THE UKRAINE OPPORTUNITY TRUST PLC

Interim Management Statement - 3 months to 31 March 2014

The Ukraine Opportunity Trust PLC (the "Company") presents its interim
management statement for the period 1 January 2014 to 31 March 2014. This
represents the Company's first interim management statement for the financial
year ending 31 December 2014, as required by the UK Listing Authority's
Disclosure and Transparency Rule 4.3.


Investment Objective

The Company's investment objective is to achieve long-term capital growth
primarily from a diversified portfolio of companies incorporated, headquartered
or domiciled in, or whose businesses are primarily carried on in Ukraine
(including the non-Ukrainian holding companies of any such companies).
Investments may be made in private equity, listed shares and money market
investments.


Investment Policy

The Company seeks to achieve long-term capital growth through investment in
selected listed equities (including pre-IPO and IPO transactions), private
equity, money market investments and fixed income securities. Fixed income
securities are held principally for liquidity purposes.

The Company may invest in companies incorporated, resident or domiciled outside
Ukraine that directly or indirectly invest in, or that have a substantial link
with, Ukraine, and may invest up to 15 per cent of the portfolio in companies
incorporated, headquartered or domiciled in, or whose businesses are primarily
carried on in, other eastern European countries.

It is expected that the Company's portfolio will comprise at least ten
investments and that investment will be diversified across industries and
sectors exposed to the Ukraine marketplace. In addition, the Company will seek
diversification in terms of the capitalisation size of the investments in which
it participates.

The Company does not currently hedge its exposure to changes in the US Dollar/
Hryvnia exchange rate but has the power to do so. However, hedging will only
take place if the Directors, on the recommendation of the Investment Manager,
consider this to be in the Company's interests.

The Company has the ability under its Articles of Association to borrow up to
30 per cent of its Net Assets. Examples of when the Directors may exercise the
power to borrow include where necessary to make an investment where disposable
proceeds from a realisation have not been received or where the Company wishes
to purchase its own Shares.


Review of the Period

The main impact of the ongoing political crisis in Ukraine on our portfolio of
companies will come from two factors: the movement in the local currency, the
Hryvnia, vs. the US Dollar, and the effect of the crisis on overall
consumption. Whilst we welcome the decision to float the currency, especially
in the context of an agreed lending package with the IMF, it will undoubtedly
impact our Dollar valuations. In the longer term, the currency float will allow
for healthier and higher economic growth, but it will have a cost in 2014.
Consumption, most notably in Kiev, has remained robust with March retail sales
up 7.7 per cent year-on-year. Nevertheless, the effect of higher inflation,
imported via the currency devaluation, will inevitably eat into consumers' real
purchasing power. April's Consumer Price Index reading has already reached 6.9
per cent year-on-year, up from 3.4 per cent in March and zero last year. Most
consumer businesses, including our companies, may not be able to pass all of
the inflation increases onto the consumer without losing sales, as goods and
services become less affordable.

The preliminary management accounts for Q1 2014 show a relatively good
performance from our companies. Food Master's ("FM") Q1 sales in Dollars were
up more than 6 per cent year-on-year. As FM had opened a number of new
restaurants, like-for-like sales in Dollars were weaker than this. Nonetheless,
given the currency's devaluation of over 29% on the quarter, the overall top
line Dollar growth is welcome. Taking the month of March alone, restaurant
sales were down 10 per cent year-on-year in Dollars, but the Easter holidays
were in March in 2013 and in April this year, so February's 4 per cent
year-on-year increase in Dollar sales was more representative of the quarter's
real trend. January sales were up 28 per cent in Dollars year-on-year, as the
currency move had yet to have a dramatic effect at that point. For the rest of
2014, it will be a question of how much of the effects of the devaluation and
its attendant inflation can be passed through to consumers. With forecasts of
Ukrainian GDP falling by up to 5 per cent in 2014, management will remain
cautious and may have to accept lower margins in order to maintain sales. FM
continues to work on the opening of its first KFC sites. The expectation is
that this low price, fast food format will prove a timely offering for pressed
consumers and thereby help to maintain FM's sales growth.

Vitalux, the pharmacy chain investment, saw Q1 Dollar sales down 15.5 per cent
year-on-year to US$4.75m vs US$5.6m last year. With plenty of inventory bought
at the old exchange rates, however, the company remained profitable, with net
profits for the quarter of US$90,000 vs US$116,000 in Q1 2013 and US$134,000 in
Q4 2013.

