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INTERNATIONAL CENTRE FOR SETTLEMENT OF INVESTMENT DISPUTES

Webuild S.p.A.
Claimant

v.

Argentine Republic
Respondent / Applicant

(ICSID Case No. ARB/15/39)
Annulment Proceeding

PROCEDURAL ORDER NO. 1

Members of the ad hoc Committee
Mr. Fernando Piérola Castro, President of the ad hoc Committee
Mr. Alexis Mourre, Member of the ad hoc Committee
Ms. Carita Wallgren-Lindholm, Member of the ad hoc Committee

Secretary of the ad hoc Committee
Ms. Laura Arboleda Gutiérrez

10 June 2026

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Introduction

The First Session of the ad hoc Committee (the “Committee”) was held on 2 June 2026, at 9:33 a.m. by video conference. The session was adjourned at 12:19 p.m.

An audio recording of the session was made and deposited in the archives of ICSID. The recording was distributed to the Members of the Committee and the Parties.

Participating in the session were:

Members of the Committee:
Mr. Fernando Piérola Castro, President of the Committee
Mr. Alexis Mourre, Member of the Committee
Ms. Carita Wallgren-Lindholm, Member of the Committee

ICSID Secretariat:
Ms. Laura Arboleda Gutiérrez, Secretary of the Committee

On behalf of Webuild S.p.A.:
Mr. Roberto Aguirre Luzi
Mr. Craig S. Miles
Mr. Juan M. Poggio Aguerre
King & Spalding LLP
1100 Louisiana, Suite 4000
Houston, Texas, 77002
+1 (713) 751-3200

Ms. Eldy Quintanilla Roché
King & Spalding LLP
1401 Lawrence Street
Suite 1900
Denver, CO 80202
+1 720-535-2333

Ms. María Jesús Herrera Ramognini
King & Spalding LLP
8 Bishopsgate
London EC2N 4BQ
+44 203 929 5389

Ms. Eleonora Ebau
Webuild S.p.A.
Milanofiori Strada 6
Palazzo L, Rozzano, 20089
Italy

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On behalf of the Argentine Republic:
Mr. Santiago Castro Videla
Ms. María Alejandra Etchegorry
Ms. María Soledad Romero Caporale
Ms. Annabella Sandri Fuentes
Ms. Daniela Rodríguez
Procuración del Tesoro de la Nación
Posadas 1641
CP 1112ADC, Buenos Aires
República Argentina
+54(11) 4804 3482 int. 2468

The Committee and the Parties considered the following:

- The Draft Procedural Order circulated by the Secretary of the Committee on 27 April 2026; and

- The Parties' comments on the Draft Procedural Order received on 18 May 2026, indicating the items on which they agreed and their respective positions regarding the items on which they did not agree.

Having considered the above documents and the Parties' views, the Committee now issues the present Order:

Order

Pursuant to ICSID Arbitration Rules 19, 20 and 53, this Procedural Order sets out the Procedural Rules that govern this annulment proceeding. A timetable is attached as Annex B.

1. Applicable Arbitration Rules
Convention Article 44; Arbitration Rule 53

1.1. This proceeding is conducted in accordance with the ICSID Arbitration Rules in force as of 10 April 2006. In accordance with Arbitration Rule 53, the Arbitration Rules apply, mutatis mutandis, to annulment proceedings.

2. Constitution of the Committee and Committee Members' Declarations
Convention Article 52(3); Arbitration Rules 6 and 52

2.1. The Committee was constituted on 10 April 2026 in accordance with the ICSID Convention and the ICSID Arbitration Rules.

2.2. The Parties confirmed that the Committee was properly constituted and that no Party has any objection to the appointment of any Member of the Committee.

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2.3. The Members of the Committee timely submitted their signed declarations in accordance with ICSID Arbitration Rule 6(2). Copies of these declarations were distributed to the Parties by the ICSID Secretariat on 10 April 2026.

2.4. The Members of the Committee confirmed that they have sufficient availability to dedicate to this case.

3. Fees and Expenses of Committee Members
Convention Article 60; Administrative and Financial Regulation 14; ICSID Schedule of Fees; Memorandum on Fees

3.1. The fees and expenses of each Member of the Committee shall be determined and paid in accordance with the ICSID Schedule of Fees and the Memorandum on Fees and Expenses in force at the time the fees and expenses are incurred.

4. Presence and Quorum
Arbitration Rules 14(2) and 20(1)(a)

4.1. The presence of all Members of the Committee constitutes a quorum for its sittings, including by any appropriate means of communication.

