Common use of Settlement of Investment Disputes Clause in Contracts

Settlement of Investment Disputes. 1. Any dispute between an investor of one Contracting Party and the other Contracting Party shall be subject to a written notification by the most expeditious party. the notification shall be accompanied by an aide-memoire sufficiently detailed. To the extent possible, the parties will endeavour to resolve the dispute through negotiations, a professional opinion possible use of a third party, or by conciliation between the Contracting Parties through diplomatic channels. 2. In the absence of amicable settlement by direct arrangement between the parties to the dispute by conciliation or through diplomatic channels within six months of its notification, the dispute shall be submitted, at the choice of the investor, either to the competent court of the State in which the investment has been made or to international arbitration. To this end, each Contracting Party consents advance irrevocable and that any dispute to arbitration. this consent implies that they shall waive the requirement of exhaustion of administrative or judicial remedies. 3. In the event of recourse to international arbitration, the dispute shall be submitted to an arbitral institutions described below, at the choice of the investor: — An ad hoc arbitration tribunal established under the Arbitration Rules of the United Nations Commission on United Nations Commission on International Trade Law (UNCITRAL); — The International Centre for the Settlement of Investment Disputes (ICSID, established by the Convention on the Settlement of Investment Disputes between States and Nationals of Other States, opened for signature at Washington, on 18 March 1965, when each State Party to this agreement would be a member thereof. as long as this requirement is not fulfilled, each Contracting Party consents that the dispute be submitted to arbitration under the ICSID Additional Facility Rules: — The Court of Arbitration of the International Chamber of Commerce in Paris; — The Arbitration Institute of the Stockholm Chamber of Commerce. If the arbitration procedure has been introduced on the initiative of a Contracting Party, it shall invite in writing of the investor concerned to express his choice in the arbitration body which shall be seized of the dispute. 4. Neither of the Contracting Party, Party to the dispute raise objection shall not, at any stage of the arbitration proceedings or enforcement of an arbitration award, on account of the fact that the investor, opposing party in the dispute has received an indemnity covering the whole or part of its losses by virtue of an insurance policy or to the guarantee provided for in article 9 of this Agreement. 5. The arbitration awards shall be final and binding on the parties to the dispute. each Contracting Party undertakes to execute the decisions in accordance with its national law.

Settlement of Investment Disputes. 1. Any investment dispute between an investor of one Contracting Party and the other Contracting Party shall be subject to a written notification notified in writing by the most expeditious partyfirst party to take action. the The notification shall be accompanied by an aide-memoire a sufficiently detaileddetailed memorandum. To the extent As far as possible, such dispute shall be settled amicably between the parties will endeavour to resolve the dispute through negotiations, a professional opinion possible use of a third party, or otherwise by conciliation between the Contracting Parties through diplomatic channels. 2. In the absence of an amicable settlement by direct arrangement agreement between the parties to the dispute or by conciliation or through diplomatic channels within six months from the receipt of its the notification, the dispute shall be submitted, at the choice of the investor, either to the competent court of the State in which the investment has been made or submitted to international arbitration, any other legal remedy being excluded. To this end, each Contracting Party consents agrees in advance irrevocable and that irrevocably to the settlement of any dispute to by this type of arbitration. this Such consent implies that they shall both Parties waive the requirement of exhaustion of right to demand that all domestic administrative or judicial remediesjudiciary remedies be exhausted. 3. In the event case of recourse to international arbitration, the dispute shall be submitted for settlement by arbitration to an arbitral institutions described belowone of the hereinafter mentioned organizations, at the choice option of the investor: — An ad hoc arbitration tribunal established under the Arbitration Rules of the United Nations Commission on United Nations Commission on International Trade Law (UNCITRAL); — The International Centre for the Settlement of Investment Disputes (ICSID, established I.C.S.I.D.). set up by the Convention on the Settlement of Investment Disputes between States and Nationals of Other other States, opened for signature at WashingtonWashington on March 18, on 18 March 1965, when each State Party party to this agreement would be Agreement has become a member thereofparty to the said Convention. as As long as this requirement is not fulfilledmet, each Contracting Party consents agrees that the dispute shall be submitted to arbitration under Arbitration Pursuant to the ICSID Provisions of the Additional Facility Rules: — of the I.C.S.I.D.; The Arbitral Court of Arbitration of the International Chamber of Commerce in Paris; — The Arbitration Institute of the Stockholm Chamber of CommerceCommerce in Stockholm. If the arbitration procedure has been introduced on upon the initiative of a Contracting Party, it this Party shall invite request the investor involved in writing of the investor concerned to express his choice in designate the arbitration body organization to which the dispute shall be seized of the disputereferred. 4. Neither of the Contracting Party, Party to the dispute raise objection shall not, at At any stage of the arbitration proceedings or enforcement of the execution of an arbitration arbitral award, on account none of the Contracting Parties involved in a dispute shall be entitled to raise as an objection the fact that the investor, opposing investor who is the opponent party in the dispute has received an indemnity compensation totally or partly covering the whole or part of its his losses by virtue of pursuant to an insurance policy or to the guarantee provided for in article 9 Article 7 of this Agreement.Article 7 of this Agreement. 5. The arbitration arbitral tribunal shall decide on the basis of: The national law, including the rules relating to conflicts of law, of the Contracting Party involved in the dispute in whose territory the investment has been made; The provisions of this Agreement; The terms of the specific agreement which may have been entered into regarding the investment; The principles of international law. 6. The arbitral awards shall be final and binding on the parties to the dispute. each Each Contracting Party undertakes to execute the decisions awards in accordance with its national lawlegislation.

Settlement of Investment Disputes. 1. Any investment dispute between a Contracting Party and an investor of one Contracting Party and the other Contracting Party shall contracting party, as far as possible be subject to a written notification by the most expeditious party. the notification shall be accompanied by an aide-memoire sufficiently detailed. To the extent possible, settled amicably through consultations and negotiations between the parties will endeavour to resolve the dispute through negotiations, a professional opinion possible use of a third party, or by conciliation between the Contracting Parties through diplomatic channelsdispute. 2. In the absence of an amicable settlement by through a direct arrangement between the parties to the dispute by conciliation or through diplomatic channels within six months from the date of its the written notification, the dispute shall be submitted, submitted at the choice of the investor, : a) either to the competent court of the State Contracting Party in which whose territory the investment has been made or made; b) to international arbitration. To this end, each Contracting Party consents advance irrevocable and that any dispute to arbitration. this consent implies that they shall waive the requirement of exhaustion of administrative or judicial remedies. 3. In the event of recourse to international arbitration, the dispute shall be submitted to an arbitral institutions described below, at the choice of the investor: — An ad hoc arbitration tribunal established under the Arbitration Rules of the United Nations Commission on United Nations Commission on International Trade Law (UNCITRAL); — The International Centre for the Settlement of Investment Disputes (ICSID), established by the Convention on the Settlement of Investment Disputes between States and Nationals of Other States, opened for signature at Washington, Washington on 18 March 1965. c) Or to an ad hoc arbitral tribunal which, when each State Party unless otherwise agreed between the parties to this agreement would the dispute, is to be a member thereof. as long as this requirement is not fulfilled, each Contracting Party consents that the dispute be submitted to arbitration established under the ICSID Additional Facility Rules: — The Court of Arbitration Rules of the United Nations Commission on United Nations Commission on International Chamber of Commerce in Paris; — The Arbitration Institute of the Stockholm Chamber of CommerceTrade Law (UNCITRAL). 3. If the arbitration procedure has been introduced on the initiative of a Neither Contracting Party, it shall invite in writing of the investor concerned party to express his choice in the arbitration body which shall be seized of the dispute. 4. Neither of the Contracting Party, Party to the dispute can raise objection shall notan objection, at any stage of the arbitration proceedings or enforcement of the execution of an arbitration arbitral award, on account of the fact that the investor, opposing party in the dispute has received an indemnity covering the whole or part of its losses by virtue of an insurance policy or policy. 4. The arbitral tribunal shall decide on the basis of the national law of the Contracting Party, Party to the guarantee provided for dispute, in article 9 the territory of which the investment is located, as well as on the basis of the rules relating to conflicts of law, the provisions of this Agreement, the terms of the specific agreements to be concluded in connection with investment as well as the principles of international law. 5. The arbitration arbitral awards shall be final and binding on the parties to the dispute. each Each Contracting Party undertakes to execute the decisions in accordance with award according to its national law. 6. Each Party shall bear the cost of the arbitrator it has appointed and of its representation in the arbitral proceedings. The costs of the President of the tribunal for its function as well as the other costs of the arbitral tribunal shall be borne equally by each of the Parties.

Settlement of Investment Disputes. between a Contracting Party and an Investor 1. Any investment dispute between a Contracting Party and an investor of one Contracting Party and the other Contracting Party shall be subject to a written notification settled by the most expeditious party. the notification shall be accompanied by an aide-memoire sufficiently detailed. To the extent possible, the parties will endeavour to resolve the dispute through negotiations, a professional opinion possible use of a third party, or by conciliation between the Contracting Parties through diplomatic channels. 2. In the absence If a dispute under paragraph 1 of amicable settlement by direct arrangement between the parties to the dispute by conciliation or through diplomatic channels this Article cannot be settled within six (6) months of its notificationa written notification of this dispute, the dispute it shall be submitted, at on the choice request of the investor, either to the investor settled as follows: (a) by a competent court of the State in which Host Contracting Party; or (b) by conciliation; or (c) by arbitration by the investment has been made or to international arbitration. To this end, each Contracting Party consents advance irrevocable and that any dispute to arbitration. this consent implies that they shall waive the requirement of exhaustion of administrative or judicial remedies. 3. In the event of recourse to international arbitration, the dispute shall be submitted to an arbitral institutions described below, at the choice of the investor: — An ad hoc arbitration tribunal established under the Arbitration Rules of the United Nations Commission on United Nations Commission on International Trade Law (UNCITRAL); — The International Centre Center for the Settlement of Investment Disputes (ICSID), established by the Convention on the Settlement of Investment Disputes between States and Nationals of Other States, opened for signature at Washington, D.C. on 18 March march 18, 1965, when each State Party provided that both Contracting Parties are Parties to this agreement would be a member thereof. as long as this requirement is not fulfilled, each Contracting Party consents that the dispute be submitted to Convention; or (d) by arbitration under the ICSID Additional Facility Rules: — The Court Rules of Arbitration ICSID, provided that only one of the International Chamber of Commerce in ParisContracting Parties is a Party to the ICSID Convention; — The or (e) by an ad hoc arbitration tribunal, which is to be established under the Arbitration Institute Rules of the Stockholm Chamber United Nations Commission on International Trade Law (UNCITRAL). Unless otherwise agreed, all submissions shall be made and all hearings shall be completed within six (6) months of Commercethe date of selection of the Chairman, and the arbitral panel shall render its written and reasoned decisions within two (2) months of the date of the final submissions or the date of the closing of the hearings, whichever is later. 3. If Each Contracting Party hereby gives its unconditional consent to the submission of a dispute to international arbitration procedure has been introduced in accordance with the provisions of this Article. This consent and the submission by a disputing investor of a claim to arbitration shall satisfy the requirements of: (a) Chapter II of the ICSID Convention or the Additional Facility Rules of ICSID for written consent of the parties; (b) Article II of the United Nations Convention on the initiative Recognition and Enforcement of a Contracting PartyForeign Arbitral Awards, it shall invite 1958 ("The New York Convention"), for an agreement in writing of the investor concerned to express his choice in the arbitration body which shall be seized of the disputewriting. 4. Neither Unless otherwise agreed, an investor who has submitted the dispute to national jurisdiction may have recourse to the arbitral tribunals mentioned in paragraph 2 of this Article so long as a judgment has not been delivered on the subject matter of the Contracting Party, Party to the dispute raise objection shall not, at any stage of the arbitration proceedings or enforcement of an arbitration award, on account of the fact that the investor, opposing party in the dispute has received an indemnity covering the whole or part of its losses by virtue of an insurance policy or to the guarantee provided for in article 9 of this Agreementa national court. 5. The arbitration awards award shall be final and binding on the parties to the disputebinding. each Each Contracting Party undertakes to execute shall carry out without delay the decisions provisions of any such award and provide in accordance with its national lawterritory for the enforcement of such award.

Settlement of Investment Disputes. (1. ) Any dispute under this Agreement between an investor of one Contracting Party and the other Contracting Party shall be subject in relation to a written notification by an investment of the most expeditious party. the notification shall be accompanied by an aide-memoire sufficiently detailed. To the extent former shall, as far as possible, the parties will endeavour to resolve the dispute be settled amicably through negotiations, a professional opinion possible use of a third party, or by conciliation between the Contracting Parties through diplomatic channels. 2. In the absence of amicable settlement by direct arrangement negotiations between the parties to the dispute. (2) Any such dispute by conciliation or through diplomatic channels which has not been amicably settled within six a period of three months of its notification, from the date on which either party to the dispute shall be requests an amicable settlement through negotiations may be, unless otherwise agreed between the parties to the dispute, submitted: (a) For resolution, in accordance with the law of the Contracting Party which has admitted the investment to that Contracting Party's competent judicial, arbitral or administrative bodies at the choice of the investor, either to the competent court of the State in which the investment has been made or to ; (b) To international arbitration. To this end, each Contracting Party consents advance irrevocable and that any dispute to arbitration. this consent implies that they shall waive the requirement of exhaustion of administrative or judicial remedies. 3. In the event of recourse to international arbitration, the dispute shall be submitted to an arbitral institutions described below, at the choice of the investor: — An ad hoc arbitration tribunal established conciliation under the Arbitration Conciliation Rules of the United Nations Commission on United Nations Commission on Centre for International Trade Law (UNCITRAL); — The International , should the parties agree;Conciliation Rules of the United Nations Centre for International Trade Law (UNCITRAL), should the Settlement parties agree; (3) Should the parties to the dispute not exercise the options under paragraph (2) (a) or (b) of Investment Disputes this Article or should the international conciliation proceedings be terminated other than by signing of the settlement agreement, the dispute may be referred to Arbitration by the investor as follows:paragraph (ICSID2) (a) or (b) of this Article or should the international conciliation proceedings be terminated other than by signing of the settlement agreement, established the dispute may be referred to Arbitration by the investor as follows: (a) If the Contracting Party of the investor and the other Contracting Party are both parties to the Convention on the Settlement of Investment Disputes between States and Nationals of Other other States, opened 1965 (Washington Convention) such a dispute shall be referred to the International Centre for signature at Washingtonthe Settlement of Investment Disputes (ICSID); orConvention on the Settlement of Investment Disputes between States and Nationals of other States, on 18 March 1965, when each State Party 1965 (Washington Convention) such a dispute shall be referred to this agreement would be a member thereof. as long as this requirement is not fulfilled, each Contracting Party consents that the International Centre for the Settlement of Investment Disputes (ICSID); or (b) If both parties to the dispute be submitted to arbitration so agree, under the ICSID Additional Facility Rules: — for the Administration of Conciliation, Arbitration and Fact-Finding Proceedings; or (c) If both parties to the dispute so agree, to any other international arbitral body; or (d) To an ad hoc arbitral tribunal by either party to the dispute in accordance with the Arbitration Rules of the UNCITRAL, 1976, subject to the following modifications:Arbitration Rules of the UNCITRAL, 1976, subject to the following modifications: (i) The Court appointing authority under Article 7 of Arbitration the Rules shall be the President, the Vice-President or next Senior Judge of the International Chamber Court of Commerce Justice, who is not a national of either Contracting Party. The third arbitrator shall not be a national of either Contracting Party. (ii) The parties shall appoint their respective arbitrators within two months. (iii) The arbitral award shall be made in Paris; — accordance with the provisions of this Agreement and the general principles of International Law. (iv) The Arbitration Institute arbitral tribunal shall state the basis of its decision and give reasons upon the Stockholm Chamber request of Commerce. If either party. (v) The arbitration shall take place in a State, party to the arbitration procedure has been introduced United Nations Convention on the initiative Recognition and Enforcement of a Foreign Arbitral Awards, 1958 (New York Convention).United Nations Convention on the Recognition and Enforcement of Foreign Arbitral Awards, 1958 (New York Convention). (4) In case of arbitration provided for under paragraph (3), the Contracting Party, it Party shall invite in writing not require the exhaustion of the investor concerned to express his choice in the arbitration body which domestic administrative or judicial remedies unless proceedings have been initiated thereunder. (5) The arbitral award shall be seized of final and binding on both parties to the dispute. Each Contracting Party shall execute them in accordance with its laws and in accordance with the New York Convention or the Washington Convention. 4. Neither of the (6) A Contracting Party, Party which is a party to the a dispute raise objection shall not, at any stage of the conciliation or arbitration proceedings or enforcement of an arbitration award, on account of raise the fact objection that the investor, opposing investor who is the other party in to the dispute has received an indemnity covering the whole or part of its losses by virtue of an insurance policy a guarantee in respect of all or to the guarantee provided for in article 9 some of this Agreementits losses. 5. The arbitration awards shall be final and binding on the parties to the dispute. each Contracting Party undertakes to execute the decisions in accordance with its national law.

Settlement of Investment Disputes. 1. Any investment dispute between an investor of one Contracting Party and the other Contracting Party shall be subject to a written notification by the most expeditious party. the notification shall be notification, accompanied by an aide-memoire sufficiently detailed, by the most expeditious party. To the extent possible, the parties will endeavour to resolve the dispute through negotiations, a professional opinion possible use of a third party, negotiation or by conciliation between the Contracting Parties through diplomatic channels. 2. In the absence of amicable settlement by direct arrangement between the parties to the dispute by conciliation or through diplomatic channels within six months of its notification, the dispute shall be submitted, at the choice of the investor, either to the competent court of the State in which the investment has been made or to international arbitration. To this end, each Contracting Party consents advance irrevocable and that any dispute to arbitration. this consent implies that they shall waive the requirement of exhaustion of administrative or judicial remedies. 3. In the event of recourse to international arbitration, the dispute shall be submitted to an arbitral institutions described below, at the choice of the investor: — An ad hoc arbitration tribunal established under the Arbitration Rules of the United Nations Commission on United Nations Commission on International Trade Law (UNCITRAL); — The International Centre for the Settlement of Investment Disputes (ICSID, established by the Convention on the Settlement of Investment Disputes between States and Nationals of Other States, opened for signature at Washington, on 18 March 1965, when each State Party to this agreement would be a member thereof. as long as this requirement is not fulfilled, each Contracting Party consents that the dispute be submitted to arbitration under the ICSID Additional Facility Rules: — The Court of Arbitration of the International Chamber of Commerce in Paris; — The to the Arbitration Institute of the Stockholm Chamber of Commerce. If the arbitration procedure has been introduced on the initiative of a Contracting Party, it shall invite in writing of the investor concerned to express his choice in the arbitration body which shall be seized of the dispute. 4. Neither of the No Contracting Party, Party party to the dispute a dispute, shall raise objection shall notany objection, at any stage of the arbitration proceedings or of the enforcement of an arbitration award, on account of the fact that the investor, opposing adverse party in to the dispute dispute, has received an indemnity compensation covering the whole all or part of its losses by virtue of under an insurance policy or to under the guarantee provided for in article 9 Article 6 of this Agreement. 5. The arbitral tribunal shall decide on the basis of the domestic law of the Contracting Party to the Party in whose territory the investment dispute is located, including the rules relating to conflicts of law, as well as on the basis of the provisions of this Agreement, the terms of any specific agreement concluded in relation to investment and the principles of international law. 6. The arbitration awards shall be final and binding on the parties to the dispute. each Each Contracting Party undertakes to execute the decisions in accordance with its national law.

