Transfer of Shares out of Treasury

1 July 2016

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

Further re Transfer of Shares out of Treasury

Further to the announcement of 30 June 2016 regarding the transfer of 450,000 preference shares out of treasury to the Raven Russia Employee Benefit Trust No.1 at a transfer price of 122.5p per share, the Company confirms that under LR11.1.11R, the transaction constitutes a "smaller" related party transaction under LR11.1.10R.

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

Barclays Bank Plc Tel: +44 (0) 20 7623 2323

Tom Boardman / Tom Macdonald

Ravenscroft (CISE Sponsor) Tel: + 44 (0) 1481 729100

David McGall

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 Channel Islands Securities Exchange Authority with a market capitalisation of approximately £255 million. The Company operates out of offices in Guernsey, Moscow and Cyprus and has to date completed a portfolio of circa 1.5 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