Issue of Preference Shares

30 December 2010

RAVEN RUSSIA LIMITED (the "Company")

Issue of preference shares

The Company announces that it has approved the issue and allotment of 265,193 new preference shares of GBP0.01 each in the Company following payment of the scrip preference share dividend. These new preference shares will rank pari passu with all existing preference shares. Application has been made for admission of the new preference shares to trading on the Alternative Investment Market of the London Stock Exchange and dealings are expected to commence tomorrow.

Following admission of the new preference shares, the total number of preference shares now in issue is 144,357,156.

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