Results for the Six Months Ended 30 June

RAVEN PROPERTY GROUP LIMITED

Results for the 6 months ending 30 June 2019 Moscow International Business Centre 1 RESULTS HIGHLIGHTS

NET OPERATING UNDERLYING EARNINGS BASIC DILUTED NAV INTERIM DISTRIBUTION INCOME AFTER TAX UNDERLYING EPS PER SHARE PER ORDINARY SHARE £64.3 MILLION £32.4 MILLION 5.31 PENCE 67 PENCE 1.25 PENCE

INVESTMENT INVESTMENT REVALUATION AVERAGE PORTFOLIO PROPERTY (SQM) PROPERTY VALUE SURPLUS WAREHOUSE RENT OCCUPANCY TODAY 1.9 MILLION £1.3 BILLION £18.2 MILLION RUB 5,118 90% PER ANNUM PER SQM

Income Statement for the 6 months ended: 30 June 2019 30 June 2018

Net rental and related income (£m) 64.3 57.6 Underlying earnings after tax (£m) 32.4 4.4 Underlying basic EPS (pence) 5.31 0.67 Revaluation surplus / (deficit) (£m) 18.2 (26.1) IFRS profit / (loss) after tax (£m) 26.2 (28.8) Distribution per share (pence) 1.25 1.25

Balance Sheet at: 30 June 2019 31 December 2018

Investment property market value (£ bln) 1,337 1,194 IFRS fully diluted NAV per share (pence) 67 48

RESULTS FOR THE 6 MONTHS ENDING 30 JUNE 2019 © 2019 RAVEN PROPERTY GROUP LTD. 3 PORTFOLIO SUMMARY AT 30 JUNE 2019 Operating properties Land Bank Area let Land GLA NOI Occupancy Land Location (excluding LOI) Location Ha '000 sqm £m '000 sqm % Ha Grade A warehouses Additional Phases Moscow Sever 49 254.3 6.3 232.9 92 Moscow Lobnya 6 Pushkino 35 213.7 6.4 207.2 97 Noginsk 26 Istra 33 205.8 8.6 191.2 93 Nova Riga 25 Noginsk 44 203.5 8.6 173.3 85 Regions Rostov on Don 27 Klimovsk 26 157.6 6.1 151.2 96 N. Novgorod 22 Krekshino 22 117.9 6.2 40.2 34 106 Nova Riga 13 68.5 0.7 36.1 53 Land Bank Lobnya 10 52.1 0.3* 51.5 99 Regions Omsk 19 Sholokhovo 7 45.4 0.5 41.7 92 Omsk II 9 Southern 2 14.0 0.3 11.2 80 N. Novgorod 44 241 1,332.8 44.0 1,136.5 85 72 St Petersburg Shushary 26 148.0 2.3* 147.9 100 Total 178 Gorigo 19 87.3 1.2 85.1 97 Pulkovo 5 36.8 0.9 32.4 88 50 272.1 4.4 265.4 98 Regions Novosibirsk 18 120.8 3.1* 117.0 97 Rostov on Don 19 101.4 2.3* 95.9 95 N. Novgorod 11 64.5 2.1 64.5 100 48 286.7 7.5 277.4 97 Sub-Total Warehouse 339 1,891.6 55.9 1,679.3 89 Offices St Petersburg Kellerman 2 22.1 1.7 20.6 93 Constanta 1 15.8 1.0 15.8 100 Primium 0 11.4 1.6 9.8 85 Sub-Total Office 3 49.3 4.3 46.2 94

Total Let 342 1,940.9 60.2* 1,725.5 89 *Excluding space let to Roslogistics

Prime warehouse market players in Russia

‘000 sqm 2000 1,890

1500

1000

500

T p te y oup BIN Park PL oup ech Esta A Bank ompan ty Gr BT MallT Sberbank Atlant PNK Grou Hines Russia AT Real Estate Radius Gr VS Real VVV C en Proper v Ra

Source: JLL Research June 2019

RUB 5,000 18% 1800 '000 sqm 14%

4,500 1600 RUB 4,500 11.6% 12.2% 12% 4,185 4,300 3,950 4,000 1400 10.5% RUB 4,000 14% 3,675 14.5% 3800 10% 3,600 1200 11.8% 3,600 3600 RUB 3,500 11.5% 11.5% 8.3% 12.5% 12.0% 12.2% 1000 7.9% 8% 3,200 11.8% 11.5%* 11.5%* 2,875 11.0% RUB 3,000 11.0% 10% 800 6%

