UKRO Ukraine

26 February 2015

          The Ukraine Opportunity Trust PLC ("UKRO" or the "Company")

                                    Update

The Board announces that due to the continued political and economic
uncertainty in Ukraine, it is reviewing, in conjunction with FPP, the valuation
of the Company's unquoted holdings in trading entities. Whilst these have
continued to trade satisfactorily, the valuation of these holdings is not based
on market prices, but on a discount to EBITDA multiples derived from publicly
traded comparable companies. The Board considers it may now be appropriate to
increase the risk adjustment discount applied to the Company's private equity
investments to 60%, from its current level of 30%. In addition, the Board is
reviewing the current cost base of the Company in order to ensure maximum
returns to shareholders, and intends to minimise costs so far as possible. It
is intended that at the time of the final results, Board numbers will be
reduced and a thorough review of all other costs conducted. Further information
in relation to the above will be announced when appropriate.

The Board is currently in discussions with FPP on the most appropriate
investment policy to follow on an on-going basis, in light of the prevailing
economic conditions in Ukraine.

Enquires:

FPP Asset Management LLP 020 7647 9100
Chris Edwards

finnCap Ltd 020 7220 0500
Stuart Andrews / Grant Bergman