FILED: NEW YORK COUNTY CLERK 10/11/ :52 PM INDEX NO /2016 NYSCEF DOC. NO. 55 RECEIVED NYSCEF: 10/11/2016. Exhibit O

Transcription

1 FILED: NEW YORK COUNTY CLERK 10/11/ :52 PM INDEX NO /2016 NYSCEF DOC. NO. 55 RECEIVED NYSCEF: 10/11/2016 Exhibit O

2 INTERNATIONAL CHAMBER OF COMMERCE 1 INTERNATIONAL COURT OF ARBITRATION IN RE: MEXVALO, S. DE R.L. DE C.V. (MEXICO), Claimant, -against- ICC CASE NO /RD DESARROLLADORA FARALLON S. DE R.L. DE C.V. (MEXICO), Respondent. New York, New York March 7, :15 a.m. BEFORE: DR. TAI-HENG CHENG, CHAIRMAN CECELIA L. FANELLI, ESQ. HONORABLE BERNARD J. FRIED (Ret.) Reported by: Maureen Ratto, RPR, CCR, CLR Job: 43209

3 :22,25 136:1,3,7,8 136:10 137:6,14,18 137:19,20 137:23 138:1,4,6,8 138:8,23 139:3,4,6,8 139:11,16 139:22 140:2,9,9 140:18,22 141:10,12 141:16,17 141:23 142:2,3,3,6 142:8,10,11 142:12,17 142:19,21 142:22 143:10,12 143:15,16 143:25 144:1,2,12 144:14 145:2,13,17 146:4 150:13,23 151:1,6 155:19 156:18,19 156:22,23 157:7,7,8 157:16,22 157:24 158:3,8,9 158:10,11 158:12,14 158:15,16 158:16,18 158:23,25 159:16,18 160:12,16 161:9 162:9 163:2,8,12 164:1 165:7 165:11 170:4,4 171:24 177:1 179:2 179:5 180:22 184:6 185:8 185:10,18 186:21 187:8,15 188:2,24 190:2,5,17 191:24,25 194:22,23 197:2,17 198:3,11 200:13,13 200:21,22 201:1,9,10 201:13 203:22 204:2,14,21 205:3 207:18 209:2 210:8 218:13,14 219:22,25 222:20 224:10,11 236:19,23 237:3,7,15 237:16,21 241:20 245:13,14 245:17,23 246:2,6,8 246:13,17 246:20 247:9,19,25 248:1,2,5,7 248:11 253:23 262:11 270:18,19 270:21,24 271:1,19 272:7 274:8 274:10 276:2,5,13 277:9,12,25 278:13,16 278:23 279:2,4,9 279:11,21 279:23 282:13 284:4 290:3 290:18 291:5,6 292:1 293:8 294:14 295:13 297:4,5 298:3,22 313:9 318:10 320:16 328:22 329:5,7,25 Cargill's 87:2 92:25 126:16,25 272:4 CarVal 3:4,5 4:19,21 12:21,21,25 26:3,4 39:5 77:18 78:24 83:19,24 108:3 123:12,16 126:13 128:4 129:12,14 129:18 138:9,12 140:4 149:8 150:11,15 150:16,24 150:25 155:15 156:11,14 156:23 238:1 240:25 254:25 260:22 CarVal's 126:19 155:14 156:7 Casa 104:9 111:25 112:2 case 1:9 7:20 8:6,15,20 9:6,19 48:8 52:22 54:9 55:5,6,12 55:19 57:15 60:16 81:18 95:10 100:24 109:25 134:13,16 154:15 156:17 187:17 200:23 201:11 207:3 222:3 222:3 270:18 271:3 284:16 286:8 289:25 298:21,22 319:19 cases 89:22 92:12 307:9 326:4 cash 40:13,16 49:10 158:4 211:4 237:1 277:11 278:4 318:9 casitas 103:20 categories 303:19 312:6 category 312:3,10 314:1,17 315:9,10,10 315:11,12 315:13,14 315:18,19 316:24 317:23 cause 42:4 113:21 187:15 188:25 274:18,22 287:14 291:21 325:16 327:20 caused 57:6 causes 100:16 100:17 287:12 causing 191:18 CBRE 69:8 CCR 1:22 CECELIA 1:20 center 252:12 260:13 cents 75:2 CEO 138:23 certain 15:11 51:5 62:3 67:7 71:2 85:5 86:24 86:25 87:14 101:16 121:2 122:20 145:6 168:11 183:18,20 183:22 205:8 207:12 210:19 213:9 267:20 309:20 310:21 certainly 33:21 120:4 132:3 195:9 206:19 272:23 325:1 certify 336:5 336:10 CFO 212:10 217:14 Chairman 1:19 4:1,22 5:10,22 6:5 6:16,19,23 7:14,19 8:1 8:8,15 12:6 12:11,17 21:19 22:12 22:19,24 23:2 30:7 57:21,24 70:9,12,20 73:7,13 75:5,18 76:2,8,12 76:17,22 77:23 78:3 78:12 83:10 104:15 105:3,15,17 106:1 109:16 110:21 112:5,25 113:17 119:18 120:5,9,23 121:17 122:6,25 123:4 124:1 124:19,23 125:2 146:13,16 146:19,22 146:25 147:16,23 148:20,23 149:18, Seventh Avenue - Ste 500, New York, NY

