საქართველოს მხრიდან 2013 წლის 13 დეკემბერს და გერმანიის რეკონსტრუქციის საკრედიტო ბანკის მხრიდან 2013 წლის 13 დეკემბერს ხელმოწერილი სასესხო ხელშეკრულება (საქართველოს ელექტროგადამცემი ქსელის გაფართოების ღია პროგრამა)

ll t J 6 q J 0 il 6 0 ll l, 6 ll X d l, aJqtEJtt0[qil]J 6n6aJoITqfl Jd0llI JdntJ0flb aJ6bIqflflu J6nDJqx6fl[ qiEUta[[ ?ilb)btI l, J d J d 0 t J q n b))h0r3lcrlb l)hc)0160r -- 11 4 or$cc'a.,Ro, 2014 Scq. N 139/10 L,:j;r6or3gqrob 8br6oq.r5 2013 $qot l3 q23n3Igt6U qs 6n<60r5oob 60dco6bO6?JGooU bs3t66qogro d,t53oU 0b6oq,r5 2013 Sqotr 13 RAd0Aa06l, bnq0.o$nt6oqo t,stntbbnqtn6t4lqg}l (b.rj;6or33q<'rU gqg j66.o6lq,:3gn3o jbnqob Ad?j56oo1lol, q,o,) Jdto6t4,:0r) (N07-21162, 29.01.2014) 1r.19o6151ro-lrioXaSgc.r 3r'r3og3go sJq'JJ6 Jcn 6r6iC r0 02 20r{ 25.02 20 [hrJ J.no6C6diJ -t00220t4 - l8 0220 Lrph1,iho AaMt6.'1, t)\tn6r14tt tr,\ttit\r) t<,,t6.,6 w tl t \nil il,,:) l, I'nl.6 nt\a I h,tj, a,.',, JaAodtdi4 tlhll$!,a,\ A nl,,nqn lt\il,E'pJt <,rb lr.:;1.'6or3;l{IlolJ J.:(,rq.: ;;tr(JoLr l,o';(ro .:q,i,;1[ilr, j;t6or3lqrnl-r J.>r+rq.:3151)ob Jt,rao600Jdlt.) 11,.> trsJo16q;3351)r'r 316.>il13o1d?o q.:o$6oL 5or63;go2qo rjgoL Jr6r.rgJ6oL 6;5boq3o L,> L.:;J.:(rrn3;lsgo lr J.: 16 q.> 3 i;51) o l r or.:;;l) 5,q,r't3.:611 0 C l\,.)ilo (r,

l,JdJ6(l|30*T0U A0JS6trlbJ Urjrt6o6gqmb &fu rrA966b "brbgq',0$ogo 3sq,ob ts3|$bgb" l$jsr6o69qrolr 3r6o6ob Eg-2 a3bq,ob 2a Jg6jgob ts3bcb.:0otr.:qr, 0er60s5orr3or bsj.:6ro63q,erb Eb6oqr.r6 2013 $qnli 13 q.og690b3t6ti qrc 6gt60s6oob 6gobbgFrpjgooti lr36gqro6er br63ob Eb6oqrr6 2013 $gob l3 e$3Obgf)b bgg0erSgr+roq,o t-rrbgbbcr bgq0g6gq,90ob (brj.r6or- pqerb gqrSjgdro6sqr.:0690o jbgq,ob 5sgr6cnogboll qor J6cr66s0,r) trr6ogo_ gotvrgbob tsgb,:bgb. rp6o06gq, bgq0g6gq,g0r$g ltjrt+ro49q,ert-r J.rr6q,.:0g6o[ 3oao6C6Cbtso q.or Jqp6,:rrryq, Ubqgo8gbSg 0er0bbp69bq,sq.o qrrboEbgq,or brj,:r6o69qxnb go- 6.l6bor.r 0o6obgr6ob 0orqr6oq,3 3orc66o a;3.rbo03oq,o. eJ6v6or): Lbj.>du69qx'rlt 6or.:36)obol., 0JEJ!6AUq,CbCbo. 2.b3q0gt6;,3q1br o66qolru6 CEJ$C eJ Aolh o8o0oJqvJ6re erAoflagbcq,o jJd,oEq,o oi6,64.)6o 3 ts3UrbJAoUo 3figg0gboU qr.:U6fu6o. [r"'x-: 74 or.'leyr.r.m J630o36-0o6ob66o o6caqro qrt6obr!3oq,o N,1020 29.01.2014

/{t lrJdJ.603Cqmb 4(llJ06t1601, aJsJJ6AOqClJ N2228 2013 $q'ob 31 cg350b36o j orboq'olro 6.4,:3,:bots3oq,ob ltjs6or3cqob Jr6q,raC6oao 6roogo3rgoobo6olr $,l6q9p6oq, .6g6Er6oob 6X3o6bS{Sgjgoob br36Xqrogo bc63b (KIW) qe,) brjrt6o3xq,r'rb (Sr60erqg636oqn brjr6o6xq,r'rb go6t6lo,> b,>0o6ob66ooro) to6ob bgq,EogX6oq, Urbgbbo b3q,06tca3q,gbrtg (rrjr6co3Xq,ob gq,3f,gdto6rq9r00C0o jbSq,ob 6rgr6orogbob qo.: Jt6o6t6c0r)" 0o0bbg6gbqrrqg q9.>6o!36oU ts3[rbgb ,,b.>J.:6q,,:0969o 0qrog6ol-t 03bsb3b" bsjs6or3gq,erb 3r6o6ob 03-4 Ogb- q,ob 69-6 JU6COot tsCbr0r0obuqr, brj.:6org9q,r'rb 0orr36obob 0o96 l-r,:jr6or33q,otr 3.r6q,r0g6g0o 6,>gogogo6gbobror3ob $r6q96X6oq,,,6960r6ooU 693o6b66gjgoob Lt.:363qrogo bl63b (KfW) qrr brjr6or3gq,erlr ($r60oq9p6o- q,o brjrCrorpq,olr gobr6lrors lr.:0o6obgt6eroro) 0r'r6ob b3q,6crS36oq, lrslr3bber bgg0g6gq96,:bg (b.:j,rt6or3gq,erb 3q,gj66ro64)rA0Cao jbgq,ob 6rgs- 6oxngbolr eor J6m66rAr)" brj,:6or33q,ob Jr6q,r096gob 3o8oggggbBo q.or Jq,gbr63q, bbq.ore03bbg 0o0bltx63bq,rq.o qrro6o06crb bojr6or39q,ei-t 9o6.:6bolJ Ao6ob06ob acuqr6oq,g 6oo66cl Xrgrbo0goq,o. J630o964o6obgt6o o6r3q,o qc6ob.>ts3oq,o

ht 0!ffi!6,OCbooro 6J6,Joro bJCrd,o3cq'siJ ao,E6(,0ou ar6J!6,0fq'c6ol, Jd,ocdotc ,A.XJ35M3oqr)b t JC.)6',(,AC(,(''I $d,(,5AC6OEo 6,\y,tsoJJo.n!dAol., $#)AAC6oq' "ACdfr6cnlr rfuJo6lrgfaabrntr l,J36D(r,O(r O56Jr (KfW) Qr bsC!6CrACqmU ($.r64'rqgA06oq'o go656Ls,r lrs6o6ouJr6oon) Eorlou bCq,AoSC6oq, UrUCUb('l bCq,EJl6gq,Cbrt0 (IJrjrttrorgq'olj EclDbCb" cq'&lod,(ll&(\.t0of6o Cbcq,ctu UErtr o.lc)Coou Qor Jr,oa6,r65)" &'r0buc6cbq'rA Ar6oa36oL lr.$y5o3cq,oU Ao)136o10(,l) 2013 $qoL 13 (o$CAad)ob N1952 6!6J#'0U('C0ob 6CtJJ65AobrQ' (KIW) QJ UrCr6og0q)(,L ($r6&oqgSoq'o goE$Ltorr AC6Ar6ooL 6CJo6bodtAl0ool, LJJ6CQoO(9 6rEJr UrAo6ot.r6Ooool Bod)ob 2013 $q,otr 13 qoAlCAbCd,L hq'o A(,3$C6.) LsLCbbo bCqECBf)'Jq'C0rlr qoc St6oa6rarL@r6" (oJJr3a.,6cboo). "LrCrd,o.gr(,(r)L c('eloc,(')araraocao &cq,olr 6^rgr6<rxn36otr b{oU6'AJ' Cr6ouq,o 6b(+rpr6 bCq'8$6|3q'cbj, bC()o ArJ$Cd,s tso5!6tpr a(,6ouotrr 6oQr6 &rq)(') 6Cd)AJ5Uq,o ab6,oer6 - AJfi'ArSooL 6a]c5\16rgl6cnlr br3r6CQooo bJEJoU SoOC 3C'C1'o(.C6OAJ Car 3oOAr. JSECOoL ,,l.,rbCq,a$otso 3rgoL Ecl.,rbCb" brCr6o3Cq'ou 3r6o6oL 0g-2 aobq'ob Jo63Cq'o 6rootsoJ!0oJ'' tsxLrsbraobrp, ltu3Ubo bcq'60J6rJq$r l$J()f,(!)CtU Ur+t6o)3cq'(9l, Jr6q'raC6OoL aoC6 J3E$ob a3b$raob'>a9, re6cE6fq'o (E'ffac6oo ,453c JD6o6ob ar(')6c lDCr6o3jq,c)L J!6q,.tac6OL 6roogoJrocnb oU Sy(,c(98o6cbJ bJCr6o)Srq'oL ao)J36(t)0otJ tuc6' rarbcDr6, AotJ6aCB!6oq,o.> ltjrt6o63q,ou Jr6q'rACSOob SoaoOCOCbao AD JE'C556Eq' bb<)oArbtc LJrcl.ibo bCq,ECl6)Uq,CBr $J6QBC5oq' o&Jr UJCr6q,SCq'ob 9o6>61-ro11 0o6oLr$6ol-t o0 &'rr(96oq,oL aoC6, C,alACq,cE 9o6.5lor &r6<t15r6otr AArqC&d, Jk')6ooCq'Cbb l$Jr6q'J0C6Om ,,1''t3vr'q'rac6oo 0qr66ob 03tr$36" aq,o36otJ gUGCooCaU .:q6(ffiCq'ob a3\'oL 2r l-rsJJ1r)cr)3cq'oL 0io)3rq'.,1j$o6J&,o,' aj-6 SJEC)oIJ BCl.,r0raolrrA &'r6'brqqgr $v6Aoqu6oq'o a3-4 A"Jb(ob 3r6o6oU 6r6JY6bUq,C6ol., JtioOCOo 36,oCd)oIJ &,eC6oo) ArA(9fuCtCqr, bogo6J6bo-$o6graomOo a3qg3b06oL AuSA!ffiCbr Jbrq'o tso655bU6o Ab6Jr6ACq'Cbol, J6cIglOoU doq3b.r Lr.rQqa$ogolo3ol, J6 arAooS3CAU gJq,leoeoqtbCbou $r6&taobrt, (oJ k "JXCOo[r bytrl3nor 6r$oqtC N3q'C6rL J6 oCoEoCBb Jt6o3$$ou a<'ru:q'oQb0('o ACqoalbo J6odoob aoeCodr ACAQCA AC6,A!5ff1 63e5\)cry$6<rrb l$36C(r\)(, b56Jo'J6 (KJW) l$Cr6o,gCgrlt Lrb6q,.'ol ATAC0Cq' l$b3bb<'r \q'AAl6Jq'COrlJ lr+d56'ol3Cq'r,rb sJEK'rA360r'L yraql63aa" ar \'C6s6Oq' UbQoacbtc $v6.raaC6l, b5Clr'o.Ac(,(,L $)616l'(,'r ao6ol''O6ob &r4t6oq1. l1-r Jfxreb.rj br6b(,,t6ooC('caxfr 3rACEo 6S3ro5gq,C6os, St.r,Atq,c,b$o6Cbfq,o qo6ol-rdog050oU qor$s06r aCLrdq'CbCQos brbCbb(, bcq,0al6fl q,c6ol,,lr6q,rac6o3o S!6eac6ob ac6ecb. JF,oCCOoL J3o('lc)o Q.r $.:6)aq696o J6('l0{hou !3CXr6o Ar S!6,aaAC6oJ l$jn6o8gqmL go6JEUo,s L5ao6olro6o

?) AJ6A.)6OCbooo bJ65oo bJCJE,oECeoU ao)r36('lbob AJ6Jur,0pq,Cbol., JF)oCCO$C 6flc6bof,Ul0(r,l, t.86CeCr, 6163lr (Kfw) qpr lr$r6o3Cq'ou ($Jt(,ar(6C6q'o "ACffir6.r,U tso6r6Lor l.,.)a()6ot O&ror,) aocrolr b0q,a''fui6oqb l.t5l.,Ct b(n b0q,aCJcPJq,rbolr l.,JCrt6o,3Jq'ol, JJd,q'laC6OEo l$65or,goJrodr(9 S56(9b!6o1, o)l(r8rbc" o6go6a!0.,r Urar6,o{,C6f,o3o &$ol, J6ofd0ob ACUJW brCr6ogcq,ou 6or.>3rrnbolr 2013 $q'ob 13 Q$CA66ol, N1952 6r63#6gq'36o1 ESbbr0oU'4g' brCr6c%Cq,oL go6r6los l.D6o6o\)t6oL 0og6c or6b&rbc t6.:o:r 6grrtu6cnU 6CJclbbOd)3CO'r'U LrJf,C(r,Oo (KJW) b.:53o$ 6.rgo6r&'rU l-ttrgLrtx'r bCq{CJr4SqEbr -lr€r6ogqx'rU 3q'a[t6o&AraoCao Cbcq,ou a€r6o,(,raou eoJ J6(,66rarLo.r6' alJr30o6cboo. 0o6ol.,ij6ar 6(,Q!6 brAt3f)AJ' CJ((,o,"Jq,o e(+,oer6 bCga$6pJq$JL b0(r, A('l!fo(6J Eo6JELoJ bcrgo 66l0s63q'o Ab6,o(,!6 - erc€!6cnb ONeSt\SOglgrnL l$J6C(r\)o b.:E;ob (KFw) 3o63J6,C$((ICEJAJ CAJ A.,ijar acu')bc6" tJrClF,oEJe'ob Jrffir ac-2 aJbq'ob J''6'3cq'o JUqOob "l$bcq'a$(,Bo 3rq'.,U aXu:braobrp, l-rsb3bbo bCq'E8ld)",Jq,c0l U53o6,oCbl, U+d,or3C(xqb J!6,e.raC6OoU &'C6' 6'roogo3rSorb JCECOob 33ttbc6ob,p, rq6od63qo (}alJUACEOo rar3C Js6cl6olj A3cra3 Ag\nU UrC56oB3q,(jL $6q,!ac6oL 6ro%oJroooboSolr $u69qo6r63br tr$n6or33q'oU 6orr3t6obol-t 0ox6' rq)oufo6Cbc,<r), &ratrqqr Lrjrt6o3Sq'rnl-t acD536o6oL go3cq'op sqSo6gqnl.r 2' Ar a!6Jyr,auq,Cbou J6,(9rCOo. J6,oc&)ou tuecaoo, sJa('l$Sffq'o brgo6.)6lxrt3o6oao#6o acacacbott a$60yffiCbr IA$qma 6r63$6gq10oU J6,.CCO.tu AcxfCbr UrbC(,A$(,tscluo3ol, 56, AJooo$3CAL rbrq'o 16' €o6ocbb' tso6!6b5r,o grq,ACeJq,CbcEotJ $J6aoaobJr (,r Eo"Jfrroob br(?x3oo 6r$oq'1r9 6r3q16'>U b(''e'o q5C6(I.5e6o63q,o bluCLJtx! b0q,3Caff3q,C0r,o, bro3lq,ob$o6C6gq,o J6oCCOob Ar6bo6SoSqtSbs t6o5o6r6 5,s&'ro$3gglr go6r6Lrg6o 3rq,ACeCq$Cbol., $yq&'rBcrb$ AJ A(')IbQCEU 6o31X$oL 6g&.rL:3qro, olt3 b.l626oor 6!F,q,tC Argq,CEJL. Jc,oftIJriJ actbrqxr(,eJq'o ACACaOao b!6J56b3q,C6"lj J6,{,CdOoL A.,eCbob 030q56 Lir3Ubo bCq'ACJ6'Jq'Cbr $v63A8o60br LJrC!6cr)6Cq,(,L 356q,raC6OU l.,Jd,5O(AoJrOcxr(9. Jdr(,frbol, 6r6trrf,0oC(,CBolj SlaCbo 0J6Jr6ACq,Cbos, aro|3rq'ob$o6Cbgq,o A,o6dr&trbC&,t, qo5$gCbJ d3ltdq'ofuqos tr6JJ66Uq,C0oL &t13gAoUo,r6.)OC. 36m&loou J3Oo6o q.r $c60qgAC6o J6(.}CCOoU 130(16c) qoJ S!6Aqol06or LrCr6o3Cq,oU tso6r6l.tor> t-tc0o6olr$6o

€ € c Eg e 6. y. E6) P3 Et O,€ xe ,a g?s fr E;FgE: geEiE ?EB;EaEBE;FB5 iii;EiisiiiEiiiiiiiiiEgrI 6Z a 2€t a Ea?, E-, .P b6,e h A. :E#6a) EE!BEEigBEggIiEiqE c i D O; 'uuFge;eBgggEFqEfEa F./ : E' t^E irBiBeEeiag;;t'B:r 3. r t.i *i €,i.? P b;: s at t :9 p P6E ia,?. ilu >t, oet ee €sz OY P2^ :J Io' z; 9t 2 lo oc c o 5 . 2 t, Et C c 6 -a 9tc c9) bP €7 P-,o- UU qO s\g ts',g* -. c - - q): ?-i FtV E). :.o q: -'g v?c UIeE .6.0ap''4" artLts(/ 3-s4?E€i 5q SF ES8E#AE y\e ;€ e fu ?,8 s€ g: aei' t:](o _6 3= FI?FE ;.3 9-E € -.UF, Eq UE/ ^8€ c EP ia r3_ Eb D?) a -lt u.6 9^\ c co ra aFt :rbz c b,x € 6€ " f * a. c€, c^a Et oE:i €a t! 51 V cFEE€EE 'Et6c t k 3bP a./ 2 '6 P, ?2 i ?,3 ?, : -:g 3B's a 1u^i;;3,L E: v-J. c,L,/c)^ ;EfleBFeEai:EBggpq3E, no?F qt :,a*€gE3 i-,;PJP/9:€. .o! 9a 2V^3db ii;:.6 .P2 EFfFE?VSE -! 2 2-E)o 1E d , +.3 E #e Uf ii c Raf ,b' :i@ c5 - : gg? G',t'l .).6 ? 9' 6 = t (o - 6.0 ,^r.x6r_+ i;iiiiF;isEgIilEiliilE ?$g e€,€€ ?) €9 6 4 -3 r ,i- u ?F8 ba!"jv ap Y,e y Pi a. R -r) x€ c€g E/31 Or QPI V.A b' Fr d 9av H 93 3l 4 rEi :il gH tsc ta lDq VU a& €og E Fq a,D^9 ic v v;€ 6 etd l) c i aB tr< 5x€2,t'a 9-,E/E #€'x zng c9a 9 i,a c FJ € !,n R aa 6 c;c ii;iili:iiE![EilEilii!; Fii iiiiiIiiiiiiiiisEriEiii ys 1)^ sFi 4 uo I Ffl z€F PtA -c ga tEi e ihz F 8g a €, €g B FgF€ l^ F).o ; Eo i'(o1 ahlh ,o- ts€ E n^ ?t9 E, 3 69 a Et Ui6 i,u- ^ l'r ?: 4 qr c v 4 c r<. c c c== c 744-Q5;5 -e-ru9L i'2 F 2 -: >';c:1 :! Yi.: U F8 ^ -" E F ii'F,F: flFE&?3 E '-. FEt- .i .-, 6 FE E '.-. E/ a\ ! IFLeE;ZH 'F'gq E85E,E .eoac1 d_sl5-.Fto :1ts€!.il1,aE"gE8,9 s E+:aF: €g'gi" €a s:9"; H:.i85€E ;6 E - f67 !./ X- r-#€ e^ '? -"'d',^ ,F7. !E/ai-!n c 'iX -3 !r_- P,x e *qg gg€84 *qq1.. ".-es€f il?:FkliE":9 *3-; € L; - € i. il t "'E ! € iai38HEFEgi,=€=* gc 6,5 E € v5,9 R,3 in;6 AA c € C :€z @n -et .. ,=eo E/9 q:?€Hls,fE 6,* :'J :i 'p5= €Eeg€ T L gB 9 }:'€ _a € l? g ,9 !i € c 6 €€€ A

