1 Treaty between the United States of America and the Argentine Republic Concerning the Reciprocal Encouragement and Protection of Investment, November 14, 1991, in force from October 20, 1994. Hereafter cited as the U.S.Argentina BIT or the Treaty.

2 Under Article 38 of the ICSID Convention, if the Tribunal is not constituted within 90 days after the notice of registration of the request has been dispatched, the Chairman of ICSID's Administrative Council shall, at the request of either party, and after consulting both parties as far as possible, appoint the arbitrator or arbitrators not yet appointed and designate an arbitrator to be the President of the Tribunal.

3 CMS Gas Transmission Co. v. Republic of Argentina, Decision of the Tribunal on Objections to Jurisdiction, July 17, 2003, 42ILM 788 (2003).

4 Law No. 23.696 of 1989 on the Reform of the State.

5 Law No. 23.928 of 1991 on Convertibility.

6 Law No. 24.076 of 1992 on the Privatization of the Gas Sector (Gas Law).

7 Decree No. 1738/92 on the Implementation of the Gas Law (Gas Decree).

8 Decree No. 1189/92 establishing TGN and other companies.

9 Pliego de Bases y Condiciones, Llamado a Licitación Pública International para la Privatización de Gas del Estado, July 17, 1992.

10 Information Memorandum on the Privatization of Gas del Estado, prepared by N. M. Rothschild&Sons Ltd. and Goldman, Sachs&Co., September 1992.

11 Decree No. 2255/92, December 2, 1992.

12 Decree No. 2457/92, December 18, 1992 (License).

13 Offering Memorandum of July 7, 1995.

14 ENARGAS Resolution No. 1471, January 10, 2000.

15 Decree No. 669/2000, August 4, 2000, with particular reference to Preambular paragraph 5.

16 Decree No. 1570/01, December 3, 2001.

17 Law No. 25.561, January 6, 2002 (Emergency Law).

18 Decree No. 293/02, February 14, 2002.

19 Statement by Dr. Jorge G. Simeonoff, August 13, 2004, Hearing, Vol. 5, at 1010-1011; Written Witness Statement of Dr. Jorge G. Simeonoff, annexed to Argentina Rejoinder; Alegato Final de la República Argentina, September 20, 2004, at 8. All citations to the Argentine Memorials are to the Spanish text.

20 Statement by Mr. John Wood-Collins, August 16, 2004, Hearing, Vol. 6, at 1336.

21 Statement by Mr. Bernardo Velar de Irigoyen, August l1, 2004, Hearing, Vol. 3, at 604-605.

22 Argentina Rejoinder, para. 464, 465, with reference to CMS Reply, para. 353. All citations to the Claimant's Memorials are to the English text.

23 Argentina Rejoinder, para. 393.

24 Argentina Rejoinder, para. 394.

25 Argentina Answer, paras. 100-110.

26 ENARGAS note No. 1906, April 27, 1999, and note No. 3735, September 3, 1999.

27 TGN Investment Prospectus, July 7, 1995.

28 Cited in Argentina Answer, para. 287.

29 Argentina Answer, para. 298.

30 Statement of Dr. Cristian Folgar, August 12, 2004, Hearing, Vol. 4, at 797-800.

31 Statement by Minister Horacio Daniel Rosatti, August 20, 2004, Hearing, Vol. 10, at 2254.

32 Statement of Dr. Fabian Bello, August 19, 2004, Hearing, Vol. 9, at 1999-2004.

33 See in particular Gas Decree, Article 41.

34 License, Para. 9.2.

35 License, Para. 18.2.

36 Statement of Mr. Thomas L. Miller, August 10,2004, Hearing, Vol. 2, at 438^42; Written Witness Statements of Mr. Thomas L. Miller were prepared on June 10, 2002 and March 16, 2004.

37 Decree No. 669/2000, August 4, 2000, with particular reference to Preambular paragraph 5. CMS Reply, at 58

39 Gas Law, Article 2, Article 38 (a), as discussed in Argentina's Answer, at 56.

40 Argentina Rejoinder, at 5-6.

41 With reference to Miguel S. Marienhoff: Tratado de Derecho Administrativo, Vol. II, 1993, Chapter IV; Argentine Supreme Court,Raúl Fernández c/ Poder Ejecutivo National, Fallos 322:3008 (1999).

