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EXECUTION COPY (Operation Number 3780 I ) LOAN'AGR.EEMENT (BorjoEi Wrter Project) between GEORGIA and EUROPEAN BANK rOR RECONSTRUCTION AND DEVELOPMENT Dated I Dec.Eber 200t TABIJ OF CONTENTS TERMS lncorporatron oI ARTICLE I - STANDARD Section l.0l SectioB102 Defuritions " " " ' Sectioo 1.03' lntcrprctauoD " " ARTICLE II - PRIN Sectioo 2 01' Sectiotr 2 02 Section2.03 Drawdowns " Scction " 2'M' Authorised RePrese *"3lj,ll;3f3#",[s"Hi,lif,aT,;;.. J . ..1 ARTICLE TV - SUSPENSION; Section4.0l SuspeDstotr Sectio!4'O2 Accelcratio .-" ARTICLE VI - MISCELLANEOUS " "" Scctiou6 01' Notices " """" "' " OF TIIE PROIECT "" "" """ SCHEDUIE 1 ' DESCRIPTION AND DRAwDowNs scHEDuLE 2 - CATEGORIES """ "" "" " 88 """ " "" """s1-l " ""'s2-1 LOAN AGREEMENT 'Bank")' PREAMBLE ff ;'j;1,?ff'"T::3*::Ti*"l Borrow€r; 1'f Jr'";'# iifu**$tu':I"#,#i''6iry::"f,"'Y'ffI";{?sffi t€low); defined #"f.*-**',ffi ltr;$,iii'iHYffirt#"r'theProiectEntitvhave Proi€ct; ffi on firnds on a stsP':.t"*"'" Xft*t*m,T*.:'ilffi':':iffi '); WEEREAS, the BaDk has agreed on the basis of, irle' alio, the foregoing to to the terms and f"* t" tfr"'Bo.rot ". in thJ amount ofEtR 1,500,000, subjcct fottf, or referred to itr this Ageement and itr the projcct agreement dated ""t "lnaliio* th" datc her"of bet*"en the Project Entity ard the Bank (the :'Project Agreement" as make a defiDed in the Standard Terms and Conditions). NOW, TmRDFOR.E, the Panies hercby agee as follows: ARTICLE I - STANDARD TERMS AND CONDnONSi DEFINmONS Sectiotr 1.01. I[corpontiotr ofStudard Terms and Conditions Atl of thc provisions of the BaDk's Staldard Terms aod Conditions dated I October 2007 are hereby incorporated into and made applicable to this Ageement with the same force urd effect as if they were fully set forth hcrein subject, however, to the following modifications (such provisions as so Eodified are hereinaffer called the "Standard TerEs and Conditions"). (a) Sectiotr 3.05 of the Standard Tems and Conditions shall, for purposes of this AgrceEent, be Eodified to read as follows: "SectioE 3,05. ComEitEert Chsrge rrd Frotrt'Etrd CoErEission Thc Borower shall pay to th€ Bank a conmihent charg€ at the ratc specified in the Loan Ageement, payable on the total of the Available ArDouot plus ary aEouDt ofthc Loao that is subjcct to a ReimburseEent CoEroitucnt aDd is not yet drawn down, provided that the CoEmitment Charge payable on the amount ofthe Loan subject to an unconditional Reimbursemeqt Com-Eihnent shall be 0.5% p€r amum gleat€r than the rdle of the Commituent Charge specificd in the Inan Agreement, Thc Coonit@ent Cbarge shall accrue &om the date one hundrtd and twcty (t2O) days aftcr thc datc of the Loao AgeeEent or, in the case of ComEiheot Charge payabte otr the amout of the Loan subject to an unconditioual Reimbursement CoE-mitrleDt, fiom the date of issuance of such uncooditiooal Rei.EbuseEent CommitEeD! and shall accrue and be calculated on the saoc basis 8s interest urder Section 3.M(bxii). Thc ComEitmcot Charge shall be payable on each I-oterest Pa)Ectrt Date (evetr though no interest may be payable oo such date) coEmeoci.Dg on the fiIst Iotercst Pa)[ent Date following the Effectivc Date." Sectiorl.02. Dcfinitions used it this Agreement (includiDg the prcamble and Schedules), unless stated otherwise or lhe cotrtext othcrwisc rcquirrs, the terms defined in the preamUle have the respective Deanings given !o them thercirq the terms defin€d in the Standard Terms. and Corditiotrs have thc respective meaaings givcn