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NEW YORK, December 13, 2021: Ukrzaliznytsia ("UZ") has recently suffered two setbacks in its ongoing efforts to evade payment of its adjudicated debts held by VR Global Partners ("VRGP"). On December 7, 2021, the Northern Commercial Court of Appeal ordered the State Executive Service to freeze $36.9 million and UAH 268 million of Ukrzaliznytsia's funds. These amounts correspond to amounts confirmed by the Supreme Court as due to VRGP in respect of three enforcement proceedings that were the subject matter of this case. VRGP holds claims against UZ in respect of nine loan agreements, seven of which have already been confirmed by the Supreme Court.

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