1. GRAF & PITKOWITZ RECHTSANWÄLTE GMBH ATTORNEYS AT LAW REVISION / ANNULMENT OF INVESTMENT TREATY AWARDS Dr. Nikolaus Pitkowitz M.B.L.-HSG Vienna June 21, 2006 CIS Local Counsel Forum Baku

2. GRAF & PITKOWITZ RECHTSANWÄLTE GMBH ATTORNEYS AT LAW Disputes under Bilateral Investment Treaties (BITs) Treaty Disputes Contract Disputes Breach of BIT Jurisdiction under BIT Guarantee Clause

3. GRAF & PITKOWITZ RECHTSANWÄLTE GMBH ATTORNEYS AT LAW Dispute Settlement Mechanisms ICSID Ad hoc Arbitration Institutional Arbitration State Courts

4. GRAF & PITKOWITZ RECHTSANWÄLTE GMBH ATTORNEYS AT LAW Selected BITs Azerbaijan – Austrian Competent State Courts Any applicable previously agreed dispute settlement procedure ICSID UNCITRAL ICC

5. GRAF & PITKOWITZ RECHTSANWÄLTE GMBH ATTORNEYS AT LAW Selected BITs Austria and State Courts Agreed Procedure ICSIDSCCUNCITRALICC Azerbaijan xxxxx Armenia xxxxx Belarus xx Georgia xxxxx Moldavia xx Russian Federation xx Ukraine xx

6. GRAF & PITKOWITZ RECHTSANWÄLTE GMBH ATTORNEYS AT LAW Revision of ICSID Awards Discovery of new facts of such a nature as decisively to affect the award Application within 90 days Decision (if possible) by the same tribunal

7. GRAF & PITKOWITZ RECHTSANWÄLTE GMBH ATTORNEYS AT LAW Revision of (Austrian) Arbitration Awards Award has been caused by certain criminal acts including, document forgery and false testimony Application within 4 weeks Decision by state court

8. GRAF & PITKOWITZ RECHTSANWÄLTE GMBH ATTORNEYS AT LAW Annulment of ICSID Awards Improper constitution of the Tribunal (Manifestly) excess of powers by the Tribunal Corruption on the part of a member of the Tribunal Serious departure from a fundamental rule of procedure Award failes to state reasons

9. GRAF & PITKOWITZ RECHTSANWÄLTE GMBH ATTORNEYS AT LAW Annulment of (Austrian) Arbitral Awards Lack of a valid arbitration agreement Improper composition of the arbitral tribunal Excess of jurisdiction Violation of due process or fair trial Violations of (procedural) public policy

10. GRAF & PITKOWITZ RECHTSANWÄLTE GMBH ATTORNEYS AT LAW Annulment of (Austrian) Arbitral Awards continued Unlawful denial of jurisdiction Incapacity of a party to enter into an arbitration agreement Violations of (substantive) public policy Lack of objective arbitrability

11. GRAF & PITKOWITZ RECHTSANWÄLTE GMBH ATTORNEYS AT LAW Procedural Aspects ICSID Award(Austrian) Arbitral Awards Annulment application within 120 days3 Month Decision by New Arbitral TribunalState Court

12. GRAF & PITKOWITZ RECHTSANWÄLTE GMBH ATTORNEYS AT LAW THANK YOU FOR YOUR ATTENTION!