BLACK EARTH FARMING LTD THREE MONTHS REPORT COVERING THE PERIOD JANUARY 1 - MARCH 31, 2010

Press release                                                                   
St Helier, Jersey                                                               
May 25, 2010                                                                    


  BLACK EARTH FARMING LTD THREE MONTHS REPORT COVERING THE PERIOD JANUARY 1 -   
                                 MARCH 31, 2010                                 

                Highlights for the three months reporting period                


Sales volume for the period 1 January to 31 March 2010 amounted to 135,646 tons,
compared to 113,908 tons in corresponding period last year, representing a 19%  
increase.                                                                       

Total revenue and gains from continuing operations decreased 12% to RUR 412,972 
thousand (USD* 14,064 thousand) compared with RUR 468,366 thousand (USD* 15,950 
thousand) same period previous year. Result on revaluation of biological assets 
and agricultural produce was positive in the amount of RUR 381 thousand (USD* 13
thousand), compared to contribution of RUR 2,205 thousand (USD* 75 thousand) in 
the same period last year. Average price per ton sold in three months 2010 was  
26.6% lower than same period last year, mainly because sales in same period in  
2009 contained more high value crops such as Sunflowers and Rapeseed, which from
2009 harvest had already been sold by end of 2009 and three months 2010         
therefore only contained sales of various grains.                               

Loss before income tax from continuing operations was RUR 288,725 thousand (USD*
9,832 thousand) compared to a profit of RUR 63,894 thousand (USD* 2,176         
thousand) last year. The profit for three months 2009 however contained Gain on 
foreign exchange differences in the amount of RUR 294,358 thousand (USD* 10,025 
thousand), which significantly influenced the result, same item in three months 
2010 was RUR 7,361 thousand (USD* 251 thousand.                                 

Loss for the period was RUR 270,425 thousand (USD* 9,209 thousand) compared to a
profit of RUR 1,831 thousand (USD* 62 thousand) last year.                      

Basic loss per share from continuing operations was RUR 2.17 (USD* 0.07)        
compared with a profit per share of RUR 0.49 (USD* 0.02) same period last year. 

Net cash utilised in operating activities was an outflow of RUR 244,415 thousand
(USD* 8,324 thousand) compared with an outflow of RUR 342,530 thousand (USD*    
11,665 thousand) same period previous year.                                     

Total controlled land grew Year on Year, from 321 to 328 thousand hectares as of
31 March 2010, of which land in registered ownership grew 109% Year on Year,    
from 106 to 222 thousand hectares as of 31 March 2010.                          


            Significant events after the end of the reporting period            


No significant events to report                                                 


* The USD equivalent figures are provided for information purposes only and do  
not form part of the interim consolidated financial statements - refer to note 2
(c) in the complete interim report.                                             

Three months report conference call                                             

Date: Tuesday, 25 May 2010                                                      

Time: 11:00 CET                                                                 

Hosts: 	Group CEO - Sture Gustavsson                              
	Group CFO - Michael Shneyderman                    
	CEO of Agro-Invest - Alexei Bnatov                    
	IR Director - Gustav Wetterling                               

Dial-in details: 	
UK: +44-20-8515-2302                                          
USA: +1-480-629-9692                                                            
Sweden: +46-8-5052- 0278	                                    

Conference ID: 4228716                                                          

Conference Title: Black Earth Farming 2010 three months report Conf Call        

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See attached complete report.                                                   


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