Director/PDMR Shareholding

RAVEN RUSSIA LIMITED

("Raven Russia" or the "Company")

Directors' Dealings

Pursuant to Disclosure and Transparency Rule 3.1.2 and AIM Rule 17 (Disclosure of Miscellaneous Information), the following information falls to be disclosed: the Company was notified on 13 October 2010 that Stephen Coe, Non Executive Director of the Company, exercised 1,000 Warrants to subscribe for Ordinary Shares, such exercise taking place on the 13 October 2010. Following this exercise of Warrants Stephen Coe has a beneficial interest of 73,938 Ordinary Shares and 31,997 Warrants in the Company.

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