Translation from Ukrainian into English

APPROVED by resolution of General Shareholder Meeting of Public Joint-Stock Company UKRNAFTA

Minutes No. 29 19 September 2019

ARTICLES OF ASSOCIATION

PUBLIC JOINT-STOCK COMPANY UKRNAFTA Identification code 00135390 (amended version)

Kyiv 2019 1. GENERAL PROVISIONS 1.1. Open Joint-Stock Company Ukrnafta was established by the order of the State Oil and Gas Committee of Ukraine No. 57 dated 23 February 1994 through the transformation of Ukrnafta Production Association, a state-owned enterprise, into an open joint-stock company in pursuance of the Decree of the President of Ukraine on the Corporatization of Enterprises No. 210/93 dated 15 June 1993. 1.2. The Company is a successor of state-owned enterprise Ukrnafta Production Association. 1.3. Under the resolution of the General Shareholder Meeting of 2011-03-22, the type and the name of Open Joint-Stock Company Ukrnafta has been changed into PUBLIC JOINT-STOCK COMPANY UKRNAFTA (hereinafter referred to as “the Company”). By legal form, the Company is a joint-stock company. By type, the Company is a public joint-stock company. 1.4. The Company is a public joint-stock company and is deemed to have carried out a public offering of securities in accordance with clause 5 of the Final and Transitional Provisions of the Law of Ukraine on Amendments to Certain Legal Acts of Ukraine Regarding Simplification of Doing Business and Attracting Investments by Securities Issuers No. 2210-VIII dated 2017-11-16. 1.5. The Company is incorporated and acts under the applicable laws of Ukraine, these Articles of Association, and the internal documents of the Company. 1.6. The Company is established for an indefinite period and acts without limitations on the duration of the Company. 1.7. Name of the Company: 1.7.1. Full name in Ukrainian: ПУБЛІЧНЕ АКЦІОНЕРНЕ ТОВАРИСТВО «УКРНАФТА» / PUBLICHNE AKTSIONERNE TOVARYSTVO “UKRNAFTA”. 1.7.2. Short name in Ukrainian: ПАТ «УКРНАФТА» / PAT “UKRNAFTA”. 1.7.3. Full name in English: PUBLIC JOINT-STOCK COMPANY UKRNAFTA. 1.7.4. Short name in English: PJSC UKRNAFTA. 1.8. Address of the Company: 3-5 Nestorivskyi Ln., Kyiv 04053, Ukraine. 1.9. The Company shall assume the rights of a legal entity upon its state registration. 1.10. The Company may own, utilize and dispose of the property in its ownership, in a manner not prohibited by the applicable laws of Ukraine, the Articles of Association, and the internal documents of the Company. 1.11. The Company shall not be liable for the obligations of the shareholders. In the event that the shareholders commit unlawful acts, the Company and its bodies may not be subject to any sanctions that restrict their rights, except as otherwise provided by law. 1.12. The Company shall not be liable for the obligations of the State, and the State shall not be liable for the obligations of the Company. 1.13. The shareholders shall not be liable for the obligations of the Company and shall bear the risk of loss in connection with the activities of the Company only to the extent of the shares that they hold. The shareholders may not be subject to any sanctions that restrict their rights in the event that the Company or other shareholders commit unlawful acts. 1.14. Interference of the State and public authorities into the economic and other activities of the Company shall not be allowed, unless otherwise provided by the laws of Ukraine. 1.15. The property in the ownership of the Company, its subsidiaries and separate units (branches, representative offices) as well as the property transferred thereto for use shall not be subject to seizure, nationalization, confiscation and other enforced assignment whatsoever other than through

2 a relevant court decision or on the grounds and in accordance with the procedure established by the laws of Ukraine. 1.16. To accomplish its purpose, the Company may undertake the following according to the procedures established by the laws of Ukraine, its Articles of Association, internal documents, and resolutions of the Company’s bodies adopted within their remits, namely: 1) enter into any civil economic relationships, carry out operations not prohibited by the laws of Ukraine in connection with property in its ownership; 2) plan its activities, functions and implementation methods at its sole discretion; 3) be a founder and a member of other business entities, enterprises, associations thereof, and institutions of other legal forms; 4) acquire corporate rights, act as an investor of other business entities; 5) address financial and logistics issues at its sole discretion to support its economic activities, as well as set up and use material and financial resources to that end; 6) purchase, obtain on a free-of-charge basis, pledge, lease, transfer for use on a free-of-charge or paid basis, donate, exchange, and take other action in connection with the assignment or transfer of property in its ownership for use, as well as purchase, obtain property, securities, etc., as a gift and for use; 7) lease property that is in public, communal and third-party ownership; 8) issue and sell securities and derivatives, allocate them in and outside the territory of Ukraine, purchase securities and acquire rights thereto; 9) participate in financial loan relationships, including lending and borrowing, give donations, provide charitable and sponsorship assistance, make and withdraw bank deposits, participate in investment activities; 10) execute deeds / enter into transactions (agreements, contracts), including purchase-sale agreements, deeds of gift, contractor, agency, commission agency, lease, insurance of all types whatsoever, freight forwarding, storage agreements and other types of deals; 11) enjoy full participation in international business relationships; 12) determine remunerations and working conditions, principles of conduct, work and holidays for the Company’s workers at its sole discretion; 13) as an issuer, represent and defend the interests of the shareholders of the Company; 14) participate in and hold auctions, exhibitions, and fairs; 15) act as a claimant, defendant, third party, etc., in court, commercial court, administrative court, court of arbitration, and in courts of other types, including courts in foreign countries; 16) enjoy other rights provided by the laws of Ukraine and by the norms of international law for business entities; 1.17. The Company shall decide at its sole discretion on its structure and shall establish, reorganize and liquidate its separate units (branches, representative offices). The Company shall consist of separate units that are not legal entities and that act under regulations thereon subject to approval by the Supervisory Board of the Company. 1.18. The Company shall take necessary measures to safeguard and protect State and trade secrets, confidential information. The Company shall participate in the social development of cities, villages and towns and take measures for mobilization and civil defense. 1.19. The Company shall plan main directions of its activities and determine prospects for growth at its sole discretion, being governed by the demand for the Company’s goods, works and services, provided that the activities are self-sufficient and profitable.

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1.20. The Company shall sell its products, perform works and provide services at prices and tariffs set in view of the Company’s purposes and in accordance with the provisions of the applicable laws of Ukraine. 1.21. The Company shall be liable for its obligations to the extent of all property in its ownership and the funds, which may be collected in accordance with the procedures established by law. 1.22. The Company shall undergo an admission procedure in order to trade shares on a stock exchange and maintain admission at least on one Ukrainian stock exchange. The Company may conduct public and private placement of securities. The Company shall conduct a public offering of equity shares and/or the shares of the Company shall be admitted to trading on a stock exchange, meaning it shall be listed on a stock exchange.

2. PURPOSE AND OBJECTIVES OF THE COMPANY 2.1. The Company shall operate with a purpose to produce oil and gas, provide consumers with refined products, produce other types of products to meet the needs of the market of energy resources, introduce inventions and other innovations into various areas of economic activity and international business; prospect for and explore new oil and gas fields; process oil and gas; perform any types of production and commercial activity whatsoever not prohibited by the current laws of Ukraine with a view to generate profit. 2.2. Core operations of the Company shall include: 2.2.1. Comprehensive support to oil and gas production, increasing the recovery of oil and gas condensate, and production of associated products. 2.2.2. Development of producing assets; appraisal, exploration and development drilling of oil, gas and water wells; introduction of state-of-the-art technologies into the search for deposits and to the production of oil, gas, and condensate. 2.2.3. Processing of crude oil and gas and sale of finished products. 2.2.4. Use of own crude for toll manufacturing of fuels and lubricants; procurement of oil, gas and other types of fuel and lubricant materials, and the sale thereof. 2.2.5. Geological surveying of the subsurface, including pilot field development and commercial development of (operation on) oil, gas and gas condensate fields, groundwater deposits and deposits of other associated mineral resources; production, field preparation, processing and transportation of oil, gas, condensate, groundwater, and other associated mineral resources; sale and supply of oil, gas, condensate and the refined products thereof, refined products of groundwater and other mineral resources, in Ukraine and abroad; development drilling for putting new hydrocarbon producing assets into operation; seeking for and introducing innovative technologies, materials and equipment into all types of activities. 2.2.6. Performance of geodetic, surveying and geodetic engineering works and cadastral surveys. 2.2.7. Maintenance, manufacture, and repair of all types of equipment for oil and gas. 2.2.8. Performance of works for preventing and responding to blowouts on oil and gas wells. 2.2.9. Performance of construction and assembly works to equip oil, gas and gas condensate fields; construction of facilities; preparation of designs and cost estimates for the projects of construction and major repair, technical refurbishment, extension and reconstruction of workshops and sections of enterprises; improvement of certain technological processes, mechanization and automation of production processes and labor-intense work; reconstruction of utility systems and installations at industrial, agricultural and housing facilities. 2.2.10. Reconstruction of heating equipment, assembly, repair and commissioning of the heating equipment of gas distribution systems at non-household and household facilities of enterprises, including in settlements near such oil and gas fields, distribution pipelines, entry gas pipelines (external

4 and internal gas pipelines) of gas distribution points at non-household and household facilities of the enterprise, including in settlements near such oil and gas fields of the enterprises. 2.2.11. Workovers and production enhancement on wells. 2.2.12. Commercial transactions to meet the needs of consumers for oil, gas and the refined products; sale and supply. 2.2.13. Performance of any specialized works, construction, assembly, commissioning, repair, maintenance, metrological works and other types of works. 2.2.14. Production of hazardous chemical substances. Operations in the field of hazardous waste management; collection and storage of waste as recyclable material. 2.2.15. Production and sale of fertilizers and nitrogen compounds, including the following: 1) pure and mixed nitrogen, phosphoric and potassium fertilizers, urea, unrefined natural phosphates, and unrefined natural potassium salts; 2) nitrogen-containing products: nitric and sulfuric acids, ammonia, ammonium chloride, nitrates and potassium nitrates, tri-ammonium phosphates and ammonium carbonate; 3) fertilizers obtained by mixing or by chemical processing of products derived from plants or animals (production of compost). 2.2.16. Development, production, manufacture, storage, transportation, purchase, sale (unloading), import into Ukraine, export from Ukraine, use and disposal of precursors. 2.2.17. Transportation and use of radioactive materials, including artificially boosted sources of naturally occurring ionized radiation. 2.2.18. Production and sale of chemical products for various industries and their comprehensive use through conversion into consumer goods. 2.2.19. Innovation activity, including organization of implementation and the roll-out of inventions, know-how, scientific and technical developments, including the development of experimental models, organization of data search, development and maintenance of data bases, R&D, designing, and making market surveys associated with innovation processes. 2.2.20. Doing business in the generation, distribution and transmission of heat and electrical energy. 2.2.21. Provision of engineering, maintenance, transportation, utility, housing, health recovery, managerial, marketing and other types of production and commercial services. 2.2.22. Cultivation, processing, production, sale of agricultural products and consumer goods. 2.2.23. International business activity for any types of works and services not prohibited by the applicable laws of Ukraine. 2.2.24. Organization and provision of supporting services for selling and serving hot foot to workers and the public; retail sale and wholesale of food and non-food products. 2.2.25. Geophysical surveying of oil and gas wells, using explosives and sources of ionizing radiation (radioactive methods). 2.2.26. Production of building materials, products for industrial and technical purposes, construction elements and goods made of concrete, reinforced concrete, metal, wood and local materials, processing of raw materials. 2.2.27. Technical testing and research, including the following: 1) assessment of water and air quality, radiation level, etc.; 2) analysis of the environment, including gases, smoke, waste water, etc.; 3) food hygiene tests, including examination and veterinary control of production of food products; 4) tests on product durability, reliability, and resistance to wear and tear;