lrJdJ.6(,)AClRr)b AO556tOJ bsaO6Ol,O60 MINISTRY OF FINANCE OF GEORGIA N tr/-{n6334 533.r-07-02 2,20t40128t533 28Dt,20r{ Ilrr | [ r ilil r r]il lilt Iilil iltilil ll ililt 1.,.'j'6oBJ(flb ao$3'tu6ob JJsoCqJ'r,or yroty3&E ["tC#roRCRF'1., B('6JAF! lJJ&*iryr(') Arr86$t !060r6.r,t ttl]("Aro6ch*'1, \6CA.Uo Di6,tb (xfw) (,r lrdcr'oEoeELr 6J6&'G,6C&<'o l$Cr6oBcqnl, g.ffllor b$.*r$6aE o) !r'6(!1, baq€l'ifttr'.{' Jgo\'.irr, for{'n tur'r,EClnt o6OO0f,({iCCa(h ar6dBob' Jl(rcl$ ao Nr.8r6.rr, 6$r6lijrlodO(r{, tD.,6Ce.'O. 0r6J.} (Kfw.) q's Lt>}r'o'metrlj (Slr,&'AAC6.(- u'diroBjqFU g.ESlloD tr$S.l$rn a!t'!.ri Bef.'fu.i.{ .lllCJ6oBqd 'o,,) Jtio8tu&'b" U.i,Cbbo bCe0ApCq'g0rEoD6 cq"d0rc.rarerooioo $cqd USJ|iol(E&'b !.,5 qrrHlor6C&E. qN5.y6on: 2 Bf6@(l.. 6meao XRrD.a3.(h 0' !'t o.E.frJt5ob aclJ(6o('C ). '2s, "r65 ^D/ ,t J!'La,t'\ Ula.t. ,,*h.4(-a j fi16.*r: :2:6118 a+b 226:4o9iFanadr irlo€,adA" &ryul tuet, ftiE i Otl!, Ga,ad T.L: 226trt2, F.r:22621o9. E.n il: iah@no{Ac 16 lnd!.ioBfedr806810rrt$Or6d06adrAst$Br loiqe&drrlcJ,'{&6ab.'d,lr.Jirqnoof{ibEmra$bdlao8Cqi.a(g.q6o{6g!(lsD BdlAlos U.Ed.rtar@) lo.iol, 2OrS !q'd, lS e^tf,o.fr fr)Cl6o6Ced, Cgdo6.nr{'.fub ,,cqEt u,fe6nr$6l, Aota6l'Cfiertr Eta!ts{tso !,r8r{&!Eeo tNtdnrbgeqarqUqrlotr !d,$6 L+6oAaqEl, 0dlJ36irad, mI3 furr, 13 q'CFei1nb Nt952 er6Jr663q'd.b Edloroobxg, brC.r,o8Cqnb g.ft6io,r lrrE 6.\Jlr'ctu &t$s o)$8oDr dtoo,r tO6AS..rr ir,allr6t O/fud0*tu l$J6Ca"O., (Xfw) lJsJo$ 6.).)Sf6a-i, Urdio bc(alrr5?(r0o .l&$"roBJ(EI, Cqu0icr,eJa(saCao ,rCqr)t DJgDalanCkteor Jr,o06.A!o,!SrAolo!r''c&'ot. r$iruEiq. bJdlbo b*+Jl6re{h.t b,q. 0.{FC6} 2013 Sqr{, t3 EBn6Jr,t. jrdEreh frf.{D6 bNOSf'Jq"L{, bgqs &DoC{'. gd.AioD 06&UJ.'A, Ecx$fr b.gofAt. h.!(r a$.fJ5lJ(n Sf'(,(Po6 - Lr6O$.rrJ titJc'8lottdodi, brJrtC(rtf' LSJdr O.rcC-J6C$.rq'C60tu SJ SoOAr lr\ld.te't qedAi6reEDJ As,noas.x"r trturEEc(sL sedl6o€,!a!am8.' Cq\r.' lr$r bo bieeJfl9<f6oo, D8ltlox'lc6.'U Jr6 ll;S.r, qrrDSdffiC0<DA. lr,rvioBCq{ $oBol, $a!'$,gpe{)! 35 &l('ffr{o afxr qeBrox'r6o hl$.rr LJboo' Kfw-b &n6 }JaDr3rtcq3qh.f! ld$o qfump J.f'ass0.'o': . . . . . lrlbolr.'AEEc$r;35 &lerdo A60r ldb.l, LSUqdcrRa6!: toL.r,6S({ I , 12 Sflr qD 6oB{h tI , t5 EJeh (a]o, A!.r.1, Dae,yJloxu6o Jilrxn{n - 3 ft(b); l,clibot tt{tirRCqln 0.!6Jecob: SqyE6.' 2:9e raa$obdfx,l6cD(i, a)erb$oeo: hlndb Eo(r}$o oN6ot lc6 fud,orxr6rqo UaJrrba0q-)i $(\aC8"(3!d, bE'J.,lbrA(r LCrbob ltoBoLCbNn 6$lqr'U gqy'i3rh 0 259S .rr.laa&r&,o,r . uti'rqlddxr, 3rqACbe!!.ir qD dofrDJ(n or$.t q6e'AJeF!6r: SJ(r6rq'lo.irr€(5. sDAJ.tJ.ir u{iidmqElr Bo6JAloD l}jotdrj.6.rt, ry r(5ofitr(lo tdiD.r.' C6(,n 6JS.t(6 - 22.l 0q'5. mflo 8{!C00ar ui JrCldoRreirb t'ib9ql€Btro Nxdltrrlr&}30r'+ l)3ubd' lrrboo 5mr220$ id,ra8r.rd, r@r6fq'o a0{60ni "10220$ &jU.)qSJN6.$ "2t3$F" Ar S0lDDi8otrr ,?(8ni.,' ql!0o6.frCa.rr E 't&'o). botoaot, E35C6qi!oot, }fuo.lr' 6JFlqtb. 0l&.'lf,0oc(.C0')o ArA!6&{r\' #r'Jo! 'q.fe.l, thtoSu06dod'15 s,J 8.t&J@Dd,C&r, Lqrd (EBRD) qD A6qp0a.6.rr brnJr3Ao6.{, Uf3toteB Lr.63dlorrynodrofuBdoia(NID gr6aqr0ar)oli6ralSdfrJ0.E, Jtnr*b.{, 86i*r &nfdr l6e.(r! ell$aq'co, 6.F$o 0aa0)60 Jdl04.{'16 [odr'6oBCsrft,. B"o"r, -oA.rrJE qr, .5sUl$6.Eq{' C<.tbl('cs5Jin6r*rr t(r6dD q'r d,!lnJrx'I, &fvsoFJ('J}'D, )tmg C(ld0ti(frityhl, &,EoACoob trtq,r trtI6o8iqFr, 6nAn6ol3(pl(Et. &.Feb.rr S$,aq{CAt C'r6oo&ti(r,r: . !b(h yxl220 S J0ol$qtrrn.lJ 8q60.(r$$ ?(3Jlro.: . Jy$tF5dr 0J('.8N6o brboQ'.$ ?(!16.r.' $Cb{r6U6rEa,3 eJ ?€r6.rJ &CUoA6:rAa eJ bo6rJr Cad}}q,birro , a{6o1, J('do6r,al{tqlJAo brtcDclr q6oqsDr. J{x.di3ob D6bcr,'oocqR0ob aot6.D EBRD-o E 2013 S(xl, 2s oCSoaclrt, 6!Oot fqn lrJd,to bc(€lJ6t(TD. 292 8.(Yr5o Ortx,l, oArS.rD(E' ldrbtC, rAfro$5RC 86irlUp.'6ot, (Bfx\ryJA.fhl, l,Jqtoa<r bx'G3d{pom .d\arFJ&$dFr, (NtF) B!6sq$ao) 0.c6 E"oqo8r<h ofrD5 8 e(yr5o S60 D6r50rl1., b.boo,. Udrbdj 6!o6C 6S{h - 12.8 8q5. 860 ldrr<s U'lyJjbo bcqagr6fqik'd, trtrir$(3t '3(n .fJ, bs$rl.l..' t3(' tJeJa00ao ,iCqtrro,J", 0ro?r({rrytr(utqfE C60''.CO,J.I, J6od0gL{rloBolr. t'ctn ,b s.Er6llntu J.rcr'!,94.1, DorJredrF6Ca{D, l,,btibo hqa fuqYJDdF$ A.$!di.Ja.or. tNCy.EBger{ ts(6fld,r lr$.6.trjirdr, g.fJarlf'o u'll.sY{, q6(q6t J6 AI$G.J $$o'r5 SofrrqFASAqn, 6l'lA brtJtbo q(nffttm!{ dBlq{Nt6nlxlo, gt!{Eano'aCAgOl, &-{.5ti. bsoafxr-Xrao€oJC.L l$dv6o,@S'r.i, g(.llhl u$o[d{riiir eDlrJg6r tjrcol6.dr 'rloA.{$!l*.d, b$60{DOo C.{ib E,w} q,r tldflrqoq!.ab 0l6&|e6ge,<b lrg.IioAo$,, tdldElt$d.*Or*rsx')a'rqd,Doqa''0d*ry.dEodrobqlao[xfldralolr.aOOUr6q]JCb0s.r,o0*. a&d6.4 b.tdh.rtoqqanEqlbb ?d..lrp bldiiE ER{'|, 0qN66.'a.t ml3$err,13 Aa3CE6.ib NIS5J $E$l'6Jq,fa.l) eb.[.,S.rr{,, tr$r6rE0q{'l, gr!6$roN lD6($olry,ol, AOgr o.sbAEDr 610,r Str8Js.rr, i!trI.Eq5rdomb t$J!fuqr\),r b.EJor$ (KIW) U\ad'*l|, b.'t dDi" bcq*Ilri€qaDJ \iro}r.rrl qr*i., 5$t6.dC0ol, o6oodrftaflh &,6aRolr. r6lrebo$ AsJ).Jh'sJD.,o,. le&fif(' llt CtDo bCq- A,,J0gr.'' mI3 $ed) 13 qAJCsC.qt, JJ6opJqlf' ei66ADE bC(ilJrl'Jqlcbrt heo 6lrSr.,' B('6$6t)(,l) &$d$rft a,au(, batflal, urqe Lra,a$r(lo abll,rpr6 , ACl60J&ht, 6'aJoa$6,Sdr, u\r6ranoo or6Jdr O.@-Ji''gt.tEqta) SJOqJA6. J.d'&brl By"a<'J066 eraQe{r$ rbr<,o t}*\J^rrrE(s 6ra,yJl$$,,resrJ a,BosJ gro!y,r.t) qtlil€q?q'". lr'aJeh Failr.'a), qr6,.' 6,!6aOEC!.r, gf5*o.Sod'C0d,!oBoti t Jro.,o as6dr6r8 ryJeleqn<nlrr,r qdf. eE JtBC. fud,j.rhb tCeb 6JaBUxihqir, J6rd0d! 6!er6o.Cq,C6ob ao$&'o, Kfwt, &,C6 NCrl.to S(st$oRoU ar6.,r.B.,qn afCbJ 20 aoErF,6o B6oU oq{E(,!ob q$BJdhl6o UCI$o OCaq'CSo Bn&Eu".,h jd6rl!00oo,j . . . . . . hbbolr.'q{EaA): 20 &\yx!E $qoi lrd$.rruSds<tBo& : ItFrqr,(A!o,aori.rree06!on6n Ja,qd"tn SfuC6), UCtbol, Usrrrq@q)$ rrErJO,Eh: s<ipJrir, t.fBt rq8{r{,0rrrfu6nb tladsbreo. t€l,bd, o,r&.,t, rc5 (Cfro,2€rtu{n Dej,rbAcqs): 3s(!(R}JqC.a Dr(NU'bJqn: h[b.rr.ae?o.rrCEiqh 6JF(r,(' Sqr'36o o 2rcr t\rJthlc3fui1 g.q{,iDCC'JDd, qrJ dyr,.oNan oNftat, g,rgrdB.rr Jd,d,q'3(F$.r: 0c(tt$rq*' a.r(Jf' rlrBJ. JfuOnU o!60e$o el'lfi*Eoo0ot, qrr8.&6t C0ot Ao$8 ,o, BfF,JJCA.!.^ot &,C6, l,Jfotoi(@ t!y&d\Jrn.F o6tro{r'cic60rr, (NrF) gE66qEtao, E$qfry\' qF} 2 a.{rx,'Go 8r,ou .ac&r[oor arr$O. (Kfw]D q'r lDCr6oBC('lrU (FJ6a.rq6J&{r, t$#r,oBC(Fi, 6Ia,-6oql. bjqrx,r6o!.rN q!, (j58rtu$rd6trrht U*S.qJ6.ror) E('l6d, 2013 Eedr 13 AAIC6rr6t S^,B.''I'€AD hlrJs)Solh hC(oafE(l3b!, re&fiCg, oNft.rr rqlao6olt)linf'rEsu A!6ib.r60oCqfet XI\Jy) lrJ$ob W5$bti.' , u&$.' bcq8$b(rl$oD6 G,{J30,rJr.,o,, lr+6oE0e!r, tsoa$torJ lr*S.{rjfx'tJ ts.6ra,:] 6.' hr,.Nsx{j q&q6r 16 a$SEoJ. r&&N5 Ai'drrelrqqqrD. i*,€ b.trolrr.r h('o$i'5qg brSrftEt !-$rl5oaoJ3,9o oB{r}rw'drlo, qsacD.s, q(su 0.r$,61, \l lrJdJ.603Cqnb alll J3.6f1601, aJSJJ6AIqC]J N2235 2013 $q'ob 31 c-o630b36o j orboq'olro 6360r6oob ttX3o6bgt6gjgool, lt3{69qrogo bs63b (KfW) q.or brjr6or39q,ob ($ot60oqg&16oq,o brjr6o6Xq,ob gobr6trsrs br0o6ob$t6oon) tsol6ob b9qr0oSg6oq,o lr.:b3bbo bgq,0X1{igq,gbob (bo jrt6or3gq,ob 3q,3C06o6rQra0c0o jbgq'ob 6rgrt+rmgbolr qor Jt5o6l6r0o) brjrt6o8gq'olt Jr6q,r0g66ao lbt6r6ogo3caooq.o ht6qg0C6ob o)robttg ,,1-rsbgq,0$ogcr 3rq,olr ts3bsbgb" trr j.r6or33q'erb 3r6o6ob 0g-2 O3bq'ob 2a Sgbj6ob 03brbr6obrqr, ttj,:6o63q,r'rb 3r6q'r0366tso l-r.r6.r5ogo3r3ornqr S.:6p66oq, ojbgb 6g60,r6oob 6cJobbo6UC0oob b.r369po$r'r a,r6ab (Kfw) qrs b,rj.r6or33q,r'rt-r ($s60oqg6g6oq,o brjr6orgq'<nb gobrbbors br6o6ol't66cr oro) tsr'r6ob 2013 $q,ol-r 13 qggd3Eb36)b b3q'0o$36oq'o lt,:b3bbo bgq63d63- q,3bs,,b.rj.:6o63q,ob 3qrgjg6cr6rqrr0ggSo jbgq,oU 6,sgr6oro5bolr qo: J6r'166r0r". Jt6g0o364o6ob$6o 5rt6,:3qro qr6ob,:ts3ogo )t J6t tgldo l-t.r j.:6o6gqull 0or;36r.rbot-r brEJsd)AUq,Cbr 2013 $q,ob q-oAlCAbC6o j. ofloq,otto 5960;6ool,t 6gcc6b$6ruC0oot, tjr36,Cpo6r'r bs63b (KfW) qrr ltj:6or33q,ol-t (Sr60oq6X6oq,o brj;6ngqx'rb go6$tror: lt0o6olrg6r'ron) 8o6ob bgqr0o$g6oq,o Lul,rXl-rbcr b3q,0gdrgq,gbob (bsjrt6or3gE srb Cq,CC66obsqrs0gg0o jbSq,ob 6sg:6ox'r3bob qo.r J6<'r6t6s0s) tr.:js6o3gq,<rl-t J.:6q,r0C6OAo b56roo3o3l6ooqr $:6p6g6ob orrgrbr9ca ,,brfuq€$ogo 3rq,ob ts3brfuO" bsjstlo63q,r'rb 3rtu6ob 0C-2 03bq,ob 2a J36i6olt Egb.;0r0ob.:qr, l-rsj.:r6or33q,erlr Jr6q,rAC6O0o l56r6ogo3r3ooq.o $rttq%36oq' o j6rr 5360.r6oob 6Ca('lbUO6UC0cr)b bJJ6C(,oOst 0r63b (KfW) (,r brjrt6orgghb ($;r60<nqr6X6oq,o ttjr6or3gq,t'ir goSsbbors lr.:0o6ol-r$6oorr) tsr'rt(nb 2013 $q'ob 13 qrg90b36b b3q,0o$36oq,o Lrrligbbo b3q,0grryq,36s ,,Urjr6or39q,r'rb Cq,CCO6)oArq,rA0C0o jl-r3q,ol-r pgs6ot'rX0ob qor J6<n66r0s". J6g0o3l6{o6ol-tgt(ro o6s3q,o qrt6obsB3oq,o /tt, lrJdJ6,UlSJRnb ts05J51'tI]J N,IINISTER OF FINANCE a060bo6,0 OFGEORGIA *of.!49sqtt 3a zorJ l$Crt6ogCq,crl., J6g0o3t54o6oL66lt br$o6 o6J3E o qrffirts3oq,L 6rgo6o ot6.r3q,o, LrjrtSor3gq,olr 0orr3t6obol.r go\r'r0t-r bbpcr0.>tg 6.:6bb<q6xq,rap $.:60rn6op636or brjrfrr33q,otr 0o1196<'16o11 6.r63rt66gq,96gbol.r Jt(,oCC$CbU ,,6166.r6cn1 6go6l-tg6ryj6ooU l-r.>369qngo 6$3b (KIW) qr.> Ltsj.>6o4Xq,oL (Srt66oq96C5oq,o go6,>bbolr b0o6o[r66ooo) Er.r6ob bgqfo$g6oq,cr bbgbbcr bgq,01l6l3q,Cbolr lr.:jr6o4gqx.rL Ju6q,rAC6OAo b6q)ogo3r6ooq Srt6q9b36ot, olit',bJ'bg" (,J ,,6.p3rbots3oq,ott ltjrt6o6Sq'ob J.:riq,,:0g6gtso 6,1ygo34crir6oL $r6,A6C6({, ,,69t60.>5oob 6go6lr66gjgooL brJ6C(,oOo b.:63b (KIIW) pr lrjrt6o4gqxr[r ($r6foqr66oqx, Bo6!6boJ brao6ob66oon) 0r'r6oU bgq,0c'r$36oq, l-r.>l-rglibcr hqp0CJq3q,gbsb3 0r:j.:6omq'oU gq,gj66o6.rq-o$gg0o jlrSrq,ob 6rgvnomgbou qor J6cra6sar)" aoabbg6gbq,.:p q9.r6o036ob tsgL,>b3b" or.>6qrr6orgq, qm3g0g6ggbor.>6 g6or.:q9. ('r6!tbo: 1. Ar6JJ66J()3DiD.bJtrxr&bO&,; 2 0$af$C8oonLf!)o,Jan: 3 dgol6tu0or l$l.,Cbbr) bcqln1l6"q)C8ob oOLrttD; 3 lr.irrlrbo bCq,0S.]6Uq,Cb.r, rl,qn o%q'dr$6 C6r%0 $6lol0f() olt6ta6sE rE StoN('; 4. ad$8rad$ IfuCbC6.[ (!)l.rJ3fu8o; s. Abol5ba9a.fr8uf,Olqb; 6 l}}JrrE,J0q'CnJ an)3t.rr&,U x)l3 Sqrll 13 (ta]Cal9dr N1952 orbJn rdUqTA.t) )llqh. l- ado<olto 0111, iJ na6siL<ot' l. N 16, Oil<: 261444, yltio: v5l08u l6Gory$ali Street, TbilisiOll4, G@ryia, Tel. (+995J2) 2261U4, Fu:( +995.12 ) 226tO8E L.+ \s {i 111111, f,?$ilaE '38 } EE e h T € g € €, N si hl l,JJJ6m3Jq11 [iliilil|lililflil|lilililil ilIIilr 5053 0l 2 201312@1704 LJ0J'(em LJJ8SOJ l,Jafl6nL06n Ns 0l/s02s8 09/12/2013 a6o5{D lrJl$6rat'r IrrC56o)3Cq,oL tsobrbLorr L56o6oLO6o l$j)6o8Xq,ol, So656bo,5 brffio\)d)ob 29lll20l3 # A7-0?J91292 !.or 03/lz20l3 # 07 02,/91892 SC6oq,Cbo,rb eJJr3tuCa.loJ 6.46oa3aor, l6e6 $.r6e'a966oq,n bCq'AXtCrJq,COCaoL &qoftbC8o, ,,1$jsOoRcq'c,u lrrC6olA'rf,ot'o bCq'AAtfuR'Cb0bol, ACbrbCa" UrCrf,oBCq'oU Jr6o6ob AC-a &3bq'olr d0l.r$stubsq, s6 $rrfocqr69636 l$Ci6o)J3(,6ou('l boq'Ox]6,fq'C6ob J6o&k)CbL AD rCCq,Jb Ar&raeo6r6C i6, Ur3o6oCSCE tsoAJJrbCq,aSoS(')CbE,oS J6)oOC(td)CbL AJo) 651$tsaI6aCAq'r(,. JroqrrloCa.g), fl''lAb 6$c'alaa((Y' q0$60iraC6orn (drdoc"rn LsC6o)s6oiidF,ftcl6a,EoJul6U(,lortJ(6gx')aso)reJ&trtODAC60r, 0ll8 orOoq,olro, 0oo Bo6rdoU j. t'I!4; 6gq,: (+99532) 294 50 00r SJCI or (+995 32) 294 50 01 www.mfa.gov.ge ,I tr,gC(x.rb $('lb(jAoJdrr qor aAA6sao ufu.E r6C6ol, LrAo6 .. hftpr aDclDol[_2-o2Jnotnfl eserver/G€tFile?6le-id=7cti13159! ililrilIililil]ill]liltllfl xA020105093871613 b.:j.:6or33q,ol-t g3r'rbcrOo3ob,: MINISTRYOF ECONOMY AND SUSTAINABLE DEVELOPMENT OF GEORGIA ('r Aqrb6rc9o 6rEAoolr6Cbob br0o6olr66er T.l (+995 32)2 99 ll 05i299 | I Il Fq (+995 32) 2 921514 0loE oo.<rto,JJEOJ6i$L C Nl2 l2,G Chrruu srr , 0 r 08 'Ibilis i. G.orgis 09 / qXm0bgd,o / 2013 $' .J\E 091980 lrrg6,o,g0qml, go6rbboJ Adobo6(fu &D(lAo('dr ar0o6 er3oo qlCffi$, broa6cr ('r3(g), lrJ.$6,o)3Cex')b $a'6a'aoJd}l e. aA&rA. b$Aoo,t6'Cbdr ljjffi,lro[1ala &6ob.