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FRAMEWORK AGREEMENT 8ET\V[[fi THE GOVERNMENT OF GIORCIA THE NORDIC ENVIRONMENT FINANCE CORPO D,\I'ED 25 FEor(u^Rr, 2014 ION I FRAMI'WORK ACREEN{ENT III'I'WEEN THE GOVEIINIIIENI' OF THE NORDIC ENVIRONIUENT FINANCE COIII'ONATION DORGTA ANt) '[Ic Govcmmcnt oI Georgia (hereinancr rcfcrrcd to as "Ccorgir"), and lhe N ic Environment Financc Corpor.rlion (hcreinrftcr rcfcned Io as "NI,FCO", Gcorgio rnd N rCO hcrcirufter colleclivcly refcrrcd lo rs lhc "l'xrlies') lakinE inlo accounl lhal NEITCO \vils cslnblishcd i,! 1990 as nn inlcrnillional ond lhat it is opcraling under ils Conslilrtcnt Docurncnls; having regard Io lhe mrndate of NEFCO bcing to Prornote invcslmcnls of intcrcsl in Easlcm Europc by corrtribulinB lo Lhc llD ncing ofinvcslnrcnts in ic cnvironmenlal dcsiring lo cshbtish lhc bnsis for long-lcrm cooPcmlion in ulilizing ll NEFCO for invcstmcnls ofirttcrcsl lo Ocorgia and lhe conlracli g slalcs of providcd by counlncs; hrvc a8rced as lollows: Arliclc I DcliIilions For the purposcs o[ lhis Agrctmenl thc lcnrs. which are slotql belorv, sh the followirg mcaning: l) "Asscts" sh[ll tcfcI lo filluncint iNsels. sccurilies, propcrty or ony olher hcld, possesscd and/or owncd by NEFCO; 2) "Constilucrrt Docunrcnts" shall rcfct lo lhc Agrccnlcnl belt!'ccn the Govern Finlond. lceland. Norway and Slvcdcn conccnlirlS lhc Nordic Eolironncnt Fini 6 Noveinbcr 1998, which cntcrcd inlo forcc on 9 Oclobcr 1999 rcplacirrg thc lhN cntcrcd inlo force on 2? Oclobcr 1990, and therclo Pc aillinS Stalutcs; oI Dcnnrark, Corpontion of iginal aSrccncnl [in! J) "lnrcfllctiolal Financial lnslilulion(s) shlll rcfer lo the inl€muliotral (lFC)' thc Euro oi ttrc world Bank, lhc lnlcnr0tionnl firrarrcc Corpomtion ietol th. Nordi" In""omcnt Bonk (NlB), lhc EuroPcorr Ban* for Reconslrucli iesib), 0t. Atinn O.".lopm.nt Banli (ADB) urd olhcr sinrilar rnullilalcral fir inslill(ions, such llvcslrnrnt lhnk 4) "Public or p vate placelncnl" sllall rel'er lo olTcrhls of sccuritics lo 0D number ofinvcalols; iNitcd or linritEd Dcvclopment iol insliruliorrs; i'Rcprcsenl livcs of NEFCO" shall rcfer lo lc nrcrlrbers of thc boardof iti.i. oir".nr.r, lhc manrrgitlg dircctor. olTiccrs and othcr ollployecs of NEF cxccplion o[llrc cilizcns ofGcor8in, cxPens appoinlcd by NEI:CO| rs oi NEFCO, 6) "securily htlercsa' shall refcr to a ptcdgc rcrtgagc. guomnlee. surclyshi arrangcmcnl for the bcncl'it ofNEFCO. or olhcr sccurily 5) rnd, \ith the Arllclc ll l'rincipht of Coopcrulion Gcorgir. rnd any public or pri\'ale lc80l pcrson in G Scclion 2.01 availablc by NEFCO ccorrJing to tts Consliluctrl DosuDlcnls fino0cing madc procceds of lhc firlincing nray hc used for any cosl Agrccnrcnl. Thc lvi$ lhc liws ofGeortsix invcslmcnts, in iccord:rDcc ia, is cligiblc for pursuant to this ol' lhe sclccted lin.mring from NEFCO is offercd in lcrms ofcquity vcstmcnls, toons ond gurmntccs