Members of the Tribunal:

On behalf of First Eagle SoGen Funds, Inc. (“First Eagle”), we submit this Notice of Arbitration pursuant to Articles 3 and 4 of the Rules for Arbitration Between the Bank for International Settlements and Private Parties (the “Rules”).

1. Demand. Subject to the reservation of all jurisdictional objections, First Eagle demands arbitration of the dispute set forth in this Notice, which arises from the cancellation on or about 8 January 2001 by the Bank for International Settlements (the “Bank” or “BIS”) of the registration of shares of the Bank held by First Eagle.

2. Parties. Claimant First Eagle SoGen Funds, Inc., is a U.S.-registered mutual fund group organized under the laws of the State of Maryland, United States of America. First Eagle is managed by Arnhold and S. Bleichroeder Advisers, Inc., a U.S.-registered investment adviser. First Eagle has its address and principal place of business at 1345 Avenue of the Americas, New York, New York 10105. Its telephone and telecopy numbers are 1-212-698-3200 and -299-4400, respectively. First Eagle invests on behalf of more than 100,000 individual investors and their savings, education, and retirement accounts.