Directors' Dealings

RAVEN RUSSIA LIMITED

("Raven Russia" or the "Company")

Directors' Dealings

In accordance with AIM Rule 17 (Disclosure of Miscellaneous Information) and Schedule 5, the following information falls to be disclosed:

1) the Company was notified that the following directors subscribed for scrip preference shares in respect of the preference share dividend for the period from 31 March 2010 to (but excluding) 30 June 2010:

The wife of the Chairman of the Company, Richard Jewson, subscribed for 2,393 scrip preference shares in the Company. Following this purchase Richard Jewson's wife has a beneficial interest of 82,185 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 40,950 scrip preference shares in the Company. Following this purchase Anton Bilton has a beneficial interest of 25,922,351 preference shares in the Company.

Glyn Hirsch, Chief Executive Officer of the Company, subscribed for 4,320 scrip preference shares in the Company. Following this purchase Glyn Hirsch has a beneficial interest of 3,541,734 preference shares in the Company.

Steve Coe, Non Executive Director of the Company, subscribed for 1,129 scrip preference shares in the Company. Following this purchase Steve Coe has a beneficial interest of 49,797 preference shares in the Company.

2) With reference to the bonus plan process described within the Remuneration Report of the Company's annual report and financial statements for the year ended 31 December 2009, as approved by the shareholders at the recent AGM, the Remuneration Committee has recommended to the Trustees of the Raven Russia Employee Benefit Trust no.1 that the following ordinary shares and preference shares in the Company are allocated to directors of the Company:

Mark Sinclair, Chief Financial Officer of the Company, has thereby been allocated 100,000 preference shares and 595,773 ordinary shares in the Company. Following this allocation, Mark Sinclair has a beneficial interest of 150,887 preference shares and 612,570 ordinary shares in the Company.

Colin Smith, Chief Operating Officer of the Company, has thereby been allocated 55,795 preference shares and 60,000 ordinary shares in the Company. Following this allocation, Colin Smith has a beneficial interest of 87,505 preference shares and 71,569 ordinary shares in the Company.

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