Scrip Dividend Circular

RAVEN RUSSIA LIMITED (the "Company")

Scrip Dividend Circular

Further to the Company's announcement on 19 August 2010, the circular relating to the scrip dividend for the Preference Shares for the period from 30 June 2010 to (but excluding) 30 September 2010 (the "Circular") is now available on the investor page of the Company's website, www.ravenrussia.com. A letter notifying holders of Preference Shares of the presence of the Circular on the Company's website and how to access it has been posted today together with a form of election (or an entitlement advice to the extent shareholders have already elected to participate in the scrip dividend mandate scheme).

The last date for receipt of completed forms of election (in accordance with the terms thereof) will be 17 September 2010.

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