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Sep 10th 2012, 16:00

Aerostar to Establish PMA Parts Providers

Sioux Falls, SD (September 10, 2012) — It has been over six years since Aerostar International, Inc. notified the ballooning community that it was discontinuing the manufacture of hot air balloons. Since that time, Aerostar’s business has grown and diversified, leading it further from its historical business products serving the ballooning community. We have also seen a steady decline in the demand for parts for our hot air balloon products. As the resources necessary to maintain the replacement parts product line have diminished, it has become far more difficult to maintain our level of contact with the industry including the FAA, repair stations and our customers.

Based on these trends and the desire of several companies active in the balloon repair business, Aerostar has decided to transfer its hot air parts business to these companies and cease the sale and manufacture of these parts within Aerostar. These companies are committing long term to stock and manufacture parts under the FAA’s PMA authority to meet future parts needs for Aerostar balloon owners.

Between now and December 31, 2012, when Aerostar ceases to accept parts orders, we will endeavor to fill parts orders in a timely manner based on inventory availability. It is our intention to deliver all orders by the end of January 2013. Aerostar will continue to monitor and manage safety and airworthiness issues as defined in FAR Part 21.

We tremendously appreciate the need for quality parts to ensure that Aerostar balloons continue to operate in a safe and reliable condition. A great deal of forethought has been put into this decision and we intend this change to serve Raven/Aerostar balloon owners and the ballooning community in the best possible manner. Raven/Aerostar owners have been a wonderful group to work with over the years, and we thank you for sharing our concern for safety.

About Aerostar International, Inc.

Aerostar International, Inc. is a wholly owned subsidiary of Raven Industries (Nasdaq: RAVN), a U.S. manufacturer providing Aerospace Products, Military Products, Tethered Aerostats, Protective Wear, Marine Navigation Products and Custom Inflatables to various markets. Raven Aerostar has been involved in lighter-than-air products since the 1950s. Today, Aerostar engineers and manufactures aerostats for military and non-military use. Aerostar also manufactures personnel and cargo parachutes for the U.S. Army, protective wear for all branches of the military, high-altitude super-pressure balloons for NASA, high-altitude airships for the Space Missile Defense Command and custom character inflatables for the largest Thanksgiving Day Parade and theme parks.

About Raven Industries, Inc.

Since 1956, Raven Industries has provided high-quality, high-value technical products. Raven is publicly traded on NASDAQ (RAVN) and has earned an international reputation for innovation, product quality, high performance and unmatched service. With strengths in engineering and technological innovation, Raven provides custom solutions including precision agriculture applications, high performance specialty films, aerostats for communications and surveillance, and electronic manufacturing services. Learn more about Raven Industries at www.ravenind.com.

Contact Information:

Martin Harms
Aerostar International, Inc.
Ph: 605-529-3627
Email: Martin.Harms@ravenind.com