The Saeima has adopted and the President promulgated the following laws: For the Government of the Republic of Latvia and the Kuwaiti Government agreement on investment promotion and reciprocal protection of article 1. 2001. October 5, Riga, signed by the Government of the Republic of Latvia and the Kuwaiti Government Treaty on mutual investment promotion and protection (hereinafter contract) with this law is adopted and approved. 2. article. The law shall enter into force on the day following its promulgation. To put the contract in law Latvian and English. 3. article. The agreement shall enter into force for the period specified in article 14 and in order, and the Ministry of Foreign Affairs shall notify the newspaper "journal". The Parliament adopted the law of 23 January 2003. State v. President Vaira Vīķe-Freiberga in Riga 2003. on 12 February, the Government of the Republic of LATVIA and the KUWAITI Government agreement on investment promotion and protection BETWEEN the Government of the Republic of Latvia and the Government of the State of Kuwait (hereinafter referred to as the ' contracting parties '), desirous of creating favourable conditions for the development of mutual economic cooperation, in particular relating to investors of one Contracting Party for investment in the territory of the other Contracting Party; Recognizing that the promotion and reciprocal investment protection stimulates business initiatives in this field and promote the prosperity of both Contracting Parties, have agreed as follows: article 1 definitions for the purposes of this agreement: 1. The term "investment" refers to any form of property or rights that, when in the territory of one of the Contracting Parties have, directly or indirectly, to the investors of the other Contracting Party or in the controls property. It covers the property or right, or that is composed of: (a) the company, its shares of stock or other equity shares, bonds, notes or other debt interest of the company as well as other promissory notes, loans or securities issued by any of the Contracting Parties to the investor; (b) claims to money or any other property or the performance of which under the Treaty is economic value; (c) intellectual property rights, including, but not limited to copyrights, trademarks, patents, industrial design and samples, as well as technology, patented in special practical knowledge ("know-how"), professional secrecy, the product name and the reputation of the company; (d) all rights granted under the law of contracts or licences and any authorisation granted in accordance with the law, including concessions for natural resource exploration, extraction and exploitation, as well as the right to carry out economic or other commercial nature of the activities or services; (e) any other tangible or intangible, movable or immovable assets, including land, property and any other property rights associated with it as a lease, mortgage, pledge, and the right to seize the debtor's property. The term "investment" shall also apply to the "profit", which is saved again-as well as to the purposes of "winding-up" earnings according to the definitions set out below. Any changes to the property or right-or re-way affect the nature of the investment. 2. The term "investor" means: (a) a natural person who is: (1) in the case of the Republic of Latvia, the Republic of Latvia citizen or non-citizen under the law; (2) in the case of State of Kuwait Kuwait State citizen or national jurisdiction in accordance with its laws; (b) the Government of the Contracting Party concerned; (c) any legal person, established or registered in accordance with the contracting parties concerned laws and regulations, such as institutions, development funds, agencies, funds, and other statutory authority and institution as well as the company. 3. The term "company" refers to any legal entity established in accordance with the law of a Contracting Party or in a Contracting Party of the investor or the effective control of the property regardless of whether it created financial purposes, and whether or not it is in the Government or individuals controlled and includes corporations, trusts, companies, individual companies, affiliates, joint ventures, associations and other similar organizations. 4. The term "profits" includes amounts earned from investments, regardless of the payment method, and in particular, but not limited to, include profits, interest, capital gains, dividends, author royalties as well as management and technical assistance costs or other charges of whatever kind. 5. The term "liquidation" refers to any measure, the objective of which is the total or partial suspension of the investment. 6. The term "territory" refers to the Republic of Latvia or the Kuwaiti territory as well as the areas of water, such as a special economic zone and the continental shelf, which is located at the national external border the territorial sea over which the Contracting Parties shall exercise their sovereign rights in the exploration of natural resources, and recycling in accordance with international law. 7. The term "freely convertible currencies" refers to any currencies that the International Monetary Fund from time to time determine how freely convertible currencies according to the International Monetary Fund Agreement and its amendments. 8. The term "immediately" refers to the period of time normally required for the completion of formalities relating to the transfer of payments. That period shall begin on the day on which you filed a request to transfer the appropriate amount, and in any case may not exceed one month. Article 2 the permission to make the investments and investment promotion (1) each Contracting Party shall in its territory of the other Contracting Party permits investors to invest and promote them in accordance with the relevant rules and regulations. 2. Each Contracting Party shall be granted for investments which are authorised to carry out in its territory, all the required permits, approvals, licences and powers to the extent and on such terms and conditions that comply with the law of each Contracting Party and the rules laid down in the rules. 3. To promote and facilitate investment opportunities in their territories, the Contracting Parties may consult each other in such a way as it considers necessary. 4. Each Contracting Party shall, in accordance with its laws and regulations that apply to the individual entry, stay and work, expressing their good will, will check and pay due attention to key employees, including senior management and technical staff whose activities in its territory related to the investment, appoint to request time to find and work in its territory, regardless of the ethnicity or nationality of those persons. Similar facilities with regard to the entry and temporary stay in the country of a Contracting Party to the following major employees direct family members. 5. the Contracting Parties shall allow the other party's companies with investments related to transport goods or persons, whenever necessary, insofar as it allows the relevant laws and regulations. 3. Article 1 of the investment protection of both Contracting Parties, to investments of investors of all time is applied to the fair and equitable treatment and full protection and security in the territory of the other Contracting Party in accordance with the principles of international law and the terms of this agreement. None of the Contracting Parties not to hinder in any investment, management, use, operation, and sale or distribution of any of the other action, making unnecessary delay or discriminatory measures. 