{lJ o,SC6o 2013 Sqd, 3 eX]ra&r).,b N07-02/91837 gofr(loo, $r6&raaC6o(nr MAJ6o.r, 6$a6u5r60$fftu l$Jd}C(r\5o bt6Jr (KFw) ('r brCbd,cl30(F,b A1r)ol, AJrrgaFoCeJC,., Lbbglru'r bC<'A$6'.Cq'CDdr J6(1frl5o 35 Aq6. B6a)t3 -Lrrr)6o3Cgdr Ce'&Ij6(')&era0CAo &Cq'ol, utsrrr,o('|3od RoJ J6oa6rAr'. Aro6ataCbo), 6c'a lJlao6otrod)cfi, $&s,areA06oq, tsrd,oe'cboo, EC6ofu6C6o 16 01186('). b0q'0$',Ce'c8ob J6(')tlJo)!6 QrJr3ts 6Cboo,, JdJCOC6O.r,t sr0rBoltC&,ot, ffi oLo5ol, JosSCqE A{Daboq'C ao&\56n fuaroqoqn 0 09 12 2013 t) l, JdJd,mESR tlU 0536,40 60d01, MINISTRY OF ENERGY tJa060t66fl OF' GEORGIA N 045408 5408,04,2-201312091 129 B/12J4O13 llllilllllll lllill lillllllllllilll ll llli lilll ll ll I l$Cifto30q,ob B.)656110)r l-rs0o6olro6a)l, o)#C6o 2013 Sq'ol, 03 Agga66oL *07-02,D1847 $C{6oq'ol, JJbebrA, 6('|aA(,oo CbCb ,,bsCs16s)3Cq,r.lb por J6r'46,fb!ot6" QjJl'3ao6c8.,o) 6cffr6ffi) cE 0:br6qrara0cao Cbcq'ob artsrrdx'IcboL 6CJcl6lrO6JCOooti t Bd)CAoOo brbJlrr (KJW qgr LrCr6oAr(l(.)l, ($56&'reL!6ogo tso656lt Dr brAoEnlto6olt aoJ6) 3o6ob purtso6ACbCq'o lrrLrubo bC98fll6lq,Coob Jl(,alAdob, ArO6('|bC0o, t6od 'bXdrorq6o063q,o brCr6oBtq,ctl, CEcr',aCOoJol, braoboLlo6ob orSobo bCq'6CJ6Cq'Caob J6e'CCOd)r6 JoalCoC6ooob BrC,0q'9AbEo &OrErrBCe,o,, .f'rJqr, Mrq\rdC so6d\y6.$ fulreall€=- bao6.i\lfn lsl)d,OlORfl.Oa0R0l0 tlot. ll6l!060t t2,60R.rlt ?l 2l:2!5 7l tt lR.3ntCl, Eallaos.vlovec srr. 0105 Tlilisi. G.d8i1 Tcl : +995 l2 215 78 2E, +99t l2 2t5 n ol, .-mil dil@ol@lov s! , *.6 tw.hErerovte 2 surpiro o)OCqx')L ogboooool, Urao6olrorio ?o' hltp://kancclaria justice gov gdnom-2_02lnomfi lesewer/GetF ilerf bsj,:6cn39q,r'rb ogb6o6oob b,r6o6oU66rn MINISTRY OF JUSTICE OF GEORGIA tilililil tililllllililllllll[ U+rqrq.q j o&](r{r- oru, atui6lr$n j?.r Ooq ?.0'lre,2ac5s-r6,Jetsrloa Ns l008I6 hro@ uk. so&[010] 102:]m5291l 10 / eC.l0aar6o / 2013 S. lsllrlidBl(+ir B.l6\6lloD Ao6.rg6d o.N,QtrlqTll 6\)n'6 A"Ar- qE 53d, 0\jf,t6o sEJ@, l$SifEB3qrll qJl$mdrr br6.6.l$tu4 S$ob.$t d&JEn z) 6({n 3 arne6dr N"o7-02,91887 fur6.{tb Svqa.rqdC6.q,o l,rJifEBrryrs eo a$.ar&t.l, 6aJod$lna|o.rrr LiJ6X(.to Dr6Jlr (xfw) dd5d, tsllJAc'faracqb L.!,Cbbo bx{Xlr'JqTa.rr J6odoo -lr$vroBCqyrr Jqdo6.$a$@8o jlrJq{r, A!tsvldnCadr e6t JdFS6!a<r,' aJb$CD, 6.qq66 ADJ€!.rb8.D t:o6.Ddo, ftml,: L bJ({Xl(53cTad, r,fFftb.rr ,li6CrA€Ryr,r JofBJ(l &tcr%6rEa.' F6saeEbr6C bJ('ol]('A(c8.I Jtto}[.r, (aA,J&'I, lsarfue,ra 0o0J3{'&! !e{.'edo b{R€XlriAqTDo! (rd5{roUJ$al! (D aC'r6$..b s3AJ5ror,"q{ 6iCt!.b6<bJdr 0dr3ffilgNoc,6irii. b0q€CJf,"eJar), sfu B,6Jdec0r6C bre{XtfPJ(lrodr J6.tdoob 0Jtsc"6aJD.rr arfrfu.rM,s.ri y5uitCfuqb (EJUAJ6O.rI' alrElob\ t%rAu56l6d{TD6qo .rtidOdCaol, aroBrq.rrFEC&D, 8c',tqr}Jqtt) l$8riro{TadrB m(q6re'cDJl, re6dfu(' AJ6.fu6l|]dD6, rLru, 6rl}FBrqhtB'6JAJq$5 br(a$6Jq'JA.n J6odo.n fo.11.5 eJb(yt! 6.r8r(rn $CCyitCaL qarle6oFJq' 6e,AJ3Jq0o 8J$B(rACar(' 0aD3tr,oarot$or6otuobcq'0$eJRlCa.l, 6dqb[ao6rld,L$SaroJAJeJ0pJt0 rrJ.tftGn braddt)rDU AoC(, Jot Ror OJf' ofCD$ AJalb.ror:Kn 2. bNa,JrfpJqCi.l, 3.3 O b) J"qOp$ ArBioA.frJa@ d$dBrqr'ljFrSJ0Jqnr' dnA, .U.),lfrBJqvn U+arr$htA.' JrxpCrrr,' 63-2 fub(rll 6J-7 6rB{ya o\$5b6!A, l$}turBJq+rr Ur8lq$iulA., }6dt66e5Eq{,6.D slr('dJe'<{rla$ ArsuboBCr<s e$amOJloDE eJJr3&rnJ}cqo Eod'ACadt rA AJSottSrEo t('' ,I(IW'-I u{y6oBA(rl, }5o66AJDqH5.o tla$kBfA(b Arerlrr!!e}!.J?$ S,$oN6.rrK'Jb.,lr, (!}AaXEr o1l$dq5b0qr,s ah,qnq, lrrjltioB3qr,)l, b'9q,!aCd.rr 0oC6 (tr diq,sao a 3qb brr6o'Scit6otr' '?'rdrBftd60}J(b bJq{S.l6I3qr&,U drqbo, A.6!({$6 B,6rkJac6C b!(€l]oJq"Jar rt9 S,traclteaC6b lDJi6d,sBc!5do bJq0$6rJq'r65b, LB@b( brq€l]63(l0a.rr JtroCJOob tC&r.$(trJq{ fuEC0ot f,UCbU(n 6m'rjol)@ 8$o$qrncao[ owartrC l$J(6c!Jerr er0!00&D S!66.{B!b U!+6o,BJqsb &6da('Caqna$oD6 od,,8$o[oBdr 3ft,q'ts" rhC ArllJoBlq<rrFtSafio, 6oa rA 3O$tA 286.$.,1 ocnJ3lq{o bJlJtso6aJbrq' Ao€6obE!)Aot6oU bJqSrlCrJq"DrAo A!6urt(36fib('CaJe'Ja0a.bao6$6u, 3. b-Js{JJ'r"(A&'L vnfih.rr a3rlo.{ q3\<rr (.) (t) (b) .bECOCaao a."bl6ajEc6({yn. q.,tdr5eCl,, ",iJ 6r,aJqn Ca$6.rr ArEJColr! q! BdJJlttt5 J6 Ao6AOlr'J(' ('r&ClrJ&Jq'JAi$ qlt 6.AJqb &e6d., Jr&d€(,JA<E6!'bA baJtu aElEa t {ffisqn &ftAoc&,l, oroBr<{il86Ja(D, 6ob6A[Br6q'rq &r.9r65.D, lrrjifFB e{rl, Atr'asTDI Ar6ro Alttdr6o.CqXaJ{b JareJH, areS,a -xrw'{A.rr A!t(,(rts b.r+tx,6ot r6rtq!)36,ra! 56 $rtr&$A6rEAJl, brCfEB3qErJ 3{.Ataxqrarl' 4. aot,r665$o6.'q,se adNr86.,r, t'r(la$6Js'c0olr€J-la.8 eJ\,UbAJ6cEJq'.AJ& .,_,.n.," 6l nitno"Fprofessio o,3J(,c,U oILOoB.,oti lrrAdouot6o htlpi//kancrlaria.iustice gov ger'nom_2 O-nolllnar"*"rr*,r,/i a!3€4.,6r&D arx $oL lcaa'cao l$bdr 8!6!0360: ,. .pbvite4 however, tllat ilMuiry i! not mwd wnh r6?d to (i) ptE6t or tul@ "pEhis€, of the hision' indudint my baDl @ounts 6 defin€d in lhe Vielu Con*ltion on Diplomiic R.lari,E sigr.d i! 1 1, 'dnsdar preeis" irdudi.g 6y blnk s@u ! B d.fiftd in rh. VietE ConEnrion on Comtfu R&d@ eign d in I%3 or olhepis. us.d by a diploEt or .oEuhr nisioD of G@r8i. or uy a8€n9 or EnruEndlry th@f (.EPt d My te E6!ry to eFe.t *ryi@ of pE6), (D pEp.ny of a rdliE y char-ra o! und€r dE onEol of a Eilitary .uthoriry or def€re.SEncy. (in) prqert, l@trd i! G@rti. .nd dedi@t.d ro a pohli, 8ovmmrl.l d orltEnr e (a oppond to. ottl@Eirl r) or (p) fo! th€ arcide of doubt, (A) pbFny or rhe N.rirDd Brnr or C*ord., wherLr oi Dor hcld in a G6r8i& or r nor G@lti b.rt o!.ny othcr fwjrl rffiru6on, or (B) prcFfty rEt.d D G6tgE of uy ryF .ftFd by rlrti.le 2r of trE law of G6r8i. on Enlorm Pt!@dirys G@ryi. lerc d..iSht to pl@d s(reittr imudty udd ttl U.S FoEitr Soi@ittrI nuniriB Act of lCl6 wiih EpEr to .crroB bEuSht agails n m uy @n of or in ttle Unted Sare6 of A6eI@ ud& .ty Unnd SEre, fedeEr or Srxe 3@riri6 Lw.' 5. Eobr6aC$o6r{naot JoEOdrOAo ar6b<'q?q' A6qlr ofCl, NJ.Eto:, brqo$fuqT8ol,,!l9c,Ihou 0r114 fubgolEErrr Ed!.oCAo 6!65iC6.'b Ar8rot&,rr oMrtrtc . . .ft.i dl Equilerntl puided udd ih. Cftr8ia l.egiilarbD de tuifihd "; 6) b3q{rpJqTa.b st9odJrrr aJ-12 ozb(rlll J6UCDJq{ 6C('rd0mo E56o$({bJb$o,rb eJJlJaf'C&Di S(6xEs6 lq6.trJqn 6caJd0dlr &rbpJrD, b3q€Xt6aq{FoL aJftB$.rr Z8q"ar JSL fr.,qi.p -XfW'-t e\ rasb,r6, lr.+6o8cqtl, ftrr.{'$ D6r('JrRyradr 6sl{ac*,U atrob3frJa&t; d tJqt3]e3(xD.n ArqCaU(tfCoJe' urar6dlqra aJ6a!6nrr ECeC6!0.trr fo,]dqnJ(tl }6o6oA3a([|!dr, b.\E c,5al^ ai('rftsrern Bs)F,JAra r6ooCfDf,it, ax6. , Bc,J6JCJd$rrJ blLrartio{sCiou !6 6ra.ll&Udb Uhr lctalCd06()3fn dJ6<tu(rdod'b€*,6C lrrLla$E<eu JfsBJEt!5 qaJ€a.f,C&D JrdrB(*OJa.D, 6. qOo$oqJAJg ar6oll0rn! EcDA6.t}J 60&' qt(sDJ.,Brtur f) nitrcPo''professio 4*defu'J6Etft,d.-Bi ,i boju6o3gs?ob gfio363po do63o l$C!6<,,3Cq'ol' go6r6bo'5 ao6o\)Oou A'Dqraoq,Cb bqgo6 q.o.rgnor qgg.r3.ir od3g6l, 2013 Eex,b 3 e$J806o1, NO/{2/9lAr2 $J',(('$C 6\)er6o A'Jgc,o,, Lrdr6o8Cqxrl, Ct6('r36Uq,ar 0rEJ6! A.)6okq'J gq'elJ6,sr6JA$aOCAo "l$ilr)o8cq'ou dLCqt<lb A€$,ox'rC8ob qrs Jt6<r6t6.$cbo$" qlrJi'dot6C0pq,o l$Cr6ogCqmLi S'J 6C66r6(r)l, 6Alofl$qfrbnl, lrca6Sqr6o 0.>6,1, (KIW) &.r6ob 6.>lr,>gdr:dglXq'o Lrltgtrtcr bgqt$Ogq'C6ol, J€,<rdbCbo. blgerbCAor, fxtA Cf,s!g6"Jq' b6Jlr, orJgoLo JoalCoC6ooolr gv16qp06o, Sc5&4,65oqo qm3UaC6OoU AoA$,o, "6, "&lr. $Oo3olrOC0.,q,, oot6 6rqr.rdrw.> 3om-JtrtSboq,C6go 0l la / 016({rrr.r l$6$.f,ob 2 / doq,: 2406 406,2406 120/ gtr&o: 2406 57l gq,. Bd\>: iafo@nbg 8ov 8. /Jc{o: 2O,U048,1 2 S.Mpirc n/ Tlilisi 0l l4l Tel.r 2,106 {06, 2406 t20l F.r 2406 577l E-Dail : in-@Dbg 8ov ge / .od.: 204lo4arl {w.rbg.r€ ?( LLt brrJ6oSJq,ou LrrbJeogoRCD Jq,JJoo.DboboJaJ / ceorgian state Etectrosystem U,)JJ6o eo, or&qxbo 0105, dJr,ooDaS.trt 2, BaEiashvili srr. Tbilisl 0105, Gdrola O,@ /gJJlx/r€l/Fa( +S95 322 98370{ +995 322 s 10101 439 3 -0 1-2-20 13 1209 17 4 1 N 4393/01 illl ]ilffiilililtilt]ililil ilr ril 09/1212073 lrJCrdroACq'crL! tso6,)6tuo,5 ao6olr66ou a'lrq/aoq'Cl, bJ0o6 Q$ocD q,crrStu 1118!60: ACd)arG(r)U iqXJal6UOF,.&lO(r,t l$Jd,gAr'o('t AJ6JU g.IW) (,r lr$)d,oArqx$ A'rdr,t arl$AcfraCArq' l$l.tCbbo bXq'&136uq'g8ob ArUsbCb. ArO.,Ear eJ3oo, o&C6o r.S.3 AXICAAFr'g, AJo,rdrleCbl(,o *0?-02/91a94 $C6oq'ob ALCbTA Alo6obC6a), 6ala Arm0r6(E) a06f,r6(r'tj t+J]oS\)OAlg.nlr l$J6C(rUo a56J., (KIW) as lr$rC,(,8Cq'a}l, &$oU 6rl$go6aXaN brlrCbbo baq,a$6tq'CBoL J6o&hL 35 aq'6 jUgq,oL gcar6ongbob qor J5oAd,5arb6,r6" CB6,<'rbC ,,ll,>dJ6cr61q'ou 2q'ftbdxq6ryra03ao (.ojJr8ao6C6oo) er tCAcDa6oA6Cq, bCe0&}6,.Cq,CaoL J6oelO$C fuC6o JoaJcOCEOooL tsr6)3q,CbAo EC6oh6Cbo 16 6109186(,r $OrBot OC&,or, / b3q]bis $dqJd,.dC / aa.)lrr,3CqoD braJfll, cDrA&XAFf.)6C 6,J.)6.(r{)DOfff , aarrtoBJqr) www.gse,corn.ge tJJJUnn LrJ$TlSJCfllCbJ -LJJJ60ll3er'lU LJbStraEnqrI SgJlAr,lrlLnL6SAJ' "GEORGIAN STATE ELECTROSYSTEM" JSC

il ()69cl(610(It 66as6rnL t6l]o6\16rgl6(r,u b5J6C(r\)(, 6r6Jb (KfW) q-os 1j$56o)3Cq,ol) ($.>aaoquSoq,o go6rStr@J t rffioLolr,oarr,) &r6ob 2013 $q,ob 13 eCaoabc6L blg(,f)ac69q,o l$b3be, b;q'A 6gq,C6ob ASbrb6b l-rrjrdD$qxrb aorg6oSoL 2013 Sq,oU l3 q.oa]g05t6olt N1952 ArEJviAgq,CboU tsgbsaraol$qg, t$jsoo)3cq,(rL tso5s6uo,r l).)ffiouot6olr 0o36s d,J6t &')0r 6rcr)r AJ6A!6oott t5gl(96q)6,filo.r,lt trs3fua.oogo (KW) b!6Jo,rb 65€(,d,AtL bJrCtttxr bCq,tsCJ6tfq,cbJ "blCyr,o6 q,r'rb 3q,ftbC,crb.lpsa0C6o JbCq'dr 6rgfrom3bolt eo! Jt!x't6t6r3rL<o$" (.oJJJ3dod)Cboor. 666.:6cnb 6gr'6l6Ogl6rnb Lr36,C(r,O('| 0.$3b (KM) Qr Urd!6o33q'ol.r (9D6,aoAbC6oq,o tso6r6lror LrraoSoLo6ooo) Eot6olt 2013 $qnl.t 13 pca50b36L b3q,0o$3t6oq'o UrbClrbo bCq,ACJdrJq,Cbr Ar6J3o36oq,or brCr6o3CqlrlL 3q1fl$t6o6{.os66C0o juC<'ob 6Jgu6ooCbol, J6crb6rAob AJt€.r6rEUCbq,Je, 6olro8oltro UitSUbo bgq'tsg6gq56oot lrqC!6olgC(xrLsolgob Braogrrgoq,.,r 35 &,q,cxr6o Ca6<n 6Ce4roor6o UCUbolI l$boo,. l$Cr6(,)33q,(,b gc,6r6uo,J Urtu6oq)6ob ry, {offi6?q,o huboL, C6oo 6J9oq'o - 22 1 Aq,6. Ca6. 6XQTCOCAT LL "brCr6%Cqml, tl>b,3q,Aftgo Ce,CjlJ6,obobOCA5'-b bCutob Urboo) q.4o6$l-r36ol-r ao$6oo. re6dbgq,o 0Xoag696lt "500220J3 50022033 $3L:q6g6oU "13srcro" figl$qg636oL ,,Mr6o" er BCUrbrAoLo brtCbou AdCECbq,(')aoU 36,clCCOob" 6r$oq'1, 6F)Aq,ou (EBRD) 6r6bo60oCq,CoJ0 CgJ6C6Ooq,or Ca6rEoL 6)Alel6\y53d6cnl.,5 eJ 6.)fuoorn63boU b$3ob q-os grtro3r3Eot6oLr (C36oJJgffiob l-rrA3to\n 1.,!o63Cboq3d, o6\16ry4366o1 (NIF) gn+r6q5bEo) ors6.rq.>go6r6l-t3boor. 36,oftIJoL Aot56or $3g6olJ Bd,Ar{'(' - A'5L!Sq'Co, 6J$oq€o A()Cb)f,C 33l4boq.r6 C(,CCOd,oC6C6,b.r,t) &,So(,Cbr eJ$3q,Co l$Cr6rcr,30qm0o, Soonl.t ors3oLtgg.>qto cr6g3ll)6q3q,o t<'rbobJ eJ oryr!$gorb a.€$,sl"Jqxaoo,, rL63 3q5l6drox63r66ooL AoS('jAC0(,lT bd,Ar rq,6obr3q,Co lrJCJ6ogCqxqU ffi r6,olJq,C6o(r,. J6o0dOoU tsr60q,Cb6o q.or6960oq,or: . rbrqo 500.220 $ CaCura0od,ot, ffiC6Coq(')ar x3r66o; r 3sgsltooEolr 6sq9.>066o bJtoe!6 X3rtrob $9lsa9636.fq (or X3r6oU CaCbJAAUOU! i9.: b<'rtrr6rb CSCbreOg6Cbl, Bcrt6ob 3q,gl6t6o6.rq-ora0CAo brbraou ffiJtr('}b!. Jt6ogl6oL 6">&r'rdr6oCqlDou aob6oo) EBRD--ors 2013 $q,olt 25 ofl)oabCbt, btBo6aqor bUglrbo b3qr6X16gql36.r 25,2 &q,cxn6o 936o! oqrg6o&o L3Ubbg, .>6rU<r,rEEC C36oJr38of,ob (Ca6oJJ3Ao6oU tr.>dgtxnQo lr.:o6gU6o6cx'r c6g6g0X66oL (NIF) gr66qpb6o) 0o36 ara(9gc)Boq,o oCECor 8 &q'o('6o Ca6(') 66r6oob brboo. Lrcl-r3bbo b3q,afl]t<ryqCbo(rr ar6l.rrt Q36xCq,o hbboL AC(.I6C 6.rftrq,o - 12.8 AE'6 Car+x') ACbldE o}! br&ruJ63&gq, .'Frb C6C6,6COoJotr LgC6(IAo oX-orAOCAo CLCq,otI)(',3oL 5.n3rq'oUft ,63b3q'o Joot'6bolto8ob A(1Lr(,o(o6r(,od, t6o0 lsl-r3Lbcr bCq,a$6,Cq'Cbr brtso6r6uo-Xlo6oAoJ3i6o or3rqtr.:b6olroor prqgCboo ECAJAb a('lo0D6b. rarLor6, l$jr6ogCq,ob Bo6r6bo,J Urao6oUO6oL bJrSl$o b3q,6g6a3q,cbJrorb e$J36o6cboo go6!6b36o bsLoroob 606(,6361 56 61186(,r.

