New York Court Decides in Favour of HWB Funds in Claim Against Argentina

Trier, 4 March 2009. In 2002, Argentina defaulted on its government
debt. This put a stop to the servicing of treasury bonds in which
also many Germans had invested. The Argentine government's 2005
proposal to restructure the debt would have led to investors losing
over 70% of their claim.

This completely inacceptable offer was refused by some 25% of
claimants, among which HWB. Furthermore, HWB took the Argentine state
to court to demand a full repayment of the outstanding debt.

Now, New York district judge Thomas Griesa, has decided in favour of
HWB Capital Management and has ordered the Argentine state to settle
in full the nominal value of its debt as well as current and accrued
interest. Connected to the judgment is the right assigned to HWB
directly to seize cash flows once Argentina returns to the
international capital markets.

"We don't know the exact date at which Argentina again will have
access to the market for low yield credit or when it will issue bonds
on the international capital markets" stated HWB Managing director
and co-founder of the Argentina Interest Group Hans Wilhelm Brand.
"However, we are convinced this day will come, especially as domestic
political pressure is ever mounting and the financing through the
sale of Peso bonds to Venezuela is becoming increasingly difficult."

Contacts for further information:

Carsten Salzig
HWB Capital Management
Head of Investor Relations
Peter-Friedhofen-Str. 50
D-54292 Trier
Phone +49 651 1704-301
Fax +49 651 1704-274
Mobile +49 179 - 77 55 927

Frank Schwarz
Schwarz Financial Communication
Humboldtstr. 11
D-60189 Wiesbaden
Phone +49 611 1745 398 11
Fax +49 611 1745 398 29
Mobile +49 172 615 3160

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