Settlement of Investment Disputes. between an Investor and the Contracting Party 1. Any dispute concerning investments between an investor of one Contracting Party and an investor of the other Contracting Party shall be subject to a written notification by the most expeditious party. the notification shall be accompanied by an aide-memoire sufficiently detailed. To the extent possible, the parties will endeavour to resolve the dispute settled amicably through negotiations, a professional opinion possible use consultations, mediation or developing any other mechanism for settlement of a third party, or by conciliation between the Contracting Parties through diplomatic channelsdispute. 2. In To start negotiations, the absence of amicable settlement by direct arrangement between the parties investor shall deliver to the dispute by conciliation or through diplomatic channels within six months of its notification, Contracting Party a written notice. The notice shall specify: a) the dispute shall be submitted, at the choice name and address of the disputing investor, either ; b) the provisions of this Agreement which have been breached according to the competent court investor; c) the factual and legal basis for the claim; d) the remedy sought and the amount of the State in which the investment has been made or to international arbitration. To this end, each Contracting Party consents advance irrevocable and that any dispute to arbitration. this consent implies that they shall waive the requirement of exhaustion of administrative or judicial remediesdamages claimed. 3. In If dispute cannot be settled during six (6) months from the event date of recourse to international arbitration, the dispute shall be submitted to an arbitral institutions described belowits occurrence in writing, at the choice discretion of the investor: — An ad hoc arbitration tribunal established under the Arbitration Rules parties in dispute can be directed on consideration to: a) competent courts of the United Nations Commission on United Nations Commission on International Trade Law (UNCITRAL); — The International Centre Contracting Party, in which territory the investments are made, or b) arbitration of the Center for the Settlement of Investment Disputes (ICSID, ) established by in accordance with the Convention on the Settlement of Investment Disputes between States and Nationals of Other other States, opened for signature at signing in Washington, D.C. on 18 March 18, 1965, when each State Party to this agreement would be a member thereof. as long as this requirement is not fulfilled, each Contracting Party consents that the dispute be submitted to arbitration under the ICSID Additional Facility Rules: — The Court of Arbitration of the International Chamber of Commerce in Paris; — The Arbitration Institute of the Stockholm Chamber of Commerce. If the arbitration procedure has been introduced on the initiative of a Contracting Party, it shall invite in writing of the investor concerned to express his choice in the arbitration body which shall be seized of the dispute. 4. Neither Each Contracting Party hereby gives the consent to representation of dispute between it and the investor of the state of the other Contracting Party in arbitration according to this Article. 5. Either of the Contracting Parties being the participant in dispute cannot raise objection at any stage of arbitration procedures or executions of the arbitral award, or to specify that fact, that the investor being the Contracting Party in dispute, has received the compensation covering a part or all losses by virtue of insurance. 6. The arbitral tribunal's decision is final and binding providing that the requirement of articles from 48 to 53 of the ICSID Convention is fulfilled. Each Contracting Party shall ensure the recognition and enforcement of an arbitral award in accordance with the laws of their states. 7. The decision is executed according to the national legislation of the state of the Contracting Party in which territory the decision is carried out by competent body of the state of the Contracting Party, Party to the dispute raise objection shall not, at any stage of the arbitration proceedings or enforcement of an arbitration award, on account of the fact that the investor, opposing party in the dispute has received an indemnity covering the whole or part of its losses by virtue of an insurance policy or to the guarantee provided for in article 9 of this Agreement. 5. The arbitration awards shall be final and binding on the parties to the dispute. each Contracting Party undertakes to execute the decisions in accordance with its national law.

Settlement of Investment Disputes. 1. Any investment dispute between an investor of one Contracting Party and the other Contracting Party shall be subject to a written notification notified in writing by the most expeditious partyfirst party to take action. the The notification shall be accompanied by an aide-memoire a sufficiently detaileddetailed memorandum. To the extent As far as possible, the parties will Parties shall endeavour to resolve settle the dispute through negotiations, a professional opinion possible use of if necessary by seeking expert advice from a third party, or by conciliation between the Contracting Parties through diplomatic channels. 2. In the absence of an amicable settlement by direct arrangement agreement between the parties to the dispute or by conciliation or through diplomatic channels within six months of its from the notification, the dispute shall be submitted, at the choice option of the investor, either to the competent court jurisdiction of the State in which where the investment has been made was made, or to international arbitrationarbitration The choice between the two channels is in principle irreversible with the exception mentionned in paragraph 3. To this end, each Contracting Party consents agrees in advance irrevocable and that irrevocably to the settlement of any dispute to by this type of arbitration. this consent implies that they shall waive the requirement of exhaustion of administrative or judicial remedies. 3. In An investor who has submitted the event of dispute to national jurisdiction may nevertheless have recourse to international arbitration if, before judgement has been delivered on the subject matter by a national court or judge, the investor declares not to pursue his case any longer through national proceedings. 4. In case of international arbitration, the dispute shall be submitted for settlement by arbitration to an arbitral institutions described belowone of the hereinafter mentioned organizations, at the choice option of the investorinvestor : — An an ad hoc arbitral tribunal set up according to the arbitration tribunal established under rules laid down by the Arbitration Rules of the United Nations Commission on United Nations Commission on International Trade Law (UNCITRAL)U.N.C.I.T.R.A.L.) ; — The the International Centre for the Settlement of Investment Disputes (ICSIDI.C.S.I.D.), established set up by the Convention on the Settlement of Investment Disputes between States and Nationals of Other other States, opened for signature at WashingtonWashington on March 18, on 18 March 1965, when each State Party party to this agreement would be Agreement has become a member thereofparty to the said Convention. as As long as this requirement is not fulfilledmet, each Contracting Party consents agrees that the dispute shall be submitted to arbitration under pursuant to the ICSID Rules of the Additional Facility Rules: — The of the I.C.S.I.D. the Arbitral Court of Arbitration of the International Chamber of Commerce in ParisParis ; — The the Arbitration Institute of the Stockholm Chamber of Commerce. Commerce in Stockholm If the arbitration procedure has been introduced on upon the initiative of a Contracting Party, it this Party shall invite request the investor involved in writing of the investor concerned to express his choice in designate the arbitration body organization to which the dispute shall be seized of the disputereferred. 45. Neither of the Contracting Party, Party to the dispute raise objection shall not, at At any stage of the arbitration proceedings or enforcement of the execution of an arbitration arbitral award, on account none of the Contracting Parties involved in a dispute shall be entitled to raise as an objection the fact that the investor, investor who is the opposing party in the dispute has received an indemnity compensation totally or partly covering the whole or part of its his losses by virtue of pursuant to an insurance policy or to the guarantee provided for in article 9 Article 6 of this Agreement. 56. The arbitration arbitral tribunal shall decide on the basis of the national law, including the rules relating to conflicts of law, of the Contracting Party involved in the dispute in whose territory the investment has been made, as well as on the basis of the provisions of this Agreement, of the terms of the-specific agreement which may have been entered into regarding the investment, and of the principles of international law. 7. The arbitral awards shall be final and binding on the parties to the dispute. each Each Contracting Party undertakes to execute the decisions awards in accordance with its national lawlegislation.

Settlement of Investment Disputes. between a Contracting Party and an Investor of the other Contracting Party 1. Any dispute This Article applies to disputes between a Contracting Party and an investor of one Contracting Party and the other Contracting Party arising in connection with the investment of an investor in the territory of the State of the former Contracting Party, including disputes concerning an alleged breach of an obligation of the former Contracting Party under this Agreement which causes loss or damage to the investor or its investment. This Article shall be subject not apply to a written notification by cases where the most expeditious party. disputing investor holds the notification shall be accompanied by an aide-memoire sufficiently detailed. To nationality of the extent possible, the parties will endeavour to resolve the dispute through negotiations, a professional opinion possible use State of a third party, or by conciliation between the Contracting Parties through diplomatic channelsParty where the investment is made. 2. In The investor and the absence of amicable settlement by direct arrangement between Contracting Party in whose territory the parties investments are made shall endeavor to settle the dispute by conciliation or through diplomatic channels within six months consultations and negotiations in good faith, and at the same time, by local remedies of its notification, the Contracting Party. Such dispute shall be submitted, at notified in writing by the choice of the investor, either investor to the competent court of Contracting Party. If the State in dispute cannot be resolved by consultations, negotiations and/or local remedies within one hundred and eighty (180) days from the date on which the investment has been made or to international arbitration. To this end, each Contracting Party consents advance irrevocable and that any dispute to arbitration. this consent implies that they shall waive the requirement of exhaustion of administrative or judicial remedies. 3. In the event of recourse to international arbitrationwritten request is notified, the investor may choose to submit the dispute shall be submitted to an arbitral institutions described below, at the choice of the investor: — An ad hoc for resolution by arbitration tribunal established under the Arbitration Rules of the United Nations Commission on United Nations Commission on International Trade Law in accordance with this Article under: (UNCITRAL); — The International Centre for the Settlement of Investment Disputes (ICSID, established by a) the Convention on the Settlement of Investment Disputes between States and Nationals of Other Statesother States (the "ICSID Convention"), opened if the ICSID Convention is available; (b) the Additional Facility Rules of the Centre for signature at WashingtonSettlement of Investment Disputes (the "ICSID Additional Facility Rules"), on 18 March 1965, when each State Party to this agreement would be a member thereof. as long as this requirement is not fulfilled, each Contracting Party consents that the dispute be submitted to arbitration under if the ICSID Additional Facility Rules: — The Court of Rules are available; (c) the Arbitration Rules of the United Nations Commission on International Chamber Trade Law (the "UNCITRAL Arbitration Rules")(5); or (d) if agreed by both parties to the dispute, any other arbitration institution or any other arbitration rules. 3. Each Contracting Party hereby consents to the submission of Commerce a dispute to arbitration in Paris; — accordance with the procedures set out in this Agreement. The Arbitration Institute consent and the submission of a claim to arbitration under this Article shall satisfy the requirements of: (a) Chapter II of the Stockholm Chamber of Commerce. If the arbitration procedure has been introduced on the initiative of a Contracting Party, it shall invite in writing ICSID Convention (Jurisdiction of the investor concerned to express his choice in Centre) and the arbitration body which shall be seized of the dispute. 4. Neither of the Contracting Party, Party ICSID Additional Facility Rules with regard to the dispute raise objection shall not, at any stage written consent of the arbitration proceedings or enforcement of an arbitration award, on account of the fact that the investor, opposing party in the dispute has received an indemnity covering the whole or part of its losses by virtue of an insurance policy or to the guarantee provided for in article 9 of this Agreement. 5. The arbitration awards shall be final and binding on the parties to the dispute; and (b) Article II of the Convention on the Recognition and Enforcement of Foreign Arbitral Awards (the "New York Convention"), for an "agreement in writing." 4. each Once the investor has submitted the dispute to one of the arbitration mechanisms provided for in paragraph 2 of this Article, the choice of the procedure shall be final and the rest of mechanisms therein shall not apply. 5. A dispute may be submitted to arbitration ninety (90) days after the date on which notice of intent to do so was received by the Contracting Party undertakes which is party to execute the decisions dispute. The notice of intent shall specify: (a) the name and address of the claimant and, where a claim is submitted on behalf of an enterprise, the name, address, and place of incorporation of the enterprise; (b) for each claim, the provisions of this Agreement alleged to have been breached and any other related provisions; (c) the legal and factual basis for each claim; and (d) the relief sought, including the approximate amount of any damages claimed. 6. A dispute shall be submitted to arbitration no later than three (3) years from the date the investor first acquired or should have acquired knowledge of the events which gave rise to the dispute. 7. The provisions of the second sentence of paragraph 2 of this Article shall not apply to a measure of a Contracting Party that falls within the scope of Article 16 (Exceptions on Financial Services). Where an investor of a Contracting Party submits a claim to arbitration under paragraph 2 of this Article, and the respondent invokes Article 16 as a defense, the following provisions shall apply: (a) the respondent shall, within one hundred and twenty (120) days of the date the claim is submitted to arbitration under this Article, submit in writing to the ad hoc Joint Committee (6) established by the two Contracting Parties, a request for a joint determination on the issue of whether and to what extent Article 16 is a valid defense to the claim. The respondent shall promptly provide the tribunal, if constituted, a copy of such request. The arbitration may proceed with respect to the claim only as provided in subparagraph (d); (b) the ad hoc Joint Committee shall attempt in good faith to make a determination as described in subparagraph (a). Any such determination shall be transmitted promptly to the disputing parties and, if constituted, to the tribunal. The determination shall be binding on the tribunal; (c) if the ad hoc Joint Committee, within ninety (90) days of the date by which it has received the respondent's written request for a determination under subparagraph (a), has not made a determination as described in that subparagraph, the tribunal shall decide the issue left unresolved by the ad hoc Joint Committee; (d) the arbitration referred to in subparagraph (a) shall be suspended during the pendency of the deliberation by the ad hoc Joint Committee and may proceed with respect to the claim: (i) ten (10) days after the date the determination of the ad hoc Joint Committee has been received by the disputing parties and, if constituted, the tribunal; or (ii) ten (10) days after the expiration of the ninety-day period extended to the ad hoc Joint Committee in subparagraph (c). 8. The disputing parties may agree on the legal place of any arbitration under the arbitral rules applicable under paragraph 2(b) of this Article. If the disputing parties fail to reach an agreement, the tribunal shall determine the place in accordance with its national lawthe applicable arbitral rules, provided that the place shall be in the territory of a State that is a party to the New York Convention. 9. A Contracting Party shall not assert as a defense, counter-claim, right of set-off or for any other reason, that indemnification or other compensation for all or part of the alleged damages has been received or will be received pursuant to an indemnity, guarantee or insurance contract.

Settlement of Investment Disputes. (1. Any dispute ) Disputes or differences between one Contracting State and an investor of one Contracting Party and the other Contracting Party shall be subject to a written notification by State concerning an investment of that investor in the most expeditious party. territory and maritime zones of the notification shall be accompanied by an aide-memoire sufficiently detailed. To the extent former Contracting State shall, if possible, be settled amicably. (2) If such disputes or differences cannot be settled according to the provisions of Paragraph (1) of this Article within a period of six months from the date either party requested amicable settlement and the parties will endeavour have not agreed to resolve any other dispute settlement procedures, the dispute through negotiations, a professional opinion possible use investor concerned may choose one or both of a third party, the following means of resolutions: (a) file complaint with and seek relief from the competent administrative authority or by conciliation between agency of the Contracting Parties through diplomatic channels.State in whose territory or maritime zones the investment was made; 2. In the absence of amicable settlement by direct arrangement between the parties to the dispute by conciliation or through diplomatic channels within six months of its notification, the dispute shall be submitted, at the choice of the investor, either to (b) file suit with the competent court of law of the Contracting State in which whose territory or maritime zones the investment has been made or was made. (3) The dispute relating to the amount of compensation and any other dispute agreed upon by both parties may be submitted to an international arbitrationArbitral Tribunal. To this end, The international Arbitral Tribunal mentioned above shall be especially constituted in the following way: each party to the dispute shall appoint an arbitrator. The two arbitrators shall appoint an arbitrator as Chairman who shall be a national of a third State which shall have diplomatic relations with both Contracting Party consents advance irrevocable States. The arbitrators shall be appointed within two months and that any the Chairman within four months from the date when the concerned party notified the other party of its submission of the dispute to arbitration. this consent implies that they shall waive If the requirement necessary appointments are not made within the period specified in the previous Paragraph, either party may, in the absence of exhaustion of administrative or judicial remedies. 3. In any other agreement, request the event of recourse to international arbitration, the dispute shall be submitted to an arbitral institutions described below, at the choice Chairman of the investor: — An ad hoc arbitration tribunal established under the International Arbitration Rules Institute of the United Nations Commission on United Nations Commission on International Trade Law (UNCITRAL); — Stockholm Chamber of Commerce to make the necessary appointments. The International Centre for the Settlement of Investment Disputes (ICSID, established Arbitral Tribunal shall determine its own arbitral procedures by referring either to the Convention on the Settlement of Investment Disputes between States and Nationals of Other Statesother States done at Washington on March 18, opened for signature at Washington, on 18 March 1965, when each State Party to this agreement would be a member thereof. as long as this requirement is not fulfilled, each Contracting Party consents that 1965 or the dispute be submitted to arbitration under the ICSID Additional Facility Rules: — The Court of Arbitration Rules of the United Nations Commission on International Chamber of Commerce in Paris; — Trade Law (UNCITRAL). The Arbitration Institute of Arbitral Tribunal shall reach its award based upon the Stockholm Chamber of Commerce. If the arbitration procedure has been introduced on the initiative of a Contracting Party, it shall invite in writing of the investor concerned to express his choice in the arbitration body which shall be seized of the dispute. 4. Neither of the Contracting Party, Party to the dispute raise objection shall not, at any stage of the arbitration proceedings or enforcement of an arbitration award, on account of the fact that the investor, opposing party in the dispute has received an indemnity covering the whole or part of its losses by virtue of an insurance policy or to the guarantee provided for in article 9 provisions of this Agreement. 5, the relevant domestic laws, the agreements both Contracting States have concluded and the generally recognized principles of international law. The arbitration awards Arbitral Tribunal shall meet in a third State selected by common accord by the parties concerned or, if the choice has not been made within forty five (45) days of the appointment of the final member of the Tribunal, in Stockholm. The Tribunal shall reach its decision by a majority of votes. The award shall be final and binding on both parties. When the parties Tribunal renders an award, it shall state its legal basis and, upon request of either party, shall interpret it. Each party shall bear the costs of the arbitrator it has appointed and of its own expenses during the arbitration proceedings. The expenses of the Chairman of the Tribunal and other costs shall be borne equally by both parties. (4) In addition to the dispute. each foregoing provisions of this Article, disputes between investors of a Contracting Party undertakes to execute State and the decisions investors of the other Contracting State in whose territory or maritime zones the investment was made may be settled by international arbitration in accordance with its national lawthe arbitration clause between the parties. (5) Neither Contracting State shall pursue through diplomatic channels any matter referred to arbitration until the proceedings have terminated and a Contracting State has failed to abide by or to comply with the award rendered by the Arbitral Tribunal.

Settlement of Investment Disputes. (1. Any dispute ) If disputes arise from an investment between a contracting party and an investor of one Contracting Party and the other Contracting Party Parties, the latter shall be subject consigned as much as possible between the parties; (2) If a disagreement as referred to in paragraph 1 can not be settled within three months from a written notification by the most expeditious party. the notification shall be accompanied by an aide-memoire communication of sufficiently detailed. To the extent possible, the parties will endeavour to resolve the dispute through negotiations, a professional opinion possible use of a third party, or by conciliation between the Contracting Parties through diplomatic channels. 2. In the absence of amicable settlement by direct arrangement between the parties to the dispute by conciliation or through diplomatic channels within six months of its notification, the dispute shall be submitted, at the choice of the investor, either to the competent court of the State in which the investment has been made or to international arbitration. To this end, each Contracting Party consents advance irrevocable and that any dispute to arbitration. this consent implies that they shall waive the requirement of exhaustion of administrative or judicial remedies. 3. In the event of recourse to international arbitrationspecific claims, the dispute shall be submitted to an arbitral institutions described below, at the choice of the investor: — An ad hoc arbitration tribunal established under the Arbitration Rules of the United Nations Commission on United Nations Commission on International Trade Law (UNCITRAL); — The International Centre Center for the Settlement of Investment Disputes (ICSIDat the request of the Contracting Party or the investor of the other Contracting Parties to conduct a conciliation or arbitration procedure, established by the Convention on the Settlement of Investment Disputes between States and Nationals of Other States, which was opened for signature at Washingtonin Washington on March 18, on 18 March 1965, when each State Party to this agreement would be a member thereof. as long as this requirement is not fulfilledIn the case of an arbitration procedure, each Contracting Party consents irrevocably agrees in advance, even without an individual agreement between the Contracting Party and the investor, to submit such differences of opinion to the Center and to recognize the arbitration award as binding. Such consent shall include waiving the requirement that the dispute be submitted to arbitration under the ICSID Additional Facility Rules: — The Court of Arbitration of the International Chamber of Commerce in Paris; — The Arbitration Institute of the Stockholm Chamber of Commercenational administrative or judicial proceedings have been exhausted. If the arbitration procedure has been introduced on the initiative paragraph 1 is not served within three months of a Contracting Partywritten communication of sufficiently specific claims, it shall invite in writing of the investor concerned to express his choice in the arbitration body which dispute shall be seized of settled at the dispute. 4. Neither request of the Contracting PartyParty or the investor of the other Contracting Parties To conduct a conciliation procedure or arbitration proceedings, to the International Center for the Settlement of Investment Disputes established by the Convention on the Settlement of Investment Disputes between States and Nationals of Other States, which was opened for signature in Washington on March 18, 1965 , In the case of an arbitration procedure, each Contracting Party irrevocably agrees in advance, even without an individual agreement between the Contracting Party and the investor, to submit such differences of opinion to the Center and to recognize the arbitration award as binding. Such consent shall include waiving the requirement that national administrative or judicial proceedings have been exhausted; (3) The arbitration award shall be final and binding; It is enforced under national law; Each Contracting Party shall ensure the recognition and enforcement of the arbitration award in accordance with its relevant legislation. (4) A Contracting Party which is a party to the dispute raise objection shall not, at any stage of the settlement or arbitration proceedings or the enforcement of an arbitration award, on account of make any objection to the fact that the investor, opposing party in investor forming the dispute other Contracting Party has received an indemnity covering been indemnified for the whole benefit of all or part of its losses by virtue of an insurance policy or to the guarantee provided for in article 9 of this Agreementlosses. 5. The arbitration awards shall be final and binding on the parties to the dispute. each Contracting Party undertakes to execute the decisions in accordance with its national law.

