„2014 წლის 13 მაისის „საქართველოს მთავრობასა და საფრანგეთის რესპუბლიკის მთავრობას შორის ფინანსური პროტოკოლის“ ცვლილების წერილი-შეთანხმება“

0$E$trX6oo'o LY6'ton tqoboeDqoJd' "mU gqnl, 13 Sx,bt hqryJooqo ,lr!d.6a{Jn5"'1, S,r,!Afx''651,! Qo b.tgd$60od so\B;d!UEatrrhl, Eds6lrd'o Jfhonua{'d}' osqr'e'$.t' gcdq("aco}t6Mc0rsC' 8or3d)rD)UJ Qo l'Jts6r6acoo! 2ol4 gq,ob 13 arobt bcqt SoCSJr5) - l$C!6'ir8ce'ob rtub aXaQS6rpss reei6-Jq'' tso6s6t'C6o io,.e*i.," u"*r, .g.i"sr,!oi ,loo9o3oq'1b, l'v$6o8cqx"l' J{6.L",y,)q.I, a!6*,asl0E,O"r, ao$6.'c,2Ol4 SqYrr 2 lCCocabCiqb bCqr' ac)c0Ct6r gsJ6, ie.o.rroo"l,, o.o9q'"0 a-ja3qcsl' l'"C'66srq'ol' (l'rC!rt'olacqx'l'.8or36m0o1') bsbrq'oo' (9J 8(,{iob lDUXbb<'r hq0$agE'c8J'' b1*rnr6rrorob r6rli-rDe,.,.lnr, a-rai.onr) r.,,hc'oo Ot'lCacq NATDOS-L ;..'r,r-# ;r*.$fiici"'-"i"q"l'$"ocsr" Cr<'rC 3o)orc6roo aqcord'c- .$'q*lou 0c6o6ou 6cbJSbq'oJoL r$roso(o6ot .lyi"ec-.crillo*qe""i,3,3a"a3ajt" er'os3!" a3p0"311" {i}6C!6rLcad'o-a'ffibf'Bo)i t'rE'6od)o *2 aiorr[*,i,ols.r, O--"bt6;;. i1-0c6od'rl r'st15"oqga' (Drtouqo)i bJDrAo6o 0C6Or''o ' AJbsdC) irqlOT - ,"irro).Srq'.' UrD)Aor6l') ,3 0C5O6o - 65b5o)o 'a ii,zm,OOo so.,r, -qs",t.,o 80e{Jor.r6o bCLbou &aoscl8Db' I{"-sery U9bbotj tsotu6l,Ur6o JodxebJ0or : UObboU qACb.1Dr: I 3,200,@ fu6 1316o; ui%odeosoor: :o $Cqo (85o' &{6oU acq'3soros6o JC6ocNo 6 Scq'o) t ${6(rOJ6Oir A$r$Cs,o: 0, l7%' &fl6ob 2014 $qob i3 bJrrr'oBCq,mL 0o,r3r'ro0rlj.} qos UJ36r60Jo'dlj 6Cln!6qDJob -aor36obrL e\^l\lr h@Aos.rio@o ..eo656br6o 3f,.,t)o.loq';' ooBJq'oLgoECbU 3d'r6A Ao6g.nQCbCqL| A5 Crd'o''q' rdxlSoroe''"' 3-ogi,3,33o"u 6)raobgi<]J0oob ror6olrl' "8o6r6l's6o &rFnU 8sn(BCq'b h('ad'ffi'oq'' i"o.'-ii.ba".r, OnL,io-"a"r,ip nasa a.,o$'eCorcr'" Aj Crir'joEcq' 31 axr08c6o' 0rtr,"$*iitg" .,t"''"''ep::1qr'-3011Sq'ob irfii,o ovii*cia.Ls6o.i, 6.0"o't'3r,L 3sqesq sr'r363or6cb- 2ol65q'ob 3l,q%l5ab5"'o art''sb 6caobo6Eoob 3}a} Qr a"&",p"cicer,l,sJi;-s3q' tu"e3cirr' 0'"''J bcq'a'$3'""\o or6b,Sob bJbo''i' as6oo'bc.ol' 3'Qr Ctr'ob,q' SvnAq',6tsn r'\d!6\6rmoL brt.6o5 aoi6 Ar&,eoslo('o 2017 $sot' 31 sa3otom QJ 8cl'J0r8ob5q $r".*"'a-3-ioua3i"i s-aa(,-) as 5a co$bc ;;*r[ti#"i il;93o.['. ;L;#d;d;o-"0;.;s.e-"4 i"& r'{t+csi'} 3l a OAE!6T , 0r6.bltq36, "ir--ri?',8*" -2017 $q,ob 'sJar'l{6oob3q'o5 I I'825'a93 5e glr"t''' 3O";GRoL GoasJq;LCLrboL a)66($ao "a iel"s*lJ isa.i,as.i!3osq'nr l'l.rni - r'56'acq'r'L aJEogr*lsqrc'o 65fuoolr6c8ou tso6(6 (MDF). 2017 S(X)l' obg6')Uorordo3i'oL bJao6obo6ob b,$6Cqtou f,C0.xl)Eoq!o 65hool56Cbour QJ "1,!jrJqci"i gq'oL 18 or636ob as6JJ6a'sqc0ol' 2ol8 a-86"6"u 28 **iii.U-d.";;;*.r, diilq'"Ir, '140 l'rCrd'o'scetlL (2e'0r aoavio,r ;GH; 2ol8) sns"o-r,''i" bsao6o-bgama apr,.:csq'oJob ao,Yr'mdrb amr4ol' 2ol4 p""r,,s,i"rfu."ri oi,"so,o.r,i Y6:6'l $i} i' 3l: &a.l6ar0!qo :ond$r,UOn io.6".J.q'""-1, aC-6 aJtq'oo ar6br$qrr'3qo tsr'rr6A aclafopJDCq'br ar Cr6l,,$q ai,oeocir, a.,".ritrcai"99o"q'" 3"6,.)d'9006;u r'c6obo6r8o'b 3saoL 2!18- trqbl'j^31 i""e,i"irea"6a9r.l., i.t.O.rl a13o 6,4"g'gnq' )asdboo8a0 UCbboL Er66q'C[Ao or6bC6ol' A]tuobqot' 3)QoU (.t1lca66$q.X 6^rpr$6rb.$ Qr3s3ao6xboo !E!bt'!6' rq6osgq' \sJoobo$ o6a6!b0d'rd0cinob lg",pga",fuD"- e"'iiou, q"- t W"ncq'ob r6c0oo6!q'o alhoorr6clobr aJ bJ8!6obo rd' le6o6lEro 3rQr0 i'dlilr,6o.r, aoiob aooqrlild,5o6qr SoEbJq'O)goC8o 'Q&r36as (Ps,o68d'51'Ort*lJIt6ol' J6oelo;, eir6C(,aDol$oBob ar bi$6oA3qxd, 6g6rm6gq'o 65q"o't690ol$ r,"a"i"i6a.! zoia gq,"b 1l ctCoa,aornb SJr''oq'o! Scl,rbraobsQ b5'})6otCqx,|l' tso6"61'oJ [r8o6ol.l0d'l'la 2018 9q'ot) 16 oCO.1s0C6b SCr6o(,oo, aoat6or U.)jJd,gBCE a)L ,lt5g8oC6'8o6ob$6b !)C!6g)3Ce(')l' aD86obrbr ('r bJts6i68jool.} d,CtrJCbq'dJob ao,r36r'tbrL Aa,6ob 201a $q'ou 13 o.totru orE(,@C83lq'o "go6slr5(,,o Jl6oo(rJmqo -b aC'6 6rbq'()or 0r6L&3r+Cq'o 96160 ooaioqCACq'l$ Qr Cr6og0g ago(Bcq,b aa#)olr bC{,0..)$rd,oq,6 Jd'6O65COc0ob 6caoL065oool, 3raob 2019 $q'ob 31 r6oLt6o6q3 br)qxr bJEd)r6Bro,oir brto6ol, 6oc6 a$A(,uclgoq'o tcLbob gr6aq0aao orr6bclou bJ&robraotr SrQob 2019 $('ob 3l acJ306654pc braj$m$o)6 (,JJJBAo6C0r,o,. )e6oA6!qo 0,t6,]o6ob0hq,or lrlJ ,,C6Cdbi'r Jt'|o Xo{'norl.," UrJUo,6CbrAn )6LCb9q'o ao$oL €o6r$E C(,6rl,or6 Aftp6oq'o Uo6o'!('C0aod, er dbJC'oJ6orooob UJJocDboU 6r3orfu6o6o6'.2018 Fq,oU 29 oCOo60Cr6b ota{'ro0r b.'.}f)ogCqr(''L Asrr3r6obotr, 1996 0rtJ!60f q'C6!. l,)Crd'(,,3Ce'ob 6C0od,F3q'o Ar63oor633oLr eJ o636rbo6lrkJ3dhb LJAo6ol.,Od,olr 2018 Sq'oL I 6oCa6'nob er0)Or6ooo gc6o(,.,b Srbrssaobra, ao6o6,o,)E eroroCsoq,o Jo6t U(,Or0oCsoL 0C0AC0 :ori fd, ii oo'J3dx"bi' 0{r6olJ "tso5i6ltfd'o oroascctu aar'.,u ar6$a,q0bcel's . bct'bob &arr' ar"X"il;ri;* 3e,sg1t"iOd"tl ,it0.\f"6oolr qr ltgt6c6pooU bs$o6ou 2019 -biatl$'rgrrqo 31 trlaSo$Ct' p6ols\6ob 40.]CA8C6o [q'ol' olda@rb0o oD6wob $8c'o,baaol, 3r(p4p r,'Jiii*"-r, oo)*o"'! l,2ol8 $q'ol,9 E..'sood,ob *2172 6$,3rrr6pqDDob b$rdscqtC lT drd'oacqoL 8d'ai6(rbrl' 2014 $q'r'b 13 65out) e,i"or,iiirr*,*rrS,q-a 2ol8 $<rtu 9 &rcoo$r'I, ffi!6o'! l,,'a6r6aooob 8ou3t6t':L* ar*cr! fq'0"00r6"q," ,i.l"o-occ".rlr- 6o",1t'.'tstl'5 Q! br,ltu6acd,b 6cl'Jrbe"y't' agr'q&e'U 0('16()! *,i"Orr..O" JO.,.r"-".-" (Srr5 A3bqo) 86s60 Ar,O0('l(PCbCql's ar Crt6oBC(, brto6o[ &'C6 S'aoga'8oeo 3-"s6r',"36g0"r, oX6nUgf,5od,Lt $Qol., Q! l,!8(fu6oCoot' 3l 2019 QS,C606!6q'C 0'Q'|$CAsbo'r6 $qnb rnrrU,l,'ivqiq,C!6"- o)$]b38.t, 6oO"o,U'l8nt 3sqoU 8or36r)!irr qlt lr!36o66Csnl, f'C$JDq(,3ob brlod,c,J, tr}t6osce,c'U --0,'61,"tq,",gq"" #rf,,Fq;'-- gosi 9'- tlrel$l ir*O"fi*e. " Lrlocr8gq'ou soa6<.'aou 2ol9 Se'.,l, 27 o'c8$rBgol' }{{|5{ 0s6i5r+aUq$oL Qr 2019 $q&l' 26 qaCi,gq"l, ,r(q36"C,+&,6nt 6oot, *O ooaqo"u qusorsol))a, 2019 $q{'U 28 -JDq6sJq'b boq," 0'0ff' e{J3Brr6C&oo. -" ($qDqx'Joll e"oaO"irf, O.A"U e*.6t g6" J6"Oqr"e"tr" 6ggoq'c6ol' $Cr'oSho,r6laC8$' csqx)qr}ol' ftf'o('oqo);eoos" -,3tq,,1,S.trd 2011 Fq{$ 13 &oub bgqs(,$C6o{'o "t'qit16a8C(xrl' 6o,'06s'D'tr Q'r u*O*irr* iCwg&g";* o-"aa,o"u a,o"t, SoE$tT rc'o id'o6r'rJr,rq'oo" (40-6. qcbqo) ts6!60 zoii frftu Is-ararr, ucqdr9c6",q" 'I)$lriosrqotl aor36atul'}5 Qj tJi96{oc<l'ol' *h",6ocef,, i" i"ai;q' aroq6cq,l,6'xr'"b bce'a(,$cd'oq'o JClEOd'rCOcDoU 6c0ol'O6roool' 8!q(,b o$bJDol' osa<lob'!0ll1' 3!anb 2019 e. LgO*.qfu,it"L,o.r, o"co a.ta,u",s"q. l.,cbbob sr6aq104" $q'oti 3l acJcs6raQ0 alQr$$tb.

