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お ゛ ６ ０ Ｂ 長 あ つ９ Ъ υ や ヽ ８ ０ つ揆 ヽ レ ー ソ ８ ︻Ｚ お ６ 日 腱 ︼︶Ｏθ ︐ ︐ ︐ ２ ● レ ィ ３ υ ８ К ０ ３ Ъ ３ ド ０ 癸 ３ ９ ヽ ｅ Ｌ こ ８ ＾Ｏ β ︐ ス Ｐ ゑ ｇ ●う 弔 技 ︐ 潟 学″ Ｂ ８ ８ き つ ち う ２ ● ︐ ︐ ︐ ︐ ｓ ｉ る ｔ Ｏ ざ く で レ ゝ郡 ´ ︐ 溢楼ｏ ∂ 狡筆 ︐ ︐ ｂｉ Ｐ セＦｉＦ つｃ ̀ 1 0 ̀̀ 「 ０曽 Ｒ ︐ そ ＾ ●５ ｏう︒ Ｃ ＾ＣｏＯｏｐ一Ｃｏ〇一 ギ＾静０■４ゞ役 τυうθ εＸＰ■２２絆ＰＲ Ｂ８ Ｐ １ ８ ８ ら ３８ら ス 噌 Ｓ ｔ● К ア ︐ ０ ● Ｐらｔ０ レ ︐ ａ ｇ ︐ ｏ ３ ３ １ ９ 麟 ヽ Ｒ ｃ な ０ 揆 ？ で ｔ ｏ ここ０ ︐ ０ 安 い ∝ ツ υ ざ υ つ も 負 ０ ０ ド 一 ゛ ざ 一 型 こ ち メ ■ ６ ｏ ６ 晏ゝづ ︐ メギ ︐ ＶヽＥＯ嶼 ｔＯＸ０９ ７●ゝＯ ｏ ＣＣ Ｏ ｏЪ●●黎φヽ スｙ蟄ち︶ こう０ ︐ ｏ ３ざＬ︼Ｘソ晏︐ ︐ ヒνゃ ０ あつ ｏυＯ ち ● ヽ お つ Ь ヽ ９ ■ ● ヨ Ｂ ● ゆ ２ お ︐ メＢ●Ｂ ｃ 嗅ざ０ υやｔ ︐ ３ ２ り６ム Ｆνお ８′ｏβｅデ崚 β︒ ０ ︐２Кド 負ｙ︐ ３つ８３ ︐と お Ｃ３ ８ ０３８９２ＸＰｏ ︐ ヨ ｃａ や お 臥 ｏレ ⁝ Ｏｃｔ ⁚ Юｇ Ｏ ２８０ し ３ ︐ と； ″ ３ Ｊ ８υ ム づ め ０３ こゆし ３７ ０ Ｃ 予 υ ヽ ・ ３啜 ０ ３ ｆ お ∝ ８ ︐ ０´よアｏ ツυらゃ０ぉ´お０つメフｋヽし つ 授ヽ こでう０ゝ霊ざＱよ▼ろ０ ３ ６ｃＯＲて イ ２υ ヽ い Ｘアヽ レこうＣ ヽお 々三で重Ｒヽ２υ２夕υら６ｏ●■ら８ ざ■り＾ぢつ場 ︐ ︐ ︐ ︐ ︐ ︐ ０ ま １ 営 遮 ゎ９ ８ ８ ３ Ｅ ｃＲ ３ θ ９ ヽ メ Ｂ つ 総 Ｐ ■ も υＰ ｃ ３ ゃ ０レ０６０も つ ら３ ｃ ００ ０ＢＣ贅︶●２３・ ０︺ 長ヽ ｃ ﹁０ ＾ Ｓ３ つ ヽ ■５ｏ ０ ｏつ お３８ぬ ８ ︐ ⁚ ⁚ υＯ ちＣ ζ レ Ｃ ｔ 薔 ３ Ｊ β ８ 禽 ｔ ｙ わ 兵Ｚ ８ ゃ ヽ こ ぽ Ｂ ウ Ь 長 Ｒ ０ ｏ ６ Ｐ 資 ぢ ヽ ′ ■ ２ ヽ Ъ ド ウ ０つ ３ ０ 晏 ヽ ９ 餃 ４ ８ ｏ で ︐ ︐０ 田 よ０イ鳥′８ εヽ ９２督︐ Ａｒｔ つぞ ざ 曖ｘυ魚 ０ い 電 ヨｃ ¨温ヨ ぢ ︐ ′登︐嗅 ０ 三´ 一 ０兵 ち ３ ８ ９ ０Ｒ ヌ お っ 喩 ち つυ イｃＯ ご こ含 Ｂ ハ τ ｏ υ ０９︐ヽ ら お Ｏ υ Ｃ Ｆ ︶ ｏ兵 ち Ｒ ス ︶ ︐諮 ダヽン ３ ● ｏ兵 ０ レ う ０ 勲 ざ い ０ ゴ ｏ揆 ヽ とｏ︼″︐ ● 一´去ЪＰし おυ ３０９０ ︐３レｐｔ ３ 夕 お ８８９８ｔぞ ｏ ︐︐ ︐ 亀 ａ︶ ︐″ ■ ０ ２ ︐ｐ狡きちｏ ν●歿０ ｑざ︐ヽ ド︶ 曼ざ淡啜お ぞ︑ ２Ｘｐ︺ ３ つ Ｒ嗅 ＯＢ ヽ ２ル 渋ｙ︐″ヨ ．こ６３８ ａ えυ ︐ ︐ ︐ ︐ ︐ ︐ ︐ ︐ ︐ ？υ ｎ Ｏ ︒′ 望り ９υ つ と ８ ０■６０●リスα Ｃ る Ｆ る Ｃ ｘ ＾ バ こ ｏ２υёハイ一 Ｏ ご ヨ ス あ ｏ ｏ ︐ ｏ ぬ ０ ﹁ ＾ ２うｏ 一 ν¨ ワ ツ一 ＺθＯこ ３ ０￡ ￡ ６ ａ ざ ８ｒ︶ ＆ る ８８７ ． ａ３８ｏ ● ３け０﹂ ︐ヨ ● ″三長場騒´ ＢθＦと０お ●＾ θ つ χうｏ 豪こ授％０︑ ︐ ３ ︐ちや ν夕 ０で嘔よ騒 ■θ つ Ｅウゑドζ４３ おや′●０ わ 揆で９っ つ ヽ 兵ＯЪυｐ や ３３ ″ 女贅 ｒ ヽ ︐３ ８ｆ お ︵ ´３ ● ぼ ｋ ど 一 ２２ ０ こ ち４ じ Ｐ 一 ９¨ 日︶ Ｌ つ む 亀 ヾ ″ １ ８ ３ ３ ０ つ ヽ ひ ⁚ ｃ ・ １ ぎ Ｏ ｌ ３ ⁚ Ｒ 厳 ●い Ｉじを ３ レ♂ ０８Ｎ つ ネ ︐ つ ｃシＲヽ 受ヽ Ｂ虚７Ｅやヽ ム ０●・ レ０も ３︶ ０ ︐ぞレａＯお ８ し ・ ３レやヽ 絆 ８ ｃＯ ｃ禽ヨ ｃ＾ ＾ ｂ ё名レ ヽξし 一 ︐ｏ ︐ ︐ ら ３Ｆ ︵ ⁝ χ ゃ ２ ︶ ｐ ′ ｈ レ ８ ら い ３ Ｐ ︐ ｅ お ︐ 多 ８ ０ ■ ヽ Ｅ Ｅ Ｂ ︐ が ３ ２ ０ ぞ ０ こ 一′ａｐ狡や﹂ ● ろ ８ ８つ ＾ ２ っＯｃ ＾ ︐お長ヽ ｅ りう芸ヒお りЪレＰちＦレ ０ゝ ０● ０ ０メヽ七嘱澪ａ︶ ● てｏ クヽυゃヽθ■６′ｃＯ こ Ｌ ｏ ν＾ざ ∝●８８ レ贅だヽ俊ヽソｐЪＰさＰひ ＰＸ０ ●ヽ８６ お ｃ い ２ ＰＯりｏ・ Ｏピ″ や ０ ＸＰ ３ ぞ０郎きあ ？ゼ オ︐К ３ だ写ヽ ム０︐お ︐ヽ ︲ ︐ ︐ ︐ ︐ ︐ ︐ ︐ ●Ｆ ｂぞ´ ● Ь おレうＯＰＯ日Кざ８ ス● ︐ ︐ ｏＲ ざ ︶ ＾ ヽ ｙ 夕﹂浚 ｏ つ シリエ ︐Ｖ文Ｘヽ う ︐ つ ヒ ２ ︶う︒ｏ ｏつ Ｗヽし９Ｑ Ｃうκご︶ ｃ● ａ ツ も ＣＯＣＯ Ｒ〆う や て 夕をυ Ａ ざ メ ０ ０ Ъ Ｏ き 委 Ｌ Ｏｏ ︐ る０ ｏＣ０６ぅ０ゎ＆Ｙ﹂あつ ｏＣι ︐υ ＾メヽ名″´ ︐ υ ν８ ご＾ こ８ ８︐ ＾ ぢ ゑＯυＯつ ρｙｐち３つ 娑ヽ 名 ｌ ｏ３レ０・ ︐８ ｏ な８Ｐ¨ マ ２４︐ ６ ´ ∂︐ ｏヽ ８Ｐ こ ・ ３ つ ３つ θ ｏ ｃ ８ ち ３８ ︐ じＸ´ ′●るｏ６０Ъレど０おυ´ ０つ ︼ ム● Ｚコ ゝあ魚φ９ ¨ ３●νヽ ´´Ｌ又﹂ ︐ め¨ ＾ ｏＮ´ヽこ︐ わ Ｏε ぃ Ｐゝ０３ ２Ｌ ス タ ヽ ■ ︑ こ ｅ■ ア Ｃ ｋ ％︐ ０ こめ螢 ど Ｖ る ０ ゝ ヨ づ υ Ｏ お０こ ０さ Ｃ ８ ８ ︶ ︐ ︐ りヽ レ ら︐ ８ ｏレ や ″ ３ ●ｏ３ ′ ざ で ｐ ＯＰ ７ ︶ 学 こ Ｐ ´ Ｏ Ｒ ざι ａ υ ′ て Ｒ う や ｘ ア 晏 漱 ｅ ｔ ＯＰ３ ｏｏ工 るｏ 曖ｌ χ ８ う ⁝ ＾ ︒ｃ ｏここ０ で ｏ β ＾ ｏｃ ド じ Ｒ ︶ ｏ ０ つ只 ち く マ 一 ︐ ２ ン う０ ソ 霞︐鷺 々し ぼ ぽ 螢 ︐ ︐ いき ︐ ０ カ ０ ２ ●レＲド●名 ＯνｆЬ９８ る０ ■ヽ０収ス８１ い ぞつとヽ︐ 倒 ｏ ν一 ３●２ コち９υ炎お︐ Яで ０おＰ ０ ０ 一 わ ６ ２ ｃ文 ｃ Ｓレｐヽ Ｒ Ｏ ゝ６ コ メ ゝ０ ︐あ ︐ つ クさ癸０ ０ ︐ ７¨ ｃ ｃ ｔ８︐ ス螢ぼ冷 つ ｅｔ●収嵐 ０レＡど ︐ ３ つ ０興ど︐・ ３４６ つ ︐ Ｐ ｒ８Ｒ ｏ颯 ２ ＥＰ■ ３ ソざ０﹂ ３ ︐ ︐ 罷 ●８υ ３ οお嶼４ お ０ち 挟ち０ ｃ︹ ︐ ︐︐ ︐ Ｃ ８ 晨し ３８ ︐ リＳｐり τ● ￨ っよビ ２ ︒ Ｃｏ女 Ъ Ｏぼ´ 及も ０ つと●４９ ¨父Ъめめ０ ち０ ︐ ︐ Ｂ ＾学 う ち ´ とで ︐ 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(OperatiOn Numbcr 45181) AIИ ENDMENT ACREEMENT N0 1 lo,be Loall Agreement dated 25 0ctober 2013 (Jvari Khorga Transmission Line) bcmccn CEORClA and EUROPEAN BANK FOR RECONSTRUCT10N AND DEVELOPMENT oat a l(y tla'.ch zors (Tbilisi, Georgio) ANIENDMENT ACREEMENT N0 1 TO THE LOAN