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© European Bank for Reconstruction and Development TO: Georgia, Ministry of Finance ATTN: Public Debt Management Department TO: Georgian State Electrosystem JSC ATTN: Head of International Projects & Reporting Department DATE: 31 January 2022 No. of pages: 2 (including cover page) TRANCHE 2 CANCELLATION NOTICE Georgia - Georgia Power Grid Enhancement Operation No. 51422 1. Please refer to: (a) the loan agreement dated 28 July 2020 (the "Loan Agreement") between Georgia (the "Borrower") and European Bank for Reconstruction and Development (the "Bank"); (b) the project agreement dated 28 July 2020 (the "Project Agreement") between Georgian State ElectrosystemJSC (the "Project Entity") and the Bank; and (c) a letter from the Ministiy ofFinance ofGeorgia dated 15 November 2021 in which you request that the Bank cancels Tranche 2 Loan in ftill (EUR 55 million) (the "Tranche 2 Cancellation Request"). 2. Terms are used in this notice as defined in the Loan Agreement and the Project Agreement. 3. The Bank hereby acknowledges the receipt ofthe Tranche 2 Cancellation Request and hereby agrees to cancel the Tranche 2 Loan inthe amount of EUR55 million witheffect from the date that it has been accepted by the Borrower in the form requested In paragraph 4 below. 4. Please confirm your agreement with the terms of this notice by dating and countersigning the enclosed duplicate of this notice in the space provided below and returning it to the Bank. One Exchange Square, LondonEC2A 2JN, United Kingdom Tel: +44 20 7338 6000 or +44 20 7496 6000 Fax: +44 20 7338 6100 or +44 20 7496 6100 Telex: 8812161 EBRD L G www.ebrd.cotn & EUROPEAN BANK FOR RECONSTRUCTION AND DEVELOPMENT Name: CatarmaBjorlin Hansen Title; Director Date: 31 January 2022 Acknowledged and agreed by the Borrower: GEORGIA Name: : ll Ninis-fcec o-f iij Marci,!ljoax

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I ^ 6 roj p>e cl o CO y ID ve e o c 1/ 8/ S 1/ o fO r> ^£ ji> 2 ^ ii c JD §1 ^ ;o E/ CO ^ C eO ££> C -3 ^ c C "c c ^ :§ £/ 6 •o ^£ e ?/ ? 33 8^1 D ID 6 CO / o c CO 3^ eO o Q V O x> to C "C cO € \e e<' rS O J C -O -O c \£ -O c ID cO c 65 P c P V cO O 6 & 8 tD 8/ O c P3 >£ eO O c O eO O I-O •O O e c 5 «0 CO C JO —, 9g-2 j566o^ob • * ] . 2>^(oycigo«2K> ; bgbbob oi^gSc^a : (A) 3o(o3g(i;po A, B, C, D, E, F <56 G Q05 9onAg ^6:>69o 3ofo3gQ;;oo g>556og,ob 93b65i0ob6(5 (osrtm) 89,100,000 (B) 6<50o6ob(^(ooA3&ob b53ei9obo<*i 900,000 b^QT) 90,000.000 S2-2 ^ibagoBiGbo&OQwo { baftj^ob 3<5cTQg^J>o j 52o63&-3<:;og&ob 100% g,iqo5b6bi^3&ob g)6(^39g 100% EXECUTION VERSION (Operation Number 51422) LOAN AGREEMENT (Georgia Power Grid Enhancement Project) between GEORGIA and EUROPEAN BANK FOR RECONSTRUCTION AND DEVELOPMENT Dated l l 2Q20 EXECUTION VERSION TABLE OF CONTENTS ARTICLE I - STANDARD TERMS AND CONDITIONS; DEFINITIONS I Section 1.01. Incorporation of Standard Termsand Conditions 1 Section L02. Definitions 2 Section 1.03. Interpretation 3 ARTICLE II - PRINCIPAL TERMS OF THE LOAN 3 Section 2.01. Amount and Currency Section 2.02. Other Financial Terms of the Loan Section 2.03. Drawdowns 3 3 - ARTICLE 111 - EXECUTION OF THE PROJECT Section 3.01. Other Affirmative Project Covenants ARTICLE IV - SUSPENSION; ACCELERATION; CANCELLATION Section 4.01. Suspension Section 4.02. Acceleration of Maturity ARTICLE V - EPFBCTIVENESS Section 5.01. Conditions Precedentto Effectiveness Section 5.02. Conditions Precedent to Drawdown of Tranche 1 Section 5.03. Conditions Precedent to Drawdown of Tranche 2 4 4 4 6 6 6 6 6 7 7 Section 5.04. Legal Opinions 7 Section 5.05. Termination for Failure to Become Effective 8 ARTICLE VI - MISCELLANEOUS Section 6.01. Notices 8 8 SCHEDULE 1 - DESCRIPTION OF THE PROJECT SI-1 SCHEDULE 2 - CATEGORIES AND DRAWDOWNS S2-1 (i) EXECUTION VERSION LOAN AGREEMENT AGREEMENT dated "Borrower") and EUROPEAN Tuly 2020 between GEORGIA (the BANK FOR RECONSTRUCTION AND DEVELOPMENT (the "Bank"). PREAMBLE WHEREAS, the Bank has been established to provide financing for specific projects to foster the transition towards open market-oriented economies and to promote private and entrepreneurial initiative in certain countries committed to and applying the principles of multiparty democracy, pluralism and market economics; WHEREAS, the Borrower intends lo implement the Project as described in Schedule 1 which is designed to reinforce and enhance the Georgian national power grid through the investment into seven components as described in Schedule I; WHEREAS, the Project will be carried out by Georgian State Electrosystem JSC, a state-owned power transmission and dispatch company, existing and organised under the laws of Georgia (the "Project Entity") with financial assistance from the Borrower; WHElUiiAS, the Borrower has requested assistance from the Bank in financing part of the Project; WHEREAS, the Bank has agreed, on the basis of the foregoing, inter alia, to make a loan to the Borrower in an amount of EUR 90,000,000, subject to the terms and conditions set forth or referred to in this Agreement and in the project agreement dated the date hereof between the Project Entity and the Bank (the "Project Agreement" as defined in the Standard Terms and Conditions); and WHEREAS, the overall Project is expected to be co-financed by (i) a loan in the amount of EUR 125,000,000 from KreditanstaU fur Wiederaufbau subject to the terms and conditions of the financing agreement ("KfW Loan Agreement"), and (ii) a grant in the amount of EUR 9,900,000 from the European Union Neighborhood Investment Platform, subject to the terms and conditions of the grant agreement ("EU NIP Grant Agreement", and together with the KfW Loan Agreement, the "Co-Financing Agreements"). NOW, THEREFORE, the parlies hereby agree as follows: ARTICLE I - STANDARD TERMS AND CONDITIONS; DEFINITIONS Section 1.01. Incorporation of Standard Terms and Conditions All of the provisions of the Bank's Standard Terms and Conditions dated I October 2018 are hereby incorporated into and made applicable to this Agreement with EXECUTION VERSION the same forcc and cITecl as if Ihcy were fully set forth herein {such provisions as so modified are hereinafter called ihe "Standard Terms and Conditions"). Section 1.02. Definitions Wherever used in this Agreement (including the Preamble and Schedules), unless stated otherwise or the context otherwise requires, the terms defined in the Preamble have the respective meanings given to them therein, the terms defined in the Standard Terms and Conditions have the respective meanings given to them therein and the following terms have the following meanings: "Borrower's Authorised Representative" means the Minister of Finance of the Borrower, or such other person as the Minister of Finance may designate in writing. "Co-financing Agreements" has the meaning refen'ed to in the Preamble. "Enforcement Policy and Procedures" means the Bank's Enforcement Policy and Procedures dated 4 October 2017. "Management Action Plan" means the management action plan drafted by the Bank to assess and mitigate the complaint submitted on Nenskra HPP project via the EBRD Project Complaint Mechanism. "Project Implementation Unit" means the project implementation unit as described in Section 2.03 of the Projcct Agreement. "Rehabilitation Plan" means the rehabilitation plan entered into between the Project Entity, the Ministry of Finance of Georgia and other creditors of the Project Entity dated 20 November 2008 as amended from time to time. "Subsidiary Loan Agreement" means the subsidiary loan agreement to be entered into between the Ministry of Finance of the Borrower and Project Entity pursuant to Section 3.01 (a), as such loan agreement may be amended from time to time. "Tranche" means Tranche 1 and/or Tranche 2, as the context requires. "Tranche 1" has the meaning given to it in Section 2.01(b)(1). "Tranche 2" has the meaning given to it in Section 2.01(b)(2). EXECUTION VERSION Section 1.03. Interpretation In this Agreement, a reference to a specified Arliclc, Section or Schedule shall, except where stated otherwise in this Agreement, be construed as a reference to that specified Article or Section of, or Schedule to, this Agreement. ARTICLE n - PRINCIPAL TERMS OF THE LOAN Section 2.01. (a) Amount and Currency The Bank agrees to lend to the Borrower, on the terms and conditions set forth or referred to in this Agreement, an amount of BUR 90,000,000. (b) The Loan shall consistof two (2) Tranches, as follows: (1) Tranche 1 in an amount of EUR35,000,000; and (2) Tranche 2 in an amountof EUR 55,000,000. Section 2.02. (a) Other Financial Terms of the Loan Tlie Minimum Drawdown Amount shall be EUR 400,000. The Borrower shall not be entitled to make a Drawdown request if a Drawdown request has previously been made by the Borrower in the two-month period immediately preceding the date of such proposed Drawdown request. (b) The Minimum Prepayment Amount shall be EUR5,000,000. (c) The Minimum Cancellation Amount shall be EUR 1,000,000. (d) The Interest Payment Dates shall be 6 January and 6 July of each year. (e) (I) The Borrower shall repay Tranche 1 in twenty four (24) equal (or as nearly equal as possible) semi-annual instalments on 6 January and 6 July of each year, with the first Loan Repayment Date of Tranche 1 being 6 January 2024 and the last Loan Repayment Date of Tranche I being6 July 2035. (2) Notwithstanding the foregoing, in the event that the Borrower does notdraw down the entire Tranche 1 amount prior to the first Loan Repayment Date of Tranche I specified in this Section 2.02.