united states district court southern district of … · db3/ 200809035.3 united states district...

DB3/ 200809035.3

UNITED STATES DISTRICT COURTSOUTHERN DISTRICT OF NEW YORK

:

ARAG-A Limited, ARAG-O Limited, ARAG-T Limited,ARAG-V Limited, Honero Fund I, LLC, Attestor Value :Master Fund, Bybrook Capital Hazelton Master Fund LP,Bybrook Capital Master Fund LP, MCHA Holdings, LLC, :Red Pines LLC, Spinnaker Global Emerging Markets Fund,Ltd., Spinnaker Global Special Situations Fund LP, Trinity :Investments Limited, White Hawthorne, LLC, WhiteHawthorne II, LLC and Yellow Crane Holdings, L.L.C., :

Plaintiffs, : CIVIL ACTION NO.16-2238

v. :

The Republic of Argentina, :

Defendant. :

DECLARATION OF MURAT KORKMAZ

Pursuant to 28 U.S.C. Section 1746, I declare that the following is true and correct:

1. My name is Murat Korkmaz. I am an authorized representative of ARAG-A

Limited, ARAG-O Limited, ARAG-T Limited and ARAG-V Limited (collectively, the “ARAG

Entities”). I have personal knowledge of the averments in this declaration and am authorized by

the ARAG Entities to make this declaration.

2. The ARAG Entities hold various beneficial rights in bonds issued by the Republic

of Argentina (“Argentina”) that are governed by foreign and New York law, and on which

Argentina has long been in default.

Case 1:16-cv-02238-TPG Document 34 Filed 04/07/16 of 6

DB3/ 200809035.3 2

3. ARAG-A Limited is a plaintiff in civil actions pending before this Court,

including those with docket numbers 14-09095 (S.D.N.Y.) (TPG), 14-09427 (S.D.N.Y.) (TPG),

14-09855 (S.D.N.Y.) (TPG), 15-09579 (S.D.N.Y.) (TPG), 16-00905 (S.D.N.Y.) (TPG), 16-

00911 (S.D.N.Y.) (TPG), 16-01350 (S.D.N.Y.) (TPG) and 16-01512 (S.D.N.Y.) (TPG). In

certain of these cases relating to bonds governed by foreign law (but not in the cases involving

bonds governed by New York law), there are pending disputes concerning whether claims filed

by ARAG-A Limited and other plaintiffs are time-barred by virtue of contractual prescription

clauses, and the applicability of other technical defenses raised by Argentina.

4. ARAG-O Limited is a plaintiff in civil actions pending before this Court,






by ARAG-O Limited and other plaintiffs are time-barred by virtue of contractual prescription


5. ARAG-T Limited is a plaintiff in civil actions pending before this Court,







DB3/ 200809035.3 3

by ARAG-T Limited and other plaintiffs are time-barred by virtue of contractual prescription


6. ARAG-V Limited is a plaintiff in civil actions pending before this Court,






by ARAG-V Limited and other plaintiffs are time-barred by virtue of contractual prescription


7. Prior to February 2016, representatives of the ARAG Entities made numerous

efforts to speak with representatives of Argentina to discuss settlement. To the best of my

knowledge, no representative of Argentina engaged in any substantive discussion with us during

that period.

8. On or about February 5, 2016, I reviewed a Spanish language version of

Argentina’s settlement proposal published on its official government website. A true copy of the

proposal that I reviewed is attached as Exhibit 4 to the Declaration of Stephen Scotch-Marmo in

Support of Plaintiffs’ Motion by Order to Show Cause for a Preliminary Injunction (“Scotch-

Marmo Declaration”).

9. On or about February 7, 2016, I received and reviewed an English translation of

the proposal, a copy of which is attached as Exhibit 5 to the Scotch-Marmo Declaration.


DB3/ 200809035.3 4

10. On or about February 17, 2016, I reviewed Argentina’s form of “Master

Settlement Agreement” published on its government website. A copy of the “Master Settlement

Agreement” that I reviewed is attached to the Scotch-Marmo Declaration as Exhibit 7.

