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" AIIqo-l LbS.xpsUtls JrxioS0to :",il,*.:1,;ifi[:,*Jf 84 sE ?6os6b?6l.rl.r. ilf,:133ilH,f;::1"f,11i";3,gi;'E,01.uf",,, "- R.,,Jao6Ja0aL go..:Eq6rsr6n E6::fJlffi i[,_#":j:,j;_"fl ::r"i;311..,'3,,y]1,.:3;X1".";*.6nLJxaq.;.1 Rr,J.50?o60alq,o sE [r6&,r?oioqo 63q,> ,>5o troLrsor6oqmL a,3c q"an6pnifir". X6o .>OroJ03qqxds: 3) JdtoG0RX60do fido€rdor1-E.> 8t l,rlralrtd q0DELAAN 66 ?ti.) d.5Enr?o ar6.\, r.(.r J*AR0Au60 l,saosgr6oloos?odoUotoo,:SH-nlo,"*r[-l,';;ffi J,;;:1;:- _ _, 2012 Kfw gotuSLos

-2ol tho Fsdsral Financlal Cooperation Republlc ol Germany and tho Go/€mmont ol Goorgla on Loan ('Govemment Agreoment'), thg Boflowor and Kfw horeby snter into the follo'{ing On ihe basis of an agrB€flront to b€ concludod bohr€en lhe Govemment Agreement: Artlcle 1 Amount and PurDoss of the Loan EUB 6,988'3i18.99 thlee hundr€d thiny (in words: slx mllllon nlne hundEd olghty €hht thousand oiri Eu]o and nlnely nin€ Conts ) (tho 'Loan') consbilng ol a loan poiio.r I ol up to EUF 2,988'338.99 thoGand throe hundGd lhldy (ln wor6: ttw milllon nlne hundr€d elghty elCht elghl EuIo Bnd nlnov nlne Cents) fPordon f) and a loEn Potlion ll ot uP to EUR 4,000,000.00 (in words: lour mllllon Euro) ('Poruon lf) City Batumi '1.2 Th€ Bonov,€, shall dunnd ths Loan in lull to the Sell'Governlng flo condtdons sst lorlh ln ('ptoFa-gxccuUng Agcnc/) ln accodancs with ''- the Project'E;€c1lling Agency uses th€ articte t.l. Tne Borronver shall ensuro that lo' lhs Rohabllltallon ol Municlpal Loan oxcluslvoly to flnancs lnvost'nents lnlrastruclure Faclltd€s ln Batuml Phaso lll - Slomwetsr Systsm lncludlno consurtarrcyservtcasfProiecf)'andprhsrilyiopaythetolglgnoxchangsco€ts. p.f"a'gr*,U"C AC6ncr' tlle Govemmont ol he Autonomous Fopt'ollc of T" E?-II (T flY * * iol* ,"r.**"0 bv tho MlnEuv ol Flnanco*""d*:':11"-:.:iT:::* ;;;;;;"t) ;"H" ;;;es 6.rm!* and ffw sh;r 8 s'glrrtt agrrcmld' to be financea lrom tho Loan bv 0I -3r.3 Taxasandotherpublicchargostob€bom6bylh€Bor.olt9€randimporiduti€3 shall not bo linarrced lrom 1.4 tho Loan' Ths BonorY6r shrll lhe Proiect-Executing Agency' Channelling ot the Loan fo Ag€ncv undor an on-lendino ,n tu' to ths Proleci-Executlng i*n ;;ffi; ;n;;;;.;;"'sandcond'onsor$rchT:*'y""i.f with be comprisd.T1 i n"""r' Artcre '5' sharr :Ht-";'fl t :ffi:;:J ";ilft;""'tl'l"o Tha of ths Loan shall not constltulo 'h'nndllino Agenc' to Klw for paymont any I)lror1ornrtul@-' i'*il,,, a" Proiocl'Execultng "t this Agreemenl 1.5 on tandins asrcem€ot (channe ilins "",1,",ff:r;,*"":Hifl::"H:11"# agresmsnl. This on'lendlng aoreomsnt from dde. Prlor lo tho llrsi dlsbursemsnt on-lendlng a csnlflsd ransla$on of this Kft ,l' ls sublect to pdor approval ol Artlcle 2 0isburseme ni Kfw sharl drsburse tho Loan rn accordanco "' Jffi :lTJff :::"r::1?"fi:: l. BY a Separats Agrsemont' tho ol msnt of the Autonomous Ropl.lblic shall Flnanc€ and Economy and KfW , ln Parlidla/ on the ovldencs lo be ency proving lhat he rsquestsd amounE are usod lor the purpose stpuleiod ln lhis Agreom€nt' Kfw shall have th€ rlght to retusa ro mako dlsbursements alter 30'06'2018' loan Arllcl. 3 ol 1/4% p' a on undlsbu6od ThE Bono.rer shall pay a commitrn€nt chalgo Tho commlbnont cha€e shall b€ computed. tot.." toan the "to"nE. ths slqnlng ol this Agreement and ending at TY dals 8l vvhlch dlsbursorn€nts arc dgbltsd' Tho Borrorver shall pay to Kfw ldore$ at a) tntar,sf rato lor Potlbo i"- "rt.