This HTML version is machine-generated. Always consult the original document.

[Page 1]

Paris, April 6, 2026

[WORDSTONE]

[LEGAL DEFENSE
OF THE STATE]

Dário Moura Vicente
[email protected]
José Antonio Moreno Rodríguez
[email protected]
Mélanie Riofrio Piché
[email protected]

By email

Re: Telefónica, S.A. v. Republic of Colombia, ICSID Case No. ARB/18/3 — Request for
reconsideration of the Committee's Decision to impose a condition on the stay on
enforcement of the Award upon the provision of a bank guarantee

Dear Members of the Committee:

The purpose of this message is to inform you that, for the reasons already stated by the Republic of
Colombia ("Colombia") in its brief dated February 19, 2026, it is impossible for Colombia, within the short
time limits of this proceedings, to provide the guarantee requested by the Committee in order to maintain
the stay on enforcement of the Award, while continuing to apply the rule of law that governs all
administrative actions. It bears repeating, here and now, that Colombia, in terms of said rule, may only
act within the limits set by the Constitution and the laws, and must do so in the manner specifically
prescribed by them. Colombia has simply been unable—as of today—to provide the required guarantee in
accordance with the State's legal system.

Colombia made every reasonable effort possible to comply with the Committee's order and reiterated its
willingness to comply with the Award's ruling should it not be annulled. Colombia even contacted
Telefónica with the purpose of i) explaining the obvious impossibility of providing the guarantee under
the terms and within the short time limit set by the Committee; and ii) proposing, instead, a written
institutional commitment—in line with what it requested in its briefs—to fully comply with the final decision
adopted by the Committee. Unfortunately, Telefónica rejected this alternative.

In these circumstances, and in accordance with the provisions of the Committee in its decision dated
March 5, 2026, the stay on enforcement of the Award would be lifted. Imposing a penalty for an obligation
that is impossible to comply with, however, would have particularly severe consequence: it would allow
Telefónica to initiate enforcement proceedings against the Award while Colombia continues to
legitimately seek its annulment. This would force the State to divert institutional resources to address an

[TEXT IN ANOTHER LANGUAGE]

[Page 2]

exceptional situation (this would be the first time Colombia would have had to defend itself in proceedings
to enforce an ICSID award), to the detriment of the proper preparation of the Hearing.

For all the reasons stated above and in previous communications on the matter, Colombia once again
asks the Committee to reconsider its decision to subject the continuation of the stay on enforcement
of the Award to the provision of a guarantee.

Sincerely,

Cc: Telefónica's Legal representation
Ricardo Marroquín González - Secretary of the ad hoc Committee

[PAGE NUMBER]