NEWS RELEASE For Immediate Release

ISDA Americas Credit Derivatives Determinations Committee: Argentine Republic Failure to Pay Credit Event

NEW YORK, August 1, 2014 – The International Swaps and Derivatives Association, Inc. (ISDA) today announced that its Americas Credit Derivatives Determinations Committee resolved that a failure to pay credit event occurred in respect of the Argentine Republic.

The Committee also resolved to hold an auction in respect of outstanding CDS transactions. ISDA will publish further information regarding the auction on its website, www.isda.org/credit, in due course.

For Press Queries, Please Contact: Lauren Dobbs, ISDA New York, +1 212 901 6019, ldobbs@isda.org Nick Sawyer, ISDA London, +44 203 088 3586, nsawyer@isda.org Donna Chan, ISDA Hong Kong, +852 2200 5906, dchan@isda.org

About ISDASince 1985, ISDA has worked to make the global over-the-counter (OTC) derivatives markets safer and more efficient. Today, ISDA has over 800 member institutions from 64 countries. These members include a broad range of OTC derivatives market participants including corporations, investment managers, government and supranational entities, insurance companies, energy and commodities firms, and international and regional banks. In addition to market participants, members also include key components of the derivatives market infrastructure including exchanges, clearing houses and repositories, as well as law firms, accounting firms and other service providers. Information about ISDA and its activities is available on the Association’s web site: www.isda.org.

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