Amendments to Warrant Instrument

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RAVEN RUSSIA LIMITED (the "Company")

Amendments to Warrant Instrument

Further to the Company's announcement on 31 August 2010 in relation to the tender offer buy back (the "Tender Offer") that the Company intends to implement, the Company has today sent to holders of warrants ("Warrantholders") to subscribe for one Ordinary Share at 25p per Ordinary Share ("Warrants") a written resolution to amend the instrument by which the Warrants are constituted (the "Warrant Instrument") so as to:

(a) permit the Company to purchase its own ordinary shares of 1 pence in the capital of the Company ("Ordinary Shares") without first being required to seek the consent of Warrantholders to do so; and

(b) make a consequential change to the Warrant Instrument to confirm that the provisions of Clause 7.4 of the Warrant Instrument do not apply to the Company's authority to purchase its own Ordinary Shares.

The terms of the Warrant Instrument permit the Company to modify the terms of the Warrant Instrument by way of an "Extraordinary Resolution" of Warrantholders and provide that such a resolution may be proposed by way of written resolution, rather than calling a general meeting of Warrantholders.

For the Extraordinary Resolution to be passed, Warrantholders entitled to subscribe for not less than 75 per cent. of the Ordinary Shares which are the subject of outstanding Warrants pursuant to the Warrant Instrument must signify their consent to the Extraordinary Resolution being passed by 3.00p.m. on 1 October 2010. The Extraordinary Resolution will be passed as when the required majority of eligible Warrantholders have signified their agreement to it.

Unless, by 3.00p.m on 1 October 2010, sufficient agreement has been received for the Extraordinary Resolution to pass, it will lapse.

A further announcement will be made in due course as to the passing or lapse of the Extraordinary Resolution.

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