Settlement of Investment Disputes. 1. Any dispute relating to investment between an investor of one Contracting Party and the other Contracting Party shall be submitted to the competent court agreed between the parties to the dispute. In the absence of an agreement conferring jurisdiction is made in accordance with paragraphs 2 to 7 of this article. 2. Any investment dispute between an investor of one Contracting Party and the other Contracting Party, shall be the subject to of a written notification by the most expeditious party. the notification shall be notification, accompanied by an aide-memoire sufficiently detailed, by the most expeditious party. To the extent possible, the parties will endeavour to resolve settle the dispute through negotiationsamicably by negotiation, a professional opinion possible use which may have recourse to the expertise of a third party, or by conciliation between the Contracting Parties through diplomatic channels. 23. In the absence of amicable settlement by direct arrangement between the parties to the dispute by conciliation or through diplomatic channels within six months of its notification, the dispute shall be submitted, submitted at the choice of the investor, either to the competent court of the State in which the investment has been made or to international arbitration. To this end, each Contracting Party consents advance irrevocable and that any dispute to arbitration. this consent implies that they shall waive each contracting party waives require the requirement of exhaustion of local administrative or judicial remedies. 34. In the event of recourse to international arbitration, the dispute shall be submitted to an arbitral institutions described below, at the choice of the investor: — An ad hoc arbitration tribunal established under the Arbitration Rules of the United Nations Commission on United Nations Commission on International Trade Law (UNCITRAL); — , The International Centre for the Settlement of Investment Disputes (ICSID), established by the Convention on the Settlement of Investment Disputes between States and Nationals of Other States, opened for signature at Washington, Washington on 18 March 1965, when each State Party to this agreement would be a member thereof. as long as this requirement is not fulfilled, each Contracting Party consents that the dispute be submitted to arbitration under the ICSID Additional Facility Rules: — ; The Court of Arbitration of the International Chamber of Commerce in Paris; — The Arbitration Institute of the Stockholm Chamber of Commerce. If the arbitration procedure has been introduced on proceedings shall be submitted at the initiative request of a either Contracting Party, it shall invite the request in writing of the investor concerned to express his choice in the arbitration body which shall be seized of the dispute. 45. Neither of the Contracting Party, Party to the dispute raise objection shall not, at any stage of the arbitration proceedings or enforcement of an arbitration award, on account of the fact that the investor, opposing party in the dispute has received an indemnity covering the whole or part of its losses by virtue of an insurance policy or to the guarantee provided for in article 9 7 of this Agreement. 56. The arbitral tribunal shall decide on the basis of the domestic law of the Contracting Party involved in the dispute in whose territory the investment is located, including the rules relating to conflicts of law, the provisions of this Agreement, the terms of the specific agreement which would be reached on investment, as well as the Principles of International Law 7. The arbitration awards shall be final and binding on the parties to the dispute. each Contracting Party undertakes to execute the decisions in accordance with its national lawlegislation.

Settlement of Investment Disputes. (1. ) Any dispute arising out of an investment, between a Contracting Party and an investor of one Contracting Party and the other Contracting Party shall be subject to a written notification by the most expeditious party. the notification shall be accompanied by an aide-memoire sufficiently detailed. To the extent shall, as far as possible, the parties will endeavour to resolve the dispute through negotiations, a professional opinion possible use of a third party, or by conciliation between the Contracting Parties through diplomatic channels. 2. In the absence of amicable settlement by direct arrangement be settled amicably between the parties to the dispute. (2) If a dispute by conciliation or through diplomatic channels according to paragraph 1 of this Article cannot be settled within six three months of its notificationa written notification of sufficiently detailed claims, the dispute shall be submitted, at upon the choice request of the investor, either Contracting Party or of the investor of the other Contracting Party be subject to the competent court following procedures:paragraph 1 of the State in which the investment has been made or to international arbitration. To this end, each Contracting Party consents advance irrevocable and that any dispute to arbitration. this consent implies that they shall waive the requirement Article cannot be settled within three months of exhaustion a written notification of administrative or judicial remedies. 3. In the event of recourse to international arbitrationsufficiently detailed claims, the dispute shall be submitted to an arbitral institutions described below, at upon the choice request of the investor: — An ad hoc arbitration tribunal established under the Arbitration Rules Contracting Party or of the United Nations Commission on United Nations Commission on International Trade Law investor of the other Contracting Party be subject to the following procedures: (UNCITRAL); — The a) To conciliation or arbitration by the International Centre for the Settlement of Investment Disputes (ICSIDDisputes, established by the Convention on the Settlement of Investment Disputes between States and Nationals of Other other States, opened for signature at Washington, in Washington on 18 March 1965, when each State Party to this agreement would be a member thereof. as long as this requirement is not fulfilledIn case of arbitration, each Contracting Party, by this Agreement irrevocably consents in advance, even in the absence of an individual arbitral agreement between the Contracting Party consents and the investor, to submit any such dispute to this Centre. This consent implies the renunciation of the requirement that the dispute internal administrative or juridical remedies should be submitted to arbitration under the ICSID Additional Facility Rules: — The Court of Arbitration of the International Chamber of Commerce in Parisexhausted; — The Arbitration Institute of the Stockholm Chamber of Commerce. If the arbitration procedure has been introduced orConvention on the initiative Settlement of a Investment Disputes between States and Nationals of other States, opened for signature in Washington on 18 March 1965. In case of arbitration, each Contracting Party, it shall invite by this Agreement irrevocably consents in writing advance, even in the absence of an individual arbitral agreement between the Contracting Party and the investor, to submit any such dispute to this Centre. This consent implies the renunciation of the investor concerned to express his choice requirement that the internal administrative or juridical remedies should be exhausted; or (b) To arbitration by three arbitrators in accordance with the UNCITRAL arbitration rules, as amended by the last amendment accepted by both Contracting Parties at the time of the request for initiation of the arbitration body which shall be seized procedure. In case of the dispute. 4. Neither of the arbitration, each Contracting Party, by this Agreement irrevocably consents in advance, even in the absence of an individual arbitral agreement between the Contracting Party and the investor, to submit any such dispute to the tribunal mentioned.UNCITRAL arbitration rules, as amended by the last amendment accepted by both Contracting Parties at the time of the request for initiation of the arbitration procedure. In case of arbitration, each Contracting Party, by this Agreement irrevocably consents in advance, even in the absence of an individual arbitral agreement between the Contracting Party and the investor, to submit any such dispute raise objection to the tribunal mentioned. (3) The award shall be final and binding; it shall be executed according to national law; each Contracting Party shall ensure the recognition and enforcement of the arbitral award in accordance with its relevant laws and regulations. (4) A Contracting Party which is a party to a dispute shall not, at any stage of the conciliation or arbitration proceedings or enforcement of an arbitration award, on account of raise the fact objection that the investor, opposing investor who is the other party in to the dispute has received an in virtue of a guarantee indemnity covering the whole in respect of all or part some of its losses by virtue of an insurance policy or to the guarantee provided for in article 9 of this Agreementlosses. 5. The arbitration awards shall be final and binding on the parties to the dispute. each Contracting Party undertakes to execute the decisions in accordance with its national law.

Settlement of Investment Disputes. between a Contracting Party and a National or Company of the other Contracting party 1. Any dispute between an investor a national or company of one either Contracting Party with respect to investment within the territory of the latter Contracting party shall, as far as possible, be settled amicably through consultation and negotiation between the parties to the dispute. 2. If a dispute concerning the amount of compensation referred to in the provisions of paragraph (c) of Article 5 between a national or company of either Contracting Party and the other Contracting Party shall can not be subject to a written notification by the most expeditious party. the notification shall be accompanied by an aide-memoire sufficiently detailed. To the extent possible, the parties will endeavour to resolve the dispute through negotiations, a professional opinion possible use of a third party, or by conciliation between the Contracting Parties through diplomatic channels. 2. In the absence of amicable settlement by direct arrangement between the parties to the dispute by conciliation or through diplomatic channels settled within six months of its notificationfrom the date on which either party requests consultation for the settlement, the such dispute shall be submittedshall, at the choice request of the investorsuch national or company, either to the competent court of the State in which the investment has been made or to international arbitration. To this end, each Contracting Party consents advance irrevocable and that any dispute to arbitration. this consent implies that they shall waive the requirement of exhaustion of administrative or judicial remedies. 3. In the event of recourse to international arbitration, the dispute shall be submitted to a conciliation board or an arbitral institutions described belowarbitration board, at the choice of the investor: — An ad hoc arbitration tribunal to be established under the Arbitration Rules of the United Nations Commission on United Nations Commission on International Trade Law (UNCITRAL); — The International Centre for the Settlement of Investment Disputes (ICSID, established by with reference to the Convention on the Settlement of Investment Investments Disputes between States and Nationals of Other StatesStates done at Washington on March 18, opened for signature at Washington, on 18 March 1965, when each State Party 1965 (hereinafter referred to this agreement would be as “the Washington convention”). Any dispute concerning other matters between a member thereof. as long as this requirement is not fulfilled, each national or company of either Contracting Party consents and the Other Contracting Party may be submitted by agreement, to a conciliation board or an arbitration board as stayed above. In the event that such national or company has resorted to administration or judicial settlement within the territory of the latter Contracting Party, such dispute shall not be submitted to arbitration. 3. The conciliation or arbitration under board referred to in the ICSID Additional Facility Rules: — The Court provisions of Arbitration paragraph 2 of this Article shall be composed of three arbitrations, with each party appointing one arbitrations within a period of sixty days from the date of receipt by either party from the party of a notice requesting arbitration of the International Chamber dispute referred to in the provisions of Commerce in Paris; — The Arbitration Institute paragraph 2 of this Article and the third arbitrator to be agreed upon as the President of the Stockholm Chamber arbitration board by the two arbitrators so chosen within a further period of Commerce. If ninety days, provided that the arbitration procedure has been introduced on the initiative third arbitrator shall not be a national of a either Contracting Party, it shall invite in writing of the investor concerned to express his choice in the arbitration body which shall be seized of the dispute. 4. Neither It the third arbitration is not agreed upon between the arbitrations appointed by each party within the period referred to in provisions of paragraph (3) of the present Article, either party shall request the third part agreed upon in advance by both parties to appoint the third arbitration who shall be a national of a third country which has diplomatic relations with both Contracting Party, Party to the dispute raise objection shall not, at any stage of the arbitration proceedings or enforcement of an arbitration award, on account of the fact that the investor, opposing party in the dispute has received an indemnity covering the whole or part of its losses by virtue of an insurance policy or to the guarantee provided for in article 9 of this AgreementParties. 5. The arbitral procedures shall be determined by the arbitrations board with reference to the Washington Convention. 6. The decision of the arbitration awards board shall be final and binding on binding. Execution of decision of the arbitration board shall be governed by the laws and regulations concerning the execution of decision in force in the State in whose territories such execution is sought. The arbitration board shall state the basis of its decision and state the reasons at the request of either party. 7. Each party shall bear the cost of its own arbitrations and its representation in the arbitral proceedings. The cost of the President of the arbitration board in discharging his duties and the remaining costs of the arbitration board shall be borne equally by the parties concerned. 8. When and after a case is submitted to the dispute. each Contracting Party undertakes arbitration board referred to execute in the decisions in accordance with its national lawprovisions of paragraph (2) of the present Article, no claim concerning such case shall be made between States.

Settlement of Investment Disputes. between a Contracting Party and an Investor of the other Contracting Party 1. Any dispute which may arise between an investor of one Contracting Party and the other Contracting Party in connection with an investment in the territory of that other Contracting Party shall be subject to negotiations between the parties to the dispute. 2. If any dispute between an investor of one Contracting Party and the other Contracting Party cannot be thus settled, the investor shall be subject entitled to a written notification by submit the most expeditious party. the notification shall be accompanied by an aide-memoire sufficiently detailed. To the extent possiblecase, the parties will endeavour to resolve the dispute through negotiationsat his choice, a professional opinion possible use for settlement to: (a) The competent court or administrative tribunal of a third party, or by conciliation between the Contracting Parties through diplomatic channels. 2. In Party which is the absence of amicable settlement by direct arrangement between the parties party to the dispute by conciliation or through diplomatic channels within six months of its notification, the dispute shall be submitted, at the choice of the investor, either to the competent court of the State in which the investment has been made or to international arbitration. To this end, each Contracting Party consents advance irrevocable and that any dispute to arbitration. this consent implies that they shall waive the requirement of exhaustion of administrative or judicial remedies.dispute; or 3. In the event of recourse to international arbitration, the dispute shall be submitted to an arbitral institutions described below, at the choice of the investor: — An ad hoc arbitration tribunal established under the Arbitration Rules of the United Nations Commission on United Nations Commission on International Trade Law (UNCITRAL); — b) The International Centre for the Settlement of Investment Disputes (ICSID, established by ) having regard to the applicable provisions of the Convention on the Settlement of Investment Disputes between States and Nationals of Other States, other States opened for signature at Washington, Washington D.C. on 18 March 1965, when each State Party in the event both Contracting Parties shall have become a party to this agreement would be Convention; orConvention on the Settlement of Investment Disputes between States and Nationals of other States opened for signature at Washington D.C. on 18 March 1965, in the event both Contracting Parties shall have become a member thereof. as long as party to this requirement is not fulfilledConvention; or (c) The Additional Facility Rules of ICSID, each if either the disputing Contracting Party consents that or the dispute be submitted to arbitration Contracting Party of the investor, but not both, is a party of the ICSID Convention; orAdditional Facility Rules of ICSID, if either the disputing Contracting Party or the Contracting Party of the investor, but not both, is a party of the ICSID Convention; or (d) An arbitrator or international ad hoc arbitral tribunal established under the ICSID Additional Facility Rules: — The Court of Arbitration Rules of the United Nations Commission on International Chamber of Commerce in Paris; — Trade Law (UNCITRAL). The Arbitration Institute of the Stockholm Chamber of Commerce. If the arbitration procedure has been introduced on the initiative of a Contracting Party, it shall invite in writing of the investor concerned to express his choice in the arbitration body which shall be seized of the dispute. 4. Neither of the Contracting Party, Party parties to the dispute raise objection shall not, at any stage may agree in writing to modify these Rules.Arbitration Rules of the arbitration proceedings or enforcement of an arbitration award, United Nations Commission on account of the fact that the investor, opposing party in International Trade Law (UNCITRAL). The parties to the dispute has received an indemnity covering the whole or part of its losses by virtue of an insurance policy or may agree in writing to the guarantee provided for in article 9 of this Agreement. 5modify these Rules. The arbitration arbitral awards shall be final and binding on the both parties to the dispute. each Contracting Party undertakes to execute the decisions dispute and shall be enforceable in accordance with its national lawthe domestic legislation.

Settlement of Investment Disputes. 1. Any investment dispute between an investor of one Contracting Party and the other Contracting Party shall be subject to a written notification by the most expeditious partynotified in writing. the The notification shall be accompanied by an aide-memoire a sufficiently detaileddetailed memorandum. To the extent As far as possible, such disputes shall be settled amicably between the parties will endeavour to resolve the dispute through negotiations, a professional opinion possible use of a third party, or otherwise by conciliation between the Contracting Parties through diplomatic channels. 2. In the absence of an amicable settlement by direct arrangement agreement between the parties to the dispute or by conciliation or through diplomatic channels within six months from the receipt of its notification, the dispute shall be submitted, at the choice of the investor, either to the competent court of the State in which the investment has been made or submitted to international arbitration, any other legal remedy being excluded. To this end, each Contracting Party consents agrees in advance irrevocable and that irrevocably to the settlement of any dispute to by this type of arbitration. this Such consent implies that they shall both Parties waive the requirement of exhaustion of right to demand that all domestic administrative or judicial remediesjudiciary remedies be exhausted. 3. In the event case of recourse to international arbitration, the dispute shall be submitted for settlement by arbitration to an arbitral institutions described belowone of the hereinafter mentioned organizations, at the choice option of the investor: — An ad hoc arbitration tribunal established under - the Arbitration Rules of the United Nations Commission on United Nations Commission on International Trade Law (UNCITRAL); — The International Centre for the Settlement of Investment Disputes (ICSIDI.C.S.I.D.), established set up by the Convention on the Settlement of Investment Disputes between States and Nationals of Other other States, opened for signature at WashingtonWashington on March 18, on 18 March 1965, when each State Party to this agreement would be a member thereof. as long as this requirement is not fulfilled, each Contracting Party consents that ; - the dispute be submitted to arbitration under the ICSID Additional Facility Rules: — The Arbitral Court of Arbitration of the International Chamber of Commerce in Paris; — The - the Arbitration Institute of the Stockholm Chamber of CommerceCommerce in Stockholm. If the arbitration procedure has been introduced on upon the initiative of a Contracting Party, it this Party shall invite request the investor involved in writing of the investor concerned to express his choice in designate the arbitration body organization to which the dispute shall be seized of the disputereferred. 4. Neither of the Contracting Party, Party to the dispute raise objection shall not, at At any stage of the arbitration proceedings or enforcement of the execution of an arbitration arbitral award, on account of the Contracting Party involved in a dispute shall not be entitled to raise as an objection the fact that the investor, opposing investor who is the opponent party in the dispute has received an indemnity compensation totally or partially covering the whole or part of its his losses by virtue of pursuant to an insurance policy or to the guarantee provided for in article 9 the Article 6 of this Agreement.Article 6 of this Agreement. 5. The arbitration arbitral tribunal shall decide on the basis of: - the national law, including the rules relating to conflicts of law, of the Contracting Party involved in the dispute in whose territory the investment has been made; - the provisions of this Agreement; - the terms of the specific agreement which may have been entered into regarding the investment; - the principles of international law. 6. The arbitral awards shall be final and binding on the parties to the dispute. each Each Contracting Party undertakes to execute the decisions awards in accordance with its national lawlegislation.

Settlement of Investment Disputes. 1. Any investment dispute between an investor of one Contracting Party and the other Contracting Party shall be subject to a written notification notified in writing by the most expeditious partyfirst party to take action. the The notification shall be accompanied by an aide-memoire a sufficiently detaileddetailed memorandum. To the extent As far as possible, the parties will shall endeavour to resolve settle the dispute through negotiations, a professional opinion possible use of if necessary by seeking expert advice from a third party, or by conciliation between the Contracting Parties through diplomatic channels. 2. In the absence of an amicable settlement by direct arrangement agreement between the parties to the dispute or by conciliation or through diplomatic channels within six months of its from the notification, the dispute shall be submitted, at the choice option of the investor, either to the competent court jurisdiction of the State in which where the investment has been made was made, or to international arbitration. To this end, each Contracting Party consents agrees in advance irrevocable and that irrevocably to the settlement of any dispute to by this type of arbitration. this Such consent implies that they shall both Parties waive the requirement of exhaustion of right to demand that all domestic administrative or judicial remedies. 3judiciary remedies be exhausted. In the event case of recourse to international arbitration, the dispute shall be submitted for settlement by arbitration to an arbitral institutions described belowone of the hereinafter mentioned organizations, at the choice option of the investor: — An an ad hoc arbitral tribunal set up according to the arbitration tribunal established under rules laid down by the Arbitration Rules of the United Nations Commission on United Nations Commission on International Trade Law (UNCITRALU.N.C.I.T.R.A.L.); — The the International Centre for the Settlement of Investment Disputes (ICSIDI.C.S.I.D.), established set up by the Convention on the Settlement of Investment Disputes between States and Nationals of Other other States, opened for signature at WashingtonWashington on March 18, on 18 March 1965, when each State Party party to this agreement would be Agreement has become a member thereofparty to the said Convention. as ' As long as this requirement is not fulfilledmet, each Contracting Party consents agrees that the dispute shall be submitted to arbitration under pursuant to the ICSID Rules of the Additional Facility Rules: — The of the I.C.S.I.D. the Arbitral Court of Arbitration of the International Chamber of Commerce in Paris; — The the Arbitration Institute of the Stockholm Chamber of CommerceCommerce in Stockholm. If the arbitration procedure has been introduced on upon the initiative of a Contracting Party, it this Party shall invite request the investor involved in writing of the investor concerned to express his choice in designate the arbitration body organization to which the dispute shall be seized of the dispute. 4referred. Neither of the Contracting Party, Party to the dispute raise objection shall not, at At any stage of the arbitration proceedings or enforcement of the execution of an arbitration arbitral award, on account none of the Contracting Parties involved in a dispute shall be entitled to raise as an objection the fact that the investor, investor who is the opposing party in the dispute has received an indemnity compensation totally or partly covering the whole or part of its his losses by virtue of pursuant to an insurance policy or to the guarantee provided for in article 9 Article 6 of this Agreement. 5. The arbitration arbitral tribunal shall decide on the basis of the national law, including the rules relating to conflicts of law, of the Contracting Party involved in the dispute in whose territory the investment has been made, as well as on the basis of the provisions of this Agreement, of the terms of the specific agreement which may have been entered into regarding the investment, and of the principles of international law. The arbitral awards shall be final and binding on the parties to the dispute. each Each Contracting Party undertakes to execute the decisions awards in accordance with its national lawlegislation.

