15 april 2015
Ukreximbank Announcement

Ukreximbank has announced that the adjourned meeting of bondholders to consider a three month maturity extension of the 2015 Eurobond will be held on April 27, 2015. The Bank strongly recommends that bondholders vote in favor of the requested short term extension.

The proposed 3 month maturity extension is essential to provide time for the negotiation of a more permanent solution.

In the event of a “yes” vote, the Bank will pay the interest due on the notes on April 27, 2015 and negotiate in good faith with holders of the 2015 Eurobond (or a committee which they may choose to establish) a maturity extension of not more than ten years with no principal and no interest reduction.

Ukreximbank has consulted with the National Bank of Ukraine, its regulator, and the Government of Ukraine, its sole shareholder, regarding the risks facing the Bank in the current volatile macroeconomic environment.

On April 14, 2015 the National Bank of Ukraine adopted Resolution No. 249 obliging the Bank, in order to avoid deterioration of its financial condition, to take measures to amend its external debt as listed in the decision of the Cabinet of Ministers No. 318-p of April 4, 2015 which includes, among other, the 2015 Notes.

Given the above, a failure of the extraordinary resolution will, in all likelihood, result in a breach by the Bank of the obligations to pay principal or interest on the Notes on April 27, 2015.

We therefore strongly encourage all holders of 2015 Notes to vote “yes” to the requested consent by submitting electronic instructions in advance of the voting deadline on 23 April.