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Asian Development Bank Central and West Asia Department 18 July 2013 Mr. Nodar Khaduri Minister Ministry of Finance 16 Gorgasali Street, 0114 Tbilisi, Georgia Dear Minister Khaduri: MFF 0043-GEO: Sustainable Urban Transport Investment Program (SUTIP) and Loans 2879/2880(SF)-GEO: SUTiP Project 2 — Amendments to the Framework Financing Agreement and Loan Agreements 1. We refer to (!) the Framework Financing Agreement ("FFA") dated 21 June 2010 between Georgia ("Borrower") and Asian Development Bank ("ADB") for the Sustainable Urban Transport Investment Program ("Investment Program"); and (ii) the Ordinary Operations Loan Agreement and Special Operations Loan Agreement ("Loan Agreements") dated 24 July 2012 between the Borrower and ADB for Project 2 of the Investment Program ("Project"). All capitalized terms used but not defined herein shall have the meaning given thereto in the FFA and the Loan Agreements, unless the context requires otherwise. 2. On 17 May 2013, ADB approved a minor change in the Investment Program to correct the year of achievement of the impact of the Investment Program and update two of the impact indicators. To give effect to these changes, we propose to amend Schedule 2 to the FFA as set out in Attachment 1 to this Amendment Letter. This is pursuant to a recent review of implementation under the Investment Program. 3. On 17 May 2013, ADB also approved (i) a major change in the Project by removing the Mtskheta bridge subproject and the consulting services for the Mtskheta bridge subproject and the Tbilisi Boulevard subproject: and (Ii) the realiocation of Loan proceeds and change in the basis for withdrawal from the Loan Accounts in connection with the major change in the Project. ADB approved the cancellation of $15,114,000 from Loan No. 2879 also on 17 May 2013. The foregoing changes reflect the request of the Government in its letter dated 15 February 2013 and further discussions between the Government and ADB. To give effect to these changes, we propose that the Loan Agreements be amended as follows: Amendments to the Ordinary Operations Loan Acreement (a) Section 2.01 of the Ordinary Operations Loan Agreement shall be revised to read as follows: "Section 2.01. (a) ADB agrees to lend to the Borrower from ADB's ordinary capital resources an amount of forty-eight million eight hundred eighty six thousand Dollars ($48,886,000), as such amount may be converted from time to time through a Currency Conversion in accordance with the provisions of Section 2.06 of this Loan Agreement." (b) The Table set out in the Attachment to Schedule 2 to the Ordinary Operations Loan Agreement shall be replaced by Attachment 2 to this letter agreement. Amendments to the Special Operations Loan Acreement (c) Recital (C) of the Special Operations Loan Agreement shall be revised to read as follows: "(C) by a loan agreement between the Borrower and ADB ("Ordinary Operations Loan Agreement"), ADB has agreed to make to the Borrower a loan from ADB's ordinary capital resources in the amount offorty-eight million eight hundred eighty six thousand Dollars ($48,886,000) for the purposes of the Project;" (d) Paragraph 3(b) ofSchedule 1 to the Special Operations Loan Agreement shall be deleted. (e) The Table set out in the Attachment to Schedule 3 to the Special Operations Loan Agreement shall be replaced by Attachment 3 to this letter agreement. 4. Save and except tothe extent set out above, the FFA and the Loan Agreements remain unchanged. 5. Pursuant to ADB's Public Communications Policy on disclosure and exchange of Information, the amendments to the FFA and the Loan Agreements will be posted on ADB's website within 2 weeks from the date that the amendments become effective, after removing any Information that falls within the PCP exceptions as specified by the Borrower. 6. Please Indicate the Borrower's concurrence to the amendments set out In paragraphs 2 and 3 of this letter agreement and to the terms ofthis letter agreement by countersigning each of the two original of this letter agreement In the space Indicated below. Please retain one signed original of this letter agreement for your records and return the other to ADB. The proposed amendments shall takeeffect on the date ofreceipt by ADB ofa signed original ofthis letter agreement. Yours sincerej Klaus Gerhat Director Gem Central and West Asia Department Attachments! 1. Schedule 2of the Framework Financing Agreement, as amended (3 pages) 2. Attachment to Schedule 2of the Ordinary Operations Loan Agreement, as amended (1 page) 3. Attachment to Schedule 3of the Special Operations Loan Agreement, as amended (1 page) A. Accepted and agreed. B. Confimied that the amendments to the FFA and the Loan Agreements do not contain information failing within the PCP exceptions. For and on behalf of Georgia Name: kKiai>liAN/", Designation: Ahn. slpr ol Date: _17j0y?C?f3 y>c€ Attachment 1 (Page 1 of 3) DESIGN AND MONITORING FRAMEWORK MULTITRANCHE FINANCING FACILITY Deslfln Summary Impact improved urban Performance Targets and Indicators By 2021 •Attractiveness and preservation of cultural heritagewith 10% increase in tourist nights Data Sources and Reporting Mechanisms -Report on multiple Indicators from municipal departments, municipal The government pursues companies and NGO Appropriate environmental environment, expanded local economy, and better living conditions compared to baseline (129,000) within urban areas -Surveys by Tourism in 2008 - Increasedsafety by reducing Department or other entitles as appropriate urban road accidents and -Statistical surveys (IVIRDI or casualties by 5% compared to baseline (8,000) in 2009 -100 permanent jobs in civil engineering construction created (including operation and maintenance) compared to baseline (21,772) 2009 Outcome affordable urban By 2018 -Program will benefit at least 2.5 million people in urban areas transport services compared to baseline in 2009 provided in relevant -Increase by 5% of urban Efficient, reliable, and cities other agencies as appropriate) - Georgia Department of rehabilitated and improvedby MDF and relevant municipalities framework in place Political and economic stability Implementation of the urban transport MFF as planned Labor statistics Risk Vulnerabilityof the economy to exogenous as appropriate shocks -NGO and international or Assumptions -Implementation of the access to public transport compared to baseline (35%) in national transport associations reports -Municipal statistics Metro, bus companies, or other agencies statistics as appropriate 2008 -Prompt decision-making by the government and releasing counterpart funds, and supporting the -MRDI database capacity development population in Tbilisi with direct urban transport road map as planned needs of the relevant municipalities •MDF, Tbilisi, and other municipalities follow split in Tbilisi at least at the same level as 2009 baseline safeguards policy (54%) •Increase by 5% number of women using municipal uri^an -Weak coordination among transport compared to baseline and relevant municipalities Risk govemment departments (56%) in 2008 infrastructureextended, strategy of growth -Surveys by Tbilisi Municipality or other entitles -Increase in public transport ridershipby 5% compared to 2009 baseline(923,000) -Maintain public transport modal Outputs: 1. Urban transport Assumptions and Risks Assumptions By 2014 -A 1.5 km long Tbilisi Metro •Urban transport road map extension to university completed published by the relevant -20 km of Mestia road upgraded municipality enforced -All design and construction -Tbilisi Metro and bus address specific needs of women company, annual reports and men riders (e.g., adults with -Participating city website children) and other municipal undemiines sustainable operations Assumption Property staffed and empowered institutions are able to effectively deliver, operate, and manage municipal services Risks By 2016 materials -A 15 km uriaan link Tbilisi- -Press release reports and -New municipal govemment shifting focus from urban transport press review investments communication and media Rustavi completed -Footbridges constructed in -Municipal transport relevant cities statistics •10 km of urban road and coastal -Municipality reports waterfront improvement -Surveys conducted by the Traffic management center in municipality -Capacity of domestic contractors Is exhausted due to large number of ongoing extemaiiy funded Attachment 1 (Page 2 of 3) Design Summary Performance Targets and Data Sources and Indicators Reporting Mechanisms Assumptions and Risks operation in Tbilisi projects By 2018 -Rising energy costs -10 km of urban road with urban increase operation cost and renewal upgraded in urban areas tariff increases not •Muitimodal interchanges redesigned and upgraded •Segregated bus and tram lines, supported by consumers and for riverside urban regeneration considered 2. Institutional and management capacity of MDF and relevant municipalities strengthened By 2014 -Gender-responsive urban transport road map endorsed by -Partidpating city website and municipal organization chart Tbilisi -One sex-disaggregated household survey cam'ed out in Tbilisi(50% of respondents Assumptions -Municipalities receptive to reform agenda and strategic planning -Agreed institutional refonns are Implemented and continued political will to manage and monitor program development and Implementation women) -One muitimodal traffic model implemented -A muitimodal team set up in Tbilisi with women representatives Risks -One muitimodal transport website with gender responsive design of public transportation -interdepartmental coordination and support within municipality is not forthcoming -Divergence between central govemment and municipal authorities on the reform to implement -A city twinning with focus on gender publictransport design implemented By 2016 -Urban transport master plan developed and endorsed, including PPP options •One integrated ticketing system Implemented -A parking management outsourcing canied out -Microbus organization set up rethought in the context of the urban transport master plan -Planning processes streamlined and monitoring tools established By 2018 -One public service contracts considered -Traffic calming zones or pedestrlanlzatlon considered 3. Establishment of By 2014 skilled and experienced •Feasibilitystudies and project due diligences timely prepared by MDFand participating units to oversee the management and the implementation of the program In MDF and the relevant municipalities municipalities -Gender sensitive public awareness campaigns organized -Financial management, gender sensitization, procurement, -MDF annual report and communication Assumption -MDF is giving priority to the urban transport projects and is willing to hire necessary resources Attachment 1 (Page 3 of 3) Design Summary Performance Targets and Data Sources and indicators Reporting Mechanisms Assumptions and Risks safeguards and training provided Risk By 2013 -Political issues shift urban transport priority -Professional staffhired byIVIDF with15% recruitment of qualified women -Training on concession, lease and management contracts can-ied out -Studies and due diligencesfor subsequent projects prepared Activities with Key Milestones 1. Construction, Improvement and Rehabilitation of Urban Transport Infrastructure Tranche 1: 0) Detailed design completed by month 12 from the effectiveness of the Tranche 1 loan agreement (MDF, participating municipalities) (ii) Urban infrastructures constaicted, commissioned, and made operational in phases by month 60 (MDF, participating municipalities, contractors) Inputs ADB; $300.00 million with ADF and OCR Tranche 1: $85 million (ADF) (iii) Equipment procured and delivered by month 36 (MDF, participating municipalities, manufocturers) Tranche 2; (i) Detailed design completed by month 12 from the effectiveness of the Tranche 2 loan agreement (MDF, participating municipalities) (ii) Timely land acquisition and implementation of resettlement plans before contract awards (MDF, participating municipalities) (iii) Urban infrastructures constructed, commissioned, and made operational in phases by Tranche 2: $64.89 million with $16.00 million equivalent (ADF) $48.89 million (OCR) month 60 (MDF, participating munia'palities, contractors) (iv) Machinery &equipment procured and delivered by month 36 (MDF, participating municipalities, manufacturers) Government: $51.63 million Tranche 3: (i) Detailed design completed by month 12 from the effectiveness of the Tranche 3 loan agreement (MDF, participating municipalities) (ii) Timely land acquisition and implementation of resettlement plans before contractors contract awards (MDF. partidpating munlcipaliUes) (iii) Urban infrastructures constructed, commissioned, and made operational in phases by month 60by contractors (MDF, participating municipalities, contractors) (Iv) Machinery and equipment procured and delivered by month 36 (MDF, participating municipalities, manufacturers) 2. Institutional Capacity Development Plan (i) Household survey and strategic traffic model developed by month 12 (MDF, Tbilisi munidpality) (ii) Muitimodal team set-up at the municipal level by month 12 and multimodal concept initiated bymonth 18 (participating municipalities) (iii) Sex-disaggregated public transport survey and database developed by month 24 3. (participating municipalities, operators) Program ManagementFacility (i) Safeguards spedalist(s) recruited by month 6 (MDF. partidpating munidpalities) (ii) Gender Focal point in MDF identified andsupported by ADB Training plan canied out as appropriate by month 48, with at least 15% of women participants (MDF, participating municipalities) (iv) Support provided to the program development, implementation and management for the whole duration ofthe program (MDF, participating munidpalities). Tranche 2: to be approved by end of 2012 Tranche 3: to be approved by end of 2013 MM = " multitranche " °®velopment ADFMRDI =Asian Development Fund,Development km = kilometer, MDF = Munidpal Fund. MFF financingBank, facility, = Ministry of Regional and Infrastructure, NGODevelopment =nongovernment organization. OCR =ordinary capital resources, PMU =program management unit, PPP =public-private partnership. Attachment 2 Loan 2879: Ordinary Operations Loan Agreement TABLE ALLOCATION AND WITHDRAWAL OF LOAN PROCEEDS (Sustainable Urban Transport Investment Program - Project 2) Total Amount Allocated for ADB Financing Number Item ($) Category Basis for Withdrawal from the Loan Account 1 Works 36.674,000 74.58% of total expenditure claimed* 2 Consulting Services 2.761,000 70.82% of total expenditure claimed* 3 Charges 1.616,400 100% of amounts due 4 Unallocated 7.834.600 Total 48.886.000 Interest and Commitment •Pvr»li leitjia t Attachment 3 Loan 2880: Special Operations Loan Agreement TABLE ALLOCATION AND WITHDRAWAL OF LOAN PROCEEDS (Sustainable Urban Transport Investment Pmnram - Pmiant o\ Total Amount Allocated for ADB Financing Number Item (SDR) Category Basis for Withdrawal from the Loan Account 25.42% of total expenditure 1 Works 8,312,000 claimed* 2 Consulting Services 758.000 claimed* 3 interest Charge 223.000 100% of amounts due 4 Unallocated 1.346.000 Total * Exclusive of taxes and dtlflAS imnneaH ui! 10.639.000 29.18% of total expenditure

