AGM Statement

Ukrproduct Group Ltd
29 June 2005

29 June 2005


                        Ukrproduct Group Ltd ('the Group')

                                 AGM STATEMENT

Speaking at Ukrproduct's first Annual General Meeting as an AIM listed company,
Jack Rowell, Non-Executive Chairman of Ukrproduct Group Ltd made the following
comments:

"During 2004, the Group successfully achieved the challenging targets set out by
the Board and remains one of the most profitable and dynamic food businesses in
Ukraine. Net sales increased by 54% to £27 million, accompanied by improved
profit margins resulting in a 42% increase to profits before tax of £1.7
million. Excellent progress has been made in our core business segments, with
estimated further increases of 10 and 6 percentage points respectively to our
leading market shares in the Ukrainian processed cheese and packaged butter
markets.

"Since the start of the current year trading has been in line with expectations,
with further progress in all business segments. Our proven business model,
together with our success in a dynamically evolving environment, supports our
confidence that we will be able to improve our performance yet further in 2005,
for the long-term benefit of our shareholders."


For further information, contact:

Ukrproduct Group                                      [phone]
Sergey Evlanchik, CEO
Dmitry Dragun, FD


Financial Dynamics                                    [phone]
Benjamin Foster
Charles Watenphul


Notes to editors

Ukrproduct Group (UPG) is one of Ukraine's leading producers of branded foods.
Headquartered in Kyiv and registered in Jersey, the company's main business
focuses is the production and distribution of branded food products, namely
packaged butter and processed cheese, to wholesale and retail outlets in Ukraine
through its own distribution network. UPG also produces skimmed milk powder for
export to countries across Europe as well as the Far East. UPG is the market
leader in the processed cheese and packaged butter segments, with estimated
market shares of 33% and 23% respectively. UPG is one of Ukraine's fastest
growing companies within its sector, with compound average sales growth of 55%
between 2001-2004.

On 11 February 2005,Ukrproduct Group Ltd, became the first Ukrainian trading
group to be admitted to AIM. The company successfully placed 27.2% of its share
capital at 53.5p per share, giving the company an initial market capitalisation
of £22.5 million. UPG recently reported strong preliminary results for the year
ended 31 December 2004. Sales rose to £27.1 million (2003: £17.6m) and PBT
increased to £1.7 million (2003: £1.2m).


                      This information is provided by RNS
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