Preference Share Conversion Offer

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

Preference Share Conversion Offer - Conversion of shares

Further to the Company's announcement on 23 December 2013, which confirmed the passing of the requisite resolutions for approval of the Preference Share Conversion Offer, the Company can confirm that it has approved the conversion of 97,416,231 Preference Shares into 194,832,462 New Ordinary Shares. The New Ordinary Shares arising as a result of the conversion of Preference Shares pursuant to the Preference Share Offer will be credited as fully paid and rank pari passu in all respects with the existing Ordinary Shares in issue on Admission, including their right to receive all future dividends or other distributions declared, made or paid after Admission.

Application has been made to the Financial Conduct Authority and to the London Stock Exchange respectively for admission of the New Ordinary Shares to the Official List of the UK Listing Authority and to trading on the main market of the London Stock Exchange and dealings in such shares will commence on 2 January 2014.

Following Admission, the total number of Ordinary Shares in issue will be 753,379,368 and the total number of Preference Shares in issue will be 97,674,608.

Enquiries

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

Anton Bilton

Glyn Hirsch

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

Tim Robertson

Ben Heath

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

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 £425 million. The Company operates out of offices in Guernsey, Moscow and Cyprus and has to date completed a portfolio of circa 1.4 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