I have dissented from the Award rendered by a majority of the arbitrators in this case because I disagree both with the result of the Award and with certain key elements of the reasoning. I consider it important to append this opinion of my dissenting views, not to denigrate or undermine the reasoning and logic of the Award, but only to point out the key differences between my views and those of the majority. The precedential significance of this Award for future proceedings under the North American Free Trade Agreement (NAFTA) cannot be underestimated. In addition, the Award will be an important guidance to future potential NAFTA claimants. It is for this purpose that as complete an understanding as possible be expressed of the legal issues involved.