“High Voltage Electrical Networks” CJSC

                                                              Notes forming part of the financial statements
                                                            For the year ended 31 December 2018 (continued)

          The movement of loans in thousand drams is presented below:
                                      Contract                    As of                                                                  As of
                                       amount                     January          Loans                       Interest      Interest    December
               Lender                in currency   Currency        1, 2018       received       Repaid           accrued      repaid     31, 2018        Lender
IBRD                                   39,000,000        USD    12,956,923      2,137,714         -              602,103    (495,627)       (9,000)    15,192,113
Ministry of Finance
Co-financing IBRD                                       AMD      3,233,607        93,436           -            149,427     (123,283)                  3,353,187



EDBI                                 83,083,000        EUR       7,215,566      5,981,838     (1,833,662)       539,862     (476,627)     (632,021)    10,794,956
World Bank                           19,600,000        USD       6,147,094          -          (375,715)         29,430      (38,381)      (4,208)      5,758,220
KFW                                  14,060,000        EUR       5,928,391          -          (260,881)         41,036      (51,168)     (268,938)     5,388,440
KFW- Tranche 1                        7,300,000        EUR       3,803,564       408,730           -             27,639      (28,479)     (170,721)     4,040,733
KFW- Tranche 1 co-financing                            AMD         2,059            -           (2,059)             -            -                          -
KFW- Tranche 2                        7,300,000        EUR       2,024,999          -          (338,614)        125,745      (58,450)      (91,106)     1,662,574
Ministry of Finance                   8,988,290        USD       1,503,356          -          (290,820)          7,220      (22,234)        (506)      1,197,016
ADB                                  15,192,292        SDR       3,728,776      1,621,348          -            134,930     (117,609)     (112,350)     5,255,095
Ministry of Finance
Co-financing ADB                                       AMD        844,953        347,524          (581)          31,817      (28,579)                  1,195,134
IBRD                                 37,500,000        USD       3,398,353      2,870,263       (47,623)        259,011     (130,706)       2,838      6,352,136
Ministry of Finance
Co-financing IBRD                                      AMD        300,371        282,600         (1,105)         21,136     (10,805)                    592,197
SUNIR International FZE              24,817,000        EUR       2,307,474      1,121,906      (562,309)         80,634         -         (182,262)    2,765,443
IBRD                                 28,194,486        USD       1,434,244      1,736,022       (22,552)         92,478     (84,544)        1,603      3,157,251
Ministry of Finance
Co-financing IBRD                                      AMD        476,300        425,000        (1,045)          24,106     (17,587)                    906,774
KfW                                  10,200,000        EUR        549,719           -              -             22,067     (16,831)       (25,136)     529,819
Ministry of Finance
Co-financing KFW                                       AMD        218,581           -              -             1,640        (1,639)                    218,582
R2e2-Zangezur and Goris branches     27,600,000        AMD         19,403           -           (3,067)           217            -                        16,553
R2e2 – Eastern branch                26,900,000        AMD         17,145           -           (4,483)           182            -                        12,844
R2e2 – Southern branch               23,000,000        AMD         15,422           -           (3,286)           168            -                        12,304
KfW                                  83,000,000        EUR            -             -              -            115,714      (115,500)       (214)           -
KfW                                  75,000,000        EUR            -                                         104,574      (104,367)       (207)           -
Total                                                           56,126,300     17,026,381     (3,747,802)      2,411,136   (1,922,416)   (1,492,228)   68,401,371



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