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, 11 November 2010, that:

Mark Sinclair, Chief Financial Officer sold 142,222 Ordinary Shares at a price of 56.25p and contributed 40,000 Preference Shares to the Raven Russia Defined Contribution (Executive Guernsey) Pension Scheme of which he is a trustee and sole beneficiary. This transaction has no effect on his interest in Ordinary and Preference Shares which remains at 614,779 and 150,887 repectively being 0.116% and 0.104% of the total Ordinary and Preference Shares in issue.

Benn Garnham, Company Secretary contributed 7,000 Preference Shares to the Ohana Retirement Annuity Trust of which he is a beneficiary. This transaction has no effect on his interest in Preference Shares which remain at 7,000 being 0.004% 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