4 1 C E R T I F I C A T E I, MAUREEN M. RATTO, a 4 Registered Professional Reporter, do 5 hereby certify that the foregoing is a 6 true and accurate transcript of the 7 proceedings as taken stenographically 8 by and before me at the time, place and 9 on the date hereinbefore set forth. 10 I DO FURTHER CERTIFY that I am 11 neither a relative nor employee nor 12 attorney nor counsel of any of the 13 parties to this action, and that I am 14 neither a relative nor employee of such 15 attorney or counsel, and that I am not 16 financially interested in this action MAUREEN M. RATTO, RPR 19 License No Seventh Avenue - Ste 500, New York, NY

5 INTERNATIONAL CHAMBER OF COMMERCE 338 INTERNATIONAL COURT OF ARBITRATION IN RE: MEXVALO, S. DE R.L. DE C.V. (MEXICO), Claimant, -against- ICC CASE NO /RD DESARROLLADORA FARALLON S. DE R.L. DE C.V. (MEXICO), Respondent. New York, New York March 8, :43 a.m. BEFORE: DR. TAI-HENG CHENG, CHAIRMAN CECELIA L. FANELLI, ESQ. HONORABLE BERNARD J. FRIED (Ret.) Reported by: Josephine H. Fassett, RPR, CCR Job: 43210

6 :20 439:10 448:4 513:8 547:6 557:1 571:1 573:25 578:20 582:18 592:17 briefly 424:3 547:10 562:7 briefs 594:10 bring 348:9 353:10,24 354:1,3 421:25 437:8,13 502:16 593:25 bringing 353:9 broaden 377:7 Broadway 339:16 brought 502:13,14 502:19,21 503:4,5,8 533:24 564:3 brush 493:21 bucket 351:15 bundle 414:20,25 burden 574:22 burning 570:13 business 358:1,8,9 387:10,11 496:21 505:21 506:4,7,9 506:18,21 506:21,23 513:13 518:24 519:6,23,25 520:8 521:20 530:15 539:20 541:9,15,23 543:1 545:16 549:11 551:10,12 551:15,16 551:18,20 551:21 556:7 564:22 565:3,4 594:2 businesses 536:2 businessmen 543:6 Bustamante 340:7 341:7 355:6,15 356:6 378:6 380:17 389:18 403:20 407:1 409:23 411:12 430:6 431:6 439:11 443:9 446:12 459:10,15 461:23 462:2,8 497:8 498:23 Bustamant :1 412:8 459:5 buy 547:16 547:17 587:23 bylaws 438:16 C C 339:1 455:9 599:2 599:2 California 356:9 call 351:14 397:5 431:8 439:24 500:6 538:3 called 517:11 532:20 547:23 554:11 558:6 calling 372:10 canceled 558:2 canceling 473:22 cap 481:19 Capella 343:13,19 343:20 capital 345:23 captures 506:23 car 500:8 care 344:11 539:22 554:23 careful 344:8 344:14 Cargill 343:21,22 344:5,17 345:14 347:6,20,22 348:3,4 349:16 350:4,15 351:3 354:2 437:9,13,18 437:20 438:22,22 438:24,25 524:10 525:4 527:25 528:7 530:5 530:8,15,23 531:6,6 536:23 537:1 538:8 538:17 539:3,6 541:14,20 542:15,20 546:5 547:18 553:16 565:5 567:13 568:14 572:6,12 573:2 574:5 591:14 592:3,4 carried 388:2 carry 395:17 519:19 551:9,11 564:21 565:3 CarVal 340:5 340:6 case 338:9 345:10,15 354:21 362:11,21 368:2,16 370:22 372:11,24 386:21,21 388:25 389:3,7,8 389:10 390:1,15,16 390:20 392:25 393:6,7 411:25 427:15 428:7 435:24 445:4,20 478:21 486:4 488:22,22 490:1 492:14 503:7,8 508:8,17 509:22 510:5,10,21 512:18 522:4 525:16 528:13 531:2 538:15,25 541:13 544:19 545:11 552:12 553:16 561:5,10 576:24 584:5,15,25 585:19 588:1 589:24 592:22 cases 351:23 367:21,22 370:25 371:5 379:16 389:2,12,21 389:22 422:14 431:9 462:18,18 462:23 463:6,8 493:7 498:25 502:4,4,19 507:15,15 531:15 532:2 533:23,24 534:3 cash 343:7,10 350:6,7,9 350:10 351:15 536:15 cat 553:11 catch :18 categories 394:15 caught 344:23 cause 474:15 caused 383:7 528:10 causes 383:4 499:24 CCR 338:22 599:22,23 CD 372:5 CECELIA 338:20 central 350:4 350:15 centralized 350:7 351:15 certain 353:8 353:9 390:18 411:12 427:14 461:11,11 470:12 474:7 483:15 487:4,5 508:1,2,22 508:24,25 512:17 527:17 528:18 536: Seventh Avenue - Ste 500, New York, NY

