The Saeima has adopted and the President promulgated the following laws: For the Government of the Republic of Latvia and the Government of Georgia, the agreement on investment promotion and reciprocal protection of article 1. 2005. October 5, Tbilisi signed by the Government of the Republic of Latvia and the Government of Georgia on mutual investment promotion and protection (hereinafter contract) with this law is adopted and approved. 2. article. The agreement shall enter into force for the period specified in article 17 and in order, and the Ministry of Foreign Affairs shall notify the newspaper "journal". 3. article. The law shall enter into force on the day following its promulgation. To put the contract in law Latvian and English. The law adopted by the Parliament in 2005 on 15 December. State v. President Vaira Vīķe-Freiberga in Riga in 2005 on December 29, the Government of the Republic of Latvia and the GOVERNMENT of Georgia, the agreement on investment promotion and protection BETWEEN the Government of the Republic of Latvia and the Government of Georgia, hereinafter referred to as the "Contracting Parties"; Recognizing the need to protect one's investment of investors of a Contracting Party in the territory of the other Contracting Party on a non-discriminatory basis; Desiring to promote greater economic cooperation between them in relation to nationals of one Contracting Party and business investments in the territory of the other Contracting Party; Recognising that agreement on the mode that is suitable for such investments will stimulate the flow of private capital and the economic development of the Contracting Parties; Agreeing that a stable framework for investment will contribute to maximizing efficient use of economic resources and improve living level; and resolved to enter into a contract in relation to the promotion and protection of investments; have agreed as follows: article 1 definitions for the purpose of this agreement: 1. The term "investment" means every kind of asset, by investors of one Contracting Party in accordance with the laws of the other Contracting Party and laws put the latter Contracting Party and, in particular, but not exclusively, includes: (a) movable and immovable property and related proprietary rights, such as the right to a lease, mortgage, Lien, pledge rights , usage rights and similar rights; (b) shares, stocks, promissory notes and any other form of participation in the Corporation; (c) the claim for pecuniary or any other performance under the contract of the commercial, which has an economic value; (d) intellectual property rights, including copyrights, trademarks, patents, designs and technical processes, non-patented practical knowledge (know-how), commercial secrets, trade names and goodwill of the company ("good-will"); (e) business benefits granted by law or agreement, including the commercial advantage to search for natural resources, cultivation, retrieval or use. Any changes to the form in which assets are invested or reinvested does not affect their character as investments, if such changes are carried out in accordance with the law of the Contracting Party and the laws and regulations in the territory of which the investment was made. 2. The term "investor" means any natural or legal person who carries out an investment in the territory of the other Contracting Party. (a) as regards the Republic of Latvia: (i) "natural person" means the citizens of Latvia, as well as those who reside in Latvia, which do not have Latvian citizenship or another country, but which, in accordance with the laws of the Republic of Latvia and regulations are entitled to passports for non-citizens; (ii) "legal person" shall mean companies, associations and foundations, which are registered or established in accordance with the laws of the Republic of Latvia and regulations. (b) in the case of Georgia: (i) any "natural person", who is a citizen of Georgia; (ii) any "legal person", established or registered in accordance with the legislation of Georgia. 3. The term "earnings" means the funds obtained through investments, and in particular, income, interest income, income from capital, dividends, royalties, fees for licences and other charges. 4. The term "territory" means: (a) in the case of the Republic of Latvia: Latvian land territory, internal waters and territorial sea and the air space above them, as well as in adjacent coastal areas, including the seabed and zemaugsn, which the Republic of Latvia, in accordance with existing national legislation and international law, exercises its sovereign rights or jurisdiction in those areas with the aim to make the natural resources exploration and exploitation; (b) in the case of Georgia: the territory of Georgia, the country has been recognized by the international community, including the land territory, internal waters and territorial waters, the air space above them, over which Georgia exercises its sovereignty, as well as the special economic zone and adjacent coastal areas of the continental shelf for which Georgia, in accordance with international law, may exercise its sovereign rights for the purpose of research. Article 2 promotion and protection of investments 1 each Contracting Party shall encourage and create favourable conditions of the other party, the investors investment in its territory and shall adopt such investments in accordance with its laws and regulations. 