//( LsLoLtio b3rq?aJr6ariAds psos16oqSljqo r60Jo6lr66ad0ool, Ls.y6nqogro 6r5;lrs (fW), 3m5oL gr6s6;g76go (Kfw) Rs IrJsr6rnxsqoL ?rn6ob, 6me3qog Ss63oq6X5oqo.> LsJ.r6rnxSqoL Bo5r6td,s t,sao6,,l,O6roo,i, ("0LXbb1a3qo) 35.000.000.- aa6rotrl brC!6,o6Cq,<'rll Jqd$dx+3ee,)A63ao drCEbb Ar$f,omCbotr qor Jr6o6drr0r (,rndOo.) ll^ ?oSssdrlm ?3Ls1.rqo l. bgLbo 2. L3LboL 6qq4X8s .)'6o0il6ol, Ar5A.)hcx6Oo0R0L0R Lr.jb066r'rt 0 rns6tndob 8r?o16ogL3s 3. 4. 6sq.:Lsb.:qnlo 5. Ls)6og35go brErJACoo 6. LXlrhotr q;gsr6gs qo grrStrgr4Xdoor qsgsr6g.> '7. J.)RJIRSOI)! q; U3LboL qrjo63otr trfue.; eo6rSoq6oloL 16ob.;o 8. 9. 10. trs6o 6o6.)itsoAr$A ps ors6sUgo6trts tst<r13do q.r Lstrnq8gogo SoLs;r6glqnlo ll. ArSlrsJ?,<116Cd:lq,o JnRRAAtRJIAao t2. ,V0tir',,R0o1, Jo6c,I0Ao I3. $sdr3o3rq6X6qol; Rr ?A$UclloSCAoL Ss6pACEr $m6spo qXUlqXdSIo 14. Rr6r6mCAo Rr5r6o,, I 6.13o6o9h3ol, 616.>go(1o ?Xlrr:sspo $oGsaR0Ar6A LsLSLLo b3q?n;r6Sqxlolr trsgTd3nqb gsr63osq6n6l, 6n63s6ooL tsCR06sGolqo r66trJldqo;oL 0os3r6o6slrr qs LsJsr6ol6qot 0orsS6otsb ?or6otr A$t,.53cr6a1hqo ?nor6U03ls BoGrEl'Xdo o.>6s8?6o8qrrlol ?ntrstnl ('L.:0ms3r6olomr?o16oLo ?SosEbBSds',). o?oU 6.>olsqolr$'o5nlom, 16r'10 636?o5ooL g6q3<6q3o3qo r6XLJlIqo;; t$dt6itCRtji,lglr 1l5)6c'O;56r'l 6s6o;33ooU L2dboqor63}st qs oSolr 5.:oSsqotr$o5nioo, 16o3 66r60.r6rxrb <611 36q3<6sgo1qo 18qo.1s $sr63or6rq35lr 6s6s66orb bXtbotrso3oL, KIW 5sar,rlogL L6lrbl, oa .)o16o11&rlr.r qs qS}lqXl3doL ?gbsdsSoUsq 6sg 3og331qoo L;t,6lrBrr h3q?X;61qndu?o. trJLbot .)o6oa0do ?gnLsloSnb.: OECD-ob 3o<nho351llr, 6oargXlog 6.!aax,ffi5Ch LXLholr qs )6(!CC6oL biq,?AJd'Xqndotr bXqeoSflrroL qgSlr m3o6o;q16o 6s63omsr66EoI RsBe.)63dol, (ODA) tss6ARC}?o. l/t ItgLbo II opnSol.>, KN,t brRrLOSa[ Sb3lrLXdnqL lrXLtlr, 6o0qoU oqXSo]; odr ;qn8sggd.: 35,000,000 nlr6oU ("LnLbo') (tmggo3<6sq ogqsohtro0n$o Aoqoc,6o 036r'r), 6rr33qoc, ?nq63do bXLLoL Jo6gor I-6s5 22,150,000 m 616r'131911 (bog6o66sq: o6qso6o 3oqoo6 sLcr6eogqrsoo sd'sl,o 6dro)( Jo66os I) qs L3trboL Jot6go.r II-6s5 12,850,000 63r6o0qg (hg13o3r6.:q: ax'rr601go AoRo{.,S 63i'rUc,6Ac)0N.)io)o .>msUo 616o)( Jo6gos II) t.2 LSlrLoL 6sp433s qr ao'hr6o LXLbSInqSs ?)6pr b.iR.!LO1l, trnlrbolr Soqosfurg .it6o3J1)oL 6.:S8sbodgoXqnd3q lroo6nSgol.r ?t2 3ltqol ?3ltlsfobsq". SlrXLbnllq0s it5,r'r ?$6I5ACqUolr, 6r'la )r6oXj6olr 6r6Sstrarr6go3qXd6qo ttuo636go 6r0oo5X53db Jo6gos I-t 3JLJq1tro 6.>N 50020,;g j6ltsq6y6ob 5n.>t6o (goSJoGnSgo I) qsgo6s6L0Eot'no3,L q.r dr6oo.:q;q trgbo1t6,r 6.103oqooo Jit6l,ot, bs6XAloU qoLsSoGrSLSdqq. 0lrnLb183q3o fl5,gr i;\6i;5it0q1t'tl,, 6rra J6r.l6ij$oL 6s63sbror6go3qX63qo lrss635grr, t6o33qo6 ot6B32qor Jr'l6Oo.\ II-rn3olr 6s3oog653dl, )o16gor ll orStXdL 6ops3633o JtrnqoL 8o0;lsqo Jt6o3;lgXdotrsosolr (,jo3Jo5n66o u). .)r6onjgoL 6s53strro66o3qX63qo ltrsbCS$o ps KIW 6;5ls$q3r6s3n6 J6o6;JgoL ?Xlr$$oL" JoaJo5156ol, esgsqXllt, ItXLhoqsE qslrogoSs6lr3l3qo LsJoEqoLs qr 3m8bblt43doL qC$rRCAl,a Bs?or4ogb311doL Rr ?1LSoR3Clol, J6o06q366dL rqs [b3s qXg;qX]lr, r4o0q1do6 0r6t,s'\('t6i;qo,i go6s01.o3dsr6X bXq?X;r41qXi.r?o Xt6aro s6 t6sflgn5oe3 br5lt.),.|to6Jd?lRo ?6osELBgloL tsnLslsSolrsq. 13 6lqo,>lnb'1p111o, 0oln,y42@Xdo, [td.>Xo 6l,p,>Lob,vgXdo 5s1orLrtrqndo qr trh3s o3o6osql6o emLs;63dqnlo, r6oSqnlog $.rrrr0rr3l3538s 3L11Lb3dXqL o5 63doL0o36 )16o6;16olr 6s50rtor6Oo0R0d0R C6oCIqlr, ,il!1flA lrrlugr'l AnRrlrrblRo oSJor6g$1 l.rXLtoL o.:Sboqr6 116 q.:gofu5lrp3ds. 2. tgtrbol: 6sprg33.: .)r6oXJgolr nsSSshrrr<r6oJq1d1q lru6X66rn'1,1 2.1 gsq;1 5squlrXLbXlotr t3q?nj6gqgls aLnLtnlnqo 5.:rgrlr1j33L ?1lr$.r8oL lrSlrtotr Jot66oslr 6s5Ls'bqlrr1q Jom3JgoU 6sSSsbor46onqnlnq Lss6nSgotS 6rq;n LrLntbrr b6q?3,1t63qXdotr g.;r66qXd?o (6oqrl-rXLblilotr tXq?X;61qXtro), r6o3Sqog 6r,3orrr8q3l.' eLnLb3dlqlr qo ?3lrslsSot JdroSJgoL .a).!m.)bro6GoiRCdAR L.:s6X6goL ?or5olr oes3g lt) Jot6odSdotr r6q3 8og38jqos 31hq6B?o 5.1, 6.I qs 62. rnorno3jqo )or66oolrrn3oL 6,:go63q3ds 6rq;X 6sq.:lrXlrbXdolr hgqtsg;61qn6.:. 2.2 RsRrU$?t6Aatqo osr453s5o. ?SLslsSoLo LSlrtol, Jror6gooL Jo663q Bs3or6o6U6s0q6, 3U3Ub3d3qo 6.>116$s35oL KfW RrRrl'O:t6CaX( oSARol'y?' r5 6X63s51q rnsr660s6t sfl 6rqrLnLbnlol bXqtX;6 jqnd3dolr 16o6o169 Xlr OogiAlqo! 01bqo 2.1-?o. rqSo?5?po 6.>prbgLtrgdoL hXq?;3r+r1q3lXdo 25qs oi,5Xl, rq.)!io.lLgl63dilqo KfW-L floX6. 23 J6(,0il6ob 6s60.>bndrgonqnlnq lrss66SgoL 3.>qqXlXq3}olr sr6Jo5r. t3bbol 5sqsgnaJ s6 tSRr $s63msq6gfiqnL sr6.:5sor6 3uqq3}1q3}rlr s6g3r6go J6oSJgoL 6s5tuhc.x66ogqn}3q Lss6SSgrrLo3oL ICW-Loo5 o3s6or1du?o qr $o6seq66.>r4X trsL3l,Lo bIR?0J6IRfl Bol' 3.:166q6]?o. 3. 3.1 orsEbndolr 8s3o6o6bgs A.r6;Ob,t4o o;SbXdoL B.>0o6oqSb11oL or>od,>l'n. 16o6o<6g Jo o.:6t3lo[ 6seor6ogh3otr $o6llJor6trlnlo ?3tr61qnl2qo oJ51ls 33 01bq?o ac,63e1qo SornhoSSnloL ?3Url$oL:q, KM/ Bseor<rogbrg[ UStbL ?6lrsd.:fl,rlo J6o6jgotr 6s63.:trr6gonqSlnqo 66onlqoL 3oobo35oLos5s6 or.>ELot Bs3mr4o6t1.: 6s6Lo6goSq'qXls $o6sSpnds6n LslrnLrbm bnq?3;otrq6lolr .)ot63Xq gs5;t6o?o flogn81q" B;0o16o6h3ot 616u3o;ob Bntsd.:8oLq. KtW hrSer<6o6br3lr lrltrhlr Shoqr.rq rnornrrXlqo 6sLX3,>r6$qo2r6srq 6rEb.:$qi;r43qo BsSr.rhr6ogLo msStol 3sjlro0sq2t6 oqnSodu8p6. o3 ?3ob36s?o, o,?J 53lot3o66o .)6e,0J0o1, 6;Sfshmt6gonq3d6qo LsraCS$r.l Soooho3L 5obX3r6[qoy6o raoSogoL 5r;q1]rr cn.r6tSdoL B;So6oghXst 6s3o16ogbs3o cnsSt?Xdo ?Slrsdqos eornhcrSSoq o;l5nL ?X3q6r'r3 5.:b31sr<r $q33?o.5;61gs doqr.r 6s3or6ogb3oL,r, KfW .:6 st4olr Jloqrgo}lqo 6r5.:bor6gonqoL 2,000,000.m n;1r6ot3 5s;qX&r erqXsodoU 6s3or4ogb3s 32 ot.>ShnAol B,:0o6o1SbnoL otsnl,s%;1 5;6t6htpoh f,>6p6X&tb togo ;11t1.o,;: Y..ft',I 13qX&:SoLoqoo Jodgos I-otror3oL 2016 gqoL 29 r.on,,33}6ol, Rn .]c,6Gor IIolrrn3oL 2018 VqoL 29 RJ.JCAa6ol, ?30rq36 6,sSsgbsqrnL 1sr6o 6s3or6ogtr3nl$X. 33 atSbXtoL ht0o6ogh;1olt foitJor4odndo: KflAr oo6bXdL So6r8rgSds/r3 lr.:l-rnUhm bXqtS;r61qgdob ts!66R0}?o Sboqop o0 ?30ot36s?o 6s3o6ogbr3tr, oj Kiri/Lsor3otr foL.:pndo go63o<ns qr ?oSsrr6Loo ?XL61qXI2q" oJSgdi ?33qX6o Vo5r.)od,('d0do: /Ln al,Al'LAlCqo KM/-bro3oL 8oUsp11lo go16?oo gor6.>q,6X6L Ls3sr6oqX66o;1 q.:l-r65ol qs ffiARr oA RrrJIaCSOol, q,)R|I'OA6CAAR ;Lqlr (oooonlqo r.'gogosqS6o o.><663.:5om 6n<63s5trq s6 o66qoUlr4 66.)$6), r6oSqooog rg5o351qo L.:3sr4oqn&6ogo Rrl,JAGr rqnlr$Tr'1lL 6r'ta sr) 3lrXbb3l3q0.: ?pL61qo UA1R! 3r'loLrr16i, ;cl5l,Oo01gool,r R$ lrbfls Lre.rr6rnqndr4oSo qnalq'SdXlolr ?r6bqCa?o LstrXLlrm hXqtsn.161qXtroo A,)5br'hR36IRo 0rRrgJ.IRAlClol, LrJir",!6 o,n:t'U0 .,rg3loor; sg.: ild) Kfl /-L 6uoroSoLXgqglXqos UACRs 6qq;lr;hspots6.:5, r6roeXq"g ?SodqXds qs3,.pLr6ol lr3lrtrotr 6sgn0ob ?3q36sq 3oq3l1q ?gSobspqtn Jr6mgn66oq.:5, Ls,;o0olooqs5, LstqsX6oqs6 ei' 3U6s3to 6.>pslrsLqsqnloqsS .) b) b6q?3;r43qXdol.r l3.l 32bq?o 6so3.:qoLgo56llqo hXq8ogXr4rrL 5o31?3do (3L3bb;AqoL, rnoomSlqo Jr4er6;lgob 6,.153shod'Oo6RClCRo Lss6Sgr.rlr [r<63o8sq6353qo 2gqn].:SoLoqo JodrS]o) g;r4p535rq oj6s; LXq?6;r6Xq3loU aN OlLqorn 6sar3sqotSo6X8lqo 66r40.:6rxrL t0p06rOoURo 163UJXdqo,loL qslSoSs6lrldXq 16oU;?o 3oR:goqXl'rdr dsqs?os ts;I-r1qo qs 3g31l67r6os UoiJRbilr6o 3X$q.1q;1oL 6s63?X; SlrnbbgdsqSs A!psob.:,\us 42 N) Slbqocn 6sm3;qoL[o5g]3qo sNSoSotOd'o66dol, 5oprb.:br3go; KIW-a 0ooqfr ArRnlrilrbClol, Lnq?3;61qX?s Jr6on;lgotr J) AlSastr'r66o6R1diR lss636goUrnr5, 6o6o166 gL eog63lqo; 32tqo 2.1?ni iD sr6 q.:3q5..:6s ?1g53XgoL 0o$X$o sG 16 sr6lrXlolL Solro qsq6r,reob t) n6 Vr6ar,lo?itCas olr3oo 6ollolsqoLgoSnBnqo 6.>r<r1fondldo, drofq6ilog r3Xr6h3dn5, .!5 lr36oot1q Lq6oLSL 1JC5os6 Jd'rr3$otr h.>g6oh3, p.> 5s6Lo<66o3q3dsl.r, tst5,fuoo6o608s1, qs ao$r61, sG Al,tt,balRolr aoA6 /u $o6r8pXdr63 LuLXLbo bXq?X.yvrXq$orn p.:,;oLr61d1qo 6sprbpoL nrqqSllq3lSlob ?3L161qXI.:1. It3tboL 3.>r66qndoqs5 os6boL Br3or6o6bgl3q3 KfW-tr l3qnd; rfuL, m1 L.:]o6oq 6.>o;1qotr, q.>OsgXdoo Soooto3olr qo310n5g6lo qs qsqsLgl<63dglo A,t6b.tJtot6CdJqo TXor:6b0Xt,>. otoorlJ3Ro Jt6o3Jgob 6oS0rhrr6golqXlnqo Lss636go ps KM/ 5s5bs;1or6X6trqo ?go.:SbfXloo 6.>6bs$q3r6s66 o.:5h6}oL B.:0ot6ogb;1oL )t6ogXq36str E.r3rn<rro6b3oLoo3oL Lslo<6o UJ lorql6o Jrx6olXlob Escr,JRoCr', ;66d(,q,;o ?31.:d.>3nto i6(,JJ6oL brSAnbm6go;q6d1q'o 36oX1polr 3o616 $sr6U;q636 qspsLgX6XlXlL, 6o0 Sorntos6oqo lrStrboL rns6h6}o $oEsaRC}s60 Lrlr3Lbr.r tXq?n;61qXloo 6soSsqob$o51d1qo eo'bSndoLsogoL s<4oL 6;0o;353d1qo. ot.>6boL htotr6o6lt11oL 5,>7;/0Xd.>. b3q?3;6lqXlot 36-11 0lbqoo 5r6bsts;1t61qo gsqq"6llqndndoL qog3oo, 0b6Ub3dXqL ?nldqoo KIW-Los6 ?SosGb0Xilorn 6os2;l3oL 6s3o116o6L.:3o trSLtolr or6tiolr B.>0or6ogt;1s 3.6 a1bqoo 6rEtrsl,g3r61qo osSboL SoXqndqrrdoL ?63o13n3.r?o ;o nSlrsgooL ms6bolr 5spshqoo. 3.6 1n3)26lqjoo a$bolt AoTlqndqodob ?XeotLnX;p7o. orl SLgLhXISqo 1;16[ og5;1otr LlUbol 3sr65qXdoqr5 os6Lol BsSo6ogb3s$n, s6 m1 or6b.: sr6 o;163lr Breodrogblqo Lr61q.>p, 15 m.1 ms6bo sri o;J5gN 6o3or6n6L1qo 32 81bqoo 5.r5Ls'bq161qo ost6oqoLo3o! o? lrb3s 3o$3$Xtom, r6rneXq'bgg KfW ..ldr yrrol JslrXboL36363qo, 3L3Lhnd3qo 3sqpXllqos,g6rriR.x{ r15.>$qsy4ob KM/-L floU 3o66 SombosSoqo os6bs, 6o0Xqog Lslot6os lsbl-r6X]otr B.:flor6ogh1oL 6s1J36doo AIaoV;1;AR,, t.:r6rqolr uE b.:r6ynloL ;o8Jl5Us6ooLsolob. KIW e.rom3qol' osSbslr os6Lob eolgnlqotoL ,;r.r0Jg6L.>gooL.:m3oL q; ?pg;plo53lL 3LXtrtinil6qU. .1 4I 6sqstr;bsq3&, 11.tslTo?ATgndntolt 6r4,rtr,rBc4ra aUnLbndXqo 6.rprohpolr ;N,qrqXdlq6iXdoU 6.:q,ttr;brqL $qoXt6o 025%rrL oq6Sodoo LXbbolr 6s3o16o1;b.r3 eogllqo r'LX, do8Xqog :JJ!E ps}6l5nf,olr s6 6;funaq6l:6nls Jor6gos l-o1olr 3sqq3d1q'3ilXloL 6,>qobbrqoL qst6ogL;1.: o$5Xls $o6se1q6dsr6n ILL b3q?X;r6lqXtrolr LXqSogX6oqsE 3 ogob ?X0qX5 pr 66dXqq3ds 31610, lr;5s3 USlrboo 6solsqoU$o6XlXqo Soqos6o ors6ts .116 o;l53ds ll63qsq 6s3or6o6b2qo s6 lrr61q.:qo 6s1J3Xdlqo. 3sq'qXhqndol, 6,>qrUsbsqo Jor6gn.r ll-rn3olr qsoo1q3d.', ?31$s3oU;q p.:$g66pqo 2015 gqotr I oSqolrlr. 3sqqXBXq6lSdoU 5s1q;b.:hsqoL |q.r?s6J.r A(,b(Cls 5sb33.rr6gqo16..,q, gorilnqo VRol, 30 oS5ol,l, ps 30 qX,jg8dn6L (ooorrnlqu "Anprtqob os6oRo') Jr'r6Gos I-mltoL Jo'nit3qo b;RrbRol, RR1s ml4 SRoU 30 o35obo, )o69oll ll-olob 2015 $qoL 3O qX,]XdX'6tr, 0s6t6s0 .:16sXoqr63Ltr 6.>qrbpoL qqSL do36qo6 ?o6;lXlr $o5o3q3dv63 b3q31;r61qneoL d.>qs?o tsnU3qoL RR1L e1[qo l4.ll ?3Lsls0oLsq. .:p&t6oLSdotfultol a.r(DrrJ6{oa SlrXbhX}3qo As,q.\IbrroL KIW'L 6r4rng36spo ors6botr Lrkn .rq0o6otrg6odrXlob bsqsl,sbqpl' Ll etrLq?o 6o6l-rs$qirdflqo bSlrbol, doCrornrqo cnrStroL t.%-oL crRg6r'rAos,, 6r'rSXqog 1;.16 p.!af'."1506r1r .\6 gJmBRitlD6Xlr. sp0oSoLgt6or6Sdolr 6sqsLrbspol-r as,qsbRoL fl.lRr lg.rRAids ?X3qn6oqs5 7.111063l,o: (i) l,XLboL Ooglqoloqs6 ors6tob )o6;pq 6s3o6qb1s0q3 sE (ii) KIW-I,3oXr6 s0 b3q?6;61q3loL b3q0o[X6oqs5 L;3o oSoL sE go6.:0q6]sr6n b;1q?3;r61qX]oL d,rq.:?o ?ntrsqragrS i6tno m;1ol' ?63qn6 ((ii) j3Xr15Jg?o 3ogn31q" rn.rr6,rsXloq.>6 droSSqog tBdm bitor6 rqqq6Xls). 16o6116g Jo Jt tCR?JJ6?R1ls 6s"3o60qXd.: sqSo5olr$16o163loL brRrlrstsRo br6lqrq pmr6ogLnls o3olrqs3o1h31q;1|r(D l,0lrLo Ldrlqrq oJ6.: 6s3or6ogb1qo o3 Ls6r6mop sr6s. UoJrcro926go arSrJ3Coro abgtrl,3}3qo Kfl,V-l' ArRrUbRol, L6Lt$; ?n3q366so6sq ar5l,r'l,RitdtR trrJ6.'r0C66r, b.)Ss.133oltri 5 I )60A$00 (?lolbo67d1po L,)no1jX6So Arq;J;noo LtXt:boL rq?dotlr|) 0L3Lb3B3qo i1;rq;obqob t,1LL$t (6r'lAr.160 Jo6gos I-m3oL oLl )o66os II-o1;oL) 2% $qo1t6srq (BoJl,od,0d?qo ltsJ6r'lgCS6c'r 0r6rJi6oo) Us5;e 6 I q; 6.2 0lbqorn 6s5Lrtq3r+r1qo lrgtrbotr RsoJ!6ilol, 06r3oJool Ar6lrs'bqil6ilqo aoqrr 2 ?X6rgs6o s6 o;.l5Xtrs 8oq3dlqo KM/-lr 3oX<6. l>t 52 6.;1g.;b"tbpnqo J6o1C6dolr JnpJR;Aor pr 6?rUWb p,:g,xl;1oL ot4opfio. .)t6o635golr qsr,rogbXs L3UkrL Jor66os l-ot oLX Jor6gos II-oh 3;66q3il?o wr3oL3l1q mr6bs$3 qoog;1nls o3 RqoRsG (lt7lQ,>ao), 6oqXL;6 ?31$s3oLo L3LboL ors6bs KM/-L 3o36 eL3ULnlqoLso3oL 6sbbsoqo LlLbol, s56;6o?oqs6 oj53}s 6.:qs<6ogb1qo, oe mrr6oqo0pX (lhotXprtot), 6oqSLrg ?lUslsSoln os6bgloL q.r(]r6Xqo60a,r A(,bpCAs Kil/-lr s56sr6o?\r1, ol.rg t4rr6rrr46 7.3 a1tq?os 3ro@31qo sqSo?E2qo. 6lqsLsbRXqo LsJr4og66go orsSboU 3sq;lqsgor eohq6ls 7.1 ?trhqoL ?gLslo0oUsq fuJq77g.r0.,r. qsr6o6trlqo trJ6o6050r'l os5Bob 6.:psbqs 15qs 6rEho6gogqqXL 6.>psLqolr ms6oq3il?o (6r,6o6g 6s6Ls'bq316lqos a.l 8?bRo<r,). r 6orbo3or arocrAr<'rlb$oero, d,rra a.$CACqx, U*^6c6,furr 3$rgSoro $.rfioq66tr rr,$J3)eaC63q,(.) Aoor,o,Cbrb 2013 oq{,b 17 oJ0(,ts06ollo8ol, B6a'-J&5rq'ol, art,ltoLt 33dit30'b3 QrS6A6oAocn ar tsCbrdq,CBCq'G) arLao AEo{.oCU g3(6q,A&C&, bCq'Aal6rq,C0ob bC(€o$C6oUrl, r6lr$Jqo brar$6cl Jo6oaCbou ACbrAraobJ('. lLv 6. LXUboL ,qrflr63s qr $o6L$t633oo, qsgrr6Ss 6.1 tr3tbolr psgrr63olr 616lgo.;o Jo<6gos I-or3olr . StnLbStrnqo lr3lrbotr Jot66o; I q.:3.:t63sl.r ?n0q16o 616.:9o.3oo SsGrbr.rr4goSqnlL, 30.12.2016 1.165.000,00 3it6. 30.06.2017 '1.165.000,00 g3t4o 30.12.2017 1.165.000,00 036rt 30.06.2018 1 . '165.000,00 Cil6ct I 1.166.000,00 036r') 30.06.2019 '1.166.000,00 Ct6(, 30.12.2019 1.166.000.00 X3t6t'r 30.06.2020 1.166.000,00 086l.l 3012.2020 1.166.000,00 CA6r,t 30.06.2021 1. 166.000,00 At6or 30.12.202-l 1. 166.000.00 Cit6''' 30.06.2022 1.166.000.00 Jlt6c, 30.12.2022 1.166.000,00 036re 30.06.2023 1.166.000,00 ca6r.r 30.12.2023 1.166.000,00 C 6r.t 30.06.2024 1.166.000,00 fllt6rl 30.-t2.2024 1.166.000,00 n36r't 30.06.2025 1.166.000,00 6r, 30 12.2025 '1.166.000,00 0C6o 30.12.20't lt'( 62 L6Lbolr qog;rcr3oL 6r6rgo.p Jorvrgos II -o3ol-r eL6Lb366qo Lntholr )o169or II q!tr63!1, ?33q36o 66sgo,;oo 0s55bo63oAR0ll,:l 30.12.2018 61 1.000,00 0B6c, 30.06.2019 611.000,00 006t't 30.12.2019 612.000,00 CB6ro 30.06.2020 512.000,00 AA6i') 30.12.2020 612.000,00 C116cl 30.06.2021 612.000,00 CA6ro 30.'12.2021 612.000,00 4fl6r, 30.06_2022 612.000,00 636ct 30.12_2022 612.000,00 m6r, 30.06.2023 612.000,00 Jitdm 30.12.2023 6'12.000,00 C;16o 30.06.2024 612.000,00 ffi6r, 30.12.2024 612.000,00 0i]6. 30.06.2025 612.000,00 JJ6r', 30.12.2025 612.000,@ 0t6tr 30.06_2026 612.000,00 0116m 30.12.2026 612.000,00 0A6r') 30.06.2027 612.000,00 336cr 30.'12.2027 612.000,00 0i,6o 63 30.06.2028 612.000,00 t36(1 30.12.202A 612.000,00 0it6c) fi.t3oX6ogSh.:no Lnlbolt a.:6bnZo. b6L[oL 6s3o16o6b.;3o osSbn]o ((DoooAlRo Jor6gooL ?Xlnds0olrsq) L3LtoL RsBs6Aol, 6r4;3o;ndoL ?3b.:d.:3oLrq 6s6Lstq361qo dcrqo grrrsS?oqs6 ojSXls bl'A<.lJR1hqo, br6rqr o3 ?33rnb3n6}oL.:, mI OrqJgtrR ?6eorb3g33}Bo KirV os3"Lo ?XbSqtq&olr.\eXa6 USLbol q.:gsr66oL LLgs sqg3165rgrr3oL .>16 6sGLstg3r6si1L. 64 bshLr4Xlol B;3o6o6hXr l4Lbob 4".:71,>6XoL pnffA)oL ?fip17 o,? l,al,bo,e.\E bsbLt6ldoL BsSor6ogh3r(oooo31qo .)o6gooL ?XbslsSolrqq) Solro rq.:6st63oL RrVIr06ot ?JaR1A Sohpnls, trSULoL R;B.56Aol, A6$tsoJo, 6oA0Ro(J 6l rqs 62 Spbq?o; 8ooom3il1qo ?3103q3qo Rr660br oA ?6eob3X3u3o, <n? qs3s6itol, Sog1qols !6 r'RJas61as LnlrtoL Sogsqrndstr. rS ?3e<nh;63s?o, o11 6;q.:LstqXqo rqrlrr8r6o Sogtrqci; i'RJA5OC}J 6sSoy6ogbr'3 ltXLrtoL SoglqolsL, KM/ 6sqsLsBqnq tr,16hsL ArAorJR1lI Bs3o16o6t.r3o foglqrr]str q"s r:3 trh;1sr.ll.:L A.!Rs.)tu$oq0dL 53Xq.: ?30qo6o3 ?35sgs5$n. KfltV o$r'rnnlL Atsq3.sl, 16 6soo3sqoL$o5oL ol, IrLL63lo, r6o3qX&rg ?XLslsSolx, .:65;6o?lr$ot63dolr orr6opr8p1 45,q(ool rq6C o;l5r Bseo6ogtlqn N.)6B06oRo ps3sq,:s6Xlolr 3o63qoloL brSlrrtR36ol, R6olr, oaoll 6so3sqoL[o6Xloo t6cra 6sprlr.