AVELLUM
acted as the Ukrainian legal counsel to the joint lead managers, Citigroup
Global Markets Limited and Deutsche Bank AG, London Branch, with respect to
EUR600 million and USD335 million Eurobond offering of Naftogaz of Ukraine.

The
transaction was structured as an offering of loan participation notes in two
different currency series. 5-year EUR-denominated notes were priced at 7.125%
and 3-year USD-denominated notes at 7.375%.

Having
raised the funds on attractive terms, Naftogaz is now better placed to prepare
for the next winter season by accumulating gas volumes in the underground gas
storages.

“We
are privileged to have contributed to the successful closing of this truly
landmark transaction”, senior partner Glib Bondar commented, “It is special for
us not only because of intellectual and legal challenges encountered during the
deal execution process but also because it has a direct positive impact on
economic and social well-being of Ukrainian people.”

Naftogaz
of Ukraine is a vertically integrated oil and gas company engaged in full cycle
of operations in gas and oil field exploration and development, production and
exploratory drilling, gas and oil transport and storage, supply of natural gas
and LPG to consumers.

The AVELLUM
team was led by senior partner Glib Bondar with support from associates
Anastasiya Voronova, Oleg Krainskyi, Dmytro Symbiryov, Anna Mykhalova, and Anna
Kalabska. Partner Vadim Medvedev and associates Anton Zaderyholova, Vladyslav
Aleksandrov, and Yelyzaveta Kravtsova provided support on tax matters of the
transaction.