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LOAN NUMBER 3282‐ OEO LOAN AGREEMENT (Ordinary opera onsl OmprOV no Domeslc Resource Mob市 za10n foi nc us■ e CrOnh PrOgram― subprogram 2) GEORGIA and ASIAN DEVELOPMENT BANK D^IED 6 ocfober 2At, G E0 48044 LOAN ACREEMENT (Ordinary operaい 。ns) LOAN ACREEMENT dated ('Borrower") and ASTAN DEVELOpt\rENT lf 0 BANK bekeen GEORGTA t襦撒 牌欄 尋1棚 鰈 椰 麒置彙欄 ￨ ■:驚 よ :間 t:i昴 1‖:ξ∫ ￨:器 f調 「 讐 嶋 朧 お :‰ 湯 酬帯Ii: :〕 ilι 8贅 『 Ю Wer″ Om AD「 s ord na" caplJresOurctttpoAR:ti3ξ :織為 冊 :￨:ll電 lllよ ::。 NOW THEREFORE the parties hereto agree as fo ows: ART10LE I Loan RegulatiOns:OennitiOns °ns ol lhe Ord nary Operalons Loan la鑑 躙棚 ″ 響 i漱 樹i‖‖ 椰ン 'a臨 Regua10ns A:;i:::11° 1̀ 日BoR4普 :ξ:『 [roM・ 1棚 hξ is r they were fu‖ y set fOrlh herein sublecl. (a) Section 2 01(49) is deteled and the fo[owing is subsliluled lherefor: 49. The lerrr -program. means lhe program tor $t)rch ADB nas a9reed lo make lhe Loan. as c,esaribed r1 the Loan Ag.eement and as the descriplDn thereol may be amendeo rrom lrme to lrme by agreement beiween iDB and the 2 besubsllmedPhet甜 (C) Whaevα t ap"as h he Loan Regudbns sh副 樹島 竜 Ped・ Seclio口 201(61)is deleted and the ro‖ 。wing s subst"uted therefo「 :魏 T諸 歌 『ぷ1讐還乱 :留 jW蹴 :潔 聖 輌 前appeas hぃ ReOumons s潮 lbes鵬 i寵131配 踏 :」 ng ttency・ 1」i点 (e) fOo「am eに e Loan ExeCuting Agencyt Section 3.03 is deteled and the lollowing is substiluled therefor: t. Commitment Charge; Crea (a) The Borrower shall pay a commitment charge on the unwithdrawn amoult o, tne Loan at the rale and on lhe terms specified in the Loan Agreement. . .. (b) ADB shall provide to the Borrower a credil at the late specified in lhe Loan Agreemenl. which credit shall remain fixed for the term of the Loan. ADB shall apply the credit againsl lhe intere6t payable by the Borrower. (0 Section 3.06 is deleled and the fo owing is subsliluted therefor: R"P","a (a) Fottowrng any announcernenl by -^_ that lhe Frxed spread apptcabte ADB lo new Loans shal be .. reduced, ADB sha provide a Rebate to any Borrower wlh an outstanding Loan on whlch a higher Fixed Spread js applicable. The amounl of the Rebat; shalt be determined by multiptying (i) the drfference between the Fixed Spread applicable to the oulstandtng Loan anct lhe Ftxed Sprea; that wrll be 6pplied to new Loans (expressed as a percenlage per annum). by-(ii) the prjncipal amount of the oulstanding L;an on which the Eorrower shall pay interest for all intereit periods commencing on and afler the effeclive date ol the lo\ isr Fixed Spread thal willbe apptied lo new Loans. .. (b)- Foltowng any announcement by ADB that its ^Funding Cosl Margrn calcutalions with respect lo any Loan Curency (or Approved Currency) in any Semesle, ,"artt"d in ADB achievrng savings, AOB shal provde a Rebate to the Borrower The amount ot the Rebate shalt be determ,ned by multiplying (i) lhe Funding Cost Margin (expressed as i percentage per annum) by (ii) the principal amounl ot lhe Loan on which the Borrower shaI pay interest for lhe Interesl period commencrng immedtatety afier lhe Semester lor which the l-unding Cosl Margrn was catculaled ADB sha appty lhe amount of the Rebale against the interesl payable by the 3 Borrower for the lnlerest penod commencng mmedralelv atter the Semesre, for which the Fr"dd d";i.ir;-,g.;;: celculaled. (S) Section 3.07 is deteted and the foltowing is substituled therefor (a) Surcharge. Following any announcement bv . ADB that the Fixed Spread appticab; to ,new- L;;;. tncreased, any Borrower wilh an oulstandhg Lo"n on *r,i"r, lower Fxed Spread