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Dear Fabio,

We enjoyed meeting with you last Monday and greatly appreciate your prompt response to President Moreno's concern regarding the Haitian Project's pace. We shall convey the positive advances OAS has made on the project by significantly increasing the resources assigned for its execution, and that the project is expected to be completed in accordance with the revised timeline.

Best regards,

Steven


Steven J Puig
Vice President for the Private Sector
Inter American Development Bank
Washington DC 20577


From: Fabio Tosta Gadelha Souza [mailto:fabio.gadelha@oas.com]
Sent: Friday, November 11, 2011 4:11 PM
To: Puig, Steven J.; Aboussouan, Jean-Marc Daniel; Rosa, Alexandre Meira
Cc: Fabio Baldez Machado Gomes; Hunter Biden (hbiden@rosemontseneca.com); Jay Rouse (jayrouse@gmail.com)
Subject: Thank you for meeting with OAS

Dears Steven, Jean-Marc and Alexandre,

On behalf of OAS I would like to thank you for taking the time to meet with us last Monday. We found our discussion very informative and particularly enjoyed your perspective on the opportunities in each of the countries in the region.

We are also very grateful for all the support IDB has provided OAS in the last years, and look forward to strengthen our relationship and partner in many other projects in the near future.

Finally, we would like to share our findings on the issue raised by Mr. Moreno in regards to equipment in the project in Haiti. It seems like the subject was first raised by the government of Haiti about an year ago, more specifically in July/August of 2010. Since then, we have substantially increased the machinery inventory fully dedicated to this project, which is not only enough to allow its conclusion on time, but also aligned with the market´s best practices.

We have now in the construction site about 200 equipments that are worth approximately US$ 25MM, as opposed to the US$ 10 MM we had back then, and this to conclude a project that amounts to US$ 133 MM (US$ 95 MM initially foreseen + US$ 38 MM additive). We were also told that the work done is in line with the estimated and that we are on track to deliver the project by September 2012, the revised deadline. We would kindly ask you to let us know if this answers the concern raised.

Once again, thanks for your time.

Best regards,

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Fabio Tosta Gadelha Souza
Construtora OAS
Structured & Project Finance Manager
International Division

55 (11) 2124-8307 - Fax (11) 2124-1224
fabio.gadelha@oas.com<mailto:fabio.gadelha@oas.com>
www.oas.com<http://www.oas.com/>