Issue of Equity

RAVEN RUSSIA LIMITED

("Raven Russia" or the "Company")

Issue of ordinary shares and preference shares

The Company announces that it has approved the issue and allotment of 1,235 new ordinary shares of GBP0.01 per share in the Company following an exercise of warrants. These shares will rank pari passu with all existing ordinary shares. Application has been made for admission of the new ordinary shares to trading on the Alternative Investment Market of the London Stock Exchange and dealings are expected to commence tomorrow.

In conformity with the FSA's Disclosure and Transparency Rules, following admission of the new ordinary shares, the Company's capital consists of 515,672,412 ordinary shares with voting rights.

The above figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in the Company under the FSA's Disclosure and Transparency Rules.

The total number of warrants now in issue is 139,444,981

The Company also announces that it has approved the issue and allotment of 198,242 new preference shares of GBP0.01 each in the Company following payment of the scrip preference share dividend. These new preference shares will rank pari passu with all existing preference shares. Application has been made for admission of the new preference shares to trading on the Alternative Investment Market of the London Stock Exchange and dealings are expected to commence tomorrow.

Following admission of the new preference shares, the total number of preference shares now in issue is 143,635,447.

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