11. I first emailed Argentina a list of the ARAG Entities’ foreign and New York law

bonds on February 18, 2016. In response to my email, Santiago Bausili, Undersecretary of

Finance of Argentina, emailed me on February 18, at 12:30 p.m. (EST) the following: “Dear

Murat, please refer to the Instructions and Agreements available in the following link. Do not

hesitate to send any other questions. It would help us if you could send us in advance the names

of the plaintiffs involved and the case numbers.” A true copy of Mr. Bausili’s February 18, 2016

12:30 p.m. (EST) email is attached as Exhibit 1.

12. On February 18, 2016, at 12:46 p.m. (EST) I emailed Mr. Bausili asking “[i]n

reference to documents on that link, specifically to the master settlement agreement, which has a

‘prescription’ language that forbids some bonds from participation, we understood, as menti

from Fore Research that it will not be an issue, as communicat[ed] by the Argentine Republic.”

A true copy of my February 18, 2016 12:46 p.m. (EST) email is attached as Exhibit __. In

response, Mr Bausili stated, by email on February 19, 2016 at 6:20 a.m. (EST), “[w]e’ve

confirmed with counsel that those bonds that are beyond their prescription date on which no

legal action has been taken to ‘stop the clock’ on such prescription, will not be taken in as are

deemed to have no claim value. Hope this clarifies the situation, SB.” A true copy of Mr.

Bausili’s February 19, 2016 6:20 a.m. (EST) email is attached as Exhibit 3.

13. On February 19, my colleague, Michael Monticciolo, submitted counter-offers to

Argentina via email, copying me, regarding the Master Settlement Agreement on behalf of the


DB3/ 200809035.3 5

ARAG Entities’ foreign law bonds. On February 23, my colleague, Mr. Monticciolo, submitted

counter-offers to Argentina, via email, copying me, regarding the Master Settlement Agreement

on behalf of the ARAG Entities’ New York law bonds.

14. The ARAG Entities did not receive any response from Argentina regarding their

counter-offers. Accordingly, the ARAG Entities downloaded the Master Settlement Agreement

from Argentina’s website, and completed the “Agreement Schedule” thereon with respect to the

ARAG Entities’ foreign and New York law holdings. On February 29, 2016, my colleague, Mr.

Monticciolo, delivered to Argentina, by email, copying me, to

[email protected] (which is the email address bondholders were directed to

email accepted settlement offer), the ARAG Entities’ acceptances of Argentina’s offer. Attached

as Exhibits 4 and 5 are true copies of Mr. Monticciolo’s emails to Argentina with the attached

completed agreement schedules.

15. On February 29, 2016, Argentina acknowledged receipt of the ARAG Entities’

acceptances of the settlement offer. True copies of Argentina’s acknowledgment emails are

attached as Exhibits 6 and 7.

16. Argentina never communicated to the ARAG Entities any rejection of the

acceptance nor advised that the acceptance should be subject to any statute of limitations.


EXHIBIT 1

Case 1:16-cv-02238-TPG Document 34-1 Filed 04/07/16 Page 1 of 4

1

Carter, Christopher Louis

From: Santiago Bausili <[email protected]>Sent: Thursday, February 18, 2016 12:30 PMTo: [email protected]; [email protected]: [email protected]; Osvaldo A. ColazoSubject: RE: Hello Santiago -- Non-NY Law Bond HoldingsAttachments: image001.png

Dear Murat, please refer to the Instructions and Agreements available in the following link. Do not hesitate to send anyother questions. It would help us if you could send us in advance the names of the plaintiffs involved and the casenumbers.

http://www.economia.gob.ar/instrucciones-para-la-participacion-en-la-propuesta-preliminar-argentina/

Best,

Santiago BausiliSubsecretario de FinanciamientoMinisterio de Hacienda y Finanzas PúblicasRepública Argentina

Tel: +54.11-4349-5240Cel: +54.911-3584-8512

-------- Original message --------From: Murat Korkmaz <[email protected]>Date: 2/18/2016 12:23 PM (GMT-05:00)To: [email protected], [email protected]: Michael Monticciolo <[email protected]>Subject: Hello Santiago -- Non-NY Law Bond Holdings

CONFIDENTIAL SETTLEMENT COMMUNICATIONSUBJECT TO F.R.E. 408 AND SIMILAR RULESWITHOUT PREJUDICE

Dear Santiago,

We received your contact information from Fore Research. We understand from Fore Research that you are expectingus to contact you in relation to our position in non-NY law bondholders. We are one of the largest members of the non-NY law bondholder group represented by the law firm, Morgan Lewis. We are sending this email to you as aconfidential settlement communication. This communication is being made “without prejudice” and on theunderstanding that it is an offer of compromise.


