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Re: Default Argentina Bonds / Status Update

Dear Clients:

We are writing to report that on June 5, Judge Griesa granted our motion to determine that the Republic’s actions violate the pari passu / Equal Treatment provision of the bonds.  We will now move on to the second step of our strategy, which will be to obtain injunctions prohibiting the Republic from violating the provision. This will be similar to what was achieved in the “test cases” in which such injunctions became effective last year after the U.S. Supreme Court denied Argentina’s petition for review.

Argentina continues to seek to evade the injunctions that have been entered in order to access international credit markets. So far the injunctions have been quite effective in preventing such access.

 The situation is causing damage to Argentina’s economy, but the government does not seem ready to participate in settlement discussions with us so as to alleviate these problems.  We are aware that the impending changes in the political situation and economic situation will create conditions that will lead to settlement.

Thank you for your attention and support.