Holding(s) in Company

1. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attached (ii):

Dragon-Ukrainian Properties & Development plc

2. Reason for the notification (please state Yes/No): 

An acquisition or disposal of voting rights: ( Yes )

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

An event changing the breakdown of voting rights: ( )

Other (please specify) : ( )

3. Full name of person(s) subject to the notification obligation (iii):

Polar Capital Elbrus Fund Limited

4. Full name of shareholder(s) (if different from 3.) (iv):

N/A

5. Date of the transaction (and date on which the threshold is crossed or reached if different) (v):

7 May 2009 

6. Date on which issuer notified:

8 May 2009 

7. Threshold(s) that is/are crossed or reached:

Below 4%

8. Notified details:

A: Voting rights attached to shares

Class/type of shares if possible using the ISIN CODE

Situation previous to the Triggering transaction (vi)

Number of shares

Number of voting Rights (viii)

B1XH2B9

5,525,200

Resulting situation after the triggering transaction (vii)

Class/type of shares if possible  using the ISIN CODE

Number of shares 

Number of voting rights (ix)

% of voting rights

Direct

Direct (x)

Indirect (xi)

Direct

Indirect

B1XH2B9

5,025,200

3.84%

B: Financial Instruments

Resulting situation after the triggering transaction (xii)

Type of financial instrument

Expiration Date (xiii)

Exercise/Conversion Period/ Date (xiv)

Number of voting rights that may be acquired if the instrument is exercised/ converted.

% of voting rights

N/A

Total (A+B)

Number of voting rights

% of voting rights

5,025,200

3.84%

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

N/A

Proxy Voting:

10. Name of the proxy holder:

N/A

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

N/A

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

N/A

13. Additional information:

N/A

14. Contact name:

Oleg Laska 

15. Contact telephone number:

+380 44 490 7120