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10 July 2015 Mr. Nodar Khaduri Minister of Finance Ministry of Finance 16 Gorgasali Street. 0114 Tbilisi, Georgia Dear Mr. Khaduri: Subject: Loan No. 2879/2880-GEO; Sustainable Urban Transport Investment Program - Project 2 —Amendment to Loan Agreements 1. We refer to the Loan Agreement (Ordinary Operations) dated 24 July 2012 between Georgia ("Borrower") and Asian Development Bank ("ADB") and the Loan Agreement (Special Operations) dated 24 July 2012 between the Borrower and ADB (coiiectively, the "Loan Agreements") for the captioned project. All capitalized terms used but not defined herein shall have the meaning given thereto in the Loan Agreements unless the context requires otherwise. 2. On 23 June 2015. ADB approved a change in scope to the Project to, among others, include the procurement of Goods. To give effect to the changes, ADB proposes that the Loan Agreements be amended as set out in the attachment hereto. 3. Save and except to the extent set out in this letter agreement, the Loan Agreements remain unchanged. 4. Pursuant to ADB's Public Communications Policy (PCP) on disclosure and ewhange of inforrnation, the amendments to the Loan Agreements will be posted on ADB s website within 2weeks from the date that the amendments become effective, after removing any information that falls within the PCP exceptions as specified by the Borrower. ASIAN DEVELOPMENTBANK 6 ADB Avenue, M.indaluyong City 1550 Metro Manila,Philippines Tet +63 i63J-1-144 F.ix »632 636 2-144 ' 5. Please indicate the Bon-ewer's concurrence to the amendments set out in this letter agreement, and to the terms of this letter agreement, by countersigning each of the two originals of this letter agreement in the space indicated below. Please retain one fully signed original of this letter agreement for your records and return the other to ADB. The amendments as set out in this letter agreement shall take effect on the date of receipt by ADB ofa fully signed original ofthis letter agreement. Yourssincerely, Sean M. O'Sullivan Director General Central and West Asia Department A. Accepted and agreed. B. Confirmed that the amendments tothe Loan Agreements do not contain information falling within the PCP exceptions. For and on behalf of GEORGIA iT Name: Morlar Rkarlur/ Designation: Miy\ic\pr nl P Date: 05 Spp W r . J)a') 15 ' ritXfNC Attachment 0) Section 4.05 shall be revised to read as follows: r; iss,'=;s.r:s "• Schedule 1to this attachment. ssi ^ j •• amended and replaced by Attachment Loan 2880.GEO (Special Operaflonsl -Suatain»h|e Urban Transnprt lnv«tm«nf Program - Project 2 (I) In Section 1.02, the following new paragraph (g) shall be inserted and the existing paragraphs (g) to (q) shall be renumbered accordingly: "(g) "Goods" means equipment and materials to be financed out of the proceeds of the Loan, including related services such as transportation, insurance, installation, commissioning, training and initial maintenance, but excluding Consulting Services;" (ii) Section 3.05 shall berevised to read as follows: "Withdrawals from the Loan Account in respect of Goods. Works and Consulting Services shall be made only on account of expenditures relating to: (a) poods, Works and Consulting Services which are supplied from such member countries of ADB as shall have been specified by ADB from time to time as eligible sources for procurement; and (b) Qoods, Works and Consulting Services which meet such other eligibility requirements as shall have been specified by ADB from time to time." (iii) Section 4.02 shall be revised to read as follows: 'The Bon-ower shall enable ADB's representatives to inspect the Project, Goods and Works, and any relevant records and documents." (iv) The title of Schedule 4 shall be revised to read: "Procurement of Goods. Works and Consulting Services" (v) Paragraph 1 of Schedule 4 shall be revised to read: The procurement of Goods, Works and Consulting Services shall be subject to and governed by the Procurement Guidelines and the Consulting Guidelines, respectively." (vi) Paragraph 3 of Schedule 4 shall be revised to read: "Goods and Works othorwise agree. Goods and Works shall only be procured on the basis of International Competitive Bidding." (vli) Paragraphs 9(a) and (b) of Schedule 4shall be revised to read: Attachment /• t Bo^rrowerlimitation shall ensure that all Goods and Works procured (including without all computer hardware, software and systems, whether separately procured or incorporated within other goods and services procured) do not violate or infringe any industrial property or intellectual property right or claim of any third party. (b) The Borrower shall ensure that all contracts for the procurement of Goods and Works contain appropriate representations warranties and, if appropriate, indemnities from the contractor or supplier with respect to the matters referred to in subparagraph (a) of this paragraph." (viii) » k \ Paragraphs 12 (a), (b), (c) and (d) of Schedule 4 shall be revised to read as follows: "(a) grants any extension of the stipulated time for completion of a contract for Goods or Works; or (b) agrees to any modification or waiver of the conditions of a contract for Goods or Works, including any change order that falls under (c) or (d) below; or (c) issues any change order under a contract for Goods or Wori<s (d) issues any change order under a contract for Goods or Works that will in aggregate Increase the original contract price {for the avoidance of doubt, such aggregate shall take into account any previous or simultaneous change order or orders under such contract); that will affect more than 15% of the original contract price (either through increases or decreases), even if the net effect of such change order will not in aggregate increase the original contract price. For the avoidance of doubt, such aggregate shall take into account any previous orsimultaneous change order ororders under such contract." (ix) Paragraph 14 (b) of Schedule 4 shall be revised to read asfollows: (b) maintain a record of all change orders under all contracts for or Works which do not require ADB's prior approval under paragraph 12 above and submit such record for ADB's review every 6 months." (X) The Table set out in the Attachment to Schedule 3 of the Special Operations Loan Agreement is hereby amended and replaced bv Schedule 2 to this attachment. Schedule 1 to Attachment Loan 2879-GEO (Ordinary Op«ra»onsl •S..«t;.in.h|e Urban Tran«n»rt Program - Prnjart o (Sustein^MJm K Transport "W'THDRAWAL of LOAN PROCEEDS (Sustamable Urban InvestmAnf Dr««r,« Total Amount Allocated for ADB Financing Basis for Withdrawal ($) from the Loan Number Item 1 Works and Goods 36,674.000 Consulting 2.761.000 2 Cateaory Services o o A 4 Interest and Commitment Charaes Unallocated Total " Accoiinf 74.58% of total 70.82% of total SXDenditlJrP rIaimoW* 1.616.400 7.834.600 48.886,000 * Exclusive of taxes and duties ImDosed wiithin thp torrifnn< o 100% of amounts due Schedule? to Attanhmont Total Amount Allocated for ADB Financing Number Works and Goods Consulting Interest Charges Unallocated Basis for Withdrawal from the Loan Item Account 8.312,000 25.42% of total 758,000 29.18% of total 223.000 1.346,000 639.000 exclusiveOftaxesana auties Imposed irthin the territoryofthe BorrowL expenditure claimed* expenditure claimed* 100% of amounts due babbob 6(n8Qrto GEO (SF) bgbbob baK|>'aaj(<)'3J5;»aii> (fiaa'SBJia^x^oao (n^art^Qoaio) (apo^rtoj^o TirtioG^jgno 5(^66b3n(^5"^ 2,6B3o<n:>(^aaob b^oBaab^oQOP) - 3rtnaiJ6" 2) b6^6rtor)aaJ5j"^^ 506 ^'boob 2,668oa>i>rt3iob ii)Bjb "Bortob (nortojno 24 oacsjobo 2012 ^aR?" 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Li?p3-.ty4n *>3C^5jrtOCr3&'<'*^ ^ m6<i>a36ni> arrartn b&<c^,,&«i;M30n/REGISTHAT10N Hi -t?^ 0UAncX)/I>ATE I ia>a8nS3WCERTlFIEO BY ign Affaif^SF^S^^ Ministry of Forei TRANSl-AJION BUREAU of international Ag'cernanfA of Gworrsiq

LOAN NUMBER 2879-GEO LOAN AGREEMENT (Ordinary Operations) (Sustainable UrbanTransport Investment Program- Project2) between GEORGIA and ASIAN DEVELOPMENT BANK DATED 24 JULY 2012 GEO 42414 LOAN AGREEMENT (Ordinary Operations) LOANAGREEMENT dated 24 July 2012 between GEORGIA ("Borrower") and ASIAN DEVELOPI^ENT BANK ("ADB"). WHEREAS (A) by a framework financing agreement dated 21 June 2010 between the Borrower and ADB ("FFA"), AOB has agreed to provide a multitranche financing facilityto the Borrower for purposes of financing projects under the Sustainable Urban Transport Investment Program ("Investment Program"); (B) by a periodic financing request dated 16 l\^arch 2012 ("PFR") and as amended by the Borrower through the minutes of the loan negotiations for the Project dated 23 July 2012, the Borrower has applied to ADB for (i) a loan from ADB's ordinary capital resources: and (ii) a loan from ADB's Special Funds resources, for the purposes of the Project described in Schedule 1 to the Special Operations Loan Agreement (referred to in Recital (C) below); (C) by a loan agreement between the Borrower and ADB ("Special Operations LoanAgreemenf), ADB has agreed to make to the Borrower a loan from ADB's Special Funds resources In various currencies equivalent to ten million six hundred thirtynine thousand Special Drawing Rights (SDR10,639,000) for the purposes of the Project; (D) the Project will be carried out by the Municipal Development Fund of Georgia established under Presidential Decree dated 7 June 1997 ("MDF"), and for this purpose the Borrower will make available to MDF the proceeds of the loan provided for herein upon terms and conditions satisfactory to ADB; and (E) ADB has agreed to make a loan to the Bonrowerfrom ADB's ordinary capital resources upon the tenms and conditions set forth herein and in the Project Agreement between ADB and MDF; NOW TI-iEREFORE the parties hereto agree as follows: ARTICLE I Loan Regulations; Definitions Section 1.01. All the provisions of the Ordinary Operations Loan Regulations Applicable to LIBOR-Based Loans Made from ADB's Ordinary Capital Resources, dated 1 July 2001 ("Loan Regulations"), are hereby made applicable to this Loan Agreement with the same force and effect as if they were fully set forth herein, subject, however, to the following modifications: (a) Section 2.01 (50) Is deleted and the following is substituted therefon "Project Agreement" means the Project Agreement between ADB and MDF. (b) The term "Project Executing Agency" appearing In Section 7.04(b), 9.01(d), 9.01(f), 9.01(k), 10.01(c) and 10.02(c) ofthe Loan Regulations shall be substituted by the term "MDF". (c) Section 3.03 Is deleted and thefollowing issubstituted therefor: Commitment Charge; Credit; Maturity Premium. (a) The Borrower shall pay a commitment charge on the unwithdrawn amount of the Loan at the rate and on the terms specified in the Loan Agreement. (b) ADB shall provide to the Bonrower a credit at the rate specified in the Loan Agreement, which credit shall remain fixed for the term of the Loan. ADB shall apply the creditagainst the interestpayable bythe Borrower. (c) The Borrower shall pay a maturity premium at the rate specified in the Loan /^reement, which maturity premium shall remain fixed for the term of the Loan. ADB shall add the maturity premium to the Interest payable by the Borrower. (d) Section 3.06 isdeleted and the following is substituted therefor Rebate. (a) Following any announcement by ADB that the Fixed Spread applicable to new Loans shall be reduced, ADB shall provide a Rebate to any Borrower with an outstanding Loan on which a higher Fixed Spread Is applicable. The amount ofthe Rebate shall be determined by multiplying (1) the difference between the Fixed Spread applicable to the outstanding Loan and the Fixed Spread that will be applied to new Loans (expressed as a percentage per annum), by(li) the principal amount ofthe outstanding Loan on which the Bon'ower shall pay interest for all interest periods commencing on and after the effective date ofthe lower Fixed Spread that