(e)(l), then the amount of each Drawdown made on or after the relevant first Loan Repayment Date of Tranche I shall be allocated for repayment in equal amounts to the several Loan Repayinent Dates of Tranche 1 which fall after the date of such Drawdown (with the Bank adjusting the amounts so allocated as necessary so as to achieve whole numbers in each case). The Bank shall, from time to time, notify the Borrower of such allocations. (3) The Borrower shall repay Tranche 2 in twenty four (24) equal (or as nearly equal as possible) semi-annual instalments on 6 January and 6 July of each year, EXECUTION VERSION with the first Loan Repayment Date of Tranche 2 being 6 January 2024 and the last Loan Repayment Dale of Tranchc 2 being 6 July 2035. (4) Notwilhslanding the foregoing, in the event that the Borrower does not draw down the entire Tranche 2 amount prior to the first Loan Repayment Date of Tranche 2 specified in this Section 2.02.(e)(3), then the amount of each Drawdown made on or after the relevant first Loan Repayment Date of Tranche 2 shall be allocated for repayment in equal amounts to the several Loan Repayment Dates of Tranche 2 which fall after the date of such Drawdown (with the Bank adjusting the amounts so allocated as necessaryso as to achieve whole numbers in each case). The Bank shall, from time to time, notify the Borrower of such allocations. (f) (1) The Last Availability Date of Tranche 1 shall be 6 July 2025, or such later dale that the Bank may in its discretion establish and notify to the Borrower. (2) The Last Availability Date of Tranche 2 shall be 6 July 2026, or such later date that the Bank may in its discretion establish and notify to the Borrower. (g) The rate of the Commitment Charge shall be 0.5% perannum. (h) The Loan is subject tQ a Variable Interest Rate. Notwithstanding the foregoing, the Borrower may, as an alternative to paying Interest at a Variable Interest Rate on all or any portion of the Loan then outstanding, elect to pay interest at a Fixed Interest Rate on such portion of the Loan in accordance with Section 3.04(c) of the Standard Terms and Conditions. Scction 2.03. Drawdowns The Available Amount of cach of Tranche 1 and Tranche 2 may be drawn down from time to time in accordance with the provisions of Schedule 2 to finance (1) expenditures made (or, if the Bank so agrees, to be made) in respect of the reasonable cost of goods, works and services required for the Project, and (2) the Front-end Commission. ARTICLE III - EXECUTION OF THE PROJECT Section 3.01. Other Affirmative Project Covenants In addition to the general undertakings set forth in Articles IV and V of the Standard Terms and Conditions, the Borrower shall, unless the Bank otherwise agrees: (a) to make available to the Project Entity, in form and substance satisfactory to the Bank, the proceeds of the Loan on terms and conditions acceptable to the Bank, through the Subsidiary Loan Agreement; (b) to exercise its rights under the Subsidiary Loan Agreement in such manner as to protect its and the Bank's interests, to comply with the provisions of thisAgreement and to accomplish the purposes of the Project for which the Loan is made; EXECUTION VERSION (c) not to assign, amend, abrogate or waive any provision of the Subsidiary Loan Agreement; (d) to causc the Project Entity (including any relevant subsidiaries thereof) to perform all of its obligations under the Project Agreement, including without limitation its obligations relating lo: (1) the designation and operation of the Project Implementation Unit, as provided for in Section 2.03 of the Projcct Agreement; (2) the procurement of goods, works and services for the Project, as provided for in Section 2.04 of the Project Agreement; (3) the environmental and social matters, as provided for in Section 2.05 of the Project Agreement; (4) the employment and use of consultants to assist in the implementation of the Project, as provided for in Section 2.06 of the Project Agreement; (5) the preparation and submission of reports on matters relating to the Project and to the Project Entity's operations, as provided for in Section 2.08 of the Project Agreement; (6) the maintenance of procedures, records and accounts, preparation, auditing and submission to the Bank of financial statements and furnishing to the Bank any other relevant information relating to the Project or the Project Entity's operations, as provided for in Section 3.01 of the Project Agreement; and (7) the compliance with