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AMENDMENT AGREEMENT Dated i&yZ, 2015 relating to the Loan Agreement originally dated December 13, 2013 between KfW, Frankfurt am Main ("KfW") and Georgia, represented by the Ministry of Finance ("Borrower") for EUR 35,000,000 Open Programme Extension Transmission Network Georgia ("Project") CONTENTS 1. Interpretation 2 2. Amendment 2 3. Continuity and Further Assurance 3 4. Entry into force 3 -2- Preamble (A) On December 13, 2013, KfW and the Borrower entered into a EUR 35,000,000 Loan Agreement (the "Original Loan Agreement") for the financing of the Open Programme Extension Transmission Network Georgia. (B) This amendment settles the reallocation of the remaining funds of Portion I for the financing of the project identified for Portion II {500kV transmission line KsaniStepantsminda). (C) The Parlies intend to amend the Original Loan Agreement by way of this agreement (the "Agreement"). It is agreed as follows: 1. Interpretation Definitions: Subject to any express provision to the contrary in this Agreement or unless the context otherwise requires, terms defined in the Original Loan Agreement shall have the same meaning in this Agreement. 2. Amendment With effect from the date of this Agreement, Article 1.2 of the Original Loan Agreement shall be amended as follows: "1.2 Channelling and Loan purpose. The Borrower shall channel the Loan in full to the Project-Executing Agency in accordance with the conditions set forth in Article 2. The Borrower shall cause Georgian State Electrosystems Ltd. (the "Project-Executing Agency") to use Portion Ito finance the 500/220 kV substation Jvari and primarily to pay the foreign exchange costs. The Borrower shall cause the Project Executing Agency to use the respective funds of Portion II as well as the remaining funds of Portion I to finance the 500 kV transmission line Ksani-Stepantsminda. The reallocation of remaining funds does not affect the repayment schedule of each individual portion as set out in Article 6 ofthis Loan Agreement. The Project Executing Agency and KfW determined the details of the Project, the goods and sen/ices to be financed from the Loan, the disbursement and procurement procedure and any further details as specified in this Loan Agreement by separate agreements thatcan be subject to further amendments." -3- 3. Continuity and Further Assurance 3.1 Continuing obligations. The provisions of the Original Loan Agreement shall, save as amended by this Agreement, continue in full force and effect. 3.2 Further assurance. The Borrower shall, at the request of KiW and at its own expense, do all such acts and things necessary or reasonably desirable to give effect to the amendments effected or to be effected pursuant to this Agreement. 4. Entry Into force This Agreement will enter into force after its signing and ratification. This Agreement shall be executed in the English language in three counterparts, each of which shall constitute an original instrument. Frankfurt am Main, dated^October, 2015 Tbilisi, dated KfW Georgia, represented by the Ministry of Finance ^ Eva Witt rmann irector South Caucasus Regional Read and agreed: Tbilisi, dated Georgiar^ State Electrosystems Ltd. d

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x LoanAareement dated y7l ..'^1.1 between KfW, Frankfurt am Main ("KfW") and Georgia, represented by the Ministry of Finance ("Borrower") for EUR 35,000,000 Open Programme Extension Transmission Network Georgia ("Project") V -2- Contents Preamble 1. Loan 2. Channelling of the Loan to the Project-Executing Agency 3. Disbursement 4. Fees 5. Interest 6. Repayment and prepayment 7. Calculations and payments in general 8. Federal guarantee 9. Negative pledge and pari passu 10. Costs and public charges 11. Special obligations 12. Reasons for termination 13. Representation and statements 14. General provisions Annexes Annex 1 Disbursement schedule -3- Preamble The basis for this Loan Agreement is the agreement still to be concluded between the Government of the Federal Republic of Germany and the Government of Georgia on Financial Cooperation (FC) ("Government Agreement"). Under the condition that the Federal Republic of Germany will provide interest rate subsidies and under the condition that the Federal Republic of Germany will provide a guarantee for the loan KfW will extend a Loan subject to the terms and provisions of this Loan Agreement. The terms and conditions of the Loan comply with the OECD requirements applicable on the date of signing of this Loan Agreement for recognition as Official Development Assistance (ODA). r -4- 1. Loan 1.1 Amount. KfW will extend to the Borrower a Loan not exceeding a total of EUR 35,000,000.00 (in words: thirty-five million Euro) (the "Loan") consisting of a loan portion I of up to EUR 22,150,000.00 (in words: twenty-two million, one-hundred and fifty thousand Euro) ("Portion 1") and a loan portion II of up to EUR 12,850,000.00 (in words: twelve million, eight-hundred and fifty thousand Euro ("Portion H"). 