ACREEMENT DATED 25 0CTOBER 2013 This amendment aSreement, dated !l l'1ozlr 2015,ismade by and between: (l) GEORGIA Che 'Borrower"); and (2) the EUROPEAN BANK FOR RECONSTRUCTION AND DEVELOPMENT ("EBRD" or lhe "Bank"). WHIRXAS: (A) The Bonower cntered i o a loan agreement dated 25 October 2013 (lhe "Originrl Agreeinent") with EBRD; (B) The Borrower has informed the Banl thai futher to the procurement process for the puposes of the Projcct ther€ arc approximately EUR 5,000,000 of savings, which the Bonower wishes to use for the purpose ofupgrading ,,Zestafoni 500" and ,,Mamueli 220" substations, which is consistent with the ovei:all objective of the original Proj€ct to strengthen the reliability and stability ofthe transmission network in Georgia as well as increasing transmission capacity to areas ofexpecled demand; and (C) The Bonower and EBRD wish to amend the Original Agreement in cenain resp€cts, on and subj€ct to the provisions of this Agreement. NOW, THERf,FORE, in considemtion of the above, the parties hercto agre€ a! follows: Section l. DeliDilions rnd lDt.rprct tion (a) ln this Agreement:"Amendments" means the amendments made or to be made purcuant to Section 2 of this Agrcement. 'Amended AgreeEeot" means the Original Ageamcnt, as amended by this Agreement. "Ellective Date" has the meaning given in Sectio[ 3 oflhis Agreement. "Origin.l AgreemeDt" has the meaning given in Recital A. (b) Terms defined in the Original Ageement (whelher directly or by reference to any olhcr agre€ment or instrument) shall, unless otherwise defined herein, have the same mea.ning in this Agrcement. The provisions of Section 1.02 of lhe Original Agrcement shall have effect as ifse( out in this Agreement in full, mutatis mutandis. (c) The Origioal Agreement and this A8reemeot shall be read and construed as a sidgle document. 2 Section2. Amendm.rt.ndConainuity (a) With effect on and from the ElTective Date, the Original Agreement shall be amended by the amendments set out below aDd in the Schcdulc I to this Agreement. (b) The provisions of the Original Agr€€ment shall, save as amended by this Agreemenl. continue in full forEe ard cffc.l. Section 3. Ellectivc Drte The Effeciive Date shall be the dale on which the following conditions precedent shall havc bcen satisfied: (a) lhe Bonower delivers to EBRD lwo duly executed originals ofthis Agreement; (b) the Bonower provides to EBRD evidence, in form and substance satisfactory to EBRD, that this Agreement has been duly mtified by the Parliament ofceorgia, and exccuted on behalfoftbe Borower; and (c) EBRD notifics the Borrower in writing that lhe above conditions for effectiveness have been satrsfied. Section 4. Reprcsaolaiiotrs rtrd Warrrntios (a) Thc Borrower rcprcse[ts and warants to EBRD as follows: (l) It has allrcquisite power and authority to execute, deliver and perform allof its obligations under thi; Agreement and the Original Agreement as amended by this Agrcement. (2) It has lakefl all necessary action to authorise the execution, delivery and performance by it ofthis Ageement and the Original Agreement as amended by this Agreement. (l) This Agrcement has been duly executed and delivered by it and this a!r""."nt -,-a th" O;ginal Agreement as amended by this Agreem'nl ftom the daie of is ratification by the Parliament ofceorgia constitute its valid and legally binding