„საფრანგეთის რესპუბლიკს მთავრობის სახელით მოქმედ NATIXIS-სა და საქართველოს მთავრობის სახელით მოქმედ საქართველოს ფინანსთა სამინისტროს შორის 2008 წლის 24 ნოემბერს საფრანგეთის რესპუბლიკის მთავრობასა და საქართველოს (საქართველოს მთავრობას) შორის ხელმოწერილი ფინანსური პროტოკოლის განხორციელების მიზნით სასესხო ხელშეკრულება"

.,J,,rr,, al4rrum J6nilil0lt ojao N 4s 22 qX,;306nr4o 2008 $'. ,,Logr6r56noob <6ntJtrdqo3oL 8o,>3r4odoL Lrbgqoo 8r'rj8nq NATIXIS-Iro q,> Us;l.rr4o3gqoL Sos3rrrroloU Uobgqoo 8oj8nq brj.:16ognqerU goSrSLoo UoSoSobgr4r'rt ?r'r<6ot-r 2008 $qob 24 5m63lnr6b Lo3<rroS6noroL <6ntJtr8qo;o[ 3o.:316r'rlobr qr Lojo16orSnqoL (Lrj,>t6o33qoL 3or3t4r'rd,:) ?o16oL bnqSo$,316oqo go5.:5L216o J16t'rgo;r'rqoL 6.:Sbrr16gonqnlot 3o$5oo LtLr6Lhr.r b6q33;16trq6d.:" tsgoSoSlro-1'$o13X$r'r 3o0o$3$o 3 - 6 -glC63rqo l0 - 13 orXlXCr3.rqo 20099. )stSnanp ltbpohtt ba$p XaonXtcnen nr Jcl0o$a$o qr65r${Co3o 6o5o3o3ols qr &r.,6oao31d,o .hRo$oJol, Joao0C6o trilrr6o3nqot Jrr6q,:365$ot Bo216o .>q6n6t: Lrilrr6or3gqoL Jrr6qs365$oL 3r'r3o$3$nb'h q.: S16sjgond?o qro$3r'rL ,;t5o5Jr6r'rnJ$oL 615boq3r L.:j.:t6or33qrT L J.:<6qr365$oL ors33ypo3s6n 2 q,:3oor bsj<6rdX

lrJJJdr(I]ACRt'll, ts05JGbmJ NIINISTER OF FINANCE 40501,O6,0 Jo6.r1q, o,r"gXi(,r;0oy."n OFGEORGIA First Vice Prime Minisler - - 1€- )a*,/4,I; MB bsj;16or31q'rnL Jr4n8oX16-3o5obg16 b do$er5 5r6o6rnq, 35,:qr.rEqo?3oq,l-r d,:go6o g6o5oq, qsSs6oo: q,r gr6r651q 6G6J$3 qs Broo ogo6osq,tr6,>q n533$3 60b Nt2l Ar6,trdA?R0a,r PaA trt Zl"z ] n,in \L*,i il. N tb. o;tq: th>tu. !r;Jt,,: ,, -.. I ",n:r",!,t toooruNh Str'ct.lbihri nuJ G,,^.., r.t.,i,:,-, ,,, .,, .,

lrJdJ6(I)a0E'(')1, MINISTRY OF FINANCE t3O5S5l,())J LJ3050lr6.<-,(') OF GEORGIA tu;ls6oggqoU Sor3t6odoU 315g6q,116o.> v 16o6o166 oil335o3oU gSoloqoo, 2008 $qnl, 24 SccgSIgt6L Uugr6.:566oob r63bJlBqo3oL 0o.:3r6rnlrtr Rr t,>j,:6orgXqrot (tojor6o3gqob Sorgr6olo) to6ot t6q3o$g<6oqo 3o5,:5L16o Jr6ogo3oqob 6,:Sbor6gonqgdob 8ot5oo, U.:gr6o556oob t46tJ2dqo3ob 0oo3r6olob t.:bng,om 0rnj8gq NATIXIS-ts Rr btjsr6orgnq,ol: 3o.:3r6erdot bsbgqoo Ooil0nq tojot4ogqob go6,>5Uo.: tr8oSoU$r6rnl-r ?orioL 2008 Vqnl, 16 q633b36U b1Rn 0o6$nr6,> ,,bst6Ubo t6qEilt62q'nluL", boq,o 63160o5oo11 6n3o5U$r61j6ooU l-r;3t6nqo$o l,:53b (Kfl /) Rr Uuj,>r6oggqot ($sr60tnq5n5oqo go6uSUorr - braoSot6r4orn, ,,0tgbtghqo') Stnr6oLr dsolO?o ;rn335rq1r6o o6g16.:b6<61j6y6ot qs$nL6B2qgBuo,> 166uloq,ogsgooL II gubot qugo6.:SbgBoL Oot5oo, tsb3tto tgq36t63g6Brt b3qo 0o6$'661 2008 $qoL 19 q663}nt6b. q5oE52qo bnq'En361qn}6}o RD Luoo6uqrn qro33335$ndo go5u5boru LrSoSoLgr6ofr 0onr4 [ur6p6n5oq ojSs bujur6orgsq,rnL Oo;3drolrBo 2008 $q,ob 16 q6n0}Xr6ob N.074an651 q.: 2008 $'got 19 I !yt* o t u, t. a$tt*t.4 ];-tA 6?+-aaa D. ?flE a'7JaZ 2*tt't'ej' ialo@rnor'se .... oSob 5ro3sq,oL[o63]oo, 16o0 ror6o3X bnq,?3;r4gq6d.> uSgoq,glq'oq 25ps oj6rb 6.:gogogor6Xd2q,o 2008 S6qL, boqrr Sorgr6odoL LbprnSr b,>3sr6r2qoq ?nqg66,: OoSqo6sr6n 5,>tng,:r6Eo, ,,Lugr6s666ooU r6XLJ2Bq,o;o[ 0ors3r6r,rdoL brbnq,oor aojdnq NAIXIS-L; qs b.:j.:r4or3nq,rnL ilor3r4o6oL L.:ilrr6orggq'r,rL go6.:ELorr UoSo6ot$r6rnLr 5mn0dnr6t Lsgr6,:56gooL r6nLJldqo3oL jgo(tott 0y2 bubXq,oo BrnjdSq tsr,rr4olr 200g VRnt 24 0os3r6otr,:l_rs qu Lrj,:r6o36qoU (Lr;lrr6or3Xqrot Oorr3r6otsrb) tsor6oL b6g8o$6r6oqo go6r6tSr6o Jr6r'rgro,;rnqoL 6s6bo6gonqSdoL 0ot6oo 2008 $,q,ob 16 q3,;n3dnr6[ RoR6AIq,,,L.:b3tbo tnq,?6;r62q6doU., L.:6rgo6odr(JooR $,r6q5n6ot _ orsr.rd;$n Lsjor6cn3nqob go6s6tor L;OoEoL$r6r,rb 5uEtoq,3oL EgLsbXd,, Luju16ognqoL 0o1616oBot Jt6rngjgo qo,,53r68s6oot r6n3rn6tgr6lj6ooL fo6.:qsqS}ol: 6r6;r165pqnloU LoSr63qogrn d;E3L (KfW) Rr t,>jur6o3gq,art ("0bntbgd3q,o,) Bor6ob dsor28Eo ;r,r326;q,3r6o ofu6rt$6?d$A6ob qr$,nL6d2q,ndros r6ns6oqrog.:6ooL q,sgoSrSLXBoL 0o$Eoo 45,000,000.00 tr 6r$oI n3r4roL oqn6roloL brlrntbo bnq?ldr62qglob t;r6rgogo3.:6ooq, l;.:jut6orgnqrnl-r $rr6qgn6ob o;ods$3 9o616bor b,>Do6oL6r6oL $o6squqsdob grEboq,SoL ?nl,r.:bgd" Lrj;r6or36qrnb 5,r83,:r667q6doL Jr6onjgo 0o,:316ololl $'61638o,:5 tsSorr6b0qs g;8rn3oob3oL !,;toor (ob. q.:8.:r6oo). 5obo3o, SoLgnor ?n8q6ro0o 3L3q,Xq,rnlr. qoSog16o 53o6ryrdg

