Conformed Copy - L4016 - Coal Pilot Project - Amendment 3

Page 1 August 25, 1999 His Excellency Ihor Mitiukov Minister of Finance Ministry of Finance 12/2 Hrushevsky Street Kyiv, Ukraine 252008 Re: Loan No. 4016 UA (Coal Pilot Project) Amendment to Loan Agreement and Extension of the Closing Date Excellency: We refer to the Loan Agreement (Coal Pilot Project), dated July 11, 1996, between Ukraine (the Borrower) and the International Bank for Reconstruction and Development (the Bank), as amended (the Loan Agreement), and to letters of Mr. Makatsariya to the Bank of June 30, 1999 and July 19, 1999, requesting that the Loan Agreement be amended to maximize the utilization of mine closure cost savings achieved under the Pilot Loan for expansion of the social mitigation and job creation programs to all mines transferred to UDKR pursuant to the Government of Ukraine