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5) control of estimations relating to construction elements; 6) certification of airplanes, vehicles, pressure vessels, nuclear installations, etc.; 7) technical maintenance of motor vehicles; and 8) testing of petroleum gases and other gaseous hydrocarbons, liquified gases, oil and petroleum products. 2.2.28. Repair and maintenance of all types of vehicles. 2.2.29. Wholesale of non-food goods (oil, gas, petroleum products and refined goods, various equipment for oilfield services and drilling, materials, spare parts needed for the technological processes of oil and gas production, special hardware, motor vehicles and tractors, crane equipment and hardware, etc.) 2.2.30. Wholesale and retail sale of fuels, lubricants and other petroleum products and refined goods through filling stations and own sales channels. Retail sale of petroleum products and refined goods through filling stations. 2.2.31. Production and sale of consumer goods and agricultural products. 2.2.32. Construction and equipping of service points, including filling stations. 2.2.33. Services for the protection and preservation of property, ownership and intellectual property rights; 2.2.34. Organization of staff recruitment, onboarding, training and development, including abroad. 2.2.35. All types of agency, brokerage, commercial, consultancy and information services and expert evaluations, trust management of assets, fiduciary transactions and activities relating to the circulation of securities. 2.2.36. Wholesale and retail sale of medicine and medical products; production, wholesale and retail sale or veterinary products. 2.2.37. Provision of freight forwarding services, domestic and international transportation of passengers and freight by all means of transport; affreightment. 2.2.38. Provision of service support, business support, hotel and tourism services, arrangement of exhibitions, conferences, etc. 2.2.39. Teaching and staff training, provision of organizational and methodological support to the training centers of the Company with training and developing specialists and workers in addition to licensing their work; preparation, revision and development of training plans and programs for the training centers of the Company for the purposes of staff training and development. 2.2.40. Activity in the field of publishing, exhibitions, fairs, and advertising. 2.2.41. Development, replication, sale of scientific innovations and computerization programs for enterprises and organizations. 2.2.42. Provision of healthcare resort, travel, and excursion services. 2.2.43. Provision of medical services and medical practice at healthcare resorts, pensions, etc. 2.2.44. Acquisition, possession and operation of instruments with sources of ionizing radiation and generating tools. 2.2.45. Provision of services related to the protection of public and other property as well as the protection of the public. 2.2.46. Participation in investment, exchange and brokerage activities. 2.2.47. Organization of consignment and customs warehouses, provision of services for licensed customs warehousing. 2.2.48. Setting up filling stations to satisfy the needs of the State, legal entities, and natural persons. 2.2.49. Organization of wholesale and retail sale of resources and raw materials, products intended for industrial and technical purposes, consumer goods, alcoholic drinks, tobacco and other products. 2.2.50. Development drilling for putting new hydrocarbon producing assets into operation.

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2.2.51. Provision of telecommunications services. 2.2.52. Performance of land surveying and land valuation works. 2.2.53. Supply of natural gas, coal seam gas (methane) at regulated and non-regulated tariffs. 2.2.54. Operations in the field of waste management (including hazardous waste). 2.2.55. Performance of work for the development of documents supporting the levels of emissions for enterprises, entities, organizations, and individual entrepreneurs. To accomplish the established purpose, the Company shall also carry out other activities not prohibited by the laws of Ukraine. 2.3. Types of activity that are subject to licensing shall be carried out after relevant licenses are obtained. 2.4. Activities and certain types of works that require relevant persons to have special knowledge and clearance for work with State secrets shall be carried out by the persons who are trained for such work and cleared for access to State secrets. Activities and certain types of works that deal with State secrets shall be carried out after the clearance for such activities dealing with State secrets is obtained. 2.5. The Company shall keep expert, business, production, technological, financial, banking, commercial and other types of information in its professional, business, production, banking, commercial and other types of interest. Access to such information, its disclosure and use, including its classification into the ‘confidential’ category, shall be regulated by the laws of Ukraine and subject to relevant resolutions of the Executive Body of the Company. The definition of the trade secret shall include information related to the Company’s production, technological, managerial, financial and other activities, the disclosure (leak) of which may cause damage to the interests of the Company. The diversity and extent of information considered as the trade secret, the procedures for its protection shall be established by the Executive Body of the Company. The list of documents containing confidential information and trade secrets, procedures for their safekeeping and record-keeping shall be established by the Executive Body of the Company.

3. SHAREHOLDERS OF THE COMPANY 3.1. Shareholders of the Company shall be legal entities and natural persons who have acquired ownership of shares according to the provisions of these Articles of Association and applicable laws of Ukraine. 3.2. Each ordinary share of the Company shall grant its holder, a shareholder, the equal combination of rights, including the right to: 1) participate in the running of the Company; 2) receive dividends; 3) receive a share of the Company’s assets or the value of the share in the assets in the event of liquidation of the Company; and 4) receive information about the business activity of the Company. Shareholders may have other rights provided by the laws of Ukraine and the Company’s Articles of Association. 3.3. Shareholders shall: 1) abide by the Articles of Association and other internal documents of the Company; 2) abide by the resolutions of the General Meeting and other bodies of the Company; 3) fulfil its obligations toward the Company, including in connection with the investment of assets; 4) pay for shares according to the procedures and methods specified in the Articles of Association of the Company;

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5) not disclose trade secrets and confidential information about activities of the Company; 6) fulfil other duties if the laws of Ukraine so prescribe. 3.4. All relationships of shareholders with one another and the Company on matters related to the Company and its activities shall be governed by the laws of Ukraine, the Articles of Association, agreements between the shareholders, and the resolutions of the Company’s bodies. 3.5. The shareholder may not demand their invested assets be returned as a payment for the shares of the Company that they have purchased.

4. PROPERTY OF THE COMPANY 4.1. Property of the Company shall include producing and non-producing assets as well as other valuables, the value of which shall be recorded on the individual balance sheet of the Company. 4.2. The Company shall own: 1) assets transferred into its ownership by the founder and shareholders as a contribution to the authorized capital; 2) products produced and purchased by the Company as a result of business activities; 3) proceeds from business activities (earned revenue); and 4) other assets obtained on the grounds not prohibited by the applicable laws of Ukraine. 4.3. Property of the Company shall be formed from the following sources: 1) contributions of investors and shareholders in any forms not prohibited by the laws of Ukraine; 2) proceeds (revenues) from business activities, earned from product sales, works, services and other types of business activities; 3) profits (revenues) from securities transactions; 4) loans from banks and other creditors; 5) free and charitable contributions, donations from national and foreign legal entities and individuals; 6) other sources not prohibited by the applicable laws of Ukraine; and 7) assets purchased from other business entities, organizations and individuals according to the procedures established by law. 4.4. The Company may sell, transfer on a free-of-charge basis, exchange, liquidate and write off property in its ownership in addition to its proprietary and non-proprietary rights in accordance with procedures established by the laws of Ukraine, the Articles of Association, internal documents, and subject to relevant resolutions passed by the governing bodies within their powers, as well as lease and hire out the means of production and other tangible assets to natural persons and legal entities as well as use and assign them in a manner not prohibited by the applicable laws of Ukraine, the Articles of Association, and internal documents of the Company.

5. AUTHORIZED CAPITAL OF THE COMPANY 5.1. The authorized capital of the Company shall be UAH 13,557,127.50 (thirteen million five hundred and fifty-seven thousand one hundred and twenty-seven hryvnias fifty kopiykas) (hereinafter referred to as “the Authorized Capital”). 5.2. The authorized capital shall be divided into 54,228,510 (fifty-four million two hundred and twenty-eight thousand five hundred and ten) registered ordinary shares with the nominal value of 25 kopiykas each. 5.3. The Company may change the Authorized Capital according to the procedure established by the laws of Ukraine and the Company’s Articles of Association.

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5.4. The Company may increase the Authorized Capital after registration of reports on the share allocation results for the previous issuances. The Authorized Capital shall be increased under a relevant resolution of the General Meeting in accordance with the procedure established by law, by way of the following: 1) increasing the nominal value of shares; 2) allocating additional shares of the existing nominal value. 5.5. The Company may not take decisions to increase the Authorized Capital through a public offering if the amount of equity capital is lower than the amount of its Authorized Capital. 5.6. Increase in the Authorized Capital of the Company shall not be allowed if there are shares repurchased by the Company. 5.7. Increase in the Authorized Capital of the Company to cover losses shall not be allowed, unless otherwise provided by law. 5.8. Changes to the Articles of Association in connection with the increase in the Authorized Capital shall be subject to approval by the General Meeting and registration following the approval of the securities placement results by the General Meeting in accordance with a procedure established by law. 5.9. The Authorized Capital of the Company shall be increased in accordance with the procedure established by the National Securities and Stock Market Commission (the NSSMC) or other public authority regulating the securities market in Ukraine. 5.10. The Authorized Capital of the Company shall always be increased on condition that the amount of the Authorized Capital after such increase complies with the statutory requirements as to the minimum amount for the authorized capital of a joint-stock company at the date of registration of changes to the Authorized Capital of the Company. 5.11. The Authorized Capital of the Company shall be reduced in accordance with the procedure established by the National Securities and Stock Market Commission or other public authority regulating the securities market in Ukraine. 5.12. The Authorized Capital of the Company shall be reduced by way of: 1) decreasing the nominal value of shares; 2) cancelling the shares previously repurchased by the Company and reducing their total number. 5.13. After the decision to reduce the Authorized Capital of the Company, the Management Board shall notify every creditor, whose claims to the Company are not secured with collateral, guarantee or surety, of such decision in writing with a 30-day notice. 5.14. Reduction of the Authorized Capital below the level established by the laws of Ukraine shall result in the liquidation of the Company. 5.15. The Company may cancel the shares repurchased by it and reduce the Authorized Capital or increase the nominal value of the remaining shares without changing the Authorized Capital in accordance with the procedure established by the National Securities and Stock Market Commission or other public authority regulating the securities market in Ukraine. 5.16. The Company may consolidate all the allocated shares, with two or more shares being converted into one new share of the same type and class. Such consolidation shall always be subject to exchange of shares of the old nominal value for the total number of shares of the new nominal value, for each of the shareholders. 5.17. The Company may split all the allocated shares, with one share being converted into two or more shares of the same type and class. 5.18. Consolidation and split of the shares shall not change the amount of the Authorized Capital.

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5.19. In the event of consolidation or split of the shares, relevant changes shall be made to the provisions of the Articles of Association of the Company on the nominal value and the number of allocated shares. 5.20. The Company shall consolidate and split the shares in accordance with the procedure established by the National Securities and Stock Market Commission or other public authority regulating the securities market in Ukraine.

6. SECURITIES OF THE COMPANY AND DIVIDENDS 6.1. The shares of the Company shall certify the shareholder’s corporate rights in the Company. The Company’s shares may be purchased and sold on a stock exchange. 6.2. The Company shall allocate ordinary registered shares. The Company may also allocate preference shares of various classes (with different scopes of rights) in accordance with the procedure established by the applicable law. The number of preference shares shall not exceed 25% of the Authorized Capital of the Company. The shares of the Company shall be uncertificated. 6.3. The Company may carry out a public or private allocation of shares subject to the requirements specified in the Articles of Association and the law. The Company may issue shares or other securities convertible into shares only subject to a relevant decision of the General Meeting. 6.4. The Company may allocate other securities in addition to shares and other securities convertible into shares subject to a relevant decision of the Supervisory Board of the Company. The decision to allocate securities for an amount exceeding 25% of the value of the Company’s assets shall be taken by the General Meeting. The Company may issue shares and bonds to transfer liabilities of the Company to securities in accordance with the procedure established by the applicable laws. The decision to issue shares shall be documented in the form of the minutes containing information required by the applicable laws and the National Securities and Stock Market Commission or other public authority regulating the stock market in Ukraine and approved by the authorized body of the Company that has taken such decision. 6.5. The shares of the Company shall be allocated for the amount of the Authorized Capital of the Company. The Company may allocate bonds for the amount not exceeding three times the amount of the equity capital or security provided by third parties for this purpose. 6.6. It shall be prohibited to allocate securities to cover losses incurred in connection with the business activity of the Company, unless otherwise provided by law. 6.7. The Company shall allocate or sell each repurchased share at a price not lower than its market value, which shall be subject to approval by the Supervisory Board of the Company, except for the following cases: 1) share allocation during establishment of the Company; 2) share allocation during a merger, acquisition, split-up, spin-off of the Company. The Company may not allocate any share whatsoever at a price below its nominal value. 6.8. The Company may repurchase shares from the shareholders subject to a relevant resolution of the General Meeting and consent of the holders of those shares. The procedure for exercising such right shall be established by a relevant resolution of the General Meeting. 6.9. The repurchase period for such shares shall include the period for accepting written proposals from the shareholders about the sale of shares and the period for paying their value. The repurchase period for shares shall not exceed one year. The written proposal of the shareholder about the sale of shares to the Company may not be withdrawn by such shareholder.

