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 30 March 2011 that the following directors subscribed for scrip preference shares in respect of the preference share dividend for the period from 31 December 2010 to (but excluding) 31 March 2011:

The wife of the Chairman of the Company, Richard Jewson, subscribed for 2,955 scrip preference shares in the Company. Following this purchase Richard Jewson's wife has a beneficial interest of 128,082 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 36,364 scrip preference shares in the Company. Following this purchase Anton Bilton has a beneficial interest of 27,326,884 preference shares in the Company.

Glyn Hirsch, Chief Executive Officer of the Company, subscribed for 3,697 scrip preference shares in the Company. Following this purchase Glyn Hirsch has a beneficial interest of 3,562,578 preference shares in the Company.

Steve Coe, Non Executive Director of the Company, subscribed for 966 scrip preference shares in the Company. Following this purchase Steve Coe has a beneficial interest of 52,899 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

Singer Capital Markets Limited (NOMAD) Tel: +44 (0) 203 205 7500

Corporate Finance- James Maxwell

Sales - Alan Geeves / James Waterlow

Matrix Corporate Capital LLP Tel: +44 (0) 203 206 7000

Corporate Finance - Malcolm Le May / Roger Clarke

Sales - Carl Gough