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.t kfw Energotrans Ltd. 2, Baratashvili Street 0105 Tbilisi Goorgia Georgian Stale Eleclrosystem Ltd 2, Baratashvili Street 0105 Tbilisi Georgia L lll/a3 Odrcr: Phon. Far Eial. oat6i ESR-ASTN +.1s dq 7431,6753 +49 @ 7{31-3a9il 6e 6d'm.mc!rt, do ADd t3,20to German Financial Cooperation with Georgia Black Sea Energy Transmission Network Proiect ("BSTN") Separate Agreement to the Loan and Financing Agreem6nt dated April 13, 2010 Dear SiIs, ln accordance with the Loan and Financing Agreement entered into between Geollia, represented by the Ministry of Finance ("Borowe/) and Energolrans Ltd. ("Prorect Executing Agency") and KfW ("K,.w") dated April '13,2010 the following shall be delermined by separate agreement: Pursuant lo Article 1.2: The detalls of the Project and the BSTN, the Export Credit lnsurance, lhe Ex!ort Contract and lhe covenants resulting from the terms and conditions of the Exto( Credit lnsurance as well as the goods and services lo be financed ,rom he Fundsi Pursuant to Arllcls 3.2: The disbursement procedure, in parlicular the evidence proving that lhe disbursed amounts are used lor lhe stipulated purpose; Pursuant to Arlicle 3.5: The conditions precedent to disbursement; Pursuant to Article 12.2: The delails pertaining lo Article '12 1 (Project and BSTN lmplementation); Pursuant to Article 12.4: The details perlaining lo the lnterconnection Agreement voxdoud!,diunirdin i::dkr\,v 4 Wo propose that the following be agreed upon: l. l. Deslon ol the BST Detalls ofihe BSTN The projecl concems the Black Sea Energy Transmission Network Pnrject ("BSTN') consisting ol (i) construction of a high voltage transmission line fmm Gardabani and Zestaphoni via Akhaftsikhs lo the Turkish border, (ii)extension of the oxisting substations in Gardabani and Zestaphoni and construction of a new subslation in Akhaltsikhe and (iii) conslruction of a new High Vohage Dired Cunent back'to-back ('HVDC') station in Akhaltsikhe to inl€rconnect the Georgian and Turkish nett ,orks. The BSTN will be carried oul by En€rgotrans Lld., the Pmject Executing Agoncy ("PEA"), supported by Georgian Stale Electrosystem Ltd. ("GSE") as owner of ths PEA with 'inarrcial assistance from the Eonower. The purpose of the BSTN is to prornote new investme!!!-]!-lEllg s, to increase electricity exchange with Turkey and to suppoi an efficient and reliable energy supply in Georgia This is to contribute to environmental and climate protection, to a sustainable economic development of Georgia and to strengthen the regional cooperaiion in the energy sector. The criteria for reacling these objec{ives, th€ BSTN resutts and the required BSTN aclivities as well as the assumptions underlying the BSTN purpose and the BSTN results are contained in Annex 1' The design of the BSTN is based on the reporl 'Regional Power Transmission Extensign Plan for Caucasus Countries'dated November 2oo7 and in particular on the report 'Black Sea Transmission Network Proiect" ("Plannlng Report") dated February 19, 2010, available to KfrV, to the Borrower, to lhe PEA and to GSE and on the agreements made between KffV' lhe Bonolter' lhe PEA and GSE during lhe local project appraisal in October 2009 (Minutes of Meeting dated November 13, 2009) The followlng BSTN aclivilies shall be financed from the Funds provded under German Financial Co{peration wilh a participation of OeEB, the Development Bank of Austria: Ne\4 construction of two 350 MW HVOC Back lo-Back Converter Blocks including required Harmonic Filler Banks and Shunt Capacitor Banks as w-'ll as two 150 NIVAr Synchronous Condensors including required Step-upTranslormers inclusive roadways and other relaled civil works at Akhaltsikhe Plant, Georgia 't -J- kFw 2. Tims Schedule The undedying time schedule fo. the pr8paration. implementation and operation of the BSTN is contained in Annex 2. 3. Total Cost and Financlno The estimated BSTN cost (Totat Cost,) undertying the projecl apprdisat ' and the pranningtotal Repo( is approximatery EUR 274 miron. The BSTN sha, be financed through loans by EuDpean Bank for Reconstruction Devotopment (.EBRD,) in the amount of EUR 80 and mi ion, by the European ln!,/estment Bank (.EtB.) in the amount of EUR gO miltion, by Kfw urider German Financial Co_operation in the amount of EUR ,l0O million (,Funds,,) and lhrough a financial contribution by the European Commission Neighbouftood tnvestment Facitity (EC NtF) in lhe amount of EUR 8 million as well as from own resources ofthe Govemment ol Georgia. The Funds p.dd ,nd", G"_"n Fin. f Germany amounting to EUR 25 million and a Loan amounting to EUR 75 miflion. The Loan hari to be covergd by an Export Credit Agency guarantee (.ECA.) in the amount of EUR 55 miflion. The Funds shall be usad primarily to pay costs payabl€: in foreign currency of the BSTN activiiies specified in clause t.1. Th€ composition of Total Costs and lhe financrng plan are contained in Annex 3. 4. Chanqes ln the BSTN Deslqn Any malbr changes in the BSTN design shall require Kfry',s prior .l consent. he PEA shall inform Kfl thereof immediately, stating the reasons, the planred measures and the consequences of the change (including Total Cost). Execution of such measures may commence only on the basis of revised planning and upon KfW's consent. Any amendments to commercial contracls resulting from such changes equally require KM's consent. [. lmplemontatlon of the BSTN t. 't.1 BSTN. The pt* shall constitute within its institution a project Management Team (,,pMT") The PEA sha be responsible for the imptementation of lhe wrth adequale resources and suitably qualjfied personnel The pMT shall be in charge of the implementation of the BSTN until its final acceptance The pMT will be headed by a project Coordinator. The pEA sha,t nominate re J -4- !F respective pe.son and shelt notify Kfr// thereof. The pMT shall cooperate closely with the Consultant and tha General Contracto6. 1.2 GSE shall a) c€use lhe PEA lo comply with its obligatbns under this Agreement; b) pov*ie supporl to the pMT by providing staff, logistic support end ofrices as may be requlr€d by the pEA lo perform its obligations under AgrBement; lhis c) ensure the impl€mentation of lhe Environmental and Social Action plan as specilied in ctause lt. 5.2. 13 The detailed time, cosl, and tinsncing schedule has been prepared b,/ the PEA in cooporstion Mth the Consultant Flchtner GmbH & Co. KG (.Fichiner,) and has beon submitted to Kffy. Such schedule is to show, by deadlin€s and amounls, the inteMed chronological inlenelalion of the BSTN activities and updated quarlorly for lho p.op€r technical and financial BSTN by lhe PEA in cooperation with the Consuttant. implementation of lhe lf any deviation lrom such schedule becom€s necessary during the implementation of the BSTN. Kir'V shall be fumished with a revised schedule. 2. Assiqnment of a Consultanl 2.'l The Consuhari had been tendered in an intemational public bidding process and the contract has bosn awarded to the (consulting conlract dated May 12, zctr,g). The compelitive Consultant Fichtner consulting seryices are financed by the funds ot EC NIF which are administered by KfW. Ihe Consultant shall pmvid€ assislance lo the pEA in the preparation and implementation ot the BSTN untit its final comptetion. The Consultant shafl carry oul the necessary technical investigations and supervise lhe pedormance and timely accomplishmenl of lhe supplies and services of lhe General ContEclors on behalt ofthe pEA. ln case further consulling sorvices are needed for the BSTN which are not covered by the consuhing seMc€s specified rn clause 11.2.1, lhe contract awarding procedure sha,l be govemed by the 'Guidelines of C,onsultanls in Financial Cooperation wilh Oeveloping which forms an integral part hereof for the Assignmanl Countries,, (Annex 4), ln the pre.qualification nolice or - if no pre{ualrlication is conducted _ in lhe invitation lor lenders, the pEA shalt obligate Ihe bdders to submit togetrer ,,v -5- I, i:iilktw with the bidding documents or together with the bid a prope.ly executd declaration oI undertaking (Annex 4, page ,t6). 3. Award of Contacts for Goods and olher Sgrvlces 3.'l The contracts for goods and all olher seMces shall be awarded in cooperution with lhe Consultant by way of int€mational compelitive bidding. The awarding procedure and contractual provisions shall follow lhe 'Guidelines for the Procurement gf Supply and Work Contracls under Financial Cooperation with Oeveloping Countries. (Annex 5), which fomr an integral pan of this agr€ement. The PEA already staded intomational tendering of the contracts for goods and seMc€s with support of the consuiianl in accordance with clause ll.3.Z tn case thal further contracts for goods and services for the BSTN will be tendered lhe following shall apply: course prior to publication ot the invitation to tender. b) The biiding period shalt be fixed in a way that allows the bidoers sufficient time to prepsre their bids. c) ln the pre.qualific€tion nolice or - iI no pre{ualilication is conducted - in the tender documents, the pEA shal obtigate the bidders to submil togelher with ths pre.qualification documents or together with the bid a declaration of undortaking (Annex S, page 27). When concludlng conttacts for goods and services to be financed from the Funds, the PEA shall also obserye the following principles: a) As no import duties may be linanc€d from the Funds pursuant to Article 1.3 of the Loan and Financing Agreement, such import dutieli, il part of the contract value, shall be stated separately in the contracts for the goods and services and in the invoices. b) lf paynents due under the conlracts for goods and services are to be made from the Funds, said contracts shall include a provision stipulating that any reimbursements, guaranlee or similar claimable payrnents and any insuranc€ payments shall be made tor account of the PEA lo account no. 38 0OO OO0 OO (|BAN: DE53 5002 0400 3800 0000 00) at KtW, Frankfurr am Main (BtC: KFWIDEFF; BLZ 500 204 00), with KfW crediting such payments to ,z -6- .c kFw the account of the Bonowe.. lf such payments are made in loc€l cunency they shall be remitted to a special account of the pEA rn the country of the pEA, which may b€ drawn on onty with the consent of Kfw. Such funds may b€ re-utilized for the execution of the BSTN with Kfw's consent. 3.5 For the loan amouni of EUR 55 miflion KfW requires ECA guarantees - vrith a self r€tention ol 2io/o - in favour of and acc€ptable to Kfw as securily for repayment of the loan. ln the tender documents for each supply contract the amount to be covered by an ECA guarantee acceptable to Kfw shall be specified. 