2. Each Contracting Party shall immediately publish or otherwise make public laws, regulations, procedures, directives, guidelines, and public use of the administrative and judicial decisions, as well as the international agreements pertaining to or can affect this agreement or investment, which in the territory of one of the Contracting Parties made by investors of the other Contracting Party. 3. The two Contracting Parties will provide effective means for the submission of claims and rights in respect of the investment. Each Contracting Party shall provide the other Contracting Party the rights associated with the investors in its territory courts, administrative tribunals and agencies, as well as any other authority, which is assigned reasoning powers, rights of their choice with the people's mandate in accordance with the relevant laws and regulations are qualified requirements and rights of nomination procedures for the investment they have made in the first Contracting Party. 4. Neither Contracting Party shall not be entitled to introduce the mandatory measures imposed by the other Contracting Party of the investor, the investment made, use, management, or operation of the progress, or limiting the material, energy, fuel, or any kind of production, transport or performance or limiting the acquisition of product marketing or outside its territory or provide for other measures that leave the discriminatory impact on investments made by investors of the other Contracting Party to for the benefit of the same or a third country investments made by investors. In addition, in the territory of the Contracting Party where the investment is made, it should not be subject to any requirements relating to their activities, creating obstructions to their viability or adversely affecting their use, management, performance, performance, distribution, sale or any other investment-related measures. 5. no Contracting Party of the investor, the investments made in the territory of the other Contracting Party shall not be subject to sequestration, confiscation or any other analogous proceedings, except in accordance with law and order and in accordance with the relevant rules of international law and other relevant provisions of this agreement. 6. The two Contracting Parties will comply with all the obligations and commitments which may be entered into in respect of the investors of one Contracting Party the investments made in the territory of the other Contracting Party. Article 4 treatment of investments 1 each Contracting Party by the other Contracting Party in its territory by investors of the fair and just treatment for their investment, management, use, operation, and sale or other investment-related operations, which are no less favourable than the most favourable from those which it applied in a similar situation to its own investors or investors of any third State. 2. The provisions of this article are not interpreted as obliging one Contracting Party the obligation to guarantee the investors of the other contracting party benefits arising from any mode, benefits, or privileges granted the first Contracting Party, through: (a) any Customs Union, economic Union or a free trade area or monetary Union or other regional economic order form, as well as similar international agreements by which the parties are or can become one or the other Contracting Party; (b) any international, regional or bilateral agreement or other similar arrangement or any internal laws, wholly or mainly apply to taxation. 5. Article 1 of the damages except as covered by article 6 of this agreement, then, if one or the other Contracting Party, investments of investors is due to damage caused by the war or other armed conflict, State of national emergency, insurrection, civil disturbance, insurrection or other similar events in the territory of the other Contracting Party, the other Contracting Party those warrants such treatment as regards restitution, damages otherwise, compensation or settlement that will not be less favourable than the regime that the other Contracting Party guarantee your own or a third country investors depending on which mode is the most favourable to these investments. 2. Without limiting paragraph 1 of this article, those investors of one Contracting Party who are in any of the preceding cases mentioned in paragraph suffers losses in the territory of the other Contracting Party on the grounds that: (a) the armed forces or Government institutions have requested their property, (b) its armed forces or the national authorities have implemented an investment or part of their destruction, which was not due to the pattern of combat or situation created a need in any of the cases are guaranteed immediate, fair and adequate restitution or compensation. The following payments are freely transferable freely convertible currency. 6. Article 1 of the Expropriation (a) none of the Contracting Parties in its territory may not be nationalized, expropriated, take away property rights or expose investors of the other Contracting Party of the contribution of the direct or indirect measures, which is the same as the nationalization, expropriation or deprivation of property rights (hereinafter referred to as "expropriation"), except when it is done for public purposes incurred in relation to that Contracting Party for internal purposes and according to the law. Expropriation law with order, provided that such measures are taken, without any discrimination between the parties and in accordance with the law, and the case is guaranteed immediate, adequate and effective compensation. (b) the amount of such compensation correspond to the actual value of the investment expropriated and is established and calculated in accordance with internationally recognised principles of valuation on the basis of the fair market value of the expropriated investment immediately before the expropriation or before the moment was openly announced the impending expropriation, whichever happened first (hereinafter referred to as "the moment of evaluation"). Such compensation shall be calculated in freely convertible currencies chosen by the investor based on the exchange rate at the time of the evaluation, including a commercial interest rate, determined in accordance with the current market situation and in no case lower than the prevailing LIBOR rate in percent or equivalent period of expropriation until the date of payment. (c) in cases where the above fair market value may not be easy to determine the amount of compensation is determined by fair principles, taking into account all relevant factors and circumstances such as the capital invested, the nature and duration of the investment, replacement value, appreciation, current returns, discounted cash flow value, documented value and reputation. The final amount of the compensation paid to the investor without delay. 2. in accordance with paragraph 1 of this article and without prejudice to the provisions of this Treaty referred to in article 9 of the rights of the investor, the investor has the right to the victim that the expropriation the parties have carried out judicial authority or other competent and independent authority of that contracting party immediately review his case, including his contribution to the determination of the value and offsets the cost. 3. Greater accuracy for expropriation is also considered cases where the Contracting Party of the ekspropri estate, owned by any company registered and established in its territory, in accordance with the laws in force and in which the other Contracting Party of the investor made its investment including shares, debt securities or other rights and interests. 