to them thereia and the tollowrng terEs have tbe following meanings: .Whrcrever "Bonowefs Authorised Reprcs€Dtative" means the Mhistry of Fiunce of Georgia atd any p€rson duly authoriscd by the Ministcr ofFinanie oa behafofthc Bonower and duly ootified to th€ Batrk, "Coqrorate Dey€lopEcnt aDd City Suppon Programme" or "CDCSP" la€aDs I prograomc desiged to provide suppo (i) to tbe prcjed Entity to cnhaace ib filancial, operationa.l and maoagcrial perforoance and (ii) to the Borjomi Mruricipality to facilitate its compliance with its obligations set forth in thc projcct Support Agl€em€lt. "Fiscal Year" ycaas th9 Borrowcds fiscal ycar commcnciog on I Jaouary ofeach year. ,GEL" means the lawfirl currency of Georgia. "Oo-Lendiag and Guarantce Agr€eEcnt" "Pdority Investueqt ProgamEe" or'?lP" p":Ds th: iDvestucDt progralrme for the project which includcs the-fiuucing of the mudcipal watei systen in thc Borjomi Municipatity. "Project Implemeatation AgeDcy" or "PIA" "Project lmpleEentatiotr Plan" "Proje€t Support Agreemenl' p:aDs thc projcct iEpleEentatiotr plan attached as Schcdutc I to the Prcjccr AgreEent pca[s thc_ agrcencnt rtalr on or about tb€ dat€ hereof betwceu thc BaDk, Ministry of EconoEic Dcu"lopr;;i and the Borjomi Municipality providing for certain support uDdenakings by Ministry of Ecooomic Development ard the Borjomi Municipality, as such agreeEert Eay be amended AoE dme to time. "Statutes" mears the founding act of th€ projcct Entity. Sectioa1.03. Itrterpreiation In this Agleement, a teference to a specified Article, Section or Schedule shall, exc€pt whele stated otherwise in this Ageemcnt, be coDstrued as a refcrence to that specified Article or Section ot, o! Schedule to, this Agreement. ARTICLE II - PRINCIPAL TERMS OF TEE LOANI Section 2.01. Amount rtd Currclcy The BaDk agrees to lend to the Bonower, otr the ter,s atrd conditio's set forth or referred to in this Ageemetrt, the amouDt ofElrR 1,500,000. Section 2.02. Other Firatrcial Terms ofthe Loal (a) The Minimum Drawdown Amounr shall beEUR 100,000. (b) The Minimum PrepalEent Amourt shall be EUR 200,000. (c) The Miuimum CaDccllatiotr Amount shall be EUR 200,000. (d) The Interest Palment Dates shall be 20 May and 20 November of each year. Borrower shall repay tbe Loan in 24 equal (or as nearly equat G) as possible) semi-annual instalments oo 20 May and 20 Novembei of each yeir, with the Date being 20 November 20 I I and the tast Loan nepafrent Oate l"piryr:rt being 20 May 2023. ..(tl T" Ft ryi (?) Notwithstanding the foregoing, in the eve that (i) the Borrower does nol draw dowa the entirc Loan amou[t prior to the firsi'Loan Repayment Datc specitred in rhis Sectiotr 2.02(e), and (ii) the Bank does not exiend the Last Avaitability Date, then the amouots allocated above for repa;,rnent shall be reduced pro rata. FMhemore, in tbe event tbat (i) the Bonowei docs not dlaw dorn the entirc Loat aEoutrt prior to the first Loan Rcpaymcnt Date specificd it the Bank extends the Last Availabiliry Dati specified a date which falls a-fter spch fiIst Loan Repalmcnt cach drawdown made on or afret thc Erst LoaE Rcpa),ment Date shall be a.llocated for repayment in equal amouDls to the sevenl Loan Repayment Datcs which falt after the datc ofsuch &awdou,n (with the Bank adjusting the aoourts so allocated as lecessary so as to achieve whole numben in 3 e3h c.asc). The Baok shall, &oE tiEc to tiEe, Dotiry tbc Bonower of such sllocatioDs. (0 The Last Ayailabiliry DatE sball b€ 19 Novc'bsr 2Ol l, o. such later date rhat the Bant Eay in ils discrEtioE