will be applied to new Loans. (b) Following any announcement by ADB that its Funding Cost Margin calculations with respect to any Loan Currency (or Approved Cun-ency) in any Semester resulted In ADB achieving savings, ADB sliail provide a Rebate to the Borrower. The amount of the Rebate shall be determined by multiplying (1) the Funding Cost Margin (expressed as a percentage per annum) by (il) the principal amount ofthe Loan on which the Borrower shall pay interestfor the Interest Period commencing immediately after the Semester for which the Funding Cost Margin was calculated. ADB shall apply the amount of the Rebate against the interest payable by the Borrowerfor the Interest Period commencing Immediately after the Semester for which the Funding Cost Margin was calculated. (e) Section 3.07 Is deleted and the following Is substituted therefor: Surcharge, (a) Following any announcement by ADB that the Fixed Spread applicable to new Loans shall be increased, any Bon'ower with an outstanding Loan on which a lower Fixed Spread Is applicable shall pay ADB a Surcharge. The amount of the Surcharge shall be detennlned by multiplying (I) the difference between the Fixed Spread that will be applied to new Loans and the Fixed Spread applicable to the outstanding Loan (expressed as a percentage per annum), by (11) the principal amount of the outstanding Loan on which the Borrower shall pay Interest for all interest periods commencing on and after the effective date ofthe higher Fixed Spread that will be applied to new Loans. (b) Following any announcement by ADB that its Funding Cost Margin calculations with respect to any Loan Currency (or Approved Cun-ency) In any Semester resulted In ADB Incun-lng additional costs, the Bomjwer shall pay ADB a Surchaige. The amount ofthe Surcharge shall be determined by multiplying (1) the Funding Cost Margin (expressed as a percentage per annum) by (li) the principal amount of the Loan on which the Borrower shall pay interestfor the Interest Period commencing Immediately after the Semester for which the Funding Cost Margin was calculated. ADB shall add the amount of the Surcharge to the Interest payable by the Bonrower for the Interest Period commencing Immediately after the Semester for which the Funding Cost Margin was calculated. Section 1.02. Wherever used In this Loan Agreement the several temis defined In the Loan Regulations and In the Special Operations Loan Agreement have the respective meanings therein set forth uniess modified herein or the context otherwise requires. article II The Loan o ni ADB agrees to lend to the Borrower from ADB's with the provisions of Section 2.06 of this Loan Agreement. (b) The Loan has aprincipal tepayment period of 23 years, and agrace period as defined In subsection (c) hereinafter. {c\ The term -grace period" as used In subsection (b) the period prior to the first Principal Payment Date In accordance with the amortization schedule setforth In Schedule 1to this Loan Agreement. Sectton 202. The Borrower shall pay to ADB Interest on amount of the Loan withdravm and outstanding from time to time at arate for each Interes Period equal to the sum of: (a) LIBOR; 060% as provided by Section 3.02 of the Loan Regulations less a credit of 0.20% as provided by Section 3.03 of the Loan Regulations, and (0) amaturity premium of 0.20% as provided by Section 3.03 of the Loan Regulations. Section 203. The Borrower shall pay acommitment charge of 0-'l5% Sr^dS^m®toeto7mVMmSV^^^^^ Section 2.04. Interest and otiier charges on the Loan shall be payable Section 205 The Borrower shall repay the principal amount of the semlannually on 15 Januaiy and 15 July In each year. Loan wfthdrawn from the Loan Account in accordance with the provisions of Schedule tills Loan Agreement Section 206 (a) The Borrower may at any time request any of the following I^Jo^'of the tLi,s of the Loan in order to facilitate pmdent debt management: (\) ^' (11) a change of the Loan Currency of all or any Portion of me pri^lpal amount of \he Loan, whether withdrawn and outstanding or unwithdrawn, to an Approved Currency, a change of the interest rate basis applicable to all or any portion of the principal amount of the Loan withdrawn and outstanding from a Floating Rate to a Fixed Rate, orvice versa; and (III) the setting of limits on the Floating Rate applicable to all or any portion of the principal amount of the Loan withdrawn and outstanding by the establishment of an Interest Rate Cap or Interest Rate Collar on said Floating Rate. (b) Any conversion requested pursuant to subsection (a) herelnabove that is accepted by ADB shall be considered a "Conversion", asdefined in Section 2.01(6) of the Loan Regulations, and shall be effected In accordance with the provisions of Article Vof the Loan Regulations and the Conversion Guidelines'. ARTICLE 111 Use of Proceeds of the Loan Section 3.01. The Bon-ower shall make the proceeds of the Loan available to MDF upon terms and conditions satisfactory to ADB and shall MUse MDF to apply such proceeds to the financing of expenditures on the Project in accordance with the provisions of this Loan Agreement and the Project Agreement. Section 3.02. The proceeds of the Loan shall be allocated and Section 3.03. Except as ADB may othenwise agree, the withdrawn in accordance with the provisions of Schedule 2to this Loan Agreement, as su^ Schedule may be amended from time to time by agreement between the Borrower and ADB. shall orocure or cause to be procured, the Items of expenditure to be financed out of the oTme Lo^ in accordance with the provisions of Schedule 4 to Operations Loan Agreement ADB may refuse to finance acontract where an^uch tlem has not been procured under procedures substantially In accordant with those agreed between the Borrower and ADB or where the temis and conditions of the contract are not satisfactory to ADB. Section 3.04. Except as ADB may othenwise agree, the Borroww shall cause all Items of expenditure financed out of the proceeds of the Loan to be used exclusively in the carrying outofthe Project. Section 3.05. The Loan Closing Date for the purposes of Sectkm 9.02 of the Loan Regulations shall be 31 December 2018 or such other date as may from Bme to time beagreed between the Borrower andADB. ARTICLE IV Particular Covenants Section 4.01. (a) The Bon*ower shall cause the Project to be carried out with due diligence and efficiency and In confomilty with sound applicable technical, financial, business, and development practices. (b) In the carrying out of the Project and operation ofthe Project facilities, the Bon-ower shall perfomi, orcause to be perfomied, all obligations set forth In Schedule 5 totheSpecial Operations Loan Agreement and the Project Agreement Section4.02. The Borrower shall make available, or cause to be made available, promptly as needed, thefunds, facilities, services, land and other resources, as required. In addition totheproceeds ofthe Loan, for the carrying out ofthe Project. Section 4.03. (a) In the carrying out of the Project, the Borrower shall cause competent and qualified consultants and contractors, acceptable to ADB, to be employed to an extent and upon terms and conditions satisfactory to the Bon-ower and ADB. (b) The Borrower shall cause the Project to be carried out in accordance with plans, design standards, specifications, work schedules and construction methods acceptable to the Borrower and ADB, as applicable. The Borrower shall furnish, or cause to be furnished, to ADB, promptly after their preparation, such plans, design standards, specifications and work schedules, and any material modifications subsequently made therein, Insuch detail as ADB shall reasonably request. Section4.04. The Borrower shall ensure that the activities of its departments and agencies with respect to the carrying out of the Project and operation of ^e Project facilities are conducted and coordinated in accordance with sound administrative policies and procedures. Section 4.05. The Borrower shall enable ADB's representatives to Inspect the Project and Works, and anyrelevant records and documents. Section 4.06. (a) The Bonrower shall cause MDF to (i) maintain separate accounts and records for the Project; (II) prepare annual financial statements for the Project In accordance with accounting principles acceptable to ADB; (ill) have such financial statements audited annually by independent auditors whose qualifications, experience and tenns of reference are acceptable to ADB, In accordance with International standards for auditing orthe national equivalent acceptable to ADB; (Iv) as part of each such audit, have the auditors prepare a report (which includes the auditors' opinion on the use of the Loan proceeds and compliance with the financial covenants of this Loan Agreement as well as on the use ofthe procedures for the Imprest account(s) and statement of expenditures) and a management letter (which sets out the deficiencies In the Intemal control of the Project that were Identified In the course of the audit, if any); and (v) fumish to ADB, no later than 6 months after the end of each relatedfiscal year, copies of such audited financial statements, audit report and management letter, all in the English language, and such other Information concerning these documents and the audit thereof as ADB shall from time to time reasonably request (b) ADB shall disclose the annual aud'tted financial statements for the Project and the opinion of the auditors onthe financial statements within 30 days ofthe date of their receipt by posting them on ADB'swebsite. (c) The Borrower shall enable ADB, upon ADB's request, to discuss the financial statements for the Project and the Borrower's financial affairs where they relate to the Project with the auditors appointed pursuant to subsection (a)(ill) hereinabove, and shall authorize and require any representative of such auditors to participate in any such discussions requested by ADB. This is provided that such discussions shall be conducted only in the presence of an authorized officer of the Borrower, unless the Borrower shall otherwise agree. Section 4.07. The Bonrower shall ensure that any facilities relevant to the Project are operated, maintained and repaired in accordance with sound applicable technical, financial, business, development, operational and maintenance practices. Section 4.08. The Borrower shall take all actions which shall be necessary on its part to enable MDF to perfonfn its obligations under the Project Agreement, and shall not take or pemiit any action which would interfere with the perfomiance ofsuch obligations. ARTICLE V Effectiveness Section 5.01. The following is specified as an additional condition to the effectiveness of this Loan Agreement for the purposes of Section 10.01(f) of the Loan Regulations: the Special Operations Loan Agreement shall have been duly executed and delivered on behalf of the Borrower and all conditions precedent to its effectiveness (other than a condition requiring theeffectiveness of this Loan Agreement) shall have been fulfilled. Section 5.02. The following Is specified as an additional matter, for the purposes of Section 10.02(d) of the Loan Regulations, to be Included In the opinion or opinions to be furnished to ADB: that the Special OperaUons Loan Agreement has been duly authorized orratified by, and executed and delivered on behalf of, the Bonx)wer and islegally binding upon the Borrower In accordance with Its temis. Section 5.03. Adate 60 days after the date of this Loan Agreement Is specified for the effectiveness of this Loan Agreement for the purposes of Section 10.04 of the Loan Regulations. 