Results of Offer to Warrantholders

RAVEN RUSSIA LIMITED (the "Company")

Announcement of results of Offer to Warrantholders

Further to the Company's announcement on 30 June 2010 in relation to the proposed move of its Ordinary Shares and Warrants from AIM to the Official List and the Offer, the Company is pleased to announce the results of the Offer:

The Warrants surrendered pursuant to the Offer will be cancelled on 28 July 2010. As previously announced, the Company will then be in a position to meet all of the requirements of the Listing Rules and, thus the Ordinary Shares will be capable of being admitted to the Official List and to trading on the London Stock Exchange's market for listed securities.

It is expected that on 2 August 2010 the Ordinary Shares and Warrants will be delisted from AIM and will commence trading on the Official List of the UK Listing Authority and commence dealings on the London Stock Exchange's main market for listed securities. At such date, the Company will have the following number of Ordinary Shares and Warrants in issue:

The Preference Shares will remain on AIM.

Assuming that no further issue of Ordinary Shares, or Warrants, or exercise of Warrants, in each case takes place between today and 28 July 2010, the date on which the Warrants surrendered pursuant to the Offer will be cancelled, the interests in the share capital of the Company on 28 July 2010 of the Directors and their immediate families (all of which are beneficial) and (so far as is known to the Directors or could with reasonable diligence be ascertained by them) persons connected with them (within the meaning of sections 252 to 255 of the 2006 Act) which, if the connected person were a Director would otherwise be disclosed pursuant to this paragraph, will be (in addition to those interests disclosed in paragraphs 7.2 and 7.3 of Part 9 of the Prospectus):

(1) The total includes shares held by The Lorier Retirement Annuity Trust Scheme, of which Colin Smith is a trustee and beneficiary.

(2) The total includes Ordinary Shares, Preference Shares and Warrants which have been allocated by the remuneration committee to the individuals. These shares are held in a number of different trust schemes where the individual is a beneficiary.

(3) The Organon SIPP re: Anton Bilton is a Self Invested Personal Pension of which Anton Bilton is a trustee and beneficiary.

(4) The Godfrey Bilton Life Interest Settlement Trust of 1st Floor, 21 Knightsbridge, London SW1X 7LY, was formed on 17 June 2002. Its trustees are Anton Bilton and Martin Davies and its beneficiaries are the Life Tenant (being Anton Bilton's children) and their children and remoter issue (grandchildren, great grandchildren and so on).

(5) The Bilton Family Discretionary Settlement Trust of 1st Floor, 21 Knightsbridge, London SW1X 7LY was formed on 17 October 2007. Its trustees are Anton Bilton and Martin Davies and its intended beneficiaries are Anton Bilton's children, remoter issue, father, siblings, charitable organisations and anyone who the trustees shall add to the beneficiary class. Anton Bilton and his wife are excluded from benefiting from the Trust.

(6) The Bilton Charitable Foundation, of 1st Floor, 21 Knightsbridge, London SW1X 7LY, was formed on 26 March 2007. Its trustees are Anton Bilton, Martin Davies and Lisa Bilton and its beneficiaries are as nominated at the discretion of the trustees exclusively for charitable objects or purposes. As such, the Company does not consider The Bilton Charitable Foundation to be connected to Anton Bilton.

Capitalised words in this announcement have the meanings ascribed to them in the Prospectus.

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