2

We understand that Fore Research and King Street have been, in short, offered by the Argentine Republic a deal fortheir non-NY law bonds at 150% of their notional holdings. We further understand, that this deal was made withoutregard to a bonds maturity, coupon or any other condition. We understand that both Fore and King Street agreed toenter into a settlement agreement with the Republic of Argentina based on these terms.

Assuming our understanding is correct, our clients may be willing to settle their non-NY law claims under similar termsand conditions the Republic reached with Fore Research and King Street. For your reference, we have listed ourclients’ bond positions, ISIN numbers, for your review.

We look forward to your response and dialogue on how to reach a conclusion to this matter.

Feel free to reach me at the number below with any questions or to discuss further.

Kind Regards,Murat

Murat Korkmaz

T 212.888.5516 E [email protected] Third Avenue • 34th Floor • New York, NY 10022

CHFARGENT 7 12/04/03 (CHF) CH0005458101 SWITZERLANDEURARGENT 10 01/07/05 XS0105694789 ENGLISHARGENT 10 02/22/07 XS0124528703 ENGLISHARGENT 10 09/07/07 DE0005450258 GERMANYARGENT 10 1/2 11/14/02 DE0001300200 GERMANYARGENT 10 1/4 01/26/07 DE0004509005 GERMANYARGENT 10 1/4 02/06/03 DE0001308609 GERMANYARGENT 10 12/07/04 DE0004500558 GERMANYARGENT 11 1/4 04/10/06 DE0001319507 GERMANYARGENT 11 3/4 05/20/11 DE0001325017 GERMANYARGENT 11 3/4 11/13/26 DE0001348100 GERMANYARGENT 12 09/19/16 - EUR DE0001340917 GERMANYARGENT 7 03/18/04 DE0001904308 GERMANYARGENT 7 1/8 06/10/02 XS0098314874 ENGLISHARGENT 8 02/26/08 DE0002966900 GERMANYARGENT 8 02/26/08 (DE0001974608) (EUR) DE0001974608 ENGLISHARGENT 8 1/2 02/23/05 DE0001354751 ARGENTINAARGENT 8 1/2 07/01/04 DE0003089850 GERMANYARGENT 8 1/2 07/30/10 XS0089277825 ENGLISH

ARGENT 8 1/8 10/04/04 XS0109203298 ENGLISHARGENT 8 10/30/09 DE0001954907 GERMANYARGENT 8 3/4 02/04/03 XS0084071421 ENGLISHARGENT 9 04/26/06 DE0002998952 GERMANYARGENT 9 05/24/05 USP8055KFQ33 ENGLISHARGENT 9 05/26/09 DE0003045357 GERMANY


3

ARGENT 9 06/20/03 DE0002466208 GERMANYARGENT 9 09/19/03 DE0001340909 ARGENTINAARGENT 9 1/2 03/04/04 DE0002929452 GERMANYARGENT 9 1/4 07/20/04 XS0113833510 ENGLISHARGENT 9 1/4 10/21/02 DE0003527966 GERMANYARGENT 9 11/19/08 DE0001767101 GERMANYARGENT 9 3/4 11/26/03 DE0003538914 GERMANYGBPARGENT 10 06/25/07 XS0077243730 ENGLISHUSDARGENT 8 3/4 05/09/02 ARARGE031633 ARGENTINAARGENT 11 12/04/05 US040114AZ32 ARGENTINA

The contents of this email are confidential and may not be reproduced or further disseminated without Alden's written permission. If you are not the intendedrecipient, please destroy and notify the sender immediately. The contents of this email do not constitute investment advice. This email is not an offer to sell orsolicitation of an offer to purchase or offer to sell any investments services or securities, including any interest in any private investment fund managed by Alden orits affiliates. Any such offer or solicitation will be made only to qualified investors by means of a Confidential Private Offering Memorandum and only in thosejurisdictions where permitted by law. Past performance is not indicative of future returns and all figures used herein are estimated and un-audited unless otherwisenoted.


