Lease Amendments

2 July 2012

RAVEN RUSSIA LIMITED

("Raven Russia" or the "Company")

Lease Amendments

Raven Russia is pleased to announce that through its local subsidiary it has completed a substantial lease regearing at its Krekshino, Moscow property with Itella, the market leader in the logistics sector in Russia.

Raven Russia has agreed to terminate the existing three leases which expired in March 2012, July 2014 and January 2016 and replace them with new leases expiring in June 2019. Under the leases Itella will continue to occupy 91,454 m2 at an initial annual rent of $12,289,550 pa, equivalent to $122.0 per m2 for warehouse space. This represents an increase of $1.6m over the previous rents. The rent will be increased annually by 2.9%.

The obligations of Itella will be secured by its parent company, which is 100% owned by the Finnish Government.

Glyn Hirsch Chief Executive of Raven Russia said

"This deal demonstrates our approach of actively managing our portfolio to maximise income streams for the long term from high quality tenants. Itella has a very strong brand in Russia and this is a significant deal with the market leading landlord and tenant in the logistics sector agreeing to extend their relationship for the long term."

Vesa Vertanen, Itella Logistics Area Director, Russia said "This contract enables Itella Logistics to offer customers high quality service logistics for the future. The lease gives us an opportunity to develop customers' supply chains on a long-term perspective, in one of the Moscow's most efficient logistics centres. We are very happy with our continued cooperation and strategic partnership with Raven."

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 Tel: +44 (0) 203 205 7500

Corporate Finance- James Maxwell

Sales - Alan Geeves / James Waterlow

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 £350 million. The company operates out of offices in Guernsey, Moscow and Cyprus and has to date completed a portfolio of circa 1.2 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