11/13/2013

Agrokultura AB, the owner and operator of farmland with agricultural operations in Russia and Ukraine, has appointed Stephen Pickup as Managing Director of the Group effective from today. Deputy Group CFO Kristian Shaw becomes CFO.

Agrokultura ("the Company") is fully focused on cost management and the evaluation of strategic alternatives of different parts of the business. Consistent with these priorities, the board of directors has resolved to reorganise the management team, and appoint Stephen Pickup as Group MD.

Stephen Pickup replaces Ulf Scholander, who was engaged as interim MD in January this year with the specific assignment to structure the Company's governance processes and organisation with particular focus on the Ukraine business.

Stephen Pickup has worked as CFO of the Agrokultura Group since 2012, and has during this time overseen a number of important reporting and procedural improvements in the business. He is also responsible for driving the current cost reduction program. Before joining Agrokultura, he held various functions including CFO and Executive Board Director of Landkom International plc. He was also responsible for managing the sale of Landkom in 2012.

Mr Pickup has earlier worked in Mergers and Acquisitions at Deutsche Bank in London and Hong Kong. He has a BA degree in Russian and Chinese from Durham University in the United Kingdom as well as an MBA (2004) from INSEAD.

The Deputy Group CFO Kristian Shaw (ACA), who has worked at Agrokultura since January 2012, will assume the position as Group CFO. Mr Shaw has been involved in agriculture since 2008 when he became Group Financial controller of Landkom. He has earlier worked as Auditor at Saffery Champness. Mr Shaw holds an MSc in Chemistry from Imperial College London.

Mikael Nachemson, chairman of the board of Agrokultura, comments:

"I am very pleased to have Stephen Pickup in place as Group MD, as he has a strong understanding of the issues within the Company and has the skillset required to meet our challenges. Since joining, he has been instrumental in implementing a number of improvements specifically in the areas of reporting, control and structure."

"I would also like to extend my sincere thanks to Ulf Scholander who has made a number of important contributions to the business during his term as MD this year."

For additional information please contact

 Mikael Nachemson, Chairman, tel. +46 8 46 339 41

Stephen Pickup, Group MD tel. +44 782 529 4352

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