Settlement of Investment Disputes. between a Contracting Party and an Investor of the other Contracting Party (1. Any ) If any dispute arising between a Contracting Party and an investor of one the other Contracting Party which involves: (i) An obligation entered into by that Contracting Party with the investor of the other Contracting Party regarding an investment by such investor; or (ii) An alleged breach of any right conferred or created by this Agreement with respect to an investment by such investor, The Contracting Party and the other Contracting Party investor concerned shall be subject to a written notification by the most expeditious party. the notification shall be accompanied by an aide-memoire sufficiently detailed. To the extent possible, the parties will endeavour seek to resolve the dispute through negotiationsconsultation and negotiation. The party intending to resolve such dispute through consultation and negotiation shall give notice to the other of its intention. (2) If the dispute cannot be thus resolved as provided in paragraph (1) of this Article within 6 months from the date of the notice given thereunder, a professional opinion possible use of a third party, or by conciliation between then the Contracting Parties through diplomatic channels. 2. In Party and the absence of amicable settlement by direct arrangement between the parties to investor concerned shall refer the dispute by to either conciliation or through diplomatic channels within six months of its notification, in accordance with the dispute shall be submitted, at the choice of the investor, either to the competent court of the State in which the investment has been made or to international arbitration. To this end, each Contracting Party consents advance irrevocable and that any dispute to arbitration. this consent implies that they shall waive the requirement of exhaustion of administrative or judicial remedies. 3. In the event of recourse to international arbitration, the dispute shall be submitted to an arbitral institutions described below, at the choice of the investor: — An ad hoc arbitration tribunal established under the Arbitration Rules of the United Nations Commission on United Nations Commission on International Trade Law Rules of Conciliation, 1980 or to arbitration in accordance with the United Nations Commission on International Trade Law Rules on Arbitration, 1976 subject to the following provisions: (UNCITRAL); — The International Centre for the Settlement a) In respect of Investment Disputes (ICSIDconciliation proceedings, established there shall be two conciliators, one each appointed by the Convention on respective parties; and (b) In respect of arbitration proceedings, the Settlement following shall apply: (i) The Arbitral Tribunal shall consist of Investment Disputes between States and Nationals of Other States, opened for signature at Washington, on 18 March 1965, when each State Party to this three arbitrators. Each party shall select an arbitrator. These two arbitrators shall appoint by mutual agreement would a Chairman who shall be a member thereof. as long as this requirement is not fulfilled, each Contracting Party consents that the dispute be submitted to arbitration under the ICSID Additional Facility Rules: — The Court of Arbitration of the International Chamber of Commerce in Paris; — The Arbitration Institute of the Stockholm Chamber of Commerce. If the arbitration procedure has been introduced on the initiative national of a Contracting Party, it shall invite in writing third State which has diplomatic relations with the Governments of the investor concerned to express his choice in the arbitration body which shall be seized of the dispute. 4. Neither of the Contracting Party, Party to the dispute raise objection shall not, at any stage of the arbitration proceedings or enforcement of an arbitration award, on account of the fact that the investor, opposing party in the dispute has received an indemnity covering the whole or part of its losses by virtue of an insurance policy or to the guarantee provided for in article 9 of this Agreement. 5. The arbitration awards shall be final and binding on the parties to the dispute. each Contracting Party undertakes The arbitrators shall be appointed within two months from the date when one of the parties to execute the decisions dispute inform the other of its intention to submit the dispute to arbitration after the lapse of six months mentioned in paragraph (2) of this Article. (ii) The Arbitral Award shall be made in accordance with its national the provisions of this Agreement, the relevant domestic laws including the rules on the conflict of laws of the territory of the Contracting Party in which the investment dispute arises as well as the generally recognised principles of international law. (iii) Each party to the dispute shall bear the cost of its own arbitrator and of its counsel in the arbitration proceedings. The cost of the Chairman and the remaining costs of the Arbitral Tribunal shall be borne in equal parts by both parties to the dispute.

Settlement of Investment Disputes. 1. Any investment dispute between an investor of one Contracting Party and the other Contracting Party shall be subject to a written notification notified in writing by the most expeditious partyfirst party to take action. the The notification shall be accompanied by an aide-memoire a sufficiently detaileddetailed memorandum. To the extent As far as possible, the parties will Parties shall endeavour to resolve settle the dispute through negotiations, a professional opinion possible use of if necessary by seeking expert advice from a third party, or by conciliation between the Contracting Parties through diplomatic channels. 2. In the absence of an amicable settlement by direct arrangement agreement between the parties to the dispute by conciliation or through diplomatic channels within six months of its from the notification, the dispute shall be submitted, at the choice option of the investor, either to the competent court jurisdiction of the State in which where the investment has been made was made, or to international arbitration. To this end, each Contracting Party consents agrees in advance irrevocable and that irrevocably to the settlement of any dispute to by this type of arbitration. this Such consent implies that they shall both Parties waive the requirement of exhaustion of right to demand that all domestic administrative or judicial remediesjudiciary remedies be exhausted. 3. In the event case of recourse to international arbitration, the dispute shall be submitted for settlement by arbitration to an arbitral institutions described belowone of the hereinafter mentioned organisations, at the choice option of the investor: — An - an ad hoc arbitral tribunal set up according to the arbitration tribunal established under rules laid down by the Arbitration Rules of the United Nations Commission on United Nations Commission on International Trade Law (UNCITRALU.N.C.I.T.R.A.L.); — The - the International Centre for the Settlement of Investment Disputes (ICSIDI.C.S.I.D.), established set up by the Convention on the Settlement of Investment Disputes between States and Nationals of Other other States, opened for signature at WashingtonWashington on March 18, on 18 March 1965, when each State Party party to this agreement would be Agreement has become a member thereofparty to the said Convention. as As long as this requirement is not fulfilledmet, each Contracting Party consents agrees that the dispute shall be submitted to arbitration under pursuant to the ICSID Rules of the Additional Facility Rules: — The of the I.C.S.I.D.; - the Arbitral Court of Arbitration of the International Chamber of Commerce in Paris; — The - the Arbitration Institute of the Stockholm Chamber of CommerceCommerce in Stockholm. If the arbitration procedure has been introduced on upon the initiative of a Contracting Party, it this Party shall invite request the investor involved in writing of the investor concerned to express his choice in designate the arbitration body organisation to which the dispute shall be seized of the disputereferred. 4. Neither of the Contracting Party, Party to the dispute raise objection shall not, at At any stage of the arbitration proceedings or enforcement of the execution of an arbitration arbitral award, on account none of the Contracting Parties involved in a dispute shall be entitled to raise as an objection the fact that the investor, investor who is the opposing party in the dispute has received an indemnity compensation totally or partly covering the whole or part of its his losses by virtue of pursuant to an insurance policy or to the guarantee provided for in article Article 9 of this Agreement. 5. The arbitration arbitral awards shall be final and binding on the parties to the dispute. each Each Contracting Party undertakes to execute the decisions awards in accordance with its national lawlegislation.

Settlement of Investment Disputes. between a Contracting Party and an Investor of the other Contracting Party 1. Any dispute This Article applies to disputes between a Contracting Party and an investor of one Contracting Party and the other Contracting Party shall be subject concerning an alleged breach of an obligation of the former Contracting Party under this Agreement which causes loss or damage to a written notification by the most expeditious party. the notification shall be accompanied by an aide-memoire sufficiently detailed. To the extent possible, the parties will endeavour to resolve the dispute through negotiations, a professional opinion possible use of a third party, investor or by conciliation between the Contracting Parties through diplomatic channelsits investment. 2. In Such a dispute should, if possible, be settled by negotiations or consultations. If it is not so settled within six (6) months from the absence date on which the dispute has been raised by either party, the investor may choose to submit it for resolution: (a) to any competent court or administrative tribunal of amicable the Contracting Party which is party to the dispute; (b) in accordance with any dispute settlement by direct arrangement between the parties procedure agreed upon prior to the dispute arising; (c) by conciliation or through diplomatic channels within six months of its notification, the dispute shall be submitted, at the choice of the investor, either to the competent court of the State arbitration in which the investment has been made or to international arbitration. To accordance with this end, each Contracting Party consents advance irrevocable and that any dispute to arbitration. this consent implies that they shall waive the requirement of exhaustion of administrative or judicial remedies.Article under: 3. In the event of recourse to international arbitration, the dispute shall be submitted to an arbitral institutions described below, at the choice of the investor: — An ad hoc arbitration tribunal established under the Arbitration Rules of the United Nations Commission on United Nations Commission on International Trade Law (UNCITRAL); — The International Centre for the Settlement of Investment Disputes (ICSID, established by i) the Convention on the Settlement of Investment Disputes between States and Nationals of Other Statesother States (the "ICSID Convention"), opened if the ICSID Convention is available; (ii) the Additional Facility Rules of the Center for signature at WashingtonSettlement of Investment Disputes ("ICSID Additional Facility"), on 18 March 1965, when each State Party to this agreement would be a member thereof. as long as this requirement is not fulfilled, each Contracting Party consents that the dispute be submitted to arbitration under if the ICSID Additional Facility Rules: — The Court of is available; (iii) the Arbitration Rules of the United Nations Commission on International Chamber Trade Law ("UNCITRAL"); or (iv) if agreed by both parties to the dispute, any other arbitration institution or any other arbitration rules. 3. Each Contracting Party hereby consents to the submission of Commerce a dispute to international arbitration in Paris; — accordance with the procedures set out in this Agreement. The Arbitration Institute consent and the submission of a claim to arbitration under this Article shall satisfy the requirements of: (a) Chapter II of the Stockholm Chamber ICSID Convention (Jurisdiction of Commerce. If the arbitration procedure has been introduced Center) and the ICSID Additional Facility Rules with regards to the written consent of the parties to the dispute; and (b) Article II of the Convention on the initiative Recognition and Enforcement of a Contracting Party, it shall invite Foreign Arbitral Awards (hereinafter referred to as "the New York Convention") for an "agreement in writing of the investor concerned to express his choice in the arbitration body which shall be seized of the disputewriting." 4. Neither The consent under paragraph 3 of this Article only applies on the condition that: (a) the investor waives in writing the right to initiate any other dispute settlement procedure with respect to the same dispute and withdraws from any such procedure in progress before its conclusion, if the investor submits the claim to arbitration on its own behalf; or (b) the investor and the investment waive in writing the right to initiate any other dispute settlement procedure with respect to the same dispute and withdraw from any such procedure in progress before its conclusion, if the investor submits the claim to arbitration on behalf of a juridical person of the Contracting Party, Party to the in dispute raise objection shall not, at any stage of the arbitration proceedings or enforcement of an arbitration award, on account of the fact that the investor, opposing party in the dispute has received an indemnity covering the whole investor owns or part of its losses by virtue of an insurance policy controls directly or to the guarantee provided for in article 9 of this Agreementindirectly. 5. The seeking of interim relief not involving the payment of damages, from judicial or administrative tribunals, by a party to a dispute submitted to arbitration under this Article, for the preservation of its rights and interests pending resolution of the dispute, is not deemed a submission of the dispute for resolution for purposes of a Contracting Party's limitation of consent under paragraph 4 of this Article, and is permissible in arbitration under any of the provisions of paragraph 2(c) of this Article. 6. A dispute may be submitted to arbitration ninety (90) days after the date on which notice of intent to do so was received by the Contracting Party which is party to the dispute, but no later than three years from the date the investor first acquired or should have acquired knowledge of the events which gave rise to the dispute. Notice of intent shall specify: (a) the name and address of the disputing investor and the investment; (b) the provisions of this Agreement alleged to have been breached and any other relating provisions; (c) the issues and the factual basis for the claim; and (d) the relief sought, including the approximate amount of any damages claimed. 7. Unless the disputing parties otherwise agree, the tribunal shall comprise three arbitrators, one arbitrator appointed by each of the disputing parties and the third, who shall be the presiding arbitrator, appointed by agreement of the disputing parties. If a tribunal has not been constituted within 75 days from the date a claim is submitted to arbitration under this Article, the Secretary General of ICSID, on the request of a disputing party, shall appoint, in his or her discretion, the arbitrator or arbitrators not yet appointed. The Secretary General of ICSID shall not appoint a national of either Contracting Party as the presiding arbitrator. 8. The disputing parties may agree on the legal place of any arbitration under the arbitral rules applicable under paragraph 2(c) of this Article. If the disputing parties fail to reach an agreement, the tribunal shall determine the place in accordance with the applicable arbitral rules, provided that the place shall be in the territory of a State that is a party to the New York Convention. 9. A Contracting Party shall not assert as a defence, counter-claim, right of set-off or for any other reason, that indemnification or other compensation for all or part of the alleged damages has been received or will be received pursuant to an indemnity, guarantee or insurance contract. 10. The arbitral tribunal, in its award, shall set out its findings of law and fact, together with the reasons for its ruling and may, at the request of a party, provide the following forms of relief: (a) a declaration that the Contracting Party has failed to comply with its obligations under this Agreement; (b) pecuniary compensation, which shall include interest from the time the loss or damage was incurred until the payment was made; (c) restitution in kind in appropriate cases, provided that the Contracting Party may pay pecuniary compensation in lieu thereof where restitution is not practicable; and (d) with the agreement of the parties to the dispute, any other form of relief. 11. Arbitration awards shall be final and binding on upon the parties to the dispute. each Each Contracting Party undertakes shall, in its territory, make provision for the effective enforcement of awards made pursuant to execute the decisions this Article and shall carry out without delay any such award issued in accordance with its national lawa proceeding to which it is a party.

Settlement of Investment Disputes. (1. Any ) For the purposes of this Article, an investment dispute between is defined as a dispute involving: a) The interpretation or application of any investment authorization granted by a Contracting Party's foreign investment authority to an investor of one the other Contracting Party; or b) A breach of any right conferred or created by this Agreement with respect to an investment. (2) In the event of an investment dispute between a Contracting Party and an investor of the other Contracting Party shall be subject to a written notification by the most expeditious party. the notification shall be accompanied by an aide-memoire sufficiently detailed. To the extent possibleParty, the parties will endeavour to resolve the dispute through negotiations, a professional opinion possible use of a third party, or by conciliation between the Contracting Parties through diplomatic channels. 2. In the absence of amicable settlement by direct arrangement between the parties to the dispute shall initially seek to resolve the dispute by conciliation consultations and negotiations in good faith. If such consultations or through diplomatic channels within six months of its notificationnegotiations are unsuccessful, the dispute shall may be submittedsettled through the use of non-binding, at third party procedures upon which such investor and the choice of Contracting Party mutually agree. If the investordispute cannot be resolved through the foregoing procedures, either party to the competent court of dispute may choose to submit the State in which the investment has been made or to international arbitration. To this end, each Contracting Party consents advance irrevocable and that any dispute to arbitration. this consent implies that they shall waive the requirement of exhaustion of administrative or judicial remedies. 3. In the event of recourse to international arbitration, the dispute shall be submitted to an arbitral institutions described below, at the choice of the investor: — An ad hoc arbitration tribunal established under the Arbitration Rules of the United Nations Commission on United Nations Commission on International Trade Law (UNCITRAL); — The International Centre for the Settlement of Investment Disputes (ICSID"Centre") for settlement by conciliation or arbitration, established at any time after one year from the date upon which the dispute arose provided that a final judgement has not been rendered in case the investor concerned has brought the dispute before the courts of justice of the Contracting Party that is a party to the dispute. a) Each Contracting Party hereby consents to the submission of an investment dispute to the Centre for settlement by conciliation or arbitration. In case of arbitration each Contracting Party, in the absence of an individual arbitral agreement between the Contracting Party and the investor, by this agreement irrevocably consents in advance to submit any such dispute to the Centre. b) Arbitration of such disputes shall be done in accordance with the provisions of the Convention on the Settlement of Investment Disputes between Between States and Nationals of Other States, opened for signature at Washington, other States and the arbitration rules of the Centre.Convention on 18 March 1965, when each State Party the Settlement of Investment Disputes Between States and Nationals of other States and the arbitration rules of the Centre. (4) The award shall be final and binding; it shall be executed according to this agreement would be a member thereof. as long as this requirement is not fulfilled, national law; each Contracting Party consents that shall ensure the dispute be submitted to arbitration under the ICSID Additional Facility Rules: — The Court of Arbitration recognition and enforcement of the International Chamber arbitral award in accordance with its relevant laws and regulations. (5) Each side shall bear the costs of Commerce in Paris; — The Arbitration Institute its own member and of the Stockholm Chamber of Commerce. If the arbitration procedure has been introduced on the initiative of a Contracting Party, it shall invite in writing of the investor concerned to express his choice its legal representation in the arbitration body which proceedings; the costs of the chairman and the remaining costs shall be seized borne in equal parts by both sides. In case of conciliation the disputeinvestor shall bear the costs. 4. Neither of the (6) A Contracting Party, Party which is a party to the a dispute raise objection shall not, at any stage of the conciliation or arbitration proceedings or enforcement of an arbitration award, on account of raise the fact objection that the investor, opposing investor who is the other party in to the dispute has received an indemnity covering the whole or part of its losses by virtue of an insurance policy or to the guarantee provided for in article 9 of this Agreement. 5. The arbitration awards shall be final and binding on the parties to the dispute. each Contracting Party undertakes to execute the decisions in accordance with a guarantee indemnity in respect of some or all its national lawlosses.

Settlement of Investment Disputes. between a Party and an Investor of the other Party 1. Any dispute between a Party and an investor of one Contracting Party and the other Contracting Party that has incurred loss or damage by reason of or arising out of an alleged breach of any rights conferred by this Agreement, shall be subject to a written notification by the most expeditious party. the notification shall be accompanied by an aide-memoire sufficiently detailed. To the extent as far as possible, the parties will endeavour to resolve the dispute through negotiations, a professional opinion possible use of a third party, or be settled by conciliation between the Contracting Parties through diplomatic channels. 2. In the absence of amicable settlement by direct arrangement between the parties to the dispute by conciliation or through diplomatic channels in an amicable way. 2. If the dispute cannot be settled within six (6) months of its notification, from the date on which the dispute has been notified by either party, it shall be submitted, at the submitted upon request and choice of the investor, either investor of the Party: a) to the competent court of the State Party which is a party to the dispute; or b) to the International Center for Settlement of Investment Disputes (ICSID) established by the Washington Convention of 18 March 1965 on the Settlement of Investment Disputes between States and Nationals of other States in which case the investment has been made or Parties are parties to international arbitration. To this end, each Contracting Party consents advance irrevocable and that any dispute to arbitration. this consent implies that they shall waive the requirement of exhaustion of administrative or judicial remedies.Convention; or 3. In the event of recourse to international arbitration, the dispute shall be submitted c) to an arbitral institutions described below, at the choice of the investor: — An international ad hoc arbitration arbitral tribunal established under the Arbitration Rules of the United Nations Commission on United Nations Commission on International Trade Law (UNCITRAL); — The International or d) to the Kuala Lumpur Regional Centre for Arbitration (KLRCA). Each Party gives its consent to the Settlement submission of Investment Disputes disputes to conciliation or arbitration set out in subparagraphs (ICSIDa), established by (b) (c), or (d). Such consent is conditional upon the Convention on the Settlement of Investment Disputes between States and Nationals of Other States, opened for signature at Washington, on 18 March 1965, when each State Party to this agreement would be a member thereof. as long as this requirement is not fulfilled, each Contracting Party consents that the dispute be submitted to arbitration under the ICSID Additional Facility Rules: — The Court of Arbitration submission of the International Chamber disputing investor's written waiver of Commerce in Paris; — The Arbitration Institute its right to initiate or continue any proceedings before the courts or administrative tribunals of either Party, or other dispute settlement procedures, any proceedings with respect to any measure alleged to constitute a breach of Any rights conferred by this Agreement with respect to the investment of the Stockholm Chamber of Commerce. If the arbitration procedure has been introduced on the initiative of a Contracting Party, it shall invite in writing of the investor concerned to express his choice in the arbitration body which shall be seized of the disputedisputing investor. 4. Neither of the Contracting Party, Party to the dispute raise objection shall not, at any stage of the arbitration proceedings or enforcement of an arbitration award, on account of the fact that the investor, opposing party in the dispute has received an indemnity covering the whole or part of its losses by virtue of an insurance policy or to the guarantee provided for in article 9 of this Agreement. 53. The arbitration awards award shall be final and binding on the parties to the dispute. each Contracting Each Party undertakes to execute shall ensure the decisions recognition and enforcement of the award in accordance with its national lawrelevant laws and regulations. 4. Neither Party shall, in respect of a dispute which one of its investors shall have submitted to arbitration in accordance with paragraph 2 of this Article, give diplomatic protection, or bring an international claim before another forum, unless the other party shall have failed to abide by, and comply with, the award in such dispute. Diplomatic protection, for the purposes of this paragraph, shall not include informal diplomatic exchanges for the sole purpose of facilitating a settlement of the dispute.

