Investor Presentaiton

Business climate improvement to accelerate growth potential Medium-term +81 p. government priority action plan target Last Doing Business improvement (76-71) Trading across borders: +41 (positions) Enforcing contracts: +25 Dealing with construction Ease of Doing Business ranking 80 30 71 76 83 80 87 112 permits: +5 137 Protecting minority investors: 152 +9 2012 2013 2014 2015 2016 2017 Source Doing Business 2018 2019 2020E Last Logistics Performance Index (WB) improvement (80✈66) Business expectations index by the NBU >100% positive expectations Improving business climate Transparent taxation: automatic system of VAT reimbursement launched since April 1st, 2017 VAT reimbursement, UAHbn 131.7 120.1 94.4 2016 2017 2018 94.1 75.2 68.3 7m 2017 7m 2018 7m 2019 Sources National Investment Council, State Fiscal Service of Ukraine Global innovation index +24 p. 121% 120% 43 Increased airport traffic: 25% (y-o-y) 117% 117% 118% 50 47 56 115% 63 64 113% 71 in 2018 109% 109% National road fund in place since 2018 2013 2014 2015 2016 2017 2018 2019 98% 100% Concession of sea ports (in progress) Q1 Q2' Q3' '16 16 16 Q4' Q1' Q2' Q3' Q4' Q1' Q2' 16 17 17 18 17 17 18 Q3' Q4' Q1' Q2' 18 18 19 179 Source World Bank Source: NBU 47th position in general ranking and 2nd position among lower-middle income economies in 2018 2019/2013 strong improvement in business sophistication (+32 p.), knowledge and technology outputs (+17 p.) Source Global Innovation Index Notes 1 Not lower than 30 position by end-2020 September 2019 BA 15

View entire presentation