EXHIBIT 2


1


From: Murat Korkmaz <[email protected]>Sent: Thursday, February 18, 2016 12:46 PMTo: Santiago Bausili; [email protected]: [email protected]; Osvaldo A. ColazoSubject: RE: Hello Santiago -- Non-NY Law Bond Holdings

Thanks for the prompt response Santiago, much appreciated.

In reference to documents on that link, specifically to the master settlement agreement, which has a “prescription”language that forbids some bonds from participation,we understood, as menti from Fore Research that it will not be an issue, as communication by the Argentine Republic.

Just so confirm and clarify, is this also your understanding ?

Kind Regards, Murat

Murat Korkmaz


From: Santiago Bausili [mailto:[email protected]]Sent: Thursday, February 18, 2016 12:30 PMTo: Murat Korkmaz; [email protected]: Michael Monticciolo; Osvaldo A. ColazoSubject: RE: Hello Santiago -- Non-NY Law Bond Holdings

Dear Murat, please refer to the Instructions and Agreements available in the following link. Do not hesitate to send anyother questions. It would help us if you could send us in advance the names of the plaintiffs involved and the casenumbers.


Best,


Tel: +54.11-4349-5240Cel: +54.911-3584-8512

-------- Original message --------


2

From: Murat Korkmaz <[email protected]>Date: 2/18/2016 12:23 PM (GMT-05:00)To: [email protected], [email protected]: Michael Monticciolo <[email protected]>Subject: Hello Santiago -- Non-NY Law Bond Holdings


Dear Santiago,

We received your contact information from Fore Research. We understand from Fore Research that you are expectingus to contact you in relation to our position in non-NY law bondholders. We are one of the largest members of the non-NY law bondholder group represented by the law firm, Morgan Lewis. We are sending this email to you as aconfidential settlement communication. This communication is being made “without prejudice” and on theunderstanding that it is an offer of compromise.

We understand that Fore Research and King Street have been, in short, offered by the Argentine Republic a deal fortheir non-NY law bonds at 150% of their notional holdings. We further understand, that this deal was made withoutregard to a bonds maturity, coupon or any other condition. We understand that both Fore and King Street agreed toenter into a settlement agreement with the Republic of Argentina based on these terms.

Assuming our understanding is correct, our clients may be willing to settle their non-NY law claims under similar termsand conditions the Republic reached with Fore Research and King Street. For your reference, we have listed ourclients’ bond positions, ISIN numbers, for your review.



Kind Regards,Murat

Murat Korkmaz


CHFARGENT 7 12/04/03 (CHF) CH0005458101 SWITZERLANDEURARGENT 10 01/07/05 XS0105694789 ENGLISHARGENT 10 02/22/07 XS0124528703 ENGLISHARGENT 10 09/07/07 DE0005450258 GERMANYARGENT 10 1/2 11/14/02 DE0001300200 GERMANYARGENT 10 1/4 01/26/07 DE0004509005 GERMANYARGENT 10 1/4 02/06/03 DE0001308609 GERMANYARGENT 10 12/07/04 DE0004500558 GERMANY


3

ARGENT 11 1/4 04/10/06 DE0001319507 GERMANYARGENT 11 3/4 05/20/11 DE0001325017 GERMANYARGENT 11 3/4 11/13/26 DE0001348100 GERMANYARGENT 12 09/19/16 - EUR DE0001340917 GERMANYARGENT 7 03/18/04 DE0001904308 GERMANYARGENT 7 1/8 06/10/02 XS0098314874 ENGLISHARGENT 8 02/26/08 DE0002966900 GERMANYARGENT 8 02/26/08 (DE0001974608) (EUR) DE0001974608 ENGLISHARGENT 8 1/2 02/23/05 DE0001354751 ARGENTINAARGENT 8 1/2 07/01/04 DE0003089850 GERMANYARGENT 8 1/2 07/30/10 XS0089277825 ENGLISH

