Director/PDMR Shareholding

RAVEN RUSSIA LIMITED

("Raven Russia" or the "Company")

Director Dealings

In accordance with AIM Rule 17 (Disclosure of Miscellaneous Information) and Schedule 5, the following information falls to be disclosed - the Company was notified today:

- that the wife of the Chairman of the Company, Richard Jewson, purchased 27,300 preference shares in the Company at a price of 92.75 pence per preference share. Following this purchase the wife of Richard Jewson has a beneficial interest of 49,111 preference shares in the Company;

- that Christopher Sherwell, a Director of the Company, purchased 30,712 preference shares in the Company at a price of 92.75 pence per preference share. Following this purchase Christopher Sherwell has a beneficial interest of 30,712 preference shares in the Company; and

- that Stephen Coe, a Director of the Company, purchased 10,238 preference shares in the Company at a price of 92.75 pence per preference share. Following this purchase Stephen Coe has a beneficial interest of 47,837 preference shares in the Company.

The Company was also notified yesterday that Stephen Coe, a Director of the Company, purchased 20,000 warrants in the Company at a price of 26.75 pence per warrant. Following this purchase Stephen Coe has a beneficial interest of 45,000 warrants in the Company.

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