>bqXqrr LXlrtolr osShs 1ftqs oJ63L brR.ibNoqo qosgsdr;lotr;o3ol 6smgrqotr$o53l1qo 360q5o3o or6oqol RsRAoA.SR6. 65 fo6lf62doot (,.)rr6.?d, 9o6t'S6Xloo q.>g.rt63r$X Ai 6OCRN0di ?Catq36o Soobo36Xlo: i) fo6ltr6fioo, qorgtr6;1ol 77q,7d.r. 8l-rXLbXdSqlr BSldqos ilc,BCR Arqrtqolr qqSL (d) qr6 (C) dS1)XEJ$ol, Bso3qoo 6s6ls'k63r61qo Jor6o}3dob rg.:g;1oo, qsSst6oL tr3lbo l-rnl-rboL qsgsr.r3oLr Lsa(9Rr.rf'l BrRr'I,0 sRt6C, arbi6rA s6;10got66L 6l qs 62 31tq?o 3og331qo A6ot0 bsRsLRoL rnlg35mdour. lw a) 3A6flao6fii. 6s atrLqoL "s" ilaohsjoob tsXt*lsaotr;q LcLLot, So6l,V60doo tgrjs63ol.r ts63oL3X3s Cjaafuad.>r6l SbgtLSlqoL 3o616 Kfitr-bso3otr go6str[.>r6 ?Sggodo6Xlslr, r6.>163os631r asoSoL ts6o5Jttr66ob 15 lrstsS.,1rn qgoLs (d,oar',dG 01, 6s5trs$q3r41qos la.l 01Lqtso), br6lt.:$Rit6tqo Vo5l,V60do m.r6oRoli ?XUolseotsq. sl'C(',o ?3g6olo53ls ?0IJOa0sRori 3r,L?o Somoorsalqo Xfiqs oSot olr osr6ogo, r6oq3Us6 L6LboL goSUgr6Xaoo ,q5tssr68rs 6so3sqoL$o6Xllqo R.r &13Xqrrls Rr sXsqRS}tqSdL SLSUbXlSqL KfltV-L 6.;qstrhsqoL Sooornnllq or6oq?(, rRSo?6tRo Coglqols. 0) loSLfiXAoo pr7J,t4ipl' 1o n5lt,:6o,> o1 SLXLLSdXqo EClolraoflr', l,ALhob ooStsU, r6oanqLsg J6oGh0A! BoJl,o60atrRo l,r)6c'OC56o Ar5sJfl(r,o, Aol,o q"sgt63oL loqrn arRsaRC sq60,q;tsrdr8l'(o,o(/lmCzRo Jor4gooL t3LslsSotrrq), o6o 3.:qpXllqos KIW-L6sG A6Ls}>3otro mbon5oL floqpEolr ?30ob3X3o?o ps.111o36glqog A.:qstbrqrrl' 3rl, olr 8og1qols, r6o36qog tCltLot, $o5l,S66doo qsgsr63sUos6 qs3s3?o6glorn Kffi\/-I SSlot0onr6rr qr6.>;s146oL, 6s[6nqo h.>63q3]oL ,1m?Jn5L.:gooL.:rn3ot o;163].> lr;]o6o, 16,rg ,\!$CJoU60dr LntrLolr $o6L$t4ndoo er3n6i],:Uor$5 R;JDi1?o6Clom. KM/ tr1l'bolr $o6L$rcaloo rq.)Bbri3ol, JoAJC6l'rGool, eoglqolrL AlSbrtRlt6Jitl, er ?X.rgsodo53dtr 3LgLh1dlqL. R) tro.rl19.116" 3o6yqot.;. LnLhoL goSLfrarn]rm R.stsr6itrlxnr6 06m.)l{ 0lrSLt6dXqo rlr6i1n i]lRq1]ilqos 65 fl3bqoL "s" - "0' J3Ch5J60]ol, ?3LrlsSotrsp 6sq.:obsqot ?n?pn6o. .t,\) L6lthoL 53dolr3oXr6rr $o6L$nrXloU R,rtsr6ilolt ;r'r3)36ltgos 6.4 AlhqoL "5" Ji10r?)5iiooo, 6,>mgsqotrgoSSdlqo; rqr d.) VoSl$'6Clorn q;Ls3rr6 lrllbtS goSLgr6Xlotn Rr3.r6itoh 3sqol.rrn3oL Rr6oOb?Ro Uil3qr .16rn0060o. os6hX)ob B;a6g; 63 Snhqo (l'7bbol A",GJpoAoto.>6 fi;\ot4oAbip rnolfbla) 6r3rargXqqnls ?SlrlsSotro g3qoqn}3dot, ?Xgs6ot 61lro, $o5lr[r6nEorn Rrts6SoL JroA)15l,sgo,)t1. '! 66 ttxltbob p.;71.:6xob 66.;71o1ob 6,"5tbqXda 63 fubqo (L2ltbob 0o671gctto1,'t6 n,$o16o6bs1o as6bn&), 64 8'1LqoU (Lo$b62dob E:0o6o6bns ltXltholt psg.>6nob g.;fX7doL 3X3pX6) rgs 6.5 Olbqolr (FoSltfd7doa prsrd7r) .\aodaCR0}ol, ?60ob36Xl?o, Kfl/V 3os$op6}U SUgULSSnqt 6s6sbqXd;q LXltboL qsgs6notr 66.,9o,;1, r6r'r8nqog $oSsaqXBs6X [sIXUbo b3qBX;61qX]olt b.!5flflot3q 5.:$oqL $sr63ersq635L qt ?3g;1qolr o0 q6o3qn s6lrXd.1q q.'3sr63olr 614;go,1L. 7 JJRJtRsOo.) qs 6;qsbqnlo trn6sqsq 7t 't .lig,J2q,l,Oor. J6o635go, 3,>qq6llqXtrot 6sq.rLshsqo, 5 8lbqom 6so3sqoL$o53l11qo RJBmROo, ?.6 O1bqom 6soSrqoL$o6Xdlqrr S6oyX6rrqtt osSLoL ,loeJXGbsgos 3sqs6sq.rgoqXltrqo qs3sqorSSloUm3oL,,.p3J15b;6o'r Vo6lrg6[]orn qsgsr6;1otr Jr"a)C6l)rgo'5 6;Soorn3qnls 360 qqosSo $Xqo$rqotl qs 30 pqosFo oilol, L.)t?di1nq'l'C' SoXqSlqodob An3ot333.:?o Rr '72 5lg;>Lgob ast6ogo. oZ ?33att3X3s?o, tn:l So6uaRCdr6C LslrXUbo bXq?n3t61qnloo qqn[ 6ro3sqoL$o53d1qo 6sqs\36o1 rnr6oqo qrX0ob3X3s r6rL;Is5,1o (16o611166 1L 6sElrs$q36lqos la.l AILR?o), 3L3lrL3}3qer 6oqstr(is XSqr qp6 6s6sbrrr6goSqoL 3o3p335o brls6,.p PR3L. ol?) eo3p335o brl;63o ;3ob3X3s 3m3qX36o JrqCEqs6?JR o3Xtr, 6sqshpr ISRs bsSbcl6GolRtRCU 6of qo6rdrn ;oq36rg.>r4Xqo orSoL '71 doqo lrsd.>E,p qqXb. t5i1;6o7o| 6o0Xr6o, 4.qyiXpo$Xdob 96o. 3l6Lb3dlqo 6so,>3rlr13qq6d'r $o5sfq1ds63 L3q?3;161q3loo 6so3,:qoL$oEnl2qo 6,rqrbqrrt 3sqq,3l1q;I6 otrs6,r5 t4r.rgs qr rYro6o66;o SSUslsSoLo rn;5b;1&r ;1r'r3Xq53'>6o 6er03qog 5;3oj3orn3g3oL 6s6X?X, 33r6oXl?o rqs,l6Xqo$RXl.> KIW-L 156.r/orr?'l'1, L':soolt X3qXd$oLoqos 6r6,.1sr66oL 6L rnsSbr, r6s;6;1o;5Xlr qoqoL l0O0 KfW-lr s65rrrrr,?$g IBANDE945002 040 0318 4546 98 3drs53316$rt (Blz 5n ZM oo, S.W.LF.T ;KFWIDEFF), AjbatAob ortaoebC A)aq)CA,@o Aooxovboa "f$!o, o1X, t*4jbno'). ory I<fW dttlbbXfug,b ti.6?,0CAb rbrq' )EAraoAob 6otAl6Lr o6op 6,tjrt6jg,gt26r rbt<,,rdArao?tC bCLDW<CbC<, \rPrbQCbbC fubtb.>aobtg' 7A lLXltbXt1poL b>,).>l.t1ho Soaho;16.l ?UgLbnS3qo ,:6 ur6ot 13q3ds0r'rlroqo 6ll6strr6golqoL or6boqr6 p.:,;spls s5 0o.:tqoSoL Soobcr3Ssrn'.l6riJ3oo;1"' 11) LXq?X;r61qXloo 6.ro3sqoLgoSXlgq RrLr?r6 msSL3lrnr6 SoBsr6o6ls?o 6s6qs oB ?60mbp3oL.:, o1 ;363s6o 3gqXds .:6 .!6rt1, .\Ror63l1qo l,rlr.lpr.rc, 6srq.:$53n$oqXdoo sE KflrV-l)o,.:S ?3os6bandoL 6too '75 !pA3o*6l rn1 LXlrbolr r4o3nqofln pslsgrr6o Ss$oqo s5 6.5 01hqoo (tro6Ltr4Adoo, ryogor67.r) 6ro,3sqolr$os3}.1qo $o6lr$r6nlorn 6;5Ls'bqg6Xqo ,{,5ts6i}cdo KflA/-lrsm3olr rgs&615x}1qo sr6 oJSxls R.)oJ81q q6olr' Kfl /-t ?JtdRos [06rLv.rd']o 6sg6oboq0doU 6s<6n43, q.rs,;olrr6oL qCBF)qool] ldrc,OCSoo Lsd;trotro 6r6s(13XoU Jqo2t 300 Lsls$oL(r .ttEilOD VCqoVsR?(,, 6spsbqolroo;1otr rg.:q"6n6oqo qqoqs5 o0 qpn3q6 r6oqXts6 qs6i1or53d1qo o.r6bs Rs,]6gqogq3}.l 7.3 31bq'?o SornooS}lq KfW-L o56sr6o?$6. nL 6s6s;3Xrno 2ftgs olprU llq ego6X l;gLrboL UsJdrrgn5go 6s5o3;pooL goqo. "Lslsl'olm 6r:6s;36mo" s6olt 63t63s5ool, O06O6rRX6o ds53oL (Deuschc Bundc-sbank) eo36 6sqs\olj os6oqoLo3oL 6s0r'r6trq3Blqo trsJr6o0nSgo 6s6s;g6oo. str0(r,o,\A.Je,qoob Jr6ogXSgo brqrb,qoq X6qr oj6slr g.:1gr.r353dqo6 KW-L Jot6;3qo Soobo36olr L;g1d31q'tr3. 't6 )oiA,tl',:Ad7hqn. ;1sqs6sqsg"q3}1qo qrpqo.>53loL ?30rn1333.:?o (6.:6q.> !'o5sb$sr6o 5sqrtqots, r6s'1,6g 7 5 Sltiqoor'>.> 6.>m3sqol,$o51d;1qr' (Rots.qq60l, )dro6X6go) KIW y;qnlserrLoqos $o5;[[st6o 6sqsLqoLs Rr ?ng;1olo53doU 6s63?X, 3.>pr5;1qrgoqXtrtrq or6hs'hX Sooobrr3rrL 3erfl)151.:6oolr 1r6cnos5.:q 6qgshps lrsdstolro 6s5.:.6Xolr Jqolllr 300 tr$.:'l:oto 6s5.:;33rno $;qo$rp?o, 6o33qog roo3qnl.: 6sq.:hpoU pq636oqo os<6oqops6 .:3 o;5tolr qs3sr6greq6. Xr6mos5.:q ArRrLrb,pCRo(pBJ35ls6os 6;qsbqoq 15rqs o;l5slr ps1ycn35nlqo3 KMI-L Jo6ACRo aoobo3Sotos6r;|3. Slrplrtnlnqo rn;ptlg.)qo 15qos oSolr 36;ogXlotrs5r5, 16r'10 g.>ilgo&6o34 r6s6sot6o $os5rr 16 b,)Et)ORos n6 ,1',7 6oB srar.:5ro6o to.:So .:6 3o;X5Xlo.:, oB 3o61qtrloo rtrrn6ot6g 6r5.:gb.:rys l.;a11qs. KNV lgqXlseoLoqos ar'lsbqoSr.rt Soggdlqo rnsShnlorn 6ar6odrg $o5.>tsqXlsr63 lr,>LlLhr.r b3q?6,y61q1doo 6sqoU;bqXqo o,>5hgtrolr uLJ 3b3LL3d6qLs q.> KM/-lr ?or6oL rg.>qn61qo Lb3s b3q?3,161c13dndoo Ai'rn;1;Rol,VoSC}nqo 6spsL.;hq3qo msShndob ff.:o;1qs. 7.8 KM -b A0A6 bbShc,4AoepJdJElo A$5br6o3JAAdo. 6sr6qs o3 ?33arb33113r\olrs, o11 KfW-L 6ss56s6o?XlXd?o ?XORr,33do o;l5nds q.:?11Xt1qrr, 6o11 3o3dr $o6sllqXls63 hXq?3,1r61q3dsLor5 qs,1s3?o63d1qo 6so3qndo 3,q3l1qrr 15qs oSolt d,etbr.l66 t0iitr6o 36.p61;1qXdo. ,/1a) E 63r60o6ooL ?tJRC6sOo?qo r63bJldqo,;olr 6u6;5gos UStrboqs6 )or616q Bs3o6ogb3s0,q3, Kf, r-l' rJitL go6sflRnls6g Lst6L[o hXq?X;t41q1lops6 alAr'laqo6n6t arqrLpol, AornttoSSol, UflRt}s, 6"G b,)6r50o60.:lqos A06A.15oot, ts0RC6soo?Ro r63lrJ1dq,r,;olr Ao316. 9. 9.1 92 3sr6o 5or6.>36ols$3 qs os6stgor6ols ,\Jt6ti:4-it,t 6odt:15odoL 9".> 6tbbybXtolt.;L. .1146 Slrnlrhsdlqo <nst$,q Rr 1'bdrl53XqpgL, 6cl8 1160 63}oL3n3r6o Jr6oSjgolr 5s53sto6go;rqXlSqo L;r6n5go KfiI-L [o5slr$sr6o rns6teo]oU 6or6X?X LSLbolr lu6lqrp psgsr61l;0q6 s6 qss6o6spl35 sE sr6 6ssLf,3oLXl35 J6o0il0ol, rJooACaL q; sr6 6.:sgm63nl65 Itt3s bXq?X;6lqXdsll sE 6ssgsr4SdX6 Lb3o qmSobdoSlslr, 6o3qob tsgg36ogs.: XLsgr6obo6dol 3$r6tr53gqgogo sG 6sqrbqs?o J6oooog6gol aoSo|6}s SgloL&r6t6o Jnr<roL 516oLeo3r6 3.>qpXllq6}slos6 So3rr6oXds?o. a$.tltfotlol,:.,1s6o6oo qs?g3}1q gsr66q3d?o 3lr3trb6b3qo oqnlL SsqqXllq3dslr, 6o3 $o5s3rgnls6n lrsLXLLo b3q?x.;rrrlqn8orn pr;oLdr6d11qo 3rqpad.lqg}Stro SoLo i,iAR! lrt3.> or6lr6ljqo t{r aeras3sqo, s6s11'6166q1pgoqo Rs s6.rL.18r'x6qofx66l1qo, tr.',6,:q,rlsbyqo Soqpnl2q'XlXdo osSsdsr6o oj6nls. t0 bs6ygdo q.: lr,:bXqe$qo 3r'rlrs;r6nlqXlo r0 I a;6b;1tob pr;lXoaXob tE p.;1t;126o1 pr?A A<"eA\. eLgLbgdgqo $o6s3q3ls6X LrlrStrto b3q'?X,;61qnloo 6.>o;1.>qoUgo6Xdlq o16hSdL 6.rg;obqoL 1o36q6r6o 5sq.rbrbrp3doUs, Lhp Ssp.rLs\gSqXAoLr s6 lrb& brr6,;Xlolr qrjSomSr)lt ar60?0. o3 BSembSjX3r?o, mtr 3s5o6oL ?3Lsls0oLrq sE lrhls 8o'[3'hoo ebX[bXil3qo 3sqqgdlqos OosbqoSot s3 rnoSb3dolr tgnJ3oorir.)5 qs,;s3nh, fllr3thlilqolt 3onr6 Kfl/ri/-Lo,itol, 6sqshqoqo ors6bXlo 5.>o$6q3l.r oa oR;5r'dos,, 6oeXqrr6 tslor6rr oj63ds o0olr;m3oU, <6o0 6sqsLsbsqsdolrr qs SoLs;r66lqXloL qr;l3ocn3o} ?Xep36 KMr4 L61qsq aooRa,L go6raRclr6x bsLslrbo t3q?g6Sqxloor 6;p.:lrrbq"xq'o m.rEhSlo /11 6;d167da. SLSLtnd6qo os3sq 6;LgXlL $3R.r Udbol, bsr6Sls q.> pr5.:bsr65L, 6o3qnlog qs;s3?or6nllqo ,d60}r l,Cttbot, Bs3o6o6blsbms5 ,{rl 6s19.'6ogb3sl,ors5 (aso ?otrrob Jo5aC66o'60dot, bod4qo), str6gn go6sepXdsr66 ItsltXlrlio b3q?3;r61q6doL 6sgo633E.:Uos6 n5 6J6bor6goSq6Esl'o,s6 p.r,js3tso6Xdtrq bsr613Bt. 103 $o5s3q6dut63 t3q?1flq3doL Ar?o6a0arlror5 ,qr ?31<61q6lslxns6 19s,}s3?o6gl1q X6q.: olrSo AsRrl,rb.)Rl, Rr Lbis (,8oGosql6 floLs;6nd6qL, 6r)aiRoc $st63ooj35X6.: 6nr60s5ooL g3rg3r6sgo1lqo r63LJtrbqo,lotr gs66qndlr 6st63m. <nj s363o6o 5s1g;LrLspXdo qo bsr61nto $st60ooJa6nds 696e.:5ooU gnqn6sgolq r6nbJldqo,;rtso SUnLbXlnqo 6.:rgsobgoL Ssrn eboqoU o3 ?13rnL1133sBo o1 .>g6o?61qo [,>63oo?ods OLltrbn]qoU oSo6osgo;oo rn1 KflrV [o6rUgsr6 6sqrobqol.r o0 6.>qshtrsrqCaLi Rr 3ol,iJ61dq6]1, elr3bb6]3qo Soorbo3SoLrnoSsp 6rRS6oObrAL rRSo?5tq os6LsL 7.3 ClLq?o OornornSllq .156.:16o?$X 3lbqo 7 3r60nqr.oXt.> ?JbrAsAolrrR 15,;'b6\.os!o bo6yxdo. 6oaxgolx J333oor BsaooSqoqo ao$x'boL ?xcob1;33;?o: s) $'o5.>3q3116X LstrXlrbo Lgq'?3;<61RCBol, os6o(ot, tsg8pX6 16o3Xqo8X 635g6oqy6o do6;olr .rE trb3r 3oU,1;qy6o, 3o6n$;r4pqo s6 lrt3r Rr$'0L0AlRCdob obo3S6dobr pr Arrobt'l3606otr ?3Lr6gq66r; .16 8) .1o5o5?o, 3oL o6$gr6J16ngsgor?o ;6 rqSoSoLg6or4nlr?o 53loL3o66o 63qoqgls, o5 6) 53doLr3o36o ?XU.>b0oto o68b6oCo sG 0r6.:3rq0br6o3o bnq?3;r6lqXtrolr r5 ?Xor;5h0Xlotr, ArSLrJtol6CAoo o163,:6 prdX63r6rLo.J6 RUrC?o63doo, drqr?o ?gL3qr, tO$Uaa0r r.,5 ?COCqn, crrg Kfw AooqCAU eraJoCooo, br6rxl, D6 qr$.:3.>t66tr, 16 396 6gdqr30b 6orq$ooU Ool-to 6r3go6s6ln630oU grblr sq6o06uq'., lr.>b3litr r qr.: l.DJ6,{qgql$cr b3q,A336gq,C6ob qrtso6)6UC0oU Ar&r GArS6(r(,o br6xrQo"), 6rtso6 o6o .46ob36lr 0l-rgl-rbgfuq,l.r rdolr or:odr'bg. Kfw-U abt roqrr6 6CAoUAoC6 JbCo) 0oorbo36rU oJ6 aerg3Cbr ACOUoAo6CAJ Kfl -Up6 r0 0oorbo36ob llggd3gq,'b3 (,r Adr)braouo orbbolr 3rq,3gq'rgor. \3s6lr ll. 6;5Ls.11o,r6nd1qo3sqq6d1q3d3}o t) I I t.1 )6n 0olr b,\5b(,6OotRJAr p,t Arlo,,t6 prJr77odldJpo o6godA.t]o,, Al,0tibal0qo 013(,(,)('|6 (rJ gttrrJ63sq'g$glr, 6oA J6ogjgol oooo3lqfls 6s56.>borar golqSdSqds l,sraC56rr: Scrse$sqoL, 6s5.>bor4gonq,nL, r$.>r63cxrlr rqs tr1'6tr5311q5mt Jt6o6j$oU ?StrslsSoLods ?XttU.>8oL go6s5L76 R5 6Cil5oJt 6 )r6s;l$o,.lolrrns6 qr ?3I-rrdseotr,>q J6r,0d6ol, moo,r.rC1qo 6o60rbot6gonqXlnqo bss6356rrL qs Kflr'y t ?rr6oL ?Xo,:5b3nd1qo Jl5ogd$ob ,Jr,sgffigoob ?3L.:NSobuqr d) 11$6153Xqgr'gl, 6ol q.rs3sq36L .Ir6oXJ$oL aoa$rRi..\t, Qs 3?666Iqololr $Sqr8hnp3gqodsL Plarr?d,PAlAR, ;1;qoqyr6ot6$trq JmSI,IRO$56 o6so663ll,, Loqo ;6rqo3o6oy6 3ot63XlL; L\) .)6oXJ$ot i5.:5to66oXqnd.:L 3tr6l5pqXogL, 16r,r8 LSUbop.:6 rq;Ls5oh6LXI1q'o lr;;loSqolu q; 3o3lr;bXr6nloU JrlS66sil$Clo 6ss3rrr63qXls [o5rL[.:6 E..l$r63]1qo trsn6cn.:?ot6oLo g65q36oL U.>tAfu1qtCr R) .:$sr68rrXdL 15 RslAnRJal' s$s60orr6 J365rqClo qr RrEs$X63do'.>5 nj6glr 5165sqn6o Rs 6s5;$t63lo, .)6oXj$oLrsorsoL ltlor6o trrJro6qoL qs SoBlrsty6SloL ?3d36stror6 ps,;sn?or6X}1qo ttlt$o Ls61Slolt rgr6ogb;1orn qs oB LsJoSqoLs R! 3mAl,l'bt6Jdol' Sooo<nXloo, r6o3q66og s0 L3l-rboqs6 jo6r6lrygdu 0) btslsqndsL Sotrqg?U KMI-L $.:r43o3rq6X6qXdL 6nlolSrrnt6 p6olr ?6s0r.r$3o5 $63obtrX63dtrqo JI65rR0Ao Nr BrSrVit6Cd{, Rr rl,C3C 53}o110o36o Lb3s qo;1335g31o, t6r'reqnlog ;U.rbu;65 Jt6o3$5olr 5;Sbror6go3qXAslr qs flL3qnqodsL, Nr Arro6rt?qo5 )6o0il6olt oloSJgSdo R! ADLa,.)5 qs,.yu3?o6nl1qo 6gXq,: 5;61dndgdo; ;, $,:61\Dm5l, KM-lr 56lolr3oiy6 o0 o6gr.rdSsgoslr q,r s56r6o?ndlr J6r,Jl6otr ?3bsb33 qs ;tr6X, Jr6onJ$oL a.553oo.t6flaolr ?ALrhilA, 16o03qrrg ?XLsdqos Ki/V-3 SooorBrr3otr; t'>; 1,) qoslp6ndqoS 8o.:g'oRndl, KIW-lr o6godrSs6o.)L ?Abr}saoho J6oCJOot 6s63rBo6gonqgl6qo l,!.)bCSOol' 3oXr6 OECD-6sG sE Soln ViA606oLA.rE "ODA-L,1r6grgog6loL 6.:0|3o63sqnodoL tr$r6p5pqXm3ot h6RAAJ6?RC}ol," gs66qn}?o 3o(,3d1qo Joobflol, ?3trsb6t, L3trbotr jsr66q1ilo1qs6 pslr.:3o5s5LXlXqo ltJo6qobs q.r 3o0h:Ltrr6gloL 6CER06oL AoSoBClibmsE RsJ!:l?odr3lorn qo ).>Ltrblr KfW lro.!5 ?Xwrs6be3}lr, qs t12 6,:51ry17ar62t7r1o Egn,:5b0nd,>. ?SlrslsSoLo i|doXjgoL 6r6asbor4go6qXdXqo L.>r6X6$r'r qr KIW ll.l a1bqot RJOrq06l' 6o5Ur;tror4ndlqo ?3os5bflX&,o 5.>5Ls$91;6s3X5 oloor'r11qo tXLtotr Jor6gooLo;1olr. t1.3 0b3LL3d6qo o3omo5 sE 2$6153nqXo3L, 6c.'3 ooooJ:tc{o J6o0JOol, 6s6e,;bm166onq3d3qo lrrsa3SOr'l .>) 1$161536q5og65 J6o0J6oL Lr61q prgoSs6L6lsL qs ?c,mho35obs31lr6 [s6trq6565 KFW-I, RrR.)lrOI60]sL ts6gX]oL prgs6got BlLrb;1], r6o8qXilo13 sdr q,>3o6s6bqo LSlrtroqsS q.> d) 1'br6153nqsrogn5, 6r'ra R.t?flo61aqo3 65r'll3ilX6 KFW-I, (i) 11'CoJr.,q6ol, 15 8oL.:qoq53qo q33oqgot ?nLsLnE q.: (ii) g33qs ?X8ohX;3ot BXLslrgI 6odq$og roJnr6o6Sdrb.tXqlr 831?qo.:5 J6r.rXjgotr 6s5bo6go3q3l.:lr r5 ll.4 ?lryl:hXdngoh 3b,>ttg$n6;. AtnLt6lpqo Rn0bAr60.r oroooglp Jr6o$6olr 6!53ho6goXq6d6q Ur.:5nSgrrnlL )r6ofigoL 6r6br'l6go3R6}ot,.ll, b$rn6o L;o51o56r.r qs 3oGsELy6o )r6.rjgo,1oL SobXq3oo $sr63s6o3,>Bo q.; ?nLslsSoLo J6r.l1d6ol' 6o50rberfrgo3q3d3qo l,!r665$otr &r3r+r 6s5bs;3or6Xl11qo ?3or6b33tom J6o0d0ol' 5r53obor6go3q363qo Lss6nSgrrt.:or3oL 6,>51,>$pgr61qc ;;.:qqndsqXlob L[rr6rq ?3L63qXds?o,,1Xr4doq, brl,OJl, J6o3j6ol' 5s6flsbor6go3qgnq St6orXnq'tr3 6Xqs o0 53}.)r6o3sL, r6o33qo6 Jr6o6jgolr 6.>SLor6gonqXloLo3olr r16ob Lslor6o. 8Xlt,>1,>0obob lrnLLllSqo or3oox'r6 qos pJETSCAU olool<n33q, J6oCCOob 6r6drbo{vrgo3q3b3q, C6,o,CUq,l, T$6?6J0qgoL, 6r'13 Jo6g}o, 6r,r8q13lrs6 J6er1;J15oL 0r'r3'bsqXd.: A.i5bcr63o3q,0ds, LsJo6qol.rs ;gs flcr8trsl, jr6Xo&rlr ;oSgr4r,JgXdoL er /\t SoSolnls qs t,lLLob 3.x66qndorgr:5 orrSbgob 3oobrr35.> qsnxrqgd;o, ;16 3ooobox35, 3ooq3635, 6sqsoLqor6, 6st663n5, ?6Jordq6}os6 s5 ?Jl,tr,rar'b0.06 I'bild .)ot<rgdtr 1;,;s5o5r'r r6st(str6ldsL .>5 oUs666dq3dX5 Cto33 Lb6s AJo6rdCl,er}oot $AaelIL060IiJqo f o3.::q6odn3oL ?ntl61q6]stro.:6 qs,t.>3?o<6g]oo. l1 6 lujotSqolt Odn6lio66oi0d; LX[bot gs66qX]oqs6 psgo6oSlrSESqo bs;lrr6qol.r 06s5l,Jo66o6Clrt3 ArA6OCqRCls lrs0osg6oloms?ot6oLo ?nos6hSXlolr qXd2q3lXlo, r6o3qnlo6 OS(,doRos aLnLLnlqoLor3otr i{.) Jt6og;lgolr 6;53sbo6goXq6Inqo o66s5o$.:goobo3olr. ?cSuilo6o t2t p0Aoq6ol' )ot4otndo. Yntl troJRCAra(.)LnRo.i 6s3oo11g6mt 122 31hq?o (tt>3.