2. each Contracting Party shall apply in its territory of the other Contracting Party of the investor investment and income from investments fair and equitable treatment and full and constant protection and security. 3. Neither Contracting Party shall in its territory do not take unjustified, discriminatory or arbitrary measures against the investors of the other Contracting Party to make investments in expansion, management, maintenance, use, acquisition and sale of benefits or other forms of action. Article 3 national and most-favoured-nation treatment 1. each Contracting Party of the other party, investments of investors apply mode, which is no less favourable than that which it accords its own investors or investors of a third country investments, whichever is the more favourable. 2. each Contracting Party by the other contracting party investors for investment expansion, management, maintenance, use, acquisition and sale of benefits or other action applied to a regime that is no less favourable than that which it accords its own investors or to investors of a third country, whichever is the more favourable. Article 4 exemptions to this agreement are not iztulkojam it, to impose an obligation on the contracting party to extend to investors of the other Contracting Party, their investments and the return on investment in any current or future treatment benefits, benefit or privilege arising out of: (a) any participation in the free trade area, Customs Union, Monetary Union, common market, and in any international agreement to which the creation of such a Union or similar associations have been created; (b) any international treaty or agreement that fully or largely relates to taxation. Article 5 Expropriation and compensation (1) the Contracting Party shall not take of the other Contracting Party of the investor or of the expropriation nationalization, directly or indirectly, or any measures having equivalent effect (hereinafter referred to as "expropriation"), except where it is carried out: (a) the public interest; (b) the special and non-discriminatory manner; (c) in accordance with the procedure laid down by law; and (d) the immediate, adequate and effective compensation paid under the part 2 and 3. 2. Compensation: (a) shall be paid without delay. Delays, losses related to currency exchange shall be borne by the host country of the investment. (b) is equivalent to the investment expropriated at fair market value immediately before the expropriation. Fair market value is not affected by any change to a value, which is associated with the fact that expropriation to the public become known earlier; (c) fully realizable and freely transferable; (d) includes a commercial interest rate, which is calculated from the market value of the currency of payment from the date of expropriation until the date of payment. 3. any Contracting Party of the investor who claims to have suffered from the other Contracting Parties in expropriation carried out, it is entitled to immediate action, including contributions to the assessment and payment of compensation in accordance with the provisions of this article, the Contracting Parties to the authority of the Court or other competent and independent authority. Article 6 compensation for losses 1. investor of a Contracting Party, which has suffered losses in connection with its investment in the territory of the other Contracting Party to war or other armed conflict, revolution, State of emergency, insurrection, civil disturbance or other similar events recently in the territory of that Contracting Party, the latter Contracting Party applied to restitution, indemnification, compensation or other settlement, no less favourable treatment than that which it applies its own investors or investors of any third State in whichever is the more favourable to the investor. 2. the Contracting Parties for which the investor 1. in any of the cases referred to have suffered damage due to: (a) of the other Contracting Party, the armed forces or authorities or part of his investment confiscation; or (b) of the other Contracting Party, the armed forces or authorities or part of his contribution to the destruction that has taken place in circumstances of necessity, the latter Contracting Party shall in any case be granted restitution or compensation, which in both cases is immediate, adequate and effective compensation, and it is applied in accordance with article 5, paragraph 2 and 3. Article 7 transfers 1. each Contracting Party in accordance with its laws and regulations provide the investors of the other Contracting Party, the transfer of their investment and investment-related transfer payments. Such payments are, among others, but not exclusively, includes: (a) the initial capital and additional features for saving or increase the investment; (b) income; (c) the proceeds of the contribution to the total or partial sale or liquidation; (d) payments under commercial contracts, including loan payments; (e) compensation payable under this contract, articles 5 and 6; (f) payments arising from investment disputes; (g) the salary and other remuneration of personnel engaged from abroad and working in connection with an investment. 