obliSations, erforceable against it in accoldance with their respective terms. (4) All consents, authorisations and actions of any kind necessary for the valid ixccution, delivery and performance by it of this Agreement and for the valid performance ofthe Ori8inal Agreement as amended by this Agreement have been obtained and are in full force and effect. (5) The execution and delivery by il ofthis Agrecment and the performance by it of its obligations under this Ageement and undet the Original Agreement as any of its amenaeA tyitis egrecme do ;ot require the cons'nt or aPprcval of or creditors and will not conflict with or constitute a breach or default under writ' order' regulation, rule, law, ,iolat" any provision of any agrcement, judgement; injunciion, decr€e, det€rmination or awaid applicable to it (b) The Borrower acknowledges that it has made the foregoing representations and warranties with the intention of inducing EBRD to enter into this Agreement and thal EBRD has entered into lhis Agrecment on the basis ol and in full reliance on, each of such rcpresentations and warranties. S€ction5- Miscelhoeous (a) All refercnc.s to "the Agreement" in the Original Agreement and all reference to the Original Agrcement in all instruments and agreements execuled thereunder shall refer to the Original Ageement as amended by this Agreement- (b) This Agreement will be executed in tkee counterparts, each of which shall be d€emed an oriSinal, bul all of which together shall constitute one and the same agreement. OIre signed original of this Arnendrnent shall be kept for the Borrowe!'s recor& and two signed oriSinals shall be returned to EBRD. (c) All the provisions of the Stardad Terms and Condilions dated I December 2012 arc hercby incorporated into and made applicable to this Ageement with the s6me force and effect ifrhey were fully set fonl herein. IN WITNESS WHEREOF, the Pafiies hercto, acting through lheir duly authorised rcpresentatives, have caused this Amendment Agrcement to be executed and delivered at Tbilisi, Georgia on the date first above written. 4 SCHEDULE I AMENDMENTS TO THE ORIGINAL AGREEMENT The Original AgreemeDt rhrll be rmendcd .! follo*s: (a) By delcting the paragraph I of Schedule I of the O.iginal Ag€€ment in its entirety and replacing it with the following: "The overallpurpose ofthe Project is to stlerylhen the reliability and stability of the tmnsmission network in Georgia as well as increasing transmission capacity to arcas of expected demand. This will be achieved through the construction of elect cily tmnsmission lines from the Kavkasioni tra$mission line to the Jvari substation, and between the Jvari substation to lhe KIorSa substation in Cmrgia, as well as the consfuction of other assels and equipment in line with the purpose ofthe Project". " (b) By adding the following new suEparagraph in paragraph 2 of Schedule I of the Original Agreement: "Part F: Substation upgiades.' G) By adding the words "substation upgrades" after "transmission lines" in category (1) oflhe atlachment to Schedule 2. GEORCIA Name:NODぼ KHADURI Title: MINISTER OF FINANCE OF GEORCIA UCT10N AND DEVELOPMENT Name:BRUNO BALV Titlc: DIR-ECTOR FOlt CAUCASUS, MOLDOVA AND IIELARUS