4. for the purposes of this agreement, the term "expropriation" also covers the Contracting Parties intervention or regulatory measures, which de facto is the same effect as expropriation so that the results of the investor is actually denied property rights, control or the opportunity to enjoy a considerable advantage, given his contribution to it, or which can lead to loss of economic value of the investment or the devaluation of contribution in cases such as freezing or blocking investment taxation, artificial or excessive taxes, full or partial contribution of forced sales and other similar measures. 5. The requirement for the issue of compensation in accordance with the principles of this article and the regulations is submitted, even if the contracting party activities in any company in which investors of the other Contracting Party of committed investments, this contribution is significantly damaged. Article 7 related to the investment payment transfers 1. Both Contracting Parties guarantees the investor of the other Contracting Party the opportunity to make a free payment transfers inside and outside its territory, if they are related to investment. Such payment category includes: (a) the initial capital and any additional capital used to maintain order in the investment, development and management; (b) profit; (c) payments, which are made in accordance with the Treaty, including accrued interest and amortization payments are made in accordance with the loan agreement; (d) fees and charges for article 1, paragraph 1 (c) above; (e) the proceeds of the total or partial sale or liquidation of the investment; (f) salary and other remuneration paid to foreign personnel whose work is related to investment; (g) compensation payable pursuant to articles 5 and 6; (h) payments referred to in article 8; (i) payments related to the settlement of disputes. 2. The payments referred to in paragraph 1 transfers are carried out immediately and without restrictions, and, except where the payment is made in kind, freely convertible currency. In cases where payment transfers are delayed, the victim has the right to get investor interest for the period of such delay. 3. Payments are made when calculating their amount at the date of the transfer in the prevailing market exchange rate for the currency in the territory of the Contracting Party. If the foreign exchange market does not exist, the payments shall be made at the last course, which has been applied to the internal investment or currency exchange rate that is defined in accordance with the rules of the International Monetary Fund, or the exchange rate used for currency conversion, bringing in its currency basket, or expressed in u.s. dollars, whichever is more favourable to the investor. Article 8 Requirements for the transfer of rights 1. If one of the Contracting Parties or achieve its institution ("compensatory") make payment under a guarantee given in respect of an investment in the territory of the other Contracting Party, this (the "host Party") acknowledges that: (a) the Compensatory side in accordance with the law or on the basis of legitimate business, taking over the rights and assume all the requirements arising in respect of such investment; (b) compensatory party is entitled to exercise all such rights and to set up the following requirements, as well as assume all liabilities arising in connection with the investment law. 2. Compensatory party in all cases have the right to the same treatment in respect of: (a) the acquired rights and the requirements and commitments entered into under the law referred to in paragraph 1 of the succession; (b) any payments received pursuant to those rights and claims under this contract had initial investor in respect of the investment. Article 9 of one Contracting Party and investors of the other Contracting Party to the dispute 1 any dispute arising between the investors of one Contracting Party and other Contracting Party relating to the investment in the territory of the other Contracting Party, to seek, as far as possible, be resolved through negotiation. 2. If such disputes can not be settled within six months from the time when one of the parties to the dispute, requested to consider the dispute by negotiation, by written notice to the other party to the dispute, the parties to the investor a check takes place in one of the following ways: (a) in accordance with any applicable, previously agreed dispute-handling procedures; (b) the international arbitration in accordance with the following points in this article. 3. If the investor chooses to put the dispute to a sort of international arbitration cases, the investor must provide consent to such a procedure for the examination of the dispute, by written notice to one of the following organizations: (a) (1) international investment dispute settlement Center ("Center") established according to the 18 March 1965 Washington Convention on the settlement of investment disputes between States and nationals of other States (the "Washington Convention"), provided that the two parties have become dalībpus to this Convention and that the Convention of Washington meets the purposes of ADR; (2) the Centre shall, in accordance with the rules of the Secretariat of the Centre the additional possibility of court proceedings in the Administration (the "additional options"), if either the investor or the Contracting Party, the other parties to the dispute, the Contracting Party, but not both have joined the Washington Convention; (b) the Tribunal, established by the United Nations Commission on international trade law (UNCITRAL) arbitration rules ("rules"), allowing the modification of these rules as it would require the parties to the dispute (Secretary-General of the Centre is the provision referred to in article 7 may be responsible representative); (c) the Tribunal established under the arbitration institution of any procedural rules, for which the agreed between both parties to the dispute. 4. in view of the fact that investors may have submitted a request for the examination of the dispute to binding arbitration in accordance with the provisions of paragraph 3, he may, before the authorities concerned of the initiation of the arbitration proceedings or during the proceedings request temporary relief, the rights and interests of the parties to the dispute or the Contracting Parties in legal administrative tribunal provided that it does not provide for any compensation. 5. The two Contracting Parties give unqualified consent that any dispute related to investment are transferred for consideration by binding arbitration in accordance with the choice of the investor, as defined in (a) and 3 (b) or both of the parties to the dispute mutually agreed, as set out in paragraph 3 (c). 6. (a) the consent referred to in paragraph 5, together with the consent referred to in paragraph 3 shall satisfy the requirements of a written dispute of the parties involved in the conclusion of the agreement, subject to the Washington Convention, chapter II, and in addition to the rules, and the New York 10 June 1958 to the United Nations Convention on foreign arbitral of recognition and enforcement of judgments ("New York Convention") and article II of the UNCITRAL arbitration rules. (b) any arbitration process as may be agreed by the parties to the dispute, underway in the country, which joined the New York Convention. Claims submitted to arbitration in this respect, it is considered that in accordance with article 1 of the New York Convention stems from commercial relations or payment transfers. (c) none of the contracting parties do not provide diplomatic protection and not submit to an international claim in respect of any dispute that passed the arbitration, except to the other Contracting Party does not comply or is not under arbitration judgment given in the case of a dispute. However, this sub-paragraph is the term "diplomatic protection" are not included in the unofficial diplomatic discussions, that the only reason is to facilitate resolution of the dispute. 