No.

447

Date:

January 7, 2005

To:

All Members

From:

Stuart Feinberg

Subject:

EMCC Ineligible Instruments


Please note the below securities will be made ineligible as of the below trade date. Please update your records accordingly.

The below securities will remain eligible through the last trade date shown below, after which no additional trades will be accepted.

ISIN

SECURITIES

Last Trade Date:

US040114GB00
ARG 10.25 PCT JUL 21 30
January 11, 2005
US040114AN02
ARG 11 PCT OCT 09 06
January 11, 2005
US040114AZ32
ARG 11.00 PCT DEC 04 05
January 11, 2005
US040114AR16
ARG 11.375 PCT JAN 30 17
January 11, 2005
US040114FC91
ARG 11.375 PCT MAR 15 10
January 11, 2005
US040114BE93
ARG 11.75 PCT APR 07 09
January 11, 2005
US040114GA27
ARG 11.75 PCT JUN 15 15
January 11, 2005
US040114BC38
ARG 12.125 PCT FEB 25 19
January 11, 2005
US040114GG96
ARG 12.25PCT JUN1918
January 11, 2005
US040114GD65
ARG 12.375 PCT FEB 2112
January 11, 2005
US040114FB19
ARG 12PCT FEB 01 20
January 11, 2005
US040114GH79
ARG 12PCT JUN1931
January 11, 2005
US040114GF14
ARG 7PCT DEC1908
January 11, 2005
US040114AV28
ARG 9.75 PCT SEP 19 27
January 11, 2005
XS0043118172
ARG DISC MAR 31 23 SR L
January 11, 2005
XS0043120236
ARG FRN MAR2905 SR L BR
January 11, 2005
XS0043120582
ARG FRN MAR2905 SR L RG
January 11, 2005
XS0043119147
ARG PAR MAR 31 23 SR L
January 11, 2005
US040114AX83
ARG REP APR 10 2005
January 11, 2005

Questions or comments concerning this notice may be directed to International Services in New York at +1(212) 855-1669 or to DTCC’s London office at +44 (0) 207-444-0418.

Stuart Feinberg