Directors' Dealings

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

The Bilton Family Discretionary Settlement, of which Anton Bilton the Executive Deputy Chairman of the Company, is a trustee, subscribed for 35,538 scrip preference shares in the Company. Following this purchase Anton Bilton has a beneficial interest of 27,337,701 preference shares in the Company.

Steve Coe, Non Executive Director of the Company, subscribed for 944 scrip preference shares in the Company. Following this purchase Steve Coe has a beneficial interest of 54,781 preference shares in the Company.

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 £320 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 Novosibirsk. For further information visit the Company's website: www.ravenrussia.com