RAVEN RUSSIA LIMITED (the "Company") 

Drawdown of Additional Debt Facilities

Raven Russia, the Guernsey registered, AIM listed property investment company, announces the draw down of $50 million of additional debt facilities from Aareal Bank AG and the International Finance Corporation (IFC).

As previously announced, the Group successfully negotiated an increase of $30 million on a facility with Aareal Bank AG, secured on its Istra warehouse project. It has now drawn $20 million of this additional facility, increasing the total draw to $109 million with a remaining 4 year term and a margin of 5.5% over US Libor. Libor has been fixed at 2.5% over the term of the loan.

The Istra warehouse complex comprises 182,000 square metres and is 83% let.

Further to the announcement of 5 October 2009, the Group has also drawn $30 million of a $40 million facility with IFC, secured on its Rostov warehouse project. The project is the first grade A warehouse to be constructed in the city of Rostov-on-Don in south west Russia. It comprises 100,000 square metres of which 58% is leased. The IFC facility has a term of 9 years at an overall margin of 8.3% above US Libor, once fully drawn. This is IFC's third facility with the Group. 

The Group now has total senior debt of $481 million at a cost of 7.0% to the Group.

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