„საქართველოსა და ევროპის რეკონსტრუქციისა და განვითარების ბანკს შორის მეორე განახლებული სასესხო ხელშეკრულება (ენგურის ჰიდროელექტროსადგურის რეაბილიტაციის პროექტი)"

l,JdJdfl ttqnU tJ'4qJ0il66lll, Afl I6fl l, aJqJ6',UStOIqtAl Indat6fl rqI td0ltI i6tlld6[l' aJ6bIqil[u JdnBtqx6m, EIfIJ4il, ?tl,ibil[ ..,JAo Nl50 t2 or;1i\i1t?r3sqo 2007 [ ,,L.:il.rr6or3nqoL,; q.r n3<6erJob 6n3r'rElrg62jgoob.> qr 6s53oor16XloL d.;5;tr ?r'rt6olr Snro<6n 6r5.rbqn01qo lrtlrnlr bo bnqtn3r62qn}.: (656214oL Joqt6r'rXqn jg16o b.rq6116 o L 16 nrloqog.:goot J<rrtrn j go)" 6-9 a.6go )!l,,6il!: I\'.t,dUi.?p A,,LAt6,'l' l,::t)/,r)1t!"' "".rt tit, l'l !!-,i] l',1 lr.13163o X6on36oo8.rr.r 3o0o$3$o; 6f-SUS n5$6r6o6-1, J<.foOC$o: q.r66."I6o3o 33er6r.r3o,joL.r qr 33m5o0o.1Xt6o Joqo$o3olr 3o8o$X$o ,trL'dt/\r\o. rt,ttin<t,,' t!','l',/;,i, h,it!]t!',14,7<r-, b.rJ.rr6orgl;,{r'rL Js('rg3.)BiJSfytt, }o1t6r'r .',p6151r: L,,J.:drorg;;1qolr Jo(oq.:335(yrL .y'r8ofyJ;$1Itr.> p,r o.16.' j13o3b'ilo q.,o\'1;r'rL ,;.:5r'r5')('rrt1;;l(;olr i,..6['orq;;..' lr,.'J.r(orn3;tqoL J.:6g1.\305$olr ors3il5,po3.r16;; 6o6r,r l,';1(.r5.s6.:,11;

t JdJ6lo)SCSAmL J6C%OrgC6OO Lrds6s6pr* J6.6q.raC66L tr,r j,;6ro31qolr ,yro6lr6r'5.111ooL 65-1 q.l ,,lr.rj.rdrn3Scqorlr [r,r16ro.ri1t'r(ooltt'r hgqtlX,l('r;pr:11b;6olr ilXlsb;1d" lr;j.'r6rn3lqolr 3.rknFxrlr 3;-l 5 Slltqlixrtr i1llr.tb.iihlr.'rq t'.r.ryrlylyrinldolr.rot3olr $.rrtr?lor5oq536rn 2006 $qotr 29 q1,1gflddx,tr ,,lr.r j.rr6or33qo r,r 5,;6yrcn.r(,r1;r\olr }.;6,ytr flcn6olr R.) 136x'r)olr 61,p61r5('t1j1yxrL.r q.r iigro63 Slti.rbrql};1q' lr,rlrSlrbrn b3c1i'11,16.';c11}.ltr (g651r"rotr Joqt-.x.r1qg j5dx'rlr.;q516olt t6X$oqo6lSoolr .)('x'r3J,gtr)". 0oli1,rc1 lr,t,r,1.ri1 Jyrc1,' N yl4 07.022007

€ € u4 ^EsE^ tl a Eo c =t' Frlf;qiiEf";* ETc;-?e?Efi igttieid*s;inE;E eEgEe,ti?EgfE t-92 = T F€. € u g € F: € E6a =ED u lo la q? :: !. € € € 6 € U l.q E/ c9 lq.F ! lE" {F_ l: iL IE€E EE! =i iiU qqs n'&,3 aq1 g u sZel l9 l9 lo E € tF5 € E P Ft .Q € 2 { I Fl c-f.B Hq E HEEE c?, i:+. g .c EEs,EF s ?9'E € .;6EE'Z g q' f".2=' Eq ;sF* 3 E -c ^e,X eeqF- X,E El 9 elc i €F€TE a a a--€S etE" il ,3 €6 E FEE{a .E ?Ui: :t*iF.i ,:'6P g e e I 9{ i 8,. gE*FF -"ti Et Ei9 v ,* ;si;?fiis ;*EEiru a^ cP c\l \c. fFiE'.Bt+r' c9rzl-a s€sg Ea;FEI t a;c E,Fl;al ./= aeeEes#Es sgf ,EEii-rEEEififi o€€ r,bE a:-! u oc rf L 5E E/ -7 ,o,2c .2 E. Z .E F;I3Y ! E/: q gBgFF a l'-4-,> q u€ \.ca'tx Q b Pr.F. N E9 l- E-€€ FF c:€ias aeEp 4:!-- c,q-b -n-o 92 A ot rtu rr i+ or'r ?. *^ I b Ft ;€i': t .-J. u s :E3? tE:uE ..3 i - * a -6i r::qili,r,i S Ur.o -*vP2i,'-4 B;'*s.i:'La3 :1,+a $FEEBs :- a-il qrc 2 ii <,i : e c i a_i - ^ &: = rJEtY --e A iE E" &:=' Af "r-c€XF I345=-i = E?EE* ffi=iEif a=PFP ilsg rl€.t ?r i E; PZ," e e U Pl t ;6.E E/.= B-e-;,c 4 -*.3_ a;" n 3Fta=Ata Eat:E 'zs?*lb g?:; Epe: ars ..ai e'; 84: &s ' 1 EqEq2 _"ij_ E !.Q6 6 FESJ gi €e 7 EE€ A E.EiFf j.D x' -7 i,^ ud .i. & oc g !{.€ E>^F_e tl F- a/ bX Et*-h a_:. F-t.E4ZE e '-6is 6 ED E I F 8/€ E ^i€i 333 ;€bb El F E. € u .F Cl 6 -= F€F.ErilE3FF SaH a:E s^?E't'qi{il=: rc i,.1 !5u i: i *irgie= fE3;-s:-* .6 Alc 6 - iJ- E-r_.+.-h ef4E 'fe3F 'EE E::i;ijji--.-n-EEeEj-? d E.E l2 l2 | ,<, ls tD ED t!! ;,€ E. 6 €-: c,a EIJ E>S rS Ec . .EE EI aa !€ 97: F €I! ^ i4€b ZJ E€ E* E; ifg PE.f fl, Fa{-r f nq ei 3:' E: a E isfg irges+isf s*H$re$r = 2 tu9, 9TA --6_ gd q I i6." ? FE e,H ;.::fra-*" A Ae "3s=rEE e+g"af a -a- fgEf€*t casfa?? i:cqcF Pa€ -=: 5 €E F, a--f ;i:€g?e i*fH, 4s#$;i F3€iag +f;g=!a ;;s:r? e*3,ialE itici: EgBFS5B igfaEg € EE EE ,i

l,JJJ6m3Cq[''l bJaJ6Ct'l LJdacmJ bJa0Snbo6t'l N,...x.2..r.././a -VA .....2..y'...2ooa qsL336r loJsdxn33q.*,i.r.r q.: 33r-,roJotr r6X3r.r0r5r<r;j6oclrs qs gs63rrn.n<rXdoU dsfjtr il'*-'xltl 33r,rr-o3 6.rfx;\Xd.-pqo lr.rtrSlrtrr fu RA3.f Xq;1&rL (365.-166 .).,r.r.,*r3qX Jr-3r,,1r.rq6i;dioL fn1l.$(qrr5s11rrfu Jdn3 j6o) Jr4o3J6rB1 rrrl5.rr-',,;<-r lr.r,l0.;o.r lr.ritt16olr66ro0 6.16obtrq,: B.[ 26 oJ5rn0r);16rlr 5.10,:6rn;1r:qo ii,'rq,r.),r('r,r,;;rd;dtrlr Ugrql3lq i13m.;6b3gdXqo tl,;,1a,lilr,qdr,1,l1;oolr,\ qn ,,LsJrr6or33qolr.r q.: r36rarJrrlr 316lotn,)d)i)dolr do6,1L iJro6olr B3ro63 5.rlirbqld1qo Lr,rlnlrtior i,'1rr1i)'r,1r-'r'lqrAolr (165;16olr .ioq6ro3q3Jt+15r,rlr jq5r16olr ,)iror';;lr.yr)" J6r,,'J,16,' qr 6X;bocio6i,r1;orrlr J0lgt;oli Ls5.tr63r,r Jorqo6,o;1dro q) 0,lmllo)Aotya,)r, .)d,ru'rt<x,a,1,,,,1Arrlr;5,rrn3.rqolrIo63dorn, 3og,r6DgIr,rlioq,rq 3ooB6o,r olro b.rq0r.r!,,r(,r,r :----------J\ iilii,,ir,,('rt,lr il(,,rqir(,q,1 0118 o8oq,or,o,?ft 8o6ra.r J. N4;6aq, O95 32) 284648., B.'jt o; (995 32) 284618 www mfa.gov.ge :t- llEl - 1J 2LrLrE, tet7tl aIPl OALl9O(jOOL, LJ3O6OL66rn MINISTRY OF JUSTICE $o/21//7-/oltJ, . /!l' ,/Z :oo/t t.rju6or33qoL qSlgogooL Ls q6tsI6ol N07-0242610 $16oqoo 6ado6t$dr1fuooLr ql 6.153oor.1625"1 b3q?X;r6Xq3Bu,.r J6crCCOClo, droaCq, 1. 3X-63 6s5rtq3AXqo XqXAoL J6oSjgot J62.r36xqol loq,o RJ tcJs6o6qol, Ser6olr .,jJ a.,Sb.r6OoCqRJL t33-sq6oESrqo 8"6.9,_ <' \- J\-J JosLO16(boEC Jr.r6JCq'o., -< \t.-].-J -l-,\_ 3o6ol;$6oL Jor633qo 3olqgoq3 l)\J\,<iOrilrt:'( l (D\(}!lOl'll.Ol16 a'lrl,OrJJJ!:'t\l' A!:l'G i0 .inq/!3'\:1l']lr rlrRunir.l rv.. Ttrili!, (lcr, !,J l.l/fui (tTjll)7irlir r hr LaSEn --1Er Fqx 02 OKT 2OOl r:4r A i-2 LJdJ60lSilFIr't b 306J51-'o)J bJAO60L66(') -:! 1'w I IVIII\ rSTRY OF FINA|ICE OF GEORGI,{ N o3-02/gg ,.08 - o/ m? IogoSo q6r5, edo6r6a!olr.lo3o[ 6o6t.r36cn 2006 93i.:l:- $qoL 8". a158..-,r,c&r, r.E;r #,gq**,mnx:'..r:* ,ta"U,", {"qp". ajd6i qr6ritooi t ry*i$t'.fffi.#fitr .q.{* dre. (!6a!6ot *".,,ffi ft IrH*r.. H*, 4 5 6 i bjrrroJrqo[ .6or&.,E$ Il5 Er e;-J 9 u rLeo (J.[0I23llI22B9): 66oL Si6.qor .LRn (NI2,3?tr! ,tR. v!{+ruJi; oq<D ()i44ZO3); J,r.(6t, rl,q... (.W4.2700 r: l,.d",ioJrtrEr, r,obRaF.+ e.5"1,66"! 8 10 ld.r** Er6.c'.'t .to" i*rff fir r.ri;{f ^-- "J-;q' ,4'3eJ " J"s.t*r, . xr3ie.,a.6",. EcAo<.1 or,e" (.fio9/59 80) ; I2 rs0"6CA. F"6&RaJ€"e ts05.ad5d."8 doboLfioL A.rea.qf Roao66o a3o64.rdj.l 1\IINISTRY OI' ECONOIUC DE\/ELOPI\{ENT OF CFORGIA u J J.\6,tll311s10)L cdtl 5trl0Odx(.0 0050tr t8-r l" ['J AJ630t )J6lb0L IJ 'fi l2- ,oo(e !&l4J i'r rlt- r il'16ol6rtoL l,.j.r/"o'31q,ot' "3o6"51u-o'r -4.'$-E "4".(i"s.g1, q. s3o5ry"d3! 6.r$o5o qoso$6r" LoeoSotr$6'n3 6'r6oboqc lr.rjrdror3Jyl,otr 13r"6tr0o3Xdxr 3o53'o163bolr 8 q0J00iv6nl N!07-02112609 -&061 ;"C6 5s3os$s36oqo 2006 S'Ro1j Vril*", a66x6oL 'ioq/'r.0slixJ$FroLsry31r6'r1t j1;ool r q'r Jt6r',3j$,ns6 qs3'r3t"'CrXloor 1jCroJol 6X.i.5!$6X t1.,oe3e'.1y 3b1l.qc 61sAoqo1!s1;oolr ss53"or.rC,3}ol }.r63,,,c6 J6,r3j$3;tot J.r3x$'1. (EBRD) 3il'ryt-60X8Xq'o blqEl3CrXraSdSaol 3;g6.Lgo. a,-a sq6ots6pc' )6crgj$3lor6 qr3s3'3o6xloo' 3otli3g6511oo11 3s/r3q383o ri326o ?A6otiISClo'r/r 3s33sB6o't' JJOoloI0til(x,. ao5,'tglool' 0",rqsoq,3 lllllll u'5oR'olro, J,rIOT6o,\rr l. Ni, ]3 17 G Chantuflc Str., O108 Tbilrsi, Georgra Tel : (935 32) 93 s3 61. sB 43 11 Fax 92 19 29, 93 28 61, 92 01 08 uJ dJ 6,(n30Rnb 35lr.AJ150d0ll bJ4060Ut56('l MINISTRY OF ENERGY OF GEORGTA t-,, ,,:t) t2 20a4 6 l-rsjsdro3lqoL 3o6r6lros 0o5ol.rg16()l' amsRboRoL trsgoE 6oor'o5o 6oq.:&6nqodnL l.!0r',5at borltt'ao, lrr;Jsrr"r3;1q,r,rlr i6:t/,ailijo,,i,l' 1,,\in,6,,1)0rrmli 2,,r6oLUq: so6.rGrLo.: )l' L12 2006 TE3,rlr N^U7 Oy12608 f Xr4,,q',*r g..rrf p1515oq,o r,r;l,.rr,,rlrarr,..l',' (,i JJrr',lnl,61,tr.,61\1d,J.lrI,,o1,,\ e,\ 6s6Aoondri'lA(,i, ar6Jlt (ERRD) ?a,6,n' b,\l,i..,tod,3C.flp,, ilit.)rrC i\nBsLq,ra.Jrl,o l,sL3Ll,P h1q"flJ,1/oilqXi5oL ,ln l'sJrra,riJdl', hilre?,],j,il ,1':1, itl,,ii :ror.r6j1)XI,', d,me!e0l,)(} ?11h;;,\.r "155116ro1, Jo(dn.,J(iJil(t)a')n)1,.\j!,11.;|"ro lr 6t.rlogIIflr(rool! Jarr.,UJf)ol!" ll;y,r(r;1 11.il,olr pr-3o5r6l11ArL rq6 ?1,.;1qo.'5 tl,n.tniJAorrJAi), ij"g6.rA;1I.,, 6o? fr316lr tXqor r6l)i)AIq'o 1;;r<ro.tolr 161,1r'rFlrg/o,1J13rrrlr,: qt" 0.6to(',,)arDA,,l, Ar6,lbs {n ?.lt! ''tt6b"J/r,iitlrli' ?r'rt<roL ?6Lf('t6;11'Jq'o !(.r hgqrhq'.r ?lrrlrBtt!{.,,6JbIRo gr6sLc11d,lqo t,rJd)'''0J6(.' Lxq?p;r6i1q3itolr 2.o4 .l.JEJol,, rlmArq,oG ilhrls )6.)0J(r,ol,6r53sLrn613,,11q'gljpo.,(ilr?il.i. n.,cl,os JSrJI6dfliJl,,. 1,.'ai,h,,(5rr, q.r3o5363gq3l $3tsl3l,1o brqtsXJdrXqraol psq3|oll o.r6oqn qr bXq63,163qXAoL' 3o5s5LXr6o J.diolalo. Il,3r srrlrli\rxn. h.rh,oool, ll;;50'336C4,, Atiilf,bitOo,tot, 11s4,'Sot,OrroL .I rilJ11!1f'11r,rrlr "3srr5rqt.13?o, lrr;lrdr m 3,1q,,1 J606'il0O,,.,lJqo imRi'Oo,loL 3or1.r6o,,1q111,)olr i\.rmilnR,)L\r,,5itA,'d, nd, i\nA3.\r,6,,i .ri0oBo L( l;ta.o, ,,7. ao6oU$/ool, aosRaopt s 3r3-ro,1q,.:ilSoqo n1o! e./..1.fe-d, r 1.r; Olc/,{rrr- e9 s-r 10 9a 3l s!, ir: s.