7 C E R T I F I C A T E 3 4 I, JOSEPHINE H. FASSETT, a Registered 5 Professional Reporter, Certified Court Reporter, 6 Certified Livenote Reporter, and Notary Public of the 7 State of New York, do hereby certify that the 8 foregoing transcript of proceedings is a true and 9 accurate record as taken at the time and at the place 10 of the proceedings I FURTHER CERTIFY that I am not employed by 13 nor related to any of the parties to this action by 14 blood or marriage, and that I am in no way interested 15 in the outcome of this matter IN WITNESS WHEREOF, I have subscribed my 18 hand this 9th day of March JOSEPHINE H. FASSETT, RPR, CCR NCRA License No CCR License No. 30XI Seventh Avenue - Ste 500, New York, NY

8 INTERNATIONAL CHAMBER OF COMMERCE 600 INTERNATIONAL COURT OF ARBITRATION IN RE: MEXVALO, S. DE R.L. DE C.V. (MEXICO), Claimant, -against- ICC CASE NO /RD DESARROLLADORA FARALLON S. DE R.L. DE C.V. (MEXICO), Respondent. New York, New York March 9, :00 a.m. BEFORE: DR. TAI-HENG CHENG, CHAIRMAN CECELIA L. FANELLI, ESQ. HONORABLE BERNARD J. FRIED (Ret.) Reported by: Maureen Ratto, RPR, CCR, CLR Job: 43211

9 :1,8,11 695:24 696:7,9,21 697:1,16 698:25 699:4 701:13,19 702:23 707:8 709:16 710:11 711:6,8,21 714:23,25 715:1,3,10 715:16,24 716:3,8,10 716:12 725:25,25 729:17 730:3,15,21 731:23 735:14 736:6 739:20 741:21,24 742:6,25 744:22 745:3,23 746:8 747:18,23 755:21 756:10,20 758:11 760:4,21,25 763:18 764:3,9,14 764:17,21 767:12,24 769:23 773:19,20 775:21,23 775:23 781:3,20,20 782:13,18 782:23 794:8 802:10,21 802:23 Cargill's 676:9 677:11 686:23 689:23 696:4 699:21 742:13 743:3 794:6 Cargill/Car :18 CarVal 602:5 602:6 674:2 674:5,6,9 675:22,23 676:2,6,8,9 676:20,21 677:4 689:17 690:2,7,9 690:23 691:1 692:20 711:7 731:23 760:4 767:12 772:13 CarVal's 676:24 casa 630:16 630:16 case 600:9 616:2 630:24 642:7,23 649:19 659:3 663:15,22 669:14 670:21 675:11 772:24,24 773:22 774:2,5 805:15 cases 643:11 645:10 652:4 678:7 cash 680:5 681:20 683:7,8 687:24 691:19 715:21,22 715:23 733:5,24 734:10,20 734:24 735:2 755:10 756:6,11 762:18 774:24,25 775:6,7,10 775:14,17 776:7 777:13 779:23 category 700:8 cause 659:13 670:16,24 671:24 CCR 600:22 CECELIA 600:20 center 648:22 CEO 679:11 certain 612:1 654:11 746:17 753:11 798:6,8 certainly 608:1 628:10 633:16 637:9,11 641:15,19 651:17 655:22 671:15 673:21 732:7 CERTIFY 807:5,10 CFI's 696:2 CFSI 684:17 684:22,22 685:2,4,8,9 685:18 692:6 696:6 696:9 chain 724:9 Chairman 600:19 603:1 604:12 606:9 607:5 607:9,10,21 608:13,20 609:4,13 611:6,9,10 611:17 613:9,16,19 614:15 615:2,9,12 616:1,9,13 616:24 617:1 618:1 618:3 623:3 623:9,13 624:9,19 626:21 629:20 630:20 631:17 633:13 642:5 644:5 644:15,20 644:24 645:17 646:1 650:2 650:10 654:18 655:4,20 656:15 657:13,17 664:4,7,12 664:16 665:3,21 666:2,22,24 667:4,9,12 667:15 669:16 670:9 671:8 671:9 672:10,17 673:1,3,18 674:12,16 680:10,14 680:25 688:23 700:22 705:17,19 705:22,24 710:24 712:9,10,13 712:16 718:10,19 734:3,14,18 735:11 736:9 740:6 740:10 741:1 743:19 744:8 748:19,22 748:23 749:1,16,21 753:6 757:16 758:25 759:4,10 762:9,11 763:11,22 764:4,8,13 764:17,20 764:23 765:4,8,11 765:15 766:3,15,21 766:24 767:3 789:24 790:3,19 791:8,14,21 791:25 792:8,13,19 792:23 793:5 794:23 795:1,10,14 795:19,24 798:17 802:15 803:8,12,19 805:7,8,15 805:22,25 806:1,10,17 Chairman's 735:13,19 challenge 738:15 749:5,10 753:20 CHAMBER 600:1 chance 646:2 672:11 758:7 change 633:18 695:13 changed 790:15 changes 604:4 609:8 776:14,21 changing 664:25 709:21 736:2 769:6 769:6,8 characteriz :13 characterize 719:19 738:12 749:8 characteriz :16 661:3 chart 613:1 check 708:20 CHENG 600:19 603:1 604: Seventh Avenue - Ste 500, New York, NY

