Director/PDMR Shareholding

RAVEN RUSSIA LIMITED ("Raven Russia" or the "Company")

Director's Dealings

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

The Company was notified yesterday, 20 October 2014, that the Lorier Retirement Annuity Trust a trust of which Colin Smith, Chief Operating Officer is a trustee and beneficiary participated in the tender offer by tendering 11,622 ordinary shares of 1p each in the capital of the Company ("Ordinary Shares"). Following this transaction Colin Smith has a beneficial interest in 1,054,469 Ordinary Shares representing 0.143% of the issued ordinary share capital of the Company.

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

Sales - Alan Geeves / James Waterlow

Barclays Bank Plc

Tom Boardman / Tom Macdonald Tel: +44 (0) 20 7623 2323

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 with a market capitalisation of approximately £450 million. The Company operates out of offices in Guernsey, Moscow and Cyprus and has to date completed a portfolio of circa 1.4 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