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Dear All,

As agreed, we followed up on the issue raised by Moreno as to the machinery and equipment related to our project in Haiti, and it turned out that he was outdated and the Haitian government had complained about it an year ago. So, we drafted the following response to him, as we agreed at the Fairness event which you might want to add to the "thank you" note you said you would send to him. In case you deem more appropriate that we send the explanation, please let us know and we will do so.

"We followed up on the issue you raised about the machinery 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 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 conclude the project by September 2012, the revised deadline. "

Please let me know if you agree with this explanation and/or if you would like us to change something.

Best,

Fábio Balde