1.2 Channelling and Loan purpose. The Borrower shall channel the Loan in full to the Project-Executing Agency in accordance with the conditions set forth in Article 2. The Borrower shall cause the Project-Executing Agency to use Portion I exclusively to finance the 500/220 kVsubstation Jvari ("Component 1") and primarily to pay the foreign exchange costs. The Borrower will cause the further Project Executing Agency chosen for Portion II to use the respec tive funds of Portion II for upcoming projects related to the transmission net work (Xomponent II"). Each Project Executing Agency, and KfW shall de termine the details of the respective Component of the Project, the goods and services to be financed from the Loan, the disbursement and procurement procedure and any further details as specified in this Agreement by one or several separate agreements. 1.3 Taxes, charges, customs duties. Taxes and other public charges owed by the Borrower or any Project-Executing Agency as well as customs duties may not be financed from the Loan. 2. Channelling of the Loan to the Project-Executing Agency 2.1 On-Lending Agreement The Borrower shall channel the respective Portion of the Loan each to the defined Project-Executing Agency under a separate loan agreement (on-lending agreement) to be concluded between the Bor rower and the respective Project-Executing Agency at the same terms and 9/ -5- conditions set forth in Articles 5.1, 6.1 and 6.2 hereof. For each Portion a separate on-lending agreement shall be concluded. 2.2 Certified Translation. Prior to the first disbursement from the respective Loan Portion, the Borrower shall send KfW a certified English or German transla tion of these on-lending agreements specified in Article 2.1. These on-lending agreements are subject to prior approval of KfW. 2.3 No Liability of Project-Executing Agency. The channelling of the Loan shall not constitute any liability of any of the Project-Executing Agencies to KfW for payment obligations under this Loan Agreement. 3. Disbursement 3.1 Request for disbursement As soon as all conditions precedent to disburse ment pursuant to Article 3.3 are fulfilled, KfW will disburse the Loan in accor dance with the progress ofthe Project upon request of the respective ProjectExecuting Agency. Disbursement will be effected in accordance with the dis bursement schedule contained in Annex 1 to this Loan Agreement. KfW will make disbursements only up to the maximum amounts determined for each half-year. To the extent any of the Project-Executing Agencies requests dis bursement of lower amounts within any half-year the undisbursed amounts may be requested in the next ensuing half-years. With the exception of the last disbursement, KfW is not obligated to effect disbursements in an amount of less than EUR 2,000,000.00. 3.2 Deadline for requesting disbursement KfW may deny disbursements after 29 December, 2016 for Portion I and after 29 December, 2018 for Portion II of the loan. 3.3 Conditions Precedent to Disbursement KfW is obligated to make disburse ments of any amount under this Loan Agreement only upon fulfillment of the following conditions precedent in a form and content acceptable to KfW: a) the Borrower will have demonstrated by presenting a legal opinion satis factory to KfW and by presenting certified copies (each with a Gemnan or English translation) of all documents to which this legal opinion refers that aa) the Borrower has fulfilled all requirements under its constitutional law and other legal provisions for the valid assumption of all its obligations under this Loan Agreement, and bb) KfW is exempted from all taxes on income from interest, charges, fees and similar costs in Georgia when granting the Loan; -6- b) the specimen signatures mentioned In Article 13.1 (Representation of the Borrower, each Project-Executing Agency) have been submitted; c) the Guarantee from the Federal Republic of Gennany mentioned in Arti cle 8 is in force and effect without any restriction; d) the Borrower has paid the management fee mentioned in Article 4.2; e) KfW has received the on-lending agreement with the Project-Executing Agency specified In Article 2.1; f) no reason for termination has occurred or Is threatening; and g) no extraordinary circumstances have arisen that preclude or seriously jeopardise the implementation, the operation, or the purpose of the Pro ject, or the performance of the payment obligations assumed by the Bor rower under this Loan Agreement. Prior to disbursement from the Loan KfW has the right to demand such fur ther documents and evidence as it reasonably deems necessary. 