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RESOLUTION OF COUNCIL OF MINISTERS OF THE REPUBLIC OF BELARUS AND NATIONAL BANK OF THE REPUBLIC OF BELARUS

of September 26, 2022 ode No. 643/20

About carrying out separate transactions with government securities

For the purpose of ensuring obligation fulfillment on the government securities placed in the foreign financial markets and based on paragraph two of subitem 1.1 of Item 1 of the Presidential decree of the Republic of Belarus of April 28, 2006 No. 277 "About some questions of regulation of the security market", parts one of subitem 2.11 of Item 2 of the Presidential decree of the Republic of Belarus of March 14, 2022 No. 93 "About additional measures for ensuring stable functioning of economy", the paragraph of the fifth of article 6 of the Law of the Republic of Belarus of January 5, 2015 No. 231-Z "About the security market" Council of Ministers of the Republic of Belarus and National Bank of the Republic of Belarus POSTANOVLYAYUT:

1. To the Ministry of Finance to perform:

1.1. with the consent of holders of the government securities placed in the foreign financial markets according to presidential decrees of the Republic of Belarus of March 15, 2017 No. 89-dsp "About attraction of external state loans" and of November 23, 2018 No. 458 "About attraction of external state loans" (further – eurobonds):

debt swap on eurobonds on debt obligations on the government securities placed in the domestic financial market (further, unless otherwise specified, – respectively debt swap and government bonds). Debt swap is considered taken place in case of cancellation condition of eurobonds;

the early redemption of eurobonds at the price of 30 percent from nominal value of eurobonds for the purpose of their subsequent cancellation (further, unless otherwise specified, – the early redemption). The early redemption is performed on the amount which is not exceeding amount of the eurobonds having to repayment till 2023 inclusive;

obligation fulfillment on eurobonds in Belarusian rubles;

1.2. issue of the government bonds nominated in US dollars.

The amount of issue of government bonds is determined by the Ministry of Finance independently proceeding from expected amounts of debt swap.

Placement of government bonds is performed to holders of eurobonds according to the paragraph the second subitem 1.1 of this Item.

Circulation periods of government bonds correspond to the terms which remained before repayment date of the corresponding eurobonds. The size of rate of interest income and terms of its payment for government bonds correspond to rates and payment due dates of interest income on the corresponding eurobonds.

2. The Ministry of Finance has the right to conclude with depositaries, including foreign depositaries (further – depositaries), agreements for the purpose of opening of accounts of "depot" for transfer into these accounts of the eurobonds received as a result of debt swap or the early redemption according to subitem 1.1 of Item 1 of this resolution.

3. Debt swap, the early redemption or obligation fulfillment on eurobonds in Belarusian rubles are performed through the republican unitary enterprise "Republican Central Securities Depository" which is the agent of the Ministry of Finance (further – depositary agent).

Conditions of implementation by depositary agent of functions of the agent are determined by the Ministry of Finance and are provided in the agreement signed between the Ministry of Finance and depositary agent.

The depositary agent performs:

collection of requests for debt swap, the early redemption or obligation fulfillment on eurobonds in Belarusian rubles from holders of eurobonds;

calculation based on the request for the early redemption to the receivable holder of eurobonds on account of ahead of schedule redeemed eurobonds of cash amount, including amount of the early redemption added before date on the current percentage period of cumulative interest income on eurobonds;

calculation based on the request for debt swap to the receivable holder of eurobonds of the amount of the cumulative interest income added before date of debt swap on the current percentage period on eurobonds;

calculation based on the request for obligation fulfillment for eurobonds in Belarusian rubles to the receivable holder of eurobonds of cash amount for obligation fulfillment before such holder in the terms established by issued documents on eurobonds;

the direction in open joint stock company "Belarusbank savings bank (further – JSC ASB Belarusbank) information on holders of the eurobonds (payment details, the cash amount which is subject to transfer) which submitted the applications specified in the paragraph the second to this part for implementation of JSC ASB Belarusbank of money transfers to such holders according to Items 9, 12–14 these resolutions;

submission to the Ministry of Finance of information on the cash amounts which are subject to transfer by the Ministry of Finance in JSC ASB Belarusbank for implementation of JSC ASB Belarusbank of payments to holders of eurobonds according to Items 9, 12–14 these resolutions;

blocking of government bonds in day of their transfer into accounts of "depot" of holders of eurobonds;

no later than the day following behind day of cancellation of the corresponding eurobonds, unblocking of the government bonds blocked according to the paragraph the eighth this part based on information on cancellation of eurobonds obtained from the Ministry of Finance;

accomplishment of other functions (transactions) necessary for implementation of debt swap, the early redemption or obligation fulfillment on eurobonds in Belarusian rubles.

4. Debt swap is performed based on the request for debt swap in form according to appendix 1, the early redemption – based on the request for the early redemption in form according to appendix 2, obligation fulfillment on eurobonds in Belarusian rubles – based on the request for obligation fulfillment on eurobonds in Belarusian rubles in form according to appendix 3. These requests are submitted by the holder of eurobonds to depositary agent with application of documents according to appendix 4, of the eurobonds confirming the property right of the holder to eurobonds, and also lack of encumbrances (restrictions) of this right.

Representation by holders of eurobonds of the requests specified in part one of this Item confirms:

the consent of the holder of eurobonds not to impose requirement for payment of interest income and repayment of eurobonds after implementation of debt swap, the early redemption or obligation fulfillment on eurobonds in Belarusian rubles;

refusal of the holder of eurobonds of all potential claims which subject are payments for eurobonds;

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