Perspectives on Sovereign Debt Restructuring Columbia University November 17,2014 Richard A. Conn Jr. Managing Partner Innovate Partners, LLC

Imagine Final Desired Position and Seek Consensus Today  Status Quo: Iterative process of contract language development and enforcement.  SDR Services: Internationally respected mediators to resolve disputes and centralize discussion of SDR issues.  Impartial Tribunal: With power to rapidly apply and enforce broadly accepted substantive law. Binding arbitration model most likely.  Hybrid of the above: Allows interested parties to pursue tracks simultaneously and cooperatively

Consider and Discuss Critical Issues Regarding Impartial Tribunals and Substantive/Procedural Law  Legitimacy and Perception of Fairness in preparation of proposal and proposal itself.  Take into account political realities, non-western perspectives and corruption to fashion realistic proposals.  Utilize/modify existing models and codes.  Focus upon tribunal enforcement mechanisms that encourage responsible borrowing and improvement in borrower’s domestic environment on front end.

Adopt Action Plan  Working Groups  Time Lines  Target Practice