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Varyag Resources exercise a call option regarding three Russian forestry companies

Varyag Resources has decided to exercise the Call Option agreement with Vostok Nafta regarding three Russian forestry enterprises. Pursuant to the exercise notice, Varyag will acquire 40 percent of three forestry enterprises, PIK-89, Tubales and Tubalesprom, located in Ust Ilimsk for a total consideration of 10.9 million USD. The companies combined annual allowance cut of round wood amounts to about 1 million cubic meters and the annual harvesting to some 750,000 m3. The acquisition includes three sawmills with an output of some 120,000 m3 annually. Regarding the other investments included

Varyag Resources will be listed on August 7 – shares corresponding to a value of SEK 441 million was subscribed

This press release may not be distributed or published in the United States of America, Australia, Japan, Canada or New Zealand There has been great interest in the offer to acquire shares in Varyag Resources. The interim shares of Varyag Resources will be listed on Stockholm Stock Exchange new list First North as of August 7, 2006. Both the domestic general public as well as institutional investors in Sweden and internationally has shown great interest in Varyag Resources shares. After the implementation of the offer, the total number of shareholders will amount to approximately 2,700.

Publication of supplement to prospectus regarding an invitation to subscribe for shares in Varyag Resources AB

As of today’s date, June 29, 2006, Varyag Resources AB (“the Company”) has published a supplement to its prospectus regarding an invitation to subscribe for shares in Varyag Resources AB (“the Supplementary Prospectus”). The Supplementary Prospectus has been prepared as a consequence of a decision by the Board of Directors of Varyag Resources AB to extend the application period of the Offering to subscribe for shares in the company until July 27, 2006 inclusive.¹ Like the previously published prospectus “Invitation to subscribe for shares in Varyag Resources AB” of 18 May 2006, the

Varyag Resources extends application period to July 27

This press release may not be distributed or circulated in the United States, Australia, Japan, Canada or New Zealand. The Offering to subscribe for shares in Varyag Resources AB – a unique opportunity to invest in unlisted shares of Russian natural resource related companies - attracted great interest during the road show the Company held recently. However, the Offering has coincided with weaknesses in the financial markets on a global basis, especially emerging markets and the commodities sector. Against this backdrop and in order to offer all investors the opportunity to take a well-

Press conference invitation

This press release may not be distributed or published in the United States of America, Australia, Japan, Canada or New ZealandVaryag Resources AB (publ) was formed in order to provide a unique investment opportunity to gain exposure to unlisted companies primarily in the commodities sector in Russia and the Commonwealth of Independent States (CIS). Through Varyag Resources private investors will be given a unique opportunity to invest in unlisted companies, so called private equity, with an attractive risk/reward profile. Varyag Resources intends to list its shares on the Stockholm Stock

Unique opportunity to invest in private equity in Russia - Varyag Resources intends to be listed on June 22nd

This press release may not be distributed or published in the United States of America, Australia, Japan, Canada or New ZealandVaryag Resources AB (publ) was formed in order to provide a unique investment opportunity to gain exposure to unlisted companies primarily in the commodities sector in Russia and the Commonwealth of Independent States (CIS). • The offering comprises not more than 20,000,000 shares and not less than 8,000,000 shares • The price is SEK 50 per share • The company will receive not more than SEK 1,000 million and not less than SEK 400 million before issue costs • The

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