2. each Contracting Party shall further ensure that the transfers referred to in part 1, are made in freely convertible currency, in accordance with the prevailing market exchange rate, which is applied to investment in the host Contracting Party, the transfer day. 3. If the foreign exchange market does not exist, the rate that is applied is the last exchange rate that was applied to the currency conversion, bringing its special loan rights (SDRs) currency basket. 4. Notwithstanding paragraph 1, 2 and 3, the Contracting Party may restrict transfers, equal, non-discriminatory and good faith application of its laws relating to: (a) bankruptcy, insolvency or the protection of the rights of creditors; (b) securities, futures (Futures), options (options) or derivative financial instruments (the counterparties) release, trade or activity; (c) criminal or indictable offences; (d) financial reports or sort of registration of transfers when necessary to ensure the application of the laws or to cooperate with financial regulatory authorities; or (e) the judicial or administrative proceedings of the decision taken and the enforcement of judgments. Article 8 subrogation 1. If a Contracting Party or its designated agency makes a payment to its investors under a guarantee which it has granted for investment in the territory of the other Contracting Party, the latter Contracting Party shall recognize: (a) all such rights of the investor or the transfer of the claim to the first Contracting Party or its designated agency in accordance with the law or legal business in the country, as well as (b) that the first Contracting Party or its designated agency as a result of the transfer of the law, is entitled to exercise its rights and investor requirements and commitments for investment. 2. Replace the rights and claims shall not exceed the original investors rights and requirements. Article 9 disputes between an investor and a Contracting Party 1. any legal dispute between an investor of one Contracting Party and other Contracting Party that is associated with an investment in the territory of the other Contracting Party, as far as possible, addressing the friendly negotiation between the parties to the dispute. 2. If the dispute has not been settled within three (3) months from the date on which it was notified of the written dispute after the investor's choice can be filed: (a) the Contracting Party in whose territory the investment is made, the competent court; or (b) any special arbitration, which, if the two Contracting Parties have agreed differently, up in accordance with the United Nations Commission on international trade law (UNCITRAL) arbitration rules; or (c) the International Center for investment dispute settlement (hereinafter referred to as the ICSID) Arbitration established by the Convention on the settlement of investment disputes between States and other natural or legal persons, opened for signature 18 March 1965 in Washington (hereinafter referred to as "the Centre"), if both parties to the dispute, the Contracting Party and the Contracting Party of the investor are the Member States of this Convention; or (d) in addition to the bodies of the Centre of arbitration if either the dispute or the Contracting Party of the investor Party has acceded to the ICSID Convention. 3. an investor who has submitted the dispute to a national court, however, has the ability to turn that article 2 (b) to (d) of the arbitral tribunal referred to in part, if, before the delivery of the judgment in the matter in the national court, the investor declares that the cases do not advance the purposes of the national procedures and requirements. 4. No Contracting Party involved in the dispute, the arbitration process, or after the delivery of the judgment of the Tribunal, may not raise objections, which are based on the fact that the investors involved in the dispute has received full or partial compensation for loss under insurance. 5. The arbitral tribunal established under this article, shall be adopted in accordance with the decision of the Contracting Parties national legislation and regulation, which is involved in the dispute, the terms of this agreement, as well as the applicable provisions of international law. 6. the judgment of the Arbitration Board is final and binding on both parties to the dispute. Both Contracting Parties undertake the execution of the judgment of the Arbitration Board. Article 10 settlement of disputes between the Contracting Parties 1. disputes between the Contracting Parties concerning the interpretation or application of this Agreement shall, as far as possible, be settled by consultation, through the diplomatic channel. 2. If the dispute cannot thus be settled three (3) months, after one of the Contracting Parties, be submitted to arbitration under the provisions of this article. 3. Arbitration case creates the following way. Two (2) months of the receipt of the request to review the case in arbitration, each Contracting Party shall appoint one arbitrator. Then these two arbitrators shall choose a third country national who, after the approval of the parties, shall appoint the Chairman of the arbitral tribunal (hereinafter referred to as the "Chairman"). The Chairman shall appoint two (2) months from the date on which it was appointed the other two arbitrators. 