10 1 C E R T I F I C A T E I, MAUREEN M. RATTO, a 4 Registered Professional Reporter, 5 DO CERTIFY that the foregoing is a true 6 and accurate transcript of the 7 proceedings as taken stenographically 8 by and before me at the time, place and 9 on the date hereinbefore set forth. 10 I DO FURTHER CERTIFY that I am 11 neither a relative nor employee nor 12 attorney nor counsel of any of the 13 parties to this action, and that I am 14 neither a relative nor employee of such 15 attorney or counsel, and that I am not 16 financially interested in this action MAUREEN M. RATTO, RPR 21 License No Seventh Avenue - Ste 500, New York, NY

11 INTERNATIONAL CHAMBER OF COMMERCE 809 INTERNATIONAL COURT OF ARBITRATION IN RE: MEXVALO, S. DE R.L. DE C.V. (MEXICO), Claimant, -against- ICC CASE NO /RD DESARROLLADORA FARALLON S. DE R.L. DE C.V. (MEXICO), Respondent. New York, New York March 10, :35 a.m. BEFORE: DR. TAI-HENG CHENG, CHAIRMAN CECELIA L. FANELLI, ESQ. HONORABLE BERNARD J. FRIED (Ret.) Reported by: Josephine H. Fassett, RPR, CCR Job: 43212

