BLACK EARTH FARMING: ANNUAL GENERAL MEETING IN BLACK EARTH FARMING LTD

Press release                                                                   
St Helier, Jersey                                                               
May 19, 2009                                                                    


               ANNUAL GENERAL MEETING IN BLACK EARTH FARMING LTD                

An Annual General Meeting in Black Earth Farming Ltd (the ”Company”) was held on
May 15, 2009 at 2:00 pm at Näringslivets Hus, Storgatan 19 in Stockholm.        

At the meeting, the shareholders and the holders of depositary receipts         
considered a number of items, some of which were the following: 
                
- The consolidated profit and loss account and the consolidated balance sheet
showing total loss for the financial year January 1-December 31, 2008, in the
amount of TRUR 733 623 were adopted. The directors' proposal that no dividends
be paid was approved.
                                                                   
- Six directors were re-elected, namely Per Brilioth, Vladimir Averchev, Alex
Gersh, Sture Gustavsson, Henrik Persson and Paul Wojciechowski. Per Brilioth was
appointed Chairman of the Board. 
                          
- Deloitte AB was re-elected as the Company's auditors.
                                              
- The meeting also resolved to establish a nomination committee consisting of   
representatives from the three largest shareholders in the Company to prepare   
proposals for the decisions at the next annual general meeting in 2010.         

A copy of the adjusted minutes from the annual general meeting is available at  
the Company's website: www.blackearthfarming.com                                


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, publicly listed in       
Stockholm and operating in Russia. It acquires, owns and farms 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 over 317,000 hectares of what    
perhaps is the world's most fertile soil.                                       

In 2008 Black Earth Farming harvested some 141,900 hectares and in 2009 it plans
to harvest over 180,000 hectares, effectively making it one of the world's      
largest farming companies by planted area.                                      

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