ar'$ba3bob Sf6$q$ "201.r Sqbb l3 alobb bcq,ar0c6oq. Jldrf,o,Sc("'ft a.,'.,sfx',srr$ a't l'rs6!6qt.l'j 6'cur's',3ol' sd'5cdx'8rtr ffi) ts.,6slci6o Jl6q5.\lc{r"' Osq$q,Jsot 9C&,q'acoDeaCb$c' Joac60.tio ac6(q6r tilC,'o€C(ar, qr[Oooml, a" ofut'd$rr6do'Jtr'"t' bbr&*!lqr) ffi6.l* biOErSCDo,. l6cf rr"i's.r,f,i.r, zorz-6q-b1e agabrob Scfnex'u l't}6aR3ent'} f i3tictlotr Gx'\r-.r83&Jnl, Jo6,oq}(' o3e'.lqtcs.lt &Jb$s&'l$a l't+6o)s9('a* tla() ACbltr8obra,'8(,6!6tror'r' JrxrooJr"elo[' iOrg ni,r, l8 Gqaob &5J56sr('ca(,b *s"al]' r,"as"r"*.o 09.0I.2018) a.€5f,oD qnSodl l'r'Jv6o'scq"rl' &re6.*rrn e" r}ref,$AC."r, 6CbJUlqrlJob aotEfxqbt' aor6ot' 2011 S(x'b 13 s,s6r'gg6loU r6foouor,5o.ri) lbo({'(', Srdt' 'gp6Sbrt(,o }6q)du',qx'''U aC{ eCbcx'o' 6rSt'l6€CbC('(' 3rc$A $60l$\S6,1 2017 $q{b 3l EIq6U aoasoq'rb3<'br q}r Crd'('rdc(, fu'raace'u as*rlt rssobor''. tnqxq dl)Ebedr a$oo'tx'!3r ",61,"$.;;" bccS"d;d,.(h 3"s6lt"i00a.r., r6c6ouorn0ool' 35(nLt 2ol8 Sqrt..3l t i6e. A"eQrt6.ttr " .sdDg3os6pb 2017 )urrjtlr'raao, bc'('o lDsf,l6acor'b bl$(6dt &'c6 Daa':,'aEpqo t8oo'{' Sqr{, 3l (8C$r',olrr. a3bJ6*r\}e' o,.$bC&a El8c'a,ba€otr grqnl.l 2018 $qrt, 3l (oNa'iraao S('6$Arb "3o6flPJdn Jf)oo"'Jo{{'l'' B;,qbi$a"- c$3;34"6,x!oo. ratbo,$' 5{6o6?q' b{ooto'E Qr3iOE 6c'od' a.,j8C(Erj 6CasCoooo, Qr(!,tC6oqs 35(9! ;<efirf,-.t 3Jgg S$YJgor. lrsJ<,oDo aobo aC-6 ieArrrOOUOrOa, L.aS"iO/',-t a.!r5ol' ffiQrl&rlac6A's J'<''Stlggotoproo' eJb(r|o, ArAtg6(,('o 3a6(lbd' .<i,aJc," 3.ArO ,ao.r6a" t JJav6otr'' Jtr'a'eL)r$ Q!L6r('0Dol'!o'Jot Qr arCwf('CEqdd, otsctu$C l,53o6x'OD{' "6 rrif.,q.;rq,--t,- 6ca*'r6u*asqootr6'$otD er o6sr'Db6rtdOlfxlb A,s8tjobo(', €CS$CD$. r"is"r6o.r, :ore-$(t,t,lr ",CCFaoc"r, $rn'e-t' acbErsob5a l'ri!6?qgx''l' odoc'6c6b so6$l,o,l! r,ra6oul6"€ 2or8 tq'ob 16 -qt*T- -Ta,: ar l$s!6$acoru fu"a-sx'.,t .roCa"f-a"**O",t' bsCs6('Bcqx"b aoA3l'rrDJ! 13 SJoUr 2ol1 a€al68c}Jqh oooo[ Sqd] ojrr+<,"t"t, oorq6oosrr .;"aib'","; rr(,.\;.ln,<r,"-t a3-6 aJbq,oo, ar6lrrt(.3fu("o 3d's6a dry'(! Cq'rr" og" +r..nCe' a3oqslsb a(9dnb bC('s+ftdh('o Jr5'Jd''C0O8ob imrl,.ii"iit, l"q.r, ioti i:q-t :r ra3oL6c'Qo b"'q{' t'€656ars'or ufuir, dcO .,si-a",epe" l,cuHr slr'ascsso o'r5bcDol' 4-'b(%l-!"Q"il mr9 Sg{$ 3i eaJco(iraQc a5Qr$$sl'o56 a'JJ€ao6ck'or' rq6o6,('ft ao$oL aS*r,"ilO:<'", frr, OOCOa- mo 2ioo2gorb" ls35oro60l3o $i')C6Cq'o l'JJo(r'bol' il,nxrse;o;s 8gitr"'q'" L.,',.rJ<'s6'-' Qr xln6c!J6or0r''bao'{ft'oot' 6r3-frj{p.-,. ZOrA-fo** 29 a'&o6b36l, 6lacr6s l'rC!t5ol3sq'ai' {196 6r6Jr66fe05. r,+e.isi,.i;--iyo,*s$s," a5h.,o,!r('c6{'l$ ao tr6s6$5{'dgutur r"i*"rril6"r 2olii1q,ot r 6rlce6ou Ara\Xooox' Eodoq,()b ad"6rao!ta' Jrsl'3q'O")ooct't acoQro l'J3o6oJ -t"C.ryryt' &.(,;.5 e.4q106; i"aO"O"rn ret triJ6t%6o"olr r6Ct igdqnJot' Oo,'6d'r'!'b aotur 'go556l'Cdn J6";-J.,q--'- 8i6b"na3fue" sd"$a s6aFtacb3q'l'r Qr Ci(6oBaq' qJ"6;; a",a.r, u9q'ar'rq3{noq'o Jo66r"r'$J6ob rr'Jaob'J6)Gool' ^(or ytuUAOorECl, 2Ot9 Ss{|, 3l eAf60J6,". 35q$A a$ol.,rbqSdnL bJjr6ro€Cqx!1, aoA6traol, 2018 $qrt, 9 6oC86tnof' *2lZ O.6Jr6a?qtaob t tJ6oE (xaL Ao6$lxrr b5&$dro6oa 2Ol8 S<xrr 9 Earrortil, Aoa56rc,j b€F,$aC@U ao,r3rq,Or[ J014 $('ol, 13 arobl, t'!E6r6oro,ou 6rl$f8qb3ol, "tgfEacq'oL ao,)3fm&)U) AD (!C'6 aJD<'o) 316166 Sa,4o('cDNrri ('5 dllto€Cqi Bo6.6bfd!. Jr,c$N.Uc(xD' agr{BC('b nod,ol, bcq'&a$Crr{b 3060 idJolol, 6$<r'O6rc(x,l, $err', er lrr86.r6t0obt, b!ffir &,rrr, &&r8al8r(x, lrCliotr tsi60(,0ttso oN6baH) ,iMqrrrtr :rj<od, 2019 6ert 3l (o.1y|a66r0@a <)5.l!3ffi,o,. ^r<rs*n}lrdr$ $rbo,56, a$ffiJ3o,, t5oa, 3o6x4DE aroArq'olr$o6clCq'(, ofcDr. acdaoqr, $ffiAcDq,c)0o[ 8cbr8]6ob!Q J6"{rrJ.q"' Srf,Ai't{g806l, "S(5.t6!UCr' bodiaDM't!, bXq€rJl.'3qTb,)t, q'J 05{6Q636(,{,0 oftA! llJC!6oBCe,atU J5t6q'r8r6o&' l$650,go.]lodQ br<|aX]t6!(!0J 6\!(,B.Eo6c&J(' otr! tpC.lt6('BCqr'llj 3.nqq'!€C6ootl aoC6, -6o6ar0rrJq'o !CO06('l, aTUJUJU" t"r!6oBCqnl, q"7 Agbq'()b a{iaiSrq'o Jffi, 3.'qC(h €6Coolr5 e,5 A[20 qCb('dj aC{ l$C6.r,.racl(riolx'l bC{ACJ6,J(E8rbol, aCUrbCb" [5dJtqvacq'ldJ J.5o6ob 09.14 as-2 .lgEJOol., -a" CacJrOCOol, as\nu &oarqxfi$ofu&to,, $!.6ac{dJ6<,o oCCx,qrLoL J6l'td0o r&CfuEEYicbJ 65o.,tsoOol6CEll, t rlf,oBCqx{, $.qq'.f060ob AoCd,. lr.{Y6oia(x',l,lrrs,tafrrolrrC8ror. lr!tu&,|$rn'r DO&rEC8o,, (ffi Jqn*,oBC({, UtC6a,iffi'r,lal hC{r.}d,?(,C0r6ot ACbrbCt" t rd'6dl130el'lU Jl6dfd, ors6rb8la, -lr$ldroraJpof, Ao,€(ftraJrs a5 U€t6!66Codi 6CNCDqnJol, Ao'JOGoEsb Acrqob 2014 $q'ob 13 aJ.,lt bcc'ao$c6oqo "tsoorblj36o i6a!ja'&e'{ 0!qld !{'!o,r6iao oa,CL)l5J Cj$C.I,' oc6o6,ot, SC6o8Cdr{0orr6 (!'!65J€a(6c0Cq'o ad$(lJ!fx, b$r8odx',05o1, .eigr6Sf,<rdobs "{io.EJq'{, U6$q,C8ob Jr'odoo) a8(r,qToolr" 0C6oqnqorr6b0JD,) srd8lqbl,So6lD?l(D ofC}s. &,trCe" Jr6a6fu'Ca<x'bd, Ar8$raourA Srd,A'60Eo('o oC6C6. lr€.{6oU$qnL $6q'JaC6OEo l$.6JootsoJroooe bCqlaCJ6gq'r0olt 36 lol.r, 6oa3q'oB l$3(6a€Dt, $6(,5('0, al.}aac&,q'd &,elrJbCq€6otsoCD.6€o sr6ootq{Cd,CHr A}J(l)b- 8ob 8()616o) ach*J6loo ai Br6iq'.rqODCEo 56 A$r5.r.t qD ra)lJ'(Dr6, &XF"l, lrrAnnCo-&rqqJoJpt,o e,r CJ'5a'AoJCtt o 36oo6o0oo0aoL0ro,35q('UF,6C0od,. &|$ql$c)6oq'ra &n8tur (o*o.dr. Syrr&l(Urr5.t(!"6 drrqAjEYir lrrC.f,craCq'l'll, C$.6!0oJd$ et AC6oaAbC6o 16r Os)66or 6e66sqr, S$oooryioaot tJ!&r6otlo6('t lr€.tiarS0qx* 6arx{J(n AC6oAg6S0o )6 br$6oi 0,!E6oolrfi0!.fr. eD o5a6.\Sfid$Eaqdr U*ftr,lctrx' b5$6o€Cqx'f , StetoJ.q'!6o a.6A<,o$6CDot BC6er' Il'J.nqoaCq,cr, s6cBqCEx, b6Jo Ac6o&6C6o 116 arr86o.) lr5Cr6ol13Jqxd, Eo6!6uar5 ACffi36C0o J6, ArrE6o) brao6ouo6c! OCffiCEgt., )6 AN86o5

tr$ii JDiXto,oU brf {l'ffo .ybJ."?,rdrr$j.1. JJoooa.fl 60 trrobrb..r6r lrAb6Ja) JJAJrb.rLr qr orjrl$r6joao ls u{6obo: o)Brfrn' 2ol9 "Jr,!6a,q,-Jsho,qro anol6t n6o QJorf'n{dgq'n 2o:'r sqrb r3 o)or,"s!,Jrq,rd r"-e""a" uero-,.., l"&;;d;;.:']oitq'n **o*ro.u *rr.o*);:;;fi r6b,B:re. a3r.oo.ui,o il:Sffi |." *u;^",*"ror*" d3o6$l,q 810(160 a.6otJo6,,1, 5roo0 Agrtldhr6l. R3Xb A.Arb0y,gu' 2018 $eoL e l;.. :oir,,bi"r'ii."*,.i l*ffi: :-ffi:'*Y:.::-"IrT" .{7 o.rLlr38er, r38eis 07 o.{: lffi ffi ".,#h;:xT",.;il*H';ffi tr;Ur};.m;Iffi -$:"t":fffi * 035&1, Ji)n3n (jrAnAi,Lojr.od' l,rdrrqJho^o ItssJoJnob,)q. hib,) tsnbr0tru'<n r6oo.uoqhu q.o a*<""u , ,rc.,;,"1qr"i-.; F:11 3l ilffiffi 'f "ffiilffi.,,i:H,|#: orEbdoor .bJ8oJq,boa6Jq,n *,r,r*,,r; il;;;;,lili** ""*,u*,ie, *, uruo.. ffi i"".'"60s.,, *(,,, sr.rullx;*#s$#;3'::1,":,"$Hfi ,_55;;*yffiH:s fiflfff ;''i; :ff#f,&T,il[ :IH;,::i ifoFAdos('o Tf "' d;.. ffi;d"ffi oSr6L oobr13o1 AJdobt.,ror abJl,b38q.^t, oN6bdr.ar eJJrr'oloo B)6JiJ6JJI e, olohJ erul,.J..ro.am. er{p Lrr,"oR?q4b dbr6r rr6rq-oa^o, iffi*TU;Sx,Xl ,*."aca*""s3'l$as.,"i;;; ^fr1;i:il:".:'J'*.u' 'u"'cc"'nce' rr'3'66 o,'au,ji(or(K,r,rr ;;;1;r[$;:1,f, aar(,qn,!o ort[AJdrodeoa.Ut.r!1n$ or u" a,ucq'oaJsoo lo:6r9iiob it6oJaluol, ar5bo.'roor(:,c6^1, 5x,li.69L- 6r6o.l3q1,xo"tl -*"$Oqol(x)a.o, ibor6baJ0rq'o [)C$,orgre.obo3ob ll)r Itt$6dBCqml, UrbJqro (bd$rsBfgt'lt AoD36oar) blbreo: oS56J 6r3Jglr'(!)6d q,rdlo(or2E.02.!019 Ii"lY{vJ,tsL 9f t))ij{'.'j- Lt} {htryi.. ;\,0f{,t 0j3.'}.!).{. l'"Jnrmqnti !.]r,t!lhu!i, a{ri{y6 6ir,,6Jl{r ir j 16, \rq\(!*\ o3('or UrCooC6o $o6o?o.;afm arrimxqs La6j6&ox!b brre"so (b3eiao0!r,.e1o. Ar.)&L srgJe.) l$Ei56acoob ltsCq*(,l t$J6,bsor(.54o $o6a'Eo35qo ll.'6lrwr4o l,J8bl6Co J43{rn}tr q'r ogrid8ogCo0a I o3q'olto. 2017 R.: 8f'!50ge-Cr6o"Jq'o @6r6lrcd)o Jd)(!oaBogo !9ro^,6o(C8!eo 2014 Sqrrlt 13 8')'tl'oo/ C'!q'5C sdr6oJgno Soro'C6r6o SqCllf)C J}q,{ot 0C60f'ot 3c6oAC6oC0orE ar6{rr6o60dCq'o ?66rBC('o blbloo6oCootr !e,3r63oq'a,bob 0r6rbq'C0oL 3i6crcriou aCbrbJb to6arlo bJoo6o 0()6(,l106a), or6oo fg0uoQoqtr, 2ol? Sq'{'t' lo orodioo'j a'!d'!ioa0lgqo lo-ml2{58 FC6'q'ob hc6 aoe)bor6c0o -oL-b.Bnq'"r b$Jlr'oEcq(rhi Qr l$8(6r6aco'ol' 0oB6(,acDt 0c"r'ob ugo60PJq,.) oioc';o tCO""eo"&gq,(, gnO.Ot,glO" 1o"6"3-gou BJ6AEC0ao r6O6'rCOC'ol' i')Cloq,0oob Q.) &'€65h' 'c'qx', B5ar.6ocbCo! BrQCboLt 0sAr6drgCbr. 60!&t) J\)oBo (a8olpJ$g6nol l!86r6aColou fgq'CljSatlroql iolior g,!6t€o8J bCaow6o63('o 0'5tsr''56udrol' bltosoL tlcbbo! ft;lr"l; ;*;";r.tl, 0;-6 0Jbsot' ogq"qlosllo$ a*Eao6g'noi q'! 0crq'o 8r&!6o3B"U 3j<nb iJirJ*u .*-"t1, c.i.r,6i$J 3'q"r, rOrz gqvrll 3l ra3ol')Or'rgQc o$b30o brMotr Eocd 6$atursoex' ior?ii.i,r, sie6bdaac 6.ioqqpD.l, o,,",0t$+ t')46!6ocolob jcSoBfue'o l)JErlq-x1o'irSoqd'5' r4f,*r,i"t - 6-tt -t"5oq. od6CDr 56yC!3"r591J d6Mmb) rQ6'fi!q' 9C6oq'-OCorEbAC6ltC 8oU' 06(, o6o0osrqbu t.*&,gni.. &raoo' &roooCugq 5('aoq'JJ' og,bo3o) 3d'o)o bg('AlD$c6oq'o $Cd)oq''€Jos6bS'6o! ooo6oOrq'o ergf'oc,o, oSC6U 6!6rSC6JDb A'J aC4d'l-(D ^86366d,' oob("So Oraobo.)c') aLCLbCDeol, a^a{rffrtrb.e'o.L11(,oe,'.laiaodre')0oaJ3roSo}r6oqoo,d)r$!l$'Ji6o'6J$'ttOb)5CS96.l{{16"(,) ot"i!r,, o.a bqi.o"tN-a Q$bl'€q'r $csi u53|.,(6'(r aoQ) n6o0c(E6$ ;*.r* ilitod wa,m$r' OCa"q'a3""6boJDoU dJeJEo aJBe'ob{raob' 6AJ(,C,('|bo or6la{rftrAqK'rbobd8ou Qr 3C<'oaBboc) Jor(''gd'ot' Jd)ar&tool' &6bo6ooCq'S6ob Sr6&OCEoo' ar66dCe'cbb. irorSobOCa.,o, 3!6A(, tDf,8C{.,o &to6o0oJfd,o 468fi0q'o bl8'ir6oCootr lrsCe8o 0ro$bOJ6r<'o 1,.)J,)6o,3C<r)LoSoU Q J bCrrr,oBoqnb lj)bJeoo (lrqs6q8Cq'ou ag)JS6obJ) L.bCq'o: Aoaoo6,o Cgobofu oqo or6oqo: 25.07.2017 l}rCrd,oS0('ot S.$Arotr lr9'edJo/io u\)o6r, s,oooi'n,5Ar.tq.'qo ,J.f.43Er, 3$J i6C&tf6 &*tdl1o brNio,30ga,t' Sn6)EtoD Eo&{f n bfr6$U{nb d. 16, o)6.tY)tl{, I I

