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Investor Presentaiton

Ukraine's domestic government bond holders Key highlights With a c.47.6% share, banks are currently the largest holder of domestic government bonds followed by the NBU, which accounts for c.37.5% of the portfolio¹ At c. 10.7% of total outstanding Ukrainian domestic government bonds as of July 20201, the portfolio held by non-residents increased by c. 1.3x times in UAH terms in the course of LTM 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 launched since May 2019 Domestic government bonds held by non-residents (eop) 2.9 3.5 4.1 4.0 4.3 4.9 4.9 5.2 4.3 4.1 3.9 3.7 3.4 In USDbn Domestic government bond holders¹ 3% 1% 37% 11% ■ Banks ■NBU 48% ■Non-residents ■Companies ■Individuals Nominal and real weighted avg yields at primary auctions, % 18.9% 19.0% 18.6% 16.9% 17.6% 23.89 25.6% 16.1% 21.0% 22.2% 26.4% 19.0% 20.3% 16.3% 22.7% 21.8% 10.9% 11.9% 12.3% 12.9% 14.1% 15.1 % 15.8% 14.1% 18.8% 18.1% 17.2% LLLL 16.7% 15.1% 10.0% 11.2% 9.4% 13.3% 10.2% 10.7% 10.6% 9.9% 7.8% 8.2% 11.9 11.4 10.7% 8.9% 6.8% 8.7% 8.4% 8.7% 7.9% 7.5% 7.2% 7.1% 8.2% 7.5% 6.4% 6.6% 5.7% 6. 5.9% 4.3% 4.1% 3.7% 1.5% 73.8 87.1 97.8 99.6 104.1 115.8 123.1 128.6 119.5 111.2 105.0 99.5 92.8 Notes 1 As of July 21, 2020 2 According to NBU's survey Jul 19 about inflation expectations of financial analysts for the next 12 months Oct Aug Sep Nov Dec Jan Feb Mar 19 19 19 19 19 20 20 Held by non-residents, UAHbn % of total portfolio (excl. NBU) Apr May Jun 20 20 20 20 Jul Jan 20 18 Apr Jul 18 18 19 % of total portfolio Oct Jan Apr Jul Oct Jan Apr Jun Jul 18 19 19 19 20 Nominal weighted avg yield, % 33 1 20 20 20 Real weighted avg yield, % 2 CPI expectations for next 12 months (y-o-y), % Source Ministry of Finance, NBU Source Ministry of Finance of Ukraine, NBU July 2020 ERVE 34 34
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