Issue of Preference Shares

30 March 2017

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

Issue of preference shares (RUSP)

The Company announces that it has approved the issue and allotment of 146,213 new cumulative redeemable preference shares of 1 pence each in the Company with ticker RUSP (the "Preference Shares") 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, the London Stock Exchange and The International Stock Exchange Authority (TISEA) for admission of new Preference Shares to the Official List of the UK Listing Authority, trading on the main market of the London Stock Exchange and admission to the official list of the TISEA. Dealing is expected to commence on 31 March 2017.

Following admission of the new preference shares, the total number of preference shares in issue is 98,898,589.

Enquiries

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

Anton Bilton

Glyn Hirsch

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

Tim Robertson

Toby Andrews

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

Corporate Finance - James Maxwell / Liz Yong

Sales - Alan Geeves / James Waterlow

Ravenscroft Tel: + 44 (0) 1481 729100

Semelia Hamon

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 and admitted to the official list of The International Stock Exchange Authority ("TISEA"). Its Convertible Preference Shares are admitted to the TISEA Official List and trading on the SETSqx market of the London Stock Exchange. The Company operates out of offices in Guernsey, Moscow and Cyprus and has to date completed a portfolio of circa 1.5 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