EXECU rloN coPY (Operation Nulllbcr 451 8 1) LOAN ACREEMENr Kb""Tn83面 33b口 い 0 tJv● ● betw● ￨● CEORCIA and E¨ PEAN BANK FOR RECONSTRUt■ ■ON AND DEVELOPMENr D.rcd , ,-ocrob.r 2013 TABLE OF CONrENrS ARTICLE l‐ STANDARD T口 田ИS AND CONDn肛 ONS:DEFNmONS… …… … 2 Scctlon 1 01 1nco■ Ю■●on oF Standard Tems and Conditions … scmOn l o2 DeFlnltlols … …… … …… … … … …… Sectlon 1 03 1ntOnat10n …… …… … … …… …… …… 2 …… 2 … 2 ARHCLE II‐ PRIINCIPAL TERNIS OF THE LOAN … … … ……… …………… 3 Sction 2 01 Amountand CurrcIEy … …… … …… …… … 3 … …3 S∝ tion2 02 0mIFL口 ncial Temts ofthe Loan … …… ……4 …… … Section 2 04 Authonsed RcFentatlVe For Dnwdowns̲… …… ………… ……………4 Soction 2 03 Dn owlls … …̲ ARnCLE III‐ EXECU HON OF TIIE PROJECT… …… …………… … … … Scctlon 3 01 01herttmatlve Project Covcnants… … … … … 4 4 ARnCLE IV‐ SusPENS10bl:ACCELERAmON:CANCELLAT10N… ………… … 5 Sectlon 4 01 Suspens血 … 5 … ……… … … ………… ARnCLE V‐ EFFECrMNESS… ……………………………………………… ……… ………6 Scctlon 5 01 Condltlols Poedcntto Erectivel̲ …… … …6 ……… Secuon 5 02 Legal qttOns… …… …… ………………… ……………… ……6 7 S∝tlon 5 03 To■uratlon for Fallu腱 lo Become EfFcctlve …… … … ARTICLE Vl‐ MISCELLANEOuS… ………………………… Smlon 6 01 Notlces… ……………………… … … …… … …………… …………7 …… … …………7 SCHEDULE l・ DESCRIPT10N OF TllE PROJECT… …………………………………………■ SCHEDULE 2‐ CATECORIES AND DRAWIICWNS… …………… … ………… …… 2 LOAN AGREEMENT AGREEMENT &tcd litoctobd 2013 bctwrcD GEORGIA (thc "Bonowcr") and EIJROPEAN BANK F1OR R.ECONSTRUCTION AND DEVEI,OPMENT (thc 'Bsnk). PREAMBLE WHEREAS,lhc Bank has baan cslablishcd to provida fintDcing for spccific plojccls to foslcr thc transition towads opcn markct-oricntcd cconomics and to promot€ priv.tc and entrcE n.uial initiativc in thc Ccnllal and Easlcm Eutopcsn countdes committed ro and applying thc principlas of mulriparty dcmoctacy, pluralism and ma*cl cco[omics; WUEREAS, thc Borrowcr intcndi to impl.mcn! lhc Ptojcct as dcscribcd in Schcdulc 1 which is dcsiSnad to ssist io constsuction of electsicity tsansmission lincs from the K-rvkrsioni E DlmissioD linc to lhc Jvari sub66tion snd bctwcea lhe Jvad subststion to thc Khorga suHstion io Ccor8ie; WHEREAS, thc kojc.t wilt bc c5llicd out by Caoryian Stat€ El.ctrosystcm JSC (drc 'Proj€ct Enlity") with financial ssistancc ftom thc Borrowu; WIIEREAS, thc Bonourr has rcquasLd EsistrDcr iom lhc Bank i. finarcing Pan of lhc Project; WHEREAS, duc to potcnlial savings in cxPcrdituEa thc Borowcr hls rcqucstcd c$ccllstion of porlion of thc lo.n in thc amouDt of EUR 22,977,225 58 in rclation to thc Black Sca Encrgy TransmiseioD Linc Poj..t filrnccd by lhe Bank undcr thc L.an ASrccmcnt datcd It March 2ol0 betwcrn lhc Bslk and thc Borrowrr (thc'Black sea Enogy Transmission Linc lran A8r€cmcnt')i WIIEREAS, thc Botor,.tr intcn& to contmct a lo.,l ftom KEditaDstalt fllr Wicdcraulbsu (lhc "Co-fiDdrcicr') io thc smoullt of EUR 22,145'000 to nssisr in finanoing ofthc Jvrri substation i! GrorSis, subject to thc tcrms 8nd condilions to bc s't -an agrtcmcnt (thc ''Co-fidancing ASEcmcnt") hwccn drc BorroPcr tnd thc forth in co-fi ncicr; and WHEREAS, lhc Bufi has aglcd on lh. b65is of, irrre, dlia, lhc foregoing to makc 6 loan to thc Boro\.vEr in thj omount of EUR 25,205,000, subjcct lo the tcrms 6nd condirions sd fonh or refanc-d to in this Agrccmrnt and in th€ proj.ct sgte€mant dat'd lhc dstc hcrcof b.twEn tbc Proi..t Entity and thc Bant (lhe "Projrct Agrccmcnt" as dcfiocd in tlc Standard Tctms rnd Conditions). NOW TmRErOR.E, thc pattics hcr€by agrc. as follo*s: ARTICLE I - STANDA.RD TERMS AND CONDITIONS; DETIMTIONS S.ctiotr 