PROT(rcOLE FINANCIER ENTRE LE GOWERNEMEM Df, LA GEORGIE ET LE GOI'VERNEMENT DE LA RfPI'BLIQUE TMNCAISE L€ Gouvencm.nt dc la Gaorgic ?t lc Gouvemcmcnt d' Ia R€publique franc.aisc. ci-sDras danommdi lcs Parti!.s. ' Dcsircux dc rcnforccr i.s licns d'aDitid ct d. cooparation qui lcs unisscnt cl --- --' - - n"iiiiant l.ut anacit -ent A ls-luttc conlrr la conuption dlns l's dc fsvorisq k davcloppement aconomiquc dc la Gaorgic, - uansrrions commcrcialcs inlgtnatiotrala't, Sont convcnus dcs dispositions suivantcs : dc la L, Gouvcmcment dc la Rapubliquc fuocaisc conscnt au Gouvcmemlnt mccanrq!6 d's rcmonl'cs rtnovatior Gcorcic des corrcJurs finaDcicrs dcstinda iu Droiel de J,['.iil't-J*iii-ai,i'i;;ii; d;-ahfi; i;,i. 1"" tis'"" rrliant Ie ccnrtc aux quartirB ptriphariqucs. (t&iz' millions d€ux Ccs concours, d'ua montant maximal dc 13 200 0OO- € pojct mcntionn'.ci{cssus : miltc iour I'cx&urion du lrao9{s ct "tnos-t.-nnanc"ni scrvl@s "ent l'achat cn Frsncc dc birn5 .Iinancd' l'8chat de biens ct it'iqu" iii.id,i*"t "i*ut ou [u*gio-auns"ol8 limilc de.3fflo dt chacun dcs ]"t sous la conc[uts mrs cn ptaci i;iiecuton dcs contrats 'tant rcspons.bilita dcs fodmisscun frangais '- liii,i l*i-iii,ei"* l* i c'onstilu's d'un pt€t du Lps concoun finaocicrs mentiomCs i l'srticle Io sonr dcux ccnt.millc curos) (trciz! miuions 0b0 € r.*or francais-iim--montant maxim"l ac tijOo d;4uipcmens,. I'assistancc technique la titu"s dlns la ville dc t*i'iiq'cs ilt"i';"Hi,i;'il"[;;, 'il f"r'"iG il'iiii"ti"i iiii-i"iii"n-s.t"i"" oit moniL qusrtlc6 Chisiura, pour l.J liSncs rcliant le ccntlc Eux . "ib"in"s PcnPhcrlqu's' l.r prcmict sc.mPte dc chsquc contrat sen compris entre l0% 't 20% du montant du contrat financd, hors trEnsPon et $surane Lc Dr€t du Trrsor francais a ule dur& de 20 ans, dont 6 8ns de franchise l.. scmsstdelles uux a'interet es f, 6,ii7" fao-G p;ricipat est rcmbours8ble en 2E civil au trimestre 6n du s la mois ap 78 pcmitrc iunt ixigitlc 'ch€'nces 6urs duqucl lcs tirages awont ata cffcctues. A;;;;;;iil, ii L.s intar€ts sont cslculcs sur lc montant du principal rcstant di ; ils courent A partir dc h d"r;-d;;.qr" lirage sur Ic prat du Trcsor francais ct sont pay's scmcslicllcment. La date dc rtglcmcnt d'unc dchdrncc dc p'riaciPal ou d'int'ret esl, lorsqu''llc cchoit un iour non ouvr€ cn Frincc, rcpoussCc au prcnier jour ouvr6 qui suit Toutc 6cheancc iicl'ft 6nne dar a;nncra llcu i int€r€thoratoirc a compter du i#'il1'';;ibilii-J ira"uiu ioir au palemcnt "ffcctil Les intadts moratoircs seront calculds pouvan( m'ov"'n Do;dere cncutos (TEMPE) majord de 4% I'an, cc laux -ne rar* au taur inter't ioutcfoh"uro-pten etri infdnc; ir% t'an. Lcs intarels momtoies poflent eux-m€mes ddfini ci-dcssus s'ils sonl dus pour unc ann€c cntidrc. ;;;i;i;;;i;Gir* i, i i Unc convcntion d'applicstion s€ra siSn& cntrc Natixis (Direction des Activitis Institutionncllcs), agksant au nom ct pour lc compte du Gouvemcment de la RCpublique &arl9risc, ct lc Mhistarc dcs Fitrucrs gaorgicn, agissant au nom ct pour lc comptc dc la Gtorgic (lc Gouverncmcot de la Gaorgic). Elle pr&is.r8 les modalitds d'utilisation ct dc t du Tr,sor f.anCris. rcmbouIscmcnt du p ARTICLE 4 . MONNAIE DE COMPTE ET DE PAIEMEIiIT La monnaic dc compta at de paicmcnt au titt! du priscnt ptotocole cst I'eulo. Lcs P8rtics ont rsppcla dans lc pr{ambule du prdsenl prolocole leur a-i i"s lrairsactions commirciales intcmationales etrechcmcnt A la l c conttcl" "0.^irion nc peuvcnt.proposcr ou donncr a un if.,ilil;"i-;.ii";i'iiiiaiiiit-IJ'p.a"t t prctocolc ou indircctem'nr' pour leur dircctcm;nt iti.flailiiii'Iilili#6"1"-r.iili^i.ai*' ou plrtrc ildu, svarttaS'c aucun Pdcuniairc ou autrc' constltuanl tinencc ou cchii a'un:c autlc ;;;i;fuiir* ";; pratiqul illagalc ct dc c.nuption' Pour chaquc contrat GIatif au Fojct mcntioNtd i I'anicle l' son imputation cst conditionnd! A i . la conformita du confat avcc lcs r€commandations formuldes par l'avaluation praalsblc du Projct clrespondrnt audit contrat i 6tablies par - la varification de la conformitC du projct avcc les. rCglesi;porratl'in 5cncnciant a'unioutren public : aii t'n*og"."nt a"libiii;iffi ;adil et non r'glcs - l'abscnc€ dc montanti dus par Ic Golvcmement de la Gdotgic lranfa$ ; A bonnc datc, au tilE dcs pdts inrcrgouv.mcmcntaux date' au.titre des - l'cxmcn dc l'6tat dcs montuts dus ct non r{gl's A bonne public' ou secteur a son ou a la Giorgic credis uancaircg ga;tii'-;iii" qui banaftcicnt dtls Saranti. de la G€or8ic coricE";;idcs l"'-r /is lcl lue Pour chaqu. conhat rclatif au Projrt mc'ltionnC i I'articleil rempli€s' d0ment sont qic ccs conditions autoritcs francaises compatrrtcs 8uronl consuti du ae tettres cntrc lc Chcf scra Droc.da A sort imDuulion sur tc prescnipiidL par litrangc a Bakou' agissant avec r'sidant ru*manistEr, cr ic comp€tenrcs g'orgienncs ct l's sutorites EanEsci co.ptrc'tes, i;Ur;;;iil;.-;[6ua'ca,icasc ffi;;"frft;;i#ti ARTICLE 6 . DATES LIMITES DU PR.IT DU TRESOR FMNCAIS t I ci-dcssus' les contrats PouI banaficicr -t".nq"ita des concours d'finis l'a iclcimputCs au plus tard le gd"rgien eue doived ,chtt"* sig*s cntrc prcstaii-rc ll il da.rmbrc 2014, L.s tirascs sur lc prat du Trcsor franqais accordc par le prcsent Protocole doivcni em dis{s au plis ttrd lc ai dac4mbrc 20I6. circonstances C6 datca nc pourront €tse Prcrogaes qu'cn cas de go \ emements cxcrptionDcll6 apras sccord mutuci par un {changc dc lrtkls rntrc les dcux r ll ARTICLE 7 . IMPOTS ET TAXES ks corcou.s Iimncicts lids A I'cxacutioo du prdscnt prctocole nc peuvcnt icrvir i paycr rucun irnp6t ni trxc, dircct! ou indirccts, droits dc douanc prdlcvcmcnls oblig.loires ou tais administradfs en G.!rgic. Aux fins dc r{scrvcr lcs firunccmcnts prlvus par le Prdscnt protocole au ddveloppcmcnt dc l8 Gaorgic, les Partics s'cntendcnt sur lc fail que si, pour les contrals imputls dans lc cadre du prtscnt prolocolc, la foumitur de biens ct services, y compris I'assistianc! t chriquc par dcs cnEepis.s franqaiscs, dc m€mc que I'imPonation, l'expotution, l'8ch;t, I'utilisation ou la disposition de biens et services c 'courant i la production dc tellcs foumiturca, faisaicnt I'objat d'imp6ts ou kxes, droit! .louanes ou ;utrrs pralavcmcnts obligatoircs co Cao.gic, ccux-ci scmicnt, qucl que soit lL I objet ou leur naturc, i la charge d€ l'.chctct[ gaorgien. Dc plus, lGt rembou$emcnls cn principal ct les Paiemtnls cn intdrcts' commisions bancaircs et frais lies I I'cxdcution du prCsent protocole seront ellectuds ncts de tout imp6t ct taxc en GCorgiQ. i' :, t. I-r Gouvcmcment dc l8 Rapublique franPisc peut fairc pIU Jer d scs frais l l'4valuuion rdrrosociiite. iuil.. ot.ru e-iomiqirc, finaicier it comptablc, u projet inscrit t s'assurcr quc le projer a atre'nl ses objeclifs' ;l;.a*;i I ;;;io61;dc'maniiic-notammcnr i lr a la corJuile dc cetle L Gouvcmrmcnt de la GaorSie participera afin dc bcnefici'r goivemem'nts, dcirx *rc le-s tvaluation. sclon iL ioaail'cs I conr*it r a la mrssron a tac s'cngage dc l8 G'orgic I. Gouvcmcmcnt dirc.tcmc;t dc acs rdsultrts. acces aux d'avalustion envoyae p.r lc Gouvcmemcnt de la Rdpublique frangi' l,! li' !' informations na..ssaires I c.tlc avalustio!. i t' ARTICLE 9 . ENTRTE EN VIGUEUR la date de notificitic ' par {crit dc la lt DrasQnt Drotoc.lc cntsc en vi8ulur i juridiques intcmcs a l r ueor8rc pour Panic BaorSicnne i t; P.nic hangaisc quc lcr Procldu6 I'cntrac cn viSueur du prascnt protocolc ont atc satlslartes. ARTICLE IO - AVENANTS AU PROTOCOLE Lr Drascnl Drotocolc pourait €trc smcnd' par un accord -Ir 'lucl.'cril entrc lcr Prnics- atanr colcndu au'un tcl aveoa[t Qlrutrr cn l,iguclu en accord avec lcs memes iiiJa-rril'q* i.iG air,ics dars I'Aniclc 9 dc cc prot6cole. cct avenar ' " rait l's lcrs panic intaBrrnt! du protocolc. Tout dilfdtcnd rclatif A I'interprdtation ou e la mise en ac{ord cst ragla par voie dc consult8tion ou de n€Bociation .ntre les Parties. c 're du pr€sent 4 -\' :tii H,HR:,g'r?liltr "',..3mi?:, pmbco," Frit I Tbilissi, Ic 13 mai 2014 sigDa lc prtscoi :?f",5H lii Iii lii (cn dqa cxdnplaircs originsux, , : rcun cn lil luuu6 gaor8ialrtc ct franqaisc, lcs . ux texlcs lll fris&t.sdcmcnt foi.). I|j Pour