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IN THE MATTER OF AN ARBITRATION

BEFORE A TRIBUNAL CONSTITUTED IN ACCORDANCE WITH

THE FREE TRADE AGREEMENT BETWEEN THE REPUBLIC OF KOREA AND THE

UNITED STATES OF AMERICA, DATED 30 JUNE 2007

- and -

THE ARBITRATION RULES OF THE UNITED NATIONS COMMISSION

ON INTERNATIONAL TRADE LAW, 1976

PCA CASE N° 2018-55

- between -

1. MASON CAPITAL L.P. (U.S.A.)

2. MASON MANAGEMENT LLC (U.S.A.)

(the “Claimants”)

- and -

REPUBLIC OF KOREA

(the “Respondent,” and together with the Claimants, the “Parties”)


PROCEDURAL ORDER NO. 4


The Arbitral Tribunal

Professor Dr. Klaus Sachs (Presiding Arbitrator)

The Rt. Hon. Dame Elizabeth Gloster

Professor Pierre Mayer

Registry

Permanent Court of Arbitration

12 March 2020

[Page 1]

WHEREAS the Tribunal notified its Decision on Respondent’s Preliminary Objections to the Parties on 24 January 2020 and invited them to confer and seek agreement on the procedural calendar for the next phase of the proceedings;

WHEREAS the Parties submitted a joint proposal to the Tribunal on 28 February 2020;

WHEREAS the Tribunal suggested to amend certain deadlines in the Parties’ proposal on 9 March 2020;

WHEREAS the Parties confirmed their agreement with the Tribunal’s proposed amendments on 10 and 12 March 2020;

WHEREAS Claimants have, in the Parties’ joint proposal of 28 February 2020, reserved the right to submit a Statement of Rejoinder on Objections to Jurisdiction, if any are raised in the Statement of Defence;

WHEREAS Claimants have, in their email of 12 March 2020, reserved the right to apply for an extension of the envisaged date for the submission of Claimants’ Statement of Rejoinder on Objections to Jurisdiction;

THE TRIBUNAL HEREBY ORDERS:

As agreed by the Parties, the following Procedural Calendar shall apply to the next phase of the proceedings:

Event Party Date
Receipt of Decision on Respondent’s Preliminary Objections Tribunal Fri 24 January 2020
Phase 1: First-Round Written Submissions
Amended Statement of Claim Claimants Fri 12 June 2020
Statement of Defence Respondent Fri 30 October 2020
Phase 2: Document Production / Non-Disputing Party Submission
Document production requests Parties Tue 17 November 2020
Objections to production Parties Fri 04 December 2020
Responses to objections (submitted to Tribunal) Parties Tue 15 December 2020
Tribunal decision on objections Tribunal Mon 11 January 2021
Voluntary production and involuntary production Parties Mon 01 February 2021

[Page 2]

Non-Disputing Party Submission (if any) United States Mon 01 February 2021
Phase 3: Second-Round Written Submissions
Statement of Reply [and Defence to Objections to Jurisdiction] (and observations on Non-Disputing Party Submission) Claimants Mon 5 April 2021
Statement of Rejoinder [and Reply on Objections to Jurisdiction] (and observations on Non-Disputing Party Submission) Respondent Fri 30 July 2021
[Statement of Rejoinder on Objections to Jurisdiction, if any] Claimants Wed 8 September 2021
Phase 4: Hearing
Notification of witnesses and experts to be cross- examined Parties Mon 13 September 2021
Pre-Hearing Conference (conference call) All Thu 16 September 2021
Hearing (New York City) All Mon 04 October 2021 until Friday, 15 October 2021

Place of arbitration (legal seat): Singapore

Signature

Professor Dr. Klaus Sachs

(Presiding Arbitrator)

On behalf of the Tribunal