Director/PDMR Shareholding

27 November 2012

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

Transaction by Person Discharging Managerial Responsibilities Disclosure Rule DTR 3.1.4

On 27 November 2012, Glyn Hirsch, Chief Executive Officer of the Company, notified the Company that, on 27 November 2012, 75,724 ordinary shares of 1p each ("Ordinary Shares"), 348,750 preference shares of 1p each ("Preference Shares") and 257,295 warrants ("Warrants") were transferred for no consideration to a private pension scheme in his name.

Mr Hirsch's interests in shares and warrants of the Company (and those of his connected persons) remain unchanged, being 3,507,209 Ordinary Shares, 3,562,578 Preference Shares and 2,292,817 Warrants.

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 £375 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