8 ARTICLE VI Delegation of Authority Section 6.01. The Borrower hereby designates MDF as Its agent for the purposes of taking any action or entering Into any agreement required or Sections 3.02, 3.03 and 3.05 of this Loan Agreement and under Sections 6.01, 6.02, 6.03 and 6.04 of the Loan Regulations. Section 6.02. Any action taken orany agreement entered Into by MDF Section 6.03. The authority confenred on l\4DF under Section 6.01 of pursuant to the authority conferred under Section 6.01 of this Loan Agreement shall be fully binding on the Borower and shall have the same force and effect as If taken by the Borrower. this Loan Agreement may be revoked or modified by agreement between the Borrower and ADB. ARTICLE VII Miscellaneous Section 7.01. The Minister of Finance of the Bon'ower Is designated Section 7.02. The following addresses are specified for the purposes as representative of the Borrower for the purposes of Section 12.02 of the Loan Regulations. of Section 12.01 of the Loan Regulations: FortheBonrower Public Debt and External Finance Department Ministryof Finance 16 GorgasallStreet, 0114 Tbilisi, Georgia Facsimile Number (99532)2261 461. ForADB Asian Development Banic 6 ADB Avenue Mandaluyong City 1550 Metro Manila Plillippines Facsimile Numbers: (632)636-2444 (632) 636-2301. IN WITNESS WHEREOF the parties hereto, acting through their representatives thereunto duly authorized, have caused tills LoanAgreement to be signed in their respective names as of the day and year first above written and to be delivered at the principal office of ADB. GEORGIA A By. dTmitri gvindadze Minister of Finance ASIAN development KATHIEJUi^ Resident Representative Georgia Resident Mission 10 SCHEDULE 1 Amortization Sckieduie (Sustainable Urban Transport Investment Program - Project 2) 1. The following table sets forth the Principal Payment Dates of the Loan and the percentage of the total principal amount of the Loan payable on each Principal Payment Date (Installment Share). If the proceeds of the Loan shall have been fully withdrawn as of the first Principal Payment Date, the principal amount of the Loan repayable by the Borrower on each Principal Payment Date shall be detemiined by ADB by multiplying: (a) the total principal amount of the Loan withdrawn and outstanding as of the first Principal Payment Date: by (b) the Installment Share for each Principal Payment Date, such repayment amount to be adjusted, as necessary, to deduct any amounts referred to In paragraph 4 of this Schedule, to which a Cun-ency Conversion applies. Pavment Due 15 January 2020 15 July 2020 15 January 2021 15 July 2021 15 January 2022 15 July 2022 15 January 2023 15 July 2023 lis January 2024 15 July 2024 15 January 2025 15 July 2025 15 January 2026 15 July 2026 15 January 2027 15 July 2027 15 January 2028 15 July 2028 15 January 2029 15 July 2029 15 January 2030 15 July 2030 15 January 2031 15 July 2031 15 January 2032 15 July 2032 15 January 2033 15 July 2033 15 January 2034 15 July 2034 Installment Share (Expressed as a %) 2.173913 2.173913 2.173913 2.173913 2.173913 2.173913 2.173913 2.173913 2.173913 2.173913 2.173913 2.173913 2.173913 2.173913 2.173913 2.173913 2.173913 2.173913 2.173913 2.173913 2.173913 2.173913 2.173913 2.173913 2.173913 2.173913 2.173913 2.173913 2.173913 2.173913 11 Schedule 1 Payment Due Installment Share (Expressed as a %) 15 January 2035 15 July 2035 15 January 2036 15 July 2036 15 January 2037 15 July 2037 15 January 2038 15 July 2038 15 January 2039 15 July 2039 15 January 2040 15 July 2040 15 January 2041 15 July 2041 15 January 2042 15 July 2042 2.173913 2.173913 2.173913 2.173913 2.173913 2.173913 2.173913 2.173913 2.173913 2.173913 2.173913 2.173913 2.173913 2.173913 2.173913 2.173915 Total 100.000000 2. If the proceeds of the Loan shall not have been fully withdrawn as of the first Principal Payment Date, the principal amount of the Loan repayable by the Bon-ower on each Principal Payment Date shall be detennined as follows: (a) To the extent that any proceeds of the Loan shall have been withdrawn as of the first Prindpal Payment Date, the Borrower shall repay the amount withdrawn and outstanding as of such date In accordance with paragraph 1of this Schedule. (b) Any withdrawal made after the first Principal Payment Date shall be repaid on each Principal Payment Date falling after the date of such withdrawal In amounts determined by ADB by multiplying the amount of each such withdrawal by a fraction, the numerator of which shall bethe original Installment Share specified in the table In paragraph 1 of this Schedule for said Principal Payment Date (the Original Installment Share) and me denominator of which shall be the sum of all remaining Original Installment Shares for Principal Payment Dates falling on or after such date, such repayment amounts to be adjusted, as necessary, to deduct any amounts refen-ed to In paragraph 4of this Schedule, to which a Cuffency Conversion applies. 3. Withdrawals made within two calendar months prior to any Principal Payment Date shall, for the purposes solely of calculating the principal amounts payable on any Principal Payment Dale, be treated as withdrawn and outstanding on the second Pnnc pa Payment Date following the date of withdrawal and shall be repayable on each Principal Payment Date commencing with the second Principal Payment Date following the date of withdrawal. 4. Notwvlthstandlng the provisions ofparagraphs 1and 2 ofthis Schedule, upon a Currency Conversion ofall orany portion of the withdrawn principal amount of the Loan to an 12 Schedule 1 Approved Currency, the amount so converted In said Approved Currency that shall be repayable on any Principal Payment Date occurring during the Conversion Period, shall be detemilned by ADB by multiplying such amount in Its currency of denomination immediately prior to saidConversion by either: (1) theexchange rate that reflects the amounts ofprincipal in said Approved Currency payable byADB under the Currency Hedge Transaction relating to said Conversion; or (II) If ADB so detennines in accordance with the Conversion Guidelines, the exchange rate component of the Screen Rate. 5. If the principal amount of the Loan withdrawn and outstanding from time to time shall be denominated In more than one Loan Currency, the provisions of this Schedule shall apply separately totheamount denominated In each Loan Cunrency, so as toproduce a separate amortization schedule for each such amount. 13 SCHEDULE 2 Allocation and Withdrawal of Loan Proceeds General 1. The table attached to this Schedule sets forth the Categories of items of expenditure to be financed out of the proceeds of the Loan and the allocation of the Loan proceeds toeach such Category ("Table"). (Reference to"Category" in this Schedule isto a Category or Subcategory ofthe Table). Basis for Withdrawal from the Loan Account 2. Except as ADB may otherwise agree, the proceeds of the Loan shall be disbursed on the basis ofthe withdrawal percentage for each item of expenditure setforth In the Table. Interest and Commitment Charges 3. The amount allocated to Category 3 is for financing interest and commitment charges on the Loan during the Implementation period of the Project ADB shall be entitled towithdraw from the Loan Account and pay to Itself, on behalf ofthe Bonrower, the amounts required to meet payments, when due, of such Interest and commitment charges. Reallocatlon 4. Notwithstanding the allocation of Loan proceeds and the withdrawal percentages set forth In the Table, (a) If the amount of the Loan allocated to any Category appears to be Insufficient to finance ail agreed expenditures in that Category, ADB may, by notice to the Borrower, (1) reallocate to such Category, to the extent required to meet the estimated shortfall, amounts ofthe Loan which have been allocated to another Category but, in the opinion of ADB, are not needed to meet other expenditures, and (II) if such reaiioMtlon cannot fully meet the estimated shortfall, reduce the withdrawal percentage applicable to such expenditures in order that further withdrawals under such Category may continue until all expenditures thereunder shall have been made; and (b) if the amount of the Loan allocated to any Category appears to exceed all agreed expenditures In that Category, ADB may, by notice to the Borrower, reallocate such excess amount to any other Category. Disbursement Procedures 6. Except asADB may othenwise agree, the Loan proceeds shall be disbursed in accordance with the Loan Disbursement Handboolc. 14 Schedule 2 Retroactive Financing 6. Withdrawals from the Loan Account may be made for reimbursement of eligible expenditures Incurred under the Project before the Effective Date, but not earlier than 12 months beforethe date of this Loan Agreement In connection with Works and Consulting Services, subject to a maximum amount equivalent to 20% ofthe Loan amount. 15 Attachment to Schedule 2 TABLE ALLOCATION AND WITHDRAWAL OF LOAN PROCEEDS (Sustainable Urban Transport Investment Program - Project 2) Total Amount Allocated Number Item for AOB Financing ($) Basis for Withdrawal from the Loan Account Category 80% of total expenditure 1 Works 50,000,000 claimed* 80% of total expenditure 2 Consulting Services 4,549,000 3 Interest and Commitment Charges 1,616,400 4 Unallocated 7.834.600 Total 64.000.000 'Exclusive of taxes and duties imposed within the territory of the Bonx)wer. claimed* 100% of amounts due

I ^ LOAN NUMBER 2880-GEO(SF) LOAN AGREEMENT (Special Operations) (Sustainable Urban Transport Investment Program - Project2) between GEORGIA and ASIAN DEVELOPMENT BANK DATED 24 JULY 2012 GEO 42414 LOAN AGREEMENT (Special Operations) LOAN AGREEMENT dated 24 July 2012 between GEORGIA ("Borrower") and ASIAN DEVELOPMENT BANK ("ADB"). WHEREAS (A) by a framework financing agreement dated 21 June 2010 between the Bonrower and ADB ("FFA"), ADB has agreed to provide a multltranche financing facility to the Bomjwer for purposes of financing projects under the Sustainable Urban Transport Investment Program ("Investment Program"); (B) by a periodic financing request dated 16 March 2012 ("PFR") and as amended by the Borrower through the minutes of the loan negotiations for the Project dated 23 July 2012, the Bonx)wer has applied to ADB for (I) a loan from ADB's ordinary capital resources; and (ii) a loan from ADB's Special Funds resources, for the purposes of the Project described in Schedule 1 to this Loan Agreement; (C) by a loan agreement between the Borrower and ADB ("Ordinary Operations Loan Agreemenf), ADB has agreed to make to the Borrower a loan from ADB's ordinary capital resources in the amount of sixty-four million Dollars ($64,000,000) for the purposes of the Project; (D) the Project will be canied out by the Municipal Development Fund of Georgia established under Presidential Decree dated 7 June 1997 ("MDF"), and for this purpose the Borrower will make available to MDF the proceeds of the loan provided for herein upon terms and conditions satisfactory to ADB; and (E) ADB has agreed to make a loan to the Borrower from ADB's Special Funds resources upon the terms and conditions set forth herein and in the Project Agreement between ADB and MDF; NOW THEREFORE the parties agree as follows: ARTICLE I Loan Regulations; Definitions Section 1.01. Ail the provisions of the Special Operations Loan Regulations of ADB, dated 1 January 2006 ("Loan Regulations'), are hereby made applicable to this Loan Agreement with the same force and effect as If they were fully set forth herein, subject, however, to the following modifications: (a) Section 2.01(25) is deleted and the following Is substituted therefor "Project Agreemenf means the Project Agreement between ADB and MDF. (b) The term "Project Executing Agency" appearing In Section 6.01(a), 8.01(d), 8.01(f), 8.01 (ic), 9.01(c) and 9.02(c) of the Loan Regulations shall be substituted by the tenn "MDF". Section 1.02. Wherever used in this Loan Agreement, the several terms defined in the Loan Regulations have the respective meanings therein set forth unless modified herein or the context othenndse requires. Additional terms used In this Loan Agreement have the following meanings: (a) "Charter" means the charter of MDF approved by Govemment Decree No. 118 dated 23 July 2005, as amended from time to time; (b) "Consulting Guidelines" means the Guidelines on the Use of Consultants by Asian Development Banic and its Borrowers (2010, as amended from time to time); (c) "Consulting Services" means the services to be financed out of the proceeds of tlie Loan as described in subparagraph 3(c) of Schedule 1 to this Loan Agreement; (d) "Environmental Assessment and Review Frameworl<" or "EARF" means the environmental assessment and review framework for the Investment Program, including any update thereto, agreed between the Borrower and ADB and incorporated by reference In the FFA; (e) "Environmental Management Plan" or "EMP" means each environmental management plan of the Project, Including any update thereto, incorporatedin the iEE; (f) "Environmental Safeguards" means the principles and requirements set forth in Chapter V. Appendix 1, and Appendix 4 (as applicable) of the SPS; (g) "Initial Environmental Examination" or "IEE" means an initial environmental examination of a Project, including any update thereto, prepared and submitted by the Borrower pursuant to ^e requirements setforth In the EARF and cleared by ADB; (h) "Involuntary Resettlement Safeguards" means the principles and requirements set forth in Chapter V, Appendix 2, andAppendix 4 (as applicable) ofthe SPS; (1) "Loan Disbursement Handbook" means ADB's Loan Disbursement IHandbook (2012, as amended fromtimeto time); (1) "PAM" means the project administration manual for the Project dated 23 July 2012 and agreed between the Bon-ower and ADB, as updated from time to time in accordance with the respective administrative procedures of the Bon'owerand ADB; (k) "Procurement Guidelines" means ADB's Procurement Guidelines (2010, as amended from time to time); (I) "Procurement Plan" means tlie procurement plan for the Project dated 23 July 2012 and agreed between the Borrower and ADB, as updated from time to time in accordance with the Procurement Guidelines, the Consulting Guidelines, and other an'angements agreed with ADB; (m) "Land Acquisition and Resettlement Frameworlc" or "LARP means the land acquisition and resettlement frameworic for the Investment Program, including any update thereto, agreed i^etween the Borrower and ADB and incorporated by reference In the FFA; (n) "Land Acquisition and Resettlement Plan" or "LARP" means each resettlement plan of the Project, including any update thereto, prepared and submitted by the Borrower pursuant to the requirements set forth in the RF and cleared by ADB; (o) Statement (2009); "Safeguard Policy Statemenf or "SPS" means ADB's Safeguard Policy (p) "Safeguards Monitoring Report" means each report prepared and submitted by &e Borrower to ADB that describes progress with implementation of, and compliance with, the EMP, the RP and the iPP (as applicable), including any corectlve and preventative actions; and (q) "Works" means construction or civil works to be financed out of the proceeds of the Loan, Including services such as driiting or mapping, and project related services that are provided as part of a single responsibility or tumkey contract, but excluding Consulting Services. ARTICLE II The Loan Section 2.01. ADB agrees to lend to the Borrower from ADB'sSpecial Funds resources an amount in various currencies equivalent to ten million six hundred thirtynine thousand Special Drawing Rights (SDR 10,639,000). Section 2.02. (a) The Borrower shall pay to ADB an interest charge at the rate