rs appticabre shal p"y __ :il 3 , iDB ; ;;;;;;;.The amounr of th€ Surcharge .h"i-G-;L;;;.X; muttiptying (i) lhe difference between the Fixed Spread t;;t wit be apptied to new Loans and the Ftxed S;;;";."ppi;;i; lhe outstanding Loan (expressed as a percentao" ;, ,^",;;i 0y 0r) the princrpat amount or Ihe outsranOino ioan *ii.i -.i";i .n;;;;;;; the Bonower shal pay rnrerest f", commencing on and after the "ti etfectve date ol lhe h.h";ii;;; spread that wil be apphed to new Loans. (b) Fo owng any announcement bv ADB that ,tq Funding Cosl Marg,n calcutations wlh resp; 9y1"n"y (o, epprorua Currency) in any Semestei ,".,1ff"01" ADB incurring addrrronat cosrs, ine eoriower o;;;;iJ ;;"; l;;; J"l ; Surcharge The amounr or r," sr,.r,"rs" J"ii u1 iJi"i_j;.i by muttiptying (r) the Fundhg Cost M;rgin (";;;; ;;'; percenlage per annum) by (ir) the pnncipai amou;f ot fne ioan on which the Borrower sha pay inieresiror the p;r.;; l"t*";i commencing immediately afler the Semester for wtrtctr ttre Funding Cost Margin was catcutated. eOe shari adJ ii;e amounl ol the Surcharge to the rnterest Davabte bv th; Borrower for the tnterest perod commencrng im;eoiarerri aiiei the semester tor whrch the Funding 6ost M;rs, ;;: catculated. Section 1.02. Wherever used in this Loan Agrcement, the sevelat .lerms defined ., in lhe Loan Regutatrons and rn the Sp"ciri dpe-r"_t,o;i;;;;;;;;i;:r" the respective meanings therern set forth untess modifred;erein i;; ;d,*4 ;i;;;"" requlles. "; ARTICLE II The Loan . Ot (a) Section 2 ADB agrees lo lend to the Borrower from ADB,S ordinary capital resources an amount of nineteen ;,[i"" .ghiir-"j;-,itfii."or"",ioiJ"o live hundred Euros (€19,g91,500), as such amounl may be conveded from time lo time thro,gtr 6 6rrr"n", conversron rn accordance wth '!-.iio."r.ln" Loen Agreement. *," lrori"ion"-oi i""iio" (b) The Loan has a pincipal repayment period of 12 years, and a orace penod as defned in paragraph (c) of this Section. (c) The te.m 'grace pe.iod' as used in paragraph (b) of this Section means lhe period prior lo the first Principal payment OatE in accordance with the amortazalion schedule sel lodh in Schedule 1 to this Loan Agreement 2.02. Section The Bor.ower shal pay to ADB anterest on the principal amount ol the Loan wilhdrawn and outstanding from time to time at a rate for each tnlerast Peiod equal to the sum of: (a) (b) EURIEOR;and 0.600/0 as determined by Seclion 3.02 ot the Loan Regulations tess a credit of 0 1oyo as provided by Section 3.03 of the Loan Regulalions. Section 2 03 The Eor.ower shall pay a commitment charge of 0 150/0 per annum. Such charge shall accrue on the full amounl of lhe Loan (less amounts withdrawn from time to time), commencing 60 days alter lhe date ol this Loan Agreemenl Sect on 2 04 lnterest and other charges on the Loan shall be payable semiannually on 15 March and 15 Seplember in each year. 2.05. Seclion The Borrower shall repay lhe principal amo!,nl of the Loan withdrawn from the Loan Account in accordance wth lhe provisions of Schedule 1 lo this Loan Agreement. (a) The Borower may at any time request any of Seclion 2.06. the following Conversrons of lhe terms of the Loan in order lo facilitate prudenl debt rnanagement: (i) a change of lhe Loan Currency of all or any portion ol the principal amount ol the Loan, whether withdrawn and oi./tslanding or unwithdrawn,lo an Approved Cu(encyi (ar) a change of the interesl rale basis applicable lo alt or any portion oI the principal amount ol the Loan withdrawn and outstanding from a Floating Rate to a