Director/PDMR Shareholding

6 June 2016

Raven Russia Limited ("Raven Russia" or the "Company")

Directors' Dealing

Pursuant to Disclosure and Transparency Rule 3.1.2, the following information falls to be disclosed:

The Company was notified that the following transactions took place on Friday, 3 June:

Mark Sinclair, Chief Financial Officer, sold 21,675 preference shares of 1p each in the capital of the Company ("Preference Shares") at a price of 126.6p to the Raven Russia Defined Contribution (Executive Guernsey) Pension Scheme, a pension scheme of which he is a trustee and sole beneficiary. This transaction has no effect on the beneficial interest of Mark Sinclair and his immediate family which remains at 720,832 Preference Shares.

Glyn Hirsch, Chief Executive Officer, contributed 1,526,810 Preference Shares at a price of 126.6p to a pension scheme of which he is a beneficiary. This transaction has no effect on the beneficial interest of Glyn Hirsch and his immediate family which remains at 2,143,225 Preference Shares.

Enquiries

Raven Russia Limited Tel: + 44 (0) 1481 712955

Anton Bilton

Glyn Hirsch

Novella Communications Tel: +44 (0) 203 151 7008

Tim Robertson

Ben Heath

N+1 Singer Tel: +44 (0) 20 7496 3000

Corporate Finance - James Maxwell / Liz Yong

Sales - Alan Geeves / James Waterlow

Barclays Bank Plc Tel: +44 (0) 20 7623 2323

Tom Boardman / Tom Macdonald

Ravenscroft (CISE Sponsor) Tel: + 44 (0) 1481 729100

David McGall

About Raven Russia

Raven Russia was founded in 2005 to invest in class A warehouse complexes in Russia and lease to Russian and International tenants. Its Ordinary Shares, Preference Shares and Warrants are listed on the Main Market of the London Stock Exchange and admitted to the official list of the Channel Islands Securities Exchange Authority with a market capitalisation of approximately £215 million. The Company operates out of offices in Guernsey, Moscow and Cyprus and has to date completed a portfolio of circa 1.5 million square metres of Grade "A" warehouses in Moscow, St Petersburg, Rostov-on-Don and Novosibirsk. For further information visit the Company's website: www.ravenrussia.com