BLACK EARTH FARMING LTD.: NOTICE OF EXTRAORDINARY GENERAL MEETING IN BLACK EARTH FARMING LIMITED.

The holders of Swedish Depository Receipts of shares in Black Earth Farming
Ltd. ("Company") are hereby invited to an Extraordinary General Meeting of
shareholders to be held on Thursday 15 November 2007 at 9:30 a.m. GMT at the
Registered Office of the Company, 8 Church Street, St. Helier, Jersey, Channel
Islands. 

Holders of Swedish Depositary Receipts who wish to attend the meeting shall
have entered their names in the register of owners of depositary receipts
maintained by VPC AB no later than Friday 9 November 2007, and notify the
Company of their intention to participate no later than on Friday 9 November
2007. 
Notice of participation in the meeting shall be made in writing to E. Öhman
J:or Fondkommission AB, Back Office/Black Earth Farming, Box 7415, SE-103 91
Stockholm, Sweden, by phone: +46 8 402 51 32, or by e-mail: emission@ohman.se. 
When giving notice of participation, the shareholder should state name,
personal identity number or company registration number, address and telephone
number. If holder of Swedish Depository Receipts shall be represented by power
of attorney, the name of the authorised person shall be stated. Holders of
Swedish Depository Receipts that are not able to participate may request proxy
forms at the office of Öhman, at the above address and contact details. 
Holders of Swedish Depository Receipts having their Swedish Depository Receipts
registered through a nominee must, in order to participate in the General
Meeting temporarily register the Swedish Depository Receipts in their own name
for voting purposes. A holder of Swedish Depository Receipts who wish to
register its Swedish Depository Receipts in its own name must notify its
nominee regarding such registration in due time before Friday 9 November 2007. 
Agenda
1. To approve and appoint the proposed new board members.
2. To pass a special resolution to adopt new Articles of Association of the
Company. 
3. To pass a special resolution to make amendments to the Warrant instrument.
4. Any other business which may properly come before the Meeting.


Description of the proposed new Board Members
The Board proposes the election of Vladimir Averchev and Alex Gersh as
directors in the Company. 
· Vladimir Averchev, Non-executive Director
Mr. Averchev is a Russian Federation citizen, born in Gorkovskaya oblast in
1946. Mr Averchev is the Director of Analysis at BP-Russia, providing political
context for the O&G business in Russia, and has formerly been a public affairs
director at Sidanko, a BP-managed Russian oil company. Mr. Averchev has
formerly also held a number of high political offices, including being a member
of the State Duma from the Yabloko party, the Foreign Relations Committee, the
Parliamentary Assembly of Council of Europe and the Committees on Economic
Development. Mr. Averchev obtained a degree from the Moscow Institute of
National Economy in 1970 and has been a researcher and senior research fellow
at the Institute of USA and Canada Studies, Academy of Sciences where he for
approximately 20 years conducted studies in corporate management, public
administration and international interdependencies. 
· Alex Gersh, Non-executive Director
Mr. Gersh is an American citizen, born in St Petersburg in 1964. Mr. Gersh is
the CFO of the NDS Group plc (a British company listed on NASDAQ), which is a
leading global supplier of open end-to-end digital pay TV solutions. Mr. Gersh
has since 2003 also been the Chairman of the Audit Commission in VimpelCom Inc,
a leading provider of telecommunications services in Russia. Mr. Gersh has
formerly been the CFO of Flag Telecom, NextiraOne LLC, Transora and Motorola
NGM. He has also worked as public accountant at Ernst & Young, as controller at
Metro Mobile Communications and as Finance Director in a number of companies,
including BT Cellnet, Motorola NGM and British Telecommunication Europe. Mr.
Gersh holds a Bachelor's degree in Business Administration from Baruch College
(City University of New York) with honours and is a member of the Institute of
Certified Public Accountants (CPA). 

Further information including the complete Articles of Association and the
Addendum to the Warrant Instrument are available at the website of E. Öhman
J:or Fondkommission AB: www.ohman.se 


For additional information, please contact:

Gustav Wetterling, IR Director, Black Earth Farming Ltd, Tel: +46 706 38 15 57


Notes to Editor:

Black Earth Farming Ltd is a leading farming and land owning company operating
in Russia. It acquires, owns and cultivates agricultural land assets primarily
in the fertile Black Earth region in southwest Russia. Black Earth Farming was
among the first foreign financed companies to make substantial investments in
Russian agricultural land assets, and because of its early establishment, Black
Earth Farming has now gained a strong market position in the Kursk, Tambov,
Lipetsk, Samara, Voronezh, Kaluga and Ryazan areas, controlling 260,000
hectares of what perhaps is the world's most fertile soil. Black Earth Farming
will continue to acquire farmland in order to draw full benefits of economies
of scale in its operations. 

In 2007, Black Earth Farming harvested more than 50,000 hectares of crops, of
which the greater part was wheat. 

Founded in 2005 by Michel Orloff, the company has been developed by the listed
investment companies Vostok Nafta Investment Ltd and Investment AB Kinnevik,
which together still are the principal shareholders in the company. 

__________

This press release is not for distribution, directly or indirectly, in or into
the United States (including its territories and dependencies, any State of the
United States and the District of Columbia), Canada, Australia or Japan. This
press release does not constitute or form a part of any offer or solicitation
to purchase or subscribe for securities in the United States. The securities
mentioned herein have not been, and will not be, registered under the United
States Securities Act of 1933 (the "Securities Act"). 

Securities may not be offered or sold in the United States except pursuant to
an exemption from the registration requirements of the Securities Act. There
will be no public offer of securities in the United States. No offer is
directed at individuals whose participation would require additional
prospectus, registration or other measures beyond those prescribed by Swedish
law, or would violate applicable rules in such countries. Prospectus or
application form relating to any offer, may not be distributed in any country
in which the distribution of an offer or any offer itself requires measures as
outlined above, or are contrary to the regulations in such countries.