12 :9 874:18 balance 829:22 Balestriere 810:15,19 811:11,12 812:5,9,13 813:9,10 815:7,17 817:4,6,9 818:8,16,20 827:16 837:2,3,6 841:15,24 843:23 844:8,14 856:1 860:14 866:6,12 867:17 868:20 870:6 876:10,16 876:17 877:3,5,13 878:11 879:11,22 879:25 880:1,16,19 880:23 881:6 ball 854:22 banking 828:22 bankruptcy 830:17 barred 852:25 869:6,8 based 825:14 876:17 878:19,22 878:23 basically 878:17 began 848:1 beginning 818:10,14 868:18 869:24 begins 825:19 827:4 841:3 behalf 811:3 818:17 838:6 believe 815:17 822:6 824:19 827:15,15 836:23 852:23 857:17 859:20 861:13 864:20 872:12 873:22 874:20 876:10 877:13 benchmarks 849:16 beneficiary 859:11 benefit 865:5 865:8 867:1 BERNARD 809:21 Bernier 831:21 832:8 best 836:3 840:11 843:7 852:2 better 827:20 beyond 880:25 bigger 858:9 biomedical 839:9,11 bit 822:12 846:16 bless 877:17 blood 882:14 BOGART 811:9 BOGO 828:22 books 866:24 borrower 830:6,16 bottom 840:1 breached 820:24 821:3,7,21 821:25 break 814:4 815:8 Brief 879:9 briefing 879:20 briefly 870:13 bring 875:4 bringing 853:14 Broadway 810:16 brought 822:20 852:2,3 866:17 874:21 Bruce 833:13 budget 849:15 850:3 852:9 854:2 856:7 858:21,25 859:1 867:10,11 867:15,18 867:18,22 868:9,9,10 868:13 budgeting 867:10 budgets 849:9 867:13 burden 819:8 C c 810:1 840:7 843:11 882:2,2 Cabo 836:15 calculate 853:13 calculated 854:17 calculating 855:6 calculation 853:22 854:10 855:19 867:7 calculations 874:6,15,25 875:6 call 830:22 875:12 called 828:25 842:11 848:12 Capella 838:2,6 840:19 849:21 850:5,14,17 851:7,10,13 851:16,21 852:4,10 853:13 856:5,23 857:18 858:13 859:24 864:13 865:21,23 866:13 868:22 871:8,12,17 871:18 872:15 873:9,10 874:5 877:19,20 878:4 Capella's 841:4 849:23 850:3 852:9 858:20 869:17 873:24 874:15 Cargill 820:17 822:14,19 822:21,22 823:4,7,11 823:19 824:1,3,6,6 824:8 825:22 826:3,7,9 826:15,20 827:10 831:13,17 831:18,19 832:1,16 833:24 834:6,20 837:23 838:6,16 840:6,7 841:9 845:7 845:14 846:5,10,17 846:20 847:14,17 848:1,7,10 848:12,16 850:22 853:10,19 857:16 859:5,17,25 861:5,8,10 861:11 862:18,24 863:5,21 877:18,25 CarVal 811:9 859:17 case 809:9 816:12,20 825:2,6 880:9 cash 846:21 846:24 847:5,9,14 847:18 853:11 CCR 809:22 882:22,23 ceased 850:19 CECELIA 809:20 certain 858:3 certainly 814:23 832:18 834:10 842:8 852:18 879:8 Certified 882:5,6 certify 882:7 882:12 chairman 809:19 813:2,8,9 813:10,11 813:19,25 814:5,9,16 815:6,8,14 815:19,22 816:1 817:1 817:4,7 818:18 827:18 829:2,9,12 829:23 830:5,18,24 831:6,12,18 831:24 832:9,15,25 833:3,10,21 834:12,17 835:10,12 835:15,19 835: Seventh Avenue - Ste 500, New York, NY

13 C E R T I F I C A T E 3 4 I, JOSEPHINE H. FASSETT, a Registered 5 Professional Reporter, Certified Court Reporter, 6 Certified Livenote Reporter, and Notary Public of the 7 State of New York, do hereby certify that the 8 foregoing transcript of proceedings is a true and 9 accurate record as taken at the time and at the place 10 as herein set forth I FURTHER CERTIFY that I am not employed by 13 nor related to any of the parties to this action by 14 blood or marriage, and that I am in no way interested 15 in the outcome of this matter IN WITNESS WHEREOF, I have subscribed my 18 hand this 10th day of March JOSEPHINE H. FASSETT, RPR, CCR NCRA License No CCR License No. 30XI Seventh Avenue - Ste 500, New York, NY

14 INTERNATIONAL CHAMBER OF COMMERCE 883 INTERNATIONAL COURT OF ARBITRATION IN RE: MEXVALO, S. DE R.L. DE C.V. (MEXICO), Claimant, -against- ICC CASE NO /RD DESARROLLADORA FARALLON S. DE R.L. DE C.V. (MEXICO), Respondent. New York, New York March 11, :00 a.m. BEFORE: DR. TAI-HENG CHENG, CHAIRMAN CECELIA L. FANELLI, ESQ. HONORABLE BERNARD J. FRIED (Ret.) Reported by: Maureen Ratto, RPR, CCR, CLR Job: 43213

