Investor Presentaiton

July 2020 BB BB- B+ B B- CCC+ CCC CCC- CC RD Mar-08 Sep-08 Mar-09 Sep-09 Mar-10 Sep-10 Mar-11 Sep-11 Consistent upgrade in credit ratings Fitch Ratings Rating: B, Positive Last update: Mar 6, 2020, reaffirmed at B Key rating drivers of the last update: Improved policy consistency and credibility Significant progress in obtaining legislative approval for a series of reforms Improved macroeconomic stability underpinned by exchange rate flexibility, the NBU's independence and commitment to its inflation target, and moderate fiscal imbalances Low government debt A record of multilateral support STANDARD & POOR'S Rating: B, Stable Last update: Mar 13, 2020, reaffirmed at B Key rating drivers of the last update: BB- Declining government debt to GDP with improving profile Higher FX reserves Lower inflation and public deficits Ongoing implementation of reforms, which helps the government access commercial debt markets and receive concessional funding from IFIs The quality and predictability of monetary policy and financial sector supervision at the NBU being a noteworthy and highly positive development Mar 12 Mar-12 Sep-12 Mar-13 Sep-13 Mar-14 Sep-14 Mar-15 Sep-15 Mar-16 Sep-16 Mar-17 Sep-17 Sep-17 Mar-18 Sep-18 Mar-19 Sep-19 Mar-20 B B+ H B B- CCC+ CCC CCC- CC SD May-08 Nov-08 May-09 Nov-09 May-10 Nov-10 May-11 Nov-11 May-12 Nov-12 May-13 Nov 13 Nov-13 May-14 Nov-14 May-15 May-15 Nov-15 Nov-15 May-16 May-16 Nov-16 Nov-16 May-17 May-17 Nov-17 May-18 Nov-18 May-19 Nov-19 35 B

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