Investor Presentaiton

Fitch Ratings Rating: B, Positive Last update: Sep 6, 2019, upgrade from B- to B Key rating drivers of the last update: Timely access to fiscal and external financing Improving macroeconomic stability Declining public indebtedness Reduced domestic political uncertainty Expected macroeconomic policy continuity Consistent upgrade in credit ratings New government's strong stated commitment to structural reforms Engagement with IFIs MOODY'S Rating: Caa1, Stable Last update: Dec 21, 2018, upgrade from Caa2 to Caa1 Key rating drivers of the last update: Anticipated improvement in external strength due to IMF's SBA Adopted reforms to make incremental progress on reducing corruption and strengthening institutions Incremental improvement in Ukraine's resilience to the ongoing conflict with Russia BB BB- B+ B B- CCC+ CCC CCC- CC RD 06.09.2008 06.09.2009 06.09.2010 06.09.2011 September 2019 06.09.2012 06.09.2013 06.09.2014 06.09.2015 06.09.2016 06.09.2017 06.09.2018 06.09.2019 B STANDARD & POOR'S Rating: B-, Stable Last update: Apr 12, 2019, affirmed Key rating drivers of the last update: Sizable external debt repayments coupled with improving government finances Ukraine's likely compliance with the IMF program and the ongoing implementation of reforms Although uncertain financing outlook for government foreign currency redemptions beyond 2019 24 24

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