L J d J61o)3CR t,) 1, .]6-l C%OR a66O Lndrr6o,Barq1,L J6.6qrAC66L ,,L,:bXq8$qrn 3,rqoL ts3l-rsbXd' loj.l6or33qrnL ;r6ro6oL 3y2 0XbcqoL ts3lrsd.:8oLsq, 6.:5ogogo6Xbolrror3olr $s63ro5oq536or,,lr,:i6,:653onlr r6XlrJX\o;olr 3ors36r'rboL btbXqno SojBXq NATIXIS-h: ql Ltjol6or33qolr 0or;36rnbolr LsbXqoor 8c'r j0Xq tJ;j,56o'33qolr 9o6o6lror.r L.l3o6oL56roL tsror6olr 2008 SqoL 24 6ro33b3t6L tr.li6;65XoroL 63LJXbqo;olr 0or;3tfto&:lrt q,! LJC,)6o,3Cqr',L (L.ljs6or3Xqrolr Sot3tirnloL) tsrn6oL bSq0rnSX6oqo jo6sErXt6o Jt6ro6r'r;orqoL 5;6bol66oXq3bolr 3o86oor lr.rL3Lbo b3qtsX;r6XqXdsL". t7, 3ob3oc1 Lo,r3,:33ocqo N l/408 22.12.2@8

LJdJ6O30E?o)1.l J6AtORCE6Ob aJSdJ6-,AAs?cbJ }E 82I 2008 Sq,o[ . ,,Lobgq0fiqro 9 qfigSdCdlo j. oloqoto SoqoL aa6oh]. tr:dor6ora3qolr A3Loa63oL,:q go36XL o,:6bdt rlo 16o, qoqorr,,r,qooo6,* .rr#[rJil:#]lilrJ:1:fr1 NATIXS-Io qq Lsj.rr6orSgryrL l,.td,r.6o,S8q,{rll go6s&ol Oor3r6oboL t"b;;"; LoAoGd,OftrL lofuott u'4r6o5gxooL r63trJ3bqo.lotr (L,rj.r6ogXqot do.r3r6oboL) Jr6o5o.;oqoL ,1ofto6olr 03-2 a3bqolr 6o5b-q,.0qcb.L *r^ n*'rO *rUOr* , u*r*ir* _doqr6ob.rLo * Z00t i a,:;::"rrH';lrfr ;*rill*r* sr2-'-'> .r0goqo

l,JdJ60l30feCtU 0JCl6flt00d?60 0 J63 0 OlJdrCa0 l, l, J0060U O fD{rt 010{l -a"q,ol,o, }J5016o,}b J. .tr, t2 12. c. Chantuna Slr, OlOB Tbitisi, Georqia I}IINISTRY OF ECONOI}ItC DEVELOPIVIENT OF GEORGI.T Tel.: (995 32) 93 33 6i, 98 43 11 tr2Y q)1o 2C| ()1 ro er ^o^i ^^ oT. I IEN: CXI- m1 6i43 CIPI t5dJ6{D30fe0L 0aL6filfi)L l1Ja)60L66fl) I I MINISTRY OFJIJS'IICE OF GEOR(JIA .21.---4 2co3s bolxrrorolr .ftgo3otgX&r;, a, ",o6r q161grp<l)5o ?o6oUgdrolr Jo632q'o &r.rq6oqX l,\4V.o);IAl'l,ilOEln:1n,q0I.6,arrtJ/rl. irQol,i\wurfJO6il:;?!&_1/t'saEiravlt,,!nl4''q:nlr'Nln!'i'Eriqd(iilriEF!|l. rdF hrd"d.idE:wF r, rd;r m lllr/, IHi* (-4i. Td: ?!_t,1., /t NLr5. ld: '1{2)1 tlvr\ll_ ' i*, r* FCU tn- i 4425:7? ^b/. h.rJod,",.rrq,mlr ;1/"r, 3o6,1o 2t aE E5:4lF,l P .'5i\5L(/,n AoSo ' $'316rrq'm.r5' Err4rrc"m.r5' qu.:; t".!:'r.l?66it;.;: ' Jr6o6o,1",qol-r (.' yt,,515lr;r lrsaoEoL6fi,',tir ,..,r' htAig5gor,,L O3i;;Xilq,1"r, A'l;t3 . NATIXIS-l.t ?r'160l, 0.,l,rerrd,A1A3po L\lr0llhm hgqBS;r61qX&rh .tr6mX..i6xltr. NA yno ,l'1,')rd00()msh {r,t,\J .r,.r ik)6Ca'r,'} 16,.rnHX :,poaboq )6nXjgXr.ni6 14,,'rF3 lri;hoU 1,.,h,'tr ?1&r?;15r ?;6i,?;st,, .:rrr Ei6ar119666"R, &i, t..il?,,'6JAoo ;r';r3oF5a' I,JJJ 6m3 Cqm LJAJ6CN UJJAC -/q 0ll8 o*qht o, am %6idot, r. N4; 6Jq, i (99s 32\ 284648: a.:jtn; (.995-]ZlZi+e zt ***_,f"a"r!" bJJJ6-fJ|.'iJqm 6rl&', 3o6o115t6olr 3rn,rq5oq3

LOAN AGREEMENT in implementation ofthc Financisl protocol signed on 24 November 20Og bchveer GDORGIA (thc GovernDc[t op cEORcA) aad the Government oflhc F?ENCII REPIJBLIC BETWEEN THE MINISTRY OF FINA.I\ICE OF GEORGIA acthg in the name ard on behalfoffie CoveorTlsnt OF GEORGIA AND acring ir the nane ara oo U.naf ofriffiernrnont of rhc TR.ENCH REpuBLrc .2 su}Ilt.