}** *rs€d a lats delormlned as follows: Tho Bonorcr will pay flxsd lnterost on the ''8t e rat6 ol o'75 % p'8' (ln tYods: zeto poht seventy llve Per csnl Per annum)' b). wlll pay flxgd lnterost on the lnlercst trlts lot Podtotl t'' The Bonoflor p's' (in words: t$to psr cent a*n-"|r1or* O*rsed al a rate ol 2'/' per annum). debfi8d lo tho &Gs at whlch dlsbttEomonE el€ lnterest shsll ba cha0sd lrom h clodltod to KIW'S eccount spodlhd ths datEs at wttlch ropaFents alB Anlcle 3.9. 3.3 cha]ge, lntorest, and any charggs on The Borow€r shall pay thg commltrnont on June 30 and on 0o@mbor30 ,rrrr"", to Arilcb 3'5 soml'ennuallycommitrnent charge shall be due then endlng' Ths flrst w'llh the llrst lrdrer.sl pay'nont "*"a ;;; ;;'r."t to0€th6t 3.4 Tha Bonolver sh8, IBpay ths toan as follo'v8: al Bepaqnent *hedub tot Potlion t Ths Borctver wlll ropay Porllon I ol tho -5- b) ReFWnl Loan as lollows: schadule lot Podbn l'' The Bonotwr wtll repay Portion ll ol tho s -7. due' K,w It arry repayment instalmsnts are nol at the disposal ol Kfw when plus 3 "/' p'a' lot may increase thc rato o, interesl on arreaG lo ths base rate at which such the period b€Oinnlng wlth th€ due dale and endlng al tho dale 3 9 Th€ repaym€nts aro credlted to th€ account ol KfW specilled in Anlcle as basg 'Basa Rate' is lhe inlsrest rate disclossd by lhe Doutsche Bundesbank inlerosl rate ai the rato appllcabl€ on the rolevant due dato' ln tho cass ol amount arears, Kfw may claim damagos. Suoh damages shall nol exceed the ariwd at il intergst wers chaEod on such interest a[6a's at tho base rate prcvailing at lhe due dste plus 3 % p.a. pursuant lo commllment chargg, lnt6r€st, and any charges on aroars year and SGday Arliclo 3.5 shall bs computed on lhe basls ot a 360day months. bs cGdited in eqJal Undisbursed or pr€maturgv r€pald loan amounB shall ib proportions ag6lnst all outsl,anding r€paym€nl inslalm€nts unlsss KllV at partlcular case' own discretion d€t€rmlnos a dllleront oflsattng mode in a sspeclally ln tho cass ol amounts ol lossor volums' Kfw shall be entlted to credlt, at lts dlscreuon, paymonlg recslved agaitlsl paymonE duo undsr this Agrs€ment or undol olher loan agroEments concludod beixr€on K,YV and the Bolrort sr. 4516 Ths Borower shall rgmtt all paymonts ln euro lo KfWs account No 3108 no 98 at KfW, FranKurt am Maln (BLZ 500 204 00, S'W'l F'T : KFWIDEFD' psrmittod' s€lotf oI counterclalms agalnst such paymsnts b€ing A.tlcle 4 Tha Borrower may at any timB a) subloct to th€ tutfilm€nt o, lts obllg8dons undsr Arthle 7, canc€l 8ny loan amounts not Yet dbbuts€d' end b) repay ths Loan ln whole ot ln parl h advanco ol matudty, -8. Kfw may nol susp€nd dsbt|rsem€nB unl€ss a) lh€ Bottovr.t has lailed to po om its oblio6thns to KfW lo mako PaYmnB wh8n dLr6' under sspalats agtesm€nts obllgatons und€r lhis Agreemsnt or violaled' pen;lnlng to lhis Agtaemsnl haw been tho Bonowor ls unable lor the stipt hlod Putpce, or that proclude or seriously isopetdlzB oxtraordlnery clrcumslancos arts€ tho *€ operedon' or the purposa ol th€ ProlEct' or Borower rte pavmeni oblhBtons assumod bv th€ * irr'rr"""*r, d ;;;;"* und€, thls AgrBetn€nl' llanyoltheslfuaflonssp€cmedinAdc-lo4.2a).b)orc)hasoccuredandhas *in a p€dod dclsrminod by Kfw' whlch shall' ho!'