ARGENT 8 1/8 10/04/04 XS0109203298 ENGLISHARGENT 8 10/30/09 DE0001954907 GERMANYARGENT 8 3/4 02/04/03 XS0084071421 ENGLISHARGENT 9 04/26/06 DE0002998952 GERMANYARGENT 9 05/24/05 USP8055KFQ33 ENGLISHARGENT 9 05/26/09 DE0003045357 GERMANYARGENT 9 06/20/03 DE0002466208 GERMANYARGENT 9 09/19/03 DE0001340909 ARGENTINAARGENT 9 1/2 03/04/04 DE0002929452 GERMANYARGENT 9 1/4 07/20/04 XS0113833510 ENGLISHARGENT 9 1/4 10/21/02 DE0003527966 GERMANYARGENT 9 11/19/08 DE0001767101 GERMANYARGENT 9 3/4 11/26/03 DE0003538914 GERMANYGBPARGENT 10 06/25/07 XS0077243730 ENGLISHUSDARGENT 8 3/4 05/09/02 ARARGE031633 ARGENTINAARGENT 11 12/04/05 US040114AZ32 ARGENTINA



EXHIBIT 3


1


From: Santiago Bausili <[email protected]>Sent: Friday, February 19, 2016 6:20 AMTo: [email protected]: Santiago Bausili; [email protected]; Osvaldo A. ColazoSubject: Re: Hello Santiago -- Non-NY Law Bond Holdings

Dear Murat,

We’ve confirmed with counsel that those bonds that are beyond their prescription date on which no legal actionhas been taken to “stop the clock” on such prescription, will not be taken in as are deemed to have no claimvalue.

Hope this clarifies the situation,

SB

On Feb 18, 2016, at 2:45 PM, Murat Korkmaz <[email protected]> wrote:

Thanks for the prompt response Santiago, much appreciated.

In reference to documents on that link, specifically to the master settlement agreement, which has a“prescription” language that forbids some bonds from participation,we understood, as menti from Fore Research that it will not be an issue, as communication by theArgentine Republic.

Just so confirm and clarify, is this also your understanding ?

Kind Regards, Murat

<image001.png> Murat KorkmazT 212.888.5516 E [email protected] Third Avenue • 34th Floor • New York, NY 10022

From: Santiago Bausili [mailto:[email protected]]Sent: Thursday, February 18, 2016 12:30 PMTo: Murat Korkmaz; [email protected]: Michael Monticciolo; Osvaldo A. ColazoSubject: RE: Hello Santiago -- Non-NY Law Bond Holdings

Dear Murat, please refer to the Instructions and Agreements available in the following link. Do nothesitate to send any other questions. It would help us if you could send us in advance the names of theplaintiffs involved and the case numbers.



2

Best,


Tel: +54.11-4349-5240Cel: +54.911-3584-8512

-------- Original message --------From: Murat Korkmaz <[email protected]>Date: 2/18/2016 12:23 PM (GMT-05:00)To: [email protected], [email protected]: Michael Monticciolo <[email protected]>Subject: Hello Santiago -- Non-NY Law Bond Holdings


Dear Santiago,

We received your contact information from Fore Research. We understand from Fore Research that youare expecting us to contact you in relation to our position in non-NY law bondholders. We are one ofthe largest members of the non-NY law bondholder group represented by the law firm, MorganLewis. We are sending this email to you as a confidential settlement communication. Thiscommunication is being made “without prejudice” and on the understanding that it is an offer ofcompromise.

We understand that Fore Research and King Street have been, in short, offered by the ArgentineRepublic a deal for their non-NY law bonds at 150% of their notional holdings. We further understand,that this deal was made without regard to a bonds maturity, coupon or any other condition. Weunderstand that both Fore and King Street agreed to enter into a settlement agreement with theRepublic of Argentina based on these terms.

Assuming our understanding is correct, our clients may be willing to settle their non-NY law claims undersimilar terms and conditions the Republic reached with Fore Research and King Street. For yourreference, we have listed our clients’ bond positions, ISIN numbers, for your review.