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6.10. The Company may allocate securities following the requirements established by the laws of Ukraine. Issuance and allocation of securities shall be registered within the period and pursuant to the procedure established by the applicable laws of Ukrainian. 6.11. Allocated shares shall be paid in full before the body duly authorized by the Company approves the results of share allocation. 6.12. The shareholders shall enjoy the preemptive right to purchase additionally issued shares of the Company in the process of additional issuance by the Company. The preemptive right of the shareholders to purchase the shares additionally allocated by the Company shall only be exercisable during a private share allocation and shall be exercised in accordance with the procedure established by law. 6.13. No later than 30 days from the start date of share allocation granting the preemptive right to the shareholders, the Company shall notify in writing each shareholder having such right of the possibility to exercise that right, and shall publish such notice on its own website and in the publicly available securities market database of the National Securities and Stock Market Commission or other public authority governing the securities market in Ukraine, or through a person who shall publish regulated information on behalf of participants of the stock market. The notice shall include information on the total number of shares to be allocated by the Company, the offering price, rules on the number of securities that a shareholder may purchase exercising their preemptive right, period and procedure to exercise such right. In the event of preference shares being allocated, such notice shall include information about the rights granted to the owners of the securities in question. 6.14. The shareholder intending to use their preemptive right shall submit a written application for purchasing a share to the Company within the set period and shall remit the sum equal to the value of the securities to be purchased to a relevant account. The application of the shareholder shall specify the name of the shareholder, place of residence (address), number of securities to be purchased. The Company shall receive application and remitted funds no later than on the date preceding the day when securities allocation starts. The Company shall issue the shareholder a written guarantee to sell the relevant number of securities. The purchaser shall acquire ownership of the securities during their allocation in accordance with the procedure and within the period established by the laws of Ukraine on the depository system of Ukraine. 6.15. The Company may take a series of measures to enable the allocation of securities issued by the Company on the foreign stock markets within the Ukrainian legal framework. 6.16. A statement from the holder’s securities account shall be a documentary proof of the existence at a specific point of time of the rights to the securities and the rights of the securities holder in the securities, which shall be issued by the depository upon request of the securities holder or in other cases provided by law and the contract for the maintenance of the securities account. A securities account statement shall not be considered as the securities per se, and its transfer from one person to another shall not be considered as a securities transaction and shall not entail the transfer of rights to the securities and the rights in the securities. 6.17. Record of titles to the Company’s securities shall be kept in accordance with the laws on the depository system of Ukraine. The Company may not accept own securities as collateral. 6.18. Payment of dividends shall be based on the performance for the calendar year and made in cash only. The decision to pay dividends shall be taken by the General Meeting, unless otherwise provided by law. Dividends payable to the holders of shares of similar type and class shall be proportionate to the number of securities they hold, and the terms of payment (including due dates, methods and amounts of dividends) shall be the same for all the holders of shares of similar type and class.

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6.19. Dividends shall be paid to the shareholders from the net profit of the Company for the accounting year and/or from the retained earnings, in the amount specified in a relevant resolution of the General Meeting. Payment of dividends to the shareholders shall be made in accordance with the procedure established by law. 6.20. The Supervisory Board of the Company shall set a date for making a list of shareholders entitled to receive dividends, as well as set the procedure and due dates for each of the payments. The date of the list of shareholders entitled to receive dividends on ordinary shares shall be specified in a relevant decision of the Supervisory Board of the Company on the matters mentioned hereinabove in the first sentence of this clause, but no sooner than 10 working days following the approval of the relevant decision by the Supervisory Board of the Company. 6.21. The Company shall notify the persons entitled to receive dividends of the date, amount, procedure and terms of payment. The Company shall notify the date, amount, procedure and terms of payment of dividends on ordinary shares to the stock exchange(s) where the shares are admitted to trading, and shall publish the notice on its own website within 10 days of the decision to pay dividends on ordinary shares. 6.22. In the event that the shareholder assigns their shares after the date of the list of persons entitled to receive dividends, but sooner than the pay date, the right to receive dividends shall be reserved with the person specified on such list. 6.23. The Company may not take decisions to pay dividends and make payment of dividends on ordinary shares in the following events: 1) the report on the share allocation results has not been duly registered in accordance with the procedure established by law; 2) the equity capital of the Company is lower than the amount of the Authorized Capital, reserve capital and the amount by which the residual value of preference shares exceeds their nominal value. 6.24. The Company may not pay dividends on ordinary shares in the following events: 1) the Company has the obligation to repurchase shares in accordance with the law; 2) Current dividends on preference shares have not been paid in full. 6.25. The Company may issue interest-bearing, designated and discount bonds in accordance with the procedure established by the applicable laws. The Company may issue bonds only after the Authorized Capital has been paid in full. The bonds of the Company shall acknowledge the liabilities of the Company and shall not entitle to participation in the running of the Company. There may be registered and bearer bonds. The Company may issue bonds for an amount which shall not exceed the amount established by the applicable laws of Ukraine. 6.26. The Company shall issue promissory notes and participate in the circulation of the promissory notes in accordance with the applicable laws of Ukraine.

7. PROCEDURE FOR SETTING UP AND USING RESERVE CAPITAL AND OTHER FUNDS 7.1. The Company shall create a reserve (buffer) capital amounting to 15% of the Authorized Capital. The reserve capital shall be used to cover losses incurred by the Company and pay dividends on preference shares. The law may additionally provide for other purposes of the use of the reserve capital. 7.2. The reserve capital shall be created through annual deductions of no less than 5% of the net profit of the Company until the required amount is reached. The decision to use the funds from the reserve capital shall be taken by the General Meeting.

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7.3. The Company may create other funds, such as a dividend payment fund. Decisions on the establishment of such funds, the procedure for establishing them, their size and the procedure for using them shall be taken by the General Meeting.

8. PROCEDURE FOR DISTRIBUTING PROFITS AND LOSSES 8.1. The profit of the Company shall derive from the revenues earned from business activities after covering material and equivalent costs and labor costs. Interests on bank loans and bonds shall be paid from the book profit of the Company; the same shall apply to taxes and other payments in favor of the Budget and extra-budgetary funds, the amounts, procedures and due dates of which shall be established by the laws or agreements. 8.2. The net profit remaining after all the payments mentioned hereinabove shall remain at the disposal of the Company in full, and the Company shall decide, subject to the Articles of Association, at its sole discretion and in its own interests and in the interests of the shareholders, on how to use it, such as develop production, pay dividends (a portion of the profit), etc. 8.3. The distribution of profit shall be made subject to a relevant decision of the General Meeting, as well as in the amounts, following the procedures and for the purposes that are stipulated by the applicable laws and the Articles of Association. 8.4. The losses of the Company shall be covered from the reserve capital and, if insufficient, from other funds or at the cost of the Company’s assets, either subject to a relevant decision of the General Meeting of the Company or through a decision of the court or other authorities duly authorized by law.

9. BODIES OF THE COMPANY The governing and controlling bodies of the Company shall be the following: 1) the General Meeting of the Shareholders of the Company (hereinafter referred to as “the General Meeting”); 2) the Supervisory Board of the Company; and 3) the Management Board of the Company. The number of members of the Company’s bodies shall be laid down in the Articles of Association. The decision to change the number of members of the Company’s bodies shall be taken by the General Meeting through making amendments hereto. The Chair and the members of the Supervisory Board of the Company, the Chair and the members of the Management Board of the Company shall be considered as the officials of the Company (the officials of the Company’s bodies).

9.1. The General Meeting. 9.1.1. The General Meeting shall be the supreme body of the Company. 9.1.2. The Company shall convene the General Meeting on an annual basis (the annual General Meeting) within the period provided by law. All General Meetings other than the annual General Meeting shall be deemed extraordinary. 9.1.3. The agenda of the annual General Meeting shall always include the following items: 1) approval of the annual report of the Company; 2) distribution of profits and losses of the Company subject to statutory requirements; 3) approval of the report on the remuneration of members of the Supervisory Board of the Company, the specifications of which shall be established by the National Securities and Stock Market Commission or other public authority regulating the securities market in Ukraine;

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4) consideration of the necessity of amending the regulation on the remuneration of members of the Supervisory Board of the Company; and 5) taking a decision following the consideration of reports from the Supervisory Board and the Management Board of the Company. The General Meeting may not take decisions on items not included in the agenda, save for the change of the order of consideration of agenda items and the announcement of adjournment of the General Meeting until the next day. The General Meeting may change the order of consideration of agenda items during the meeting, provided that the decision to change the order of consideration of agenda items has been supported by no less than three-quarters of votes of the shareholders registered for the General Meeting. The decision to adjourn the meeting until the next day shall be taken by a simple majority of votes cast by the shareholders registered for the General Meeting and holding voting shares at least on one item to be considered the next day. 9.1.4. The General Meeting shall be held at the expense of the Company. In the event that the extraordinary General Meeting is held on the initiative of the shareholder(s), such shareholder(s) shall cover the cost of organization, preparation and holding of such meeting. 9.1.5. The General Meeting may consider any matters related to the operation of the Company, except for the matters that fall within the exclusive competence of the Supervisory Board of the Company by law or under the Articles of Association of the Company. The Supervisory Board may add any items to the agenda of the General Meeting that fall within its exclusive competence by law or under these Articles of Association, for consideration by the General Meeting. 9.1.6. The following shall fall within the exclusive competence of the General Meeting: 1) set key business directions for the Company; 2) make amendments to the Articles of Association of the Company; 3) take decisions to cancel repurchased shares; 4) take decisions to change the type of the Company; 5) take decisions to allocate shares; 6) take decisions to allocate securities convertible into shares; 7) take decisions to increase the Authorized Capital of the Company; 8) take decisions to reduce the Authorized Capital of the Company; 9) take decisions to split or consolidate shares; 10) approve regulations on the General Meeting, on the Supervisory Board and on the Management Board of the Company as well as make amendments thereto; 11) approve the regulation on the remuneration of members of the Supervisory Board of the Company, the specifications of which shall be established by the National Securities and Stock Market Commission or other public authority regulating the securities market in Ukraine; 12) approve the report on the remuneration of members of the Supervisory Board of the Company, the specifications of which shall be established by the National Securities and Stock Market Commission or other public authority regulating the securities market in Ukraine; 13) approve the annual report of the Company; 14) consider the report of the Supervisory Board and approve measures following such consideration; 15) consider the external auditor’s opinion and approve measures following such consideration; 16) distribute the profits and losses of the Company subject to statutory requirements; 17) take decisions on the repurchase by the Company of its issued shares, unless otherwise provided by law;