of 1% per annum during the grace period, and 1.5% per annum thereafter on the amount of the Loan withdrawn from the Loan Account and outstanding from time to time. (b) The term "grace period" as used in subsection (a) hereinabove means the period prior to the first Principal Payment Date in accordance with the amortization schedule set forth in Schedule 2 to this Loan Agreement. Section 2.03. The Interest charge and any other charge on the Loan shaii be payablesemiannually on 15 January and 15 July In each year. Section 2.04. The Borrower shall repay the principal amount of the Loan vy^drawn from the Loan Account In accordance with the amortization schedule set forth in Schedule 2 to this Loan Agreement. Section2.05. The cun'ency of repayment of the principal amount of the Loan and the currency of payment of the Interest charge for the purposes of Sections 4.03(a) and 4.04 of the Loan Regulations shall be Dollar. ARTICLE 111 Use of Proceeds of the Loan Section 3.01. The Borrower shall make the proceeds of the Loan available to MDF upon terms and conditions satisfactory to ADB and shall cause MDF to apply such proceeds to the financing of expenditures on the Project in accordance with the provisions of this Loan Agreement and the Project Agreement Section 3.02. The proceeds of the Loan shall be allocated and withdrawn in accordance with the provisions of Schedule 3 to this Loan Agreement, as such Schedule may be amended from time to time by agreement between the Borrowerand ADB. Section 3.03. Except as ADB may otherwise agree, the Borrower shall procure, or cause to be procured, the items of expenditure to be financed out of the proceeds of the Loan in accordance with the provisions of Schedule 4 to this Loan Agreement. Section 3.04. Except as ADB may otherwise agree, the Bonrower shall cause all items of expenditure financed out of the proceeds of the Loan to be used exclusivelyin the canying out of the Project. Section 3.05. Withdrawals from the Loan Account in respect of Wori<s and Consulting Services shall be made only on account of expenditures relating to: (a) Works and Consulting Services which are supplied from such member countries of ADB as shall have been specified by ADB from time to time as eligible sources for procurement; and (b) Works and Consulting Services which meet such other eligibility requirements as shall have been specified by ADB from time to time. Section 3.06. The Loan Closing Date for the purposes of Section 8.02 of the Loan Regulations shall be 31 December 2018 or such other date as may from time to time be agreed between the Borrower and ADB. ARTICLE IV Particular Covenants Section 4.01. In the canying out the Project and operation of the Project facilities, the Bonrower shall perfonn, or cause to be perfonned, all obligations set forth In Schedule 5 to this Loan Agreement and the Project Agreement. Section 4.02. The Bon-ower shall enable ADB's representatives to Inspect the Project, the Works and any relevant records and documents. Section 4.03. (a) The Borrower shall cause MDF to (i) maintain separate accounts and records for the Project; (li) prepare annual financial statements for the Project in accordance with accounting principles acceptable to ADB; (iii) have such financial statements audited annually by independent auditors whose qualifications, experience and terms of reference are acceptable to ADB, in accordance with international standards for auditing or the national equivalent acceptable to ADB; (iv) as part of each such audit, have the auditors prepare a report (which includes the auditors' opinion on the use of the Loan proceeds and compliancewith the financial covenants of this Loan Agreement as well as on the use of the procedures for the imprest account(s) and statement of expenditures) and a management letter (which sets out the deficiencies In the internal control of the Project that were identified in the course of the audit, if any); and (v) furnish to ADB, no later than 6 months alter the end of each related fiscal year, copies of such audited financial statements, audit report and management letter, all in the English language, and such o^er Information concerning these documentsand the auditthereofas ADB shallfrom timeto time reasonably request (b) ADB shall disclose tiie annual audited financial statements for the Project and the opinion of the auditors on the financial statements within 30 days ofthe date of their receipt by posting them on ADB's website. (c) The Bom}wer shall enable ADB, upon ADB's request, to discuss the financial statements for tiie Project and tiie Borrower's financial affairs where tiiey relate to the Project witti the auditors appointed pursuant to subsection (a)(ili) herelnabove, and shall authorize and require any representative of such auditors to participate in any such discussions requested by ADB. This is provided that such discussions shall be conducted only in the presence of an authorized offlcer of the Borrower, unless tiie Bon'ower shall otherwise agree. Section 4.04. The Bon'ower shall take all actions which shall be necessary on its part to enable the MDF to perform Its obligations under the Project Agreement, and shall not take or permit any action which would Interfere with the performance of such obligations. 6 ARTICLE V Effectiveness Section 5.01. The following is specified as an additional condition to the effectiveness of this Loan Agreement for the purposes of Section 9.01(f) of the Loan Regulations: the Ordinary Operations Loan Agreement shall have been duly executed and delivered on behalf of the Borrower and all conditions precedent to Its effe^veness (other than a condition requiring the effectiveness ofthis Loan Agreement) shall have been fulfilled. Section 5.02. The following is specified as an additional matter, for the purposes of Section 9.02(d) of the Loan Regulations, to be included in the opinion or opinions to be furnished to ADB: that the Ordinary Operations Loan Agreement has been duly authorized by or ratified by, and executed and delivered on behalfof. the Borrower, and is legally binding upon the Borrowerin accordance with Its terms. Section 5.03. A date 60 days after the date of this Loan Agreement is specified for the effectiveness ofthe Loan Agreement for the purposes ofSection 9.04 ofthe Loan Regulations. ARTICLE VI Delegation of Authority Section 6.01. The Borrower hereby designates MDF as its agent for the purposes oftaking any action or entering into any agreementrequired or permitted under Sections 3.02, 3.03 and 3.05 of this Loan Agreement and under Sections 5.01, 5.02, 5.03 and 5.04 of the Loan Regulations. Section 6.02. Any action taken or any agreement entered Into by the Project Executing Agencypursuant to the authority conferred under Section 7.01 ofthis Loan Agreement shall be fully binding on the Borrower and shall have the same force and effect as Iftaken by the Borrower. Section 6.03. The authority conferred on the Project Executing Agency under Section 7.01 of this Loan Agreement may be revoked or modifled by agreement between the Borrower and ADB. ARTICLE VII Miscellaneous Section 7.01. The Minister of Finance of the Borrower Is designated as representative of the Borrowerfor the purposes of Section 11.02 of the Loan Regulations. Section 7.02. Tiie foiiowing addresses are specified for the purposes of Section 11.01 of the Loan Reguiations: For the Borrower Pubiic Debt and External Finance Department Ministry of Finance 16 Gorgasali Street, 0114 Tbilisi. Georgia Facsimile Number (99532) 2261 461. ForADB , *1 Asian Development Banic ' 6 ADB Avenue ' Mandaluyong City 1550 Metro Manila Philippines Facsimile Numbers: (632) 636-2444 (632) 636-2301. IN WITNESS WHEREOF the parUes hereto, acting through their representatives thereunto duly authorized, havecausedthisLoan Agreement to be signed in their respective names as of the day and yearfirst above written and to be delivered at the principal office of ADB. GEORGIA -DIMITRI GVINDAD2E Minister of Finance ASIAN DEVELOPMENT BA KATHIE JULIAN Resident Representative Georgia Resident Mission 8 SCHEDULE 1 Description of the Project 1. The objective of the Investment Program is to improve efficiency, reliability and affordabilityof urban transport infrastructure and services. 2. As part of the Investment Program, the Project alms to improve urban transport infrastructure and services in selected municipalities. 3. The Project shall consist of: (a) construction of two sections of a four-lane road (of an approximate aggregate length of 10.6 Icllometers) between the cityof Tbilisi and the city of Rustavi; 4. (b) construction of a 151 meters two-lane bridge over the Aragvi River between the city of Mtskheta and the nationaleast-west highway; and (c) provision of project Implementation support (this includes assistance in construction supervision, procurement, financial management and environmental and social safeguards, and provision of financial audits) and capacity developmenton bridge constructionand maintenance. The Project is expected to be completed by 31 July 2018. SCHEDULE 2 Amortization Scliedule (Sustainable Urban Transport Investment Program - Project 2) Date Payment Due Payment of Principal (expressed in Special Drawing Rights)* 15 January 2021 15 July 2021 15 January 2022 15 July 2022 15 January 2023 15 July 2023 15 January 2024 15 July 2024 15 January 2025 15 July 2025 15 January 2026 15 July 2026 15 January 2027 15 July 2027 15 January 2028 15 July 2028 15 January 2029 15 July 2029 15 January 2030 15 July 2030 15 January 2031 15 July 2031 15 January 2032 15 July 2032 15 January 2033 15 July 2033 15 January 2034 15 July 2034 15 January 2035 15 July 2035 15 January 2036 15 July 2036 15 January 2037 15 July 2037 15 January 2038 15 July 2038 15 January 2039 15 July 2039 15 January 2040 15 July 2040 221,646 221,646 221,646 221,646 221,646 221,646 221,646 221,646 221,646 221,646 221,646 221,646 221,646 221,646 221,646 221,646 221,646 221,646 221,646 221,646 221,646 221,646 221,646 221,646 221,646 221,646 221,646 221,646 221,646 221,646 221,646 221,646 221,646 221,646 221,646 221,646 221,646 221,646 221,646 221,646 10 Schedule 2 Date Payment Due Payment of Principal (expressed In Special Drawing Rights)* 15 January 2041 15 July 2041 15 January 2042 15 July 2042 15 January 2043 15 July 2043 15 January 2044 15 July 2044 221.646 221.646 221,646 221,646 221,646 221.646 221,646 221.638 Total 10.639.000 The arrangements for payment are subject to ttie provisions of Sections 3.04 and 4.03 of the Loan Regulations. 11 SCHEDULE 3 Allocation and Withdrawal of Loan Proceeds General 1. The table attached to this Schedule sets forth the Categories of Items of expenditure to be financed out of the proceeds of the Loan and the allocation of the Loan proceeds to each such Category ("Table"). (Reference to "Category" in this Schedule isto a Category or Subcategory of the Table.) Basis for Withdrawal from the Loan Account 2. Except as ADB may othenfl/lse agree, the proceeds of the Loan shall be disbursed on the basis ofthe withdrawal percentage for each item of expenditure set forth in the Table. Interest Charge 3. The amount allocated to Category 3 is forfinancing the interestcharge on the Loan during the Implementation period ofthe Project. Reallocation 4. Notwithstanding the allocation of Loan proceeds and the withdrawal percentages set forth in the Table, (a) If the amount of the Loan allocated to any Category appears to be Insufficient to finance all agreed expenditures in that Category, ADB may, by notice to the Bom)wer, (I) reallocate to such Category, to the extent required to meet the estimated shortfall, amounts of the Loan which have been allocated to another Category but. in the opinion of ADB, are not needed to meet other expenditures, and (11) If such reallocation cannot fully meet the estimated shortfall, reduce the withdrawal percentage applicable to such expenditures In order that further withdrawals under such Category may continue until all expenditures thereunder shall have beenmade; and (b) if the amount of the Loan allocated to any Category appears to exceed all agreed expenditures In that Category, ADB may, by notice to the Borrower, reallocate such excess amount to any other Category. Disbursement Procedures 5. Except as ADB may otherwise agree, the Loan proceeds shall be disbursed In accordance with the Loan Disbursement Handbook. Retroactive Financing 6. Withdrawals from the Loan Account may be made for reimbursement of eligible expenditures Incunred under the Project before the Effective Date, but not eariier than 12 months before the date ofthis Loan Agreement In connection with Wori<s and Consulting Services, subject toa maximum amount equivalent to20% of the Loan amount. 12 Attachment to Schedule 3 TABLE ALLOCATION AND WITHDRAWAL OF LOAN PROCEEDS (Sustainable Urban Transport Investment Program - Project 2) Total Amount Allocated Item Number for ADB Financing (SDR) Basis for Withdrawal from the Loan Account Category 20% of total expenditure 1 Works 8,312,000 claimed* 2 Consulting Services 758,000 claimed* 3 Interest Charge 223.000 4 Unallocated 1.346.000 Total 10.639.000 20% of total expenditure 100% of amounts due Exclusiveof taxes and duties Imposed within the territoryof the Bonrower. 13 SCHEDULE 4 Procurement of Works and Consulting Services General 1. The procurement of Works and Consulting Sen/ices shall be subject to and 2. All tenns used in this Schedule and not othenA/ise defined in this Loan govemed by the Procurement Guidelines, and the Consulting Guidelines, respectively. Agreement have the meanings provided in the Procurement Guidelines and/or the Consulting Guidelines, as applicable. Works 3. Except as ADB may othenwise agree, Works shall only be procured on the basis of Intemationai Competitive Bidding. 