Issue of Preference Shares

30 December 2016

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 56,154 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 Channel Islands Securities Exchange Authority Limited (CISEA) 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 CISEA. Dealing is expected to commence on 3 January 2017.

Following admission of the new preference shares, the total number of preference shares in issue is 98,752,376.

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

Barclays Bank Plc Tel: +44 (0) 20 7623 2323

Tom Boardman / Tom Macdonald

Ravenscroft Tel: + 44 (0) 1481 729100

David McGall

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 Channel Islands Securities Exchange Authority Limited ("CISEA"). Its Convertible Preference Shares are admitted to the CISEA 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