Alpcot Agro carries out a Rights Offering of SEK 235 million

This press release may not be distributed or made public in Australia, Canada, Hong Kong, Japan, New Zealand, South Africa or the United States. The Rights Offering is not directed to any person whose participation requires further prospectuses, registration or other actions than required under Swedish law.

-The Board of Directors of Alpcot Agro AB (publ) (”Alpcot Agro” or the ”Company”) resolved on 23 November 2009, by virtue of an authorisation from the General Meeting held on 13 May 2009, to carry out a new share issue with preferential rights for the Company’s shareholders (the ”Rights Offering”). -The Rights Offering, which is estimated to provide Alpcot Agro with approximately SEK 235 million, enables Alpcot Agro to execute the revised strategic plan, expand the operations in Ukraine and increase operational flexibility. -Provided that the bid on all outstanding shares in BBAH Sweden AB (“BBAH”) is completed, up to SEK 75 million of the proceeds from the Rights Offering will be used to recapitalise and develop the operations acquired in BBAH. -Subscription price is SEK 12.00 per new share. -The Company’s shareholders are entitled to subscribe for 2 new shares for each 3 old shares held. -Shareholders representing approximately 37 per cent of the outstanding shares in Alpcot Agro have declared their support for the Rights Offering and intend to subscribe for their respective pro-rata shares in the new issue. PRELIMINARY TIMETABLE Prospectus made public 15 December 2009 Record date 15 December 2009 Trading in subscription rights 21 December 2009 – 12 January 2010 Subscription period 21 December 2009 – 15 January 2010 Announcement of the outcome 20 January 2010 Background and reasons Alpcot Agro’s business concept is to generate an attractive return on invested capital by acquiring and farming agricultural land in Russia and in other CIS-countries. The Company’s operational strategy is to operate an efficient and modern agricultural business according to international best practice. The Company’s value chain has three parts: crop production, storage and sales. The Company also operates livestock farming. In addition to the management, the Company has, through a Management Agreement, access to Alpcot Capital Management Limited (“ACM”) as Investment Manager. The Investment Manager is responsible for the Company’s investment strategy in respect of agricultural land and is managing the extensive registration process of land leases and acquisition of the farmland which is cultivated by the Company. As of the date of this press release, the Company has approximately 170,000 hectares of land under control in Russia, of which approximately 91,000 hectares is land in ownership (see definitions below). In addition, the Company has approximately 5,510 hectares of land under control in Ukraine. Alpcot Agro has, since it was founded in 2006, raised capital through issues of shares and convertible debt instruments amounting to a total of SEK 1,451 million. The Company’s operating activities commenced in Russia and later expanded to Ukraine. Alpcot Agro’s operations expanded rapidly until the summer of 2008, when the financial crisis became more severe, which led the Company to bring the expansion to a halt in Russia and Ukraine during the fall of 2008. Due to the timely decision to abort the expansion, the Company has withstood the challenging times relatively well. A strategic review was initiated in the end of 2008 which resulted in a revised strategy according to which the Company has aligned its long-term plans to the new market conditions. During the fall of 2009, Alpcot Agro communicated that the Board of Directors was evaluating the possibility to spin-off the Ukrainian operations and fund the expansion in Ukraine separately. Since then, the Board of Directors has decided to postpone the potential spin-off and to gradually expand the Ukrainian operations as an integrated part of Alpcot Agro. Alpcot Agro has, against the background of the strategic review and in order to utilise current business opportunities, resolved to carry out the forthcoming Rights Offering. The proceeds of the Rights Offering will enable Alpcot Agro to: Execute the revised strategic plan Alpcot Agro’s current focus is to optimise the geographical structure of the land bank through selective acquisitions, sales and swap agreements, with the aim of increasing the yield potential, which is the single most important driver for the Company’s profitability. Alpcot Agro also intends to invest in logistics, with a view to decreasing reliance on the domestic market and improving the prospects for export. Furthermore, the Company is evaluating other investments, such as additional storage capacity. Expand the operations in Ukraine As a consequence of Alpcot Agro’s decision to halt the expansion in Ukraine shortly after it was initiated, the Company’s presence in each cluster in Ukraine is smaller than intended. The prevailing economic situation facilitates attractive investment opportunities. The Company believes that there are opportunities to gather at least 10,000 hectares of agricultural land around the Company’s current farms. By accumulating additional agricultural land adjacent to current land the Company would benefit from economies of scale and consequently run its operations more efficiently. Such expansion of the operations requires only limited increase in personnel. Increase operational flexibility With increased financial resources, Alpcot Agro could increase the spring and winter planting in 2010 and thus utilise the capacity of the Company’s machinery and equipment in full. The Company intends to expand its operations through selective acquisition of assets and companies in Russia and Ukraine, which will require capital. These acquisitions could partly be financed by issues in kind. Although some of the potential acquisitions will be financed by issues in kind additional capital could be required as working capital, in order to realise the full potential of the acquisitions. For example, Alpcot Agro today on 24 November 2009 announces an offer for the shares in BBAH which, if certain conditions are met, will be acquired with shares in Alpcot Agro. If the offer is completed, up to SEK 75 million of the proceeds from the Rights Offering will be used to recapitalise and develop the operations acquired in BBAH. The Rights Offering The Board of Directors of Alpcot Agro resolved on 23 November 2009, by virtue of an authorisation from the General Meeting held on 13 May 2009, to carry out a new share issue with preferential rights for the Company’s shareholders. The number of shares will increase from 29,380,700 shares to not more than 48,967,833 shares. Assuming the Rights Offering is fully subscribed, the share capital will increase by not more than SEK 97,935,665, from SEK 146,903,500 to not more than SEK 244,839,165. The Company is estimated to receive approximately SEK 235 million, before deduction of issue costs, assuming the Rights Offering is fully subscribed. Shareholders representing approximately 37 per cent of the outstanding shares in Alpcot Agro have declared their support for the Rights Offering and intention to subscribe for their respective pro-rata shares. Summary of terms The Rights Offering comprises not more than 19,587,133 shares. Below is a summary of terms and a preliminary timetable for the Rights Offering. -Each 3 shares entitle the holder to subscribe for 2 new shares -Subscription price is SEK 12.00 per new share -Record date for participation in the Rights Offering is 15 December 2009, which implies that the last day of trading in the Alpcot Agro share including subscription rights will be 10 December 2009 -Trading in subscription rights is expected to take place during the period 21 December 2009 – 12 January 2010 -Subscription period will be between 21 December 2009 – 15 January 2010 -Prospectus, application form and issue account statement will be distributed to the shareholders in Alpcot Agro on or about 15 December 2009 Convertible debt instruments The conversion price for the outstanding convertible debt instruments in Alpcot Agro will, as a consequence of the Rights Offering, be recalculated in accordance with the terms and conditions of the convertible debt instruments. Carnegie is financial adviser to Alpcot Agro regarding the Rights Offering. Stockholm 24 November 2009 The Board of Directors For further information please contact: Björn Lindström, Chief Executive Officer +44 (0) 79798 55556 Joakim Ollén, Chairman of the Board +46 (0) 70 354 24 07 Definitions Land under control - Land where the Company’s subsidiaries, either themselves or in the name of any of the Company’s agents, have registered a lease agreement or are in the process of registering a lease agreement with local authorities. Land in ownership - Land, registered in the name of a subsidiary or indirect ownership of land through the holdings of Pais. The Pais can be registered either in the Company’s subsidiary’s name or in the name of agents acquiring Pais on behalf of the Company within the framework of legally binding contracts.