>6as!ndqoxo 3XgX6X6o,>6 pXgotqfiob )*oA2a4 !R5o?6i)qo 13qnE3f,o otr sRboRo rditl, olrloo SolqXEXlb, r6o0q6ioc $sr63orq6X5l-r eo$11drorq16tr ao$01't' (wichnuer Grund). ;nr6dqq, ?X3qn6o orornoSlqo 3o3qn6s $st'o3osq6n6L 0sg6r4osq16 0otntt: s) 0L3LU3l3qo 616 ?gst,r6Xq3lL KlWJr $o5s?X sqldlq 3;qqgdlqnhlt <n;Eh3doU Soooo6dXq fl.rp0a?o Rrtsrdtol ?CLrbod; a) qror6p333.> aUnLb3LqoL RJiS Jrrro3,{$oL 6sSSsboCrGoXq0}3qo LrrA0SO(',l' 3o316 $o5s3qXl!6X bsLnLtrr h3q?n3t61qnloo, AsSt,rJto,6Cdtqo 83o,.:5L36d3doo, r6oSqnlog qs,1s1?nt61l1qos $o5;Sqndrdg toLXLf,o bnq?3,y61q3lslxnr5 brrnJsRol,Vo6tloqo Jl116odXlo; 6) $o5,:3qn|.:r6n LsL6l,bo biR?JJ6lR0as arnqor6.5e .16 5s$oqmdr6o3 6s1J03l3qos Rs !Rs6 A$65on LrSsqpgdlqm hrbo.wo ab3trbXd0qo,r5 sG oroooglq J6oCJOolr 6o50sbo6goXq3}3q L.>.:6X5$r'rLosG 3o3sr6o3ls?o s5 6sr6s5gor6o rRr6 n6ol, d.>qu?oeUXLbSdnqm;5 s6 rnocnr.lC?tR JdoiJOoL A!6arLo6Oo0R0l0R tss6n5$r'rLo15 3o3;t6o1lr?o; R) 6s6lt;3or6Xl1qo?nosEMSIsSorqoo6qqsSS.r[oqo]6o;;6s1;131]1qor qs sqst<r 6ss65oo qsSr3rqq0d?RCa0Ro bsto.>rn,r 6s5bs;1ot41d11qo l>( ?Xoo5h01doL 0L.>rrrnXbo;5 3rfisr6o3dc?o 5s6trodrgoSqS}spo A!51's,Jlcrl6AAAqo rE sqsr4 ojs3is A3c,s6t0nlob 3b66ndolt Vo6rrRaRCo. :]) 63}ot3ogr6o qCJR!6sOo5, qsqsL$2r4Xl..l, o5$o63,>0or' $r63o3r1q635qols rG 6s6!50o5, doSXqoO KfW-U s'br6om 6.:p;il$gX$o 35o?l6Xqololrss l-rrLtn6XdoL 6s3oXr'5olr 6otrs6r6dnqXdqsp q.> l'3l,fot 0tsr6qs|3r6olrro3oL rrtuL$or6os, ortuL6lqos s5 1$lltfyos; ir) $sr63ooj35.> Lb3.: 6s5ls,;1orr6Xd1qo 6sr663oXls, r<ro3Xqr6 si1ar356dt oE LXqU 1?qoL $o6s3qXb63 LslrXlrbo b3q?16trq3doo 6;6ln'bq;y61qo AlRRCdIRSlClol, ?6Lr61qnl.:L; 1,) ot aL6LbJlARo q.Vs6 Snlolr0on6o J6c,Jil6ol' 6.)54$bor6go6q6t3qo l,rsA06$o 336 ?3dqXllr rgss06;ogoL, droS Lnttolr rn.t6[C]o eo'h5olr6o3oq oj6s 6s3qX5Xllqo; m) elrXtrhSilXqo, RSoSt1dL ar'lq.rJ!6s.6lndU X6m s5 0g$ flltglltXdqolt ;63qo$errnXlorS ffiW-lr 6sr6qs) (rTt$6r0o 116LbXloL 6s1;lSXdslrrns6 r:3 brRnbRob qs5o353dsl-roo6 qs;o3?odrSdorn s5 Ac)650(,6ota(nr6 r5 em6Xu16gdsl-rosE ps,;s3?o63troo, p0gop6oL L.;0rdargndqoX" TXpXSndo a7 l2.l fubq?o ;q$36oq 6sr63eo3l3}lr nJ5;ds.>q6oqo R.! iR6ot5f,Ro 6rr66Sondndolr nqAr'rilbs6s s6 0obq3dr 5 qq6?o (8jbqo I2-l .>) ?g8ot3g.:?o) sE m1 01bqo l2.l-?o rqSo?E1q 6.r6X3o1lXlU XJE3lr .:p6oqo q.> sqSo?GXqob sq3ogb36r 116 SotrgXds, KlVV-rrlr SoXdt 6.:5Lctq3r61q qrrro?o,6o3nqr6 L2q ego6n 30 qq3 0so5g 161gs o11oL' Kft\,/-L ?31dqos 6.>rlJeoL fo6o8qgtrsrtn IsLXtrho bXqtsX,161q3d.> 16 SXdobeol6o 0olro 6sIoqo, 6sg 6s3oo[36L: ") $o6s0qtnls63 Ls[nLto b6q?1;r61qn]rrm 8sl'[x q.:;"161]1qo g.:qp6l1qnd3dot AritJaCAsL, R! t)/ a) KIW-I, ?nXdqos 0oomboyrt L6LboL s6 SoLo ps<6Bn6oqo SsSoqolt qsgsr63.> gsr6o6Ltrq Jdl(,GJS6Clo,s6 q.: $o5;3rgXlst63 Uslt0lttrn h0q'?CJ6tRJaoor $sr63o?r'rloq 53dotr3o3t6 R.) ffiCqr bbSs 6spsUsbgSqo.>5 6r6orq. ?Xbqo 15 (pfio*1o) ps fl2hqo 76 Qo6bnl',rAdJbp?i 3r6gnqq6}; qsBj.:6611q rns5b6l1,3 ?6Lslu8oUo g3qoqnlXiot ?ngs5oo. t23 'l>tt4.>q,ol .s6s'bp.;7rfudo. $o5s3p65sr63 tslrxLto L3q?n361qxdolr 0oqo.s5sg n5 Er$oqoldro3 AJtJaClol' ts33o bp;;sto, 3L3Ltnl6q'o gsqp;dlqo.: 6.'qsohsperlr os6brrlr SolqnlqodoU ;mBJS6Lsgos 3.6 81LqoL (p nilryjo; a,:6hol 4oTpXdgodob 3n0otbn1n>?o) ?XUsdsfloLsq qJ.:5 ;r',0JX51.:gos 65 "6" fl2bqoL (fo6lfaXam 4".:71,:617ob 4o n6lt;11o.t) ?3ltd$oLop. 13 $rr63ofsR6n6qoBs qs ?ngSoloSXloL $s6q665r I3.l 4hXbhXdgob 4llr )4offiolt 6,>60rbor47y11q;1t,7qo lt,;.;5X6$nlt l.>62o2og6254ottoL TggXd$olngXd; ltJs6oXnqrnL 3o6s5Lor 3o5otr66o q; Aob 3oXr6 KM,/-Lo3oL Rrlr.)b1qtl1Ro Jo6o, 6oe3qlrs6 ?3lrsEsSoLo qo;13366ssoorn Xj60ds seolro 1gq3ds ao6olnl1qo, $o6rftqXd.r66 ltLSLbo 3lrlLb6d3qL b0q?cJ6:,qalolr ?XL<61qnlol-rslt $s63rrsq636lt Sst60o8uiu6nSqodotr lSqndrSolnq3ds 6s6r6d3qqXlr e.'5sC lt6s3 ?LXLbSlSqo sr6 sg6ar}36L KiW-L sB lgq36s3oLoq;doL ?X$gmgol, ?6l,shil. 132 & n0sr6oXto. $o6s8qglsr6n }sLnLBo bXq?3;r6ARJIll,orG p.r;.>3?ot6n}3qo ?C6ilr,Io60lCAo qr 6sgtrq6}3&r I6RD o5r',L ?Xtr6Xqnd.1qo $Xr6oqoloo. otm&r o6o6o5rq3do I5R! o;crL [r6q565oqo .)6 A.!ao5!JRol, ?n8obp;p?o arr6tX]olr 6.:3q1ogolr rnsols$g 3ooto35s - B.5illlo8oq1l, Lsto<n. $o5s3q3dsr60 l,sl,Cl,br', t3q?3;6lqXlulo.r6 qs,1s33or6n}3qo SnloUSoy6o R,5 i,mit1R(' ?6$Srrlo6ndr q; 6sgbsqoSds 6r6$s35oq 25qr oJ6rb ?13rgn6 0oL$rt6or$n: l\v Kfl/V,lr ?33rnb;113s?o; Knn/ Postfach'11 11 4'l 60046 Frankfurt am Main Germany Fax: +49 69 743'l -2944 SbgLLldSqoL 313rnt63r?o: LoJ.:rnror33qrr 3n6,>5Lor.: lr.:SoSobgraro 6otrr6rUsqob J. 16 rnloqolro,0114 Lsilr6o3Xqo 6cR. +995 (32) 226 r455 oJrJl,o: +995 (32) 226 2423 14 t'o6;qo qXdlq6dSdo 14 I lndoiSo 4pn. $o5s0q6}r6X LotrSlrbo hXq?X.1r63qXlotr flo'bGX}?o "lr.:d.r5;o qq3" 5o?6catr t.>docnoL pr,jgor6olr 5,>r6q; ReCt), 6r'lp6t,.56 SroSolr g16o6;316$otr 1o8nr6golqo 6o5,1nBo qo;; do6oorrqo [rJ3os6o]oUwgotr. 142 bXs!7X.Jdi)42tob 3nh47p2dolt .r4r6o4,n $oSs8pnls6n lrsLgLLo h0Rts0Ji6?q0doo tg.:,.1olrrvr3E.1qo t)RR0dtRAArloL ?nl116SqXlob .rq6oqor 3ro5oL "36s6,i3y6go, 63t63u6ooL 93q36.:go1qo 6nLJpdqo,1s. bXq3g677gn\oL pXlTgnZntol l.>4-s?o log& 5;fogo\6op 7rt7J2Xl; aX $o5seq3lsr6n lrlnLbo bXq?g,;r6lq6lotr 6oenqo3l q1d1qgl.: d.rgtr,l, lg.:,;;r4503t, .:6 SrrL 16o33qo33 Rn8lqXlr?o trsyroLo .r6slr6.1qsq r6otr $Dr68o\r65oqo, 3t sr4 0orhqn6lr 1'n6s3q15sL bsbgLto b3q?3;l,r1q6loL /ir qsEtr66n6 qndlqSdXd$3. So5o31g3d.rr63 hL6Lf,o h3q?1,y61qXlotr 0h;6XXto dsq.:p;3sr661q q6hqSdXll, .:bsqo qXlnqSlsdoo 8ss$63qXd66, r6o0q3dog SsJLoerqXrrr.:p .rbqmL oj53dos5 orr3oLo sr4lorn qs tslxrsmom SoEsSp3q p3d3q3lnlo.>5. flbsr66ndo ?6n6qnlos5 BXsgLo6 sr6.>lrr6jqo q3}2q3i3lo olr6rno qnhqXhloo, rarre?q3dog Os;llroSsqXr6sq stqlrL oJSX&rsE rn.:;;oL,r sr6torn qs hsLo.:oroo $o5s5q6q q3d1q3dglo.:5 qs 8so 3o$5gllr gsLtrbglnS. 14.4 fXdoAot4ootrt got6h (or OtpopAAn. go6s319Xds63 t3q?C;r6irq3lr?o 03qoq3d36o ql' qsSsgSdXlo 15qs 6sgor6SqXL g16oqoAoo 3er6ne;1qo Srnarbo3Sol 6;lj8Xlot osod.:$3 mBo3tu 0Ls<466toU fo6r4 3o3$sqn611qo 1fts.> oXoU [6t6oqo]orn. go5r0p3dsr66 $gq?6.y<r1q3].:?o 6;1qoqX]6do, r6o8q6]o13 Xbnls KIW-L q.: Slr3LBXlqoU lr6ooXr6oolSlL sr6 Sooarbo;1b Jr6on;.lgoL 6s53.>bo16go3q633qo UssaCSOc'l, RrRrtOId0a$1. 145 1gpnl.;SolngXtoL gnqn6o6l1dt fltrSbbndXqo s6 SXloLSoXr6o )r6cr3;JgoL 5s53rbot6go3q3dXqo L.>.r6X5gm s6 qss6sqnlU s5 6rqsL633L Lb3.:L, .116 qrs6o6s6ndl $o6s8q3dst6g L;Lnbbrr bnq?3,y61qnlorn rq;,p161411q Somhcn3Sndlr t46 p6o&a do2xpo6 futit4pxttix bxpTxg4Xqndsbx 6,:1fi1;xglp;11,;. goSsSqxl;r6x LstrXlrbo b1q?X;61qXl.: r636trqor6qXlo 6163s5oolr g1q1/o.:go1qo t43L)16qo;oL,1s5oEfl ql6qodoo t4;7 b;6gtb41qoloh ,7o4t. go6.r0q36s6g Lslrnlrtr.r h6qtsg;r62qXdslrms6 Kfr/V-lr gSqs )639X5$os dsqsqs;sr66;1qo oJ56ds o3 gqoL qslrr6lqXlop;5 bXaro $qotr ?93\Dn5, r6oq3Ls0 J6ngn61'or g163oo1135.> pi 6caroJl,.t0 KW 3 o53or63sgos ?6o6flr'r )(,06C6$osl,ms5 RsJl3?o6itrIqo 6sr6X3o6dXloU rn.rerl;t3, 15 ?nodqnls ?00$lro sA qrlp6g6r'rloo 6s3o!'331qo r48 6s663r'rnbndoL orsols'b6 o0X6o[Xfi'b2 7;6oL oj1i. 6raqX6sqq3, r6n0 SLnlrtn]0qt ?6gqos r6r'reXqo0g oT6oLpoJgoo?o rbqr ,r5 0o8o3sqtso ts;1or6 oJittC .\5 foL sJgopdtrX l,slr.:err6orqn oaa5cl0S6rll, 3ootog6s, 3XLr61q3}s, SrqoqoL rgsrqnd,: sE Lh6s Ls3s6oq3d6o3o Jr6og6Lo p; o0olr 3oh3q1oo, rrroa 53doL3o3r4 3tr6r1L o1t6oLpoJ6o.:?o 3.:L\3 s5 3oL s;lgo3n}5g ?Xodq3}.: 5rgr6gSqqnL .:lr3oo o335og6go, L3bbotr $q3lo rSoo ?npg3qnqrq or6rbSs.: s6 Srroobo3olr q,r $o5oar.o3drr6Xoo ?CiolRlqr* t.\61, iAlc,dt,.5l,0oo ot(ao(ooJoooL grr66q5d?o 6ndsqrr6olq oel6ogXg$X, cntSor ,,at5ooJ6o ,>6 3cxrbh63b oe ?XBmb;1XD?o ltl 6mq1ts6: O rr6LXajqo s6 bs0ofls3qo "0olmoL ;lo5Xls", 6r,r6odrg serL 6sGLs$g36sgL 3X5oU Jo53n6gortso RoJqelS$$otr6o l6om6r6oronEob ?3lrsUnd, b3qAo[66oqo 196l g3qlr, "Ls,y'rSlrXqoL joEXiJ', lrsdr6,lo r56s6o?X]oh BrDARoo 6cl6r.l60 6tr 6rGh$q3r6trqos 365olr ;o53n6gortso L;,je,6L1qo trr6oo3r6rno3lot ?gLsbXd, h0Rao$06oRo I%3 g6ql, s6 lrh3s63u6.:q bsal.lUCGCA?tRo l,rils6oil6Rr.ll, qoJqer0sgoy6o 15 b.r;oELlqm SoloSdotr s5 lrtp LnlaC5oot e336olo<n (6udrqu oB ?36oL3X3olr;, r6oq3lrsg Uslor6os .)r6o6gLolr CACJOI60 0o31.:L16ndobolob), (ii) l,!Ab0R6(., bstrsoolr Lr,;3orr6Xd.>, r6oSnqog o3lognl.> Ls3b6gr6o Jo6XloL s5 osgqsg3ol lr!!AiFOr',1, ;o6gr6rrqoL Jn6B. (iir) ItJs6m3Xq'o?o 0qXlor66 lrs;Xor6Xd.:, r6o33qo6 6.r5,;1ar35oqo; lrhsqto, LsSors3r6oao sE ;Xqg361qo &r$EgEoo 6sae,;65goLogol, (;o03r6go2qo 3o$56dotr bsJor6oLJo6r'rq) sE (iv) X!3oL 6s6Usjor6glq1ilqsrg, (A) lrs;1.:<6olgqolr 66o351qo ds6;olr Us.11or63dr oaoUqs aolbqr3yg .u6oto1 .:16; BopXilqo jrt6mlq .!5 .r6rd.56o1q l.>5;?o !5 Ltfl,) E3iolr8of lt",yr5s5l.rrr o<116o5o$.:6or?o, .:5 (B) LrJ,>r6o3nqoL ;s5o6oL "lr!,jA1c,r Vr6at'l6doL ?Xlrh36" 21 atrbq?o 6s5Ls$q3r61qo 56EoL3og6o go.)ol, lrsJtror6nls, r6o33Roc tt;ls6o3nqo?o 3q6ds6nolL. L,:Jrd;rn33q ttsRJArL oOmflCAL RDo3flrl, rns6oto trtaC60stRo oal6ogngo 1976 Sqolr s?? 1gboy6,, t113n6351qo oat6o600oL siloolt (U.S. Foreign Sovereign lmmunities Act) ts6lslsSoLsq 3oL $o5,:sg3rg65 6s5bo6gonq3}.1qo jaXq6dotr ?X3o163.:?o o33r6o.plr ?66arX61qo'A016010l, lr.',Ls8tr<roqo?o .:e36o;oL ?3X6o3d1qo ?6!60dol, 33q36sqyvro s5 ?0160lr 1b;St6otrrXdoL,;sSo6nloL OotXq;yoo. 14.9 htis4oglXd4oippint. s) .>6doShtlrt [o5s8q6l.:r61 LsL6tbo b6q?n3dr1q6hLo.>5 po,;;;?odrXdlrqo s6 $;63o?odoqo iil6{n RniF Sbo^-og (,J l,r'detgnog lr;v4dog6sXo lrsLs8srrroqot 3onr6 prr6361qo6qX]s. sBrUosS p;;s3?o6Xdoo ?3erq36o ?c.rmto356do,reoJ?3ppndo: nraroo s5 bs8o ;168og16ol.16$, t6oSqndog qso6o?Sglor6 q.: o0o;pnq0l35 lrunr6or?or6oIo Ls3s|6o Jsq.>golr (lCC) s6ao66sgol, gnLXloL 0otlqnoo, 6o33q?o6 qr5oqrq6cr .ts) I'ni6ilo06s5o LsLsSs6oqo tsp63ds ?npoU 61qoq33r. Ad)Lrsd'.o$6sJo As6boqi,.,, 6uo0s6o3d; 8.ro5ob i1drs6;3jr<rg?o. Jdroglq1r6Xtro grr6o0.:r6oX}l oS6qoLyrro X6;'bX. d) o7r6ofu."ofuSol. .:8sL 5srtqr, Kftt/-lr .:;fulr lgq3dr oSogor6nlrlr 6s1.6orrrlr bs8s<6o,:q[;6eonlslr ltX6mo ot6olryoJgool, lrsLsSsr6oqoS]?o (ordenrliche /t, / Gerchte) B6r5.JB?66?o s5 SSdoUeoXr6 LslrsS.:r4oqo?o, 6.:6sq r13 ?33rnb333otrs t6t'rg3Lr6 Ls.loorbo CJiJi AsSoboR3as sr65o$6s5?o, 3bor6lBL ?o16oL 3L3Lbll3qo Rr rno<nrr3tqo Jr6orSJ$oL 6s53sBo166oXqXl3qo lrs.:65$o $sr6tq66Ao;6 6n3olr3oX6o .136g116o ol6oLqoJGooU UsLs3.>6o,qo?o. 14 l0 o5got62t7SooL lofopXnt.K$,f -tt ?Xldqor !'o5s0q3dir66 L.:trnLLo b6q83;61qnilol't q; ?Xk61q6lsboob ps;s$ot63l3qo o53or40rgoo 3os$oqolt 6sgo633dsLs 36q36sqy6o bs6r56rnl 6sBgnSL 16o6o69 nL .>g6o?51qos a?bqo &?o (66r63s5ooL ?0qA6sOoiR drXLJXSqo.p} KfW Rs SARAr6sRldro 6st6;66oolt 6o36X3o 23q3du3oUoRo .:r6os6 LnLLos6 rg.> J6oCJOmsS rqs;s6?ot6Xd1qo o53o60sgos, 0o[oq3]slrosS qs SoBlrsUir6XdsLos6 rgo,;s3?odrXdoo 6sgodrSn]1q JoSO6rJO0d$0 oSgo6Srgoot 6so3qoo, eos$oqo5 tr;36m'r?or6oho cx65.,6ot s6o3dlr, 6o0qXlo13 lr$.r$nl,OoJf6o SoBsOCAXlolt ?36r6o33ils'l'3 ;6oo6 JrL1BoL363dXqo, J 6dr.lR Jo 3,>qXtol 0ro3U.:b163d;lrors6 qs eoSqSXOXioU tsn5r6m33dst3 qr 6s3ofu355nls$3 16o9 qs;s;1?or6ndlqos Jc'50d'"ii016oL 8o6o|SlsLrns6 o3 };jo6nqoLr Rs AoAbsbX61}ot,ro;pL 6sg 116qr qslo5':6L1qX[ lrXLLoqsS. Ls3r6ms?rnr6oLo ot66;5o\sgond$3 !R5o?6TRo o53r'r60rgooL ao$oq3aol, 13qnd.; 3oog.:31 sLX6 3L6r3Lo o53o63.:0ool, 0o[o('6]"'lr $ o66s5o'b.:go3doL $6r4ndolo3oL. l4.ll drgtao 771.74".r. $o6r8qgdst6x trsLlLto Lxq?1;61q3ls 16 ?13s d,:qs?o 3r5r0 l*5r0 L;0oo3t6odo ?3os5bXlr, r6o0qoLr ltSSdSnqtXg o6o 3o60p1bs s6 ?33,: dsqr?o' $nSrerqxl.:<63 lr,>L3Lto b3qB3361qn}.> ?3lrr61qxdtrqo.> o56qotx6 36s'trx er6o m6o6o6sqolr ttboo. 96.$jggdr6o, KIW br jrl6ogqx'r gobrblrorr b.>0o6olr66o (2) l"t/ psSs6oo I B.:0r.rt<rogh3oL 66ugo.1o gt6oqBo 3oo331qo (,o(n(,0tRo E.r0r'rr6o6b;pL JXr6ooqoU boqob Sl,ClrBCa[RL ?aadRor Soornbogob UnLLoL os6Loqs6 Bs3or6ogb3.r, sd'sIA0OCt, jil60oo, 3og332qo osSLoLs oloq,tr1iqo 6.:3or4ogb6ol.r J6riooqoLogoL. o3 ?n8ob3Xgs?o o3 SLXtrB3EXqo s6 53dol&ry6o J6oCd6ol, 6.>53sto6goXq3}3qo or66r5o$s6os 0oootoxlr 5s;q;1do or;GtrXlolr 6o0o16o6h3.:U 0ogX31qo 6s3o<6o6b3olr JX6ooqolr 6s50slqols?o, E,r3o3r6ogb;6o os6trnlo otoorr11qo BsSolrodrogbo Jnr6or.rpol 6s63.:3qol.>?o ?6lrsdqcr.,' 6.r3or6o6b1q oJSslr ?60q6ofl Eseo6ogbSol )3r6oop6l?o. d.rx$R"fn "lqJ5c*\ ffiEql J616mqo lrtl"neoL biSa6dRoacnr aaudR-r rN&..*.ok"l, ffiaao Jc&fqot q.,l6Jq15raR6 kua,r.,a.q.) G3Je., a.st ao a,oCaaq.$ rtr-,8") 1 30.06.2014 5,094,500.00 2 3012.2014 6,423,500 00 3 30 06 2015 11,518,000.00 4 30.12.2015 16.39'1,000.00 5 30.06.2016 20,821,000.00 6 30.'12 2016 22,150,000.00 JC6@Ro Jcernqor r*atsE".;'J I 30.12.201s r28sp00o0 /vt I 2 30 06.2016 2J50,000.00 3 30 12.2016 5J82,50000 4 30.06.2017 92s2,000 oo 5 30.12.2017 12,850,000.00 I "t) r.il.turrc{, I.r $F n),?r.- 5..o3'tr6tr r.$r-rE-L Linbr$.d6 treDrr4!<rr* UlJ.'" a AG 0L I0il'il'1 . l,I6Jcnr,al'JonmatdsTpaTot l{ i ll quogcluccmng, gv ll '-''r"'i[:i:lni:';;z ol r.r. .rln,ir, A'reN -

; ,1 LoanAqreement dated VZ a2 Zo'tJ between KfW, Frankfurt am Main ("Kfw') and Georgia, represented by the Ministry of Finance ("Borrower") for ll EUR 35,000,000 Open Programme Extension Transmission Network Georgia ("Project") )./ -2Contents Preamble ) 1. Loan 2. Channelling of the Loan to the Project-Executing Agency 3 Disbursement 4. Fees lnterest 5 Repayment and prepayment 6 7. Calculations and payments in general 8. Federal guarantee 9. Negative pledge and Pari Passu 10. Costs and public charges 1'1. Specialobligations 12 Reasons for lermination 13. Representation and statements 11. General provisions Annexes Annex 1 Disbursement schedule + i Preamble The basis for this Loan Agreement is the agreement siill to be concluded between the Govemment of the Federal Republic of Germany and the Government of Georgia on Financial Cooperation (FC) ("Government Agre€ment'). Under the condition that the Federal Republic of Germany will provide interesl rate subsidies and under the condilion that the Federal Republic of Germany will provide a guarantee for [he loan KM/ 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 lhe date of signing of this Loan Agreement for recognition as Oflicial Development Assislance (ODA) 5/ 4 1. Loan 1.1 Amounf. KM,/ \,yill extend to the Bonower 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 ol up to EUR 22,150,000.00 (in words: twenty-t\,vo million, one-hundred and fifty thousand Euro) ('Portion l") and a loan portion ll of uP to EUR 12,850,000.00 (in words: twelve million, eight-hundred and llfty thousand Euro ('Portion ll') 12 Channelling and Loar, purpose The Bonower shall channelthe Loan in full to the Project-Executing Agency in accordan@ with the conditions set forth in use Article 2 The Borower shall cause the Project-Execuling Agensy Porlion I exclusively to finance the 500/220 kV substation Jvari ("Component l") and primarily to pay the foreign exchange @sts The Borrower will cause the further Project Executing Agency chosen for Portion Il to use the respective funds of Portion ll for upcoming projects related to the transmission network ("Component ll'). Each Project Executing Agency, and Kfvv shall determine 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 to several separate agreements. 1.3 2. 