42 Gas Law, Article 38 (d).

43 Argentina, Post-hearing brief, at 14-15; Witness Written Statement of Dr. Christian Folgar, at 7-9, annexed to Argentina Rejoinder.

44 Expert Statement of Professor Nouriel Roubini, August 18, 2004, Hearing, Vol. 8, at 1690-1692; Argentina, Post-hearing brief, at 16-17.

45 Argentina Rejoinder, at 199, with reference to the Written Witness Statement of Dr. Jorge Remes Lenicov, para. 30, annexed to the Rejoinder.

46 Written Witness Statement of Dr. Jorge Remes Lenicov, explaining the nature and extent of the crisis, annexed to Argentina Rejoinder.

47 Argentina Opening Statement, August 9, 2004, Hearing, Vol 1, at 233-234, 302; Argentina Post-hearing brief, August 20, 2004, Hearing, Vol. 10, at 2328-2329.

48 Public Utilities National Regulatory Act, Draft bill submitted to the Argentine Congress on August 24, 2004, as cited by the CMS Post-hearing brief, at 6-7.

49 Statement of Dr. Eduardo Ratti, August 13, 2004, Hearing, Vol. 5, at 1155-1156; Written Witness Statement of Dr. Eduardo Ratti, annexed to Argentina Rejoinder.

50 Nota UNIREN No. 258/04, July 2, 2004.

51 Statement by Dr. Jorge G. Simeonoff, August 13, 2004, Hearing, Vol. 5, at 1036-1042.

52 TGN, letter to UNIREN, July 19, 2004; Statement by Dr. Bernardo Velar de Irigoyen, August 11, 2004, Hearing, Vol. 3, at 544-547; Written Witness Statements of Dr. Velar de Irigoyen were prepared on June 13, 2002 and March 16, 2004; Statement by Dr. Francisco A. Mezzadri, August 11, 2004, Hearing, Vol. 3, at 649-650; Written Witness Statements were prepared by Dr. Mezzadri on June 4, 2002 and March 12, 2003.

53 TGN, letter of January 22, 2003 to UNIREN.

54 CMS Reply, at 59.

55 CMS Reply, at 60, with reference toAsian Agricultural Products Limited v. Democratic Socialist Republic of Sri Lanka (Case No. ARB/87/3), Final Award of June 27,1990, 6ICSID Rev.—FILJ 526 (1991); 30ILM 577 (1991);Int'l Art. Rep., No. 5, at Sec. A (May 1991); 4ICSID Rep. 246 (1997), and other ICSID cases at footnote 277.

56 Técnicas Medioambientales Teemed, S.A. v. United Mexican States (Case No. ARB(AF)/00/2)(Teemed), Award of May 29, 2003, (http://www.worldbank.org/icsid/cases/laudo- 051903 %20-English.pdf); 43ILM 133 (2004), para 56.

57 Argentine Constitution, Articles 27, and 75 (22).

58 Guillermo Barrera Buteler: “La dignidad de la persona hu- mana como fuente de los derechos fundamentals ”, Derecho Constitucional, Facultad de Derecho y Ciencias Sociales, Universidad Nacional de Córdoba, 2004, 143-156, at 146-147.

59 Klöcknerlndustrie-Anlagen GmbH and others v. United Republic of Cameroon and SociétéCamerounaise des Engrais (Case No. ARB/81/2),ad hoc Committee Decision on Annulment of May 3, 1985, 2ICSID Rep. 95 (1994), para. 69;AMCO Asia Corporation and others v.Republic of Indonesia (Case No. ARB/81/1),ad hoc Committee Decision on the Application for Annulment of May 16, 1986, 1ICSIDRep. 509 (1993), at 515; and discussion of both cases by Emmanuel Gaillard and Yas Banifatemi: “The Meaning of ‘and’ in Article 42(1), Second Sentence, of the Washington Convention: The Role of International Law in the ICSID Choice of Law Process”, 18ICSID Review—FILJ 375 (2003), at 389-393.

