BLACK EARTH FARMING LTD NINE MONTHS REPORT COVERING THE PERIOD JANUARY 1 - 30 SEPTEMBER, 2009

Press release                                                                   
St Helier, Jersey                                                               
November 24, 2009                                                               


 BLACK EARTH FARMING LTD NINE MONTHS REPORT COVERING THE PERIOD JANUARY 1 - 30  
                                SEPTEMBER, 2009                                 

                          Reporting period highlights                           

Sales volume for the period 1 January to 30 September 2009 amounted to 373,820  
tons, compared to 76,567 tons in corresponding period last year.                

Total revenue and gains from continuing operations rose 62.1% to RUR 1,520,443  
thousand (USD* 50,526 thousand) compared with RUR 937,790 thousand (USD* 31,164 
thousand) same period previous year. Gain on revaluation of biological assets   
and agricultural produce constituted 1.5% of total revenue, compared to 46.1% in
the same period last year. Average price received from sales of crops in nine   
months 2009 was 38.6% lower than same period last year.                         

Loss before income tax from continuing operations was RUR 927,324 thousand (USD*
30,815 thousand) compared to a loss of RUR 117,449 thousand (USD* 3,902         
thousand) last year.                                                            

Loss for the period was RUR 935,185 thousand (USD* 31,077 thousand) compared to 
a loss of RUR 126,425 thousand (USD* 4,201 thousand) last year.                 

Basic loss per share from continuing and discontinued operations was RUR 7.51   
(USD* 0.25) compared with a loss per share of RUR 1.02 (USD* 0.03) same period  
last year.                                                                      

Net cash from operating activities was RUR -618,400 thousand (USD* -20,550      
thousand) compared with RUR -1,665,404 thousand (USD* -55,343 thousand) same    
period previous year.                                                           
            


           Significant events after the end of the reporting period            

In November, the Company's local subsidiary Agro-Invest, has recruited a team of
sales and logistics professionals headed by Alexander Fomin, a former General   
Director of OOO “OGO Trading”, one of the leading Russian grain traders with    
proven experience in export grain trading and logistics.                        

The Company started harvesting on 14 July 2009 and as of 4 November 2009 the    
Group had fully completed the 2009 harvest with a total of 531 thousand tons of 
gross commercial harvest gathered from 183 thousand hectares. Resulting average 
gross crop yield, spread over all cultures, was 2.9 tons per hectare, compared  
to 3.1 tons per hectare in 2008. Following subsequent post-harvest cleaning and 
drying of the harvested crops, the final clean weight of commercial harvest  
has just now been determined at 511 thousand tons, which is lower than
targeted, while quality is better. As of 30 September 2009, the Company had
realized 50 thousand tons of 2009 harvest at relatively low market prices. If
the prices for which the Company will be able to realise the remaining crops do
not significantly improve in the short term, the target for full year 2009
EBITDA breakeven as communicated in connection with the IPO back in the end of
2007, will unlikely be met. 

* 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.                                             


Nine months report conference call                                              

Date: Wednesday, 25 November 2009                                               

Time: 15:00 CET                                                                 

Hosts: 	Black Earth Farming CEO - Sture Gustavsson                              
	Group CFO and AgroInvest CEO - Michael Shneyderman   
	IR Director - Gustav Wetterling  

Dial-in details: 	UK: +44-20-7190-1596                                          
                  USA: +1-480-629-9725                       
                  	Sweden: +46-8-5052-0189	                                     

Conference ID: 4185369                                                          

Conference Title: Black Earth Farming 3 Quarter Results 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 323,000 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