Tender Offer Circular & Notice of General Meeting

10 October 2011

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

Tender Offer Alternative to the Interim Dividend

Notice of General Meeting

Raven Russia is today posting a circular to its shareholders containing full details of the Tender Offer Alternative to the Interim Dividend and notice of a General Meeting convened for 11 am on Thursday 3 November 2011.

As set out in the announcement on 8 September 2011, the Company declared the Interim Dividend of 1.25p per Ordinary Share but retained a tender offer buyback as an alternative for all shareholders who have qualified for the Interim Dividend on the record date of 7 October 2011. Shareholders may participate by tendering all or a proportion of their entitlement of 1 for every 46 Ordinary Shares at 58p per share as an alternative to receiving the Interim Dividend.

Any fractional entitlements, proportions of shareholdings not tendered and invalid tenders will receive the Interim Dividend of 1.25p per Ordinary Share. Ordinary Shares purchased under the Tender Offer Alternative will be held as treasury shares. No Ordinary Shares will be purchased in relation to the Tender Offer Alternative unless the relevant resolution to be proposed at the General Meeting convened for 3 November 2011 is passed. If the maximum number of 12,915,035 Ordinary Shares is purchased under the Tender Offer Alternative this will result in a maximum of £7.49million being paid by the Company to its shareholders.

Shareholders who wish to receive the Interim Dividend will not need to take any action in respect of the Tender Offer Alternative.

Copies of the circular, tender offer forms and forms of proxy will be submitted to the National Storage Mechanism and will shortly be available for viewing online at www.hemscott.com and on the Company's website www.ravenrussia.com 

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

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 £300 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