On 20 April 2021, the Supreme Court of Ukraine announced its decision in four debt recovery cases between VR Global Partners, L.P. ("VRGP") and JSC Ukrainian Railways ("UZ"). In all cases the Supreme Court has affirmed the position of the courts of lower instances and dismissed the cassation appeal of UZ in full. The decisions establish a final, non-appealable quantum of entitlement of VRGP in each case.

VRGP welcomes the decision of the Supreme Court that brings to conclusion several years of frivolous attempts by UZ to challenge the repayment of its debt obligations and confirms that the full amount of its debt to VRGP is due and payable. The claims are based on contractual, borrowed money obligations which the company has refused to honor.

Richard Deitz, President of VR Capital Group Ltd. ("VR Capital"), has added: "We welcome the recent decisions of the Ukrainian Supreme Court that confirm VRGP’s contractual rights. As one of the largest and oldest international investors in Ukraine, it is an important sign for us that despite its challenges the legal system in the country can function and protect the rights of investors. In 2015, VR Capital led the international bondholder group which cooperatively negotiated the restructuring of UZ’s debt after the Revolution of Dignity and helped the company regain its financial balance. It is regrettable in this case that the management and supervisory boards of UZ never responded to over two years of attempts by VR Capital to negotiate a consensual resolution of these debts. Ultimately, this left us with no recourse other than to demand a full satisfaction of our claim via courts. We expect the enforcement of our claim to take place in strict accordance with the law and without any undue delay or obstruction."

VR Global Partners, L.P. ("VRGP"), is an investment fund managed by VR Advisory Services Ltd ("VRASL"). VRASL is registered as an investment adviser with the U.S. Securities and Exchange Commission and VR Advisory Services (UK) LLP, a sub-investment adviser for VRGP and certain other funds, is authorized by the UK Financial Conduct Authority. VRGP launched in May 1999 and has been the recipient of over 15 industry awards in New York and London for its performance over the years, including, most recently, EuroHedge’s 2020 award for Long Term Performance (20 Years) among global macro, fixed income and relative value funds.

VR Capital is an international asset management firm serving an institutional investor client base with approximately $5 billion in investor assets under management via pooled fund structures. VR Capital is one of the largest western investors in Ukraine with a portfolio of holdings in excess of $1 billion. With a proven track record of over 22 years, VR Capital focuses on investments in emerging and developed markets. The firm operates via its principal offices in New York and London, and over 98% of its assets under management stem from investor relationships in the United States and Western Europe.

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