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Investor Presentaiton

Ukraine's domestic government bond holders On August 28, 2020, the NBU has eliminated obstacles for foreign investors to enter the Ukrainian securities market through establishment of the direct access to the purchase and sale of government bonds with the help of a "nominee holder" From now on Ukrainian banks that have accounts with the NBU depository will be able to open depot accounts for its foreign clients for the purpose of buying and selling Ukrainian government bonds Key highlights With a c.51% share, banks are currently the largest holder of domestic government bonds followed by the NBU, which accounts for c.32% of the portfolio¹ At c. 10% of total outstanding Ukrainian domestic government bonds as of September 20211, the portfolio held by non- residents has recently returned on its upward trajectory (after Mar-Nov 2020 decline in line with the EM's capital outflow) Ukraine is making consistent steps to deepen domestic government bond market and to increase share of non- residents in local currency bonds portfolio A link between Clearstream, the international central securities depository, and the depository of the NBU active since May 2019 ensuring streamlined access to Ukraine's domestic government bond market Domestic government bonds held by non-residents (eop) Domestic government bond holders¹ 10% 32% 2% 5% 51% ■ Banks NBU ■Non-residents ■Companies Individuals Nominal and real weighted avg yields at primary auctions, % 19.0%18.6% 4.1 4.4 5.0 4.3 3.9 3.4 3.0 2.6 3.4 3.7 3.6 4.0 3.6 16.7% In US$bn 15.1% 25.7% 10.0% 22.3% 22.8% 11.2% 11.3% 11.1% 11.7% 11.4% 20.1% 11.9% 13.1% 15.3% 14.2% 18.8% 12.0% 16.8% 10.6% 15.3% 9.6% 13.0% 13.99 14.9% 14.5% 10.2% 9.9% 9.4% 8.3% 15.9% 10.8% 10.7% 10.6% 9.0% 14.3% 9.7% 8.9% 8.2% 8.1% 7.5% 7.2% 7.1% 6.4% 5.7% 4.1% 6.6% 4.3% 5.9% 2.1% 6.5% 6.2% 6.3% 2.3% 4.8% 4.5% 5.2% 6.1% 98 106 125 121 106 93 84 75 95 104 98 107 96 Notes 1 1 2 As of September 14, 2021 According to NBU's survey Sep Nov Jan Mar May Jul 20 Sep 19 19 20 20 20 20 20 Nov Jan Mar May Jul 21 Sep 21 21 21 Jan 21 19 Apr Jul 19 19 about inflation expectations of financial analysts for the next 12 months Source Ministry of Finance, NBU Held by non-residents, UAHbn % of total portfolio (excl. NBU) % of total portfolio Oct Jan Apr Jul Oct Jan 19 20 20 20 20 21 Nominal weighted avg yield, % Apr Jul Sep1 21 21 21 Real weighted avg yield, % 2 CPI expectations for next 12 months (y-o-y), %* Source Ministry of Finance of Ukraine, NBU September 2021 BA 20 20
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