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 27 September 2013 that the following directors subscribed for scrip preference shares in respect of the preference share dividend for the period from 30 June 2013 to (but excluding) 30 September 2013:

The wife of the Chairman of the Company, Richard Jewson, subscribed for 3,003 scrip preference shares. Following this subscription Richard Jewson's wife has a beneficial interest in 145,154 preference shares.

The Bilton Family Discretionary Settlement subscribed for 40,385 scrip preference shares. Anton Bilton, the Executive Deputy Chairman of the Company, is a trustee of The Bilton Family Discretionary Settlement. Following this subscription Anton Bilton has a beneficial interest in 28,313,474 preference shares.

Stephen Coe, Non Executive Director of the Company, together with his wife, subscribed for 825 scrip preference shares. Following this subscription Stephen Coe has a beneficial interest in 61,121 preference shares.

The Company was also notified today that The Bilton Family Discretionary Trust and The Cassian and Lily Bilton Trust exercised 500,000 warrants and 72,000 warrants, respectively. Anton Bilton is a trustee of both trusts. Following this exercise Anton Bilton has a beneficial interest in 12,342,991 warrants and 19,098,323 ordinary shares of 1p each in the capital of the company representing 3.3383% of the issued share capital.

Enquiries

Raven Russia Limited Tel: + 44 (0) 1481 712955

Anton Bilton

Glyn Hirsch

Novella Communications Tel: +44 (0) 203 151 7008

Tim Robertson

Ben Heath

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 £400 million. The Company operates out of offices in Guernsey, Moscow and Cyprus and has to date completed a portfolio of circa 1.4 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