Tender Offer and Notice of GM

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

12 September 2017

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

Proposed Purchase of 1 in every 52 Ordinary Shares of 1p each in the Company ("Ordinary Shares") at 52p per share by way of a tender offer ("the Tender Offer")

Interim Results for the six months ended 30 June 2017

Notice of General Meeting

Raven Russia is today posting a circular to its shareholders containing full details of the Tender Offer and a notice of General Meeting convened for 10.30a.m. on Tuesday 10 October 2017 together with the Interim Results for the six months ended 30 June 2017.

On 29 August 2017, the Board of Raven Russia announced in its Interim Results for the six months ended 30 June 2017, that the Company intended to offer to purchase 1 in every 52 Ordinary Shares by way of a tender offer at a price of 52p per share. If the maximum number of 12,835,934 Ordinary Shares is acquired (assuming no valid exercise or conversion of the Company's Warrants or Convertible Preference Shares respectively in the period), this will result in an amount of approximately £6.7 million being paid by the Company to its shareholders. It is intended that the Ordinary Shares purchased under the Tender Offer will be cancelled and not available for re-issue.

The Tender Offer is open to all holders of Ordinary Shares on the Company's register at 6pm on Monday 9 October 2017, who may participate by tendering all or a proportion of their pro rata Tender Offer entitlement to sell Ordinary Shares at 52p per share. Warrantholders who wish to participate in the Tender Offer will be required to exercise their warrants by 1pm on Friday 29 September 2017 in accordance with the terms of the Warrant Instrument. Holders of Convertible Preference Shares who wish to participate in the Tender Offer will be required to convert their shares by 1pm on Friday 29 September 2017 in accordance with the terms of the Company's Articles. No Ordinary Shares will be purchased in relation to the Tender Offer unless the relevant resolution to be proposed at the General Meeting is passed.

Copies of the circular, tender offer forms, form of proxy and Interim Results will be submitted to the National Storage Mechanism and will shortly be available for inspection at http://www.morningstar.co.uk/uk/NSM . In addition, the documents will be available on the Raven Russia website (www.ravenrussia.com) and may also be obtained from the Company Secretary.

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