ail covenants regarding financial and operational aspects of the Project and the Project Entity as provided for in Sections 3.02, 3.03 and 3.04 of the Project Agreement; (e) to take, or cause to be taken, all additional action necessary to provide adequate funds for the completion of the Project; (f) to maintain an independent regulator empowered to determine the adequate electricity tariffs and issue licences for generation and transmission of electricity. (g) to apply its best efforts to implement the Rehabilitation Plan as soon as practicable in accordance with Georgian law; and (h) to assist the Project Entity with the acquisition of any required land or permits and authorisations required for the Project. EXECUTION VERSION ARTICLE IV - SUSPENSION; ACCELERATION; CANCELLATION Section 4.01. Suspension The following are specified for purposes of Section 7.01(a)(xvii) of the Standard Terms and Conditions: (a) The legislative and regulatory framework applicable to the electricity transmission sector in the territory of the Borrower shall have been amended, suspended, abrogated, repealed or waived resulting in a legislative and regulatory framework that the Bank determines is (i) detrimental to the Project; or (ii) inconsistent with best practice for the regulation and structure of the electricity transmission sector; (b) The Statutes of the Project Entity shall have been amended, suspended, abrogated, repealed or waived in such a way as to affect materially and adversely the operations or the financial condition of the Project Entity or its ability to carry out the Project or to perform any of its obligations underthe Project Agreement; (c) Control of the Project Entity shall have been transferred to a party other than the. Borrower unless specifically agreed otherwise in writing by the Bank; or (d) The Project Entity shall have failed to perform any of its obligations under the Subsidiary Loan Agreement. Section 4,02. Acceleration of Maturity The following arc specified for purposes of Section 7.06(f) of the Standard Terms and Conditions: any of the events specified under Section 4.01 shall have occurred and continued without remedy for thirty (30) days after the notice thereof has been given by the Bank to the Borrower. ARTICLE V - EFFECTIVENESS Section 5.01. Conditions Precedent to Effectiveness The following are specified for purposes of Section 9.02(c) of the Standard Terms and Conditions as additional conditions to tlie effectiveness of this Agreement and the Project Agreement: The Bank shall have received satisfactory evidcncc that the Subsidiary Loan Agreement, in form and substance satisfactory to the Bank, has been executed and delivered and all conditions precedent to its effectiveness or to the right of the Project Entity to make drawings tliereunder, except only the effectiveness of this Agreement, have been fulfilled. EXECUTION VERSION Scctiun 5.02. Cuiiditiuns Precedent to Drawdown of Tranche 1 Other than for the purposes of paying the Front-end Commission, the following are specified as additional conditions to the Drawdown of Tranche I under this Agreement and the Project Agreement: (a) The Bank shall have received satisfactory evidence that the Co-financing Agreement have been executed and delivered and all conditions precedent to its effectiveness or to the right of the Borrower to make drawings thereunder, except only the effectiveness of this Agreement, have been fulfilled; (b) The Bank shall have received satisfactory evidence that the Project Implementation Unit, as dcscribcd in Scction 2.03 of the Project Agreement, has been designated by the Project Entity, to co-ordinate, manage, monitor and evaluate all aspects of implementation of the Project, including procurement of goods, works and sen'ices for the Project, with adequate resources and suitably qualified personnel, under terms of reference acceptable to the Bank; and (c) The Bank shall have received satisfactory evidence that the Project Entity has the received all governmental and other licenses, approvals, permits, consents necessary, at the time of the Drawdown, to proceed with the Project in accordance with Georgian laws and the Project Agreement. Section 5.03. Conditions Precedent to Drawdown of Tranche 2 The following are specified as additional conditions to the Drawdown of Tranche 2 under this Agreement and the Project Agreement: (a) Approval of the Management Action Plan by the Bank's Board of Directors. Section 5.04. (a) Legal Opinions For purposes of Section 9.03(a) of the Standard Terms and Conditions, in relation to the Loan Agreement the opinion shall be given on behalf of the Borrower by the Ministry of Justice. (b) For purposes