Director/PDMR Shareholding

RAVEN RUSSIA LIMITED

("Raven Russia" or the "Company")

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 yesterday 10 January 2011, that the following PDMR 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:

A trust of which Adrian Baker is a beneficiary, subscribed for 6,097 scrip preference shares in the Company. Following this purchase Adrian Baker has a beneficial interest of 284,097 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