Preference Share Dividend - Replacement

The following amendments have been made to the Preference Share Dividend announcement released on 17 February at 7.00 under RNS No 3331B:

·; Changed the record date from 23 February to 25 February

·; Changed the ex-dividend date from 25 February to 23 February

·; Changed the NOMAD contact enquiries to Singer Capital Markets Limited

All other details remain unchanged. The full amended text is shown below.

17 February 2011

RAVEN RUSSIA LIMITED (the "Company")

Preference Share Dividend - Amended Announcement

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 March 2011 in respect of the period from 31 December 2010 to (but excluding) 31 March 2011. The record date for the payment of the preference dividend for all Preference Shares is 25 February 2011 with an ex-dividend date of 23 February 2011.

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 3 March 2011. The last date for receipt of completed forms of election (in accordance with the terms thereof) will be 18 March 2011.

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

Singer Capital Markets Limited (NOMAD) Tel: +44 (0)20 3205 7500

Corporate Finance- James Maxwell

Sales - Alan Geeves / James Waterlow