{€vsr' -i'L""'"ur,*"0 KMl m8Y' b€ at least 30 days, a) /t'2 a) or4'2 b)' demand tho lmmsdlall ln ltle casas spoq'frod in A'ltcle paynent ol all loen s'nounts e3 n'Bll as tha ,, ,"*r"t* , **ldlt lnlBr€8t accrued slrd all ot|er |tddental dlaEEs; tho lmmodlsto ropaymont h th€ cas€ sp€cifled ln Adcl6 'l'2 c)' domand been *n "rrlolrn* a3 he Borowsl ls unabl€ to pro's to hat/€ , "lcn ussd lor fio stlPuhtsd PUrPce Artlclc 5 thG Agrs€med p8y'ments to b€ elleci€d undsr The Bono,rror shall mak6 all other costs' and shall fo' taxos' othot puDllc chalgps' or ln connoctron rv'l$ th€ and clnw]abn cods accrulng ffi;;;fu*t* pay ho trsnsler dsb.J6smsnt ol lho Loan' d -9The Bonowor shall bear all tares and oth€r publlc charges accrulng outsire lho Fsd€ral Republlc ot Germany In connection wtth tho concluslon and oxacltion ol this Agreement. Artlcle 6 ln due coursa prior io the lirst disbursgmgnt, ths Borowar shall lumish to KM Bvidenc€ satisfactory lo Kfw ptovlng lhat tho Bonower has mot all requirements undsr ils constiMlonal and oth€r lav6 for tho valld assumplion of all its obligaflons und€r lhls Agrgemenl. Th€ Mlnlslor ot Finance ol Georgle ond such persons as dsslgnated by him or her to KfW and authorlzod by speolmen dgnatulBs authsntlcatsd by him or her shall ropresonl the Borlo,ver ln th€ exgcuuon of this Agr€smont. Th€ powsl o, rEpr€sontatlon shall noi oxplrc untll lts cxprsss rsvocatlon by thE reprssenlatve ol the Bono,\€r authorized al ths Umo has bsen recoived by KfW. Arnendmenls or add6nda to thts Agt€ement and any notlces and stataments d€|tu€red by the contracllng partss undor this Agreomenl shall bs in wdtlno. Any such notlce or statement shall hava been recslved once it has aflh/sd at the lollowlnO addlsss ol the conospondlng contractno pariy or at sl.Eh olher address ot ths conosponding contEctlng party as nolilled to tho olh€r contractlno Party: For Kfw: Kfw l Post ach t 11 41 60016 Frarikfun am Maln Fod€r81 Rsptiulc ol Gormarry Fox: +49 69 7431'2944 For the Bonotrrs,: Minlstry ol Fimncs Atb. Deparlmoot of Extemal RolaUons '16, GoEasall Strsst 0114 Tullsi Gsorgia Far: +995 32 2261 ,161 d - t0- ardclc 7 Tho Bonower will ltsoll and will ensuto a) that the Project-Executlng Agency will ProiEct in conformity wtth propare, implement, op€rato and maintain tho in-accodendo flnanclat a,d iech-nlcsl pract"ss and sutisianmlry betv'oen ths Prol€ct-Ex€dJtng wlth tha Proled concaplion agle€d upon Adiara Uti Got,emm€m ol ths Autooomous RepuHic ol and Economy and Kfw; re'pres.nleO by the lUlnlsBy of Flnanca ig"*y, ol coNtruction ol the Prol€ct to the qtJalned cltButants, and ih€ lmpl€rnantatlon ol asslgn th€ p€pamton and 3upeNislon "0"***, Proioc-t to qualified flflrs; -sornd to bB financod irom tho awad the clnttacts lot the goods end selvlces ln lino with K,vv's ;" ,* prlor inlemstlonal competttlvo biddlng and asslgnmont ol consuttants as speclfl€d a t0.,""" or*ramont ln ths Soparato Agrsemont: Ploioct and' upon requ€d ol KM' onsuro tha tull financlng ol the pald lrom lhls Loan evldenca pro'lng that th€ costs not ,o * "r"iJ are corrarod; And I€cods unequi'ocally malntaln, or catEe to b€ maFrblned, bOOkS and ccts d goods and servlcts rEqulred tor th6 Prolscl linancodi clsady ldontilying the goods and ss]vlcas "--r, * any tmo lo lnspect sald books onable th6 roprosontatlves ol Kfw at to the