4. If the time limits set out in part 3 of the necessary appointments have not been made, may request the International Court of Justice President to make the necessary appointments. If the President of the International Court of Justice is a citizen of a Contracting Party, or for any other reason can not perform these functions, the Deputy Chairman is invited to make the necessary appointments. If the Vice-President is a national of a Contracting Party, or for any other reason unable to execute these functions, then the next highest ranking International Court of Justice, a member who is not a citizen of a Contracting Party is invited to make the necessary appointments. 5. the Arbitration Board shall take its decision by a majority. Such a decision shall have binding effect. Each Contracting Party shall bear its own costs of the arbitrators and the costs of legal representation in the arbitral proceedings; Chairman's expenses and other costs equally borne by the two Contracting Parties. The Tribunal, however, can decide that one party to bear the costs of higher volumes and such judgment shall be binding on both Contracting Parties. The arbitral tribunal shall determine its own procedure. Article 11 other provisions and specific obligations 1. If a question is determined at this Treaty and other international agreements which are signed by both parties, nothing in this Treaty shall not prevent either Contracting Party, or one of the investors, which owns investments in the territory of the other Contracting Party, to use the provisions which are more favourable to the specific case. 2. If the mode, which one of the Contracting Parties apply to the other Contracting Party, investments of investors in accordance with its laws and regulations or other commercial agreements with specific provisions are more favourable than that which applies under this contract, is the more favourable. Article 12 application of the agreement this Agreement shall apply to investments that are in the territory of one of the Contracting Parties in accordance with its laws and regulations made by investors of the other Contracting Party before or after the entry into force of this agreement, but it does not apply to any dispute concerning an investment which arose, or requirements that were submitted before the entry into force of this agreement. Article 13 General exceptions 1. Nothing in this Agreement shall be interpreted so as to restrict the Contracting Parties to take the steps that are necessary to protect its essential security interests, war or armed conflict, or emergency in international relations. 2. Assuming that such actions are not justified or not, or does not create a disguised international trade or investment restriction, nothing in this Agreement shall be interpreted so as to restrict the Contracting Parties to introduce and to take measures, including environmental measures: (a) the need to maintain public order; (b) necessary to protect human, animal or plant life or health. 3. The provisions of this article shall not apply to this article 5, article 6 or article 7 (1) (e) at the bottom. Article 14 transparency 1. each Contracting Party shall promptly publish or provide a publicly available its generally applicable laws, regulations, procedural and administrative practice and judicial decisions, as well as international agreements which may affect the investors of the other Contracting Party, the first investments in the territory of the Contracting Party concerned. 2. Nothing in this Agreement shall oblige a Contracting Party to provide or provide access to any confidential information or proprietary rights related to the information, including information relating to individual investors or investments, the disclosure of which may impede the implementation of the law, or contrary to the laws that protect privacy, or may harm the legitimate commercial interests of particular enterprises of particular investors. Article 15 consultations the Contracting Parties by one of the Contracting Party, shall hold consultations with a view to the application of this agreement, review and analyze any issues that may arise from this agreement. Such consultations shall be held between the Contracting Parties ' competent authorities through diplomatic channels in an agreed place and time. Article 16 amendments and changes to The terms of the contract can be changed and amended by the Contracting Parties to the mutual agreement in writing. Any changes to this agreement or amendments will enter into force after the Contracting Parties have notified each other in writing of the internal legal procedures necessary for the fulfilment of this objective. All changes and amendments made in this way, constitute an integral part of this agreement. Article 17 final provisions 1. the Contracting Parties shall notify each other, in writing, of internal procedures required to bring the Treaty into force. The agreement shall enter into force on the thirtieth day following the date on which the last notice was received. 2. This agreement shall remain in force for ten (10) years, and then extended its activities to further the same deadlines, unless one of the Contracting Parties twelve months before writing does not notify the other Contracting Party of its intention to terminate this agreement. 3. To investments made before the expiry of this agreement, this Agreement shall continue to apply until 1 the provisions of article 15, ten years from the date of termination of this agreement. In witness whereof the undersigned, being duly authorized representatives of the Government, have signed this agreement. Signed in duplicate in 2005. on 5 October, in Tbilisi, Georgian, Latvian and English languages, each text being equally authentic. If there is a difference in interpretation, the text is decisive in English.