60 Reisman, W. M.: “The Regime for Lacunae in the ICSID Choice of Law Provision and the Question of Its Threshold”, 15 ICSID Review—FILJ 362 (2000).CrossRefGoogle Scholar

61 Wena Hotels Limited v.Arab Republic of Egypt, ad hoc Committee Decision on Application for Annulment of February 5, 2002, 41ILM 933 (2002), at 941.

62 Argentina Opening Statement, August 9, 2004, Hearing, Vol. 1, at 301-302; also Argentina Post-hearing brief, at 24.

63 Argentine Supreme Court, Decision inEkmekdjidn v. Sofovich, July 7, 1992.

64 CMS Gas Transmission Company v. Argentine Republic (Case No. ARB/01/8), Decision of the Tribunal on Objections to Jurisdiction, July 17, 2003, 42ILM 788 (2003), paras. 25-32.

65 CMS Gas Transmission Company v. Argentine Republic (Case No. ARB/01/8), Decision of the Tribunal on Objections to Jurisdiction, July 17, 2003, 42ILM 788 (2003), para. 33.

66 Argentina Rejoinder, at 21, para. 70.

67 Statement of Dr. Christian Folgar, August 12, 2004, Hearing, Vol. 4, at 744-745; also Argentina post-hearing brief, at 2.

68 CMS Opening Statement, August 9, 2004, Hearing, Vol. 1, at 20-24.

69 Committee on the Privatization of Gas del Estado. Minutes of the meeting held on October 2, 1992, Section 2; also CMS post-hearing brief, at 2-3.

70 Decree No. 2457/92, Basic Rules Governing the License, Clause 9.8.

71 Decree No. 669/2000, approving Act No. 2 on the July 2000 postponement.

72 Higgins, Rosalyn: “The Taking of Property by the State: Recent Developments in International Law”, Recueil des Cours de 1’ Academie de Droit International, Vol. 176, 1982-III, 259.Google Scholar

73 Argentina Answer, at 44, with reference to TGN's Public Offer of July, 1995, which devotes a Section to Convertibility and exchange rate risks.

74 Argentina Post-hearing brief, at2-4, with reference to the Statement by Dr. Patricio Carlos Perkins, August 10, 2004, Hearing, Vol. 2, at 396; and the Statement of Dr. Bernardo Velar de Irigoyen, August 11, 2004, Hearing, Vol. 3, at 552.

75 Expert Statement of Professor Nouriel Roubini, August 18, 2004, Hearing, Vol. 8, at 1681-1684; Argentina, Post-hearing brief, at 5.

76 CMS Post-hearing brief, at 5, with reference to Enargas Note 5498 and the calculation of the cost of capital for the second five-year review, November 13, 2001, Annex I.

77 Statement of Dr. Christian Folgar, August 12, 2004, Hearing, Vol. 4, at 748-757; Expert Statement by Dr. Fabian Bello, August 19, 2004, Hearing, Vol. 9, at 1958-1967; Written Expert Report of Dr. Fabian Bello, annexed to Argentina Rejoinder.

78 Argentina Reply, at 66-68. Expert Statement by Dr. Fabian Bello, August 19, 2004, Hearing, Vol. 9, at 1964-1967.

79 CMS Reply, at 7.

80 Statement by Dr. Francisco A. Mezzadri, August 11, 2004, Hearing, Vol. 3, at 654-660.

81 Argentina Answer, at 250.

82 CMS Memorial, at 53.

83 Argentina Rejoinder, at 89, 140, with reference to Colbun's S. A., Complaint introduced before Enargas on February 5, 2003; and Enargas Decree No. 2812, March 25, 2003, rejecting the complaint. Colbun later requested judicial intervention and protective measures, rejected by the competent Appeals Court on September 22, 2003. Both Colbun (Courbis to TGN, letter of June 29, 2004) and Metrogas (Morandé to TGN, letter of July 14, 2004) complained about the terms and conditions of the supply of gas to those companies.

