Directors Dealings

4 May 2012

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

Directors Dealings

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

In accordance with the remuneration policy set out in the 2009 financial statements and approved at the AGM on 16 April 2010, the Remuneration Committee have made awards under the executive bonus scheme as follows:

Anton Bilton, Executive Deputy Chairman, received 775,000 ordinary shares.

Glyn Hirsch, Chief Executive Officer, received 775,000 ordinary shares.

Mark Sinclair, Chief Financial Officer, received 775,000 ordinary shares.

Colin Smith, Chief Operating Officer, received 160,000 ordinary shares.

The Company has also been notified that Mark Sinclair has exercised his Employee Retention Scheme options over 1,000,000 ordinary shares and that he has subsequently sold 173,000 ordinary shares at an average price of 60.62p per share to cover certain tax liabilities which fall due as a result of bonus scheme awards and other incentive scheme vestings.

At the same time, trusts of which Anton Bilton and Glyn Hirsch are beneficiaries have today bought in the market 64,759 and 66,240 ordinary shares respectively at 61p per share. This represents the same number of shares which are intended to be tendered to the Company pursuant to the tender offer announced on 1 May 2012. The net effect therefore will be that their trusts' shareholdings will not change once the tender offer has completed.

Following the settlement of all of these transactions the directors have beneficial interests in the issued ordinary share capital of the Company as follows:

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 £350 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