I)rovidc(l by NEFCO, priorily invcstnrenls being such inveslncnl thal cnhancc rhe Scctio[ 2.02 cnvironmcllt, Financing l-rom NEFCO shall suPplement olh€r in lhc arr.lngcnrcnl of:rd\nnts8eous finnncing of 1\ilt assisl sourccs. NEFCO rvilh olhcr lnlcmaliontl Finrllcisl Instilutions, public through co-finnncing Scction 2.03 ilablc finarcial invcs(ruenls privatc flraDci l inslilutions ofils conlmcting slalcs, nnd othcr seleclcd irrstitulions 2.04 fhe Panics herclo shall on n reSulot bosis discuss on the objeclivcs, invcstrrrErtt crilcri , ind sclivilics ofNEICO in Gcorgiu Sc.tion cxchar8c vicws .lrlicle lll Sl{tus of NEFCO, ils Rcprcscrrilth'cs and Asscls inl inslitutioD Ceorgia rccognizcs dnt NEFCO is an interllltional I Scclion 3.01 policies to othcr lnlcmslional [innrlcial lnslilulions as rc sillrilflr Nhich follo\Ys go\,ernllncc irnd covironlnenlirl r.sPorlsibilit! in cxccuti in procurenrcnl, Sood olnnlional dct l rcschcdulinE and non.panicipation ifl uny ds lrunspnrcncy oI iIveslrnclLs. NEFCO shall edoy in respccl ofils aclivitics irl tlrc Sccllon 3.02 lhc beatment accordcd lo lhc Inlcnutionrt I;inancial lnslitulion which is mosl ofony such activily, including rvithout lirnhation' lhor NEFCO shall bc urDd ill respcct ry ofCcorgi [rom lcndcrinB pr*iai"g f,narrcing tJ tl}c public scllor, ind d)tll. colrlics which crj linaucing frorn ott'tEFco. shnll oPply lhc rrocurcmcnt guid irrcs and rules of tii-ttc6. o, r,oir, ,ry "o'inanc;cr unlcss o erwisc ugreed by NEFCO whcn procuring 8oods, Norks and scrvi.cs wilh such financin8. "f*"' NEICO. i GcorSia thc NEIiCO is rn intcnlirlion l lcgrl pcrson onrl sball cttj Scclion 3.03 ofGcorgi According lo thc most cxtensive lcgol capacity acconled ro lcgnl pcEont undcr tlrc larvs p'aicular in Oeorgian lcgislslion, NEFCO mEy in Ceorgia - hold, o\rn lnd dispose of fired profrcny. - bc a parly lo le8!l Procccdin8s, and - raisc funds. jurisdiclion in NEICO urjoys irnrrrLrrrity lionr Scclion 3.0{ m y bc NEFCO irglrillsl nclions As slalcd in NEFCO'S CoDsliluc,rl DocuDrcnls. has which NEFCO in ot 0 courllry coun of conrpclcnt illrisd iotiul ill lhc tcrilory proccss, or of scrvice or has uppointed arr agcnt for thc purposc ol acccPlins olhcnvisc cxprcssly ncccplcd.iurisdiclion the lory ol Ceorgiir. uEh! orly in ! tablishcd ollice, NEI:CO has S(ctiljn 3,05 I{aprcscnlotlvcs of NEFCO shall be accordcd imnl rity ftom lcgol proccss in rcspcct ofacrs pcrlom)cd by lhcm ir lheir omcial cnpacily, sxcept whc NEFCO waives this irnmuDily, nnd sholl enjoy inviotability of all rhcir ofiicinl'pnpcri and rcnts. '[his immunity strlll. hoNevcr, rrct apply lo civil tiabit;ty in rhc case of dirnagc ar liom i roid lmfric nccidcnt causcd by lny such Represcnrative. l}c Rcprcscnlalivci of shall bc accordcd approprialc lravclling privilcgcs. Scction 3.06 NEFCO, ard lhe AsselE communic.:ltions aad docu shall bc inviolablc and cxcmpt (i) frotn scarch nnd all fornts