3.6 PEA shall ensur€ by way of adequate provlsions in the tender documents lhat the suppliers of the ggods and servbes anange for the ECA guaranlees as described abov€ in fat/our of and acceptable to Kfly'y. HeEby pEA shall observe the tollowing principles: .) Tenderu cEbmittcd slEll b! a respediw ECA indicating their willingness to provid€ the requirEd ECA guarante€ for the linancing o, the goods and servicss. b) The successful bilder shall tumish proot about a legally binding provisional ofler of cover ('offer of cove[ in p.inciple') of the ECA guaiante€ to KfW prior to concJusbn of the supply contracts, which is one of the preconditions for Kfy't/ to give its "no obj€ction' to signing lhe contrasts. c) The successful bidder shall be obligated to pay ths entire fee for the ECA guaranlee and bear any other cosls adsing from the provision of the ECA guarantee. d) Prior to the first disbursement being made from Portion ll of the Loar as specilied in Article '1.1 of the Loan and Financing Agreement, the successful bidder shall be required to (i) fumish proof of the efiectiveness of the ECA guarantee to Kf,^/ (certificate of the respective ECA about the orfcial approval of the coverage applic€tion) and (ii) submit an Exporte/s Guarantee to Kfl/V in tom and substarrce satisfactory to it with regard to compliance with the ECA requirements speci,ied above, the exporter's obligation to pay the enlire ECA fee 6nd lhe exporter's duty to intorm Kflfl on the details of the export transaction. ,z Prior lo the conclusion of a contract for goods and services Kfw shall be fumished for comment with the draft contract as agreed upon, duly provided with the endorsement of the consultants. The same applies to any subsequenl modifying or amending agreements. 4. cific Conditions Preccdent to Disbursement 4.1 Pnbr to lirst disbursemenl of any Funds, the pEA and/or GSE shall subfirit to KfW and conclude an lnterconnection Agreement with the operator of lhe high voltage electricity transmission grid in Turkey (.TE|AS,). which shalt q)ver technical aspects of the BSTN to share intormalion and insure safe aM reliable operalion of the planned interconnection between the G€orgian and Tu*ish transmission networks. The lnterconnection Agreement shall be in form and content acceptabls to KfW and shall be in full torc€ and etrec.. ln case lhe pEA andlor GSE has provided ovidence to Kfl/v that there are legal or other reasonable obstacles tor TEIAS to @nclude such an agreement pricr lo first disbursement. TETAS and the pEA GsE <h,[ "rg- -^r pcviCc ^n.r/^r K14fV with a letter of intent acceptable in torm and content to Kfiiry' prior to llrst disbursem€nt conliming lhat the parties will conclude the lnlerconnection Agreement annexed to the letter oI intent at the earliest possible date but not laterthan lhe commissioning of the BSTN. 4.2 prior to firsl disbuEement of any Funds. the pEA shall submit to KM./ for providing its no objeclion the final Environmental and Social lmEact Assessment (,ES|A') report of the BSTN lncluding the Environmental and Social Management and Monitoring plan ("ESMMP,,) and the selected route of th€ overh€ad lines. 4.3 Prior to flrst disbursement of any Funds. the pEA shall confirm in writing to KfW that is has obtained all clearance documents needed according to Georgian law for the BSTN measures (all governmental, ministerjal, juridical and other authorities, licenses, approvals, consents, confirmations, permils, filings, registrations and exemptions necessary for lhe BSTN implementatiol). 5. 5.1 ents During imptementation, the pEA shalt monjtor the effects of the BSTN on lhe environment and implement lhe BSTN according to the respective Georgjan law and to the ESMMP. The pEA shall report to Kfw whether the requirements have been Fulti ed as specified in ctause lV.1 The Consult.rnt witl support the pEA if needed \J -8- :::dkr\,v :' rmrcl(tu!6(irrr 5.2 Without limiling or hamirE ctause fl. S.1, the pEA shafl ditigenUy implement and tumll the monitoring provisions of the Environmenlal and Social Action Plan ('ESAP") (Annox 6), which forms an integral part of this agre€ment. Only with prior witten consent of Ktr, the ESAP may be amended from tinle to time in response to dtanges in the circumstances of the BSTN, unforeseen events ard lhe results of rnonitoring. Without limiting lhe generality o,the foregoing, a) if theIe ls any adverse environmental or social impact thal was not cont€mplated in the ESAP either entirely or as to its severity, or b) if any lmpact mitigation measure sel out in the ESAP is not sufiicient to eliminat€ or reduce any environmental or social impact to a level conlemplald by the releyant desilnated performance requiroments within the time ,rame set out in the ESAP the PEA shall d€velop and incoDorate immedialely into the ESAP such aidlirrl er rltild l Environmental Gutd€lines, in each c€se in a manner satisfadory to Kfl,v. 5.3 Oudng lh€ appraisal mission and the ESIA process Altemative 4a tor the rouling of the ovorhead line throwh th€ Boriomi-Khardgauli Nationalpart has been detected as the routirE with less environmental impacls. Altemativo 4a is specified by the blue line in Annex g (Map of lhe Altematiw Routing Coridor). The PEA will seM and construci the line within the conidor of Attemative 4a in accordance wlth clause ll. 5.1. Only with pnbr written consent of Kfly'y, the routing ot the line may be modified in accordance lvith th€ ESMMP and ESAP in oder to reduce urforeseen environmentaldamages. v 5.4 The PEA shall confirm duly in form and content acceptable to Klly'l/ that it ttas acquired all nscossary rights-of-way or similar righls for the BSTN and thal il has duly compensated the affecled landowners, holders of respective rignts and users for damages such as pmperty loss, lost profits and others accordlng to Georgian lsw. The PEA shall upon r€quest present in form and content acceptable to Kfl / adequate proof ot these documents and actions. 5.5 For the proper monitoring of the BSTN obiectives, the pEA shall maintain adequale statistics regarding the indicators specified in Annex .1. 6. Provlsions tor tho Prolar Op€.auon ofth6 BSTN 6.1 To secure the proper operation of the BSTN, the pEA shall submit rn operation and maintenance concept drawn up in cooperation with ite I ::i$krw Consultanl and the suppliers at teasl 6 months before commissioning ol the BSTN. The concept shall cover a period of al least five yeaG slarting lrom commissioning of the BSTN. 6.2 At the same time the pEA shall submit to KfW a financial forec€st, drawn up in cooperation with the Consultanl, for Ihe area of operation in which the BS.l N is located. This forecast is to show the expenses caused by the BSTN anc the eamings lo be expected for this particular area of operation at lhe time they occur. The forecast shall cover a period of at least live years sta(ing lmm commissioning of the BSTN. The pEA shalt periodic€lly update this forec€st and ensure that any financing gaps shall be covered in due course. The pEA shall transmit such financial forecast and its revised versions lo KffV withoul any delay. 6.3 Before commissioning of the BSTN, the pEA shall appty to the Georgian National Energy and Water Regulatory Commission (,GNEWRC,), or any components for (i) the electricity transmission seMces povided for domestic supply and for (ii) the electdclty transmisslon services prcvided for export ,lnd import. 6,4 Before commissioning of the BSTN, the pEA shall take oui and maintain nsurance coverage against the usual risks ,egading the BSTN components and its major equipment needed for the operation of the company vlth reputable insurance companles in accordance with besl industry praclicesi in Georgia and willduly pay the lnsurance premiums. 6.5 Commencing from the end of the flnancial yeat 2013, the pEA shafl at a tirnes maintain a Debt Service Coverage Ralioi o, at least .1..1. Servics Fl I119i"hand payments Oebt 12 month p€dod precsding tha data of catcJtation, th6 latio ot(i) ro (,i) rhe ass€sar6 #;ir;r;;J;;;;-"i'i, .r"."t yabt€ n esp6cl b th6 pEA,s Finamat dU Oritr6 sr"rl oenoO ,'l: (ii) Fimncial Debl m6.ns, witfi rssp€ct to rh6 pEA, any Oebr of lh€ pEA tor o. in rcspecr oi (a) monsys borou€d; (b) any anount.ais€d udde, anycred tacrlv: (c) any amounl raisd pursuant to any not€ tacitity or he issue ot bonds. notes, debentures, toan stock or any s'mrrar rnslrumenl: (d) h€ amouni olany tiabdty jn rsspecl ot any lease or hre purchas€ contracl whjci woutd in accontarc€ . wth lnlematonat Frnanoat Reportmg StandanCs, be teated as a finance o. caFitat lease, . (e).ec€ivabressordordrs.olnted(oth€rrhanenyrec€ivabtBsrothoenen heyaresoldonano.rMus€ basls); --2// -10- i:idkFw . List of Goods and Services and Disbu6qment prccadur€ t. List of Goods rnd Servlcas 1.1 The lisl of the goods and servicss to be financsd from the Funds prepared on the basis of the contracls concluded sha I be for such goods and servces Accodingly, Kfl,v shafl be fumished with an original or a copy of each of said contracts and Of any pertinent amending contracts. '1.2 lf any BSTN measures ar6 to be execuled on forc€ ac@unt and no contracts have been conclLded, Kf,y'y shall rec€ive. in lieu of the contracts. a schedute of the measures plann€d, broken down by main cost categories ('schedule of force-accounl measures"). Costs incurred for general adminishatior in connection with force-ac@unt wgrk must not be included in said schedula of force-account measures. K1l,V shall intorm the PEA on request of the amounls ot the Funds thal it has reserved for financing (list of goods and services 14 The lotal amount €serv€d tor the pEA shall not be higher than the total volume of Funds to b€ onjent from the gofiower to the pEA as specifie(l in the Oft.lending Agreemont to be concluded between the Bonower and tho PEA as specified in Ad,cJe 2 ofthe Loan and Financing Agreement. 2. Disbursemont Procaduro 2.1 Disbursoment shall b€ govemed by the regulations as stipulated in Annex l.lo. 6 (DisbuEement Poc€durc), which forms an integral part of this Agreement. M. Reoortlno and Olhor provlslons 1. Reportino 1.1 Until lurther noiice, the pEA shall report to Kfy'y' quaderly on lhe progress of lhe BSTN (progress reports), including the fultilment of the imptementation agreements stipulaled in Soction ll.4 and ll.5 of this Agreement. The repcn shall include the points listed in Annex 7. ln addition, the pEA shall repod on all circumstanc€s that might jeopardize lhe achievement of the overall obieclive, the BSTN purpose and lhe results. Al the time of the phystual (f) (s) ;1jg"311y:1.ry.F1"*o* havilE fi€ connercid 6ll€ct ot tlonDxdng. (indudiis any b.*ad sare c purarase aeremenri to in com€ct on witll p.ote.ril]n against or beEttt tiom fludualir in ng fr€ yatu€ of ary d€fivatr!€ lransactjon, onty t,|e maried to mai(6t (h) any coi,|terindefldv @rhaton n ,.so€ct ot a.gr.rahie€, indermity. tmd, _' standby or docum€nLry relt€r ofcredit or any o0l, irshJne.,t isiuoO ty a da.r or &la.U,,r ,*d,r- ',7 - lt - ::iilkrw :. Elrwrcl( u osarxk complelion and commissioning of the BSTN, but before the expiry of the guarantee period at the latest, the pEA shall submil a final report on the m€asures caried out. The fi.sl report on the stale of affairs shall be submitted as of June 30, 2010 The reports must have been received by KfW not later than 4 weeks after the end ot the period under review. The reports sl.,all be countersigned by the consultant, 1.2 ln addition, the PEA shall submit special, unschedul€d reports on all circumstances lhat might jeopardize the achievement ol the overall objeclive, the BSTN purpose and the results. The reports sha be countersjgned by the Consuhanl and be submitted not later lhan h^o weeks afier the relevant incidents happened. lf the PEA has charged the Consuttant lo write the progress reports and/or the final report, lhe PEA shall comment on the repods or acknowledge its v approvalof the content by countersigning the repons readiness for operalion. The form for the confirmation of readiness fo, operation is given in Annex 1 of the Loan and Financing Agreement. 