The Notes will be issued in the denominations of U.S.$200,000 and integral multiples of U.S.$1,000 in excess thereof. // schon wieder nichts für Kleinanleger bei dem Eisenbahnbond....

Governing Law ........................ The Notes, the Agency Agreement and the Trust Deed and any non-contractual obligations arising out of or in connection with them shall be governed by, and shall be construed in accordance with, English law. Risk Factors ............................. An investment in the Notes involves a high degree of risk. For a discussion of certain issues that should be considered by prospective purchasers of the Notes, see “Risk Factors”. Security Codes ......................... Regulation S ISIN: XS0934134312 Regulation S Common Code: 093413431 Rule 144A ISIN: US825262AA68

Status of the Loans .................. The obligations of the Borrowers under the Loans constitute direct, unconditional, unsubordinated and unsecured obligations of the Borrowers which will rank at least pari passu with all other direct, unconditional, unsubordinated and unsecured indebtedness of the Borrowers.

die haben sich das Geld geliehen.....

Borrowers ................................ State Enterprise “Donetsk Railway” (Derzhavne pidpryiemstvo “Donetska zaliznytsia”), State Regional Specialised Association “Lviv Railway” (Derzhavne terytorialno-galuzeve obiednannya “Lvivska zaliznytsia”), State Enterprise “Odesa Railway” (Derzhavne pidpryiemstvo “Odeska zaliznytsia”), State Enterprise “Prydniprovska Railway” (Derzhavne pidpryiemstvo “Prydniprovska zaliznytsia”), State Enterprise “South Railway” (Derzhavne pidpryiemstvo “Pivdenna zaliznytsia”), and State Regional Specialised Association “Southwest Railway” (Derzhavne terytorialno-galuzeve obiednannya “Pivdenno-Zakhidna zaliznytsia”).