PROCEDURAL HISTORY

1. On July 9, 2004, the International Centre for Settlement of Investment Disputes (“ICSID” or the “Centre”) received a request from Vannessa Ventures Ltd. (the “Claimant” or “Vannessa”) for arbitration against the Bolivarian Republic of Venezuela (the “Respondent” or “Venezuela”) (jointly, the “Parties”) under the Rules Governing the Additional Facility for the Administration of Proceedings by the Secretariat of the International Centre for Settlement of Investment Disputes (Additional Facility Rules) in effect as of January 1, 2003 (the “Additional Facility Rules”). The proceeding was brought under the Agreement Between the Government of Canada and the Government of the Republic of Venezuela for the Promotion and Protection of Investments dated July 1, 1996 (the “Canada-Venezuela BIT” or the “BIT” or the “Treaty”), which entered into force on January 28, 1998.

2. By letters dated August 23, 2004, and September 15, 2004, Claimant supplemented its Request for Arbitration.

3. On October 28, 2004, the Secretary-General of ICSID approved Claimant’s access to the Additional Facility in accordance with Article 4 of the Additional Facility Rules. On the same day, the Secretary-General registered the Request for Arbitration in accordance with Article 4 of Schedule C to the Additional Facility Rules—the Arbitration (Additional Facility) Rules (the “Arbitration Rules”)—and pursuant to Article 5 of the Arbitration Rules invited the Parties to constitute an arbitral tribunal.

4. No agreement was reached between the Parties on the constitution of the tribunal. Accordingly, Claimant invoked Article 6(1) of the Arbitration Rules according to which the tribunal would be composed of three arbitrators—one appointed by each party, and the third, the presiding arbitrator, appointed by agreement of the Parties.