Publication of Prospectus

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, INTO ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION. THIS ANNOUNCEMENT IS NOT INTENDED TO, AND DOES NOT, CONSTITUTE OR FORM ANY PART OF AN OFFER TO SELL OR AN INVITATION TO PURCHASE OR SUBSCRIBE FOR ANY SECURITIES OR THE SOLICITATION OF AN OFFER TO BUY OR SUBSCRIBE FOR ANY SECURITIES AND NOR SHALL THERE BE ANY SALE, ISSUANCE OR TRANSFER OF THE SECURITIES REFERRED TO IN THIS ANNOUNCEMENT IN ANY JURISDICTION WHERE TO DO SO WOULD BE IN CONTRAVENTION OF APPLICABLE LAW.

 21 July 2011

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

Prospectus published for Admission of the Company's Preference Shares to the Official List as a Standard Listing and Cancellation of Trading on AIM

Following the Company's announcement on 31 May 2011 Raven Russia is pleased to announce that it has published its prospectus and has made an application for the admission of its entire issued Preference Share capital to the Official List of the UK Listing Authority ("Official List") as a Standard Listing and to trading on the London Stock Exchange's Main Market for listed securities ("Admission").

The Board believes that the proposed move from AIM to the Official List will help to increase the profile and liquidity of the Preference Shares particularly as it should allow them to qualify for inclusion in ISAs for the first time. The Preference Shares pay an annual dividend of 12p per share. Both Raven Russia's Ordinary Shares and Warrants are already listed on the Official List.

Admission is expected on 27 July 2011 and dealings in the Company's Preference Shares on the Main Market of the London Stock Exchange will commence at 8.00 a.m. on that day. Further to the Company's previous announcement on 31 May 2011, trading in the Company's Preference Shares on AIM will be cancelled simultaneously with Admission. The Company is not issuing new Preference Shares in connection with Admission. The Company's RIC code and ISIN will continue to be, respectively, RUSP and GG00B55K7B92 . On Admission, there will be 144,715,947 Preference Shares in issue.

To view the full document, please paste the following URL into the address bar of your browser.

http://www.rns-pdf.londonstockexchange.com/rns/8486K_-2011-7-21.pdf

Copies of the Prospectus will be submitted to the National Storage Mechanism and will shortly be available for viewing online at the following web-site address: http://www.hemscott.com/nsm.do and www.ravenrussia.com.

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 (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 - Roger Clarke

Sales- Carl Gough

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 and Warrants are 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 Novosibirsk. For further information visit the Company's website: www.ravenrussia.com