Martin Hermansson has served as the Company’s President and CEO since June 2010 and was instrumental in building the Company into one of the largest forestry and sawmilling operations in Russia. Mr Hermansson will continue to support the Company in his role as General Director of RusForest Management in Moscow.

Kenneth Eriksson, the Company’s Chairman, commented, “The Board of Directors is pleased to appoint Garrett Soden as CEO. Garrett has considerable management experience in public companies, and he comes on board with a clear mandate to crystallize the significant value in RusForest’s assets. We would like to thank Martin Hermansson for his hard work during a challenging time for the Company.”

RusForest is also pleased to announce the appointment of Kirill Pronin as Chief Financial Officer. Mr Pronin has been interim CFO since March 2012 and was previously employed as a Project Director in RusForest Management in Moscow. Before joining RusForest/Taiga Asset Management in 2008, he worked in Transaction Advisory at the Moscow office of PricewaterhouseCoopers. Vostok Nafta, the Company's largest shareholder, has informed the Board of Directors that it intends to propose the appointment of Garrett Soden to the Board of Directors at the next general meeting of shareholders.

About RusForest AB
RusForest is a publicly-traded Swedish forestry company operating in eastern Siberia and the Arkhangelsk region of Russia. The Company controls approximately 3 million hectares of timber through long-term leases with an annual allowable cut (“AAC”) of approximately 3.6 million cubic meters. RusForest owns five sawmills in close proximity to its forest leases and is self-sufficient in raw material to produce more than 400,000 cubic meters per year of sawnwood products. The Company generated approximately USD 66 million in revenues in 2011 and employs more than 2,500 people.

Source:RusForest.