4. The method of procurement Is subject to, among other things, the detailed arrangements and threshold values set forth In the Procurement Plan. The Borrower may only modify the method ofprocurement orthreshold values with the prior agreement of ADB, and modifications must be set out in updates to the Procurement Plan. Conditions for Award of Contract 5. The Borrower shall not award any Works contract which involves environmental impacts until MDF has: (a) obtained the final approval of the lEE from the appropriate authority of the Bont)wer: and (b) incorporated the relevant provisions from the EMP Into the Works contract. 6. The Bonower shall not award any Works contract involving Involuntary resettlement Impacts until MDF hasprepared and submitted to ADB the final LARP based on the detailed design, and obtained ADB's clearance ofsuch LARP. Consulting Services 7. Except as ADB may otherwise agree, the Bon-ower shall ensure that MDF apply quality- and cost-based selection for selecting and engaging Consulting Services. 8. The Bon-ower shall ensure that MDF recruit the Individual consultants In a(x»rdance with procedures acceptable toADB for recruiting individual consultants. Industrial or Intellectual Pronertv Riahts 9. (a) The Borrower shall ensure that all Works procured (including without limitation all computer hardware, software and systems, whether separately procured or 14 Schedule 4 incorporated within other goods and services procured) do not violate or InfHnge any industrial property or intellectual property right or claim of any third party. (b) The Borrower shall ensure that all contracts for the procurement of Worlds contain appropriate representations, warranties and, if appropriate, indemnities from the contractor or supplier with respect to the matters refenned to in subparagraph (a) of this paragraph. 10. The Borrower shall ensure that all ADB-financed contracts with consultants contain appropriate representations, warranties and, if appropriate, indemnities from the consultants to ensure that Consulting Services provided do not violate or infringe any industrial property or Intellectual property right or claim of any third party. ADB's Review of Procurement Decisions 11. Contracts procured under intemational competitive bidding procedures and contracts for Consulting Services shall be subject to prior review by ADB, unless otherwise agreed between the Borrower andADB and set forth In the Procurement Plan. 12. The Bon-ower shall seek ADB's approval before it: (a) grants any extension ofthe stipulated time for completion ofa contract forWorics; or (b) (c) agrees to any modification orwaiver ofthe conditions ofa contract for Works, Including anychange orderthatfalls under(c) or (d) below; or Issues any change order under a contract for Worics that will In aggregate increase the original contract price (for the avoidance of doubt, such aggregate shall take into account any previous or simultaneous changeorderororders undersuch contract); or (d) Issues any change order under a contract for Worics that will affect more than 15% of the original contract price (either through increases or decreases), even if the net effect of such change order will not In aggregate Increase the original contract price. For the avoidance of doubt, such aggregate shall take Into account any previous or simultaneous change orderor orders undersuch contract. 13. ADB shall respond to each request for approval under paragraph 12 above wittiln 10 business days (in Manila) of ADB's receipt of such request Such response will indicate that the request is (a) approved, (b) declined, (o) pending receipt of additional Information or documentation, or (d) pending consideration by ADB's Procurement Committee, in each case as detennined by ADB. If ADB falls to respond within 10 business days (In Manila) of ADB's receipt of such request, the request (except If It relates to consideration by the Procurement Committee) shall be deemed to have been approved by ADB In the case of (c), the Bon-ower shall promptly provide the requested infomiation or documentation to ADB and ADB shall respond to the relevant request within 10 business days (In Manila) upon receipt of such requested Infomiation or documentation satisfactory to ADB. In the case of (d), ADB shall notify the Borrower of the decision by the Procurement 15 Schedule 4 Committee within 10 business days (in Manila) of such decision by the Procurement Committee. 14. The Bon-ower shall, or shall ensure that MDF will: (a) provide to ADB within 10 days a copy of all time extensions, modifications or waivers to the contracts (including change orders) following ADB's approval in accordance with paragraph 12 above and amendment of the contracts; and (b) maintain a record of all change orders under all contracts for Works which do not require ADB's prior approval under paragraph 12 above and submit such record for ADB's review every 6 months. 16 SCHEDULES Execution of Project; Financial Matters Imolementation Affanoements 1. The Borrower and MDF shall ensure that the Project is implemented In accordance with the detailed arrangements set forth In the PAM. Anysubsequent change to the PAM shall become effective only after approval of such change by the Borrower and ADB. In the eventofany discrepancy t)etween the PAM and tills Loan Agreement and/or the Project Agreement, the provisions of this Loan Agreement and/or the Project Agreement shall prevail. Environment 2. The Borrower shall cause MDF to ensure that the preparation, design, constructton, Implementation, operation and decommissioning ofthe Project comply with: (a) all applicable laws and regulations oftiie Borrower relating toenvironment, health, and safety; (b) tiie Environmental Safeguards; (c) the EARF; and (d) all measures and requirements set fortii In the respective lEE and EMP, and any corrective or preventative actions setforth In a Safeguards Monitoring ReporL Land Acauisltlon and Involuntary Resettlement 3. The Borrower shall cause the MDF to ensure tiiat all land and all rlghts-of-way required for the Project are made available to tfie Works contractor In accordance with ttie schedule agreed under ttie related Works contract and all land acquisition and resettlement activities are Implemented in compliance with: (a) all applicable laws and regulations of tiie Borrower relating to land acquisition and Involuntary resettlement; (b) the Involuntary Resettlement Safeguards; (c) tfie LARF; and (d) all measures and requirements set fortii In the respective LARP, and any con^ctlve or preventative actions set forth in a Safeguards Monitoring Report. 4. WIttiout limiting the application of the Involuntary Resettiement Safeguards, the LARF or the U\RP, the Borrower shall cause MDF to ensure that no physical or economic displacement takes place In connection with the Project until: (a) compensation and otiier entltiements have been provided to affected (b) a comprehensive Income and livelihood restoration program has been people In accordance with the LARP; and established In accordance with the LARP. Indigenous Peoples 5. No impact on Indigenous people under the SPS Is expected for the Project. In the event that there Is any such Impact, ttie Bon-ower shall cause MDF to ensure ttiat It adheres to applicable laws and regulations of tiie Borrower and ttie SPS. If there is any discrepancy between the SPS and ttie Borrower's laws and regulations, the SPS shall prevail. 17 Schedule 5 Human and Financial Resources to Implement Safeguards Requirements 6. The Borrower shall cause MDF to make available necessary budgetary and human resources to fully implement the EMP and the LARP. Safeguards - Related Provisions in Bidding Documents and Works Contracts 7. The Bon'ower shall cause MDF to ensure that all bidding documents and contracts for Works contain provisions that require contractors to: (a) comply with the measures and requirements relevant to the contractor set forth in the lEE, the EMP and the LARP (to the extent they concem impacts on affected people during construction), and any corrective or preventative actions set out In a Safeguards Monitoring Report; (b) make available a budget for ail such environmental and social measures; (c) provide the Borrower with a written notice of any unanticipated environmental, resettlement or Indigenous peoples risks or impacts that arise during construction, implementation or operation of the Projectthat were not considered inthe lEE, the EMP or the LARP; (d) adequately record the condition of roads, agricultural land and other infrastructure prior to starting to transport materials and construction; and (e) fully reinstate pathways, other local infrastructure, and agricultural land to at least their pre-project condition upon the completion of construction. Safeguards Monitoring and Reporting 8. The Borrower shall cause MDF to do the following: (a) submit semi-annual Safeguards Monitoring Reports to ADB and disclose relevant information from such reports to affected persons promptly upon submission; (b) If any unanticipated environmental and/or social risks and Impacts arise during construction. Implementation or operation of the Project that were not considered in the lEE, the EMP or the LARP, promptly inform ADB of the occurrence of such risks or impacts, with detailed description ofthe eventand proposed con^ctive action plan; (c) no later than 3 months after the Effective Date, engage qualified and experienced external experts or a qualified NGO under a selection process and terms of reference acceptable to ADB, to verify Information produced through the Project monitoring process, and 18 Schedule 5 facilitate the carrying out of any verification activities by such external experts; and (d) report any actual or potential breach of compliance with the measures and requirements set forth in the EMP or the l-ARP promptly after becoming aware of the breach. Prohibited List of Investments 9. The Borrower shall cause MDF to ensure that no proceeds of the Loan are used to finance any activity included in the listof prohibited investment activities provided in Appendix 5 of the SPS. Health and Labor Standards 10. The Borrower shall cause MDF to ensure that contractors engaged under the Project: (a) comply with all applicable labor laws and regulations of the Borrower; (b) use their best efforts to employ women and local people, including disadvantaged people, living In the vicinity of the Project; (c) provide equal payto men and women forwork of equal type; (d) provide and adequately equip first-aid, health and sanitation, and personal hygiene facilities for male and female workers at the Project site; (e) conduct an Infomiation and education campaign on sexually transmitted diseases and HIV/AIDS forconstruction workers as part of the health and safety program at campsites and adjacent communities during Project implementation; and (f) abstain from child labor. Contracts financed under the Project shall Includespecific provisions on these requirements. Gender and Development 11. The Borrower shall cause MDF to ensure that: (a) the gender action plan is implemented in accordance with its terms; (b) the bidding documents include relevant provisions for contractors to comply with the measures set forth in the gender action plan; (c) adequate resources are allocated for the implementation ofthe gender action plan; and (d) key gender outcome and output targets are monitored regularly and achieved. Governance and Conruption 12. The Bon-ower and MDF shall: (a) comply with ADB's Anticomiption Policy (1998, as amended to date) and acknowledge that ADB reserves the right to Investigate directly, or through Its agents, any alleged con^ipt, fraudulent, collusive or coercive practice relating to the Project; and (b) cooperate with any such Investigation and extend ail necessaryassistance forsatisfactory completion ofsuch Investigation. 13. The Borrower shall cause MDF to ensure that the anticorruption provisions acceptable to ADB are included in all bidding documents and contracts, including provisions specifying the right of ADB to audit and examine the records and accounts of the executing and implementing agencies and all contractors, suppliers, consultants, and other service providers as they relate to the Project 19 Schedule 5 Qperattonal Covenants 14. The Borrower shall cause MDF to ensure that (a) the Project is Implemented in accordance with design specifications and construction norms; and (b) construction supervision, quality control and contract management are performed in accordance with international standards. 15. The Borrower shall ensure that the relevant municipalities or authorities Install appropriate safety signs and facilities during Implementation and ensure monitoring of the accident rate and traffic volume. 16. The Borrower and MDF shall ensure that ADB's consent is obtained at least 6 months prior to the implementation of any of the following: (a) any change in ownership of any asset, facility or structure financed under the Project; (b) any sale, transfer, or assignment ofInterest orcontrol In any asset, facility orstructure financed under the Project; (c) revision, amendment or restatement of l\/IDFs Charter that may affect implementation or management of the Project; or(d) any lease orother contract ormodification of the functions and authority of MDF over operation and maintenance ofanysuch asset, facility or stnjcture financed under the Project. The Borrower shall ensure that any such changes will becan-ied out in a legal and transparent manner.

