First Payment on Ukraine’s GDP-linked Securities Determined

NOT FOR PUBLIC RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION

This notice is made to the holders of the outstanding GDP-linked securities issued by Ukraine, represented by the Minister of Finance of Ukraine acting on instructions of the Cabinet of Ministers of Ukraine (ISIN: XS1303929894; CUSIP: 903724AW2) (the “GDP-linked Securities”).

On 31 May 2021, Ukraine will make the first payment under the GDP-linked Securities. The payment will be in respect of the Reference Year 2019.

Based on the calculations made as of 30 April 2021 in accordance with the terms and conditions of the GDP-linked Securities (the “Terms and Conditions”), the Payment Amount due under the GDP-linked Securities on 31 May 2021 is U.S.$40,750,645.60. The outstanding notional amount of the GDP-linked Securities is U.S.$3,239,320,000. Therefore, holders will receive a payment of U.S.$12.58 per U.S.$1,000 in Notional Amount of the GDP-linked Securities held.

Capitalised terms used herein shall have the meaning ascribed to them in the Terms and Conditions.

The securities referred to herein may not be sold in the United States absent registration or an exemption from registration under the U.S. Securities Act of 1933, as amended. Ukraine does not intend to register any of the securities in the United States or to conduct a public offering of the securities in the United States.

This communication does not constitute an offer of these securities to the public in the United Kingdom. No prospectus has been or will be approved in the United Kingdom in respect of the securities. This communication is being distributed to and is directed only at (i) persons who are outside the United Kingdom or (ii) persons who are investment professionals within the meaning of Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the “Order”) and (iii) high net worth entities, and other persons to whom it may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as “Relevant Persons”). Any investment activity to which this communication relates will only be available to and will only be engaged with, Relevant Persons. Any person who is not a Relevant Person should not act or rely on this document or any of its contents.

This announcement is not an advertisement of securities in Ukraine, and is not an offer or invitation to, or solicitation of, any such circulation, distribution, placement, sale, purchase or other transfer of the securities in the territory of Ukraine.