1.01. Incorporrtiod ofst rd.rd Tcrm. .rd Condition3 All of thc provisions of Ih. Bank's Standlrd Terms and Conditions dalcd I Dcccmbcr 2012 arc hcrrby iDcorporatcd inlo and mad! agplicabl. to this Agccmcnt with thc sarnc forcc snd cffcct &s if lbcy txcrc fully sct fordr h.rcin, sub.icct how€vcr, lo thc followinS modificstions (such p.ovisioos as so modi6.d slc hcrEinaftcr call.i th. "Strndard Tcrms ,nd Conditions'): (a) s.ction 3.05 O) of the Standard Tcrms and Conditiors shall, for purposcs of this AgBmcnt, bc modificd to rasd as follows: 'Thc Bororrcr shall pay to thc Bank s ftont<nd commission €qual to one pcr cc (l%) ofthe amount obtsincd by subtracting thc canccllcd amount of thc Ba.ok's loan undcr Black S.a En6gy Transmission LirE Loan Agrrcmcnt (provid.d such afiounl, if any, is crnccllcd no latcr than thc datc of lhis Agrccm.nt) from thc principal amounl of lh. Loan". S.calodl,02. DenEialour Whdavcr uscd in this Agr€emant (includiDg thc Pr.ambla and Schcdul.s), ur ess stslcd othcrwisc or thr contcxt otherwis. r!quir6, thr rcrms dcfincd in thc Pnrmblc havc thc rrspcrrivc mcanings givcD to lh.In lhc.cin, thc tcrns dafiocd in oE Srandsd Tcrms gDd Conditions havc the r.sFctivc mcadngs givctr to thcm lhcrcin and the following terms have lhc following mcanings: ・ Bo υwごsAuぬ oised Rep― mlve" meas thc Mlnlster ofFh帥 ∝ oF ule BorOwer,cxccpt aS spcclScd ln Soctlon 2 ・ Fiscal Y卍 mealls thc Bomwers FIscal ycar commencin8 0n l Jantt oFcach year "ReLbililation Plan' mcalls thc tchabililatlon Plan entered into benCen the project Ettty,the Mh轟 ,of Fmancc oF Gorgia and o●cr crcdllors of thc PIoJ∝ えEn● ty H・ わa20 Novclnbcr 2008 'Subsidiary toan Aglramcat' un the PIoJは ml,and■ e BOrrKlwcr pumant● S∝ 饉on 3 011al,● Such lo3n aFnlenl may bc anended tom mcans lbc loan agrecmcnt to bc cntea lntO mぃ 6mc to urne S.caionl.03. Ina.rprrtrdotr ln this AgErmcn! a rcferenc. to a spacificd Articlc, Scction or Schcdulc shall, cxccpt whcrc stat.d othcrwis€ in lhis ASrccmco! bc coDstnEd as a rtfcrcncc lo lhal spccificd Aniclc or Scctiol oi, or Schcdulc to, this Agrcamcnt. ＾ Ｚ ARTICLE II‐ PRINCIPAL TERMS OF THE LOAN Sec● on 2 01 A■ o■ nt and Currency ne BaILk agrecs to lend tO the Bomwer,on the tcnns■ 週 ∞ ndit10ns sct Forth Or leFem to in thls Attment, amountoFEUR 25,205,0∞ Sectlo■ 2Ю2 0iber Fhnncini Tenn3 0rthe Loan Kal Ъ C Minunun Dnwdom Amotnt shall be EUR l,lXXl,llllll,except● at lhe Miimum O口 w wn Amount For the pu● ose3 of rlnancing thc PIU constlilant andlor thc envirrlmmental mitigatlon m・・・ ― specirlcally shall bl EUR 50,lXD O ThC Mhhm prepayment Anountsh」 lbeEUR 5,lllD,0∞ lC) ヽ c Mmmm cancenatiOn Amountshallbe EUR l,α Ю,tXXl ③ ne interest Paymcnt Dates shall be 15 May and 15 Novembcr oFeach ycar (el(1)■ ●BorOWer sh」 l repay the Loan ln mcnty Four equ譴 ●r aS ncarly"ua as possiblel scm̲annual instaLncnts on 15 May ad lS Novcmbcr of αКh lear. 