30 December 2009

RAVEN RUSSIA LIMITED 

("Raven Russia" or the "Company")

Directors' Dealings

In accordance with AIM Rule 17 (Disclosure of Miscellaneous Information) and Schedule 5, the following information falls to be disclosed: the Company was notified on 23 December 2009 that the following directors subscribed for scrip preference shares in respect of the preference share dividend for the period from 30 September 2009 to (but excluding) 31 December 2009:

The wife of the Chairman of the Company, Richard Jewson, subscribed for 666 scrip preference shares in the Company. Following this purchase Richard Jewson's wife has a beneficial interest of 21,811 preference shares in the Company.

Anton Bilton, Executive Deputy Chairman of the Company, subscribed for 435,994 scrip preference shares in the Company. Following this purchase Anton Bilton has a beneficial interest of 18,048,839 preference shares in the Company.

Glyn Hirsch, Chief Executive Officer of the Company, subscribed for 4,265 scrip preference shares in the Company. Following this purchase Glyn Hirsch has a beneficial interest of 488,400 preference shares in the Company.

Steve Coe, Non Executive Director of the Company, subscribed for 812 scrip preference shares in the Company. Following this purchase Steve Coe has a beneficial interest of 37,599 preference shares in the Company.

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