Result of Tender Offer and EGM

18 October 2012

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

Result of Tender Offer and EGM

The Company is pleased to announce that, at the Extraordinary General Meeting held at 9.00 a.m. yesterday (the "EGM"), the resolution set out in the Notice of Extraordinary General Meeting dated 11 September 2012, was duly passed.

A summary of the votes lodged by proxy is as follows:

Notes:

1. "Votes For" includes those giving the Chairman discretion and votes "For" and "Against" are expressed as a percentage of votes received.

2. A "Vote Withheld" is not a vote in law and is not counted in the calculation of the votes "For" and "Against" a resolution.

3. Total number of Ordinary Shares in issue at 9.00 a.m. on 17 October 2012 was 601,616,813 Ordinary Shares. 69% of voting capital was instructed.

Raven Russia can confirm that a total of 247,876,592 Ordinary Shares have been tendered in connection with the Tender Offer. Tenders for up to and including the Tender Offer Entitlement (as revised following the Company's announcement on 21 September 2012) of 1 Ordinary Share for every 49 Ordinary Shares at 75 pence per share will be met in full. Tenders received for surplus Ordinary Shares will be met at the rate of 0.00461258147999742 Ordinary Shares for each surplus Ordinary Share tendered over and above the revised tender offer entitlement of 1 for 49, rounded down to the nearest whole Ordinary Share.

Following the exercise of Warrants, a total of 12,277,785 Ordinary Shares will be purchased pursuant to the Tender Offer, resulting in approximately £9,208,339 million being paid by the Company to its ordinary shareholders. All of the 12,277,785 Ordinary Shares purchased by the Company will be cancelled. Cheques will be dispatched for certificated Ordinary Shares purchased pursuant to the Tender Offer and payment will be made through CREST for uncertificated Ordinary Shares purchased pursuant to the Tender Offer, in each case, by 26 October 2012.

Defined terms used in this announcement and not defined herein shall have the same meaning as set out in the circular to shareholders dated 11 September 2012.

A copy of the resolution passed at the EGM is available at the National Storage Mechanism and is available for viewing online at: http://www.hemscott.com/nsm.do.

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

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 £400 million. The company operates out of offices in Guernsey, Moscow and Cyprus and has to date completed a portfolio of circa 1.3 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