Acquisition update

2 June 2011

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

Acquisition update

On 28 February 2011, the Board announced the signing of a conditional Sale and Purchase Agreement for the acquisition of Karta Realty Limited ("Karta"), the ultimate owner of the Southgate Warehouse project in the Domodedovo district of Southern Moscow. The acquisition was conditional on the right of a minority shareholder group to match any formal offer made for Karta. The Board has now been informed that the minority shareholder group has satisfied all of the conditions of their right to match obligation and completed the acquisition of the shares of the majority shareholder. Raven Russia has received a break fee of $2.5 million from the vendors.

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

Singer Capital Markets Limited (NOMAD) Tel: +44 (0) 203 205 7500

Corporate Finance- James Maxwell

Sales - Alan Geeves / James Waterlow

Matrix Corporate Capital LLP Tel: +44 (0) 203 206 7000

Corporate Finance - Malcolm Le May / Roger Clarke

Sales- Carl Gough

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 and Warrants are listed on the Main Market of the London Stock Exchange with a market capitalisation of approximately £360 million, operates out of offices in Guernsey, Moscow and Cyprus.

To date, completed a portfolio of circa 1 million square metres of Grade "A" warehouses in Moscow, St Petersburg, Rostov-on-Don and Novosibrisk. For further information visit the Company's website: www.ravenrussia.com