1. WWW.MISHCON.COM © MISHCON DE REYA 2014 HOW AFRICA HAS FARED IN INVESTMENT DISPUTES. A REALITY CHECK. By Karel Daele “Striking the Legitimate Balance between Host-State Sovereignty and Investor Needs: Perspectives from and regarding Africa” Panel “Enhancing Business Opportunities in Africa: The Role, Reality and Future of Africa-Related Arbitration”, Atlanta International Arbitration Society Conference 2-3 NOVEMBER 2014 - ATLANTA

2. WWW.MISHCON.COM © MISHCON DE REYA 2014 Forty-five Contracting States (83.5%) Three States signed but did not ratify the ICSID Convention (5.5%): Ethiopia, Guinea-Bissau and Namibia Six non-Contracting States (11%): Angola, Djibouti, Eritrea, Equatorial Guinea, Libya and South Africa 1. CONTRACTING STATES ICSID - Atlanta 2-3 NOVEMBER 2014 - ATLANTA

3. WWW.MISHCON.COM © MISHCON DE REYA 2014 2. MAP ICSID MEMBERSHIP

4. WWW.MISHCON.COM © MISHCON DE REYA 2014 While Africa accounts for 28% of ICSID’s membership, it accounts for 23% of its disputes: 113 disputes on a total of 487 70% of the Contracting States (32) have been respondent to one or more ICSID cases 30% of the Contracting States (13) have not been respondent: Benin, Botswana, Cape Verde, Chad, Comoros, Lesotho, Malawi, Mauritius, Sao Tome & Principe, Sierra Leone, Somalia, Swaziland and Zambia South Africa and Equatorial Guinea (non-Contracting States) have been respondent to ICSID Additional Facility proceedings 3. ICSID RESPONDENTS 2-3 NOVEMBER 2014 - ATLANTA

5. WWW.MISHCON.COM © MISHCON DE REYA 2014 4. MAP ICSID RESPONDENTS

6. WWW.MISHCON.COM © MISHCON DE REYA 2014 Forty-one pending cases of which thirty-nine arbitrations and two conciliations Seventy-six concluded cases of which seventy arbitrations and six conciliations Of the seventy concluded arbitrations: 5. OUTCOME OF ICSID CASES 2-3 NOVEMBER 2014 - ATLANTA 33% 26% 12% 3%

7. WWW.MISHCON.COM © MISHCON DE REYA 2014 More investor claims are settled than upheld or dismissed The number of claims upheld equals the number of claims rejected Worldwide results (UNCTAD 2014 Report): 43% dismissed, 31% upheld, 26% settled Only 25% of the claims against African States have been upheld; 72% of the claims are either rejected, settled or discontinued 6. OUTCOME OF ICSID CASES 2-3 NOVEMBER 2014 - ATLANTA

8. WWW.MISHCON.COM © MISHCON DE REYA 2014 Twelve States (26%) have been found liable:  Once (8): Burundi, Gabon, Guinea, Liberia, Senegal, Seychelles, Togo and Zimbabwe  Twice (3): Central African Republic, Congo Republic and Tanzania  On three occasions (1): Egypt Sixteen States (34%) have been respondent but not found liable (either because the claims were settled, rejected or discontinued): Algeria, Burkina Faso, Cameroon, DRC, Gambia, Ghana, Ivory Coast, Kenya, Madagascar, Mali, Morocco, Niger, Nigeria, Rwanda, South Africa and Tunisia; 7. LIABILITY 2-3 NOVEMBER 2014 - ATLANTA

9. WWW.MISHCON.COM © MISHCON DE REYA 2014 2-3 NOVEMBER 2014 - ATLANTA 7. LIABILITY

10. WWW.MISHCON.COM © MISHCON DE REYA 2014 Twenty-three States are involved in pending disputes and are potentially liable 8. POTENTIAL LIABILITY 2-3 NOVEMBER 2014 - ATLANTA

11. WWW.MISHCON.COM © MISHCON DE REYA 2014 8. POTENTIAL LIABILITY

12. WWW.MISHCON.COM © MISHCON DE REYA 2014 Damages exceeding 100 million (1): Chemin de Fer v Gabon (160) Damages 50 to 100 million (2): Waguih v Egypt (74.5); Siag v Egypt (settled; 74) Damages 10 to 50 million (4): Togo Electr v Togo (39); Southern Pacific v Egypt (settled; 22.5); Wena Hotel v Egypt (19.5); AGIP v Rep. Congo (12) Damages 5 to 10 million (5): American Manufacturing v Egypt (9); Funnekotter v Zimbabwe (8); Liberian Timber v Liberia (8); CDC v Seychelles (6.7) ; AHS Niger v Niger (5.8) Damages 1 to 5 million (3): Middle East Cement v Egypt (3.9); Lahoud v DRC (1.7); Goetz v Burundi I (1.2); Damages 0 to 1 million (5) : SOABI v Senegal (0.6); Atlantic Triton v Guinea (0.3); Benvenuti v Rep Congo (0.1); RSM v CAR (0.02); Biwater v Tanzania (0) 9. DAMAGES AWARDED (USD) 2-3 NOVEMBER 2014 - ATLANTA

13. WWW.MISHCON.COM © MISHCON DE REYA 2014 9. DAMAGES AWARDED (USD) 2-3 NOVEMBER 2014 - ATLANTA

14. WWW.MISHCON.COM © MISHCON DE REYA 2014 Over 75% of the claim awarded (2): CDC v Seychelles (100%); Togo Electr v Togo (95%) Over 50% of the claim awarded (1): Funnekotter v Zimbabwe (70%) Over 25% of the claim awarded (5): American Manufacturing v Egypt (42%); Atlantic Triton v Guinea (35%); Waguih v Egypt (34%); Siag v Egypt (settled; 34%); Wena Hotel v Egypt (30%) Less than 25% of the claim awarded (7): Southern Pacific v Egypt (settled; 18%); Middle East Cement v Egypt (8%); Lahoud v DRC (8%); Goetz v Burundi I (5%); SOABI v Senegal (14%); RSM v CAR (0.0002%); Biwater v Tanzania (0%) 10. RATE OF SUCCESS (USD) 2-3 NOVEMBER 2014 - ATLANTA

15. WWW.MISHCON.COM © MISHCON DE REYA 2014 10. RATE OF SUCCESS (USD) 2-3 NOVEMBER 2014 - ATLANTA

16. WWW.MISHCON.COM © MISHCON DE REYA 2014 Karel Daele Partner International Arbitration Tel: +44 20 7440 7060 Fax: +44 20 7831 3487 E-mail: karel.daele@mishcon.com Mishcon de Reya Summit House 12 Red Lion Square London WC1R 4QD 11. THANK YOU 2-3 NOVEMBER 2014 - ATLANTA