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 30,000 preference shares in the Company at a price of 95 pence per preference share. Following this purchase Richard Jewson's wife has a beneficial interest of 79,111 preference shares in the Company

- that the Executive Deputy Chairman of the Company, Anton Bilton, purchased 2,720,000 preference shares in the Company at a price of 95 pence per preference share and a further 1,500,000 at 98 pence per preference share. Following these purchases Anton Bilton has a beneficial interest of 25,225,339 preference shares in the Company;

- that Mark Sinclair, a Director of the Company, purchased 30,000 preference shares in the Company at a price of 95 pence per preference share. Following this purchase Mark Sinclair has a beneficial interest of 50,887 preference shares in the Company; and

- that Chris Sherwell, a Director of the Company, purchased 70,000 preference shares in the Company at a price of 95 pence per preference share. Following this purchase Chris Sherwell has a beneficial interest of 100,712 preference shares in the Company.

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