{\5-' 6a(6lmh..cr!, qo! !. -\-rr,, (;rrr9. ler /rat +995 32 93 5l t0 .99i f2 93 f! c! c mai mr'l@6rm.e.!y govst Tbi.r. ro LPn"onlDv 5t ol05 LriiYrnir-, Lec, 1J 2OO€, Oa:19'F)t.l pl tslo6.o33rq,orU 16.,.,116-,rq'o lo6go otc|5, o2,,\,Jtr. l{,$t,xt.,r jil5 (b4l{l: 99-65-05. , .;lr j9 93-46 d!iq,iir": 212952 LEGAI Gl Jxr.. $"Jd!r info@nba g,)v,tc ,toqn: 2O4 lO4F I /, /'z /so4 . N! ,r;il!/t l,rJr6-3Cq-L 3"6oEL,"r 3"6.Qg6"U 3ooq5oq,3Lr Ao6-ti 6oo63" 5-q.r861q"drL 4"0.,5- a.-("a., l,.jo6-Jcs"-1, 31,,n35.,rg.,iJ.: 3c6;!.r 6s6oB"qo i/tq"U 8 e3.ira66oL -jAC6n .r$07_ 02/1261| $'36oq"- [,'LA,.,q,5J6oqo m6oJoL 6rj",EUO6tjGo"Uo go gr63"_l633.t1 aJEJot (EBRD) anc6 C5a?6,,1, i.q6-sq5jg6-Loq" XI"oL Usr63se .qng;gooq 6.:BoLc;_g l-r3Lbos6 q.s;o3Bo/"36Xq" b3elirX,16Xq3AXAo. a.r05-6CA-, 16,,,3 .L"t',,ts5"gq qo,32836gorti q,.r3ca?nlngSo- t.rsjs6-33qoU c6.,ftq a.r6Ju aJrB6o., Acao.jilD a,,U"t6cacao: ac-6J a!5JLr,,ca,Jq. l,.,L3Uho BxqBx36nqJA"L 2.02 J"36j6"U (q) a"o"-c3.Jer,J, 6-A LALL" ,11rg8q36sr666o g3qcg U;.;6o63663.63c85"0 B3q?r;Lxq33o?" r..o"jLro6q3L UsJ6r.635g., JBcJtgJOto 6.$og3otr. tr]"6_q 3.,6s3ll-"1, 6o3--3q"1 Bg--q.. 03-,43 s$;bq'30y-r, l,rl,CrB- hAq?Cj6?qf,{r pc6.r/ro 2-8" 3,.,6c6"q a"cro",J8?q"o JrO.Ao6^r ,.(14) J6-O35go" UJJtd,;;C,-." 6t6oq8o 6or4sg* AoC'ln"lc:L, -? er l,"eo\-.L .16-Cr56trr 1o13u.1,, qJ 60 JrBB.6nr rA :idr,(}J6OtJr e.: b3q?3,i6Xq.r8"L 2.02 (q) Jxs3ge. a"-o,,1a-r- Jr,,',1;x561 E-6o!. tt,, FFI; t]O. : 3l2io: 6o6oxsot-, d,.,A ,tJBc ah6oqoL 3sg36"r/r.c8",,(12) .rqOoE"Lg6o6gBoU 3oqoL.Boqo", ,,(13) 6cpslLstr.,p^ BCq?CJ6?q06"1 jo6_ACa AX6gq"trs-3"1,, Jd."OC6Oo ' c6 $r6d-sc"336U t.rCUBoL do6.E .sg oo6g.,L, s6s8Jq qcacas"/"3Anq,n q.f.r4136,,_" B"r(3o. oj6qr6 a.i-3rq"rrFo6J8tq,,, x6qr nJriJL LCTBoL J6oGfO"L $oll aobceS"_ tscql"Lqcu ucul,,L .,RCanL qo ,,(14) s6oL U3UBol-r \JAJI-.!E aoaoaq.6c6C CU J-JEJO3An rJ3Jor6. L"q"qoU qro3r.""LuL qo CJo6_eoJ?6. 3"to6?3$oE,rqoAo. .,t(r.- eob33[.Lr Lsg"6-3eL J2Ej6. ,,2.05 o.,6-b"t, J_6JC6OJ0nr.,. ,,a ii) h6JO"L , JrchG,lO. 0.\r6J3caaqoo. $.,6 J.xEj6oL J) Jod3cqo B3s5o $'o6cq.rq36"L o6omgncocg"Xrji js,6o1q o.l.(6OoEEn 6JO (JaqoL, JacJ?EjO"U 5c0,r6ts36oqo.r LoOUAo "AoCqd, (Al) -tJ. eoCq" t,CLb" C6.,Lrr qo oBo3X 3oq16ots" ?5e" .f_t, a.s-6aaa?q"', xrSot3rr ,,,J6oa.,e. cl, a\?O" qqcL3c aoGLotRS6?q"J_ qo o6 OCJJO"IT A"ED,,6t,t,. qo3c633"o. ()3et,,c1cACanu l.roL2d3xe.o oJSne-q,r LrLb.,Lr J6-cJOoL aots.,6eCA,) e" 3.qfO.L ;..18g316616". lslor6_ Jr{?6r g.,goq"So .a""J 6r sJq-JOd?oO a_-JfmL aJsabr,6c"3q,x0pc-| Jorloo\o B.,6XCaoL "a Jnd-aCa?n6 J. ar[Crr. ",x $'"Eo o8L,3ts" a"_""rcAtqo ac,Lstr6gEo.,6 nJEJAT gutoo63A1qn, l-ru3.q"qg81e,,,,q 6o6o65"o qJ5-ao5o636?(o LC[boU Ja-"(]06OoL qgojUo6oSU -p 6_3o6 Ar.,bq38.s 5c6trctq36c. jL ?p6ots36.c J6n6g^J1qoo, 6cq5o6 qq3ol_ro-g"L Ct6mBo LdrbCll,,tr L!.)6_GCEOm R":q1680 al3Cafq,o trClLbCA,,t, l,oJ6_6f6o BCq,€CJ6?-.,oA"U Jo6o&;6oqo6 6$,13g.r, 8E"E3E3qo3Eoq Eogq36ou 6oEo;3X-13. 6c3o0q"Eo63 oe{i"?E1qo t_r3UBo,r/. o,i8o5oo3oq36Lr Llr36-,Boddr trs3or-1fl- ,x_6q"1 eoA6 Lsjs6",31-t,tr"_3"1 qo[gL3a1q 3q53359"1 5o6areL. ?J1.,3.\;t ,t'rq, 6ot_rs-3.,qotr["6JlJo""o, 6oe J6.'jo6OdJ.16.l ;63q,og3t)ot,,1,,,8,,6o1 gc63q3AB". 3"0J-.\Lrt"e!EC)" 6r4oeo 56.s6- JL '6Cq6oo BJe^mqcr L. PHl]ttr tlo. : !'-r5lfl11Elt.l ,' tJJd&6(n60eflU 0ECd,Batq0d0l'l 0Jd'0E?R060bCa0 0.6fl186TR0 dC100L00I1 0ttr83XRtla'\r';l '& gata0$6' iiirif"' N zoo6 I :ii a lr rL1 CEORGIAN N^TIONA I, ENERC\ RI.;(;tJI-A TORY COMM ISSION CIIAI RIVAN (;NER(- L00lJd o *l/q' --3/rrs ^/ 3 ?i o7-0zlrr,ll4, 08l2ol' lr:;lsr/rorllglrlr ';1oli t'l tt r'r ao6('l!()d,r,lr A.i,)c'f' t{ bil,'t,l\s illt iI'rsq'6oq;11' 's i\i{)r')6({ q',ll't)6('' 'il11tria116x\r: ';llIJ,lqtl,ltqrir r') : r lil OJq,/Tor {90: ylJibn/Fat (995 32)31 16 9{) org l& d' {t1// ,l n.Ar,c.'r1,,, .:s3 g'\td55nl' 6o8$or'n ,1', Aln, xHzl',OrAvn nlTTThilisi Gsnrora De ?liilj([)r: mail@gnerc gnerc 0r0 35d 636qn tlilw lH lE lt : r:r.-- 11E,:{:1 :\,,ir.\r,.t,r'l,Sol'ir/'s 'a,k''(rflt;lill'\rrr'(it'1'asl'()r! i, r,.,ar'a..,o,lr,rlll,', 6,6','fl'rl1 ils()rI" Ii tr -Lr , lt'th'Jdri'lt' "drrilrtl' l i, o)rlls.)0 n ::,!l lt r/ ' Y)\al : ELE_TPO:-1.-TEtltl bidJ60[J0R0L bJbCRBV0B0 CRCd(]60L0I0CAJ GEORGIAN STATE ELECTROSYSTEM or05 r'tri'l('nln). a.\os{'nas"q"t, z 61r,:, 41n11,n. nsrzor 0l0l tl,lllsr (lr'uEt,lc oFocotarA r",rrAx{.r;rtrr.ro" 6a.ohN,eslssgD or;J3;;60 hjr6,oJcRc,l, AoErELo,J Ao6oL6i6oL i,c,seaoRAL d-5 61116go l1605c' Al'c'6A", o,Cac6L 2006 g'q,oL 08 RcJca)6oI Jr0oJot6JAoo. ac6c6rRr6o endlaj6r'r6o/ 6golopogr6oolr 34.)6or3Jq,o (, nrii.qntq,. qr-\r66,taJcAn 6oq$r63qod1} Jel6 glq0dcr Jil0L SnA JS6ritb0L l,J J0Ohrbts0 LJdS6.mACfQClti tJbAr{aS0Br) a0G0t 660l, ilSa.rOO OFFICE OF THE STATE MINISTER OF CEORGIA ON CONFLICT RESOLUTION ISSUES N! /5- /2. zoo6 lr.ijc6or33qoL go6rGlrors 3o6olr$61 d.rgo6 .rq,3jto .rqXjLo03oqL d.,grr6o .q,xJLo, lr.rh3qO$qo So6olrg6oL .rJ.r6.rgtso 3$boqXqo.r olfuJ6o A.g 8 qtu30d6or N07_02n2612 g36oqo, 6r,0gqo6 X65X6oL .rq6oJqaJ06mLJqa-Jdror 6xu6oqog.looL J6mCJ0oLCbdi 3l-61 ?JtoL q cgo6$L36r'lr. 3o3sbL3636or, drma ACo6C 5r6cbq3EXqo LJLJirbrr bCq,ACJ6rZq,CloL J6rmCJ6Bo aC-4 $.rt60r.rqg36oq, 3p6qot 8c.rqo .rblr.r6tso to3o36oro 8ooo,br"3l qrliXLgg.r1r 6o96o $r63rq6X6oqo Jo6Xjg3AoL do0.r6o i_r1r3.r t36o836Xno 16 3.r33sB6oc. J.rgo3oL633oo, 'i.'.:x3J':'-"'i 62lrq"r6 $.r?odX trb3q3$qm 3o6olrgr6oL Oo.rqgoq,; 0r0a ani0e'o(,o raJL0JSCq'oL aJal, 12 0108 Tbrhs'. Rustavet ave t2 rgCq,BJJLo Ter /Fax (995 32) 92 18 91 :rl fErr,r-rPHE! I F I I HCI'€P IEI'Eqrtr+j : +995:2 29213: tsJtr CEaX6JJLn , a_wL. u,rr"nu //. %r'4/- u QZ3y'E6tl oA- t2-oi xn6 t, Lr;ls6rn3xqr'rL 3o5s5lor; eo6rtL$6oLr ao"e5"f ;;tr ls$r'r6 6 5rn19ir63qoJ;l lsgorEm srrmdr5o' .]6c,CJt}"1 3;1orr,;1 !']'"1 o,;1356o $11r'ros1'rrL J"l','lboR ?13p36rr bxq?1.;6rXq,1d;,1trttL h;111?3.i161q ;1?' s r go6C1rq,o161J',1qn 6'6:bq'114i'1q'o 1.rr!,1lr $s62og6 6oqo Jt6erlifl3dn 0oL'rq36os qs Sruros6 q'r3'r3?ot616om ?35o8361}o 6 6r63s66os o11363o",, r{. il3,\rr5o.r por'o1j$crdrm,r [rs][r'rl, osX0ggo0.:63

lr.>oJ3r5rgoo 6oBX<6o 134 aam6C asSJbE?odaE?0 t JL0l.,br} (n56y6ot Joqr6onq0J66oL!R6I6oL bcrt?0.16uE3AlJ r61.:loqo64oot J6oSjgo) lrSdJ6OACq.,F)lrJ R5 c36fl)Jol., 60J05LO6Udoo0LS RJ AJffiOOJ6AdOL bJ6Jt, ?r)d,ol, o;r6oqo: 2006 Sq,oL 29 q3;33dn6o lrJ66A3O a?bRO I - tOJGRJ6OIRO J0d,mdad0 RJ FCL0bO; AJ6AJ6oabAdO JpSJgo l0l l,6.5GRr66Iq,o Jor6r,rdnlobr ps [313]oU Ala(,U06CAs Jl5Jgo t.02 63rrr0o6XloL As6a,)6601b Jl6jgo 1.03. oG606Ji606r0oJ StBRO II _ LCI.,BOL dO600JRO JO60b060 Jl5jgo 2.0t. ArE!LRo}f,Rdo,.rELn Rr A.)qUOr Jl6Jgo 2,02. tSLboL l_r13,; go6r6L2r6o Jor6o}Slo Jf,6d0o 2O3. t6Lbolr os6tnlolj A!6rG.! R! lrJn6orqSr6o s65sr6oBo J?5d6o 2.04. olrSb1IoL 6s8r'lorbo3oL lgqSls8oLoqo g,,>r68o8.:p6n66q,o J15Jgo 2.05 i.>Ri6o1, J(,5A06Os0os ai]bR0 m - J6OA.JOOII AJ6b06,OoCRCdJ Jl5jgo 3.01 J6rrCJooL 6s6to<66o6qXlolr l-rt3o 6sr6o6go6do \r aAbE 0 JV - ?C9UACOJ, ASISOU €CaOO60dJ; AJAdaCdJ Jl5Jgo a.01. ?ng6sng,: JnGJgo aO2. 6sp.:Lpot-r 3;qoL tn8gor6nEs J15Jgo 4.03. 6s9J333,: ai3br1,0 v _ dJfeJao ?ctaRJ Jj6Jgo 50l L6q,Bn;r62q6aoL dsq,:?o tXL3qol_r go6rJo6odSdo J15Jgo 5.02 o36oqotRo q.:b;g66do Jl6jgo 5.03. ?19633gs drq,.:Eo B6lLgq6qodoL 5s8r.r aabRo vt _ LbaJf-oJLbaJ fs0bilRaa0do J25jgo 6Ol. B6gXr.rloEndXlo Jl5jgn 602. g;psLsbsp66o qr b,:663}o v J15J9o6.03 Ls3,:drosq,0g36oqrtr31}o p.> 1gq1l,>Bo6rg3qg3lo rgJGJ6o)O I - J6rmtd60l.r JRS06,OR[')bJ RJ5J60)0 2 - JJOCamd,OClO eJ o)J6b0bou aJSJgoRAdJ r9J5J600 3 - l,JC00JE?i160 J5AJ60?O 30(l6C AJ6Jtsq?Cbf q'O LJl,CLb g) baR|?3J6i3R0bJ h3q,?3;6nq'nEs go16Bq3d,> ,:9u $q'oL 2e q3;33I361,, l,JdJF,oaaRmLJ (,,3L3Ub3dnqo..) qs 0B6F)JoL 6rAJ0StO6TdOOOLJ rg5 aJ6AOOJ60dOL (,,I;5;o") 8o6oL. hJGJL Jd,AJASARJ 3OGSORJ5, s363r14o <66r.rr46o6ot,>6ooL hnq?n;r6pq,3dJ'), boqo 20Ol gqoL SLgULnd6qosG (,,5.:G.>bq6d1q,o 6s6sG6o 3OSSO!SJ6,2002 $RoL 8 Go3386r6t Jor633qo 6.:Erbq,681qo 0tr6Ltnt3q,o ao106olRs 1o0J.:5os, rrro8qoL sdcof',E0dr0doc n6or6 5':6sbq'6d1qo LsL6l.rbrn blqBn;r61q6doo 6uo3sqoLgo6gd0qo 0ooo Blr,$s8oL' 1j-qnEl}oLs RD nsq,pgd3qStndoL ?0SUa;6.1, ."-;"t0, r<ro6o169 3t, 6;6Lstq363qo.: Ltrl-lrs qr d,>6;t ior6oL poR1atq tnq?6.3r6 jq3Es?o, 6crAARo0 gugot403l3q'os goS,rBqndsr4n L3q,?6;rrrlqnaoL qoqna.r, eqni il,b6qanJa3q,3a" ?6gX36goL 86L;b3d',). 3O-5J0RJ5. l-r.rJo6og3q,ot 6Snr45oL6JgodroL o166.:Eo$.