lG GouYarocment dc Gaorgie ,W, Nod, KIIADURI Mini.r€ d6 Finlnc6 dc O&Ri? "nt frar,';risc Pour lc Gouvcmc,,' dc h RlPubliquc 6t?' lii l,l l,i jl FrcurPELLERrr' lll S.crabia d'Ad €h a r8a. du co. c. c!l{ri'ur' I i snc cl d.3 Franf.itdc l'(t''-i.r dc l. Promoliondu lo"' II i 'l I l'l li i,i lil l;i lll lii til lil lil It lil :_ ,.xi LOAN AGREEMENT in impremc atioo totc jffi?i:l$THltr$-Mavcr3' 2014 sDd $c GovcroscDt ofcroRcl AETWETN THE !oli!8 iD qtEc trd oD AttD NATIXIS of ;c'Oo-v€mncrt actiog in !8r!le 8nd oD b'blf ofth' TRENCH REPUBLIC flr' a SUMMARY fREAMBLE Artich I - Amout ald pEpolc oftic fraaacial supDon Aitclc 2 - ODeniog of dtawitIS ri8hts on tlc Lorn ArdcL 3 - OonditioB F.ccdcDi ' Conditio8 to bc ma prior ro dt€ dr8$dDg3 oD thc l'8n Adi.t. 4 - Drrwings on ArdcL S - R.laymcnt ofpiisiPal - Psyl[eDt of itrtqcst oD th! [,o84 Arti.le 6 - Claims o, dcf.oqcs origiiatiDg ftom a CooEet Anic'la ? _ Currcncy Articl. E - Rcoovdy of 3l,ms r$ulting from lhc implld|'ltatio! of gual!trt"s Arllctc 9 _ Anicl. t0 . RcPsytocnt i! adwncc ofth' Lo3n Artic!. I I . lllellct oo ovcrdu! pqym'oB llr t !r ofaccouting aDd poFtctlt ' Platc ofpayrDcDt issucdin thc fr8oe of a coot&t Tlxcs _ Duhcs _ Feas ltd otb'r expens's of lh! L'ar Atdch 12 - Int tllption of $c Lan ' Ac'c'cleration of npayrneDt flATrxE Arriclo 13 . Applicstion ofthc suns Ic cittd by Antct.la - Govemiug law Aiti.l. 15 - ElcctioD ofdomicilc Articlc 16 - Intcrpr€lation - Mattets not dcfincd Disputcs Arli.lc l? - Coming EotrY ilto force Ano.r ' Spccimcn kntr ofg'ocral iDsEuctioDs fl,'^uw PREAMBLE Whara! 6c Gorcmmont of lhc ItrDNCH XffUfUc and thc Govcrnoerrl of croRcl .i$cd ! linEci.l Droloc-ol oo l'{sy 13,2014, hlleinrftcr crllcd rbc 'Prot!col", by which dl. Fioch GovcrnrEEi has ptovidld lhc Gcor8i.D GovcrrEcot with fia&cial support up to . rhaxinuE rmouDt of lllttTErr{ MruJoN Two lluriDrfl, THoUSAND auR(x (luR lJ 200 m0), herr.ner callcd the'LoEtr". Thc t an is iotrDd.d for thc finarcing of tle purchasc iD Pn xc! of Frerch coodB lnd s.niccs rclati!8 to ric projccl ofElolrtion of thc urbaa goodola liff! in thc ciry of ehianue for liner conncctilS thc ccotcr with thc suburbs, ExceDtioDally, it elso fiDrnccs lhc purchalc of Soods and scrviccq from Ccorgia or foEim counhie!'. withi; the limi! of 30 % df thc linstrcid suppori' $r sxccution of th€ contscd bcing und.i $c respoisibility ofthc French supPlierc. Wlercls itr snicl. 3 of lhc Prolocol, thc siglitrS oJ aD ImPlcmcntation Aerclm.nt betwccn lhc MHISTRY Or Fut^lrc, oF GEoRcl]r, sctinS in lhc oamc and on behalf xrruls, actiog iD-n,tDc ad on bchslf of oc oicroncul ;f"-#;ii (rlr; d;;*t "nd provided for, io ordcr to rpccify thc bcco r-rtnii iePuruc,'h* c"r"-,"-*i ofthe LoeD sn aod ofrcpayneot oftttc t ofutilizatio! Dodditics ii-ui Th! MNrsrRY of flNAllcE oI GEORGIA, arti!8 i! !!rDc aad on bchalf of Gmrcr^)' P Noo\cr Kl.ad"ri, M;n;sler of l'i6qnce- ol GEoRGTA (lbc Crovaoecot of rcpescntcd by Ge!,9 io.- \ on lhc onc h&d, NATlxls, lcti.tg i! tutnc and on bchalf of th! Govcmm€ot of bc rRllrcH W**&o{at n, i,, .tJA,,) l/:-').'.,,/t A dL-'-: --?""|:t-t----t otrsr hqnd r. '/ ou tbc HAVf,Hf,REBY AGREED AS frolL{)ws I / l'r^ e\l ,'la r' ' ARTICLE 1.- Apou .rd purootc ofll. h.ndil [DDotl Thc t arl. uD to a roldetD stiout$ of ruftIllltl Mttllolt Tlvo HlrrlDRlD Tnouslt{D tuios iaui tiloo @} ii iltlodrd for thc ffaaneing of thc prutlrrc h !r:,u!c! of oooai ana srrviicctildiu !o or i;Dlorcnutioo of0rc rcrpvation ofthc urbu Sondol! lifu ia ific city of Chirturr hr li s coDrlcti!8lhc clo&I witb th! tuburh. Th. TrrltDofldio! shall bc oonsid.rtd.s a Fttoch slr'ricc if it i! cxccutrd by ! prnch sNooiar coaoaui or uDdB & sitwlv bill isucd by a Frcach air ficijh ooapany' or i$r"fiIy i rnncu cooproi ur0 ir ccrriE'at as bci4 a Fnodl rcrviri bv thc ffi;;;&itiil lpproprtltc Frtoch .utboriti.s. Tbc ahipm.o! iuu.urcc shrll bG sonsidsld a! a Fiqrcb &lvicc ifit k tskcn out witb a cornpoy csublidtcd i! rf,,rNcE Howevor. thc finrociar rnsv be cxtrndld to 8oo& and scwiccs originating from counria oorcitran rnilcr, io accoidanic with FovisioN ofaniclc I ofth! Protocol' Thc LolD wtll bc lleEd at lbc disDosal of lhc MINISTRY oF rrNANcE oP cEoRGrA by NATITa rrcodi!8 to thc Eod,litica rtatcd in aniclcs 2' 3 aad 4 httlrDdcr' Elch cotrracq Glatiry to thc implcmcaution of rhc Prcj:ct mcotiooedin thc ffi ffi,pi,*r:lr'*mr'-',n"tr,*nmm*"lt ot Sivc' Tbe mrti.s lo lhc c{Dtr.ds rcgistli io t}c Protocol shdl Eilr.'-offc! tT olicr paiy 8ny or lor for thcosclvca orltdirEcdv diEc{y pr"-isc4 om soh a"""pi ot'ga whrch would or lmdue occuoiafl ot otbe, aoralug" non o. o tlliid parg ondor any othcr' " H{S,rffi ,il;l;*w:t*gur;,}#ilffi '-'j"1"11ffi:::,"ff "# wiil noi ue rhc mauct of any practicc dcscriM hcrcabovc' A cosv of $c CoDEa.t bcalioe ltr' srtl of tb' Hc'd of t}!- FJoDomic Scrvic's win b' for*r'dod to N+rg'rs; thc r- s.,u c",r3fi"L"i iiiiiJ"irrtl,l-t"*fta i" B!Lu' o"'iG"o oo ttic contract rio c'ount io b' financcd r iff;"fuffi;;;'S.*tts'* [i" uldcr tbc Ptsrocol. Oncg it has ref,aived tiis coPy ofthe conEac't 8od tbe oiiiruucE orcsoxcr^ 8ii.! ouou8b s rle mnmrv oflbe spccigtr! lcttet a!trcxcd hctttG', raTu lu&otization to psy totn '#fflgtf"mg -'" * *,rmuffi*+'ffiffiTffi rclatiog to tbc fr'rrcial Fotocol!' N^rlxls will Anct having rcccited thir a8r.rrnent from the Frcocb supPlier, financrd 8s to bc amounl % of Oe to 100 opcn for lhe p.i""t aru"iiig ;glts on tI. Losn uP mentioned U $; H!.d ofthi E{onoEic ssrvicca. rflr- 6\ ABrICLE 3.- Coldllbrr to b. E.t Dtlor lo tD. dlrrb" ot lhG l.or! Afr.r lbe og.oina of dttwi!8 li8ttt on lh! to.!' s! dcfDcd h aniclc 2 'bovc' oF th. dilbrls@mts oa thc i.!D ;r l b. Erda foi tbc I.ouot of lhc DtfiErRY-of rlllal{cE Dlcn i'vc cooditool tYhcn lbc fouowiDg crorcu. .! Eovidld fot iD sticlc 4 hll!!fur, fulffllcd to 6r laddrrtion ofn flxls: !) sutslisdon ro MrrxJli of thc aulhotizltion of Or Mitrilt'( of Finr*' of GIoRGIA to sign lhi! taln Agrltnlol; b) for caai Cooiiact of thc supplitr rc fic.Frcrh itaco for u"vo' li; c*rei* .pcvo6r . subtoi$iotr to x^alx$ ofthc po\wrs of rlbincy ad tPetrDcosof !igD!.tu' tb" """!"dri;;;-"f eI. rtquirtd to b€ applqvld by orc raF4adtslvts oI uc u'orgt6n Duy't; doc{riartr . subBilsio! io N^Tlxlll by lhc Flloch -lupplicr, fg lh! dtrwi!.8E lo b: Eedc of tbr cont"t aff.r lh. ft$ do;;q;iaq of a &cllmcti confiloinS lhc comin3 ioro fo'cc ARTICLE 4,- Irrrwlr,r on at. Lor! Thc &sl dowDDavmclt providld fot i! CooElcl shdl bo bctrEor l0% lDd '8ch t" notml, dcductioo of thc 2Br th" sr;';;*Jril"c-ffir 1o.tc ii;a "not "f a'rwiog on tbc Lo'!' ;-i-*-..' ua orl tc nria uv ''ao iilor.ii "-i#;it !o Ar &r !3 thc fiorncirg of icijbt rd innrucc ir 'o!cr(!!4 @dc ptio. to th. etusl tbipllral p'yecot ce bG withi! &ch drawbg oo thc Loon sbrll bc Dldr EvBillbh !o tho F-tlocb-ruPPlirr pkitocopicr of of suppti€r rtc rrenct uy prcrourion iriixs b th! linit of thr-Co;Eel oi $c docuoroa sFificd in tlc co[Brct. rcguirtd to c'ublG it to Should r^Tuts coNid.t rh rdditiolrl docuecds- aE ffif,fu."d^Hi jflffifr gqn*km*sHioDsrrr,,is,onlancid fiaruls lhdl Dav thc Frcrch $Iplicf thr lEouD-l dut wiqit-r-thr litits Pm,vidcd s:#*"?F"H#*{H:ffi ffi'ffi #mwtltr.ffi ffiE"'ti;l xffi 'ffi Hnr*#:rslgfl'ffiHl#,ff &,ffiilf,p."u.i brboAirrolsv Gcdib 0!H v'rri@)' NArIxts lhdl ElfG lh. !ry[t'ds wirhin 6n'rs lorting &yr of baviog rcccir.d and foiod thc docuo.ob eplabla NATlxrs will iDf@D by c ndl lh' MINETRY or nnA'{cE aoosnt 8Dd drt ofc€ch drsviDg or cloncn of thc d.41'"*#;xlJHfollfl'#J:*HIT:".*l Ar rbc cnd of each rnaNcE or GEoRGu lhe statcmcnt of tl Iilffii""irlJlniiioi"icnt shall spcciry thc d'rtc a;d s'nouot of'ach drawils It'' G\TI / 4r 6 Th. ElvmlaE mrdc bv NATura to lbo F tdch EllpPticr accordiog lo thc tr lrrlcfq 2,'3 ald d tGc.bovo dall coriduc thc- tulElmrot bv.oarutcs oro"id-JIoi -;iafiir;rbv thi MINnrf,Y or nllncr or cEoRGrA i! it! lcttr of ffuxrs-;ftii; iiiil-t-iriu,iJtom mcorloca i'n udclc 2 qod !h.I sacsr of th! accornp:ishrtlot of ilr Sbligrtioa r pkcc thc tano lhc ditpoltl of thc !.rnETtY o, Fllla!{ca ol GBoRGIA. ARIICLE 5.- Lcp.ypot ol prhdDal - PrvE !a ol h&r.tt o! tic Lor! Th. ri$l to b. Ep.id arilc! for ri^Txrs &o|! thc paymcoB nsde by it .rrta;"a u" r-iin- ioiGi-qccount'ot$c lrltlts-rRv or rrlttrrcs or cioRct is cxccLrtion of itt strcc€3sivc podon1 ca.h colrapondins to ii"k;; &*il;t Tb" Lou \f,ill bc dividcd quartct a cslcodar dudng thr &iwing;m!d. by N^rlrs Exch miliotr of lic l,o!. which h6 ! durstioD oftw.,rt, (20) y'5rs, is rcP6yablc in rounccn rl4l ffi. io tt -tv Ashrizs).qud od eucctssiw hrlf'ycarly ilsirlelot!, lhc fint ooc frlinc duc a€venB dgit (73) not bs aft.r thr lasl dsy ofth€ cal@d8-qudtet dunnS L!! b'lt! i!!'t!'t tt oE ml! ot zm which dra*in; taw bcao' urilc. Ech poniol of tbc trot vct Gpdid pct aria,-' coop'lcd on rh' dilbu'std Fii"iiiolzn) iliriritiliffi lmoulia. 