BLACK EARTH FARMING LTD.: BLACK EARTH FARMING AND THE ADMINISTRATION OF THE VORONEZH REGION HAVE AGREED ABOUT LONG-TERM COOPERATION.

In the end of June the first Voronezh Investment Forum (the "Forum") took
place, where the group of Companies AGRO-Invest, subsidiaries of Black Earth
Farming Ltd, was one of the main sponsors of the event. The Forum featured over
a thousand participants, including heads of federal and regional authorities,
representatives of Russian and foreign business, scientific community and
public organizations. The agenda of the forum was to discuss and reach
agreements on Strategic development of the Voronezh area, Implementing regional
investment potential, Infrastructure project development and commercial
interests of Voronezh enterprises, whereof development of the region's
agriculture prospects was one of the main topics. 

In connection with the Forum, AGRO-Invest and the Administration of Voronezh
have signed a new agreement on long term cooperation for development of
AGRO-Invest's agricultural operations in the region. The Administration has
among other things undertaken to render AGRO-Invest organizational support in
purchase of the ground areas required for the development. 

Today the Company operates more than 90 thousand hectares on the territory of
the Voronezh region, and employs about 900 people in the region. 

For additional information, please contact:

Gustav Wetterling, IR Director, Black Earth Farming Ltd., tel: +44 207 117 81 00

Notes to Editor:

Black Earth Farming Ltd. is a leading farming 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 has gained a strong
market position in the Kursk, Tambov, Lipetsk, Samara, Voronezh and Ryazan
areas, controlling about 325,000 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 approximately 53,000 hectares with
crops, of which the greater part was wheat. In 2008, Black Earth Farming plans
to harvest roughly 150,000 hectares. 

Founded in 2005 by Michel Orlov, the company has been developed by the listed
investment companies Vostok Nafta Investment Ltd. and Investment AB Kinnevik
(publ). 


Black Earth Farming's Certified Advisor on First North is E. Öhman J:or
Fondkommission AB