On May 12, 2003, Telefónica S.A. (hereinafter “Telefónica” or “the Claimant”) filed with the International Centre for Settlement of Investment Disputes (ICSID) a “Request for Arbitration” against the Argentine Republic (hereinafter “Argentina” or “the Respondent”) pursuant to the ICSID Convention and the Treaty between the Kingdom of Spain and the Argentine Republic concerning the Reciprocal Encouragement and Protection of Investment (hereinafter “BIT”) of October 3, 1991.