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3 June 2011

Sayenko Kharenko advised Ferrexpo on debut USD 500 million Eurobond issue

Sayenko Kharenko acted as a Ukrainian legal counsel to Ferrexpo on debut USD 500 million Eurobond issue.

UBS Limited, J.P.Morgan Securities LTD., and Morgan Stanley & Co. International Plc.acted as joint bookrunners for the Rule 144A/Reg S issue. The Eurobond benefited from the guarantee by Ferrexpo AG, Ferrexpo plc and suretyship from Ferrexpo Poltava Mining.

The Eurobond was issued with the coupon of 7.875% and will mature on 7 April 2016. This is the lowest yield achieved by a company with Ukrainian assets since 2005 and reflects the quality of Ferrexpo iron ore assets and operations. This long term financing is the prerequisite for the development of Ferrexpo in line with its growth strategy as a world class iron ore pellet producer.

Sayenko Kharenko acted on the majority of Eurobond issues of Ukrainian corporates in 2010 and 2011, including the historic first issue of Eurobonds denominated in Ukrainian Hryvnya by The State Export-Import Bank of Ukraine, debut Metinvest and DTEK issues.

Sayenko Kharenko team for the current transaction included partner Nazar Chernyavsky and lawyers Yuriy Draganchuk, Iryna Bakina and Orest Matviychuk.

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