84 Argentine Supreme Court,Ercolano C. Lanteri, Fallo 136:161 (1922).

85 Argentine Civil Code, Article 1197.

86 Guillermo A. Borda: Tratado de Derecho Civil, 1971; Obligaciones, 1989.

87 Rubén S. Stiglitz: Contratos Civiles y Comerciales, 1998, at 503-505.

88 Argentina Opening Statement, August 9, 2004, Hearing, Vol. 1, at 210-219.

89 Statement by Dr. Carmelo Angulo Barturen, August 13, 2004, Hearing, Vol. 5, at 1189 et seq.; and Written Witness Statement of June 24, 2004, attached to Argentina Rejoinder; Vivian Foster: “Impacto Social de la Crisis Argentina en los Sectores de Infraestructura”, World Bank Office for Argentina, Chile, Paraguay and Uruguay, Documento de Trabajo No. 5/03, April 2003, Annex V to Written Witness Statement of Dr. Christian Folgar, annexed to Argentina Rejoinder; Written Witness Statement of Mrs. Angela Cristina Calvo, annexed to Argentina Rejoinder; Expert publication of Equis, Investigación Social: “La Crisis Argentina”, June 2004, annexed to Argentina Rejoinder.

90 Rubén H. Compagnucci de Caso: Manual de Obligaciones, 1997, at 209.

91 Rubén S. Stiglitz: Contratos Civiles y Comerciales, 1998, at 28-30.

92 Argentine Supreme Court, Judgment in the case ‘ ‘Provincia de San Luis c. P. E. N. —Ley 25561, Dto. 1570/01 y 214/02 s/ amparo)”, March 5, 2003. Translation by the Tribunal.

93 Argentine Supreme Court, Judgment in the case “Bustos, Alberto Roque y otros c/Estado National y otros s/amparo”, October 26, 2004, in www.csjn.gov.ar/documentos/noved- ades.jsp

94 Report of the Procurador General, October 22, 2004, in www.csjn.gov.ar/documentos/novedades.jsp

95 Dissenting Opinion of Supreme Court Judge Carlos S. Fyat.

96 Rubén H. Compagnucci de Caso: Manual de Obligaciones, 1997, at 82.

97 Witness Statement by Dr. Eduardo Ratti, August 13, 2004, Hearing, Vol. 5, at 1139-1144.

98 Argentine Answer, at 241, with reference to Article 11 of the Emergency Law and its connection to Article 1198 of the Civil Code.

99 Court Injunction of August 18, 2000, as cited in Argentine Answer, at 86-87. Translation by the Tribunal.

100 Conseil d'Etat,Compagnie Générate d'Eclairage de Bordeaux, Rec. 125, concl. Chardenet, 30 Mars 1916, in M. Long, P. Weil et al. Les Grands Arrêts de la Jurisprudence Administrative, 2003, at 188-189 (hereinafterGaz de Bordeaux).

101 CMS Memorial, at 53.

102 Agreement between the Secretary of Energy and the gas producers signed on April 2, 2004, and Resolution 208/2004 related thereto.

103 Argentina Answer, at 60.

104 Gas Law, Article 41.

105 Gas Decree, Article 41; Clause 9.4.1.2 of the License.

106 Gas Decree, Article 41 (2); Clause 9.4.1.3 of the License.

107 Gas Law, Article 42.

108 CMS Reply at 22; Witness Statement of Dr. Patrick) Carlos Perkins, August 10,2004, Hearing, Vol. 2, at 342-343; Written Witness Statement of Dr. Patricio Carlos Perkins of March 12, 2004.

109 Argentina Answer, at 69-73, with reference to the preparatory documents of the second five-year review (RQT II).

110 Public Offer of July 17, 1992, Annex F, 1.3; Consultants Report concerning RQT II, March 8, 2001; Argentina Answer, at 68.

111 CMS Reply, at 23.

112 Gas Law, Article 47.

113 Gas Law, Article 41.

114 CMS Post-hearing brief, at 3; Witness Statement of Dr. Patricio Carlos Perkins, August 10, 2004, Hearing, Vol. 2, at 342-343.

115 Argentine Supreme Court, Fallos 296:737; 299:379, 303:1877; 307:305, as cited in Argentine Supreme Court, Judgment in the case “Provincia de San Luis c. P. E. N.—Ley 25561, Dto. 1570/01 y 214/02 s/amparo)”, March 5, 2003. Translation by the Tribunal.

116 Gaz de Bordeaux, at 188-189. Translation by the Tribunal.

117 Expert Statement of Professor Nouriel Roubini, August 18, 2004, Hearing, Vol. 8, at 1777; see generally the Written Expert Report of Professor Nouriel Roubini, annexed to Argentina Rejoinder.

