Director's Dealing

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 Glyn Hirsch, Chief Executive Officer of the Company:

· New Street Trust Limited and NSM Nominees Limited, the trustees of a retirement scheme of which Glyn Hirsch and his immediate family are beneficiaries, have transferred 4,592,510 Ordinary Shares, 1,526,810 Preference Shares and 1,939,279 Warrants to Glyn Hirsch.

This transaction has no effect on the beneficial interest of Glyn Hirsch and his immediate family which remains at 7,909,942 Ordinary Shares (representing 1.16% of the issued ordinary share capital), 2,143,225 Preference Shares (representing 2.18% of the issued preference share capital) and 2,292,817 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

Ravenscroft (CISE Sponsor) Tel: + 44 (0) 1481 729100

David McGall

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 and admitted to the official list of the Channel Islands Securities Exchange Authority with a market capitalisation of approximately £225 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