7. In accordance with this article, the arbitral tribunal shall decide founded on the issues in dispute in accordance with such rules of law as may be agreed by the parties to the dispute. If the parties agree, the Dispute Tribunal will apply the law of a Contracting Party, including its rules on the conflict of laws, as well as the rules of international law that can be applied, taking into account also the relevant provisions of this agreement. 8. in accordance with the Convention of Washington, 25 (2) (b) article contributor, other than a natural person but that moment is submitted (6) the consent referred to in paragraph 1, the parties to the dispute is a Contracting Party and who, prior to citizens between him and the party to the dispute arises, is found to the investors of the other Contracting Party, be considered "a national of the other Contracting Party and in addition to the provisions of article 1 (6) considered" within the other nationality ". 9. judgment of the Arbitration Board, which may include the interest compensation, the parties to the dispute are final and binding. Both parties shall immediately comply with any such judgment and will take care of the following in the effective enforcement of judgments in their territory. 10. Any court, arbitration or other process or any decision or in the enforcement of judgments relating to the investment disputes between a Contracting Party and an investor of the other Contracting Party, the Contracting Party may not impose his defence of sovereign immunity. No counterclaim or right to compensation may be based on the fact that the investor in accordance with the contract of insurance has received or will receive a full or partial refund or other compensation for the following losses caused to it by any third party, whether or not the third party is a non-governmental or private, including the other Contracting Party and its subdivisions, institutions or mediation. Article 10 the Contracting Parties ' dispute resolution 1. disputes between the Contracting Parties concerning the interpretation or application of this agreement should be trying to solve possible friendly way, through consultations or other diplomatic channels, as is possible, to be addressed in the consultations or through other diplomatic channels. 2. If the dispute is not the completion of six months, starting from the moment when one of the parties has requested such consultations or other diplomatic means, and, unless the contracting parties otherwise agree in writing on the nature of the dispute, any of the Contracting Parties shall forward to the other Contracting Party written notice, may submit the dispute settlement cases ad hoc arbitration in accordance with the provisions of this article. 3. The Tribunal shall be established in the following way: each Party shall nominate one member of the Court, and the two Court members then choose a third country national who is the Chairman of the Arbitration Board appointed (hereinafter referred to as the "Chairman") provided that the consent of both Contracting Parties. The first two members of the Court shall be two months, but the Chairman within four months, starting from the moment when one of the parties has notified the other Contracting Party of its intention to submit the dispute to arbitration. 4. If the necessary appointments have not been made in paragraph 3 of this article within the time limits specified and no other procedure is laid down, then the two Contracting Parties with the request to make these assignments may be made to the President of the International Court of Justice. If the President of the International Court of Justice is a citizen of a Contracting Party, or if they have other obstacles for the execution of that function, and then asking you to do these assignments come to Vice President of the International Court of Justice. If the Vice President is of one or other of the Contracting Parties, or they have other obstacles for the execution of that function, then the request to make the necessary assignments come to the next highest ranking members of the International Court of Justice, who is not a citizen of a Contracting Party. 5. The arbitral tribunal shall decide in accordance with the majority. Such a decision is taken in accordance with this agreement and the terms of recognised international, which may be applicable to the particular case, and shall be final and binding upon both Contracting Parties. Each Contracting Party shall bear its own arbitrator and its representative costs of arbitration proceedings. The cost of the Chairman as well as any other costs of the arbitration equally borne by the two Contracting Parties. The Arbitration Board may, however, decide that most of the costs are borne by one of the Contracting Parties. In all other respects, the arbitral tribunal shall determine its own procedural rules. Article 11 relations between Contracting Parties to this agreement are applied regardless of that between the contracting parties there are diplomatic or consular relations. Article 12 application of other provisions If the law of a Contracting Party, or in international law imposed obligations that currently exist, or addition to this agreement will be concluded later on between the Contracting Parties, included in the General or specific provisions which provide that for investors of the other Contracting Party to make investments more favourable provisions applicable than it provided for in this Treaty, the effect of these provisions to the extent that they are more favourable to the investor. Article 13 application of the Agreement the agreement shall apply to all investments, which already exist or which in the territory of one of the Contracting Parties will take the investors of the other Contracting Party after the entry into force of this agreement but this does not apply to any with any investment related disputes that arose before its entry into force, or any claim that was raised before its entry into force. Article 14 entry into force of the agreement, each Party shall submit written notification to the other Contracting Party of their constitutional requirements in accordance with its laws is necessary for the entry into force of this Treaty, and the Treaty shall enter into force on the thirtieth day after the receipt of the notification. Article 15 duration of Contract and termination 1. This contract is valid for thirty (30) years, and then remain in force for the same period or periods, unless one or the other Contracting Party no later than one year before the original or any subsequent date of expiry has provided written notice of the termination of this agreement. 3. in respect of investments made prior to the termination of this agreement, its provisions shall remain in force for twenty (20) years after the termination date. THIS, the undersigned, duly authorised thereto, have signed this agreement. Concluded in Riga 18 RAJAB 1422 H, corresponding to 5 October 2001, in two originals in the Latvian, Arabic and English languages, each text being authentic. In the case of any dispute, the determinant is the text in English.