5. Rulings of the Committee
Convention Article 48(1); Arbitration Rules 16, 19 and 20

5.1. Decisions of the Committee shall be taken by a majority of the Members of the Committee.

5.2. ICSID Arbitration Rule 16(2) applies to decisions taken by correspondence among its Members, except that where the matter is urgent, the President may decide procedural matters without consulting the other Members, subject to possible reconsideration of such decision by the full Committee.

5.3. The Committee will draft and issue all rulings, including its final decision, within a reasonable time. The Committee will provide the Parties with regular status updates.

5.4. The President is authorized to sign Procedural Orders on behalf of the Committee.

5.5. The Committee's rulings on procedural matters may be communicated to the Parties by the Committee Secretary electronically by letter or email.

5.6. Any ruling of the Committee, including the certified copy of the decision on annulment, will be dispatched electronically to the Parties.

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6. Power to Fix Time Limits
Arbitration Rule 26(1)

6.1. The President may fix and extend time limits for the completion of the steps in the proceeding.

6.2. In exercising this power, the President shall consult with the other Members of the Committee. If the matter is urgent, the President may fix or extend time limits without consulting the other Members, subject to possible reconsideration of such decision by the full Committee.

6.3. The Parties agree that a time limit shall be satisfied if a procedural step is taken or a document is received by the Secretary of the Committee on the relevant date, or on the subsequent business day if the date falls on a Saturday or Sunday or non-business day in Washington, D.C. or Argentina. A time limit shall be computed from the date on which the limit is announced, with the day of such announcement being excluded from the calculation.

7. Secretary of the Committee
Administrative and Financial Regulation 28

7.1. The Secretary of the Committee is Ms. Laura Arboleda Gutiérrez, Legal Counsel, ICSID, or such other person as ICSID may notify the Committee and the Parties from time to time.

7.2. To send copies of communications by email, mail, and courier/parcel deliveries to the ICSID Secretariat, the contact details are:

Ms. Laura Arboleda Gutiérrez
ICSID
MSN C3-300
1818 H Street, N.W.
Washington, D.C. 20433
U.S.A.
Tel.: + 1 202-458-0462
Fax: + 1 (202) 522-2615
Email: [email protected]
Paralegal name: Ms. Anastasia Tsimberlidis
Paralegal email: [email protected]
ICSID case address: arb/15/39/[email protected]

7.3. For local messenger deliveries, the contact details are:

Ms. Laura Arboleda Gutiérrez
ICSID

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1225 Connecticut Ave. N.W.
(World Bank C Building)
3^rd Floor - MSN C300
Washington, D.C. 20036
U.S.A.
Tel.: +1 (202) 458-1534

8. Representation of the Parties
Arbitration Rule 18

8.1. Each Party shall be represented by its counsel (below) and may designate additional agents, counsel, or advocates by notifying the Committee and the Committee Secretary promptly of such designation.

8.2. Webuild will be designated as the Claimant and Argentina will be designated as the Respondent, as in the original arbitration proceeding. Argentina, may also be referred to as the Applicant.

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9. Apportionment of Costs and Advance Payments to ICSID
Convention Article 61(2); Administrative and Financial Regulation 15; Arbitration Rule 28

9.1. In accordance with Administrative and Financial Regulation 15(5), the Applicant(s), in this case the Argentinian Republic, shall be solely responsible for making the advance payments requested by the ICSID Secretariat to cover the direct costs of the proceeding, without prejudice to the final decision of the Committee as to the allocation of costs.

9.2. By letter of 27 January 2026, ICSID requested the Applicant to make an advance payment of US$ 200.000,00 to cover the initial costs of the proceeding. ICSID received the Applicant's payment on 10 February 2026.

9.3. ICSID shall request further advances from the Applicant as needed. Such requests shall be accompanied by a detailed interim statement of account.

10. Place of Proceeding
Convention Articles 62 and 63; Arbitration Rule 13(3)

10.1. Washington, D.C., shall be the place of the proceeding.

10.2. The Committee may hold in-person hearings at any other place that it considers appropriate if the Parties so agree.

10.3. The Committee Members may deliberate at any place and by any appropriate means they consider convenient.

11. Procedural Languages, Translation and Interpretation
Arbitration Rules 20(1)(b) and 22

11.1. English and Spanish are the procedural languages of the annulment proceeding.

11.2. Routine, administrative, or procedural correspondence addressed to or sent by the ICSID Secretariat or the Committee may be in either procedural language.

For Parties' Pleadings

11.3. Any written requests, applications, pleadings, expert opinions and witness statements may be submitted in either procedural language, provided that a translation to the other procedural language is filed within 21 days thereafter.