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18) take decisions to waive the shareholders’ preemptive right to purchase shares of additional issuances in the process of their allocation; 19) approve the rates of annual dividends subject to statutory requirements; 20) take decisions on items on the agenda of the General Meeting; 21) elect members of the Supervisory Board of the Company; approve the terms and conditions of contracts and employment agreements to be concluded with them; determine the rate of remuneration for them; elect a person to be authorized to sign agreements (contracts) with the members of the Supervisory Board of the Company; 22) take decisions to terminate the powers of members of the Supervisory Board of the Company, except as otherwise provided by law; 23) elect members of the counting committee, take decisions to terminate their powers; 24) take decisions to give consent for entering into a related party transaction in the cases provided by law; 25) take decisions to give consent for entering into a major transaction where the market value of the property, services and works that constitute a subject matter of such transaction accounts for 50 percent or more of the value of assets as per the latest annual financial statements of the Company; 26) take decisions to spin off and wind up the Company, unless the law provides otherwise, liquidate the Company, elect the liquidation committee, approve the procedure and the period for liquidation as well as the procedure for distributing the remaining property among the shareholders after settling creditors’ claims, and approve the liquidation balance sheet; 27) take decisions following consideration of the report of the Supervisory Board and the report of the Management Board; 28) approve the principles (code) of corporate governance of the Company; 29) elect a dissolution committee for the Company; and 30) take decisions on other matters that fall within the exclusive competence of the General Meeting under the Articles of Association. Powers to take decisions on matter that fall within the exclusive competence of the General Meeting may not be delegated to other bodies of the Company. 9.1.7. The General Meeting shall be quorate if the cumulative total of voting shares of the shareholders registered for the meeting is more than 50 percent. Upon completion of the registration of shareholders for participation in the General Meeting, the registration committee shall establish whether the General Meeting is quorate. 9.1.8. One voting share shall grant a shareholder one vote for taking decisions on every item during the General Meeting, except for cases of cumulative voting. The right to vote at the General Meeting shall be granted to the shareholders who hold ordinary shares of the Company at the date when the list of shareholders entitled to participate in the General Meeting has been made. The shareholder may not forfeit their right to vote, unless otherwise provided by law. 9.1.9. Decisions of the General Meeting of the Company on items put to the vote shall be taken by a simple majority of votes of the shareholders registered for the General Meeting and who hold voting shares on such items, unless otherwise provided by law and these Articles of Association. The candidates who receive the highest number of votes of shareholders compared to other candidates shall be deemed elected to the body of the Company.

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9.1.10. Members of the body of the Company elected by cumulative voting shall be deemed elected and the relevant body of the Company formed only if all members of the relevant body of the Company have been elected to it. 9.1.11. Decisions of the General Meeting shall be taken by more than three-quarters of votes of the shareholders who have registered for participation in the General Meeting and who hold voting shares on the following matters: 1) amendments to the Articles of Association of the Company; 2) cancellation of repurchased shares; 3) change of the type of the Company; 4) allocation of shares or securities convertible into shares; 5) increase in the Authorized Capital; 6) reduction of the Authorized Capital of the Company; 7) approval of the regulations on the General Meeting, the Supervisory Board and the Management Board of the Company as well as amendments thereto; 8) approval of the principles (code) of corporate governance of the Company; 9) decision on matters that fall within the exclusive competence of the Supervisory Board of the Company by law or under the Articles of Association, provided that the Supervisory Board of the Company includes such relevant items in the agenda of the General Meeting; 10) spin-off and dissolution of the Company, liquidation of the Company, election of the liquidation committee (dissolution committee), approval of the procedure and period for liquidation as well as the procedure for distributing the remaining property among the shareholders after settling creditors’ claims, and approval of the liquidation balance sheet. The decision to give consent for entering into a major transaction, where the market value of the property, services and works that constitute a subject matter of such transaction accounts for 50 percent or more of the value of assets as per the latest annual financial statements of the Company, shall be taken by more than 50 percent of the total number of votes of shareholders. 9.1.12. Participation in the General Meeting shall be permitted for the persons included in the list of the shareholders entitled to such participation, or representatives thereof. A person convening the General Meeting may choose to invite a representative of the independent auditor (the audit firm) of the Company and the officials of the Company, irrespective of whether they hold shares of the Company, as well as a representative of the trade union or other body duly authorized by workers and that have signed the collective agreement on behalf of the workers. The list of shareholders entitled to participate in the General Meeting shall be made according to the procedure established by law. The Company or a person who keeps a record of titles to the shares of the Company shall provide information upon a relevant request from the shareholder, confirming their inclusion in the list of shareholders who are entitled to participate in the General Meeting. Making changes to the list of shareholders entitled to participate in the General Meeting after its finalization shall be prohibited. Restrictions on the shareholders’ right to participate in the General Meeting shall be subject to law. 9.1.13. A notice about holding the General Meeting and the draft agenda shall be sent to each of the shareholders on the list made according to the procedure established by law at the date appointed by the Supervisory Board of the Company or by relevant shareholders if the extraordinary General Meeting is convened on request of the shareholders. The date appointed may not precede the day when the decision to hold the General Meeting has been made and may not be appointed sooner than 60 days prior to the date of the General Meeting.

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A notice about holding the General Meeting and the draft agenda shall be sent to the shareholders individually by a person who convenes the General Meeting, in a manner determined by the Supervisory Board of the Company, within the period of no less than 30 days prior to the date of the General Meeting. The notice shall be sent either by a person who convenes the General Meeting or by a person who keeps a record of titles to the shares of the Company in the event of calling the General Meeting. No later than 30 days prior to the General Meeting, the Company shall publish a notice about the General Meeting in the publicly available securities market database of the National Securities and Stock Market Commission or other public authority governing the securities market in Ukraine, or through other person who shall publish regulated information on behalf of participants of the stock market. The Company shall additionally send the notice about the General Meeting to the stock exchange, where the securities are admitted to trading, and shall publish information required by law on its own website no later than 30 days prior to the General Meeting. The notice about the General Meeting shall contain the following information: 1) full name and address of the Company; 2) date, time and place (specifying the number of the room, office or hall where shareholders shall come to) of the General Meeting; 3) start time and end time for the registration of shareholders for participation in the General Meeting; 4) date of the list of shareholders entitled to participate in the General Meeting; 5) list of items and draft resolutions (save for cumulative voting) on each of the items on the agenda; 6) own website address where information and draft resolutions on each of the items on the agenda are published, in addition to the information required to be made available on the website by law; 7) information about the right of the shareholders to consider the documents in preparation for the General Meeting and about the right of the shareholders to submit proposals relating to the draft agenda of the General Meeting, which they may exercise after receipt of a notice about the General Meeting, specifying a period within which such rights may be exercised; and 8) procedure for participating and voting by proxy at the General Meeting. If the item about reducing the Authorized Capital is included in the agenda, the notice about the General Meeting shall additionally specify information about the purpose of the reduction of the Authorized Capital and in what manner such procedure shall be carried out. The notice about the General Meeting shall be subject to approval by the Supervisory Board of the Company. The Company shall publish information about the General Meeting to the extent and within the period provided by law on its own website and shall maintain availability of such information until the day of the General Meeting (inclusive). 9.1.14. The General Meeting of the shareholders shall take place in the territory of Ukraine, within the city where the Company is based. 9.1.15. The draft agenda of the General Meeting and the agenda of the General Meeting shall be subject to prior approval by the Supervisory Board of the Company, or by relevant shareholders if the extraordinary General Meeting is convened on request of the shareholders in cases provided by law and/or the Articles of Association of the Company. 9.1.16. Each shareholder may submit proposals relating to the items on the draft agenda of the General Meeting, new nominations to the bodies of the Company, the number of whom may not exceed the number of members in each of the bodies. The proposals shall be submitted no later than

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20 days prior to the date of the General Meeting, or no later than 7 days prior to the date of the General Meeting for proposals relating to the nominations to the bodies of the Company. Proposals to add new items to the draft agenda shall include relevant draft resolutions on such items. Proposals relating to the nominations to the Supervisory Board of the Company shall include information about whether the proposed candidate is a shareholder, a representative of the shareholder(s), or whether the candidate is proposed for a position of an independent director in the Supervisory Board. 9.1.17. Proposals relating to the draft agenda of the General Meeting of the Company shall be submitted in writing, specifying the name of the shareholder who makes such submission, number, type and/or class of shares they hold, the proposal itself relating to the item and/or the draft resolution, as well as the number, type and/or class of shares held by the candidate proposed by such shareholder for membership in the bodies of the Company. 9.1.18. The Supervisory Board or, in the event that the extraordinary General Meeting is convened on request of the shareholders, the relevant shareholders who have so requested shall take a decision on whether to include proposals in the draft agenda and shall approve the agenda no later than 15 days prior to the date of the General Meeting, or no later than 4 days prior to the date of the General Meeting in the event of proposals relating to the nominations to the bodies of the Company. 9.1.19. Proposals of the shareholder(s) who hold(s) collectively 5 percent and more of the voting shares shall always be added to the draft agenda of the General Meeting. In that event, the decision of the Supervisory Board to add such item to the agenda shall not be required and the proposal shall be deemed added to the agenda if it is submitted as per the established requirements. 9.1.20. Changes to the draft agenda of the General Meeting shall be made through adding new items and draft resolutions on the proposed items. The Company may not modify the items or draft resolutions proposed by the shareholders. 9.1.21. The decision not to add proposals of the shareholder(s) who hold(s) collectively 5 percent and more of the voting shares may only be taken if: - the shareholders have failed to comply with the time frames specified in clause 9.1.16 herein; and - information set forth in clauses 9.1.16 and 9.1.17 herein is incomplete. 9.1.22. The decision not to add proposals of the shareholder(s) who hold(s) less than 5 percent of the voting shares to the draft agenda of the General Meeting may be taken on the grounds set forth in clause 9.1.21, in the event of failure by the shareholders to submit any draft resolution on the proposed agenda items, and on other grounds laid down in the Articles of Association of the Company and/or the regulation on the General Meeting. The Supervisory Board shall provide the shareholder with the substantiated resolution rejecting the proposal within three days of adopting such resolution. In the event of changes to the draft agenda of the General Meeting, the Company shall notify the shareholders of such changes no later than 10 days prior to the date of the General Meeting and shall send/hand in the agenda and draft resolutions proposed by the shareholders. The Company shall also send the notice, including the draft agenda and draft resolutions on each of the items on the draft agenda of the General Meeting, to the stock exchange, where the securities of the Company are admitted to trading, and shall publish relevant information about changes to the draft agenda of the General Meeting no later than 10 (ten) days prior to the date of the General Meeting. 9.1.23. A representative of the shareholder at the General Meeting may be a natural person or a person duly authorized by a legal entity, and a person duly authorized by the State. The officials of the bodies of the Company and their affiliates may not represent other shareholders of the Company at the General Meeting. At the General Meeting, the shareholder, as a natural person or a legal entity, may be represented by other natural person or a person duly authorized by the legal entity, whereas the