The Government of the Republic of Latvia in the Kuwaiti Government named Maris Riekstins Faisal r. al-Gh the Latvian State Secretary, Ministry of Foreign Affairs of Kuwait Ambassador to Latvia agreement BETWEEN the Government OF the REPUBLIC OF Latvia AND the Government OF the State OF Kuwait FOR the encouragement AND RECIPROCAL PROTECTION OF investments the Government of the Republic of Latvia and the Government of the State of Kuwait (hereinafter referred to as the "Contracting Parties"); (Menu rngton Line4) to create a favourabl condition for the development of economic cooperation between them and in particular for investments by investors of one Contracting Party in the territory of the other Contracting Party; Recognizing that the encouragement and reciprocal protection of such investments will be conduciv to the stimulation of business initiative and to the increase of prosperity in both Contracting Parties; Have agreed as follows: article 1 Definition For the purpose of this agreement: 1. The term "investment" shall mean every kind of asset or right in the territory of one Contracting Party that is owned or controlled directly or indirectly by an investor of the other Contracting Party, and includes asset or right or taking the form of consisting: (a) a company , or shares, stock, and other forms of equity participation, and bond, debentur, and other forms of debt interests in a company, and other debt and loans and securities issued by any investor of a Contracting Party; (b) claims to money and claims to any other assets or performance to contract having an pursuan economic value; (c) intellectual property rights, including, but not limited to, copyrights, trademarks, patents, industrial designs and patterns and technical processes, know-how, trade secrets, trade names and goodwill; (d) any right conferred by law, contract or by virtue of any licenses granted by the permit or pursuan law, including rights to prospect, explore, extract, or utilizes the natural resources, and the rights of others or the undertak economics commercial activities or to render services; (e) any other tangibl and intangibl, movable and immovabl property, including land, property, and any related property rights, such as lease, mortgage, lien and pledge. The term "investment" shall also apply to "return" retained for the purpose of re-investment and to proceed from "liquidation" as these terms are defined hereinafter. Any change in the form in which assets are invested or reinvested or rights shall not be affec their character as investments. 2. The term "investor" shall mean: (a) a natural person who is: (1) in respect of the Republic of Latvia (a) a citizen or a non-citizen of the Republic of Latvia in accordanc with its applicable law; (2) in respect of the State of Kuwait a national citizen of the State of Kuwait in accordanc with its applicable law; (b) the Government of that Contracting Party; (c) any legal person constituted or incorporated under the laws and regulations of that Contracting Party, such as institutions, development funds, agencies, foundations and other statutory establishment and authorities, and companies. 3. The term "company" shall mean any legal entity, or not organized for pecuniary gain whethers, privately or governmentally owned or whethers and controlled, which is constituted under the law of a Contracting Party or is owned or effectively controlled by investors of a Contracting Party, and includes (a) a corporation, trust, partnership, sole proprietorship, branch, joint venture, association or other similar organisation. 4. The term "returns" shall mean an investment of yielded by non, irrespectiv of the form in which they are paid, and in particular, though not exclusively, include profits, interest, capital gains, and dividends, royalt, management, technical assistance or other payments or fees, and payments in kind, regardless_of of its type. 5. The term "liquidation" shall mean any disposal effected for the purpose of completely or partly giving up an investment. 6. The term "territory" shall mean the territory of the Republic of Latvia or the State of Kuwait as well as maritime areas, such as the exclusive economic zone and the continental shelf, adjacent to the outer limit of the territorial sea of the respectiv State, over which it exercises in accordanc with the international law sovereign rights and jurisdiction for the purpose of exploration , and on exploitation of natural resources conversation. 7. The term ' freely convertible currency ' shall mean any currency, the International Monetary Fund that determin, from time to time, as freely usable currency in accordanc with in the articles of agreement of the International Monetary Fund and any amendment theret. 8. The term "without delay" shall mean such period as is normally required for the completion of the cessary formalit not for transfer of payments. The said period shall commenc on the day on which the request for transfer has been submitted and may on one 12 month from the account.   Article 2 Admittanc and encouragement of investments 1 Each Contracting Party shall in it. territory and in accordanc with its applicable laws and regulations and encourag admi investments by investors of the other Contracting Party. 2. Each Contracting Party shall, in respect of investments in its territory, "admitted grant such investments do not permit cessary, all consent, approval, license and authorization to such an exten and on such terms and conditions as may be determined by its law and regulations. 3. The Contracting Parties may consult with each other in any manner they may be appropriate to encourag de and facilitat investment opportunities within their perspective territories. 4. Each Contracting Party shall, subject to its laws and regulations relating to the entry, stay and work of natural persons, in good faith and examin give due considerations of nationality or citizenship, regardless_of their requests of key personnel including top managerial and technical persons who are employed for the purpose of investments in its territory, to enter, remain and work in its territory temporary. Immediate family members of such key personnel shall also be granted similar treatment with regard to the entry and temporary stay in the host Contracting Party. 5. Whenever goods or persons connected with an investment with to be transported, each Contracting Party shall to the exten to permissibl is under its relevant laws and regulations permit the operations of such transport by enterprise of the other Contracting Party.   Article 3 Protection of investments 1. Investments by investors of either Contracting Party shall at all times enjoy fair and equitable treatment and full protection and security in the territory of the other Contracting Party in a manner consistent with recognized principles of international law and the provision of this agreement. No Contracting Party shall in any way ither impair by arbitrary or discriminatory measure the use, management, conduct, operation, expansion or sale or disposition of the other investments. 2. Each Contracting Party shall promptly publish, or otherwise make publicly available, its laws, regulations, procedures, directives, guidelines and administrative ruling and judicial decision of publishing applications as well as international agreements which pertain to or may affec the operation of the provision of this agreement or investments in its territory of investors of the other Contracting Party. 