11.4. Supporting documentation may be filed in either procedural language. The Parties and the Committee may cite a document prepared in either procedural language in its original language without the need to translate it into the other procedural

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language. However, the Committee may require a fuller or a complete translation at the request of any Party or on its own initiative.

11.5. Translations need not be certified unless there is a dispute as to the translation provided and the Party disputing the translation specifically requests a certified version.

For Hearing

11.6. The costs of interpretation will be paid from the advance payments made to ICSID, without prejudice to the decision of the Committee as to which Party shall ultimately bear those costs.

For Committee's Documents Except the Decision on Annulment

11.7. The Committee may make routine, administrative, or procedural orders in either procedural language. The Committee may initially make other orders or decisions, except for the decision on annulment, in either procedural language and subsequently issue that order or decision in the other procedural language.

For Committee's Decision on annulment

11.8. The Committee shall issue the decision on annulment in English and Spanish simultaneously. Both language versions shall be equally authentic.

12. Routing of Communications

12.1. The ICSID Secretariat shall be the channel of written communications between the Parties and the Committee.

12.2. Each Party's written communications shall be transmitted by email or other electronic means to the opposing Party, the Members of the Committee and the Committee Secretary.

12.3. Electronic versions of communications ordered by the Committee to be filed simultaneously shall be transmitted to the Committee Secretary only, who shall send them to the opposing Party and the Committee upon receipt of both Parties' communications.

12.4. The Committee Secretary shall not be copied on direct communications between the Parties when such communications are not intended to be transmitted to the Committee.

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13. Number of Copies and Method of Filing of Parties' Pleadings
Arbitration Rules 20(1)(d) and 23

13.1. The Parties shall:

13.1.1. By the relevant filing date, submit an electronic version of the pleading (with witness statements and expert reports, if any), and an updated index of all supporting documentation by email to the Committee Secretary, the Members of the Committee and the opposing Party;¹ and

13.1.2. Three business days following the electronic filing, upload the pleading with all supporting documentation and updated index to the case folder in the BOX file sharing platform created by ICSID for purposes of this case.

13.1.3. For the avoidance of doubt, the electronic filing process indicated in this subparagraph is applicable both to the original language submission and to any subsequent translations agreed by the Parties.

*****

13.2. Electronic versions of pleadings, witness statements, expert reports, exhibits and legal authorities shall be text searchable (i.e., OCR PDF or Word).

13.3. All pleadings shall contain consecutively numbered paragraphs and shall be accompanied by a cumulative index to all the supporting documentation that the Party has submitted up to the date of the pleading in this proceeding. The index shall indicate the document number and the pleading with which it was submitted, and shall follow the naming conventions contained in Annex A (please follow the numbering convention contained in Annex C).

13.4. The addresses of the Committee Members are as follows:

Mr. N. Fernando Piérola-Castro
[Redacted]
[Redacted]
[Redacted]
[Redacted]
[Redacted]

¹ Please note that the World Bank server does not accept emails larger than 25 MB. Supporting documentation shall be uploaded as individual files, not in .zip format.

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Mr. Alexis Mourre
[Redacted]
[Redacted]
[Redacted]
[Redacted]

Ms. Carita Wallgren-Lindholm
[Redacted]
[Redacted]
[Redacted]
[Redacted]
[Redacted]

13.5. The official date of receipt of a pleading or communication shall be the day on which the electronic file is sent to the Secretary of the Committee by email.

13.6. A filing shall be deemed timely if sent by a Party by midnight, Washington, D.C. time, on the relevant date. If a filing falls on a Saturday or Sunday or non-business day in Washington, D.C., or Argentina, the relevant date is the subsequent business day.

14. Number and Sequence of Pleadings
Arbitration Rules 20(1)(c), 20(1)(e), 29 and 31

14.1. The Parties shall submit their pleadings in accordance with the Procedural Timetable contained in Annex B.

15. Submission of Documents
Convention Article 44; Arbitration Rule 24

15.1. The Memorial and Counter-Memorial shall be accompanied by the supporting documents relied upon by the Parties, including exhibits and legal authorities. Further supporting documents relied upon by the Parties in rebuttal shall be submitted with the Reply and Rejoinder.

15.2. Neither Party shall be permitted to submit additional or responsive documents after the filing of its last written submission, unless the Committee determines that special circumstances exist based on a timely and reasoned written application followed by observations from the other Party.

