Statutes of the Court

ARTICLE 1º

The Court of Arbitration of Madrid (the Court) is constituted as a service of the Official Chamber of Commerce, Industry and Services of Madrid (the Chamber) which is entrusted with the administration of domestic and international arbitrations, both in law and in equity, which are submitted to it. The Court has the function of ensuring the application of its Arbitration Rules (the Rules), without prejudice to the provisions of Article 3, and has all the necessary powers for this purpose.

ARTICLE 2º

The Court shall be responsible for the following functions: a) The administration of the arbitrations submitted to the Court, providing advice and assistance in the development of the arbitration proceedings and maintaining, for such purpose, the appropriate organization. b) Preparation, review, approval, modification and revocation of internal regulations governing any aspect of the activity and operation of the Court within the framework of the provisions of these Bylaws, which function shall be exercised by the Plenary of the Court. c) The appointment, in accordance with the provisions of these Statutes and the Rules, of the arbitrator or arbitrators to intervene in each arbitration submitted to the Court, in the absence of agreement of the parties. d) Intervention as appointing authority in arbitration proceedings not subject to the Rules. e) The preparation of such reports and opinions as may be requested on problems arising from the practice of commercial and investment arbitration, both domestic and international. f) The study of domestic and international commercial and investment arbitration rights and the submission to the Public Authorities of such proposals as it may deem appropriate in this area. g) The relationship with other national or international organizations specialized in the field, as well as the execution of collaboration agreements within the framework of their respective competencies. h) To act as the Spanish National Section of the Inter-American Commercial Arbitration Commission, by virtue of the Agreement signed on May 2, 1986 with the aforementioned Commission. i) Manage a Registry of the Awards issued within the Court. j) In general, any other activity related to commercial or investment arbitration, both domestic and international.

ARTICLE 3º

The Court shall administer the arbitration in accordance with the provisions of its Rules, unless the parties expressly state otherwise, which shall require the express approval of the Court. In the administration of the arbitration proceedings the Court shall act with complete independence from the other organs of the Chamber.

ARTICLE 4º

1. The Court shall draw up a model model arbitration agreement (the Model Agreement), without prejudice to any that may be voluntarily adopted by the parties. 2. When, through the use of this or any other Model Convention, the parties provide that the arbitration shall be conducted within the framework of the Court, the Rules shall apply, unless the provisions of Article 3 apply.

ARTICLE 5º

1. The Plenary of the Court (the Plenary) shall have a maximum of 13 members. The President and Secretary General of the Court, who shall act as Chairman and Secretary of the Plenary, and the President and Managing Director of the Official Chamber of Commerce, Industry and Services of Madrid shall be ex officio members. The rest of the members shall be appointed by the Plenary of the Chamber for renewable periods of four years from among personalities from the business and legal world, ensuring in all cases that the representatives of the business world together with the ex officio members of the Plenary are in the majority. Representatives from the legal world shall be appointed on the basis of their prestige, knowledge and experience in commercial arbitration. As long as the renewal does not take place, the members appointed by the Plenary of the Chamber shall continue in office. 2. The President of the Court shall be appointed by the Plenary of the Chamber for a term of four years, and may be re-elected. 3. The office of Secretary General of the Court shall be held by the Chief Counsel of the Court, if any, and in his absence, by the person appointed by the Plenary of the Court upon proposal of the President of the Court.

ARTICLE 6º

1. The Court may function in Plenary or in Commissions for the study or execution of agreements in certain matters. These Committees may be of a permanent or temporary nature. 2. The Plenary of the Court may set up one or more Advisory Committees made up of persons of recognized trajectory, honorability and experience that the Plenary of the Court deems appropriate. 3. Likewise, Sections may be created for specific sectors of activity, determining in each case their composition and operation. 4. The Court shall have the material and human resources necessary to ensure its proper functioning. In particular, it may have a Chief Counsel and one or more Court Counsel to promote the administration of arbitration proceedings and contribute to the development of the Court’s own projects.

ARTICLE 7º

The Plenary of the Court shall meet at least twice a year, and whenever convened by its President at least five days in advance, except in cases of exceptional and justified urgency, in which case the meeting may be convened 24 hours in advance. The Committees shall meet as often as deemed appropriate, and provided that they are convened by their Chairman at least three days in advance.

ARTICLE 8º

The resolutions adopted by the Plenary of the Court or any of its Commissions shall be by majority vote, the President having the casting vote in the event of a tie. The resolutions of the Plenary of the Court or of any of its Committees shall be valid regardless of the number of attendees, provided that the meeting has been duly convened in advance.

ARTICLE 9º

When any of the members of the Court has a direct interest in the dispute submitted to arbitration, he/she shall be incompatible to participate in any decisions affecting such dispute.

ARTICLE 10º

The debates and resolutions adopted within the Court shall be secret, unless expressly waived in writing by its President.

ARTICLE 11º

1. The number of arbitrators, their appointment, confirmation, challenge and replacement shall be governed by the provisions of the Rules of the Court. 2. The appointment of arbitrators shall be made by the Court through the Commission for the Appointment of Arbitrators (the Appointment Commission), whose members shall be appointed by the Plenary of the Court, the Chairman being the President of the Court. 3. The identity of the members of the Nominating Committee shall be made public at all times. 4. During the term of office, none of the members of the Plenary, of the Secretariat of the Court or of the Appointment Committee may be appointed as arbitrator by the Appointment Committee, unless the parties expressly agree beforehand, or unless the Committee itself, in view of the circumstances of the case, considers it appropriate, in which case the parties shall be notified so that, within a period of three days, they may, if they so consider, object to the appointment, which, if they do so, shall be binding on the Court. The same shall apply when the Court acts as Appointing Authority. 5. In all other respects, the operation of the Nominating Committee shall be governed by the provisions of Article 8 of these Bylaws.

ARTICLE 12º

The Plenary of the Court shall publish, as an Annex to the Rules, the scale of arbitrators’ fees, the fees for admission and administration of the Court and, where appropriate, the share of arbitrators’ fees payable by the Court and any other matter relating to the costs of arbitration, and shall review them periodically whenever it deems it necessary.

ARTICLE 13º

The repeal or any modification of these Bylaws must be approved by the Plenary of the Official Chamber of Commerce, Industry and Services of Madrid, by simple majority.

SOLE ADDITIONAL PROVISION

These Bylaws shall enter into force ten days after their approval by the Plenary of the Official Chamber of Commerce, Industry and Services of Madrid.