RAV.L Regulatory News (RAV)

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

Directors Dealing

Pursuant to Disclosure and Transparency Rule 3.1.2 and AIM Rule 17 (Disclosure of Miscellaneous Information), the following information falls to be disclosed:

In accordance with the remuneration policy set out in the 2009 financial statements and approved at the AGM on 16 April 2010, the Remuneration Committee have awarded the following under the executive bonus scheme. Full details of the awards are included in the Remuneration Report accompanying the financial statements for the year ended 31 December 2010.

A trust of which Anton Bilton, Executive Deputy Chairman, is a beneficiary received 883,922 ordinary shares and 8,971 preference shares. Following this Anton Bilton has a beneficial interest in 17,991,199 ordinary shares representing 3.39% of the issued share capital of the Company and 27,290,520 preference shares representing 18.9% of the preference shares in issue.

A trust of which Glyn Hirsch, Chief Executive Officer, is a beneficiary received 883,922 ordinary shares and 8,971 preference shares. Following this allocation Glyn Hirsch has a beneficial interest in 2,827,946 ordinary shares representing 0.53% of the issued share capital and 3,558,881 preference shares representing 2.47% of the preference shares in issue.

Mark Sinclair, Chief Financial Officer, received 761,155 ordinary shares and 7,725 preference shares. Following this allocation Mark Sinclair has a beneficial interest in 1,375,934 ordinary shares representing 0.26% of the issued share capital and 158,612 preference shares representing 0.11% of the preference shares in issue.

Colin Smith, Chief Operating Officer, received 157,142 ordinary shares and 1,594 preference shares. Following this allocation Colin Smith has a beneficial interest in 231,242 ordinary shares representing 0.04% of the issued share capital and 90,772 preference shares representing 0.06% of the preference shares in issue.

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) 203 205 7500

Corporate Finance- James Maxwell

Sales - Alan Geeves / James Waterlow

Matrix Corporate Capital LLP Tel: +44 (0) 203 206 7000Corporate Finance - Malcolm Le May / Roger Clarke

Sales- Carl Gough