Intention to list Preference Shares

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, INTO ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION.THIS ANNOUNCEMENT IS NOT INTENDED TO,AND DOES NOT,CONSTITUTE OR FORM ANY PART OF AN OFFER TO SELL OR AN INVITATION TO PURCHASE OR SUBSCRIBE FOR ANY SECURITIES OR THE SOLICITATION OF AN OFFER TO BUY OR SUBSCRIBE FOR ANY SECURITIES AND NOR SHALL THERE BE ANY SALE,ISSUANCE OR TRANSFER OF THE SECURITIES REFERRED TO IN THIS ANNOUNCEMENT IN ANY JURISDICTION WHERE TO DO SO WOULD BE IN CONTRAVENTION OF APPLICABLE LAW.

31 May 2011

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

Intention to seek Admission to the Official List as a Standard Listing and Cancellation of Trading on AIM of the Company's Preference Shares

The Board of Raven Russia is pleased to announce that the Company intends to apply for admission of its Preference Shares to the Official List of the UK Listing Authority as a standard listing and to trading on the London Stock Exchange's Main Market for listed securities.

The Board believes that the proposed move from AIM to the Official List will help to increase the profile and liquidity of the Preference Shares particularly as it should allow them to qualify for inclusion in ISAs for the first time.The Preference Shares pay an annual dividend of 12p per share (paid quarterly) which at the current Preference Share price of 132.75p represents a yield of approximately 9.04 per cent. The Company has 144,551,018 Preference Shares in issue giving an issue size of approximately £192 million. Both Raven Russia's Ordinary Shares and Warrants are already listed on the Official List.

As part of the listing process and to enable the Preference Shares to comply with the UK Listing Authority's rules requiring at least 25 per cent of the Preference Shares to be in public hands, the Company's Employee Benefit Trust will be placing 2,000,000 Preference Shares with new investors.

The Company hereby gives notice of the intended cancellation of admission to trading of the Company's Preference Shares on AIM. It is expected that the admission of the Company's Preference Shares to the Official List and to trading on the Main Market will take place simultaneously with the cancellation of the admission to trading on AIM, and will become effective at 8.00 a.m. on or around 19 July 2011.

The Company has been granted a waiver under AIM Rule 41 from seeking consent from holders of its Preference Shares in a general meeting for such cancellation of trading.

A further announcement including details of the publication of the Company's Prospectus will be made in due course.

Glyn Hirsch, Chief Executive of Raven Russia commented:-

"We are delighted that the Preference Shares are moving up to the Main Market. With a current yield of just over 9 per cent., we believe that they will be attractive investments particularly for private investors looking for income."

Enquiries

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

Anton Bilton

Glyn Hirsch

Kinmont Tel:+44 (0) 207 087 9100

Jonathan Gray

John O' Malley

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