Block Listing Application

RAVEN RUSSIA LIMITED (the "Company")

Block Listing Application

The Company announces that an application has been made to the London Stock Exchange and the UK Listing Authority for a block listing of 103,188,965 ordinary shares of 1 pence each fully paid, to be admitted to the Official List.

The number of shares applied for in the application reflects the possible exercise of 103,188,965 warrants which can be converted into an equivalent number of ordinary shares in consideration of the payment of the exercise amount in full per warrant.

These shares will rank pari passu with the existing ordinary shares of the company.