21 1/ Iaxes, charges, customs duties. Taxes and olher public charges owed by the Borrower or any ProjeclExecuting Agency as well as customs dulies may not be tinanc€d from the Loan. Channelling of the Loan to ths Proiect-Executing Agency of On-Lending Agrcement The Bonower shall channel the respeclive Portion the Loan each to the defined Proiect-Executing Agency under a separate Borloan agreement (on-lending agreement) to be concluded between the and rower and lhe respective Project-Executing Agency at the same terms JT conditions set forth in Articles 51, 6 1 and 6.2 hereof. For each Portion a separate on-lending agreement shall be concluded 22 Cedified Tnnslation Prior to the first disbursement trom the respective Loan Portion, the Bonower shall send KfW a cartified English or German lranslation of these on-lending agreemenls specified in Article 2 These on-lending agreements are subject to prior approval of KfW. l No Liability ol Project-Executing Agency. The channelling of the Loan shall not constitute any liability of any ot the Projec{-Executing Agencies to KM'/ tor payment obligations under this Loan Agreement. 3. 3.1 32 Disbursement Requesl for disbursemenl. As soon as all conditions precedent to disbursement pursuant to Article 3.3 are fulfilled, KruV will disburse the Loan in accordance with the progress of the Project upon request of the respective ProiectExeculing Agency. Disbursement will be effected in accordance with the drsbursemenl 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 ProjecfExecuting Agencies requests disbursement of lower amounts within any half-year the undisbursed amounls may be requested in the next ensuing half-years With the exception of lhe last disbursemenl, KtW is not obligaled to effect disbursements in an amount of less than EUR 2,000,000.00 Deadline lot requesting disburcement. KfW may deny disbursements after 29 December, 20'16 for Portion I and after 29 December, 20'18 for Portion ll of the loan. Conditions Precedent to Disbusemenl- KfVV is obligated to make disbursements of any amount under lhis Loan Agreement only upon fulfillment of the following conditions precedent in a form and content acceptable to KM'/: a) the Borrower will have demonstrated by presentrng a legal opinion salisor factory to KM,/ and by presenting certified coPies (each with a German English translation) of all documents to which this legal opinion refers that law aa) the Borrower has fulfilted all requirements under its constitutional and other legal ProYisions for the valid assumption of all its obligations under this Loan Agreement, and bb) KfW is exempted from alltaxes on income from inlerest' charges' and similar costs in Georgia when granting the Loan; fees )) ,6b)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 Germany mentioned in Article 8 is in force and effecl without any restriction; d) the Borrower has paid the management fee mentioned in Article 4.2; e) KfW has received the on-lending agreemenl with the Project-Executing Agency specified in Article 2.1; f) no reason for termination has occurred or is threatening; and g) no extraordinary circumstancrs have arisen that preclude or seriously ieopardise the implemeniation, the operation, or the purpose of the Project, or the perlormance of the paymenl obligatrons assumed by the Bor rower under this Loan Agreement. Prior to disbursement from the Loan KM/ has the right lo demand such further documents and evidence as it reasonably deems necessary 34 Separale Agreement. ln a Separate Agreement each Prolect-Executing Agency and KM/ will specity the disbursement procedure including specific conditrons precedent to disbursement and in particular the evidence to be furnished by the respective Project-Executing Agency provrng that the requested Loan amounts are used tor the purpose stipulated in this Loan Agreement. Waiver ol disbutr,ement. Subject to the fulfllment of its obligatrons under Artrcle 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 lo Article 3.6. 36 Non-acceptance compensat(j,n. It 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 Kfl / cannot be held accountable. the Bonower will promptly pay to KfW upon its request such amount as is necessary to compensate Kfw for any losses, expenses or costs incurred by KM,l as a resull of the non-acceptance of lhe Loan amount in question KfW will calculate the amount of the non-acceptance compensation and communicate it to the Borrower 4 Fess 41 Commitment tee. The Borrower will pay a non-refundable commitment fee of O.25 o/o 9 a. on undisbursed Loan amounts. For Portion l, the commitment fee /oc -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 ll will be clmputed accordingly beginning on July, 1,20'15. The commitment fee is due for payment semi-annually and in arrears on 30 June and 30 December of each year (each a "Paymont Date") The fee for Portion I is flrsl due for paymeni on June 30, 2014, for Portion ll on, December 30, 2015 bul no earlier than the Payment Dale ,ollowing the day on which this Loan Agreement enters rnto lorce and effecl pursuant to Article 14.'11. 42 Management fee. The Bonower will pay KM/ 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 disbursement under the Loan or (ii) after expiry of a three-month period after the signing of this Agreement by KM/ or upon elapse of a one-month perrod 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 stgned, lhe managernent fee will fully accrue regardless of whether lhe Loan will be disbursed in full, or at all. 5. lnlerest The Borrower shall pay to KfW interest at a rate to be determined as follows: 51 lnterest (fixed inlercst rate set upon commitmenl of the Loan ) The Bonower shall pay interest on the Loan (for Portion I as well as for Portion ll) at a rale ol ) ?J'h p. a ("Fired lntersst Rats") untilthe last repayment instalment acto the Repayment Schedule as defined in Article 6 1 and 6 2 has "or?ihg been received. Calculation ol interest and interesl payment dates The interest on a disbursed Loan amount from Portion I or ll wll be charged from the date (exclusively) on which the respective Loan amount is paid out of the Loan account held with Kfl/V for the Borrower until the date (inclusively)' on whrch the respectNe repayments are credited to KflMs account stated in Article 7 3 lnterest will be calculated tn accordanc€ with Article 7 1 (Ca'cu'afion) lnterest '1)' will be paid in arrears on lhe Payment Dates (as defined in Article 4 v a( -E6. Repayment and prepayment 61 Repaymenl schedule for Podion L The Bonower will repay Porlion I of lhe Loan as follows: Paymont Date Repayment instalmsnt 30.12.2016 EUR 1,165,000 00 30.06.2017 EUR 1,165,000.00 30.12.2017 EUR 1,165,000.00 30.06.2018 EUR 1,165,000.00 30 12.20',t8 EUR 1,166,000 00 30 06.20 t9 EUR 1,166,000 00 30.12.2019 EUR 1,166,000 00 30.06.2020 EUR 1,166,000.00 30.'t2.2020 EUR 1,166,000.00 30.06.2021 EUR 1,166,000 00 30.'t2 2021 EUR 1,166,000 00 30 06.2022 EUR 1,166,000.00 30.12.2022 EUR 1,166,000.00 30.06.2023 EUR '1,166.000.00 30.12.2023 EUR 1,'t66,000.00 30 06.2024 EUR 1,166,000.00 30.'t2.2024 EUR 1,166,000.00 30.06.2025 EUR 1,166,000 00 30.12.2025 EUR '1,166,000.00 /or -96? Repayment schedule lor Potlion ll. The Borrower will repay Portion ll of the Loan as followa: Paym€nl Dat Repaymont lnstalment 30.12 2018 611,000.00 30.06.2019 611,000.00 30.'t2.2019 612,000.00 30.06.2020 612,000.00 30.'t2.2020 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.'t2.2025 612,000.00 30.06.2026 612,000.00 30.'t2.2026 612,000.00 30.06.2027 612,000.00 30.06.2027 612,000.00 30.06.2028 612,000.00 30 't2 2028 612,000.00 lt) ,1063 L)ndisbursed loan amounts. Undisbursed Loan amounls (each portion respectively) will be offset against the respective last repayment instalment due pursuant to the repayment schedule unless KM/ al its own discretion chooses another oftsetting altemative in individual cases. 64 Disburse.ne,ts after lhe slaft ol repaymenl- lf Loan amounts (each portion respectively) are disbursed after repayment has started' the repayment schedule as lisled 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 Iess than the Loan amounls already disbursed lf the repayment instalment due for payment exceeds the outsianding loan amount, KfW will deduct the amount equal to the difference from the repayment instalment due, divide it by the remainder of the repayment instalments still outstanding' and add this sum to each outslanding repayment instalment KfvV reserves the right to postpone taking disbursements inlo consideration that are made of wrtfrin +5 aays prior to the respective Payment Date for the determination the the outstanding Loan amount until the second Paymenl Date following disbursement bJ Prepayment.fhe Iollowing will apply to early repayments: suba) Rr'ght to make prepayments The Borrower may subject lo the paragraphs (b) lo (e) b€low etfect 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' is subb) Not/be A prepayment of a Loan amount pursuant to Article 6 5 a) ject to notification of the prepayment by the Borrower to KM./ no later than on the fifteenth Banking Day (as deflned in Article 14'l) in Frankfurt am it Main prior to the intended prepayment date Such notice is irrevocable; the must specify the date on which the prepayment is to be made and thereof and obligates the Bonower to pay to KM/ the stated amount amount on the stated date c) fuepaymenl compensation. lf the Bonower prePays any Loan Amount the (each portion respectively) bearing interest at a Fixed lnterest Rate; is Borower must immediately pay to KfW upon request such amount as by necessary lo compensate for any losses' expenses or costs incurred of the KfW as a result of the prepayment. KM./ will deiermine the amount prepayment compensalion and communicate it to the Borrower d) Amounts due. The Bonower will also pay lhe following with the prepayment pursuant to Article 6 5 a) to c): amounts together /oj - 11- aa) any prepayment compensation due as a result of the prepayment pursuant to Article 6.5 c); and bb) all interest accrued on the prepaid Loan amounl up until the dale of the prepayment. e) Offselting Micle 6.3 (Undisbursed loan amourls) will appty mutatis mutandis to the offsetting of prepayments. 66 Revised repayment schedule. ln the event that Arlicle 6.3 (Urd,isbursed loan amounts). Article 6.4 (D,bbuaerr,6nls after the statl of repaymenq ot Atlicle 6.5 (Prepaymenq applies, KM/ will send the Borrower a revised repayment schedule that will become an integral part of this Loan Agreement and will replace ihe repayment schedule valid until such time. 7. Calculatons and paymsnts in g€neral 71 Calculalion lnterest, the commitment fee, default inierest pursuant to Article 7 5, lump-sum compensation for overdue amounts puGuant to Article 7 6, non-acceptance compensation and prepayment compensation wll all be calculated on the basis of a 360{ay year with 3oday months. 72 Due dale. ll 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 Articte 14't)the Borrower must make such payment on the following Eanking Day. lf the following Banking Day falls within the next calendar month, the respective payment shall be effected on the last Banking Day of the lhen current calendar month. 7.3 Account number, lime ol crediting. The Bonower will be released from its payment obligations in connection with this Loan Agreement if and as soon as the respeclive 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 KflMs account IBAN DE 94 5002 040 0318 4546 98 held with KlW, Franklurt am Main (BLZ 500 204 00, S W.l.F.T : KFWIDEFF), with additional reference of the due date "Ref. YYYYMMDD). Should KW notjfy a new accounl number to the Bonower, the same shall apply to payments made to such new account accordingty 74 Counterclaims of the Bonower The Borrower is not entitled to assert any rights of retention or set-off or comparable righls against payment obligations under this Loan Agreement unless such rights are recognised by final judgment or are nol being conlested by Kfw 75 Default intercst. lf any repayment instalmenls or prepayments pursuant to Arlicle 6 5 (Prepaymenq are not at the disposal of Kfw when due, KflA, may / e( withoul prior reminder charge default interest al a rate of 300 basis points p.a. above the Base Rate for the period beginning on the due date and ending on the date on which such payments are credited to the account of KM, specified in Article 7.3. This rate must at least equal the loan interest rate The "Base Rate" is the interest rale announced by the German Central Bank (Deutsche Bundesbank) as base rate prcvailing on lhe respective due date Such default interest must be paid immedialely upon Kfl fs first demand. Lump-sum compensation. For overdue amounts (with the exception of such repayment instalments and prepayments as mentioned in Article 7.5 (Default ,,hferest) KM/ may, without prior reminder, request lump-sum compensation of a rate of 300 basis poinls p.a above the Base Rate applicabte on the respective due date for lhe period beginning on the due date and ending on the date of paymenl of such overdue amounts. The lump-sum compensation must be paid immediately upon Kn /'s first demand. The Borrower shall be free lo prove that no damage was in fact incurred or that the damages were nol incurred in the amount as stated. 77 Otfsetting. KfW has the right to offset payments rec€ived agatnst payments due under this Loan Agreement or under other loan agreements concluded between KM/ and the Bofiower. 78 Calculations mado by KM. l\bsenl manilest enor KfWs determinations and its calculation of amounts under this Loan Agreement and in connecton with this Loan Agreement shall constilute prima-facie evidence. 8. Guarantee from the Fed€ral Ropublic of Gormany KfW will have paymenl claims under this Loan Agreement guaranleed by the Federal Republic of Germany prior to the first disbursement q Negative pledge and pari passu 91 Prohibilion of pledge or modgage. Neilher the Borrower nor any of the Project-Executing Agencies may pledge, mortgage or alienate the Project assels before repayment in full of the Loan nor may the Borrower conclude any other agreement or arrangement the etfect of which is the creation of security or any right conferdng a priority of payment in respecl of any obligation of any person without the prior consenl of Kfl /. 