Zurich, Switzerland, January 20, 2015 - The Institute of International Finance today released the following statement following a meeting of the IIF Board of Directors in Zurich, Switzerland: '

"The IIF Board of Directors endorses the standard aggregated collective action clauses and pari passu clauses for the terms and conditions of sovereign notes released by the International Capital Market Association in August 2014. The IIF encourages its members to promote the use of these proposed terms in sovereign debt contracts."

Further information on the clauses can be found at the following link: http://www.icmagroup.org/resources/Sovereign-Debt-Information/.'

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The Institute of International Finance is the global association of the financial industry, with close to 500 members from 70 countries. Its mission is to support the financial industry in the prudent management of risks; to develop sound industry practices; and to advocate for regulatory, financial and economic policies that are in the broad interests of its members and foster global financial stability and sustainable economic growth. Within its membership the IIF counts commercial and investment banks, asset managers, insurance companies, sovereign wealth funds, hedge funds, central banks and development banks. For more information visit www.iif.com.'