Issue of Ordinary Shares

RAVEN RUSSIA LIMITED

("Raven Russia" or the "Company")

Issue of ordinary shares

The Company announces that it has approved the issue and allotment of 4,656 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 on 15 March 2010.

In conformity with the FSA's Disclosure and Transparency Rules, following admission of the new ordinary shares, the Company's capital consists of 515,239,571 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 139,877,822.

Enquiries

Raven Russia Limited Tel: +44 (0)1481 71 2955 Anton Bilton / Glyn Hirsch Bell Pottinger Corporate & Financial Tel: +44 (0)20 7861 3881 Charles Cook / Dan de Belder Numis Securities Limited

(NOMAD, Financial Adviser and Joint Broker to Raven Russia Limited) Tel: +44 (0)20 7260 1000 Nick Westlake / Rupert Krefting