WHEREAS in their Supplemental Privilege Log of August 10, 2012, the Investors claimed “lawyer work product privilege” over the audio recording and transcript of a November 20, 2007 telephone conversation between a representative of the Investors, Mr. Paul G. Buxton, and then-Nova Scotia Minister of the Environment, Mark Parent (the “Recording”);

WHEREAS, by letter dated September 24, 2012, the Respondent objected to the Investors’ privilege claim over the Recording and asked the Investors to produce the same;

WHEREAS, by letter dated September 26, 2012, the Investors re-asserted their privilege claim over the Recording;

WHEREAS, by letter dated October 30, 2012, the Respondent requested that the Tribunal order the Investors to produce the Recording (the “Request”), arguing that it is not covered by privilege, as the recorded conversation took place between representatives of the Disputing Parties and was not made in preparation for litigation, but rather served the sole purpose of allowing Minister Parent to inform Mr. Buxton of Nova Scotia’s decision not to approve the Whites Point project;

WHEREAS, upon the Tribunal’s invitation, by letter dated November 5, 2012, the Investors submitted their views on the Respondent’s Request, arguing that a distinction must be made between the content of the recorded conversation, which is not protected by privilege, and the Recording itself, which is so protected, as it was created at the instruction of the Investors’ solicitor in contemplation of potential litigation;

THE TRIBUNAL ISSUES THE FOLLOWING PROCEDURAL ORDER: