2011 წლის 24 მარტს ხელმოწერილ „საქართველოსა და აზიის განვითარების ბანკს შორის სასესხო ხელშეკრულება (ჩვეულებრივი ოპერაციები) (საგზაო დერეფნის საინვესტიციო პროგრამა-პროექტი 2)"

l,JdJ60tilqnL JJ.6qt0J60lll, bn[,6nI aJqt6'u3J6fl qilbi 6n6aJoIIqI Jd0[I, JdntdOlll, 0J6bnq3[U i6nDtqX,6lll, qJEUJblll, ?ill,Jbtb ojOo N 175 1l .rJr6oqo. 2011 ggqo ,,LrJor6ognqrrb,: q.: .:toolr 6,>53ooo166dolr ds53lr ?o16ob Uul-rnbbo bnqtn362qXdr (636trqglr6o3o nJgr6rgonlo) (1,:6$so q66ng5oU LroSgnbgogoo Jr6o6r6s3,: Jt6oXjgo 2)' - L.r$l6o33qoL J6XtoqfS$o tugoSsSlrr.r-lr$o33g$o 3o0o$X$o 08. 04. 2011. 26 - 29 .rJ6oqo 3-68mLo rst$tqdr! LLpaania lrs6or63o frooX6o('f.ru J.,aoOAo.; qs66olt6o3o goSo&,pb qr XJcrS-&3It6o J(!q'.t6oJol, doBooroo ,/,Ao,06da 6oArpo! ..rt{sS! tJ$rq'P,dd<,d LoJ.:6or33qoL Jst4q;0X6goL do2<6rn rp635L: l-r;J;r6or33qrrL Jr<4qr3356o1 3r'rSogXgglLo Rr LrJ,)6qra65go 3t4sj6ogd?o Rro$'Ur'rL 5ror63,:golqo sJgoL Jt6og;lgoL 6s5boq3r b;J.:16or3nqmb J;6q;3656o1 or,:33yqo3s16X ,prAoo, d')J6,\d0

JtiIir LJdJ6o)3Cs?(')L J6C%O{PCG(50 br jstlorgq'oli Jrtiq's0g66b bl jr6or39q,r'rU 3o6li$o$ggoob 65-3 0gbq,oUi qr.r ,,lr.t j;5o63q,t'rtr U;g6ors0r.r6ol.x'r b3q,ts$63q,g0C0oU tsgbrb3b" Usj:dogqrcrU 3;6<'16ol.1 69 15 03bq,ob 0glrbs0olr,:qr, 6.rgogogo6gboU,:o5ob $r6r0r'r6oqr66or 201 I $q,otr 24 6,i6t6tt bgq,6o$gt6oq, ,,ltjstlorgq,obs qr;.:boob 6rbgoorr6g0ob 0s63l.r tso6rob ltbgLrbcr bXq,tsg6gqrg0.>b (8ppqrg06ogo oJg6.rgogbo) (brgbrcr qr36gg6ob bro6gU6ogoo Jttrr'r66.r0r - J6slCCOo 2)". 0ob3oq, b63.rts3oq,o N1/8! 07.01.20t1

b Jd J6., o) 33rT tl L J6,C.ts OrP 366 0 L AJGJJ6TAASA0bJ N 07lM/03 2011 gqol_r 7 $r6oq,o J. orboqoLo 6. 3gAJq'r6o55 5rjs6oagqx,!1, J$,q,rAg6gAo r6gogo6ortrg6obor3otr $sfur,U6oq, bCq,0$6"Jq,C0rq A'lObbCECbE rq, er6oib6ob ASbrbCb ,,brJr6q,r0C6$o 0qn36ob 0gb,:bXb,' bsjrr+o39q,r.rb 3.i6r,r6ob 03_3 agbq,ol-r 0g-5 Jg6jgob 031$br0ob.rqr, brj.ir6o69q,ob J6Xboqr366ou 0ogr+r brj,:6o63qrob J:6)q,rAC6Otso 6r6ogogor63bobrorgob $r6lqrp6oqr 201 I Sq,ob 24 Ar6Ob b3q,0o$gr6oq, ,,b,:$rtorpq,r'rlr.> qr; rbool_r 5,:63oor.ir690ob bs63ll tso6otr l-rrlr3bbcr b3q0g6pqr30sb3 (Sggqr3brrro3o oJg6.igoSbo) (ll.l6trcr qr36gg6ob b.io63Sbgogoer J6n66:6s - Jr+rcralgo 2),, l_r.ij:r6or33q,ol_r Jr6qtr0966otr JoAoOJOCAAo qD Jqrg6,:r<ryq, bbpo0SbbX 0oEbbg63bq,;qr qrso6ot6<'rlr b.rjrr6or3gq,oU go6r6Lrors Ao6ou66rob 0osq.o6oq,g q3t3qt6 35ogqr,:t6or.

ItJdJ6.>o)3CR(T)l' MINISTRY OF FTNANCE OF GEORGIA 305J5I,o)J bJaOS0LO6g) oJJ-lr;L N, gt*t4t lnbftA:go bJCJ6)ogCq'ob bsby<1Cm brCACor Ao6ob66ob Aoreaoq"Jl, Crq,ArOclE 6.)6cI Jrq,r6erd3b Crq'b\).,6o 6.,&5, bo0$J36()o UrCrd)ogCq'ol$ qp ctoolr 6,l63oo,r6Caou br6Jb (ADB) A(')6ob 2009 $e,ob 29 .ra3o\5olr bCq'ao$J6oq'o A€c,6r6bCaou 816)80 b3q,AXl6gq,C6ob tsy{,Aq,JbAo 201I 24 AJd,Ol, bCql0og36cq' lrb3btx.r bgq6g6ryqr3bob Sq'oU rbq,l., (,,bruCbbo bCq,Aald)CqrCbr (fuggq'3btio3o oJ36JOoC6o) ,,LrA,bJo UJob3CbOoOorn J6oa6,JaJ _ J6<rCCOo eC6Cg6otr 2.,). 6otbo3or 33Lsdq55gra UooJqCl, 3Jqr.>do gbr6gEgqrgoor rq6od6gq,o b3g?gfagq1oob d,rq,rao ACb3q,oUJoBoU lrrld6(') J6o0CeU6CAob 6J6bcrr66ogggb.r. .:arLo$, Uqjr6o4gq'otr gobrEborr tr$o6ob66o doo8633b, 6o0 gs60oqg536ogo bgq'tsJ.]6gq,J6., ACCbJA)aC6J lDj.>6o,3cq,ob 93o6o0o3g16 o66gr63bg0lr qD 1.r3.>r<rsgqcr.r, 6ceA JqSoAEUq'o Urgo6r6lrr.r-Alr'r6odoJ?6o o4rq,Lrtr<roLroor qrsqgboor 0gqpg6tl Qoog,r[L. bCe,AAl6Uq'CAoU bgq'Aoggdroq' orto5o6sq'lr eCJo6o6C6obJq,3oL gJd)aoAoeAJ6o, AoeCboborr6JOC- AJ6rd,oF: L "l.,rbobbo bJ('Be]6Uq,OaoU (fuC0q,Cs6o3o olCdrrooCbo) t $lbjc) aCf,CtsEob boqdrooo(x J6oAr'rar - .lric0djo 2. r\",o C6),bC AJ A.,b r6,ro3o0o,,eiJi6o o,rd,0ar6o CJf,oI3q, CErt c; "%q,.,UU6 2. tiJCr6,o,3Jsob Jrr,Ct oeJ6oob 20l0 Sqhb 2a 6oCaa6ob N t09t a$Jr6ArqTaoL rwb, bJ$6o3Cq.oL J6r.bo(,3ED.tr 2010 Sq,oU 2.t 6oCa06,oL N959 A6d;C6flq,J&,1.r rbq,o: bJCrtr,o3Cq,ci, Jr6CtoaJfuob 20 r o fubb 22 a3loaaooL N I I 77 A56J5E A3q,c6ob rbq,or bJCJ6o3Cq,oL J6CroQCfuolr 20lo gq,ob 22 AXtCAad,ob N 1039 66drfu6iC0or !Uq,o; 3 Lrdrf,o3rsob oobooomb brAo6oUij6)oL 08 12 2oro .r. SCfili; l$Cr6o3!q,ol, o6o&,Jc,bJ (D aeAf)r(h D63oo)f,J6ou UJao6oLo;obi3.12.2010 gq,ob Sq\)b N4830 JU(nl Nd0a/2 12 I !-C5oe,ol, rLqro; 5. l.rJ,.})6o)3C(]ou Cf,o3FJeo ArEJoL Ol.l2 20l0 g(rob N{2_O3A{27 SC6oqrob rLq,o; 6 bJCr6o})q,6t 6c6ff rUq,o 6.:qr:o,ros6oriq,roqo,qJfUbU;x.l,La"6obofx,,t, 09.12 2010 Sq'ob Ni278 S06,oqsb rlr<.ol 7 lDCr6o,3Cq'ol, F,J6.x'rBJqro arE3oolltiCaob A! o6g6i.\5fuCJg6,ol, UrA.6obo6ob b$3ooAoaoqn A$Caob eCJr6OrACSOob 08. 12.2010 Fqhb Nt7 0{/6075 gC6o()ob rbqbi 8. t$Cr6o,3Cq,ob l.$Ar6Co LrdaCor brao6oq)6{r1., 2 12.2010 gq.ob Nc2/l7975- l.t fuf,oern ru('o: 9. lrJCr6o3Jqnb Ao,J36claol, 2010 Sq{ll 22 &eJa0i.hU Nl.l75 ar6Jrd,a3qgol, !b(b. JrO%ol.i00Aocr,, eoAoo6o A3oberdC Ao6obO6oU Aclr<,Aoq'C LJJJi6mSCqf'l uJaJliCf't t,Jtac0J UJanEnUOrin r8!.9-./t..t. 0..?' ....1..?..... zotO .bgq,ASJ6gq,g8ob _tyJrt6o.a0Cfols qr.r rtmb 0rs6tuo qrgog. 0r63b &rr6ob lrsUgbbm oooct J{6ar06!or - .t6{,rfrl6o - 2)' J JOgor; UJ6o6otrO6oA 6r6oboq,5 11690o11 0.:63b doriob tr.:LrSlrbo o633bgo6om J6oa6rAr - J6a)CCOo SogoOoJU6o qu a]o6o0o3916o qr, 0o$.:6d3go6oq,rq 0o;86or. QCa). /f4u 6o6o 3rq'.:6qudg 0o6ob616oU 6orq6oq"g 0ll8 6&qol-, ,.o &'6odotJ. 6r(: (995 32) 2Ea6a8: +JL.: (995 J2) 28467t ^aa;wvw. mla.gov ge j.:6coggq,erb o3b$o goob l$Eo6ob$6cn MINISTRY OF JUSTICE OF GEORGIA l-rr ll r llfl iln il ilrl ldilrll llilllllilllililllilllillllliill KA0t52{74575710 u{r6oo<n, + oD<!$d 0113,o..'A$cYn12. t O!<' i.Gtl-.1 '10'53'16: JE.E.l,Or .rr E.llryoju' i. Fv t. 2ar,Gol|ulinr,0l3],TlliiT LilO.5l-r8,ro'tl J6.E-M lLc}iE.!.rre,Eti.toY!: 08 / q-oAtCAaC6o / 20t0 S. bJil6o'3Cq'ob 8o6r6bo,r ffiouotu) &'lJeaoq'Cb A10('6 Aoaoo6o L3o6eraCb oqlr6ro qoo6q16o, UlCrdrcr8Cq,(rb oul.,Ooorr,l, UJao6dljll9(,a 6r6oboq'.) od3C6l, aocf, )aJ $qr'b 29 6oCa6i6ol, t\&07{Zl8lo7 ffioq'oo, $.!d,6o(,aC5oq'o Lr>Jrr6o3gqmUr QJ Jtool., 6.>ftoor636oL bs63U &nt6ol-t lmfugl4r,l3rx.r J6f,A6JAJ J6('l&lOo-2'-<r,)E A$J3A.xg,CkE 6.iDgot6d36gq'o "UJa$.y, AC6gts6ob b9qr0X3r6gqrc0ob &nodoo ld4lrbrn a!o6oac6o. c,('la E$6o 3o0J3636OooU tsv6Aq'C60" bra$,d,q'CA6("Jo bJlJ.,Jsr,U AC6oA36C8o J6 0tBr8&,5. eJ JrorBoboCAoo, lrrCr6'o3Cq'a1b oUbOoo.F! bra.!6.Lo6cr Cr,.!60 d36r(r q'r,r6o ao6ob06ob Joft Ceh aoreooq'c ft/ llo v62 lo ,\lgas( i\l tr to i rutfr lfltrfl lt[ffi mfiilmmil!miil! KAot289r250tJt0 bljr6or3gq,erb 93re6m0o3oll; er 0eb6reo MNISTRY OF ECONOMY AND SUSTAINABLE 6163oorr69bob lr,:0o6olrg6rn DEVELOPMENT OF GEORGI,A T.t: (+995 t2) 99 0J:99 ll I I 0l0t o16.{Yrr(\ JT6OAFDU d NIz 12. G Chardi!3u,010E D'lEr, Ocors! FE (+99512) 921514 N. O4nl21 03 / A&ICAOC6o / 2010 S. l.,rCr6a,3Cq'ol, 3o6r6Uo J ao6olrod,ou aGeao<'Ch, ArOaE qna.U6o Bo6e5dCb b5}6o8oqsb Ajo6c6oJolJr A. ae6i6"ql' Dfuoorr6Coob Lradobof,c€ 0r6.,boq,r o,Cag6o 2OtO Eq'(,L 29 6oCA86oU ,{s07-02I E 107 EC6oqh(,, S5d,aoqAJ6oe'o "bJa$ro eC6AB6ol, l}rofuClrooo.s Jr6.R6rAr J6oGlOo - 2"-oL AJlr!tso6r6L!0qrqr 5rbrgo6036gq"o, r$oob Arfuoo,r6JAob 6r6Jor6 aoq'rJr6JJCbooob aCADrA OraJAJat3ClCqb brbChbo boq'aXlflJe!4.r, J6ockJo. Je6oA6U(i Jf,o&k5oi6 eiJrOAod,C6.J(,, Ar06rlbC6s,, 60A Lrao6oLo6ob, JF,AJCOCEOfr'(PrE 0JAa!aeo6lr6C, aJ6oa36C8o s6 0sr85oJ. ./t:' :- ao6ouo6oh AcDeAoq'C oJAr6 SCqbdC ,{,egs:g o3.lt lo ttgrrlat /2- ( LJcJ'imCCql,lb C6m36Aq0 bJGJ0 NATIONAL BANK OF OEORGIA itgL-011342? o,t. tg.qtlo UrCr6o3Cq'('lb goEJ6Uo,! AoH\)Fn[, AsL)q,6ogCU AJOmE eoAqJCr, A3o6(DdCb oCAC6L 2010 $e'ol, 29 6oCAAr6ol, N07-02/l8 107 SJrmq'$C bJo('l6o eclAoo6o, bJCr6o3lq,o[ C6rrg6gq,0c 6.>6331 6r6oboqr l-rsJst6o63q'ob.r gr ctcnU 6.rfuooufubotr 6c631 (ADB) A<'rrr,ob 2009 [q'ob 29 r63olrgrnU 6.>gornA90gqro, "lD6ty'! <p6Cg6ob U)oqCLOr,O(x, Jd,oaorar J6(,CCOo-21d, erUrtsr)ETEUCAq'Je b.:bgUu'r bgq'6gr6gq3AoU O&,\)oU aoqobou A0$6r,o,2010 $q'ob 25-26 6n3AA36b 6s0.r6oryqrr 0<.rqrrJ.:6.:3g0ouslr 63o.>6M3&9q'o GXDJUACEOoI J6ofiloo. arOE('OJOor, t(ma l-t.:j.:6o63q'ob Ctrro36uq' ArEJU oJ3ob JoAJCOC6Oool, gr6aq'Ca6o rq6o36gq'o qggr3gdcqjob 6oar€d, aC6oa3696o ,116 cigU. Jroo4oUoCaoo, gr6o3&gq,o br63ot-r 3o0C-&6Cto(oC&Jo , fp- l>- r6Boq' aC\J3o6oago<,o 0105 / oD.,cDlio/ q,)o5.dob 3/ 3/5 / OJq,: 406 {06, {06 t2Og t t,cnidzj srrl Tb.Iii 0105/ Td : ,t05 {0( .{05 | 2Ol Bov t! / cod.: 2(x 10,{a{ tJJJJ6t])SCqmL 6lt{ln6f,q0 &)630OJ6Cb0tJJ qJ 06S6J[J66XdOX6OtJ LJA060L66g) MINISTRY OF REGIONAL DEVELOPMENT AND INFRASTRUCTURE OF GEORGIA Nt 2/ /g brC56,o,3Ce'oU go6J6Uor a.,6o66ou a'r!(96o<dr AsO('E (xfqjC,o L3o6(,rdCL o\!(,lfre g,AoOF,o, bJCrr,oBogrb ag6a.rfuq'n Arfuoo,r6CM$ e! ofud,irot6gbul ) bJaffro6a'a Ar6(lb({'r d,SC6o 2010 Eqr)U 29 6(1cAb6ot, N07-02y18107 S0iqoqr,o, Erff(,(,e06o<'o lrrCr6(,,3J(,mur (or )tool, a563oo,r6C0ob 0J6Jl, 0c,6ol, 2009 $q'ob 29 rA3obiJob Ar8n60C6gq,o a€o6i6l.,C6ob 8J68o bCq'60J6gqI6olt g$6qXbdo ,,1t.>6tso q,C63g6oL L,:oftg\y13oo Jdro66.rAs Jrn'gljo - 2'-oU esL€o6r6b!0gJe. bJCJt6sBCqx'rU.) eJ rtr,oU u63oo,v!C&'b 456J., (ADB) A(,( J A,)lr,)E('6,a08Cex, UttlCbbct bCC'o f,"Jqfool., Jcx'rtbo. 646(.)696o1 6o0, l$U3l-rbo bcq'a3.l63q'cbJlbr6 qt3ca?o<6g6oor ac6oao6cbo ar go6Der(,0BCbo v6 Ar03J86oJ. JlOo3oUOCAoo, 0o6oLgt(tolt Jafu pq,o do.rqtaoq"3 a.r06gq" 6.>396.$3 n -a ,\'316 S l\ tl ro .- .,.nr^.^r. .rel M l, riF r+agi 11 tlo 6ll: Ei,flJ.: l+995 l2) 510 722 LJdJCIOBCRTTL 6CAOO6Xq0 oJEJOOIJ6CI0LJ RJ 06Bc1Jl.,O16UdOJ6OU LJAoE0l,(}6O LJ(,J(l'o)3cq(r)ljljJJsi50a060'Il(r) btOdob q0JJ6OJA06O0 *_.07a,rf ,r, LrJirt4orJrqrlt, go6c6Lorc Bo6olrgr6olr &r.rygoqnL lsgo6 qodo5r6o 6o6qod2L a.\0cr6r'r qoAo06o, ao6rtL3636or, 6o0 tojo6o36qot.r q.r ctoot 6c63oor63JoL l$,iL 6or6ot 2009 29 ogolrgoL gcAor603dXq,o- qqo6o6L3toL $qoL 8.1168o b3q,?3gr6Xq,36otr gcr63q,Ct?o - .,iaa6r, 2010 gqoL 29 i.y,e$r,o! N07-02/18107 Fr,6.;rc;s!Lqq,. ,,,,"6t.,. -qot qC6m5ol, Loo63plr$ogrx,r J&,rgr6o0s J6oCJ0o _ Z, _f, qnfio$lrSf q,"g, l$jo6o3gqcrlr qo ctoot _ 6$3oo,or66doL AJ6JL (ADB) Boriot 3oL.go603n3qo q.r,1.r3?t#rlloo,, 6.o,3 rrcborr u,.x6oqx|6.3o lr'rlr3utcr bgq,g,jr6Sq'cror, J6od6o,J6 335o335X1o qc $o6'cqcqX.dSlo ur6 6og3cB6oo. Jo$o3o116XOnor, o,J3&JaR<'ra.r6ol, Jo6gqo 0cu46ogg

bCLboU 6mAC6o 2716- GEo lDuClrbr h(€Afuqp6.) (83CUq,CAdrBo oJCd,JOA6o) (b.)A$Jo eCinCtsEob l$ofupu6og.m J6,cB6r6,) J6,(')&loo - 2) trijlOo6Xqxrl$ J$nf , orfu ooJ608ol, 0r6Jl, 0o16oU q,ro,Y6( qobUq'o 2011$qr$ 2{ 01600 l-AL:GEO 41122 .?J,)A(l5A)/CEHTIFIEO BY (i'.r,<hv ol F.rerr^ AlilTir ol G Tkr.\Sl-/l l.)rl EUFEAU -r lrt.,n1!rr,,'ai -'-rr.qn\.ors or IJLCLbO Lnqtsn;r62q6ls (636trR0l6o0o t'rJA6s13o6lo) l,IUCUb., bCq,&ifl6,Uqg!, ero!6.{[00q,,J 2ot1 Fq.U 2a lrrC!6".8Cqxdrr (tsgdp6o63o AUCLhBCq'o) q.r .r$oolr 6s63oocrfu6oU 0J6JU @CaS,Ao;o ADB) tsor6oU. Siqy,o, 3o6roqrr6: (r) 2009 $qml, 29 .r63o\Jmt AbLhfuq,lrr qrs A-DB-b Acrr,ol, bCq,o aaE$Cr,r prgrfc6lt0oob B.)d,&, boq8flq"JqIErb G?A), 6cfqd fotr.rSrAoucq.o.)6 A-DB or6.)bAN 6l-rgl$30qrrlU l$Atlr.l (D6rg6oU lrx&glr6ogd,, ,:Oo6o.fofr-ft!o63gtt,ri.,. *r6a*r,y gn66q,C00o, a6r!3rq'06!&k$o qrrgo6r6bCbol, adrEo$olr &4rGljooou (r!gr,6!6t C6r; {b) 2010 $qolr I qy1ll, U.ragsq,ilr"gtf,U63Cq,g",t, Jcrxx'Kgq'o ergo6J6h6oL aoo,o.r36ou SCdrlqr,or, ab3LfufugA.r Ady6qD ADB+ lrCllb"b 6rA,rg"R"lrU.)lrol.,bo bCqtCJd,gqlSol, (D6u5o, ("Jtvrrfrgo'); (d -".itg 6,S"aagporCp l{o Je$CiSoqr, Jdxiftloot erb"rtso6r6l.,CAq,re A-DB q,rorr6.)b6q,r 6rao:"9gob abCirbobCq,b bCbbo ADB+ fuCUqlC66$o 6ClrUf,trCSoA,)6, 3,$o6oqr36o so6.rdq,J6c6g q,oJU0Cfu0o 6D6L.rte3fr,3e,c, no6t'tbCbob S3Mi0ollqr; \-7 thas a,fi'@xfifu, &riwe, aprsw7 afuAbJ, ac\'o I UgLbol, oEUJifuCOoCbo; boffir66CbC0o JgECOo 1.01. A-DB-L 2oor $qdr 1 o3q,otroU B3cuq,c06o3o (9Jo6.)0ogbol,ro3olr 6r6urte363q,o bJlrCt bo o6lr$6Ual0o1boU @gaqrSo06o "UtfrgfrU. .Ofr6q[oCOo,,) $Cq,J QC0Uq&r 6xrACq,o0 CbCAJ UBOR-tC ArBUd6C6Uq, lrJt h6ll, lrr.r0q,rql 360Cq,eC6J :i : ia,nba4.til00/R€GrsrEATloN )* li sao^,roioote ----8' 'l _ _ iF'\Narl-ai1or'i EUFEATJ $oErA(,CbJ6C U.>b3utxn bgq,Aal&JqfbrtC oao.JC drq,oo, q,r Cgftlooo f,t'rar'r6o0 6!U CCEcboAJ So6r6eC6r6,C AoJUaCEOAo grr,Oogdr6.tu EC0olbgCa!il;;;C6o 5ro:3sq,olrffi5boor: O3q,oq,CbC6dr (5) JgECgo 3.03 raoe06gqr,.) (,r ACOSq,oq,o| aCSeCa.-, 'lg6jgo 3.03 O,r('eCot(,CDdr a^rArtl,bACqq'{N€lox,. (!) aUCUbC6Cer, Ar<M,bg,l, 3!q{9C03q,c0ol't A!A.rr.)b(,Cq,1., tCbbob oD6bob JusAohhq, 6rF'q,tC blrgUen UCqOC.l."f,C$rAn 6.$U.rfug6gqtr bdJd,cBCEOro Ar5r$Corllrr q.os .:oOoA3A"rr a"bq6L, (6) ADB AlAlCorCbU aUCbb3bCq,l, ACRBrorl, t JrCbbo b3q{UACC$rBo 6.$l,JtqgrpJq'o ArEiJ3Cor)U 0Clr.)A!adrrA, ACgr3JohL, 610"g9".WClrl63}Cqx, bCbbd, $.,lrC&rbdr Ar6*q$C. e-pg, abClriC0q,ob"3OgO, aod(, A!(,ru,)b(nq, U.rJ6rBCEJo 0!6,)JgCorb 6CDA0.,6Cbtr agq.rglontr (d) JgECOr, 3.06 JAo,qffuqr}, 6.:6.:339orror. er Abo3qrri,or Agdq,Cor,or: ,,Jg6j6o 3.06 ?nqrgsoo. (.:) ADBolr 6C0ot6oC6o aJ6Ob{E6ol., AgAq,C6 oaou ACbrW (ffi A$Ub ( obCR BoCl.,od,C&Cqn ?J66rp) c\tr frSbUgOofx6j gOqr AJ6O.6(trb, 6C6obAoCf, AUgUbCbCqt 6rggo{bb 6CAJ3rol, ((,0dr63) UgUbCBbg 6oACq,Ur0 rCaL gA6.., Aiqrq,o go3Uo6COUq,o or6Jr. 8gq.t3ronU or.r6br Ar&roogq,Cbi S3agUa6ro<6!q, - ,i fre*6" A,)U66)"JhbCqx, bClrbd, godrod,CqCq, AJ6$bi (9r .>\tr l4UfuOofi a3u$.foU goflrnrfubgqr a.xrrpU &,r6otr (0}Aobib0q,., 6)%s6O $qqg6o J6rDgCfuo) b$6rBqNA0J ii) AJ"J6drC6CBCq,o l.rgt.rbclr dodroor.rqr ou6b,rtg, r6o0gqt6 AUCirbChq,Ar gkor &(oJob6q,crb J6, C6Oo $C(gr U$tuACEO('I JCd,oeNAo erggCouqr, Jbrq, hbbCAtC e!6jq," gojLo6gfuq,o AJ6JoU (,!fulrC6oU orr6rg,eo6. (b) ADB-ob 6C0oMoC6o bJ6obr<,C6ob Bg6p36 oaob 03lsbg6 qsgo6$lr66ol.r R"6C0AqC8"U Ar6JoU (FundiDg Cost M.rgin) 6o0 q,ro,3q,ra fuBot AoC6o Uol.,bol, 3<,lJODtC (J6 AJAdloOCfue, 3Jqi3O6tC) 6CboL,AoCC) U!a1bo63o 6.rderr$gru ADBoU 0ogi or.r6bg6dr q.orbo63r, ra ACAoBCalAo A)UUCrolCblr dgq,>3rorb Ab9Lb963qrlr. tsgq.lg.ronlr orr6bJ 090q33$.ror5.rqr i) (NEo6!6h0oU BJAeroolOq,C6r eo6C63qlg0oL ar6Jr (ArAourb3qn 3 :i "' r*-Jiii..i- dr(')6r',60 Sq,(PJf,o J{r,oCtEJ.,) AJA6r3q,eC6J ii) LgtrboL do6oorrp d,cfcetco audrbcocq,a! g\u s4gmbcqnlr J""a3gs6. ::6:rtc: $cq,i Jc6d'rdo eJ$scuJq,(, oa Ucfobo6oer6, *r*r#"a :r&r,,"oC6oo ,*rU O.*-rq,i ,;r; l-u*" arertuEuCaot or6bJ ALCLbC6q'o1, ACCbCOT aqrO 3N,j.,r\C; a-.*U6U, gk.) Dq,rob.rqxrt, lrrJ6.OC6O; .c(r,&;; psrgC0pJq,o d haCur56d, tsCaACo, *aq,d g.'.,rrg u"J,p. AJgoEr6t C0d, qo@Jq,C0ol., Ar6Jot bJ6r'ro4q,r.,, l0qt3to-t 6oa3q'og 6bCi.,bCBCq,A.r (O) SgECOo 3.07 JAt'rqg0.Cq,c,r ei ACOgqDq,oJ tsg6qp6cror: "JUECOo 3.07 A.r6Jr6qbo .r) ADB{lr 6C0oUA,Crr,o Ar6Obr(E0oL 0CaQCA na.,U BCblbCA, gojtrtOg0gqn Arl'rCr (Fixed Spread) .r\rr 6oa UgubCbolrJo6o[ goq! ax,trd,<xrlr, fuEdrAoCf,o AJCbbCDCq'o q,JU0l6,JEC6Cqx) bobu.o,, eltChD0q,or Cg6r, erbrqr) gdrr"qagq,n'a.,r,g. AJelgb(rtl, A-DB+ OeflsfuOgOoL A.)eJ$brel, (Surcharge). Onfl*gOgOnrl 6$cnoSq!0o AcaaCAl5ro6ra i) Uhr<',6J i\r, Uircoorr :c6ur ACMTAoU AJ6JDID q,r AJC06"JEC6Cq,o bCbboU tsoCUo6C0Uq, Ard,Jrb AerenU (6caobrbgqro 6,(,0('16,0 gq,(Py,o .fA%g06"; 6raOrg'irQC6, ii; C9.l36&JECOCqn hubdl dd6oorJA o,!6brtC, 6,rECq,$CO AiC-il;rc6" UEer blpJobi(xrt, J6,oOC6Oo $Cqlr U$6oOC6Oo .bO,l.q,An qr:SgCb3q,o .rUrq, hlrbC6$C q.orggh0olr oi6oqrxao6. Ag6t'r A$rqx, tsoCLo6963q,o- A$yob b) ADB-ob 6C0oLAoC6o aJ6Ob)C.oC6oU fo0eC6 na. BCUJbC6, 6rnA e.rgo6r6l.,C6d., Ro6C0"Jq$ol, AuAgdr (Fuoding Cot ilfarginy ldrbotr or<Uortc (J6 [)s€q,rA s'$Odo3cqcq, grq136Dtx) fuaouaogr6 :ry*rct6o [,CaCL060o Norr{Oo! ADB_ob aq6 q$qlg$nom t.rO1g6.,l, SJ$Car, ,A ACAoBSSo alrCbbC84b 6.rq,!obqnl, 6"A"lrrbeg,i, ti*"f,"reO. o,r6bi 6uq,rlrs\trqnu Araoo q,CbJ aCAqEaDEJo6le i) ergo6$LCOotr eo6CbggCbol, Ocrfur> (6caoUrbgq,o 6o6o66 $qq3r6o Ja"6906.1 ara6,)aq'(,c8c ii) caorDqFc5cq,o bcllbou dorarolrs, or.*utg, ooa[,t36 AL3bfuOgq"ar U6(l) Ar(rx,b.r(ml'l J6<'BCEOo $Cq,c b$6oOC6O. SgOi.q,a., ai0UCfogo oa bCAdSd,oeD6, rft.fqrolrBrt$o Aob(or qot6Cfuq'Cbol, 0r6gnlr 6r0oogqrr. e-DB q,$A$C6ob ertso6!6bC0oL A(')alrrbUd,Coob 5rqrrb\6qr o!5bru ArCt bC6q,ou Aocr6 6rq,J$\Cq, J6,oOC6OU, 6,crorq,o0 Att3u$fuq,0.> g6q9.r 6rqvrb.:qrob lrrJ6o0Cfuo JC6)ooK,Ao er$gCbpq,c, oA ,, ",,""; ;::ilti#ll*.*urtr"="t5,.r,ut "r r,'t".ili,i,,Ii-l e'i."-"' "' c'- 5 I,CACUO6oL agaq6 fx.raq,oUogolDo AJ6Jol, alaod6q,r. Ao\,r (,rgo6r6tC6ot, eot6CeCq$olj Er$oqr) t.02. So6JAAC0y6C 6caq,Cffi3 OCdlAoEb .)*1, oa%C 6Cb3q'r0oCbao, Ap6AJ oA ar)(r,gooo6Cbgq'o J6 rtur !6 J(r6O L$cbbo bceff,l('Je$Joo sr&,,gc6c&Jq Psoscb*g aragcboo, O06ao6C6b lCalj aCAq6o A6oA36Cq,sSCSo: Uqrtberou J(')6I).Jq,OD6OO6(,D6 A!fur,orJ638ol., bJEJbJ gr aou CCaCAq,C6J6C6r $<r,q,C606o1., ljq'ro3''cl'o ac8!bc6ol'r qr s) \5rrrg[g6.)|J tsn,6oll er rl.,r _ Q) 6$bcq'3olr 8co'r6Mc&Jq'os aupuh6Sq'l's qgt eiirl 'EIA" e}36$1, erg*p tq"Cacn Coc,t,, aCRJ.,C6rt,, 6,(,aCq,(,o aofrsqXosqnr ahbh0e,ol, aoCr, J,*dgrtr!%r* . e"* 6"",6bac6[I; ADB_olI6. Cl '-E!rP" 6gqnbbaodr 0yr,Ca(')UeJo3c,or, aJ6oAol, d "EfClC" Ecfficau 6rtutrrrlr lr\)618$11600 d30,4rp69q,o 6rgoq:or; ACAalb, r6oagqrr6 6tt-b AC60$dr l$ofugU6ogoc) ffi zr $(',q,ob Nl6l m66tqb, O('ragqr8 Ac(, CA6r UrC.rr)oBCqxru,l6 9\6ft9ou ZOOO bddJECbUq,C0oU ACbJ6,)AoUrq,; t) "FFA"- t, d3b o6o39 06o036gqrobJ, 6JO tQ6ots6uq,or 0o6raeCb,r6C UrUCbbo bCq'Aald,Cq'C6olr,lq$egq,ol, (r) JU6COAo; or) 'FP[I' 6gqrirbAedr 6CoCa6!r l.,rbtro ACJc{r,oDACfuAo q.oo&'16o 0ot6oor, s 5 o) "l.DCo6Cq,o,' Sgq,r,lrb&, rqlu63oq,obJl.,r er AJbrq,CAU, 6Cbo0r O6rELJo6Oo6Cb!, eDkABr, o6lrjdq,Jo Jo{rBCq'Jer, 0o0lJlbgtfu6s, b&6$ UJJ(',6lrfle,Oryx' ArfuJbU6,CSol$; j 't,rr6p\y6rxr J<5<o66.r6.r.-b rCSt, oar6g A6d36CqxrS!, $o6raaCoJd,C L.>bgl$or fuqtX3r63q18ob J6Clae0qri, q') 6cO l(6n6,Jq,oc o,yffuOa.,; "LARF. aflqdrbacfl, Ao$ob 0CdC6oUi q,r Ai6t,rbq,C0d, 8,x6Eo qo3pAgfuU, Ecor!6bacogqns 0lrgUb96xq,Ur qJ ADB<,I, d.,6ol, qo ,$.,a6Uq*o rra_nu a3_s 'ts,acq,o B166cr8Arl; a) 'LARP" Sgqnubardr Ao$ol, dCfo6olr! Jtr,srd$olrJ olr aaft.\rCq3qts alrgUd\r r Aoooftfuq'oc ADBnl, &Edr; 6) (,r 6J6t.:\,C0ol, AC6Arb, ffiCqbO aq6 fef.F_"f, igu*oa"fr"g og, "(',r6bo6oL SJAci(,oohol, brhq{d$.)6Cq,o,, AUq,oUbaoSL ADB+ or.:6b3bolr 8'>6t'rd,o6b3ou blhe€d$J6Cqxrl, (2@j, rnrrAgqr6 JC6,ooA?qrA dACAQC6!6C6! $q'oq,CbC6ou ACO!5J.,) o) "MOF- Agq,cfubA',61, fl-roubg&Jq'o Cagg6ou tso6J6uo,r U"fo6olro6ob gtsqd$o6J€e'CL, 6c,ACq'oO AoLreCDor A-DB-lroSolr; $ Aob 3) 'MORDr AUqrtubAa$U. AbCUWCqr, CaCge,b 6,C6(x 60qr, arfuoor!6CDolrr Ar-o6ts6,rlr56,itkl3fnl, t rAfoU6f,,,t , S a,trgqqx&flr6r6[tb, E]gq*E a"beC&,c ADB+rotob; $ .tcftqrr" Eoffi$Ob &qodoou 6$.,q,1r, $o6uaq3b.>tfu lrJ4t$o bCe,ACJ6UqX0d,,lo6gC(' C,!6rd,oEo. 6t) 6x,,Ac,f,l, Cb rR$C6oq,or '"3bgoe3C6oll UrbCq'Afugi6Cq,cr" 6(ffi€b ADB.1, It$gq,6dqg.:6xq'ou (2010, 6cracqrt Jc6ffqljq,ra ACO66Db) ECUU.*AC6.U cecaec0!6cbr ogq,q,€ocoob U) '"cbgoq6ob 5960c" 6gqrobb6o0lr Jdxrd$otr Bcbg(K6ob p66rtr, qror.:t6og6,3q'b 2010 $q'.,U 25 6oCA0{6oo, q,.) ECoJEbAC&Jq,U ahuhBCql,r qu ADBJ rr-r;[,aOq3qq-b,, ADB-or6 Egor.$b6g6gqo l$gr qo6otrdo30C6ol, ECblbraobe igO.-q3qre dodrolt, t6o09q'og tsCbSoSBCboU lrJbCq€dq3r60q,ob, lrsJo6tryq6.r6.,o (,J fibCaeCbr6Cbr 6,r6obq'g6slr; O) "Jt6oglgb" qtb a6o8g6Cq,obr, 610 JqgC6(t,oJ go6rAQc6I6,C "rarrJ ljrljCuu'| bCqfAl6fq,Cbou J6-JiAfuqrt, (b) J.J6JOBo; 6 7 u) "&6(.ftloob arab6ry1q'c6cq,o b$ac66(,',, Lslrglrbo o6bo6uC0oc0ob 0o$6pborro6ou 0sq,obb&,,br, d"-lb"l_*: q,. gE fficq,qr Jrl,UbobaACACCr, oC6C6r Jdx'doob -aI;" ArDo('re,Oo0q!6rt0; #"#;;erb, g) "J6,oCdOd rqJgrfurryr,S.r- 16 rUrACECbcq' 6ra06o6c0lr, rlj$c 6gqr bacrou &6o&k)ou ts!6Aq,C6Oo rtsC6C6Uq, aogoQcsoq, 16 aoLsB,Ac0cq; ;rr{.-{irq6r.9ou, i) "J{rrodoob 6tJ" 6gql(irba(')0u lrrLCLbo bCq,0CJfuq'c&rlr qr$.r6or ljo _ .r$ots63q, 6trL, r6erA3q,q grOa! .fCOqoCU " 6rB{x) l<,U G;;l Utsqdr6o6J$q,Cb, Ot lagqr)o dr{Cool ADB.l.,roAolr. d ,tJACAroC6o" Ai,C6g6q,r'lbJllr 6gq,oUbArSb UClSol, or6bC&,(oJ6 'u"UU"Or_rO"U, (D brffiC6C0q,t, U$"JOccEob _ alo, a"rr* iU_ (,rgo6r6lrJ&Jq, 6o6r'n6ogcs bi0U6eo urECOJa{bo 16 e$D3tso16CbJq,o &rALrb06rb!, 6oaCq,o0 $bUboUAAC6<'e$oU 6JF,q,o 16 U6Jq6 aoaurbUqbrfu 6J6q,r. afUq" ll U3trbo J36j6o 2Ol. (.:) o,J6.>Mu d4ubotr at_rgtrfufuq:tr ADB{U E39gqp66o3o J$odpq"J6o 6Cll,J6llC6oe.r5 (OCR) or6bJ ,lr"6aBq_r"_ &,qrx,,bo qxrq,r6ol, olr5br . Arl0,.(.."e,",,,, 3.U*lo6n"9orq, .dU",, 9b gJq,ij6ob JofuC6trrt, &lb1qBoo, go6la(08r6C OOdarqr*rbc; JUoCOob aguroradle. ACoUq,C0CboU etAC6o&,q, ($ 150,000,000) qr.> af& i* (6) l4Ubolr dorinor.4n oJ6bob ggqrb, qri ?3qr3.>oro.:6o JCf,ffKn 6J(,r\r)b J06(xrq,o 0C\oaCEb 20 AJd.,itq36gq,o.> sa Vg6.$ob j a*i".rgrn. (d 006,6do'?Cqv3.ror,!6o JCf,oeq,o,,, Irx,,6[K"loO ADA{rgCEC6pJq,o, )A JgEjgoU (6) ,1,)6J06'gao, 6110613ll JC6,o€Nl, do6oo,rqr, olroi ir l#fiq,o 6,)q.)oq,n5 7 oJ6.,qJAAC, So6qoCA.)6C_ U0qtf}6Uq,COorr aJF2 :tCtlr,, rar6ootr0od Ad,rBoJob qbr6JAo[,Je. JUECOo 2.02. ArE*,oSo A!6Ur$qB6Cqn 6bgu qorubeJ6coCq' bCl.,Hr olr6b')tc br6r$gcr)oo, 6](raCq,oo g(,6.lJ AJElrJtqB6Uqm! UJlrolrk! o6bodldkJ AJb€gCoo 0 jo%<,U s&C&rboo), 6(') AJF&)tedfuq,.,. Jg6COo 2.01. abCUWCq,o A 0.157o-oU e4g36o0nor. JJCdro eyqo6 A6,aNoe6(, &ebl.,&(r, oreCSo). bCq,AoEC6ob olyt {((D6 60 qRr)b \./ *futl JUEJOo 2.04. 6rbC3lrr,Sqqg6,Je, gr6Cqx, *. l$sr q,rA!Li\,Cqt6o 6.p.ro\pbs . _ $qnll 15 ridrq,U q" l, .il;h,6i 69bb Url_gLb<,r r%!ffioeJ5 ro4oU36gq,o b$hl,e'r hqnaJ6uq1&ir Ar2 Ar66"6ts" JarJrA 2.00. G) Ucbbol, Arylqeo ard,oBol., hq,adlrg$rbiA ahbb.6Cq1, tsCgdqnr ECAoLAoCd, edrc,t, 0crrorbcr3rDl, lrCbbob eodxrbC;; jrfil' *r*6nr*n* JUECOo fo 6ob0o9r6o 3er63giUou: i) lStrbctr o,.tot, aorqo!6o .>6 6rgoq,c$6r4o, J olrCboq,o rgoSo_bgbgq'<r 6ofilqr,1l Scogq)r; ii) ii, 16 hlrboll 3rq_J$ob q.)aOBo;&Jq. goq,36.,ol ro,3oucDoq,o ei (gog0{r06P0qr, tr0t,H, dof)ood(n oEJOo$o[ ad)qlorEo jE 6,>ftq,o0dr6o o!6b.lr U.)6.)$obo lrrJ6,r3Cfu, BodJo6Cb3q,o AJ6J$Coro, $ Jo6oCoqr, tsCg3q,!; $"q,;"a" Arbr$CoroU e" roaobc0gq,o ('r e{c6(6"Jh0Cq,o t,clrbdr dotuo,r<n cleo6oaob aoqtl)6o J6 br6rJ3Co,b? qr6.OC0oU qDggl_Eor, o3q,sq s$gorfu tgqg.r trfgfiob .16 IDJ6('I0C6Oo oU 6toor. (A) ft,6raAC8.)6C 6Jg(('d, (r) 63qt'qXbr, 6oAgq'oo q,.'erutJg6ghq,c,.) '!o635f)Uo!", 6o6o166 9b 6!6a.669&gq,or '""J:":lllS'I-::ilffire"" r"t..nar,"rii or 'iF:.fisl-r llaJt I hr.,hEqu ' e, "t' "t 9 dJq'JAo tsmJ bdrd.,U'} o6l$6Gboobob V ag\,()fr Agll.l6saoQ. (,! Jt ftCd,lr<r,u Urhq€dgr6Cqxrl, A,Jbe,o Itr bCl.,bolr 6Jerffi6C6r JU6COo 3.01. AUCUhDCqr0! g6er Ctu6"J633q1r* b3UboL ot6boU 0DAoSC6C6r Jf,(')dklr)(,, AJotse,oLftt0bgg,o b.ytobol, bCqttsCJ6Jq,CboL Jor6o3botr 89lr.r0.$otsp e.)lrrgo6.r6uC0q,re, flo6lAq,C6J6C UruClrkn JUftlJo 3.02. bCbbol., o,r6h0oL 6$ogC6Ce) g6er A('l\Dtr Br6lAACOyr,C UobCbb(') bgqQ,yrr3C$oU A$16on 3-dr Jo6o6CSol, fol$ArArbre, r0rlrr$, .rq6o&gqro Qr6l6qr,0clDdq,cocqbr 0Sog3rqrrUabd.,bc6qbuJq,rADB_lr8coD6ba00oL 63Urbr6oh:qr. fuEj6o 3.03. A{bbC0Cq,o ful{rq8JJ A$rb(.d,ooCq'cou o6 Utr,.JfuCqXotsrr ts3bgo(B.rl, $c65AACAI6C Lslrgub<,r Bgor6bAg6oL qr.$sr6on a-oU A9Ls6sAJsq,, 6.)6e.) oA 036o)b36oljJ, rft,rq0l$g ADB erorJffiq,C0r lrb3J Jo6('6C6tC. A-DB-b ACUdqDr 916(, 6r6Jobresij obCoo Jal6od,qr3ob p.}tso6c5U3D.>t3, Ur(,rO d,(',ACq,oAC JUCor) 0oA.y6r&r6r 16 6.>6bex16qq1b.gq,r oa J6e,O9(fyr,Cbob (,.r33.,o, (6<'r6q.CbtCO 0Co,r6Mqr6C6 AhbbCb0q,o qu ADB u6 o,:C rA Jc,6O6,{OoU BJACDC, A! &,l6(9h6(, J; J6,ob AobrqC6o ADBJr,u3oU. 96A0 g$l1J63Cqwlr LrrjCbkr ACA,iJJgq'cooL 6.:0tngfubr Atxnqnq, &r'('-(d0rf, bytlo8ou q,rlri8o6i6LC0q,Je, 0r6eJ oA 6C6orb3CgC6olrr, 6oq6brg ADB (,rorr6Mq,CbJ bhr Jofx'rh0tC, Jp6COo 3.04. abgubg6Cq€.) Jg6jgo3.05. but{lrbo 6g6gqqqbou 9.02_oor AJ6brtQ3d,gq'() Ao,b6obot$o,3ob, U$gb&'r r66.:tffioqr$ UCUbd, &,,blr6d, ba,q,cr o,!f,.{(rr 2Ol4 $qrfJ 30 6(',CA6C6,o $ UhJ o,J6o(t,, (ffiq,ob JCdrx'Kuq'r(9 aCo,rEMCSr AdJ.)dqf60q,or alr3Lhbgq,Us ADB_L 3o6olr. er I ="'i::liil':l'^::;1ffiiHr-N::l,rrr rr.rr I ELrH:qu ,, ,' 't'jil"l:r:- Afbqr, IV A^!6lr5JUor6C!trqrr q,C8Cq"oo0o (r) AbCLbCsr('(, oJ6bn,ooocq,(cl, tso6J6ug6o, LrcaoJ (a) J6xrd0r,b A,)ft('rrr0oCq'c8olr! Ar J?6COo 4Or. J6oal6o od6oJrr,o, J6(,dOoU gyr,Aq,C60., reJ3ttr6oqx$Cbol, oJCt6or63&,t, J6r.,OClrAo arCbUpOCC* "i9.>fraJqfbt, !6 UteJfuCq,g.'BU $o6!AeC0!6C t,rbCLU, bCqfAlf,gq,Cbolr i*, AJ6d)o6oo, $.ttr,aoqr5g6oqo $Cq,r Srqx(,C0Uq,C0oU tsgbrrrgq,C0olr. J36j$o 4,02. AbdrbC60qn(, bCq'6ol.,rftSx,ral, Db(rtu, &raatrO Jo Cb lrrJo6o A!bAC6!, gs6eCdr, LraJ6qdC0lJ, acrarsb3fuft0rr (,r l,hJ 6,CU;6b;u, 610 UcUboU or:6bg0olrc bc6ar, aJarijc0oo, lr.rJh(6('lr J6(,dodr 6aou",o6"gqcLlr.-gob, Jd)ocCoob iqj3rfu oquboU oJg6r6g6ou.r qr.> 0e6qr;096,1fu olro8otr; JU6*)o a.03. (J) Jr,od0rt $6b('l6,OoC{gC8ot, &r,(roCutso AUCbWCq,AJ Un*CfuCe,gn,U $Jqr*o.ruf,o eJ J,'CO06OU'. -3.Argq;g.66Cb"l'Uk}j Jo60d'rcoof,c0ou a.rjoorggo!, &raq?oo6 aoUoQc0o oj6g6oJ6 ,eon-b"o6ni (..c q,!oCo6,JOC0CE AuCLhbe,c,b.r q.r A-DB_Lu8olr eJ 6,.aex6rra t JqC6o Al(,c8oo, er JdrxrbC&ror. (b) aLCUbC0Cq6r gk i Jfu(6.36gCq,gei, Jrx'doob &6brr6oolq,C6r a$AC6ob, U$6r'rftl6o UOrku6OC0ob, UJ9gogo3r6o96oL, fr*gA.r. 66,.)ts.,3.,1.,,) {,r LrAAgECbq,o qrg3oor, r6o0q1$q; a*oeOOor aOB-lrorertu. zuCUUrOC,qt" ADB-|, U6er AoJftr(mlj !5 Ubfr3fuCq,Ur'rt, .)A ACA0CDotr, lriJ6rrd$o lrOD6Ai..,606J iSg6ngn3o6n6O",t brA30ro Ad.,!goJol, pc 6roEo Af6bcr+,OoCq$Uqlo qO"G"g,r. "O$gOoiq,C6,o, Gq,oq,Cbg6ol, q,6cUq,o Ao$oqoCoo oho, q,CoDq,"Jd. bboor, 16o6r,rO6 $sU ADB 0r.nolbo3U. JUEC0o a.04. AU3Ug69q€r U6Ao Ub.CfuCq$,,L,6oa AoUo 0$gogo<!6C6olrr er b,>p6go96ob, Jl.,$C oA qoJ6\ra!6C6d, Ag0$bc, 6<,rAqX6o0 qca€aiOjOp"q,oc .r6,,,,Ca6ob 6,:6bcx6go3qrg6,>lror.>6, 0o0qn6.:6rgo\pb qr 3<,xor6qn6o6p0gqo ogotJ r(6-oF,l)L6O!6oUq,o Jmq'q)o3olr,: qri J6<.r6qryrfu0ou qu6gro. Jr6COo a.os. (r) AhUbCbC(r, (i) A(,CALlbU6Cb,, c6 Utl6U63Cq,g(')tsb J6('tCCOob OJeJOJgo r50ytuACbob AelAUrbCf,CDrtr (ii) Ct6UEOCe,ga,gU TUCCDo !6A.)6oACbob !6 UJo!6r(x, J3(r)()rri63q,o Uo,r6Ar6&6otr 0obXq6oor ScBCqlgq,%6,rq, rU(K)O6C6Uq,o ts3M.>aolm lr,rgo6s6bo ofucrr6d.6<x$ r6UC&r6ilr, (ffiCerJJO o3(6qre "SCWC6 10 II Qra(!fio(.cacq,o,)U()oo(46c6o; l0eooo6g)r Jg.)q,otsoloor, alaooeoq,coJ er JoAJCOCE0ooU tsr66q,C6., Ao[,Jqdo g6er .g-U eOf -fx6"fri 0) $;6Cea.,6.b aOS], Ja&3r6,o ruqr)()('|qJqr, rEar{6ooC6ol, b -qpc 0roo,J6 e.)3caffiCb3q,o .)g(rrlr6pJqx, L3UboU or.r6bgboU AraogC6C6ol., er So6rA 3sq,q9g&gq1fu6or>6 09u$.rdouo6rtr 03 J6rrOCqlf,COoU er bo6ryr&,1,l eJ&Jq,C0C6.f, Ar66Ja e6('rao, $r00qr) EolrJJq,Jf,o fq,f,l, (4) f!6UAAo6c, AD "6Oer,UAd, 96ut9; gr30ofrq66.r !Aa3r6,)%yffiC6lr, go6J Am6o3l6"Jqr) JCdxr(r(r,Jex,,Eoo, Ac,o)bcB6.,L UrEUqCq,tC. (0) A.DBJ ()<,)o&&lJ brBUd3cqsc, ahuhacq,al aot,G1ir ADBi, A6(.,ere,r(, bJaurq,cor 3k.) 6,*yTdJ J,6.0dJ""6 A"JA*C0Ug" go6r6lrU6o StuO" q,r ge6i6lrg6o Lqfdo.]EG,Dr "Ua"6.60s""6qtro6o0666or6 aUCbbCbq'ol, AoCd, a.O5(J) 6r$oq,oU cd;, 6ro0g9bo6 ACb!6J6oUoqo, .frmg giq,3OrArt"q$" 6o$oJob qr Acfldrk'rgt'rb JA AJEbrlqBCbAo Ar'r6rft,qtr'6ol, aoeC6ii 6 ak'K,oq, AUdrbC0q,oU Ugqt0lAerkq,rr bbrAgr6rq, lt6 r{61 63or.r@6pqn. fuEilo 4.06. adrbCoCqfr UJAU)qDCDJ g6er ao\[U ADB-U Sr6,0oarq,aC6qgl, ACJ6t'rFt'r6 Jrfio.ggo, U:jo69qr a9" U.qCa".C6.,, ulr]ig 636obaog6o aCbrbJAobo l.,rboorC8o q,J qo3pa3666bo. JUEiOo 4.07. ahu$cq,ar rBe.> Utqg6acqy* ,l6ercfl13ou a,r6.)eaJ6c6ou q0ar.n0.r, &rAq,J{C6rhJ ACJC.{bJ Uron6.:qx,r Orr*raa", er f,Jst go.,, r,4a.,0s.,, Uroilgfubqx'r, s'JC6r0o"q,o qD J6rC0o;; Od&,,ALrbg6Cbol, e663;. " a"Jbqn V d"p.A., hhq" 10.0,1 J"J6JOot, 6o.b69bolsor3otr gq'ol, OJ<,rb gr6Ao\,698b go6.>Ap3b,$9 (eo) eec. 11 AJ\r, VI lrhsq'rlq! Jf6COo 60l. ahbbC\rrb go6r6l.ED L$o6d$6rl a!61$tq3f,Uqnr At ClrbC6qtl., Sr6AoAreACEq'\, Urlrgtrb<a o6\5r6glgog6ou l2O2 qJECOob aotfu;!;U. JCEdOo 5,02. CaCAolo, AnOCAUq,or aolj.)ard,o{6o JgE{yU Ao$36oLoo6rtr: Lrlrgubo o6lrjd,CdooCoob l2.Ol ATCUbCCq'dloUdr: bJ6Jt6C('l.J6o)oCl6ora6roJ eCJu6O$C6lJo 9o6.$lo.r UrAo6o\56cr Oo60Jbqrf, C. 16 orboq'(,lro, 0l t4 bqrrtqoBC('(' grjbo: (995) 32 262 4:12 A-D&o4ttr: J$(r,U A$3oorJ6CAoU DJ6Jo 6 A.DB Av.tru. M.Ed. uFut city 1550 Mcro M.dh PhilippiEcr grClro: (632)6362,t4,t (632) 6*2AE bCer,tpffiJgalt grllt1N1p, Ab!6m6o, srrgor5or, lrion6K,c, $.rr6Arn0rq,dC6q'CM., aCqCr'rbro, bgC,ll ft6C6 go6)AeC&y6C UilrCUU,, Ugq,C6laoboqo b;tX]+)gq1brl, (,r UtdrCfuCqB(,EC6 mr &,F{,Corl, eOS_<fr ddAEJ(,.g-nba.,, tga.. &,or.,orC&Jqr cr)l(rrlq6o. brCi6%Cq,o c$rnb 6.$3nor630rfu br53o 12 t3 0.)E6oAo I Jf,rrdorfj Jefr(fu 1. Um639U6ogogr J6og6rAob UJO6JEIrJ(,6Oo jltq'ob 0!63oo,r6C6.r Ab J6a,A6rraob OrrUqx4rfuq'o AC19.J?,C6.: tfu6rn6gqrr lrJbtr(') O6J6trtcr6oou OdrlESoOUr (B) 0.)(,tr6(xeu lrrg!36('1 6!J!(b eJ Js,6JU6C6OC6J6or6o6u (d tsCAgo6(,C1, UJ.J6.)6lrJsfiOo q,r6sUrd)X36o; 6loSJfuxd., 6o6oqr3rnobr q,r 6Jtd,C6<lr, Lcag0un cq6oq16olr" fr,,a.,o[1g,rrl' biA[,rbg6,C6oll bCq€olrrE3qrrAobri O ArUoXsSCkdr arf,oR!. p, 2. J6crgl6o, d,<',Ar'r6g Ux63Cb6ogrxr &6o66.*rU 6rft(r,, asrrOAU le; tsCA(,C6 dof,oo,.>q, Js€J(nhEOCbU: JoAJo6C6Oo I: C.bJcrlgaoL ECdrBqrron JbJqD tn6.rck rq,oJ6o AAgSgbqxrAJ; J,aJel6C6Oo 2: JoAJ(,6CEO(, 3: J(')AJoIECEOo 4: 3o0Jo6g6go 5: 14 Ja AtoL bJ6{orlrro4ou l$llJtq36c, o6gf,ll\lfrd$gfrlll AlgfuorbChbr, a.:6j.rfu6ols er 05tqr6g6ob agr$aogaghq,o "Oerft"e;; Ut60fuCq,gsAr, U.>tq3rnoU or(r)$Cobu &rqJCqrCr,Cbolrr 0JAT6OqCBJ lDAIo,Cl,'UJC6o,JAc6olx,r Jr6vjgo3oU Ogfr$.fof:{9r 44369\,o6olr l$tC<rrAh(,30(x') lr.rorrEsqxr LnpBrfgo.lO.JoAJ$ff U qrrgo6.:6146u &r,odoou o$b('tf,oocg'c0ou Aot6r,o FPU-U abJ6erJC6U Uro)r6rqxre, Od6oJUt6alo6oAoJg6o erl.,J6u(,rC0ob e! ltudOd q0lqrJ6o aoftteC6J ACbraC Otufficr., JqoobocBou *r6Cq)(t 636oos3.>tgbgqr, oS3O.> ffe-oL g.:O6$e, iuc8c aooor3b lrJJu6buq,O,)ooc} aoauibg6corlr, 16o099og Uu}orio.> 09-2, ^ -Jtu40: 6C-5 6rgnqrg6olror3olr. er 0C-3 Jfx'Idor,b S,,rkrr0qx6olj lr.l3.n6caqx.r oJooqoJ 2014 $qr$ 3t Aldjo. 13 olraad60b b0 !eI )'li U66o6o 2 Jas,rr,0r,$soootj Ap66(,0o (s6tr<r qEdcg6ob Jfx%6ras - ,loodkf z) l. SCA(pCAo gbrvrrq,o r$9156b L3bbob drx6oorrqr, ol)6bol, bi(,.rbaCbolr or,v6oq3bL er ACt r6.)Aob o,J6oeC6Ao 6lprLrbaCg o!6bol, r'reC6o6C6b, 6,fotlrigq,U 15o6or+rg aoq,or6o d.6ocr,J(n o)J6bob &6ogfugqr $oe'b (ddr,.,o,!qr, o$bob AJeru.)beCqr) $oq,o). crry bgLboU orc6b.r U6,.Jq,ra oC6C0r rql3ouC8"qn drlt6o<r,.rqr, oJ6bol., QJS6UECb()I, 6rq.o.)b(nL JofECqx, o\yr,oeol.,roRoL, AbdJbCoq,ol, a.Co yrACq, dor6ooDqro or.:6bob qgr6r6g6g0ob 0Je.)b<rfu orJ6(xlolro ol, oJ5bol, A{oJlrJ\,Cq,o 6J$oq'o (rdo6ACor ADBoli 0r4O 6x-,6ctrrg 6Ja6,,rgq,o: i) do6ooi(r) or6bot, 0!qJb(r,l.r Jo6ACq, ord)oeJaq0 iogolrCoUqlo q,.) q,!USi5U6C0Cq,o lrClrbol, cK,CE(jSob eJ b) ooo,oCUq,o drf)oor"(r, or,)6bob 6.)e.)b(r,U orJrg.qol, tsglriblaou do6oo,r(,o c,JEboL arellrlbeCq'o $oq,nlr, qr.l shon 6.:q9.)lr&,C({, orcEbr ECodq,CoJ EComrq,oL smoq,g\naoU tsCAcDbBCASo, .)e6ffigq, or6bst3 16 Agoo,b6 $6JAirJts0o 6.:6r+rc6ou tubug6r6agq,o fuSobaoCf,o o,r6bou A!&rJqd.,o,, OoA3q,tCg 3o63g6ljo,r. Ssqrrl-rs\nL orr6oqo Sr6OC<,<9gar 3rq56.r dcxfuor(n oJ6bb 6Je5l$knq'o ft,qr, (AJ0<oll.>b3qlrr 6,<'ras,6g %) 15 ${r,qro 2016 15 (rdOnAbCF,o 2016 15 ${r,oqr, 20L7 2.50m00 2.500000 2.5000@ 15 elC0oAbC6o 2011 2.S00000 15 !J{r,oq,(, 2018 15 oC0r.EbC6o 2.500000 2018 f5 *r,oq,c) 2019 15 ('lCor66Cdro 2.s000m 2.50@oo 2019 fS $frqrr 2.500(m 2020 2.50@00 15 r'tC0r68Cd,o 2020 2.50@00 15.>Jt5oq:o 2027 2.500000 15 C)C0('l0606,o 2027 15 .>J6rpo 2.500000 2022 2.50(D0o 15 odo('l06C6,o 2022 2023 2023 2.5m000 2.500000 2.500000 2.500000 15 r&5q'o 15 oJOclaAC6o 15 $t6.qo 15 (,CO(,AbC6o 2024 2024 15.r36rryo 2025 2.s00000 2.5m000 14 I5 15 c)COrlAbC6o 2O2s 15 !J6oq)o 2.500000 2.s00000 2026 15 c)CO(')06C6o 2026 15 $6oq,o 2.500000 2027 2.500000 lSodO(,ABCd)o 2027 l5rl6oqlo 2.s00000 2.s00000 2.50@00 2028 l5(1COoaOC6o 2O2A 15 s!6oqo 2029 2.5000@ 15elCOoA0C6o 2O2g 2.500000 ,tJ6,q'o 2O3O r5rdoo05$6o 2o3O 15 $t6({b 2031 15 2.500000 2.5q)000 2.5@000 2.500000 2.500000 2.s000@ 2.5m000 l5clC0c|AbC6o 2031 15cJ6oq,o 2032 l5oJooabC6o 2o3z 15 rl6oq'o 1s ojgodbg6o 2033 15 2033 uJr6oqo 2.500000 ZO14 2.500000 15 rrCOoAbC6o ZO34 15 $6.ryo 2.500000 2035 2.50@00 ojge)oogrlo 2035 bgq 15 2. 2.sm000 1(x).Oqmoo or! lroiJbol, o,l6b,) l,(i"Cgr(l .f odCor r(/BrfrC00q{, do6ooD qn oioboU AJodTCEC&fu A*,rb(nl, loOa3qn or.n6"{"frJoB,*, afldlbC0q.U a.C,r, geBCqr il6oo4o o!6bdJ (t660ft0o1, 6iqrJb(rfu orrlrnqr,l$lrgd.l d.,,"r-r.A" o!6b.r q,Ao6q,C6,) ECAeC66.)o6c(,: (r) oA ECAobC$rAo oag l4bboU do6oo,.rqn or6bob ATAr\rlU Jo63Cqn grq.>obrqgotj .:o3oUgb'gqo eJ BCUobrAoUo 5.:6tio6ob Jo63gq:o J.>fr6r6,gotj tsCbibdaobre. ( oJEboU or.rbboU -lSjfr*Aleofr"Uegq- A!6$CCCn oNEbJ J6ol., o3olrgbSq:o o.>t6oqolJJo6oU, Abdrhfuq,A,! gk.) orrt6oqol.Dor3olr 6.rqrg\pqo or6b,l .>6 6br, dmAqnU ro6oUCS.:g At'rbq! Jod,SCqx, dofnotqrr AC6(EA U6Ar oi6rtl 649\i{n ,6rO ,*r* r6c63qr5 qgrq>696r re6o060qDo loBoh0ol, ACA(9CO, na oq'96oboor 6xras,6o 0i6t$te36$ ADB gqCq. ih.,, iorji 96.,l, -sb.,t, 6.ft6o3q,C0oo trqlrebJ, f,oraqrrlt afr,Ob3Cqr6 .r"r* do6ooDqr, ;_**;* -**;; orc6bob 6rq9.)lrrbq,Cqr, ftrq,o, 6<.ldCqrc ar',OCagq,o! J"O"* ao a.,OCaCq, 0b6,q,0o AgbJSrAoUo dcf,oorrAo crrr6bdr 6!q,r\r,ll orr6r,q,clbJ<l4.,; 1-gq$o6,3Cqb do6oa,rq,o oJ6bol, aJqoJUJb(Eq,o F,c,o) eo a6ofu6cqr) oJ6cai-Ja oJlr,o(Eo 16 |a o.:Cr{rlL fuAS,CA qru68C6oql<, do6<r,.:qrl or6boL 6.rq.or\nb o^6qp8ol, ggh$.>Oob os3quJo639qro do6oorrqr, o$b<tl 6.rqtlr.l\pqrn $.,gC6"U X;, (,J JUCoo 15 oJQ.lUJbq,Cq'o oJEbJ A0odqloJ AgoB.:qml, sU(}oq!6qx,,bou tsg6oD3g3,:Eo, or6b.>.bp sd 6.:Er6o6oU d3eroD3 Jr6rA6€Ao Aa,bUCEoCbIq,(, braoJq!6oo, 6<nACq't0O 36,OCeraCA, 3rqig6"b J.fuCdrO;. sq6o6B0q, SffigO., ."0U.,f, oJ6bob brq,Jbq,rfu dodrror.rqrr or:6bou 6.lqr.r\oL ror3orrs6sq,o qr.r a\,!ubecq\-, rosoh.ou ;ffi.,}]ffi":f#ffiruT:#t 6rq,.rbeol, orfroqoUJdAoU q.ou oj696s 6rqrdsU<g3C. C.3Cq d.,,r,._,rql oD6bol_r 6,X.o.)b(nL C,)rd)oeao eJSgCaUqr, .:o6oLg0ob ord,oqol, 6C6QCS QJA(R rro aC('){rC dod)ooreo oJ6bob 6rq.o.:bqgoL oJ6oeoqr6. 4. AoUbCq,r3J<, .f 6r6r6o6oU qtg&gqpfu8ob.:, io6ol4bgqro trSUboL d 3rqtoob 3fid6C6ob 66.r6t.g6cotr rq6o86gqr Jo6.Jg6oJ0ojroi6t 16 (oo) or3 J6,o6OGfC0oU ACLrbraoLJ<,, pA,roblqCSgqr, 0ro3qtor, 5. orig lrgl.rbob ro3ol.rSbpqro qo 6 oCqCAJ Aoffio6d60&Jqr, Cd,oto eCqcq,CbCoo OrqOrq,JC 0JArogC6C0r b or.>6boU 6o6o16or, oUC 6rrA &,q$Uq,o go3gq'o .:bgon or6bol_ruor3oU. 3g6tjnor (Screen Rate). t7 0$6(,do 3 brhur'l ACoarlJgqdol, A!6ar8r'l8! q,i tu{f6J \ t.,A.xpo 6J6.c?o 2. org ADB Ubg!6gr6Je !6, AroySCSr, d,.,omCUq,o (,J6JbyrXoU A3bq", U6qr a€r,6r6lrgiu Lcbbcar6 &{cfuqn acaruroq,oo,, 0b,6"qd"-a"ocau; J&rocoOug. Arf BCEC0q,C0ol, lrrg.CCg3q't3 Dqi6rFqdr 3. aouheJ3.)e 0b6o{ffo Aq6CAJqb lrCLbol, Jf,er0C6OUq'o Ar6rgoq,C6ol.,r, 5^la,rgF,gol., (,r or6bc6o6 G) cr€ dxftr)aC l4Ubob or6bs .:r6.>1.D30,:r6oln le&il6eC0 qr6.:b.rr42gob Aru€dr6lr00q,!e, ADB-<i, 0C6eCa, &agdq,"r (i) rA Jn$06sr6ffU 69bcau96.:q.o 6!<,Jc6Jfloq'('|l, orr6br, JE &all0cber,ffbcoBdl og<'r sJo4lqrt6,6C0gq,o, er ralg(xrcl,q,'e, ilPa"u ADB-oU AobJrt6C6oo, 16 r6ob tJ$(trm U il,Cox, ArarbJ$oq,Cboo, gC6 AobCd,bACbJ ADB{ Eggdq,or ts3.r66ornoU .r0 ql6,r Arffi3fuq,o, 6)10r Ja J\)CaF6<rt, $ tsCaq,AoAo 6rOJ6r AratuCq,eClr, UJ6!a eJRoOo()o .nrr dgo3bgbs; (0) o,U G(,aCq{)a0 Jt0A U3bbolr orr6br 6sqtsJv$36b rA qt.r6.>b6alr, ADB-U, j.:rl6o o$bs Lbgr Jq1mrlfrff 3 17 18 --' *.i'y.t,-"'"":,'),i,EiEPlS'ii**sT.-q9:T'I*:,::; llo"".,.sat I ,i .-, ,,.'.,,:..,,..,,, r'! -'rr\ oi ' ----:-=a:a:::====:: t9 0C-3 ac66roaoL es6.:6cpo Ob6,oq,o bClrbob -i6b16.frJtm@ (Lr6bro eC6,Jg6ot, bro63CUOoO.m ;-A;;r: ;;;;-r;""" ADB.ob eJtso6$h6J A-OB-d, &86 Ait lBo6r6t CDCqlo olEtC0oU X!6o (ffpe<,.Yrrr) 6(,AC6o ht6ol, $AJffiAr6 orreoL a\ld6ol, Jfx,OCfu!( o 6r('tA,CEo0r er lrs8Ufuq,o J\J06,rf,or I SCrro$al.5oj Lo8tr?.:ogdo 6.:o!90cll, 0Ca,rgqrrox, otr ar0gt6o qr.:6.:brrtr1ob 83% U.>lr;\g6o o6ts6rLOF)gdOg6,r XrAC6o e,)6rbr6xou 85% l$3o6lrgq,6pgo{,r 0o0lrbgdrgbs (Ocd6"oUox1o6eraoJU{6o q,JbJAUorCOJ, eg$q,Jtu J6oggo, t5.700.000 XJdb6o q,rErbJ6XoU t00%' dd96g\ro6ob tgqr$bgq6gq'o0s, Ur'bqB6oL lrcbrtpgrSo oEg6Jl,O6)"JCOU6 .)) Jd)oCCOoU ar60)got, abrfu,.>}C6r ' aLcubcocq'ou o36oo(,6oDtc eKrdc6oq() XrAU6o er6obJ6xoL 10096. 6cqr.>u.r\6sob qu 0ou.>3r69\rru 5crvrg8g. : ,-ll.':'" i L,i,.,n -, a-.., X"r. rslr,"rer ca"t' raJasnb li .J.;,rirot.',cwon/nEctsrnmott x !l o"raar -"-i,'i.,rrraaar't,ao i i i.v ! aolql,. tt =7 1: 31,9'EUFEAU "r "1, "',r,r.lq1gl i'h:\NSu\riofr es:13j .l;:;;-';';""i."t" "l Art6,(}ao 4 trlCo6gnt, Ura30r(rCbdj! q,! UsJ,ftgqunodq Sl,ArJqC6C[o1., ?}Jbgr\B.t ttqArqo 6tfto'o L oooLsbS6x6ou ESlrgog3c u6eJ uobcq'adegJ6cq'.',ul 3o6ug aJ 2. 9dJAAC6J6C tblrClrbo bCq,oAlfuqtorao, 3o6ugq'6$6g0oU L.rhq,ad(3J6CqxrEo l$+r6c.idD (Ps biA.Jaxrolot ACd& ADB Lhcagr6J(, J(r, qndD6Mq,C6J, Uqio6q,obJ -or"J UbeJ OerbeCu Aboq,r'rql er b)AUAr(',Coob ACbgoegj C3g6c,Bl6sror6q,oqro dgox.q60nor trgO-.:a.Oob.3.O3g6C6OG@ C6r'r363q'oJo6JC6C6OUq*I-C6AC6o- t(6cB6g(':'o Jc,6Jgd,g6oglap 0g6o9Cfr, 5. fu6oUdq6o lrrbol, A0ugoq,3Ciob er6FUEeECE, 6 AugUb3bqmb 316o 39trgoq6g6ol.r 6960slror6. AUCI bC&Cq,t$ JrtcroJqpfua8o 6.ro69 bbob A;; fuo,r6bfo0"1 a9Ap96 ESodq,gAJ ca 33qrrqi0ol, ag6r6J,6 ciq,g{ 3ba, ng"l, (,!- ADB-L "rr"JgS 2t EClrS"(,3C6"l, aC6aJAo. ECo,r6MCqCq, o3q'oqic0r dJq,Jao ScaJ ab.nq,.,a a aargRoJJOAAao ACOrE(,l(,o g(,30q,o pq,oL.) (,,, ADI_U .,rri;a.,*l, ACAeAclAo #aia lrrJ(,firEl(lt:6o(xr ArA$qC6Abr 6. ADB ljhJ63r6le y(, Aror!ea(,C0s, Anf$Chq,a" U6e.r g,tOgqgq,got "*t o"1r,:o^1 p.: s.rbr3 aJsud6cscqb q,JCo6rgCbJ. r,,3.*sq,0r";"ild;il ac6Es! Q.) lr, ffi 6C6oUAoC6o Urbob L.)Co6q,oLD ffiCqr,OC 03L:69 db.frotr lrr66C$gCex, $ eiJr36o6C6o(/,. 6od br3obUgqr6s6cx,r &,r Abrf,ol, llJa6C$g5q\r .)6 (,i,6eATrb rE A3C6(r)b $q,Jl.,. Jrl6JU6c6OtKn Jdl.'tirngg6csoo, acuuo(rJq,., l,JJr6rjUq,Oro 606JC006., i*l{+r*, d[r6qE6.xfubJ ADB_l_r 6oc6 goEcLSJ6 5s6boqirU, ory3o rr" e, eoi_r, a"g,6 ffiua*r* ,a *"u AJs,iSMCAUq,o eJ tsCugo(BCbol, AC.A.)ao bU3.63.rr,.q, .f, .6.,b A.,ffi. 9. _ _ lrrc6orar'r6obn, Jr$c 21 il "r rnrn.".""nii Ill,j "' Jl,'dg.{, acur4'c6r m; cBC6rOoC0o; go6.!E,gt6o a.r6bc,60oCaT0r 2. Afl J('€J('IEJEO Ur8o6ob$firu, 6ro6r'160 rCOqsSCOtlC. 3806!daTololr brr6olto 3. aUgbh8sqlas g6q9r gb6"J600qd,, .r36.rgogoqrg\r9l.r g3j6op6 bJggogo3r6og6b A\,d95q' JC(',o('KEo; (b) Ulo,ibl(xr 3o0$A.rj6g6ob folr6,Uq,C6ou 6,CAUqrl6Cbo aobcQ3oo; (d $cg. usjoogq,lh, U,)a"J Ord,eCb('RCU Agq,Ao3o A('l6ooFf,oeao bJatlcr gl$Ef,oUrg0! *rr.u*,** .*.X :i:;T'T::::Iffi_ 1, h.:,r'l-,t.I r lflr EUfiEAU .r rnt".."i,",,"i'e,..'"''* "t 23 Ufur Ut6JfuTi9,rl,, _ f r J$uffioob U.r6tn ,r-ndOou qp.rlFryqrgoob E30qr35 Lr.>5Soo a3aor[69Oolr.r- 0...r - 6O"rOiri*_6"f, 0oggq,o6clr . pc Ornq<,rL Lrorr6.{x,, UbJgdro,n rCirL t"Oi.. - S$dr a'Ecf r{C6rbgdr q€(5sfl{6.1 lr.r3"'Etr C0ollJ 6. q! anC6soogboL Ag03o?! o"C q,r66&rqrt ACaeCA ar,,3q$ ergo6!5U00Ue,o 6tob, u.>5tx,r (a) J6o&,OoU u66q,CbAo e J(,6l.106filoor110,!6 (6) 6.rlrgoU96c; .$ gg6fi;og6ob 16 ggqrg8sooLoqgDob 3o6l6('a[rnu ACAroodrJ q,.) 6C6,)hob ot6Mobr 6<.r0gqtEC t36oEJa,,o4q,oqxr AbCUbCbCq,Ar U6eJ gt6,36gCq1rt'rt, Ar6MOoCq,C6(l, g.r6r,r6q6g6r Ao ApA}3d63 A.:tf{A<'| olr, 6o0 Jr+mgjgoU q.oot!o6o, 0J6bs)6OoCq,C6r, g.>64o3\6tr: (r) lrds6<r6Cqxr0o AoACA3q,o q,cbuqr.ou (2ooe) qc6oo,; (g 6"'6ea.rb 0**ilffiilJffiJ_rJ,#m;lff x* eJ$r,o,, Alo) Ae)6ob Srr,CAotC tffiC(,coolj Aoob(,36C0dJ eJogoo), OoAq,C0$ 6raclaqr,6! MORD-oL, 6('la AJ6 A(')!otreoU aeDfufub.r C6o,bCq'. A(,UJCECbJAo b$r Lrr3oo:b90oD6 Ur3oob36o qr.: 6.r6obrb$o606Cgn W6dJdoCOC6o, oa$o rugor, rf,t g6o6b. *"'iiii.'ii',-i,, ""."'r6ifij; ll "r,....;i;::i:ii;iii1,i.i:9::r: i I CIS:- #X9i"iffi.ffsc&,46c6 lscqsaheecq*oorr &cB, 6ro,r qqlsq,o osorr ErA-ou q.os ar,Ft aoa36.r to,r a.rAsUnar 9. 6b3trb9fuq0r ,C6er a(',bobo3oll, MORD 6 ('SC6o C6o,hq,; go3Cq' As,bLCOCo.so l$JoobCbo qlJ ArAerbJUB,,6,COCelrr U6eJ q Rs6olr&{bC6o. xfEf"rtrqo AiSbocllr .gJ \?6(PJrr"[':,o l$foorbo qo0l#,ODaC6oac Aufuhgq)gob Ul.,€t6oC6olr, lxjo.rqPJ6 ps J a(rftJeCeoq,o oS0a.>,fOogljollo(,}colr; @) 6,cq'cal6ou6, broc6(,c6('l,r.qruqy q)rUrCACbUq'sJc 83aolraq,olr 6ro6cq,olgofu6gq,o ogol, .)Qaoq,oa6o3 6rtd,Q(n Ad$o$Ao AqsrA! 12. 6b3lrfufuqr6.r g6qr.> 6onotr.r6ob, J6ogj6ob 9,f6q,gbdo q.o.>jor6r3g6gq,., 0tio6oL 3opgiub; (6) cocc9.g, qulrg6o6 ,i ",'.,.-;xi:,-"i:",,:*';i=:g-":s::. 25 (.r A0o6C0CAoLJ3q'oJ6o JeJAoJ6C6o, 6.,0 6ss3663q,o6 o6gorid,>go.) tg3tnOO"a" a qts3u3aorfu6oor; (A) C6o)l.,s (D oAJ3C 6 or.>6,r06sqr blerpbJgn6; (r) UlirJfule,gr'l6 (3) or3o ACoJrgr'rE brgA3st (oJLqCAC6oLr6J6 eCanSOraCEOAr d,('la Jr,('lftIJob S Xr566orC(''{,8)llo)i6 q.B'30dtCDgc,o 6olr3C6o qJ J6gCfuO> 13. AbCbbCbCq,OJ U6er A('luo)bog('lL U oDoo(1qJq JoSortudoBo arorEoqr, ou qD 3n6g6olr 616.r33rt UJo6gctrr6.x, q,J br<,50 AJ6obog'rgC6 b&lxr66o3o a$.,o, fBrffir6o Or6CSoJo6aO Srql_ e.) rea eo6oldocbcbo :ujt hl,- gre"aoWt J.,6rb\)Uc]o agrngo ao036otrs q,> - grd00Dd., AJ(trraC6olrr q,r J6SC6Offi., AS.r6orgo('?('lbr qr 3oltCEtsoJlE S Dftk (,.pi a.,t*,o).

rt/ttn LOAN NUMBER 2716.GEO LOAN AGREEMENT (Ordinary Operations) (Road Corridor lnvestment pr€ram - projecl 2) between GEORGIA and ASIAN DEVELOPMENT BANK DATED 24 MARCH 2011 LALTGEO 41122 LOAN AGREEMENT (Ordinary Operations) LOAN AGREEMENT dated 24 March 2011 between GEoRGIA ("Bonowe/') ANd ASIAN DEVELOPMENT BANK C'ADB), WHEREAS (A) the Bonower and ADB have entered inlo a Framework Financing Agreemenl dated 29 August 2009 ('FFA) tor the purposes of assisling the Bonower in llnancing projecls under the Borrowefs Road Corridor lnvestment Program ("lnvestment Program") through a multitranche financing facrlrty to be provided by ADB; (B) by a periodic flnancing request dated 1 July 2010 submitted by the Borrower pursuant to the FFA. tho Borrower has applied to ADB for a loan for the purposes of financing the project described in Schedule 'l to this Loan Agreement ("Project")i and (C) ADB has agreed to make a loan to the Bonower from ADB'S ordinary capital resources upon the terms and conditions hereinafter set forth; NOW THEREFORE ihe parties hereto agree as follows: ARTICLE I Loan Rcgulatlon!; Dctinitlons All the provisions ol the Ordinary Operations Loan Section 1.01. LIBOR-Based Loans Made from ADB'S Ordinary Capital Applicable to Regulations Resources, dated 1 July 2001 ("Loan Regulations"), are hereby made applicable to this Loan Agreement with the same force and effecl as if they were tully set fo h herein, subject, however, to the lollowing modificalions: (a) Section 3.03 is deleted and the following is substrtuted therefor: "Section 3 03. Commit nent Charge; Credit. (a) The Borower shall pay a commitment charge on the unwithdrawn amount of the Loan al the rate and on the terms specified in the Loan Agreement. (b) ADB shall provide to the Borrower a credit at the rate specified in the Loan Agreement, which credit shall remarn lixed for the term of the Loan. ADB shall apply the amount of the credit against the interest payable by the Borrower." (b) Section 3.06 is deleted and the following is substituted therefo,. 2 (a) "Section 3.06 Rsbate. Foltowing any announcement by ADB that the Fixed Spread applicable to new Loans shall b9 reduced, ADB shall provide a Rebate to any Borrower wilh an outstanding Loan on which a highe. Fixed Spread is applicable. The amount of the Rebate shalt be determined by multiplying (i) the difference between the Fixed Spread applicable to the outstanding Loan and lhe Fixed Spread that w'll be applied to new Loans (expressed as a percentage per annum), by (ii) the principal amount of the outstanding Loan on which the Borower shall pay interest for all rnteresl periods commencing on and after the effective date of the lower Fixed Spread that will be applied to new Loans (b) Following any announcement by ADB lhat its Funding Cost MaEin calculations with respect to any Loan Curency (or Approved Currency) in any Semester resulted in ADB achieving savings, ADB shall provide a Rebate to the Borrower. The amount of the Rebate shall be determined by multrplying 0) the Funding Cost Margin (expressed as a percentage per annum) by (ii) the principal amount of the Loan on which the Bonower shall pay interest for the lnterest Period commencing immediately afler lhe Semester for which the Funding Cost Margin was calculated ADB shall appty the amount of the Rebate against the interest payable by the Borrower for the lnterest Period commencing immediately affer lhe Semester for which the Funding Cost Margin was calculated." (c) Section 3.07 is deleted and the lollowing is substituted lherefor: "Section 3.07. Surchargo. (a) Following any announcement by AOB that the Fixed Spread applicabte to new Loans shall be increased, any Borrower with an outstanding Loan on which a lower Fixed Spread is applicable sha pay AOB a Surchaee. The amount of the Surcharge shall be determined by multiplying (i) the ditference between the Fixed Spread that will be applied to new Loans and the Fired Spread applicable to the outstanding Loan (expressed as a percentage per annum), by [i) the principal amount of the outstanding Loan on which the Borower shall pay interesl for all interest periods commencing on and afler the effective date of the higher Fixed Spread that will be applied to new Loans. (b) Following any announcement by AOB that its Funding Cost Margin calculations with respect to any Loan Currency (or Approved Currency) in any Semester resulled in ADB incurring additional costs, the Bonower shalt pay ADB a Surcharge. The amount of the Surcharge shall be deiermined by multiplying O the Funding Cost Margin (expressed as a percenlage per annum) by (ii) ihe principal amount of the Loan on which the Bo.rower shall pay interest for the lnterest period 3 commencing immediately afler the Semester lor which the Funding Cosl MaEin was calculated. AOB sha add the amount of lhe Surcharge lo the interest payable by the Borrower for the lnterest Period commencing tmmediately aner the Semesler for which the Fundrng Cost Margin was calculated." Sectron 102 Whereve. used in this Loan Agreement, the several terms deflned in the Loan Regulations have the respective meanings lherein set forth unless modified herein or the context otherwise requires. Additional terms used in lhis Loan Agreement have the following meanings: (a) "Consulting Guidelines" means the Guidetines on the Use of Consultants by Asian Development Sank and its Borrowers (2010, as amended from time to trme); "Consulting Services" means lhe services to be tinanc€d out of the proceeds of the Loan as described in paragraph 2 ol Schedule 1 to this Loan Agreement, but excluding any services provijed in relation to Goods and Works; (b) (c) "EARF' means the Environmental Assessment and Review Framework agreed between the Borower and ADB and incorporaled by reference in Schedule 5 to the FFA; (d) "ElA" means the environmental impacl assessmenl prepared by the for Bonower the Project and agreed with ADB; (e) "EMP" means lhe environmental management plan incorporated tn lhe EIA: (D "ETCIC" means lhe Eurasian Transport Corridor lnvestment Center, pursuant eslablished to the Presidenfs Order 161 dated 21 April 2000j (9) "FFA" has the meanlng given therelo in Recital (A) of this Loan Agreemenl; (h) "FPU" means Foreign Project Unit established within the RD, as detined hereunder, for purposes of developing and implementing aid agency-Unanced projects, including thB Project: (i) "Goods" means equipment and materials to be financed out ol the proceeds of lhe Loan, including related services such as transportation, insurance, installation, commissioning, training, and initial maintenance, but excluding Consutting Servrces; 0) "lnvestment P,ogram" has the meaning given thereto in Recital (A) of (k) 'LARF means the Land Acquisition and Reset ement Framework this Loan Agreement; agreed between lhe Bonower and AOB and incoporated by reference in Schedule 5 to the FFA; 4 (t) "LARP. means a land acquisition and reset ement plan prepared by the Bonower for the Project pursuant to the LARF and approved by ADB; ' (m) ,,Loan Disbu6ement Handbook,, means AOB,S Loan Disbursement Handbook (2007, as amended from time to time); (n) "MOF. means the Ministry ot Finance of the Borrower, and any legal succeSsor thereto acceptable to ADB: (o) of "MORDI', means the Ministry Regional O€velopment and lnfraskucture of ihe Borow6r, and any legal successorihereto ac;eptablel; ADB; (p) Loan Agreement; (q) "Part" means a part of the poect as described in Schedute 1 to this "Procurement Guidelines,, means ADB,S procurement Guidelines (2010, as amended from time to tjme); (r) "procurement ptan,.means ths procurement plan for the project dated 26 November 2010 and agreed between the Borrower and ADB. as updated from time to time in accordance with tho procurement Guidetjnes, the Consuliing Guidelines, and other a[angements agreed with ADB: - (s) "Project" has tie meaning given thereto in Recital (B) of this Loan (t) "projecl Executing Agency,'for the purpose of, and within the meaning Agreement; of the Loan Regulations, means MORDI and any succesior ihereto, which is responsible carrying out of lhe Project; (u) for "Projeci facilities" means the facilities constructed or to be conslrucled, and the equipment and malerials provided or to be provided under the project; (v) "project Road. means the road, as described in Schedule .l to this Loan Agreement, to be constructed under part i: (w) ,,RO., means tte .Roads Department of MORDI, and any legal successor therelo acceptable to AOB: and (x) 'l/vorks,, means construction or civil works to be financed out of the proceeds.ol the Loan, including services such as drilling or mappinl anJ prolecf ,etateO services that are provided as part of a single responsibility- or turni"y Consulting Servic€s. "lnirra, but excluding 5 ARTICLE II The Loan 01. (a) Section 2 ADB agrees to tend to the Borrower from ADB.S ordinary capital resources an amount of one hundred lifty mi ion Do ar ($150,OOO,OOO), as such amount may be converted from trme to time through a Currency Conversion in accordance wth the provisions of Section 2.06 of this Loan Agreement. (b) The Loan has a principal repayment peiod of 20 years, and a grace period as defined in paragraph (c) of this Section. (c) The term "grace period,,as used in paragraph (b) of lhis Section means the period prior to the ,irst Principal payment Date in accordance with the amortization schedule set forth in Schedule 2 to this Loan Agreement. 2.02. Seclion The Bonower shafi pay to ADB interest on the principat amount of the Loan withdrawn and outstanding from time to time at a rate for each lnterest Period equal lo the sum of LIBOR and 0.60% as provided by Seclion 3.02 of the Loan Regulations. less a cred of 0.300/6 as provided by Section 3.03 of the Loan Regutations Section 2 03 The Bonower shalt pay a commitment charge of O 15% per annum. Such charge shall accrue on the full amount of the Loan (less amounts withdrawn from time to time), commencing 60 days after the dale of lhis Loan Agreement. 2.04. Section lnterest and other charges on the Loan shall be payabte semiannually on 15 April and 15 October rn each year. Section 2 05 The Bonower shall repay the principal amount of the Loan withdrawn from the Loan Accounl in accordance wth the provisions of Schedule 2 to this Loan Agreement. (a) The Borrower may at any time request any of Section 2.06. the following ConveGions of the tems of the Loan in order to facjlitate prudent debt management; (i) a change of the Loan Currency of all or any portion of the principal amount of the Loan, whether withdrawn and outstanding or unwithdrawn, to an Approved Currency; (iD a change of the interest rate basis applicabte to all or any portion of the principal amount of ihe Loan withdrawn an; outstanding from a Floating Rate to a Fixed Rate, or vica versa; and (iiD the setting of limils on the Floatjng Rate applicable to all or anv portion of the principal amount of the Loan withdrawn and outstanding by the establishment of an lnteresl Rate Cap or lnterest Rate Cotlar on said Ftoating Rate. 6 (b) Any conversion requested pursuant to paragraph (a) of this Section that is acc€pted by ADB shalt be considered a ,.Conversion',, as dedned in S;ction 2 Oi(6) of the Loan Regulalions, and shall be effected in accordance wth the provisrons of Arlicte of the Loan Regulalions and the ConveGion Guidelines. i ARTICLE III Ugo of procoeds o, the Loan 01. Seclion 3 The Borrower sha cause the proceeds of the Loan to be applied to the linancing of expenditures on the project in accordance with the provisions of this Loan Agreemeni. Seclion 3.02. The proceeds of lhe Loan shall be allocated and withdrawn in accordance with the provisions of Schedule 3 to this Loan Agreement, as such Schedule may be amended from time to time by agreement between the Bonower and ADB. 3.03. Section Excepl as ADB may otherwise agree, the Borrower shall procure or cause to be procu.ed items of expenditure in accordance wrth the applicable provisions of Schedule 4 to this Loan Agreement. AOB may refuse to llnance a contract where any such item has not been procured under procedures substantially in accordance with those agreed between the Eonower and ADB or where the terms and conditions of the conlracl are not satisfactory to AOB. 3.04. Section Except as ADB may olheMise agree, the Borrower shall cause all items of expendilurg financed out of lhe proceeds of the Loan to be used exclusively in the carrying out of the Projecl. Section 3 05 The Loan Closing Date for withdrawats from lhe Loan Account for the purposes of Seclion 9 02 ol the Loan Regulations shall be 30 November 2014 or such other date as may from tjme lo time be agreed between the gorrower and ADB. ARTICLE IV particular Covenants Section 4.01. (r) The Borrower sha cause the project to be camed out with due diligence and efficiency and in conformily with sound applcable technical, tinancial, business, and development practices. (b) ln the implementation ol the projecl and operation of the project facilities, the Borower shall perform, or cause to be performed, aliobligations set forth in Schedule 5 to this Loan Agleement 4.02 y Section The Borower shalt make avaitabte, promp as needed, the funds, facilities, services, land and other resgurces, as required, tn addilion to the proc€eds ot the Loan, tor the carrying out of ihe project and for lhe operation and maintenance of the Project facilities. 4.03. (a) Section ln the carrying out of the project, the Borrower shall cause competent and qualiUed consultants and contractors. acceptable to ADB, to be employed to an extent and upon terms and conditions satisfactory to the Borrower and ADB. (b) The Bonower shall cause the Project to be carried out in accordance with plans, design slandards, specifications, work schedules and construction methods acceplable to ADB. The Borrower shall tumish, or cause to be rurnished, to ADB, prompfly after their preparation, such plans, design slandards, specitications and work schedules, and any malerial modilications subsequently made therein, in such detail as AOB shall reasonably requesl. Section 4 04 The Borrower shall ensure that the activities ol its departments and agencies with respect to the carrying out ol the Project and operation of the Project facilities are conducted and coordinated in accordance with sound administrative potcres and procedures. 4.05. (a) Section The Borrower shall: (i) maintain, or cause to be maintained, separate accounts for the Project; (ii) have such accounts and related financial statements audited annually, rn accordance with appropriate auditing standards consisten y applied, by independent auditors whose qualiflcations, experience and lerms of reference are acceptable to ADB; (iii) turnish to ADB, as soon as available bul in any event not later than 6 months afler the end of each related liscal year, certified coples o, such audited accounts and financial slatements and lhe report of the auditors .elating thereto (including the auditors, opinion on lhe use of the Loan proceeds and compliance with ihe financial covenants of this Loan Agreement as well as on the use of the procedures lor imprest account and statement of expenditures, all in the English language; and (iv) fumish to ADB such other information concerning such accounts and llnancial statements and the audit thereof as ADB shall from ljme lo time reasonably request. (b) The Borrower sha enable ADB, upon ADB'S request, to discuss the Bonowe/s financial statements for the Project and its linancial affairs relaled to the projecl from time to time with the auditors appointed by the Bonower pursuant to Section 4.05(a) hereinabove, and shall autho.ize and require any representative of such auditors lo parlicipate in any such discussions requested by ADB, provided that any such discussion shall be conducted only in the presence of an authorized otticer of the Borrower unless the Borrower shall otherwise agree. 4.06. Section The Borrower shall enable ADB,S representatives to inspect the Project. the Goods and Works. and any relevant records and documents. 07 Section 4 The Bonower sha ensure that the project facilities are operated. maintarned and repaired in accordance with sound appricabre teclnicar, financiar, busrness, development, operational and maintenance practices I ARTICLE V Etfgctivon6ss 5.01 Section A date 60 days afler the date of this Loan Agreement is specitied for the eftectiveness ol this Loan Agreement for the purposes ot Section 10.04 of the Loan Regulations. ARTICLE VI Mlsccllanooug 6.01. The Minister o, Finance ol the Borrower is designated Seclion as representalive of the Bonower for the puposes of Seclion 12 02 of the Loan Regulations. 6.02. The following addresses are specified for the purposes Section of SEction 12.01 of the Loan Regulations: For the Bonower Extemal Relatbns Depaiment Ministry o, Finance 16 Gorgasali Streel, 0114 Tbilisi, Georgia Facsimib Number (99532) 261 461. FoTADB v Asian Development Bank 6 AOB Avenue Mandaluyong Cily 1550 Metro Maila phitippines Facsimile Numbers. G34 6e2444 (632) 6&2428. F the parties hereto, acting through their havo caus€d this Loan Agreement to b€ aigned jn year ,irst abovs written and to be delivered at the GEORGIA ASIAN DEVELOPMENT BANK EARTIEIKO KURODA 10 SCHEDULE I Doscription ot the proiect 'l The objective o[ lhe lnvestment program is to devetop a regional and national road transport network within the Bonowe/s tefiitory. The lnvestment program is expected to: (a) facilitate eflicrent regional road t anspo.t transit through Georgia; (b) increase trade flows and competitiveness; (c) lower transport cosls; (d) increase mobiiity and accessibility to markets, jobs, and social servlces; and (e) improve governance. 2. As part of the lnvestment Program, the Projed comprises the foflowing parts. EaIL!; Construcling a new 2-lane bypass road of approximately 14 kilometers skirting Bslum,: eglla: lmproving border infrastruclure for customs, provjding equipment tor inspection of vehicles and passengers, and simplifying cross-border procedures in accordance with best internalional practice; eeIL3: Financing relevant construction supervision consullancy; Part 4: Supporting the FPU to rmptement the project; and eg4.r5: Conducting, as appropriale, feasibility study and detailed design for the tranchs 3 project to be proposed under the FFA. The Project also includes the Consulting Services required for part 2, part 3 and Part 5. 3. The Projecl is expected to be completed by 31 May 2014. 