Result of Tender Offer EGM

30 May 2012

Raven Russia Limited ("Raven Russia" or the"Company")

Result of Tender Offer EGM

The Company is pleased to announce that, at the Extraordinary General Meeting held at 10.30 a.m. today (the "Tender EGM"), the resolution put to ordinary shareholders in connection with the Tender Offer, as announced on 1 May 2012 and set out in the Notice of General Meeting annexed to the circular posted to shareholders on the same day, was duly passed.

A summary of the votes lodged by proxy is as follows:

Notes:

1. "Votes For" includes those giving the Chairman discretion and votes "For" and "Against" are expressed as a percentage of votes received.

2. A "Vote Withheld" is not a vote in law and is not counted in the calculation of the votes "For" and "Against" a resolution.

3. Total number of Ordinary Shares in issue at 10.30 a.m. on 28 May 2012 was 600,649,007 Ordinary Shares. 61.74% of voting capital was instructed.

Raven Russia can confirm that a total of 239,929,885 Ordinary Shares have been tendered in connection with the Tender Offer. Tenders for up to and including the Tender Offer Entitlement of 1 Ordinary Share for every 40 Ordinary Shares at 70 pence per share will be met in full. Tenders received for surplus Ordinary Shares will be met at the rate of 0.00893 Ordinary Shares for each surplus Ordinary Share tendered over and above the Tender Offer entitlement of 1 for 40, rounded down to the nearest whole Ordinary Share.

The number of Ordinary Shares subject to the Tender Offer has increased due to the exercise of the Company's warrants. A total of 15,016,111 Ordinary Shares will now be purchased at a price of 70 pence per Ordinary Share pursuant to the Tender Offer, resulting in approximately £10.5 million being paid by the Company to its ordinary shareholders. Of the 15,016,111 Ordinary Shares purchased by the Company, 12,858,824 Ordinary Shares will be held as treasury shares and the remaining 2,157,287 will be cancelled. Cheques will be dispatched for certificated Ordinary Shares and payment will be made through CREST for uncertificated Ordinary Shares pursuant to the Tender Offer by 14 June 2012.

Defined terms used in this announcement shall have the same meaning as set out in the circular to shareholders dated 1 May 2012.

A copy of the resolution passed at the Tender EGM is available at the National Storage Mechanism and is available for viewing online at: http://www.hemscott.com/nsm.do.

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