>6o6dol_r ttr)f.,o GBq,oR6d6dotr 6r0tr, Ir5;o qo 0L6bhn}6qo ?6os6t8q6n6 n8nt olo.l"$n, 6r.rA b.jr3ro6Aro6 $o5r8q66;63 b3q,B0;dr1q3d;, 16oaq,ot lrujXd3Sq$313 0Lnl_rb3diq,o o{tdL Jo6tCRo 6.:6rhqndXqo SL6LLSdqoL X36q; 13q,3drL po r6o36q,o6 3"qq1atq,3a,L, 6oo3.:q'oL[o53d1qos Jo6g6qo 6rE;tqn61q,o LrLltbr.r Ulq,tn,rO3qXA.r, t6o8nq,Lsg 63qol g'o6s8q6dor63 bXq?3,.y63q3ds, U-q_ .l,A33qi - 6r6,:bq,6d1qo LrLnLbo 13q,333r62q1},: qr 6o5otq,68tq,o As6lGOor ?6$flR3Er. 3O5SOPJ5, LlLto 6ug'oqr.r116o3 ror3oLn6lq,o,> p,> Es$oq,o}6o3 RrB16f,Ro,! Rr s3trr0sq 6rL,:663.:q tXq0oLo$3qo8o osbt,> Blop6n6L 4,j.46il1;24's?? qoq116tr (,,.>6l3d1qo 3sq'q311q3d,:..) ps s0g.>8oq sr6L38nqo 3sq,oL E;?oo 86,:q6jbL 19240,687.16 rBB qoq,ot6l-r (,,;16Lnl2qo E;?oo,,), Aranq,n6 6sp,:bqoq 1Gq.> 3.:qoL oJ6sl-r So5s0pplsr66 33o6g .d3l_rodsSoUoq U.>L3Lho U3qt6;72qnf-"f, 6,:Esbq6d2qo (,,;t6Lnb1qo gsq'q0d1q3Bs q,> rr4L3I3qo 3oq,oL G;?oo.. 3Ogr.aqn3,rp ,,.:16L6diq,o L;L3Lbr.r 3,>q,p361q6dr") 3o5J0rss6, oL;q,o 3rq,q3dpqr1.^,.*," Hixi':'"J'fi:3*:5*.u 3O6,IOPJG,,>B3o8op rd,o0d6.r, ?3Lodo,o,.r,>p ^.:urarT. 33r6o;rnSolm ",JG:Ri;*;;r;";;"";;,o" 3sq,q6lpq,sd; 36orq ts6oq5x6tr i"r,"o,a'iJc,ii,'"",,.,"r"u ,orou,,,r, uSAID 5':5oLoqo335 516.:5g6doL 6,:BosossL 3OGJ0RJ6, 0L6Lt8bnq,o oJor6llL, A-:Grto6gogqr,,L J6rn0J6, 6r'lar'ld,O po6or6o r-?o Al. J6ou6oL ropi6s,0nrgj6..,r,.qs2,i",f "6sdoq,og;sooL il1r#^ JARCGJ!9, 0bsr663do orGtOq6do,:E ?10q6613: 5 AAhs?O I - lrOJGRJ6OarpO JOd,0td0dO r9J Jl5il$o lol. Lgr6qsr661q,o JorioLnloLr qs t6pq'rp i:! '1,6 E0LCdO; AJEAJ6OAb0bO Sglrnlot 6$roXnE6Ls u SnLnlL', sRE (sB6; Jor6odgdo q,> g3L3lo" gg'oq3ds) ?n8q65o (r) LgsSqor6gnqo Jor6olnEoLs ps g6Lnlot 2.02 JAEJOSo Bog3alqo gn<63o6oU ,,bnq,Botrg3po8o o16ro.. 5s68sr6gn},> g"Sra[ifoo6 "i3*rn;r1qnrn,, 0o$S6doLoogot t6og3q,n8u qs oJ6ntr t6aqn6S*Oo!, " " "bnqSoLs$3po8o or6Ls" sr6tndlqo 3oqqnlnqS}otrs Rr sbsqo SIoL na ,rq6i_infi ors6b;U, 6r'la0q,o6 ltD sr6 tER! 6sjjaq6l_r sE 6.>o6nt_r s6 s<6ol Jor6odoo u6 lJor6olm r6s$gs3r66loL 3sqpndlq,3BsL,'. Jl5jgo lID. 6r53o6g36nlo o1 $o5;3q,3Es66 b6q,?n;61q38s?o (0,:o ?or6ot J<66s0E2q,;?o q.> qs6rr4o6ddo) rdr .:r6oL aoooo3lpo DG JoGO0JL6. -r,t3J6ioo"q.- sr6 Brroa,bo3ir. |llr"ggio"q Jr6ns8dpqs?o 5s51.>$q,3r+r3q gnr60o66AU 36o|3}so a.;-S"I, J6X.:Bd3qs?o SoSolnljq,o 35o?366q,ols, L6sERJ66Cq, Jor6,.rlnil,s po Snr,6ft. 5r6Lstq,3rtr1q,o -alolol3.i ggr60o53do s063.:r6 Jnr6olXbUo p.: g3Lxdtso 5s6o3,s6g6tr; ao6o*0d1cr ?1l.rslo0oLo 35o?J50Rclom, Loqr.r j33Bcror SornooS\qo 6Cd,ao6;[o 6s6o8sr6g;11,o 1Xflp165;o16sq: ,,3L6trbnlqoL 1gq'1?,.,3otroq,r $st60odr q6n6nqo" ,,L13ors 6,>53oosrtrnloL 3gj.:6o$3o" .r5 'CDM" '!o63J66r0oor o,,6bJ'. 5o?5,>3L 3L6LL60qolr 9oG;ELor.r tjrAoEolr66r'rL, 6rd,R.\ 2.0+ Jg6jgti SoooorXl.;q,o I,:rrac)ilsq66Eq,oLo. 5o?5s31 L2go,: 6r63oorr6nlol Snjc6o$Bi_r, 6r.rArn60 5sELr$q36pqos;oogoL J6ogo;oq?o. 0L 6o?5s31 (i) gsqol-r 5.>?ooL r6drn6o66l1q, os6b,sL qu (ii) bnqSols!'3qo8 orSbslr Anqf,$ol, Jo6A066rOooL orst6oq?o. "ArRX6oL Jo5aC66.t1;oJ" 5o?5s3L ;o5g36gugooL or6Lot ;EB qoq,.:r<roqs6 6316o?o.p53X16g4o.:1, go6sSpnts6n b6q?6.p2q38o1 os6rt0op. "3iqx6ol, Jo5acd,6r0.ol 6o?5o31 fo5r0qnd.:r66 bgq?6;r6lq,n8ot 2O5 .)1EJ6oL o;5st0rg. 0LSt,bXlqoL BoSr+r 16663q' ps Er6;oLsm3otr $S16oqoloor ?3gyrndo6gI1q J6r'lOCSOoL 6sprLpol.r oodroq,l-r. "a.rq-J0ol Jo6sJc,6r0ool Bodlhitaol o.,c,o(n,, "a.rq?6ot Jn6sc6$.t(Joor a16.)J3Coo" 6oB6t3l'r osr6oqL, r6o06q,og rn6ct lrnaa?r.'l pqoor g,o6 1lr!'16gdL 3sqSgoL ;o633r6gq3ootr orr6oql-r. u*"r-: LJmo Jy6r,L, r<roaq,ooo3 3o6,;r, l:ll"ju . d61dRor EAodo6mL o?? qoqrr6or., 63g.g.q,XS6ir, if;ai ,,05Aufio1o" ,,tso6!51.,a6o f0Ro., Jr,6c066noooL o,.)Gbr. iJq,f,o, r, ^a.a.uumo ;ob33r6gs1jooL 3oJLooSloL o,s6oR?o. 5o?5,:3tr 36676o1_r Joqr6onqnjgrjoLrq5l6l.r 5oB6s3l-r !1t".rLr1 l,.rJ6r,ad6o ;oaJ;Eool_r Xo3nqn gqol, I -6s5suq3l1qo 6o03qo6 ,>oo3q,6ds $1q'1, nrbJ16oR,nS ,,lra0C.t." t, 0q,0dO6(q0EA6AooL 6B6q nr6o363q 3o3otosL, q,o636to66olr qo 6o930st3 Jq0d0i6..'c6c6aooL go6os3loL axifi.a3i.ix lrodrrlo)0aq,(,?o. ,,t636,1o1r q.:tio g'Sndair !6t6oq'o" 5o35J3L $3r6oq.U, o,)bJrJ o5go56dro" s6 ,,IE., t6f,,.. 5,>16$r3B,L pd a.ail"al.*al 6r.tn,11638ol' *osAr''g'all,,rr",.,G !,,J.Sto,<)Jil.r: r;ir;;: f,>r63op6n6oqo ,j6re" ol,rL do6;oLso,3oL p;0u;SsXogoqnlSq,o ,,qo3r'r1.1op3d6q'o 1r38X,i-a.r .,6-36r.u(.r trrdrr6 qr;6 6r,ro8Clot: 5o?^5s31_r 3o160oo,> ps BoEs;r6Loo. ;3oq,ogr11or63t1q L;,1,ob13 r6oSXqog 0oJ06p3dt .- oo5ilou 1nlq,o L SoooonilnI?o. ,,lr0LtoL J.)q,toi., *.*:"1: nrx sLlLbsdsqo l..lliru xSRJdJaLboq,o 6o3rno33ssdr, .aoi.,< oocnb, 2.05 JxSJgot: bo dbr8b o,o6ouaop. Ai6(9L. "C506AC6oJoL LDAoSoUOdlt.rL qsSt r!'33dol f3r6oq,o,' ,,6s5.:Lq,nlnqo ?nL$or<rgdlqo 5o?5s31-r 3l.16LLnd6qL.: p,> 6r5,:tq'Xl3q LsJ6onJgr.r ;o0J;5orL 3or6oL psq3l1q, t.;Lnl-rLt'r b3q,Bn3161q,nlsL, J3SLstnLto t4o06qo6 Lnqtn;163q3Bs" q.>3s;3.:gogoqXlnqo 3o16Bol.r,> q,: ?o5sur6LoL. ASRo oXcr l-r l;63o1_rso3oL ,PIU" ,,PIti l,odoj1s6,: s5AD6o'ilo" ,,J14o3Jgo" 16o5o166 6L ss6ts$s362qoo 9.1r:ru J6oiJdOL, h6q'?X;r62qnlot.r So5s3p36sr63 ,,J16ogJgol-r o56,:16oEo" I qrErrtro?o. ?6Lril.>OoL.>p. ,,LJn6ooqy6ooEAJ6oBo.. EotsEs3t LJ66osq,26 Lbq0Jr'lbo6r'r s56s6o?L, dr(,ArRo(J "Ay: qs p,:5;16o?o. Boooon}Sq,os Z.O: .fpSj6?o Jtr5jgo 1.03. oE606J60Os0os 30bq,o tr _ b0bboL dod,o(])JRo h6d6o 2ot. as6stRJaaq./or.lstr (e) o3 t;q.?g;16pq,3doL BotErS JOd,,O5060 Rlj 0.rq?6s ,"*o,tr*;;;: *.":ril ,..[o:l;ffiI: "r'}cLho" 5o?6raL ;roL6alq' r.rsLsr.rbo Jl5Jgo 2O2. USlrLotr t,t3r goE.>GU16o Jo6o}66o (s) 3o5o3sq,3r6o gris6tsoL os6h ?3sq63EL sLo uosL poqsr6L (100,000 s? 3 RoRri?)o), 6,r6ps o3 6s8rl6s3qoLol_r.:, 16o0 J(,5LIE,6s56oL 3r'r0L;t3r+r3lo L Jor6qrJo16 rLs5utq,ofl66d3q,o osEbXdo ?SodqXdr so.:Lo qooq,rr6oL (50,000 s?B qmqo6o) oqg6oloor. 6uo1j3L 0o5o613 o63o6q;saro (d) $o5sL$sr6o 6oqubqol-r Bo6o0oq,216o oo6bs tsnrqgn5l_r 616o 3oqoo6 qoqrt6L ( 1,000,000 .:?? pt'rq,sr6o). (a) 6.:1j06}ot 3o6o0.rq3r6o o.:ELs ?nsq666l_r 616o aoqoo6 RoquriL (1,000,000;EB qoqutro) (R) J6oOJ56oL 6sqsLqoL orr6oqndo, otAB6 6t'l6cr6g tSttoL q.>gor63oL, oJE1d.: 6o33qo $'qol-r 25 0;olo qs 25 6og01316o. (fl Ug,:5qur6glqo Jor6o86doL,r q.: $nLXloL 3O5(d) JCEJOoI, ?0LrlraoL.)R sq0o5oUg6or63dot 6.:q;1.>boqo ?6.:q63Gl_r .:tsqo gsqqnlgqnloL do6oospo o.rELol, t%.t. (3) 0tXLt6dnqo q.>3sr6s31-r L6Ltl-r J3n0oo 3o6603qo 6t6sgo;ot ?XltdsSoLoq: 1,6M,800 r?? poR,;Cro 1,68a,8CC s?? 2007 FR,oL Jai0,1ja.rrr,;Gtoll rc,llAlfq; 2010 gqoL 25 8;oto 2010 $qol-r 25 Sorgad;d,o 20ll $qolr 25 8,>oLo 20ll $qoU 25 5r.r6ad6r?,o 2012 $q'oL 25 SsoLo zuu Yq'oU l5 boAad06o 2007 g'q'ol-r 3l R0;0aa?.1;fu;t,;l,cdaq; ;1opoL 5.:3ooL :116oo Snoo6flrAoon 200? gq,oL 31 R0JcAaa.6;,,l,lal,rtaE; 3sp,oL 5s?ooL 16oo 3romt63r,!,oma lrx)T tialoL q,3,]33}d,ol,o3oL .,rrrLnljqo xss'oU 5;?ooL 160)o 3aoo6fo,som,, 2007 tq'oL 3l pX;X36r6oLo3otr odrLsdjq,o loc,oL 5o?ooL 16clrr fl.mm6fn,ca-" 2U07 Vq,oL 3l q6;638r6ol.ro3ot sr6L3alqo Auqolr 5o?ooL Xr6oo 01oor681fi;1po 2oo7 Tq,oL 3r RJJoalz;Goof,;I;qq," aoRoL 5o?ooL 116oo 3roor63.1A1q,n ll l0 2007 f R.olrl r I,cJcaaZ;Glt"I-;tri:1e; Asq,ot-r 6r?ooL 16oo Srooi<,Anan-^" 2013 tq,"li 2'T;,aE;(l,o ($) 3o2L3g,s3sp tSeosq6o?S3q,oLo, oB ?X8o,1333,>?o, o3 (i) BLnuhSdXq,o -.lrrrL",a,eo o16 _ . "ri aramo6rsL t3tbor,r 3o,1q, a,sshoL..2007, S*.t, e" rtif r"sl" aJ.a6aaq'cal 2o2 (o) J06J6B. Boo,oorslxq r,ir,r"r, bcR r;;:ic;.-r-,i'a'nu uc'l*. r6o33q'o6 2007 g'q,oL 3r o"o.,u, rg33L, SoEoE 2007 g,q,oL 3l o,rGh.> psLs&4163}q,sp or6oqntr$6, 6o06q,og (dsG;o t.:]o16o3UoLsB3dr6 t6al':l'r, 6sor oroolr.l6tq, ?33ot36s?o Sooqol q:q 'rg5r'rd3dL 8L3ttn]3ql-r u06s6o 6s5r[oq6]oL 3rq.:,: 2007 g'q,ol-r 3l q3;63d3r6o r5 LL3L: ?6odq,n6.> L;,.11or14o (,D arRq1lAq,Adot, 6rquLrsL;poL 5;Gr;63oo ?nrq6nGL 05%_L (q) Lolrto 3J3n0q33.:66do g3q.:q JpSJgo 2.03. tntf,oL ors6tnloL UsJr6r,r63Ego ?gtnq1q,3doL,s03816 $,3qo$sq?o. 5s6s;33o1. 6sgr6s qs L)n6orq76o s65rr6oBo lt a!5br,.l6_GoJR'ASoUrolJoL, .jAAA!6o olnEbJlo aroOJaJ fotudpXdo16n t6q,tsn;162q,XdoL 36-J q,D5o6ooL Jor6od;loL ?3trsd16ouop. Jtr5jgo 2.1X. o.)Et1AoL 6lat'lott'l3oL Xjqnlr8oLoqo [u68o8sp6n6nqo 0d0o6olD Lsdtr.rU os331qods63 o6o?End.: ;p, r6ror 0,:E EndoL8o2r6o $odr 0ooqroL, ['o5s6p6d.>r63 bXq,tny61q,n[oL 2.03(;) s pr g3tSdoL 3.01 q,> 3_02 JAEd60Iot fu5j6o 2O5 3.:qjSoU 3o66166.13or (r)- 0t6ttXlnqL, SSdoLBonr6 pr6oL, EnSdqo.> M3l, AltAtrAEot., Ji6olx06sRo o6tg6ljgos LgULoL 0o6qo osEtol_r 33rtro?o ;16A6-"jr"rf, ?6t;t3d ?30p66o Jo6oI6loL 6.>o3rqot$oEnloo: i) atSLLXtnqo 6.:SooX3EnlL r863ur4 ?6lrsdq,6lqo6.>t Ohoqoq LXLLoL 0oqou6 orSLrLor6 q,>;s3?o<6gloo qo Sboqoq o0 B38ob366s?o, or3 rB R6oL JoSAJ6OnGooL ?6gX6rq sr6 bqXlr pr sr6 Bo8qo5Jnodtr .:6 o16 Strtqsls LOsSRs6OAq,o Jor6od6dotlr qr $6L6dot j.ot JSGJg?o g.:5Ls$q3r61q,o 5.>1663ond; (pr,>(r $'.:r6BooJ0E6d.: 6u630onl.:, 6r'ra6qoG tngSodo5gdoo p.VrG 3,:poL ,:0og1146oo ?3odq6J.: 5oiq6L s063,:r6o 6;1663r.rnlr); ii) SLnULnI6qL ?61dqor 6s0ooX66oL $63srtro ?3t.rsdq6dq,odo ds6,;oLrsor3oL $3r6oq'oEooo EngSoloGnBoL 6s5t.