Debate With Ukraine's Senior Government Officials Around the Need for Reform and the Country's Economic Prospects Took Place at the Ukraine Summit

KYIV, Ukraine, March 29, 2011 - Ukraine Summit, organised by Economist Conferences, took place today in
Kyiv. The event brought together senior government leaders and top-level
corporate speakers to debate the success of current economic reforms. Irina
Akimova, first deputy head, presidential administration and Serhiy Tigipko,
vice prime minister addressed the local and international business community.

In her presentation, Mrs. Akimova emphasized that Ukraine's
government is pressing on with its reform agenda. She admitted that the
dynamics of change don't satisfy government expectations, but she underscored
that the reforms are aimed at macroeconomic stabilisation and are moving
forward. "We see many problems which have to be addressed immediately, but
talking with my heart on my sleeve, I can say that we won't be able to solve
them all tomorrow. But we are on the right track, and we'll sort them all out
step by step." - said Irina Akimova.

In his speech Mr. Tigipko covered the key steps in Ukraine's
short-term economic policy strategy. He touched upon the government's policy
in the financial and budget areas, elaborated on social policy issues, and
stressed the importance of changes to the banking system. Responding to a
question about the obstacles preventing the development of business, he
emphasized the need to simplify administration procedures. "Political will
must be the driving force of the reforms. We should not be afraid of
unpopular measures. If we do them openly and transparently, in constant
dialogue with society and business, I am confident they will be a success.
Consolidated power is crucial for making the right decisions and for moving
forward." - said Serhiy Tigipko.

According to Arkady Ostrovsky, the chairman of the summit and
The Economist's senior correspondent in Moscow: "This was an extremely candid
discussion about Ukraine's enormous potential as well as its massive
structural problems, including corruption, inadequate competition and the
need to invest more in its public infrastructure. We hope this discussion
will attract the attention of Ukrainian decision makers."

Leaders from multinational corporations revealed how their investment and
operating strategies are evolving, sharing new insight into the realities of
running a business in today's Ukraine. Delegates were able to hear valuable
insights from senior executives of the European Investment Bank,
SigmaBleyzer, Siemens, IMF, IFC, Shell, Kyivstar and many others.

CNN was the official broadcaster of the event. Ukraine Summit
was sponsored by System Capital Management, Kyivstar Business, Phoenix
Capital, PricewaterhouseCoopers, CFC Consulting and Ukraine International
Airlines.

About Economist Conferences:

Economist Conferences is the leading provider of international
forums for senior executives seeking new insights into strategic issues.
These meetings include industry conferences, management events and government
roundtables held around the world. As part of The Economist Group, the
publisher of The Economist newspaper, we are a highly respected brand with a
168-year history and an unrivalled reputation for excellence and
independence.

Media contacts: Daria Partas: E-mail: dp at cfc.com.ua, Tel: +38-044-492-75-99