11 SCHEDULE 2 AmortizaUon Schedulo (Road Corridor lnvostsnoni program - proloct 2) 'l The following table sets forth th6 principat payment Oates of the Loan and the percentage of the lotal principal amount of lhe Loan payabte on each principat payment Oate (lnstallment Share). ll the proceeds of the Loan shafi have been fu y withdrawn as ot the first Principal Payment Date, the principal amount of the Loan repayable by the Bonower on each Principal Paymonl Date shall be determined by ADB by muttiplyhg: (a) the total principal amount of the Loan withdrawn and outstanding as of the lirst principal payment Oate; by (b) the lnstallment Share for each Principal Payment Date, such repayment amount to be adjusted, as necessary, to deduct any amounls refened to in paragraph 4 of this Schedule, to which a Cunency Conversion applies Pavment Due Date 15 April 20'16 '15 October 2016 15 Apil2017 15 October 20'17 15 Apnl 2018 15 October 2018 15 April 2019 15 Oclober 20'19 15 April 2020 15 October 2020 15 Aptil 2021 '15 October 202'l 15 Aptil2022 '15 Octobet 2022 15 April 2023 15 Oclober 2023 15 Ap'jl 2024 15 October 2024 15 Aptil2025 15 Oclober 2025 15 Apm 2026 l5 Oclober 2026 15 April 2027 15 Oclober 2027 15 April 2028 15 October 2028 15 April 2029 15 Oclober 2029 15 April 2030 lnstallment Share (Expressed as a o/o) 2 500000 2.500000 2.500000 2.500000 2.500000 2.500000 2 500000 2.500000 2.500000 2 500000 2.500000 2 500000 2.500000 2.500000 2.500000 2.500000 2.500000 2.500000 2.500000 2.500000 2.500000 2.500000 2.500000 2.s00000 2.500000 2.500000 2.500000 2.500000 2.500000 12 Schedule 2 Pavmenl Due Oale lnstallment Share (Expressed as a %) 15 October 2030 2.500000 2.500000 2.500000 2.500000 2.500000 2.500000 2.500000 2.500000 2.500000 2.500000 2.500000 100.000000 15 April 2031 15 October 2031 15 Aptil2032 15 Oclober 2032 15 April 2033 15 Oclober 2033 15 April 2034 15 October 2034 15 April 2035 15 October 2035 Total 2 lf the proceeds of the Loan shall not have been fully withdrawn as ot the first Principal Payment Date, the p.incipal amount of the Loan repayable by the Borower on each Principal Payment Date shall be determined as follows: (a) To the extent that any proceeds of the Loan shall have been withdrawn as of the tirst Principal Payment Oate, the Borrower shall repay the amount withdrawn and outstanding as of such date in accordance with paragraph 1 ofthis Schedule (b) Any withdrawal made afler the lirst Principal Payment Date shall be repaid on each Principal Payment Date falling aller the date of such withdrawal in amounts determined by ADB by multiplying the amount of each such withdrawal by a fraction, the numerator of which shall be the original lnstallment Share specitied in the table in paragraph 1 of this Schedule for said Principal Payment Date (the Original lnstallment Share) and the denominator of which shall be lhe sum of all remaining Original lnstallment Shares lor Principal Payment Oates lalling on or afler such date, such repayment amounts to be adjusted, as necessary, to deduct any amounts refened to in paragraph 4 of this Schedule, to which a Cunency Conversion applies. 3. Withdrawals made within two calendar months prior to any Principal Payment Date shall, for the purposes solely of calculating the principal amounts payable on any Principal Payment Date, be lreated 6 withdrawn and outstanding on the second Principal Payment Oate following the date of withdrawal and shall be repayable on each Principat Payment Date commencing wrth the second Pnncipal Payment Date following the date of wilhdrawal. 4. Notwithstanding the prwisions of paragraphs 1 and 2 of this Schedule, upon a Currency Conversion of all or any portion of the withdrawn p.incipal amount of the Loan to an Approved Currency, the amount so converted in said Approved Cunency that shall be repayable on any Principal Payment Daie occuning during the Conversion Period, sha be delermined by ADB by multiplying sudr amount rn its cunency of denominatron immediately prior to said Conversion by either: 0) fle exchange rate that reflects the amounts of principal in said Approved Cunency payable by ADB under the Cunency Hedge Transaction relating Schedule 2 to sald Conversioni or (iD if ADB so determines tn accordance with the Conversion Gurdelines, the exchange rate component of the Screen Rate. 5 lf the principal amount of the Loan withdrawn and oulstandrng from time to trme shall be denominated in more than one Loan Cunency, the provisions of this Schedule shall apply separately lo the amount denominated in each Loan Currency, so as to produce a separate amortization schedule for each such amount. 14 SCHEOULE 3 Allocatlon and Withdrawal ot Loan Proceeds General 1 The table attached to this Schedule (as shown in Attachment hereto) sets forth the Categories and Subcategories of items ot expenditure to be financed out of lhe proceeds of the Loan and the allocation of amounts of the Loan to each such Category or Subcategory ("Table"). (Reference to "Category" or "Categories" in this Schedule is to a Category or Categories of the Table; reference to "Subcategory" or "Subcategories" in this Schedule is to a Subcategory or Subcategories of the Table.) Percentaoes of AOB Financinq 2 E\cept as AOB may otherwise agree, each item of expenditure s hall be linanced out of the proceeds o, lhe Loan on the basis ol the percentages set forth in the Table. Reallocation 3. Notwithstanding the allocation of Loan proceeds and the withdrawal percentages set forth in lhe Table. (a) if the amount d the Loan allocated to any Category or Subcalegory appears to be insufticient to tinance aI agresd expenditures in that Category or Subcat€gory, ADB may, by notice to the Borrower, (i) reallocate to such Category or Subcategory, to lhe exteni required to meet the estimaEd shortfall, amounts of the Loan which have been allocated to another Category or Subcategory but. in the opinion o, ADB, ar6 not needed to meel other expenditures, and (ii) if sudr reallocation cannot lully meet the estimated shortlall, reduce the withdrawal percentage applicable to such expenditures in order that further withdrawals under such Category Subcategory may continue until all expenditures thereunder shall have been made: and r (b) if the amount d the Loan allocaled to any Category or Subcategory appears to exceed all agreed erpendures in ihat Category or Subcategory, AOB may, by notice to the Bonower, reallocate such excess amount to any other Category or Subcategory. Disbursement Procedures 4. Except as ADB may ottErwise agree, the Loan proceeds shall be disbursed in accordance with the Loan Disbursemed Handbook. lmorest Account; Statement of ExDendures 5 (") Except as ADB may otherwise agree, the Borrower shall establish immediately after lhe Effective Date, tr imprest account for the Treasury Service of MOF at the National Bank of Georgia TIE imprest account shall be established, managed, replenished and liquidated in accordance with the Loan Disbursement Handbook and detailed anangements agreed upon btween the Borrower and ADB. The cunency of the Schedule 3 impresl accounl shall be the Oollar. The initial amounl to be deposfed into the imprest account shall not exceed the lower of (i) the estimated expenditure to be linanced from lhe lmprest account for the first 6 months of Project implementation. or (ii) the equryatent of 10olo of the Loan amount. (b) The stalement of expenditures procedure may be used for reimbursement of eligible Project expenditures and lg liquidate advances provided into the impresl eccount, in accordance w(h the Loan Disbu6ement Handbook and detailed arrangements agreed upon between the Borrower and ADB. Any individual payment to be reimbursed or liquidated under the statemenl of expenditures procedure shall not exceed the equivalent of 5100,000 Retroactive Financino 6 Wlhdrawals f.om the Loan Account may be made for reimbursement of eligible expenditures incuned under the Proiect betore the Eflectivs Ddte, but not eartier than '12 months before the date of this Loan Agreement, subject to a maximum amount equivalent lo 20% of the Loan amount. Condition of \Mrthdrawals from Loan Account 7. Notwithstanding any other provision of this Loan Agreement, no withdrawals shall be made from the Loan Account for the Works under Part 1 described in Schedule 1 hereto until ADB has received a confirmation ,rom the Bonower, in form and subsiance satistactory to ADB, to the effect that (a) adequate funds have been allocated to a Project account for relevant land acquisition and resettlement activities of this Project; and (b) the land and rights-of-way required for implementation of the Project have been obtained free and clear ot any liens, rights, claims oa any other encumbranc€ whatsoever. 16 Attachrnenl to Schedule 3 TABLE ALLOCATION AND WITHDRAWAL OF LOAN PROCEEDS (Road Corridor lnvGstmont Program - Proj6ct 2) CATEGORY AOB FINANCING Total Amount Allocat€d for AOB Financing N um ber Item (t) Catesory I Subcateqory Percontage and Basis for Wlthdrawal from tho Loan Account 97,900,000 1 Batumr bypass 91,100,000 1B Cross-Border Facilitation 6,800,000 2 Consulting Services (Feasibility Study, Detarled Design, Conslruction Supervrsion, and Cross-Border Facllilation) 15,700,000 3 Projecl Management Support 1,400,000 4 Unallocated 35,000,000 Total 150,000,000 'Erclusivo ollaxes and dulies imposed wilhinthe lerilory ot th6 Borrower 83 percent of total expenditure claimed 85 percent of total expenditure claimed 100 percent of tolal expenditure claimed' '100 percent of lotal expenditure claimed" 17 SCHEDULE 4 Procurement ot Goods, Works and Consulting Servic€! General ,| All Goods, Works and Consulting SeNrces shall be subJect to and govemed by the Procurement Guidelines, and the Consulting Guidelines, respectively 2. All terms used and not otheMise delined in this Loan Agreement have lhe meanings provided in the Procurement Guidelines andlor thg Consulting Guldelines, as applicable. Procurement ot Goods and Works 3. Except as ADB may otherwise agree, Goods and Works shall only be procured on the basis of the methods of procurement sel forth below: lnternational Competitive Bidd National Competilive Bidd 4 The methods of procurement are subject to, among other things, the detailed arangements and threshold values set forth in the Procurement Plan. The Eorrower may only modify the methods of procurement or threshold values with the prior agreement of AOB, and modifications must be set out in updates to the Procur€ment Plan. National Comoelitive Biddinq 5. The Bonowe[ and ADB shall ensure that. prior to the commencement of any procurement activity under national co.npetitive bidding, the Boarowe/s national competitive bidding procedures are consistent lr,ilh the Procurement Guidelines. Any modifications or clarilications to such procedures agrd between th6 Borrower and AOB shall be sel out in the Procurement Plan. Any subsequed change to lhe agreed modifications and clarifications shall become effective only after approval ol such change by the gonower and AOB. Consullino Services 6 Except as AOB may drenvise agree, lhe Borrower shall apply quality- and cost-based selection for selecting and engaging relevant Consulting Servic€s. lndustrial or lntellectual Propertv Riohb (.1 The Borrower shall ensure that all Goods and Works procured (including without limitation all cdnpttter hardware, software and systems, whether separately procured or incorporated tdhin other goods and services procured) do not violale or inlringe any industrial property or idellectual property right or claim of any third party 7. (b) The Bonower Crall ensure that all contracts for the procurement of Goods and Works contain appropdate representalions, warranties and, if appropriate, 18 Schedule 4 indemnities from the contrac{or or supplier with resped to the matters refened to in subparagraph (a) of this pa.agraph. 