establish a[d uotiry to thc Borrower, (g) Thc mte oftb€ CoEEitmoot Cbsrge shall be 0.52o pcr aonuo. (h) Thet a! is subj€ct ro a Variablc loterest Rat€. Saction2.03. Drrwdortr ThcAvailable A.mounl may bc drari,o down from time to time in accordance with .the.provisions of Schedule2 !o EDarcc (l) expcndiures nade (or, ifrhe n"rt Jo to bc Eade) is rcap€ct of tb€ re€sooablc.cost of goods, wo*s and services requircd "gr""r, for lhc Projcct, aDd (2) tbe Front-end Commrssron. Scction 2.0,1. Authorilcd RcpElcDtetivc for Dnwdorur and thc Executive Director of MDF (in its y (and rcl iadividually) desigoated 8s the pennitted ro bc takrcn undcr the p,ovisioos6oisHHr;jffit#.:,"ff$#H* Sections 3.01 aod 3.02 ofthe Staodard Tcms and ConditioDs :l ARTICLE trI. EXECUTION OF IIIE PROJECT Sectio! 3,01. Other Alfirnrtivc projccl Covctrut! addition ro the general uodertakings set fonh io Articles tv .1n. and V of the ^Standard Tcrs ard conditions, the Bonowci sha.ll, rlolcss tbe BaoilO"Jr-. ugrr"r, mary arailablc to thc project Entity, pursuart ro thc OuJendiog a.od Guarantee f) Ageemcot, the proceeds of the Loan ou terms aoa cooations acc.ftaUl! (b) exercise is rights udcr Ihc Oo-lendilg atd Guarantee AgreeEeot i.u"-.te"Balrq such manDer as to protect thc intcrcsts of the proi€ct Entity and tt. S";i i" ."ip; *irh O. provisions Eade; of this AgrecE€Dt aad to accomptisi ,tTp*prlJ.?"*ijffi" (c). trot, except as the Ba* oterwise sgrrcs, assign, amend, waive any provision of the on-tendiag r_.an i, ab[ogate, rlr! terEimie or and-G*;d;;;;;;v'v6e'l!' (d) cause the projcct Ageeoent, iacluding wi tioos under the project b: 4 (l) the appo-inlEcnt of a project lEplemctrlation AgeDcy as proyidcd for in Section 2.03 ofthe Project Agrecmenti (2) FocureEent of goods, works and services from the project as proyidcd for in- S;cti.on 2..0f- of-the Project AgrEenetrt and more in particulk that ior purposes of Section 4.03 of the Standsrd Tems and Conditiors the fdllowing provisions shall, except as tbe Baok otherwise agrees, govem procuremcnt U/til" frojcct Entity ofgoods, works and scrvices rcquircd for the pioject and to be'financed out ofthe proceeds of thc Loan: (a) goods, works a.Dd services (other thaD consultatrts' services which arc included within Section 2.04(c) ofthe project Ageement) shall be procured tkough opeE tendering; (b) for purposcs of Sectioa 2.04(a) of the project AgreeEent, the procedwes for open tcndering ore sct out in Chapter E it thc fgRD PrccureEent Rules; (c) consultants to be employed by the project Entity to assist in the carying out the prcjcct shall be selected in accordance with the procedures set out i.o Chapter 5 of the EB RD procurement Rules; aad (d) a.ll contracts shafl be subjcct to the prior rcview proccdures set out in the ADnex I to the EBRD ent Rules; prccr (3) environmental matters as provided for in Scction 2.05 of the project A$eement; (4) employment and use of consultants to assist in the implementation of the Projea as provided for i.q Section 2.06 of tbe project Agrcemeat; (5)- - :Iyile. *] of the projeci Iorplemeutation ptan as plovided for i_o section 2.01(a)(l) of thd Project Agreement; (Q preparation and submissiou ofreports on Eattels relatiog to the project and to the Prcjcct EDtity,s operatioDs as provirled for in Section 1.07 of tle project AgreeEed; (7) maintenance of procedurcs, rccords and accounts, prepantiou, aurliting and suboission to otherrcrevaDt trIfl;'j#lrs.lj*1s$:"x"*."0H1 as providcd fo Projcct Agrcement; and ovenants r€garding firancial and operatiotral asp€cts