Removal of RFD line

31 August 2017

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

Removal of RFD Line (RUC2)

Further to the circular to ordinary shareholders dated 13 June 2017, Raven Russia announces that the 89,766,361 convertible preference shares of no par value admitted to the TISE Official List and to trading on the SETSqx platform of the London Stock Exchange on 4 July 2017, initially trading under the ticker RUC2 (ISIN: GG00BYPB9J77, SEDOL: BYPB9J7) ("RUC2 Convertible Preference Shares"), will from 8am on Monday 2 October 2017 trade together with the existing 108,689,501 convertible preference shares of no par value with ticker RUSC (ISIN: GG00BYVFCC74, SEDOL: BYVFCG1) ("RUSC Convertible Preference Shares"). The RUC2 Convertible Preference Shares initially traded as a separate line for the period up to and including 29 September 2017, to reflect their convertible preference dividend entitlement to the close of business on 29 September 2017.

The record date for the merging of the RUC2 Convertible Preference Shares into RUSC Convertible Preference Shares is close of business on Friday 29 September 2017. The RUC2 Convertible Preference Shares will be removed from the TISE Official List and from trading on the SETSqx platform of the London Stock Exchange with effect from close of business on Friday 29 September 2017. Dealings in the merged Convertible Preference Shares will commence at 8am on Monday 2 October 2017.

Holders of RUC2 Convertible Preference Shares and RUSC Convertible Preference Shares are not required to take any action. Following the merging of RUC2 Convertible Preference Shares into RUSC Convertible Preference Shares, existing RUC2 share certificates will cease to be valid and new RUSC share certificates will be despatched to those shareholders who held their RUC2 Convertible Preference Shares in certificated form, on or around Monday 16 October 2017. RUSC share certificates will remain valid.

Enquiries

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

Anton Bilton

Glyn Hirsch

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

Tim Robertson

Toby Andrews

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

Corporate Finance - James Maxwell / Liz Yong

Sales - Alan Geeves / James Waterlow

Ravenscroft Tel: + 44 (0) 1481 729100

Brian O'Mahoney

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 and admitted to the Official List of The International Stock Exchange ("TISE"). Its Convertible Preference Shares are admitted to the Official List of TISE and trading on the SETSqx market of the London Stock Exchange. The Company operates out of offices in Guernsey, Moscow and Cyprus and has an investment portfolio of circa 1.6 million square metres of Grade "A" warehouses in Moscow, St Petersburg, Rostov-on-Don and Novosibirsk and 49,000 square metres of commercial office space in St Petersburg. For further information visit the Company's website: www.ravenrussia.com