1. The Investor wrote to the Tribunal advising of the release of the NAFTA Liability and Jurisdiction Award in Bilcon of Delaware, Inc. et al. v. Canada (Bilcon) on April 6, 2015.1 The Investor notified the Tribunal of the award but did not file any detailed comments on the award. The Investor simply pointed out areas of argument in its Post Hearing Submission that related to issues that were considered within the Bilcon award. The Investor stands by these April 6, 2015, comments and incorporates them by reference into this submission.

2. On May 4, 2015, the Tribunal invited both parties to make submissions on the NAFTA Tribunal award in Bilcon by May 14, 2015.

3. This submission contains the Investor’s submissions with respect to the relevance of the Bilcon award, and including observations on the dissenting opinion of Prof. Donald McRae.

4. This submission will address the following areas: