CNN

Tegucigalpa, November 2017

Dear -.

We have carefully read your article about the GAIPE report, and Agua Zarca completely rejects those false
accusations. Also, Agua Zarca considers there are certain elements that need to be clarified:

1. After a deeper analysis ofwhat GAIPE has published, we have not identified a single new fact. whetsApp
and text messages referred to in the report were made available to all interested parties by the
Honduran justice in January 2017, which means that we are n_et in front of an investigation b_ut in front
of an intergretalion that is totally out of :Dnlexk.

2. Agua 2erca is totally disconnected from any act of violence and the proiect works at all times in
accordance with the proyisions of the Law in Hondures. in this sense, the resolution from the Honduran
Supreme Court that rejected an unconstitutionality lawsuit interposed by the civic Council of Popular and
indigenous Organizations of Honduras, COPINH, against the project proofs that Agua Zarca always
rule ofLaw,

a, FMO and FINNFUND did not exit the proiect as a result of any violent act. Ague Zarca is totally
disconnected from any act ufviolence and these banks left, as it was stated in their joint communication,
to "reduce international and local tensions in the area".

4. Also, the banks' statement says that "the lenders note that no proven connection has been established
between DESA and allegations regarding any illegality', And GAIPE does not present any new fact, but
only interpretations.

Considering these elements, we would be yery grateful if we could have access to a right of reply.
Curdlally,

CORPORATE COMMUNICATIONS
AGUA ZARCA

San Francisco de Ojuefa, Santa Barbara
Honduras, 0 A

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