Director/PDMR Shareholding

1 October 2014

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, 30 September 2014, that The Bilton Family Discretionary Settlement a trust of which Anton Bilton, Executive Deputy Chairman of the Company is trustee and The Cassian and Lily Bilton Trust, a trust of which Mr Bilton's immediate family are beneficiaries, exercised 472,000 and 120,000 warrants to subscribe for ordinary shares of 1p each respectively. Following this transaction the beneficial interest of Anton Bilton and his immediate family is 56,613,324 ordinary shares, representing 7.5122% of the issued ordinary share capital and 11,520,007 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

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 £490 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