RAV.L Regulatory News (RAV)

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, INTO ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION

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

Proposed Purchase of 1 in every 40 Ordinary Shares of 1p each in the Company ("Ordinary Shares") at 70p per share by way of a tender offer ("the Tender Offer")

Notice of General Meeting

Raven Russia is today posting a circular to its shareholders containing full details of the Tender Offer and a notice of General Meeting convened for 10.30 am on Wednesday 30 May 2012.

On 12 March 2012, the Board of Raven Russia announced in its results for the year ended 31 December 2012, that the Company intended to offer to purchase 1 in every 39 Ordinary Shares by way of a tender offer at a price of 68p per share. Since then, the Ordinary Share price has risen and the Board has determined to amend the Tender Offer so that it now intends to offer to purchase 1 in every 40 Ordinary Shares at 70p per share.

The Tender Offer will also present tendering shareholders with an opportunity to sell more than their pro rata entitlement (up to their entire holding of Ordinary Shares) to the extent that other shareholders tender less than their pro rata entitlement. In such case, surplus tenders will be accepted in proportion to the number of additional Ordinary Shares tendered so that the total number of Ordinary Shares purchased does not exceed 14,943,974 (assuming no valid exercise of the Company's warrants).

If the maximum number of 14,943,474 Ordinary Shares is acquired (assuming no valid exercise of the Company's warrants in the period), this will result in an amount of £10.5 million being paid by the Company to its shareholders. It is intended that up to 12,858,824 Ordinary Shares purchased under the Tender Offer will be held as treasury shares and, thereafter, the remainder will be cancelled and not available for re-issue.

The Tender Offer is open to all holders of Ordinary Shares on the Company's register at 6pm on Tuesday 29 May 2012, who may participate by tendering all or a proportion of their holding of Ordinary Shares at 70p per share. Warrantholders who wish to participate in the Tender Offer will be required to exercise their warrants by 15 May 2012 in accordance with the terms of the Warrant Instrument. No Ordinary Shares will be purchased in relation to the Tender Offer unless the relevant resolution to be proposed at the General Meeting is passed.

Copies of the circular, tender offer forms and form of proxy will be submitted to the National Storage Mechanism and will shortly be available for inspection at www.Hemscott.com/nsm . In addition, the documents will be available on the Raven Russia website (www.ravenrussia.com/investor ) and may also be obtained from the Company Secretary.

1 May 2012

 Enquiries

Raven Russia Limited Tel: + 44 (0) 1481 712955

Anton Bilton

Glyn Hirsch

Cardew Group Tel: + 44 (0) 207 930 0777

Tim Robertson

Alexandra Stoneham

Singer Capital Markets Limited Tel: +44 (0) 203 205 7500

Corporate Finance- James Maxwell

Sales - Alan Geeves / James Waterlow

Kinmont Limited Tel: + 44 (0) 207 087 9100

Jonathan Gray

Kinmont Limited is advising Raven Russia in relation to the Tender Offer and no one else and will not be responsible to anyone other than Raven Russia for providing the protections afforded to customers of Kinmont Limited nor for providing advice in relation to the Tender Offer.