Director/PDMR Shareholding

24 December 2015

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

Director's Dealing

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

The Company was notified today that the following dealings had taken place with respect to Anton Bilton, Executive Deputy Chairman of the Company:

· Praxis Trustees Limited and Truchot Trustees Limited in respect of the Anton Bilton EFRBS have transferred 9,600,000 Ordinary Shares and 1,008,923 Preference Shares for an aggregate consideration of £5,144,032.98 as consideration for the transfer of certain assets by Anton Bilton to the Anton Bilton EFRBS; and

· Anton Bilton has transferred 29,512,678 Ordinary Shares, 4,130,502 Preference Shares and 10,403,262 warrants to subscribe for Ordinary Shares ("Warrants") to Bilton Investments Limited, a company wholly owned by Anton Bilton for an aggregate consideration of £19,692,544.23.

These transactions have no effect on the beneficial interest of Anton Bilton, Executive Deputy Chairman of the Company and his immediate family which remains at 47,696,719 Ordinary Shares (representing 6.99% of the issued ordinary share capital), 7,820,119 Preference Shares (representing 7.95% of the issued preference share capital) and 11,151,075 Warrants.

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

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 £275 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