Directors' Dealings

2 April 2013

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 18 March 2013 that the following directors subscribed for scrip preference shares in respect of the preference share dividend for the period from 31 December 2012 (but excluding) 31 March 2013:

The wife of the Chairman of the Company, Richard Jewson, subscribed for 2,825 scrip preference shares. Following this purchase Richard Jewson's wife has a beneficial interest of 139,382 preference shares.

The Bilton Family Discretionary Settlement, of which Anton Bilton the Executive Deputy Chairman of the Company, is a trustee, subscribed for 37,993 scrip preference shares. Following this purchase Anton Bilton has a beneficial interest of 27,625,396 preference shares.

Stephen Coe, Non Executive Director of the Company and his wife, subscribed for 780 scrip preference shares. Following this purchase Stephen Coe has a beneficial interest of 59,534 preference shares.

Enquiries

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

Anton Bilton

Glyn Hirsch

Cardew Group Tel: + 44 (0) 207 930 0777

Alexandra Stoneham

James Clark

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 £425 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