Settlement of Investment Disputes. (1. ) Any dispute arising from an investment, between a Contracting Party and an investor of one Contracting Party and the other Contracting Party shall be subject to a written notification by the most expeditious party. the notification shall be accompanied by an aide-memoire sufficiently detailed. To the extent shall, as far as possible, the parties will endeavour to resolve the dispute through negotiations, a professional opinion possible use of a third party, or by conciliation between the Contracting Parties through diplomatic channels. 2. In the absence of amicable settlement by direct arrangement be settled amicably between the parties to the dispute. (2) If a dispute by conciliation or through diplomatic channels according to paragraph (1) of this Article cannot be settled within six three months of its notificationa written notification of sufficiently detailed claims, the dispute shall be submitted, at upon the choice request of the investor, either Contracting Party or of the investor of the other Contracting Party be subject to the competent court following procedures:paragraph (1) of the State in which the investment has been made or to international arbitration. To this end, each Contracting Party consents advance irrevocable and that any dispute to arbitration. this consent implies that they shall waive the requirement Article cannot be settled within three months of exhaustion a written notification of administrative or judicial remedies. 3. In the event of recourse to international arbitrationsufficiently detailed claims, the dispute shall be submitted to an arbitral institutions described below, at upon the choice request of the investor: — An ad hoc arbitration tribunal established under the Arbitration Rules Contracting Party or of the United Nations Commission on United Nations Commission on International Trade Law (UNCITRAL); — The investor of the other Contracting Party be subject to the following procedures: a) To conciliation or arbitration by the International Centre for the Settlement of Investment Disputes (ICSIDDisputes, established by the Convention on the Settlement of Investment Disputes between States and Nationals of Other other States, opened for signature at WashingtonWashington on March 18th, on 18 March 1965, when each State Party to this agreement would be a member thereof. as long as this requirement is not fulfilledIn case of arbitration, each Contracting Party, by this Agreement irrevocably consents in advance, even in the absence of an individual arbitral agreement between the Contracting Party consents and the investor, to submit any such disputes to this Centre and to accept the award as binding. This consent implies the renunciation of the requirement that the dispute internal administrative or juridical remedies should be submitted to arbitration under the ICSID Additional Facility Rules: — The Court of Arbitration of the International Chamber of Commerce in Parisexhausted; — The Arbitration Institute of the Stockholm Chamber of Commerce. If the arbitration procedure has been introduced orConvention on the initiative Settlement of a Investment Disputes between States and Nationals of other States, opened for signature at Washington on March 18th, 1965. In case of arbitration, each Contracting Party, by this Agreement irrevocably consents in advance, even in the absence of an individual arbitral agreement between the Contracting Party and the investor, to submit any such disputes to this Centre and to accept the award as binding. This consent implies the renunciation of the requirement that the internal administrative or juridical remedies should be exhausted; or b) To arbitration by three arbitrators in accordance with the UNCITRAL arbitration rules, as amended by the last amendment accepted by both Contracting Parties at the time of the request for initiation of the arbitration procedure. The Contracting Party submits itself to the arbitral tribunal mentioned also in the case that no such agreement for arbitration exists.UNCITRAL arbitration rules, as amended by the last amendment accepted by both Contracting Parties at the time of the request for initiation of the arbitration procedure. The Contracting Party submits itself to the arbitral tribunal mentioned also in the case that no such agreement for arbitration exists. (3) The award shall be final and binding; it shall invite in writing be executed according to national law; each Contracting Party shall ensure the recognition and enforcement of the investor concerned to express his choice arbitral award in the arbitration body which shall be seized of the disputeaccordance with its relevant laws and regulations. (4. Neither of the ) A Contracting Party, Party which is a party to the a dispute raise objection shall not, at any stage of the conciliation or arbitration proceedings or enforcement of an arbitration award, on account of raise the fact objection that the investor, opposing investor who is the other party in to the dispute has received an indemnity covering the whole or part of its losses by virtue of an insurance policy a guarantee indemnity in respect of all or to the guarantee provided for in article 9 some of this Agreementits losses. 5. The arbitration awards shall be final and binding on the parties to the dispute. each Contracting Party undertakes to execute the decisions in accordance with its national law.

Settlement of Investment Disputes. (1. ) Any dispute arising out of an investment, between a Contracting Party and an investor of one Contracting Party and the other Contracting Party shall be subject to a written notification by the most expeditious party. the notification shall be accompanied by an aide-memoire sufficiently detailed. To the extent shall, as far as possible, the parties will endeavour to resolve the dispute through negotiations, a professional opinion possible use of a third party, or by conciliation between the Contracting Parties through diplomatic channels. 2. In the absence of amicable settlement by direct arrangement be settled amicably between the parties to the dispute. (2) If a dispute by conciliation or through diplomatic channels according to paragraph (1) cannot be settled within six three months of its notificationa written notification of sufficiently detailed claims, the dispute shall be submitted, at upon the choice request of the investor, either Contracting Party or of the investor of the other Contracting Party be subject to the competent court following procedures:paragraph (1) cannot be settled within three months of the State in which the investment has been made or to international arbitration. To this end, each Contracting Party consents advance irrevocable and that any dispute to arbitration. this consent implies that they shall waive the requirement a written notification of exhaustion of administrative or judicial remedies. 3. In the event of recourse to international arbitrationsufficiently detailed claims, the dispute shall be submitted to an arbitral institutions described below, at upon the choice request of the investor: — An ad hoc arbitration tribunal established under the Arbitration Rules Contracting Party or of the United Nations Commission on United Nations Commission on International Trade Law investor of the other Contracting Party be subject to the following procedures: (UNCITRAL); — The a) To conciliation or arbitration by the International Centre for the Settlement of Investment Disputes (ICSIDDisputes, established by the Convention on the Settlement of Investment Disputes between States and Nationals of Other other States, opened for signature at Washingtonin Washington on March 18th, on 18 March 1965, when each State Party to this agreement would be a member thereof. as long as this requirement is not fulfilledIn case of arbitration, each Contracting Party, by this Agreement irrevocably consents in advance, even in the absence of an individual arbitral agreement between the Contracting Party consents and the investor, to submit any such disputes to this Centre. This consent implies the renunciation of the requirement that the dispute internal administrative or juridical remedies should be submitted to arbitration under the ICSID Additional Facility Rules: — The Court of Arbitration of the International Chamber of Commerce in Parisexhausted; — The Arbitration Institute of the Stockholm Chamber of Commerce. If the arbitration procedure has been introduced orConvention on the initiative Settlement of a Investment Disputes between States and Nationals of other States, opened for signature in Washington on March 18th, 1965. In case of arbitration, each Contracting Party, it shall invite by this Agreement irrevocably consents in writing advance, even in the absence of an individual arbitral agreement between the Contracting Party and the investor, to submit any such disputes to this Centre. This consent implies the renunciation of the investor concerned to express his choice requirement that the internal administrative or juridical remedies should be exhausted; or (b) To arbitration by three arbitrators in accordance with the UNCITRAL arbitration rules, as amended by the last amendment accepted by both Contracting Parties at the time of the request for initiation of the arbitration body which shall be seized procedure. In case of the dispute. 4. Neither of the arbitration, each Contracting Party, by this Agreement irrevocably consents in advance, even in the absence of an individual arbitral agreement between the Contracting Party and the investor, to submit any such disputes to the arbitral tribunal mentioned.UNCITRAL arbitration rules, as amended by the last amendment accepted by both Contracting Parties at the time of the request for initiation of the arbitration procedure. In case of arbitration, each Contracting Party, by this Agreement irrevocably consents in advance, even in the absence of an individual arbitral agreement between the Contracting Party and the investor, to submit any such disputes to the arbitral tribunal mentioned. (3) The award shall be final and binding; it shall be executed according to national law; each Contracting Party shall ensure the recognition and enforcement of the arbitral award in accordance with its relevant laws and regulations. (4) A Contracting Party which is a party to a dispute raise objection shall not, at any stage of the conciliation or arbitration proceedings or enforcement of an arbitration award, on account of raise the fact objection that the investor, opposing investor who is the other party in to the dispute has received an indemnity covering the whole or part of its losses by virtue of an insurance policy a guarantee indemnity in respect of all or to the guarantee provided for in article 9 some of this Agreementits losses. 5. The arbitration awards shall be final and binding on the parties to the dispute. each Contracting Party undertakes to execute the decisions in accordance with its national law.

Settlement of Investment Disputes. (1. Any dispute ) Disputes or differences between one Contracting State and an investor of one Contracting Party and the other Contracting Party shall be subject to a written notification by State concerning an investment of that investor in the most expeditious party. territory and maritime zones of the notification shall be accompanied by an aide-memoire sufficiently detailed. To the extent former Contracting State shall, if possible, be settled amicably. (2) If such disputes or differences cannot be settled according to the provisions of Paragraph (1) of this Article within a period of six months from the date either party requested amicable settlement and the parties will endeavour have not agreed to resolve any other dispute settlement procedures, the dispute through negotiations, a professional opinion possible use investor concerned may choose one or both of a third party, the following means of resolutions: (a) file complaint with and seek relief from the competent administrative authority or by conciliation between agency of the Contracting Parties through diplomatic channels.State in whose territory or maritime zones the investment was made; 2. In the absence of amicable settlement by direct arrangement between the parties to the dispute by conciliation or through diplomatic channels within six months of its notification, the dispute shall be submitted, at the choice of the investor, either to (b) file suit with the competent court of law of the Contracting State in which whose territory or maritime zones the investment has been made or was made. (3) The dispute relating to the amount of compensation and any other dispute agreed upon by both parties may be submitted to an international arbitrationArbitral Tribunal. To this end, The international Arbitral Tribunal mentioned above shall be especially constituted in the following way: each party to the dispute shall appoint an arbitrator. The two arbitrators shall appoint an arbitrator as Chairman who shall be a national of a third State which shall have diplomatic relations with both Contracting Party consents advance irrevocable States. The arbitrators shall be appointed within two months and that any the Chairman within four months from the date when the concerned party notified the other party of its submission of the dispute to arbitration. this consent implies that they shall waive If the requirement necessary appointments are not made within the period specified in the previous Paragraph, either part may, in the absence of exhaustion of administrative or judicial remedies. 3. In any other agreement, request the event of recourse to international arbitration, the dispute shall be submitted to an arbitral institutions described below, at the choice Chairman of the investor: — An ad hoc arbitration tribunal established under the International Arbitration Rules Institute of the United Nations Commission on United Nations Commission on International Trade Law (UNCITRAL); — Stockholm Chamber of Commerce to make the necessary appointments. The International Centre for the Settlement of Investment Disputes (ICSID, established Arbitral Tribunal shall determine its own arbitral procedures by referring either to the Convention on the Settlement of Investment Disputes between States and Nationals of Other Statesother States done at Washington on March 18, opened for signature at Washington, on 18 March 1965, when each State Party to this agreement would be a member thereof. as long as this requirement is not fulfilled, each Contracting Party consents that 1965 or the dispute be submitted to arbitration under the ICSID Additional Facility Rules: — The Court of Arbitration Rules of the United Nations Commission on International Chamber of Commerce in Paris; — Trade Law (UNCITRAL). The Arbitration Institute of Arbitral Tribunal shall reach its award based upon the Stockholm Chamber of Commerce. If the arbitration procedure has been introduced on the initiative of a Contracting Party, it shall invite in writing of the investor concerned to express his choice in the arbitration body which shall be seized of the dispute. 4. Neither of the Contracting Party, Party to the dispute raise objection shall not, at any stage of the arbitration proceedings or enforcement of an arbitration award, on account of the fact that the investor, opposing party in the dispute has received an indemnity covering the whole or part of its losses by virtue of an insurance policy or to the guarantee provided for in article 9 provisions of this Agreement. 5, the relevant domestic laws, the agreements both Contracting States have concluded and the generally recognized principles of international law. The arbitration awards Arbitral Tribunal shall meet in a third State selected by common accord by the parties concerned or, if the choice has not been made within forty five (45) days of the appointment of the final member of the Tribunal, in Stockholm. The Tribunal shall reach its decision by a majority, of votes. The award shall be final and binding on both parties. When the parties Tribunal renders an award, it shall state its legal basis and, Upon request of either party, shall interpret it. Each party shall bear the costs of the arbitrator it has appointed and of its own expenses during the arbitration proceedings. The expenses of the Chairman of the Tribunal and other costs shall be borne equally by both parties. (4) In addition to the dispute. each foregoing provisions of this Article, disputes between investors of a Contracting Party undertakes to execute State and the decisions investors of the other Contracting State in whose territory or maritime zones the investment was made may be settled by international arbitration in accordance with its national lawthe arbitration clause between the parties. (5) Neither Contracting State shall pursue through diplomatic channels any matter referred to arbitration until the proceedings have terminated and a Contracting State has failed to abide by or to comply with the award rendered by the Arbitral Tribunal.

Settlement of Investment Disputes. (1. Any dispute ) If disputes arise from an investment between a contracting party and an investor of one Contracting Party and the other Contracting Party Parties, the latter shall be consigned as much as possible between the parties. (2) If a disagreement as referred to in paragraph 1 can not be settled within six months from the receipt of a written communication of sufficiently specific claims, the dissension shall be subject to a written notification by the most expeditious party. following procedure at the notification shall be accompanied by an aide-memoire sufficiently detailed. To the extent possible, the parties will endeavour to resolve the dispute through negotiations, a professional opinion possible use request of a third party, or by conciliation between the Contracting Parties through diplomatic channels. 2. In Party or the absence investor of amicable settlement by direct arrangement between the parties to the dispute by conciliation or through diplomatic channels other Contracting Party: Paragraph 1 not within six months from Receipt of its notificationa written communication of sufficiently specific claims, the dispute dissension shall be submitted, subject to the following procedure at the choice request of the investor, either to Contracting Party or the competent court investor of the State in which other Contracting Party: a) A conciliation or arbitration procedure before the investment has been made or to international arbitration. To this end, each Contracting Party consents advance irrevocable and that any dispute to arbitration. this consent implies that they shall waive the requirement of exhaustion of administrative or judicial remedies. 3. In the event of recourse to international arbitration, the dispute shall be submitted to an arbitral institutions described below, at the choice of the investor: — An ad hoc arbitration tribunal established under the Arbitration Rules of the United Nations Commission on United Nations Commission on International Trade Law (UNCITRAL); — The International Centre Center for the Settlement of Investment Disputes (ICSIDDisputes, established by under the Convention on the Settlement of Investment Disputes between States and Nationals of Other StatesStates *, opened for signature at Washington, in Washington on 18 March 1965, when each State Party to this agreement would be a member thereof. as long as this requirement is not fulfilledIn the case of an arbitration procedure, each Contracting Party consents irrevocably agrees in advance to submit such differences of opinion to the said Center, even without an individual agreement between the Contracting Party and the investor. Such consent shall include waiving the requirement that national administrative or judicial procedures have been exhausted; Or *), opened for signature in Washington on March 18, 1965. In the dispute be submitted case of an arbitration procedure, each Contracting Party irrevocably agrees in advance to submit such differences of opinion to the said Center, even without an individual agreement between the Contracting Party and the investor. Such consent shall include waiving the requirement that national administrative or judicial procedures have been exhausted; or b) An arbitration under procedure by three arbitrators in accordance with the ICSID Additional Facility Rules: — The Court of Arbitration UNCITRAL rules, in the version applicable at the time of the International Chamber request after the initiation of Commerce in Paris; — The Arbitration Institute of the Stockholm Chamber of Commerce. If the arbitration procedure has been introduced on after the initiative last amendment adopted by both contracting parties. In the case of a an arbitration procedure, each Contracting PartyParty irrevocably agrees in advance, it even without an individual agreement between the Contracting Party and the investor, to submit such disputes to the said arbitral tribunal. (3) The arbitration award shall invite in writing be final and binding; It shall be enforced under national law, and each Contracting Party shall ensure the recognition and enforcement of the investor concerned to express his choice arbitration in the arbitration body which shall be seized of the disputeaccordance with its relevant legislation. (4. Neither of the ) A Contracting Party, Party which is a party to the dispute raise objection shall not, at any stage of the settlement or arbitration proceedings or the enforcement of an arbitration award, on account of make any objection to the fact that the investor, opposing party in investor forming the dispute other Contracting Party has received an indemnity covering the whole compensation for all or part of its losses by virtue of an insurance policy or to the guarantee provided for in article 9 of this Agreement. 5. The arbitration awards shall be final and binding on the parties to the dispute. each Contracting Party undertakes to execute the decisions in accordance with its national lawbasis of a guarantee.

Settlement of Investment Disputes. between a Contracting Party and Investor of the other Contracting Party 1. Any investment dispute between an and investor of one Contracting Party and the other Contracting Party shall be subject to a written notification notified in writing by the most expeditious partyfirst party to take action. the The notification shall be accompanied by an aide-memoire a sufficiently detailed. To the extent possible, the parties will endeavour to resolve the dispute through negotiations, a professional opinion possible use of a third party, or by conciliation between the Contracting Parties through diplomatic channelsdetailed memorandum. 2. In the absence of an amicable settlement by direct arrangement negotiations between the parties to the dispute by conciliation or through diplomatic channels within six 3 months from the date of its notification, the dispute shall be submitted, at the choice option of the investor, either to the competent court jurisdiction of the State in which where the investment has been made was made, or to international arbitration. To this end, each Contracting Party consents agrees in advance irrevocable and that any dispute irrevocably to arbitrationthe submission of disputes as referred in paragraph 1 of this Article to international arbitration in accordance with the provisions of this Article. this Such consent implies that they shall both parties waive the requirement of exhaustion of right to demand that all domestic administrative or judicial remediesremedies be exhausted prior to such submission. 3. In the event case of recourse to international arbitration, the investment dispute shall be submitted for settlement by arbitration to an arbitral institutions described belowone of the hereinafter mentioned organizations, at the choice option of the investor: — An ad hoc arbitration tribunal established under the Arbitration Rules of the United Nations Commission on United Nations Commission on International Trade Law (UNCITRAL); — • The International Centre Center for the Settlement of Investment Disputes (ICSID, established by ( I.C.S.I.D ) under the Convention convention on the Settlement of Investment Disputes between States and Nationals of Other States, opened for signature at Washington, on 18 March 1965, when each State Party to this agreement would be a member thereof. as long as this requirement is not fulfilled, each Contracting Party consents that the dispute be submitted to arbitration other States or under the ICSID Rules Governing the Additional Facility Rules: — The Court for the Administration of Arbitration Proceedings by the Secretariat of the International Chamber of Commerce in ParisCenter; — The • An ad hoc arbitral tribunal established according to the Arbitration Institute Rules of the Stockholm Chamber of Commerce. If the arbitration procedure has been introduced United Nations Commission on the initiative of a Contracting Party, it shall invite in writing of the investor concerned to express his choice in the arbitration body which shall be seized of the dispute.International Trade Law 4. Neither of the Contracting Party, Party to the dispute raise objection shall not, at At any stage of the arbitration proceedings or enforcement the execution of an arbitration the arbitral award, on account none of the Contracting Parties involved in a dispute shall be entitled to raise as an objection the fact that the investor, investor who is the opposing party in the dispute has received an indemnity compensation totally or partly covering the whole or part of its his losses by virtue of pursuant to an insurance policy or to the guarantee provided for in article 9 Article 8 of this Agreement. 5. The arbitration awards arbitral tribunal shall decide on the basis of the national law, including the rules relating to conflicts of law, of Contracting Party involved in the dispute in whose territory the Investment has been made, as well as on the basis of the provisions of this Agreement, of the terms of the specific Agreement which may have been entered into regarding the Investment, and of the principles of International Law. 6. The arbitral award shall be final and binding on the parties to the dispute. each Each Contracting Party undertakes to shall execute the decisions awards in accordance with its national lawlegislation.