'Dd lDrlrlsl a..tlEs &! tom the &tc of acb dnwiog ud F cahularcd on- thc bosis lhitty (30)- dry!' htrrcn is sixtv or tff'fi-uirffi -tnit (360) dlF rnd t nronth-of (O "ird Do;tli 6lt'! ibr lost dsv of aw dx ".", #ir.-rt-ffi^-. t" iasaiocit ralog il'i$fi'"ii madc' b'cn h'vc &s\xiryr [# c.lcDd- quanA dud"t \rhich .r , At tt cod of rlch calcad!. quellt, fot c!![ lortion of ttu l4-- q-{{"'d or GEoxGla ator". rierrr3lutt ror"uta rr rooo ar porsiblc to tic MrI{lsmY or rrNAxcE xarrx$ Intertst prilcipol and cortsPondilg of repavotut ;;;ii;;; .f d;" sc.hcdulc of 'sdfrtcii ir ncatioocd Lorn rin tDc ordc :fii!'alr?ili#';fi;?tii artiqlc 4. "iriJad*inp Erors or omissioDs crc.plcd, lhh llPay,,lcnt scheddc *i!l gLSjui - *ffiT"Hmffi Inmf f;Siffi,6ry."HHffi 3l,lil,H:'-xl will crcdit tbc Oo cach Elturitv datc, lhc M[ilsTRY oF r[lAt{cE o! GEoRGIA opc,ed h itB zsoo otg of scsl 9961 Fnlo"looo]-gs9 a,r, to"rl! ffii; -o*t boot!, in PAxr8, rrrus rd'o lt f0ll3 dlE Thc dltc of plyEcot of o oatraity of pi-lcipl. o.ht!rc31i3' day vJ cr rcllowl' troo-wotkiDS dsy i! fIlANcr, PostDoDcd lo thc 1s*1tr8 Oo .cclrhEcor of 6. slH lDout! n^rxrs lhall &howlcdgc urm.srnv or rliiiictorcEoRct^ of&. p'ynq mrdc' 6 rr"ifl ro thc ARTICLE 6.- Chlp! or def.trc€3 orlqiDrtiDp f'oE ' CoDtrlc' All underLlings cncrcd into by thc MTNIiTRY oP rtn^JlcE ot GloRGtAof aad i.o particuiu, drc cornmihcnt to Poy tbc instrloenr n *"r to rr,ii'i,oi ,iscem'cnt :-f,---r-6r .nr.Ed ioto'bdtwcen into bct*ten fE frc ocorsi'n Gcorrian Gcnts cntcrcd ffi iiill"ii,a"it ^r rrr. .^-;ih6t. ili,""fJi "r6"'ffi colEacB' tqns of6c to thc Ery*i"a G fr",* lrppli.r\P'urru&t ilfffii o! 1-' 1 Accordinslv. no clsim! or d.feoccs which thc Gcor8i!! buycr mi8ht havc ra".frlu=opfiii arirlng oui of tle conErci Ery bc act fortb agains li^Tlxts 'trd "*;.t u.intcrfcrc wiG'thc rcpaymint ofany sums due PuEUsnt !o lhis Lan Agr*rocnL tb'crtforc ARTICLE ?,- Corr.r.v ofrccotD$lr rnd DNE.DI ' Plrc. ol DrvDant Thc sEouat of rslh Co!tsad is cxpnrsed in Etrto!' Thc Lom is Sranted rnd rrpaid in Eutos' Any paymmt of lhc sum! duc bY thc MU\tsrRY oF FlltaNcE or GEoRGIA to xrrrxrs *ral tc hidi bv cnditinr $c accoruit n' FR?6 3000 7999 9963 5657 7500 089 of iiirxs opcncd in ils boo't6, in PAils, wi$ Gc following rcfcrcnce: D.A.l./}.E.r.- Lo.r !c C1E 0Al ln thc cvcll 8r!rlDb$ (bo+ ruarlDtcca, bond! ') in favour of th' GcorBi+ h""* ,- ilru.d h Sc tam-e of a Codruq [* MINISTRY oI.IlNaNcE oi GEoRGla ! ;F,,Hffi# **tirTgm+i.ffi nm*m,xrff N ruls b ir frill ad diEctly wil ht!r!trE!!, bc fdd ff 'fi i*To'#"ffi ,il#,tH;ffi f'"',ift ",,,"o,o.*arTff**!,*f,ff ;alilg itrto pl.y of lhc ssid Suarsnt!.s' Thc gocacis ocashc.d by NATxs by tight ofdt'sc Sullt,tLcs i! locord&c. vrilh ltticlc 13. nX* will bc t9Plicd qlltoo duti6' Th! LolD shall not bc ulcd b filr!'c '!y ditlot or indiEGt tExrg bvi6 or adDitritEltivc cxD.os iD GEOxcll' thc To rcscrvc thc 6!8ciel rlsoule' povidcd lor u!d!{. thc- Proiocol 10- Glot8irn buycrl n \il ,unl/ 'v'- I Fu h.morc. lhr rclDbu$cEcot of triDdFl .sd lbc p'y@r of itrtlrllt lDd tb, Ptot6-l ttrdl br E d; ilt of.&v Lrrtiod is ffi-iL c;;rd-? tto-q' th' ;;i",tid*cvct F!v!d ttr Fvoelt of th {t' ffiftr;ffi&; ih",ilff tu !t iris k rtd n .os,ir. *,.ua Fid doicn ffi,ffii &;;;ffi;oi 'qu.t ""d df.t!n.i. ft- i' "*';t lcootsly lh. rxlc.i Anv dria" tu.! of .rv ki!d, tl,tp cbtrs6. F.s'at ot futut!' in rllrtioD ro $it Loro Aglta@Got l;gdly dir! i! rx ncE wiu b. b tLr crbrtc of n^flxri ARTIC:,E t0.- R.prYEaol h rdv.r.. ot alG l,'r io dv!trc'-sll or pe( of Ti. lltNrsrRY or nxAxcE oI GtoxGlA Drsyir rcp6y to I"ou. rio ifiirilo*f tfii'oil, ii p.i,aa-rutt t" rpptioa rgirtaocc with tht Drovilior of &ihlc 13 hctllilt Witlout pEjudicc lo thc DtovisioB of Eticlc 12 hcltsncf-tt].t-T:I":9"* i! tdvaact or coosituri!8 s reason for this ltticlc I I pi"j"6"ii riritiOr tt t"qutsl t'p8)''Dcnt il'ixsjEl H'#*x1t"t;;I'ffiXi$# ?I *,a;rmgrlx*mmlnlm du. darc ufiil lbc lctual dsl! of Fyac:ol AccordiDs ro thc erticrc 3 ,rr*Ifffi'd-yi.ffiLffi.+:i"md n'x*'1ffii#; E^n rl; i ffi.hl,t{ffitrix;Si,? #ff" !9:1fiLi*hfti5f"T?H1ili*''ffi ffi H.$"*s,.'xii:*T.HffiIfl*;;mi-tff iouo*iid"o",,,'r'*o' ,gihffi 'ri,r#Jg#ffi ,-"",****;f :ffi mh3iffi# o" croscr't' NArrxrs [";,ii,ii-i'iii'r;ii^ci ffi**:##,f#,T,H-.illfl? poid; strcsdv tbc Latr Auloritir! c'uld lnailtrin No tu &lt drawi4 of 1!r iiilil;Ufi;;i"iib"1;ch GroRGu wift regud to - Dcfsult of pavD.Dt by th' MINT RT ,o' PlN ticr oF riom thi! Loel AgtE o'trt; any of irs urderfriogs oi piyircor tcluttng - Fsitutt of Dcrforo'occ by the Mrfl$TxY ot nxaItCE or uc conaitions, iripuiiticis ot undcrr*ings atising v] M/ Otr Gf,ORGIA of sny oDe ftom ibk l,oan Agrrcmod; /?t..- 9 - Ary a.t or &citioo of lhc CcoEio GovmD'ot ibst btSl Dtcvot lhc FfomaE of hk IrrD AgtlldcEt anv lGouclt for lha llr}un lD odvaDft of tir Lora iD lh' !bov' m€olioDcd c*.,ru u" JII ffi ;; "ElWi*8,SX4,P.ffi";&"fr ffi* lc0!r ro rbc dooicilo oflhc MrrFIIr o h!lo&. In m cvlot Erv !trv dd.v or oEillioo by NArl)of c'"r!i!i!8 it9 tlqitE rs ?1"",:3lf t'ifi ffiJ'.'i #ffi$'*BkqH.t#i:r;;*,uff ctoacta. (be psymcnt of int'rEn. 6uted in articles 'nd $is Loan AiT'nnctlt' espccislly pursuant t0 ExccDt for th€ rcpayE|cDt of principsl s ,ra rr. anv"iri"iccci""a'l'i'[iruus'*ai inilji, ti.' r-o irJ r z, *ill be sPp'lied bv NArIxIs &! follows: - id ptioiity, to lbc p6,'!'nt of any Itr!{$; . morc Emotc acc.rdiogl)5 theD: ;1$1*,,.:flii"ffi,:tl"' mfrff:i t"":,mi H#1"'#$'"15 . or bv dcducioD oflbe dtawiDgs Eudc on the ,rtr* rurtxrs rccciics t}Ic congrondin8 proctcds; l'arl durinS dc calcnd" quarter . or bv dcduction ftoa thc dmwinBsina&*lli.Ijc,sl,i51i"*t[",f''" calendar quartcrs, thi concsPooding rsPaytDr Thc cxcculion of fis l,oa! A8rlenear i5 gotlmld by Frcoch la*' For thc purposc of pcrformaoct of oris Agrerncn! thc pstics hcrcto clcct domicilc rs follows: n (,W / ,/fi -' l0 - for t{ATl[s: sccr{*silt .&axsl DirEction de AdiviiA iDstiMoDDlllc! 30, avcour Piarc M.odat_Frarcc 75013 P atS (FraDo.) P6trl Add..ss : s.crltarisr Eao&.I Ditrctiotr d& ActivitAr iicrirfi oolcll.s BP4 75060 P Rts Crdcx 02 E. MBil i rLGi@l!d!,s!c Tclephonc : (33-l) 58 19 26 12 I 26 52 Tclefax : (33-l) 5t 1926 70 . foT thc M II{ISTRY OT TINAIiCE OF GEORGIA: Pubtic Dcbt ed Extmsl FiiaDci!8 Dcp0rlto.ot 16, Gorg&lali 8trcrt, 0l14, Tslusl (Ocor8ia) T.lcpho!. :+99532-D-61461 T!hix |+99532-2262423 Should lry problctt! of int'iprtlttio! ot oth'r m'tE Dot d'fi'ed-by lhl! tcxi .i^{*lI't"*}i"nn H*mg,UrunfiHtr*x m"ttt l'ttctr' rn archt[gc ly iii raG s"tutions mcols of D!t*r oa an *,ffin"t"H Sov!{oDotrt. of ffiS,ffi ffin ffi,h#Sii# ffi rf ao sorutioa appc*s, 0r':effi Ff,rNc[ BEPUDUC lDd to tbr Sowrolltnl Be,rl! to lolw it. n *il/ $llH.-#H,'i? H,Sffi*ilff t! rIRIICLE l?.- Co6hr Ertta hto lor.! lf ffi #,i]H lLlf,-t'ffii,ff l"fiT"'tri.8&itff *"",*"**xffi Ag'lcmcot t...m ftioc olthi into eirv Fcr!6t ilif i,ir'ilia'iii"iil;6r fi thc Bf,fi ,Iff; mkHlik; IHE MTMSTRY OT in tha urEa ald on (tho Govimltr.Dl 6t OTGEOf,GIA *'*gl sJf **;'''' * NAIIXIS Iof G?orgi. /.-7/r.t-----z t2 ANNEX SPECIMEI L[TT1]R Of GENERAI, INSTRUCTIONS Dra Sit!, A corEsct for aB aEourr of ,.'......................... EUR(X (EUr ... ... ..) w&s signcd @ ............ bctv'n............,.., FtGrch i4pli.t, lld ..................-........,, Clorgian bit}tt. Tbh crDEEt rlbrilr to lh! Dtoi.cl ol rcrovstioa of drc ubea goadola lifu il itlu wifi &o $buba' to bc firuucld in 6c oo Mly 13,2014, bcsn th- sctl tiliii"d ttri-rr.it"tt-ccorci!tr fi r-cisl Protocol rigrcd Tl[kDcoistln, loctrcd in Batu' aad "f South Cslclsus ofthc Hcad oflhc Ec.mmic Sendccs for rlrc citv of chirnrm- for iincs codcctior tfic Al t|o Eoucn of 6c GcoEirn buy.r, 14G t'Yould rcql,sr you to kitrdly Eoccc4 ." orr tchalf. G dtreh oavocnt b tLc-Fnach'tupPl.r, locordiiS to thc prymont cooditioas -6;Utt;; F;;f;6pt1[ od 6, co"'d;" b'ivq 8'd o,r F.llitidob !o vou of a phofocoDy of tic coiEartud doouDG[B ;il; Thc DrvEaot out oflhc FEDch Trtasury lpo *ill bc na& xdthi! thc liBiB Etd !l tb! coditioDs sci oitt iD our Latr AgrcaELol d!t!d .. .,..' THE MIIIISIRY OT TINANCE OT GEOROIA ,,o

