Preference Share Dividend

RAVEN RUSSIA LIMITED (the "Company")

Preference Share Dividend

The Directors of the Company confirm that the quarterly payment of the preference dividend in respect of the Preference Shares will be made, in accordance with their terms, on 31 December 2010 in respect of the period from 30 September 2010 to (but excluding) 31 December 2010. The record date for the payment of the preference dividend for all Preference Shares is 26 November 2010 with an ex-dividend date of 24 November 2010.

The Preference Shares will be entitled to a gross dividend of 3 pence per Preference Share.

A scrip dividend alternative (to be settled in Preference Shares) will also be available for all preference shareholders in respect of the preference dividend.

Following the amendments to the articles of incorporation of the Company (the "Articles") approved at the last AGM pursuant to which the Company is now entitled to communicate with its members by publishing documents on a website (subject to and in accordance with the provisions of the Articles), the scrip dividend circular will no longer be posted to the holders of Preference Shares but will be available on the Investor section of the Company's website, www.ravenrussia.com. Letters notifying the holders of Preference Shares of the presence of the scrip dividend circular on the Company's website and how to access it will be sent on or around 2 December 2010. The last date for receipt of completed forms of election (in accordance with the terms thereof) will be 17 December 2010.

The Directors of the Company also confirm the 2011 preference dividend timetable as outlined below:

Enquiries

Raven Russia Limited Tel: + 44 (0) 1481 712955

Anton Bilton

Glyn Hirsch

Cardew Group Tel: + 44 (0) 207 930 0777

Tim Robertson

Catherine Maitland

Numis Securities Limited (NOMAD) Tel: + 44 (0) 207 7260 1000

Nick Westlake