OPPICtAL The World Bank DOq. (202) 473-1000 INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT as ingon . . Cable Address: INTBAFRAD INTERNATIONAL DEVELOPMENT ASSOCIATION U.S.A. Cable Address: INDEVAS -A..; jt May 2, 2013 Mr. Hans Olav Ibrekk Chair Adaption Fund Board C/o Adaptation Fund Secretariat 1818 H Street, NW MSN P4-400 Washington, DC 20433 United States of America Dear Mr. Ibrekk, Standard legal agreement between the Adaptation Fund Board and Implementing Entities Please find attached the executed copy of the Agreement between the Adaptation Fund Board and IBRD regarding the Argentina Project "Increasing Resilience and Enhancing Sustainable Land Management in the Southwest of Buenos Aires Province". Thank you for your Board's clarifications of our questions on interpretation of the financial auditing arrangements mentioned in this agreement. I would additionally like to make it clear with regard to article 4.05 of the agreement that our signature does not in any way imply that the World Bank would waive any of its privileges and immunities. Sincerely, Mary A. Barton-Dock Director, Climate. Policy & Finance cc: Marcia Levaggi, Manager, Adaptation Fund Board Secretariat