>36o1 Lsg2d3nq$6 A.rRA6ob ;r.r6glr6grgooL osr4oqops6 ,:dr,:163ooEXL 45 eRr,o oeOa. sAbtr6o BSg6olo6gd.>, o1 l;5;o l.rb3s63,>r6rq s<6 p:s1g666t, oJGS}.> 6,>3o3$6n3o qs 0L3llt3lqoL 3o66 3rL?o 6s6tr.>$q361qo oJESls ol6oqo. 3spfuoL,1o833r6g.:6ooL iii) 3.>qggoL ;o Sgnr6gqloot gojLor666olr o,>6ioq?o, BrE,;o 6sEl_r;$q3r6s3L A!Rt$ol, ;o636r6go6ooL 6.r6s.13XoL R,) p,>tr5on638qo3 .>g6ol3Bt 3LgLb333qt iv) Asqt$ol., ;oSgSr6grgooL o.r6oq?o, .ym8366g,:gooL ou6L.r ;o536t6godr6dnq, oJ51l.: 6g16oto llR?OoL Jr'lEAC66rgootr 6,>6,:,y3;1oroo. v) olRtOoU J(9SB06ODGooL orot6oqs8q6 ps (r3 orr6oqoL Bsogqoor) qr6ogblq'o J6(,OC56o i6 oJ50a! J(,GCC66o60AAqo 63r6oto p.: Boto q;s56;dro?Xdo Sobqsls 6.:5;ol.r Bon6 St6Ltnlqolr.:o3oL $'o6rL$.:r<r ?693r'rlo56}2qo l.r.:Jdrog6Sgo 6r6u.;3nooo, qs BLStbnlq,oL 0o616 6,>qsbqoq 26ps oj66L rtt qoq,:16?o 3sq,lgoL ;oEgr6grlyool.r osr6op?o. vl) 50dol.,3o06o 6,>g6n66oloL o.:3oqr6 .:6oqndoL 8o$Goo, 3sqSgoL gm533t6gsgooL orr6oqroqsS qs[g6]Xqo (qs B,>o3q,oor) q; Lnl_rboL q,>3sr6gol_r l2 ,l;#H;:"*3p3 po3oro3o36xqo' Jdr.,co56o psr4osrlq, q; 5rqobpoq , So5s8q6}sr6n tnqE6,;<63q,68sto 2.02 JSEJgL.: q; qs6ur6o 2_?o .:g3o6oq l6qr oJG6L 616o?o gcqsgoL 3 t5oo, rB 2.Os J2EJ6ot b J6o0056rr R,> dorrrnooRo aahRo Itr _ Jp'jgo 3.0r. r6o0Joor, ..rr..""rI;::tI"1:ffi f**" .U anUq,3d?o 6oEL rq361q .lu "" V (o3 A.8,1. t U3.63 ..i -." LrXLb363q,o ll arSrbR0aaRo L.:Jr6o3J6o b3q,Bn;r6pq,3dotr 2.0t ?6L.:trsBoLop,; R! 2.02 JlsJ63aoL (ii) Jr6og jgol_r.:o3oL L.:JoEq,o ?3U5op3sLoro6, r6o6ori6 gL 0o go140nqo1633lqo 6.:EstqXdXqo ?nLrl,>3ol_r;p; !ii) Jdro0J6oL 6;5bor66o6q,gdoL 6r60s6qols?o oterRootJ pJU, 16r,15o69_31 83Lgor6ndlqo. y^.t!q-*Ro 3"oanq,inrlp" 6,:8.:Lq3ttrqo !o.ooboaaar UrJr6o6Jgo t3q,?n,;rrrlq,ntoU 2.04 Jl6Jgotr tir,"aj.i.el "^ (iv),0o6CBoL q;63oL L.>3oob3}or6,_ 16o6o166 Booorto66},: ?6L$,o6nd1q,o trqshqs 3or631q'or6nE1qo 6s6.>tqn}1!n3Lt$r<ronj6il ff 2.05 JAGJOoL B6Lsd,>BoLrp; tnq?6,1r43q6aot (v) J6o6jgot 6r6bor6go3qn8,: q.:jor6r6d;lns6 Rs 6.>3o5363 BnL['o16g]1qo qr tXq.>bq,,> go bnq?3,y62q3IoL 2.06 Jl6jgot Bnt (vi) J6o0d6ots qo 6.:Esbq662qo LrJ6o0doo 3rnEJsGooL r.rsJ,osGmdor_r 36llstnd r65or6o?1}ot _ Bso,?o16o1 6,sanAoL [r-O3"t BnLrb6d .:66s6o?n]ot 3o3$rpXlrLor,>E qs !'sr6p6n6oLouE, Oor5o166 3t-iooolU".3nio Unt goA6flqn qs b6q'stq,.: 9o1603qrori66lqo 6.;EsLqnAlq,o L,>Jr6o3Jg"ri bXq,il6;r6lqnBolr 207 Jl6JgoL ?3Lstrr8olrp; (vii) Jr6r,r6np16;trot_r, 6s6sg3r46doLc Rr .r66vrro?ndoL [sr6Bo3trsLo.:8, go5.:5Ljr6o r56sr6ots3}oL Bo8tsq6}oLos6 qs dr6;oLsornoL Bror $.>r6q636strosG, q,.: du6.pU.:o3ol_r JdroljgoL oS 5oSotq,gf;'qn b.!J6oAJ6r,r ,;oBJ,>5ooL Lrj8o.:EodoL ?XLsb3I 6n8oL8olr4o LtSr ?01!j;;; osgmr68rgooL $sr6p6n6;lro;5, 16o6o166 3l-r Soootrr3xls t6f.,g-j3fnq,n q.> bnqsbq,s gor60pqor6Sdjqo 6sE.>bq6tlqo t_r;Jr6o3J6r.r U6qAn;Ajq3anr, ?3Lsd,:3oL;q, pr 3.01 JCEJOot (viii) J6t.r3d6oL! q,: 6,>6sbq,nl3q,o L,>)6r.rnJgo ,lo8JsEooU 9o616trl6 qs LooJSrrrogoo L.:;oob3}os5 R ?61-rr63qnb.:Los6, 16o6o166 nL 3o got63Xqor6n6lq'o 6r5obq361q,o L 30l J1EJ6Clot ?6Lsls8oL.:p; (q) os5.:-q;,>go5sELr.rL.sr6tr3d2qo q,> Bo0o3sqo J6r'r3JOoL 6,>ors "a"U",r"ra6qolrr t6q,o tS3ggoL Jr6r.r3Jgot psLr6lq,Xlrlr, 0oor ?o6ol.r -r'n"n*" ;oOJoE66g6do, Rr 5sq;Lub,>qoL 6;qsbpo; (fl 6s6oto6go3q.rL q.J;6 1$r4XE33q3oL Jr6r'r3i6t r;3s5o3oq'nlp3L Llgo.: 6g3q,.: rigoq,Sd0qo qo6ol_rdoXdr, 6o3 5sE3ocrsrvr6dot a03Gu.l, in,rb;366dr_r q,: cDM. ot Bn?36oloo aoroq3q,o ."sixa. :o..o.ffi;; "6";;;;r.cq ods.jL t1 SbgtrLXdq,oL.: Rr bs6dtq;a:tRn Lo)dro3J6o ,jo6Jo6ooL Jr6r,r6J6o,:6 q;.1.:3 do6ldjq,o 3rqq6dlq,l3XBoL ?gL,>t63q6dq,,:p; .r(Joo R,) Lo6JtJqlsg.:6oo Ls653loL mb, 6r'tA SEgg<6JXtroL J66tro6rqL A$63EA0RUoBoq, oJ5.:L nE6l6J6lroL (3) 0ooRot X3nq,r lr,:}o16o trr8;,, r6,>os ?32SymL J6orJ6oL pLsSr6obo 6oGtor6uonqxlJL. UaCq,,) poo66a6JLJdIR,, ab.,6oL ^L3q,o a;l.f"Rc.;";:"' R.) L3Bn,;8,> 6;X6$s3Er.rE LnO6,;oL po8rnfB6doL . auBR0 w _ ?0933COJ, AJROL ?S0GOdrCbJ; Jl5Jgo 4.01. ?sg6sg,: ?30ot363nlo 5,:61;$q3r6gqo; Ug.:6q;16g2q,o -?13q66o 7.01(s)(xiv) JlSjgot Oot6llolruo3oL. aJAdA0bJ Jor6olnloL,: q,> SnL6dot t5 (,:) Sl4Lbplq,oL g36ogor6o,>$6 0636brrlr0d6o6oL Oo8sr6o SojSnpo Lr;.>EoESqSdqrr q-s 3or6662qor63dnqo l,66AJO?6s ?n,03q38s, ta$sR;;; o"6rOr}" rE .:51q,or6qnlr, 16otr ts6qx6rqq3 ffoa.U"q,.&;;" .r,6r.-i",l"sr"iaqnlqo qr 0or6n61qor938nqo l,6d,AJXOA6.', r6o06qo6 (i) "a"U0qioganq."" J6o3J6oLro3orr, .16 (ii)_ sO- ?X3Lrl,>3n1.: n6Sri6ot6Jgcrr6ol AX6lq.OXaofr-"S" tr6r6pJ67drrLor6 qr.1s3?or6X63q l.r.>1.13o3tcr Jr6.:jgo,;;L; is (B). UrJ6o0dOo .;r,rSJsGooL .p66<6oqoL -6.>5rbq6ltrq'o lgqndr 6.:qs6630,> SLXLtSlqoL 6sr6ps LL3s Stsriglr; (a) 6,:5.:tq6dpqo LoJr6onjgo.;o0Js6o.: !6 ?nL[or4Xlnqo j36LsLnULo b3q?3;r6trqgdoo gsqqSd2q6dsL; ?3.:U62qnlL 6,:6sLqXtr1q,o 6o5Ls$qgr6nq 3ot.r 6o36qo3n (e) qro$'6ndr Lr3r6oo$2q,o L,s8oJ;q,sJo .rr6npq,ob.: oE lr.:o8.16o SojdXpS[.:, 6o0nqog Ls5;ot-r 06olJo6crA6tq,o ?gb;qXq;troo t3pdqSdnqL hpoL .r6 tnq,L 1tsqolr -)6onJgolr 6.:5ho6go6qn}.:L .jE, 6r'r8qot Orarg'irJR6l"R lrrA,r6!Uqr'r,r, 16o3 LrJr6o6j6o ;oBJ.:Go.r ts6dqndL tSrrg.Aian"q.i p" Unq,oUq" ^5o6shq631q,o gor602qor6n}gqo 6.:GsLqntSqo lr$r,o0d6o 6;o6sq'oLgoSn}lqo Soto 6rqqSd2qnlSdoL ?nLr61q;dst iXq?6.1r62q6}ocl J5EJgo 4O2. 6.:qstqob 6sqot ?306o6n1.> a.0l JCGd$Eo Sooroosdlqo 63doL8oXr4o 86Bob63oL q.:(6o3s q.:3.>g6doo 6rr6n3o6bL 6spsbpoL [sr63o.:q6n6b 3.:qoL ?X0gor6nloLro3-ot, 16,>SpsA6jq,o Jot6o16}oL.: qo !'3LnloL ?.06(d JCEJ$ol., Oot6SdoLoo3oL. Jtr5Jgo 4o3. 6r2j0glr o2,566o1-13o66 qr6r.rL, IsG,1o 6ssdr6ngL,6o0 lrJXgosqlr6o s66sr6o?o ojSs 03-3 qs6sr6o?o g.:r68oq666oqo Ooobo366doL po6qaOOJ qr 6.:0r.r6g6nlnq, 6r6L.:tg3r6s6t t6LtoL osShst, 161103q'os5,>6 qs;sg?or66d2qos oA63"On "aolr"oloBopo 6s3o566ndr, ds5;L ?61dqor, 0LlLtSdqoUsor3oL 5s6$s36oqo ?ngyoBo6ndoL Lsgnd3nqtn, 5or2J8olr 0Lllt3lq,oL tBqJAr Booq,olr s353;A., os6i6dn. !R6o?SCq,o ?ng;olo6nlol 6oq.:gg0ol_r En0q16, LSLbol_r,:B63o16o or6br AsdaR;r. ailbRo v _ dSE1JAO A0LAq'J Jl5jgo 5Ol. b3q?X,.y6trq6}oL drqs?o ?nL3qotr $o6$or6olgLo qs0,:gllooo Jo16ol66o: l6 (o) ?11[oo3d1q'o q," blq,oLqo 3o168nq,o16663q,rr ArE,rb(,JaIRo boJ6r.lJJ6,. bXq'?3361q'nlr 6ogo16BSdpq,or r,rolrb )N.!Rr (6) PIU 0n?oolU d.:8,;oL.:o3oL SoLrqXlo Jodrolndot B6lrsBs0ol_rrq; qr JXSjgo 5O2 oT6oqopqo qrLr,13668o Jl5Jgo 5.03. ts6[63gs d.>qsBo ?n1U3q3qoEoL 6.:Bo aabllo vt - LbSJTSSLbSJ RCatRrbcbo t1 Jt6iho 60l. tSgXolo63tnlo Jl63oo 0ooooSllqo 3ol_rs3ur6oldo 6.18oo53E3l.> lr$r5Rs66tq,o Jor6odtlol.r.r q.r $6LX8oL l0Ol JtSd6oL AotE3dotso,AoL: 3l.r3Lb3Bq'oLuo3ot: LsJ;t6o3nq'o go6r6Loo lsSoSoL6rvro lo6srtr3o l6oo3r6oolsor! R0Jr66.)A0E6o o. sll?odolr ?0 0162 odoqolro tsJr6o3;1po 6gq/9.:jto; 995 y 29 20 19 5,ptso3oL: 936oJot 16g3oGtgr6l jgooL.: qr 5.:Ggoosr6nloU Is6;o Onc Exchange Squsre q'o6qrn6o EC2A 2JN 6s6t4oror56}2qo l.t8ngo 3oL L,>r.rJ36rgoo oqSoSoLgr6rgopqo 6s65ogoq,6d,> SJlro: +44-2G.7338_6 100 Jl5Jgo 602. 5rgslrLsp6}o qr br6ynbo 3U6Lb636qo ,:rGutpsy43dL EnloL8o6r6 Jr6og6Lo3q, lrsds6;o, 6.>psr6o6h3ot.r oG -6,:n$-gn" grqggoL 6s63qolr 6spsLsb,>qndLo brf)X0dlr, Ooaqnln0 R,r $oG.:Bq6B,:r6n b6q33;61q,;ilotr, ?xLg,or638xqo q" t3q"Lq" ts.,6at;";6;tR;" 6sE.:bqxtlqo LsJrioSJ6o bnq?n;r6pqnlot, 6,:Esbq,ntlq,o tirri.COlZe" J36LoLoLbgr - bnqBn,;r<r1q,3doL ps GSdotrdoSdro qr;s3Todr6d2qo pr.J1a6e6J arat,:p68.:lrosE, -" 6rgor633dsLos6pr6r66olr6r6.>6osto.>Eq,>;sg?or63loo. J15Jgo 603. ls8v6orq8XSgoq6nS}o qr tr6q,nd$o6sg3qn3lo fo6;6p3}s63 Lgqts6,ir62qn3o o3r6opolq Lo0rr6o;q368;3oqr6x3lotr.: ps 1gq3l,:0,, 13q'18s 6s5,:bor6gonqoU $o6.:dq38.:r4n b s 31.:66o. ?61r.>B10ol_ro ar,giU6llqr, q3r., "O ,3"*"ig""r6,1*" a.U. l8 3rq'eJ6Xq,Ja0&!L (Borqoo6op o6 5stoq'ol6o3) r .*ua-l"i 6",,,3tx. "" 6'>q460s drSSotr fosluf,,r)o 6ooq.r&,, h#,err, illTSll;.1-',Hi:lr-*'f i:ri"' -?r'r';x360r 33?6tloo';. r'xq,, *,.e3.6r, ro6oaq6as66 r;;ili"[;"f ;i'*':Tl*'"'' 0ahaJq'vr'L g* *6..ir*,1r.,'irrl'*#|il ff: 6""3oaaxi' L.ldJ6o)3CRr,) L3q,3o3S3'to: totgqo p,> 63.:6o, o$.:3p1Iol.:. 036OJ0t, d,a,rOGLO6A{rOOotJ leJ b0q'ao,a!'06o: t;bXqo qo g3sr6o, o;6r8qnEod;: aJG300)Jd,cb0l, bJ6Jo "'i"Ror't,'.