3.4 Separate Agreement In a Separate Agreement each Project-Executing Agency and KfW will specify the disbursement procedure Including specific conditions precedent to disbursement and in particular the evidence to be furnished by the respective Project-Executing Agency proving that the re quested Loan amounts are used for the purpose stipulated in this Loan Agreement. 3.5 Waiver of disbursement. Subject to the fulfilment of Its obligations under Arti cle 11 the Borrower may waive the disbursement of undisbursed Loan amounts with the consent of KfW In exchange for the payment of the nonacceptance compensation pursuant to Article 3.6. 3.6 Non-acceptance compensation. If the Borrower waives disbursement of a loan amount, or if a Loan amount is not disbursed at all or is not disbursed by the deadline stated in Article 3.2 for other reasons for which KfW cannot be held accountable, the Borrower will promptly pay to KfW upon its request such amount as is necessary to compensate KfW for any losses, expenses or costs incurred by KfW as a result of the non-acceptance of the Loan amount In question. KfW will calculate the amount of the non-acceptance compensation and communicate it to the Borrower. V 4. Fees 4.1 Commitment fee. The Borrower will pay a non-refundable commitment fee of 0.25 % p.a. on undisbursed Loan amounts. For Portion I, the commitment fee -7- will be computed for the period beginning with the elapse of a three-month period following the signing of this Loan Agreement and lasting until such date the Loan has been disbursed in full, or fully cancelled, as the case may be. The commitment fee for Portion 11 will be computed accordingly beginning on July, 1, 2015. The commitment fee is due for payment semi-annually and in arrears on 30 June and 30 December of each year (each a "Payment Date"). The fee for Portion I is first due for payment on June 30, 2014, for Portion II on, Decem ber 30,2015 but no earlier than the Payment Date following the day on which this Loan Agreement enters into force and effect pursuant to Article 14.11. 4.2 Management fee. The Borrower will pay KfW a non-refundable one-time lump-sum management fee of 1 % of the principal amount of the Loan stated in Clause 1.1. The management fee becomes due at the earlier of (i) prior to the first dis bursement under the Loan or (ii) after expiry of a three-month period after the signing of this Agreement by KfW or upon elapse of a one-month period after the entry into force and effect of this Agreement (whichever of these due dates stated under (ii) occurs later). Once this Agreement has been signed, the management fee will fully accrue regardless of whether the Loan will be disbursed in full, or at all. 5. Interest The Borrower shall pay to KfW interest at a rate to be determined as follows: 5.1 Interest (fixed interest rate set upon commitment of the Loan.) The Borrower shall pay interest on the Loan (for Portion I as well as for Portion II) at a rate of ^ 2/3% P- a ("Fixed Interest Rate") until the last repayment instalment ac cording to the Repayment Schedule as defined in Article 6.1 and 6.2 has been received. 5.2 Calculation of interest and interest payment dates. The interest on a dis bursed Loan amount from Portion I or II will be charged from the date (exclu sively) on which the respective Loan amount is paid out of the Loan account held with KfW for the Borrower until the date (inclusively), on which the re spective repayments are credited to KfW's account stated in Article 7.3. In terest will be calculated in accordance with Article 7.1 {Calculation). Interest will be paid in arrears on the Payment Dates (as defined in Article 4.1). 9/ -8- 6. Repayment and prepayment 6.1 Repayment schedule for Portion /. The Borrower will repay Portion I of the Loan as follows: Payment Date V Repayment instalment 30.12.2016 EUR1 165,000.00 30.06.2017 EUR1 165,000.00 30.12.2017 EUR1 165,000.00 30.06.2018 EUR1 165,000.00 30.12.2018 EUR 1 166,000.00 30.06.2019 EUR1 166,000.00 30.12.2019 EUR1 166,000.00 30.06.2020 EUR1 166,000.00 30.12.2020 EUR1 166,000.00 30.06.2021 EUR1 166,000.00 30.12.2021 EUR1 166,000.00 30.06.2022 EUR1 166,000.00 30.12.2022 EUR1 166,000.00 30.06.2023 EUR1 166,000.00 30.12.2023 EUR1 166,000.00 30.06.2024 EUR1 166,000.00 30.12.2024 EUR1 166,000.00 30.06.2025 EUR1 166,000.00 30.12.2025 EUR1 166,000.00 -9- 6.2 Repayment schedule for Portion II. The Borrower will repay Portion II of the Loan as follows: Payment Date Repayment instalment 30.12.2018 611,000.00 30.06.2019 611,000.00 30.12.2019 612,000.00 30.06.2020 612.000.00 30.12.2020 612,000.00 30.06.2021 612,000.00 30.12.2021 612.000.00 30.06.2022 612,000.00 30.12.2022 612,000.00 30.06.2023 612,000.00 30.12.2023 612,000.00 30.06.2024 612,000.00 30.12.2024 612.000.00 30.06.2025 612,000.00 30.12.2025 612,000.00 30.06.2026 612,000.00 30.12.2026 612,000.00 30.06.2027 612,000.00 30.06.2027 612,000.00 30.06.2028 612,000.00 30.12.2028 612,000.00 -10- 6.3 Undisbursed loan amounts. Undisbursed Loan amounts (each portion re spectively) will be offset against the respective last repayment instalment due pursuant to the repayment schedule unless KfW at its own discretion choos es another offsetting alternative in individual cases. 