Jurisdiction — Jurisdiction ratione materiae — Legal stability agreement — Scope of arbitration agreement — Interpretation in good faith, objectively fair and functional approach — Consent to ICSID jurisdiction — Nature of dispute — Establishment of prima facie case for jurisdiction — Claims under investment contract — Characterization of investment — Unity of investment — Applicable law — ICSID Convention, Articles 25(1) and 42(1)

Jurisdiction — Jurisdiction ratione personae — Claimant as national of Contracting State — Respondent as Contracting State — Claims under investment contract only — Claimant and Respondent as parties to investment contract — ICSID Convention, Article 25(1)

Jurisdiction — Jurisdiction ratione temporis — Time when actual dispute arising — Not time of dispute’s factual background — ICSID Convention, Article 25(1)

Admissibility — Standing of indirect shareholder — Effect of national court decision — Non-identity of parties, issues, cause of action, rights, obligations, relief — Decision in light of stabilized rights under investment agreement — Applicable law — ICSID Convention, Article 42(1) — Effect of tax amnesty

Arbitration — ICSID — Legal Stability Agreements — Stable interpretation — Peruvian Merger Revaluation Law — Depreciation Assessment — Merger Revaluation Assessment — Estoppel — Whether acts of entities other than national tax services binding Respondent on transactions with tax implications — Whether free remittance of capital covering tax stabilization or non-discrimination guarantee — Whether Depreciation Assessment breaching Tax Stabilization Guarantee — Whether Depreciation Assessment breaching doctrine of actos propios — Whether legal stability of laws and regulations also covering specific interpretation and application — Whether Merger Revaluation Assessment breaching Tax Stabilization Guarantee — Whether Merger Revaluation Assessment breaching doctrine of actos propios — Whether Respondent breaching non-discrimination guarantee

Damages — Applicable standard — Sustainment of damages through subsidiary’s dividends — Calculation of damages — Transparency of parties’ calculations

Costs — Allocation between parties — ICSID Convention, Article 61(2) — Parties bearing own legal costs