The Government of the Republic of Latvia, on behalf of Arthur Krišjānis Kariņš economic Minister for the Government of Georgia is Čogovadz economic development Heraklion Minister agreement BETWEEN the Government OF the REPUBLIC OF Latvia AND the Government OF Georgia FOR the PROMOTION AND RECIPROCAL PROTECTION OF investments the Government of the Republic of Latvia and the Government of Georgia, hereinafter refereed to as the "Contracting Parties", Recognising the need to protect investments of the investors of one Contracting Party in the territory of the other Contracting Party on a non-discriminatory basis; To promote greater economic cooperation (menu rngton Line4) between them, with respect to investments by nationals and companies of one Contracting Party in the territory of the other Contracting Party; Recognising that agreement on the treatment to be accorded to such investments will stimulat the flow of private capital and the economic development of the Contracting Parties; Agreeing that a stable framework for investments will contribute to maximising the effective utilisation of economic resources and improve living standards; and Having resolved to conclud an agreement concerning the promotion and protection of investments; Have AGREED AS follows: article 1 Definition For the purpose of this agreement: 1. The term "investment" means every kind of asset invested by investors of one Contracting Party in accordanc with the laws and regulations of the other Contracting Party in the territory of the latter, particularly, though not exclusively in the Andes, includes: (a) movable and immovabl property and related property rights , such as lease, mortgage, pledge, lien, usufruct and similar rights; (b) shares, stocks, debentur and any other form of participation in a company; (c) claims to money or to any performance under contract having an economic value; (d) intellectual property rights, including copyrights, trademarks, patents, industrial design and technical processes, know-how, trade secrets, trade names and goodwill; (e) the business of concession conferred by law or under contract, including the search for concession, cultivat, extract or exploit natural resources. Any alteration of the form in which assets are invested or reinvested shall not be their character as an affec investment provided that such alteration is in accordanc with the laws and regulations of the Contracting Party in whose territory the investment was made. 2. The term "investor" shall mean any natural or legal person who invest in the territory of the other Contracting Party. (a) In respect of the Republic of Latvia: (i) "natural person" means a citizen of Latvia as well as persons permanently residing in the United States who are not citizens of Latvia or any other State but who is entitled, under the law and regulations of the Republic of Latvia, you receive a non-citizen's passport; (ii) "legal person" means companies, associations and establishment, which are incorporated or constituted in accordanc with the laws and regulations of the Republic of Latvia. (b) In respect of Georgia: (i) any "natural person" who is a national of Georgia; (ii) any "legal entity", established or registered in accordanc with the legislation of Georgia. 3. The term "returns" means the United Nations yielded by non for investment and, in particular, profits, interest, capital gains, dividends, royalt, license fees and other fees. 4. The term "territory" means: (a) in respect of the Republic of Latvia: the land territory, internal waters and territorial sea of the Republic of Latvia and the airspac is above it, as well as the maritime zones beyond the territorial sea, including the seabed and subsoil, over which the Republic of Latvia exercises sovereign rights or jurisdiction in accordanc with its national laws in force and international law , for the purpose of exploration and exploitation of the natural resources of such areas; (b) in respect of Georgia: the territory recognized by the international community within the State borders of Georgia, including the land territory, internal waters and territorial sea, the airspac is above them, in respect of which Georgia exercises its sovereignty, as well the exclusive economic zone and continental shelf adjacent to its territorial sea in respect of which Georgia may exercise its sovereign rights in accordanc with the international law for the purpose of exploration. Article 2 Promotion and Protection of investments 1. Each Contracting Party shall create a favourabl encourag and condition for investors of the other Contracting Party to make investments in its territory and shall be admi such investments in accordanc with its laws and regulations. 2. Each Contracting Party shall in its territory accord to investments and returns of investments of investors of the other Contracting Party fair and equitable treatment and full and constant protection and security. 3. no Contracting Party shall in ither its territory impair by arbitrary or discriminatory unreasonabl, measure the expansion, management, maintenance, use, sale or other enjoymen and disposal of investments of investors of the other Contracting Party. Article 3 National and Most-Favoured-Nation treatment Each Contracting Party shall accord 1 it investments of investors of the other Contracting Party, treatment of less than a favourabl that it accord to investments of its own investors or investors of third State, whichever is more favourabl. 