宙 th thc m Lcan RcPalmCnt Date being 15 May 2017 and the last Loan Rcpayment Date bein8 15 November 2028 2)Noい 五t 枷耐 Ing thc forcgOlng,ln tnc event that C) BOrrO■ cr docs not draw dOwn the entire Loan alnount prlor tO the■ rst Loan Repanent Dale specifled h亜 s Sectlon 2 02● ),and(ii)the Bank extends the Last Avallabili, Date spedFled h S∝ ●on 2 02(o bdoW tO a date whlch falヽ aner such ist昴 an Repanent Date,thcn● c amount of each dnwdOwn made on or aner thc rl馘 loan Repaッ ment Date shall be d10cated fOr repa"ent in equal alnounヽ to thc several Loan RcPaymCnt Dates which Fan ang thc date oF such dFa■ dOWn(■ th thc Bank adJus● ng thc amounts so allocated as neccs,呵 SO as,o achlevc whole nwlbers in each casc)The B8n Shall frOm ume10● me,non,the BOrtlwcr oF such a1locatlons (O The Last Avdlabili,Date● 口Ibe 30 D― mber 20!6,or such latcr date that the Ba泳 may ln iも 昴scretion establish and noti″ lo the Bomwer iflhe AvttLble Loan Amount,or tt part thereolヽ subloct tO a Fixed lnterest Ralc,嗣 the Bank poslpones 鮨 Last Avanab皿 ,D● e,■ ●Bomwcrshall pЮ mptly pay o ulc Bank s∝ h amount oF Unwlndhg Costs as shalL tom飾 ctO mc,be notl■ ed by ule Ba̲k in wndng to thc Bomwe■ C)The nte ofthe CO― Imlenl cM・ gc shJ!b105%Pcr allnuln ヽ c Loanヽ suり eo 10 a vanabに Intercst Rate No面 thslandh8 thC Fore80hg, thc Bo¨ wcr may,as an alttm● ve to pり ing intercst at a Vanablc lntcrest Rate on all (り or any podon oFthc Loan thcn outs枷 in8,CiCCtto pay inletst at a Fixcd lntelcst Rate on such pOrtlon of Loan in acccrdancc ndl Sctton 3 04(c)ofthe Sla・ lda・ d Tcms and COnditions St.lion2.03. Dr.rdowor The Availablc A.srounl may bc drawn down ftom timc to timc in accordancc with thc provisions of Schcdulc 2 to fulancr (l) cxpcnditurcs madc (or, if lh. Bank so sgrccs, to bc madc) in rEspcct of thc rcasonablc cost of goods, works and scrviccs required fot thc koj.ct aod (2) ftc Front-cnd Commission. S.ctlon 2.(N, Aolbori!.d Rcpr6srtrtivc for Drrwdotlt Thc Chairman ofManagcmcnt Boad ofthc Proicct Entig snd the Director ofthc PIU arc jointly (and hol individually) dcsignated as thc Bonovreis Authoriscd Rcprasantative for lhc purposc of lsking any action rEquir.d or pcrrnittcd to bc takcn udar thc provisions of Section 2.03 and uDdcr lhc provisions of Sccliotrs 3 0l and 3 .02 of thc Slandard Tcms and Cooditioos. ARTICLE III - EXICUTION OF TIIE PROJECT ScctloD 3,01. Oth.r Afiir[ tivc Pmi.ct Cov.ntDt! In eddition io lhc gcncrrl undcn lirus s.t forrh i.n Aniclcs w and v of th. Strndard TcrDs snd Cotrditiotrs, thc Bom\rJcr shall, ur css tha Bank othcrwisc agret: (s) Makc availablc to th. Projcct Entity, pursuant to a loall aglc.ment in form and substancc salisfactory to thc Banlq Gc proc.cds of thc [.an on tcrms aDd conditions acacptrblc to thc Banl; (b) Excrcise its rights utdct t\e Subsidiary t an Agracmcnt in such matulcr as lo potcct lhc intcrE'sls oflh. Borrowcr snd thc B6nL, lo c-omPly with thc provisions of this Agrccmeot and lo accomplish lhe purposas for which tbc Lotn is made; (c) Nol, cxclpr &s th. Bank otlErwisc tStccs, assig\ amcnd, abrogat or waiv. any provision oflhc subsidi$y Loan Agclmcnt; (d) Csusc thc P!oj..t Entity lo FrforrD all of its obliS.tions urdcr thc Projcc! Agrc.mcnt, including withour lirnitation its obliSations rclatinS to: (l) appointmcnl ard opcration of a gojcct implcmcn6tion unil (the 'PlU") as provided for in Scction 2.03 ofthc Projcct Agr€emcnii (2) proculrncnt of 8oods, ',roIls and scrvic.s fisrD thc Proj.ct &s providad for in Scction 2.