Settlement of Investment Disputes. between a Contracting Party and an Investor of the other Contracting Party 1. Any dispute arising directly from an investment between one Contracting Party and an investor of the other Contracting Party should be settled amicably between the two parties to the dispute. 2. If the dispute concerning an alleged breach of an obligation of one Contracting Party and under this Agreement which causes loss or damage to the investor or its investment of the other Contracting Party shall be subject to a written notification by has not been settled within six (6) months from the most expeditious party. the notification shall be accompanied by an aide-memoire sufficiently detailed. To the extent possible, the parties will endeavour to resolve date on which it was raised in writing the dispute through negotiations, a professional opinion possible use of a third party, or by conciliation between the Contracting Parties through diplomatic channels. 2. In the absence of amicable settlement by direct arrangement between the parties to the dispute by conciliation or through diplomatic channels within six months of its notification, the dispute shall be submittedmay, at the choice of the investor, either to the be submitted to: (a) a competent court or an administrative tribunal of the State Contracting Party in which whose territory the investment has been made or to international arbitration. To is made; or (b) by arbitration in accordance with this end, each Contracting Party consents advance irrevocable and that any dispute to arbitration. this consent implies that they shall waive the requirement of exhaustion of administrative or judicial remedies.Article under: 3. In the event of recourse to international arbitration, the dispute shall be submitted to an arbitral institutions described below, at the choice of the investor: — An ad hoc arbitration tribunal established under the Arbitration Rules of the United Nations Commission on United Nations Commission on International Trade Law (UNCITRAL); — The International Centre for the Settlement of Investment Disputes (ICSID, established by i) the Convention on the Settlement of Investment Disputes between States and Nationals of Other Statesother States (the "ICSID Convention"), opened if the ICSID Convention is available; (ii) the Additional Facility Rules of the Center for signature at WashingtonSettlement of Investment Disputes ("ICSID Additional Facility"), on 18 March 1965, when each State Party to this agreement would be a member thereof. as long as this requirement is not fulfilled, each Contracting Party consents that the dispute be submitted to arbitration under if the ICSID Additional Facility Rules: — The Court of is available; (iii) the Arbitration Rules of the United Nations Commission on International Chamber of Commerce Trade Law ("UNCITRAL") as revised in Paris2010; — The Arbitration Institute of the Stockholm Chamber of Commerce. If the or (iv) any other arbitration procedure has been introduced on the initiative of a Contracting Party, it shall invite in writing of the investor concerned institution or any other arbitration rules if agreed by both parties to express his choice in the arbitration body which shall be seized of the dispute. 3. Each Contracting Party hereby consents to the submission of a dispute to international arbitration in accordance with the procedures set out in this Agreement. The consent and the submission of a claim to arbitration under this Article shall satisfy the requirements of: (a) Chapter II of the ICSID Convention (Jurisdiction of the Center) and the ICSID Additional Facility Rules with regards to the written consent of the parties to the dispute; and (b) Article II of the Convention on the Recognition and Enforcement of Foreign Arbitral Awards (hereinafter referred to as the "New York Convention") for an "agreement in writing. " 4. Neither Once the investor has submitted the dispute to either a court or an administrative tribunal of the disputing Contracting Party, Party to the dispute raise objection shall not, at or any stage of the arbitration proceedings or enforcement of an arbitration award, on account of the fact that the investor, opposing party in the dispute has received an indemnity covering the whole or part of its losses by virtue of an insurance policy or to the guarantee mechanisms provided for in article 9 paragraph 2, the choice of this Agreementthe procedure shall be final. 5. The seeking of interim relief not involving the payment of damages, from judicial or administrative tribunals, by a party to a dispute submitted to arbitration under this Article, for the preservation of its rights and interests pending resolution of the dispute, is not deemed a submission of the dispute for resolution for purposes of a Contracting Party's limitation of consent under paragraph 4 of this Article, and is permissible in arbitration under any of the provisions of paragraph 2(b) of this Article. 6. A dispute may be submitted to arbitration ninety (90) days after the date on which notice of intent to do so was received by the Contracting Party which is party to the dispute, but no later than three (3) years from the date the investor first acquired or should have acquired knowledge of the events which gave rise to the dispute. Notice of intent shall specify: (a) the name and address of the disputing investor and the investment; (b) the provisions of this Agreement alleged to have been breached and any other related provisions; (c) the issues and the factual basis for the claim; and (d) the relief sought, including the approximate amount of any damages claimed. 7. The disputing parties may agree on the legal place of any arbitration under the arbitral rules applicable under paragraph 2(b) of this Article. If the disputing parties fail to reach an agreement, the tribunal shall determine the place in accordance with the applicable arbitral rules, provided that the place shall be in the territory of a State that is a party to the New York Convention. 8. A Contracting Party shall not assert as a defence, counter-claim, right of set-off or for any other reason, that indemnification or other compensation for all or part of the alleged damages has been received or will be received pursuant to an indemnity, guarantee or insurance contract. 9. The arbitral tribunal, in its award, shall set out its findings of law and fact, together with the reasons for its ruling and may, at the request of a party, provide the following forms of relief: (a) a declaration that the Contracting Party has failed to comply with its obligations under this Agreement; (b) pecuniary compensation, which shall include interest from the time the loss or damage was incurred until the payment was made; (c) restitution in kind in appropriate cases, provided that the Contracting Party may pay pecuniary compensation in lieu thereof where restitution is not practicable; and (d) with the agreement of the parties to the dispute, any other form of relief. 10. Arbitration awards shall be final and binding on upon the parties to the dispute. each Each Contracting Party undertakes shall, in its territory, make provision for the effective enforcement of awards made pursuant to execute the decisions this Article and shall carry out without delay any such award issued in accordance with its national lawa proceeding to which it is a party.

Settlement of Investment Disputes. (1. ) Any dispute arising out of an investment between a Contracting Party and an investor of one Contracting Party and the other Contracting Party shall be subject to a written notification by the most expeditious party. the notification shall be accompanied by an aide-memoire sufficiently detailed. To the extent shall, as far as possible, the parties will endeavour to resolve the dispute through negotiations, a professional opinion possible use of a third party, or by conciliation between the Contracting Parties through diplomatic channels. 2. In the absence of amicable settlement by direct arrangement be settled amicably between the parties to the dispute. (2) If a dispute by conciliation or through diplomatic channels according to paragraph 1 cannot be settled within six three months of its notificationa written notification of sufficiently detailed claims, the dispute shall be submitted, at upon the choice request of the investor, either Contracting Party or of the investor of the other Contracting Party be subject to the competent court following procedures:paragraph 1 cannot be settled within three months of the State in which the investment has been made or to international arbitration. To this end, each Contracting Party consents advance irrevocable and that any dispute to arbitration. this consent implies that they shall waive the requirement a written notification of exhaustion of administrative or judicial remedies. 3. In the event of recourse to international arbitrationsufficiently detailed claims, the dispute shall be submitted to an arbitral institutions described below, at upon the choice request of the investor: — An ad hoc arbitration tribunal established under the Arbitration Rules Contracting Party or of the United Nations Commission on United Nations Commission on investor of the other Contracting Party be subject to the following procedures: (a) To conciliation or arbitration by the International Trade Law (UNCITRAL); — The International Centre Center for the Settlement of Investment Disputes (ICSIDDisputes, established by the Convention on the Settlement of Investment Disputes between States and Nationals of Other other States, opened for signature in Washington on March 18th, 1965; orConvention on the Settlement of Investment Disputes between States and Nationals of other States, opened for signature in Washington on March 18th, 1965; or (b) To arbitration by three arbitrators in accordance with the UNCITRAL arbitration rules, as amended by the last amendment accepted by both Contracting Parties at Washingtonthe time of the request for initiation of the arbitration procedure; orUNCITRAL arbitration rules, on 18 March 1965, when each State Party to this agreement would be a member thereofas amended by the last amendment accepted by both Contracting Parties at the time of the request for initiation of the arbitration procedure; or (c) To arbitration under the Cairo Regional Center for International Commercial Arbitration; or (d) The International Arbitral Center of the Austrian Federal Economic Chamber. as long as this requirement is not fulfilledIn case of arbitration, each Contracting Party, by this Agreement irrevocably consents in advance, even in the absence of an individual arbitral agreement between the Contracting Party consents and the investor, to submit any such disputes to one of the above mentioned tribunals. This consent implies the renunciation of the requirement that the dispute internal administrative or juridical remedies should be submitted exhausted. (3) The award shall be final and binding; it shall be executed according to arbitration under national law; each Contracting Party shall ensure the ICSID Additional Facility Rules: — The Court of Arbitration recognition and enforcement of the International Chamber of Commerce arbitral award in Paris; — The Arbitration Institute of the Stockholm Chamber of Commerce. If the arbitration procedure has been introduced on the initiative of a Contracting Party, it shall invite in writing of the investor concerned to express his choice in the arbitration body which shall be seized of the disputeaccordance with its relevant laws and regulations. (4. Neither of the ) A Contracting Party, Party which is a party to the a dispute raise objection shall not, at any stage of the conciliation or arbitration proceedings or enforcement of an arbitration award, on account of raise the fact objection that the investor, opposing investor who is the other party in to the dispute has received an indemnity covering the whole or part of its losses by virtue of an insurance policy a guarantee indemnity in respect of all or to the guarantee provided for in article 9 some of this Agreementits losses. 5. The arbitration awards shall be final and binding on the parties to the dispute. each Contracting Party undertakes to execute the decisions in accordance with its national law.

Settlement of Investment Disputes. (1. ) Any legal dispute between a Contracting Party and an investor of one Contracting Party and the other Contracting Party shall be subject to a written notification by the most expeditious party. the notification shall be accompanied by arising from an aide-memoire sufficiently detailed. To the extent investment shall, as far as possible, the parties will endeavour to resolve the dispute through negotiations, a professional opinion possible use of a third party, or by conciliation between the Contracting Parties through diplomatic channels. 2. In the absence of amicable settlement by direct arrangement be settled amicably between the parties to the dispute. (2) If a dispute by conciliation or through diplomatic channels referred to in paragraph (1) cannot be settled within six three months of its notificationa written notification of sufficiently detailed claims, the dispute shall be submitted, at upon the choice request of the investor, either Contracting Party or of the investor of the other Contracting Party be subject to the competent court of following procedures: (a) To conciliation or arbitration by the State in which the investment has been made or to international arbitration. To this end, each Contracting Party consents advance irrevocable and that any dispute to arbitration. this consent implies that they shall waive the requirement of exhaustion of administrative or judicial remedies. 3. In the event of recourse to international arbitration, the dispute shall be submitted to an arbitral institutions described below, at the choice of the investor: — An ad hoc arbitration tribunal established under the Arbitration Rules of the United Nations Commission on United Nations Commission on International Trade Law (UNCITRAL); — The International Centre for the Settlement of Investment Disputes (ICSIDDisputes, established by the Convention on the Settlement of Investment Disputes between States and Nationals of Other other States, opened for signature at Washington, in Washington on 18 March 18th 1965, when each State Contracting Party has become a party to this agreement would be a member thereofsaid Convention. as As long as this requirement is not fulfilledmet, each Contracting Party consents agrees that the dispute may be submitted to arbitration settled under the ICSID rules governing the Additional Facility Rules: — The Court for the Administration of Arbitration Proceedings by the Secretariat of the International Chamber ICSID. In case of Commerce in Paris; — The Arbitration Institute of the Stockholm Chamber of Commerce. If the arbitration procedure has been introduced on the initiative of a arbitration, each Contracting Party, it shall invite by this Agreement irrevocably consents in writing advance, even in the absence of an individual arbitral agreement between the Contracting Party and the investor, to submit any such disputes to this Centre. This consent implies the renunciation of the investor concerned to express his choice requirement that the internal administrative or juridical remedies should be exhausted;or (b) To arbitration by three arbitrators in accordance with the UNCITRAL arbitration rules, as amended by the last amendment accepted by both Contracting Parties at the time of the request for initiation of the arbitration body which shall be seized procedure. In case of the dispute. 4. Neither of the arbitration, each Contracting Party, by this Agreement irrevocably consents in advance, even in the absence of an individual arbitral agreement between the Contracting Party and the investor, to submit any such disputes to the arbitral tribunal mentioned (3) The award shall be final and binding; it shall be executed according to national law; each Contracting Party shall ensure the recognition and enforcement of the arbitral award in accordance with its relevant laws and regulations. (4) A Contracting Party which is a party to a dispute raise objection shall not, at any stage of the conciliation or arbitration proceedings or enforcement of an arbitration award, on account of raise the fact objection that the investor, opposing investor who is the other party in to the dispute has received an indemnity covering the whole or part of its losses by virtue of an insurance policy a guarantee indemnity in respect of all or to the guarantee provided for in article 9 some of this Agreementits losses. 5. The arbitration awards shall be final and binding on the parties to the dispute. each Contracting Party undertakes to execute the decisions in accordance with its national law.

Settlement of Investment Disputes. Between One Party and Investors of the Other Party 1. Any investment dispute which may arise between one Party and an investor of one Contracting Party and the other Contracting Party with respect to matters regulated by this Chapter, shall be subject to a written notification notified in writing by the most expeditious partyinvestor t o the host Party. the Such notification shall be accompanied by an aide-memoire sufficiently detailedinclude in detail all relevant information. To the extent possible, the parties will endeavour to resolve the dispute through negotiations, a professional opinion possible use of a third party, or by conciliation shall be settled amicably between the Contracting Parties through diplomatic channelsparties. 2. In If a dispute has not been settled amicably within a period of six (6) months from the absence date of amicable settlement by direct arrangement between the parties to the dispute by conciliation or through diplomatic channels within six months of its notificationnotification referred in paragraph 1 above, the dispute shall it may be submitted, at the choice of the investorinvestor concerned, either to the competent court Courts or Administrative Tribunals of the State Party in which whose territory the investment has been made was made, or to international arbitration. To this end, each Contracting Party consents advance irrevocable and that any Where the dispute to arbitration. this consent implies that they shall waive the requirement of exhaustion of administrative or judicial remedies. 3. In the event of recourse to is referred t o international arbitration, the investor may submit the dispute shall be submitted to an arbitral institutions described beloweither: (a) the International Centre for the Settlement of Investment Disputes (ICSID), established by the "Convention on the Settlement of Investment Disputes between States and Nationals of other States" opened for signature at the choice Washington D.C. on 18 March 1965, provided both Parties are signatories of the investor: — An ICSID Convention; or (b) the Additional Facility Rules of ICSID, provided that one of the Parties, but not both, is a party to the ICSID Convention; or (c) an ad hoc arbitration arbitral tribunal established under the Arbitration Rules of the United Nations Commission on United Nations Commission on International Trade Law (UNCITRAL); — The International Centre for , where none of the Settlement Parties is a signatory of Investment Disputes (ICSID, established by the Convention on ICSID Convention. 3. Once the Settlement of Investment Disputes between States and Nationals of Other States, opened for signature at Washington, on 18 March 1965, when each State Party to this agreement would be a member thereof. as long as this requirement is not fulfilled, each Contracting Party consents that investor has submitted the dispute be submitted either to arbitration under the ICSID Additional Facility Rules: — The Court of Arbitration a competent Tribunal of the International Chamber disputing Party or to an arbitral procedure, the selection of Commerce in Paris; — The Arbitration Institute of one or the Stockholm Chamber of Commerce. If the arbitration procedure has been introduced on the initiative of a Contracting Party, it shall invite in writing of the investor concerned to express his choice in the arbitration body which other shall be seized of the disputefinal. 4. Neither The arbitral award shall be based on: (a) the provisions of this Chapter and any other binding agreements between the Parties; (b) the national laws of the Contracting PartyParty where the investment was made, Party to including the dispute raise objection shall not, at any stage rules dealing with conflicts of laws; and (c) the arbitration proceedings or enforcement rules and generally recognized principles of an arbitration award, on account of the fact that the investor, opposing party in the dispute has received an indemnity covering the whole or part of its losses by virtue of an insurance policy or to the guarantee provided for in article 9 of this AgreementInternational Law. 5. The arbitration arbitral awards shall be final and binding on the both parties to the dispute. each Contracting Each Party undertakes assumes the commitment to execute implement the decisions awards in accordance with its national lawlaws. 6. The Parties shall abstain from addressing through diplomatic channels any matter submitted either to the domestic tribunals or to arbitration tribunals according to the terms of this Article, until such proceedings are concluded. Once the judicial proceedings or the international arbitration is concluded, a Party shall not make any diplomatic demand relating to the dispute, except where the disputing Party has not complied with the judicial or arbitral decision.

Settlement of Investment Disputes. 1. Any investment dispute which may arise between an investor of one Contracting Party and the other Contracting Party shall be subject to a written notification by the most expeditious party. the notification shall be notification, accompanied by an aide-memoire sufficiently detailed, by the most expeditious party. To the extent possible, the parties will endeavour to resolve the dispute through negotiations, a professional opinion possible use of a third party, or by conciliation between the Contracting Parties through diplomatic channels. 2. In the absence of amicable settlement by direct arrangement between the parties to the dispute by conciliation or through diplomatic channels within six months of its notification, the dispute shall be submitted, at the choice of the investor, either to the competent court of the State in which the investment has been made or to international arbitration. To this end, each Contracting Party consents advance irrevocable and that any dispute to arbitration. this This consent implies that they shall waive the requirement of exhaustion of administrative or judicial remedies. 3. In the event of recourse to international arbitration, the dispute shall be submitted to an arbitral institutions described below, at the choice of the investor: — An ad hoc arbitration tribunal established under the Arbitration Rules of the United Nations Commission on United Nations Commission on International Trade Law (UNCITRAL); — The International Centre for the Settlement of Investment Disputes (ICSID), established by the Convention on the Settlement of Investment Disputes between States and Nationals of Other States, opened for signature at Washington, in Washington on 18 March 1965, when each State Party to this agreement would be a member thereof. as As long as this requirement is not fulfilled, each Contracting Party consents that the dispute be submitted to arbitration under the ICSID Additional Facility Rules: ; — The Court of Arbitration of the International Chamber of Commerce in Paris; — The Arbitration Institute of the Stockholm Chamber of Commerce. If the arbitration procedure has been introduced on the initiative of a Contracting Party, it shall invite in writing of the investor concerned to express his choice in the arbitration body which shall be seized of the dispute. 4. Neither of the Contracting Party, Party to the dispute raise objection shall not, at any stage of the arbitration proceedings or enforcement of an arbitration award, on account of the fact that the investor, opposing party in the dispute has received an indemnity covering the whole or part of its losses by virtue of an insurance policy or to the guarantee provided for in article 9 6 of this Agreement. 5. The arbitral tribunal shall decide on the basis of the domestic law of the Contracting Party to the dispute Party in whose territory the investment was made, including the rules relating to conflicts of law, as well as on the basis of the provisions of this Agreement, the terms of any specific agreement concluded in relation to investment and the Principles of International Law. 6. The arbitration awards shall be final and binding on the parties to the dispute. each Contracting Party undertakes to execute the decisions in accordance with its national law.

