BLACK EARTH FARMING LTD.: BLACK EARTH FARMING ANNOUNCES THAT ITS MAIN SHAREHOLDER HAS INCREASED ITS HOLDING IN THE COMPANY

Black Earth Farming Limited ("Black Earth Farming" or "the Company") has
received notification that its main shareholder Vostok Nafta Investment Limited
("Vostok Nafta") has increased its holding in the Company from 26,715,404 to
30,888,704 shares, effectively increasing its part of the Company's share
capital and votes from 21.45% to 24.81%. According to its second quarter report
2008 released 24 July, the stake of the second largest shareholder, Investment
AB Kinnevik, remains unchanged with 19.45% of the shares and votes. 

Commenting on the news, Michel Orlov, President of Black Earth Farming said:

"I am happy to receive such a clear statement of our main shareholder's strong
belief in the company's potential and the long term commitment by myself and
the rest of the management to build a sustainable and highly successful
business." 


Also commenting, Per Brilioth, CEO of Vostok Nafta and Chairman of the Board of
Black Earth Farming said: 

"Vostok Nafta has the conviction that with the introduction of modern
agronomics and technology by Black Earth Farming and other companies like it,
coupled with the investments into agricultural infrastructure and facilities,
Russia has the potential to develop into one of the most important agricultural
markets. Black Earth Farming is a champion of the current development of the
Russian agricultural sector and is already one of the world's largest
agricultural companies by area under crops." 

For additional information, please contact:

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

About Black Earth Farming Ltd:

Black Earth Farming 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