Director/PDMR Shareholding

RAVEN RUSSIA LIMITED

("Raven Russia" or the "Company")

Director/PDMR 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 today, 10 December 2010, that Anton Bilton, Executive Deputy Chairman, purchased 226,000 Preference Shares in his own name and a further 56,000 Preference Shares in the name of the Bilton Family Discretionary Settlement of which he is a trustee, at a price of 123.5p. This transaction takes Anton Bilton's total interest in Preference Shares to 27,246,229 being 18.91% of the total 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

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

Nick Westlake