Settlement of Investment Disputes. (1. ) Any dispute arising out of an investment, between a Contracting Party and an investor of one Contracting Party and the other Contracting Party shall be subject to a written notification by the most expeditious party. the notification shall be accompanied by an aide-memoire sufficiently detailed. To the extent shall, as far as possible, the parties will endeavour to resolve the dispute through negotiations, a professional opinion possible use of a third party, or by conciliation between the Contracting Parties through diplomatic channels. 2. In the absence of amicable settlement by direct arrangement be settled amicably between the parties to the dispute. (2) If a dispute by conciliation or through diplomatic channels according to paragraph (1) cannot be settled within six three months of its notificationa written notification of sufficiently detailed claims, the dispute shall be submitted, at upon the choice request of the investor, either to the competent court Contracting Party or of the State in which investor of the investment has been made or to international arbitration. To this end, each other Contracting Party consents advance irrevocable and that any dispute to arbitration. this consent implies that they shall waive the requirement be submitted either:paragraph (1) cannot be settled within three months of exhaustion a written notification of administrative or judicial remedies. 3. In the event of recourse to international arbitrationsufficiently detailed claims, the dispute shall upon the request of the Contracting Party or of the investor of the other Contracting Party be submitted to an arbitral institutions described below, at either: (a) To conciliation or arbitration by the choice of the investor: — An ad hoc arbitration tribunal established under the Arbitration Rules of the United Nations Commission on United Nations Commission on International Trade Law (UNCITRAL); — The International Centre for the Settlement of Investment Disputes (ICSIDDisputes, established by the Convention on the Settlement of Investment Disputes between States and Nationals of Other other States, opened for signature at Washingtonin Washington on March 18th, on 18 March 19651965 (Washington Convention). In case of arbitration, when each State Contracting Party, by this Agreement irrevocably consents in advance, even in the absence of an individual arbitral agreement between the Contracting Party and the investor, to submit any such dispute to this agreement would Center. This consent implies the renunciation of the requirement that the internal administrative or juridical remedies should be a member thereofexhausted; or (b) To arbitration by three arbitrators in accordance with the UNCITRAL arbitration rules, as amended by the last amendment accepted by both Contracting Parties at the time of the request for initiation of the arbitration procedure. as long as this requirement is not fulfilledIn case of arbitration, each Contracting Party by this Agreement irrevocably consents that in advance, even in the absence of an individual arbitral agreement between the Contracting Party and the investor, to submit any such dispute to the arbitral tribunal mentioned. (3) The arbitral decisions shall be submitted final and binding on both parties to arbitration under the ICSID Additional Facility Rules: — The Court of Arbitration of dispute. Each Contracting Party shall execute them in accordance with its laws and in accordance with the International Chamber of Commerce in Paris; — The Arbitration Institute of the Stockholm Chamber of Commerce. If the arbitration procedure has been introduced 1958 United Nations Convention on the initiative Recognition and Enforcement of a Contracting PartyForeign Arbitral Awards (New York Convention), it shall invite in writing of the investor concerned to express his choice in the Washington Convention and UNCITRAL arbitration body which shall be seized of the disputerules. (4. Neither of the ) A Contracting Party, Party which is a party to the a dispute raise objection shall not, at any stage of the conciliation or arbitration proceedings or enforcement of an arbitration award, on account of raise the fact objection that the investor, opposing investor who is the other party in to the dispute has received an indemnity covering the whole or part of its losses by virtue of an insurance policy a guarantee indemnity in respect of all or to the guarantee provided for in article 9 some of this Agreementits losses. 5. The arbitration awards shall be final and binding on the parties to the dispute. each Contracting Party undertakes to execute the decisions in accordance with its national law.

Settlement of Investment Disputes. between a Contracting Party and an Investor of the other Contracting Party 1. Any dispute which may arise between an investor of one Contracting Party and the other Contracting Party regarding compliance by the Contracting Party with any obligation under this Agreement in connection with an investment on its territory shall be subject to negotiations between the parties in dispute. 2. If any dispute between an investor of one Contracting Party and the other Contracting Party shall cannot be subject to thus settled within a written notification by the most expeditious party. the notification shall be accompanied by an aide-memoire sufficiently detailed. To the extent possibleperiod of six months, the parties will endeavour to resolve the dispute through negotiations, a professional opinion possible use of a third party, or by conciliation between the Contracting Parties through diplomatic channels. 2. In the absence of amicable settlement by direct arrangement between and unless the parties to the dispute by conciliation or through diplomatic channels within six months of its notificationagree on another procedure, the dispute investor shall be submitted, at entitled to submit the choice of the investor, either case to the competent court of the State in which the investment has been made or to international arbitration. To this end, each Contracting Party consents advance irrevocable and that any dispute to arbitration. this consent implies that they shall waive the requirement of exhaustion of administrative or judicial remedies. 3. In the event of recourse to international arbitration, the dispute shall be submitted to an arbitral institutions described below, at the choice of the investor: — An ad hoc arbitration tribunal established under the Arbitration Rules of the United Nations Commission on United Nations Commission on International Trade Law (UNCITRAL); — The International Centre for the Settlement of Investment Disputes (ICSID, established by ) having regard to the applicable provisions of the Convention on the Settlement of Investment Disputes between States and Nationals of Other other States, opened for signature at Washington, Washington D.C. on 18 March March, 1965, when each State Party in the event both Contracting Parties shall have become a party to this agreement would be a member thereof. as long as this requirement is not fulfilledConvention, each Contracting Party consents that the dispute be submitted to arbitration under the ICSID Additional Facility Rules: — The Court of Arbitration of the International Chamber of Commerce in Paris; — The Arbitration Institute of the Stockholm Chamber of Commerce. If the arbitration procedure has been introduced on the initiative of a Contracting Partyor, it shall invite in writing of the investor concerned to express his choice in the arbitration body which shall be seized of the dispute. 4. Neither if only one of the Contracting PartyParties is a party to the Convention, Party to the Additional Facility for the Administration of Conciliation, Arbitration and Fact-Finding Proceedings of ICSID (Additional Facility) 3. If for any reason neither ICSID nor the Additional Facility are available and unless the parties to the dispute raise objection shall notagree on another procedure, at any stage the investor may submit the dispute to an arbitrator or international ad hoc arbitral tribunal established under the Arbitration Rules of the arbitration proceedings or enforcement of an arbitration award, United Nations Commission on account of the fact that the investor, opposing party in International Trade Law (UNCITRAL). The parties to the dispute has received an indemnity covering the whole or part of its losses by virtue of an insurance policy or may agree in writing to the guarantee provided for in article 9 of this Agreement. 5modify these rules. The arbitration arbitral awards shall be final and binding on both Parties to the dispute.Arbitration Rules of the United Nations Commission on International Trade Law (UNCITRAL). The parties to the dispute may agree in writing to modify these rules. The arbitral awards shall be final and binding on both Parties to the dispute. 4. each The jurisdiction of the arbitrator or the arbitral tribunal shall be limited to determining whether there has been a breach by the Contracting Party undertakes concerned of any of its obligations under this Agreement, whether such breach of its obligations has caused damage to execute the decisions in accordance with its national lawinvestor concerned, and, if this is the case, the amount of compensation.

Settlement of Investment Disputes. (1. Any dispute ) If disputes arise from an investment between a contracting party and an investor of one Contracting Party and the other Contracting Party Parties, the latter shall be subject to a written notification by the most expeditious party. the notification shall be accompanied by an aide-memoire sufficiently detailed. To the extent possible, the parties will endeavour to resolve the dispute through negotiations, a professional opinion consigned as much as possible use of a third party, or by conciliation between the Contracting Parties through diplomatic channelsparties. (2. In the absence of amicable settlement by direct arrangement between the parties to the dispute by conciliation or through diplomatic channels within six months of its notification, the dispute shall be submitted, at the choice of the investor, either to the competent court of the State in which the investment has been made or to international arbitration. To this end, each Contracting Party consents advance irrevocable and that any dispute to arbitration. this consent implies that they shall waive the requirement of exhaustion of administrative or judicial remedies. 3. ) In the event that both Contracting Parties are members of recourse the Washington Convention of 18 March 1965 (ICSID), the following provisions shall apply: If a disagreement as referred to international arbitrationin paragraph 1 can not be settled within three months from a written communication of sufficiently specific claims, the dispute shall be submitted to an arbitral institutions described below, at the choice of the investor: — An ad hoc arbitration tribunal established under the Arbitration Rules of the United Nations Commission on United Nations Commission on International Trade Law (UNCITRAL); — The International Centre Center for the Settlement of Investment Disputes (ICSIDat the request of the Contracting Party or the investor of the other Contracting Parties to conduct a conciliation or arbitration procedure , established Established by the Convention on the Settlement of Investment Disputes between States and Nationals of Other States, * which was opened for signature at Washingtonin Washington on March 18, on 18 March 1965, when each State Party to this agreement would be a member thereof. as long as this requirement is not fulfilledIn the case of an arbitration procedure, each Contracting Party consents irrevocably agrees in advance, even without an individual agreement between the Contracting Party and the investor, to submit such differences of opinion to the Center and to recognize the arbitration award as binding. Such consent shall include waiving the requirement that national administrative or judicial proceedings have been exhausted. (3) In the event that one of the Contracting Parties is not a member of the Convention referred to in paragraph 2, the following provisions shall apply: the Convention referred to in paragraph 2, the following provisions shall apply: If a disagreement in accordance with paragraph 1 can not be settled within three months from the receipt of a written communication of sufficiently specific claims, the dispute shall be submitted to settled at the request of the Contracting Party or the investor of the other Contracting Parties by an arbitration procedure under the ICSID Additional Facility Rules: — The Court UNCITRAL Arbitration Rules Of the application for the initiation of Arbitration of the International Chamber of Commerce in Paris; — The Arbitration Institute of the Stockholm Chamber of Commerce. If the arbitration procedure has been introduced on for both contracting parties, the initiative last version of a three arbitrators. The Contracting Party, it Party shall invite in writing also submit to the above-mentioned arbitration if no arbitration agreement exists. (4) The arbitration award shall be final and binding; It is enforced under national law; Each Contracting Party shall ensure the recognition and enforcement of the investor concerned to express his choice arbitration award in the arbitration body which shall be seized of the disputeaccordance with its relevant legislation. 4. Neither of the (5) A Contracting Party, Party which is a party to the dispute raise objection shall not, at any stage of the settlement or arbitration proceedings or the enforcement of an arbitration award, on account of make any objection to the fact that the investor, opposing party in investor forming the dispute other Contracting Party has received an indemnity covering the whole compensation for all or part of its losses by virtue of an insurance policy or to the guarantee provided for in article 9 of this Agreement. 5. The arbitration awards shall be final and binding on the parties to the dispute. each Contracting Party undertakes to execute the decisions in accordance with its national lawbasis of a guarantee.

Settlement of Investment Disputes. between a Party and an Investor (1. ) Any investment dispute between a Party and an investor of one Contracting Party and the other Contracting Party Party, concerning the interpretation or application of this Agreement, shall be subject settled through negotiations. (2) If a dispute referred to in sub-article (1) cannot be settled within six (6) months of a written notification by of this dispute, it shall on the most expeditious party. the notification shall be accompanied by an aide-memoire sufficiently detailed. To the extent possible, the parties will endeavour to resolve the dispute through negotiations, a professional opinion possible use of a third party, or by conciliation between the Contracting Parties through diplomatic channels. 2. In the absence of amicable settlement by direct arrangement between the parties to the dispute by conciliation or through diplomatic channels within six months of its notification, the dispute shall be submitted, at the choice request of the investor, either to the investor be settled as follows: (a) by a competent court of the State in which Host Party; or (b) by conciliation; or (c) by arbitration by the investment has been made or to international arbitration. To this end, each Contracting Party consents advance irrevocable and that any dispute to arbitration. this consent implies that they shall waive the requirement of exhaustion of administrative or judicial remedies. 3. In the event of recourse to international arbitration, the dispute shall be submitted to an arbitral institutions described below, at the choice of the investor: — An ad hoc arbitration tribunal established under the Arbitration Rules of the United Nations Commission on United Nations Commission on International Trade Law (UNCITRAL); — The International Centre Center for the Settlement of Investment Disputes (ICSID), established by the Convention on the Settlement of Investment Disputes between States and Nationals of Other States, opened for signature at Washington, D.C. on 18 March 18, 1965, when each State Party provided that both Parties are Parties to this agreement would be a member thereof. as long as this requirement is not fulfilled, each Contracting Party consents that the dispute be submitted to Convention; or (d) by arbitration under the ICSID Additional Facility RulesRules of ICSID: — The Court of Arbitration Provided that only one of the International Chamber of Commerce in Paris; — The Arbitration Institute of the Stockholm Chamber of Commerce. If the arbitration procedure has been introduced on the initiative of Parties is a Contracting Party, it shall invite in writing of the investor concerned to express his choice in the arbitration body which shall be seized of the dispute. 4. Neither of the Contracting Party, Party to the dispute raise objection shall notICSID Convention; or (e) by an ad hoc arbitration tribunal, at any stage which is to be established under the Arbitration Rules of the arbitration proceedings or enforcement of an arbitration awardUnited Nations Commission on International Trade Law (UNCITRAL). Unless otherwise agreed, on account all submissions shall be made and all hearings shall be completed within six (6) months of the fact that date of selection of the investorChairman, opposing party and the arbitral panel shall render its written and reasoned decisions within two (2) months of the date of the final submissions or the date of the closing of the hearings, whichever is later. (3) Each Party hereby gives its unconditional consent to the submission of a dispute to international arbitration in accordance with the provisions of this Article. This consent and the submission by a disputing investor of a claim to arbitration shall satisfy the requirements of - (a) Chapter II of the ICSID Convention or the Additional Facility Rules of ICSID for written consent of the parties; (b) Article II of the United Nations Convention on the Recognition and Enforcement of Foreign Arbitral Awards, 1958 ("The New York Convention"), for an agreement in writing.. (4) Unless otherwise agreed, an investor who has submitted the dispute has received an indemnity covering the whole or part of its losses by virtue of an insurance policy or to national jurisdiction may have recourse to the guarantee provided for arbitral tribunals mentioned in sub-article 9 (3) so long as a judgment has not been delivered on the subject matter of this Agreementthe dispute by a national court. (5. ) The arbitration awards award shall be final and binding on binding. Each Party shall carry out without delay the parties to provisions of any such award and provide in its territory for the dispute. each Contracting Party undertakes to execute the decisions in accordance with its national lawenforcement of such award.

Settlement of Investment Disputes. 1. Any dispute between an investor of one of the Contracting Party Parties and the other Contracting Party which affects the application of this Agreement shall be the subject to of a written notification by the most expeditious party. the notification shall be notification, accompanied by an aide-memoire a sufficiently detaileddetailed memorandum, from the investor. To the extent As far as possible, the parties will shall endeavour to resolve settle the dispute through negotiationsamicably by negotiation, a professional opinion possible use of where necessary seeking expert advice from a third party, or by conciliation between the Contracting Parties through diplomatic channelsconciliation. 2. In the absence of an amicable settlement by direct arrangement between the parties to the dispute by conciliation or through diplomatic channels within six months from the date of its notificationnotification of the dispute, the dispute shall be submitted, at the choice of the investor's option, either to the competent court jurisdiction of the State in which the investment has been was made or to international arbitration. Once made, this choice shall be final. To this end, each Contracting Party consents shall agree in advance irrevocable and that irrevocably to the sub- mission of any dispute to such arbitration. this consent implies that they shall waive the requirement of exhaustion of administrative or judicial remedies. 3. In the event of recourse to international arbitration, the dispute shall be submitted to an arbitral institutions described below, at the choice of the investor: — An ad hoc arbitration tribunal established under the Arbitration Rules of the United Nations Commission on United Nations Commission on International Trade Law (UNCITRAL); — The International Centre for the Settlement of Investment Disputes (ICSID, ) established by the Convention on the Settlement of Investment Disputes between States and Nationals of Other States, opened for signature at Washington, Washington on 18 March 1965. Should recourse to ICSID prove impossible, when each State Party to this agreement would be a member thereof. as long as this requirement is not fulfilled, each Contracting Party consents that the investor may submit the dispute be submitted to an ad hoc arbitral tribunal, set up in accordance with the arbitration under the ICSID Additional Facility Rules: — The Court of Arbitration rules of the United Nations Commission on International Chamber of Commerce in Paris; — The Arbitration Institute of the Stockholm Chamber of Commerce. If the arbitration procedure has been introduced on the initiative of a Contracting Party, it shall invite in writing of the investor concerned to express his choice in the arbitration body which shall be seized of the disputeTrade Law (UNCITRAL). 4. Neither of the Contracting Party, Party that is a party to the a dispute raise objection shall notmay object, at any stage of the arbitration proceedings procedure or enforcement of the execution of an arbitration arbitral award, on account of to the fact that receipt by the investor, opposing investor who is the other party in to the dispute has received an indemnity of compensation covering the whole all or part of its his losses by virtue of under an insurance policy or to under the guarantee provided for in article 9 6 of this Agreement. 5. The arbitration arbitral tribunal! shall base its decision on the national law of the Contracting Party which is a party to the dispute in whose territory the investment is Iocated, including the rules relating to conflict of laws, on the provisions of this Agreement, on the terms of any special agreement dealing with treatment of the investment, and on the principles of international law. 6. The arbitral award shall determine only whether the Contracting Party in question has failed to fulfil an obligation under this Agreement, and whether the investor has suffered losses as a result, and shall set the amount of compensation which Contracting Partly must pay to the investor. 7. Arbitral awards shall be final and binding on the parties to the dispute. each Each Contracting Party undertakes shall undertake to execute the decisions such awards in accordance with its national lawlegislation.

Settlement of Investment Disputes. between the Investor and the Host State (1. Any dispute ) Disputes or differences between one Contracting State and an investor of one Contracting Party and the other Contracting Party shall be subject to a written notification by State concerning an investment of that investor in the most expeditious party. territory of the notification shall be accompanied by an aide-memoire sufficiently detailed. To the extent former Contracting State shall, if possible, be settled amicably. (2) If such disputes or differences cannot be settled according to the provisions of Paragraph (1) of this Article within a period of six months from the date either party requested amicable settlement and the parties will endeavour have not agreed to resolve any other dispute settlement procedures, the dispute through negotiations, a professional opinion possible use investor concerned may choose one or both of a third party, the following meas of resolutions: (a) file complaint with the seek relief from the competent administrative authority or by conciliation between agency of the Contracting Parties through diplomatic channels.State in whose territory the investment was made; 2. In the absence of amicable settlement by direct arrangement between the parties to the dispute by conciliation or through diplomatic channels within six months of its notification, the dispute shall be submitted, at the choice of the investor, either to (b) file suit with the competent court of law of the Contracting State in which whose territory the investment has been made or was made. (3) The dispute relating to the amount of compensation and any other dispute agreed upon by both parties may be submitted to an international arbitrationArbitral tribunal. To this end, each The international Arbitral tribunal mentioned above shall be especially constituted in the following way: Each party to the dispute shall appoint an arbitrator. The two arbitrators shall appoint an arbitrator as Chairman who shall be a national of a third State which shall have diplomatic relations with both Contracting Party consents advance irrevocable States. The arbitrators shall be appointed within two months and that any the Chairman within four months from the date when the concerned party notified the other party of its submission of the dispute to arbitration. this consent implies that they shall waive If the requirement necessary appointments are not made within the period specified in the previous Paragraph, either party may, in the absence of exhaustion of administrative or judicial remedies. 3. In any other agreement, request the event of recourse to international arbitration, the dispute shall be submitted to an arbitral institutions described below, at the choice Chairman of the investor: — An ad hoc arbitration tribunal established under the International Arbitration Rules Institute of the United Nations Commission on United Nations Commission on International Trade Law (UNCITRAL); — Stockholm Chamber of Commerce to make the necessary appointments. The International Centre for the Settlement of Investment Disputes (ICSID, established Arbitral Tribunal shall determine its own arbitral procedures by referring either to the Convention on the Settlement of Investment Disputes between States and Nationals of Other Statesother States done at Washington on March 18, opened for signature at Washington, on 18 March 1965, when each State Party to this agreement would be a member thereof. as long as this requirement is not fulfilled, each Contracting Party consents that 1965 or the dispute be submitted to arbitration under the ICSID Additional Facility Rules: — The Court of Arbitration Rules of the United Nations Commission on International Chamber of Commerce in Paris; — Trade Law (UNCITRAL). The Arbitration Institute of Arbitral Tribunal shall reach its award based upon the Stockholm Chamber of Commerce. If the arbitration procedure has been introduced on the initiative of a Contracting Party, it shall invite in writing of the investor concerned to express his choice in the arbitration body which shall be seized of the dispute. 4. Neither of the Contracting Party, Party to the dispute raise objection shall not, at any stage of the arbitration proceedings or enforcement of an arbitration award, on account of the fact that the investor, opposing party in the dispute has received an indemnity covering the whole or part of its losses by virtue of an insurance policy or to the guarantee provided for in article 9 provisions of this Agreement. 5, the relevant domestic laws, the agreements both Contracting States have concluded and the generally recognized principles of international law. The arbitration awards Arbitral Tribunal shall meet in a third State selected by common accord by the parties concerned or, if the choice has not been made within forty five (45) days of the appointment of the final member of the Tribunal, in Stockholm. The tribunal shall reach its decision by a majority of votes. The award shall be final and binding on both parties. When the parties to tribunal renders an award, it shall state its legal basis and, upon request of either party, shall interpret it. Each party shall bear the disputecosts of the arbitrator it has appointed and of its own expenses during the arbitration proceedings. each The expenses of the Chairman of the Tribunal and other costs shall be borne equally by both parties. (4) In addition of the foregoing provisions of this Article, disputes between investors of a Contracting Party undertakes to execute State and the decisions investors of the other Contracting State in whose territory the investment was made may be settled by international arbitration in accordance with its national lawthe arbitration clause between the parties. (5) Neither Contracting State shall pursue through diplomatic channels any matter referred to arbitration until the proceedings have terminated and a Contracting State has failed to abide by or to comply with the award rendered by the Arbitral Tribunal.

