Arbitration — Two phases — Tribunal concerning Bank for International Settlements — First phase of arbitration — Bank organized as company limited by shares — Whether Bank an international organization — Applicable law — Bank amending Statutes — Bank compulsorily recalling private shares — Legality of Bank’s actions — Legality of recall of shares and procedures used — Amendment of Statutes by addition of Article 18A — Conformity with Bank’s Statutes — Articles 57 and 58 of Statutes — Interpretation — Conformity with international law principles — Compensation — Adequacy — Valuation of compulsorily recalled shares — Applicable law — Final phase of arbitration — Determination of exact amount Bank owing per share — Valuation of real estate — Bank’s counterclaim against second claimant

International organizations — Bank for International Settlements — Legal character and status — Bank having private shareholders — Bank possessing Constituent Charter granted by Switzerland — Bank created by treaty — Whether Bank an international organization — Origins, functions and purpose — Bank’s Constituent Instruments — 1930 Hague Agreement — Charter — Statutes — Law governing Bank and its relations with private shareholders — Whether Bank having sovereign powers — Legality of Bank’s recall of shares and procedures used — Whether Bank having power to add Article 18A to Statutes — Whether Bank using correct valuation method for compensation

Treaties — 1930 Hague Agreement — Creation of Bank for International Settlements — Bank’s Charter annexe to 1930 Hague Agreement — Company limited by shares — Constituent Instruments of Bank — Treaty origins of Bank — Legal character and status of Bank — Applicable law

Relationship of international law and municipal law — 1930 Hague Agreement — Bank’s Charter annexed to 1930 Hague Agreement — Swiss monist system — Switzerland granting Constituent Charter to Bank — Creation of Bank — Whether Swiss law applicable — Whether international law applicable — Legality of recall of shares and procedures used — Conformity with Statutes — Interpretation of Statutes — Article 31(3)(b) of Vienna Convention on Law of Treaties, 1969 — Conformity with international law principles — Expropriation — Bank’s Constituent Instruments — Status — Relationship of Constituent Instruments with international law

Expropriation — Bank compulsorily repurchasing private shares — Legality of Bank’s actions — Whether contrary to international law of expropriation — Whether Bank’s actions meeting requirements — Public interest — Non-discrimination — Compensation

Damages — Compensation — Adequacy — Whether amount paid by Bank for recalled shares adequate — Valuation of compulso- rily recalled shares — Applicable law — Method of valuation — Valuation of real estate — Bank’s counterclaim against Claimant No 2 — Whether Claimant No 2 breaching Article 54(1) of Bank’s Statutes — Bank’s request for declaratory relief — Interest — Costs and expenses