of Eutity as provided for in Sections 3.02, 3.03 and 3.04 (e) ca59 thj Minislry of Economic Development and the Borjomi Municipality ro perform all oftheir obligatioos under thd projcct Support Agrecmcot; , T8lT",#xs*f rfl *:llffiy.;*'.,"*:i:;i"."j taken to eNur€ that thc intenalce costs and that ARTICLE IV _ SUSpENSION; ACCELERATION Scction4.0l. Suspcnsioa The following are specified for pwscs of Section 7.01(a)(xvii) of the Standad TemN and Conditio,s, hall have and such ereof has Seciiol4.02. AccclcrrtiotrofMrturity and * specified for purposes of Sedion 7.06(f) of thc Staodard "*ill,jl:-r Tcrms omi Municipality shall bave Support Agreement and such days a.fter notice thereofhas 6 delivered on behalf of the proiect Fntity and consritutes a valid ard legally binding obligarion of rhe projecr Enriry.;nforceabl" in u""oJ_". ji. Jtr, Section ,#,r. ^*' 5.03. Termination for Failure to Becomc Effective ARTICLE W - MISCELLA}IEOUS Section 6.01. Notice! The following addresses are specified for purposes of Section 10.01 Standard Terms and Conditions: For the Bonnwer: Gcorgia Ministry of Finance 16, Gorgasali Street 0l l4 Tblisi Georgia Atte0tion: Departrhent cf Extemal Relatior.s Fa.x: +995 32 446 461 8 of the For the BanI: European Bank for Reconstruction and Developrnent One Exchange Square London EC2A 2JN United Kingdom Attention: OperarionAdmidstrationUnir Fax: +44-20-'7338-6100 9 IN WITI\IESS WIIEREOF, the pafties hereto, acting lluough their duly authorised represeniatives, have caused this Agreement to be signed in English in five copies and delivered at Tbilisi, Georgia as of the day and year first above written. GEORGIA By EUROPEAN BANK FOR RECONSTRUCTION AND By: Name Title Country Director for 10

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t SCIIEDIJLE I - DESCRIPTION OT TIIE PROJECT l. The purpose of the Project is to imprcve water treatDent services in Bodomi Municipality tbrough (A) the hplemetrtation of the plp to include raw water teatment plant constructiotr, rcservoirs aDd Detwork rehabilitation; @) the €nhancemed of financial, managerial, operational performancc and customei ielations of thc projecr Entity thrcugh the implometrtatior of the CDCSP; and (C) the enhancement of the capacity of the Borjomi Municipality as a beneficiary ofthe projcct Entity's services to monitor the Project Entity's sewice delivery through the implcoinhtioD;f the CDCSP. 2. The Project consists of the follorving parts, subject to such modifications thereof as the Bank and the BoEower may agree ufron fiom tiEe to tiEe: Part l: Corstruction ofthe Sadgeri water heatuent plant; Conshuction of a 7 kilomete hunk maio from the Sadgeri water tseatmeDt plant to the reservoirs: Re-equipment of the Sadg€d water intake and puEping station; Rehabilitation of the water supply Detwork, supply and installation of meten, workshop rebabilitation and equipment, wastewater rcpairs; and Reconstsuctioo of water rcseryots. Part2i IrnplemcatatiouoftheCDCSp. 3. The Projcct is exp€ctcd to bc complcred by NoveDbcr 2011. sl-l

SCMDULE 2 . CATEGQRIES A}'D DRAWDOWNS The table attached to this Schedule seLr forth the Cat€golies, the amowrt of the Loan allocated to €ach Cat€gory atrd thc percentage of expcnditures to be financed in cach Category. s2-l Attachmcnt to Schedulc 2 CatGgory (l) Works and goods for Paa I AEourt oflh. Loir Allocrtcd h lhe l,ortr Currcocy Etn I ,4t5,000 P.rc.nl.gc orErpcDditu.es lo b. Fin.occd Up lo 100% ofcontrad valu€ cxcl. Tax. (2) Front-cndCommission EUR l5,t)00 Tolal f,IlR 1,500,000 s2-2 t00%