Update before extraordinary shareholders’ meeting in Alpcot Agro (publ) 27 February 2009

Not for release, publication or distribution in, or into the United States, Australia, Canada, South Africa or Japan.

- Alpcot Agro had a cash position in excess of SEK 100 million as of December 31, 2008. A limited additional cash injection fully secures the spring planting campaign and the completion of the actions outlined in the strategic review.

- The long-term target for the land bank in Russia has been revised to 120-150,000 from 200,000 hectares.

- The cost reduction program continues, the number of employees in Russia is being reduced during the spring 2009 by about 30% to less than 1,000 persons.

- A preliminary agreement between the board of Alpcot Agro and Alpcot Capital Management Ltd. ("ACM") to eliminate Alpcot Agro's fund status has been completed. The annual management fee will be replaced by a lower annual fixed fee. The agreement means a cost reduction for Alpcot Agro of more than SEK 50 million until 2014. ACM will be compensated by shares, warrants or a combination thereof at market terms.

The preliminary terms for the convertible loan have been set:
• The size of SEK 75 million
• The term of 2 years
• Annual interest of 10%
• Conversion price of SEK 20 per share
• Minimum investment of SEK 600,000
• The issue is open both to existing shareholders in Alpcot Agro as well as new investors
The final terms will be decided after the EGM on February 27, 2009. Existing large long-term investors have already declared an interest to subscribe for close to 70% of the issue. A detailed presentation is available at www.alpcotagro.se.

For further information please contact:
Björn Lindström, Managing director +44 (0) 79798 55556
Joakim Ollén, Chairman of the board +46 (0) 70 354 24 07