118 United Nations Economic Commission for Latin America and the Caribbean, “Preliminary Overview of the Economies of Latin America and the Caribbean”, Doc. LC/G.2265-P/I, December 2004.

119 Law No. 25.790, Boletin Oficial, October 22, 2003; Argentina Answer, at 199.

120 Law No. 25.972, approved by Congress on December 17, 2004.

121 Metalclad Corporation v.United Mexican States (Case No. ARB(AF)/97/l(Metalclad), 40ILM 55 (2001), para. 103; CMS Memorial, at 71-72.

122 i.e.Tippetts, Abbett, McCarthy, Stratton v.TAMS-AFFA Consulting Engineers of Iran, 6 CTR 219 (1984-11). See also generally UNCTAD: Taking of Property, 2000.

123 i. e.Compañia del Desarrollo de Santa Elena S. A. v. Republic of Costa Rica (Case No. ARB/96/1), Final Award of February 17, 2000, 151CSID Review—FIU 169 (2000).

124 i. e.CUE Czech Republic B.V. (The Netherlands) v. Czech Republic (CME), Partial Award of September 13, 2001, as published in (http://www.mfcr.cz/static/Arbitraz/en/PartialAward. pdf).

125 i. e.Santa Elena, para. 68.

126 Argentina Answer, at 179, with reference to the table of cases invoked by the Claimant.

127 Ronald S. Lauder v. Czech Republic (Lauder), UNCITRAL Final Award of September 3, 2001, (http://www.mfcr.cz/ static/Arbitraz/en/Final Award.doc), para. 203;S. D. Myers, Inc. v.Government of Canada, Partial Award of November 13, 2000, (http://www.dfait-maeci.gc.ca/tna-nac/documents/myersvcana dapartialaward_final_13-ll-00.pdf), para. 280.

128 Pope&Talbot Inc. v. Government of Canada (Pope&Talbot), Interim Award of June 26, 2000, as published in (http://www.appletonlaw.com/cases/P&T-INTERrM%20AWARD.PDF), para. 100; Argentina Answer, at 205-208.

129 Lauder, (http://www.mfcr.cz/static/Arbitraz/en/FinalAward .doc), para. 200.

130 Metalclad, 40ILM 55 (2001), para. 103.

131 Tippetts, Abbett, McCarthy, Stratton v. TAMS-AFFA Consulting Engineers of Iran, 6 CTR 219 (1984-11), at 225; see alsoPhelps Dodge Corp. v. Islamic Republic of Iran, 10 CTR 121 (1986-1).

132 CME, (http://www.mfcr.cz/static/Arbitraz/en/PartialAward.pdf), para. 688.

133 U.S. Supreme Court,Penn Central Transportation Co. v. New York City, 438 U.S. 104 (1978); Argentina Rejoinder, at 182.

134 Pope&Talbot, (http://www.appletonlaw.com/cases/P&T-IN- TERIM%20AWARD.PDF>, paras. 96, 102.

135 CME, (http://www.mfcr.cz/static/Arbitraz/en/PartialAward.pdf) para. 611. See also generally OECD: Fair and Equitable Treatment Standard in International Investment Law, September 2004.

136 Teemed, Award of May 29,2003, (http://www.worldbank.org/ icsid/cases/laudo-051903%20-English.pdf); 43 ILM 133 (2004), para. 154.

137 Robert Azinian and others v. United Mexican States (Case No. ARB(AF)/97/2)(Azinian), Award of November 1, 1999, 14ICSID Review-FIU 538 (1999); 39ILM 537 (2000); 121I.L.R. 2 (2002); 5ICSID Rep. 272 (2002);American Manufacturing&Trading, Inc. v. Democratic Republic of the Congo (Case No. ARB/93/1), Award of February 21, 1997, 36ILM 1534 (1997); 12Int'l Arb. Rep., No. 4, at Sec. A (Apr. 1997); 5ICSID Rep. 14 (2002), Argentina Answer, at 225-227.

