Authority September 6, 2016 HAND DELIVERY AND E-MAIL DELIVERY I69 Development Partners LLC Indianapolis, IN 46204 Attention: Gary Vandegriff, Project Manager Telephone: (310 454?8190 Email: gvandegriffa?roadiseom 169 Development Partners LLC 101 W. Ohio St. Suite 2000 Indianapolis, IN 46204 Attention: Of?cer Telephone: (317)454-8190 Email: rabascal@roadis.com Re: Notice of Developer ?3 Failure to Make Prompt Payment to Contractors Dear 169 Development Partners LLC: Reference is made to that certain Public-Private Agreement dated as of April 8, 2014 (as amended, the by and between the Indiana Finance Authority and 169 Development Partners LLC (?Development Partners? or ?Developer?). Initially capitalized terms not otherwise defined herein shall have the meanings set forth in the PPA. IPA is hereby providing notice of Developer?s failure to perform due to Developer?s failure to make prompt payment to Contractors, subcontractors or consultants as provided by Section 7.14 and 19.1.1.12 ofthc PPA. By letter dated August 25, 2016, Developer noti?ed IFA of the Notice of Event of Default #3 that Developer issued to Design?Build Contractor for its failure to pay subcontractors. IFA remains unable to verify the status of required payments and whether they are being made timely, in part because of the continued failure of Developer to provide the written certifications required by Section 17.2.2.2 of the PPA. However, IFA understands there is in excess of $9 million in undisputed amounts owed to subcontractors, and that several subcontractors have left the Project, and/or are threatening to leave, because they have not received payment that is due and owing. For example, IFA has been advised by Developer that Crider and Crider is owed more than $2.3 million, and that as of September 6, 2016, Crider is not performing Work on the Project due to this nonpayment, and is threatening to demobilize its equipment. Indiana Finance Authority 0 One North Capitol, Suite 900 0 Indianapolis. IN 46204 317.233.4332 Fax 317.232.6786 169 Development Partners LLC September 6, 2016 Page 2 Developer?s failure to perform its obligations under Section 7.14 constitutes a breach per Section 191112 of the PPA. Per Section 19.1.2.4, failure of Developer to cure within thirty (30) days shall result in a Developer Default. Nothing in this letter shall, nor shall be deemed to, amend the PPA or waive any of lFA?s rights or remedies or any of Developer?s obligations under the PPA. All other rights and remedies under the PPA Documents, at law and in equity, are hereby reserved. Sincerely, Dan Huge, Public gin/ance Director of the State of Indiana 00: I-69 Development Partners LLC Hernani 59, 4a planta 28020 Madrid (Spain) Attention: Project Executive Telephone: 34 91 171 4749 Email: Jlabarra@roadis.com US. Bank National Association Global Corporate Trust Services 10 West Market Street Suite 1150 Indianapolis, IN 46204 Attention: Global Corporate Trust Services Email: Scott.Fesler@usbank.com Rebecca.Foltz@usbank.eorn l\10874575.1 Faegre Baker Daniels 311 S. Wacker Drive, Suite 43 00 Chicago, IL 60606 Attention: Mr. Patrick Miller Telephone: (312)212?6414 Email: Patrick.Miller@FaegreBD.com