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particular dispute. Each Party shall abide by and comply with the
terms of the decision or award without delay.

(vi) Expenses incurred by the arbitrators and the president,
and other costs of the proceedings, shall be paid for equally by the
Parties. In its decision or award, the tribunal may, in its discretion,
reallocate expenses and costs between the Parties, including directing
that a higher proportion of the costs be paid by one of the Parties.

ARTICLE 5

(a) This Agreement shall enter into force on the date on which the
Government of the Republic of Iraq notifies the Government of the United
States of America that all legal requirements for entry into force of this
Agreement have been fulfilled.

(b) _ Any matter relating to Investment Support provided prior to the
entry into force of this Agreement shall be resolved under the terms of this

Agreement.

(c) This Agreement shall continue in force until six months from
the date of a receipt of a note by which one Party informs the other of its
intent to terminate this Agreement. In such event, the provisions of this
Agreement shall, with respect to Investment Support provided prior to or
while this Agreement was in force, remain in force so long as such
Investment Support remains outstanding, but in no case longer than twenty
years after the termination of this Agreement.

IN WITNESS WHEREOF, the undersigned, duly authorized by their
respective Governments, have signed this Agreement.

DONE at Amman, in duplicate, this 1* day of _J-! 2005, in the
English and Arabic languages, each text being equally authentic.

FOR THE GOVERNMENT OF FOR THE GOVERNMENT OF
THE UNITED STATES OF THE REPUBLIC OF IRAQ:
AMERICA:

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INVESTMENT INCENTIVE AGREEMENT
BETWEEN
THE GOVERNMENT OF THE UNITED STATES OF AMERICA
AND

THE GOVERNMENT OF THE REPUBLIC OF IRAQ

THE GOVERNMENT OF THE UNITED STATES OF AMERICA and THE
GOVERNMENT OF THE REPUBLIC OF IRAQ (the “Parties”);

AFFIRMING their common desire to encourage economic activities in
the Republic of Iraq that promote the development of the economic
resources and productive capacities of the Republic of Iraq;

ACKNOWLEDGING that diverse forms of assistance and support are
important to the economic revitalization of the Republic of Traq; and

RECOGNIZING that the Overseas Private Investment Corporation
(“OPIC”), a development institution and an agency of the United States of
America, can be instrumental in achieving these objectives through its
provision of investment insurance, coinsurance and reinsurance, debt and
equity investments and investment guaranties;

HAVE AGREED as follows:
ARTICLE 1

As used in this Agreement, the following terms have the meanings
herein provided. The term “Issuer” refers to OPIC and any successor
agency of the United States of America, and any agent of either. The term
“Investment Support” refers to any debt or equity investment, any
investment guaranty and any investment insurance, reinsurance or
coinsurance which is provided by the Issuer (or, in the case of coinsurance,
is provided by the Issuer and commercial insurance companies
(“Coinsurers”) under coinsurance arrangements under which the Issuer acts
both for itself and for such Coinsurers) in connection with a project in the
territory of the Republic of Iraq. The term “Taxes” means all present and
future taxes, levies, imposts, stamps, duties and charges, whether direct or
indirect, imposed in the Republic of Iraq and all liabilities with Tespect
thereto.

ARTICLE 2

The Parties confirm their understanding that the Issuer’s activities are
governmental in nature and therefore:



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(a) The Issuer shall not be subject to regulation under the laws of
the Republic of Iraq applicable to insurance or financial organizations, but,
in the provision of Investment Support, shall be afforded all rights and have
access to all remedies of any such entity, whether domestic, foreign or
multilateral.

(b) The Issuer, all operations and activities undertaken by the
Issuer in connection with any Investment Support, and all payments,
whether of interest, principal, fees, dividends, premiums or the proceeds
from the liquidation of assets or of any other nature, that are made, received
or guaranteed by the Issuer in connection with any Investment Support shall
be exempt from Taxes, whether imposed directly on the Issuer or payable in
the first instance by others. Neither projects receiving Investment Support
nor investors in such projects shall be exempt from Taxes by operation of
this Article, provided, however, that any Investment Support shall be
accorded tax treatment no less favorable than that accorded to the
investment support of any other national or multilateral development
institution which operates in the Republic of Iraq. The Issuer shall not be
subject to Taxes in connection with any transfer, succession or other
acquisition which occurs pursuant to paragraph (c) of this Article or Article
3(a) hereof, but obligations for Taxes previously accrued and unpaid with
Tespect to interests received by the Issuer shall not be extinguished as a
result of such transfer, succession or other acquisition.

(c) If the Issuer, alone or with a Coinsurer, makes a payment to any
person or entity, or exercises its rights as a creditor or subrogee, in
connection with any Investment Support, the Republic of Iraq shall
recognize the transfer to, or acquisition by, the Issuer and any Coinsurer of
any cash, accounts, credits, instruments or other assets in connection with
such payment or the exercise of such rights, as well as the succession of the
Issuer and any Coinsurer to any right, title, claim, privilege or cause of
action existing, or which may arise, in connection therewith.

(d) With respect to any interests transferred to the Issuer or a
Coinsurer or any interests to which the Issuer or a Coinsurer succeeds under
this Article, in its own right or otherwise, the Issuer shall assert no greater
rights than those of the person or entity from whom such interests were
received, provided that nothing in this Agreement shall limit the right of the
United States to assert a claim under international law in its sovereign
capacity, as distinct from any rights it may have as the Issuer pursuant to
paragraph (c) of this Article. No Coinsurer shall be entitled to the benefits
of this Agreement unless it is acting through, or its interests have been
assigned to, the Issuer.

ARTICLE 3

(a) Amounts in the currency of the Republic of Iraq, including
cash, accounts, credits, instruments or otherwise, acquired by the Issuer (or
by the Issuer and any Coinsurer) upon making a payment, or upon the
exercise of its rights as a creditor, in connection with any Investment
Support for a project in the Republic of Iraq, shall be accorded treatment in



conversion than the treatment to which such funds would have been entitled
in the hands of the person or entity from which such amounts were acquired.

(b) Such currency and credits may be transferred to any person or
entity and upon such transfer shall be freely available for use by such person
or entity in the territory of the Republic of Iraq in accordance with its laws.

ARTICLE 4

(a) Any dispute between the Parties regarding the interpretation or
application of this Agreement or regarding a claim, in connection with any

upon 90 days notice and without any requirement to exhaust other remedies,
submit the dispute to arbitration for a binding decision or award bya
tribunal in accordance with Paragraph (b) of this Article.

(b) The tribunal referred to in paragraph (a) of this Article shall be
established and shall function as follows:

submitted to arbitration. If the appointments are not made within the
foregoing time limits, either Party may, in the absence of, any other
agreement, request the Secretary-General of the International Centre
for the Settlement of Investment Disputes to make the necessary
appointment or appointments,

(ii) __ In the absence of an agreement by the Parties to the
contrary, the UNCITRAL Arbitration Rules shall govern the
arbitration, except as modified by the Parties or this Agreement.

(iii) The tribunal shal! decide the issues in dispute in
accordance with this Agreement, applicable rules of international law
and, as necessary, relevant rules of applicable municipal law.

(iv) The decision or award of the tribunal shall be made by at
least two of its members, be in writing, and state the reasons on which
it is based.

(v) The decision or award made by the tribunal Shall have no
binding force except between the Parties and in Tespect of the

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