AURELIUS CAPITAL MANAGEMENT, LP

FOR IMMEDIATE RELEASE

August 13, 2014
CONTACT:
Hal Bienstock
Prosek Partners
hbienstock@prosek.com
212-279-3115 x253
Brian Schaffer
Prosek Partners
bschaffer@prosek.com
212-279-3115 x229

AURELIUS CAPITAL COMMENTS ON ARGENTINAS DEFAULT SAGA
Aurelius Capital Management, LP today issued the following statement:
In addition to our exhaustive efforts to settle with Argentina, we have engaged with many private
parties about a so-called private solution that would avert or end the present Event of Default
on tens of billions of dollars of Argentine sovereign debt. That engagement has convinced us
that there is no realistic prospect of a private solution.
No proposal we received was remotely acceptable. The entities making such proposals were not
prepared to fund more than a small part, if any, of the payments they wanted us to accept. One
proposal was withdrawn before we could even respond. And no proposal made by us received a
productive response.
Stripped of this mirage, the sober truth remains: Argentinas leaders have made a calculated,
cynical decision to violate and repudiate court orders and to place the Republic in wholesale
default. Argentine officials hide behind the RUFO provision but make no effort to seek waivers
from it (despite being offered them by many of the exchange bondholders).
The Argentine people have already paid a dear price for their leaders hubris. With Argentina
yet again defaulting on its bonds, we fear the worst is yet to come.

NOTE: Aurelius Capital Management, LP undertakes no duty to update this statement. Nothing herein should be
considered investment advice or a recommendation to buy or sell any securities.