Result of Tender Offer

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")

Results of Tender Offer

Raven Russia can confirm that a total of 266,229,503 Ordinary Shares have been tendered in connection with the Tender Offer. Tenders for up to and including the Tender Offer Entitlement of 1 Ordinary Share for every 30 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 0.009092772 Ordinary Shares for each surplus Ordinary Share tendered over and above the Tender Offer entitlement of 1 for 30, rounded down to the nearest whole Ordinary Share.

The number of Ordinary Shares subject to the Tender Offer has increased due to the exercise of the Company's warrants. A total of 25,148,324 Ordinary Shares will now be purchased at a price of 75 pence per Ordinary Share pursuant to the Tender Offer, resulting in approximately £18.9 million being paid by the Company to its ordinary shareholders. Of the 25,148,324 Ordinary Shares purchased by the Company pursuant to the Tender Offer, 8,085,803 will be held as treasury shares and the remainder will be cancelled. Cheques will be dispatched for certificated Ordinary Shares and payment will be made through CREST for uncertificated Ordinary Shares pursuant to the Tender Offer by 12 October 2014.

Defined terms used in this announcement shall have the same meaning as set out in the circular to shareholders dated 5 September 2014.

Enquiries

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

Anton Bilton

Glyn Hirsch

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

Tim Robertson

Ben Heath

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

Corporate Finance - James Maxwell

Sales - Alan Geeves / James Waterlow

Barclays Bank Plc

Tom Boardman / Tom Macdonald Tel: +44 (0) 20 7623 2323

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 £475 million. The Company operates out of offices in Guernsey, Moscow and Cyprus and has to date completed a portfolio of circa 1.4 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