3. Each Contracting Party shall provide effective means of asserting claims and enforcing rights with respect to their investments. Each Contracting Party shall ensur their investors of the Contracting Party, the right of access to its courts of Justice, the administrative tribunal and agencies, and all other bodies exercising adjudicatory authority, and the right to mandate a person of their choice who qualify under applicable laws and regulations for the purpose of the assertion of claims and the enforcement of rights with respect to their investments. 4. a Contracting Party may Not ither impost as a condition for the acquisition, expansion, use, management, conduct or operation of investments by investors of the other Contracting Party, which may require mandatory measure or restrict the purchase of materials, energy, fuel or of means of production, transport or operation of any kind or restrict the marketing of products inside or outside its territory or any other measure of the having clause, the effect of discrimination against investments by investors of the other Contracting Party in favour of investments by its own investors or by investors of third States. Furthermore, investments shall not be subjected in the host Contracting Party the performance requirements which may be detrimental to their viability or adversely affec the their use, management, conduct, operation, expansion, sale or other disposition. 5. Investments by investors of either Contracting Party shall not be subjected in the host Contracting Party, confiscation or sequestration it any other similar measure except under the due process of law and in conformity with applicable principles of international law and in conformity with applicable principles of international law and other relevant provision of this agreement. 6. Each Contracting Party shall observe any obligation or undertaking it may have entered into with regard to investments in its territory by investors of the other Contracting Party.   Article 4 treatment of investments 1. Each Contracting Party shall in its territory accord to investments and returns of investors of the other Contracting Party treatment which is fair and equitable and not less than that which it favourabl accord to investments and returns of its own investors or their investments and return of investors of any third State whichever is more favourabl. 2. With respect to the use, management, conduct, operation, and sale or other disposition for expansion of investments made in its territory by investors of the other Contracting Party, each Contracting Party shall accord treatment less than from a favourabl that it accord, in like situation, their investments of its own investors or investors of any third, State, whichever is more favourabl to those investments. 3. However, the provision of this article shall not be construed so as to comp one Contracting Party to extend to the investors of the other Contracting Party the benefit of any treatment, preference or privilege resulting from: (a) any custom union, economic union, a free trade area, the monetary union, or other form of regional economics or others through similar international agreement , which either of the Contracting Parties is or may become a party; (b) any international, regional or bilateral agreement or other similar domestic legislation relating to or through any wholly or mainly to taxation.   Article 6 Compensation for Loss 1. Except where article 6 applies, when investments made by investors of either Contracting Party United suffer a loss the war or other armed conflict Owings, a State of national emergency, revolt, civil insurrections, disturbanc, riot or other similar events in the territory of the other Contracting party, he shall be accorded by the latter Contracting Party the , treatment, as regards restitution, indemnification, compensation or other settlement, not less than a favourabl that the latter Contracting Party to its own investors accord or the investor of any third State, whichever is more to the investor favourabl. 2. Without prejudice to paragraph 1, an investor of one Contracting Party who in any of the events referred to in that paragraph will suffer a loss in the territory of the other Contracting Party resulting from: (a) requisitioning of its investments or part thereof by its forces or authorities; (b) destruction of its investments or part thereof by its forces or authorities which was not caused in combat action or was not required by the cessity of the situation, shall be accorded restitution or compensation which in either case shall be prompt, adequat and effective. Resulting payments shall be freely transferabl in a freely convertible currency without delay.   Article 5 Expropriation 1. (a) investments made by investors of one Contracting Party in the territory of the other Contracting Party shall not be nationalized, expropriated or subjected to direct, the dispossessed or indirect measure of having effect equivalent to nationalization or expropriation, dispossession (hereinafter collectively referred to as "expropriation") by the other Contracting Party except for a public purpose related to the internal needs of that Contracting Party and against prompt adequat and effective compensation, and on condition that such a measure taken on a non-discriminatory basis and in accordanc with due process of law of general application. (b) Such compensation shall amount to the actual value of the expropriated investment and shall be determined and computed in accordanc with internationally recognised principles of valuation on the basis of the fair market value of the expropriated investment at the time immediately before the expropriatory action was taken or the impending expropriation becam a publicly known, whichever is the earlier (hereinafter referred to as the "valuation date"). Such compensation shall be calculated in a freely convertible currency to be chosen by the investor, on the basis of the prevailing market rate of exchange for that currency on the valuation date and shall include interest at a commercial rate established on a market basis, however, in the event of less than the prevailing LIBOR-the rate of interest or equivalent, from the date of expropriation until the date of payment. (c) where the above-mentioned fair market value cannot be readily ascertained, the compensation shall be determined on equitable principles taking into account all relevant factors, such as the Andean circumstanc the capital invested, the nature and duration of the investment, replacement value, appreciation, current returns, discounted cash flow value, book value and goodwill. The amount of compensation shall be promptly paid it finally determined the investors. 2. In the light of the principles set out in paragraph 1 and without prejudice to the rights of the investor under article 9 of this agreement, the investor affected shall have the right to prompt review by a judicial or other competent and independent authority of the Contracting Party which made the expropriation, of it in the case, including the valuation of its investment and the payment of compensation therefore. 3. For further certainty, expropriation shall include the situation where a Contracting Party has expropriat the assets of a company or enterprise that is incorporated or established under the law in force in its own territory in which an investor of the other Contracting Party has an investment, including through the ownership of shares, stocks, debentur or other rights or interests. 