NOTEHOLDER UPDATE IN RELATION TO UKRENERGO

US$825,000,000 6.875% GUARANTEED SUSTAINABILITY-LINKED GREEN NOTES DUE 2028 (THE "NOTES")

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

LONDON, Nov. 22, 2024 /PRNewswire/ -- Cleary Gottlieb Steen & Hamilton LLP are working with a group of significant holders of the Notes (the "Ad Hoc Group").

We refer to our previous Noteholder update dated 8 November 2024 (the "8 November Update") in response to the Company's announcement on 6 November 2024 that it was suspending payments under the Notes including the scheduled interest payment due on 9 November 2024.

The Ad Hoc Group notes that the Company has not exercised its right to capitalize the four interest payments that were deferred as part of the 2022 debt deferral. Accordingly, past due interest as of 9 November 2024 stands at in excess of US$151m – approximately US$123m of deferred coupons from the debt deferral period (namely the amounts in respect of which the Noteholders have already made concessions) and the approximately US$28m coupon due on 9 November 2024 (as confirmed in the Fitch rating update published on 12 November 2024).

The Ad Hoc Group wishes to make clear that Noteholders will require that all accrued and unpaid interest on the Notes be discharged in full in cash as a precondition to any consensual arrangement in relation to the Notes. This is consistent with the Company's timely service of interest on its other, pari passu, financial indebtedness and commercial obligations (as detailed in the 8 November Update).

The Ad Hoc Group wishes to make clear that neither before nor since the Company's default under the Notes has the Company or the Notes' guarantor engaged in any restructuring discussions with the Ad Hoc Group or holders of the Notes more broadly. This lack of engagement is entirely the responsibility of the Company and the Notes' guarantor as the Ad Hoc Group has been organized and prepared for engagement since well before the default. Under these circumstances, the Ad Hoc Group members necessarily reserve all rights.

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

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

SOURCE Ad Hoc Group of Ukrenergo Bondholders

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