138 Argentina Answer, at 226.

139 Alex Genin and others v. Republic of Estonia (Case No. ARB/ 99/2)(Genin), Award of June 25, 2001, 17ICSID Rev.—FILJ 395 (2002); P. Juillard: “L'évolution des sources du droit des investissements”, Recueil des Cours de l'Academie de Droit International, Vol. 250, 1994.

140 Metalclad, 40ILM 55 (2001), para. 99.

141 Teemed, (http://www.worldbank.org/icsid/cases/laudo-051903 %20-English.pdf); 43ILM 133 (2004), para. 154.

142 NAFTA Free Trade Commission, Interpretation of NAFTA Article 1105(1), July 21,2001, (http://www.dfait-maeci.gc.ca/ tna-nac/NAFTA-Interpr-en.asp).

143 Chile-United States Free Trade Agreement of June 6, 2003, (http://www.ustr.gov/assets/Trade_Agreements/Bilateral/Chile_ FTA/Final_Texts/asset_upload_filel_4004.pdf), Article 10.4.2.

144 Antoine Goetz and others v. Republic of Burundi, Award embodying the parties’ settlement agreement of February 10, 1999, 15ICSID Review—FILJ 457 (2000).

145 In respect of the renegotiation with gas producers see the Witness Statement of Dr. Bernardo Velar de Irigoyen, August 11, 2004, Hearing, Vol. 3, at 524-525.

146 Case Concerning Elettronica Sicula, International Court of Justice, Judgment of July 20, 1989, ICJ Reports 1989, 15.

147 Genin, Argentina Answer, at 255. AlsoMyers, Argentina Answer, at 257.

148 Oscar Schachter: International Law in Theory and Practice, 1991, at 313, Argentina Answer, at 259.

149 Lauder, para. 221.

150 Witness Statement of Dr. Christian Folgar, August 12, 2004, Hearing, Vol. 4, at 765-769; Witness Statement of Dr. Bernardo Velar de Irigoyen, August 11, 2004, Hearing, Vol. 3, at 524-525.

151 Azinian, 14ICSID Review—FILJ 538 (1999); 39ILM 537 (2000); 1211.L.R. 2 (2002); 5ICSID Rep. 272 (2002); Argentina Answer, at 225.

152 Genin, 17ICSID Rev.—FILJ 395 (2002); Argentina Answer, at 223-224.

153 SGS SociétéGénérale de Surveillance S.A. v. Islamic Republic of Pakistan (Case No. ARB/01/13)(SGS v. Pakistan), Decision on Objections to Jurisdiction, August 6, 2003, 18ICSID Review—FILJ 301 (2003), para. 35.

154 Compañia de Aguas del Aconquija S.A. and Vivendi Universal v. Argentine Republic (ICSID Case No. ARB/97/3), Award of November 21, 2000, 16ICSID Review—FILJ 641 (2001), 641.

155 Azurix Corp. v. Argentine Republic (Case No. ARB/01/12), Decision on Jurisdiction of December 8, 2003, 43ILM 262 (2004).

156 SGS SociétéGénérate de Surveillance S.A. v.Republic of the Philippines (Case No. ARB/02/6)(SGS v. Philippines), Decision of the Tribunal on Objections to Jurisdiction, January 29, 2004, (http://www.worldbank.org/icsid/cases/SGSvPhil- final.pdf).

157 Joy Mining Machinery Limited v. Arab Republic of Egypt (Case No. ARB/03/11)(Joy Mining), Award on Jurisdiction, August 6, 2004, (http://www.asil.org/ilib/JoyMining_Egypt.pdf).

158 License, Clause 9.8.

159 License, Clause 18.2.

160 Argentina Answer, p. 585; Argentina Rejoinder, p. 833.

161 International Court of Justice,Gabcikovo-Nagymaros Project, ICJ Reports 1997, 7, para. 51.

162 French Company of Venezuelan Railroads, July 31, 1905, UNRIAA, Vol. X, at 353.

163 Dickson Car Wheel Co., July 1931, UNRIAA, Vol. IV, p. 670-682. The Respondent also cites in this connection theSea-Land Service Inc. v. Iran, June 20, 1984, Iran-United States Claims Tribunal Reports, Vol. IV, p. 149-175.

