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

An Extra General Meeting of shareholders in Black Earth Farming Ltd was held on
Thursday November 15, 2007, at 9:30 a.m. GMT at the Registered Office of the
Company, 8 Church Street, St. Helier, Jersey, Channel Islands. 

At the meeting, it was decided in accordance with the presented proposals on
the following matters: 
1. To approve and appoint the proposed new board members. Vladimir Averchev and
Alex Gersh were hence elected as new directors in the Company. 
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.

For further information about the proposals, please see the EGM Notice of
October 24, 2007 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: + 44 [0] 2071 178
100 


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 and Ryazan areas, controlling 277,000 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 51,000 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. 

__________

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mentioned herein have not been, and will not be, registered under the United
States Securities Act of 1933 (the "Securities Act"). 

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