BLACK EARTH FARMING LTD THREE MONTHS REPORT FOR THE PERIOD JANUARY 1 - MARCH 31, 2009

Press release                                                                   
St Helier, Jersey                                                               
May 26, 2009                                                                    


         BLACK EARTH FARMING LTD THREE MONTHS REPORT COVERING THE PERIOD 
                          JANUARY 1 - MARCH 31, 2009 

                          Reporting period highlights                           

Total revenue and gains from continuing operations rose 87.5% to RUR 468,366    
thousand (USD* 13,770 thousand) compared with RUR 249,791 thousand (USD* 7,344  
thousand) same period previous year. Gain on revaluation of biological assets   
and agricultural produce only constituted 0.5% of total revenue and gains in
the period, compared to 13% in the same period previous year. 

Profit before income tax from continuing operations was RUR 63,894 thousand     
(USD* 1,878 thousand) compared with RUR 100,213 thousand (USD* 2,946 thousand)  
same period previous year.                                                      

Profit from continuing operations for the period was RUR 60,957 thousand (USD*  
1,792 thousand) compared with RUR 95,174 thousand (USD* 2,798 thousand) same    
period previous year.                                                           

Profit for the period including discontinued operations was RUR 1,831 thousand  
(USD* 54 thousand) compared with RUR 93,463 thousand (USD* 2,748 thousand) same 
period previous year.                                                           

Basic earnings per share from continuing and discontinued operations was RUR    
0.01 (USD* 0.00) compared with RUR 0.76 (USD*  0.02) same period previous year. 

Net cash from operating activities RUR -342,530 thousand (USD* -10,070 thousand)
compared with RUR -360,264 thousand (USD* -10,592 thousand) same period previous
year                                                                            

In February, the shares of Black Earth Farming Ltd. were upgraded to trade on   
First North Premier, a new segment within First North reserved for companies    
that comply with higher disclosure and accounting standards than the regular    
First North.                                                                    

The production plan for 2009 has been adjusted.                                 


            Significant events after the end of the reporting period            

On 14 April 2009 the Group signed the contract for the sale of two of its       
subsidiaries - ZAO “Agro-Invest Kaluga” and OOO “Rus'”. ZAO “Agro-Invest Kaluga”
was inoperative company in contrast to OOO “Rus'” which main activity was       
unprofitable cattle-breeding. The price stated in the contract is RUR 10        
thousand (USD* 294).
                         
The Company has in April/beginning of May actively been selling inventory at an 
average rate of approximately 30 thousand tons per week, due to the slight
recovery in prices from March and aim to have freed up currently occupied and
retained storage capacity for the 2009 harvest. 


* 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: 26 May 2009                                                               

Time: 15:00 CET                                                                 

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

Dial-in details:  UK: +44(0)20 7138 0826      
                  USA: +1 212 444 0481
                  Sweden: +46(0)8 5051 3785       

Participant passcode: 7381194                                                   

Please call in 5 minutes before the conference starts and stay on the line (an  
operator will be available to assist you)                                       

To take part of the interactive presentation and the Q&A session, please log on 
to:
http://www.livemeeting.com/cc/premconfeurope/join?id=7381194&role=attend&pw=pw40
41 

Or visit the website http://www.euvisioncast.com and login using the following  
information:                                                                    
Meeting ID: 7381194                                                             
Meeting Password: pw4041                                                        


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, 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