1. In accordance with Procedural Order No. 1, entered on December 16, 2010, Claimant Apotex Inc. hereby respectfully submits its Rejoinder Memorial On Respondent’s Reply On Objections To Jurisdiction.

I. INTRODUCTION.

2. In its efforts to prematurely dismiss Apotex’s NAFTA claims on jurisdictional grounds, Respondent mischaracterizes the nature of Apotex’s investments in its U.S. ANDAs, misrepresents the finality requirements under international law, and misapplies its timeliness and finality arguments to the facts underlying Apotex’s Pravastatin Claim. The Tribunal can and should dismiss each jurisdictional challenge in its entirety.

3. As explained herein, the arguments advanced by Respondent fail to refute that Apotex is an “investor” that has made certain “investments” in the United States under Article 1139. Apotex invested significant resources into developing, formulating and compiling separate ANDAs for its generic sertraline and pravastatin products, and submitted those ANDAs to the FDA, in order to market the underlying ANDA products in the United States. These ANDAs amount to Apotex “property,” which are to be “used for the purpose of economic benefit,” and thus qualify as “investments” under Article 1139(g).1

4. Respondent argues that Apotex does not have full property rights in its ANDAs because, at the time of Respondent’s respective breaches, Apotex’s ANDAs were only “tentatively approved” and subject to ongoing governmental oversight. As explained in detail below, the approval status and ongoing regulation of Apotex’s ANDAs is irrelevant to the issue of whether such ANDAs constitute the “property” of Apotex. Apotex’s investment in itsANDAs, and its property rights therein, are actualized the moment such ANDAs are filed with FDA.

5. Respondent’s argument, moreover, lacks all legitimacy given the fact that the sole reason Apotex was only eligible for tentative approval (as opposed to final approval) was because Respondent had breached its obligations under NAFTA. Respondent cannot use its own breach to avoid jurisdiction over Apotex’s claims.