Issue of Preference Shares

29 September 2014

RAVEN RUSSIA LIMITED ("Raven Russia" or the "Company")

Issue of preference shares

The Company announces that it has approved the issue and allotment of 83,241 new preference shares of GBP0.01 each in the Company following payment of the scrip preference share dividend. These new preference shares will rank pari passu with all existing preference shares. Application has been made to the Financial Conduct Authority and to the London Stock Exchange respectively for admission of new preference shares to the Official List of the UK Listing Authority and trading on the main market of the London Stock Exchange. Dealing is expected to commence on 30 September 2014.

Following admission of the new preference shares, the total number of preference shares now in issue is 97,972,528.

Enquiries

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

Anton Bilton

Glyn Hirsch

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

Tim Robertson

Ben Heath

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

Corporate Finance - James Maxwell

Sales - Alan Geeves / James Waterlow

Barclays Bank Plc

Tom Boardman / Tom Macdonald Tel: +44 (0) 20 7623 2323

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 £510 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