I. INTRODUCTION

A. The Claimant

1. Claimant in this arbitration is Achmea B.V., a Dutch private company with limited liability, having its statutory seat in Amsterdam and its head offices in Zeist, the Netherlands. Claimant was previously known as “Eureko B.V.,” until it changed its name through an amendment of the articles of association of Eureko B.V. that was executed at the occasion of the merger between Eureko B.V. and Achmea Holding N.V. on 18 November 2011 (Eureko B.V. being the surviving entity in that merger). Throughout the relevant period of events underlying the claim, Claimant was known as “Eureko” and, for convenience, the Tribunal will refer to Claimant as “Eureko” or “Claimant” throughout this Award.

2. The group of companies headed by Eureko is a financial services group that offers a range of insurance products internationally, including health insurance, life and non-life insurance, pension products, asset management and banking. Eureko operates in the Slovak Republic through two companies: (i) Union poisťovňa a.s. (“Union Insurance”), incorporated in 1991 by the Government of the Slovak Republic and privatised in 1992, in which Eureko acquired shares in 1997; and (ii) Union zdravotná poisťovňa, a.s (“Union Healthcare”), a wholly owned subsidiary of Eureko incorporated in 2006 and funded by Eureko.1 This arbitration primarily concerns Eureko’s investment in Union Healthcare.

3. Eureko is represented in this arbitration by Mr Marnix Leijten, Mr Albert Marsman, and Mr Igor Zubov of De Brauw Blackstone Westbroek N.V., Claude Debussylaan 80, 1082 MD Amsterdam, the Netherlands; and by Mr René Visser of Achmea B.V.