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RESOLUTION OF THE CABINET OF MINISTERS OF UKRAINE

of July 19, 2022 No. 805

About implementation in 2022 of transactions with public debt

According to part seven of Article 16 of the Budget code of Ukraine, for the purpose of effective management of public debt 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 the Main conditions of transactions with public debt which are performed in 2022 which are applied (further - the Main conditions).

2. To the Ministry of Finance:

1) to provide the address to the bondholders of external state loans specified in appendix to the Main conditions (further - bonds), for the purpose of coordination of entering with them of the changes provided by the Main conditions into bond issue conditions, and also to provide holding other actions and procedures necessary for provision by bondholders of consent to change of conditions of bond issue;

2) to provide coordination of the Main conditions with Committee of the Verkhovna Rada of Ukraine concerning the budget;

3) in connection with implementation of transactions with public debt (further - transactions) to provide payment of interest income on bonds of 2018 of the first series ought to payment on August 1, 2022 not earlier than date by holders of such bonds of vote on changes of conditions of their release, but in case holders do not approve the specified changes, then no later than the expiration of the release of the corresponding bonds of grace period of implementation of payments provided by conditions on them;

To consider 4) in case of the expected increase in outstanding nominal amount of bonds by results of implementation of transactions by preparation of the draft of the government budget of Ukraine for the corresponding year:

within limiting amount of public debt - the increased appropriately outstanding nominal amount of bonds;

means for repayment and servicing of public debt on bonds taking into account increase in their outstanding nominal amount.

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

Approved by the Resolution of the Cabinet of Ministers of Ukraine of July 19, 2022 No. 805

The main conditions of transactions with public debt which are performed in 2022

1. Transactions with public debt in 2022 (further - transactions) are performed till August 15, 2022 by entering into the bond issue conditions specified in appendix (further - bonds), in coordination with bondholders of the changes stated in Items 2 - 4 presents of the Main conditions, and also others, the changes connected with it provided in the documents specified in Item of 5 presents of the Main conditions.

2. Delay of repayment date of bonds.

Final repayment date of each bonds (and concerning bonds of 2017 - each repayment date of part of bonds of 2017) is postponed for term of 24 months from the corresponding final repayment date of bonds (and concerning bonds of 2017 - from each corresponding repayment date of part of bonds of 2017).

3. Delay of payment dates of interest income.

All payment dates of interest income on bonds coming after transactions are deferred for the term of 24 months from each corresponding payment date of interest income (and concerning bonds of 2018 of the first series - all payment dates of interest income on these bonds are deferred for the term of 24 months since August 1, 2022).

4. Income amount of holders.

During the delay specified in Items 2 and 3 of these Main conditions:

interest income on bonds continues to be charged at the rates which are provided in conditions of release of the corresponding bonds (the basic interest income);

on the amount of the added basic interest income additional interest income at the rates which are provided in conditions of release of the corresponding bonds (additional interest income) is charged.

At any time during the specified delay the cumulative amount of the added basic interest income and additional interest income (further - income amount of holders) based on the separate decision of the Cabinet of Ministers of Ukraine can be paid to bondholders:

partially, if something happens payment is performed in proportion on all bonds; or

completely, if something happens further delay is considered suspended.

In the cases provided in the documents specified in Item 5 of these main conditions, the income amount of holders is paid to bondholders ahead of schedule fully or partially without adoption of the separate decision of the Cabinet of Ministers of Ukraine.

At the end of the specified delay income amount of holders, unpaid as of that time:

it is paid to holders in full; or

based on the separate decision of the Cabinet of Ministers of Ukraine it is added to outstanding nominal amount of bonds (by additional release of the corresponding bonds by total nominal amount which is equal to income amount of holders, unpaid as of that time, and on other main conditions approved by the specified decision of the Cabinet of Ministers of Ukraine).

The income amount of holders 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 transactions and cannot exceed 3000 million USA (in total for all bonds paid in US dollars) and 300 million euros (in total for all bonds paid in euro).

After the termination of the specified delay interest income on bonds continues to be charged at the rates which are provided in conditions of release of the corresponding bonds, on:

in case of complete payment to holders of income amount of holders - outstanding total nominal amount of the corresponding bonds; or

in case of increase in outstanding nominal amount of bonds at outstanding amount of the income of holders - on appropriately increased outstanding total nominal amount of bonds.

5. Other conditions of transactions are established by the documents connected with implementation of transactions, in particular:

the agreement of the order in connection with receipt of consent (Solicitation Agency Agreement);

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

the memorandum for bondholders in connection with receipt of consent (Consent Solicitation Memorandum).

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