and any and all othor docrJmot aton rolovart and op"rston ol the PElrc{' and to visit he Prolcct irpr"rn""ttuon "ri,"*,0" "nO all the lnstsflatlons rsleted thersto; fumlsh to KfW any and all such ll ormadon may tsqued; and ns turlhor progr€ss as Kfl^' make tll€ hcal contlbuibn ln full and and rsports on lho Prol€cl ln due tm€; d - 1r. ot its own acrord promptly lnto.m KfW ol any and alt circumstances that prscluds or sedously.,isopardtzo ths impl€m€nta on, tho op€raflon, o, the puDosE ol tho Pro,€cl; and wlthout delay lonvard to KIW any querios rsceived by lh€ Borrow€r from the OECD or its msmb€rs undsr tho so-called .Agreem€nt for Untled OOA Credits Transpa.enc,!,, following ths award ol thE conkacts for the supplies and saMces to be financod from tho Loan and shatl coordlnaie the reply to any strch quory with KfW. Tho Prolect-Exscutlng Agency, lhs Govommenl ot lhe Autorcmous Republic of Adjara ropGsentod by fte Mtntstry ol Ftnanco and Econorry and KfW shal dotemine the detalls ol Aniclo 7.1 by a Separat€ Agresmont. For th€ transport ot lhe goods lo b€ linancsd th€ provisions ot tho Govommont AgrEemenl, whlch are known to thg Eonower, shall apply. tutlclc I Ths Bonowor shall ensur8 thet th6 psrsons charged by the sam6 wlth lhe preparation and lmphmentatlon ol tho proiect, the award of any contIad tor the supplles and sarvlcss to bs financsd and w,th rsquosllng disbursemonls ot loan amounts do not demand, assum6, rend€r, grant, promls€ or obtain a promls€ of unlawlul paymsnts or other advanlag€s in coflnection wilh theso tasks. Kfw is snlitlod to fumlsh the Fed€rat H€publlc o, Gormany with Informatlon in conn8clion lylth ihe conclusion and the exocuflon ol this Loan Agroornent. Botrt KfW and the Fedorsl Republh o, cermany have th6 right to pass ofl lntormatlon on the Loan and th€ proiect to intemaflonal organisadons engagsd ln the collecllon ol slsUstlcal data, padicularly ln connectlon with aspects o, d€bt Sorvice. .dl, -12_ ll any ol th6 plpylrom ot lhls Agr€omsnt is lnvalid, all oth€r provlsions shall romain unall€c{ad Uts6by. Any gap r8sulting thorelrom shall b€ fillsd by a prcvision congdeni ryt'th the purposo ot this Agreomont. Ths Borronsr mry nol assign or translsr, pledgo or mortgage any clalms trom thls Agreement. All claims of Kt[,U'Ur*l6i lhE Aoroomont sxpk€ after fNe years ,rom tho end of the ysar in whLih, a(y.6uclt olrlln haE accn ed and tn whtch Krw has becoms aware ol tho. aware ol them v such clalm or could havo become This Agreer ent drrll',Ug; gevrrrlcd by the lary ot the Federat Republic ol Germany. The plhca ot'irr rirlunc€ shall be FranHuri am Main. all i - 13- with the present Agreemont shall be the lollowlng flnally by an adittation tribunal ln lhls regard' All disput€s arising out ol or in clnnection .rH"Jarcfrs*V wi[ apply: "nd bo arbitrators who will a) Th€ arbitralion tribunal will consist of one or threeAbitation Bules ol the th€ appolnted and will act in accordance with (lCC) applicabls from tims to tlmo' lntemational Chambsr ot Commercs in FranHu am Maln' Tho proceedings will be held in the Engiish Enguage' LThe 66itraton pr@o€dings wtll b€ conducted lolca until the Govemment Agroem€nt This Loan Agr€emsnt shall nol entst lnto inlo torce' on whlch it is bassd has snlsred in two (2) orlglnals ln the English languago' ,ui,s 2l 'llAl C.ort Georgia Re