{RY PREAT}IBLE Ardclc I - Amount and purposc of the Loan Ardclc 2 - Opcoing ofdrarving righE on tho Loar Artlcle 3 - CorditioE to bc mct prior to thc dratying3 oa thc Loaa Artlclc 4 - Drawbgs oa thc Ioaa Artlclc 5 - Rc?ayDcnt ofpdncip8t - paymqllt ofintercst on thc LoEn Artlcl.6 - Claims or defcncct originating fiom a Contract Artlclc 7 - Cununcy ofaccouathg aad prymcflt - placc ofpsytrtcDt Artlcle 8 - Rccovery ofstrns r€iulting from tho impleumtstion in thc frEmc ofa Cootract - Artlch 9 - Taxes - Duti€s - Fces snd oth€r expcnscs Article l0 - [ntcrEst on oveduc paym€ob Article 1l - Intcm.ption ofthc l,oan - Accclcration ofrcpaymq[ Artlcle 12 - Application of tho su.rns rEceived by NATD s Ardclc l3 - Govsming kw Artlclc l4 - Election of domicile Ardclc 15 - IntaprEtation - MotterE not defincd - Disputes Aniclc l6 - Coming iato forcc Aroer - Sp€cimen lcttfi ofgeneral instuctioDs ofgurr8ltcer isEued ofthe Loatr 3 PR-EAillBLE lvhercar cEoRG-rA (thc Govemment ofcEoRGIA) and thc Covemmelt of rhe FRTTTCE REPUBUC siFed a FiD&cial Protoc "Protocol" by which thc Frach Govcnurent Frcnch govcmrneat loan up to a naximum NnaETY TSOUS.aNII EUROS (EUR { O9O 000) herea.flsr called thc ,'Loan". Thc Loan iocluding a primary and for thc Tbilisi Internatio Protocol. ftg t"qr also.6nances,.on an_cx-c+tional brsis, thc puchas€ of Gcorgian or torergn goodl and ssrvicG wrthil thc liEit of20 % ofthc ftuncial juppoG thc exccuiion of the contracts bcing under tbe responsibility of hc Freach suppliers , WhEreas iE Brticle 4 ofthe protocol, thc signing of a Loan Agrement between the MINtsrRy oF Fr.\aNcE oF GEoRGIA acting in thc naire aid on u"t ati oT t e Covemoini of cEoRGra and NATLvs, acting in thc naric and on bchalf of thc bovemment ot tfre FRENCH REftTBUC has be.en provided for, in order to sp€ciry the modalitirx ofutilizarion and repaym€nt ot tllc Loa[ Therv[vErRy OF FtryAr'{cD oF GzoRGtr,, acting in thc name and on bchalfof thc Goverllmcnt of cEoRctA5 reprcs€nt€d by Nika CILAURL Minisr,er of FinsDcc o f cEoRcrA on the onc han4 NAmGI , acting in th€ nane 8!d on b€half of lhe Govcmmant of thc FRENCH R.EPUBIIC, reprEsgrted by Bcrnad LEMPERIERE, DQuty Dlector of Institutional Activitics on the othcr hard, HAVE HEREBY AGRXED AS FOLLOWS r ARTICLE l.- ,lmount ard purpose of thc Loatr The Loa!. up to s maximur amourlt of FoUR MTLLIoN srx HI]NDRED ,tu\D { 690 000) is intended for thc financing of the puchase in primary and a secondary ndar as w6ll as thi associa:ed Tbilisi latemuional eirport and cEoRctA,s civilian air navigatioo mentioned in ftc Protocol, The shipment sh8ll b€ consi . Dfll.ot ladrtrg rssued by a F,rEnch shipping c ar trsrgit company, or under a road bill iss a Frcnch servicc by tbe appropriate French au if it is executed u(ler s y'ond bill issucd by a French is ccrtified as bcing Thc shipment insurancc shall bc comidercd a, a French servicc if it is ta-ken our .. wlth a company approved on thc Frsnch markel. Howcvsl, [16 financing may bc ertcnded to goods and serviccs oricinatins rom counmes other tian FRANCE in accordancc witl provisions ofArticle I ofthc pr6tocol.- Thc t sn will be pl?ced at 0lo dispos8l of fte IwD{IsTRy oF EINAi\CE cEoRGtl by NATtlGi according io the modalities srired in articles 2, 3 ard 4 hereunder. oF disbus GEORGIA tirtfi,*t fulfilled r^ to ...- --.-*,-, .. rt!1!al!r the thc Loan, as dcfin.\c ir adicle 2 abovg count oftheMrMsrRYoF FrJ.ti{cE en the following conditions havc been oi 5 a) subm.ission to NATLyli of the autorization of the MINIS.IER oF FINATT{CE oF CEORGIA io sign this t-oan Agre€menq b) for Each Contract: glatulc liet thc of tlrc oocum . submisrion to N-.tTHIs by lheTrmch supplier, aner 6rst downpayrueoq ofa documcnt confrmiug coming into forcc oitlro Coullact ' ' ARTICLE 4.