WHEREAS the Investors commenced this arbitration by serving on the Respondent a Notice of Arbitration dated May 26, 2008 and a Statement of Claim dated January 30, 2009;

WHEREAS on April 9, 2009, after consultation with the Disputing Parties at a first procedural meeting, the Tribunal issued Procedural Order No 1, which sets out certain procedural rules governing this arbitration, including in respect of hearings;

WHEREAS on October 5, 2012, after consultation with the Disputing Parties, the Tribunal confirmed that the hearing on jurisdiction and merits would take place from June 17 through June 28, 2013;

WHEREAS on October 17, 2012, the Tribunal issued Procedural Order No. 15 which established a revised schedule for the final stages of the proceedings and confirmed the dates for the hearing on jurisdiction and merits;

WHEREAS on March 25, 2013, a draft of the present Order was communicated to the Disputing Parties;

WHEREAS on April 9, 2013, a pre-hearing conference was held by telephone call, in which representatives of both Disputing Parties, the Members of the Tribunal, and a representative of the International Bureau of the Permanent Court of Arbitration (the “PCA”) participated;