Holding(s) in Company

TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARES

1. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attached:

Raven Russia Limited

2 Reason for the notification (please tick the appropriate box or boxes):

An acquisition or disposal of voting rights

An acquisition or disposal of qualifying financial instruments which may result in the acquisition of shares already issued to which voting rights are attached

An acquisition or disposal of instruments with similar economic effect to qualifying financial instruments

An event changing the breakdown of voting rights

Other (please specify):

Participation in Repurchase offer on Warrants Holding

 X

3. Full name of person(s) subject to the notification obligation:

Funds under the discretionary management of Laxey Partners Ltd

4. Full name of shareholder(s) (if different from 3.):

Credit Suisse Client Nominees UK Ltd and Vidacos Nominees Limited

5. Date of the transaction and date on which the threshold is crossed or reached:

 2 August 2010

6. Date on which issuer notified:

4 August 2010

7. Threshold(s) that is/are crossed or reached:

Under 5%

8. Notified details: 5.94% on 17 February 2010

A: Voting rights attached to shares

Class/type of shares

if possible using the ISIN CODE

Situation previous to the triggering transaction

Resulting situation after the triggering transaction

Number of Shares

Number of Voting Rights

Number of shares

Number of voting rights

% of voting rights

Direct

Direct

Indirect

Direct

Indirect

GB00B0D5V538

 24,551,088

 24,551,088

 20,622,900

 20,622,900

 3.84%

B: Qualifying Financial Instruments

Resulting situation after the triggering transaction

Type of financial instrument

Expiration date

Exercise/ Conversion Period

Number of voting rights that may be acquired if the instrument is exercised/ converted.

% of voting rights

 Warrants

 25/03/2019

 From 25/03/2009

 4,283,765 shares

 0.80%

C: Financial Instruments with similar economic effect to Qualifying Financial Instruments

Resulting situation after the triggering transaction

Type of financial instrument

Exercise price

Expiration date

Exercise/ Conversion period

Number of voting rights instrument refers to

% of voting rights

CFD's

N/A

 N/A

 223,780

Nominal

Delta

 0.04%

Total (A+B+C)

Number of voting rights

Percentage of voting rights

 25,130,445

 4.68%

9. Chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held, if applicable:

Proxy Voting:

10. Name of the proxy holder:

11. Number of voting rights proxy holder will cease to hold:

12. Date on which proxy holder will cease to hold voting rights:

13. Additional information:

14. Contact name:

 Laxey Partners Ltd

15. Contact telephone number:

 +44 (0) 1624 690900