XS0233620235 //KYIV/CREDIT SUISSE 8.00000 06/11

24.12.2015

, , Π-ʻ XS0233620235 //KYIV/CREDIT SUISSE 8.00000 06/11

CA000005223617

, , , (495) 795-3648.

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OFFER RESULTS AND PAYMENT BREAKDOWN.AS OFTHE 2015EXPIRATION DEADLINE, THE FINAL PERCENTAGE OFNOTESIN RESPECT OFWHICH PARTICIPATION INSTRUCTIONS WERE SUBMITTED WAS59.54PER CENT., ASREVISED FROM THE INITIAL PERCENTAGE REPORTEDIN THE NOTICE PUBLISHED ON16/12/2015..THE OFFEROR HEREBY ANNOUNCES ACCEPTANCE OFSUCH NOTES FOREXCHANGE INLINE WITH THE MEMORANDUM..PLEASE REFER TODOCUMENTATION FOR MORE DETAILS AND ANEXAMPLE OFTHE CALCULATION METHOD USED..PAYMENT OF144A NOTES ISEXPECTED ON23/12/2015.THE ENTITLEMENT OFTHE REGS NOTES SHOULDBE CREDITED TOYORACCOUNT DURING YESTERDAYS REAL-TIME PROCESS.THE ENTITLEMENT OFTHE 2019AND 2020NOTES HAS BEEN CALCULATEDUSING THE FOLLOWING FORMULA:EXERCISED AMOUNT MULTIPLIEDBY (1MINUS THE HAIRCUT OF25PERCENTPLUS ACCRUED INTEREST) DIVIDED EVENLY BETWEEN 2019AND 2020BONDSROUNDED DOWN TOTHE NEAREST USD 1,000.IF AFTER THE APPLICATION OFTHE HAIRCUT, YOUR ENTITLEMENT ISBELOW THE MINIMUM DENOMINATION OFTHE 2019OR 2020NOTES, SUCHENTITLEMENT WILLBE SOLDIN THE MARKET AND THE CASH PROCEEDSRESULTING FROM THE SALE WILLBE DELIVERED TOYOU.THE NEW NOTES ENTITLEMENT BELOW THE MULTIPLE OFTHE NEW NOTESWILLALSO BESOLDIN THE MARKET AND THE CASH PROCEEDS RESULTINGFROM THE SALE WILLBE DELIVERED TOYOU..THE ENTITLEMENT OFGDP-LINKED NOTES HAS BEEN CALCULATED WITH THEFOLLOWING FORMULA:THE EXERCISED AMOUNT MULTIPLIED BY25PERCENT ROUNDED DOWN TOTHENEAREST USD 1,000..ACCRUED INTEREST HAS BEEN INCLUDED INTHE EXCHANGE PRICECONSIDERATION AND WILLBE PAIDIN THE FORM OFTHE 2019AND 2020NOTES... PRORATION FACTOR: NA. POOL FACTOR: NA. TENDER CONSIDERATION/PURCHASE PRICE: NA. TENDER PREMIUM/FEE: NA. CONSENT FEE: NA. ACCRUED INTEREST: USD 38.666667PER MULTIPLE INTEREST RATE: 8PERCENT NUMBER OFDAYS: 174CALCULATION METHOD: 174PER 360DAYS.

