Issue of Preference Shares

RAVEN RUSSIA LIMITED (the "Company")

Issue of preference shares

Following the Company's announcement on 30 December 2010, the admission of 265,193 new preference shares of GBP0.01 each in the Company following payment of the scrip preference share dividend, are expected to commence on Monday 10 January 2011.

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

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