- Dnrvltrgt or ahr Loro pro to Tho Erst downDavmcnt and 20% ofthc amount of thj ionFdct the aoount of &eight and insuraacg and shall twc€E l0% cdustion of As far as thc Enancing of frcight aad insurancc is concemd no pa)trnclt c€Ir be made prior to the actual shipment.' on rhc Loan shall bc madc avaitable to rhe FrEnch supplier -_...,wltnln tnc ^.- ,._,FT-l.dr1w1S ttmrt of thc ConEact, on pr6cntation to NAIDOS phobcopies of specificd in the Conh-act chcckt PDloco of thc docuh'ents #rT#f,ffi:tHr"f;35i,5 fiom thc Frcnch supplierl NATD0S shrll pay provided for in aniclc 2. Thc only lhc documcnts mcntioned above s NATIxrs shall ma-ke the psyments wirhin fineen working days of having rcceived and found the documents acceptaBt;, At the end of each calqld!.-qu8rter, taATI.xIS will send to rhe MINISTRY oF FINAjYCE op cEORcrA tbe sraremcnt of lha dravings made on l.hc calodar quaner. This sratcment shalt sp€ciry rhe aate arnoil ia 68n-dG;t-rhe;; of;;;;;;;g. - -- -'- modalities NATIXIS O general ins ertended by the GoverEnetrt of the Frcrch cEoRca). Eact ponion of the Loan, which has a duruion of 6 eight (78) monrb attcr tho lart day of the mada Each ponion of the toin bcars -b_e€n 7o) per annum, computcd on ftc disbursed anJ is calculatcd on the b&ris irty (30) day& htcr€st is months alt€r thc last day schedule MU cosstitute ao MINISTRY O[' FIIYANCE OF Covemmen! in favour of ,,,*,-a*,,o%o.1TloffiH?r'ff 'd|;ffi :l#S6rH6:K:Li,'."&:ilTLt*f; ID PARIS. The date ofDeyrnent ofr ,oo-*o*i,g auy io-friitrl,poil;;.j fiHy".r:lltilflijl,rfrTi:: wher ir n{rs due a r^,.r*ro.RliXl?HTIS[*'^:?frilount'nNArlvs shalr acknowledge receipt to t]re ilffi *:,#;Hdlffi*n,.*"*tm,mtT The amount ofeach Cort-act is explessed in Euros. Thc Loan is granted and rcpaid in Euros. Any payment of t.e sumr- due by the iuL.{-IsTRy PNA\CE OF GEORGIA to xATnos shall be made bv crcditins rhc acc'out n. :OObi op gSgEi ?jiei"TttSOOO Bg of :{Arrxrs opened iD irs uooki, in p.rnrsl wirh ure folto;in; ".-",, ;ie;*;;'' D.,LrJP.E.E. - Lorn EoB60 7 .r.raTl:aEnd!._) in hvour of thc Georgiao *. *1f1.,r.:,*:,.-::iilir:X.i.i"ir',ii"&"dr'ii"""IffHa1 *,"t rr,, u",,jhr r"Jti;s"t;'.,il';"li;s"il:"Tilir"ifrJ H,*':#H,-qTHrX-ga+ buycr arc issued ,o ul.g Prvrrus @r 4 ctarD€ iD favour of NAT[:s. coalcqrcnrly, thi Gii.oi ;ffi fi &,5iifu :ffi ffi ffi '*Tes.|,fr Iil--ffi couller-guarantces' thc countcrto NArIxls thc firnds rcsulting from shall i"ir"niiri guarantor -th; r]io, gruirantees err*lt"o tri"sft omth€-c"ii;irii-ir"fi r"iilE -by Thc proceods arcashcd by ryAu.Es by right of tbese guarantecs will be appliql in accordancc with article 12. ARTICLE 9.- Trrc! - Dutie! - Fee! arld other erpeuses Tho loan shall aot bc uscd to Enarcc any dircct or indirect !ax6, t u,rtom duties, lwics or administrativc expcnsB tn GEoRGtt- Funhermore, the reinbursem tees ln courcctioo with thc execution of th cEoRGrA- However, should any event tnE YINISTRY OF FINA.YCE OF CEON,G and prDmptly thc exact differEnce. ,his Loan Asre*llnf ',ir?,iff : ii'-fl[Hti'ffir.'irTru:ffi.f;$t.o,n reration to ARTICLE 10.- IIlaerest oo overdue pavmcoa! 8. No firnber &awing ofrhc Loan might regarding rhc an duc by tbc uftrsrnv or m.Lrc immcdiately pafdble ar rhc fiIsa rcqucst of NATxIs itr t r FLYANCE OF CEORGIA, MrD(ni thc Loao a&eady paid; - Dcfault of oavmcor by the.MrNETRy oF HNtcrcE op cEoRGrA with Egard ro any of it! uadertakings of piymeor isulting n"i-i[i, L-- e-]iii],i;""' - Failure of oerformancc. by tie MINISTRy OF FINayCE OF GEORGIA one of r.hc conditioru, stiputitions or und#.jd;;;;;'Er; iiiilii Xilrn*,; of any - Any act or decision of thc Georgiaa Governmcnl that might prEvent the performancc of lhis loan Agreement. Any requGt for thc cas6 will be madc without anv registercd lett€r to the <Iomicile o'f articlc t4 hsEafter, In no Evc.nt mav anv mentionea abovl,'l-c sitrs its rishrs as ;;;:id';& t", th.