Settlement of Investment Disputes. 1. Any investment dispute which may arise between an investor of one Contracting Party and the other Contracting Party shall be subject to a written notification by the most expeditious party. the notification shall be notification, accompanied by an aide-memoire sufficiently detailedsuffísamment detailed and by the most expeditious party. To the extent possible, the parties will endeavour to resolve the dispute through negotiations, a professional opinion possible use of a third party, or by conciliation between the Contracting Parties through diplomatic channels. 2. In the absence of amicable settlement by direct arrangement between the parties to the dispute by conciliation or through diplomatic channels within six months of its notification, the dispute shall be submitted, at the choice of the investor, either to the competent court of the State in which the was realisé oú investment has been made or to international arbitration. To this end, each Contracting Party consents advance irrevocable and that any dispute to arbitration. this consent implies that they shall waive the requirement of exhaustion of administrative or judicial remedies. 3. In the event of recourse to international arbitration, the dispute shall be submitted to an arbitral institutions described below, at the choice of the investor: — An - In an ad hoc arbitration tribunal established under the Arbitration Rules of the United Nations Commission on United Nations Commission on International Trade Law (UNCITRAL); — - The International Centre for the Settlement of Investment Disputes (ICSID), established by the Convention on the Settlement of Investment Disputes between States and Nationals of Other States, opened for signature at Washington, on 18 March 1965, when each State Party to this agreement would be a member thereof. as long as this requirement is not fulfilled, each Contracting Party consents that the dispute be submitted to arbitration under the ICSID Additional Facility Rules: — ; - The Court of Arbitration of the International Chamber of Commerce in Paris; — - The Arbitration Institute Common Court of Justice and arbitration established by the Stockholm Chamber Treaty for the harmomsation of CommerceBusiness Law in Africa (OHADA). If the arbitration procedure has been introduced on the initiative of a Contracting Party, it shall invite the concerned investor in writing of the investor concerned to express his choice in the arbitration body which shall be seized of the dispute. 4. Neither of the Contracting PartyParties, Party a party to the dispute a dispute, shall raise objection shall notan objection, at any stage of the arbitration proceedings or enforcement of an arbitration award, on account of the fact that the investor, opposing party in the dispute has received an indemnity covering the whole or part of its losses by virtue of an insurance policy or to the guarantee provided for in article particle 9 of this Agreement. 5. The arbitral tribunal shall decide on the basis of the domestic law of the Contracting Party, party to the dispute, in whose territory the investment was made, including the rules relating to conflicts of law, as well as on the basis of the provisions of this Agreement, the terms of any specific agreement concluded in relation to investment and the Principles of International Law 6. The arbitration awards shall be final and binding on the parties to the dispute. each Contracting Party undertakes to execute the decisions in accordance with its national law.

Settlement of Investment Disputes. 1. Any investment dispute between an investor of one Contracting Party and the other Contracting Party shall be subject to a written notification notified in writing by the most expeditious partyfirst party to take action. the The notification shall be accompanied by an aide-memoire a sufficiently detaileddetailed memorandum. To the extent As far as possible, such dispute shall be settled amicably between the parties will endeavour to resolve the dispute through negotiations, a professional opinion possible use of a third party, or otherwise by conciliation between the Contracting Parties through diplomatic channels. 2. In the absence of an amicable settlement by direct arrangement agreement between the parties to the dispute or by conciliation or through diplomatic channels within six months from the receipt of its the notification, the dispute shall be submitted, at the choice of the investor, either to the competent court of the State in which the investment has been made or submitted to international arbitration, any other legal remedy being excluded. To this end, each Contracting Party consents advance irrevocable and that any dispute to type of arbitration. this such consent implies that they shall both Parties waive the requirement of exhaustion of right to demand that all domestic administrative or judicial remediesjudiciary remedies be exhausted. 3. In the event case of recourse to international arbitration, the dispute shall be submitted for settlement by arbitration to an arbitral institutions described belowone of the hereinafter mentioned organizations, at the choice option of the investor: — An ad hoc arbitration tribunal established under the Arbitration Rules of the United Nations Commission on United Nations Commission on International Trade Law (UNCITRAL); — The International Centre for the Settlement of Investment Disputes Dispute s (ICSIDI.C.S.I.D.), established set up by the Convention on of the Settlement of Investment Disputes between States and Nationals of Other other States, opened for signature at WashingtonWashington on March 18, on 18 March 1965, when each State Party party to this agreement would be Agreement has become a member thereofparty to the said Convention. as long as this requirement is not fulfilled, each Contracting Party consents that the dispute be submitted to arbitration under the ICSID Additional Facility Rules: — The Arbitral Court of Arbitration of the International Chamber of Commerce in Paris; — The the Arbitration Institute of the Stockholm Chamber of CommerceCommerce in Stockholm. If the arbitration procedure has been introduced on upon the initiative of a Contracting Party, it this Party shall invite request the investor involved in writing of the investor concerned to express his choice in designate the arbitration body organization to which the dispute shall be seized of the disputereferred. 4. Neither of the Contracting Party, Party to the dispute raise objection shall not, at At any stage of the arbitration proceedings or enforcement of the execution of an arbitration arbitral award, on account none of the Contracting Parties involved in a dispute shall be entitled to raise as an objection the fact that the investor, opposing investor who is the opponent party in the dispute has received an indemnity compensation totally or partly covering the whole or part of its his losses by virtue of pursuant to an insurance policy or to the guarantee provided for in article 9 Article 7 of this Agreement. 5. The arbitration arbitral tribunal shall decide on the basis of: - the national law, including the rules relating to conflicts of law, of the Contracting Party involved in the dispute in whose territory the investment has been made: - the provisions of this Agreement: - the terms of the specific agreement which may have been entered into regarding the investment: - the principles of international law. 6. The arbitral awards shall be final and binding on the parties to the dispute. each Each Contracting Party undertakes to execute the decisions awards in accordance with its national lawlegislation.

Settlement of Investment Disputes. between a Contracting Party and an Investor of the Other Contracting Party 1. Any dispute arising directly from an investment between one Contracting Party and an investor of the other Contracting Party should be settled amicably between the two parties to the dispute. 2. If the dispute concerning an alleged breach of an obligation of one Contracting Party and under this Agreement which causes loss or damage to the investor or its investment of the other Contracting Party shall be subject to a written notification by has not been settled within six (6) months from the most expeditious party. the notification shall be accompanied by an aide-memoire sufficiently detailed. To the extent possible, the parties will endeavour to resolve date on which it was raised in writing the dispute through negotiations, a professional opinion possible use of a third party, or by conciliation between the Contracting Parties through diplomatic channels. 2. In the absence of amicable settlement by direct arrangement between the parties to the dispute by conciliation or through diplomatic channels within six months of its notification, the dispute shall be submittedmay, at the choice of the investor, either to the be submitted to: (a) a competent court or an administrative tribunal of the State Contracting Party in which whose territory the investment has been made or to international arbitration. To is made; or (b) by arbitration in accordance with this end, each Contracting Party consents advance irrevocable and that any dispute to arbitration. this consent implies that they shall waive the requirement of exhaustion of administrative or judicial remedies.Article under: 3. In the event of recourse to international arbitration, the dispute shall be submitted to an arbitral institutions described below, at the choice of the investor: — An ad hoc arbitration tribunal established under the Arbitration Rules of the United Nations Commission on United Nations Commission on International Trade Law (UNCITRAL); — The International Centre for the Settlement of Investment Disputes (ICSID, established by i) the Convention on the Settlement of Investment Disputes between States and Nationals of Other Statesother States (the "ICSID Convention"), opened if the ICSID Convention is available; (ii) the Additional Facility Rules of the Center for signature at WashingtonSettlement of Investment Disputes ("ICSID Additional Facility"), on 18 March 1965, when each State Party to this agreement would be a member thereof. as long as this requirement is not fulfilled, each Contracting Party consents that the dispute be submitted to arbitration under if the ICSID Additional Facility Rules: — The Court of is available; (iii) the Arbitration Rules of the United Nations Commission on International Chamber of Commerce Trade Law ("UNCITRAL") as revised in Paris2010; — The Arbitration Institute of the Stockholm Chamber of Commerce. If the or (iv) any other arbitration procedure has been introduced on the initiative of a Contracting Party, it shall invite in writing of the investor concerned institution or any other arbitration rules if agreed by both parties to express his choice in the arbitration body which shall be seized of the dispute. 3. Each Contracting Party hereby consents to the submission of a dispute to international arbitration in accordance with the procedures set out in this Agreement. The consent and the submission of a claim to arbitration under this Article shall satisfy the requirements of: (a) Chapter II of the ICSID Convention (Jurisdiction of the Center) and the ICSID Additional Facility Rules with regards to the written consent of the parties to the dispute; and (b) Article II of the Convention on the Recognition and Enforcement of Foreign Arbitral Awards (hereinafter referred to as the "New York Convention") for an "agreement in writing.“ 4. Neither Once the investor has submitted the dispute to either a court or an administrative tribunal of the disputing Contracting Party, Party to the dispute raise objection shall not, at or any stage of the arbitration proceedings or enforcement of an arbitration award, on account of the fact that the investor, opposing party in the dispute has received an indemnity covering the whole or part of its losses by virtue of an insurance policy or to the guarantee mechanisms provided for in article 9 paragraph 2, the choice of this Agreementthe procedure shall be final. 5. The seeking of interim relief not involving the payment of damages, from judicial or administrative tribunals, by a party to a dispute submitted to arbitration under this Article, for the preservation of its rights and interests pending resolution of the dispute, is not deemed a submission of the dispute for resolution for purposes of a Contracting Party's limitation of consent under paragraph 4 of this Article, and is permissible in arbitration under any of the provisions of paragraph 2(b) of this Article. 6. A dispute may be submitted to arbitration ninety (90) days after the date on which notice of intent to do so was received by the Contracting Party which is party to the dispute, but no later than three (3) years from the date the investor first acquired or should have acquired knowledge of the events which gave rise to the dispute. Notice of intent shall specify: (a) the name and address of the disputing investor and the investment; (b) the provisions of this Agreement alleged to have been breached and any other related provisions; (c) the issues and the factual basis for the claim; and (d) the relief sought, including the approximate amount of any damages claimed. 7. The disputing parties may agree on the legal place of any arbitration under the arbitral rules applicable under paragraph 2(b) of this Article. If the disputing parties fail to reach an agreement, the tribunal shall determine the place in accordance with the applicable arbitral rules, provided that the place shall be in the territory of a State that is a party to the New York Convention. 8. A Contracting Party shall not assert as a defence, counter-claim, right of set-off or for any other reason, that indemnification or other compensation for all or part of the alleged damages has been received or will be received pursuant to an indemnity, guarantee or insurance contract. 9. The arbitral tribunal, in its award, shall set out its findings of law and fact, together with the reasons for its ruling and may, at the request of a party, provide the following forms of relief: (a) a declaration that the Contracting Party has failed to comply with its obligations under this Agreement; (b) pecuniary compensation, which shall include interest from the time the loss or damage was incurred until the payment was made; (c) restitution in kind in appropriate cases, provided that the Contracting Party may pay pecuniary compensation in lieu thereof where restitution is not practicable; and (d) with the agreement of the parties to the dispute, any other form of relief. 10. Arbitration awards shall be final and binding on upon the parties to the dispute. each Each Contracting Party undertakes shall, in its territory, make provision for the effective enforcement of awards made pursuant to execute the decisions this Article and shall carry out without delay any such award issued in accordance with its national lawa proceeding to which it is a party.

Settlement of Investment Disputes. 1. Any dispute under this Agreement between an investor of one Contracting Party and the other Contracting Party shall be subject in relation to a written notification by an investment of the most expeditious party. the notification shall be accompanied by an aide-memoire sufficiently detailed. To the extent former shall, as far as possible, the parties will endeavour to resolve the dispute be settled amicably through negotiations, a professional opinion possible use of a third party, or by conciliation between the Contracting Parties through diplomatic channels. 2. In the absence of amicable settlement by direct arrangement negotiations between the parties to the dispute. 2. Any such dispute by conciliation or through diplomatic channels which has not been amicably settled within six a period of three months of its notification, from the date on which either party to the dispute shall be requests an amicable settlement through negotiations may be, unless otherwise agreed between the parties to the dispute, submitted: a) for resolution, in accordance with the law of the Contracting Party which has admitted the investment to that Contracting Party’s competent judicial, arbitral or administrative bodies at the choice of the investor, either to the competent court of the State in which the investment has been made or ; b) to international arbitration. To this end, each Contracting Party consents advance irrevocable and that any dispute to arbitration. this consent implies that they shall waive the requirement of exhaustion of administrative or judicial remedies. 3. In the event of recourse to international arbitration, the dispute shall be submitted to an arbitral institutions described below, at the choice of the investor: — An ad hoc arbitration tribunal established conciliation under the Arbitration Conciliation Rules of the United Nations Commission on United Nations Commission on Centre for International Trade Law (UNCITRAL); — The International Centre for , should the Settlement parties agree. 3. Should the parties to the dispute not exercise the options under paragraph (2) a) or b) of Investment Disputes (ICSIDthis Article or should the international conciliation proceedings be terminated other than by signing of the settlement agreement, established the dispute may be referred to Arbitration by the investor as follows: a) if the Contracting Party of the investor and the other Contracting Party are both parties to the Convention on the Settlement of Investment Disputes between States and Nationals of Other other States, opened 1965 (Washington Convention) such a dispute shall be referred to the International Centre for signature at Washington, on 18 March 1965, when each State Party the Settlement of Investment Disputes (ICSID); or b) if both parties to this agreement would be a member thereof. as long as this requirement is not fulfilled, each Contracting Party consents that the dispute be submitted to arbitration so agree, under the ICSID Additional Facility Rules: — for the Administration of Conciliation, Arbitration and Fact-Finding Proceedings; or c) if both parties to the dispute so agree, to any other international arbitral body; or d) to an ad-hoc arbitral tribunal by either party to the dispute in accordance with the Arbitration Rules of the UNCITRAL, 1976, subject to the following modifications: i) The Court appointing authority under Article 7 of Arbitration the Rules shall be the President, the Vice President or next Senior Judge of the International Chamber Court of Commerce Justice, who is not a national of either Contracting Party. The third arbitrator shall not be a national of either Contracting Party. ii) The parties shall appoint their respective arbitrators within two months. iii) The arbitral award shall be made in Paris; — accordance with the provisions of this Agreement and the general principles of International Law. iv) The Arbitration Institute arbitral tribunal shall state the basis of its decision and give reasons upon the Stockholm Chamber request of Commerce. If either party. v) The arbitration shall take place in a State, party to the arbitration procedure has been introduced United Nations Convention on the initiative Recognition and Enforcement of a Contracting PartyForeign Arbitral Awards, it shall invite in writing of the investor concerned to express his choice in the arbitration body which shall be seized of the dispute1958 (New York Convention). 4. Neither In case of arbitration provided for under paragraph (3), the Contracting Party, Party shall not require the exhaustion of domestic administrative or judicial remedies unless proceedings have been initiated thereunder. 5. The arbitral award shall be final and binding on both parties to the dispute. Each Contracting Party shall execute them in accordance with its laws and in accordance with the New York Convention or the Washington Convention. 6. A Contracting Party which is a party to a dispute raise objection shall not, at any stage of the conciliation or arbitration proceedings or enforcement of an arbitration award, on account of raise the fact objection that the investor, opposing investor who is the other party in to the dispute has received an indemnity covering the whole or part of its losses by virtue of an insurance policy a guarantee in respect of all or to the guarantee provided for in article 9 some of this Agreementits losses. 5. The arbitration awards shall be final and binding on the parties to the dispute. each Contracting Party undertakes to execute the decisions in accordance with its national law.

Settlement of Investment Disputes. 1. Any investment dispute between an investor of one Contracting Party and the other Contracting Party shall be subject to a written notification notified in writing by the most expeditious partyfirst party to take action. the The notification shall be accompanied by an aide-memoire a sufficiently detaileddetailed memorandum. To the extent As far as possible, such dispute shall be settled amicably between the parties will endeavour to resolve the dispute through negotiations, a professional opinion possible use of a third party, or otherwise by conciliation between the Contracting Parties through diplomatic channels. 2. In the absence of an amicable settlement by direct arrangement agreement between the parties to the dispute or by conciliation or through diplomatic channels within six months from the receipt of its the notification, the dispute shall be submitted, at the choice of the investor, either to the competent court of the State in which the investment has been made or submitted to international arbitration, any other legal remedy being excluded. To this end, each Contracting Party consents agrees in advance irrevocable and that irrevocably to the settlement of any dispute to by this type of arbitration. this Such consent implies that they shall both Parties waive the requirement of exhaustion of right to demand that all domestic administrative or judicial remediesjudiciary remedies be exhausted. 3. In the event case of recourse to international arbitration, arbitration+ the dispute shall be submitted for settlement by arbitration to an arbitral institutions described belowone of the hereinafter mentioned organizations, at the choice option of the investorinvestor : — An ad hoc arbitration tribunal established under - the Arbitration Rules of the United Nations Commission on United Nations Commission on International Trade Law (UNCITRAL); — The International Centre for the Settlement of Investment Disputes (ICSIDI. C .S. I. D. ) , established set up by the Convention on the Settlement of Investment Disputes between States and Nationals of Other other States, opened for signature at WashingtonWashington on March 18, on 18 March 1965, . when each State Party party to this agreement would be Agreement has become a member thereofparty to the said Convention. as As long as this requirement is not fulfilledmet, each Contracting Party consents agrees that the dispute shall be submitted to arbitration under pursuant to the ICSID Additional Facility Rules: — The provisions of the additional facility of the I.C.S.I.D.; - the Arbitral Court of Arbitration of the International Chamber of Commerce in Paris; — The - the Arbitration Institute of the Stockholm Chamber of CommerceCommerce in Stockholm. If the arbitration procedure has been introduced on upon the initiative of a Contracting Party, it this Party shall invite request the investor involved in writing of the investor concerned to express his choice in designate the arbitration body organization to which the dispute shall be seized of the disputereferred. 4. Neither of the Contracting Party, Party to the dispute raise objection shall not, at At any stage of the arbitration proceedings or enforcement of the execution of an arbitration arbitral award, on account none of the Contracting Parties involved in a dispute shall be entitled to raise as an objection the fact that the investor, opposing investor who is the opponent party in the dispute has received an indemnity compensation totally‘ or partly covering the whole or part of its his losses by virtue of pursuant to an insurance policy or to the guarantee provided for in article 9 Article 7 of this Agreement. 5. The arbitration arbitral tribunal shall decide on the basis of : - the national law, including the rules relating to conflicts of law, of the Contracting Party involved in the dispute in whose territory .the investment has been made ; - the provisions of this Agreement ; - the terms of the specific agreement which may have been entered into regarding the investment ; - the principles of international law. 6. The arbitral awards shall be final and binding on the parties to the dispute. each , Each Contracting Party undertakes to execute the decisions awards in accordance with its national lawlegislation.