6.4 Disbursements after the start of repayment If Loan amounts (each portion respectively) are disbursed after repayment has started, the repayment schedule as listed in Article 6.1 and 6.2 will remain unaffected as long as the respective repayment instalment due in accordance with the repayment schedule is less than the Loan amounts already disbursed. If the repayment Instalment due for payment exceeds the outstanding loan amount, KfW will deduct the amount equal to the difference from the repayment instalment due, divide it by the remainder ofthe repayment instalments still outstanding, and add this sum to each outstanding repayment instalment. KfW reserves the right to postpone taking disbursements into consideration that are made within 45 days prior to the respective Payment Date for the detenmlnation of the outstanding Loan amount until the second Payment Date following the disbursement. 6.5 Prepayment The following will apply to early repayments: a) Right to make prepayments. The Borrower may subject to the subparagraphs (b) to (e) below effect an early repayment with respect to a Loan amount provided that such early repayment shall be at least in the amount of one repayment instalment pursuant to Article 6.1 and 6.2. b) Notice. A prepayment of a Loan amount pursuant to Article 6.5 a) is sub ject to notification ofthe prepayment by the Borrower to KfW no later than on the fifteenth Banking Day (as defined in Article 14.1) In Frankfurt am Main prior to the intended prepayment date. Such notice is irrevocable; It must specify the date on which the prepayment is to be made and the amount thereof and obligates the Borrower to pay to KfW the stated amount on the stated date. c) Prepayment compensation. If the Borrower prepays any Loan Amount (each portion respectively) bearing Interest at a Fixed Interest Rate; the Borrower must immediately pay to KfW upon request such amount as Is necessary to compensate for any losses, expenses or costs incurred by KfW as a result of the prepayment. KfW will determine the amount of the prepayment compensation and communicate itto the Borrower. d) Amounts due. The Bon-ower will also pay the following amounts together with the prepayment pursuant to Article 6.5 a) to c): 7/ -11- aa) any prepayment compensation due as a result ofthe prepayment pur suant to Article 6.5 c); and bb) all interest accrued on the prepaid Loan amount up until the date of the prepayment. e) Offsetting. Article 6.3 {Undisbursed loan amounts) will apply mutatis mu tandis to the offsetting of prepayments. 6.6 Revised repayment schedule. In the event that Article 6.3 (Undisbursed loan amounts), Article 6.4 (Disbursements after the start of repayment) or Article 6.5 (Prepayment) applies, KfW will send the Borrower a revised repayment schedule that will become an integral part of this Loan Agreement and will replace the repayment schedule valid until such time. 7. Calculations and payments in general 7.1 Calcuiation. Interest, the commitment fee, default interest pursuant to Article 7.5, lump-sum compensation for overdue amounts pursuant to Article 7.6, non-acceptance compensation and prepayment compensation will all be cal culated on the basis of a 360-day year with 30-day months. 7.2 Due date. If a payment to be made in connection with this Loan Agreement falls due on a date that is not a Banking Day (as defined in Article 14.1) the Borrower must make such payment on the following Banking Day. If the fol lowing Banking Day falls within the next calendar month, the respective pay ment shall be effected on the last Banking Day of the then current calendar month. 7.3 Account number, time of crediting. The Borrower will be released from its payment obligations in connection with this Loan Agreement if and as soon as the respective amounts have been credited to KfW at its free disposal without any deductions in Euro and no later than 10:00 a.m. in Frankfurt am Main to KfWs account IBAN DE 94 5002 040 0318 4546 98 held with KfW, Frankfurt am Main (BLZ 500 204 00, S.W.I.F.T.: KFWIDEFF), with additional reference of the due date "Ref. YYYYMMDD"). Should KfW notify a new ac count number to the Borrower, the same shall apply to payments made to such new account accordingly. 