Director/PDMR Shareholding

31 December 2013

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

Directors' Dealings

Pursuant to Disclosure and Transparency Rule 3.1.2, the following information falls to be disclosed: the Company was notified on 30 December 2013 that the following directors subscribed for scrip preference shares in respect of the preference share dividend for the period from 30 September 2013 to (but excluding) 31 December 2013:

The wife of the Chairman of the Company, Richard Jewson, subscribed for 2,883 scrip preference shares. Following this subscription Richard Jewson's wife has a beneficial interest in 148,037 preference shares.

The Bilton Family Discretionary Settlement subscribed for 38,780 scrip preference shares. Anton Bilton, the Executive Deputy Chairman of the Company, is a trustee of The Bilton Family Discretionary Settlement. Following this subscription Anton Bilton has a beneficial interest in 28,119,554 preference shares.

Stephen Coe, Non Executive Director of the Company, together with his wife, subscribed for 790 scrip preference shares. Following this subscription Stephen Coe has a beneficial interest in 61,911 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

Sales - Alan Geeves / James Waterlow

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 £425 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