We are writing to update you on the status of our work. We are expecting soon to receive retainer letters signed by Duane Morris for these engagements. We will then send the proposed letters to you for signatures.

 Dear Venezuela Investors:

 

We are writing to update you on the status of our work. We are expecting soon to receive retainer letters signed by Duane Morris for these engagements. We will then send the proposed letters to you for signatures.

There are two further steps before complaints can be filed, as required by the fiscal agency agreements or indentures:

(1) Delivery of demand letters to Venezuela and its Fiscal Agent, or to PDVSA and its bond Trustee (as the case may be), setting forth the amount(s) of your present claims (which is why we have asked you for the amount of the last interest payment you received on each security - thank you for your responses). We will take care of this.

(2) Delivery of requests to your broker to seek authorizations to sue from DTC (Depository Trust Company, the securities depositary). The authorization requests will need to be submitted by you through the brokers holding your accounts (we will provide the form and advise you if any questions arise). If your broker is a direct participant or a clearing agent (typically through Euroclear or Clearstream) of DTC, the broker can make your request directly. If your broker is not, your request will need to be sent by your broker to its affiliated clearing agent for onward delivery to DTC. It will be useful for you now to inform your broker that you will be directing them to seek authorization from DTC to sue on your security holdings in default. We want to be sure that your broker is familiar with the procedure. We will provide you with the exact form of request when the time comes (soon).

***

W

Best regards,