15 The PEA and GSE shall fumish Kfll/l/ with their Annual Repods and Artnual Financial Statements together with lhe Report of the Audito. and the Aud,to/s Management Letter. Commencing from the linancial yeat 2010, the pEA and GSE shall prepare its re@rds, accounls and financial slatements in accordance with intemationally accepted accounting slandards (e.g. IFRS2) consistently applied for each financial year auditod by independent auditors acceptable to Kfy'v. Theso reporls shall be submlned lo Kflfi as soon as available, but not later than six months after ihe end of the company,s finatrcial year. 1.6 Afler completion of the BSTN, the pEA shall report on its furlher developnrent (see Annex T Ior details). KM shal in due course inform the pEA about the end of the repoding period 2. Oth€r Provlslons 2.1 The PEA shallsend Kfw all such documents as are necessary lor KfW to give the commenls and approvals mentioned above or in the enclosed guidelines eady enough lo allow reasonable time for examination. '7 lntemational Financiat Reporting Slandards Dubrishsd by hs htemationar Acmunrjng Standa.ds goard 2 ,/// .l -12- kl"'w 2.2 The PEA shall set up prcject sign boards thal wr contain al l€asl the foltowing message: "A development project of GooEia and Energotrans, co-financed t,y the Federal Republic of Germany thrcugh KfW w h a partjcipalion of OeEB, the Developmenl Bank of Austria.' A project seal provided by the German Embassy shall be placed on the poject sign board. The abov€ provisions may be amended or modified at any time by nrutual consent if this should appear us€ful for the implementatbn of the BSTN rr lhe execution of the Loan and Financing Agreement ln all other respects, the provisions of Articlos 14.2 and 15 of the Loan and Financing Agreemenl shall apply to this Agreement acmrdingly. Thrs Agreement is executed in three originals in the English language. ease @nfirm )rour @nsenl to the above Agreement by signing in a form and retuming the enclosed copies Please forward a copy of lhe presenl letter in due @urse lo lhe Consultant Eschemann idenl Pmioct Manager Read and aoreed: rbilisi, Fpil ,t? ,2O1O EnergolrAls Ltd. Georgian State Electrosystem Ltd - 13- ::i$kFvv Annexes Annex 1: Objectives and Results of the BSTN ard Assumplions for their Achievement Annex 2: Time Schedule Annex 3: TotalCost and Financing Annex 4: Guidelines for the Assignmenl of Consultants in Financial Cooperation , ith Developing Countdes Annex 5: Guidelines for lhe Procurement o, Supply and Work Conlracts under Financial Cooperation with Developing Countries Annex 6: Disbursemenl Proc€dure Annex 7: Conlent and Form of Reporting Annex 8: Environmental and SocialAction plan

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Loan and Financinq Aoreemsnt aareo Q pr"t ,13 .zoto beth,een KfW, Franklurt am Main cKfi,r) and Georgia represenled bY lhe Ministry of Finance ('Borowol") and En€rgotrans Lid', Tbllisi ("Project Executing Agencf ) for EUR 100,000,000.00 . Blact Soa Energy Transmission NehYork Projeqt' (BMZ lO 2008.65.s43) z Contents Preamble I z a the Financial Contribution Amounl and Purpose of the Loan and Poiect-Erecuting Agency Channelling of the Funds to the Disbursement 1. Fees 5 lnlerest t Repayment and PrePaymenl General Calculations and Paymenls in t_ t I fl) Unfundsd Risk Participation Export Credit lnsurance Negatiw Pledge and Pari Passu tl Costs and Public charges l2 Special Obligations t3. L Reasons for Termination oI the Representalion and Statements l5 General Provisions Anoex 'l ,{fie\ 2 Loan and Suspension of the for operation Specimen Confirmation of Readiness Action Plan for Regulatory Environment Financial Contribution -3Preamble TtEbasisforthisLoanandFinancingAgrgement(..Agreement,,)istheagreementdated lp.il 13, 2010 between the Federal Republic of Germany and Georgia on Financial Cooperation (FC) ("Government Agreement') Network Projecl The Borrower intends to implement the Black sea Energy Transmission high voltage transmission line Irom Gardabani rBSTN") consisting of (r) constructron of a !d Zestaphoni via Akhaltsikhe lo the Turkish border, (ri) extension of the existing in Akhaltsikhe si6tations in Gardabani and Zestaphoni and construction of a new subslation rd (iir) construction of a new High Voltage Direcl Cunent back-to-back ("HVDC") station in .mEltsikheTheBSTNwillbecarriedoutbyEnergotransLtd',theProjectExecutingAgency (?E/4"), supported by Georgian State Electrosystem Ltd ("GSE") as owner of the PEA arrd jr financial assistance Irom lhe Borrower. TL Agreement is part of lhe BSTN co-financing and is concluded in parlrcular to finance tlrc li/DC statron ("Proiest') being planned by the Bonower' Bank ('ElB") TIE Borrower has concluded a Finance Contract with the European lnvestment h the amount of eighty million Euro (EUR 80,000'000) to co-flnance the Prqect and other torth in such Finance oomponenls of the BSTN, subjecl the terms and condilions set Contract dated 26 March 2O1O (the'ElB Loan Agreement") between the Bonower and EIB' haddltion'theBorrowerhasconcludedaLoanAgreementwiththeEuropeanBank|or (ELIR Reconstruction and Development ("EBRD') in the amounl of eighty million Euro terms arrd 80,000,000) to co-finance other componenls of the BSTN, subject to the (lhe "EBRD Loan conditions set forth in such Loan agroement dated 17 March 2010 Agre€ment") between the Borrower and EBRD TolheextentthatKfl/v'sclaimsarisingfromthisAgreementarepartiallycoveredbytln as "Erporl Crodit export credit insurance policy satisfactory to Kfvv (hereinafter refened to AG lnsurance") and by an unfunded nsk participation by Oesterreichische Entwicklungsbank (hereinafter refened to as "Unfundod Risk Participation"), KfW affirms its willingness to finance the Project in accordance wilh the following provisions 4- Amount and PurPose of tho Loan and tho Financial Contribution /mourl. Kfl/V will extend to the Bonower a Loan not excaeding a total of EUR 75'000'000 00 Euro) (in words: se"/enty-liv€ million (th€'Loen') consisting of a loan portion I of up to EUR 20'000'000 00 (in words: twenty million Euro) CPortlon f) and a loan Portion ll of uP to EUR 55,000,000 00 (in words: fiflY-five million Euro) ('Portion ll') as well as a linancial contribution (in not excaeding a total of EUR 25,000,000.00 words: twenty-tiw million Euros) (lhe'Financial Confibution')' not b€ repayable The Financial Contribution shall untess olherwise stipulated in Clause 13 5' the hereinafter are together refened to as Qntribution Financial the and The Loan being also refened to as 'Amounts" "Funds' and partial amounls of both 1.2 Coniribution in lull channel th€ Loan and the Financial shall Bonower The Purpose shall set forth in Clause 2 The PEA conditions the with to the PEA in accordance with the Project pay the cosls incurred In connection lo exclusively Funds use the ln pay costs payable in foreign cunency to pnmarity and ("prorect Costs') 5 parlicular, the Loan wrll be used exclusively to finance supplrcs and servicea provided on the basis of an export cont.acl between the PEA and any supplier yet to be tendered (hereinaFter referred to as 'Exporl Contracl') and whose financing will be partly covered by an Export Credit lnsurance acceptable to KfW. The PEA, GSE and Kfw will determine by a separate agreement lhe details of thr-' Project and the BSTN, the Projecl Costs to be flnanced out of the Funds, thr) conditlons related to the Export Credit lnsurance and the Export Contract and, rf applicable, the covenants resulting from lhe terms and conditions of the Expolt Credit lnsurance Taxes, Chatges, customs Dutes. Taxes and other public charges owed by lh(l Borrower or lhe PEA as well as customs duties may not be financed from the Funds channelllng of the Funds to lhe PEA Ontending Agreemenl. The Borrower shall channel the Funds in full to the PE. under a separale on-lending agreement to be conduded between lhe Borrower anc the PEA at the terms and condrtions set forth in Clause 4, 5 and 6 hereof. The on lending agreement shall be in form and content acceptable to Kfl/V and shall includc the condition that the Borrower shall defer in parttcular during the implementation o1 the BSTN in full or in part any payment obligations of the PEA under the on-lendig agreement in c€se the net incomel of the PEA is not posilive The foreign exchang€ risks shall be bome by the PEA 22 Cetlilied Trcnslation Prior to the first disbursement of the Funds, the Borrower shall send Kfw a certified German or English lranslation of th€ on-lending agreemenl specified in Clause 2 1 The on-lending agreement is subject to Kfvv's no objection 2i No liability of the PEA. The channelling of the Funds shall not constitute any liability of the PEA to K&ry for paliment oblgations under this Agreement. 3. Disbursemol 31 Request lot disbursemert As soon as all preconditpns for dlsbursemenl pursuant to Clause 3 5 are fulfilled, Kfw wlldisburse the Funds as follows: 'l.let income is the PEA'S income afrer sub0-acting all cosls and epens€s (incl'rding taxes all pdncipal and hterest expenses) from tho lolal revenue -6a) The Financial Contribution in accordance with lhe progress of the Proiect; b) The Loan in accordance with the p€rformanc€ of the supplies and servic(rs agreed upon in the Exporl Contract- The Loan and the Financial Contribution will be disbursed proportional to their share in the Funds according lo Clause 1.1 as appropriate Separcle Agreement ln a separate agreement. the PEA, GSE and Kl'W will speci)y the disbursement procedure including speciflc conditions precedenl to disbursement and, in particular lhe evidenc€ to be fumished by the PEA proving that the requested Amounts are used for the purpose stipulated in this Agreement Reduction ol proiect costs. ln the event that the Proiect Costs are reduced, the following shall apply: a) lf the overall price of the goods and services to be linanc€d out of the Funds as agreed in the Expo( Contract is reduced during the disbursemerlt p€riod, KftV will reduce the Loan and the Financial Contnbution pro rata b) lf the overall price of the goods and servi@s to be provided under the Export Contract to be financed out of the Funds is reduced tollowin(l disbursement in full of the Funds, the Bonower will repay to Kfvv without delay upon KruV's demand a percentage corresponding to Kfw's financing portion of the amount by which the overall pnc€ of the goods and serviceli linanced from the Funds has been reduced. The repaid amount will be offset against the Loan and the Financial Contribution in the proportiorr between the Loan and tlle Financial Contribution allocated for financing thc, goods and services provided under the Exporl Contract Accordingly, to