EX.ECUTION COi\ Operation Number 734 SECOND NOVATION LOAN AGRXEMENT (Enguri Hydro power plsnt RehrbilitatioD project) between GEORGIA and EUROPEAN BANK FOR RECONSTRUCTION AND DEVELOPMENT Dakd PS December 2006 .I ABI,E OII CO\TE\TS ARTICLE I - STANDARD TERMS AND CONDITIONS; Incorporatioo of Standard Terms and ^"';;;"i;l. DEFINITIONS " ' 3 conditions ' i"",lon t.OZ Definitions S"",i"" f O: hterpretation ""3 "" 3 " " 5 II - PRINCIPAL TERMS OFTHE LOAN..''"'""'"....'''"' ' ''"' ''''".," ""5 --i"ciionZ.of. "ARTICLE """"'5 Novatior/Amount and Cunency " ' 6 Loan ofthe FinancialTerris i""ii", i.o: orier """" " T i""ii"" z oi DrawdowDs and special Account '" 1 iection Z.Oa Authorised Representative for Drawdowns i""il""i.os c,nency conversion I " ""8 " " ." " "' " " .8 Covenauls " " 10 IV - SUSPENSION; ACCELERATION; CANCELLATION ARTICLE '--'-i"*""+of " " "10 . SusPension "'I1 i""ri"" +.oz Acceleration ofMaturity "' "' l l iection +.03 Cancellation " " II ARTTCLE V - EFFECTwENESS ....... ""^-i""tion ""ll S.Of Conditions Precedent to Effectiveness ' 12 " s""ii"" i.oz Legalopinions. """' " 12 i""il", i.o: T;ination for Failure to Become ElTective ARTICLE lll - EXECUTION OF THE PROJECT other Aflirmative Project ^"^i*,i"r lli. MISCELLANEOUS Section 6 0l Notices . Section 6 02. Fees and Cos1s s"iti"t o oi Successors and Assigns ARTICLE VI . I """" """7 SCHEDULE 1 -- DESCRIPTIoN oF THE SCHEDULE 2 -' CATEGORIES AND PRoJECT DMWDOWNS " ' SCHEDLILE 3 -- SPECIAL ACCOUNT (D '"""' "''"'I2 """' 12 "'- '11 " ' " 13 I 2 SECO\D NOVATION LOA* AGRELUL\-T t?5 AGRXEMENT dated December 2006 betwee! GEORGL_I i,!h: -Il.-r::r=-r and EUROPEA ' BANK fOR RECONSTRUCTION ,{\:D .r... Dfrfl.Opfffrr "Ba"k'). PRXAMBLE rhe transiti enkepreneuri lo and applying vt HER-EAS, foster the and economrcs; e ro\i ted Eas lltparty democraq.- pl.:r-L= :.i _.a-_l:: WHEREAS, the Bank entered into a fixed rate loaD agreeEe[r ,,iA rle Sar. EnL-rriL\-, Sakenergo, dared 22 December 1998 (rhe ,,Onginali"; BaDk agreed to exrend a loan to the Stare E Sut.n.rg;i" ,.h.-;o;; ig.;-,i. ;n;::';-: .;-i*, "rp.ir. DollaE SD Thousard li.-j.i.t,X. .rti power distriburicn ''l-ro G:cl.gi irc;:c-jc: ralion capacit\ arJ d.I:r-rs s.t.i;, rl t: WHER.EAS, the Bank entered iDto a project Sakenergogeneratsia, dated 22 Decembe; i99g, neralsi ergo, and in panicuLr r:l;if,g tbe pIs-.e:G c: $r Sa.kEsisc atrthe Loa[ \ er. naje arz. i]: r g Agreement bets.ei out the Project; rantee agreemeDt ti:h 6e Borro,xer. da-C Sakenergogeueratsia urder IIe Origioal p and energ) akenergogen tsia-2000 (th mpany") respecrir ei;; \ITIEREAS., zuls_eguent lo such reorganisatton, the BaDk eDEr-_d in:o i ro-.aioE I..a: -"f:'=, agreerneni dated 2l December 2O0l with tle Fi$l No\.ar:or: S"_--.*- irf. guarantee dated 2l December 200I \r.irh the Bonower (the \L.\:ti.o G-jaE::.i,1. \IIIER-EAS, on 8 November 200: lhe Firsr Novarion Borron ci a.:ls-a=a::i uL_ Electrogadatsema, a state orted company having rr,.,u.o. star.brGTliI a_. 8 (a) If the Bank shall have delermined at any lime thar any amount oltstanding in the Spccial Account will nol be required to cover firther paymenls for eligible expendilures, then the Borro'r'er shall, promplly upon notice from thc Bank prepay to the Bank such outstand,ng amounl Like\vise, iflhe Bank shall drrect lhe Borrower lo repay to the Bank an amounr pursuanl lo paragEph 7(bxii), lhen rhc Borrower shall promptly upon notice from lhe Bank prepal ro the Bank such outstanding amount For lhcse purposcs. the requirement that prepayments of the Loan musl occur on Inleresl Palmenl Dales is waived, subjecl lo paragraph 8(c) bclow. (b) The Borrower, upon prior notice to lhe Bank gtven rl,) accordancc lvith Scction 3.07(a) ofthe Standard Terms and Conditions may prepay on an-"-, Interest Payment Dale allor anyportion ofthc funds deposited into lhe SpcctalAccount. (c) Any prepaymenls of the amounts identified tn subparagmphs (a) and (b) above shall be madc in accordance with Section 3.07 of lhc SEndard Terms and Conditions, provided, however, that such prepayments shall not be subjccl to lhe : Minimum Prepaymcnl Amount spccified in Section 2 02(b) of lhis Agrecmcnl, and provided further that any prepaymenls lhal are madc on a dalc olher lhan an lnlerest Paymenl Dale shall bc subjcct to payment by thc Bono$er o[ an)' Unrundrn8 Cosls assessed by the Bank and nolilled lo the Borro\er Funhennore, prepa)mcnls of the amounls tdcnlified in subpara€raphs (a) and (b) above shall be applied by lhe Bank as provrded in Scclion 3 07(cxii) of thc Standard Terms and Conditions S] filj""::,1'Jil:fiJT,,"#:l,ilf,ilrr*:,',"rr,',?:"",":[X;.,:"",, ,o aro.^ comprcrion orrhe i.{lilil!:iii:ff fl : j[rrfi Ji borrower,s and lhc No\,alion projcc, a reButaror for the eslabti Eovemment"nd innrreno '*" lll-. .mainrain !'I!!u r!,,v acrrvrres, lree [rom jii-"!1l1"iv nti*s and rhc Iicen.rn,. .r .nrr," ,hr, rEtulalor operales " _' .u"tr,Tii entirely Indepcndentl) 19 allow.a fair and and transparenr sharing lhe markct cligiblc curiorn.r, by mslnnccs and rhe nalional intcrest"na ol ) very tariff for elccrricir) produced rs, as providcd in lhc leeislatron by In (i) und Novarion costs j:...:::1?. T.:r*: 1re raken ro ensurc ria, itr, ahd ;iil:1"#Jil*::iff"rio'-navu;n''""" ::::3J":*.r are raken ro promorc rhc lli,,xr#;-".":ii,",i,TlT*l11fiTH#;;":*:,:'.ffi fD I ;,: P"",ff",l"ilJ'i:flr:ir"?,":::"J:.'J:"#premcnrarion or,he proiec,hroush ;'##ilf :;#ff fr ","'3i".fl#':,#r"'f; ARTTCLE I\, _ SUSPENSION; ri*#Hl?":J":xi:ii:"["r ACCELERATTO\; CANCELLATTOT Seclion4.0I. Suspension ,"-r,"l"a:H]iffJ:c spccificd tor purposes of scdion 70t(a)(xir) of rhe (a) the legislative and scctor in lhe lenilory of I repealcd or waived resu t0 srandard entitres to tle power and energy sector agreed to enler into rhis Ageement and obligatioDs of the Firsl Novation enl as amended by tiis Agreemen. o ... tron Guarantee \r.ill be lerminated. , the.amount or the Loan X,i*rrlfrt'i;:",,i*":*;;Ti'^ :'ro ':::*. by usD lrnance work *"o.pri.r, ,ir" gour. o; #;:;:i:"' still required Io be done to 'j WHEREAS, rhe New CqErhilrngng to totar amounr available with the Existing commilmenl hakes rhe for &awdown unl*.el oer lhrs A8reem€nr USD 14,346,112.24. WHER_EAS, each oft}e EuroDean Conomission and USArD are curreDtly consrdering granrc ro co-Iinance the a project. ecl Company and the Eank r+t have Novalion project Agreement ring he,,Amended Reslaled ;d WHEREAS, the Borrower inreDds to irr which is desisned ro;;;,; #;;r";ii',:filTlH: fiffi,,if."j"r:r"."1,irfl"f"a,r" r o_f, inter oha,the foteEoing to permil the ro lhe lerms and condrltons sit forth or roD Agreerhent and the Amended aDd NOW,lHEREFORE, the parries hereby agrec as follows: ARTICLE I - STANDARD TERUS Scction 1.01. lncorporatioD A-\.D CO\DITIO\S; DEFf\IftO\s ofstatrdard TerEl .-od CoDdirioDs (a) The dehnition of.'Available AbouDl- iD S.crica :-(.2 oi tle Srluc.I'l :c.E, :ii t ondruoDs shall, for puposes of $is AgeEE<a-( be adL.:t rc ;;;;i:- ""Avallable Amounl,' SectionL02, Delidtiotrs nBorrower,s Authorised Representative,, mears the I\ *""'u"o i,, PJ'"i- illiaaa'-e "Cleall Development MechaDism', or ,,CDM,, means "Conversion Amounl,, "Currency Conversioo,' "CurIency ConversioD Date" of .[e B<'nrr:1 g1c'F; 1' the ( t" r,o'o rtJtTol'elopoert \!:cbzrisa a: defio:d ir i?f q. sg.ErqEle a.@ouDi c:- r5e Loea (,.) . oL1sra.E.lLe aode(ii) the Avaitablc Amo*r * rf. C.rr.o+. CoiHii rD€ans the _coDrersico of tbe CoEleisor -{Eou.E: io:r UsD to EUR iD ac.ordaDce *ia fi; -f,ge<oec: meaas an ln aDd notified section 2.oi "Curency Conversion Fixing Date,, E;#:,ff"ff.t.\." 3 t.r Lrs ls5q,r,-:_ a'c'r'3rce s::i Busiaess Dars pior r. tle curerc1 "Currency ConversioE Rate,. which the Ba-Ek is a.bie to lo the Colr,en;or -.\q.oui e$jon FixiDg D3r:' "Enguri HPP" Hydro Power plant "FinaDcial Year,, Novarion projecr Compan),s ::ej:._lhe on I curnmenc!1g JaDuary .GNERC" ofeach year. rir:r:ia: .. _.r f^l1r. S. ^lndependeDr Ceorgian l\arjcc3l f;r.:.-.:. [:1jil?,,:"JI[i,"J,li?::l B:;;;il ;:;::- "GNERC Lefter of Acknowledgement,, "Independent EngiDeer., or "Loan Currency, fr:'#r3","#, oj; Ji,fe Borrower exercisei ib r:-!Lij "Ministry of Eoergy Letrer ot Acknowledgemeif, "Novation ArDended Subsidiary Loan Agreement,, , #*r"l,trilfl" "..r*"{j "PI LI' ion Unit esta!:tih-,C a:i ion project Cou+al, u of the Amerdid a:a eement. 4 "PIU Budget AccouDl,, mears the locat accounl tbe local cosrs pi, hctuding kavet aad "f "fil.J.i"fi; HPP. "Project" holdinp .;.r-oi;, Eleatrs 6e project as "ProJecl AccouDt,' described ir Schedule I hereto. "Special Accourf, ;fi::T;:::11r"rosir accouar iefened to in section Sectionl.03. Inteipretatiob ffi#.:H: ftr*iffi'dr::,,1"?i1",*,i"'lili ID l.his ARTICLE II - PR]NCIPAI Sec{ioD TERT\TS OF THE LOAN 2.0I. NovatioD/ArDouDt rnat Currencv ,:"J ars G) The BanI hereby funler aerees , :"ffiu:.*$;iim.