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PAM-b6 so6 b^bgbbco bgKii'Hgji'i'acngi^b {oi)/6G "Brortob rt6o8g b^bob "aggb^i^ancSob 'aa8o>bggg6'3o •a3orto5gbn66 8ogGo^gi6 bibgbbn bgjin'agjrt*gj£ng2>6*3o poo/oG b63rtng(j(5n bgjsn'Bgjrt'atiijgii'Bo 8n(3g8'afin j^gb-ajsngagib. 2. abgbbgiggnob d6Enobb8ggoof>, MDF-86 "aGcoi-i 'g'brt'jjGggjijj'jrob 3rtngj0ob anSt^pogiob, soo'b^oGob, 8*9gGg2>{mfoSob, ^^GbnJ^Qogpmg&ob, ro^grtoQog&obo* co6 foi>brt*ggna2)ob *agb6i68obm2>6: (a) 56rtg8mb, 5^6G8rt(y)gK>niob po^Qgobi 50^ "gbogrtooboogiob •Bgbiioaob jiGnGg&OToG 505 3ortgg,"gc!nortg2>ag»> Gcortagitn^G; (b) 5ortg8nb s?6(3gob •gb^grtcnbmgiob *bn3g2>a)6G c) EARF-cn^G; jd6 (d) IEE-bc> po6 EMP-*3o ^^Gbi'bcjgt^'gKn CjnBobdog&obo {06 3(0(nb(«igG6bcr)66, c>bggg aggcij^ 08 36jr)rtgj^ortg2>gE!> 505 ^^OOO^O^clC? ^3gfogii>bor)6G, (^n3qT»g2>0(3 ^at^dnfo^oSofmoci ^gb^^rtoDbngiob 'broSg&ob 8(*)Go5co(6oG5ob c>Gg,6rto*3*ao. 8oyob 'agbaocog^ co^> od'gomg&noDO g(6Gb;>bg»g&o 3. SbgbbgScmob d^pmobbaggoo), MDF-36 gGpoo '3*t<^'3Ggggny(*)b ^rtngj^oboogob bij^ortn 3o^6 po6 *9gb62(o8obo 'a'SK^gigio b^i'^'B^cogiob *3g3brt'aEjg(bgBU0 jc«)G0rto(]5r^<*iob6or)gob, b68'g*36o)g2)(n6G po^j^g^ortgi'jjK? g,o6b6'bp!jgrt'aE?o 566<^0g)0b *agb62)63ob6Eo; csS^bOT^G, "gGjoo •a'brt'gGggjmynb, rtmS 3o^ob "agbyocogobo poci 566b6bsc;>g2iob jnroGobdogigio gjoGbnrt^ogpnnpogb (a) 3o^ob TJgbyopogobo) poo ^oGbobpjngiob Sbgbbgigjmob *3gb62>63obo joGoGgiobo po6 36rtgg,"gpmortg2>ac:no Gmrt3g2>ob poc>(3go(X); (b) od"gpG[>gioor)o ^oGbobjj^giob •gbogAtnbmg&ob 'bmagiob "agboioSobopo; (c) LARF-ob *3gb6io8ob6po; p^o (d) *3gb6i68ob LARF-*ao ^oGbo'bpjgrt'gawo pomGobdogigiobo po6 8(*)<nb(*)gGgiob, ^bggg "abogrtobngiob toag&ob SnGo^o^rtoG^ob 66gj6rto*9*3o Vortaojo^gGopnjo tjggpcjC) a^jnrtgjiSortg&gpGijo {06 ^^gggG^ogp^o jagcogftgiob 'agbo&oaobipo. 4. od'ac:ng2>oa)o ^oGbobpn^giob •abogrtcnbngiob 'bn3g2)ob gjo8(*)ygGgiob 3babbgips;>ob dopE|jobb8ggoor), MDF-36 "gGpoo •a'b<^'a^3c)ff?a**'^ 8(*)bpogb 3rt(*>a^5or)6G pooj6g'3orta6'gjn>o ^otoj'grto oG gjt'jGnj'grto g^oGbobpnngic), b6G«b8: (a) g)66b6bcng2»6b po^JggSpogiortgi'gpnj 3ortg&b a6poi)g(3g8o>a) j(*)83gGb60og2)O poo 'g'gg^gigio LARF-ob '3gbo2>o8obc>po; poo (b) o(<) '3g8'a'36gpog2>o poo BoSnyopsjoipogio bocnoGopom "Bgambogpmobo poo boQbngrtgigpjjo JortnJSgiob ^pjapogjgGo 3(^m5rto3o, LARF-ob "agboioaobofio. 20 Schedule 5 a^30CP(<i0 amb6b(niarr)&j> 6. 3rtnaj5ob 0)rt 6(<iob g,.ia)g6Bnob7o6a2»'gffi;>o rtc)o8a b^bob 9(J8"CS<*^ Snb^bjmgn&^'bg. ^bgcno 5C>aCE?g6ob ^rtbginiob '3g8(nbgag6*3o, abgbbgijmob d6jn>obb8agoa), MDF-86 •gBco^ Titrt-gGggssnynb 3bgbbg2>jsnobo co6 SPS-ob '3gb62>68obo j6Gn6g2>obo> po^ 86rtgg,'gjinortg2)gKt>o 6ro(<i8g2)ob poi>0gc). 8babbg6t5;»nbib poc> SPS-ob j66n6g2>bo soc> 6cort8g2>b *3roAob ^oBbbgoggiob ortbginiobc>b, •g^ort^^gboi^ gGo^gi^ SPS-b. •ab»'g<^O7br>0^ob acnoobngGg&ob «3o6^>6b'grto <<Sjb'g(^b3?>n g,6b6bm(<)^jogpT>ga<n>6CD b6^o(<T(n ACPJ)8o^G'g(<)o co6 6. 8bgbbg&Euob d6j2t>obb8ggoor), MDF-86 "gGsoo •g'brt'gGggEijyrob EMP-ob6 po^ LARP-ob brt'gjnj^po g>o>bi>brort(3oacng2>{i«cjpo <J>"gQ0{i*jg2>agn0 ^oG^Gb'grto po6 opooaooG'grto rtgb"g6bgiob ?lb6<n(^or)bn;)3>nb 'bnagfto - 7igb^>?>Aaobo toQ&'af^g&g&o bc^^gGcogrtfo coroj'gagG^g&bA cd.?> b^S'Ti'gop&ob •g^b^ocogg&ob ^fn6^^rt6j,e>g?>'ao 7. 3bgbbg2)j«>ob dipi^obbaggoo), MDF-86 "gGpoi 'g*brt'gGgg{j«ynb b6(5aGfiogrtc*) E?"d'a90^60^*3o poc) b68'a'3i)C*)g2>ob "Babaopoggiob go)G(^(«)c»j(5g2>'ao obgoao pogi-ggnngiaiob '3g5<i>G6, rt(o8ff[>g2>o(3 ooDg6gnob^oGgib jcnG^rtij^ortob 8ogrt "SgapoggjO anobmgGgiob •agbrt-gcEngaob: (a) *3a6brt'gp2;>(*)b IEE- *3o, EMP-b6 pocj LARP-'3o ^6rt8npogjgGo{mo *bn8g(So po6 (8'9g6g2)pn|>(*)<!>ob 3rtn(3gb'3o 2)0>gci?gGob 8nbiibE[ja(n&ob <i3>irtaP2ja2>*3o) po^ 'gb6grt(nb<*)g&ob 'bnagiob 8cn6o(5oirto65ob ^G^irto'B'Ho 3n(3g8'3g;;»o 8i>jnrtaJ5^<^0^0ffi?" 3rtgggG(30"aff[>0 poroGobdogigio; (b) aocnbngGgSo 568(«)y(»)b 2»o'352g(5o aggcjj^ ^8 (^o^ob gj^rtgaobpo^QgooDo poc b(*>0O6R«^rto pnnGobdog&obcxngob; (c) ^grtojmro&oor) *3g^(5y(<)ioGcob 8bgbbg2>gji*>b ^^rtgSnb po^yg^bo^G, 56Gb6bji]ng66b(r>6G c>G 8jgopo(«i anbobpmgco&ibcniG po^j^g'aortgi'gpmo aggpm^ o8 a^-gOTg^jmob^oGgigpnno rtobjob ^6 "bg^^gp^gGob "agb^bgi, rtpiagpmoQ 8'3aGg2>ff[j(»)2>ob, a^Gbrort^ogpcugiob ejG ^rtog^^ob o^grtortgiob 3rtc»)(3gb'3o po6 c>(<> 6rtob ^^(ngcjpmob^oGgi'gjmo lEE, EMP LARP potnj'gSgG^gi'So: (d) aob^pmg&ob (^rtiGb^rort^ortgiobi poo a'SgGgipmroiob E?i>7aa&i>8cog 6pijrto(3b(*)b ^Tjg&ob, bobngffnn-boSaTjrtGgro 8o^giob6 oG^rtob^rt'jjj^'grtob bbgo> n)2»ogJ(^a2>ob 8pog,oi8ortg(*)2»6; po6 poo 21 Schedule 5 (e) a'BoBgipEncoiob "BQapoagj bA"as™6i5 ^soopo^oGob bc>g6g«o 2>oji^oja2>o, bbgo) opo^op^nirtogo oG^rtib^rt'g^^'artis poi> b6l;r)03B«n. bo8g'a(^6gn Bo^gio, b-gRj 8(3ortg, 3(«ing{j5obfoG6 apo^nSirtgDiiapog. 'ab^><}3<<ior)bng&ob 'bcpag&ob 8ro6oArortoG?fO C06 (*>n3n(<TAQG?sp 8. Sbgbbgipmob di>ffjjobbaggoor), MDF-86 •gGpoi gj^G^bnt'iQogpmfob *3g3pogg)0: (a) ^gji»oV6J5'ao cortgcgrt ^^rt-gpogjoGnb ADB-b «3b6^rto)brogiob aroGo^nrtoGgjob oGa^i'io'Sgio poo 6G5C>rto*3gSob ^ot^poagGopooG 8r^JPG?g g^po^'Bo 8o6^npD(*>b "Bghciiiaobo oG^goortSo^oo "bg^joggj^gGob E0^>d8a95?a^^'^a^t)K? ^o^gib; (b) OT-g a'agGgipnrjniob, g,66bnrt(3ogsmgaob oG ^rtngj^ob n^grtortgiob 3Aro0gb'ao 6(^bg2»n2>b/^6a(*)oj^rtg2>6 56(<7g8nb poi^goboooG, 56Gb6bj5»ga6ba)66 i>6 8ggopo(<> 3nb6bpnt>gnaobo>6G poi>j6g'9o(<)ga'3K*>o 56'aa>g6smob^o6gigjE;jo rtobjo oG ^bggjogc^gGo, rtnaggnoQ b<h 6rtob 2,oa)g6ji];>ob7oGg2>'asE;jo lEE, EMP 66 LARP fonj'3agG(^g2)'ao, portro-gp^opo '3a^6af^2)oG(nb 6aob "agbobgi ADB-b, angpc^gGob pog66ff!>*3rto 6p;>^grtoa) poo 86jnrtgjJ§ortg2)gjn>o tnagiob *3g(n6g6*bgio<n; (c) 3rtngj5ob anGo^nrtoGgob ^rtn^gb'So aopugi'apci^o oG^r0(<>a6(3oob poo'b'gb^giobo po6 a6(^g gdb3grt5gaob aogrt oGgnrtSo^oob {O6'b'gb(5g2)ob bgK!?'ag8^{j(*)6o pnnGobdog&giob 566b(*)rt(3ogc«g2>ob ao'bGocf), bgpc;j'agjrt"g{ii;jginb 63nj8gpogioso6G 6^6 •gagooGgb 3 oDgob g6j56'ao acoo^gocnb jgi^JUJogoQO'arto po6 a6aro(3fioogi>o g^b^grt^gbo 6G jgi>ps!j0^0(30"a(<)0 6rt6b6aa)6g(<7ro2»n 2>6rtg "Sgrtfiggob 3rt(n3gpo«grtob PS>6(3goa> po6 ADB-boogob aobopjgio 3rtn3gpo'grtg2)ob6 po6 3ortm<!