RESOLUTION OF COUNCIL OF MINISTERS OF THE REPUBLIC OF BELARUS AND NATIONAL BANK OF THE REPUBLIC OF BELARUS

of September 26, 2022 ode No. 643/20

About carrying out separate transactions with government securities

For the purpose of ensuring obligation fulfillment on the government securities placed in the foreign financial markets and based on paragraph two of subitem 1.1 of Item 1 of the Presidential decree of the Republic of Belarus of April 28, 2006 No. 277 "About some questions of regulation of the security market", parts one of subitem 2.11 of Item 2 of the Presidential decree of the Republic of Belarus of March 14, 2022 No. 93 "About additional measures for ensuring stable functioning of economy", the paragraph of the ninth of part one of article 6 of the Law of the Republic of Belarus of January 5, 2015 "About the security market" the Council of Ministers of the Republic of Belarus and National Bank of the Republic of Belarus DECIDE No. 231-Z:

1. To the Ministry of Finance to perform:

1.1. with the consent of the owner of the government securities placed in the foreign financial markets according to presidential decrees of the Republic of Belarus of March 15, 2017 No. 89-dsp "About attraction of external state loans" and of the November 23, 2018 No. 458 "About attraction of external state loans" (further – eurobonds) received including through holders of eurobonds:

debt swap on eurobonds on debt obligations on the government securities placed in the domestic financial market (further, unless otherwise specified, – respectively debt swap and government bonds). Debt swap, except for debt swap through nonresident depositary, is considered taken place in case of cancellation condition of eurobonds. Debt swap through nonresident depositary is considered taken place after transfer of government bonds into the account of "depot" of nonresident depositary opened in the republican unitary enterprise "Republican Central Securities Depository" which is the agent of the Ministry of Finance (further – depositary agent). Debt swap through nonresident depositary is performed for benefit of holders of eurobonds which acquired them no later than July 26, 2024;

the redemption of eurobonds at the price of 30 percent from nominal value of eurobonds for the purpose of their subsequent cancellation (further, unless otherwise specified, – the redemption);

obligation fulfillment on eurobonds in Belarusian rubles. Obligation fulfillment on eurobonds in Belarusian rubles by payment on the current (settlement) bank account of the holder of eurobonds is performed for benefit of holders of eurobonds which acquired them before the repayment date established by the prospectus of the issue (for eurobonds with repayment date on February 28, 2023 - till December 24, 2024), are not residents of the foreign states specified in appendix to the resolution of Council of Ministers of the Republic of Belarus of April 6, 2022 No. 209 "About the list of the foreign states making unfriendly actions concerning the Belarusian legal and (or) physical persons" and will provide transfer of eurobonds in case of their repayment into the account of the Ministry of Finance in nonresident depositary. Payment of interest income for eurobonds with repayment date on the last (twelfth) percentage period is performed on February 28, 2023 together with payment in case of repayment of eurobonds. Payment of interest income for the preceding (eleventh) percentage period is performed irrespective of repayment of the specified eurobonds taking into account the interest income which is earlier paid to holders of eurobonds according to this resolution. The interest income on other eurobonds added in the dates determined by the prospectus of the issue is paid in case of repayment of eurobonds taking into account the interest income which is earlier paid to holders of eurobonds according to this resolution.

For the purposes of this resolution:

the term "owner" is used in value, certain in paragraph five of part one of article 1 of the Law of the Republic of Belarus "About the security market";

as the holder of eurobonds it is understood:

owner of eurobonds;

the legal entity (the resident or the nonresident of the Republic of Belarus) who is the professional participant of the security market, the bank or the non-bank credit and financial organization rendering in accordance with the established procedure services in trust management of money, trust management of securities, trust management of bank management of fund, management company (company) of investment fund (further – the trustee on eurobonds);

nonresident depositary;

the nonresident depositary is understood as the foreign organization having the right to perform professional activity on securities according to foreign law, which established correspondence relations with depositary agent and signed the agreement on the organization of payments for securities, debt swap with the Ministry of Finance;

1.2. issue of the government bonds nominated in US dollars.

The amount of issue of government bonds is determined by the Ministry of Finance independently proceeding from expected amounts of debt swap.

Placement of government bonds is performed to holders of eurobonds according to the paragraph the second parts one of subitem 1.1 of this Item, as a rule, in the dates falling on the payment dates of interest income on the next percentage period on the corresponding release of eurobonds established by the prospectus of the issue.

Circulation periods of government bonds correspond to the terms which remained before repayment date of the corresponding eurobonds. The size of rate of interest income and terms of its payment for government bonds correspond to rates and payment due dates of interest income on the corresponding eurobonds.

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