Results of Placing and Open Offer

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.

 18 May 2012

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

Results of Placing and Open Offer

On 30 April 2012, the Company announced details of 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.

As disclosed in the prospectus, Invesco had committed to subscribe for 25,000,000 New Preference Shares pursuant to the Placing, which it intended to offset by taking up in full its Open Offer entitlement and institutional investors had agreed to subscribe for the balance of the New Preference Shares at the Issue Price subject to, amongst other things, clawback in respect of valid applications by Qualifying Shareholders under the Open Offer.

The Open Offer closed for acceptances at 11:00 a.m. on 17 May 2012. At that time, the Company had received valid acceptances in respect of 26,658,778 New Preference Shares pursuant to the Open Offer from Qualifying Shareholders (including Invesco taking up its Open Offer entitlement in full), which in aggregate represents approximately 55.06 per cent. of the New Preference Shares offered. Accordingly, the remaining 21,755,472 of the New Preference Shares not taken up pursuant to the Open Offer have been allocated to Placees.

The Placing and Open Offer remain conditional on, amongst other things, the passing of the Resolution at the General Meeting to be held at 10:00 a.m. on 30 May 2012 and on Admission becoming effective by no later than 8:00 a.m. on the scheduled date for completion of the Acquisition Agreement (currently estimated to be 20 June 2012), or such later time or date as the parties to the Placing Agreement may agree provided such date is no later than 8:00 a.m. on 16 July 2012.

Application has been made to the UK Listing Authority and the London Stock Exchange for the 48,414,250 New Preference Shares to be admitted to the Official List and to trading on the London Stock Exchange's main market for listed securities. It is expected that the New Preference Shares will be admitted to the Official List and to trading on the London Stock Exchange on 20 June 2012. New Preference Shares in uncertificated form are expected to be credited to CREST accounts at or soon after 8:00 a.m. on 20 June 2012 and definitive share certificates for the New Preference Shares in certificated form are expected to be dispatched on or by 27 June 2012. The New Preference Shares, when issued and fully paid, will rank equally in all respects with the Existing Preference Shares. The Preference Dividend shall accrue on the New Preference Shares from the date of their issue.

Defined terms used in this announcement shall have the same meaning as set out in the prospectus dated 1 May 2012.

A copy of the prospectus is available at the National Storage Mechanism and is available for viewing online at the following web-site address: http://www.hemscott.com/nsm.do and www.ravenrussia.com.

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