Interim Management Statement

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

INTERIM MANAGEMENT STATEMENT FOR THE PERIOD FROM 1 JANUARY 2014 TO 12 MAY 2014

Key Highlights

· Annualised NOI (including PLAs and LOIs) of $192.7 million

· Occupancy of completed space remains at 97%

· Annualised NOI increases to $202 million on completion of pre let development at Noginsk

· First 67,000sqm of new space at Padikovo due for completion at the end of 2014

· Cash held by the Group now $202 million

· Tender offer buy back at 85p closes on 19 May 2014

· Company AGM to be held on 20 May 2014

Overview

The Group currently has annualised Net Operating Income ("NOI") of $192.7 million including pre let agreements ("PLAs"), rising to $202 million on completion of the pre let development at Noginsk.

Vacancy remains at 3% of the completed portfolio of 1.4 million square metres ("sqm").

We are well advanced in the construction of the first 67,000sqm of our development at Padikovo, North West Moscow and this should complete by the end of the year. There is healthy letting interest in the site.

The construction of the pre let space at Noginsk of 39,000sqm continues on time and budget and should also be available for occupancy by the end of the year.

We have commenced discussions, where possible, on the extension of leases maturing in 2015/16.

Financial

There are no significant near term bank facility maturities for the Group. As we explained in the recent Annual Report, we are in discussions with a number of banks to extend terms or refinance on attractive terms, allowing us to re-gear the more expensive or highly amortised of our bank facilities. Two facilities are now credit approved and at document stage with a further two going to credit this month.

Group cash balances stand at $202 million today.

Outlook

The current political situation in Ukraine has yet to have any tangible effect on the operation of our business other than the impact on the market value of our listed instruments. That could change with any escalation of matters by either side.

In the meantime, we will continue to extend lease and bank facility terms where possible to minimise any potential downside.

The tender offer buy back of 1 in 28 ordinary shares at 85p, details of which were included in the Circular of 14 April 2014, will close on 19 May 2014 with distributions made by 30 May 2014.

Glyn Hirsch, Chief Executive of Raven Russia said: "Raven Russia is a profitable, cash generative business with a broad range of strong counter parties. We operate in a market that we still believe remains structurally undersupplied."

Enquiries

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

Anton Bilton

Glyn Hirsch

Novella Communications Tel: + 44 (0) 203 1517008

Tim Robertson/Chris Marsh

N+1 Singer Tel: +44 (0) 207 496 3000

Corporate Finance- James Maxwell

Sales - Alan Geeves / James Waterlow

This announcement contains forward-looking statements that involve risk and uncertainties. The Group's actual results could differ materially from those estimated or anticipated in the forward-looking statements as a result of many factors. Information contained in this announcement relating to the Company should not be relied upon as a guide to future performance.

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 £525 million. The company operates out of offices in Guernsey, Moscow and Cyprus and has to date completed a portfolio of circa 1.4 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