By letter dated 29 November 2012, from the Presiding Arbitrator of the Tribunal in the above dispute, Michael Pryles, I was appointed to enquire into, and determine, two questions that had arisen in the proceedings with respect to certain documents that had been produced by the Claimant investor to Canada, which are said to be privileged and produced inadvertently. The two questions posed for my determmation are:

1. Are the documents inadvertently produced privileged?

2. If so, has privilege been waived?

I set out my answers to these questions and the reasons for my conclusions in this Report.