Director/PDMR Shareholding

30 June 2011

RAVEN RUSSIA LIMITED

("Raven Russia" or the "Company")

Directors' Dealings

Pursuant to Disclosure and Transparency Rule 3.1.2 and AIM Rule 17 (Disclosure of Miscellaneous Information), the following information falls to be disclosed: the Company was notified on 29 June 2011 that the following directors subscribed for scrip preference shares in respect of the preference share dividend for the period from 31 March 2011 to (but excluding) 30 June 2011:

The wife of the Chairman of the Company, Richard Jewson, subscribed for 2,867 scrip preference shares in the Company. Following this purchase Richard Jewson's wife has a beneficial interest of 130,949 preference shares in the Company.

The Bilton Family Discretionary Settlement, of which Anton Bilton the Executive Deputy Chairman of the Company, is a trustee, subscribed for 35,279 scrip preference shares in the Company. Following this purchase Anton Bilton has a beneficial interest of 27,362,163 preference shares in the Company.

Steve Coe, Non Executive Director of the Company, subscribed for 938 scrip preference shares in the Company. Following this purchase Steve Coe has a beneficial interest of 53,837 preference shares in the Company.

Enquiries

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

Anton Bilton

Glyn Hirsch

Cardew Group Tel: + 44 (0) 207 930 0777

Tim Robertson

Alexandra Stoneham

Singer Capital Markets Limited (NOMAD) Tel: +44 (0) 203 205 7500

Corporate Finance- James Maxwell

Sales - Alan Geeves / James Waterlow

Matrix Corporate Capital LLP Tel: +44 (0) 203 206 7000

Corporate Finance - Malcolm Le May / Roger Clarke

Sales- Carl Gough

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 and Warrants are listed on the Main Market of the London Stock Exchange with a market capitalisation of approximately £300 million, operates out of offices in Guernsey, Moscow and Cyprus.

To date, completed a portfolio of circa 1 million square metres of Grade "A" warehouses in Moscow, St Petersburg, Rostov-on-Don and Novosibrisk. For further information visit the Company's website: www.ravenrussia.com