2. Each Contracting Party shall accord to investors of the other Contracting Party, treatment of less than a favourabl the treatment in accord to its own investors and investors of any third State with respect to their expansion, management, maintenance, use, and sale or other enjoymen the disposal of investments, whichever is more favourabl. Article 4 Exemption from a provision of this Agreement shall be construed as a Contracting Party the possibility to extend to the investors of the other Contracting Party and to their investments and returns of investments of the present or future benefit of any treatment, preference or privilege resulting from: (a) any membership in a free trade area, customs union, monetary union, common market and any international agreement resulting in such unions or similar institutions; (b) any international agreement relating wholly or mainly to or through their taxation. Article 5 Expropriation and Compensation (A) A Contracting Party shall not 1. expropriat or by directly or indirectly an nationalis investment of an investor of the other Contracting Party or take any measure having equivalent effect of (hereinafter referred to as expropriation) except: (a) for a public purpose; (b) in a specific and non-discriminatory manner; (c) in accordanc with due process of law; and (d) on payment of prompt and effective compensation adequat in accordanc with (e) paragraphs 2 and 3 of this article. 2. Compensation shall: (a) be paid without delay. In case of delay any exchange rate loss arising from this delay shall be borne by the host country; (b) be equivalent to the fair market value of the expropriated investment immediately before the expropriation occurred. The fair market value shall not be any change in reflec value occurring because the expropriation had become publicly known earlier; (c) be fully and freely transferabl realizabl; (d) include interest at a commercial rate established on a market basis for the currency of payment from the date of expropriation until the date of actual payment. 3. An investor of a Contracting Party which claims to be affected by the expropriation by the other Contracting Party shall have the right to prompt review of its case, including the valuation of its investment and the payment of compensation in accordanc with the provision of this article, by a judicial authority or another competent and independent authority of the latter Contracting Party. Article 6 Compensation for Loss. An investor of a Contracting Party who has suffered a loss relating to its investment in the territory of the other Contracting Party due to war or other armed conflict, the State of national emergency, revolution, insurrections, civil or any other similar disturbanc event in the territory of the latter Contracting Party, shall be accorded by the latter Contracting Party the treatment as regards restitution, indemnification, compensation or other settlement, of any less than that which it favourabl accord to its own investors or to investors of any third State, whichever is more to the investor favourabl. 2. An investor of a Contracting Party who in any of the events referred to in paragraph 1 suffer loss resulting from: (a) requisitioning of its investment or part thereof by the forces or authorities of the other Contracting Party, or (b) destruction of its investment or part thereof by the forces or authorities of the other Contracting Party, which was not required by the cessity of the situation in any case, shall be accorded by the latter Contracting Party the restitution or compensation which in either case shall be prompt, and effective adequat and, with respect to compensation, shall be in accordanc with paragraphs 2 and 3 of article 5 article 7 Each Contracting Party 1 a Transfer shall, subject to its laws and regulations, ensur their investors of the other Contracting Party the transfer of their investments and transfer payments related to investments. Such payments shall include in particular, though not exclusively: (a) the initial capital and additional non to maintain or increase an investment; (b) return; (c) is obtained from the total proceed or partial sale or liquidation of investments; (d) payments made under a contract, including a loan payment; (e) compensation payable pursuan to articles 5 and 6 of this agreement; (f) payments arising out of a dispute; (g) earnings and other remuneration of personnel engaged from abroad and working in connection with an investment. 2. Each Contracting Party shall further ensur that the transfers referred to in paragraph 1 of this article shall be made in a freely convertible currency and at the prevailing market rate of Exchange applicable within the Contracting Party accepting the investments and on the date of transfer. 3. In the absence of a market for foreign exchange, the rate to be used shall be the most recent exchange rate for the conversion of currencies into Special Drawing Rights. 