G"l Ambr$rdc de Fr![c. Go GaorSi! Servicr aalnomiqoc January, 1sth,2019 Rer:Frnch-GoorgianFlnencLlPiotocoldaHftyllo'2Ol''proloctoflh€urb'ngondol' ror rln's conn'ctrns tr' c6nre' witi th' 3ultu'bo ffi; il;ry ;i;;;6 HonoraDle Manister. '. Dear lrr Malchavariani November' glh 2018 relerenc'd by N 07'0'U138S38 doedlines on iogrris rcqr'esting trre exens'on ol fie Esistraton and draflns prolocol betr*€en the Govehmenls ol Georgia end France We acknowledge recerpt of your lefler dated il"sgi?oziii:ii,iii; ri"J"u* rer"*i*J r,""ncial _ We are Dleased io rnfodn you aboutue agreemenl of lhe Freoch authorities for am€ndm€nt oflhe arlicle French Treasury toan'),lorrhe extension ffiil ffi;;;;;;;;nanclrproroior(.oeaarnes on the the extensloo of the drawng deadhe unlrl ol tho regl$rallon dead lire trntrt Oecemoer fl iO t t and December3l'2019,i6oI0",'o.n.,,"o,u,,,p."menlaIonollheoJoleclThefundslssuedbythe deadrine' _ il;'"lff;#;;;; il;G- or",oa* "r'o'ia u! 'equesred no rarsr than rhe menrioncd oltfu lwo to lhls lenel agreoment by countersrgning each Please indicaia ihe Borroweis concurence p'ease tetain one srgned orEinal ol thrs onornats of this lerer ag€ern"nt 'n rn" "p""tiJ'"'r"Jueiow lhe oiher lo us and rctuIn ,ei", agts"rnunl to'yor, 'ecord lo lhe French the dale that Gsorglan side senl nolifcalion The orooosed amendment shalltale elted on orthis ellecrrveness the necessarytor p'oc'oL"es n" int",nai - J'"i;;.,il;;;;;;'" lefiel agreement. i"" "o','"t"o thank you lor your kind cooperatron and looking lorwad lo s successful continuation oflha chiailra projacl I remain very t lly Youls Aoreed lor and on behalt ot Georgra tfie Government of GeorgLa) ' loulia SAUTHIER Economic Counsellor ./,/ / HIY ft=:2taitLat) H,E MT MATCHAVARIANI Mini6ter of Finance of Georgia 16 Goroalsli st. TBlLlSl co 2s Aibar.d. d€ fr.fiE ' a9, rs (nsanltti, otl4]bllEri' GEoi6rt rNww-i.clor,..nnofi L..owf r Embassy GI lM.ld.H AirrsAssADE D€ FnatlcE Er! AzEaEaiDJAN SERvtcE EcoNorvrouE caucasE Suo ET Tunl(MENlgraN luly 1,2017 Re : French-Geor8ian Financial Protocol dat€i luay 13, 2ot4 / Projec! of the urban gondola lifts in the city ofChiatura for Iinet connectiDS the cenler lv'iih the suburbs Honour3ble Millfuter. Dear Mr. Kumsishvili, Weackaowledgere<eip!ofyoullclrerdatedlo/ol/20t7}i'07.0272458requestin8lhsext€nsionoflhe rejirrrationa,t'ddnwingdeadlinesontheat'overefer€ncedfid.ncielprotocolbctvleeathe GovcrnmenB of Ceortia and France. tmendm€nt ol We heve the pleasure to confirm you the rgteement of the Frcnch authorities for the for the anicle 6 of the above-mentiotred Financial Prorocol ("Deadlin6 on the French Tr€asury loa!'), of rhe dawing exrension of the registradon deadlina unlil Augusr 31, 2Ol7 and for the extension form of credits deadline unril Deccirber 3lst, 2017. The tunds issued by lhe Tr'nsury of Fraoce in the shouldbe requesied no laler ihall.the mentioned d€adli[e. Please indicate rhe Borrower's conctrrence to lhis letter agreemeot by countersiSnin8 each ofthe two origin.ls of tbir lelter agreemen! in lbe space iDdicated below Please lct'in one tiSoed this letlar a8reemenl for your record rnd teturn the other to trs oriSio'l of to th' The proposed ,mendm€nts shall take effect on the date tha( Geor8ian lide seni notifi.3tion for lhe €llectiven$s Fren;h side in writing that Georgia has comPleled i(t inlemal Procedures nccergry of this letter agreement. continuarion of the Chiatura Thank you for your kind cooPeration and loolong forward proj.ct, I remain very IIl,t lfof Agreed Goryia (the N.rnL ofGeor8ir) D;-l).y ltq-s;sl^v, li '''i1mmffiEG 'r,$, r,oi'r .z o i o,re, I r(l! rl5, H E Dimitry DiMNTVXLMSISHV]LI H,E. First Vice Prime Minister Mirirter of lioance of Ceorgia l5 Gorgasali St., TBIUSI Ain!.$d. d. fn .. - t, ,!. i.tr.d a!. - 3r@ qran ld : (99. U,.S !L i10 - LL@!t : {99a lrl alo al lr brldadnM.ow.n

't]"5s6tUr'o )dmOc'Ja,Ro tr;JrdrorXXRdr fi o,r0d'olt'Jll' lr.r16;666o,r,1 14,1lrJ113qr;oL 3o'n6'ii'''''!l' Ldr4rr00,qni, 3o1316rol.: ps l-rsgr6.:56xoot dJl,JtlRoJotr 0os3r6odr, ?i]8qsna?o f,b'6itCasR VoRCheSo, ?6moA'{o,eAaoad"r}oL, or6r8T'6ii8q.,aol Ax,goJ60?'ol\t ,e} 0Jofrol8oiildo 0i6iloord)Caou biqt0vijf)loL AntSom. OrSo,b,rO!306 os3oo6o 0t4pg6rb l'riJ6oXJrlr.)lt 6sr6rldxqo6 ad)d(.'Rr l$06o.$or6olto tto0it60olR O6s6'h!doo0}os5 !sr$J?o60Ateo {toi,?$(lool! $o6$P0916, ?3o,r6b€96$ ?CApg?, 1qC}lqgl1atiy 8jbqol. go5.r5bpr6o Sbrr6qrlgr6ot 0r'rglqodu Rs Ao'bD5o l!.'t6i500d,oh 6CLllaRoJol, SosSrnoas os6slau trojuiopqmL SooXdolsl jwrj ]osoT6sto b.'rvoml, ad6J6l,!6o abi6P)i46.', r1o31q'o3 oossqo[Soegab q.r3r,p3?nr4n[6qo aqJ[so0 j,:pr;loL OS6Otnot )66ogn6onaos6 i6]s51qo eXirno,iSrno I'r,i,r6or6onlo! .)(lil60oRoAoL 6s6shq66sl' np6ot6fl(,o 8.)5.'61'?60 Abi6!siJd,) ,!6i1A0O0h 13 20o 000 (1'rll;$o aospos (xrl.r[o xn,rLir) mrimL oRS6(')ano 6$.J1o15oqor, tCal',|(6o?5?Ro')6oilij0ol' AiSt'odO.lCRClol,soiot,, - 3r6.:6671qo lt;lro66snlt qo SolLslyarnoaol t!l:?ldD5?,ror?o ?1l'11r'q3olr qrlngo6s6lr3lqrrpr '^$3o5r,11pol'o1t l$Lod, (,i 3r!33q'o ,ls'?li'histrCliqo ,I'60rtod0ol'iofl' li'6o'ilqo !5 1ot'r,r!6o Lsjro6qoL rer 3o0lr;h161iob ?n!5op3ob q'rl'3o6''trtt6lg3sq' otto'o01t:o g"e"iiX,li ar,.'iq.t3g6oL 3l)%'oL 3rr{5q3}?o, nAoL AnarSlpol'Vo51door' 6mfl ["s.*ir'34s. Jr,5O6.>JOo! a.6hl'ldoo0e0ai sobqgds 916'>66o Ao4oRc]'{0}ol' .)il,thoLnaiilll')6og,. 01bqo 2. {Jo5r6bT{6o Obr16pr}Xdro'b ?X8.rq666qo}; R') J6mCd6olr ,q.!Bo5r5L0Aot Be6ACao Jo630,{ ET)hq?o arrLL35oguiqo goSr6Lndro 3bo6q}}gi4r 8l,)ll'}lxs'alr r.'1io'e6n.ii,- r,suinr, r,nr,r'r,, ooalqo6 *rr s{i3'!063r 13 200 000 (3'r€66o aoqor':6 u,,i.r, "..cr"r,1 6naoL qi., 6;s;pi6o[o,: ?xtr[o3qol, iBi?'6iogr''olt! Ri. iiqiiJ roo.:ranto iro:rL"rr6r Jre.>;loLr oaSoaoL JC'6o8cr6oC'os5 RraiJnnBod0}. o ii6[n6iRo i.lf"s"'tno" r',"r"a.a,iair,- alr3qaq',4,,t' s' ssndsgnBnl $nJ6o;yno prlsrrinlolt qilrs$o5;5lt3lqrq Jor"SCqo l'!'3DSl!04 6W'nDbRXglo pgsq,o prgo6r6tr6lilRoJo6o6nJool' 2rle3etr aa'emir,""^ ,r"uitjir,ca1q.- ;"i6a'36"1' Ror4clilq:llol' l0%'qr6 6i.retlr.a6ro3a.r,o qr q;tq36ob br6t6UoL 6r6x?g Sjbqo 3. go5,:5L3r6o ebr6pr$3r1oL 3o636lo q'r Jot6o Sio 1,,,$'$.\6ailo)(ll, br'l,n6ol' trJlt[oh hr66r6Jqo3oioo 20 V0qo' 6-Vco'!5o ]0I'0y** ?-pq665L o'Pletr' l'01'bnlt 1,.,J'1.)oC6Oo 6r6':;nxoo :fla".,qai' r,"iiq.-. $q'o?6,r J"6r-"e" ol.:Sr.r, q"3.Aa.'6rfeOr" 28 os6slsdo Rs o''6s3o8q66'61qo 6;hgsd'VgrorSo 8obe1'n oA ,lilrioeolr S.,rp"tpianu !obou,. Jn-o3nqn raaltlrlo asprtRs -J)ctc5$6trrlo o'r6hx]ol 8r'rbqr d,o0qol' 'rs r3nix6, 6r63r3e-ol'rtos -3"r, [.i,afr6r.o.s taaort'oO bti. a'l( J6c,(rC5Oo b}€ftsteCa. Lrt bol' imiol'0ilcl Ri P$n$'r6''3 6i9os$!' ;{5ia" i,qa"el6onl, hol'osoL tslrboL iPc6(o nlsr'rdn6biot' m'56oqnq'\6 rpr q.'a"st'n.' 6rqnohq4ds 6s[33srir$qor6o o60C6i]rR"@' oe ?16o1,63r!o, s''? do6oorqo os6tioL J Lrir5r'r13666o A'r11il hqlqldolr i6ilt t*Is6,1'r RRJ (Iilill el1il)' iJ')i!'th{") n",.'"L,eA, ,,"C,. l,rgrari6o'll'r idt i.),0;tq,exlr rrrlaqx3e", r,'i"i 1. (l'rili;il r) peill!' ro6d@ia'o o,r6hol' i6 |rJ6qtl61)t': ?38ohpipflo 'rq-xoqo xi6x]r 0.,*.'"r,iiil,rra, o1.i"re1q ;i,p.'t. liRiitRcqo]ol! droeqgBos os66rr{o?ndr si{rLeoll rd,;o;6diJl"r, Ps'r'o(ir3rt', i"i.r, os"e.'o"eoa"t "eci[.* ;;;.d"i o"5uiio;cq'Jaigo anplbPolt 0.n80Eo)aP& pqo6':q6og6ltrs ?0[t't6oe tlr?Iiem 6"q,.,1ip3qi,J- r,.Ja.ixS6, 5.s..fi)" ?A)Ra06l' Vs'oi't &f'r'rolo (nilr0i]'l?Je{ 4% mlt\l'r i1| 1p6s;311oo nr5s,13xo[ -if (IEMPE) il,)iq," ;,r,.90661*r, 'r"eli" oJ60a.\ o? 3'pol 6rps1;or.1dol l6at(rir660}olr ir*.V.,ir" sv"-r,i r.,r,[30'' i',i{" [qor' 5r6assqois?"' esl' os3ol ahiT'o3' Ri16oot'$i ;lli"bq.;,'- '[0aobl'06Cli],q0 l6,1oJ6do. Natixi!-t (o5L0o0!oo no 6irraaqo'pt' lat6!6acoot a"3'0q3rlt ,r,6"l,i"naoa";"iioolo*1, i--..a""ri r,.r".'.. e. a.u 's63a3r'xatn q' l'"S'oocis-l' 3n6'r6[or hr6o6nt$i6nlr l'illsoo Pi i.*".r,. rr.lr*1"1] a.,1a-6q'Jal' i,.'iJ.'c,-rxal''L (l'iilv"oflJqnlt 0os36oAnt) l;1lrt'olr l'r'r'o6nl n36r561ooh a,r, 6r'' iJqtulalq'31. ;'6t"'1'q36'01 "i6ianrifrtil rr': flnho,.b.'Bro3ol! lXtulI -i"a6q'o orsr"1aR0;i ar6h(',6o,,iJq0boL Lgq?6,d1qgtr lysiloyx6;Iol,r 8lbgo 4. o56or6o?otr$or6nloL qr 6oq':bpotr nrgl$o o"r6't'Anlb r,6ti6o?oL$lr60}.1' q; 6sq':t'qol' &q'1$s So6s0!:Xli"X J6m0l,'trolPolr i6olr Ca'n'r. elbqo 5, ;r'r6$r6,>i$10o1 6n5olr616sgos go6rSqxa,srrrl J6r',O(,J(r,{oL Jrnn$diE5'an Ahr6JCio. o''aohsOJilCB ,or3oi6m 3t,so,oq6rl, ^i'.^i,.1s-i iaaoq' tsloo'st-ooto JerA1li3^trR 66sslnjiJoxloi6 q"i".*aoco gncssq3]rrix r6m0."'tos{'nh .s'laFr}?' ;".,":J;:[;;;*:":;;;.r* tnn'rqo"", ts3rrmo3;'r'o6 o6 a"s"v'e: auixsrr' 3nrr111t' "a i,"iji'rel ]ieo.""lojiiil g,'130''6g, ?io']o'4r'6' )o6P'rro6 o! !6'ro6Pnlo6.' L;b";;;, ir,lir"i.,, e"r-.'5b4"6 ^i,tlr"i, 15 lrtr3r l-rrtroit' ijaor,aonon ?j1Lsd>ao Is666ango' BiIslPo i"u".ooli* 'l 6n30qn0 iJn3?o6pCls, i5 ?CoJqrls itJs0&'qeodoR0li ,\d'sJs5o5o06t iIaCRCarl,.\5 dl'lit?0Ooili. Jnda0q 8?bR?o nR6o?5ilRo J6o0d0o! $r6aqiuo (,og,c,cTqn pr$o6isbCdnqo ,lo50d,,rJ$ol) pdRoilol, Jo6ods,', - pn8o6n6l'rAilRo tJo506rj0ol, t;brbsaob,*s oB t1;11odn6po13o1}os6, 6(,aaa[io0 6i6li!'l,qi]d1lqon l6o0it0ol, Vo6sl'9i6o ?0$nLAAol, (oJtr4060?o; - i'no0dont' ?OtrlsaoLoAob 3n8oS83io lrb8qa$q.' abr'rlP,rl0dloo A'r6t(rii0o0q0alRo 0JbJod'doL Jil0RoooSol ?glnt'g5 n,1r,r5o3o;1'r'o o,i6dA?6(,8Ra)lnli Ri An63o',rdl0ao! 