RAV.L Regulatory News (RAV)

TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARESi

1. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attached: ii

Raven Russia Limited

2 Reason for the notification (please tick the appropriate box or boxes):

An acquisition or disposal of voting rights

ü

An acquisition or disposal of qualifying financial instruments which may result in the acquisition of shares already issued to which voting rights are attached

An acquisition or disposal of instruments with similar economic effect to qualifying financial instruments

An event changing the breakdown of voting rights

Other (please specify):

3. Full name of person(s) subject to the notification obligation: iii

Schroders plc

4. Full name of shareholder(s)  (if different from 3.):iv

5. Date of the transaction and date on which the threshold is crossed or reached: v

31.08.2010

6. Date on which issuer notified:

01.09.2010

7. Threshold(s) that is/are crossed or reached: vi, vii

11% to 10%

8. Notified details:

A: Voting rights attached to shares viii, ix

Class/type of shares

if possible using the ISIN CODE

Situation previous to the triggering transaction

Resulting situation after the triggering transaction

Number of Shares

Number of Voting Rights

Number of shares

Number of voting rights

% of voting rights x

Direct

Direct xi

Indirect xii

Direct

Indirect

Ordinary

72,150,685

57,462,190

72,150,685

N/A

57,462,190

N/A

10.692%

GB00B0D5V538

B: Qualifying Financial Instruments

Resulting situation after the triggering transaction

Type of financial instrument

Expiration date xiii

Exercise/ Conversion Period xiv

Number of voting rights that may be acquired if the instrument is exercised/ converted.

% of voting rights

Warrants

GG00B55K7758

25/03/19

8,166,191

1.520%

C: Financial Instruments with similar economic effect to Qualifying Financial Instruments xv, xvi

Resulting situation after the triggering transaction

Type of financial instrument

Exercise price

Expiration date xvii

Exercise/ Conversion period xviii

Number of voting rights instrument refers to

% of voting rights xix, xx

Nominal

Delta

Total (A+B+C)

Number of voting rights

Percentage of voting rights

65,628,381

12.21%

9. Chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held, if applicable: xxi

Schroder Investment Management Limited 57,452,324 10.690%

Schroder & Co Limited 9,866 0.002%

Warrants

Schroder Investment Management Limited 8,156,934 1.518%

Schroder &Co Limited 9,257 0.0001%

Proxy Voting:

10. Name of the proxy holder:

11. Number of voting rights proxy holder will cease to hold:

12. Date on which proxy holder will cease to hold voting rights:

13. Additional information:

The shares referred to in section 9 are held in portfolios managed by those firms on a discretionary basis for clients under investment management agreements.

14. Contact name:

Taryn O'Donoghue

15. Contact telephone number:

020 7658 6000