RE: James Falgout et al v. Republic of Panama. Document Bailey Law PC, Ronan McHugh No. Control 766 of OS of February of2013

As you know, this firm is international counsel for Investors, James Falgout, Barbara Falgout, Clarence Johnson and their company RIC SA in connection with their investment in Panama.

Como ustedes saben, esta firma ejerce la representaci6n legal internacional para los inversores, James Falgout, Falgout Barbara, Clarence Johnson y su empresa RIC SA en relaci6n con su inversi6n en Panama.

As you also know, on or about 31 December 2012, the Investors filed a formal notice of dispute under the Panama/US BIT and PanamaJUSA Free Trade Agreement with Panama and with various arbitration institutions. A copy of that notice was also sent to your office, as reflected in the Control Number listed above.