Kind Regards,Murat


3

<image001.png> Murat KorkmazT 212.888.5516 E [email protected] Third Avenue • 34th Floor • New York, NY 10022

CHFARGENT 7 12/04/03 (CHF) CH0005458101 SWITZERLANDEURARGENT 10 01/07/05 XS0105694789 ENGLISHARGENT 10 02/22/07 XS0124528703 ENGLISHARGENT 10 09/07/07 DE0005450258 GERMANYARGENT 10 1/2 11/14/02 DE0001300200 GERMANYARGENT 10 1/4 01/26/07 DE0004509005 GERMANYARGENT 10 1/4 02/06/03 DE0001308609 GERMANYARGENT 10 12/07/04 DE0004500558 GERMANYARGENT 11 1/4 04/10/06 DE0001319507 GERMANYARGENT 11 3/4 05/20/11 DE0001325017 GERMANYARGENT 11 3/4 11/13/26 DE0001348100 GERMANYARGENT 12 09/19/16 - EUR DE0001340917 GERMANYARGENT 7 03/18/04 DE0001904308 GERMANYARGENT 7 1/8 06/10/02 XS0098314874 ENGLISHARGENT 8 02/26/08 DE0002966900 GERMANYARGENT 8 02/26/08 (DE0001974608) (EUR) DE0001974608 ENGLISHARGENT 8 1/2 02/23/05 DE0001354751 ARGENTINAARGENT 8 1/2 07/01/04 DE0003089850 GERMANYARGENT 8 1/2 07/30/10 XS0089277825 ENGLISH

ARGENT 8 1/8 10/04/04 XS0109203298 ENGLISHARGENT 8 10/30/09 DE0001954907 GERMANYARGENT 8 3/4 02/04/03 XS0084071421 ENGLISHARGENT 9 04/26/06 DE0002998952 GERMANYARGENT 9 05/24/05 USP8055KFQ33 ENGLISHARGENT 9 05/26/09 DE0003045357 GERMANYARGENT 9 06/20/03 DE0002466208 GERMANYARGENT 9 09/19/03 DE0001340909 ARGENTINAARGENT 9 1/2 03/04/04 DE0002929452 GERMANYARGENT 9 1/4 07/20/04 XS0113833510 ENGLISHARGENT 9 1/4 10/21/02 DE0003527966 GERMANYARGENT 9 11/19/08 DE0001767101 GERMANYARGENT 9 3/4 11/26/03 DE0003538914 GERMANYGBPARGENT 10 06/25/07 XS0077243730 ENGLISHUSDARGENT 8 3/4 05/09/02 ARARGE031633 ARGENTINAARGENT 11 12/04/05 US040114AZ32 ARGENTINA


4

The contents of this email are confidential and may not be reproduced or further disseminated without Alden's written permission. If you arenot the intended recipient, please destroy and notify the sender immediately. The contents of this email do not constitute investment advice.This email is not an offer to sell or solicitation of an offer to purchase or offer to sell any investments services or securities, including anyinterest in any private investment fund managed by Alden or its affiliates. Any such offer or solicitation will be made only to qualified investorsby means of a Confidential Private Offering Memorandum and only in those jurisdictions where permitted by law. Past performance is notindicative of future returns and all figures used herein are estimated and un-audited unless otherwise noted.

The contents of this email are confidential and may not be reproduced or further disseminated without Alden's written permission. If you arenot the intended recipient, please destroy and notify the sender immediately. The contents of this email do not constitute investment advice.This email is not an offer to sell or solicitation of an offer to purchase or offer to sell any investments services or securities, including anyinterest in any private investment fund managed by Alden or its affiliates. Any such offer or solicitation will be made only to qualified investorsby means of a Confidential Private Offering Memorandum and only in those jurisdictions where permitted by law. Past performance is notindicative of future returns and all figures used herein are estimated and un-audited unless otherwise noted.


