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RESOLUTION OF THE CABINET OF MINISTERS OF UKRAINE

of July 19, 2022 No. 806

About implementation in 2022 of the transaction with the state derivatives

According to Item 35 of the Section VI "Final and transitional provisions" of the Budget code of Ukraine in the conditions of martial law imposed by the Presidential decree of Ukraine of February 24, 2022 No. 64 "About introduction of warlike situation in Ukraine" the Cabinet of Ministers of Ukraine decides:

1. Approve Terms of transaction with the state derivatives which is performed in 2022 which are applied (further - Terms of transaction).

2. To the Ministry of Finance:

1) to provide the address to holders of the state derivatives issued according to the resolution of the Cabinet of Ministers of Ukraine of November 11, 2015 No. 912 "About carrying out in 2015 transactions with state and the debt guaranteed by the state for the purpose of its restructuring and partial write-off" (The Official Bulletin of Ukraine, 2015, No. 90, of the Art. 3045) (further - the state derivatives), for the purpose of coordination of entering with them of the changes provided by Terms of transaction into conditions of release and placement of the state derivatives, and also to provide holding other actions and procedures necessary for provision by holders of consent to change of conditions of release and placement of the state derivatives;

2) during preparation of the draft of the Government budget of Ukraine for the corresponding year to provide means for payment to holders of the state derivatives of payment for consent according to Item 6 of Terms of transaction and in case of need means for implementation of the subsequent payment according to Item 5 of Terms of transaction.

3. To the Minister of Finance (or to person who fulfills its duties) to sign contracts and to sign other documents connected with transaction.

Approved by the Resolution of the Cabinet of Ministers of Ukraine of July 19, 2022 No. 806

Terms of transaction with the state derivatives which is performed in 2022

1. The transaction with the state derivatives (further - the state derivatives) issued according to the resolution of the Cabinet of Ministers of Ukraine of November 11, 2015 No. 912 "About carrying out in 2015 transactions with the state and guaranteed by the state debt for the purpose of its restructuring and partial write-off" in 2022 (further - the transaction) is performed till August 15, 2022 by entering into conditions of release and placement of the state derivatives in coordination with holders of the state derivatives of the changes stated in Items 2 - 6 these Conditions, and also others, the changes connected with it provided in the documents specified in Item of 7 these Conditions.

2. Reduction of the size of the basic amount for reporting 2023.

In reporting 2023 the basic amount anyway shall not exceed 0,5 of percent of gross domestic product in current prices this reporting year.

3. Repurchase right of the state derivatives.

Conditions of release and placement of the state derivatives join the right of the issuer of the state derivatives to redeem the state derivatives fully or partially at the price equal to the cumulative conditional amount of the state derivatives which are redeemed.

Such redemption can be performed during the period from 2024 to 2027 inclusive. If during the specified period any payments for the state derivatives in accordance with the terms of release and placement of the state derivatives taking into account the changes provided by these Conditions be performed, then the specified price of the redemption increases by the amount of these payments.

Conditions of such redemption of the state derivatives which are not determined in these conditions are determined by the separate decision of the Cabinet of Ministers of Ukraine.

4. Prolongation of circulation period of the state derivatives.

Circulation period of the state derivatives is prolonged for one year in such a way that last accounting year there is 2039, and final date - the payment date falling on 2041.

5. Payment deferral on the state derivatives in 2023.

The payment for the state derivatives which is subject to payment on May 31, 2023 (further - the subsequent payment), is deferred till August 1, 2024.

By way of exception from Conditions of release and placement (including additional releases and placements) the state derivatives approved by the resolution of the Cabinet of Ministers of Ukraine of November 11, 2015 No. 912, on the amount of the following payment interest income at the annual interest rate 7,75 rate is charged. Such interest income is charged since May 31, 2023 and paid to holders of the state derivatives along with the subsequent payment in the specified date of the termination of delay.

6. Payment for consent.

For provision of consent to the changes provided by these Conditions to holders of the state derivatives the payment is charged (further - payment for consent).

The amount of payment for consent is calculated by the Ministry of Finance taking into account, in particular, information provided by the subjects of managing attracted with the Ministry of Finance to provision of agency, consulting or other services in connection with the transaction and cannot exceed 215 million US dollars.

The payment for consent is performed on August 1, 2024. In the cases provided in the documents specified in Item of 7 these Conditions, the payment for consent is paid to holders of the state derivatives ahead of schedule fully or partially.

From the date of transaction on the amount of payment for consent interest income at the annual interest rate 7,75 rate is charged. This interest income is paid to holders of the state derivatives along with payment of payment for consent.

In case of failure to pay to holders of the state derivatives of payment for consent holders have right to require from the issuer of the redemption of the state derivatives which belong to them, at the price equal to the cumulative conditional amount of the state derivatives which are redeemed.

7. Other terms of transaction are established by the documents connected with implementation of the transaction, in particular:

the engagement letter about rendering services of the information and tabulyatsionny agent (Information and Tabulation Agent Engagement Letter);

the memorandum for holders of the state derivatives in connection with receipt of consent (Consent Solicitation Memorandum).

8. In case of nonagreement holders of the state derivatives of the changes provided by these Conditions, further payments for the state derivatives are performed according to conditions of release and placement of the state derivatives. In case of coordination by holders of the state derivatives of the changes provided by these Conditions, further payments for the state derivatives are performed in accordance with the terms of release and placement of the state derivatives taking into account the changes provided by these Conditions.

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