I. PROCEDURE

1. On May 28, 2010, OPIC Karimun Corporation ("OPIC" or "Claimant"), a company incorporated pursuant to the laws of the Republic of Panama, filed with the International Centre for Settlement of Investment Disputes ("ICSID" or "Centre") a Request for Arbitration ("Request") under the Convention on the Settlement of Investment Disputes between States and Nationals of Other States ("ICSID Convention") against the Bolivarian Republic of Venezuela ("Respondent" or "Venezuela"). On 16 June, 2010, the Secretmy General ofthe Centre registered the Request.

2. The Claimant is represented in this proceeding by the law finns of McDermott Will & Emery LLP and K&L Gates LLP. The Respondent is represented in this proceeding by the law firm of Curtis, Mallet-Prevost, Colt & MosIe LLP.

3. No agreement having been reached between the Pmiies on the method of constituting the Tribunal, and more than 60 days having elapsed since the registration of the Request, by letter of 17 August, 2010, the Claimant invoked Article 37(2)(b) of the ICSID Convention.

4. By the same letter, the Claimant appointed Professor Dr. Guido Santiago Tawil, a national of Argentina, as arbitrator.