7.4 Counterclaims of the Borrower. The Borrower is not entitled to assert any rights of retention or set-off or comparable rights against payment obligations under this Loan Agreement unless such rights are recognised by final judg ment or are not being contested by KfW. 7.5 V Default interest If any repayment instalments or prepayments pursuant to Article 6.5 (Prepayment) are not at the disposal of KfW when due, KfW may -12- without prior reminder charge default interest at a rate of 300 basis points p.a. above the Base Rate for the period beginning on the due date and end ing on the date on which such payments are credited to the account of KfW specified in Article 7.3. This rate must at least equal the loan interest rate. The "Base Rate" is the interest rate announced by the German Central Bank (Deutsche Bundesbank) as base rate prevailing on the respective due date. Such default interest must be paid immediately upon KfW's first demand. 7.6 Lump-sum compensation. For overdue amounts (with the exception of such repayment instalments and prepayments as mentioned in Article 7.5 {Default interest) KfW may, without prior reminder, request lump-sum compensation of a rate of 300 basis points p.a. above the Base Rate applicable on the re spective due date for the period beginning on the due date and ending on the date of payment of such overdue amounts. The lump-sum compensation must be paid immediately upon KfWs first demand. The Borrower shall be free to prove that no damage was in fact incurred or that the damages were not incurred in the amount as stated. 7.7 Offsetting. KfW has the right to offset payments received against payments due under this Loan Agreement or under other loan agreements concluded between KfW and the Borrower. 7.8 Calculations made by KfW. Absent manifest error KfW's determinations and its calculation of amounts under this Loan Agreement and in connection with this Loan Agreement shall constitute prima-facie evidence. 8. Guarantee from the Federal Republic of Germany KfW will have payment claims under this Loan Agreement guaranteed by the Federal Republic of Germany prior to the first disbursement. 9. Negative pledge and pari passu 9.1 Prohibition of pledge or mortgage. Neither the Borrower nor any of the Pro ject-Executing Agencies may pledge, mortgage or alienate the Project assets before repayment in full of the Loan nor may the Borrower conclude any oth er agreement or arrangement the effect of which Is the creation of security or any right conferring a priority of payment in respect of any obligation of any person without the prior consent of KfW. 9.2 Paripassu. To the extent pemnitted by law, the Borrower undertakes to per form the obligations under this Loan Agreement pari passu with all its other existing or future unsecured and not subordinated payment obligations. V -13- 10. Costs and public charges 10.1 Prohibition of deductions or withholdings. The Borrower will mai<e all pay ments under this Loan Agreement without any deductions for taxes, other public charges or other costs. In the event that the Borrower is obligated by law or for other reasons to effect any such deductions or withholdings on payments, the Borrower shall pay any such necessary additional amounts to KfW so that the net amount remaining after any withholding or deduction cor responds to the amount which would have been payable under this Loan Agreement had no such deduction or withholding been made. 10.2 Costs. The Borrower will bear all costs and expenses accruing in connection with the disbursement of the Loan, in particular remittance and transfer costs (including conversion fees), as well as all costs and expenses accruing In connection with the maintenance or enforcement of this Loan Agreement and of all other documents related to this Loan Agreement as well as all rights re sulting from this Loan Agreement. 10.3 Taxes and other charges. The Borrower will bear all taxes and other public charges accruing outside the Federal Republic of Germany in connection with the conclusion and execution of this Loan Agreement. If any such taxes and charges accrue within the Federal Republic of Germany, the Borrower will pay them only to the extent that they accrued at the Borrower's initiative. If KfW advances such taxes or charges, the Borrower will transfer them with out delay upon request to KfWs account as specified in Article 7.3. Article 7 applies mutatis mutandis. 10.4 Increased costs. Ifby reason of a) compliance with requests or requirements issued by any central bank or other fiscal, monetary or other authority after the date of this Loan Agree ment, or b) any change in law or its interpretation and administration, or c) the entry into effect, termination or amendment of any applicable bilateral or multilateral treaty or agreement, in particular on double taxation, KfW incurs additional costs or losses or is unable to obtain the agreed margin over its refinancing costs as a result of its having entered into and funded this Loan Agreement ("Increased Costs"), then KfW shall notify the Borrower thereupon. Any such demand by KfW shall be accompanied by a notice from )y -14- KfWstating the basis for its dennand and setting forth in reasonable detail the calculation of the amount thereof. 