ANALYSTS COVERING BEF

Disclaimer Notice: the analysts at the brokerage firms listed below follow Black Earth Farming Limited (“Black Earth Farming”). This list is provided solely as a courtesy and for informational purposes only. It may not be complete or up to date and may change without notice. Any opinions, estimates or forecasts regarding Black Earth Farming's performance made by the analysts at these firms are theirs alone and do not represent opinions, forecasts, analysis or predictions made by Black Earth Farming or its management. Black Earth Farming does not by its reference or disclosure of this list imply, and expressly disclaims, any endorsement of or concurrence with any estimates, forecasts, opinions, conclusions or recommendations provided by these analysts.