Issue of preference shares

29 June 2011

RAVEN RUSSIA LIMITED (the "Company")

Issue of preference shares

The Company announces that it has approved the issue and allotment of 164,929 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 for admission of the new preference shares to trading on the Alternative Investment Market of the London Stock Exchange and dealings are expected to commence tomorrow.

Following admission of the new preference shares, the total number of preference shares now in issue is 144,715,947.

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 £300 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