lhe extent lhat payments are offset against the Loan, the Bonower will pa) prepayrnent compensation as stipulated in detail in Clause 6.5 d) hereot. Deadline lq requesting d/sbursemenl Kflru may deny disbursements afler December 30, 2013 lf lhe execulion ol the Export Contract is delayed KfW will examine whether and under what conditions this deadline may be extended Conditions precedent to disburcement Kfvv is obligated to make disbursements under lhis Agreement only upon satisfaction of the following conditions precedent: -7 - a) lhe Bonower has demonstrated by presenting a legal opinion in form alld content acceptable to KfVv and by presenting certifled copies (each with a Ge.man or English lranslation) of all documents to which this legal opinit)n refers lhat the Bonower has met all requrrements under its constitutioral law and other legal provispns for the valid assumption of all its obligatio ls under this Agreement; b) the specimen signatures refened lo in Clause 14 1 (Representation arld Statements) have been rec€ived; c) in the c€se of a disbursement being made from Portion I of the Loan tl)e Unfunded Risk Participation lor EUR 20,000,000 of Kfltv's claims under Portion I as per Clause 8 is in fullforce and effecl without any restriction; d) in the case oI a disbursement being made from Portion ll of the Loan the Export Credit lnsurance ror EUR 55,000,000 of Kfw's claims under Portion ll as per Clause 9 is in full forc€ and effect without any restrictionl e) the Borrower has paid the management fee mentioned in Clause 4 2; 0 the Boro,^,er has sent KfW the on-lending agre€ment specified ln Clause s) the PEA has submitted the final Envimnmental and Social lmpact Assessment ('ES|A") report of the BSTN including the Environmental ar)d Social Management and Monitoring Plan and selected route of the overhead lines to Kfw and KfW has provided its no objeclion; h) the Bonower has provided evidence lhat the ESIA for the ESTN has been concluded in form and contenl acceptable to Kfvv; i) the Bonower has provided a Lener ol Comfort from the Georgian Regulalor GNEWRC stating its no objection to the Action Plan for Regulatory Environment as specilled in Annex 2 and conflrming the eligibility of pnncipal, rnterest payments and other fees as specified in the respecti'e on-lending agreement of lhe loans provided by the ESTN financirlg institutions for cost recovery under applicable regulatons as '12.4 (e); pel Clause 8 i) the EBRO Loan Agreemenl and the EIB Loan Agreement are in full for(;e and effect wthout any reslrictpn and all conditions precedent to the'r effectiveness and disbu6ement, except only the effectiveness of th s Agreement, have been confimed by EBRD and EIB respectively to te tumlled: k) the PEA and GSE have tumlbd the specific conditions prec€denl lo disbursemenl pursuant to the separate agreement; no reason for terminalion exists; and m) no exlraordinary circumstances arise that preclude or seriously jeopardise the implementation, the opeEtion, or lhe purpose ot the BSTN' or the performance of the paymenl obligabons assumod by the Bonower under this Agre€ment. KfW has the right lo demand such further documents and eviden@ as it reasonably deems to be necessary prior to any disbursement from the Funds Waivet ot disburwment The Bonower may a) renounce the disbursemenl of undisbursed amounts of the Financial Contribution provided tr|e Bonower and lhe PEA have futfilled thei' obligations under Clause 12 and; b) renounce the disbursement of amounts of the Loan only with KfW'$ consent, the appro\€l by lhe Export Credit lnsurance and only agains. immediate payment of a non-acceptance @mpensation as per Clause 3 7. Non-acceptance compensation. lt the Bonower waives disbursement of a Loar amounl for which an interest rate has already been determined or if such a Loar amount is not disbursed at all or is not drsbursed by the deadlne stated in Clause 3 4 lor other reasons for which Kfl,v cannot be held accountable, the Bonower will promptly pay to Kfw upon demand such amount as is necessary to compensate KIVV for any losses, expenses or costs that may be incured by Kfw as a result ol the non-acceptance of the respective Loan amounl. Kfw will calculate the nonacceptance compensation and communic€le it to lhe Bonower ,/ -9- Fess commitment fee ol0 25 9" Commitment fee fhe Bor.ower will pay a non-refundable fee will be charged from the p. a on undisbursed Loan amounts The commitment Agreement has entered into force and time perioO beginning three months after this of full disbursement of the Loan lt wrll effect according to Article 15 1 1 until the date specmed below (each a'PaFent Date")l be due halt-yearly in anears on the dates a) prior to the due date ot the first repayment instalment of the Loan' on first time on June 30' 2010 June 30 and December 30 of each year; for the of entry into force and but not before the Payment Date fotlowing the date etfect of this Agreement pursuant to Clause b) '15 11; on the due date of the llrst repayment instatment of the Loan' together wilh such instalmenti c) thereafter on the further due dates ot the repayment instalmenls as pcr Clause 6 'l period after the signirg Management lee Not later than after expiry of a three-month period aftcr of this Agreement by Kfvv or not later than after expiry of a one-month (whichever of these dates occurs the entry into force and effect of this Agreement the Bonower will later), but in any case prior to the lirst disbursement from the Loan' of tt'e pay Kfw a non-refundable one-time lump-sum management fee of 1 % 1 1' principal amount of the Loan of EUR 75,000,000 stated in Clause lnterest whllsl the Bonower will not pay any lnteresl on the Financial Contribution tl'e Bonower shall pay interest on the Loan in accordance wilh the following provisions ol the Loar' ) lnlerest due on the Loan (fixed interest rate set upon disbursement followirg The Borrower will PaY interest on the Loan in accordance with the prouslons: _10_ a) the Loan amounts disbursed Kfw within hvo Banking Days prior to the lntercsl rale The Bonower will pay interest on at a rate determined by on th€ basis of the effecti\e disbursement of th€ respective Loan amount market al the time 'rf tunding costs incuned by Kfw in the Euro capital as possible to that of tl'e disbursement for maturities matching as closely (the "t'argin') of 4 % p a ( n Loan amount to be disbursed, plus a margin "Flxod lnterest Rate") The words: four per c€nt per annum) (together the term of the respectiv€ Loan rate of interest thus fixed will apply to the entire amounl b) is made from the Loan K1lA/ Consolidation.ll more than one disbursement rates fixed for eaoh will after each disbursement consolidate the intorest This consolidated Fixed Loan amount into a single Fixed lnterest Rat€ aveEge of the individual lnterest Rate will corespond to the weight€d of one per cent if ihe lilst Fixed lnter€st Rates, rounded down to 1/'IO'O0O 1l10'OO0 of one per cenl if omitled decimal is lower than 5 or rounded up to 5' and will be the basis the first delot€d decimal is equal to or greater lhan date of each disbursement lo the for lurther calculation of interest from the the average Fixed next disbursem€nt. Once the Loan is fully disbursed until the end of the lnterest Rate calculated as desqibed above will apply Loan term. c) the Bonower promptly ot tlte Notification ot the intercst rate Klvv will notity above The Fixed Fixed lnterest Rates in accordance with Clause 51 a) lnterest Rates consoftdated pursuant to Clause 5 1 b) above from the next respective interest calculation for tie Loan' will be derived lnterest on a Loan amount will be Calculation ol interest and intered payment dates respective Loan amount is paid out charged from the date (exclusively)on which the the date (inclusively) on of the Loan account held with Kfvv for the Bonower until to KflAI's account stated in which the respective repayments ot the Loan are crediled Clause 7.3. lnterestwillbec€lculatedinaccordancewithclauseTl(calculation).|nterestuiill in Clause 4 1)' be paid in anears on lhe Payment Dates (as denned - 11 Repaymont and PrePaymont whilstlheFinancialcontributionShallnotberepayableUnlessotherwisestipulated rn Clause 13.5, the fotlowing shall apply to the Loan: Repayment schedule fot Pa!7ion l. The Bonower will repay Portion I of the Loan as [ollows: 30, 2014 909,000 00 EUR 909,000 00 EUR I June 2 December30,2014 3 June 2015 909,000 00 EUR 4 December 30, 20'15 909,000 00 EUR 5 6 June 30. 30, 20:j, 909,000.00 EUR 909,000 00 EUR 7 December 30, 2016 2017 June 909,000 00 EUR 9 December 30, 20'17 2014 June 10 December30,2018 11 June 12 13 30, 30, 30, 2019 December 30, 2019 2020 June 30, 15 December 30, 2020 2021 June 16 December 30. 2021 17 June 14 30, 30, 18 2022 December 30, 2022 19 June 20 21 22 30, 2023 December 30, 2023 2024 June December 30, 2024 30, 909,000.00 EUR 909,000.00 EUR 909,000.00 EUR 909.000.00 EUR 909,000 00 EUR 909,000.00 EUR 909,000.00 EUR 909,000.00 EUR 909,000.00 EUR 909,000.00 EUR 909,000.00 EUR 909,000 00 EUR 909,000.00 EUR 910,000 00 EUR 910,000.00 EUR ll of the Loan Repaymenl schedule for Pottion l/ The Bofiower shall repay Portion fall due !'rx in 22 equal consecutive halt-yearly instalments, the first of which will as the date of months afler the readiness for operation ('starting Point') delined of the goods and services start of operation of lhe Projecl or the dale o' acceptance of the by the PEA as applicable in accordance with the relevant conditions June 30' 2014 lf the executir)n respective Export Credit lnsurance, but nol later than under what of lhe Export Contract is delayed, KM will examine whether and evidence of the Slartillg conditions this deadllne may be extended Documentary with the confirmation attached Point of the Project must be furnished in accordance -12to this Agr€ement as Annex'1. As soon as the repayment schedule is established' Kfl/V will communicate it to the Bonower, thus making the repayment schedule ern intogral parl of this Agreement. l)ndisbursed Loan amounts. Undisbursed Loan amounts will be otfset againsl the last repayment instalment due at any one time pursuant to the repayment schedule unless KlW, at its own discretion, chooses another offsetting mode in an individual c3se, Disbursements after lhe sla/. of repayment lf any Loan amounts are disbursed after the repayment period has started this will not affect the repayment schedule so long as the repayment instalment due under the repaymenl schedule at any one time is lower than the Loan amount outstanding lf the repayment inslalment due 'lr payment exc€eds the Loan amount outslandlng, Kfl'/y will reduce the repayment instalment due by the amount representing the differenc€ and increase every remaining repayment instalment still outstanding by the amount representing the difference divided by the number of repayment instalments still outstanding KflV reserves the right to postpon€ taking into @nsideration disbursements that a'e made wthin 45 days prior to the respective Paymenl Oate for the determination f,f the outstanding Loan amount until the next but one Payment Date a5 Prepaymenl The following will