(x oflhc Projcct A8rlaa.rrt; (3) enviouncnial and socid nattcrs as providcd for in Scction 2.05 of the Projcct Agrccmcnt; (4) employm.ot aid usc of consuhanls to assin in thc imPlemcDtstion of th' Proj.cl dt providad for ir1 Scction 2.06 ofthc Pmjcct Agftcmcnt; 4 (5)rpa̲● tlon and submlssion Of rcPOn On matttt relating tO the ProJect and to thc ProJ∝ t Entiげ s OperatiOns as,9■ ded For in Scction 2 08 of ulc PfOjcct Agreementi (6) malnten□ 田∝ oF proccdl川 ts,¨ rds and a―unts,ppa■ 8● on,audi● ng and submlssiOn tO Bank of 6̲ctal s● tetnents and funus出 h8tO lbe Dank any Oiヽ ″ ■levant価oma● ● D Elatlng lo the P● Ject Or Prolect Entlty s opem6ons as provided For ul Sccllon 3 01 oFthe P‐ Jcct A"輌 団 、and (7)cOmpliallce■ ● au covenan、 remhg inanci」 Operatlonal aspects oF the ProJ∝ t and thC Project Endty as pro宙 ded FOr inま 麒ions 3 02,3 03 and 3 04 oFthc ProJ∝ t A8remcnt; (C) Take all ac● On n… tO aChleve 6at the C● rlrancing Agr― cnt b9omcs efFective no later than 30 J● E2014 or such other datc as ule B田 ま has established in wnlng(the"C● inanclng Deadllnc'): (O Tは c,or cauE to be taken,コ 1 3ddltlond ac● on n‐ sse tO prOvlde adequate 価 ds forthe complctlon oFthc Projoct (8)Malntaln an indcPcndent reg」 lalor empOwed tO detclmine elec● city tarl issuc Hcenccs fOr genem60n and ttmmlssion oFel∝ 轟ci,; (h)ExcК :se best efForts to lmplcIIlent tt RchabnitauOn Plan as soon as pncticable in ac∞ rdancc輌 ● Ceorgian law; ‰虚器ぶ庶鮮∫留端L警uЫ n″ ally bd∝ Othcr"mも md .。 ARTICLE IV‐ SUSPENSION:ACCELERATICIN;CANCELLAT10N Sectiol1 4 01. Su8pendO■ The Followlng tt specFled for purposes of Sectlon 7 01(al(XViう Tcmsand COndi● ons: (al tt le81dativc and regulatory fEDICWOrk applicablc to the clec● 。F thc Slandard city lransmisslon sector tn the tttO● ofthe Bomwer sball have been 3mCnded,suspended abrogatcd, Iepealcd Or vttved h a manllcr whlch may be demenaltO thc Prolect Otherthan as apprOved by■ にB田ょ in■ 喘llng; 0)ThC Slatutes(aS deFlncd h thc ProJ∝ t ttmentD shdl have been alnended, suspended,abrDgatCd,Icned orwived; ● )COntrO1 0f the prOjccl bd,shall腋 ve been mnsFcred to a ptt OthCr● an the Borower unless spec面 cal,電 曖 d othc商 sc h̲● ng by the Baは (O Thc PrOlecl Enttty shall have Falled to perfonn any OF iヽ Subsidtt Lom Agrcclncnt・ or : oЫ igatons under the (e) Thc Co-financing Agrremcnt has not bc.D cxccutcd ard dclivcrcd snd all conditions prEccdcnt to its cfrcctivancss or to thc right of thc Borro*€r to makc drlwin$ thcrculdcr, cxccpt ody thc eff.ctivcners of this Agr.mot, havc nol b.cn tulfillcd by 30 Junc 2014. ARTICLE V - EITf,CTTVENISS ScetioD 5,01. CoEdlaloB Prt :td.oa ao E f.div.n.!t Thc following atr spccificd for purposcs of Scction 9.02(c) ofthc Stalrd,rd Tcrms snd Conditions as additional coDditions to thc affcctivcrrcas of this Ag.ccmcnt srd tbe Projcct AgrrarDer : (a) Thc SubsidisIy lren Agc.rDc , in foIm rDd substrnc. satisfdctory to thc Bank, h&s bc.n cxccutcd rld dclivcEd and all conditions prrccd.nt to irs cffcctivcncss o. to tha right of thc Prcjcct Entity to malc dEwings thcr.undcr, rxcrpt only lhe cfrcctivcncas oflhis ASrccmcnt, havr b..n fulfilLd; (b) Thc Project Agrt.mc4 i.o form and substancc satisfrclory to thc Bant, has bc.n axcculcd arrd dclivcrcd; (c) Tbc prcjccr implcmcntation unit srtjsfactory to thc BlnI hss bccn appointcd for thc Projcct; (d) Tltc Pmjcct Entity sh.sll havc rccrivd thc govcmmcntd appro\.al ncccssary ro procc.d with lhe Projcct in ae.rdrncc with Gcorgian lawq ard (c) Thc implcmcntation schcdule aDd prccu&Dcnt strsrcgy for thc projlc! in form lDd substalrcc sstisfactory to thc Banlq shall hsvc b..n sgrrcd with Or Bank. S.ctlon 5.02. L.grl Opirion3 (!) For puposca of S.ction 9.03(a) of thc Sts rd Tdms and Condirions, rhc opinion or opiuions ol counscl shall bc Sivcn on bchalf