I. Introduction

1. In this Order, the Tribunal addresses the Disputing Parties’ outstanding arguments concerning the Respondent’s objections to document production on the basis of special political or institutional sensitivity.

II. Procedural History

2. The Tribunal refers to its Procedural Order No. 12 dated May 2, 2012, in which it recounted the procedural history relevant to the Disputing Parties’ claims of privilege through March 6, 2012, and issued, inter alia, the following instruction to the Disputing

Parties:

52. Accordingly, the Tribunal orders the Respondent to review its claims of privilege in light of the standard elaborated by the Tribunal above and to produce to the Investors no later than May 25, 2012 those documents, if any, that do not qualify for protection under that standard.

53. To the extent that the Disputing Parties’ privilege claims are not addressed in the present Order, the Tribunal reserves its decision for a future procedural order to be adopted after an oral hearing with the Disputing Parties.

3. By letter dated April 13, 2012, the Tribunal resolved to hold a one-day hearing on June 8, 2012, to address the document production and privilege matters not taken up in Procedural Order No. 12.