Directors' Dealings

RAVEN RUSSIA LIMITED

("Raven Russia" or the "Company")

Directors' Dealings

With reference to the Executive Share Option Schemes described within the Remuneration Report of the Company's annual report and financial statements for the year ended 31 December 2009, and the Remuneration Committee's proposed awards disclosed in that report and subsequently approved by the shareholders at the recent AGM, the Company confirms that:(a) the following options over existing shares held by the Company's Employee Benefit Trust have been granted by the trustee of the Employee Benefit Trust to directors or; (b) following recommendations made to the Trustee of the Company's Employee Benefit Trust, arrangements having similar economic effect as such options will be put in place for the benefit of certain directors in respect of existing ordinary shares held by the Employee Benefit Trust:

* These directors have not been granted options over the Ordinary Shares indicated but the Company has recommended to the Trustee of the Company's Employee Benefit Trust that the relevant director should benefit from an arrangement having similar economic effect to the grant of such an option.

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