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, 24 November 2010, that Anton Bilton, Executive Deputy Chairman, gifted 275,000 Ordinary Shares to The Bilton Charitable Foundation of which he is a trustee. This transaction has no effect on his interest in Ordinary Shares which remain at 17,107,277 being 3.2317% of the total Ordinary 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