* ;chd;; A; Jn#;; ii"' rA ae a waiver of oF FINANCE OF cEoRGrt ARTICLE 12,- Applicaflon ofthc atrms rec€lved bv NATIxrs ExccDt for de reDevmcnt of principal- and fic paJme,nt of interrst stalcd in artictes 5 and I O any sum rccciv;d 6v tvermi unair pusuatrt to article! 8 and I I, will bc appticd b! NATrl,ts &e follows: *i, t"_ {ffi;;i.rp*ially - in priority, to the peyment ofany arrears; - than: . eithgr lo the reoarrnmr of the principal ryryrainiog duc in compliance wirh rhc repaymort schedule(s) issued, rh jsaid repayment scfieaul4sfUein"g ;j"uf"Ji.i ,"_.airgy ; . . either by deduction of thc drawings made on thc Loan during thc crlendsr quaicr wheo NATD(S receives the corresponai"g pn ".ar; . or, by deduction fom thc drawings.madc on thc loaa during the preceding calendar quarrcrs, thq conesponding repayrn."r i"-rurrg,,r *t?i,lq, #"'iiiiii,iitf /\RTICLE 13.- Goverpins Laly The execution of this Loln Ageement is goyemed by Frcnch Larv. ARTICLE 14.- ElectioE of domlcile For rhe purposc of performance of this Loan Agreement, the parties hercto elec! dorruclle as tdllows: . for t}e }INISTRY oF EINANCE of GEoRGIA: External Relalions DepafiInenl 16, Gorgasali strEer,0l t4, TBrLrsr, (Ceorgia) Telepbonc : +99532-,14646t Telefax: +99532457 443 - for NArfDos: Poste Clients DL€ctiotr des Activitds lnstitutiouellB 3Q avenuc Pienc MendA+Francc 75013 PAn]S (Fr8ncc) Adr€ssc postslc : Poste Clisnts Dirpction des Activitds lDdirutionnellc BP4 75060 PARrs Crdex 02 E. Mail d.airanatiri&com Telex 690370 Telephonc (37-t) 5t t9 26 42 t 26 52 Telcfax (33-r) ss 19 26 70 ARTICLE 15.- ltrtcrpretrtion - luattcrr rot defircd - Dlspute! efircd by this text the iIUNISTRY oF odwill, try to find In."Tg of any dispute lhe_concemed panies agree to negotiate to senle mattq on an amicable basis, with possiblc recoursc io the cinsuhatiorioi th"ir .cspecti'thi! .. govefirmenL __-._,- ___ { 19 solulion. appcars, rhe dispute will be submitted to goverflrent of the FRENCH RE,UBLIC and to rhe govemment or cEoRctA rvhich means to solve it. wi dcci'rti on trre suitabte Donc in Tgust on both texts being equally authenfrc. OF GEORCIA ft.u. z,sat in duplicarg in French and in Englistr,

I CONYENTION DE PRET F en applicarion du Protocolc entsE la ctoRGtE (Go et le CouveEcmenide 2008 ENTRE - LE MIN]STERE DES FINA"\CES DE GEORGIE agissant au lom et pour Ie compte du . Gow"_"r*iilliLio*c,r NATIXIS ag$sant tu nom ct pour Ie cornpte du Gouvemement de la REpuBLIeUE FRANcdsE SO}IMAIRE PREA}TBULE Ardclc I - Montant et objet du Pret Artlclc 2 - Ouvcnure des drois de tirage sur le Pr6t Ardclc 3 - Conditions prralables aux tirages sur Ie Pr€t Articlc 4 - Tiragcs sur le Pr0t Articlc 5 - Rembours€ment du prilcipal - Paicmenl des i dr€is sur le pret Ardclc 6 - RCclamations ou exceptioru tirdes d\lu ContEt Articlc 7 - Monnaic dc comptc ct dc paiement - Domiciliatioa Artlclc E - Recu#ration des sommes r€su.ltad de lo mise enjcu des garaaties dmises dans lc cadrr d'un Contrat Artlclc 9 - Impdt! - Dmits - Frais et accessoircs Articlc l0 - Int&ea de retard Article I I - Intenuption du Pret - ExigibilitC anticipCe du Pr€r Articlc l2 - Affechtion des sommes rcgues pa, NATIXIS Articlc 13 - Droit applicablc Artlcle l4 - Election de domicile A.aiclc 15 - lDterprCtation - Questions non resolues - Litiges ArdclG 16 - Entrde e! vigueur .