I. Background of the Cases

A. Summary of the Facts

1. On July 30, 2010, the Tribunal issued a Decision on Liability in which it found that the Argentine Republic (“Argentina” or “the Respondent”) had breached its obligations under three bilateral investment treaties by denying the Claimants’ investments fair and equitable treatment as required by the applicable treaties. The investments of Claimants Suez and Vivendi Universal S.A. (“Vivendi”), both incorporated in France, are protected by the 1991 Bilateral Investment Treaty between France and the Argentine Republic (the “France-Argentina BIT”)1, the investments of Claimant Sociedad General de Aguas de Barcelona S.A. (“AGBAR”), incorporated in Spain, are protected by the 1991 Bilateral Investment Treaty between the Argentine Republic and the Kingdom of Spain (the “Argentina-Spain BIT”),2 and the investments of AWG Group Ltd (“AWG”), incorporated in the United Kingdom, are protected by the 1990 Bilateral Investment Treaty between the Argentine Republic and the United Kingdom of Great Britain and Northern Ireland (the “Argentina-UK BIT”).3

2. In 1993, the Claimants had made investments in a concession for water distribution and waste water treatment services in the city of Buenos Aires and some surrounding municipalities. For the purpose of operating the Concession, the Claimants formed an Argentine company, Aguas Argentinas S.A. (“AASA”), with an initial capitalization of USD 120 million, in which they held shares. As required by the applicable regulatory framework and the thirty-year Concession Contract between AASA and the Argentine government, AASA entered into a management contract with Claimant Suez, specifying its duties as Concession Operator and providing for its related compensation. Under the terms of the Concession Contract and the regulatory framework, the Claimants were to make substantial investments to improve and develop the water distribution and waste water treatment systems entrusted to AASA in return for which they would be compensated by the fees and tariffs paid by consumers to AASA over the thirty-year life of the Concession. In addition to their equity contributions to AASA, the Claimants also guaranteed certain loans made to AASA by three multilateral lending institutions: the Inter-American Development Bank (IDB), the International Finance Corporation (IFC), and the European Investment Bank (EIB). The Decision on Liability describes in some detail the events, and particularly the bidding process leading up to the granting of the Concession (¶¶ 26-34), the regulatory framework governing the Concession (¶¶ 66-126), and the various actions of AASA, the Argentine Government, and the Claimants during the first eight years (1993-2001) of the Concession (¶¶ 35-40).4