of thc Borrowlr by tbc Ministry ofJusticc. (b) For puposcs of Scctiod 9.03(c) of thc StsDda.d Tqrms snd Conditions, th. opinion o. opinions of counscl shall bc Sivco on bch.Elf of tbc Projcct Entity by chicf lcgal ofiiccr ofthc Pojcct Entity and followitrg u! spocifid ss additional lo 'rtan.rs ba includcd in thc opi on or opiniors to bc frrrishcd to tha Bar&: lt (l) lhe Subsidiary t,oatr Agrcemcnt hls bccD duly authoriscd or ratificd by, and cxccutcd and dclivcrcd on bchalf of, tha Projcct Entity and constitutB a valid and leSally bindiry obliSEtion of thc Projccr Enrity, cnforccrblc in accordancc wilh its tarms; 6 (2) thc Projcct Agr.rmeot hss bcco duly auooriscd or r.tified by, 6nd €xecut.d and dclivend on bchslf oq lhc Projcct EDtity ald connitutes ! valid ad lcgally binding obligalion ofthc P.Djcct Entity, coforc<rblc h accordsrcc with ils lcrms; (l) thc Fojcct impl.mc arion udit ha.s bcen duly appoi cd fo. lhc Pmjcct; ad (4) thc Projccl Entity shall havc rrclivcd thc govcmmcntal approvd ncccssaly to procred with thc Eojcct in sEordanca with GcorSian laws. Sr.do! 5,03. T.rEitr.tior for F.ilurc to B..ou. Ell.tlv. Th€ drtc 90 deys rfrcr thc dalc of lhis Agr€.mcnl is spccificd for purposcs of Scction 9,04 ofthc St.ldrld Tcrms and Conditions. ARTICLE VI. MISCELLANEOUS S.cdon 5.01. Notlc.r Thr follo*irg addrc,!.6 ntc spccificd for purDo3.s of Scctioo 10.01 of lhc StEdad TG.or rd Conditioc: For thc Bonowcr: Ministry of FiD$cc 16, Cory.srli Stn .t 0l la Tbilisi, GcorSis Altlotion: Public Ddx sDd Ext6r6l Finaring D@ttncnt +SS 322262423 F x: For tha B!nl: Eltlopa&B! forRacoDsrnEtio!!!dDcvclopmcnt ODc Exchsngc Squa& london EC2A 2JN Urit d KiogdorD Attantioo: OparfioDAd[iDiltrtioDDcpGrfna +44-2G733t{100 F.x: IN WITNESS WHEREOF, thc p.nics h.rcro, acling rluough thcir duly aurhoriscd representEtivcs, hsve carrs.d this Agrccment to ba signcd in four copics afld dalivercd at Tbilisi, Gclrgia as of the day 6nd ycr, first abovc \rriBcn. CEORCIA 疏 ｍ By: dl 3attlご 入禁讐′ ― ハ ご ″ 警 ″ ・ SCEEI}I'LE T . DESCRIPTION OP TIIE PR(XECT . I The purpo6c of tha Projccl i3 to !t!in ftc Bonoli.ct in construction of clcctricity trrnsmigsion lincs ftom thc K8vlssioni trsnsmission linc to thc Jvsti substalion and Mwccn ttrc Jvati subshtion lo thc KhorS! substation in Gaorgia. 2. Thc Projcd c.nsists ofthc followiry Ptns, subjcct to $rch modificalions thcrcof ss thc Bank ard tha Bonorvu may agrcc upon tom timc to titnc: A: 500220lv ts.Irrd1sion lin6; Pan B: machincry and tools for thc high volhgc ransmission lincs; Pnrt C: Piuconsulh; Part D: .nvircDmcntal mitigation mcssuls;ard PanE: Front-cndcommissior. Psn 3. Thc Proj.ct is cxpcctld to bc coEplltcd by 3l Dcclnbcr 2016. sl-l SCHEDI'LE 2. CATFEORIES AND I}RAWDOWNS l. Tbe tablc attachcd to lhk Schcdulc scts fonh rhc Cstgorica, Oc amount of lh€ Lo3,l allocatcd to cach CalcgorT and thc pc.Entsgc of cxFrditutrs to bc financ.d in clch Catcgory. 2. Notwithstanding thc provisions of paragraph I abovc, no Drawdown shall b€ madc in rcspcct ofcxpcnditurcs iDcurrcd prior to thc data ofthe Loan Agrccmcnt. Sl‑2 Alochm.n( to Schedul.2 C.r.gory (l) 500220 kv lul.mi$ior lincr macnin ry.Id took tor Alor.t ot tl. lr. Atlo.ltrd t. &. L.! Curo.y EUR25,1E2,722 P.rcat t. olErp.rditu16 to 1().4 of .dn!d v.luc 0E hiSh vollrsc t s.Dilsion. mvimMcnt l miti8.rion (2) F.ontad ConBisio. EUR 22,2?T EUR 25,205.000 Sl‐ 3 t0d%