Ekipazh Service, the web-based food delivery investment, continues to grow,
with Dollar sales 5 per cent higher quarter-on-quarter and 29 per cent higher
year-on-year.

Korsando continues to proceed with its restructuring. The aim is to
deconsolidate the land holdings, leaving just the office building in Kiev to
manage. This process will further lower general legal and administrative costs
and should thus help the process of finding buyers for both the land plots and
the office building.

The listed equity market has not been immune from the effects of devaluation.
Creative, our largest listed holding, held up well in local currency in Q1,
perhaps reflecting that it exports over 80 per cent of its edible oils
production. Nevertheless, the shares gave up 23 per cent in April. We have also
marked down the Bank Nadra loan note to reflect the increase in country risk.
The other substantial listed equity holdings, Kernel, Ferrexpo and Astarta, are
all companies with export activities, which will benefit to some extent from
Hryvnia devaluation. At present, investors are understandably very cautious of
Ukrainian names, but these exporting companies represent a natural hedge for
those already exposed to domestic risk.


Portfolio Holdings

Name                          Classification         % of net        % of net
                                                 assets as at    assets as at
                                                     31/03/14        31/12/13

Food Master (Anthoreal)       Private Equity             46.9            38.1

Korsando                      Private Equity             15.7            15.7

Vitalux (Chalsen Trade)       Private Equity              6.9             6.9

Creative Industrial Group     Listed Equity               4.9             3.1

Bank Nadra 2.5% Loan 10/04/18 Fixed Income                2.3             2.0

Ekipazh                       Private Equity              1.7             1.7

Kernel                        Listed Equity               1.2             1.6

Ferrexpo                      Listed Equity               1.1             1.4

Astarta                       Listed Equity               0.6             0.0

Azovstal Iron & Steelworks    Listed Equity               0.4             0.5

Centrenergo                   Listed Equity               0.3             0.4

Ukrsotsbank                   Listed Equity               0.2             0.4

Ukrproduct Group              Listed Equity               0.2             0.3

Zakhidenergo                  Listed Equity               0.1             0.1




Total Return Performance to 31 March 2014

                                               6 months    1 year      Since
                                                      %         %   launch %

NAV                                               19.98     13.02     (31.12)

Share price (mid)                                 22.22     33.33     (67.00)




General Information

                                                31/03/14          31/12/13

Share price                                      US$3.05           US$3.85

Net asset value per share including all          US$6.42           US$6.46
revenue reserves

Discount to net asset value                        52.49%            40.40%

Net assets                                 US$23,125,000     US$23,287,000


Events Subsequent to the Quarter Ended 31 March 2014

The 25 May 2014 Presidential election is the main focus of foreign investors. A
successful election is a chance to establish the new legitimate government in
the eyes of the world and to unite the country behind a single president.
Russia's reaction to the election will be important. The extent to which it
normalises bilateral relations will determine whether Ukraine will be able to
stabilise in the second half of the year. The other option is continued anarchy
in the Eastern regions and periodic threats to Kiev's authority from Russia.

The agreement of the US$17 billion IMF programme, of which the first tranche
was disbursed on 6 May 2014 (US$3.2 billion), will help to shore up the
exchange rate and release pressure on reserves, which stand at a lowly
US$14 billion (just under three months of imports). Ukraine reported its first
monthly trade surplus in March 2014, which reflects the positive effect of the
devaluation. Despite these positive developments, the current exchange rate
stands close to 12 UAH vs. the USD, a level at which Ukraine should be able to
grow exports to the EU and Russia. The short-term risk remains of an overshoot
of the currency driven by adverse politics or rapid inflation.

The political situation remains volatile and the economic situation is unclear,
with recession, and higher inflation, widely expected. As a result, it remains
very difficult to forecast where the currency will finish the year. The
positive steps already taken require a stable government to allow the prospect
of a general economic revival; we are not there yet.

Other than as stated above, the Directors are not aware of any significant
events or transactions which have occurred between 31 March 2014 and the date
of publication of this statement which have had a material impact on the
financial position of the Company.

This is an interim management statement and full details of the Company
including the NAV, report and accounts and factsheets are available at
www.ukrotrust.co.uk. The information provided in this statement should not be
considered as a financial promotion.

19 May 2014

Neither the contents of the Company's website nor the contents of any website
accessible from hyperlinks on the Company's website (or any other website) is
incorporated into, or forms part of, this announcement.