apply to prepayments of Loan amounts: a) Right ol prepayment. The Bonower may repay the Loan in full or in part but at leasl rn the amount of one repayment instalment as per Clause 6 2 in advance of maturity againsl paymenl of a prepayment fee as per Clause 65d). b) Norbe A prepayment of a Loan amount pursuant to Clause 6.5 a) is subj€ct to notitic€tion of the prepayment by the Borrower to Kfw no later than on the fifteenth Banking Day prior to the intended prepayment date Such notc€ is inevocablei it must specity the date on which the prepayment is to be made, the amouni to be prepaid, and it obligates the Bonower lo pay to KfVV lhe staled amount on the stated date c) Amounts due Together with the prepayment the Bonower will also pay the following amounts: - .t3 - aa) any prepaymenl fee accrurng as a result of the prepayment of Loan amounts; and bb) all interest accrued on the prepaid Loan amounl up until the date of the prepayment. d) P@payment conpensation lf the Bonower repays a Loan amount prior to the scheduled repayment date the Borrower will pay to KfW a prepayment fee for this premature repaymenl The prepayment fee will be computed,)n the basis of the difference between (i) the interest which KfW could have charged for a Loan amounl up until the end of the scheduled remaini[g maturity applic€ble lo the Borrower ff the Borrower had not repaid tirc conesponding Loan amount and (ii) the interest which Kfw can eam ty rernvesting the correspondrng Loan amounl in consideration of the agrei?d repayments performed up until the end of the scheduled remaini[g maturity, for whrch the difference will have lo be discounted on the basis of the interest curve Ior reinvestments. Kfl/V will determine the amount of the prepayment compensation and communicate it to the Borrower. e) Ofsetlrag. Clause 6.3 (Undisburced Loan amounts) will apply mutaiis mutandis to the offsetting of prepayments of Loan amounts. Revised repayment schedule. ln the event that Clause 6.3 (Undisbursed Loan Amourls), Clause 6.4 (Disbursemenl After Sta of Repayments') or Clause 6 5 (Prepayment) applies, Kfl/V shall send the Bonower a revised repayment schedule that will become an integral part of this Agreement and will replace the repayment schedulos applicable until such event. The Financial Contribution shall not be repayable unless conditions of Article 13 4 occur, Calculations and Payments in General Calculation lnlerest, the commitment fee, default interest pursuant lo Clause 7 5, lump-sum compensation for overdue amounts puGuant to Clause 7.6, no|lacceptance compensation and prepaymenl compensation will be c€lculated on the basis of a 360-day year with 30-day months -14Agreement falls due or a Oue date. lt a payment to be made in connection with this payment on tlle date that is not a Banking Day' the Borrower must maks such within the next calendar following Banking Day. lf the following Banking Day falls preceding Banking Day' month, such payment must be made on the Account number, line of qeditng. The Bonower will be released from its paym€nt to the extenl lhat the obligations adsing from this Agreement as soon as and ai Kfld's free disposal conesponding amounls have been credited to K1l'V and are m on KflA/'s account without any deductions in Euro and not later than at 10:00 a (BLZ 500 204 00' BIC KFWIDEFF' number 3'184ffi98 with Kn /, Frankturl am Main 'BMZ D with the additional indrc€tion of the due date 'Ref YYYYMMDD" and Kfllv 2oO8 65. 3")or to another account sp€cified by lo assert any rights of this retention or set-off or comparable rights against payment obligations unde' Counterclaims ol the Botrowet. The Bonower is not entitled Agreement unless suci ights are recognised by declaratory iudgment boen contested bY KflV. or have not fuhun interest. The following will apply to any overdue r€payment instalmenls and overdue prepayments of Loan amounts: lf any repayment instalmenls or prepayments pursuant to Clause 6 5 lPrcpayme ) are not at the disposal of KfW when due, KM/ may without prior reminder charge default interesl at a rate of 300 basis points p.a (in words: lhree hundred points per annum) above the Fixed lnterest Rate for the period beginning on the due dale and ending on the dale on which such payments are credited to the account cf basis Kfl/v specified in Clause 7.3. Such default interest musl be paid immedialely upon KlWs first demand Lum?sum compensalion For overdue amounts (with the exception of sud ,epayment rnstalments and prepaymenls as mentioned in Clause 7'5 (Default i/.ercsq Kf,it may, without prior reminder, request lumPsum compensation of 3(r0 Esb pcnnts p.a (in words: three hundred basis points per annum) above the Fixed E 6t Rate applicable on the respective due date for the period beginnrng on the lD date and ending on the date of payment of such overdue amounls Ttre Boflower shall be free to prove that no damage was in fact incurred or that the damages were not incuned in the amount as stated. The lumPsum compensation musl be paid immediately upon Kn/y's first demand. -15- Offsening. KfW has the righl in its discretion to offset payments received agairlst payments due under this Agreement, between Portion I and/or Portion ll, or un(ler other loan agreements concluded between KfW and the Bonower Calculations made by KAtl. Unless there are manifest enors K[W's calculation of amounts under this Agreement and in connection with this Agreement shall constitute prima-facie evidence Unfunded Risk Participation Prior to the first disbursement from the Funds the Austrian Development Bank 'Oesteneichische Enh/icklungsbank AG" ("OoEB") will grant an unfunded risk participation of EUR 20,OOO,0O0 in relation to Portion lof the Loan (the "Unfunded Risk Participation'). oeEB shall receive a premium from KflN for such Unfunded Risk Participation. The unrestricted effectiveness oI the Unfunded Risk Participation shall be a prerequisite for the disbursemenl from Portion L Export Credit lnsuranca KM,/ shall have claims arising from Portlon ll of the Loan guaranteed by an Expon Credit lnsurance acceptable to KfW but nol necessarily from Germany. The ExpDrt Credit lnsuranc€ shall cover up to EUR 55,000,000 with an uninsured portion of 20 %, whereas the rnsurance premium is to be bome by the exporter. The unrestricted effectiveness of the Exporl Credit lnsurance shall be a prerequisite or the disbursement from Portion ll. Negative Pledge and Pari Passu ProJ'ect assets. Netther the Bonower, nor lhe PEA and/or GSE as owner of the PEA will encumber or alienate the Project assets, in particular the rights from the Export Contract, the goods supplied and services performed under such Contract and t'e Project facilrties erected in connection wdh these until repayment in full of the Loan without Kfl/V's prior consent Pan passu. To the extent permitted by law, the Borrower undertakes to perform tne obligations under this Agreement pari passu with all its other existing or futLre unsecured and not subordinated paymenl obligations - 16 - Costs and Public Chargss will make all payments under this No deductions ot withholdings The Bonowe' other public charges or other costs ln agre"-"nt *itltout any deductions for taxes' effect is obligated by taw or for olher reasons to ttie event that the Bonower deductionsorwithholdingsonpayments'thepaymentsmadebytheBonowerwill in order for Kfw to receive in full the increase by such amount as is n€cessary amounts due under this Agreement after 12 deduction of taxes and charges' and €xpenses accruing in connection with Costs. The Borrower will be€r all costs Funds' in particular remittance and transfer the disbursemenl and repayment of the as all costs and expenses accruing in costs (including conversion fees), as well of this Agreement and of all other connection with the maintenance or enforcement well as alt nghts resulting from this documents related to this Agreemenl as Agreement. all taxes and other public charges Texes and other charges The Borrower will bear of Germany in @nnection with the conclusion accruing outside the Federal Republic andexeculiono'thisAgreemenl'llanySuchtaxesandchargesaccruewithinthe FederalRepublico[Germany,theBorrowerwillpaythemonlytolheextentthat l' KilV advances such taxes or charges' the they accrued at the Borrower's initiative upon request to KflA/s account as Bonower will lransfer them without delay specilied in Clause 7.3 14 the Bonower will furnish evrdence to Iaxes Prior to the first disbursement of Funds' to KtW are llee {rom any and atl taxes KfV',I proving that a\ payments due hereunder and other public charges on income lrom interest' @mmissions and similar charges in Georgia. Special Obligations Prcject and BSTN implementation and special intomatbn The PEA shall a) prepare, implement, operale and maintain the Project in conformity with sound linancial and technical practices and substantially in accordance udh the Project conc€pt agreed upon beh,veen the PEA, GSE and KnY, 17- b) assign the preparation and supervision of construction of the Project to independent, qualilied engineering consultants, and thg implementation of the Pro.iect to qualified firms; c) award the contract for the goods and servi@s to be financed from rhe Funds upon prior intemational competitive bidding and, as far as relevant for the goods and services to be financed from the Loan, award them in conformity with the conditions of the Export Credit lnsurance specified in Article 9; d) keep books and records or have books and records kept that unequivocally show all costs of goods and servic€s required for th€ ProJect and clearly identify the goods and se.vices financed from the Loan and the Financial Contribution; e) enable the representatives of KW at any time to inspect such books and records and any and allother documentation relevant to the implemenlation and operation of the Project, and to visit the Project and all the installaticns related thereto; 0 fumish to K\ru any and all such information and r6@rds on the ftoject, its further pr€ress and on its financial situation as KM/ may request: e) send to Kfl/y as soon as possible, in any c€so within six months after the end of each financial y€ar, its annual reports and the pertinent audited financial stiatements with th€ balance sheet and profit and loss accoults together with the necessary explanalory notes; and h) enable the representatives of KfW at any time to inspect rts books and records, which must reflect the PEA'S business activrty and financial situation in conlormity wrlh standard accounting principles Separcte Agreement The PEA, GSE and KfvV will determine the details of Clause 12 1 by a separate agreemenl -18- The Bonower and the PEA shall a) ensur, rhe ru, rinancins b) of lheir own accord eviden@ Proving that , 'I:il:fl::[:]j:"[T,Jn:"r:"'*' the cost the by the Bonower and/or aa\ so-called members und€r its or OECO tf'" PEA trom following the Transparency""the" Credits OOI 'Agreement fo' UntieO to be financed ttre supplies and services award of the contractJtor queries the reply to any such coordinate will and Funds from the queri€s received lorward to Kfrv any with KiA'' and bb) 124 that preclude