Fixed Rale, or vice versai and (iiD the selting of limits on the Floating Rate applicable to a[ or any portion of the principal amounl of lhe Loan withdrawn and outstanding by lhe establishment of an lnlerest Rale Cap or lnlerest Rale Collar on said Ftoating Rate. (b) Any conversion requested pr/rsuanl lo pahgraph (a) ot this Section lhat is accepted by ADB shall be considered a 'Conversion', as defined in Section 2.01(6) of ihe Loan Regulations, and shall be effected in eccordance with the provisions ot Articte V of lhe Loan Regulalions and the Conversion Guidelines. ARTICLE I: use Of Proceeds Ofthe Loan :;t刷 :』 R]1119dexpen」 :亀 ξ 器l階 Ъ :出 Л 認:『 ド 躍臨‰ょ :浩l:ι 龍 =1瑞 ∝ eds d he Loan shtt be mぃ oawn h 寵 閉 ns d認 :dlξ 2 to this Loan A9reement as such Schedule Ъ may be amended frOm mme tO ume by agreement beMeen the BOrrower and ADB accσ dance W計 11。 Secton 3 03 The Loan CIOsin9 Date rOrthe purpOses OF Secton 9 o2 。rthetOanRegula10nsshalbe310ecemb12015o「 lme be agreed beNveen the BOrrOwer and AD such other date as may,rOm lmeto ARTICLE IV perflcular Covenants 4.01. (a) The Borrower shalt cause the proqram to be ,'Section caried ou1 with due ditigence and efficiency and in conformity *fr, iornd' lechncal, ftnancial. busrness and ctevetopment ;ractces. (9) "ooroi"Ur" tn the canying out ol the program, the Boflower shall perrorm, or cause lo be perlormed, al obtigations set forth in Schadub 4 to the Speciat Operations Loan Agreement. 4.02 Section The Borrower shal make avaitable, prompltv as needed and on lerms and condilions acceptabte to ADB, trre tunOs, tacrtrties, ie]v'ic;., resources, as requred, in addition to lhe proceeds ot the r-oan, fo, r. ogram anc, tor the operation and mainlenance of the proqram Hd j'ihe "J;;., t" iii.vinq;i lacrl tes 4.03. Seclion The Borro$,er shall ensure that the aclivities ol [S deparlments and agencies with respect to the carrying out of the program are conOucteO _ anO coordinaled in accodance wjth sound adminiskative poticies pro_cedu,"a. anO _ . -- .: Seqion a.ry (b) The Borrow€r shal enable ADB,S representalives to inspect any (a) The Borower shall maintain, or cause lo be , marnrarned, records and documents adequaie to identify the Eligibte ltems financed oul of rne proceeos ot the Loan and lo indcate the progress ot the progam rel€vant records and documenls referred lo ln paragraph (a) ofthis Section. 6 05 - Seclion 4 As pan oi lhe reports and intormation refe(ed lo rn Sedion 7.04 o. tne Loan Regutalions. lhe Borrower sha furnrsh. or causei" U" fo f,r."iJ. ADB all such reports and infonnation es IOA sr,arr ,easonaoV ,iqr-u;i implementalrcn of the Program. rnctudhg the accompt,sh;;;i o;iie a-n-j';;;;;;;:q ;r, of lhe actions set out in lhe Pohcy Leller i;;;; ;;;;;;;"ih" ARTICLE V Effectivene5s 01. Section 5 The foltowing are specmed as additional condiljons to lhe effecliveness of lhis.Loan Agreement for thd purposes of Seclion fO.OffO-"f Hegurattons: lhe Speciat Operations Loan Agreement shal have been fne i""" duly;xecuted and delivered on behatf of lhe Eorower and a cond(rons precedenl to rts efeitiveneiJtoiner lhan a condation requiring lhe eflectiveness of thrs Loan Agreement) shatf f,"ue le"nlrfflffeo 02. Section 5 The fo owing is specified as an additionat matter. tor the purposes oI Sectaon 10 02(d) ot the Loan Regutations, to be inctuded in ttre opinion or opinions lo be furnistred to ADB: that the Special Operations Loan Agreement nas been Outy aulhorized by or ralitied by, and executed and detivered on behatf the Borrowei ano is legally binding