ofc$propriation snd or imposition of any nlcasure ofcxcoution or diskai[t prior to lhc a$ard ofa li judgernenl against NEFCO, rcnd€rcij by a coun or lribunalofcompclcnrjurisdicli Of NEFCO, froln rhc lcvy tlnappcaloblc Arriclc lv Riisirg of Funds Scclion.l,{Jl NEFCO nray raise lunds i[ lhe cuncflcy ol Ocorgio noles ot any Olher linu cial inslrufllcnls in accor ancc wilh the laws of o issuing bonds, Scction 4,02 I bc rrca(rd ir) u pivrte placcmcnl in CcoBi! and obroad. Financiol instnrnrcnts issucd by NEFCO in Ceorgia mnnner similoj to lhc mosl favourcd lrcalnlcnl offinaocial instruntcnts issucd by lbr public or lnr(nlationll [irlonciil IIstilulions Arti.lc V Trrct:rnd Dutlca Si:clio'r 5.01 Alllransoctions by NEFCO pursuanl to itsopcmtions i accordonce \\,ilh lhis Agrecmcnl, including, rvithoul linriralior. c forccnrcnt of any coll0lcrnl n rhc misiog by NEFCO of funds in Gcorgir, shall bc c;<cnrpt frorn iny tcr, levy or in1 ol- lny nslurc *lEtsocvcr in Gcorgia. 5.02 y NEI;CO shrll l,nrchasc ond orvncrship offilanciirl instnrmcnts iss in rcspcc( oftiNalion in Ccorgia, whcthcr rcgordirS inconlc, capital Bain or a Drnnner similar lo lhc mosl li\oured trcatnrcnl of financial instnrmc ls ssued bv orhcr Scctiorr Internalional Irinancinl hrslilurions All pa) nrcnts lo Nlltjco iD respccr of irs {inorcing or sing of funds in Cmrgia. shall be cxempt from any tax. lcvy or inrpost of0ny nalurc \\,halsocvcr in rBia. Scction 5,01 5.0{ Entitics irr Gcr-rrgir which crrjoy linanr:irg fronr N has Inlcresl shull bc rxcmpt lrunr flny duly to withhold lr,( NErCO n Sccuril) Scction NEFCO. or Ln rvhich on piryllcnls lo Arliclc Vl l'!ymcnl Rcslricril,ns Currr:ncy lransfcr Scction 6.01 NEFCO shall bc excmpt from paymcot reslriclions measurcs lvhich in cny nunner prcvcnl or impcdc th€ fullilnrenl of ils comnlit crcdil p(ricy or ils finmcing octivitics. 6.02 Scction NEI:CO shall bc cnsurcd frcc aecsss (o purchasc. lbrcign currcncy iI conncction with its opcrdlions iD Gcorgiit. olld rcpalriak Scction 6.03 Ellilics op$atinB in Ccorgi{ which crjoy finmcing which NEFCO has a Sccurity lntcrcst shnll bc cnsurcd frcc acccss lo purchasc curr€flcy for thc payrncnl ofintcrcst. principol u)d olhcr finuncialobligrtions r) NEFCO or iD lransfcr foreiSD NEI]CO Arliclc Vll Prolcclion of ltrYcslnlcnls Scction ?,01 Enlilics which cnjoy finorcirg frorD NEFCO. or in rvh Security Inlcrcst, or \lhich havc irvested in finrhcial it)struDtcnts isslrcd by NE tenitory ofGcoBia bcncfit l'rorn trc'alrnent not less favourablc lhfln thrt avail!b lcgislalion of ccorgia, Scclion 7.02 Ceorgia shall ci{rcnd lo invcstlrc[ls fini ccd otll o finarcing provided by NEITCO tull ind constrnl prolccliorr rnd secrrity rgrinsl public unrcst 0ccordiIg lo thc Gcor8i n kgislation. Nlll:Co has , shirlt in lhi: prcvailing procccds of and Arriclc vlll Disp0lc Scttlcmcnl Aoy disputc, conlrctcBy or clainl risill8 out of or i rclolio[ lo lhis