Investor Presentaiton

February 2022 BB BB- B+ B B- CCC+ CCC CCC- CC RD Mar-08 Sep-08 Mar-09 Sep-09 Mar-10 Sep-10 Mar-11 B / Positive credit rating affirmed by Fitch, B / Stable - by S&P Fitch Ratings Rating: B, Positive Last update: Aug 6, 2021, reaffirmed at B, outlook raised to positive Next update: Feb 2022 Key rating drivers of the last review: Track record of multilateral support and a credible macroeconomic policy framework that has underpinned resilience to the coronavirus shock and macroeconomic stability FX reserves consolidation, commitment to inflation-targeting and prudent fiscal policy with noticeable reduction in government debt Expectations for gradual fiscal consolidation and continuation of macroeconomic policies Human development indicators compare favorably with the peer group, a net external creditor position of close to 11% of GDP, and lower general government debt than the 'B' median S&P Global Rating: B, Stable Last update: Sep 10, 2021, reaffirmed at B, outlook stable Next update: Feb 2022 Key rating drivers of the last review: Ukraine's growth, balance of payments, and public finances all outperformed the expectations in 2020 Reserve adequacy has improved, providing a cushion against potential adverse external developments including further delays in the disbursement of concessional loans Stronger macroeconomic management since 2015 and augmented foreign exchange (FX) reserves The ongoing implementation of reforms helps the government access commercial debt markets and receive concessional funding from international financial institutions (IFIs) Sep-11 Mar-12 Sep-12 Mar-13 Sep-13 Mar-14 Sep-14 Mar-15 Sep-15 Mar-16 Sep-16 Mar-17 Sep-17 Mar-18 Sep-18 Mar-19 Sep-19 Mar-20 Sep-20 Mar-21 Sep-21 BB- B+ B B B- CCC+ CCC CCC- CC Mar-08 SD Sep-08 Mar-09 Sep-09 Mar-10 Sep-10 Mar-11 Sep-11 Mar-12 Sep-12 Mar-13 Sep-13 Mar-14 Sep-14 Mar-15 Sep-15 Mar-16 Sep-16 Mar-17 Sep-17 Mar-18 Sep-18 Mar-19 Sep-19 Mar-20 Sep-20 Mar-21 Sep-21 27 B

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