**ili,i#.fi il:"ffi hff ,*i,'i,[.nx1t jll _:"^:jJ?:il,:tis Asreerbe,! .Loar,, sbau Eea! the Existins 5 LoaD obrisarions Sectioh 2.02. Oaher FiDallclal TerEs ofth€ Lo.D :::*i: a:,. L SD [',Joo,#;r. l",loo,H[, ''"'t"' tt't" Prepa]menr Arhoult shal be or: -\ri-o: D.Lr= , ca'cellation Amoult sbal be oE: f!t:c. D:[= ,.-sD LsD ff)"rJI:*!TL|H;::,?T1." werr as de Loar R4a1::<er Dr!.s. s:ai r.:-. I (e) front-end commission and ^The. condirioos sharr Davable aEd::c r:r=-< bJtffi:'#:il"il1T;:*T.,.1;,.!.:*= jl ,"Jli"a,;.J:"., .ha, repay rhe Loan i.o accorda.ce q:,, !t. a_(.Gscri:.E Drte parmGiEi 2sllaylodl rcieris 25 NovemEE)do-7 ,stc=#r'!@ 25 May 2008 usD r,68.{.8fi) 25 Novembiifodd tr;,T:Him7.---=""--r= 25 May 2009 2 5 trffiH*Hf.==ffi_ Novembii2dii 25 May 20t0 25 Nouembr.20l0- trtrHg$f*.,"*_"".- 25 May 20t l fiffi5*',-F*'*i".E" 25 No"embei2dll I 25 May 2012 S;IT:l|*l9;"}.c.'.-:G O"ne,ttlfilrlirGI 25 Novembeill) on 3l December 2rl0- 2s Ma1 20ti 25 Nov.mjer 2013- iur.--".e.,,..- vne rrrettilt ci rhe e:r:._,u.illIl r:-on 3l Deceober 2(O: onenetilrofEiG lGGll g!:1LbeEber200. 6 (g) Notwithstanding the foregoitrg, iD the event that (i) the Bonower does nor &aw dowr the,eEtire Loan aeount prior to 3l December 2007, and (ij) the BanI exteDds rtre LEst Availability Date specified iE Section 2.02.(h) b€low to a date which falls after 3l December 2007, then the aoount of each dlawdowl made on or afler 3l Deccdber 2007 shall be allocated for repayrdent in equal amounts to the remainins [_oai Repayment Dales which fall after tle date of such dnwdown (wirfi the BanI a;jusue the amounts so allocated as Decessary so as to acbieve whole numbers in each ca.., r. The Baok shall, from time to time, Dotiry the Bonower ofsuch allocatrons_ (h) The Last Availabiliry Date sball be 3l December 2007, or such larer dare thar dri Bank may in is discretion establish a.Dd nolify to the Borrower (D The rate ofthe Commirment Charge shall be 0.5% per amum (,) The Loan is subject to a Variable Interest Rare. ) Section 2,03. Drewdowns and Specirl Accouht (a) The Available Amount may be drawn down from time to time in accordance \\ irll tie provisions ofSchedule 2 to finance expenditures Eude (or, tfthe Bank so agrees.lo be made) i! respect oflhe reasotrable cost ofgoods, wotks and sen.rces requirei for ue Project and to be Iinanced out oftle proceeds ofthe Loan. The drarvdowns mav be tbr direcl paymeDl for expendtNres or dcposit rn the Spectal Account as defined belo[ (b) The Borrower shall cause the NovatioD project CoEpany, for purposes of tbe Project, to open ald mai[tain a special deposit account denominat;d in thc Loan Curency at a commcrcial ba[k acceptable to the Bank on terms and condlrorls satisfactory to the Baak, includiag sppropriate protection against sel-off, seizure and attachtrent (the "Special Accounl,,) Where the Bonower $,ishes to make dnwdor\Ls for deposit iDto, a.Dd direct payments out o[, rhe SpecialAccount, such drawdo*as shal] be made in accordaace with tlre provisions ofsch;dule 3 to this Ageement + Section 2.0i1. Authorised RepreseDtative for Drawdos,Ds The Chairuran of the Board of Dire designated as the Bonowe/s Authorised R action required or permitted to be takeD un Agreehent atrd under lhe provisioDs of Sec aad Conditions. Sectlon (a) 2.05. Currency Conversion At any time duing l}le term hereof, Borrower may issue a one{ime instructioD '*' tl lbe Bank to conven all ofthe Loan lo Euro subjecr ro ti; following _ "";;;;;;; 7 (i) Tlte Bono*'er may exercise srch option oES siIl respect to the full a.Eount ofthe Loatr and only if, at rbe tiEe ofgrer:i:-e, Do event specified in Section 7.01 ofthe Standard TerEs aad Coudidcos (and no event which \r'ith notrce and./or lapse of time \\.ould become suct aa .\,eEl) has occurred aid is contitruing or would occur as a rcsult ofth: conr-ersion. (ii) The Bonower shall €xercise such oplion bi :\.tiu.n Dotice delivered 1o tbe BaDk not later than foq- 6re (45) da:- p.icr to the proposed Currency Conversion Date. Such Dotice shall L:al3sj rbe Bank other*,isc agrees, be inevocable and shall e<ciry the CE: !.:r Conversion D.,l( selected by tle BoEower. (iii) On the Currency Conversion Firing Dare. rt: B:.nI shall derermine lhe Cunency Conversion Rate and promptll g:\a :rclice thereof to the Borrower. (i!) Oh the Currency Conversioo Dare, the Cc.\.rsicD funourl shall be I coDverted iDto EUR at the Currencr Couversioo R.a:e. (\) The ahouot of iotetest acctued up lo 3oc includirg the Currcncy Conversion Dare shall not be coor.erted int.. ELR shali be calculated based on the Interest Rate preriously norifr:C b./ the BanI to the Borrower, and shall be payable b),tbe Bonoser ir LSD on the Curr€ncv Conversion Datc. (vi) For the avoidance ofany doubl comheociog on (a.nd including) the Curency Conversion Date and endiDg oD tle iEr.l t oar Repaymentbate, interest shall accn,le aDd be payable in EuR. (vii) Commencing on tle ConveasioD Date, all atooulrs set fonh in this Agreement in USD, includrng s,ithout limitalior all aEouBts sel forth in Section 2.02 and Schedule 2, shall b€ deemed ro be conr.erted irto Ewo ar tbe Cufiency Conversion Rate (viii) NotwittrstardiDg aoything hereia to the conFar!., il is agreed by the parties hereto tlat Ule Bank shall not be resporrab fcr aay coits, expenses or losses incuEed by the Bonowe, as a resull of lhe Ba]]l behg un;ble ro perform the Currency ConversioD " ft) For ttre avoidance of aoy doubt, follo\\iag conversioo rlDder this Section 2 05 all interest and prilcipal amounts payable bereuoder shall be palzbl: in Euro. ARTICLE III - EXECUTIO\ OF THE PROJICT Section 3.01. Other Affird.tive Projcct Co\.ebants In addition to the general underlakings sel fonh i! Ar::cl:s Iv a.nd Y of lhe Standard Terms and Conditions, tie Borrower shall, uDless rhe BtDk otheN.ise agrees: (a) make available lhe proceeds of $e Loan to the No\"ii3n Proj..l Col]iqex) urdx the Novation Amended Subsidiary Loan A8reemenl, in lte caje of tbe E\itE-E Lo.n Obligation in $e form of a Elanl lo the Novation Projecl Cc@a.]: ald iti tL. .as-- .'f the New Commitmenl in rhe form ofa loan, (b) exercise its righB under the Novation Amended Su-rsid:rr.. Loan -{s=:Ee:( :n such manner as to prolect the interess of thc Boro$'er a:c t: Ba:lc to c:r:r,l:; r:5 rhe provisions of this Agreement and to accomplish the p'4c-.es oi Llri LcJr:: ?rc c,.l assign, amend, abrogale or waive the Novalion Amended S:biCar-; Lcar: -{3r*-ife:1t or any provision tlereof; (c) cause the Novalion Project Company to perforn L' 3c.orJanc. *i:h L'-e provisions ofthe Amended and Restated Novalion Projecl I:r*-E:eD: all Lhe o-cli+::c1i of the Novation Projecl Company sel fonh therein. inc:-lcrn-: *i'rcrl llrist:or, L:. obligalions relaling to: the implemcnlalion of the Pro.;ecl, as requitec br S..:rc] : Gi ar; l.[] .'f rhe Amended and Restaled Novation Project Agr*-=al'- i:cl'tcrng rr !a':iai::r maintaining the Project Account and PIU Budgel A.Eiu:!- \[::ich ac.c'Jns .hell bc administered by lhe PIU; (i) ) (ir) procureFenl of goods, works afld scrvices tc: --re P;oj:cr e. reaui:3a:-' Section 2.0J ofthe Amendcd and Restatcd Novation Pr:j.:t As:lenr:-:- (iii) for lhe duration of the Project implemenlatior r,aittcz.cc: ci d: PIL - 5 requircd by Seclion 2.04 of lhc Amended and R.s.rt.d \o\3tior- Pr.iejt ABreement; (iv) environmenlal matters, as required by Secticr i-G5 ..f th. -\nei.d:J !I.J Resta(ed Novation Projecl Agreement, (v) cmploymenl and use of consullants to assisl in ib< iEPieme:lt2ti!'D of II. Project, as required by Section 2 06 of the Amerd.C rrl Reslalel \cya:icn Project Agreehent; (vi) preparation snd submission of reports on manrs reiatiog tc tie Pmjett ad to the Novation Project Company's operations, incl.Jd:ns errironrer.ral np.rs, as required by Section 2.07 of the Amended ani Rc:-a:ed \o\!i:or Prcie:r Agreement; (vii) maintenance of procedures, rccords and acco,E-\. pr+zr?:ic:r of t-ira:--c'i:l sratements and submission of lhem lo lhe Bank, and rre-hire tbe Ba:* *if. arl orher relevanl information relaling to the Proj..r or rle No\ir:or Prieit Company's operalions, as required by Section 3.01 cf Lhe ['n<nC.C ald R.sui.J Novation Projecl Agreement; and (viii) compliancc s ith all covenanls regarding finan.ia- a-i,(i o!.ir.ir!nii ajpjai . i lhe Project and the Novation Project Company, as re{uilBl b!.Se.rirrs -r.01- l.