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M A T T H E W W. A B B O T T EDWARD T ACKERMAN J A C O B A. A D L E R 5 T E 1 N A L L A N J. ARFFA R O B E R T A, A T K I N S DAVID J , B A L L S C O T T A. B A R S H A Y J O H N F. B A U G H M A N L Y N N B. BAYARD CRAIG A. B E N S O N M I T C H E L L L. BERG M A R K S, B E R G M A N D A V I D M. BERN1CK J O S E P H J . B1AL BRUCE BIRENBOIM H. C H R I S T O P H E R B O E H N I N G ANGELO BONVINO J A M E S L. B R O C H I N D A V I D W, B R O W N S U S A N N A M. B U E R G E L PATRICK S. C A M P B E L L * JESSICA 5. CAREY J E A N E T T E K, C H A N G E O F F R E Y R. CHEP1GA E L L E N N. C H I N G W I L L I A M A. C L A R E M A N L E W I S R. C L A Y T O N JAY C O H E N K E L L E Y A. C O R N I S H CHRISTOPHER J CUMM1NGS C H A R L E S E, D A V I D O W T H O M A S V, DE L A B A S T I D E HI ARIEL J. DECKELBAUM A L I C E B E L I S L E EATON ANDREW J . EHRLICH GREGORY A. EZR1NG L E S L I E GORDON FAGEN ROSS A. F I E L D S T O N ANDREW C FINCH B R A D J , FINKELSTEIN BRIAN P F1NNEGAN ROBERTO FINZi P E T E R E. F I S C H R O B E R T C. F L E D E R MARTIN FLUMENBAUM A N D R E W J . FOLEY ANDREW J FORMAN" H A R R I S B. F R E I D U S M A N U E L S. FREY A N D R E W L. G A I N E S K E N N E T H A. G A L L O M I C H A E L E. G E R T Z M A N A D A M M GIVERTZ SALVATORE G O G L I O R M E L L A R O B E R T D. G O L D B A U M NEIL GOLDMAN ROBERTO J, GONZALEZ* C A T H E R I N E L. G O O D A L L ERIC GOODISON C H A R L E S H. G O O G E , JR. A N D R E W G, G O R D O N UDI GROFMAN NICHOLAS GROOMBRIDGE B R U C E A, G U T E N P L A N A L A N S. H A L P E R 1 N J U S T I N G. H A M I L L CLAUDIA HAMMERMAN B R I A N S. H E R M A N N MICHELE HIRSHMAN M I C H A E L S. H O N G D A V I D S. H U N T I N G T O N AMRAN HUSSEIN L O R E T T A A, I P P O L I T O JAREN JANGHORBANI B R I A N M. J A N S O N MEREDITH J. KANE

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R I C H A R D A. R O S E N ANDREW N. ROSENBERG J A C Q U E L I N E P. R U B I N C H A R L E S F. '•RICK" RULE'* R A P H A E L M. RUSSO E L I Z A B E T H M. S A C K S T E D E R J E F F R E Y D. S A F E R S T E I N J E F F R E Y B. S A M U E L S D A L E M . SARRO TERRY E, S C H I M E K K E N N E T H M. S C H N E I D E R ROBERT B. S C H U M E R J O H N M . SCOTT STEPHEN J . SH1MSHAK DAVID R. S I C U L A R MOSES S I L V E R M A N STEVEN S I M K I N JOSEPH J , SIMONS A U D R A J . SOLOWAY SCOTT M . SONTAG T A R U N M. S T E W A R T ERIC A L A N S T O N E AIDAN SYNNOTT R I C H A R D C, T A R L O W E M O N I C A K, T H U R M O N D DANIEL J . TOAL LIZA M. V E L A Z Q U E Z L A W R E N C E G. W E E T H E O D O R E V, W E L L S , JR. STEVEN J . W I L L I A M S L A W R E N C E I. W I T D O R C H I C MARK B W L A Z L O J U L I A MASON WOOD J E N N I F E R H. W U BETTY Y A P ' J O R D A N E. YARETT KAYE N . Y O S H I N O TONG YU TRACEY A, Z A C C O N E TAUR1E M. ZE\TZER T. ROBERT Z O C H O W S K I . JR.

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By Email Jose B. Carrion III Chairman of Financial Oversight and Management Board Dear Chairman Carrion and Members of the Board: As the Board is aware, the administration of Governor Rossello recently sent a letter requesting that this Board extend its January 31, 2017 deadline for certifying a fiscal plan by an additional 45 days. The Rossello Administration asserts that the additional time will allow it to better understand and assess Puerto Rico's fiscal challenges and thereby prepare and submit a more reliable, responsible and credible fiscal plan that can serve as the basis for future negotiations between Puerto Rico and its creditors. The Ad Hoc Group of General Obligation Bondholders supports the Rossello Administration's request to extend the January 31 st deadline. A credible fiscal plan based on reliable and transparent financial information must be the cornerstone of any solution to Puerto Rico's fiscal challenges. We urge the Board to grant the Rossello Administration the flexibility necessary to successfully accomplish this paramount task. A credible fiscal plan, together with the positive actions the Rossello Administration has

PAUL, W E I S S , R I F K I N D , W H A R T O N & G A R R I S O N LLP

Jose B. Carrion III already taken this week to reduce excessive spending, constitute the first steps on the road to restoring Puerto Rico's fiscal health and economic growth. We look forward to working with the Governor and this Board on a solution that respects Puerto Rico's Constitution, meets the needs of the people, and provides a path to economic growth. Very truly yours,

Andrew Rosenberg