1 THE PRESIDENT: As agreed, at this session we are going to hear the commencement of

2 the submissions of Saint Vincent and the Grenadines. I take it, Mr Howe, that you are going

3 to start for Saint Vincent and the Grenadines.

4

5 MR HOWE: I am, Mr President.

6

7 THE PRESIDENT: You may proceed.

8

9 MR HOWE: Mr President, Members of the Tribunal, today it is my pleasure to address you

10 on two matters: the applicants' further submissions as to why it is not open to Guinea to

11 challenge admissibility, and the delay in releasing the M/V SAIGA. I shall also comply with

12 the request made by the Tribunal and Mr von Brevern to supply more information about the

13 relevant insurance arrangements.

14

15 I start with the challenge to admissibility. In my speech on the first day of these

16 hearings, I reminded the Tribunal that your jurisdiction in this case is based on the exchange

17 of letters dated 20 February 1998, which I shall refer to as "the February 1998 Agreement".

18 I explained how, objectively, it could be seen that Guinea had waived their rights to raise

19 objections to the admissibility of the case. I pointed out that if Guinea relied on a special

20 meaning to have been attributed to the word "merits" by the parties, the burden would be on

21 Guinea to show that it was the common intention of the parties to give them that special

22 meaning.