11. Special obligations 11.1 Project implementation and Special Infomiation. The Borrower will by itself and will cause each of the Project-Executing Agencies a) to prepare, implement, operate and maintain the Project in conformity with sound financial and technical practices and substantially in accordance with the Project conception agreed upon between the respective ProjectExecuting Agency and KfW; b) to assign the preparation and supervision of construction of the Project to independent, qualified consulting engineers or consultants, and the im plementation of the Project to qualified fimis; c) to award the contracts for the goods and services to be financed from the Loan upon prior international competitive bidding; d) to keep books and records or have books and records kept that unequivo cally show all costs of goods and services required for the Project and clearly identify the goods and services financed from this Loan; e) to enable the representatives of KfW at any time to inspect such books and records and any and all other documentation relevant to the imple mentation and operation of the Project, and to visit the Project and all the installations related thereto; f) to furnish to KfW any and all such infomiation and records on the Project and its further progress as KfW may request; g) immediately and of its own accord, to forward to KfW any queries received by the respective Project-Executing Agency from the OECD or its mem bers under the so-called "Agreement for United ODA Credits Transpar ency" following the award of the contracts for the supplies and services to be financed from the Loan and will coordinate the reply to any such que ries with KfW. 11.2 Separate Agreement The respective Project-Executing Agency and KfW shall determine the details of Article 11.1 by a separate agreement for each Loan Portion. 11.3 The Borrower will by itself and will cause each of the Project-Executing Agencies to 9 • -15- a) ensure the full financing of the Project and, upon request, furnish to KfW evidence proving that the costs not paid from this Loan are covered and b) of their own accord to promptly inform KfW (i) of the occurrence or poten tial occurrence of an Event of Default and (ii) of any and all circumstances precluding or seriously jeopardizing the implementation, the operation or the purpose of the Project. 11.4 Assistance of the Bon^ower. The Borrower will assist each of the Project- Executing Agencies In conformity with sound engineering and financial prac tices in the implementation of the Project and in the performance of the re spective Project-Executing Agency's obligations under the Separate Agree ment and, in particular, grant the respective Project-Executing Agency any and all pennissions necessary for the implementation of the Project; 11.5 Compliance. The Borrowerwill by itself and will ensure that each of the Pro ject-Executing Agencies ensure that the persons whom they entrust with the preparation and implementation of the Project, the award of the contract for the supplies and services to be financed, and with requesting the Loan amounts do not demand, accept, make, grant, promise or accept the promise of unlawful payments or other advantages in connection with these tasks. 11.6 Transport of goods. The provisions set forth in the Government Agreement, which are known to the Borrower and the Project-Executing Agency, will ap ply to the transport of the goods to be financed from the Loan. 12. Termination 12.1 Events of Default. KfW may exercise the rights set foriih under Article 12.2 {Legal consequences of an Event ofDefault^ if an event occurs which consti tutes a material reason (wichtiger Grund). In particular, the following events shall each constitute a material reason: a) the Borrower fails to perform its obligations to KfW to make payments when due; b) obligations under this Loan Agreement or under separate agreements per tinent to this Loan Agreement have been violated by the Borrower and/or the Project-Executing Agency; c) this Loan Agreement or any parts thereof cease to have a binding effect upon the Borrower or any of the Project-Executing Agencies or the Guar antee ceases to be enforceable against the Borrower or any ProjectExecuting Agency or the Guarantor; V -16- d) any declaration, confirmation, information or representation or warranty considered by KfW to be essential for the granting and maintaining of the Loan proves to be false, misleading or incomplete; e) other extraordinary circumstances occur which delay or preclude the per formance of obligations under this Loan Agreement; f) the Borrower and/or any Project-Executing Agency is unable to prove that the Loan amounts have been used for the stipulated purpose; g) the Borrower commences negotiations with one or more of the Borrower's creditors (with the exception of KfW) on a waiver of debts outstanding or deferment of payment or on a moratorium or settlement. 