Mikael Nachemson to leave the Agrokultura Board

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Mikael Nachemson, currently Chairman of the Board, has today announced that he will not be available for re-election as a Board member at the upcoming EGM to be held on 10 November 2014. The principal shareholder Steenord Corporation now controls approximately 94% after completion of its mandatory offer.

The EGM has been summoned by the new principal owner Steenord for the election of a new Board of Directors following its mandatory offer, where the initial acceptance period expired on 24 October 2014 and where settlement started on 31 October 2014. Steenord has on the 17 and 29 October publicly informed about a collaboration with the Russian-controlled investment company Magna Investments Ltd. after on-sales to Magna, whereby Steenord and Magna now jointly control approximately 94% of the shares in Agrokultura.

As Agrokultura announced earlier today, Steenord has also subscribed for the larger part of the set-off share issue of up to approximately 7.2 million new shares in total at issue price SEK 5.00. The Annual General Meeting authorised the Board to carry out such a set-off share issue for the due settlement before 31 October 2014 of promissory notes totalling approximately SEK 48 million that were initially issued to the founders group (parties close to Alpcot Capital Management). This set-off share issue will not significantly affect Steenord's controlling position, while strengthening Agrokultura's financial position further.

Resigning Chairman Mikael Nachemson comments:

"As the mandatory offer is now carried out and a new owner group is clearly above 90%, I regard not only my chairmanship but also my role as board member as concluded. I became Chairman in spring 2013, and Agrokultura has since then, under increasing political unrest, but with the support of its new board and new management and its dedicated staff, managed to carry out a fantastic turn-around. For the first time since Agrokultura was founded in 2007, the company has become operational profitable, and has also been able to complete significant land disposals on the back of a problematic political situation. The fact that this turn-around attract local investors interested in the agricultural business is a recognition of this, and it has given our shareholders the opportunity to either sell to or follow suit with the new principal owner group following a unique value appreciation for the Company in comparison with other farming operators since summer 2013. Together with the other resigning Board members, I wish Agrokultura and its new and remaining shareholders continued success."

Further information regarding the EGM, the mandatory offer, the set-off share issue, and regarding Steenord and its new collaboration with Magna is available on Agrokultura's website.

About Agrokultura AB (publ)

Agrokultura invests in farmland and produces agricultural commodities in Russia and Ukraine. The Group aims to generate an attractive return on invested capital by optimally utilizing its agricultural land bank through crop production, livestock and related operations. Shares in Agrokultura are listed in Sweden on the NASDAQ OMX First North exchange under the ticker AGRA and the Group’s Certified Adviser is Remium Nordic AB.