RAV.L Regulatory News (RAV)

RAVEN RUSSIA LIMITED (the "Company")

Scrip Dividend Circular

Further to the Company's announcement on 18 November 2010, the circular relating to the scrip dividend for the Preference Shares for the period from 30 September 2010 to (but excluding) 31 December 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 December 2010.

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

Numis Securities Limited (NOMAD) Tel: + 44 (0) 207 7260 1000

Nick Westlake