18 representative of the shareholder as the State may be a person duly authorized by the authority that exercises control over public property. The shareholder may appoint their representative on a permanent or temporary basis. The shareholder may change their representative at any time by giving a relevant notice to the Management Board of the Company. A proxy for participation and voting at the General Meeting may include a voting instruction, which is a list of items on the agenda of the General Meeting specifying how and what resolutions shall be voted for (against). When voting at the General Meeting, the representative shall vote exactly as specified in the voting instruction. If the proxy does not include any voting instruction, the representative shall take decisions on all the items put to the vote at the General Meeting of the shareholders at their sole discretion. The shareholder may give the proxy to several representatives for participation and voting at the General Meeting. The shareholder may at any time withdraw or change their representative at the General Meeting. The proxy for participation and voting at the General Meeting shall not exclude the right of the shareholder, who has given the proxy, to participate in the General Meeting instead of their representative. 9.1.24. The chair and the secretary of the General Meeting shall be elected by the General Meeting of the shareholders. 9.1.25. The General Meeting may not commence sooner than stated in the notice about the General Meeting. 9.1.26. Registration of shareholders (their representatives) shall be conducted on the basis of the list of shareholders entitled to participate in the General Meeting, complied in accordance with the procedure provided by the laws of Ukraine, specifying the number of votes of each of the shareholders. The shareholders (their representatives) shall be registered by the registration committee appointed by the Supervisory Board of the Company or by relevant shareholders in the event that the extraordinary General Meeting is convened on request of the shareholders as set forth in clause 9.1.42 herein. 9.1.27. The list of shareholders registered for participation in the General Meeting shall be subject to signature by the chair of the registration committee, who shall be elected by a simple majority of votes of its members prior to the start of registration. Shareholders who have failed to register may not participate in the General Meeting. 9.1.28. Substantiated resolution of the registration committee to reject shareholder’s or their representative’s registration for participation in the General Meeting, duly signed by the chair of the registration committee, shall be added to the minutes of the General Meeting and provided to the person whose registration has been rejected. 9.1.29. The shareholder may change their representative until the end of the registration period by giving a notice to the registration committee and the Management Board of the Company, or participate in the General Meeting in person. 9.1.30. In the event that several representatives of the shareholder arrive at the General Meeting, a representative with the latest proxy shall be admitted for registration. 9.1.31. In the event that a share is in the joint ownership of several persons, the voting powers may be exercised at the General Meeting by either of the co-owners or their common representative by their mutual consent. 9.1.32. The shareholder(s) who hold(s) collectively 10 percent and more of the voting shares as at the date of compiling the list of shareholders entitled to participate in the General Meeting, as well

19 as the National Securities and Stock Market Commission or other public authority regulating the securities market in Ukraine may appoint their representatives to oversee the registration of shareholders, the progress of the General Meeting, voting, and counting. The Company shall be notified of such representatives in writing prior to the registration of the shareholders. 9.1.33. The progress of the General Meeting or consideration of a specific item may be recorded by technical means according to the decision of initiators of the General Meeting or the General Meeting itself, and the relevant records shall be added to the minutes of the General Meeting. 9.1.34. The General Meeting shall vote on all agenda items put to the vote. 9.1.35. Voting results of the General Meeting, clarification of the voting procedure, counting process and other matters related to voting at the General Meeting shall be provided by the counting committee, which shall be elected by the General Meeting of shareholders. The powers of the counting committee may be delegated under the contract to the depository which provides the Company with such auxiliary services, specifically the functions of the counting committee. Voting ballots shall be used for voting on items on the agenda of the General Meeting, save for the change of order of consideration of agenda items and the announcement of adjournment of the General Meeting. Cumulative voting on items about the election of members to a body of the Company shall be conducted only with the use of voting ballots. The form and the text of the voting ballot shall be subject to approval by the Supervisory Board of the Company no later than 10 days prior to the date of the General Meeting, or no later than 4 (four) days prior to the date of the General Meeting in the event of electing candidates to the bodies of the Company, or subject to approval by relevant shareholders if the extraordinary General Meeting is convened on request of the shareholders in the events specified in clause 9.1.42 herein. The shareholders may review the form of the voting ballot prior to the General Meeting according to the procedure provided by law. The voting ballot shall be duly signed by the chair or a member of the counting committee, specifying the initials and the last name of the chair or the member of the counting committee, prior to being given to the shareholder or their representative. The report on the results of each voting shall be signed by the chair and the members of the counting committee of the Company who participated in vote counting. The resolution of the General Meeting shall be deemed adopted once the report of the counting committee on the voting results is duly finalized. The voting results shall be announced at the General Meeting when such voting has taken place. After the General Meeting is closed, the voting results shall be communicated to the shareholders within 10 working days by way of publishing on the website of the Company. The reports on the voting results shall be published on the website of the Company within 10 (ten) days following the closure of the General Meeting. The reports on the voting results shall be added to the minutes of the General Meeting of the Company. 9.1.36. The minutes of the General Meeting of the Company shall be prepared within 10 days following the closure of the General Meeting and shall be signed by the Chair and the secretary of the General Meeting, sewn, and signed by the Chair of the Management Board of the Company. 9.1.37. The extraordinary General Meeting shall be convened by the Supervisory Board of the Company: - on its own initiative; - on request of the Management Board in the event of the Company’s bankruptcy proceedings or necessity to enter into a major transaction;

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- on request of the shareholder(s) who hold(s) collectively 10 percent and more of the voting shares of the Company at the date of the request; and - in other cases provided by law and the Articles of Association of the Company. 9.1.38. The request to convene the extraordinary General Meeting shall be made in writing and submitted to the attention of the Management Board at the address of the Company, specifying the body or names of shareholders who request such extraordinary General Meeting, the reasons for convening it, and the agenda. In the event that the extraordinary General Meeting is convened on the initiative of the shareholders, such request shall also contain information about the number, type and class of shares held by such shareholders, and shall be signed by all shareholders who make such submission. The Supervisory Board of the Company shall decide whether to convene the extraordinary General Meeting of the Company or reject such request within 10 days upon receipt of the request to convene the General Meeting. 9.1.39. The decision to reject the request to convene the extraordinary General Meeting of the Company may be taken only if: - the shareholder/shareholders does/do not hold collectively 10 percent and more of the voting shares of the Company at the date of the request; - information described in paragraph 1 clause 9.1.38 herein is incomplete. No later than three days following its adoption, the decision of the Supervisory Board to convene the extraordinary General Meeting or a substantiated resolution to reject such request shall be presented to a relevant body of the Company or to the shareholders who have made such request. 9.1.40. The Supervisory Board may not modify the agenda of the General Meeting, which is included in the request to convene the extraordinary General Meeting, other than adding new draft resolutions or items to the agenda. The extraordinary General Meeting convened by the Supervisory Board of the Company shall be held within 45 days upon receipt by the Company of such request. 9.1.41. Where the interests of the Company so require, the Supervisory Board of the Company may decide to convene the extraordinary General Meeting, notifying the shareholders in writing of such extraordinary General Meeting no later than 15 days prior to it, following the procedure established by law. In that event, the Supervisory Board of the Company shall approve the agenda of the extraordinary General Meeting. The Supervisory Board may not take the decision described in the first paragraph of this clause herein if the agenda of the extraordinary General Meeting includes the item about the election of members to the Supervisory Board of the Company. 9.1.42. If the Supervisory Board of the Company fails to take the decision to convene the extraordinary General Meeting on request of the shareholder(s), who hold(s) collectively 10 percent and more of the voting shares of the Company at the date of the request, within 10 days upon receipt of such request, or reject such request, the extraordinary General Meeting may be held by the shareholder(s) who has/have made such request in accordance with the law within 90 days following submission of the request to the Company by such shareholder(s). The shareholders may dispute the decision of the Supervisory Board of the Company, whereby the request to convene the extraordinary General Meeting has been rejected, in court.

9.2. The Supervisory Board. 9.2.1. The Supervisory Board shall be a collective body of the Company that protects the rights of the shareholders of the Company within the remit prescribed by the Articles of Association and

21 the law, as well as steers the Company, controls and regulates the functioning of the Management Board of the Company. The Supervisory Board shall function according to the procedure established by the laws of Ukraine, these Articles of Association, Regulation on the Supervisory Board, and other internal documents of the Company. The Regulation on the Supervisory Board of the Company shall be developed according to the applicable laws, provisions of these Articles of Association, and shall set out basic principles set forth in clause 9.2. herein, the rules, procedures, and other matters that fall within the exclusive competence of the Supervisory Board of the Company. The Regulation on the Supervisory Board of the Company shall be approved by the General Meeting. The Supervisory Board of the Company shall consist of 11 members, of which no less than 6 (six) persons shall be independent members (directors). The shareholders (natural persons) or persons who represent the interests of the shareholders (“the representatives of the shareholders”) and independent directors shall be elected to the Supervisory Board of the Company. Only natural persons may be eligible for membership in the Supervisory Board of the Company. Independence criteria for the independent members (directors) of the Supervisory Board of the Company shall be established by the laws of Ukraine. The member of the Supervisory Board of the Company, elected as a representative of a shareholder or a group of shareholders, may be changed by such shareholder or the group of shareholders according to the law. A member of the Supervisory Board of the Company shall perform their duties in person and shall not delegate their own powers to any other person. Members of the Supervisory Board of the Company shall be elected by the shareholders at the General Meeting by cumulative voting for the term of 3 (three) years. The elected members of the Supervisory Board of the Company shall perform their duties from the moment of their election by the General Meeting. Principles of work and remuneration of members of the Supervisory Board of the Company shall be regulated by the law, these Articles of Association, Regulation on the Supervisory Board of the Company, Regulation on the Remuneration of Members of the Supervisory Board of the Company as well as under the contract or employment agreement concluded with the member of the Supervisory Board. In the event of entering into a contract with a member of the Supervisory Board of the Company, such contract shall be on a paid basis. Powers of the member of the Supervisory Board of the Company shall be terminated without a resolution of the General Meeting in the following cases: 1) on their own request, subject to a prior two-week written notice to the Company; 2) in the event that the member is unable to perform their duties as a member of the Supervisory Board of the Company due to their medical condition; 3) if a sentence or a court decision comes into force, whereby the member is sentenced to a punishment, which makes it impossible for them to perform their duties as a member of the Supervisory Board of the Company; 4) in the event of death, proven legal incapacity, limited legal capacity, disappearance, decease; 5) in the event of receipt of a written notice about the change of the member of the Supervisory Board who is the representative of the shareholder; and

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6) in the event that an independent director ceases to comply with the statutory requirements during the term of their powers, they shall terminate their powers by giving a relevant written notice to the Company. Termination of powers of a member of the Supervisory Board of the Company shall concurrently terminate the contract (agreement) concluded with the member. The decision of the General Meeting on the termination of powers may be taken only in relation to all of the members of the Supervisory Board of the Company and subject to the immediate election of new members of the Supervisory Board.

9.2.2. The exclusive competence of the Supervisory Board shall be the following: 1) approve internal regulations that govern the operation of the Company, except for those regulations that fall within the exclusive competence of the General Meeting and those delegated to the Management Board of the Company for approval under a relevant resolution of the Supervisory Board; 2) elect and terminate the powers of the Chair of the Supervisory Board; 3) approve the regulation on the remuneration of members of the Management Board of the Company, the specifications of which shall be established by the National Securities and Stock Market Commission or other public authority regulating the securities market in Ukraine; 4) approve the report on the remuneration of members of the Management Board of the Company, the specifications of which shall be established by the National Securities and Stock Market Commission or other public authority regulating the securities market in Ukraine; 5) draft and approve the draft agenda and the agenda of the General Meeting, take decisions on the date of the General Meeting and on the admission of proposals to the agenda, save for calls for the extraordinary General Meeting by shareholders; 6) set up the temporary counting committee if the General Meeting is convened by the Supervisory Board, unless otherwise provided hereby; 7) approve the form and the text of the voting ballot; 8) take decisions to hold the regular (annual) and the extraordinary General Meeting in accordance with the Articles of Association of the Company and in cases provided by law; 9) take decisions to sell shares repurchased by the Company earlier; 10) take decisions to place the securities of the Company other than shares; 11) take decisions to repurchase securities placed by the Company other than shares; 12) approve the market value of property in cases provided by law; 13) elect and terminate the powers of the Chair and the members of the Management Board of the Company. The Acting Chair of the Management Board shall be elected from among the existing members of the Management Board in cases set forth herein; 14) approve the terms and conditions of contracts to be concluded with the Chair and the members of the Management Board of the Company, determine the rates of remuneration for them; 15) take decision to dismiss the Chair or a member of the Management Board of the Company and elect the Acting Chair of the Management Board of the Company from among the existing members of the Management Board; 16) appoint and dismiss the head of internal audit (the internal auditor); 17) approve the terms and conditions of employment agreements to be concluded with the staff of the internal audit department (the internal auditor), determine the rates of remuneration for them, including incentives and compensations;