>giob gjOoigopjjob^oGgiooD; po6 (d) 76rt6j5aoGcob 6656^0*30 EMP-'3o 6G LARP-'3o ^oGbolpj^grt-gcino snn6obdog<!>g2>ob6 f06 arooDbngGgSob ^6j(5roa(<)ogo po6(^cjgggob 6G po6rtcjgggob 3(*)5gG(30"j]rt0 bo'Bo'Srtngiob "Sgbobgi, oa^gorto ^6iJ(5gaob po6poagGopo6G 'aamjpnngb gopoo'Bo. 6j(<id6(n>'gorno o6ggb|g^o^jng?>o1^ R.sflrriG.smg^troo 9. abghbgiffjob dopmobbaggoor). MDF-a^ -gGj^o 'a'brt'aGggcna*^^' bgbbob (noGbgio ^6 oa^b &6anagGga'ace« "9 {nrnGobdogigaob po6b6«go66Gbgapc»6J5, rtroapE^gioQ •Bgjoob SPS-ob po^Gortof) S-'So an^ga-gpc" 6jrtd6p«»'aBno oGggb^oQogiob BoanGoogopGj'Bo. y^Gcoa^jgnb.s cda 'artwapb bft66co6(*)Ang>0 10. abgbbgiggnob d6e?06bbaggooo, MDF-Bo "aGpo^ •a'brt'gGggjinanb, rt^a b^a'agGgajmo b68'a'36(ngaob j(n65rt6i)(5Drtgao (a) •agb6i6aobn2)6'ao anj^ofnj^GgG abgbbgipcjob daOU'^^'^'^" 6(^bg2)'gpE!J "artoaob jropog^bcnoG 506 86rtgg>'gsEjo(<)gigps;j Gmrt8gia)6G; (b) j^oobojag^gG opogjopnjroirtog anb6bg5>groi6b, 86O) *3nrtob d6pn;;g2)b6 po6 22 Schedule 5 8Qorta*3a8rob6gEjo66 ^fo^Bo^Ggib, rtnBffngioQ 3rtngj§ob ^grto^nrtootg ^bngrtmigG; (c) grta)b6 poc> o86gg *9gbrt'gjmg2>'ggn biS'g'Bbco'ao 506 3686jO0g&b ooGoiirt oGo'bjn^'grtgiob '3gbor)6g6'bg2>gG; (d) Bno^anSgG 6fiogjgo5'3'^^>E? ^>C?J'3<^gf»J2I? 3o(<)ggcno>fDo C06b8c>(*)giob, boSgiooQoGfo poi> bc>Go56rt"gc« fjog^giobo £06 8o86j60gaob6{ngob ^^brt^gGgagnynggG GOff;>-(36ffnjg bo3ortgi>(<)a'3cogib ^rtngj^ob ^gJ'io^ortoo'bg; (e) irtng^^ob a^Gbrort^oggngiob 3arto(nso*ao, b68'a*36m aoGojgibi) poo 3o8pog56rtg 53^0(^(0(^06^3 Sybngrtg&o 6po68o6G32>ob6or)gob, 5^663(<7a>a{m(»)iob po6(3gob6 po6 'gb6^rtor)bngiob 3rtn5rt68ob ^i^rtaff[jg2>*3o, ai>^>grt(33C5ja2>3G 0Ggmrta6306b po6 B6656rt32>aG b656G8666or)j5r»gij2:nn) j63366o3<!»b bJabm&rto3o g^'boo) g>6E068pog5o po66g6pog2>g2»ob6 po6 "Sopobob '93b6b3i; po6 (f) or)63b *3aoj6g32>3G a63'agaiob po6b6j83iob656G. ^rtrogj^^ob ^ort^pnngi'go po6^oG6Gb32>'gcT>o ijOoG(5(^-i)d50^" l)Bpo6 lJ^0(3O6pE:i*grt S?02>'3C?aia2>lj 'b38(noD B63n(nggT>ojino 3(O(nb(ogB3aob60>gob. e>o^g?o<^" 118babba2»aE?ob ()6pmobb8agoa), l\/lDF-86 "gGpoo "a^brt-aGgaPEjacob, rtcoS: (a) aaGjogrtob b6a(«)(j8afior») 53586 '33b(<)'ap«p03b 8obo 3ortDbaaob/36po3aob '3ab6&68ob6jD; (b) j?<^d'a9aSSa2'" *3a"3^aj$a^ s?a2>'3«;a^a^'^ j(nG5rt6j(5nrta&ob 803^ 53GjDart«gpm b68ro{j83por) 53586*30 ^6rt8(»)po5aGopmo p;>oGobdoa2»a2>ob '33brt"apEf>32)ob '33b6ba<!>; (c) 53Gpo3rt«agT>o b63n^3apoc») 5a58ob '9ab6brt7)jma2>pm6po 563ooar9b 6poajg65:grto rt3b'grtb3io; po6 (d) 5o6bco(<)(303J5;»po3b b6o>6G6po(*) ^naaSo 5a6po3rt'apmo b63fo^33por) 535aob dortoof>6poo '33JD35a2>ob6 po6 8o*b63iob 3n6o5c*)rto65b6 po6 3op[j^3goba>gob. 386(<)or)3gonr)(v)g,A co.s jn(<>«go3<3n.s 12. 9l>a^^a2>ap5o p06 MDF g^^PSjpogi'gjTno 6^066; (a) po60(336G ADB-b 6G5ojnrt'ag0O'g{mo 3(*)pfno0oj6 (1998, 'aa(36Gopnno QgpEJojmgigiob 56or>a6E;;»ob^oGa2»oo)) po6 6pno6rtroG ADB-b '3gp2!?3i6 56G6bnrt(303Pcjnb 3rtn3j5o>66 po6j6g'3ort3S'gpn;jo G3Sob8o3rto jmrt-g^Goob, 0>6g:jg2noof)n2>ob, ^6rt"gjino 8npm636rt6aaiob 6G d6pE[>6po(niob <g6'j5ob 568ndo32)6 b6j'aor>6rto d6ff[>32>ocr) 6G 65a65aiob 568oa3G32»oor); po6 (b) oof)6G68'3rtoo8K;>mG Ga2iob3o3(*) 6b3(n 568mdo32»6b<y)6G po6 6Rj8n'afio6n6 56ando32>ob 56Ga6b(*)rt(303jij>32(3gn 3ort36b b6^ort(*) po6b86rta2>6, 568ndogiob ^6rt865g<!>oa) po6brt"gpmg6ob 3o'b6oa). 13. 8b3bb363Enob d6gi^obb83go(», MDF-86 'a6po6 'g'brt'gGggpmjjOob, (^oB ag3C;?6 bo^gGpoartco fiond'33a6(5'9o po6 jnG566j5*ao '33gopo3b ADB-b6a)gob 8ob6p!jgio 6G|5oan(<)'g^(30'gcno po32>'gj253i3(!»o, 08 po32»7)cj»a2»a2»ob B6a)3pmoa>, b6po6(3 dc»)6jrt35'gprT>6po 6rtob 566b6'bcj3r^'apn[>o ADB-b 'ggcu3i6 B6656rtrob 3(^(*)3jj5oD66 po6j63'3orta&'ap2jjo 56G86brort0oajiT»3i3jnjo po6 '933brt'ajina^aH?" b665aG5na6ob, 65rtaorjg3 aggJUj-^ jtnG5rt6j(5(nrtob, 3n8^npo3acT)ob, jr9Gb'gpn;>(56G5ob po6 bbg6 8rr)8b6b«grtaaob 8ro3^(*)po32>pn[>ob B6G6^3rta2)ob6 po6 6B56rto'332)ob 6'gpoo(5o. (03()<<)6rj07)<rr>0 3n(^(n?ij?>n 14. 8b3bb3i3ji]i>ob d6csf>obb83goff), MDF-36 'g6po6 •gtrt'gGgapmynb "33810350: (a) 3rt(*)3j§ob 56Gbnrt0O3jina2i6 poo'b6oGob b3a0o^oj60oaSob6 pooj b68'93G3ipEn(»> G(ort33iob 23 Schedule 5 506(3300); C06 (b) 8'3g6g<!)jn>(n2>ob b6(^obbob j(*)65rt6d50^ob 36rto>a6 bogrtoio'arortoba) b^-^Gpoort^giob $06(3300). jn6§rt(*)K>o joi> 15. 8bgbbg2>gj!n96 ^5{06 'g'brt'gBgaKnyrob '3gb62>68obo 8'g6o0o36j!];>o5g53^"^^ 886rto>ggj5[jo c*)rt566ogiob 8ogrt 'j]b6^rto)b(og(!»ob b60)666jo(*) Go'36g&ob6 506 b6'3'g6jn>gig2)ob fi063(*)B56ag2»6, 6bgg9 B6656rtnb •gigpo'grtn '3g8a)bgggg&ob6 fi06 5*bob jD6§3orto)3ob a6figgGg2>gngiob aroGo(5<*)(^oGg)0. 16. 8bgbbg<!>gKu86 po6 MDF-a6 *36106 •g'brt'gGggjn^jjrnG, <<)n3 ADB-ob o)66b8ni6 aoojn(*)6, b*gci> 8(3ortg, 6 0)300) 6sortg, b6668 56B6bn(<)(3ogg»>gagG "Bgajog^ (®) 3rt(>)3d5"b ^6rtg,R[>g2>*ao pD6go666bg2)'3sno 6giob8ogrto 6d5f>3<^lJ» b6*a'g6e2>giob 66 b(5<^'ad6*3^*^^ 3^jinroigE;>giob (3gji»ojmga6; (b) ^Jrtngjj^ob "g6(<)5ff?32>*3o jD6<go66Gbgi*gjino GgiobSogrto 6d(5o3ob, b6'a'g6jingftob 66 b(5<^'ad6'3'^"^ &^bOE?8^> 5>>J?^G39^ •a^RJ?a2>ob 6G jnG(5rtnjmob a6co6(3g36; (c) MDF-ob ^gbjDgi6'3o Gg2»ob8ogrto *3gb^n(<)gi6, (33K?"K?3^'^ 66 bbg6536rt6jo «gm(<)3'3jmortg2>v\ ^686(3 *3godKjg2)6 o8rod8gpocob 3rtmgjj5ob g)66b(*)(<)0ogK;>g2>6'bg 66 3gG5^3gG(^'bg; 66 (d) Gg2)ob3ogrto o5g6rtob o)'g bb36 bobob j(oB5rt6j(5ob ^6rt5jmg2>*9o 66 3rtngd5"^ ^'i><^2)E?32>'3o E0603o666bg2)*gs5;jo 6d5"33^"^» b6'9'g6jing2>g2»ob6 66 b(5(<)'a(j6'3^3^'^^ (»)3grtortg2)6b6 co6 gdb3g:[>'g6560o6'ao MDF-ob ^tl^doogiob 66 •agsmg2>i>a(»}bojingftob GgKjojjngi^. 3bgbbg2>g{z«86 *a6jo6 •g'brt'g63gj!:n|jrob 6giob3ogrto 6bgo)o (3gj!UOjmgaob C?^ &^9i3"<^3^K[?a ^nrtSoo) g,66bnrt(3ogji*>gJ!)6. I^2i,,l,4,4j«ff|/RESISTRATON K.ZrW. ljV)rtlO<l;t)ATE /Y-OJ-ff Of intcrnati<jn3)jA|3'5«-'^;'"^.*^. ^J/*2!!!E1L