Proposed move to Official List

RAVEN RUSSIA LIMITED (the "Company")

Proposed Move up from AIM to Official List

Offer to Warrantholders

Further to the Company's announcement on 28 June 2010 and pursuant to Rule 41 of the AIM Rules for Companies, the Company hereby gives notice of the intended cancellation of admission to trading of the Company's issued ordinary share capital and warrants on AIM. It is expected that the admission of the Company's ordinary shares and warrants to the Official List of the UK Listing Authority and to trading on the London Stock Exchange's main market for listed securities ("Admission") will take place simultaneously with the de-listing from AIM, and will become effective at 8.00 a.m. on 2 August 2010, subject to receipt of the necessary approvals from the UK Listing Authority.

The prospectus relating to Admission has been published today and is available for viewing on the Company's website at www.ravenrussia.com. A copy of the published prospectus will also be available for viewing at the Financial Services Authority's Document Viewing Facility which is situated at the Financial Services Authority, 25 North Colonnade, Canary Wharf, London E14 5HS.

The Offer Document containing the detailed terms and conditions of the Offer to Warrantholders and an associated form of acceptance have also been posted today to Warrantholders.

The expected timetable of the principal events is the following:

Latest time and date for receipt of Forms of Acceptance 1.00 p.m. on 22 July 2010

Transfer to escrow account of Warrants settled by 1.00 p.m. on 22 July 2010

Closing date of the Offer 1.00 p.m. on 22 July 2010

Offer Record Date 5.00 p.m. on 22 July 2010

Announcement of the results of the Offer by 7.00 a.m. on 26 July 2010

Cancellation of Warrants surrendered pursuant to the Offer 8.00 a.m. on 28 July 2010

Delisting of the Ordinary Shares and Warrants by 8.00 a.m. on 2 August 2010

from AIM and Admission of the Ordinary Shares (including the

New Ordinary Shares) and Warrants to the

Official List and commencement of dealings on the London

Stock Exchange's main market for listed securities

CREST accounts credited with the New Ordinary Shares or the by 8.00 a.m. on 2 August 2010

cash consideration (as applicable)

Despatch of definitive share certificates in respect of the New Ordinary Shares by 8.00 a.m. on 5 August 2010

or cheques in respect of the cash consideration (as applicable)

Despatch of Warrant certificates to Warrantholders holding Warrants by 8.00 a.m. on 5 August 2010

in certificated form in respect of the balance of their holdings of Warrants

All definitions contained herein are as set out in the Prospectus and the Offer Document.

Enquiries