Directors' dealings

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 31 December 2012 that the following directors subscribed for scrip preference shares in respect of the preference share dividend for the period from 30 September 2012 to (but excluding) 31 December 2012:

The wife of the Chairman of the Company, Richard Jewson, subscribed for 2,677 scrip preference shares. Following this purchase Richard Jewson's wife has a beneficial interest of 136,557 preference shares.

The Bilton Family Discretionary Settlement, of which Anton Bilton the Executive Deputy Chairman of the Company, is a trustee, subscribed for 36,006 scrip preference shares. Following this purchase Anton Bilton has a beneficial interest of 27,587,403 preference shares.

Stephen Coe, Non Executive Director of the Company, subscribed for 936 scrip preference shares. Following this purchase Stephen Coe has a beneficial interest of 58,754 preference shares. Stephen Coe also gifted 20,000 Preference shares to his wife on 31 December 2012. This has no change on Stephen Coe's beneficially interest noted above.

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

N+1 Singer Tel: +44 (0) 20 7496 3000

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 1.3 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