'Having regard to its general authority to conduct the proceedings, and to the Parties' agreement that hearings be conducted in Paris from 17 February 2004 until 21 February 2004 (as necessary), the Arbitral Tribunal hereby directs the Parties as follows with respect to the conduct of the hearings.

1. Given the agreed daily sitting hours from 0930 hours to 1700 hours with one hour off for lunch, and allowing a further thirty minutes for breaks, the Parties dispose of 30 hours of hearing time for the week. This time will be allocated equally between the Parties, i.e. 15 hours each.

2. Each Party is wholly responsible for the way it chooses to use the time available to it. Time is an immensely valuable resource, and its use is costly; a party's skill in presenting its case is reflected in the way it husbands this resource.

3. The following list illustrates categories of activity typically charged against each Party's time:

- late arrival;

- oral submissions;

- examination of witnesses (irrespective of who proposed the witness, but subject to adjustment in the event of insistent unresponsiveness on the part of the witness);

- causing an unjustified interruption or prolonging a justified interruption (thus, for example, an unsuccessful objection is generally charged against the Party which made it, and a successful objection against the Party which resisted it);

- setting up displays while the Arbitral Tribunal is sitting;

- caucuses between the Parties while the Arbitral Tribunal is sitting (such time is charged equally against both sides).

4. Time used for follow-up questions posed to witnesses by the Arbitral Tribunal will be charged to the examining party. Where the Arbitral Tribunal pursues lines of inquiry independent of the Parties' questions, time will be charged equally to both Parties. The Chairman may make adjustments to the time balance in the event that the Arbitral Tribunal's questions are extensive (i.e. taking more than thirty minutes in a single day).

5. At the outset of the hearings, each Party may choose to make an opening statement. The Parties may rely on the arbitrators' having read the written materials prepared for the arbitration. The arbitrators will therefore benefit most if opening statements provide emphasis rather than mere reiteration of facts or positions. Accordingly, such statements are not expected to exceed one hour.

6. A Party is not deemed to concede the veracity of opposing evidence that it does not challenge, but may cross-examine any opposing witness with respect to any significant area of that witness's testimony. The other Party should then be given the opportunity to respond through re-direct examination.

7. Each Party shall give prior notice of the witnesses it wishes to cross-examine, with due regard to the time available. Any time used up waiting for a witness to appear before the Tribunal shall be for the party having initially put forward that witness [manuscript addition by counsel to Respondent: unless later arrival of a witness is due to circumstances beyond his control].

8. It follows from Paragraphs 5 and 6 that a Party need not seek to examine every witness. Moreover, the Arbitral Tribunal expects little if any direct examination.

. . . . . . . . .

11. The Parties have agreed that the Respondent shall provide a conscientious junior member of its delegation (professional status irrelevant) to track time. The designee should be changed as infrequently as possible. In this task, the designee will be instructed by the Chairman of the Arbitral Tribunal, and will report directly to him.'