164 Responsibility of States for Internationally Wrongful Acts, UNGA Resolution 56/83, January 28, 2002.

165 Gabcikovo-Nagymaros Project, pars. 51-52.

166 James Crawford: The International Law Commission's Articles on State Responsibility, 2002, at 178 et seq.

167 TheCaroline incident of 1837 and related diplomatic correspondence of 1842, as discussed in Crawford, at 179-180.

168 Russian Indemnity case, UNRIAA, Vol. XI, 431 (1912).

169 Permanent Court of International Justice,SociétéCommerciale de Belgique, 1939, Series A/B, No. 78.

170 TheTorrey Canyon, Cmnd. 3246, 1967.

171 Eric Wyler: L'lllicite et la Condition des Persones Privées, 1995, at 192 et seq.

172 Crawford, at 184.

173 Crawford, at 185.

174 Gabcikovo-Nagymaros Project, pars. 51-52.

175 Himpurna California Energy Ltd. v. P.T., May 4, 1999, as cited in Claimant's Reply, note 403.

176 Permanent Court of International Justice,SociétéComérciale de Belgique v. Greece, 1939, Ser. A/B, No. 78, pars. 167- 174.

177 TheMartini case, as cited in Claimant's Reply, at 102-103.

178 U.S.-Russia Investment Treaty, June 17, 1992, Para. 8 of the Protocol, as cited in Claimant's Reply, note 442. The treaty is not in force.

179 U.S.-Bahrain Investment Treaty, September 19, 1999, as cited in Claimant's Reply, note 443.

180 International Court of Justice,Case Concerning Military and Paramilitary Activities in and Against Nicaragua, (Merits), ICJ Reports, 1986, at 14, paras. 222, 282; also decision on Jurisdiction and Admissibility, ICJ Reports, 1984, at 392, para. 83.

181 International Court of Justice,Case Concerning Oil Platforms, Merits, November 6, 2003, para. 43.

182 American Manufacturing and Trade Inc. v. Zaire, ICSID Case No. ARB/93/1, February 21, 1997.

183 AAPL v. Sri Lanka, ICSID Case No. ARB/87/3, June 27, 1990.

184 Crawford, at 185.

185 Letter from the President of Argentina to Congress submitting the text of the Treaty, January 24, 1992, in Camara de Diputados, Reunion No. 70, April 30, 1992, at 6722-6723; Report of the Committees of Foreign Affairs and Worship and Economy, ibid.

186 As discussed by an experienced diplomat, “With no higher authority to gainsay it, threats to international peace and security are what the Security Council says they are“; Gareth Evans: “When is it Right to Fight?”, Survival, Vol. 46 (3), 2004, 59-82, at 69.

187 Statement by Professor José E. Alvarez, Hearing, Vol. 7, August 17, 2004, at 1633-1637.

188 Statement by Professor Anne Marie Slaughter, Hearing, Vol. 8, August 18, 2004, at 1947-1949.

189 Statement by Professor Anne Marie Slaughter, Hearing, Vol. 8, August 18, 2004, at 1844.

190 Exon-Florio Amendment to the 1988 Trade Act, 50 USC app para. 2170, (Supp. 1989). See generally the discussion in Hearing, Vol. 7, August 17, 2004, and Hearing, Vol. 8, August 18, 2004, with particular reference to the discussion by the parties and experts of Jose E. Alvarez: “Political Protectionism and United States International Investment Obligations in Conflict: The Hazards of Exon-Florio,” Virginia Journal of International Law, Vol. 30, 1989, 1.

191 Nicaragua, 1986, para. 222.

192 Gabcikovo-Nagymaros, pars. 51-52. The reference to the International Law Commission's work is to International Law Commission, Yearbook, 1980, Vol. II (Part Two), at 34-52, para. 36.

193 International Law Commission, Yearbook, 1980, Vol. II (Part Two), at 34-52, para. 36.

194 Rainbow Warrior, RIAA, Vol. XX, 1990, 217, at 251-252. para. 75; Crawford at 189.

195 Crawford, at 189.

196 Claimant's post-hearing brief, at 11.

197 Gabcikovo-Nagymaros, paras. 152-153; Crawford, at 190.

198 Compagnie Generate de VOrinocco, 1905, UNRIAA, Vol. X, 184.

199 Properties of the Bulgarian Minorities in Greece, Yearbook of the International Law Commission, 1980, Vol. II (Part Two), 34, para. 13, as cited in Claimant's Reply, note 494.

