IMPORTANT NOTICE

IMPORTANT:  You must read the following disclaimer before continuing.  The notice on this page applies to the Consent Solicitation Memorandum (the “Memorandum”) following this Notice, whether received by email or otherwise received as a result of electronic communication and you are therefore advised to read this page carefully before reading, accessing or making any other use of the Memorandum.  In reading, accessing or making any other use of the Memorandum, you agree to be bound by the terms and conditions on this page, including any modifications to them from time to time and any information you receive from us at any time.

THIS DOCUMENT (WHICH EXPRESSION WHEN USED IN THIS NOTICE INCLUDES THE MEMORANDUM) IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION.  If you are in any doubt as to the contents of the Memorandum or the action you should take, you are recommended to seek independent financial and legal advice, including in respect of any tax consequences.

Confirmation of your representations:  You have been sent the Memorandum at your request and on the basis that you have confirmed to D.F. King Limited (the “Information and Tabulation Agent”), Shortline plc (the “Issuer”) and Public Joint Stock Company “Ukrainian Railway” (the “Company” or “Borrower”) that:

(a)           you are a holder or a beneficial owner of certain of the U.S.$500,000,000 9.875 per cent. Loan Participation Notes due 2021 issued by the Issuer for the sole purpose of funding a loan to the Borrower;

(b)           you shall not pass on the Memorandum to third parties or otherwise make the Memorandum publicly available;

(c)           you are not a person to whom it is unlawful to send the Memorandum or to make the consent solicitation (the “Consent Solicitation”) under any other applicable law or regulation;

(d)           you consent to delivery of the Memorandum and any amendments or supplements thereto by electronic transmission to you; and

(e)           you have understood and agree to the terms set forth herein.

THE MEMORANDUM AND THE RELATED DOCUMENTS HAVE NOT BEEN FILED WITH OR REVIEWED BY ANY SECURITIES COMMISSION OR REGULATORY AUTHORITY OF ANY COUNTRY, NOR HAS ANY SUCH COMMISSION OR AUTHORITY PASSED UPON THE ACCURACY OR ADEQUACY OF THE MEMORANDUM.  ANY REPRESENTATION TO THE CONTRARY IS UNLAWFUL AND MAY BE A CRIMINAL OFFENCE IN THE RELEVANT COUNTRY.

You are reminded that the Memorandum has been delivered to you on the basis that you are a person into whose possession the Memorandum may lawfully be delivered in accordance with the laws of the jurisdiction in which you are located and/or resident and you may not, nor are you authorised to, deliver the Memorandum, electronically or otherwise, to any other person.

The distribution of the Memorandum in certain jurisdictions may be restricted by law and persons into whose possession the Memorandum comes are requested to inform themselves about, and to observe, any such restrictions.  No action has been or will be taken in any jurisdiction in relation to the Consent Solicitation that would permit a public offering of securities.

The materials relating to the Consent Solicitation do not constitute, and may not be used in connection with, an offer or consent solicitation in any place where offers or consent solicitations are not permitted by law.  This document has been sent to you in an electronic form.  You are reminded that documents transmitted via this medium may be altered or changed during the process of electronic communication and consequently none of the Company, the Issuer, the Information and Tabulation Agent, the Principal Paying Agent (as defined in the Memorandum) or the Trustee (as defined in the Memorandum) or any person who controls such person, or, in each case, any director, officer, employee or agent of any such person or any affiliate of any such person, accepts any liability or responsibility whatsoever in respect of any differences or discrepancies between the Memorandum distributed to you in electronic format and the hard copy version available to you on request from the Information and Tabulation Agent.

THE MEMORANDUM MAY NOT BE DOWNLOADED, FORWARDED OR DISTRIBUTED, IN WHOLE OR IN PART, TO ANY OTHER PERSON AND MAY NOT BE REPRODUCED IN ANY MANNER WHATSOEVER THAT WOULD BE IN CONTRAVENTION OF ANY APPLICABLE LAWS.  FAILURE TO COMPLY WITH THIS REQUIREMENT MAY RESULT IN A VIOLATION OF THE APPLICABLE LAWS AND REGULATIONS OF THE RELEVANT JURISDICTIONS.