Publication of Prospectus

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION DIRECTLY OR INDIRECTLY IN OR INTO THE UNITED STATES OF AMERICA, CANADA, AUSTRALIA, JAPAN OR SOUTH AFRICA OR ANY JURISDICTIONS IN WHICH THE SAME WOULD BE UNLAWFUL.

THIS ANNOUNCEMENT IS AN ADVERTISEMENT AND DOES NOT CONSTITUTE A PROSPECTUS OR PROSPECTUS EQUIVALENT DOCUMENT. INVESTORS SHOULD NOT SUBSCRIBE FOR OR PURCHASE ANY SHARES REFERRED TO IN THIS ANNOUNCEMENT EXCEPT ON THE BASIS OF THE INFORMATION IN THE PROSPECTUS.

1 May 2012

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

Publication of Circular and Prospectus

Raven Russia announces that, further to the Company's announcement on 30 April 2012 regarding the proposed acquisition of Pushkino Logistics Park and the placing and open offer of 48,414,250 New Preference Shares to raise approximately US$104 million, a class 1 circular in relation to the proposed acquisition and a prospectus in relation to the placing and open offer were approved by the UK Listing Authority ("UKLA") earlier today.

The class 1 circular and the prospectus are expected to be posted later today to the Company's ordinary shareholders and to the Company's preference shareholders respectively.

Copies of the class 1 circular and 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.

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