92 Pai passu To the extent permitted by law, ihe Bonower undertakes to perform the obligations under this Loan Agreement pari passu wilh all ils other existing or fulure unsecured and not subordinated payment obligations 104 -'13 - 10. Costs and public charges 101 Prohibition ot deductions or withholdings. The Borrower will make all payments under this Loan Agreement without any deductions for taxes, other public charges or olher costs ln the event that the Borrower is obligated by law or for other reasons to effecl any such deductions or withholdrngs on payments, the Borrower shall pay any such neccssary additional amounts to KfW so that the net amount remaining after any withholding or deduction corresponds lo the amount which would have been payable under this Loan Agreement had no such deduction or withholding been made 10.2 Cosls. The Bonower will bear all costs and expenses accruing in connection with the disbursement of the Loan, in particular remittanc€ and transfer cosls (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 lo this Loan Agreement as well as all rights resulting from this Loan Agreement 10 3 Taxes and other charges. The Bonower will bear all taxes and other public charges accruing outside the Federal Republic of Germany in connection with lhe conclusion and execulion of this Loan Agreement. lf any such taxes and charges accrue within the Federal Republic of Germany, the Bonower will pay them only to the extent that they accrued at the Bonower's rnitialive. lf KfW advances such taxes or charges, the Borrower will lransfer them without delay upon request to KMrs accounl as specified in Article 7 3 Arlicle 7 applies mutatis mutandis. 10.4 /ncreased costs lf by reason of a) compliance wilh requests or requrrements issued by any central bank or other fiscal, monetary or other authority after the date of lhis Loan Agree- ment, or b) any change in law or ils interprelation and administration, or c) the entry into effect, terminaiton or amendment of any applicable bilaleral or multilateral treaty or agreemenl, in particular on double taxation, KfW incurs addiiional 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 ("lncreased Cosb"), then KR r shall notify the Borrower thereupon Any such demand by KM/ shall be accompanied by a notice from 1'l u .-l lr> -14KfW stating the basis for ils demand and setling ,orth in reasonable detail lhe calculation of lhe amount thereof 11. Specialobligations '11.1 Project implementation and Special lnfomation. The Borrower will by ilself and will cause each of the Projeci-Executing Agencies a) to prepare, implement, operate and maintain the Project in conformity with sound financial and technical practices and substantially in accardance with the Project conception agreed upon between the respective Projec! Executing Agency and KM,; b) to assign the preparation and supervision of construction of the Project to independent. qualified consulling engineers or consultants, and the implementalion of the Project to qualified firms; c) to award the contracls for the goods and services to be financed from the Loan upon prior intemational competitive bidding; d) to keep books and records or have books and records kept that unequivocally show all costs of goods and services required for the Project and clearly identify the goods and servic€s financed from this Loan; e) to enable the representatives of KM/ at any time to inspect such books and records and any and all other documentation relevant to the implementation and operalion of the Poject, and io visit the Project and all the installations related thereto; 0 to furnish to KM/ any and all such information and records on the Proiect and its further progress as KM/ may request; g) immediately and of its own accord, to fonyard to KM/ any queries received by the respective Project-Executing Agency lrom the OECD or its members under the so-called 'Agreement for United ODA Credits Transpac ency" following the award of the contrac{s for the supplies and services to be financed from the Loan and will coordinate the reply to any such queries with KM/ 11.2 Sepaate Agreement. The respective Project-Executrng Agenry and KfW shall determine the details of Artrcle 11.'l 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 .ii a) ensure lhe full financing of lhe 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 Kfl/V (i) of the occurrence or potential occunence 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 ./Ass,starce of the Botawer The Borower will assist each of the ProjectExecuting Agencies in conformity with sound engineering and financial practices in the implementalion of the Projecl and in the performance of the respective Project-Executing Agency's obligations under the Separate Agreement and, in particular, grant the respective Proiect-Executing Agency any and all permissions necessary ,or the implementalion of the Project; '1'1.5 Compliance The Borrower will by itself and will ensure that each of the Proiect-Executing Agencies ensure that lhe persons whom they entrusi with the preparalion and implemenlalion of the Project, the award of the contract for the supplies and services to be flnanced, and with requesting the Loan amounts do not demand, accept, make, grant, promise or accept lhe promise of unlaMul payments or other advantages in connection with these tasks. 1'l 6 Transpotl of goods. The provisions set forth in the Govemment Agreement, which are known to the Borrou/er and the Proiect-Executing Agency, will apply to the transporl of the goods to be financed from the Loan. 12, Termination 121 Evenls ol Default. KlvV may exercise lhe rights set forth under Anicle 122 (Legal consequences of an Event of Defauto if an event occurs which constitutes a material rcason (wichtiger Grund). ln particular, the following events shall each constitute a material reason: a) the Borrower fails to perform its obligations to KfW to make payments when duei b) obligations under this Loan Agreement or under separate agreemenls pertinent to this Loan Agreement have been violated by the Borrower and/or the Project-Executing Agency; c) lhis Loan Agreement or any parls thereof cease to have a binding effect upon the Borrower or any of the Project-Executing Agencies or the Guarantee ceases to be enforceable against the Borrowet or any ProjectExecuting Agency or the Guarantor: )t) -.t6, d) any declaralion, confirmation. information or representation or warranty considered by KM/ to be essential for the granting and maintaining of the Loan proves to be false, misleading or incomplete; e) other exlraordinary circumstanc€s occur which delay or preclude the performance of obligations under this Loan Agreement: f) lhe Borrowel and/or any Project-Executing Agency is unable to prove thal the Loan amounts have been used for the stipulated purpose; g) the Borrower commenc€s negoliations with one or more of the Borrowe/s creditors (with the exception of Kfl /) on a waiver ot debts outstanding or deferment of paymenl or on a moralorium or settlement. 12.2 Legal consequences of an Evenl of Delaull If one of the events referred to in Article 12 I has occuned and has not b€en eliminated within a period of five days (rn the case of Article 12.'l a) ot, in all other cases specified in Arlicle '12.'1, has not been resolved within a period determined by KM/ 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 obligalions under this Loan Agreement terminate, and b) KM/ may demand full or partial repayment of the outstanding Loan amount together with the interest accrued and any and all other amounts due under this Loan Agreement. Articles 7.5 (Defauft interestl and7.6 (Lumpsum compensation) apply to accelerated amounts mulatis mutandis. Comrynsalion for damages.ln the event that this Loan Agreement is terminaled in full or in part the Borrower will pay non-acceptance compensation in accordance with Article 3.6 (Non-acceplance comFnsation\ and/or prepaymenl compensation in accordance with Artide 6.5 cl (Prepaynent compensafion). 13. Representation and statemgnta 131 Representalion of lhe Bonower. The Minister of Finance and such persons as designated by him or her to KflfV and authorised by specimen signatures authenticated by him or her will represent the Bonower in the execution of this Loan Agreement. The power of representation will not expire until its express revocation by the representative of the Borrower authorised at such time has been received by KfW. 132 Addresses Notices or statements in connection with this Loan Agreemenl must be in writing. They must be sent as originals or - with the exception of requests for disbursement - via facsimile. Any and all nolices or statements ltc .11 made in connection with this Loan and Project Agreement must be sent to lhe following addresses: For K'W: KffA' Postfach 11 11 ,11 60046 Frankfurt am Main / Gemany Germany Fax: +49 69 7431-2944 For the Eorrower: Goorgia Ministry of Finance 16, Gorgasali Street 01'14 Tbilisi Georgia Tel: +995 32 226 1455 Fax: +995 32226 2423 14. General provisions 14.1 Banking day.Wherc reference is made in this Loan Agreement lo a "Banking Oay" this means a day other than a Salurday or Sunday on which commercialbanks in Frankfurt am Main. Germany are open for general business 14.2 Place of peiormance. The place of perlormance of all obligations under this Loan Agreement is FranHurt am Main, Federal Republic of Germany. 14.3 Paiial invalidity and gaps. lf any provision of this Loan Agreement is or becomes invalid, or if there is a gap in any of the provisions of this Loan Agreement, this witl not affect lhe validity of the remaining provlsions hereof The parties to this Loan Agreement \rrill replace any invalid provision by a legally valid one which @mes as close as possible to the spirit and purpose of the invalid provision. The parties will fill any gap in the provisions with a legally valid provision which comes as close as possible io the spiril and purpose of this Loan Agreement - 18 - 144 Witten lorm and amendmenL Changes and supplements to thrs contract must be made in writing. Any waiver of this requirement of writlen form must be declared by the parties in writing. Amendments to this Loan and Proiect Agreement affectrng only the legal relationship between KM/ and the Borrower shall not require lhe approval of the Project-Executing Agency 14.5 Assignment. Neither the Bonower nor any Project-Execuling Agency may assign or transfer, pledge or mortgage any claims from this Loan Agreement. 14.6 Applicable law. This Loan Agreement is govemed by the laws of the Federal Republic of Germany. '14.7 Limitalion period. All claims of Kfw under lhis 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 lmmunity. To the extent that the Borower may now or in future in any jurisdiction claim for ilself or its assets immunity ftom suit, execulion, attachment or other legal process and to the exlent 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 inevocably waives such immunity to the lullest extent permitted by the laws of such iurisdiction, provided, however, that immunity is not waived wilh respect to (i) present or fulure 'premises of lhe mission" including any bank accounts as defined in the Vienna Convention on Diplomatic Relations signed in 1961, "consular premises' including any bank accounls as defined in the Menna Convention on Consular Relations signed in 1963 or otherwise used by a diplomai or consular mrssron of Georgia or any agency or instrumentality lhereof (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, govemmental or cultural use (as opposed to a commercial use) or (iv) for the avoidance of doubl, (A) property of the National Bank of Georgia, whether or not held in a GeoIgian or a non-Georgian bank or any other financial inslitution, 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 immunity under the U.S. Foreign Sovereign lmmunities Act of 1976 with respect to aclions brought against it in any court of or in the United States of America under any United States federal or State securities law. lt t 19 14.9 Legaldisputes. a) Ahitntion. All dlsputes arising out of or in connection with this Loan Agreement will be settled exclusively and finally by an arbitration tribunal. ln lhis regard, the following will apply: aa) The arbitration tribunal will consisl of one or three arbitrators who will be appointed and will acl in accordance with the Arbitration Rules ol the lnternational Chamber of Commerce (lCC) as amended from time lo lime bb) The arbitration proceedings will be conducted in FranHurt am Main The proceedings will be held in the English language b\ Juisdiction.ln addition, KM,/ has the right to institute legal proceedings in the courts of general jurisdiction (odentliche Geichte) in FranKurt am Main or in any other court of competent jurisdiction, unless the matler in dispute is already the subject of arbitration proce€dings between the par' ties. The Borrower and each of the Project-Executing Agencies irrevocably submit to the iurisdiction ol any such courl. '14.'lO Transmission of infomation. KffAr is entitled to transmit to lhe issuer ol the federal guaranteementioned in Article 8 (Federal Republic of Germany) information in connection with the conclusion and the execution of this Loan Agreement KM,l and the issuer of the federal guarantee are ent(led to pass on information relaled lo the Loan and to the Project including the award ol lhe contracts for the supplies and services to be financed from the Loan lo international organisations engaged in the collection of statistical data, particu' larly in connection with matters related to debt service and lhe colleclion and publication of data related lo the award of the contracts for the supplies and services to be financed from the Loan. The above right to forward information 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 enler into force and effect unlil the Governmenl Agreement on which it is based has entered into force and effect il) This Loan and Project Agreement is executed in 2 originals, in English language ,/L3.az.2o,tJ rbtsi, /? /?. ?a13 Georgia i,q t ;il (a;,2,let V ) 1't -21 - Annex 1 Disbursement Schedule By the end of each disbursement period indicated below, the Boffower may request disbursement of loan amounts not exceeding in total the amount indicated belo\'v for each disbursement period. To the exlent 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. I until... Period 1 30.06.2 0'14 2 30 12 2014 30.06.2015 30 122015 30 06.20'16 30 12.2016 3 4 5 6 loan Period 2 3 4 5 Maximum total amount that may be di3' bursed until cnd of each disbuBement period (accumulated) (allfigures in EUR) 5,094,500 00 6,423,500.00 11,518,000.00 16,391,000.00 20,821,000.00 22.150,000.00 on I u ntil, 30 12 2015 30 06 2016 30 12.2016 30.06.2017 30.12.2017 Maximum total amount thai may be disbursed until end of sach disbursement period (accumulated) (allfigures in EUR) 1,285,000 00 2,750,000.00 5,782,500 00 9,252,000.00 12,850,000.00