Holding(s) in Company

Dragon-Ukrainian Properties & Development plc

(the 'Company')

12 January 2011

Holding(s) in Company

The Company was notified on 11 January 2011 by Artio International Equity Fund (the 'Fund') that it had decreased its interest in the Company to 9,097,459 ordinary shares of 1p each, representing 7.73 per cent of the issued share capital of the Company, following the sale of shares in the Company on 7 January 2011. The shares are registered in the name of State Street Nominees Limited.

In addition, the Fund has granted Artio Global Management LLC the authority to exercise proxy voting rights. Accordingly, Artio Global Management LLC has the authority to exercise voting rights in respect of 9,097,459 ordinary shares of 1p each, representing 7.73 per cent of the issued share capital of the Company and held in the name of State Street Nominees Limited.

For further information, please contact:

Dragon-Ukrainian Properties & Development plc (www.dragon-upd.com)

Tomas Fiala

+380 44 490 7120

Dragon Capital Partners Limited (Investment Manager)

Chris Kamtsios 

+380 44 490 2021

Panmure Gordon (UK) Limited (Nominated Adviser and Broker)

Richard Gray / Andrew Potts

+44 (0)20 7459 3600