NOTEHOLDER UPDATE IN RELATION TO UKRENERGO

US$825,000,000 6.875% GUARANTEED SUSTAINABILITY-LINKED GREEN NOTES DUE 2026 (THE "NOTES")

ISSUED BY PRIVATE JOINT STOCK COMPANY "NATIONAL POWER COMPANY "UKRENERGO"" (THE "COMPANY")

LONDON, Feb. 5, 2024 /PRNewswire/ -- Cleary Gottlieb Steen & Hamilton LLP has been engaged by certain large holders of the Notes (the "Group").

The Group notes that (i) the deferral of interest payments on the Notes (which was implemented through a consent solicitation dated 28 July 2022) is due to expire on 8 November 2024 (the "Deferral Period") and (ii) on 9 November 2024, the Company can elect to either pay the deferred interest (including interest accrued on deferred interest) or capitalize it through the issuance of further Notes.

To the extent the Company considers a restructuring or liability management transaction may be necessary to avoid a default on the Notes upon expiry of the Deferral Period or the occurrence of any interest payment date thereafter, the Group encourages the Company to engage meaningfully with holders of the Notes as soon as possible.

The Group wishes to make clear from the outset that, for the Group to support any restructuring or liability management transaction in relation to the Notes, such restructuring or transaction must deal with the Company's indebtedness on a standalone basis and not as part of any contemplated restructuring of Ukraine's sovereign indebtedness.

Holders of the Notes are invited to contact Solomon J. Noh or Alastair Goldrein of Cleary Gottlieb Steen & Hamilton LLP for further information.

The contact details for Messrs. Noh and Goldrein appear below:

SOURCE Ukrenergo

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