Subject: IV. Transfers

A. Types of Payment
1. Returns
Yes. Each Party shall permit all transfers relating to a covered investment to be made freely and without delay into and out of its territory. Such transfers include: a) contributions to capital; b) profits, dividends, capital gains, and proceeds form the sale of all or any part of the investment or from the partial or complete liquidation of the investment; c) interest, royalty payments, management fees, and technical assistance and other fees; d) payments made under a contract, including a loan agreement; and e) compensation pursuant to Articles III and IV, and payments arising out of an investment dispute. (Article V (1)). Each Party shall permit returns in kind to be made as authorized or specified in an investment authorization, investment agreement, or other written agreement between the Party and a covered investment or a national or company of the other Party. (Article V (3)).

2. Repayment of Loans
Yes. (Article V (1) (d)).

3. Proceeds of Total or Partial Liquidation of an Investment
Yes. (Article V (1) (b)).

4. Licenses and Other Fees
Yes. (Article V (1) (c)).

5. Other Categories of Payments Yes. (Article V (1) (a), (d), (e)).

B. Convertibilty and Exchange Rates
1.Currency
Each Party shall permit transfers to be made in a freely usable currency at the market rate of exchange prevailing on the date of transfer. (Article V (2)).

2. Exchange Rates
Each Party shall permit transfers to be made in a freely usable currency at the market rate of exchange prevailing on the date of transfer. (Article V (2)).

3. Time of Transfer
Each Party shall permit all transfers relating to a covered investment to be made freely and without delay into and out of its territory. (Article V (1)). Notwithstanding paragraphs 1 through 3 of Article V, a Party may prevent a transfer through the equitable, non-discriminatory and good faith application of its laws relating to: a) bankruptcy, insolvency or the protection of the rights of creditors; b) issuing, trading or dealing in securities; c) criminal or penal offenses; or d) ensuring compliance with orders or judgments in adjudicatory proceedings. (Article V (4)).