'i'1A,)6oltonoL (OECD) 0ort6 RtRSJ6orl3 !CbCnoriS - ltiJrr't,t0q,e'11 3o3r4 Logr6r66lorol 3o.i3r6olol, io3*'ro liLbfldol, 3n(16!l'j],?o 11,rpil[qr1stn,16 3iq.t5srgqyrq3]1go m'\61$ol, i'4i6ltita.,as. - lr.r6rrngo gslrrroNtro.)6 R.Jo8?o6ri'Jqo 46r50!Ro LJRnl,qA&(, ,p&|$oi COFACE rtl, 8ox6 ar6.r56o6raIqo qr 6s11303qo, l,iJit6og0R0bo,iot .t5 ilol,o l,sboqa$oljl', llaildo6oluro,3oL s5 l,;Jr'/,o30,{ol, i\ri(|56oSiom. tn6.r6.1o bn[bolr hshoo 3.s(,s6sqr6os3diqo al.r5t1ao[ 1r(rActWJ]!. Jor6SJsr a:)bq?o 3oLlt06o0iIq Jdr,0l0d'.r6 ql',tni?o'60itrRo ooont{)fl'{' Rrtso6r6l'ChR Jo666rJOda6 tlo6;r,ollrto. d,rL il13qX6, 6D0 biBt6n680ooi! ,f,'A.hot6dld,o (,)('di6o0lo ,'Ros60405, 6oa Jo6l,dc8o X0,4o06** t0t'{t iqiD?qo' 8l1hF0L) 8ol,o 60bol,OdJoo! [o5$q13{i6 ]6oon,doqoL gsrn6q66?o, d.t b$6to(,(]og{r{,C}s tJitoqAdob 643sol 6'too 11136!580o101, Jo8lA0r60f6o ot66s5o1lol 11g1qn6.rColmql;oo .RlA6Cnq, lt0lir66o ,p3.1slnolr Rr d,tddA060@?o 1o6o3o;ndo lr$bh ,rrrl ti]eadRr,r60!lll.) (aR0ai60o]1, ]idfr?o) RD llndn'ioiicRmt JoaJi]0060 6 c).6As6c10Il, ilm6olr Sjbqo 6. Lr9<6156nooL 8o.>Sdror0olr tXtrbob 0r'rJ8Xqnlotr 3rqr tgSobll|Endtrq,)oi630ql 3?bq'?o n;5b.r\nrnxqo go6s6Ly6o abr6plx6on Sotr.rqXl:q 916166 flo3$opgl69L,: qr ilr6o3iq 3pq3;1qb ?o6olr lXqAo$Xttlopo pn,l0aBao[,' ,|o606siJorlol, 6c8o!0lr).!oo$ I5R.1 Amhql0ir ,'il,! Ca:lo't6fllr 2014 $qolr 31 \:o5$q$rr6l J6(,ooJr1Roo As6l,r\$6rEro lrrg6:66Xrnolr hi'1,o6.[ Aofln sdi ?63o61l) 6sfr.rsogoqo liltl,hoL B!d)6(0ailo on6h1}oL 613r'rorboSr',l5ps AnhPill' 2016 liq,n, ll r9133 iol,s. Ut i)RCln rd ?Cod(8in 0l'O6d0RPdb, ai6Rr bi6l":Jio'{'A}ieo t0ao,bimr}ot!'\' od|brtoSo 3pr.:6haXinl! 30q0alR 3LD600Ur &ftob $Xr6oqr$ol 6!03raoh l)'r$5']3gq'l'il eShqo 7. 5opsL,:bsq6do l,rt6,r5bCo,ol, b.J'l'osotl A0516l,!60 3h,ylp,)J06nl oJ6b8roes6 n6 rr,,rft\o6o Jo6RnJof'o Rr r6rJo6RrJoilo 6r,qrLsSopjlo, L$rro Rrnn6rfillRJdr 6opslAbsqxlo, l,\C.'qp0a0Rs' 8o)!').tii0aR8lo s6 ieBo6oliOd.OotrRo bJ6S0Ad l!rils,4o30Ro?o. o3 ao'bsoo, 6l''a Vo6.)AqCao60 Jitooa,Joqt@ A!''0!q,oLvo60l!e,o S0616l,160 li'bl60an 1,6?lqnR 3obar6e0b trJi6c,00Rotr 6rbnoorrn6)rL aLs,.)0r8o a,.'5r8Po)os6, isoA iA J6a'Oodr,eol' Ard,Orr0[to R.v,r00obO6o60}!Ro Jlr6O6$d00aol.\o0ol Lndo6creol,i ler al,abiL?60olo! aogopoa! B6ssa0qo t,rv.\6Aal0ilolt Oail6oJi,6o t(ntfli'604o[ |,.\mi]qom, .\tr0r0 oa.]o6f).r'0J[Jo6oo. ?0l,Xoelt.i, bral1u060ts iG Bq,o]r J'tr'0o,r'''qoo 6.rol,rqolfo5x}7qo Ao$(,eilaol'i.,itot ksioi,o rbilo6J,ll.l]t,,! \,$ AoAli\h?J6roaolJ, oU R.rJJrnee0rrr,il,\i tbCif,o,a0qo?io 6ioAiJ b.,tot, ll.'$60., ltob1q3$qoSilt6og 0.!Rrl*h.,F0}lr, b.:lo3r,r 64uL:bopn0lr i5 nlijidmsJqt'r?o tr'lnoqp$1qo 6ol,l'J'tCaq0dob a,rpJtrlnlj, ,oib0p.!Anp Ssoo bt6JBolh Rr ?otu.r'1l,oULi ?roo giqrbRs tqj0Jol)60}J g:drqgq fuoqpqt. s8.rl,o.r5, [;trboL rlnd,oo'lq'n.r.!6hol'i ei )'nor0i]60n1' 6qprhq.r so VosnaqitAi6t ,l6rr0mjo)qol! A.rSbo60o0pJaslloi5 p..,.t{t?o6CaIF3o Ai(il,obA,ilRJaol ai(.}h{. Ar,te0dJ l,rjr6oit0qo'ilo $6L0}iq'o 0,)p.n'.:b.\RJbot a.!60?r. 33bqo 8. Jrnr.rpJgoL t6grLg}l 0o!o putrr62qnbotr ?g0q36 o8olrr:mXoh, t4m8 6.r0o65p11, Soss$ou g,? s6.\ J6DCd08! msaol' Ao$50}lt, tur|tr6r63Xooh r11l,Jtr6qo;ol Sosilr6mAil' t0.Jdqo! oriiol,o b.i6xod| b.)5,)b(rdryURlnlr [o5.'ARr}I6J )6a,0f,,ttoqoo 6so3rqoLgoSXA2qo .]r6ori,0ol' iUoSlrAo,J:lr4o, Bd5i5l,?6o e.! 1,rAI,..sROdr,.''8Ctnl'0d.' aobo pil,/r?(0lol, ?00Ria. oa tso.iaillol' Aolijqiloo, d,f,8R0ao0 ?CBpAl,'S?o oJ6Can ao6l,Jl,qJ6lrl]o, l\)d\6(,it0q0rl 3o,.,36o1s, trX63o1qo!.r8ndr{ aora1n}tr &''6.)vosl,amA.)h rq5o?61qo flXgs[glob 8o)a'l,nqnAo8o, 6sos lo6RiJo6 il,r600]R'ol' ?0gt.n'AhL ?N0a0bno. l,lJn6(,a0eob fltn.r3t6r'rlr 3tqpna3gt.st' o(iJ.lt aooe(,}l' tri8rlrsAJoDl! 61l trlglo,pl' ao;'q l,sil*4oililqo?o .'R6o?5?qo ?CBrlJ1lob ar6l,0tn,6(lonqtitls.rp A.ao,Al,r5r6o110 AoLo; Rs bJRo tCIVlJol' 8sl, J6r,0d0oi5 RiJi3f,odJal!]o l,.106rr o6trod,A'0ml' a,!JocJa.?,,. elbqo 9. drq.:?o tgL3qr So6rfleilaid,il J6o0oJ.tRo JnRr?o ?Cpol, #6oiq'o Ahsdnl A.,06 $d,.6atrq,o 0L,rdnLor3o[ nr6br36oqo Sy'iopo]orno ?lgXolo6X?,olr pq;1[, irlreqoooll Jrrno1,{,o al,\60 !r"r0ir,6o6tal' n6r5A:lq a}.\riJl,, tlml) ltlr6og6qrrt ;r$n6sqnlpoioor 6so3.rqolr[o53]1qo $o6o6pX]s61 Ji6o$r,Joql.ol' drcts?o SCl,rpol,otol l,s]rr{o ?oq,rlDl'JqrtoBf r0a6nAo )6oG0R!ri,0ao q.>.flqogoq311qo.>. 32Lqo 10. 6gqogX6Xlo )riogo;r'rqEo $o5r8p6nr6n Jr6o0{rJoq?o (J3qoRoaorol ?00s5.! ?Cl'odfer8reoi 8l,L\6S0At, to6ol' il6ooC'rto?Co!6b8nloL LrgX{nq$n $O'rtoR(,aod,o gmd0oo. o86;tlo sgpoqxdr ,iq'r?o ?CRoh Vo5.'8e04J60 J6r,0F},lrlRol, 3y9 atrb,E?o dr.,5ol5!qo Jrnogp llioh ?XL.>Is0oll.lq. SiFoUAo lo ob6olo s3qoqnll $r60osp666[ $o5o0ge.:6n Jt4o6ct,jt'lqolr 6i6.0u680R 6!VoRr. fllbqo 11. b.rqoSro l-ro;oobors 6)RuVU006,) Vo5iAe0a,)60 ?ito'rsba0aol 53iol,0o;16o bp";yr Lr,|ooho, rro0;qo11 ?6o,lq$s IJ,!0?oitR0IDpCl, !o5oiq3[.56X J6c,0r,.roRol' o50C6Jl,C6s0onl! o! 0s5L{ noooq0ail,, il6qs 5.)qs!BR3l' Jt')5l'itqor0ool .5 atrirAos ?o6oL Ao1{rJJ6nJ0i'ol! A'l,oo,. 'noL tn8:)d00q$it0 fo(rap3}vrrS )6o6oJoRo Lgqfo$6t6oqos o6n ilm;3r6roiol.r lgqnd;Boboqo \li6&ranq006RoL eoC6. .,doseobo, os6oPo t0/Q c-r.i /1 0'n1n (RC!9.)6o (,6 tb'bC8j!:ndrR, moo{')gtrqo gt6s66trs rgn jrr4ouq 56gBtn, otto3X orjl,oo o!6rarr)o Jr(oL.!) Lrj,rrrrqSqot Sosn6ololr lnl6qoo rl// h l,186!5A000L 60l,Jlaqo,jol, ad,,,i6olol, btiJel.o qr,@r= Grresd trefiin 0qf,6 JCqJ6C6 tlMqiRob Bo5!6tg)r 8o6.tttdo L;16q3$ogo Ssogsso lrJ?,s6to iFidoaol,, Oi6o$3oL brqilCvd(')aolb qr g6s56nqo qrslr.lorrrob lrr,jomh;1,?" lrlt Ctrbo bCqeNf,Jq$! lr,ldy6omecl, ts(fst ! U8*fry6.lu' 6raCe{,o erdNolb ItS!6oe(,c,t, G:C'td'oSsiF'j8(,,{6(10'') bsDoq'od' a) t$Bfr.$aCoxfrddn"\nJdr so'y36o0'f'U$CqrD *qfga NAnx$l' 0o6d, *flH 0obsr6Uo 0rl,.'3!qo Lba'n 1 - eo6rEltJ6o q'rbai6cbol., mr6o G,r acUgR,(,)tr rr.bu.,u8"4-,ot"got gag'c!"bAo6o3d' gFa! ^I",i.,. ;; ; . tJ*ow t***t l., ' F6$o6{'scpo' iffi.pcroo j*,"0"0(*O L+t*!6 o,sbroob flrffir]qDB(gc lrrbboL Br&'/5oBb3r ;t nhd6 a :::^ ' in,"'".o.' t*r'co, - bcb*r J'no,q)cs'b a'QrbQ! "io* *3"urr,o,".rr &'ourc6cso crs a'ffis3qrt$b' ffi; ,*O^i1," uil}r - t r"s,i"*yo' o"ooq+* tsofsq'o 6rf'$5ocEo'l OiG z .rqd!.tB'd'r <., ?r€ibqs 3J(':Or ar rq,tpqr tlsgd3ce&e &t(cheo s'r6h6!.I e$tr"JFCOs a5bqo 9 ' trQil'rb(E6o "{i. ,ioi. ii *t*" '"u i"co orrycoer<n osucrob Dealmh65 O.Wr, 14 ' J$aESgoqirLr a,+ffi 10 - lrub.L $'6b96r3b(xJ) arArb€'r ffi ;; ;"^".-r"q'Jacc'arQ"l'rbe-ocqltca56"ouJ(-J6"o56o" ir -,"*"tirO.*>-hr,bt'3cqlaQst:Q'@andk'oE' fubq'or:' w6oq{)$s'}scq(ll'"4T1 #i, " e-b.ft 17 - ";" *ornonooor - a,qfl}''rqh u{iotcb dJe5€o A3b3q'r bDQo o6rJo@ooSoorJ $3r'oq'b boogpo - cs"3c8" 0ClrErqo mffipffi sdxtu r'aferD.t(',, &J8(l6iq@o 'uJuoo ' mmmmm#ffi#I esJ!3an()sr. -***, A$(r68COr bi6b(,tr'0''Ce'(l fs "UW"ffo(.U ab$sff r"acc"'o uvlrd'oqFl' Eo6${ld'j! ba'6o1't0'6o' bJbC(t)or ar $5rffrcaC6<hJ *r",-.*'-t;'r"'"*) Cf)d,olJ tr qhb)6'c,€0r$6'*u*'o"t*u*fi Y:I;}-"u"u"6.-lbs-%ft,yffiI qacqJob l'JCvr'o8'RirL €bd,o3, a) lr5d6r66!ooL NAnxts, rxtoc(,o0 ar'dacec!'b $rf)EaAOC6qn) ac(.'l'ci,&6r,3 *"suo*05a3ae6b: d,CLripJDg'Jol, Eo'rgliss'tb UrtJqro' es &3!q- t - g.Fr6bfrn d$8srt'a!''b sob6o d 8a'o5'6r's m tS# ,ffitT*ffi ::ffi uatTll'IIT,-,1*'^"-"","r*"rr""*" -u*"ire*c* so'6oce" Or,$r,J,',f{.rE!j B""Bect'5-r"'%dij **t ffi*U;;,*-"*; ::1ffilffiffiffiffffi]uffi*, L*nl'3gcx L*"o.orq"tl e" t "oosoc"'* a-,'i',io Cp$agq'" Otd')ob 0a€l$bC6CD)' efob, NL5bJ6'fbre' o:l "tr K!'c'Bq$r ea"6acq' ertcgcar I'r,',rqr6hJ.r6otr1 ,**,rl '3r"1il#.,ux'tc ra,$d6, ts ",.hscn aoc"'' ryI{SJ1;_fffiIS#*S'}:; gDgoOr6b6r 69oaq'CDo or3it'0oqreOb tsd)560gqr) Sd'ffir'Dor')' ucrso rr.,ocsr ces+*'rrq*' rc'ar!6.'ob nor*lt *f 68 U "'ry;'ffi * aoci."c toqss3d6eCDrfu asz' i *Sffi; a,}Cq'3hHl EJI$b8ol'Ja SCbq'o 2 - uCJbob Or&ao'lb(r3ou gEa"3DoU &so}fpr f*:*ffi"ffii,mffi$S r6rr,rs,*Eo,e6o6,.$,o 'ffi#ffiffidffi"*.''**.'u"* rrx,rr,*.,, s*hc$& m:<goo(n "'-ffi :ffi ;fu::Xf Hrfi **f$rff ar NAr x s-r, .rercosar tls0b.i3o JsSlJroobo6'b -"*-",n*g-flffiffiH.Trffi"I sgf{al ffiffi,ffim.* Wffiffi ij6orr,oob3o[ 98qlCa$r. .6i6,r, adsalac0!(sba!6 l(6(,6c(r{r g,)'q$$c o,r6bal.D.iu-'hs'l'@.} looe+aar' rndseoo * ifoiu i*cc' rrSr')v'r' r"a"'r'*ub3'rj-"ieceou *" aoc6' r'j$sbrrnb to<oda3rtcq.l, "or,r,rrrfr$^ "i"*rco" eob(n - 3 b'$bol' SJMngbgd frE}lodtrhso * X"^-,-{ffi J;ilJgeo-npco"a3aq0bn3"t'''036"' s) *T*,**rqttrffi-i$l,mT"ffi' ffi w6$bo,r Oo6obofrr! 6) t bc<€tq$C6ob $BCqrtJ('qJ6lCOolNoBob: r'ro8ol' J'SePsCOol' 8cbq,o 1- blbr$tr drqJrr) 8"&rd'oot!! ._. n^d.6b t s.rtqJn rSoc, *T*-ffi*#ffi%trJm"ffi* Qo aD$efcac[ b"61('0'r') a"6f&J' Or,$l$ar,Or*)Srr5 ar oJ('r(,bad! lcbbnqN6 tuo(,f,oob3.lo. brr'oDb', 4\^ ?vyn/or rryr,$ulrr,ooltDDolrJ Qr Qs$Q3$ob v' a'owr'tqerecar O"r'.fr4*"ri5[, *'"0""o" o'e"to'" .,ffi rdrbob sqcqn tu&r6.arrsr *3;;qffiy-ffit oJ6bol'r gBcie{'la U'mx 'f.il"*"#ffi *Slli'H;;'.