15 :6 955:21 breach 982:20,21 983:7 989:24 991:2,3,12 997:8 breaches 989:14 break 934:16 974:20 977:13 Briefly 886:23 bring 915:25 938:22 bringing 960:4 Broadway 884:16 broker 939:7 bucket 992:8 993:2 build 939:23 968:6 building 969:3 bully 972:7 bundles 890:23 burning 892:12 business 928:18 929:5,23 buy 941:9 buyer 941:9 buyers 920:24 942:11 C C 884:1 999:1,1 Cabo 933:5 954:21 969:16 calculated 983:5 call 889:20 901:2 909:3 909:13,16 909:22 913:7 915:15 928:5 946:20 958:10 985:21 called 932:17 984:23 985:22 986:4 991:6 991:10 cap 969:6 capital 961:20 963:9,20 964:3 965:21 967:18 caps 922:15 caption 977:2 careful 909:11 Cargill 893:2 894:7 897:17,22 898:3,5,8,9 898:12,16 899:21 905:25 907:13,16 907:22 908:1,2,13 908:14 923:20 931:7 937:5 937:19 938:4,9,10 938:17,24 939:2 940:4 940:7 943:17 947:9,24 949:7,24 952:5,20 953:7,22 954:2 955:2 960:16 961:13 962:17,22 962:25 963:2,6,7 966:16 970:12 992:10 Cargill's 936:18 966:21 Cargill/Car :6 Cargill/Me :12 CarVal 885:4 885:5 898:10,12 899:1,3,17 899:22 901:14 908:13,24 909:14,19 913:5,10 914:25 915:11,19 916:1 920:21,23 920:25 921:6,23 922:2 925:3 926:9 929:2 929:16 932:8 935:18 936:14,18 938:7,11,12 938:16,24 CarVal's 915:12 CarVal-rel :24 CarVal/Ca :25 case 883:9 888:2 941:7 960:14 978:20 979:13,22 982:19 985:15 997:2 cash 908:20 914:3 915:9 960:17 965:10,12 966:17 968:14 categories 990:13 cause 978:17 979:11 cc 903:3 CCR 883:22 999:19 CECELIA 883:20 certain 915:23 917:24 943:8 995:2 certainly 889:7 934:18 949:5 986:18 998:8 certainty 927:12 certify 999:5 999:11 Chairman 883:19 886:1,17 888:11 890:7 891:16 892:1,6 893:14 894:11,18 894:24 895:2,3,6 895:11,14 895:15,19 895:24 896:16,17 911:7,16,20 912:2,5 917:2,7,19 917:22 918:8,23 919:4,6,11 923:3 931:12,15 934:3,9,11 934:15,19 934:22 935:2,7,25 938:14,19 938:22 945:12,24 946:6 948:11,16 948:17 949:1 959:22 967:3,6 969:11,25 970:3,4,24 971:3,9,22 971:25 972:1,14,21 973:1,19 974:2,5,19 977:24 978:9 979:4 979:23 980:4 981:15,19 982:24 985:6,10 986:5,23 987:4,14,21 988:13,20 989:3,8 990:12,17 991:21 992:24 993:16 994:13 996:25 997:11 998:12,15 998:17,18 Chairman's 971:12 CHAMBER 883:1 chance 890:3 892:14 971:13 change 965:13,19 changed 968:4 changes 933:16,17 chart 975:20 977:2 CHENG 883:19 886:1,17 888:11 890:7 891:16 892:1,6 893:14 894:11,18 894:24 895:3,6,11 895:15,19 895:24 896:17 911:7,16,20 912:2 917:2 917:7,19,22 918:8,23 919:6,11 923:3 931:12,15 934:3,11,15 934:19,22 935:2,7,25 938:14,19 945:12,24 946:6 948:11,17 949:1 450 Seventh Avenue - Ste 500, New York, NY

16 1 C E R T I F I C A T E I, MAUREEN M. RATTO, a 4 Registered Professional Reporter, 5 License No , do hereby certify 6 that the foregoing is a true and 7 accurate transcript of the proceedings 8 as taken stenographically by and before 9 me at the time, place and on the date 10 hereinbefore set forth. 11 I DO FURTHER CERTIFY that I am 12 neither a relative nor employee nor 13 attorney nor counsel of any of the 14 parties to this action, and that I am 15 neither a relative nor employee of such 16 attorney or counsel, and that I am not 17 financially interested in this action MAUREEN M. RATTO, RPR, CCR 20 License No N.J. License No. XI Seventh Avenue - Ste 500, New York, NY

17 INTERNATIONAL CHAMBER OF COMMERCE 1001 INTERNATIONAL COURT OF ARBITRATION IN RE: MEXVALO, S. DE R.L. DE C.V. (MEXICO), Claimant, -against- ICC CASE NO /RD DESARROLLADORA FARALLON S. DE R.L. DE C.V. (MEXICO), Respondent. New York, New York March 14, :43 a.m. BEFORE: DR. TAI-HENG CHENG, CHAIRMAN CECELIA L. FANELLI, ESQ. HONORABLE BERNARD J. FRIED (Ret.) Reported by: Josephine H. Fassett, RPR, CCR Job: 43214

