Letter from the Tribunal to the Parties regarding Respondent’s request for Claimant’s Production of Valuation Data

AG 325224 15 September 2020 DIRECT DIAL: +31 70 302 4153 E-MAIL: CTHAM@PCA-CPA.ORG

RE: PCA CASE Nº 2018-54 – TENNANT ENERGY, LLC V. GOVERNMENT OF CANADA

Dear Mesdames, dear Sirs,

I write on behalf of the Tribunal with reference to the Respondent’s request, made in its letter dated 24 August 2020, that the Claimant be ordered to produce the live (or native) Excel spreadsheets used in the preparation of (i) Schedules 1 to 8 in Section 10 of the Expert Valuation Report by Deloitte dated 7 August 2020, which accompanied the Claimant’s Memorial of the same date (the “Deloitte Report ”); and (ii) the figures in Appendix B of the same report.

The Tribunal acknowledges receipt of the Respondent’s and the Claimant’s letters dated 4 and 11 September 2020, respectively, which were submitted further to the Tribunal’s request that the Respondent explain more fully why the information that it seeks is not already in, or cannot be deduced from, the Deloitte Report. In the Tribunal’s view, the Respondent has provided the requested explanations for some but not all the information that it seeks, and for the same reason, the Claimant’s expert’s response (see Deloitte Letter to Claimant’s Counsel, dated 10 September 2020 (C-261)) may have resolved some but not all of the issues that the Respondent claims to be facing with the Deloitte Mr Barry Appleton Appleton & Associates International Lawyers LP 121 Richmond St. W, Suite 304 Toronto, ON M5H 1K5 Canada

Mr Edward Mullins Reed Smith LLP 1001 Brickell Bay Drive, 9th Floor Miami, FL 33131 United States of America

BY E-MAIL: TENNANTCLAIMANT @APPLETONLAW.COM BAPPLETON@APPLETONLAW.COM EMULLINS @REEDSMITH.COM

Ms Heather Squires, Lead Counsel Mr Mark Klaver, Counsel Ms Annie Ouellet, Counsel Ms Susanna Kam, Counsel Ms Maria Cristina Harris, Counsel Ms Johannie Dallaire, Cou nsel Ms Alexandra Dosman, Counsel Ms Darian Bakelaar, Paralegal Mr Benjamin Tait, Paralegal

Trade Law Bureau (JLT) Global Affairs Canada 125 Sussex Drive Ottawa, Ontario K1A 0G2 Canada

BY E-MAIL: HEATHER.SQUIRES@INTERNATIONAL.GC.CA MARK.KLAVER@INTERNATIONAL .GC.CA ANNIE.OUELLET@INTERNATIONAL.GC.CA SUSANNA .KAM@INTERNATIONAL.GC.CA MARIACRISTINA.HARRIS@INTERNATIONAL.GC.CA JOHANNIE.DALLAIRE@INTERNATIONAL.GC.CA ALEXANDRA.DOSMAN@INTERNATIONAL.GC.CA DARIAN.BAKELAAR@INTERNATIONAL.GC.CA BENJAMIN.TAIT@INTERNATIONAL.GC.CA

AG 325224 15 September 2020 Page 2 of 2 Report. The Tribunal thus considers that, as noted by the Claimant, the Parties may benefit from further consultations in this regard.

The Tribunal accordingly directs the Parties to have their experts confer with a view to resolving any remaining difficulties faced by the Respondent in understanding the Claimant’s e vidence, as set out in the Deloitte Report. Should the Parties’ experts nevertheless fail to resolve these difficulties by Wednesday, 7 October 2020, the Parties may revert to the Tribunal by the same date, indicating with appropriate specificity the issues for which they require the Tribunal’s further attention.

Should you have any questions regarding this letter, please do not hesitate to contact me at the details set forth above.

Yours sincerely,

Christel Y. Tham Legal Counsel cc: Mr Cavinder Bull SC (by e-mail: cavinder.bull@drewnapier.com) Mr R. Doak Bishop (b y e-mail: dbishop@kslaw.com) Sir Daniel Bethlehem QC (by e-mail: dbethlehem@twentyessex.com)