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:

With reference to the bonus plan process described within the Remuneration Report of the Company's annual report and financial statements for the year ended 31 December 2009, as approved by shareholders at the recent AGM, the Remuneration Committee has recommended to the Trustees of the Raven Russia Employee Benefit Trust No. 1 that the following ordinary shares in the Company and preference shares are allocated to the Employer Funded Retirement Benefit Schemes ("EFRB") of which Anton Bilton, Executive Chairman of the Company and Glyn Hirsch, Chief Executive Officer are beneficiaries.

An EFRB of which Anton Bilton is a beneficiary received 324,155 ordinary shares and 656,062 preference shares. The Company was also notified today that Anton Bilton sold 2,000,000 ordinary shares in the Company today at a price of 48.0p per ordinary share. Following this Anton Bilton has a beneficial interest in 17,697,912 ordinary shares representing 3.43% of the issued share capital of the Company and 25,881,401 preference shares.

An EFRB of which Glyn Hirsch is a beneficiary received 783,092 ordinary shares and 400,000 preference shares. Following this allocation Glyn Hirsch has a beneficial interest in 1,255,267 ordinary shares representing 0.24% of the issued share capital and 3,537,414 preference shares.

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