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18) control the timely submission (publishing) of truthful information by the Company about its operation according to the law and the publishing of information by the Company about the principles (the code) of corporate governance of the Company; 19) consider the report of the Management Board of the Company and approve measures following such consideration; 20) elect the registration commission unless otherwise provided by law; 21) elect the auditor (the audit firm) of the Company for auditing the current and/or previous (past) year(s) as well as determine the terms and conditions of the contract to be entered into with such auditor (audit firm), determine a fee for its services; 22) approve recommendations to the General Meeting following consideration of the opinion of the external independent auditor (audit firm) of the Company for taking decisions thereon; 23) set the date for making the list of persons entitled to receive dividends, determine the procedure and due dates for paying dividends within the period provided by law; 24) set the date for making a list of shareholders who shall be notified of the General Meeting according to the law and who are entitled to participate in the General Meeting according to the law; 25) take decisions about membership of the Company in industrial and financial groups and other associations; 26) take decisions to establish and/or become a member of any legal entities, reorganize and liquidate them; 27) take decisions to establish, reorganize and/or liquidate integrated and/or separate divisions (branches, representative offices) of the Company, subsidiaries; approve, amend and revise the by- laws and regulations thereon; 28) address issues that fall within the competence of the Supervisory Board by law in the event of a merger, acquisition, split-up, spin-off or transformation of the Company; 29) take decisions to give consent for entering into any related party transactions other than those requiring consent of the General Meeting by law; 30) establish the probability of insolvency of the Company as a result of taking on or settling liabilities, including as a result of paying dividends or repurchasing shares; 31) take decisions to choose the appraiser of the Company’s property and approve the terms and conditions of the contract to be concluded with the appraiser; determine a fee for the service; 32) take decisions to select (change) the depository which provides the Company with auxiliary services; approve the terms and conditions of the contract to be concluded with the depository; determine a fee for the service; 33) send offers to the shareholders in accordance with the law; 34) approve the financial plan of the Company; 35) take decisions on a merger with the Company; approve a deed of transfer and the terms and conditions of the merger agreement with a joint-stock company where the Company holds more than 90 percent of ordinary shares, provided that such merger does not require amendments to the Articles of Association of the Company relating to the changes in the rights of its shareholders; 36) analyze measures taken by the Management Board as regards management of the Company, implementation of investment, technical and pricing policies; 37) take decisions to give consent for entering into a major transaction where the market value of the property, works and services that constitute a subject matter of such transaction ranges from 10 to 25 percent of the value of assets as per the latest annual financial statements of the Company; 38) take decisions to give consent for entering into a major transaction where the market value of the property, works and services that constitute a subject matter of such transaction exceeds 25 percent but is less than 50 percent of the value of assets as per the latest annual financial statements

24 of the Company, provided that the statutory requirements about the composition of the Supervisory Board are met; 39) propose key business directions of the Company to the General Meeting of the Company; 40) approve plans (other than the financial plan) of the Company and their implementation reports; 41) approve the organizational structure of the Company and make changes to it at the proposal of the Management Board; 42) elect the Secretary of the Supervisory Board at the proposal of the Chair of the Supervisory Board, nominate/elect and dismiss/terminate the powers of the corporate secretary; 43) approve the Regulation on the Corporate Secretary; 44) set up standing and temporary committees of the Supervisory Board from among its members, for prior study of issues that fall within the competence of the Supervisory Board of the Company and making preparations for their consideration at meetings; 45) decide on the list of issues to be delegated to the committee(s) of the Supervisory Board of the Company for study and preparation; 46) approve regulations on the committees of the Supervisory Board of the Company; 47) prior consideration of the annual balance sheet and the annual financial statements of the Company for further submission to the General Meeting for approval; 48) approve the price of the compulsory purchase of the Company’s shares in cases provided by law; 49) approve annual information for disclosure by the Company; 50) approve a declaration of readiness of the Company to risk in the context of the Company’s key business directions set by the General Meeting; and 51) take decisions on other matters that fall within its exclusive competence in accordance with the Articles of Association of the Company. Matters that fall within the exclusive competence of the Supervisory Board of the Company may not be addressed by other bodies of the Company, save for the General Meeting, unless otherwise provided by law. The Supervisory Board may add any item on matters that fall within its exclusive competence by law or under the Articles of Association to the agenda of the General Meeting for resolution by the General Meeting. The Supervisory Board shall consider other matters put forward for discussion on the initiative of the General Meeting or the Chair of the Management Board. The General Meeting may decide to delegate certain functions to the Supervisory Board that do not fall within the exclusive competence of the General Meeting and are not assigned to the Supervisory Board of the Company as per the present clause. Powers that fall within the competence of the General Meeting but delegated to the Supervisory Board shall be revoked by a relevant resolution of the General Meeting. The Supervisory Board of the Company shall engage the independent auditor (the audit firm), appraiser or other person of relevant qualification for evaluating whether a related party transaction corresponds to normal market practices.

9.2.3. Within its competence, the Supervisory Board may: 1) request and obtain from the Management Board any documents and information relating to the operation of the Company and activities of the Management Board, its subsidiaries, branches, and representative offices for consideration; 2) request and obtain from the Management Board the minutes of the General Meeting and documents annexed thereto for consideration;

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3) summon the members of the Management Board for reporting and assess their performance; 4) request quarterly information from the Management Board of the Company about the financial and economic performance of the Company; 5) each member of the Supervisory Board of the Company may attend the meetings of the Management Board of the Company; 6) engage – on its own initiative but at the expense of the Company – auditors, experts and specialists in certain areas to audit and analyze certain issues related to the activities of the Company and its Management Board; 7) take decisions binding upon the Management Board of the Company, including on matters related to the conclusion of contracts with auditors, experts and specialists engaged following a relevant decision of the Supervisory Board, termination or suspension of concluded contracts that cause or may cause damage to the Company in the opinion of the Supervisory Board. Decisions to terminate or suspend concluded contracts shall be taken subject to and with reference to the requirements of the applicable laws of Ukraine; and 8) take other action which the Supervisory Board of the Company is entitled to pursuant to the laws of Ukraine, these Articles of Association, Regulation on the Supervisory Board of the Company, and other internal documents of the Company. Information and documents relating to the activities of the Company may be provided to the Supervisory Board pursuant to statutory requirements and other regulations on the safeguards for state secrets. When performing duties, the Supervisory Board of the Company shall act in good faith and reasonably in the interests of the shareholders. The members of the Supervisory Board of the Company shall be liable for damage to the Company as a result of breach of the Articles of Association and the Regulation on the Supervisory Board of the Company.

9.2.4. The Supervisory Board of the Company shall be chaired by the Chair of the Supervisory Board of the Company elected by the Supervisory Board. The Chair of the Supervisory Board of the Company shall: 1) steer the work of the Supervisory Board and divide responsibilities between its members; 2) convene meetings of the Supervisory Board of the Company; 3) open the General Meeting of the Company; 4) chair meetings of the Supervisory Board of the Company; 5) make preparatory arrangements for the consideration of issues at the meetings of the Supervisory Board; 6) ensure that the minutes of the meetings of the Supervisory Board are taken; 7) sign the minutes of the meetings of the Supervisory Board of the Company and other documents approved (adopted) by the Supervisory Board of the Company or drafted in pursuance of the decision taken by the Supervisory Board; 8) sign employment agreements with the Chair and the members of the Management Board; 9) ensure that decisions of the General Meeting and the Supervisory Board of the Company are abided by; 10) represent the Supervisory Board of the Company in relationships with other bodies of the Company, public authorities, and third parties; and 11) fulfill other functions provided by the laws of Ukraine, these Articles of Association, Regulation on the Supervisory Board of the Company, and other internal documents of the Company necessary for organizing the work of the Supervisory Board of the Company.

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9.2.5. The Secretary of the Supervisory Board of the Company shall be elected by and from among the members of the Supervisory Board of the Company. The Secretary of the Supervisory Board of the Company shall: 1) notify all members of the Supervisory Board of the Company of ordinary and extraordinary meetings of the Supervisory Board of the Company according to the instruction of the Chair of the Supervisory Board of the Company; 2) provide the Chair and the members of the Supervisory Board of the Company with necessary information and documentation; 3) do paperwork for the Supervisory Board of the Company as well as keep a record of correspondence addressed to the attention of the Supervisory Board of the Company, and organize preparation of relevant responses; 4) formalize documents issued by the Supervisory Board of the Company and the Chair of the Supervisory Board of the Company and ensure that members of the Supervisory Board of the Company and other officials of the Company’s bodies are provided with such documents; 5) take minutes of the meetings of the Supervisory Board of the Company; and 6) notify all members of the Supervisory Board of the Company of the decisions taken by the Supervisory Board. 9.2.6. Meetings of the Supervisory Board of the Company shall be held as and when necessary, but no less than once a quarter. 9.2.7. Each member of the Supervisory Board of the Company and the initiator of the meeting of the Supervisory Board shall be given a prior written notice about the upcoming meeting of the Supervisory Board of the Company no later than 5 (five) days prior to the date of the meeting. Such written notice shall include information about the date, time and place of the meeting, and the agenda. Documents that are necessary for taking decisions on items on the agenda of the meeting shall be added to the notice. 9.2.8. Meetings of the Supervisory Board of the Company shall be convened on the own initiative of its Chair, on requests of any member of the Supervisory Board of the Company, the Chair or a member of the Management Board of the Company. 9.2.9. Meetings of the Supervisory Board shall be deemed quorate if more than half of the members of the Supervisory Board of the Company are in attendance. 9.2.10. The member of the Supervisory Board shall be deemed in attendance, meaning that they participate in the meeting of the Supervisory Board when they are not present in a place of the meeting but can hear all other participating members of the Supervisory Board through means of communication, communicate with them, receive explanations, review documents and receive all necessary information for taking decisions on items on the agenda. 9.2.11. Each member of the Supervisory Board shall have one vote. Decisions of the Supervisory Board shall be taken by a simple majority of votes cast by the members that participate in the meeting and have the right to vote. The Supervisory Board may take decisions by voting in absentia (by circulation), which includes decision-making by exchanging letters, preparing a written document without holding a meeting. Such decisions shall have the same legal force as decisions taken at the meetings of the Supervisory Board held in the form of general presence at the meeting, provided there is reliable proof of the results of voting by members of the Supervisory Board of the Company. Decisions on the matters specified in paragraphs 13), 15), 26), 27), 41) of clause 9.2.2 herein shall be taken by the Supervisory Board only at its meetings.