15.3. Given the nature of an annulment proceeding, the Committee expects that the Parties will refer primarily to the evidentiary record from the arbitration proceeding and it does not expect to receive new evidence (exhibits, witness statements or

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expert reports).

15.4. Therefore, without prejudice to each Party's right to submit new legal authorities, no new evidence shall be admitted in this proceeding, unless the Committee determines that special circumstances exist based on a reasoned written request setting forth the type of evidence (documentary, witness or expert evidence) and explaining the relevance of the expected new evidence to the annulment proceeding, followed by observations from the other Party.

15.5. Notwithstanding §15.4, the Parties can submit new documentary evidence in support of a request for a stay or to lift a stay. For the avoidance of doubt, §15.3 and §15.4 shall not apply to new documentary evidence (i.e., exhibits) filed by the Parties with their submissions on the issue of the stay of enforcement of the Award.

15.6. In any event, neither Party shall be permitted to submit any witness or expert testimony that has not been filed with the written submissions, save under exceptional circumstances at the discretion of the Committee upon a reasoned written request followed by observations from the other Party.

15.7. Documents shall be submitted in the manner and form set forth in §13.

15.8. Any documents introduced as exhibits or legal authorities in the annulment proceeding shall be labelled with numbers, and organized in a clear order:

15.8.1. Exhibits and legal authorities already included in the evidentiary record of the underlying arbitration proceeding shall be submitted using the same numbering as in the arbitration proceeding (i.e., for the Claimant(s) “C-0001" for factual exhibits and “CL-0001” for legal authorities and for the Respondent “A RA 0001” for factual exhibits and “AL RA 0001" for legal authorities.

15.8.2. New exhibits admitted in accordance with §15.4 and 15.5 (if any), and legal authorities (if any), shall use numbering that continues from the numbering used in the underlying arbitration as summarized in §15.8.1 above. Each Party shall number any new exhibit and legal authorities consecutively throughout the entire annulment proceeding.

15.8.3. Any witness statements or expert reports from the underlying arbitration proceeding which are submitted in the annulment proceeding, as well as any new witness statements or expert reports admitted in accordance with §15.4, shall be labelled according to the naming convention contained in Annex A.

15.8.4. The numbering shall also indicate the language of the document e.g. C-0001(ENG) or A RA 001(ENG) for a document submitted only in English,

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C-0001(SPA) or A RA 001(SPA) for a document submitted only in Spanish and C-0001(ENG/SPA) or A RA 001(ENG/SPA) for a document submitted simultaneously in English and Spanish.

15.8.5. Electronic files and the accompanying indexes shall follow the naming conventions contained in Annex A.

15.9. Copies of documentary evidence shall be assumed to be authentic unless specifically objected to by a Party, in which case the Committee will determine whether authentication is necessary.

15.10. The Parties shall file all documents only once by submitting them with their pleadings.

15.11. The Parties may use PowerPoint slides and demonstrative exhibits (such as charts, tabulations, etc. compiling information which is on record but not presented in such form) during hearings, provided that they (i) identify the source in the record from which the information is derived, (ii) do not contain information not in the record.

15.12. An electronic copy of PowerPoint Slides and demonstrative exhibits shall be distributed by the Party intending to use them via an electronic mail or Box platform to the entire case email distribution for each Party, the Members of the Committee, and the Committee Secretary to the court reporter and to the interpreters as necessary at least 15 minutes in advance of their use.

15.13. In addition, promptly after the conclusion of the hearing day on which the corresponding PowerPoint slides and demonstrative exhibits, are used, the Parties shall upload such demonstrative to the case folder in the BOX filesharing platform, designating each with the corresponding CD-___ or RD-___ number.

16. Witness Statements and Expert Reports¨
Convention Article 43(a); Arbitration Rule 24

16.1. When authorized by the Committee following the procedure outlined in §15.4, any witness statements and expert reports (if any) shall be filed together with the Parties' pleadings.

16.2. Each witness statement and expert report (if any) shall be signed and dated by the witness or expert, as the case may be.

17. Examination of Witnesses and Experts
Arbitration Rules 35 and 36

17.1. Examination of witnesses and experts will be decided by the Parties once submissions have been filed.

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18. Pre-Hearing Organizational Meetings
Arbitration Rule 13

18.1. A pre-hearing organizational meeting shall be held on a date determined by the Committee after consultation with the Parties. It shall comprise a teleconference between the Committee, or its President, and the Parties and should address any outstanding procedural, administrative or logistical matter (including modality of interpretation and transcription) in preparation for the hearing.

18.2. At a date to be determined by the Committee, and in any event no later than the date of the pre-hearing conference, the Parties shall submit to the Committee jointly – or, where they are unable to agree, separately – a proposal regarding a daily schedule for the hearing.

