BLACK EARTH FARMING LTD.: BLACK EARTH FARMING LTD. TO LIST ON OMX FIRST NORTH IN STOCKHOLM

Black Earth Farming Ltd. ("Black Earth Farming"), a leading farming and land
owning company operating in Russia, today announces its initial public offering
on First North in Stockholm, Sweden. The offering will allow Black Earth
Farming to take further steps in its expansion, by increasing its land bank and
by accelerating the farming operations. The offering will take place through an
issue of Swedish Depository Receipts (SDRs). Black Earth Farming's long term
intention is to apply for a listing on OMX Nordic Exchange Stockholm. 

The offering in brief

· The offering will consist of a public offering in Sweden and Norway and an
offering made to institutional investors outside the United States in
compliance with applicable exemptions. 

· Black Earth Farming is issuing SDRs for a total value of SEK 1,600 million1).

· The offering price is expected to be between SEK 43 and SEK 53 per SDR. In no
event will the offering price to the public in Sweden and Norway exceed SEK 53
per SDR. 

· The proceeds will be used to finance future acquisitions of farm land, to
purchase equipment, for working capital purposes and to construct grain
elevators. 

· 119,300,000 SDRs will be outstanding after the offering2).

· The offer period runs from 28 November up to and including 18 December, 2007. 

· Trading in the SDRs is expected to commence on First North on 28 December,
2007. 


Black Earth Farming in brief

Black Earth Farming was founded in 2005. Its business concept is to acquire and
cultivate agricultural land assets on a large scale in the Black Earth region
in Russia. The Black Earth region is endowed with what is perhaps the world's
most fertile soil. The agricultural sector in Russia has however been
mismanaged and it has historically been ignored by institutional investors or
has not been open to them. 

The New Russian Land Code and the recent creation of a cadastre, now permits
the establishment and registration of title to land, which can be acquired at a
significant discount in an international comparison, but with large
appreciation potential. This, coupled with the strong economic growth in the
region, strong local demand for agricultural products and a positive global
outlook for agricultural producers, presents a unique investment opportunity. 

Black Earth Farming was among the first foreign financed companies to make
substantial investments in Russian agricultural land assets to exploit the
large untapped potential. Because of its early establishment and its farming
industry and legal know-how, Black Earth Farming has now gained a strong market
position in several Russian regions, richly endowed with Black Earth soil.
Black Earth Farming continues to build up the already impressive land bank of
first class soil while ramping up the agricultural operations. To this date,
Black Earth Farming has approximately 277,000 hectares of land under its
control. This year, Black Earth Farming harvested approximately 52,000 hectares
of seeded land and expects to harvest approximately 150,000 hectares of land in
2008. 


Investment highlights

Land price appreciation potential
Russian agricultural land is still at a significant price discount in an
international comparison. Black Earth Farming aims to have a land bank of at
least 350,000 hectares of land under its control by the end of 2008. 

Yield expansion opportunity
The land holds a large untapped yield potential which Black Earth Farming aims
to unlock by using experienced western and local management, international
agronomical best practices and modern farming equipment. Low operational costs
per hectare in an international comparison enable Black Earth Farming to
establish a highly profitable farming operation. 

Crop price growth
A growing world population and changing food consumption patterns, together
with a growing demand for bio fuel feedstock, is driving global demand for
agricultural commodities and products. At the same time, a permanent reduction
of arable land, especially in developing regions, together with climatic
changes, regional lack of adequate water supplies and low stock levels, are
putting strain on the supply side. In Russia, the nation's strong economic
growth is driving the domestic demand. 


Statements from the Chairman and from the President

Per Brillioth, Chairman of the Board in Black Earth Farming said:
"This listing provides investors with the opportunity to hold a unique asset in
an attractive and growing sector. There is an increasing demand for food and
bio fuels in the world and farming is becoming much more large-scale, with
companies such as Black Earth Farming running big and efficient industrial
farming operations. The listing is a natural step for Black Earth Farming as it
will improve our access to capital and facilitate future growth." 

Michel Orlov, founder and President of Black Earth Farming said: 
"When I founded the company in 2005, I was an entrepreneur with a vision.
Today, I am proud to see that Black Earth Farming has gained a leading role in
the development of Russian farming. We still have a lot to do, but there is
also a lot of value and upside to capture. Our aim is to be one of the most
efficient farming companies in the world by combining sector competence and the
unique scale that Russia and the operations combine." 


Timetable and other offering information 

· Publication of the Swedish prospectus and international offering circular: 27
November, 2007 

· Institutional road show and book building begins: 28 November, 2007

· Application period: 28 November to 18 December, 2007

· Announcement of pricing and allocation: On or around 19 December, 2007

· First day of trading: 28 December, 2007 

The offering is subject to OMX Nordic Exchange's approval of Black Earth
Farming's application for admission to trading on First North. 

Black Earth Farming has appointed E. Öhman J:or Fondkommission AB as Global
Co-ordinator and Bookrunner and Nomura International plc as Joint Lead Manager
in connection with the offering. Pareto Securities ASA and UniCredit CAIB UK
Ltd have been appointed Co-lead Managers. Bankaktiebolaget Avanza and Nordnet
Bank AB have been appointed Net Managers. 

The Swedish prospectus is available at Black Earth Farming's website
www.blackearthfarming.com and at Öhman's website www.ohman.se. 


For additional information, please contact:

Per Brillioth, Chairman of the Board, Black Earth Farming Ltd., tel: +46 8 545
015 50 

Michel Orlov, Founder and President, Black Earth Farming, tel: +44 153 412 33 55

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

Oscar Hyléen, Brunswick Group LLP, tel: +46 733 90 47 60 


Notes to the 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 approximately 52,000 hectares of crops,
of which the greater part was wheat. 

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). 
__________

This press release is not for distribution, directly or indirectly, in or into
the United States (including its territories and dependencies, any State of the
United States and the District of Columbia), Canada, Australia or Japan. This
press release does not constitute or form a part of any offer or solicitation
to purchase or subscribe for securities in the United States. The securities
mentioned herein have not been, and will not be, registered under the United
States Securities Act of 1933 (the "Securities Act"). 

Securities may not be offered or sold in the United States except pursuant to
an exemption from the registration requirements of the Securities Act. There
will be no public offer of securities in the United States. No offer is
directed at individuals whose participation would require additional
prospectus, registration or other measures beyond those prescribed by Swedish
law, or would violate applicable rules in such countries. Any prospectus or
application form relating to any offer, may not be distributed in any country
in which the distribution of an offer or any offer itself requires measures as
outlined above, or are contrary to the regulations in such countries.