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9.2.12. The Supervisory Board may take decisions on matters not included in the notice about the upcoming meeting if all members in attendance at the meeting of the Supervisory Board of the Company vote in favor of it. Any member of the Supervisory Board of the Company may propose amendments and revisions to the agenda no later than 3 (three) days prior to the date of the meeting. 9.2.13. The members of the Management Board and representatives of the trade union or other body with advisory vote, which has been authorized by workers and has signed the collective agreement on behalf of such workers, may participate in the work (meetings) of the Supervisory Board of the Company at the invitation/on request of the Supervisory Board of the Company. The Supervisory Board of the Company may invite non-member persons to its meetings in accordance with the procedure set forth in the Regulation on the Supervisory Board of the Company. 9.2.14. Meetings of the Supervisory Board shall be chaired by the Chair of the Supervisory Board of the Company. If the Chair of the Supervisory Board cannot fulfill their duties, their duties shall be fulfilled by one of the members of the Supervisory Board of the Company according to a relevant decision. 9.2.15. Minutes of the meeting of the Supervisory Board of the Company shall always be taken by the Secretary. 9.2.16. Minutes of the meeting of the Supervisory Board of the Company shall be prepared within 5 (five) days following the meeting. Minutes of the meeting of the Supervisory Board of the Company shall specify the following: - place, date and time of the meeting; - persons participating in the meeting; - agenda of the meeting; - items put to the vote and voting results specifying votes “in favor”, “against” (or abstained from voting) on each item; - key points of reports, discussion, argumentation (when necessary); and - the substance of decisions adopted. Minutes of the meeting of the Supervisory Board shall be signed by the Chair of the Supervisory Board or the chair of the meeting if the Chair of the Supervisory Board of the Company cannot fulfill their duties, in addition to the Secretary of the Supervisory Board of the Company. 9.2.17. Meetings of the Supervisory Board of the Company or consideration of a certain item may be recorded by technical means according to its own decision, and the relevant records shall be added to the minutes of the meeting of the Supervisory Board of the Company. 9.2.18. The Supervisory Board of the Company may set up standing and temporary committees from among its members. It shall be mandatory that the audit committee, the committee on remunerations to the officials of the Company (“the Remuneration Committee”) and the nomination committee be set up in the Company. However, the Remuneration Committee and the nomination committee may be combined. The audit committee, the Remuneration Committee and the nomination committee shall be chaired by the members of the Supervisory Board of the Company that are independent directors. The majority of members of the abovementioned committees shall be independent directors. 9.2.19. The Supervisory Board of the Company shall take decisions on matters previously elaborated by the committee, on the basis of and within the committee’s proposals prepared as relevant draft resolutions of the Supervisory Board of the Company. For repeated preparation of proposals by the committee, the Supervisory Board of the Company shall provide the committee with a substantiated resolution of the Supervisory Board of the Company rejecting the committee’s proposal. If the committee produces no proposals, the Supervisory Board of the Company may not

28 take decisions on the matters that shall be prepared for consideration by the committees of the Supervisory Board of the Company. 9.2.20. The procedures for setting up the committees and their rules of procedure shall be governed by the Articles of Association of the Company and/or the Regulation on the Supervisory Board of the Company in addition to the regulations on the committees of the Supervisory Board of the Company approved by the Supervisory Board of the Company.

9.3. The Management Board. 9.3.1. The Management Board shall be the executive body of the Company that runs its day- to-day operations. The Management Board shall act on behalf of the Company and within the remit prescribed by the laws of Ukraine, these Articles of Association, Regulation on the Management Board, and other internal documents of the Company. 9.3.2. The Management Board shall consist of 7 (seven) members (inclusive of the Chair of the Management Board). The members of the Management Board, including the Chair of the Management Board, shall be elected by the Supervisory Board of the Company for the 5-year term. The elected members of the Management Board shall fulfill their duties from the moment of their election until expiration of the term or termination of powers in cases provided by law and these Articles of Association. Ukrainian and non-Ukrainian nationals may be elected to the position of the Chair and a member of the Management Board of the Company. If the Chair of the Management Board cannot fulfill their duties (for the period of absence (vacation, business trip, sick leave)) their duties shall be fulfilled by other existing member of the Management Board appointed by a relevant order of the Chair of the Management Board. If the Supervisory Board of the Company takes a decision to dismiss the Chair of the Management Board, the duties of the Chair of the Management Board shall be fulfilled by a person among the existing members of the Management Board, who shall become the Acting Chair of the Management Board according to the decision of the Supervisory Board of the Company. Nominations to the Management Board of the Company shall be submitted to the Supervisory Board of the Company by the Chair of the Management Board. As a rule, the members of the Management Board shall be in charge of core business functions of the Company and concurrently be the heads of those functions (heads of core business functions of the Company or heads of main divisions of the Company shall not necessarily be members of the Management Board). The powers of the member of the Management Board may be terminated by the Supervisory Board of the Company. The grounds for such termination of powers of the Chair and/or the member of the Management Board shall be provided by law, these Articles of Association, and the contract concluded with the Chair and/or the member of the Management Board. The powers of the Chair of the Management Board of the Company shall be terminated according to a relevant decision of the Supervisory Board of the Company, subject to immediate nomination of the Chair of the Management Board or a person from among existing members of the Management Board who shall become the Acting Chair of the Management Board. Any natural person who enjoys full civil law capacities without restrictions on their eligibility for such position and who is not a member of the Supervisory Board of the Company may become a member of the Management Board. Employment agreements shall be concluded with each member of the Management Board. Such agreement shall be subject to signature by the Chair of the Management Board on behalf of the Company or any other person authorized by the Supervisory

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Board. Employment relationships between members of the Management Board and the Company shall be governed by the labor law of Ukraine. 9.3.3. Meetings of the Management Board may be attended by: - members of the Supervisory Board of the Company; - a representative of the trade union or other body which has been authorized by workers and signed the collective agreement on behalf of such workers – when matters relating to the work of such trade union or other body authorized by workers are considered; - the head of internal audit at the invitation of the Chair of the Management Board or on their own initiative subject to prior approval of the Chair of the Management Board of the Company; and - other persons invited by the Chair and/or members of the Management Board. 9.3.4. The remit of the Management Board shall cover all matters relating to the day-to-day operations of the Company, except for those matters that fall within the exclusive competences of the General Meeting and the Supervisory Board of the Company according to the laws of Ukraine, these Articles of Association, and internal documents of the Company. The General Meeting and the Supervisory Board of the Company may take decisions to delegate some of their non-exclusive powers to the Management Board. The Management Board shall report to the General Meeting and the Supervisory Board of the Company and cause their decisions to be abided by. The Management Board shall make preparations for the organization and holding of the General Meeting, ensure and facilitate the work of the Supervisory Board of the Company. 9.3.5. The Chair of the Management Board shall steer the work of the Management Board. 9.3.6. The Chair of the Management Board shall fulfill the duties that they take on as the head of the enterprise according to the laws of Ukraine and the employment agreement (contract) concluded with them, including: 1) run day-to-day operations of the Company, steer the work of the Management Board and organize its activities; 2) ensure that the decisions adopted by the General Meeting, the Supervisory Board of the Company, the Management Board, legislative norms, these Articles of Association, and internal documents of the Company are abided by; 3) make arrangements for the development and implementation of the Company’s business plans, settlement of the Company’s liabilities to the State and counterparties under contracts, and compliance with health, safety and environment requirements; 4) issue orders, directives and other regulatory instructions within their powers on matters relating to the operation the Company; 5) convene the meetings of the Management Board; 6) preside over the meetings of the Management Board; 7) prepare matters for consideration at the meetings of the Management Board; 8) make arrangements for minutes to be taken at the meetings of the Management Board; 9) represent the Company without a power of attorney in relationships with legal entities and natural persons, public and other authorities and organizations, in court, including commercial, administrative and arbitration courts, other judicial institutions, including abroad; 10) issue powers of attorney (proxies), determine the scope of responsibilities for the workers of the Company; 11) approve the organizational chart of the Company, hire and dismiss workers, offer incentives and levy charges;

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12) conclude employment agreements with workers on behalf of the Company according to the applicable laws; 13) take decisions to send workers on business trips, including abroad (or delegate such duty to the heads of the divisions of the Company); 14) ensure safekeeping and due operation of the property of the Company; 15) ensure that reporting as per the laws of Ukraine and accounting are organized in the Company; 16) sign the collective agreement on behalf of the Company; 17) conclude and sign contracts if the value of property, works, services that constitute a subject matter of such contracts does not exceed UAH 10,000,000 (ten million hryvnias); 18) conclude and sign other contracts within their powers and in accordance with the procedure established by the laws of Ukraine, these Articles of Association, and internal documents of the Company; 19) approve prices for and tariffs on the goods, works and services of the Company; 20) open and close current and other bank accounts for the Company; 21) fulfill other duties assigned by the applicable laws, the General Meeting or the Supervisory Board of the Company as to the head of the enterprise; 22) utilize the property and funds of the Company within the limits established by the laws of Ukraine, these Articles of Association, and internal documents of the Company; 23) sign financial, banking and civil agreements (including commercial contracts), and documents; 24) ensure operability of the Management Board and propose nominations to the Management Board for consideration by the Supervisory Board of the Company; and 25) take other action according to the decisions of the General Meeting, the Supervisory Board of the Company or the Management Board. 9.3.7. Within its competence, the Management Board of the Company shall: 1) run the business activities of the Company; 2) fulfill the duties delegated to the Management Board by the General Meeting and the Supervisory Board of the Company according to relevant decisions; 3) provide the General Meeting and the Supervisory Board with organizational, informational and technical support as well as perform other functions set forth in the Regulation on the Management Board of the Company; 4) prepare and submit amendments and revisions to the Articles of Association, including in connection with changes to the amount of the Authorized Capital, for consideration by the General Meeting; 5) submit proposals to the Supervisory Board of the Company on the draft agenda, the agenda of the General Meeting, and draft resolutions on relevant addenda items; 6) prepare and submit financial and other business plans of the Company and its divisions (branches, representative offices) to the Supervisory Board of the Company for approval; 7) take decisions, upon a motion of the Chair of the Management Board, on the nomination and dismissal of heads of the Company’s subsidiaries, divisions (branches, representative offices) and units, determine remuneration rates for the Company’s workers and other persons hired to work for the Company, its subsidiaries, divisions (branches, representative offices) and other units; 8) make proposals on the distribution and use of profit, determine sizes of funds (capital) established by the Company in accordance with the applicable laws of Ukraine and the dividend amounts, and submit them for consideration by the Supervisory Board of the Company and the General Meeting;

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9) take decisions about the purchase and further distribution by the Company of its equity shares and submit such decisions for consideration by the Supervisory Board for further approval by the General Meeting; 10) provide the Supervisory Board of the Company with reports on the activities of the Management Board; 11) take decisions to enter into transactions if the value of property, works and services that constitute a subject matter of such transactions ranges from UAH 10,000,000 (ten million hryvnias) to 10 percent of the value of the Company’s assets as per the latest annual financial statements of the Company; 12) prepare current financial statements; 13) provide the Company with logistics support to its business and other activities; 14) make arrangements for the sale of products; 15) organize work dealing with finances and economics, accounting and reporting, and cash settlement transactions; 16) organize international business activities; 17) organize maintenance of employee records; 18) organize operations of subsidiaries and divisions (branches, representative offices); 19) draft by-laws for subsidiaries, draft regulations on divisions (branches, representative offices) of the Company, and submit those to the Supervisory Board of the Company for approval; 20) provide the workers of the Company with social amenities and services; 21) organize the archives of the Company and the workflow of administrative services office; 22) interact with the suppliers of goods and services and consumers of the Company’s products; 23) control the condition of premises, buildings, and equipment; 24) control the flows of material and monetary items; 25) take decisions to purchase a stake (shares, corporate rights) in the authorized capital of other entities or sell a stake (shares, corporate rights) that the Company holds in the authorized capital of other entities, and seek approval of such decisions from the Supervisory Board of the Company; 26) approve internal regulations and documents regulating the operation of the Company, except for those ones that fall within the exclusive competence of the General Meeting and the Supervisory Board of the Company, as well as approve the internal regulations and documents regulating the operation of the Company that the Supervisory Board has delegated to the Management Board of the Company for approval. 9.3.8. The meetings of the Management Board shall be held as and when necessary. The meetings of the Management Board shall be convened on the initiative of the Chair of the Management Board and a member of the Management Board. The meetings of the Management Board shall be deemed quorate if no less than 4 (four) members of the Management Board are in attendance. Each member of the Management Board shall have one vote. Decisions of the Management Board shall be taken by a simple majority of votes. In the event of a tie vote, the Chair of the Management Board shall have a casting vote. Taking minutes of the meetings of the Management Board shall be mandatory. Decisions reached by the Management Board shall be documented in the form of the meeting minutes subject to signature by the Chair and the Secretary of the Management Board of the Company. The Management Board may take decisions by circulation voting (by circulation).

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9.3.9. The Management Board shall report to the Supervisory Board and the General Meeting on an annual basis on the Company’s performance for a reporting period.

