I. PROCEDURE -- II. THE FACTS -- III. OBJECTIONS TO JURISDICTION -- 1. Applicable Law -- (a) Position of the Respondent -- (b) Position of the Claimant -- (c) Considerations of the Tribunal -- 2. First Objection: Siemens Has Breached Factual and Temporal Requirements of the Treaty -- (a) Position of the Respondent -- (b) Position of the Claimant -- (c) Considerations of the Tribunal -- 3. Second Objection: The Dispute Was Submitted to the Local Jurisdiction -- (a) Position of the Respondent -- (b) Position of the Claimant -- (c) Considerations of the Tribunal -- 4. Third and Fourth Objections: Siemens Lacks ius standi -- (a) Position of the Respondent -- (b) Position of the Claimant -- (c) Considerations of the Tribunal -- 5. Fifth Objection: The Dispute Does Not Arise Directly Out of an Investment -- (a) Position of the Respondent -- (b) Position of the Claimant -- (c) Considerations of the Tribunal -- 6. Sixth Objection: The Dispute is Hypothetical -- (a) Position of the Respondent -- (b) Position of Claimant -- (c) Considerations of the Tribunal -- 7. Seventh Objection: Dispute Has Never Been Notified -- (a) Position of the Respondent -- (b) Position of the Claimant -- (c) Considerations of the Tribunal -- 8. Eighth Objection: The Contract Contains a Specific Jurisdictional Clause -- (a) Position of the Respondent -- (b) Position of the Claimant -- (c) Considerations of the Tribunal -- IV. DECISION