{nnexe - lvlodilc de lctte d'instructions gdndmles PREAT}IBULE ConsidCrant que I8 cEoRGrE (Couvememert dc la ctoncE) et le Gouvcmemeat do la REPUBLTQUE FR-rg\cArsE ont signd ur prctocole Financicr le 24 le", par lequel Ie Gouvemement frangais a mis pr0t gouvememental fiangais, ci-aprjs dc QUATRE .vtLLroNS sDa cFrrT eUAiRE - ln vrNGT DDa ItrLrJ EUROS (ELrR 4 6qt 000). A tihe 'achu de biens et services gdorgieos place, I'exdcution des coniats Zraat l-al ou Ctrangers dans_ solls Ia respoEsabilita Coosiddraat qud l'aniclc 4 du IIIIMSTERI DES NNAN'CES DE G Gouvcmsmcrt dc la cfoRGrE ct Couv€rm€matt dc la modalitds dlrtilisation Le.vlvsrERr DEs FINAu\cEs DE cEoRctE, agissant xu nom et Dour Ic compte du Couvememert de la ctoRGIE repdsentC par Nika GILA[JRI, Minisrc des Finsnces de GEoRGrE d'unc part, ,YATDS9, agissant alr nolr et pol[ lo compto du GouYeEement de la RIPI'BLIQT'E FTAIYCAXE. Ppdsentd par Bemard LEMPERIERq Adjoirr au Dircctcur dct Activitds IEtitutio relles d'au&e pafl, SONT CONYENUS DE CE QUI SUIT: 4 ARTICLE l. - ltonarna cl ohict du PrOt Lc tra.osport conDaissemcot CEis par uo uoc comPagric frdlgaisc de routisr ftan9ais, et est certifi€ collnc service . .L'assurancc du transport sers consided€ comne servicc Eangais si ellc est sor.rscdte aupras d'unc compagnic agt& sur lc marchd ft-angais. Toutefois le financernent pourra sdlendre A des matdricls et servicE etr provcoaocc dc pays autcs quc la FII,ANCE en accord avec les dispositions dc I'article I du Prctocole. L€ PrA s€r. mis cn placc au profit du UnVSrtnE DE-s f,.tr{ANCES rrE GEORGIE par NATTrult selon les dispositions prdvucs aux articlcs 2, I ct 4 ci-oprcs, ARTICLE L- Orvcrt[rG dcr droi6 dc tirrsc lur lc Pret It qu'au mieux de leur connaissance, lcsdits conrats n'ont &it ni ne feront I'objet d'aucune pratiqus ddcrite ci{essus. A Lexdcutioo du projet mentiouC dans Ie protocole, Salaeronavigatsia Ltd (ci-aprcs dCnommd "acheteur onformdment A I'anicle 6 du Protocolg sera ci-apr.s du Control sers adGs# A NATtus rev€hr du cachei du I'Ambassade France en ctoRGtE comDdtent Dour la sur le Contrat le montart e tinucer dais le cridre a, Plotocolc. A la rdccption de cet exemplair€ du Contrat et de llautorisation de rdgler le foumisseur frangair donnec par lc MINISTERE DES FINNCES DE cEOncrz sous forme-d,une Iettre d'instructions gdnCrales <.lont modBlc joint cn annex+, NAfLxIs infomeB le lournisseur &argais de I'imputation du ConFat sur le Protocole. NATLvs derDaoderd par de se sourncttr au contr6le dventuel de I'alfectation agement souscdts, etr padiculier de leur contbrmitd relativci aux protocoler firunciers. - ,A la.r{ception d'uac teJle {ccptation paro/ole foumiseur ft.an9ais, ryATDos ouwira des drcits_-de- tingc sur- le s'Jlevaat A 100 du monta A finianccr tel que mcntionnd par Ie Chcfdc la Mission Economique. ftt ARTICLE 3.- Coaditiolr! nr6alabler aur tiraees sur lc Pr€t . AprCa lbuvertue des droits de tirage sur le Pdt, telle que ddfinie A t'anicle 2 ci-dessus, le Pt€t ne sera versd pour le compte du MTNISTERE DEqE[yANcEs DE G6oncIE, ) airsi. quo -prdvu. d""r. t'article 4 ci-aprdq que lorsquc les conditioos suivantes auonr dtd Emplies, tr Ia satislirctioo do NATDos : . a). rerEisc i NATxs dc I'autorisation du }IINISTRE DEs FnaAr,{cEs DE GEORGIE pour sigDer la pr*cntc Convention dc ft€t ; b) pour chaquc Contrat : . remisc A NATrrgs des .-rprai.or""p dc I'achctcur lors des du -BaorgieD IOUTE SS€UI traAgArg dOlVeOt etre approuvds - remisc e NATlrrs le. foumisseur Eangais, apris r€glement du prcmicr acomptc, d'un document uttestont de-legr ents{c ea vigueur du 6nrad ARTICLE 4.