4. Notwithstanding paragraphs 1, 2 and 3 of this article, a Contracting Party may prevent a transfer through the equitable, nondiscriminatory and good faith application of it, the laws relating to: (a) bankruptcy, the IRA, or the protection of the rights of preparing; (b) issuing, trading or dealing in securities, futures, options, or counterparties; (c) criminal or penal offens; (d) financial reporting or record keeping of transfers when cessary to not assist law enforcement or financial regulatory authorities; or (e) ensuring compliance with orders or judgement in judicial or administrative proceedings. Article 8 Subrogation If a Contracting Party 1 or its designated agency makes a payment to its own investors under a guarantee it has accorded in respect of an investment in the territory of the other Contracting Party, the latter Contracting Party shall recognize: (a) the assignment, whethers under the law or to a legal transaction in pursuan that country, of any right or claim by the investor to the former Contracting Party or its designated agency , as well as, (b) that the former Contracting Party or its designated agency is entitled by virtue of subrogation to exercise the rights and enforce the claims of that investor and shall assume the obligations related to the investment. 2. The subrogated rights or claims shall not exceeds 100 the original rights or claims of the investors. Article 9 Dispute between an investor of a contracting party and 1. Any legal dispute between an investor of one Contracting Party and the other Contracting Party in connection with an investment in the territory of the other Contracting Party shall, as far as possible, be settled amicably through negotiation between the parties to the dispute. 2. If the dispute has not been settled within three (3) months from the date on which it was raised in writing, the dispute may, at the choice of the investor, be submitted: (a) to the competent courts of the Contracting Party in whose territory the investment is made; or (b) to any ad hoc arbitration tribunal which unless otherwise is agreed on by the parties to the dispute, is to be established under the Arbitration Rules of the United Nations Commission on International Trade Law (UNCITRAL); or (c) the arbitration under the International Centre for settlement of investment Dispute (ICSID), established pursuan to the Convention on the settlement of investment Dispute between the State and the National of other States, opened for signature at Washington on 18 March 1965 (hereinafter referred to as the "Centre"), provided that both the disputing Contracting Party and the Contracting Party of the investor are parties to the ICSD Convention; or (d) the arbitration under the Additional Facility of the Centre, provided that either the disputing Contracting Party or the Contracting Party of the investor is a party to the ICSID Convention. 3. An investor who has submitted the dispute to a national court may not have vertheles recourses to one of the CAs tribunal is mentioned in paragraph 2 (b) to (d) of this article if, before a judgement has been delivered on the subject matter by a national court, the investor's declare not to pursu the case any longer through national proceedings and withdraw the case. 4. ither of the Contracting Parties, which is a party to a dispute, can raise an objection, at any phase of the arbitration procedure or of the execution of an award, the CAs on account of the fact that the investor, which is the other party to the dispute, has received an indemnification covering a part or the whole of its loss by virtue of an insurance. 5. The CAs tribunal established under this article shall reach its decision on the basis of national law and regulations of the Contracting Party which is a party to the dispute, the provision of this agreement, as well as applicable rules of international law. 6. The arbitration award shall be final and binding upon both parties to the dispute. Both Contracting Parties shall commit themselves to the enforcement of the award. Article 10 settlement of the dispute between the Contracting Parties of the Dispute between 1 the Contracting Parties concerning the interpretation or application of this Agreement shall, as far as possible, be settled amicably through diplomatic channels. 2. If the dispute cannot be settled in the within three (3) days, it shall upon the request of either Contracting Party, be submitted to the UN Tribunal in accordanc Cas with the provision of this article. 3. The Tribunal shall be constituted for each Cas individual case in the following way. Within two (2) months of the receipt of the request for arbitration, each Contracting Party shall be appoin one member of the Tribunal. These two members shall then select a national of a third State who on approval of the two Contracting Parties shall be appointed Chairman of the Tribunal (hereinafter referred to as the "Chairman"). The Chairman shall be appointed within two (2) months from the date of appointment of the other two members. 4. If within the periods specified in paragraph 3 of this article the cessary appointments have not been made, a request may be made to the President of the International Court of Justice to make the appointments. If he happens to be a national of either Contracting Party, or if he is otherwise prevented from discharging the said function, the Vice-President shall be invited the President to make the appointments. If the Vice-President also happens to be a national of either Contracting Party or is prevented from discharging the said function, the member of the International Court of Justice next in seniority who is not a national of either Contracting Party shall be invited to make the appointments. 