Case 3:18-cv LTS-JGD Document 157 Filed 09/20/18 Page 1 of 4 UNITED STATES DISTRICT COURT DISTRICT OF PUERTO RICO

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1 Case 3:18-cv LTS-JGD Document 157 Filed 09/20/18 Page 1 of 4 UNITED STATES DISTRICT COURT DISTRICT OF PUERTO RICO THE GOVERNMENT DEVELOPMENT BANK FOR PUERTO RICO, Applicant. PROMESA Title VI Case No LTS STIPULATED WITHDRAWAL OF NATIONAL PUBLIC FINANCE GUARANTEE CORPORATION S NOTICE OF INTENTION TO OBJECT TO THE QUALIFYING MODIFICATION FOR THE GOVERNMENT DEVELOPMENT BANK FOR PUERTO RICO WITH RESPECT TO THE SIB FUNDS TO THE HONORABLE COURT: WHEREAS, on August 10, 2018, the Government Development Bank for Puerto Rico ( GDB ) and the Puerto Rico Fiscal Agency and Financial Advisory Authority ( AAFAF ) filed their Application, Pursuant to Section 601(M)(1)(D) of the Puerto Rico Oversight, Management, and Economic Stability Act, for Approval of the Qualifying Modification for GDB. ECF No. 1. WHEREAS, also on August 10, 2018, this Court entered an Order setting August 20, 2018 as the deadline for parties to file a notice of intention to object to the Qualifying Modification. ECF No. 7. WHEREAS, on August 20, 2018, National Public Finance Guarantee Corporation ( National ) filed its Notice of Intention to Object to the Qualifying Modification for the Government Development Bank for Puerto Rico with Respect to the SIB Funds (the Notice ). ECF No. 21. WHEREAS, on September 10, 2018, GDB and AAFAF filed a Proposed Order Approving the Qualifying Modification for GDB (the First Proposed Approval Order ). ECF No

2 Case 3:18-cv LTS-JGD Document 157 Filed 09/20/18 Page 2 of 4 WHEREAS, subsequent to the filing of National s Notice, counsel for National and GDB/AAFAF (the Parties ) have met-and-conferred in an effort to resolve the concerns raised in the Notice. WHEREAS, as a result of those discussions, the Parties, while reserving all claims and defenses with respect to the issues raised in the Notice, have arrived at a mutually agreeable resolution of the concerns raised in the Notice. NOW, THEREFORE, IT IS HEREBY STIPULATED AS FOLLOWS: 1. National hereby voluntarily withdraws its Notice. 2. In exchange for National s withdrawal, GDB and AAFAF hereby agree that the following language shall be included as a footnote in their forthcoming revised Proposed Approval Order, see ECF No. 129 (and any subsequent versions of the Proposed Approval Order), clarifying the term Federal Funds as defined in paragraph 17 of the First Proposed Approval Order: For the avoidance of doubt, the Federal Funds include the approximately $15 million held by GDB in the Puerto Rico Highway and Transportation Authority Subordinated Transportation Revenue Bonds (Series 1998) Highway Subaccount of the Puerto Rico State Infrastructure Bank Trust Fund, pursuant to the terms of the Puerto Rico Infrastructure Bank Agreement (attached as Exhibit A to the Stipulated Withdrawal of National Public Finance Guarantee Corporation s Notice of Intention to Object to the Qualifying Modification for the Government Development Bank for Puerto Rico with Respect to the SIB Funds, ECF No. [ ]). See National s Notice of Intention to Object to the Qualifying Modification for the Government Development Bank for Puerto Rico with Respect to the SIB Funds (ECF No. 21). 3. Attached hereto as Exhibit A is a true and correct copy of the Puerto Rico Infrastructure Bank Agreement between the Puerto Rico Department of Transportation and Public Works, the Puerto Rico Highway and Transportation Authority, and GDB, dated June 12,

3 Case 3:18-cv LTS-JGD Document 157 Filed 09/20/18 Page 3 of 4 IT IS SO STIPULATED. DATED: September 20, 2018 ADSUAR MUÑIZ GOYCO SEDA & PÉREZ-OCHOA, PSC P.O. Box San Juan, P.R Tel: Fax: epo@amgprlaw.com acasellas@amgprlaw.com /s/eric Pérez-Ochoa Eric Pérez-Ochoa USDC-PR No /s/ Alexandra Casellas-Cabrera Alexandra Casellas-Cabrera USDC-PR No Attorneys for National Public Finance Guarantee Corporation Respectfully Submitted, WEIL, GOTSHAL & MANGES LLP Marcia Goldstein (admitted pro hac vice) Jonathan Polkes (admitted pro hac vice) Robert Berezin (admitted pro hac vice) Gregory Silbert (admitted pro hac vice) Kelly DiBlasi (admitted pro hac vice) Jared R. Friedmann (admitted pro hac vice) Gabriel A. Morgan (admitted pro hac vice) 767 Fifth Avenue New York, New York Telephone: (212) Facsimile: (212) marcia.goldstein@weil.com jonathan.polkes@weil.com robert.berezin@weil.com gregory.silbert@weil.com kelly.diblasi@weil.com jared.friedmann@weil.com gabriel.morgan@weil.com O MELVENY & MYERS LLP John J. Rapisardi Suzzanne Uhland Peter Friedman Daniel L. Cantor 7 Times Square New York, NY Tel: (212) Fax: (212) PIETRANTONI MENDEZ & ALVAREZ LLC s/ Maria D. Trelles Hernández María D. Trelles Hernández USDC No Popular Center 19th Floor 208 Ponce de León Avenue San Juan, PR Tel: (787) Fax: (787) Attorneys for the Puerto Rico Fiscal Agency and Financial Advisory Authority and the Government Development Bank for Puerto Rico 3

4 Case 3:18-cv LTS-JGD Document 157 Filed 09/20/18 Page 4 of 4 s/ Giselle López Soler Giselle López Soler USDC No LAW OFFICES OF GISELLE LÓPEZ SOLER PMB 257 Rd Guaynabo, PR Tel. (787) Attorney for the Government Development Bank for Puerto Rico 4

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