Tender Offer

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

Amendment to the proposed terms of the Tender Offer

Proposed Purchase of 1 in every 40 Ordinary Shares of 1p each in the Company ("Ordinary Shares") at 80p per share by way of a tender offer ("the Tender Offer")

On 9 September 2013, Raven Russia posted a circular to shareholders containing full details of a tender offer to purchase 1 in every 37 Ordinary Shares at 75p per share (the "Circular"). Since then, the Ordinary Share price has risen rendering, in the opinion of the Company, a Tender Price of 75p less attractive to Shareholders. As a consequence, and in accordance with the provisions of paragraph 9(ii) of Part II of the Circular, the Board has determined to increase the Tender Price so that it is now proposing to purchase 1 in every 40 Ordinary Shares at an increased price of 80p per share (the "Revised Tender Price").

The Revised Tender Price of 80p represents a premium of approximately 7 per cent. to the average closing middle market price of the Ordinary Shares of 74.8p per share as derived from the London Stock Exchange for the five business days ended on 19 September 2013.

Under the revised terms of the Tender Offer, a maximum number of 14,302,462 Ordinary Shares are proposed to be acquired (assuming no exercise of Warrants). If the maximum number of Ordinary Shares under the terms of the revised Tender Offer is acquired and assuming no exercise of warrants, this will result in an amount of approximately £11.4 million being paid by the Company to its Qualifying Shareholders. It is intended that all Shares purchased under the Tender Offer will be cancelled and will not be available for re-issue.

Other than any changes resulting from the amendment to the terms of the Tender Offer as set out in this announcement, all other details of, and matters relating to, the Tender Offer (including the terms and conditions of the Tender Offer and the expected timetable of events for the Tender Offer ) contained within the Circular and the Tender Form remain unchanged. Shareholders should continue to use the existing Tender Form in respect of the Tender Offer and insert the number of Ordinary Shares that they wish to tender in the appropriate box on the basis of the new terms of 1 for 40 Ordinary Shares at 80p.

The benefit of the proposed increase to the Tender Price per Ordinary Share pursuant to the Tender Offer will be made available to all Qualifying Shareholders whose tenders have already been submitted (either by way of a Tender Form or electronically through CREST) to the extent accepted by the Company.

Defined terms used in this announcement and not defined herein shall have the same meaning as set out in the Circular.

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

Kinmont Tel: + 44 (0) 207 087 9100

Jonathan Gray

Kinmont Limited is advising Raven Russia in relation to the Tender Offer and no one else and will not be responsible to anyone other than Raven Russia for providing the protections afforded to customers of Kinmont Limited nor for providing advice in relation to the Tender Offer.

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 1.4 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