19. Hearings
Arbitration Rules 20(1)(e) and 32

19.1. The oral procedure shall consist of a hearing for oral arguments.

19.2. The hearing may be held in-person or by any other means of communication as determined by the Committee after consultation with the Parties. An in-person hearing shall be held at a place to be determined in accordance with §10 above.

19.3. Having due regard to the views of the Parties and the specific circumstances of the case, including any relevant travel restrictions and/or social distancing measures or public health/security, the Committee may decide to hold a hearing remotely or in a hybrid form.

19.4. The hearing shall take place on a date to be fixed by the Committee following consultation with the Parties.

19.5. The Members of the Committee shall reserve at least one day after the hearing to determine the next steps and to hold deliberations.

19.6. The allocation of time will be determined by the Committee in consultation with the Parties and as discussed during the pre-hearing organizational meeting.

19.7. Hearings will be open to the public.

20. Records of Hearings and Sessions
Arbitration Rules 13 and 20(1)(g) and 53

20.1. Recordings shall be made of all hearings and sessions. The recordings shall be provided to the Parties and the Committee Members.

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20.2. Verbatim transcript(s) in the procedural language(s) shall be made of any hearing and session other than sessions on procedural issues. Unless otherwise agreed by the Parties or ordered by the Committee, the verbatim transcripts shall, if possible, be available in real-time and electronic transcripts shall be provided to the Parties and the Committee on a same-day basis.

20.3. The Parties shall agree on any corrections to the transcripts within 30 days of the later of the dates of the receipt of the sound recordings and transcripts. The agreed corrections shall be entered by the court reporter in the transcripts (“revised transcripts"). The Committee shall decide upon any disagreement between the Parties and any correction adopted by the Committee shall be entered by the court reporter in the revised transcripts.

21. Post-Hearing Memorials and Statements of Costs
Convention Article 44; Arbitration Rule 28(2)

21.1. In consultation with the Parties, the Committee will determine whether the filing of post-hearing briefs is required at the closing of the hearing.

21.2. The Committee will issue directions on the Parties' statements of costs at the end of the hearing.

22. Publication
Convention Article 48(5), Administrative and Financial Regulation 25, Arbitration Rule 48(4)

22.1. The Parties consent to publication by ICSID of the decision on annulment and any order or decision issued in this proceeding.

23. Data Privacy and Cybersecurity

23.1. The Members of the Committee, the Parties and their representatives acknowledge that the processing of their personal data is necessary for the purposes of this annulment proceeding. They acknowledge having read ICSID's “Personal Data Privacy Notice – Proceedings” (“Notice”).

23.2. The Members of the Committee, the Parties and their representatives agree to comply with all applicable data protection and privacy regulations, including providing appropriate notice to data subjects whose personal data will be processed in the annulment proceeding, where necessary, including witnesses and experts Should compliance with applicable law require action from another participant in the annulment proceeding, the Parties are invited to bring that to the attention of that other participant and/or to apply to the Committee for specific data protection measures to be put in place.

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23.3. The Parties and their representatives shall ensure that the storage and exchange of the personal data processed in this annulment proceeding is protected by way of appropriate technical and organizational safeguards.

On behalf of the Committee,

[Signed]
Mr. Fernando Piérola Castro
President of the Committee
Date: 10 June 2026

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Annex A – Electronic File Naming Guidelines

Please follow these guidelines when naming electronic files. The examples provided (in italics) are for demonstration purposes only and should be adapted to the relevant phase of the case.

All pleadings and accompanying documentation shall indicate the LANGUAGE in which they are submitted (e.g. SPA=Spanish; FR=French; ENG= English). Such indication should be reflected both i) in the name used to identify each individual electronic file and ii) in the Consolidated Hyperlinked Index (which shall be attached to each submission).

For cases with a single procedural language, the “LANGUAGE" designation may be omitted, except for documents in a language other than the procedural language and the corresponding translations.

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Annex B – Procedural Calendar

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Annex C – List of Exhibits / Legal Authorities

² Not in the Original Arbitration Proceeding. To be numbered consecutively beginning from the last number in the Original Arbitration.
³ Not in the Original Arbitration Proceeding. To be numbered consecutively beginning from the last number in the Original Arbitration.

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⁴ Not in the Original Arbitration Proceeding. To be numbered consecutively beginning from the last number in the Original Arbitration.
⁵ Not in the Original Arbitration Proceeding. To be numbered consecutively beginning from the last number in the Original Arbitration.