18 450 Seventh Avenue - Ste 500, New York, NY :1, : :6 1260:7, : :2 1271:5,8, :10, : :14, : :12, :17, : :1, :4 1280:1 1281:7,8, : :6, :3,4, :17, :7, :11, :18, :1 Capella's 1013:3 1210: :1 1257:5,7 capital 1011:2, : : :1 1035: : : :6 1194: :9 1234: :9 capitalizati : :17 caption 1070:3 1078:5 captions 1079: :17 Car 1103:16 care 1213:1 career 1010:21 careful 1109:17 carefully 1107:22 Cargill 1011: :12, :23, :16, : :2, :22, : : :5, : :1, :17, :13, :3, : :5, :3,6, : : :8 1067: :24, :1,5,6 1080:10, : :4,8,9 1081:16, :4, :21, :5, : :17, : :1,2 1093:15, :22, : : :12, : : : : :12, :10, :7,8, : : :21, :3,4 1132:9 1138: :9 1150: :14, :19, :7 1154: :4,9, : :4 1160: : :2,4,7 1164: :1 1177: : : :6 1185: : : :10, :1 1194: : : : :9 1235: : :7, :1, :4, :23, : :6 1262: :7, : :5, : :4, :3,6, :10, : :5, : :9 1278:7, : :5 1280:11, : : :1 Cargill's 1049:3 1055: : : : :2 1193: : : :5 1258:9, :7, :4 1264:14, :19, : : :21, :2,7 Carlton 1014:1 carries 1176:6 1177:8 CarVal 1003:3,4 1023:11, : : : :5 1240:15, : : :2 1252:22 carve-out 1025:24 case 1001:9 1005: : : : : :6 1077:24, : :3 1091: :7 1102:9 1113: :2 1124: : : :16, : : :5 1172: : :9 1186: :17, : :5 1197:7 1198:4 1205:4 1225: : : : : : :1 1273: : :8 1288: :17, :13, :2,5 cases 1012: :5 1074:5 1077: :2, :4 1101:1 1152: :7 1158:8 1163:21, :8 1196:3 1204: :12,23 cash 1034: : :22, : :6,8, :2,2, : : : : : :7 1257:3 1265:5, : :11 cause 1008:23

19 C E R T I F I C A T E 3 4 I, JOSEPHINE H. FASSETT, a Registered 5 Professional Reporter, Certified Court Reporter, 6 Certified Livenote Reporter, and Notary Public of the 7 State of New York, do hereby certify that the 8 foregoing transcript of proceedings is a true and 9 accurate record as taken at the time and at the place 10 of the proceedings I FURTHER CERTIFY that I am not employed by 13 nor related to any of the parties to this action by 14 blood or marriage, and that I am in no way interested 15 in the outcome of this matter IN WITNESS WHEREOF, I have subscribed my 18 hand this 15th day of March JOSEPHINE H. FASSETT, RPR, CCR NCRA License No CCR License No. 30XI Seventh Avenue - Ste 500, New York, NY

20 INTERNATIONAL CHAMBER OF COMMERCE 1602 INTERNATIONAL COURT OF ARBITRATION IN RE: MEXVALO, S. DE R.L. DE C.V. (MEXICO), Claimant, -against- ICC CASE NO /RD DESARROLLADORA FARALLON S. DE R.L. DE C.V. (MEXICO), Respondent. New York, New York March 16, :42 a.m. BEFORE: DR. TAI-HENG CHENG, CHAIRMAN CECELIA L. FANELLI, ESQ. HONORABLE BERNARD J. FRIED (Ret.) Reported by: Josephine H. Fassett, RPR, CCR Job: 43216

21 450 Seventh Avenue - Ste 500, New York, NY : : : :4, : : :7, :7, :23 Cabos 1665:18, :6, :17 calculated 1612: :12, :8 calculation 1662:9,16 call 1666:5 called 1611: : :1 1625: : :12 calling 1631:25 calls 1646:6 cap 1611: :3,6, :20, : :15, :1,3,5 1649:6,7,8 1649:10, : :4,7, :9, :21, : :3,5,8 1652:9, :14, :23, :16, :21, :1,9, :1,3,7 1655:8, : :24, :10 capacity 1643:17 Capella 1614: :1, : :11,17 Capella's 1617:21 capitalizati :22, :3 1624:14, :1,2, :19, :15, : :12, :9, :15, : :2, : :7 1653:5, : :12,20 Cargill 1619:7 CarVal 1604:3 1614:4 case 1602:9 1619: :7 1631:3 1657:6 cases 1617:25 cash 1625:3 1625:12, : :2 cause 1663:12 CBRE 1610: :7 1628: :3,9, :3, :3, :11 CCR 1602: :22,23 CECELIA 1602:20 Center 1604:5 1610:9 Certainly 1621:6 1646: :6 1672:20, :12 Certified 1679:5,6 certify 1627: :7,12 Chairman 1602: :3, :20, : :6, :16, :3,5,9 1609:10, :17, :18, : :3,7, :15, :2,6,9 1628: :1,7, : :7, : : :12, : :5, :16, : :8, :13, : :13, : :1,3,7 1641: :6, :2,6, : :23, :4,5,7 1667:11, : :9 1669: :13, : :7, :14, :6,8, :21, : :19, : :3,9, :2,6, :12, : :4,9 1678:2,4,5 CHAMBER 1602:1 chance 1634: :17 change 1674:22 changed 1615:1 1674:25 changes 1650: : :4 charge 1616:11 check 1652: :24,25 CHENG 1602: :3, :20, : :11, : :5, :14, : :18, : :3,7, : :2,9 1629:1,7, : :7, : : :12, : :5, :16, :8, :13, : :13, : :3,7 1641: :6, :2,6, :23, :5,7, : : :13, : :7, : :6,8, :21, : :19, : :3,9, :2, :12, : :4,9 1678:2,5 chose 1616: :8, :14 chosen 1642:10 Chris 1604: :11, :16 circumstan :1 cite 1668:19 cited 1661:13 civilization 1666:14 claimant 1602:8 1603:2 1606: : :1 claimants 1676: :16 claimant's 1609: :15 clarification 1668: :5 clarify 1640: :4 clarifying