Scclion 8.01 Agrccnlcn(, or thc cxisrcnce, inlerprehlion. applicution, brcrch, lennination, or i v!lidity lhcrcol; rvhich is nol serlled by negoliltion or ollrcr agrced modc ofsclllcDrcnt wilhin sixl (60) dats, shill I2 as in cflicr be scnled il| 0ccordancc rvirh lhe Pcflnincnt Coun ofArbilrnlion Arbilr{lim Rul on thc dalc oflhis ASrccmcnl.l Scction E.02 Thc nunlbrr o f nrbitrrtors shall bc lhrcr (l). Scction 8.03 // ,(rc Afuirrilrion liibural shall bc cstoblishcd rdir)g ro lhe followin8: wilhin 2 (lwo) monlhs oIthe rcccipl otlh( rcqucsl lbr ivbilnrtion, cich onlmcti S Pan)' lhcn sclcct thc sh0ll appoinl one menrbcr of (hc Arbitration l rihrnal, l hcse tlvo cmbcrs s fiird member, rvho upon approvfll oI lhc lrvo contr0cling ParLics shnll bc lppoi lhe o/ Idc Arbitrat ion 'l'ribunal. Scclion 8.0{ os Chainnan ol 1Ic liDgun8c lo bc uscd in lhc rrbilml procctdings shxl bc English, IEniblishcd utrdcrrl,! Arbirhrio Rnhs otrhc Unircrt Narions CoorDrksio orlnrcnr tionrl 0.rNc11R^L) 5 Arliclc lX Entr, inlo Forcc, Amcndnlcn( nnd T(rrDination Scctior 9.01 This A8rlcmmt shirll cnlcr inlo foftc oll lhc diy fol which NEFCO confimts to thc Covcmmen( ofGcorgia its rec€ipl ol a cenilied inslruDrcnt oI ratificatio or othcr instrunrcnl mulually agrccd bct\yccn thc Icgal opinion ilcccp(abls to NEfCO as lo lhc lcgol forcc ofthis Agrccrrerr. Scclion 9.02 Upon thc mutual greentcnt of rhc P0nics, anrcndntc lnny bc in(roduccd to this Agreenreol. which shall he d,:rw[ up ils scpitr{rlc cnler iDlo forcc in accordonce wilh thc rulcs proyidcd Ibr in lhis Agrccmcnl I hc lhcrcby shall be lhe inlcgml piln oflhis Agrccmcnr. 'l'his r\grccncnt slall be of unliDilcd duration. Scclion 9.01 lcrmiDalc this Agrccnrent by notifying the olher Parly thcreof in $ritin8. Tcrm effcct six (6) mo[ths ancr thc dslc of rcccipt by llrc olhcr Pnrrv of such notilicrri lhc provisions ol lhis A8recmcnr sltall rcmain in lorcc for all conlr0cls wilhin signed bcforc lhc lcnninnlion bcconEs eflcclivc, until all sums duc u[der such S lhc dole on py or lhc lalrcr's logcthcr with o and additions c ls orrd shnll nrs lbmlcd l)urly may n shall rakc providcd tha( scopc hcrcof hulc bccll fuUy paid. Arlicle X Addrcss for Communic!lions Thc Partics rgrec thol [Dy communicalion rrisinE in thc cours€ ofl AB(ccme[t may bc 3enl lo lheir ruspcctivc addrcsscs as follows: on ofthis For NDITCO: Irlbinniolnru 34, Il-00100 I.l,.llsinki, Finlnnd (for co dclivcr,) I'.0. Dox 249, fl-00171 llelsirtli. FinlaurJ (l'or ordinary ril) ForCeorgiu: Ministry ofFinoncc ofCeoBia. l6 Gorg$ali Strccr, 0l l4 Tbilisi, Geor8ia Donc in duplicotc in tbilisi on 25 doy of February 2014 in Oeorgi n aud Eng lcrts bcing cquolly ourhenlic. ln crsc ofdivcrscncc of intcrprclction. lIc EnBlish For ord oD bcholfof: Iior ilnd oI bchalfof: Thc Govcrnntcnyof Ccorgia rr/..' Nodar Khaduri Mioistcr of Irinancc of Ccorgis Titu Anltila Ch;cfCoursrl languaBes, bolh I shallprcvail.