Directors' Dealings

30 December 2011

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 29 December 2011 that the following directors subscribed for scrip preference shares in respect of the preference share dividend for the period from 30 September 2011 to (but excluding) 31 December 2011:

The Bilton Family Discretionary Settlement, of which Anton Bilton the Executive Deputy Chairman of the Company, is a trustee, subscribed for 37,999 scrip preference shares in the Company. Following this purchase Anton Bilton has a beneficial interest of 27,435,700 preference shares in the Company.

Steve Coe, Non Executive Director of the Company, subscribed for 1,010 scrip preference shares in the Company. Following this purchase Steve Coe has a beneficial interest of 55,791 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 Tel: +44 (0) 203 205 7500

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 £300 million. The company operates out of offices in Guernsey, Moscow and Cyprus and has to date completed a portfolio of circa 1 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