8. The Borrower shall ensure that all ADB-financed contracts with consultants conlain approp.iate rep.esentations. wafianlres and, it appropriate, tndemnities from the consultants to ensure that the Consulting Services provided do not violate or infringe any industrial property or intellectual property righl or claim of any third party. AOB's Review of Procurement Decisions 9. Contracts procured under intemalional competitivE bidding procedures and conlracts for Consulting Services shall be subject to prior review by ADB, unless otherwise agreed between the Bofiower and AOB and set forth in the Procurement Plan. 't9 SCHEOULE 5 Ex6cutign ol Prorsct and Operation of Proiect Facilitl€!; Financlal Mattors lmolementation Arranaements L As the Projeci Executing Agency, MOROI shall have the overafl responsibitity for the implementation of the Project. RD, as the implementing agency for the project, shall be assisted by ETCIC. FPU shall handle all Projecl implementation activities under the supervision and guidance of the chairman o. vic€-chairman of the RO. FpU shall be compnsed of technical stafl assigned from within the RD and engaged ,rom outside, as aPPropriate. 2 For Parl 2, MOF shall be responsible for its implementation as an rmplementing agency. The Deputy Minisle. (Administrative Oepadment) of MOF sha have the responsibility for overall implemenlalion, while the Head of the Adminislrative Deparlment of MoFshall act as a project direclor and shall be responsible for day-toiay project implementation activiiies of Part 2. Construction Qualitv 3 The Bonower shall ensure that (a) lhe Project Road is construcled in accordance wjlh the technical specifications ot lhe design and within the timeframe agreed with ADB; (b) relevant construction supervision, quality control. and contract managemenl are performed in accordance wilh internationally acceptable standards; and (c) all Goods, Works and Consulting Services shall be monrtored continuously and evaluated periodically so lhat relevant designs, professional conducl, and outputs, as the case may be, are ln accordance with the relevant nalional and intemalional standards, criteria, best practices, and agreements, and are in compliance with relevant ADB'S policies. Road Safetv 4 The Bonower shall ensure that RD installs appropriate road safety signs and facilities during the Project implementation and after completion, such as wamrng signs, pavement markings, road signs and signals, and hazard baniers, all in complEnce with industry's best practices and relevant intemational conventions to which the Borrower is a parly. The Bonower shall further ensure that RD monitors the accident rate and traffic volume afier commencement of the operation of the Projecl Road and institutes appropriate safety enforcemenl measures. Road Maintenanc€ Fundino 5 The Bonower shall ensure that actual annual expenditures for road malntenance (including emergency maintenance, but excluding rehabilitalion and new construction) for roads within the jurisdiction of RO are increased or maintained in line with the overall national budget trends during 2010-2015, beanng in mind objectjve affordabjtrty conslraints. 20 Schedule 5 Chanoe in Owne6hip and Ooeration 6 ll any of the foltowing events is road, road facility, or structure financed under of interest or control in the road, road facility, o lease or othe. contract or modirication of the and maintenance of any road, road facilily, or structure linanced under the projecl, lhen the Bofiower shall ensure that ADB'S consent is obtained belore the effectivo date of any of the aforesaid events. The Borrower shallalso ensure thal any of the aforesaid is carried out in a legal and transparent manner Environment 7. The Bonower shall cause MORDI to ensure that the project is designed, carried out, maintained, and monitored in comptiance with; (a) a[ appticable environmental laws and regulations of Georgia; (b) ADB'S Safeguard poticy Statement (2009); (c) the EARF; and (d) lhe EMP, including the mitigation measu.es and monitoring requirements arising from tie implementation of the EUA. The Borrower shall cause MORDI to submit perjodic environmental monitoring reports on a semi-annual basis during project clnstruction; each such report shall describe, among othe6, relevant compliance tssues and corective actions, if any. 8. The Eonower shall also c€us€ RD to ensure that: (a) Works contracto.s. specifications include requirements to comply with the environmenlal mitigation measures contained in the EIA and EMP, and (b) Works contractors are supervised to ensure comptiance with lhe requirements of the EIA and EMP. Land Acouisition and Resetllement I ThB Bonower sha[ cause MORDI to ensure that: (a) lhe LARP is canied out promptly and efliciently in line with atl applicabte taws and regulations of Georgia and AOB,S Safeguards Policy Statement (2009); and (b) the imptementation of the LARp is duty monilored and evaluated, and the results are reported to ADB, all in accordance with the i_ARp. The Bonower shall also ensure that tand and dght-of-way required for the project implementatjon are made available lo the Projecl in a timely manner. The Bonower shall cause MOROI to subm[ periodic progress reports on a semi-annual basis during projecl construction; each such report shall describe the progress ol the implemeniation of reset ement ac{ivities and relevant compliance issues and correclive aclions, if any. '10. The Bonower shall cause RO to ensure lhat Works contraclors commence relevant construction only afier the pertinenl part of the LARP has been implemented with respect to the relevant road section in accordance with the terms ol lhe LARP. More specilically, no physical displacement or economic displacement shall occur and no notice to proceed is issued to relevanl Works contraclors until; (a) compensation at full replacemenl cost has been paid to each displaced pe6on according to the LARP for relevant project nstructedj and (b) other enti ements tisted in :oTe9lIJs or sections thal are ready to the LARP have been Fovided to displaced persons. be 21 Schedule 5 Local Consultation and Gender 11 The Bonower shall cause RD to ensure that: (a) alt local consultations with respect to safety, social. and cultural issues during the Project implementation are canied out rn accordance with the summary poverty reduc{ion and social analysis prepared for the projecti and (b) lhe mechanisms fo. maximizing local employment benefits are included m relevant bidding documents for contracls ,inanced under the Project. Labor 12 The Eorrower shatl cause RD to ensure lhat all Works contraclors: (a) comply w h all applicable labor la\,!s of ceorgia: (b) use thef best efforts to emptoy women and tocal people, including disadvantaged people, living in the vicin y of the project: (c) dissemrnate inlormation on the risks of sexually transmitted infections to those at worksiies employed during construction; (d) provide equal pay to men and women for work of equal type; (e) provide sale working conditions for all worke6; and (0 abstain from using chitd labor The Bonower shall cause RD to further ensure that relevant Works contracls fi;anced under the Project include specific clauses on these undertakings, and compliance is stricily monitored duing the Project implementatrcn. Heallh Risks and Prevention 13. The Bonower shall cause RD to ensure that each Works contrac{ includes a requirement to conduct an information and education campaign on sexually transmitted diseases and HIV/AIOS for construdion workers as part of lhe health and safety program at campsites during the construction perbd. llleqal Traffickinq 14 The Borrower shall undertake concrele and adequate measures to detect and prevent trafficking of humans, wildlife, endangered species, and illegal substances on the Projecl Road. Anticonuotion and Good Govemanc€ 15 The Borrower shafl comply with ADB,S Anlicorruption policy (1998, as amended to date) for the purposes of th ) projecl. The Bonower, consisieni with its commitment to good governance, accountabitity and transparency, agrees (a) that ADB reserves the right to investigate, dkeclly or through its agenl;, a;y attegi:a corrupi, fraudulent, collusive or coercive pradices relating to ttre erojeit, and 1Of to cooperate futty with any such investigation and to extend all neceisary assistince consrst,ent wilh Bonowe/; legjslation. re. or causE to ensure, that all contracts financed by ADB under.lhe s specirying the right of AOB to audit and exami;e the records an inplementir consultants, and other seryice provid€rs, as s The Bonower shall further ensure that core misallocation of resources in relation to the pro