22 C E R T I F I C A T E 3 4 I, JOSEPHINE H. FASSETT, a Registered 5 Professional Reporter, Certified Court Reporter, 6 Certified Livenote Reporter, and Notary Public of the 7 State of New York, do hereby certify that the 8 foregoing transcript of proceedings is a true and 9 accurate record as taken at the time and at the place 10 of the proceedings I FURTHER CERTIFY that I am not employed by 13 nor related to any of the parties to this action by 14 blood or marriage, and that I am in no way interested 15 in the outcome of this matter IN WITNESS WHEREOF, I have subscribed my 18 hand this 17th day of March JOSEPHINE H. FASSETT, RPR, CCR NCRA License No CCR License No. 30XI Seventh Avenue - Ste 500, New York, NY

23 INTERNATIONAL CHAMBER OF COMMERCE 1680 INTERNATIONAL COURT OF ARBITRATION IN RE: MEXVALO, S. DE R.L. DE C.V. (MEXICO), Claimant, -against- ICC CASE NO /RD DESARROLLADORA FARALLON S. DE R.L. DE C.V. (MEXICO), Respondent. New York, New York March 18, :43 a.m. BEFORE: DR. TAI-HENG CHENG, CHAIRMAN CECELIA L. FANELLI, ESQ. HONORABLE BERNARD J. FRIED (Ret.) Reported by: Maureen Ratto, RPR, CCR, CLR Job: 43219

24 450 Seventh Avenue - Ste 500, New York, NY : :8 1941:15, :4 1950: :11, : :4, :21, :6,8, : : : :4, : :1,4,4 1969:8, : : :20, :3,4 1976:4,6, : :5 1989: : :14, :4,7, : :1, :1, :16, : :1,6, : :6 2041: :8, :6 2046:5 2050: :1,4 2067: : :5, :2,4, : :5 2084:12, : :4,8,9 2088:11, :15, : :5 2100:5 2111:10, : : : :18, : :19, :10, :14, : :6,9, :16, :2,4, :21, : :19 Cargill's 1689: : : : :5 1999: :7 2025: : : :18 carriage 1795:19 carry 1849:5 1849:8 1869:16 carrying 2041:21 CarVal 1682:2,3 1690:20, :19, :1,3 1693:2 1701: :1 1798: :9 1867: :17, : :2 casa 1882: : :5 case 1680:9 1687: :2,5 1702: : :1 1776:4 1782:5 1820:12, :3, :1 1920:6,7 1921: : :8 1949: :5 1972:5 1978:8 2012: :7 2041: : : : : : : :7 2118:7 2128: :17, :11, : :3 cases 1696: : : : : :14 cash 1695: :21, :2,2 1786:2 1878:24, :4 1952: : :3 2106: :7 casonas 1695:7 1736:12, : :12 cat 2107:6 catch 1938:18,19 catching 1948:6,8 categories 1777: : :8 2073:1 2077: :1 2096:15 category 1777: : : :6,8 1783:5,6, : :8, :5 1794:2,4,5 1814:8, :19, :6 2076: : : : :17 cause 1742: :3 1872: :7 1891:5 1924: : :20 caused 1755: : : : :4, : : : :19 causes 2073:18 causing 1871:16 CBRE 1706: : : :2, :2 1949: :15, :3 CCR 1680:22 CECELIA 1680:20 Central 1818:2 century 1698:19 CEO 1694:5 certain 1685: :9 1698: :23, : : : :9 1771: :5 1861:9 1922:4 1944:5 1975: : :7 2067:24 certainly 1692: : : : :5 1849: : :6 1902:6 1909: : : :5 1963:1 1970:7 1978:4,5 2040: : :7 2075:1 2077:9 2103:6 2110:2, : :6 certainty 1944:2 certify 2138:5,7,12 Cervantes 1787:4 2053:9 2062:7

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