TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARES

1. Identity of the issuer or the underlying issuer
of existing shares to which voting rights are
attached:                                                The Ukraine Opportunity Trust PLC

2. Reason for the notification (please tick the appropriate box or boxes):

An acquisition or disposal of voting rights                                              x

An acquisition or disposal of qualifying financial instruments which may
result in the acquisition of shares already issued to which voting rights are
attached

An acquisition or disposal of instruments with similar economic effect to
qualifying financial instruments

An event changing the breakdown of voting rights

Other (please specify):

3. Full name of person(s) subject to the
notification obligation:                               Cheyne Capital Management (UK) LLP

4. Full name of shareholder(s)
 (if different from 3.):              Funds managed by Cheyne Capital Management (UK) LLP

5. Date of the transaction and date on
which the threshold is crossed or
reached:                                                                  27th April 2015

6. Date on which issuer notified:                                         29th April 2015

7. Threshold(s) that is/are crossed or
reached:                                                           Holding falls below 3%

8. Notified details:

A: Voting rights attached to shares

Class/type   Situation previous     Resulting situation after the triggering transaction
of           to the triggering
shares       transaction

if possible  Number     Number      Number     Number of voting      % of  voting rights
using        of         of          of shares  rights
the ISIN     Shares     Voting
CODE                    Rights      Direct     Direct   Indirect     Direct  Indirect

Ordinary
GB00B0HW6117 120,000    120,000     0          0        0            0%      0%


B: Qualifying Financial Instruments

Resulting situation after the triggering transaction

Type of        Expiration     Exercise/             Number of voting              % of voting
financial      date           Conversion Period     rights that may be            rights
instrument                                          acquired if the
                                                    instrument is
                                                    exercised/ converted.

N/A


C: Financial Instruments with similar economic effect to Qualifying Financial
Instruments

Resulting situation after the triggering transaction

Type of       Exercise      Expiration   Exercise/    Number of voting rights   % of voting
financial     price         date         Conversion   instrument refers to      rights
instrument                               period

                                                                                Nominal   Delta
N/A


Total (A+B+C)

Number of voting rights           Percentage of voting rights

0                                 0%


9. Chain of controlled undertakings through which the voting rights and/or the
financial instruments are effectively held, if applicable:


Proxy Voting:

10. Name of the proxy holder:

11. Number of voting rights proxy holder will cease
to hold:

12. Date on which proxy holder will cease to hold
voting rights:

13. Additional information:

14. Contact name:                                Lidia Luxmoore

15. Contact telephone number:                    0207 968 7351