- Tlraec! sur lc Prlt Lc oremier acomotc or{vu dans chaquc Cont.sl devra 6tsc compris etrtsE IO % et 20 % du_monGot du Contrit A'financcr daru i! I pr;il;i,-ieauction faite au mortant du &et et de l'assurancc et sera payC pa! tirago"rd; sur le pr€t ' , En cc qui concemc Ic financement du frEt et de l,assurance, aucur dgtemcnt ne pourra intervenir avant les expdditioas, pf!:{fl"r" - Ctaque tfuagc sur le p.6t du foumisseur franeais, dars lc cadrc du Conbsr, sur Drasentation I NATDfls dc, phodopica aii]rmcrt" ,rqrij d_" CoDtra,. ai ii erE quq dhutrB dosumertr sont ndcessairca Dour lui C de- la deoande de riragc avec l"s ,tda ea";i; ; les financiers, NATIXIs d;mand€ra ae iits aocurn-t" i" NATDOS reclera direcrement Ie foumisseu fongais dans ler quinzc jours ouvrds suivant la rCception?es documents reconnus confomres. A Ia fin de chaque trirnes des F'INATICFS Dt GTORGIE u! relevC Ce devd prCcisera la datc et Ie mont8nt i![frrsTER.E DEg ectrE calcndairE- Le droit au remboursement nait au profir de par lui, au titreiu prtt, pour Ie comprc au ;ur,vsreRE NATLvs des paiements elfcctuds iiJ Filiv;ciq:;I'c*.,o.,o .- 6 exdcutioo de Ia prgsente co.nvention de pret Le pr€t sera divisc en tia.Dohes successives dont chacune co[espondra aux tirager effecru& p. NATRIS au couls d,un himestrp calendaire. Sauf arcur ou omi inconditionncl et h€vocablc dr agissant au mm st pour le comp toute! les &hdancca pr{vucs daas A. chaque dare d &hCance, lc jUImSTERE DEs nNANcEs DE GtoRcrF, credircm tc mo ant dii au clmpre n" 30007 99999 635657?5cf,O E9 de NA.nxls ouvert daru ses livtB, A Paris. , . La date d€ rtglement d'une &hlance de principal ou d'imCr€ts, est, lorsqu,elle echoit u! jour noE-ouw€ en Ff,ANCE, Eporissic au prcmierjour ouvrc qui suit ' A l'encaiss€ment dudit mo[trtrt, NaTtxtS accuserd. rdception au,]INISTERE DEs Ff,YANcES DE GfoRGIE du paicment elfechd. ARTICLE 6 .- R{.hm.iior! ou erccpalotr! tiracJ d'un Conirat C iVTINISfERf, DES IINANCES DE CIORCIE nt de payer les co[clus entre poumitavo er NATLyrt pr€sente Conventioa dc Pr€L ;J'Sil;:iffi,,,*",H"i$:ff1 utes lcs sommis aucs au tiirL ae Le montllt d€ ch8quc Conhat 6t eJ(primC eE Euros. Le Pr€t est lccodd et Embou# en Eums. D.AJJP.E.E. - Pr€r no 860 li 7 ciqtcsaraor dc la misc ea ,1,i#illi,T#i,"0il.'11;Sffflffid: Lcs sommcr cncaissdes par NATIXIII au tiEc de ces gaEnties s€ront a-ffectCes conformdm€nt A l'article 12. - ARTICLE 9.- Ilnp6t! - Droits - Frai! et accelrolree Le pr€t ne oeur servir A payer aucuu irnpot-ni taxc' dirccts ou hdirEcts, de douaoes. pr{t}vcmeao bbligatoircs oir fi.ais "a",irri"ti"tiri.n iio-nlilr] - &oiti *o*,on,"J&?*S,"?""T#f 03"il11'fr#H,m,*rilf*off ,J,#i1.":H*s; iYAIDOS. ARTICLE 10. - Ina6retr dc retrrd compter dujour dc ltrigibilitC jusquhu jour du Conformdment A l,article 4 du pr 8 ,IRTICLE ll.- lnterruptlon du PrAt- ExiEibilit6 inticlp€G du pr€a ours re &oit l*,::i:lH*f.iffii tihc du Pret danr l,unc quetconqui dii circorutances suivantct : D partieuc ou totale d,un Contsat rrolr Pr€t et l'exigibilitd anticipdc du 'prir au Cootrat iDlcloEpu, aaouli ou resolu. prourraiq avcc l?pprob,E',, d"" *r.,itd, Hffi#Hif#l$ff:eJ1*"!t$*""" nn"o't - dCfau! dc paiemcDt du.]IE{ISrERE DES FIN.{.\CES DE GTORGE en cc oui concemc l'une quelconquc de ses obligations dc paiement au tiue de la prdseote Conviottrr de lraq - ddfaillanco du .vtr\arsrEruE DEs FDrAr.\rcf,s DE GtoRGrE dans l\rnc quelconquc des conditiorr+ stipularions ou ltn quclcoquc dcs engagements d&oulant dJ Ia pdseDtc Convetrtioo d€ Pret, - toltr acte ou dCcisioo du OouvcrEc@cnt georgicn qui emp€chcrait I'ex€curion & la prdscnt! Convcntion & Pr€t Tor-rtc demmdc de renbouncrnfit anticipd du pr€t dans 193 cas mentiona& cidessw se fera, sans autsr foroa.lird ou d&ision ldfilc, par I'eoyoi duno simplc litG recommand& au domicilc du )tlylsTEnt DES rfir.yc-Es DE'c6ORGrz. rel quc meirtionnd A I'adicle l4 ci-apres. Tout relard ou ondsion dessus, ne sera en aucun car cousidd cofinc uo abardon de ces droits ou MrfflsrERE DEs ErNa,ycEs DE Gf,oRGrE. /\RTICLE 12.