BLACK EARTH FARMING LTD ANNOUNCES EXCHANGE OFFER FOR OUTSTANDING BOND LOAN

Press release                                                                   
St Helier, Jersey                                                               
June 4, 2010                                                                    


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   BLACK EARTH FARMING LTD ANNOUNCES EXCHANGE OFFER FOR OUTSTANDING BOND LOAN   
                                                                                
Black Earth Farming Ltd. (“Black Earth Farming” or “the Company”) announces an  
offer to holders of the outstanding EUR 55 million bond loan to exchange their  
current holdings for a new bond loan of up to SEK 750 million. The complete     
terms for the offer has been sent by mail to all holders whose holdings were    
either registered directly on a VP-account or registered in the name of a       
Swedish nominee as of 28 May 2009. The exchange offer documentation can also be 
obtained from E. Öhman J:or Fondkommission AB by phoning tel: +46 8 402 51 32 or
by e-mailing: emission@ohman.se                                                 

Important Information                                                           

This press release does not constitute an offer to buy or a solicitation of an  
offer to sell bonds in any jurisdiction in which, or to or from any person to or
from whom, it is unlawful to make such offer or solicitation under applicable   
securities laws or otherwise. The distribution of this document in certain      
jurisdictions (in particular, the United States, Italy, the United Kingdom,     
Finland, Sweden, Denmark, France, Belgium, and Switzerland) may be restricted by
law. Persons into whose possession this document comes are required to inform   
themselves about, and to observe, any such restrictions. No action that would   
permit a public offer has been or will be taken in any jurisdiction (other than 
Jersey).                                                                        

The bonds have not been and will not be registered under the U.S. Securities Act
of 1933, as amended (the “Securities Act”). As a result, existing bond holders  
within the United States or who are U.S. persons will be eligible to participate
in the bond exchange offer only if they are “qualified institutional buyers”    
(“QIBs”) as defined in Rule 144A under the Securities Act (“Rule 144A”). Offers 
and issuances of the new bonds to non U.S. persons outside the United States    
will be made in offshore transactions in reliance on Regulation S under the     
Securities Act (“Regulation S”). The New Bonds will not be eligible for resale  
pursuant to Rule 144A.                                                          

The exchange offer and the new bonds have not been approved or disapproved by   
the U.S. Securities and Exchange Commission, any State securities commission in 
the United States or any other U.S. regulatory authority, nor have any of the   
foregoing authorities passed upon or endorsed the merits of the exchange offer  
or the accuracy or adequacy of the exchange offer document. Any representation  
to the contrary is a criminal offence in the United States.                     



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, develops 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 some 330,000 hectares of
what perhaps is the world's most fertile soil.                                  

In 2008 Black Earth Farming harvested 141,900 hectares and in 2009 it has       
harvested over 183,000 hectares, effectively making it one of the world's       
largest farming companies by planted area. The Company's main products are      
wheat, barley, corn, sunflowers and rape seeds.                                 

Corporate website: www.blackearthfarming.com