5. The Tribunal shall reach its decision Cas by a majority of votes. Such decision shall be binding. Each Contracting Party shall bear the cost of its own arbitrator and its representation in the CAs proceedings; the cost of the Chairman and the remaining costs shall be borne in equal parts by the Contracting Parties both. The Cas Tribunal may, however, decide that a higher proportion of the costs shall be borne by one of the two Contracting Parties shall be binding and this award on both Contracting Parties. The Cas Tribunal shall it will determin own procedure. Article 12 Application of other rules and special commitment 1. Where a matter is governed simultaneously both by this agreement and by another international agreement to which both Contracting Parties are parties, nothing in this Agreement shall prevent either Contracting Party or any of its investors who own investments in the territory of the other Contracting Party from taking advantage of whichever rules with more favourabl to his case. 2. If the treatment to be accorded by one Contracting Party to investments of investors of the other Contracting Party in accordanc with its laws and regulations or other specific provision of the contract is more than a favourabl that accorded by this agreement, the authority shall be accorded the more favourabl. Article 12 Applicability of this agreement this Agreement shall apply to investments made in the territory of one of the Contracting Parties in accordanc with its laws and regulations by investors of the other Contracting Party prior to as well as after the entry into force of this agreement, but shall not apply to any dispute concerning an investment which aros is or any claim, which was settled before its entry into force. Article 13 General exception 1. Nothing in this Agreement shall be construed as preventing a Contracting Party from taking any action for the protection of cessary its essential security interests in time of war or armed conflict, or other emergency in international relations. 2. Provided that such measure are not applied for in an arbitrary or unjustifiabl in manner, or do not constitut a disguised restriction on international trade or investment, nothing in this Agreement shall be construed to prevent a Contracting Party from adopting or maintaining the measure, including environmental measure: (a) cessary for the maintenance of public order; (b) to protect human, animal cessary or plant life or health. 3. The provision of this article shall not apply to article 5, article 6 or paragraph 1 (e) of article 7 of this agreement. Article 14 Transparency 1 Each Contracting Party shall promptly publish., or otherwise make publicly available, its laws, regulations, procedures and administrative ruling and judicial decisions of general application as well as international agreements which may be affec the investments of investors of the other Contracting Party in the territory of the former Contracting Party. 2. Nothing in this Agreement shall require a Contracting Party to furnish or allow access to any confidential or proprietary information, including information concerning particular investors or investments, the disclosure of which would be a law enforcement or imped contrary to its laws protecting confidentiality or prejudice the commercial interests of particular legitimat investor. Article 15 the Contracting Parties Consultation shall, at the request of either Contracting Party, hold consultation for the purpose of reviewing the implementation of this agreement and studying any issue that may «arise from this agreement. Such a consultation shall be held between the competent authorities of the Contracting the parties in a place and at a time agreed on through diplomatic channels. Article 16 Change and Amendments the provision of this agreement may be changed and amended by written mutual agreement of the Contracting Parties. Any change and amendment of this agreement will enter into force after the Contracting Parties have notified each other in writing on the completion of the internal legal procedures for this purpose not cessary. All changes and amendments received by this way shall an integral on the constitut a of this agreement. Article 17 the Concluding Provision 1. The Contracting Parties shall notify each other in writing of the completion of the internal procedures not cessary for the entry into force of this agreement. The agreement shall enter into force on the thirtieth day following the date of receipt of the last notification. 2. This agreement shall remain in force for a period of ten (10) years and shall thereafter remain in force on the same terms until either Contracting Party to the other in the notifu writing of its intention to terminate the agreement in twelve (12) months. 3. In respect of investments made prior to the termination of this agreement, the provision of articles 1 to 15 of this Agreement shall continue to be effective for a period of ten years from the date of termination. In WITNESS WHEREOF the undersigned, duly authorized by the Governments respectiv theret, have signed this agreement. Done in duplicate at Tbilisi, this 5 day of October 2005, in the Georgian and Latvian, English languages, all texts being equally authentic. In case of any divergenc of interpretation, the English text shall prevails.

For the Government of the Republic of Latvia Arthur Krišjānis Kariņš Minister of Economics For the Government of Georgia is Čogovadz Minister of Heraklion Economic development