds on and after July 31 should
reflect the fact that the June 30 Coupon, as well as the Next Interest, was included in those July
31 Trades. Even though July 31 Trade Sellers may not receive the June 30 Coupon from the 
clearing systems, they will still be obligated to pay their July 31 Trade Buyers for the June 30 
Coupon (as well as other Interest).

On the non-local Discount Bonds, this Market Practice recommendation is not meant to address
the rights of Buyers (who paid their Sellers for portions of the June 30 Coupon) for trades that
settled prior to the scheduled June 30, 2014 payment date regarding such June 30 Coupon who
then sold those Bonds during the grace period, nor is it meant to address the grace period Buyers
who did not sell their Bonds and may receive the June 30 Coupon if a new record date is set by
BONY and/or the clearing systems.
___________________________
* Applicable ISIN Codes are US040114GK09, US040114GL81, XS0501195720, XS0205537581, XS0501195647,
XS0501196025, XS0501195993, XS0501195480, XS0205545840, XS0501195134, XS0501195308,
XS0501194756, XS0501195050, ARARGE03E634, ARARGE03E667, ARARGE03E738, ARARGE03E746,
ARARGE03E659 and ARARGE03E675 (this list may not be exhaustive of the JPY Bonds trading “flat”, and the
factor for the JPY Bonds may not be treated the same as that for the USD and EUR Bonds, and that should be
taken into account when determining the JPY proceeds resulting from the "flat price").
This Market Practice recommendation (a) does not apply to local law discount bonds and local law par bonds
(ARARGE03G688, ARARGE03E113, ARARGE03E097 and ARARGE03G704), which will continue to trade with
accrued interest (or “clean”) and (b) for now, excludes provincial, municipal and corporate bonds.

Trade Association for the Emerging Markets
www.emta.org