12.2 Legal consequences of an Event of Default If one of the events referred to in Article 12.1 has occurred and has not been eliminated within a period of five days (in the case of Article 12.1 a) or, In all other cases specified in Article 12.1, has not been resolved within a period determined by KfW which may not, however, be less than 30 days, KfW may terminate this Loan Agreement or any parts of It with the consequence that a) Its obligations under this Loan Agreement terminate, and b) KfW may demand full or partial repayment of the outstanding Loan amount together with the interest accrued and any and all other amounts due un der this Loan Agreement. Articles 7.6 (Default interest) and 7.6 {Lump-sum compensation) apply to accelerated amounts mutatis mutandis. y 12.3 Compensation for damages. In the event that this Loan Agreement is tenninated in full or in part the Borrower will pay non-acceptance compensation in accordance with Article 3.6 {Non-acceptance compensation) and/or prepay ment compensation in accordance with Article 6.5 c) {Prepayment compen sation). 13. Representation and statements 13.1 Representation of the Borrower. The Minister of Finance and such persons as designated by him or her to KfW and authorised by specimen signatures authenticated by him or her will represent the Borrower in the execution of this Loan Agreement. The power of representation will not expire until its ex press revocation by the representative of the Borrower authorised at such time has been received by KfW. 13.2 Addresses. Notices or statements in connection with this Loan Agreement must be in writing. They must be sent as originals or - with the exception of requests for disbursement - via facsimile. Any and all notices or statements -17- made in connection with this Loan and Project Agreement must be sent to the following addresses; For KfW: KfW Postfach 11 11 41 60046 Frankfurt am Main / Germany Gemriany Fax: +49 69 7431-2944 For the Borrower: Georgia Ministry of Finance 16, Gorgasali Street 0114 Tbilisi Georgia Tel: +995 32 226 1455 Fax: +995 32 226 2423 14. General provisions 14.1 Banking day. Where reference is made in this Loan Agreement to a "Banking Day" this means a day other than a Saturday or Sunday on which commer cial banks in Frankfurt am Main, Germany are open for general business. 14.2 Place of performance. The place of performance of all obligations under this Loan Agreement is Frankfurt am Main, Federal Republic of Germany. 14.3 Partial invalidity and gaps. If any provision of this Loan Agreement is or be comes invalid, or if there is a gap In any of the provisions of this Loan Agreement, this will not affect the validity of the remaining provisions hereof. The parties to this Loan Agreement will replace any invalid provision by a le gally valid one which comes as close as possible to the spirit and purpose of the invalid provision. The parties will fill any gap in the provisions with a le gally valid provision which comes as close as possible to the spirit and pur pose of this Loan Agreement. n ^ -18- 14.4 Written form and amendment Changes and supplennents to this contract must be made in writing. Any waiver of this requirement of written form must be declared by the parties in writing. Amendments to this Loan and Project Agreement affecting only the legal relationship between KfW and the Bor rower shall not require the approval of the Project-Executing Agency. 14.5 Assignment Neither the Borrower nor any Project-Executing Agency may assign or transfer, pledge or mortgage any claims from this Loan Agreement. 14.6 Applicable law. This Loan Agreement is governed by the laws of the Federal Republic of Germany. 14.7 Limitation period. All claims of KfW under this Loan Agreement expire after five years from the end of the year in which such claim has accrued and in which KfW has become aware of the circumstances constituting such claim or could have become aware of them without gross negligence. 