Result of EGM and Tender Offer Alternative

3 November 2011

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

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

Result of Extraordinary General Meeting and Tender Offer Alternative

At the Extraordinary General Meeting of the Company held at 11:00 a.m. on 3 November 2011, the resolution set out in the Notice of Extraordinary General Meeting dated 10 October 2011 was duly passed.

The votes of those lodged by proxy were as follows:

Votes For 469,827,607 (99.99%)

Votes Against 44,364 (0.01%)

Votes Withheld* 484,976

*Votes For" includes those giving the Chairman discretion. "Votes Withheld" are not votes in law and have not been counted in the calculation of votes "For" and "Against" the resolution.

Raven Russia can confirm that it has received elections for the Tender Offer Alternative and a total of 4,406,122 shares have been tendered. A total of 4,406,122 Ordinary Shares will now be purchased pursuant to the Tender Offer Alternative. The Ordinary Shares purchased by the Company pursuant to the Tender Offer Alternative will be held in treasury. Cheques will be dispatched for certificated Ordinary Shares and payment will be made through CREST for uncertificated Ordinary Shares pursuant to the Tender Offer Alternative by 18 November 2011. Ordinary Shareholders who did not take the Tender Offer Alternative to the interim dividend will receive a cash dividend of 1.25p per share on the 18 November 2011.

Defined terms used in this announcement shall have the same meaning as set out in the circular to shareholders dated 10 October 2011. A copy of the resolution passed at the Extraordinary General Meeting will be submitted to the National Storage Mechanism and will shortly be available for inspection at www.Hemscott.com/nsm .

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 Tel: +44 (0) 203 205 7500

Corporate Finance- James Maxwell

Sales - Alan Geeves / James Waterlow

Kinmont Limited Tel: + 44 (0) 207 087 9100

Jonathan Gray

Kinmont Limited is advising Raven Russia in relation to the Tender Offer and no one else and will not be responsible to anyone other than Raven Russia for providing the protections afforded to customers of Kinmont Limited nor for providing advice in relation to the Tender Offer.

This announcement which has been issued by the Company and is the sole responsibility of the Company, has been approved only for the purposes of Section 21 of the Financial Services and Markets Act 2000 of the United Kingdom by Kinmont Limited, 5 Clifford Street, London W1S 2LG, a firm which is authorised and regulated in the United Kingdom by the Financial Services Authority.

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 £260 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