(l and 3.03 ofthe Arncnded and Restaled Novation Proieri ,{g.aeDeir: detrimenlal lo lh€ Projecl; or (ii) inconsislent with best prrctics for $e rEellation and strucfure of lhe anergy seclor; (b) control of the Novation Prcjcct Company shall ha\: be:-r ..Iansl'e:ieJ to a par+. othcr than lhe BorIorrer: (c). the Novalion Projecr Company shall ha\e failcd lo Fer_irn rE,,-.1f iG obligartons under the Novation Amended Subsidiary Loan Aereemenr: ir_d (d) a major civil disurbance or act of u.a, shall hare occur:d $hi.-h in lhe sole opinion of the Bank makes implementation of the project ir::F.ssjbl3 lrr rDpraclical or Nhich makes il unlikely rhat the Novarion projecr Comp:n] rill be aileio mcct irs obligations under the Amended and Restaled No\arion proiac: _{.I=,.nen-Section 4,02. Acceleration of ltraturih il The occurrence, ofany oflhe evenrs sel forlh ii S.c:icn l. shal, te additional evcnts for acceleralion of maturiry for lhc purposes of Seri..o -.06i fi c: r}lc Stlndard Terms and Conditions Scclion4.03. Cancellation If al any ltmc lhe Banl delermines that a payment froxL or ant- usa af- thc Spccial Account has been made inconsistenlly with lhe requir.rrEDs of Scietiule 3 and establishes lhe amounl of thc Loan as to which such misus: spFli.s. tle tsank may, br nolice Io lhc Borrower, lerminalc thc nghl of lhe Borrorrer ro r!3kc Drz, do\, ns wilh rcspcct to such amounl Upon thegiving ofsuch nolice, su.hancuntcfirc Loan shall bc cancellcd t ARTICLE \' - EFFECTIVEIiESS Section 5.01. Conditions Precedent io Eff.ctiveness The followtng are specified for purposes ofSeclion 9.0: cr oithe S-,Lndard Terms and Conditions as additional condirions to fie effeclivenes! cl- Liis Ag:-:menl and thc Amended and Reslated Project Agreemcnt: (a) lhe Amended and Restaled Nolation Project Agreein.ni sia:l hare bcen duly execuled and delivcred; (b) thc Novation Amcnded Subsidrary Loan Agreemenr- i: Ibrm and subsunce satisfactory to the Bank, shall havc bceh executed and d.livfied anJ zll conditions preccdcnt lo ils cffectiycness or lo thc righl oflhe No\ation pr(.recl CorEany to makc drawings lhereunder, except only lhe effeclivcness of Lr,i: _{graemeE.:. have bccn tu1fi lled: (c) lhe PIU shall bc opcralional under tcrms ofreference a:c+.nt,le to lte Bank; and (d) theBant shall be.in receipr of legalopinion for (i) the Head of DGF@trr LcgJ . rervicrs Depanmrnr of $e No;arion;!oje:i c-"rdfi i;; ffiffiair^*., a in form and subshnce satisfactory lo the Bank. Section 5.02. Legst OpinioDs f the Sbndard Terms 3:,: C.=C:rrcns. ce en on behalfofthe BorrcE:r ])- !h. \!iDi_.1,: as addilional ma[ers L- :e ::r.--uted ir .-:.. (l) rhe Novation Amended Subsidiary Loan Agrccm3:: ij_r aurlorised or ratified by, and dclivered on befraf f of; rf1-s B;f.....,r;.d a va,id and lega y binding obtigarion of rhe B"rr",.1,;.;;;;..*;i,'1.q rlh lls lerrns Section 5.03. Termiration for Failure to Become Effcctive r is specili:C fc: ftE-ioles c: The Ftr,.l \c!:ticn Loa_i dale lhis Asraeasnt b<romi v ARTICLE VI . NIISCELLANEOUS Section 6.01. Notices The following addresses arc <.". ",. specificd for purposcs of Srandard Terms andc";;;;, I2 Secr..-: .0 rl c:. rle For the Borower Ceorgia Oeorgia Attentron. Ielephone. Fax. C]' *or'l;1y;;'r"; ;* n^., *. o,,,,, +995 32 29 20 7; For fic Banl: -, A cnttonj Fax: Secaion 6.02, Section 6,03. Operatioh Adr **-ro_rrrr.jlj'"u',on Fees snd Costs Srccessors rrd Assigns t.'l rn,, I I H#,:ttTi:i}:ff .",#xlr#;,,;ffi;i,;;;,Ti"'.il::*:::i...:1,:l GEORGIA By p 5/_-2 Name:tr1-trljl.lQ - " 'Yi,,!r.,1, Tirle: /,trj.:t€r. r r: .- (c ETIROPEA\ AA\X FOR RTCO\STRT CTIO\ A\D DE\,LLOPlIE\T By Namc: Titlci n+utiilli\-u; fl srac.q)e bo.,a ^ra- 1,1

RJ6,!6(,)O I _ Jrc0oirool, l. J6,',,JJOoU ant,)Eor (i) .rR9a6oRO6J 6rot.j, JoJ'nboot boRAourFcpoa-dr rr.3"6q,1:)L- oJFlqftaox{'i)lQ LnSos 6r5.:bq1}oq,o X,ffi ;{;'5;ii'"-::ruX;;'"".""'.'}l'.','f*';:,'#:#; .t,r1ad6" 3sp61).l ?xirq65o Gs[oq,; ]r6"s.s,3s"r,i"s;"ul*'"",u,il,iiY;:::,fiTffJf*.;lpoJ;;;,***" 5r!'oqo J Lro66t6o0ol'r JoaJo6r660to L Urf)03.''6oo [,.,8X?oo3]oL o.qo3o6o 6o5bor66oXe,OB.r qo 0og6o]oqo]oL itogoqg]r ;s?bqoLo p,: g;q,ol, .)6t1doL 6Jrloq,o6.,U*U"ri"U ^. ,",'" t9 2 653y6JnLt3 L;633r,rEgo L.:0j8;o6}oL 5sEbor6go6q,nds q; 0mg;rrdoqodoL _ 3ofop3d.:. 3 PIU-L ?3J06s q; gl6J6om6orrrnds, r6rr8nqo6 Ar6rbm66o0R0dt Jr'l630J6nsqf,C, J6r.l0J0od,0asL, ?ll.r5oq3XlLs qs 3?n6Sdqodotr t6q.:0tnq33qodsL J (1) qs (2) 6s$oq,XlorE q.:,p3tso633oor, r6o03qog B3ogu3tr: (,>) qr8crp.ppndnq o6go5616L; (a) 0dl,J066o,D lr6|r'rL, rioSSqog j$r61G33q8ogL Jd,oSdOoL q,>ito2;oqntrnq, gnj5o,13r6 3t.rr6q.;|3r6sL; qs (d PtU-1, 3nEX13166}lr, ptU-t 6nJ6o;2r4o OogXoloqr.rt6}Lr ps pIU_L q.:BL0s66 JSdrtrrn5sq,U. 4. go5s5L3r6o r2po$r'r60lol Bcr3Lst366d,> Entol6oSr4 go6s6Lndr g,6Rto 6sgu66loL>or3ol, r4o33qLsg qr.:0g;og3}L Is6;o. Ssgoqo D lrnjLrJqs.>gq3oo q.: gnJ6o,;36o 0o0Lsbgr63doL nteo$oll A!AAXt'lB0lr0d.! do6oo.>qo 3ots31,,:p6E6qo Lo31?;onBoL ?6Lr61qXls, Lso.:psr6o6cr E;$oq,6EoL t6UXoqg,: Rr lgboXq,o ,)r'l6LtR0!E6oL 1tr63631qgo3s 6l do6oosqo OoLs8tuqnlnq,o Lu31?;ontol_r, dollngoL ?nq5XEoL qs LrSJtrJqls616oo q,: L,:t6n3o5go L,:33?,:o3IoL qo6n683o1-rsor3ob; ps (d) qsgSoL 6;6fotr 666BoL 5.>5tortrgo3q66oLro3ot.r. J6mXJgoL puLr62q6d.: 0r.rL;qoq56q,or 2007 $,qot 3l q6gl8&6oL,ro3oL. 20

qJ5S6(,)0 2 - JJo8amd,oabo fgJ o)JSbCbOL aJ6S90S?A6J d,r00Ao6o0do, r6o8qldo6 tSR. L.;o3oL 5rSo6ogoqo o,>Gbnlo q; 6t6l6q,o b,>r6y6ioL e,:Jr,.A"p1j" 33Lfo166d1q,o % qogoSs6LSUs oroG bs 6sq,>lrsLrpXloLs qs SoLs;16SlqnloL 6s3o,.;qnlocr (l) LpJoSLAq'6;Gorr AmALrt?drJAr (J-l) (2) Lu0t0SlEqo LoBXtso6}o (,)_t) (3)^3q6 jg6o-s3J.>5oJfl6o l,j&J?,reaio (J-2) Jn5d6c.ol$ao! (4) Lu;o5l-r1qg.:goo 12 RJ 3 14,810,000 SoOLrt1r4gBs qs3o2.yop6dlgo oGSoE616oL g6lgot;o3oL (,).3-J) (s) .joELSq'go6gol, 0oBr,rtXo3Io lrsd$oUo3olr (J-3-B) 13u.13o6.., 12 t,881.3t (6) J(,5Lf,q'0s66oL 3o0Lsty6nd,: ptu_ Lso3oL (J-32) (7) L,>doSlRo I EsSoqotr.:or3oL goSu6l-r76o .\tRo6ot &.rOLsby66I.> 18) LsJ6t'r6jo ;oSJsEooL;o3oL (J-4) (9) LrJr.r53q,o R! LsBlB,:onJo (l_2) 1,472,000 5r$'oq,oL;o3oL (10) OqOJOr6o-AOJrEo;3r6o l.r.>B3tsoo6do 4 5(,)-2) 5s!'oqoLso3ol, ps8rg68ooo SY:5L.>8?X5nlq,o t;318ro38o, Oso .At.t6ot orsqo3;5o ;s?Lqol_r r6Xsloqo6.)Oo. Jopr6o60d6oJC16o bJ06CloL Rs t3J3;Ad., (01). (ll) 5s16,:goq,6d3q,o (12) rR3o5oL6r6or66trot (1, 7,800,000 2,63s,67229 6splLubrpo 6sprLrotspo Jo16r.rBClot ?ngSq,otogol_, LXqt6,1161q,13oL 3,071,152.48 (14) J6(,c05Oo l,tcl 2t

f-oJEJ6o)O 3 - t JCO0Jq,A6O JGaJd,OBo $o5.:3pnd,>r63 poEsdroroL 0o$Enlol;sor3oL, fug8oo 3oooor6dlq,o ?n3qX65oo16rq 6,:5o0s16gXds: ,,5nEspor6olq'o Jr006"'rior" 60d,AoECdo Eot6.:3lr go6r8pn6sr6n b6q?63r6nqnBoL e6-2 qr6.:r6o?o 3o6najq, 6tr4oq?n A"ooo0i3q. .];-6X6ooo3dL. ,,56trsqs6o3q,o Lsr6agdo,, Eo?Er3l_r bsr4y3dL, r6o3q3loc podr3?od,Ad1qor sA bXq,?63<61q6BoL ps6.>rioo 2_Ao 3oX3s6oqo End,>q.:r4cr3qo,;sg66orrro66oL Bob6p3oor 6,:8.>$oqndlqo L6tboL. U.:LLr6n6oo qolls3o6sGb6}gqo pr ?6t$or6ja3qo pr Lnq,stqs gor681qo66dlqo 6s6rbq6tlqo L;Jr6o6j6o tnqtn,;61q3}ol_r 2.03 JSEjgolr Jorir,r}SdoL OobXqgoo BntrsdS6o J6r'r0J6oL.roCoL tolo6o Lsjo6qoL, lru8p?uontroLr.: Rr So8Lrtlr6ndoL ?3LrBsOoL qor66d3qnd3IosE. ,,tJngosqpt6o s65,:r6otoL 5o35s3L osEtsL, 16oa3qog tsnrq5nEL 500,000 ot? 3ujlm3.:q3rno6oqs6Lo" qoq'sr6L;ps .LJ36osq16o rS6sdro?oL 6o?Gs3L or6tsL, r4o0Xqog ?nsp636L 50,000 .:?? 0o6o3sq,3rrro gr6s5?ot qoq,sr6t. os5Ls" 2. lil6orqldro r55or6o?ops6 6,>qsbqSto 6.)GLr'r6Oo0RA,0a,5 ittoq,oq 5n8sp.:r6o1qo b,>r616doLro3ot, .>B q.:Esr6ooL Jor4od6lot t3fr"a"a"fr"q. 3. 3oL ?n3p36, 16,:6 d;6;o OooqSlL 0oLo3ot qs8s;OoXogoqnBlq L,>d2olr, 16o3 LJ6gorq116o r55sr6o?o 6oottEo }s6,;oLsor3oL anf,sq6a. f1A.i6ioo,, Aso Boriot .:363sdro .>56sr6oBolr .p6goL;,>gootr, 5,>nJ83loLr q" qoX"po!36nt 5.>E po63ot 6ro13q,oo, 8tXLL3dnq,L, OoLo 2gqSls8oLoq,o Ss6SoBsq6SSqnt a3A6"Inol, ?6Xdq,o.: bXqSot,rg3prr0o os6bopr6 6sOtrogr6otr q.> lr:0[""q,1a s66.:rrrottn 6rGsor.:glot LsgXoLo os5ts, rrro0Sq'og .:6 tGRr sR0a"6;A.R;t LJn6o.:q2dro .rGA.r6o?oL 3;JUo0sqy6 doqs6tL qo s6 IERs o5mL t hgnoq;On rE6.:6o?ol-r 3o5o0rqy6o g6s6?oL o.:5h,>$g Gs,1qnlo. 4. rSoL ?63qX6, 3UXLt3d6qL, 0ol.ro lgqnlusoLoqo gsr68o0sp6n6q,oL Blt33oloo, ?31dqos b3q0olrs$3qo0o oo6boq.>E 6,>3oog16ol_r poau6nlnoln o116bCdo Rr 6sEros3trnL UJngo,;qXr6 sE6s16o?