Director/PDMR Shareholding

RAVEN RUSSIA LIMITED

("Raven Russia" or the "Company")

Directors' Dealings

Pursuant to Disclosure and Transparency Rule 3.1.2 and AIM Rule 17 (Disclosure of Miscellaneous Information), the following information falls to be disclosed: the Company was notified on 29 September 2010 that the following directors subscribed for scrip preference shares in respect of the preference share dividend for the period from 30 June 2010 to (but excluding) 30 September 2010:

The wife of the Chairman of the Company, Richard Jewson, subscribed for 2,464 scrip preference shares in the Company. Following this purchase Richard Jewson's wife has a beneficial interest of 122,149 preference shares in the Company.

The Bilton Family Discretionary Settlement, of which Anton Bilton the Executive Deputy Chairman of the Company, is a trustee, subscribed for 42,178 scrip preference shares in the Company. Following this purchase Anton Bilton has a beneficial interest of 26,964,229 preference shares in the Company.

Glyn Hirsch, Chief Executive Officer of the Company, subscribed for 4,450 scrip preference shares in the Company. Following this purchase Glyn Hirsch has a beneficial interest of 3,546,184 preference shares in the Company.

Colin Smith, Chief Operating Officer of the Company, subscribed for 1,673 scrip preference shares in the Company. Following this purchase Colin Smith has a beneficial interest of 89,178 preference shares in the Company.

Steve Coe, Non Executive Director of the Company, subscribed for 1,163 scrip preference shares in the Company. Following this purchase Steve Coe has a beneficial interest of 50,960 preference shares in the Company.

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