FROM THE OFFICE OF PUBLIC AFFAIRS

We welcome Brazil's announcement that it will fully repay the BIS facility guaranteed by the US and others, bringing to a close an important chapter in our effort to support Brazil during its recent financial and economic crisis. U.S. exposure to Brazil's drawings from the BIS facility was $3.25 billion, on which we earned approximately $140 million.

Brazil will also make a substantial repayment of its emergency loans from the IMF. Brazil's decision to make those payments reflects its success in implementing economic reforms and an improvement in global financial conditions, both of which have contributed to renewed stability and growth in Brazil. It is important that Brazil press forward with implementation of fiscal structural reforms to place public finances on a sustainable basis going forward.