TENDER RESULTS.AS OF16/12/2015AT 17:00LONDON TIME (THE EXPIRATION DATE), THEPERCENTAGE OFNOTES INRESPECT OFWHICH PARTICIPATIONINSTRUCTIONS WERE SUBMITTED WAS 59.51PER CENT..THE SETTLEMENT DATE ISEXPECTED TOBE22/12/2015.INFORMATION AGENT: THE BANK OFNEW YORK MELLON, LONDON.PLEASE REFER TOTHE DOCUMENTATION FOR MORE DETAILS. DOCUMENTATION:.-------------YOU MAY REQUEST THE CORPORATE ACTION DOCUMENT(S) EITHER VIAE-MAILOR VIA THE WEBSITE:.A. E-MAIL:SEND ANE-MAILTO CADOCS(AT)EUROCLEAR.COM. INDICATE INTHESUBJECT OFYOUR E-MAILTHE FOLLOWING REFERENCE 5223617-220.NOTE: INTHE RARE CASE THAT THE SIZE OFTHE CADOCUMENT EXCEEDS10MB, ITWILLNOT BEPOSSIBLE TOSEND ITVIA E-MAILYOU WILLRECEIVE ANE-MAILINFORMING YOU THAT THE DOCUMENT WILLBE AVAILABLE ONLY VIA THE WEBSITE.B. THE EUROCLEAR WEBSITE (MY.EUROCLEAR.COM):TO ACCESS THE DOCUMENTATION, LOG INORGOTHROUGH TOMYEUROCLEARAS AGUEST.YOU CAN DOWNLOAD THE DOCUMENT(S) BYENTERING THE CORPORATE ACTIONNOTIFICATION NUMBER 5223617IN THE SEARCH BOX ONMY.EUROCLEAR.COMMY APPS CORPORATE ACTIONS.NOTE:.----POSITIONS WILLREMAIN BLOCKED UNTILFURTHER NOTICE ORUNTILTHEDEBIT OFPOSITIONS.

PRESS RELEASE HAS BEEN MADE AVAILABLE.PLEASE REFER TODOCUMENTATION FOR MORE DETAILS.END OFUPDATE.

EXTENSION OFDEADLINE AND ALLOCATION MECHANISMEXPLANATORY NOTE AVAILABLE.THE FOLLOWING DEADLINES HAVE BEEN UPDATED:. INSTRUCTION DEADLINE. INSTRUCTION WITHDRAWAL DEADLINE.INSTRUCTIONS ALREADY SENT REMAIN VALID.THE INFORMATION AGENT PREPARED ANALLOCATION MECHANISMEXPLANATORY NOTE TOGIVE SOME EXAMPLES HOW THE ENTITLEMENTS ARECALCULATED..PLEASE REFER TOTHE DOCUMENTATION FOR FURTHER INFORMATION.DOCUMENTATION:.---------------YOU MAY REQUEST THE CORPORATE ACTION DOCUMENT(S) EITHER VIAE-MAILOR VIA THE WEBSITE:.A. E-MAIL:SEND ANE-MAILTO CADOCS(AT)EUROCLEAR.COM. INDICATE INTHESUBJECT OFYOUR E-MAILTHE FOLLOWING REFERENCE 5223617-220.NOTE: INTHE RARE CASE THAT THE SIZE OFTHE CADOCUMENT EXCEEDS10MB, ITWILLNOT BEPOSSIBLE TOSEND ITVIA E-MAILYOU WILLRECEIVE ANE-MAILINFORMING YOU THAT THE DOCUMENT WILLBEAVAILABLE ONLY VIA THE WEBSITE..B. THE EUROCLEAR WEBSITE (MY.EUROCLEAR.COM):TO ACCESS THE DOCUMENTATION, LOG INORGOTHROUGH TOMYEUROCLEARAS AGUESTYOU CAN DOWNLOAD THE DOCUMENT(S) BYENTERING THE CORPORATE ACTIONNOTIFICATION NUMBER 5223617IN THE SEARCH BOX ONMY.EUROCLEAR.COMMY APPS CORPORATE ACTIONS.END OFUPDATE.

TRUSTEE HAS CONFIRMED THAT POSITIONS BLOCKEDIN EVENT 5115046CAN ALSO BEEXERCISED INTHIS REORGANISATIONEVENT.END OFUPDATE.