of Section 9.03(c) of the Standard Terms and Conditions, the opinion shall be given on behalf of the Project Entity by the chief legal officer of the Project Entity and furnished to the Bank and the following are specified as additional matters to be included in the opinion or opinions to be furnished to the Bank: (1) the Subsidiary Loan Agreement has been duly authorised by, and executed and delivered on behalf of, the Project Entity and constitutes a valid and legally binding obligation of the Project Entity, enforceable in accordance with its terms; and (2) the Project Agreement has been duly authorised or ratified by, and delivered on behalf of, the Project Entity and constitutes a valid and legally binding obligation of the Project Entity, enforceable in accordance with its terms. EXECUTION VERSION Scction 5.05, Termination for Failure to Bccomc Effective The dale 120 days after the dale of this Agreement is specified for purposes of Section 9.04 of the Standard Terms and Conditions. ARTICLE VI - MISCELLANEOUS Scction 6.01. (a) Notices The following addresses are specified for purposes of Section 10.01 of the Standard Terms and Conditions, it being further agreed that for the purposes of this Agreement notices and requests may also be given by email at the address specified below: For the Borrower: Georgia Ministry of Finance 16, Gorgasali Street 0114Tblisi Georgia Attention: Public Debt Management Department Telephone (for couriers): +995 32 2261450 Email; pubHcdebt@mof.ge For the Bank: European Bank for Reconstruction and Development One Exchange Square London EC2A 2JN United Kingdom Attention: Operation Administration Department Telephone (for couriers): +44 20 7338 6000 Email: oad@.ebrd.com (b) Any notice, application or other communication delivered by hand, airmail or email or another agreed form of electronic communication will only be efTective when actually received (or made available) in readable form, provided that any notice, application or other communication that is received (or made available) after 5:00 p.m. in the place in which the party to whom the relevant notice, application or communication is sent has ils address for the purpose of this Agreement shall be deemed only to become effective on the following day. EXECUTION VERSION IN WITNESS WHEREOF, the parlies hereto, acting through their duly authorised representatives, have caused this Agreement to be signed in four copies and delivered at Tbilisi. Georgia as of the day and year first above written. GEORGIA By: Name: iv^ne Title: EUROPEAN BANK FOR RECONSTRUCTION AND DEVELOPMENT By: Name:(;;^J^riW. R Title: .-1 A ^ — EXECUTION VERSION SCHEDULE 1 - DESCRIPTION OF THE PROJECT 1. The purpose of the Project is to assist the Borrower in the implementation of the Georgian national power grid reinforcement and enhancement through tlie investment into the seven components described below. 2. The Project consists of the following Parts, subjcct to such modifications thereof as the Bank and the Borrower may agree upon from lime to lime: Tranche 1: Part A: Construction of approximately 49 km single circuit of 500 kV LajanuriTskallubo DHLs; PartB: Construction of approximately 58 km single circuit of 220 kV Namakhvani-Tskaitubo and Namakhvani-Tvishi-Lajanuri DHLs; PartC: Construction of a 5 km single circuit of 220 kV New Lajanuri-Lajanuri HPP DHL; Part D: Associated investments in relation to Pans A, B and C, including but not limited to the Project Implementation Unit consultant, Environmental and Social consultant, machinery/tools and environmental mitigation; Tranche 2: Part E: Construction of a 57 km double circuit of 110 kV Nenskra-Mestia DHLs; Part F: Construction of a 500/220/110 kV Nenskra Substation and the extension on Tskaltubo S/S; and PariG: Construction of a single circuit tie-in Kavkasioni 500 kV OHL and 220 kV conncction for SS Nenskra to HPP Nenskra. 3. The Project is expected to be completed by 15 July 2026 si-i EXECUTION VERSION SCHEDULE 2 - CATEGORIES AND DRAWDOWNS 1. The table attached to this Schedule sets forth the Categories, the amount of the Loan allocated to each Category and the percentage of expenditures to be financed in each Category. 2. Notwithstanding the provisions of paragraph 1 above, no Drawdown shall be made in respect of expenditures incurred prior to the date of the Loan Agreement. S2-1 (B) D.FrCo901 100% OomntmiOO-seniodn value 100% (A) A, D, B. C. Parts E. ocontF aIof G fTnd rarnaccthe 89,100,000 per exclany Trand Taxes Sc2a1auhsncheedidulnge to be Fiuflnccd SMA.'* .• V;;Euros).C, the Anii>f oti u oPcr,Krxcptnutdaitu<rc?s (hi AlL.looan catwl '7 itr. EXECUTION VERSION Attachment to Schedule 2 •l. I if'I • V V: I S2-2