4. For the purpose of this agreement, the term "expropriation" shall also include intervention or regulatory measure by (a) a Contracting Party that have a de facto expropriatory effect, in that their effect results in depriving the investors in fact from his ownership, control or substantial benefits over his investment or which may result in loss or damage to the economic value of the investment , such as the freezing or blocking of the investment, the levying of arbitrary or excessiv tax on the investment, the island of all compulsory part of the investment, or other measure of a comparabl. 5. (A) the claim to compensation in accordanc with the principles and provision of this article shall also exist when, as a result of an action by a Contracting Party in any company in which investment is made by investors of the other Contracting Party, the investment is impaired in substance.   Article 7 Transfer of payments Related to investments 1. Each Contracting Party shall guarantee to investors of the other Contracting Party the free transfer of payments in connection with an investment into and out of its territory, including the transfer of: (a) the initial capital and any additional capital for the maintenance, management and development of the investment; (b) return; (c) payments under a contract, including amortization of principal and accrued interest payments made to the loan agreement (a) pursuan; (d) fees and royalt for the rights referred to in article 1 paragraph 1 (c); (e) proceed from the sale or liquidation of the whole or any part of the investment; (f) earnings remuneration of personnel engaged from and others abroad in connection with the investment; (g) payments of compensation pursuan to articles 5 and 6; (h) payments referred to in article 8; (i) payments arising out of the settlement of the dispute. 2. Transfer of payments under paragraph 1 shall be effected without delay or restriction and, except in the case of payments in kind, in a freely convertible currency. In the case of such delay in effecting the required transfer, the investor affected shall be entitled to receive interest for the period of such delay. 3. Transfers shall be made at the spot market rate of exchange prevailing in the host Contracting Party on the date of transfer for the currency to be transferred. In the absence of a market for foreign exchange, the rate to be applied will be the most recent rate applied to inward investments or the exchange rate determined in accordanc with the regulations of the International Monetary Fund or the exchange rate for conversion of currencies into Special Drawing Rights or United States dollars, whichever is the most to the investor favourabl.   Article 8 Subrogation If a Contracting Party 1 or its designated agency (the "Indemnifying Party"), makes a payment under an indemnity or guarantee it has assumed in respect of an investment in the territory of the other Contracting Party (the "host State"), the host State shall recognize: (a) the assignment to the Indemnifying Party by law or by legal transactions of all the rights and claims resulting from such an investment; (b) the right of the Indemnifying Party to exercise all such rights of and enforce such claims and to assume all obligations related to the investment by virtue of subrogation. 2. The Indemnifying Party shall be entitled in all circumstanc it the same treatment in respect of: (a) the rights and claims acquired and the obligation is assumed by it by virtue of the assignment referred to in paragraph 1 above; (b) any payments received in pursuanc of those rights and claims, as the original investor was entitled to receive by virtue of this agreement in respect of the investment concerned.   Article 9 settlement of Dispute Between the Contracting Party and an Investor of the Dispute arising between 1 a Contracting Party and an investor of the other Contracting Party in respect of an investment of the latter in the territory of the former shall, as far as possible, be settled amicably. 2. If such dispute cannot be settled within the period of a six months from the date at which either party to the dispute requested a settlement amicabl by delivering a notice in writing to the other party, the dispute shall be submitted for resolution, at the election of the investor party to the dispute, through one of the following means: (a) in accordanc with any applicable , previously agreed dispute-settlement procedures; (b) the international arbitration in accordanc with the following paragraphs of this article. 3. In the event that an investor to submit the Electa dispute for resolution to international arbitration, the investor shall further provide its consent in writing for the dispute to be submitted to one of the following bodies: (a) 1. The International Centre for settlement of investment Dispute ("the Centre"), pursuan to the Convention established on the settlement of investment Dispute between the States and nationals of other States opened for signature at Washington, 18 March 1965 ("the Washington Convention"), if both Contracting Parties with the parties to the Washington Convention and the Washington Convention is applicable to the dispute; 2. The Centre, under the rules that each Additional Facility for the Administration of proceedings by the Secretariat of the Centre (the "Additional Facility rules '), if the Contracting Party of the investor or the Contracting Party to the dispute, but not both, is a party to the Washington Convention; (b) the United Nations tribunal established under the CAs Arbitration Rules (the "rules") of the United Nations Commission on International Trade Law (UNCITRAL), as those rules may be modified by the parties to the dispute (the Appointing Authority referred to under article 7 of the rules shall be the Secretary General of the Centre); (c) the CAs tribunal constituted an pursuan to the arbitration rules of any institution mutually agreed upon CAs between the parties to the dispute. 4. Nothwithstanding the fact that the investor may have submitted a dispute to binding arbitration under paragraph 3, it may, prior to the institution of the CAs proceedings or during the proceedings, seek before the judicial or administrative tribunal of the Contracting Party that is a party to the dispute, to the relief of the inter injunctiv for the preservation of its rights and interests , provided it does not include a request for payment of any damage. 5. Each Contracting Party hereby give it unconditional consent to the submission of an it investment dispute for settlement by binding arbitration in accordanc with the choice of the investor under paragraph 3 (a) and (b) or the mutual agreement of both parties to the dispute under paragraph 3 (c). 6. (a) the consent given in the paragraph 5, together with the consent shall be given under paragraph 3, satisfy the requirement for a written agreement of the parties to a dispute for the purpose of each of the Chapter II of the, Washington Convention, the Additional Facility rules, article II of the United Nations Convention on the Recognition and enforcement of Foreign Cas Awards , done at New York, June 10, 1958 (the New York Convention "), and article 1 of the UNCITRAL Arbitration Rules. (b) Any arbitration under this article, as may be mutually agreed by the parties to the dispute, must be held in a State that is a party to the New York Convention. Claims submitted to arbitration hereunder shall be considered the «arise out of a commercial relationship or transaction for the purpose of article 1 of the New York Convention. (c) No Contracting Party shall give ither diplomatic protection or bring an international claim, in respect to any dispute referred to arbitration unless the other Contracting Party shall have failed to comply with the by abid and award rendered in such dispute. However, diplomatic protection for the purpose of this sub-paragraph shall not include informal diplomatic exchanges for the sole purpose of facilitating a settlement of the dispute. 