Regulatory News Service; Dec 30, 2002
For immediate release 30 December 2002
Ukrainian Opportunity Fund Limited (the "Fund")

Re: New Director

The Board of Directors of the Fund wish to announce that Hanna Dziadevych, has been appointed as a director of the Fund with effect from 9 December 2002.

Ms. Dziadevych currently serves in the capacity of Senior Accountant with Foyil Limited, a corporate services company incorporated in The Bahamas where she joined in Februaury 18 2002. She obtained a bachelor's degree in Economics and Political Sciences from the University of Kyiv-Mohyla Academy, Ukraine. Ms. Dziadevych is also a Certified Public Accountant (CPA) and a member of the American Institute of CPAs (AICPA). Starting fall of 1997, she spent four and a half years with Deloitte and Touche office in Kyiv, Ukraine being the auditor-in-charge of a variety of major international clients including Procter & Gamble, Japan Tobacco Int. (R.J.Reynolds Tobacco), Societe Generale de Surveillance, SunInterbrew, Credit Lyonnais, and Ministry of Finance of Ukraine. She led and assisted teams auditing enterprises and financial institutions throughout Ukraine, Georgia, Russia and Kazakhstan.

Hanna Dziadevych (the "Director") has no unspent convictions, has never been declared bankrupt, nor has he been the subject of an individual voluntary arrangement or a receivership of any assets held by him. The Director was not a director of any company at the time of or within the 12 months preceding its bankruptcy, receivership administration, liquidation administration, company voluntary arrangement or composition or arrangement with its creditors generally.

There have been no public criticisms of the Director by any statutory or regulatory authority nor has the Director ever been disqualified by a court from acting as a director of a company or from acting in the management or conduct of the affairs of any company. The Director has not been a partner of any partnership at the time or within 12 months preceding its compulsory liquidation, administration or partnership voluntary arrangement. The Director has not had a receiver appointed over any of her assets or of any of the assets of a partnership of which she was a partner within 12 months after she ceased to be a partner of that partnership.

A memorandum detailing the names of all companies and partnerships of which the Director has been a director or partner in the past five years, together with an indication of whether or not he is still a director or partner, is available for inspection at the Offices of Goodbody Stockbrokers, Ballsbridge Park, Ballsbridge, Dublin 4.

The failure to make this announcement at an earlier date was due to an administrative error on the part of the Fund.