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EXECUTION COPY (Operation Number 16491) AMENDMENT AGREEMEN-I' NO. 2 to a loan agrecm€nl daled l5 S€plember 2006 (Kulaisi Municipal Weler Projecl) between GEORGIA and EUROPEAN BANK FOR RECONSTRUCTION AND DEVELOPMENT on.oJl lfa! ,oo, AMENDMENT AGREEMENT NO, 2 TO A LOAN AGREEMENT DATED I5 SEPTEMBER 2006 llau This amendmcnr agreentenl. a^rca &7 2009 (rhis Asreemenl ), is made bexveen GEOItcIA (rhe 'ttonou,er") drd rhe EIIIIOPEAN BANK !'OR RECONSTRUCTION ANI) DEVELOPMENT, an inrernalional organisation fonned by treaty ('EBRD') WHEREAS: (A) EBRD has been established lo prov;de linancing for specific projecrs lo fosler the transilion lowards open marlet oriented economies and lo promote private and entrepreneurial tnitiative in the Cenlral and Eastern European countries commifled to and applying the principles of multiparty democracy, pluralisrn and rnarket economics; (B) lhe Boftower enrered inro a loan aSreement wirh EBRD daled t5 Seprember 2006, as subsequently amended on I May 2008 (together lhe "Or,gtnal Agreemenl,). pursuant to which EBRD agreed 10 lend to the Borrower. on the ternts and subject ro conditjons ofthe Original Agreement, an atnounl not to exceed EUR 1,000,000; and (C) the Borrower and EBRD wish to amend rhe OriBinal Agreemenl in cenain respects to reflecl thar lhe financing provided by EBRD wjll only be applied to ilnance rmprovements of the warer supply services in the Ci0, of Kutaisi and nol also improvements ofthe waste water and sewaSe scrvrces NOW, THEREFORE, the Partics herero agree as lbllows: Section l Definitions end Inlerpr€lation (a) Terms defined in the Origrnal Agreenlenl (whelher direcrty or by relarence 10 any other agreemenl or instrumenl) shall, unless orherwise dellned herein, have lhe samc meaning in rhis Agreemenl. The provisions ofSeclror I 0J ofthe Original Agreement shall have elfect as ifsel oul in thts Agreement in full, mulatrs mutandis_ (b) The Original Agreentent and this Agreenrenl shall be read and conslrued as a single documenl. Scction 2. Amendments (a) With effecl from rhe date hereof, the second paragraph of the preamble of the OriSinal Agreement shall be delered in its entirery and replaced wirh rhe following: "WHEREAS, lhe Borrower inlends to irnptemenl rhe project as described in Schedul€ I which is designed to assisr in rhe improvement of waler supply services in the City ofKularsi in Georgia:,' (b) With effect from th€ date hereof, the definition of rhe priorily Invesrmenl Programme contained in Seclion I 02 ofthe Original Agreerrcnt shall be deleled in rls entirety and rcplaced wrth the following: ""Priority Invesorrent Programrne" or "PlP" means the inveshent programme lo include the provision of financing for: (i) lhe refurbishmenr of the water supply and dislribution network ofrhe Citv of Kularsi. (irl rhe tehabilrrarron of main Bell.fieldi lransmiss,on purnpirrg statrons and *ater resertoirs of the City of Kuraisi. and (iii) rhe suppty and inslallation of warer meters ro the Projecl Enlity s customers " (c) With effecl from rhe dare hereof, paragraph I otschedule I (Description of th? Projecl) of the Otiqinal Agreement shall be deleted in its entirety and replaced wirh rhe following: "1. The purpose of the Project is lo assisl rhe Borrower in llnancing the improvement of the wat€r services tn lhe City of Kuraisi by implemenlrnts a project which will include the followiDg componenls: (A) rmplementation ofthe PlP. to include the followingi (i) the refurbishmenr ol the v,,ater supply and distribulion network oflh€ City ofKuraisi. (ii) rhe rehabrlitarion ofrhe main wellfields, transmission pumping slations and warer reservoirs, and (iii) the supply and installalion of water meters for the Projecl Entily's customersl (B) the enhancement of financial, managerial, operalional performance and customer relations of the Project Entiry through lhe implementation of rhe CDISp; and (C) assistance lo the City of Kuhisi to help ir implemenl lhe Proiecr and achieve rts objectives." (d) With effect from the date hereol Schedule 2 (Categotie.t ond Dro.wdor,rs) ofthe Original Agreernent shall be deleted in its enlirery and replaced with amended Schedule 2 (Car.gorier ond Dr6.,downs) atached as Anne\ A herelo (e) The provisions of lhe Original Agreemcnr shall, save as amended by thrs Agreement, continue in full force and effecl Soction 3. ['urther Assuranccs The Borrower shall. at the request ofEBRD and at its own expense. do all such acts and lhings necessary or destrable to give effect to lhe amendments effected or to be effected pursuant to lhis ABreement Scclion,l l\liscellaneous (a) All the provisions ofthe Srandard Tenns and Condilions dated I May 2006 are hereby incorporated into and made applicable to rhis Agreemenl wilh rhe same force and effecl ifthey were fully sel fonh herein (b) All referenc€s to "the Agreement" in the Original Agrecnrenl and all retarence lo the Original Agreement in all instruments and agreements executed thereunder shall refer to the Original ASreement as amended by lhis Agreement (c) This Agreement may be execuled in several counterpa(s, each ofwhich shall be deemed an origiDal, but all of whrch toBether shall constrtule one and the same agreemenl IN WITNESS WHEREOF. lhe Parlies herero. acting through lheir du l), authorised representatives, have caused this Agreement to be e:\ecuted and delivered on lhe date first above written- GEOITGIA By /y,il:+u, ffi { b-;. A*,ashv I' F o o nct, EUROPEAI! BANK FOR RECONSTRUCTION AND DEVELOPMENT \---r <- ur, \-tr\.t-'-'^L ' !4ut r/6pA, -(rrG;qi,c Tirte: Name: DiR(cro( e ANN FX A SCHEDULE 2 . CATEGORIES AND DRAWDOWNS L The lable b€low sets forth the Categories, the amounl of the Loan allocated lo each Calegory and the percentage ofexpendilures to be financed in each Category Amounl ofth. l-orn Allocartd in l}c Lo.n ( urr.n.\ (l) Coods and \!orl(s lb. Lhe (2) Fronr.endCommission P.r.rnlitc ol frp.ndilures lo b. Financed I00n/. ol conlracl vdur l0 000 00'/,