7. The United Nations tribunal established CAs under this article shall decide the issues in dispute in accordanc with such rules of law as may be agreed by the parties to the dispute. In the absence of such agreement, it shall apply the law of the Contracting Party to the dispute, including its rules on the conflict of laws, and recognized rules of international law such as may be applicable, taking into considerations also the relevant provision of this agreement. 8. For the purpose of article 25 (2) (b) of the Convention, an investor, a Washington other than a natural person, which has the nationality of a Contracting Party to the dispute on the date of the consent in writing referred to in paragraph (6) and which, before a dispute between it and that Contracting Party «arise, is controlled by investors of the other Contracting Party , shall be treated as a ' national of another Contracting Party "and for the purpose of Article1 (6) of the Additional Facility rules shall be treated as a" national of another State ". 9. The awards of arbitration, which may include an award of interest, shall be final and binding on the parties to the dispute. Each Contracting Party shall carry out promptly any such award and shall make provision for the effective enforcement in its territory of such awards. 10. In any proceedings, judicial, or otherwise or CAs in an enforcement of any decision or award concerning an investment dispute between a Contracting Party and an investor of the other Contracting Party, (a) the Contracting Party shall not be a defense, asser, it has sovereign immunity. Any countercla or to the right of set-off may not be based on the fact that the investor concerned has received or will receive, to an attorney pursuan contract, indemnification or other compensation for all or part of its alleged damage from any third party whomsoever of, public or private, whethers including such other Contracting Party and its subdivisions, agencies or instrumentalit.   Article 10 settlement of the Dispute between the Contracting Parties 1. The Contracting Parties shall, as far as possible, settle any dispute concerning the interpretation or application of this agreement through consultation or other diplomatic channels. 2. If the dispute has not been settled within six months following the date on which such consultation or other diplomatic channels were requested by either Contracting Party and unless the Contracting parties otherwise agree in writing, either Contracting Party may, by written notice to the other Contracting Party, submit the dispute to an ad hoc tribunal in accordanc with CAS the following provision of this article. 3. The tribunal shall be constituted as CAs follow: each Contracting Party shall be appoin one members, and these two members shall agree upon a national of a third State as a Chairman of the CAs tribunal to be appointed by the two Contracting Parties. Such members shall be appointed within two months, and within four months, such as Chairman from the date on which either Contracting Party has informed the other Contracting Party that it intends to submit the dispute to CAs UN tribunal. 4. If the period specified in paragraph 3 above have not been complied with, either Contracting Party may, in the absence of any other, through invite the President of the International Court of Justice to make the cessary appointments. If the President of the International Court of Justice is a national of either Contracting Party, or if he is otherwise prevented from discharging the said function, the Vice-President of the International Court of Justice, shall be invited to make the cessary appointments. If the Vice-President of the International Court of Justice is a national of either Contracting Party or if he, too, is prevented from discharging the said function, the member of the International Court of Justice next in seniority who is not a national of either Contracting Party shall be invited to make the cessary appointments. 5. The CAs tribunal shall take its decision by a majority of votes. Such decision shall be made in accordanc with this agreement and recognized rules of international law such as may be applicable and shall be final and binding on both Contracting Parties. Each Contracting Party shall bear the cost of the members of the CAs tribunal appointed by that Contracting Party, as well as the costs for its representation in the arbitration proceedings. The expense of the Chairman as well as any other costs of the arbitration proceedings shall be borne in equal parts by the two Contracting Parties. However, the CAs tribunal may, at its discretion, direct that a higher proportion or all of such costs be paid by one of the Contracting Parties. In all others, respect the CAs tribunal shall it will determin own procedure.   Article 11 Relations Between Contracting Parties to the provision of this Agreement shall apply irrespectiv of the diplomatic or consular relations existenc of between the Contracting Parties.   Article 12 Application of Other rules If the legislation of either Contracting Party or obligations under international law existing at present or established hereafter between the Contracting Parties, in addition to this agreement, contain rules, general or specific, entitling whethers investments by investors of the other Contracting Party to a treatment more than a favourabl is provided for by this agreement, such rules shall to the exten to that they are more to the investor favourabl prevails over this agreement.   Article 13 scope of the agreement this Agreement shall apply to all investments, whethers existing at or made after the date of its entry into force by investors of either Contracting Party in the territory of the other Contracting Party, but shall not apply to any dispute concerning an investment which aros, or any claim which was settled before its entry into force.   Article 14 Entry in force in Each Contracting Party shall notify the other in writing when its constitutional requirements for the entry into force of this agreement have been fulfilled, and the agreement shall enter into force on the thirtieth day after the date of receipt of the later notification.   Article 15 Duration and Termination 1. This agreement shall remain in force for a period of thirty (30) years and shall continue in force thereafter for a similar period or periods unless, at least one year before the expiry of the initial or any subsequent period, either Contracting Party to the other Contracting Party the notifu in writing of its intention to terminate this agreement. 2. In respect of investments made prior to the date when the notice of termination of this agreement become effective, of the provision of this Agreement shall continue to be effective for a period of twenty (20) years from the date of termination of this agreement. In witness whereof, the plenipotentiar to the respectiv of both Contracting Parties have signed this agreement. Done at Riga on this 18 day of òàæó RAJAB 1422 H to 5 days of October 2001, in two originals in the English language of the Latvian, Arabic and, in the Latvian, Arabic and English languages, all texts being equally authentic. In the case of divergenc, the English text shall prevails. 

For the Government of the Republic of Latvia For the Government of the State of Kuwait Maris Riekstins Faisal r. al-the Secretary of State The Ghs of the Ministry of Foreign Affairs the Embassador of the State of Kuwait in Latvia