AGGREGATION DETAILS.AGENT HAS CONFIRMED THAT:(A) HOLDERS CAN AGGREGATE EUROCLEAR AND CLEARSTREAM HOLDINGS ASWELLAS 2015NOTE AND 2016NOTE HOLDINGS,(B) AGGREGATED OPTIONS CAN BEINSTRUCTED WITH HOLDING BELOWTRADEABLE MINIMUM AMOUNT..CORRECTION: MINIMUM TENDER REQUIREMENT CODE CAN BEOBTAINED FROM:. DEALER MANAGER GOLDMAN SACHS, IFYOU ARE OUTSIDE THE US. INFORMATION AGENT D.F. KING, IFYOU ARE AQIB ORAI.ACTIONS TOBETAKEN SECTION ISUPDATED ACCORDINGLY.END OFUPDATE.

THE AGENT HAS CORRECTED THE LINK TOREQUESTTHE EXCHANGE OFFER MEMORANDUM..INFORMATION AGENT WEBSITE: HTTP://SITES.DFKINGLTD.COM/KIEV.ACTIONS TOBETAKEN HAVE BEEN UPDATED..END OFUPDATE..

INFORMATION SOURCE:SETTLEMENT AND TABULATION AGENTTHE BANK OFNEW YORK MELLONONE CANADA SQUARELONDON E14 5ALUNITED KINGDOMFOR INFORMATION BYTELEPHONE: +44 (0) 1202689 644EMAIL: DEBTRESTRUCTURING(AT)BNYMELLON.COM.GENERAL INFORMATION.

THE PURPOSE OFTHE PROPOSED EXCHANGE ISTOREDUCE THE CITY OFKYIVS EXTERNAL DEBT BURDEN. ANY EXISTING NOTES ACCEPTED FOREXCHANGE BYTHE OFFEROR, ATITS SOLE DISCRETION, WILLBESURRENDERED FOR CANCELLATION TOTHE RELEVANT REGISTRAR INRESPECTOF THE EXISTING NOTES..1. EXCHANGE AND CONSENT: NOT APPLICABLE.2. RESTRICTIONS:CERTAIN RESTRICTIONS APPLY FOR THE FOLLOWING COUNTRIES:UNITED STATES, ITALY, UNITED KINGDOM, FRANCE AND BELGIUM.THESE RESTRICTIONS APPLY TOBENEFICIAL OWNERS.THE EXCHANGE OFFER ISONLY BEING MADE TOELIGIBLE HOLDERS:. ANOTEHOLDER RESIDING INTHE UNITED STATES WHO ISAQIB. ANOTEHOLDER RESIDING INTHE UNITED STATES WHO ISANACCREDITEDINVESTOR. ANOTEHOLDER WHO ISRESIDING OUTSIDE THE UNITED STATES.THE OFFER ISCONDITIONED UPON BUT NOT LIMITED TO:. TERMS OFSETTLEMENT OFTHE PROPOSED EXCHANGE HAVING BEENAPPROVED BYTHE CITY COUNCIL. THE ISSUE OFTHE SOVEREIGN SECURITIES HAVING BEEN APPROVED BYARESOLUTION OFTHE CABINET OFMINISTERS OFUKRAINE.REFER TOTHE OFFER DOCUMENTATION FOR THE COMPLETE CONDITIONS ANDRESTRICTIONS OFTHIS OFFER..TIMETABLE.

. APPROVAL OFTHE SETTLEMENT OFTHE OFFER BYTHE CITY COUNCIL:10/12/2015TO 17/12/2015. APPROVAL OFTHE SETTLEMENT OFTHE OFFER BYTHE CABINET OFMINISTERS OFUKRAINE: 10/12/2015TO 17/12/2015. EXCHANGE DATE: 01/03/2016.ENTITLEMENT.

1. EXCHANGE RATIO:CONSIDERATION PER USD 1,000OF OLDNOTES:. USD 375PLUS 50PER CENT. OFTHE ACCRUED INTEREST OF2019NOTES. USD 375PLUS 50PER CENT. OFTHE ACCRUED INTEREST OF2020NOTES. USD 250OF GDP-LINKED SECURITIES.2. MINIMUM EXERCISE AMOUNT: PLEASE ENSURE THAT YOUR INSTRUCTED:16S:ADDINFO