Director/PDMR Shareholding

31 December 2010

RAVEN RUSSIA LIMITED

("Raven Russia" or the "Company")

Directors'/PDMR 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 30 December 2010 that the following directors subscribed for scrip preference shares in respect of the preference share dividend for the period from 30 September 2010 to (but excluding) 31 December 2010:

The wife of the Chairman of the Company, Richard Jewson, subscribed for 2,978 scrip preference shares in the Company. Following this purchase Richard Jewson's wife has a beneficial interest of 125,127 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 35,320 scrip preference shares in the Company. Following this purchase Anton Bilton has a beneficial interest of 27,281,549 preference shares in the Company.

Glyn Hirsch, Chief Executive Officer of the Company, subscribed for 3,726 scrip preference shares in the Company. Following this purchase Glyn Hirsch has a beneficial interest of 3,549,910 preference shares in the Company.

Steve Coe, Non Executive Director of the Company, subscribed for 973 scrip preference shares in the Company. Following this purchase Steve Coe has a beneficial interest of 51,933 preference shares in the Company.

The Ohana Retirement Annuity Trust, of which Benn Garnham the Company Secretary of the Company, is a beneficiary, subscribed for 170 scrip preference shares in the Company. Following this purchase Benn Garnham has a beneficial interest of 27,270 preference shares in the Company.

Enquiries

Raven Russia Limited Tel: + 44 (0) 1481 712955

Anton Bilton

Glyn Hirsch

Cardew Group Tel: + 44 (0) 207 930 0777

Tim Robertson

Catherine Maitland

Numis Securities Limited (NOMAD) Tel: + 44 (0) 207 7260 1000

Nick Westlake