Acquisition Update

1 March 2017

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

Update Re Acquisition

On 19 January 2017 the Board announced that subsidiaries of the Company had entered into a conditional agreement ('the Agreement") for the acquisition of a portfolio of three high quality income producing properties in St Petersburg. The Agreement provided for the subsidiaries of the Company to acquire a completed warehouse and two office buildings from EPI Russia I Ky, a fund managed by Northern Horizon Capital, for a total consideration of RUR 4.9 billion, subject to the satisfaction of certain escrow arrangements. The Agreement had a long stop date of 28 February 2017.

As those escrow arrangements have not been satisfied by the long stop date, a Deed of Amendment to the Agreement has been signed by all of the parties, extending the backstop date to 31 March 2017 with the option to extend for a further 20 business days if necessary.

The Board is confident that the outstanding escrow arrangements are administrative in nature and that closing will be achieved.

Enquiries

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

Anton Bilton

Glyn Hirsch

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

Tim Robertson

Toby Andrews

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

Corporate Finance - James Maxwell / Liz Yong

Sales - Alan Geeves / James Waterlow

Ravenscroft Tel: + 44 (0) 1481 729100

Semelia Hamon

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 and admitted to the official list of the Channel Islands Securities Exchange Authority Limited ("CISEA"). Its Convertible Preference Shares are admitted to the CISEA Official List and trading on the SETSqx market of the London Stock Exchange. The Company operates out of offices in Guernsey, Moscow and Cyprus and has to date completed a portfolio of circa 1.5 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