EXHIBIT 4


1


From: Michael Monticciolo <[email protected]>Sent: Monday, February 29, 2016 10:18 AMTo: [email protected]; [email protected]: [email protected]; [email protected]: Master Settlement Agreement AcceptanceAttachments: ARAG-A Limited_Signed Settlement Agreement Schedule_Standard Offer_2.29.....pdf;

ARAG-O Limited_Signed Settlement Agreement Schedule_Standard Offer_2.29.....pdf;ARAG-T Limited_Signed Settlement Agreement Schedule_Standard Offer_2.29.....pdf;ARAG-V Limited_Signed Settlement Agreement Schedule_Standard Offer_2.29.....pdf

Dear, Republic of Argentina, Santiago Bausili, et. al.,

ARAG-V Limited, ARAG-O Limited, ARAG-T Limited and ARAG-A Limited hereby withdraw their submission of February19, 2016. We are pleased to accept the Republic of Argentina’s offer set forth in its Master Settlement Agreement withthe enclosed acceptance submissions dated February 29, 2016.

Sincerely,Michael Monticciolo, CLO

Michael MonticcioloT 212.418.6867 E [email protected] Third Avenue • 34th Floor • New York, NY 10022


EXHIBIT 5


1


From: Michael Monticciolo <[email protected]>Sent: Monday, February 29, 2016 10:37 AMTo: [email protected]; [email protected]: [email protected]; [email protected]: Master Settlement Agreement Acceptance - Injunction OfferAttachments: ARAG-V Limited_Signed Settlement Agreement Schedule_Injunction Offer_2.29.16.pdf;

ARAG-O Limited_Signed Settlement Agreement Schedule_Injunction Offer_2.29.16.pdf;ARAG-T Limited_Signed Settlement Agreement Schedule_Injunction Offer_2.29.16.pdf;ARAG-A Limited_Signed Settlement Agreement Schedule_Injunction Offer_2.29.16.pdf

Dear, Republic of Argentina, Santiago Bausili, et. al.,

ARAG-O Limited, ARAG-V Limited, ARAG-T Limited and ARAG-A Limited hereby withdraw their submission of February23, 2016. We are pleased to accept the Republic of Argentina’s offer set forth in its Master Settlement Agreement withthe enclosed acceptance submissions dated February 29, 2016.


Michael MonticcioloT 212.418.6867 E [email protected] Third Avenue • 34th Floor • New York, NY 10022


EXHIBIT 6


1


From: Republic of Argentina - Agreement in Principle <[email protected]>Sent: Monday, February 29, 2016 3:15 PMTo: [email protected]: [email protected]: Re: Master Settlement Agreement Acceptance

Dear Mr. Monticciolo,

We have received your documentation succesfully.

Thank you very much.

Regards.

MHyFP

ONCP.

El 29/02/2016 12:17, Michael Monticciolo escribió:Dear, Republic of Argentina, Santiago Bausili, et. al.,

ARAG-V Limited, ARAG-O Limited, ARAG-T Limited and ARAG-A Limited hereby withdraw their submission of February19, 2016. We are pleased to accept the Republic of Argentina’s offer set forth in its Master Settlement Agreement withthe enclosed acceptance submissions dated February 29, 2016.


Michael Monticciolo



--Ministerio de Hacienda y Finanzas Secretaria de Finanzas - Subsecretaria de Financiamiento RepúblicaArgentina. Te: (54-11) 4349-6100


EXHIBIT 7


1


From: Republic of Argentina - Agreement in Principle <[email protected]>Sent: Monday, February 29, 2016 3:27 PMTo: [email protected]: [email protected]: Re: Master Settlement Agreement Acceptance - Injunction Offer

Dear Mr. Monticciolo,

We have received your documentation succesfully.

Thank you very much.

Regards.

MHyFP

ONCP.

El 29/02/2016 12:37, Michael Monticciolo escribió:Dear, Republic of Argentina, Santiago Bausili, et. al.,

ARAG-O Limited, ARAG-V Limited, ARAG-T Limited and ARAG-A Limited hereby withdraw their submission of February23, 2016. We are pleased to accept the Republic of Argentina’s offer set forth in its Master Settlement Agreement withthe enclosed acceptance submissions dated February 29, 2016.


Michael Monticciolo



--Ministerio de Hacienda y Finanzas Secretaria de Finanzas - Subsecretaria de Financiamiento RepúblicaArgentina. Te: (54-11) 4349-6100


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