Conformed Copy - C3567 - Second Private Sector Development Project - Supplemental Letter 1

Page 1 REPUBLIC OF MADAGASCAR September 26, 2001 International Development Association 1818 H Street, N.W. Washington, D.C. 20433 United States of America Re: Credit No. 3567 MAG (Second Private Sector Development Project) Performance Indicators Dear Sirs: We are pleased to refer to Schedule 4 of the above-mentioned Development Credit Agreement and, in particular, to paragraph 5 (a) thereof, and to confirm, on behalf of the Republic of Madagascar (the Borrower) that the performance indicators agreed upon between the Republic of Madagascar and the Association are as shown in the Annex to this letter. It is our understanding that, in making the above Credit, the Association may rely on the statements herein set forth or referred to. Very truly yours, REPUBLIC OF MADAGASCAR By /s/ Authorized Representative