On February 24, 2003 a meeting was held in Rome between Claudio Pugelli, Esq., President of "Comitato per la tutela degli interessi e dei diritti dei privati risparmiatori italiani portatori di quote del debito pubblico dello Stato Argentina", and Dr. Stefan Engelsberger, President of "Interessengemeinschaft Argentinien E.V., located in Inzell, Germany, in their role as representatives of Argentina bondholders from Italy and Germany, respectively.


Having reviewed all aspects of the current financial crisis in Argentina and the possibilities of future solutions;

Having determined both organizations’ positions and views in terms of actions to be undertaken to protect their members;

Considering it appropriate to establish cooperation ties to pursue common goals,


Both Parties set forth




whereby it is stated that:


Both Committees


  1. Are dedicated to the common goal of protecting the rights of such private investors in their respective countries as have been involved in Argentina’s financial crisis;


  2. Share the same strategies to intervene in all venues;


  3. Demand that the Republic of Argentina fulfill all its obligations toward private investors;


  4. Reiterate the need to ensure absolute parity of treatment for all creditors;


  5. Agree on the need to encourage their respective Government Authorities to obtain political and diplomatic protection for the rights of private investors in both countries;


  6. Agree moreover on the need to involve other qualified European Authorities to find a solution acceptable to all private European investors involved in Argentina’s default;


  7. Claim their legitimacy to participate directly in the negotiations for restructuring Argentina’s external debt, as direct representatives of holders of bonds issued by the Republic of Argentina;


  8. Appreciate the role played so far by the Italian Banking Association (ABI) in establishing an ad hoc organization with the aim to protect at no cost, in the appropriate venues, the rights of the private investors involved in the Argentine default.


Rome, February, 24 2003


(Claudio Pugelli, Esq.)  (Dr. Stefan Engelsberger)