*",,;'u'** sooE'sr'', f,.a *ryffis*ffi o,., ,ffiffH":rffiH# ri*."rq Q"'r:p35orer' b,a3'qr8"ru a'boc8u'"-$:'.:'T:.*ff::fr ;',r;il;;' $ri$i "0" s6'Elge ,Yn0riJ',<lborr NAnxrs ol 86$0 &|isa'(&C('u sbQftr NATlxlS qlr'!65 Eo6o(pCbC('o')56 ooca&{prE ls brsc&o Qeorr tnsar3qF$so' NAnxlS r(l3*)fx'''gqn - '"ac1"*tt* .mmtt o)r6bou r{'C6flrArb' $S56'8tu$(.li'Cbru gc,lJlJob b)A$C"dno F,()Cei6)U ar d'r6'('b' lDSor'x" ('('lJoafi5$d a3\)grDr'6rDtu tsrsr6lo'r rJffi(l|')0rnl'} 6fb({, 5 - d.r,rdlFo d$b'r 'girdE$s - tvJ$oL Jr"'roSlC&* tFskvr r{ATtx}oto3. osbca(,b q,)D6rhDob alqqJb-!<$o 'lryfTY. }.y m ,*, :T11,1ffiffi3 ff*,.lll,HI;"VSH lu) $(tr' $rroq'L d ;G;;t** .**.'.:*"*y:,1 $d;;; * fm ;X:SXffi :,tnl dit&L rJdrbdu yr3ceo o!' &6qe"c)brao' onoi&r5o )aa3r"o ,,,,,q. $$)5*,6.,0, rcqcq'o J5<'cEQ!6reo &trrrr(]b3r' ht'k'{r sc,33e Oa)r r-oce"u re'cr'oucb ffi{,9i,^3{;|g i"uruoiio'"*r' aEJbdlCECDCq' d"l'rnolA ox&rb' rtrmoc6oob e".coon.r onnDo u5acB ({('J6o (350) bcbbou .o'aobcee a) rT*,.:#ffi H*HY"H[S d l*1,:i#;:-;;; r,rslL a)q$bQ| s6a,'_-s..)u!p0b 6JDcal.'!qrt[**, '" JcxrmqJol, a)erbe5 a(nb(r{0o d*nachr' .r6&3q-0ra,(] trbdr3qo or(x" ('eoca6 *buo 15) "nou ?coac& odrabgr' Sa,bQD bCl,boL &f *",I*=*-*-l ilffi',"i,i*o*ou $.rssq." 3,*,rE{$6cqn q1ffi,t::.ffi ir,map'6o ro sq'00r, r,rcvr*,tff*"b -, #H[ s,s,,."rr-*u qo YTHffi;,-;t".io "*H# .\,rd6k$ol, G,4lr',3dJ a'tuAoJ' lCo &JbA:ffiG ;';- or6bcbnb qff oob3ob oa$rh' 3*Is\;ffi ;ff".$ffi""r,rrffis er av'{' tuoa.oor'r 9 u-'r:T;l Lrcr.,.3cqnb (brcir.)oace'ou l'3ol f"i.*,frO,""tt 6oCl" NAI lxl9t$'4ob s$qcsg.q,acbcglDou $r3c( s!e,be'r ,A"rrlb$I, NATlxlS-'I o(;f" e,e.)banb G;; ** fYSffi ,'*' );:XffiJ'IT'ffi:l:Hffi r6orffiC No Olblfo(Ylt &6.tuBo' m dot6oorrco s)$b''l' 16 Jrtl't036oo[ob ot(owf' 35('! **, .r'*.6*L glq &,l0('m6.r UraJpro asJl "abcbr q&trgqn o$boti &'a00otDl'' NAIlxls <}!fl QrLOOf '|CDlr Coow3t lradD6aso€o or6bob 6.'Q3'r'U l$'J)r6olCgq(rb tsoE'EUoD tDoo6r,b0tiob o*e. s -,",rOr','q's q",Pee,lq3'9*s"i"S -"mJ'"{{l" ,,.$6o,rcq.,u o** YY]*,1gffi*,-,ffiXt ffi,ffitrffiffi#ffils'm:ms b$E6o!o), mmn.^*w*psffi I#iffi "**"O,on"*" "'Jgb'&ou 3iq:)0n agbq,o - Jef,oBBolN el 654)bQob 7 yiSoqo J.sOf'rCOob o,.5$ Qrb6s6ctrbr' Qr rcgDoqo &'oCao(n) codxaoo' t":H'ffi x w*TffY '*ffi.ffi ,H*:#lis t rfrbo sroogor ,"rul ,it, (e5 a'rtfT Facbcoftf.rEo' ,r* ott uru*** acd'nonocd' D.A,l/P.E E - hbbo No: Cl8 0Al 8,ibqo I to!Lr',!ful'! erlegCll - - ,. -_^* &r@.tc'hb ffi,n^,,,,u. * f {,HLffiffi -^,ffii*"itf r,€ ?eoor6r.o, .,#Sffiffi SH#,I'I'L;**'**. rs l).lf'9a3Nec NArlxltou ^rrDEOocMr a.Ue,6o O3'tr AgUq'"I,)Bd"&fl-f*oP' &'c6 &{csrqr' o:6bJ$ob 0)aos6l)b) OJb<x' I - Os5l'5byoCb' rhklyrl,dr6b.xor616'QlAn6r6bQdDl$+tlid8oes'|Oov6r6''(*'o-Jod'QJ''6o16 b5'r^alao' o"'r"ip""co" s'opa*''ulo"oosg^o i uJ**, "*;;;o6otr:o)3oL, r')f'a ".'*'o"jT'.:iffiil'Hffi-:tl}cil*'#; Qr''3anuo" sGafr,t ;: *;6;";: "*"1.1,*1.ryg,;.ffi,ffi" ffi ffi !,r,r(,ra &.bsricpcb t:ryi3rI* Y#;5;*'roq;"ilcb"b"o,3.u, na8caob3$JBo &, o!6bAAC8o56, lexra J.B!!6ocD."rs.'J6b,sryy-00ryJ3.1lQjffi *?"I:-rb"rJ*;Ho]o,--Xrr*-"-urJc$u",x Edr!runr, alacuc6c0J l'rC'6q'b ar t:;^ ..,lol, -,,,*.u r,""*. l'}rC'r'o'a3(nao #Ji*"*"",i'U"*c""" 3C0c6"c0."'cD' -"T1..::ii' L$so1 a"xgor'$'cq36ob J6 LJ'i5rr'o"3c(tts' -r'u:r ;&..d;' m;&*" ffir'frbnr') 6"tstrlsotefct"U ar<r'' brarl$uq,cer,r: exgrbcolu, arars rugo" 6"qs'r*u>['i"'" "o L=#*-;* ;"rto""qe' olq'bQr exrouc'cor 3"r'-69q" )65bon6, lrdsrrr Mn(rDQo o5'eort o!&dD aJ in6cu:J6o* r6J$e't:l('csJ qD Jcx'O..Jiqlf)t' o.''ueca" LWY@ 5,i#X;;;.y.rt5*Ikffi,ffi* -lY* *5fl A$ffionJqaDi'o,)J6 QJJ)30or'Ett)<o oyJ0qnr, oiQr,Jb(ecA'o j$6rJ63C('JcAb 600 NATlxls-brd'Jnu t*Jt**O* "*** oo0 H;;-il,b;i"r,o,-s,sc, e}rr",roobe,t aobACU bBy',oob &aJbQt r,rr,cLb., b,.es,.,q'Jarud,*-g:ffi *""'*ru*"t* *^Jfll5w,5go 6SbdrSoCfr, o}(g 'sbACq o!fti'$c(6' a{rbao<n 96<)r s$Hl.,r*m# cCbob NATlxrs'dr ao$"' &fbqr, 10 'UCLbo! toobBiCboc,) ol(ostxqr d.6r6lF,r l,sSo6oborrxlb Sm<,(,) 9o6$'$v6 "s*t,CId; qNord'se *€*''- t* b$Dou o56brD$3 "'*,"ffi;*-*** b3q,iJrreE,3o".u eJ a3bq,ftr eclc<"ctco" 13 acbgo 11. 35(9rD{95o'{l5N oxg>rsuc'ocq$tr *- artuobr<'o Jrx'orq)o Eoq'oi6JQ 3o69eaecb $ $ 6iAltDbAo(lcD$C a,Qgoql Jrx'Bcrun! a!fr'0b0rt,' tl(g5b>bacqo Jr'I.{yqJm(,(1b a}3 0cb<nl' a'Qo(!'r6 rT sq'Jf'o $(gJba'{lro or65ba')a' 3)Q50lQ$qt&rq -":tY:|" .*^"|'x':A;;".*T*:*. _Yf!ffi ffi*-,m#ffi eaa\)o0cq'o4'6 *Y":x:).^^t 3rii'arq$ql b$r$ccDtJ -i,-3a",,$o"r, *,**" ;; r*"1**"f ;* *ild& Sqrf' A$OAqf)b)Eo '1l]Tffi,".1"H,fi'3'*", (EoNra) A'( Cr'i,o,o ^rolbartutP'xs"mgqrt Jf'a'oCruo }o.sU0o, 6obqn 12 - LgLbdJ s!Sg'g!$ u.lrbou Jf,s5s.6' l'i'JS",, g!'Dr&Da qxo)b(6'r) 8r's[!c6r Ofr6h ff,la'lr'oob3r v6 SCodq:Csr cc,u'8(rb 'Jbr<n NAnxls+ c'r :v:'Hd$x.ffi*tsffiH;$ffi: ;ffi;;*" r'o'i,"* *hrcsotrl' a3.,s$rao . Jc,uOrD,$.., tsSood!', t*dalo' :*rfffffi ffi*ffi ffi*;l;"yhri'ffi:Jffiffi*?W .]Hm,*Tf ;';^"#;6.6({)adi6o 8ot'Jbrloi bCubol' tco|ne) i,ffil#, grc oc(*'rB<',or') or)6$oc0"r' ara5ba'qo l''obbor -*,J,i.- a"q"?", q$t8a, &T 6 UibotJbm bc(€cJl''5R{Er- ud.ri's8CqmL AoEDEUgD l'rJso6'ljl16mb r''i8cq"'&il accLc'cqos<.,a)r c**o'*"-"*t ],q.u& *"**ffi ' bra(6o!06'(.lb a6o Usf*tc'- Wf,y'Ce,l]bf'o' scru6sqsD('",Do, Jod'o&r' $ oq1ggtc<'ooot Ur$6l,8C<ml,, ao6r6Lo)r 0.*r*u#ir&-***i's " l,y}*,o,3oqo.b od,"3@ol,6cbou6ocd.n aggoq*r, b"l,C$" ocq€cloWcu"l jhQcs! .s 65(Ds$cooq$J, (qr'6cq'oo brq,tJ acw3e$t' l'nl$''b ssQraec arcsbQnu $Csc'dlbuleCDce qad,}3sc'Eo uffiffiffi af,]o'bq6J onbQ3lrl q-ti agbqa" s.,or'-csc(' ooLla#'o"tc' 0''6b.''r''0(tNgHffi ffi{$: r'"i{Yq:"o;.**.,riuarbarbc. $ d,roadJ orarocBcDo, NAlx6'u &c6 lrcs('lobL'cBctuer' 5tsc'cbcbol' f,rBFrB rs gtse,c}$tuc A!'q'L odor rb o 6awn !l - NArlxls'b &t95 &qCogF Yr d'sbJ8d' 8)&ryJ6cb5 6"g3p $&rgOECDlqrl: - 96c$36cl))a,arsigo$clconl'q'!!!o565grQ; tscoeJo: 16 hu*, ay,,ac,cbao **fy,ffi,Hffi ffi ffi:ffr (,l$boo)'l..ooCr rpl6o6Qfq,o dol6oorao ucq'ruqr r'nb oNbuarfttgcn' .-,o,.(, f*ffi.Ii'ffiffiSffi"""G*' &ssr<* il"u,*" o*'*"*',D'* ""*""" a6j9'J"b ,*.*o*,gqor a"a$a.b (a65eoJca'r'j) $o63D"dlr a'o'sO"",o"5flffiffiif - t{ubob tu0o6n6b3q'^''smw t"r8qnlr Arb' d JE J)q,C@rFI9(, JOr"OrCAo' - t#:ffirjl"ffiffi$5$ S-Xm"W*ao*ac*q'r 16 bchbor, 8)8l'l6oolrel1 *:bt..'"-: 6fb(n 14 ' $5"$8'69"'{'!Ls lrJd$o b8"3CJ(qN!trrJ J$r50QdEo&!s) O!6br!'{ro0qd,! 6C65q'or4'Cor urgr")6acomb eabq'o 1s - r.b8qElt\qftgr*'ll !6'agr B6$ACD!C,C bc@Jlt8C!'t' s'SciqAoCqCo'irs.''3.tu 5Q6osUrAUogCqo ql Oo(!.rt Qaa'c8 hlr.$tqd'JDtC: NATIXIS Sccr&&irtGal{ral Dircclion dcs Activit& lnllilltiionncll's 30, sv.nuc Picn' McndB'Fnacc 7r0ll PARIi (Frsnc') d.s Aclivitas lNlhulionn.llls 02 $ 26 t ijli*1"@t#if!f (33'l) 58 lr 26 70 42 Tclairx 26 sz : Urlriorgogrl, gp6r6Uo! bsaoSoufttuoq8ol' l$bc( 4.l8(r 3rqr'U Ar lrroldtS' Q)S()6$bCSol,, Q9JJC)0DOC6i5o g. od,Ostlqr)t, C. 16 loit6oBCqx't, o$rl<rluo 0u4 cq BoUC'sl O0q!Sa6o: + 99932 - 22251451 tsvJro:199532-2262423 I ' e(s{}"9c'rtl$'}"dnf'o '9sfJ'o "6o963r'rJlg"r' oU B55SgJl,5r"9 bC(S'J)6gq$ol) ar6b"'d'OnCqOEoU Jod'c,.qc'6o,l(90oqo rfClJ O5b(,o 15 - *0.";;;',-:*,UFl,' *fi*aii !6 B6!EQS'r'c odlonor 0le€ryce l')JJ"o'w!', a'r Jcgr/q'' rd'drr3f'o"p6cloot o*S,,-t urEo66u3/'xi qr NATtxls BOoqSlo)E €c83cm6oo' sol- il6"b.6-&J"$.8"1," sra.ntrxi<"o Sc6oc"cks ar$q'ou 6c6otfocd'o argotJ Edoh.oso €bJ@o tscgoacsooE &''g$5rs'!3fiob air63Jo q'-t6" qpo u*'r,r'ct'tu o"*#Giiur* 3"Orag\)"0*rlt-8"1, ""3"$o' -a$cd' ai' 0c6o,,b?cal6n aor3(ffifotr 8o$f'(rx6' b€f'{b?o:l f)t[}coqr'3ou 6'rtcDr6 oclrl0rOou $tlac$ aoL sJhoq'$c6 drc 6trr,cCso sCc, hoJ6baq6$' a6$b -*ctgc*u *r**" e" ;"C*.ac& a.x*o"' &Q!t$,(ncq'JQ. srDqn1?-dxftEoArqt'"r SoBTA(pCA!6ClrCl,bolrbcqolJrc€q'csr'd')e'soANr'LSot'jobCqS(rSC(rOCa('cltcP) tr;(''(.b"d, B')uc$'5cbol' -." sf-'il<-.-- elr"t"',sil; Datrg*(' bcq+reoc{bob d'erao $*d;;; p,r& it ace a'r"wcq" f"soteO"q hbbob i*r]L. SoQs J6r1OCAlctrD hu3qt)b(,€ol, b5}.xrxr $9q': ocb6gqcqc(,or $6otso -- a'r d ok'<'t)u8o -- (go6rs(,Sr6rC bC<'ACl6fqCOr oCbd'r(!bCqx,! ts6'Stgq ocpob rsb osrDltqo Qr otaqrirCd' C6C0bC, dlql)l NATtxtS uv.ftc,o8Cgqt, $6t6b'rD l.l!8(l6rl'0'rtc| 'xd'!,gj0oq""$o-)"ioBc(d'!oNairo'i')'r"4s@ ottr'3c Q$56o,Cl tqr'o" '6t$r)rP'oc&"'j trfxrrl' &*#o b)O.r6J6o, - aCrQ6'Fl' '...--.-------*" "1-b..-1 Jr)sCf,v$U, frqaq.l,, eo6c!ryCs! ---'------' 86566 6.rry'sPgDCqd €s --''*-----'---...' O.,)C$CfD '--'-""' bCe. cCg"I d,r6o8ce a$'a3cq't trr'U' ; ffi-.ffi;:I*.**'" *::flm#*ffi ffilT gr,o.4.o"o Es,qroq.r, ";;:-{;; ;*;", ts5,.r$:a*sqp qr n*'oo'u'u n*"'o"' . lffiiJ$:rffi:"il' s.,a$o(,c5q,otro,3or, ffi r$s{',r66cd.,J *tY't';'ff """S: ryy ffiSffitffir*rffi** brbcLbotsJqtsX]dJQboo' s)6l'rv'rJx31 i l$#toe('cr) ts 6$lD! l'!8(]6ob0i6o I