- AlIecl.tiotr dt! lommct rccu6 par NATIXIS . A l'exc.ption du rembours€ment des &hCances de principal €t du paiement xlriws ians tc ca,irc dc ta pds€rte Conv€rtion de PrCt, notsnmert so pplicttior des aticles S a t t sera affeciec par NATI,(S de la maniarc suiyante : d intdrets J,rdvus arx articles 5 et I0, toute sorllne refue par - en priorit{ au paiement dcs arriirEs sventuels ; - puir; . soit au remboursement du principal rcstsnt d0 conformJm€trt au(x) lableau(x) d'anonisscmert dmis, le ou les dits table{u Ctalt rtcalcul6s €n consdquence ; . soit en dCductiotr des tirages effectuCs sur le pr€t au cours du tdmestre calendaire pendant lequel NATLvs encsiss€ra le fondr ; . soit en d&uction dcs tirages elfectud! su! le pr€t au cours des bimcstEs calendairEs pr6cCdents, le ou les tableaux sement y affdrenLr etaai rc"atcrlts en consdquence. d,am ,tRTICLE 13.- Droit aoplicablc L'ex&ution de Ia prcsente Convention de pr6t est sour s€ au Droit lidngais. ARTICLE 14. - Electlotr dc domicilc Pour lhrdsr.rion des prtscuta, domicilc est dtu qux adrErcs - pour lo MINUBtrnT DrS FININCES DE GTORGIE suivantc! : : Ertcrnsl RclarioB D€D8ltmcot l6,GorgEsdi StsEcg Oi 14, TBtr rsl (ccorBia) TClaphon€ t+9532446461 Tdl&opic : +99/532457443 - lnur NATDgtt : Postr Clicntt Dircctioo dcs Activitds lr8titlionncllcs 3Q avanuc Piarc Mcndds-Franca 75013 pAnB (FEocc) Adrcsso postale : Poste Clicntr DiEstion dcs Activitar InniturioDncl le! BP4 75060 pAxls Cedox 02 M.il : dai@natixis.com Tdlex : 690370 Tdlaphorc : (33-t) 0l 58 192642l26Sz TdlC€opie : (33-l) 0l 58 19 26 70 Eo cas de diffdrend. les Dsrries concemCes cooviennent de nCgocicr afin de le rdgler l'amiabte en avant €venrue,em*t ,.c;r* ,l;ro;ri-,uiiii'at r'i"r?"goru"r.."o, reslrectif A dCfaut d'accord, le diffirend sera soumis au gowemcment de la REPUBLIQUE FRANCAJSE et au qouvcmement de Ia REPUBLIQUE DE CEoRGIE qui dCcideront des moyens appopries po'ir Ie rCsoudre. i /( t0 ARTICLE 16. - Ertrde en visueur laq juridiques date A entsrra en vigueur apres sa sigDrtuc et e la fia t la pErric franjaisc quc lcs procddures eu vigueur dc ls presente Convcntion de Ptgt otrt dtd sati FaiI A TBTLISSI, Ic anglaisg lcs dcrx text6 faisart Cgalcment foi. MINISTERI DES au Eom et pour lc comptE du /b. /2-zooE en 2 exemplaires, en langues ftangaise et la Gdorgie

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It ,{YNEX SPECI}IEJ LETTER OF GENf,RAL TNSTRL'CTIONS Dcar Sirs, A conEact for atr arnount -.-,...._..._.,....._... EIrRos (EUR ._.._.....r) ryas signed on ............ bctwcar...-.......,..., French9fsupptier, a"a...........__-._:..::;ilG; ily;. GEORCIA. on our corditio youofa you to kindly proceed, rdiflg to lhe paymcnt d on Presentation lo Thc p.ayment out of thc Fr"rrch Govemmfit L.oan will be made within the .. ImrB :l!o.:lt. tltc condttrons set out in our [r8r y' greement dalcd 2oog. THE |!IINISTRY OF FINATyCE OF CEORGI.I

ll ,UYNEXE IIODELE DE LETTRE D'INSTRUCTTONS GENERALES Monsieur, d'EUR Uj Contiat d'uD Eontart a CrC sig:ld lc ...,.........,. entrr ..-..,...........,..., foumisseur fiangais, et ...,......-................,., achetsur Sa"d;.- Ce coouar rclatif A la foumi de bien vouloir oformdment aux gdorgien et sur pr& go-wernemental sera effectuC dans .. -Le regle-rneDt sut le le! liEites ct aux conditions ddfinics par aotre Converfion-d'Applicarion au--- -': *- ': MINISTERE DES FINANCES DE GTORCIE