upon the Bonower in accordancewilh its terms. ;l 5.03 Section A date 60 days after lhe date of this Loan Agreement is specilied for the etfectiveness of lhe Loan Agreemenl for lhe purposes of Secti;n lO 04 of lhe Loan Regulations ARTICLE VI Miscellaneous Seclion 6.01. The Mjnister of Finance of lhe Bo(ower is designaled as representative of the Borrower for the purposes ot Section 12.02 of lhe Loan Regulalions. Secton 6 02 The following addresses are specified for the purposes ol Seclion 12 01 of lhe Loan Regulations For lhe Borrower Minislry of Finance 16 V. Gorgasali Street, 01j4 Tbiljsi, Georgia Facsimile Number: (99532) 2262 423. ラ′ For ADB Asian Development Bank 6 ADB Avenue Mahdatuyong City 1550 Metro Manita phitippines Facsimile Numbersl (632) 636_2444 (632) 636-2424. lN WITNESS WHEREOF the padies hereto, acting representalives thereunto duly authorized have i1':il:if#;TgE" as ot the dav and vear nrst ^caused through their this Loan ngreemeni.to Ue s,gneO in "0o," *,itten "iJio'i"'ilrii!l."0 "r t" ASIAN DEVELOPMENT BANK yss11i1 L4 61sap,6a,6ll[ Country Director Georgja Resident Missjon

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10 SCHEDULE 2 Withdrawel of Loan proce€ds 1, Excepl as ADB may otheNtse agree, lhe tollowing provisions oflhis Schedut€ shall apply to the w hdrawat of Loan proceeds tiom ttre Loan Aciount (") An application for withdrawat from the Loan Account sha be submiited ? _to AOg by lhe Borrower and shall in be a form satisfaclory to AOB. (b). Surh w[hdrawat apphcations shalt be accompanied by a certiricate . of rne t orro\{er contrrmrng lhat with respecl to each year during which lhe proc;eds o, the Loan are expected to be disbursed, the value of the Ehgrbte tmpois rs expecleOfo t" qi"if;ri;,"" the amounl ol lhe Loan expecled lo be d isbL rsed -dr. ring such year. (c) The Borrower shall altow experts appoinled by ADB io verify the vatue of Elrgrble lmports du.ng any perod rn respecl ot what, ih! g"iro"ir, l,"s ceniri"i ii," ,rfr" or ErrgrDE hports in ils withdrawat appticaton Prior to submrlting the lirst applicalion to ADB tor lyithdrawat lrom l.Loan Account, (9) lhe tne Eorrower shall nomlnale a sut!account of lhe State Treasury FX account (Deposil Account) at the NBG into which withdrawats trom tnJ ioan ncl6unt srtati Oe deposiled. The Deposit Account shall be established, managed and liquidaf"J in with terms and conditions satisfactory to ADB. """orO"n* a (b) Separate accounls and records in resped of the Oeposit Accounl shel be maintained in accordance with accounting principles accepiable to ioe. U;Ji ADes requesl, lhe Borrower shall have the financiat atatements for the Deposit Account'audited by independent auditors, whose qualifications, experience and terms ot reterence 1re acceplable to AD8, in accordance with international standards for auaitng oi nalonat equivalent a.cceptabte lo ADB promp y after their preparalion bul in any er;ni notl"f"iff.r"n b months alter lhe dale of ADB,S requesl. copies of such audaled fina;cial statements ne oprnron or lhe aud ors on the financret stalements, in the English language, shalland be turnished to ADB. tti - ,. !"). Throughoul the program imptementation period, the Borrower shatl suDmrt lrade slatistrcs and any other rnformation as ADB may require assess lhe Borrower's compliance with lhe formula for determi;ing a Agreemenl. from time lo- time _ - to Eligiblu frporfa. The Eorrower may wthd.aw the Loan upon effecliveness ol lhis Loan