or and all circumstances any of Kfl/V inform promptly or the implementation' the op€ration the seriously ieopardize the BSTN ' Purpose of The Bonower shall a) ' impbmentation implement or procure b) regulator maintain an independ€nt an"n'"nt "s specified in Annex 2 ol the Action Plan fot Regulatory in due time; lor *" nT':'": ",]:"]:citv sectol entrustedwithdeterminingttr-etarittsperunitofelectricityandlicensin.c exports' imPorts an( electricity activities and transits of electricity; c) allow the regutator to monitor GSE to perform alt of their obligaliont cause and enable the PEA and the Turkisf' lnterconnection Agreements with under the Construction and as specified in the separate agreemeni transmission grid operator TEIAS (clause 12.2); d) practice!' sound engineering and financial of PEA':j of the BSTN and in the performance assist the PEA in conformity with in the implementatrcn obligations under this Agreement and the on-lending agreement specifie(l inArticle2land,inparticular,grantthePEAanyandallpermissionl; necessary for the implementation of the BSTN; and - 19 - e) a Letter ol Comfort from Action Regulator GNEWRC stating its no objection to the submrt pnor to the first disbursement of the Funds the Georgian in Annex 2 and confirming Plan tor Regulatory Environment as specified other fees as specified in the eligibility of principal. interest payments and provided by the BSTN the respective onJending agreement of the loans financing institutlons for cost recovery under applicable regulations; 125 Compliance. The Bonower and the PEA will ensure that the persons whom they of the Project' the award ol any entrust with the preparation and impl€mentalion and with requesting the Loan contract lor the supplies and services to be flnanced' not demand' accept' make' grant' amounts and/or the Financial Contribution do other advantages in promise or accept the promise of unlawful payments or connection with these tasks' 126 Agreement, which Transpotl of goods. The provisions set forth in the Govemmenl the transport of the goods to are known to the Bonower and the PEA, will apply to be financed from the Funds. 12.7 Money laundeing The Bonower and the PEA shall promptly make available to Kf,/V ondemandallinformationanddocumentswhichKi/vreqUirestofUltilitsobligations as well as tor lhe continuous to prevent money laundering and tenorism financing PEA' which is of the business relationship with the Bonower and lhe monitoring necessary for this PUrpose Financing Agreement the PEA acts ln entering into and implementing this Loan and Wilh regard to German law or the law of in ils own name and for ils own acmunl the country of incorporation of the PEA a) in the financing of the the PEA'S own resources or the amounts invested list being nonProject will not be of illicit origins and in parlicular' this organrs€d exhaustive, will not be linked to drug trafficking' corruption' crimrnal activity or tenorism; b) not at any time be of illicit origins the shareholder capital of the PEA will will not at any time be and, in particular, this list belng non-exhaustjve organised crime or terrorism; related to drug traflicking, corruption' v /2t' -2U- c) possession or use of the PEA will not be engaged in lhe a@uisition' list being nonproperty that is of illicit origins and, in particular' this traflicking' corruption' exhaustive, witl not at any time be related to drug organised crime or tenorism; and d) lhe PEA will not be engaged in financing tenorism R6asons for Tormination of th€ Loan and Suspansion Contribution of ihe Financial ReasonslofterminationoltheLoan.KfvvmayterminatethisAgreementinrespect of the Loan in whole or in Part it a) the Borrowor fails to perform payment obtigations towards KM,/ as and when due: b) c) obligations under this Agreement or under a separate to this Agreement have been breached; the Bofiower and/or the PEA are unable lo agreement pertaining prove that the Funds have been us6d for the stiPulated PurPose; d) Agreemenl have ceased this Agreemenf or any separate agreement to this and/or the PEA in whole or in part to have a binding effect on the Borrower or is no longer enforceable against the Eorro$/er and/or the e) PEA; ttraranty any declaration. confirmation, info'malivl or reptesefltatbo or grdrtiE and rnaifaing ol which is in the opinion of Kfl/V essenlial fq the th€ Funds proves to be incorrect, misleading o ip'nFl€b; f) afr the Export Credit lnsurance and/or tlrc Untund€d Ritf Ptfirfn respectve security glven in relalion thereto for KflMs dilE tr& lE t'dt is no longer in force and elfecl without any rest'lirr (I ME unenforceable; ,4 -21 - g) any change in the legal slatus, control or supe'vision of the PEA andlor GSE or of ils business purpose occurs and if such change in lhe reasonable judgment of Kn can be materially delrimental to the interests of Kfl/V: h) the PEA is dissolved or suspends its business operations by resolution or by forc€ of law; i) as reasonably estimated by KfW the assets' financial or eamings situation of the Bonower has wo.sened considerably or other extraordinary circumstances occur which delay or preclude the fulfilmenl of obligalions under this Agreement; i) extraordinary circumstances arise that preclude or seriously jeopardize the implemeniation, the operation or the purpose of the BSTN, or the performanc€ of the payment obligations assumed by the Borrower under this Agreem€nt; k) the Borrower and/or the PEA fails to pertorm any of its payment obligations vis-a-vis e her the co.financiers EIB and/or EBRD or an event of default (as defined therein) occurs under any ot the respective EIB or EBRD Loan Agreements of the BSTN; r) the co-financiers EIB and,/or EBRO refuse their disbursements or terminate their Loan agreements in regard to the BSTN 13.2 Legat consequences ol an event of default lf any of the evenls specified in Clause 13.'1 has occuned and has not been resolved Yvithin a period of five days (in '1, the c€se of Clause 13 1a) and 13 1k)) or, in all other cases specmed rn Clause 13 has not been resolved within a penod determined by KM that must be at least 30 days, Kfl/V may terminate this Agreement or any parts of it with the consequence that a) its obligations under ihis Agr€ement with respect to lhe Loan terminate, and b) KftV may demand full or partial repayment of the ouistanding Loan amounl together with the interest acatued and any and all other amounts due under this Agreement, wiih Chus€s 7 5 (Default irteresl) and 7.6 lLump-sun' _,// -22- compensationl applying to accelerated amounts 33 mutatis mutandis that this Agroement is terminaled in will pay non-acceplance respect of the Loan rn full or in part thg Borrower Compensation [o( damages ln the event compensationinaccordancewithArticle3'7(Non-acceptancecompens€]ticln)andlol Clause 65 dl lPrepayment prepaym€nl compensation in ac@rdance with compensalion). 34 Conttibution KfW may not Suspers,bn ol Disbuscmenls trom the Financial suspend disbursements from the Financial a) Contribution unless the Bonower has,ailed to perform its obligations to KfW lo make payments when due. b) c) obligations under this Agreemenl or under separate to this Agreement have boen violated, the Bonower and/or the PEA rs unable to agreements pertaining prove lhat the Financial Contribution and/or Loan amounts have been used for the stipulated purpose, or d)extraordinarycircumstanc€sarisethatprec]udeorsenouslyJeopardisethe implementation, lhe operaton or the purpose of the 13 5 BSTN of the situations specified in Clause Repayment ol the Financiat Contibution ll any within a period determrned 13 4 b) or c) has occuned and has not been eliminated by Kflv, which shallhowever' be at least 30 days, KfW may, a) in the case specified in Clause 13 4 b), demard ble immediate ]€p€Fner{ of lhe Financial Contribution; and b) in the c€se specified in Clause 13.4 c), demand the imrnediab rEpayBEt ol such amounts trom the Financial Contribution as the Borroter ardlo. tE PEA is unable to prove to have been used for the stipulated purpose a"" 11 Rsprosentatlon and Statoments 141 Representation of the Bofiowe. and the PEA. The Minister of Finance and such persons as designated by him or her to KfW and authorised by specimen signatures authenticaled by him or her shall represent th€ Eonower ln the execulion of this Agreement. The Director of the PEA and such persons as designated by him or her and authorised by specimen signatures authentic€ted by him or her shall represent the PEA in lhe execulion of lhis Agreement. The powers of representation will not expire unlil their express revocation by the representatives aulhorised at such time has been received by Kfw. 14 2 Addressos Notices or statements in connection with this Agreement musl be in writing. They must be sent as originals or - wth the exc€ption of requests for disbursement - via facsrmile Any and all notices or statements made in connection with this Agreement must be sent lo the following addresses: For Kf,N: Kf,rV Attn. Department Llll a3 Posttach ',1 11 41 60046 Frank urt am Main Germany Fax: +49 69 7431-2944 For the Bonower: Georgia Ministry of Finance Attn Department of Extemal Relations 16, Gorgasali Slreet 0'l l4 Tbilisi Georgia Fax: +995 32 261 46'l For the PEA Energotrans Ltd. Attn. Director 2, Baratashvili Street 0105 Tbilisi Georgia Fax: +995 32 989 820 -24General P.ovlslons 15 1 Banking day. Where reference is made in this Agreement to a "Banking Day", this means a day, other than a Saturday or Sunday, on whrch commercial banks are open for general busin€ss in Frankfurt am Main. 152 Place ot peiomance. The place of performance for all obligations under lhis Agreement is Frankfurt am Main. 15 3 Partial invalidity and gaps. lf any provision of this Agreement is or becomes invalid, or if there is a gap in any of the provisions of lhis Agreement, this will not affect the validity of the remaining provisions hereof The parties to this Agre€ment will replace any invalid provision by a legally valid one which comes as close as possible to the spirit and purpose of the invalid provision. The parties will fill any gap in the provisions with a legally valid provision which comes as close as possible to lhe spirit and purpose of this Agreement. 154 Legal independence This Agreement and the Export Contract are legally separate agreements. Tho Borower or the PEA may not. in performing its obligations under this Agreement, put forward defences arising in connection with the Export Coniract 15 5 Wriften tom. Amendmenls and supplements to this Agreement must be in wriling Any waiver of this requirement of written form must be declared by the parties in writing. 15 5 Assignment. Neither the Borower nor lhe PEA may assign or tIansfer, pledge or mortgage any claims from this Agreement without Kfl/V's prior written consent. KfW may assign. transfer, charge or otherwise dispose o, (including by way of suL participation) all or parts oI its claims, rights and obligatpns under this Agreement KflIV or the assignee will inform lhe Bonower of the date on which a disposal by way of an assignment or transfer of Klly'y's rights and obligations lo the assignee will bc effective 15 1 Applicable law This Agreement is governed by German law '15 ri Limilation period: All claims of Kfl/V under this Agreernent e)(prre after five years from the end oI the year in which any such claim tlas ac.rtEd and in which Kfl/v has become aware of the circumstances c.nstituting such claim or could have become aware of them without gross negligence. 