APPLICATION OF THE AIFC ARBITRATION REGULATIONS

1. The AIFC Arbitration Regulations shall apply and be construed with respect to a Foundation arbitration, as stated hereunder.

2. In the AIFC Arbitration Regulations, "dispute" includes an Administration Question.

3. Article 10(b) (General Principles) of the AIFC Arbitration Regulations shall apply as if it read: “A Founder or Contributor of a Foundation shall be free to determine (by provision in the Charter or By-laws of the Foundation) how, in relation to a Foundation, disputes are resolved, subject only to such safeguards as are necessary in the public interest;"

4. Where in the Arbitration Regulations reference is made to a matter agreed between the parties to an arbitration agreement (including a matter which may be authorised, chosen, conferred, designated, nominated or vested by the parties) that matter shall (except where no effective provision is made) be determined as provided in the Foundation’s Charter or By-laws.

5. Neither Article 15 (Definition and form of arbitration agreement) of the Arbitration Regulations nor any rule of law or construction treating an arbitration agreement separate to any agreement of which it is a part shall apply in relation to a Foundation arbitration.

6. The term "action" in Article 16 (Arbitration agreement and substantive claim before a court) of the AIFC Arbitration Regulations includes an application or other reference to the Court concerning an Administration Question which the Charter or By-laws of the Foundation requires to be submitted to arbitration and a stay of that application or other reference may be sought by any of the parties in relation to the Foundation, whether or not a party to that application or other reference.

7. In any application or other reference to the Court referred to in paragraph 6, the Court may stay the proceedings on its own volition unless all parties in relation to the Foundation affected by the application are before it or are represented by Persons before it.

8. For the objects of enforcing an arbitral award under Article 44(2)(a)(iii) (Application for setting aside as exclusive recourse against arbitral award) of the AIFC Arbitration Regulations, the term "dispute" includes an Administration Question.