State responsibility — Responsibility of Respondent for actions and omissions of its political subdivision, the Province — Privatization of water supply and sewerage services of Province — Whether political subdivision of Respondent acting in exercise of public authority or as party to contract

Treaties — Bilateral investment treaty — 1991 Argentina-US Bilateral Investment Treaty (“BIT”) — Whether Respondent breaching standards in BIT — Whether established facts of dispute evidencing action on part of Province in exercise of public authority or as party to contract — Whether Respondent breaching Articles IV(1), II(2)(a), II(2)(b), II(2)(c) and II(7) of BIT

Expropriation — Whether impact on Claimant’s investment attributable to Province’s actions to extent that actions amount to expropriation — Whether legitimate measure serving public purpose giving rise to compensation claim — Whether time limit under international law for measures constituting creeping expropriation — Contractual breaches — Sovereign authority — Whether Respondent breaching Article IV(1) of BIT

Fair and equitable treatment — Interpretation — Customary international law — Bad faith or malicious intention — Province’s termination of Concession Agreement — Whether breach of fair and equitable treatment standard — Whether Respondent breaching Article II(2)(a) of BIT — Whether Respondent also breaching standard of full protection and security under Article II(2)(a) of BIT

Bilateral investment treaty — Duty to publish regulations — Duty to observe obligations with regard to investments — Contractual claims — Claimant not party to Concession Agreement — Whether Respondent breaching Articles II(7) and II(2)(c) of BIT

Arbitrary measures — Whether Respondent taking arbitrary measures impairing Claimant’s use and enjoyment of investment — Whether Respondent breaching Article II(2)(b) of BIT

Compensation — Fair market value — Actual investment — Book value — Independent and well-informed third party — Contractual claims — Amount owed to subsidiary not recoverable — Consequential damages — Interest — Costs

Expropriation — Whether State incurring international responsibility — Public authority — Whether Respondent acting in use of State powers or as contracting party — Right of review before domestic courts — Creeping expropriation — Composite act — Whether contract could be expropriated when subject to Argentine law — Whether Decree expropriatory act — Whether expropriation in accordance with Germany-Argentina Bilateral Investment Treaty, 1991 (“BIT”) — Whether Respondent breaching Article 4(2) of BIT

Fair and equitable treatment — Full protection and legal security — Scope of standard — Purpose of BIT — Relevance of bad faith — Whether lack of transparency — Whether Respondent breaching Articles 2(1) and 4(1) of BIT

Arbitrary measures — Definition of arbitrary — ELSI case — Wilful disregard of law — Whether actions of Respondent arbitrary — Whether actions of Respondent discriminatory — Whether Respondent breaching Article 2(3) of BIT

Compensation — Draft Articles on State Responsibility — Definition of value — Time at which value assessed — Sums invested in the project — Currency of compensation — Book value — Loans by subsidiaries — Tax credits — Contractual risks — Loss of profits — Post-expropriation costs — Calculation of interest — Costs