Timeline for Public Debt Restructuring

2019

December 19

• The Ministry of Economy publishes the Principles for the Management of the Sustainability of the Public Debt of the Argentine Republic.

December 21

• The Social Solidarity and Productive Reactivation Law within the Framework of the Public Emergency is approved. In article 3, the law authorizes the Argentine Executive to take all the necessary steps to recover and ensure the sustainability of Argentine public debt.

December 26

• The Secretariat of Finance publishes a Press Release to receive the opinions from financial institutions and advisors related to the design of the management process of the sustainability of Argentina’s external public debt.

• The Secretariat of Finance publishes a press release inviting Creditors of the Argentine Republic to send their assessments regarding the Principles for the Management of the Sustainability of the Public Debt of the Argentine Republic.

2020

Pre-launch

January 8

• The Secretariat of Finance publishes a press release inviting Information Agents to submit proposals to provide services to identify the holders of Argentine external public debt bonds.

January 21

• At a press conference,  the Minister of the Economy  announces that he is sending the bill for the Restoration of the Sustainability of the External Public Debt to Congress.

January 28

• The Minister of the Economy and the Representative for the Southern Cone appointed by the Argentine Republic to the IMF Board meet with the IMF Mission for Argentina.

January 29

• The House of Representatives approves the bill for the Restoration of the Sustainability of the External Public Debt.

First week of February

• The Unit for the Sustainability of the External Public Debt, created within the scope of the Ministry of Economy, sends a formal invitation to Information Agents, Financial Advisors, and Placing Banks / Distribution Agents to submit their offers for advice and/or assistance regarding the process provided in the bill for the “Restoration of the Sustainability of the External Public Debt”.

• The Argentine Senate discusses the bill for the Restoration of the Sustainability of the External Public Debt.

• Minister of the Economy meets the Managing Director of the IMF, Ms. Kristalina Georgieva, in Rome, Italy.

Second week of February

• Selection of Information Agents according to the proposals received.

• Execution of the Engagement Letter of the Information Agent.

• The Argentine government receives the IMF Mission for Argentina in the City of Buenos Aires (February 12-14).

• Minister of the Economy presents the guidelines of the Analysis of the Sustainability of the Argentine public debt in the Argentine Congress (February 12-17).

Third and fourth weeks of February

• Selection of the Distribution Agents and/or Financial Advisors according to the proposals received.

• Execution of the Engagement Letter of the Distribution Agents and/or Financial Advisors.

• Start of a 10-day round of meetings and exchange of opinions with bondholders, on the basis of the guidelines for the Analysis of the Sustainability of the Argentine public debt presented in Congress by the Minister of the Economy.

• Preparation of a Report on the basis of the comments of bondholders of the external public debt.

First week of March

• Argentine Republic determines the final structure of the Offer with the aim of restoring the sustainability of the external public debt.

• Time for frequently asked questions and answers regarding the Offer distributed by the Distribution Agents.

Launch

Second week of March

• Launch of the Offer.

• Information meetings about the Offer (roadshow) (2^nd and 3^rd weeks of March).

Expiration / Closing and settlement

Third and fourth weeks of March

• Expiration of the period for the acceptance of the Offer.

• Press release announcing the results of the Offer.

• Preparation of the necessary documentation for the settlement of the Offer.