10. SUBSIDIARIES, DIVISIONS (BRANCHES AND REPRESENTATIVE OFFICES) OF THE COMPANY 10.1. The Company may establish subsidiaries and divisions (branches, representative offices) in the territory of Ukraine and abroad, provided it does not contradict the applicable laws. 10.2. Subsidiaries of the Company shall be legal entities and shall be provided with fixed and current assets at the Company’s expense and act under relevant by-laws. Subsidiaries of the Company shall not be liable for the obligations of the Company. Divisions (branches, representative offices) shall not be deemed to be legal entities and shall be provided with fixed and current assets at the Company’s expense and act under by-laws. Divisions (branches, representative offices) shall operate in accordance with the regulations approved by the Supervisory Board of the Company and under the supervision of persons appointed by the Management Board of the Company. Such persons shall act under the powers of attorney issued by the Chair of the Management Board of the Company. Information about the Company’s divisions and correspondingly a list thereof shall be entered in the Unified State Register.

11. ACCOUNTING, REPORTING AND CONTROL 11.1. The Company shall maintain accounting records as well as draw up and submit statistical data and administrative information according to the procedures established by law. Annual financial statements of the Company shall always be subject to audit by the independent auditor (the audit firm). 11.2. The financial year shall start on January 1st and end on December 31st of each calendar year. Responsibility for accounting condition, timely submission of financial, tax and other types of reports shall be rested with the Chair of the Management Board of the Company and the Chief Accountant. 11.3. The Company shall bear responsibility according to the laws of Ukraine for the accuracy of data in the reports. 11.4. Audit of financial and economic performance of the Company shall be conducted by the independent auditor (the audit firm). 11.5. The Company shall ensure that consolidated financial statements are submitted according to the laws. 11.6. The Company shall ensure that the agreement with the Ukrainian public archive authorities is concluded for the procurement of archive services, including with a view to deposit documents relating to the Company’s activities throughout its existence with such authorities for safekeeping (except for the documents that shall be kept at the address of the Company according to the law). 11.7. The Company shall provide statistics authorities with statistical reports and shall bear responsibility for their accuracy and timeliness. 11.8. Results of the financial and economic activities of the Company shall be subject to taxation in accordance with the applicable laws. 11.9. Financial results of the Company shall be determined with reference to the annual report and the balance sheet and shall be subject to approval by the General Meeting.

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12. INTERNATIONAL ECONOMIC ACTIVITY 12.1. The Company shall carry out international economic activity, exports, imports and other international economic transactions necessary for its business at its sole discretion in accordance with the applicable laws. 12.2. The Company’s earnings in a foreign currency shall be used in accordance with the provisions of the currency law of Ukraine. 12.3. The Company may take out loans from its foreign partners. In that case, cash in a foreign currency shall be recorded on the Company’s balance sheet and used at the Company’s sole discretion. 12.4. The Company may set up its representative offices, branches and production units outside the territory of Ukraine in accordance with the procedure established by the laws. 12.5. Negotiation and conclusion of contracts with foreign entities, institutions, organizations on behalf of the Company shall be performed by the Chair of the Management Board or other person authorized thereto by law. 12.6. Contracts with foreign entities, institutions and organizations shall be subject to signature in accordance with the procedure established by the applicable laws.

13. MILITARY SERVICE RECORDS, OCCUPATIONAL SAFETY, CIVIL PROTECTION 13.1. The Chair of the Management Board shall organize maintenance of military service records and implementation of mobilization measures in accordance with the applicable laws of Ukraine, for the purpose of maintaining mobilization capacities and reserves. 13.2. The Chair of the Management Board of the Company shall ensure continuous implementation of organizational measures associated with occupational safety in accordance with the applicable laws of Ukraine. 13.3. The Company shall be responsible for the fulfillment of governmental orders and agreements in connection with mobilization preparations.

14. WORKERS 14.1. Workers of the Company shall mean all the natural persons who participate in its activities and work under employment agreements (contracts, deals) or other forms thereof that govern labor relations between the workers and the Company. 14.2. Workers of the Company shall: 1) consider and take decisions on matters of workers’ self-management; 2) take part in material and moral stimulation of efficient performance, encourage innovation and rationalization; and 3) enjoy other rights according to the applicable laws and these Articles of Association. 14.3. The powers of the workers shall be exercised through the General Meeting (conference) and its elected body set up according to the applicable laws of Ukraine. The rights and interests of workers in the relationships with the Company shall be represented by a representative of the trade union or other body that has been authorized by workers and has signed the collective agreement on behalf of such workers. 14.4. The Company shall provide all workers with safe and secure working conditions and shall bear liability subject to statutory procedures for damage caused to their health and ability to work. 14.5. The Company may introduce additional holidays, reduce working hours and grant other benefits to its workers as well as encourage the employees of enterprises and institutions who provide services to the workers but are not on the Company’s payroll.

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15. PUBLICATION OF INFORMATION 15.1. The Company shall have its own website at www.ukrnafta.com. 15.2. The Company shall publish information that is subject to disclosure by law (save for the documents containing confidential information) on its own website according to the procedure and within the period established by the National Securities and Stock Market Commission or other public authority regulating the securities market in Ukraine.

16. AMENDMENTS TO THE ARTICLES OF ASSOCIATION 16.1. Making amendments to the Articles of Associations shall fall within the exclusive competence of the General Meeting of the Company. 16.2. The decision of the General Meeting to make amendments to the Articles of Association of the Company shall be taken by more than ¾ of votes of the shareholders registered for participation in the General Meeting and holding voting shares on the relevant issue. 16.3. Amendments that have been made to the Articles of Association of the Company and are subject to an entry in the state register shall be registered with the State in accordance with the procedure established by the applicable laws. 16.4. Amendments to the Articles of Association shall become effective for third parties on the date of their state registration or upon a notice to the state registration authority on such amendments in cases stipulated by law.

17. DISSOLUTION OF THE COMPANY 17.1. The Company shall cease to carry on its business through reorganization (merger, acquisition, split-up, transformation) or liquidation. In the event of reorganization through a merger, acquisition, split-up or transformation all the assets, rights and liabilities of the Company shall be assigned to its successors. 17.2. Dissolution of the Company through reorganization shall be subject to a relevant decision of the General Meeting of the Company or subject to a decision of a court or relevant public authorities in cases stipulated by the laws. Liquidation of the Company shall be subject to: – a relevant decision of the General Meeting of the Company; – a relevant court decision in accordance with the procedure established by law; and – other provisions stipulated by the applicable laws of Ukraine. 17.3. The body which has taken the decision to wind up the Company shall: 1) give an immediate written notice to the state registration authority which shall make an entry in the Unified State Register about the Company being in the process of dissolution; 2) appoint a dissolution committee for the Company (the liquidation committee, the liquidator, etc.); 3) establish a procedure and a period for winding up the Company. Once appointed, the dissolution committee shall assume all the powers of the Supervisory Board of the Company and the Management Board of the Company. The dissolution committee shall publish a notice in the print media which publish information about state registration of the legal entities entering into a dissolution process, about the dissolution of the Company as well as the procedure and a period within which creditors shall make claims to the Company, and take all possible measures to identify the creditors and notify them of the dissolution of the Company. The dissolution committee shall publish a notice about the dissolution of the Company in the publicly available securities market database of the National Securities and Stock Market Commission or other public authority governing the securities market in Ukraine, or through a person who shall publish regulated

35 information on behalf of participants of the stock market, as well as notify each stock exchange where the shares of the Company are admitted to trading. 17.4. In the event of dissolution of the Company through reorganization, the creditor of the Company may request termination or early settlement of liabilities. At the end of the period for creditors to make claims and once such claims are upheld or rejected, the dissolution committee shall draw up a deed of transfer (in case of a merger, acquisition or transformation) or a split-up balance sheet (in case of a split-up), which shall contain provisions on the legal assignment of all the liabilities of the terminating Company toward all of its creditors and debtors, including the liabilities disputed between the parties. The deed of transfer and the split-up balance sheet shall be approved by the General Meeting of the Company or other body which has taken the decision to wind-up the Company. 17.5. In the event of liquidation of the Company, the liquidation committee shall be set up and, at the end of the period for creditors to make claims, shall draw up an interim liquidation balance sheet including information about the property of the Company, a list of creditors’ claims and the results of their review. The interim liquidation balance sheet shall be approved by the General Meeting of the Company or other body which has taken the decision to liquidate the Company. Payment of cash to the creditors of the Company shall be made in the order of priority established by law and in accordance with the interim liquidation balance sheet following its approval, save for creditors whose priority order established by law provides for payments at the end of a month of approval of the interim liquidation balance sheet. If the Company has insufficient funds to settle creditors’ claims, the liquidation committee shall sell the assets of the Company. After settling creditors, the liquidation committee shall draw up the liquidation balance sheet, which shall be subject to approval by the General Meeting of the Company or other body which has taken the decision to liquidate the Company. The assets of the Company remaining after the settlement of creditors’ claims shall be assigned to its members, unless otherwise provided for by the Articles of Association or by law. 17.6. If the value of the Company’s assets is insufficient to settle creditors’ claims, the Company shall be liquidated according to the procedure established by the bankruptcy law. 17.7. In the event of liquidation of the solvent Company, claims of its creditors and shareholders shall be settled in the order and in accordance with the procedure established by law. 17.8. The liquidation committee shall be liable for damage to the Company, its shareholders and third parties in accordance with the current laws of Ukraine. 17.9. In the event of dissolution through reorganization and liquidation, the rights and interests of redundant workers provided by the applicable laws of Ukraine shall be respected. 17.10. The Company shall be deemed to be wound up as of the date of the entry in Unified State Register about its dissolution or registration of its successor company (successor companies) in the event of a merger, split-up or transformation.

This version of the Articles of Association has been approved at the General Meeting of Public Joint-Stock Company UKRNAFTA on 19 September 2019. The Articles of Association include all the amendments adopted by the General Meeting of Public Joint-Stock Company UKRNAFTA.

Chair of the General Meeting Public Joint-Stock Company UKRNAFTA /Signature/ Ya. Manuiliva

Secretary of the General Meeting /Signature/ P. Zahnitko Public Joint-Stock Company

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UKRNAFTA

Kyiv, Ukraine, September the twentieth, year two thousand and nineteen. I, Nina Salvarovska, a private notary of the Kyiv City Notary District, do hereby confirm the authenticity of the signatures of Ms. Yana Manuilova and Ms. Polina Zahnitko, which have been made in my presence. The identities of Ya. Manuilova and P. Zahnitko, who have signed the document, have been proven, their legal capacities have been verified.

Registered with the register under No. 1647,1648 Fees charged in UAH pursuant to Article 31 of the Law of Ukraine on Notaries

PRIVATE NOTARY /Seal/ /Signature/ N. SALVAROVSKA

All pages totaling 33 (thirty three) pages are sewn (or bound), numbered and sealed.

Private notary /Seal/ /Signature/

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Case Registration No.: 1_074_002352_41 Code: 414105881479

LIST of documents submitted by the legal entity to the state registrar for the registration procedure State Registration of Amendments to the Constitutional Documents of the Legal Entity

The legal entity, PUBLIC JOINT-STOCK COMPANY UKRNAFTA, has submitted the following documents for the registration procedure State Registration of Amendments to the Constitutional Documents of the Legal Entity:

1. A registration card for state registration of amendments to the constitutional documents of the legal entity. 2. A resolution on amending the constitutional documents (the original copy). 3. A new version of the constitutional document. 4. A copy of a payment order with a bank’s seal. 5. A power of attorney.

Persons guilty of knowingly entering false information, which must be further entered into the Unified Register of Legal Entities, Individual Entrepreneurs and Public Organizations, into constitutional or other types of documents that must be submitted to the state registrar shall bear responsibility as set forth by the Law (paragraph 4 Article 35 of the Law of Ukraine on State Registration of Legal Entities, Individual Entrepreneurs and Public Organizations).

Results of the administrative services may be found at https://usr.minjust.gov.ua/ua/freesearch/

(paragraph 4 clause 1 of the Order of the Ministry of Justice of Ukraine No. 3359/5 as of 25 November 2016 /Seal/ /Signature/ N. SALVAROVSKA

Applicant: A. Keda 2019-09-20 (name) (date) (signature)

Actual date of the list: 2019-09-20

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