$6, j360oo Bo66B1q an+ j3l.r1S36A" 0o63.:Eoqo ?X$q,lpploL B3L.:ls0oLrq Rn o,oolr'r6tRo Bootr.r36oq ol"GUolrJoi"q,r;o3tnA6anol 86,>U6nqoL ?60p35o Jo6oindo: (;) ALSLtnhq,o, n3qnd;SoLroqo f rr6BoO.:p6XEqoU 03?3notroo, gsr6lq6g6l d.:E;L l-rsds5;o ,>56,116o?ntrL ps po;106Eg3dL qs ls63otr 0onr6 Sr,robogEoq 63doL3oXr6 Lt3s o5gor43o6ostr, 16sor qsp.:L616q61_r, rr,.a LrngnrqgOi .:E5sr6o?opsE 5s6631q,o orsSbldo 3o$sE8o3sr6olq,:p oJEs 6"A166Egl3q,n. 22 ,,'il"',"|p'g;uql,;,A,J::if (d) o3 53Jsp,>r6otqo .t,)Ar^o,tnClol.r-so3ot_r 6,>Esg,oq,0l1qo s,rbbr ra6XC6 rq60,>ggl,> LJ16o,>q,316o os5.o.inl, asjLoB;q716o i"*"sril-"^ 7. (r) o,X 3,:8.lo En6oL3ox6 p6rrL 53EoL3o36o 6opobpo ;6 ,;u. o"r.rr1rtoli"*3r6;31' droS LJ6sooq'x6o r55sr6o?op;6 (i) 6.:5tor6so3q,pr * ,.1*9*U:1r"1 ?631s6;3ndo go6oBp3l,>166 (ii) s6 oJEs p,>Brr!,0nd1qo p,>8.>16ooL aJ-2 dsE;oLooSoL (l) SsBoG ds5;L BnSdq,oo BoLoLo3otr .oG od oq66odoo, 6o03q,o6 srtr dA6JAGJ6L;:,s $.:r4p536oq,o RoJUA1EOrOoocr; 3L6Uh3}xq,L: 23 (i) $.:r63m.:q6o5oL trs6,1oU Bolr6 0rrobrr3Eoq,o Rrar60dooro RmJ?A1E6DOo,)i JE (ii) lrJXgo;qy6 ,>E6sr6o?b6 5.>Esos3Urrtr (,>G l.:E;oL Sr.rarbo36otr tsn8ot333stso ,5t5r$RrC6mL B.:G,11) o0 oqn6odoL ou6ts,6o06qog;a ojo SSlsqoOolpqn s6 qsLsE3o163lq,o. o3 ?63orb363s?o, ol3 B.rEJo Booqnll_r BU6sgL (JXi) !G (ii) 6.:qsg63ngoqnd.:L B3lsl;3ol_r,>p, b3q'BoLug3po0o ols6Lop,)E g"SU.-O["nqqX6s LJ36osq,16 "q"O s56sr6o?t3 or.:SbgloU 6r6o.:3L3ls (on ds6,p rrbn"6"Oo[ "oJ "6oq"gg366rl; na qr6o0p6, LsEuB SL6tL6dnqo (x) LJ6OorR,td) sS6sanitn 116 6r6r"o.>glrSdL o6 116 s15.>$q,s2r6nlt_r I;G,;t.r os6bsL (sG AoL Gsgoqtr), 16oB6!o0 iSl,:tq3o1q o3Ss 6o6o16g qs1ts3X}6q,o r5 qs?lrsdlo6}1qo, ;6 (t) gr6trR6;GL d,>E;t Bolro3oL qs0.:;8sXo3oqn}6q qs8sg6}oo q.:Lsl1o6}.>L, O.A fr.]ng"u-q3O" s65rr6o?oqrG ouStnloL b.:rrr13s $'6LXloL 3ot6q3oo 6rEbor66o3q,pu. 8. (,>) or1 d.>5;o SnloL0onr6 qr6oL pup6n6L, dro8 LJ6gosq36 s66rdro?$6 ,st6L3djq'o 5;?oo sp.rr6 s6ot .:1goq3E3qo Gnfoqoarfin b.:r6y3dot stoGs$qs114n3qsq, 3s?oS Bl_r6tbn86qo, d.r6,.;oLs6sE t665ra"qa.f, ioq6dnLo.:G;36, $o5rL$'s6 strE.>tq.:prrr6dL IsE;tr rqEoBESq, EsBorL. ;L;3A, oil As6;n o66.A6ll, SLaLtga6qL, droS 0sG 15qu qsl&<rXGmL 7(SXii) JAGJ6ool 6so3,>q,oLgo6ntrlq,o os6bglo,0,:tsoE SLSLbnlSqo lr6.pqsE BSgyoloEnloL Boqnlolrorsi;3n go5.:U$ur6 q,r15m3S3dqn3 6spulLqoL duE;L s3 Er?oL. .>0 ?X8ot333u?o .t arrU,iiSo, 6oB LlLboL $,oSot!'rrt 5sprbpr 15qs 6oEbo6go3q,pnU J<6r,166Eg.,t 6spjqnU -.:r6.,qto ArCJACltq'or j363r'ro SooooSlnqo 8(d jO0J,JGd6oL ?61_rsls8olsq. (d) L6!5Rr6OtRo Jo6olnloLs q,> !,3L6toL 3.07(,>) JS6JgoL ?nL,>Eu3ol.rsq, 0L6UbSlnqLr 5s5;oLro3oL 6s6ts3Eoq,o go6.;Lg'rr6o ?06Xod;60A.L Lo3nd6q$6, ?1IdRo.5 J6o0056oL 5sq.:bqol_r 6n8oL8ogr6 osr6oq?o $oGsL$r<6 grqsobrpol,r L.)ngooq36 ;56sr6o?t3 5sSos3LndXqo 3or6qo os6bs sE BoLo Gs$oqo. (6) $63orq5o?5pq, (s) q,i (d) fuXJ16Jg38?o SooooSlpqo G6doLdonrgo !,osul_r[ur6o 5sqstps 35q,> 6rEbr.rr66olqq6t LOrERn66tqo Jor4olXlolrs p; $6L68otr 3O7 J15J$oU ?6Lsd;SolrrRi (r)tSOD o0 Jor6oloo, 16o8 s853.:6o $o6uL$s6o AuRltR.r s6 qsnJ360p6Bsr63E,> g'o6rSqnlsr6g t0qt0J6AqodoL 2.02(6) J16Jgtso Boooo,nEXq $'o5;L$.:rrro gsqobpoL Aosoarq1dlo osEbol_r Booto3GsL; p" o0itrroS, Enlotflonr6o $o6.:U$sr4o 6.:pobq.:, r?ro83qog 6s6Lor6gonqqXls J6oO0GOoL 6.:qrLpolr o,>r6oqots6.:5 5s6Lb3,:36b3q RRAlr, qo3J330p38rdr6Es afrSfrUnaq,"f, Bo316 L;q,?g;16lqnloL Jor6olndoL ?ngSqot;ogoL ps$,6Lnd3qo 6rpslrsbspol-r 6.>qotpstr, 6o8nql-r.:g ?nsgst36L d,>5.1o Rr sg6oBndL BL6Lb3B6q,L. As6Rr raoL!, t33m,>g5o?51q (s) es (l) JciJtSJ6a}?o 5oEUrtq36Xqo goE.:L!'Joo o;5todoL 3o3,:16o d;6.;oL 0o316 6,:3o36B3l1q,o oJECl.r LOrERD66tq,o 6,>qsbqolr Jor6odXtolrs q.: !'6L3doL 3.07(AXii) JA6J6?o 5,:GLstq,3riXqo Jor6od6Eo. 21

SCHEDULE .I - SPECIAL ACCOL\T I For lhe purposcs of this Schedule the following terrs stai: [.\: roe lol_o\,, ir: meaning: "eligible category" q,r t. ti,r.rucir:e:l:t means careeorics scl fonh in I.]b:e tD Schedule 2 lo lh is Agreemenl. Ls 3For.Fila:e: "eligible expendrtures" means expeDditures in respefl cl:ha r:aL:o.-able c,rsi (i goods, work and services racuirar for !t. proje!-: tc Le financed oul of the proceeds ..f d]? Lcen alloca:ac f-o., time lo tin)e to the eligible care_:c4.ir rc:crC:n.e lr:rh LL: provisions of Schedule 2 to '..trj' ,{_i-.e:Eei:, 5r:d !c t. procured in accordance with prolis:ors ofs..lior : 0: (. the Arhendcd and Restatcd No\3tio:1 pcrect .L6.e.rrel::. "Spccial Accounl Maximum Balance" means an amounl equalling L S) jG).tO:: 3n. "Spesial Account Minimum Drawdown Amounl" 2. means an amount equalling USD !0.0.O. Payments out of lhc Spectal Account shall be madc etcl.ls:!.ei\ for e:rq;Ji_ expenditurcs in accordance wirh lhe pro! isions oflhis SchedJlc 3. Aftcr the Bank has rcccivcd evrdcnce satisfactory lo l( rh2r Lhc S?c:i2l Ac--crrr has been duly opcned in accordance with lerms and conditicru a.c.piabie ro tle Ba-rl + I including appropriatc protection agatnst set-off, seizure, or arachnranl tLe Bcrrcsg_ through its Aulhorised Representative, may draw dowh froE O-e,{\eilabie -A.mc(E'r an: deposit inlo the Special Account an initial amount that 5hali Dol ereed rhe S;€cia: Account Maximum Balance nor be lcss than the Spccial Accounl IliDimuE Dr:'ralcr,1 Amount. 4. Thercafter, the Borower, through ils Authoriscd Rcprcxuuti.;c- Dja1 dra.r dc*: additional amounts from the Availablc Amounl and deporil srci afl:oL[rrs inlJ fi: Special Accounl, subjecl to the limtlattons spccilled il pang:agh 6 bel..* en; salisfaction of lhc follo$ ing condiltons for each requesred dre\\ dc\-" (a) The Borlower, lhrough ils Aulhonsed RepresenBti.e. sirall ia..e su5cirei lo the Bank account slalcments and documenh, and anv otter .-! li3Dae req,-:.s:e! by thc Bank, 1o demonstrate that amounts disbursed frcrf tne SIe.iat Ac:c,.rn have been propcrly applied. (b) After giving effect to the requested dralrdo\r'n eom dr3 Aveilable .\n-,orn: and deposrl of lhe amounl of such drawdown into the Spesial Accoun.- IIj balance of the Special Account shall nol exceed the Sprcirl lcccurt l\ta\jmlrr Balance sl (c) Except as rhe Bank r,"mr.rui,l}"fl./#;:l:tiiTl#i*frx;iiill iful 6 Nolwithstandihg the provisia ,c,r,. nor oraw down tunds ,.", 4 of rhis Schedute. rhe Eorrolr.er ill "^1.1x:1q'r.n Accornr. unlcss rhe Ba;* Amounr for deposrr into rhe special ;r;;;;,;l:ri:""able (a) if, ar any time, rhe Banl rrom rhe Avartabre rhar firnher dra*dorrns Am"r", .f.:l,i,l, j"l:j.,,:rmincd seclron 2.01(a) of thi; -'" rn accordance wilh he provrsrons a oo..r."n",'"o* of (b) ohce the Available Amo t*r.. rtr. amounr oiri;:;;;T:1',T[:J:,,# g:r*:""**"ries shar cquar 7. (a) If rhe Banl shall have dcl al any limc lhat any paymcnt rt. ol, tt sp..iu" '^ uctcrmlned our "ny " (i) was madc for an exn paragaph 2 ofrhis l Dj sch.o;i:l:'rt"" ot (ii) was norjusrified by the evidence (b) then lhe BanI may requirc of, or '' " amounl hor eligible pursuanr lo fumishcd lo rhe Bank; lhe Borrower lo; (i) provide sr.rch addirionr (rr) deposir inro the Socc ce as the Bank ma)' rcquesr, or ;.#rfl #i",,Tj' jxrf "rri$lirj:J#:;:iti,"rJrHfi :"I:,iil: S]

SCHf,DULE 2 - CATEGORIES AND DRAWDOWNS nx*ir,{T.r"".ulilf::f.+[:iri#:#l#*.l1;,:"+rr::,,"?# oZ financing excluding ta\cs and duties l) Consulting Sen,iccs (A -l \P Civil Engineerinp Works (A-l {3nl!lT:;i"' and Mechanicar \vorks fl.ti;:il:T* ror unir r,2 scn'ices ror Indepcndenr Enginecr 5) Cohsulhnt sen,ices for panelofExpen (A-3-b 6) Consultant seniccs for plU (A_l_c t4,8r0,000 5,000.000 I2 t,88 t 3l Goods for pan B Sr}l;i::I, Audtr se*ces ror rhe projecr Goods and Works for pan ra lgprf(O--;- -, wo"r rEnaorrrlalron and \\'aler 7,800,000 Batcs I I) Unallocarcd 2,635.612 29 I2) Front cnd commission 487,500 I l) UnrvrndinE cosrs 3,077,152 48 22,793 92 48,750,000 S]

SCH-EDULE I _ DISC I The purpose orrhe prorecr *"'on ot ,. ,, "E PR.JECT ;:xl*"1*r"r:*Hril!:rr#ifi?j#ll', j,#J.jji,;TJ::r 2. The project consisls oflhe followi u, rr,. e,,r,,a ih"-s-oo;*J,,n},B:j[; Part A I lDveslment components Execution ofremedral rrorks arch dam and po,* er rr u4' 2 :,i,,"T;;:,,:1,H:,.carions rhc.i,i. anclsl "',rt, or tguiPmenr for rhc rehabiirrarrcn .:.r.- "i.*u;'' Execulion ofremedialworks and supply ofequipmcnr 3 for the Enguri Hpp ffi '::'*lffi ,il'.fi :IlH,"#;'y;?,T:I,'j[,i j,,iixiT,,i,,,?,,:::::i:.., (a) IndependenlEngineer; (b) Panel of Expens providihp - indeD, endcnt technical suppon throughou: Li3 proJcct;and (c) PIU managers, plU lcchnical I equipment and plu supporl Financial auditors'scn,ices I for lhc Audil ih any Fiscal year slafL as approved b\ *e I I I Par( B f,[hrlcement of O&llt CD of spares and pro\rsron of e.-. "purchascpreparaljon l.gcneral lrJg.iu,.' un. "orti, nvrucs and tb) irnpt"."nrrr,o'n The Project is expccrcd ro bc completed by s-l l1 Dccember 2007 oi ir,]. -.