14.8 Waiver of Immunity. To the extent that the Borrower may now or in future in any jurisdiction claim for itself or its assets immunity from suit, execution, at tachment or other legal process and to the extent that in any such jurisdiction there may be attributed to itself or its assets such immunity, the Borrower hereby irrevocably agrees not to claim and hereby irrevocably waives such immunity to the fullest extent permitted by the laws of such jurisdiction, pro vided, however, that immunity is not waived with respect to (i) present or fu ture "premises of the mission" including any bank accounts as defined In the Vienna Convention on Diplomatic Relations signed in 1961, "consular prem ises" including any bank accounts as defined in the Vienna Convention on Consular Relations signed in 1963 or otherwise used by a diplomat or consu lar mission of Georgia or any agency or instrumentality thereof (except as may be necessary to effect service of process), (ii) property of a military character or under the control of a military authority or defence agency, (iii) property located in Georgia and dedicated to a public, governmental or cul tural use (as opposed to a commercial use) or (iv) for the avoidance of doubt, (A) property of the National Bank of Georgia, whether or not held in a Geor gian or a non-Georgian bank or any other financial institution, or (B) property located in Georgia of any type covered by Article 21 of the Law of Georgia on Enforcement Proceedings. Georgia reserves the right to plead sovereign im munity under the U.S. Foreign Sovereign Immunities Act of 1976 with respect to actions brought against it in any court of or in the United States of America under any United States federal or State securities law. V tj 6 19 14.9 Legal disputes. a) Arbitration. All disputes arising out of or in connection with this Loan Agreement will be settled exclusively and finally by an arbitration tribunal. In this regard, the following will apply; aa) The arbitration tribunal will consist of one or three arbitrators who will be appointed and will act in accordance with the Arbitration Rules o1 the International Chamber of Commerce (ICC) as amended from time to time. bb) The arbitration proceedings will be conducted in Frankfurt am Main. The proceedings will be held in the English language. b) Jurisdiction. In addition, KfW has the right to institute legal proceedings in the courts of general jurisdiction {ordentliche Gerichte) in Frankfurt am Main or in any other court of competent jurisdiction, unless the matter in dispute is already the subject of arbitration proceedings between the par ties. The Borrower and each of the Project-Executing Agencies irrevocably submit to the jurisdiction of any such court. 14.10 Transmission of information. KfW is entitled to transmit to the issuer of the federal guaranteementioned in Article 8 (Federal Republic of Germany) in formation in connection with the conclusion and the execution of this Loan Agreement. KfW and the issuer of the federal guarantee are entitled to pass on information related to the Loan and to the Project including the award o\ the contracts for the supplies and services to be financed from the Loan to in ternational organisations engaged in the collection of statistical data, particu larly in connection with matters related to debt service and the collection and publication of data related to the award of the contracts for the supplies and services to be financed from the Loan. The above right to forward infonnation to international organisations also Includes the right to directly pass on such information to members of such organisations. 14.11 Entry into force. This Loan Agreement will not enter into force and effect until the Government Agreement on which it is based has entered into force and effect. V (7 4 20 This Loan and Project Agreement is executed in 2 originals, in English language. Tbilisi, Tbilisi. /5 KfW Georgia ^ Represented by the Ministry of Finance S(h,Uy CLC^C6i-uS h'niL V

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-21 - Annex 1 Disbursement Schedule By the end of each disbursement period indicated below, the Borrower may request disbursement of loan amounts not exceeding in total the amount indicated below for each disbursement period. To the extent the Borrower or any Project-Executing Agency requests disbursement of lower amounts within any disbursement period, undisbursed amounts of each disbursement period may be disbursed in subsequent disbursement periods. L.uai 1 pv/i uv I I I . Maximum total amount that may be dis until... Period bursed until end of each disbursement period (accumulated) (all figures in EUR) 1 30.06.2014 2 30.12.2014 3 30.06.2015 4 30.12.2015 5 30.06.2016 6 30.12.2016 5.094.500.00 6.423.500.00 11,518.000.00 16,391.000.00 20.821.000.00 22.150.000.00 Loan porti(5n II: until... Period r Maximum total amount that may be dis bursed until end of each disbursement period (accumulated) (all figures in EUR) 1 30.12.2015 2 30.06.2016 3 30.12.2016 4 30.06.2017 5 30.12.2017 1.285.000.00 2,750,000.00 5.782.500.00 9.252.000.00 12,850.000.00 c M-