200 Orr&Laubenheimer, June 16, 1900, RSA, Vol. XV, 37, at 40, as cited in Wyler, at 193-194.

201 Gould Marketing, Inc., Iran-U. S. C. T. Reports, Vol. 3, 147. as cited in Argentina Reply, note 702.

202 Claimant's Rejoinder, para. 304.

203 Claimant's Rejoinder, para. 307.

204 Argentina Rejoinder, paras. 960 et seq.

205 Argentina Rejoinder, para. 981.

206 Hearing, August 18, 2004, Vol. 8, at 1940-1941.

207 Hearing, August 18, 2004, Vol. 8, at 1941-1942.

208 Crawford, at 190.

209 Statement by Ms. Lucy Reed, 20 August, 2004, Hearing, Vol. 10, at 2211.

210 See generally the Report of Mr. Fabian Bello on TGN’ s indebtedness and the World-Collins Report, June 11, 2004.

211 Responsibility of States for Internationally Wrongful Acts, UNGA Resolution 56/83, January 28, 2002, Article 34.

212 Responsibility of States for Internationally Wrongful Acts. UNGA Resolution 56/83, January 28, 2002, Article 35.

213 Permanent Court of International Justice,Chorzow Factory case, Merits, 1928, Series A No. 17, at 47; and comments by F. V. Garcia-Amador: The Changing Law of International Claims, Vol. II, 1984, at 578-580

214 Responsibility of States for Internationally Wrongful Acts, UNGA Resolution 56/83, January 28, 2002, Article 36.2.

215 Responsibility of States for Internationally Wrongful Acts, UNGA Resolution 56/83, January 28, 2002, Article 36.1.

216 Lusitania, RIAA, Vol. VII, 1923, p. 32, at 39, emphasis in original; and comments by James Crawford: The International Law Commission's Articles on State Responsibility, 2002, at 178 et seq.

217 James Crawford: The International Law Commission's Articles on State Responsibility, 2002, at 225, para. 21.

218 International Glossary of Business Valuation Terms, American Society of Appraisers, ASA website, June 6, 2001, p.4

219 Damodaran, , “Investment Valuation”, John Wiley&Sons, New York, 2002, pp. 946–949.Google Scholar

220 Responsibility of States for Internationally Wrongful Acts, UNGA Resolution 56/83, January 28, 2002, Article 38.

221 Marvin Feldman v. Mexico, Award of December 16, 2002 18ICSID Review—FlU 488 (2003), par. 194.

222 Expert Report of Dr. Fabian Bello, June 11, 2004, at 24.

223 Mr. John Wood-Collins states: “DCF valuation, by contrast, is an appropriate and practical approach for the valuation of CMS's interest in TGN'', Valuation Report of 17 June 2002, p. 5; Dr. Fabian Bello also states: “In order to value a company, there's different mechanisms that can be used. I consider that the most adequate ones are those that use the cash flow method, which is the method used by Mr. Wood-Collins because that method is the most effective one, the discounted method”, 19 August, 2004, Hearing, Vol. 9, at 1969. Dr. Bello, however, questions the way Mr. Wood-Collins has proceeded in applying the DCF method; expert report of Dr. Fabian Bello, June 11,2004, par. 94.

224 Statement of Mr. Nigel Blackaby, August 20, 2004, Hearing, Vol. 10, at 2183.

225 The Economist Intelligence Unit, Argentina Country Report, March 2005, p. 7, (www.eiu.com).

226 The Economist Intelligence Unit, Argentina Country Report, March 2005, p. 7, (www.eiu.com).

227 The Economist Intelligence Unit, Argentina Country Report, March 2005, p. 7, (www.eiu.com).

228 Rebuttal Statement of witness for CMS Mr. T. Miller, March 16, 2004, p. 5.

229 Statement by Ms. Lucy Reed, August 9, 2004, Hearing, Volume 1, at 28.

230 Statement by Ms. Lucy Reed, 20 August, 2004, Hearing, Vol.10, at 2211.

231 Federal Reserve Bank of St. Louis, Series “6 month t. Bill, Secondary Market Rates, Weekly.“