8 SCHEDULE l Amortiza {imprOVing Domestic Resource Mob on Schedule itation f。「 inclusive Crowth Program― Subpro9ram 2) 1 The following table sels forth lhe principal payment Dates of the Loan and the percentage of the total principal amount of the Loan payable on each principal payment Oate (lnstallment Share). It lhe proceeds of the Loan shatl have been fully withdGwn as of the first Principal Paymenl Date, the pincipal amount of the Loan repayabte by the Borower on each Priocipal Paymeni Date shall be delermined by ADB by multiplying: (a) the total principal amount of the Loan withdrawn and outstanding as ol the fiNt Principal Paymenl Date, by (b) the lnslallment Share for each Principal Payment Date, such repayment amounl to be adjusted, as necessary, to deduct any amounts referred lo in paragraph 4 ot this Schedute, lo which a Curency Conve6ion applies Payment Due instalment Share (Expressed as a● /● ) 15 March 2019 15 Seplember 2019 15 March 2020 15 Septernber 2020 15 March 202 ! 15 Seplember 2021 '15 lvtarch 2022 15 September 2022 15 March 2023 15 September 2023 15 March 2024 15 September 2024 15 March 2025 15 Seplember 2025 15 March 2026 15 September 2026 15 March 2027 15 September 2027 15 lrarch 2028 15 September 2028 15 March 2029 15 September 2029 15 March 2030 15 September 2030 Tolel 4166667 4166667 4166667 4166667 4166667 4166667 4166667 4166667 4166667 4166667 4166667 4166667 4166667 4166667 4166667 4166667 4166667 4166667 4166667 4166667 4166667 4166667 4166667 4166659 100000000 Schedute 1 2. tf the proce€\ds of the Loe^ ! E;l[;i:l ;:ylili gff i[L;$it:|.##ixl ilJ i"r,B:]j;ly tl]til&y Jt""::l (a) To ihe exlent thar an! as ot the first p;*ra i"v.-ii:'"'i"]r;J/il-o-:eeds ol the Loan shall have been wrhdrawn wirhdrawn and oursrandhs as or su;h d"d ;;;;;;ilffi,,p"#;;ifl,,':i",ilJ!"".1::,,J, (b) Any w(hdrawat mad€ repaid on each pnncipar'prv"iiri'b:"rJ'i""ri-"-fllj determhed by aoe by .,'i,J;";i] the l,lsl Plinopar Pavment Date shal be Ih" o"t" ot .uch wrthdrawal in amounts "".f,-s-ff9' ,i,'ft pnncpat paymenl +[liji';f ilflg:tifl $'il":;1llF'i,:,8tri-l+;l1,:,j8ffi ff Dates fa inq on or after.such date. such,epayment amounls lo aojusted, as necessary, lo deduct anv ro wh,ch a curency 3 amol c;nr;,;;;;;;i,':"-""'"'t t€ 'ererred lo rn parasraph 4 ol rhis schedule. Wtth(trewals ma(te wthin two lo any Plrnclpal Payment uale sha , for the purposes sotelv of crt.-indal.monlhs.prior -u" ng lhe pnncipal amounts pavable o; any Principat Payment cj"r"l i"rr"o "".'"ii#lal E;il:rff ;:fi !il s# I""H:"l,,xi jilifl }[";i"}:jlii::i{i'iil1ry;j,rjr":::f 0 pfincrpal payment Oate fo wthdrawat I owng the date ot Notwrlhslandrng i,LUnency ..^-^ -L:onversion of atr or lhe provEons ol parag.aphs 1 and 2 of lhis Schedute, upon a any Dortron of ihe w,rt,oi."n pnn",p"i"rori,;,h",;i#t Approved Currency, lhe arnoiJnt so convefled rn sad Approved Cur.ency lhat shalt "" be repayable on any Prhc.pat paymenl Dale occurrng dLflng the Conversron ieriod, st,a[ be oetermrned by ADB by muitrptyinq such amount in ;i. pflor lo said Conversron by either 0) the exchange r6telhai "rrr;r;y-"i;;;;;;;#;;il;i",, r;flects lhe ar"r"i, oi pr."ipaf *'u cu""n"v ii"ii-" i;;;;';;;^s i: '.":""^B:':#':,3"'":i'[i?1';r',lo"t :^ob' Gu'oerrnes, rhe ercr'anse rare co.ponenr j,l*"** wth rhe convorsion or lf,ltli""",'* 5 tf the pnncipat amounl of lhe ]vilhdrawn,and outslandrng lrom time rme shal be denomrnal"d ,n -o,u tn"n on" ,lo-tl uufrencv' lhe provrsions or lhls schedurelo shallapply separatety to ii" each Loan cu(ency, so as lo produce separate amo(izalion scr,"orr" a ;;;;il;;;::"n ro, ""ar, ,u.i"jioo'n