15 S Arbilration All disputes arising out of or in connection wiih lhe present Agre€menl shall be settled exclusively and linally by an arbitration tribunal ln this regard, the following will applyl a) The arbitration tribunal will consist of one or three arbitrators who will be appointed and will act in accordance with the Arbitralron Rules of the lntemational Chambor of Commerce (lCC) applicable from time to time b) The adit.ation proceedings will be conducted in Frankfurt am Main. The proceedings will be held in the English language. 1510 lransm,sslon of infqmation Kfw is enlitled to disclose informalron in connection with the conclusion and execution of lhis Agreement to OoEB and to the Export Credit lnsuranc€ Agency (includrng the insiitutions c.ntrolling or regulating such lnsurance Agency and its representatives) Ki/V. OoEB and the Export Credit lnsurance Agency have the right to pass on information on the Loan and the Financial Contribution and the BSTN including the award of the contracts for the supplies and services to be financed from the Loan and lhe Financial Contribution to any competent govemmental, administ.ative, fisc€j, judicial, or government-owned body, deparlment, commission, authority, tribunal' agency or entity, or central bank of the Federal Republic of Germany, lhe Republic of Austria or lhe European Community, to any alfiliate ol, and any person acting as a counsel or auditor lo, them and to international organisations engaged in the collection of statistical dala' particularly in connection with aspects of debt service and/or the collection and publication of data relaled to the award of the coatracis for the supplies and servic€s to be financed from the Loan. The above righl to fo{ward information to international organisations also includes the right to directly p€ss on such information to members of such organisations The Borrower consents that KfW, OeEB and the Export Credit lnsurance Agency may publish basic data ol lhe presenl transaclion (Borrower, project companies, country, proiect volurne, subiect of p.ojecl, paymenl terms and similar information) This consent to a publicatirn may be withdrawn by the Borrower in writing 15 11 Entry into lorce and effect This Agreement willnol enter into force and ef{ecl unlil a) the Government Agreemenl on whrch it is based has enlered into force and effecl, and not until b) bolh the EIB Loan Agreement and the EBRD Loan Agreement have enlered into forc€ and effect excepl only for the effectiveness and readiness for disbursement of this Agreement, and not until c) this Agreement has been ratilled by the Georgian Parliament and the ratification has been published in the Georgian official gazetle "Sakartvelos Sakanonmdeblo Matsne", Tbilisi, whatever occurs latest. Th s Agreemenl is executed in 3 originals in the Englrsh language rbnisi. PP';I '/"3 ' 2o1o rbtisi. PprJ ,lS , 2o1o Ministry of Finance Energotrans Ltd ,.E -) i [PEA s letts]headl Kfl/V Pos,rach 11 1'l 41 600,16 Frankfurt am Main Germany Brief project description: Date o, the Loan Agreement: that the Project As per Clause 6.2 oflhe Loan and Financing Agreement we herewith conlirm ... has been ready ror operation since .. . (Place) (Date) (Signature of PEA) (f,lace) (Date) [S[irature of the relevant parties to the project, e g Exporter/Consultantl fur|ex 2 Action Plan fo. Rogulatory Environmgni - Blacl Sea Energy Transmission Notwgrt PtoiectGeorgia ('the Bonower')' Georgian State The foltowing measures have been agreed among gr""tro"y"t"i, Ltd, Energotrans Ltd. (pro,ect Executrng Agency) and the regulatory agency each a 'Party') and will be implemented of O"o*, CO*EW*C'), (together'lhe Parties'and facilitate the Black Sea Transmission Network by the r-espective Party or Parties in order to the operation of the BSTN and to support onrsical implementation' enable the objeclives of the BSTN t'.*t ittr*'t A. Within one vear after the sionino ol the Loan and Financing tacilitale, procure and implement the following Agreement ihe Parties will actons: tariff methodology is not the most and the BSTN the long term' all economically efficient methodology for .Parties immediate term needs and existing Financing lnstitutions recognise ltli it addresses A.l.Ta ff methodolog.' While the present cost-plus conditionsinGeorgiaAsaconsequenceandwilhoutanychange'totheexisting based on the plus methodology, lhe whole BSTN should follow the existing cost tariff tariff methodology is pr€sent methodology ln the case thal an altemative submil hese methodologies to the BSTN considered, the promoting ea'ty stratt Financinglnsliturionsforcommentspriortoseekingapprovalthroughtheregulatory proc€ss A.2. Ma*et rulestThe Market Rules should renewable power generation' priority be amended in a way to allow new domestic capacity allocated Pursuant to a included in the Market Rules and an event that capecity on the new lin allocatedtothehighestbidder,subjecttothepriorityallocationofnewdomestic consistent with the alloc€tio-n methods shoutd.be renewabl€ produciion' The capacity (CMG)'? The licenc€e of the auctioned capacity Congestion Managetent Guidelines th€ Auction shall rec€ive the proc€eds 'rom thal eany action of ' I he term 'new domostic renewable po\ rer generaton' has to be definod under he' condilion 1 commission€d in GeoBia snce January ' invsstors is re$arded e g' t"n"*'o'" *''"' 'ltio""onJrirciJana ?010 ) rhe cMG are part oflhs EneEy communrly Acqurs -2- B Within two years after the siqninq of the Loan and Financing Agreement, all Parties will facilitate, procure and implement the following actions: Law on Electricily. The exrsting Law on Eleclricity and Nalural Gas andlot applicable regulation will be amended to prioritise domestic renewable resources in ihe event of congeslion, based on the principles found in the European Union's (EU) Third Package3' ln pafticular, the existing Law andlor applicable rcgolalion on Electricity and Natura'I Gas ,,'r'ifladdresstransitandconfirm,ifneedbe,GNEWRCliniledauthoritytoeskforand .eceive information on transit volumes and revenues, as needed to develop tariff levels forTransmissionLicenseesisuchlimitedauthoritywillnotimpingeontherightofthe Govemment of Georgia to withdraw transit rights at its discretion, subject to intemational law and subject to ils intemational treaty obligations. C. Within three vears after lhe sionino of the Loan and Financing Agreement, all Parties will facrlitate, procure and implement the following actions: Law on Renewable Energy. a law on Renewable Energy will be drafted and enacted to encompass all of the Orders and Resolutions that have been lssued with respect to renewable energy. Such Law will set [orth a clear and concise tramework for the support of renewable electricity, consistent with the EU's new RES Directive, and will include a varietyofinc€ntivesfornewinvestmentinGeorgiaandjointprojectswiththirdcountries (related to new production online afler the effective dale of the new RES Directive)' including priority access for RES production to the new lines o Within five vears after the siqnino ol the Loan and Financing Agreement, all Parties will facilitate, procure and implement the tollowing actions: Seclot organisation. The GNEWRC'S powers will be enlarged to permit the regulator to c€rry out the dulies imposed on regulators under the European Union's Third Package when Georgia becomes a Contracting Party to the Energy Community Treaty' and A Poini of assuming such Third Package is made part of the Energy Community Acquis to Connection tiariff methodology will also be considered for Georgia in the long-term grid' provide eflicient investment signals to owners and operators of the transmission 3 EU Thrd IntemalEneey Martet Legislative Package

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Ann€x I Black Sea Energy Transmlsslon Nctwork Proiect Obreqtives and Results of iho BSTN and Assumptions tor their Achievement r.daidr-r o,ro$fi -Eirr-'5hun*!-dffi .turfrd.rrdr5io-t -d .nld-J-!,bP.lH hEro-rr,r!bhdth6F dhEa r6tLrhi-ct€h!.-Fia!i&i!.cEltd tuhu.Drts6i&trdldddok |l844.n-srtrtr-tu hr!- -itbn I d& {i rrFi6r.b!chrlr dhld+.Ei$ertuti IhF-qEr&ecirqa dEEsrd, bd.r6 ri.rtcnr,a<tu14dcrrq&rcher-Evelredr@ o*i,&budhbl.dbr-F ldriFdrneibE..i&dr5r&rtuhc-!r .'r r.<doi b rorEr,r rr o rv h.{hljr.ddbu.de.F.. lr!tr4dePo{'ofu s!e.lGd.rd rn z-d'i al*u6(BwEd), .l4#at ed61fudtets rdhH@ dd@ tr*,. -rd..ir-(3Fd bdl*lde ,b& ddd ilrrqE h didnh. bh iE q rdq-dirdih. @dr$ tu.*.turE 6- h ird.rFr *d.,r efufrfusndE bEEnFrdl@,*E 6Ed-dE*€q i aod@rn.* i .z Annex 2 Black Sea Energy Transmission Notwork project Tontallv€ Time Schedulo I I i! J' i!i ii,ii,ji,jiiil,,li lii tr iif iti iiil lliul,,,iijj iiiljiijliiiliiiiiiiiii r Annex 3 Black Ssa Energy Transmisslon Network Prorect Tentatlvo Cost and Flnancing Break Down ats Er iI ai !l !! 5: rg a iE ! 8E r! c ?i :E a, rt 3 : r! Asffti c eqqiEilEE ::t:833 -!s.g 3;-s.j6 J iB--- 5 ! t{ !! E! 9l EI i: II i;,t i I! !-. :EE ! I I rlt ::t ia raa i5E E 3 !3 E:f E,Eii iIz r^ !> *^ €lEiEiil i" 9a 9A s ii iEi$E::3 ii 39!i i; ig; ;i Ei: i;g:-3i;; Ei: { PZ i :EJ i: Eg: E;; E iE F E { 3t: t3 3i: isEi:Egg SIai>l-.!::!! ts9:3! 3389i S ; iiE!;E :r: * iEiE ;E ET 3E;. ET ;.3o1 il fo Et: f,!! ! a :5 tl-€ 7 E ie E sl B?' ; tr ia, ipE -E !;;: i i ! !; ! ! s il F a: :::: :: . /z Annsr 4 Black Sea Energy Transmlsslon N€twork p.oject Guid€lines for th. Assignmont of Consultants ln Financlal Cooperatlon with Developlng Countrles htto://www. kfi,v- -Dokumente Richtliniervconsuttinorich inie E 1 1 20061 s7o,t.pdf Annex 5 Black Soa Energy Tranamlssion Network project Guidelines for the Procuroment ot Supply and Work Contracls undor Flnanclal Cooperation whh Develodno.]coutt,delhtto:/ ^,ww.kn^i- -Dokumente Richtlinienlr'eroaberich inie E 0S 2007.odf E Annex 6 Oftcer ln Charc€: Silvia Kirsch phon8: +49 69 7431-2918 emailsilvia.kirsch@kfw de Dlsburscment Procedure G.rmen Flnenclal Coop.r.tlon wlth Gaorgla Loan ahd Financlrlg Ae,..rior* ol Kftl, EUR t00,0oo,0orr.o0 Prolec-t n rne: Bl5ck S.. Ene.gy r.nsrt6alo.r N.twort Kftry.R.flren.c No.: 2()OE 65 li4, I TNIRODUCION Thb anrEx slipulates tlB dishJ.sorner p.oc6dure for tlE abovcftentibned projecl/progrd.nrne. The S6p6rato Agreern€i[ irdrldirE this Annex shall b€ made available lo all slaff of the bono$/er with disbursements Klw disburEes loans and non-rEpafaue finandal contribtirns ("Fund3") upon requost of ttE Adhorlzad Pa.V in Eclorderr with 0|€ progEss oI the proiedE/programme financedKfW sup€Nises lhe contsaclual us€ of th€ Furds wiich it has rss€rv€d lor specrlic goods and se icos on lhe basis of lho lseparate Agrr€menf pertaining to lhe LoadFinancing/P.oje.rPrcgrarn ne Agr€€r€llt T}E List of Goods ard Selvices a8 \ivell as the co.rospondir€ Funds Eserv€d th(,s brm tho lt-drl|€vork wilhin wfiiah UE AutlDri2ed Party may Equest dishJrsam€nt fiom KfW orrc€ allcont'aclual p.erequisilos for dishrsomeri have b€en fufflled. 