2. INTRODUCTION

1. This document assumes familiarity with the Award on Preliminary Objections of 20 March 2009. In the interest of economy of expression, it will not traverse the procedure and correspondence, which are a matter of record and will be referred to only to the extent significant for the issues resolved in the present Award.

2. The Award on Preliminary Objections upheld jurisdiction with respect to the claims of four of the seven original Claimants insofar as those claims seek a determination of "whether compensation is due by virtue of claims of expropriation raised in this arbitration" under Article 10 of the BIT. (Jurisdiction was not accepted with respect to claims in reliance on Article 5 thereof, which the Claimants unsuccessfully contended had the effect of expanding this Tribunal's jurisdiction through the mechanism of more favourable treatment.)

3. The Claimants complain of the destruction of the value of ADRs equivalent to a certain fraction of ordinary shares in Yukos. At the jurisdictional stage, the Respondent challenged the Claimants' proof of ownership of these ADRs. The Award on Preliminary Objections indicated that the Claimants' proof demonstrated a "form of participation" for the purposes of the BIT, but added that any misrepresentation in this respect would be fraudulent. The Respondent has pursued this matter at the merits stage in light of its latest state of knowledge. This matter is dealt with in Section 6(2).