New Letting and Trading Update

21 April 2011

RAVEN RUSSIA LIMITED (the "Company")

Russia's largest retailer, X5 Retail Group, signs new 76,000sqm lease in Moscow

Finance facility signed on the Klimovsk phase 1 project

Update on Southgate Acquisition

Trading update

X5 Retail Group

The Board of Raven Russia Limited is pleased to announce a significant new letting with a subsidiary of X5 Retail Group.

X5 has agreed to lease a total of 75,681 square metres ("sqm") (816,624 square feet) of warehouse and ancillary space at the Company's Noginsk project in Moscow. 30,781 sqm of the letting is for cold storage and the Company has agreed to invest a further $16 million for conversion of this element, with occupation expected in November 2011. Occupation of the standard warehouse space will commence in July 2011.The lease has a 10 year term, without break, and a blended warehouse rent of $141 per sqm.

The Company's Noginsk project has a completed phase of 123,000 sqm, which is now 85% let, and a second phase comprising 40 hectares of permitted land.

Klimovsk

The Board is also pleased to announce the signing of a $38m term loan facility with ZAO Raiffeisen Bank of Russia, to be secured on the completed phase 1 buildings of the Klimovsk warehouse complex in southern Moscow. The project comprises 55,000 sqm and is fully let.

The Raiffeisen facility has a term of 9 years and is expected to be drawndown in full in June.

On drawing the Raiffeisen facility, the Group's total cost of debt will reduce from 7.0% to 6.9% and total Group debt will increase from $455m to $493m.

Southgate Acquisition

Following the announcement on 28 February 2011 of the signing of a conditional sale and purchase agreement for the acquisition of the Southgate warehouse complex in Moscow, the Board confirms that it has been notified by Cypress Grove International ("CGI") that they have received a formal right to match the Company's offer, from the minority shareholders of Karta Realty Limited.

There are a number of conditions that are required to be met before the purchase can be completed by the minority shareholders. The Board will issue an update in due course.

Should the minority shareholders complete the acquisition, the vendor is required to pay the Company a break fee of $2.5 million.

Trading Update

As at today's date, the Company's annualised net operating income is $103 million, including the X5 letting, increasing to $109 million with pre let agreements ("PLAs") and letters of intent ("LOIs"). The Company's warehouse portfolio is now 78% let, increasing to 83% on conversion of PLAs and LOIs.

The Company will be making its next Interim Management Statement on 16 May 2011.

Glyn Hirsch, Chief Executive of Raven Russia, said: "This is our second deal with X5, the largest retailer in Russia, and is a significant letting for the Company. It takes a large proportion of the remaining vacant warehouse space in Moscow out of an already under supplied market. The annualised NOI on our existing portfolio is now over $100 million which is a major milestone for the Company . The news of a matching offer on Southgate means that other investors are beginning to understand the potential of warehousing in Moscow, which should be good for valuations."

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

Notes for Editors

Raven Russia

·; Founded in 2005 to invest in class A warehouse complexes in Russia and lease to Russian and International tenants.

·; Listed on the Main Market of the London Stock Exchange with a market capitalisation of approximately £360 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. Raven Russia also holds 377 hectares of land across Russia and CIS available for future development.

·; The company's major tenants are Auchan, X5 Retail Group, Bacardi, DSV (Suzuki, Nissan+Renault), Nippon Express (Yamaha), NLC (Fin Post), Seacon Logistics (Amway), FM Logistics, Oriflame, Gradient, Gates, L'Occtaine, Roto Frank, Moron, Gorenje, Dixy Group, Pepsi, Alliance Healthcare, Major and Johnson Controls.

·; For further information visit the Company's website: www.ravenrussia.com

X5 Retail Group

·; X5 Retail Group N.V. is Russia's largest retailer in terms of sales. The Company was created as a result of a merger between Pyaterochka (soft discounter chain) and Perekrestok (supermarket chain) on 18 May 2006. In June 2008, X5 acquired Karusel hypermarket chain and substantially strengthened its position in hypermarket format.

·; As at 31 March 2011, X5 had 2,545 Company-managed stores located in Moscow, St. Petersburg and other regions of European Russia, Urals and Ukraine, including 1,472 soft discount stores, 303 supermarkets, 71 hypermarkets, 47 convenience stores and 652 acquired Kopeyka stores (including 45 stores already rebranded as Pyaterochka). As at 31 March 2011, X5's franchisees operated 690 stores across Russia.

·; For the full year 2010, net sales totaled USD 11,280 mln, EBITDA reached USD 844 mln, and net profit amounted to USD 271 mln. For the first quarter 2011, net retail sales totaled USD 3,826 mln.

·; X5 Shareholder structure is as follows: Alfa Group - 47.9%, founders of Pyaterochka - 19.9%, X5 Management - 1.8%, treasury shares - 0.1%, free float - 30.3%