2 GETIEML PROVISIONS 2.1 All withdrarval applicalbns shall indirate tlle KfW R.iaranca Nurhbar, b€ nunrb€rad coEacuiivaly and be signed by repr6s6ntative6 otlhe Authodzed Parly wfb hav6 been deoignated as authodzed towads Klw and ol vrilom KirV has Gceiv€d rpacl6.n signaturcs (example see Altrchmonl A). 2 2 ln gerleral, KfW acEpts only o.igind withdrawal apdicalbns. lf. in exceplion€l cas6s. e wilhdrawal application h6 b6n smitted by ler, ttE orilinal is lo bo sent by mail imnr€dialoly aieflflards rnarked as fax confimation KfW is released by the Authorized PaO from lbbilily fo, any damag€ resulling from fals€ lransmissions, due in particula, to lrdnsrnissirrn elrDls, abus6, misundorslanding. oa mistakes, 2 3 For payments made in a currency othor lhan lhal commned ("Forelgn Curr6ncy"), Kfw will debit the bom'r€r or recipient wlth such amount as l^ras exFEnded by KrW tor the procurenenl of lhe foreign currenc), indusiye ot incid€ntal expenscs- h 2-4 Kfw will not be liable lor delays caused by tianslening bankirE instiMions in the disbursement or remitlance of Funds If any delay is caused by KfW, its liability will b€ hmited Io lhe paymenl of interesl accrued Annax 6 Pags 2 3 SPECTAL PROVTSTONS 3.'t The Authorized Party is Ensgotrans Ltd 32 Prccedue b be applied . T?|€ Funds assign€d to goods a.d r€rvic€s as specilled in the Sepaaato Agreement I 1 + I 3 shall be disburs€d ac.ording to Ihe Sllnpllfcd olrect OlsbuE rrnt procedure. 3.3 Slmp ned Olrect Oisbursement Proc€duE ion cerlified by lhe payanent instructions KfW disburs€s Funds lbr accou[ ot the Au0lorized Pafty di.BctJy to EE conhactoE ot goods and services b b€ th6nced by KfW. Th6 lo6n ard tho finarciat contribution shall b€ paid proportilnal to th6lr share in th€ Funds as apgopaiale. As agreed in th6 Corlsulting Cont?d, the Consult€nt willproviJe th€ Aulhodzod party with a 'IEyn|enl cerldlcal6' confrming lhat all prerequisiles tor the disbursement have been mei ard all documenb fl€sontod (ind ouarants€s) are in accordanc€ with contract conditions and KfW r€gulafons/starieds. Bv ils sidnerrr. lhe A[th^n n P2'rw utl corfim diat no Event of D€laull 6nd no Poter*ial Ev6nt ot O€fault exists nor will resutt from th6 6nlry Inio of, o. the pertormance of any tErBacdon contemptated by tho Loan and Flnancing Agrsemenl or any agrcement lolalirE therelo, conllrm that lhe Losn Oisbursoment Conditons as stalod in tf|€ Loan and FinarEing Agreom€nt and the Separal€ AOI€€m6r{ have been s€tisfed. - - The \rithdrdlrral application sllatl be aaaohpanied by a ConfdElion of the Cootraclorilsupplier as per Atladh€nt C. 3.3.1 Oocum,onts All odginal evidonc€ oloxp€ndilurBs co[ssponding to tll€ invoic€s is to be kept until at loast livo yeaIs afrer completlon of lhe fnanc€d nieasures and will hav6 to be accessible at sll tm€s br inspection by Kfw or third partios so instructed by KfW (e g. auditro.s) or w l be s€nt on request to KfW or to third parties cornmi*elonod by Ki r. Such €vidence irrclud€s invoic€s, shipping doqrr'renb. acaepbrEs protocols and a[ Elevant clrcurn€nts n€cEssary lo evldence paymor . 3.4 Dabit advlc.r will be aulomatically dislributed to the addaesse€s ofll^€ Separate Agreement ard to olher parties involved as communicaled lo KM by lhe Authodzed Party. Phase contad tlr€ Kfw{ffdal rEntioned above you hev6 any questons about the disbursom€nl procedure, quoiing the Kfw-r€lerence number. Attachrneids A) Example of a Lettor Oesignating Authoriz€d Signalories B) WnMrawal Application Form Simplifed Direcl Disbursement Procedure C) Confimaiion of the Conlractor/Supplier ,,.2 AttachmentA EXAMPI-E OF A LETTER OESIGNATING AUTHORIZED SIGNATORIES From: Prty ol r, Aaond R.prwttitc @ntv b r L*lFrljd4lwlPtogM rq&a.) To: KfiIY B.nk ngrupp. Altn: L lll a PGlfach 11 1l ,al 600,16 Fr.nktu am llaln $tl Gemren Flnsndel CooP.idlon GrorEh Loan and Fln.nclng Aoraarrni o, KtW EUR I 00,000,000.00 Pror.cl narr: Bl.ck So. En.rgy Tr.nrr{aalon llslwo.i Ktw{ei.,.nc. No.: 2006 65 5,(' Dear Sir/Madam, With reference to tho @ns whos€ auther{icated specimen signafures appear in lhis letler is aut brized lo sign withdraM/al applications on behaff of the Bo.ro\rerlRecipi€nuProj€crProgramn€ Exec1rtirE Agency a) Nam€: Fuftfoar: SpGdnEn SEnaluE: b) Name: Funclion: Specirn€n Signaiure: c) Nsme: F(,.rdion: Spoc.imen Signafure: Al p.evixrs notcss (ll sry) fvldito slgtetrs. ol ofrdab autt dr.d to Cgn eppl(.lErls for wifidr.wel undcr tHs lo6rrfrnrdal cootihiih ero harEby raokcd. Yours sincorsv, s9'and,.AtffidFtEn.d,t dh lEfioaaaojan*qmesr-nt D.l, l{ota: ln tr€ avcnl that €e.h Eppllcelton is b ba CfrEd by moa6 han o.l. ofrcial, the authodzalion mun dat€ lfii6 deady. l, aulhor[€d sigMto.ies 6r! dvHed lnto lwo Oroups, and joinl signsluro is required, fiis must dso be d€arly sl.l6d. "Z A(achment B Page 1 (Add.e st Autho.izad Put) (der6) Kfl , Bankengruppe TMa Postfach 11 11 41 60M6 Frankfurt am Main Fede6l Republic ol Germany - Gorman Flnancial Cooperatlon with G.o.gia Loan and Flnenclng Agreernant of KIW EUR 100,000,000.00 Prorocl namo: Black Sca Energy TransmlsCon Netwoak KIW-RerE.6nce No.: 2008 65 $(l Re.: TM a Slmpllfl ed Dlrecl Oisbursem€nt Proc€du.e ln confomity w h the contracts speofied below, copies ofwhich wEre rorwarded to you, the following goodsy'ssrvicss w€re duly supplied and arB to be peu: llem No.' lrern ol lh€ Conbact for goodsJsorvic€s dated _LEt Cunency/Amouril) ol Goods and SeM@s ,z Attach.nont B Pag.2 Acaordir€ !o $le 'Ud of Goods End Se,vicss', the follolvin€ atmunB of the pay.nenldue shel b€ peld lrom trl€ Loa.lFlMndd ConlrihJtlon. wi*;h ur€ a5k you to disburso as [ollo*B: CunarEy/Armunt Beneficiary (narne and addrc3s of the compqny) Bank nanE:.. Corespond€nt b€r*:') ..............81ocode: . .. -.' . BlC a!do: As supportlng evidelrca a aopy of tlle rEsp€c'dvo hvoie ls enclos€d The Consultiant herevrith declaes lhet ho has issuad a Cedmcale' due ard all necdsary doqrErlr iEvo b6n pro66nted ard 8as in lrc with KfW s raguhtondsiandards (Sgnalure ot lhe Consultrnl's rePresenlalive) The AullEriz6d Party tElEwih corfirms lhat tho above dEntoaEd Loan Aor€€Inont is slill in flat with €breme to tl.. L€n ard FInarEirE Agrcefienl no Evenl full forc6 arld ol Oefault and no Potentiol Ev€. o, O€fadt exista efH;rd The Aulhorizod Party h€rewiul co.lfirhs thai all Loan Disburs€r€rd Condllions as stiated in lh€ Loan and Financing Agrcome.( and lhe S6parale Agr€ofiEni have b6on tulfilled' (Signature of tl|o Aulho{ked Party) We arvail your debit advbes loa lho dbbrrs€rionts mde by you. ') ln addiUon, if lh6 pay6e's bank is nol located in lh€ countsv ol lho @Irency of pevm€nt, lhe name and addrcss ot h€ bank's correspofldent in lhal counlry should be provided Separate appllcatons are lequired for eacn cunency rcq(Esi€d .t.. I I Attachment C Lott€rhead of tho ContBclor/ Supplisr Re : TM a - Gorm.n Financial CooFration with G€orola Loan and Fimnclng Agr.om€nt o, KIW EUR t00,000,000.00 Projec{ name: Black Sc. Enoagy T6nsmisslon iletwor* Kff{-Ret renc€ No.: 20lrg 65 t€ Wo h€reby co.|fm lhat: (1)Ihe (conractor/supdl€rs name) has so hr perlom€d a[ irs obti]atjois for payrnent io be p€dormed pursuanl to the Contsact fo. Goods sndlor S€rfiasq (2) The srppli€s And s.ryic€s corered by nrc prlsont wilhdrawal epplk€ton aru in clnlo,mtty wlh lh€ Csrred for Goods endor Ssvic6si lirrenca slill vafr and ECA .ov, ilo (3) An oest lDr the Cor rad ,or Crods andor S€rvhes is rcqdEd €nd ts . . for th. Conlre.l for Goods andor S€rvicss rs required ard k slill vslid: (4)The Confacl for Goods and/orServices h6s bocome eff€clivo on..... ........ .--. . .. ard ls sullln lull force and €i?€cr. Conlraclor/Supplier (aulhorized slgnalurcs) (dale ) AnnsxZ Black Soa En€rgy Trqn8mlsslon Notwort Project Coniont and Fo]m of RePorting l. Prog.rat Repo.l! Four times a year lh€ PEA shall submil a progr6ss reporl The progress roports shall at least contain the following info,mati,on: ,. P.ooress of BSTN measur€o - progress mad6 in the poflod under review conhacl awards. b€ginnirE and cornploton oI delivery, insl6llalioo and orecllon of loc:)l and importod equiprnent. commissioning and other adivitj6s etc chang€s in BSTN planning and reasons for deviatjons comparison of the aciual implementalbo progress to the on:ginal lime sciedul€ an,, reasons for any kind ol doletls of ESTN implemontaton - progress and status of achieving he BSTN rosults, tt6 BSTN objedives and the ovorall obj€ctivo (incl. updatg ol lhe dal,a for lho dtosen irdicalors. see Ann€x 1) - stah.E of th€ assumplirns to. th€ achbwm6nt of tho results. lhe BSTN obi€cliw and th.t ovsl-all obroclivo (see Annex 1 ) - devElopments that havs occuared or aro to b€ exp€ct€d ieopardising the sustainablc suc.ass of the BSTN - arry developmgnt or aclivity likely to afiect the ecDnomic viability of any Pari oI the ESTN 3. Adherenc€ to th€ cost and financino schedul€ - stetus oI cosl per contract ard total cost - progress ol disbuIs6m€nls . foaocast ol disbuEements in lh6 nexl reporting p€riod - comparison ol acfual de\€lopments with originalcost and financing sch€dule 4. Oroanizalional. institrrtional. ooeratbnal and trainino matlors - allrramewo* @ndilions relovanl to lhe successful irnplementaiion and operation of lhe gSTN - specialevenls Annox 7 Page 2 5 Environmenlal and socialmallers - infomalion on compliance by th6 PEA wilh the imphmentalion of the Environmenlal and Social Action Plan ('ESAP) - infomalion on holfl the PEA has monilored the compliance wih the ESAP by any conkactor ongag6d lor lhe PEA and a summary ot any mal€rial non-@mpliance by such contractor with lh6 ESAP and o[any moasures laken to r6medy such non-compliance - information on implemenlalion of the spocific acton plans refened to in tho ESAP, in particular th6 Resettemant and Compensation Plan - infomaton on complianc€ of thg PEA with Environmgnlal ancl Social Laws in relation to the B.STN - summary of any change in Environmontial and Social Laws relevanl Ior th€ BSTN information on any complaints or suits regading environmenial or social impacts 6. Anv olller infomation de€med r€l€vant ll. Final Roport At he time of he physical complelion and commissioning of th€ 8STN, but beforo ihe expiry of th€ guarantee period at the lalest, th€ PEA shall submh a comprohensivo final r€porl cn the BSTN. Tho tinal report shall @ver lh€ entire ESTN history, including but not limited lo planning, conlracting, lime schodule, cost, financing, results. impacl, etc. A drafi of the table ot conlents of the linal report shall be submitted to KfW for commenls in due time. lll. Special, UnschGduled Report! ln addition to lhe above mentioned reports, the PEA shall submit special, unschedulel reports on all circumstances that mighl joopardLe the achi€vom€nl of the overall objectiv€, the BSTN purpose and the results. ,,2 cl cl <I .t E_> Fe p9 t:' a e E :! 99_ .E8! =9 6d .> oa 6o E E i: v3 o-Y gh E8[ E:" E;E qE !! EUE 650 EE .E E5 PEE'5 6r! 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ErcH Gsl^) - p,@dcalr(.mir rdIE.,i,!dA. - - ^k'..2- strci a Lt^rcHtE6Al _rrc pi_h. _w6d Ronr Scal€ 'l:75.000 Prolectron: UTM_Zone 38 N Dalum- WGS 1982