Directors' Dealings

28 September 2012

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

Directors' Dealings

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

The Company was notified today, 28 September 2012, that:

A trust, of which Anton Bilton the Executive Deputy Chairman of the Company, is a beneficiary, exercised 2,167,953 warrants to subscribe for ordinary shares at 25p each. Following this transaction Anton Bilton has a beneficial interest in 19,860,582 ordinary shares representing 3.301% of the issued share capital, and 12,914,991 warrants.

Mark Sinclair, Chief Financial Officer of the Company, exercised 7,332 warrants to subscribe for ordinary shares at 25p each. Following this transaction Mark Sinclair has a beneficial interest in 2,466,169 ordinary shares representing 0.410% of the issued share capital.

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 £400 million. The company operates out of offices in Guernsey, Moscow and Cyprus and has to date completed a portfolio of circa 1.3 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