RUB 2,500 600 3.8% 4% 4.5% 3.9% 400 2.5% RUB 2,000 6% 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 1H2019 2% 200 1.3% 1.4% 0.7% Average Rent (Triple net) Yield 0 0% *Average of JLL’s yield range of 10.75%-12.25% 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 1H2019 Take-up New completion Vacancy rate

St Petersburg Rents and Yields Supply vs Demand and Vacancy dynamics

RUB 5,000 18% 600 '000 sqm 25% 22.3% 4500 RUB 4,500 15.5% 4400 500 19.7% 20% 13.5% 4000 RUB 4,000 3900 3900 14% 3700 400 16.2% 13.5% 13.5% 13.3% 3750 13.0% 13.0% 13.3% 13.0% RUB 3,500 3400 13.5% 3400 15% 3200 3400 12.0%* 12.0%* 300 RUB 3,000 10% 2650 9.8% 10% 200 RUB 2,500 6.9% 7.4% 5.5% 5.2% 4.5% 5% RUB 2,000 6% 100 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 1H2019 4.4% 4.8% 2.2% Average Rent (Triple net) Yield 1.0% 1.7% 0 0% *Average of JLL’s yield range of 11.25-13.25% 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 1H2019 Take-up New completion Vacancy rate

Source: JLL Research 1H 2019

Class А Class В Total

Modern office stock, sqm 1,102,340 2,313,820 3,416,160

Completions, sqm – 36,900 36,900

Net absorption, sqm 6,120 57,620 63,740

Vacancy rate, % 3.0% 6.0% 5.0%

Average rent, RUB/sq m/month (All in) 1,878 1,299

Prime yields 9.25-11.25%

Supply vs Demand and Vacancy dynamics Rental Growth

`000 sqm RUB/sqm/month

360 30% 2,000 40% 1,800 35% 300 1,600 30% 1,400 240 20% 1,200 25% 1,000 20% 180 800 15% 600 120 10% 10% 5.0% 400 5% 60 200 0 0% 0 0% 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 H12019 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 1H2019 Average rent, Class AAverage rent, Class B Completions Net absorption Vacancy rate (R axis) Vacancy rent, Class A Vacancy rent, Class B

Source: JLL – St Petersburg Office Market 1H 2019

Warehouse yields

12%

10%

Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018 Q2 2018 Q3 2018 Q4 2018 Q1 2019 Q2 2019

Moscow Paris Frankfurt Warsaw

Office yields

12%

10%

Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018 Q2 2018 Q3 2018 Q4 2018 Q1 2019 Q2 2019

Moscow Paris Frankfurt Warsaw

Source: JLL Research 1H 2019

Russian CPI and Policy Rate

17%

12%

7% 7.25%

4.59% 2%

Jan-15 Apr-15 Jul-15 Oct-15 Jan-16 Apr-16 Jul-16 Oct-16 Jan-17 Apr-17 Jul-17 Oct-17 Jan-18 Apr-18 Jul-18 Oct-18 Jan-19 Apr-19 Jul-19

Inﬂation, YoY CBR key rate

USD/RUB and Brent

100 40

80 60

80 40

20 100

-17 y-18 ug-19 Jan-15 Jun-15 Nov-15 Apr-16 Sep-16 Feb Jul-17 Dec-17 Ma Oct-18 Mar-19 A

Brent oil price, USD/bbl USD/RUB, R axis

Source: Bloomberg, RosStat

Portfolio occupancy of 89% at 30 June 2019, rising to 90% today with a further 2% of LOIs

Weighted average terms of RUB leases of 4.2 years

Average RUB rent of RUB 5,118 per sqm

19% of warehouse gross lettable area USD denominated leases

Weighted average term of USD leases of 2.2 years

Warehouses

‘000 sqm 2019 2020 2021 2022 2023-2032 Total Maturity profile at 1 January 2019 244 258 358 221 602 1,683

Renegotiated and extended (38) (3) (18) 0 (33) (92)

Maturity profile of renegotiations 21 12 0 11 48 92

Vacated/terminated (117) 0 (3) 0 0 (120)

New Lettings 30 1 4 4 77 116

Maturity profile at 30 June 2019 140 268 341 236 694 1,679

Maturity profile with breaks 211 438 463 136 431 1,679

Offices

‘000 sqm 2019 2020 2021 2022 2023-2032 Total Maturity profile at 1 January 2019 11 7 1 16 14 49

Breaks exercised 4 (4) 0 0 0 0

Vacated/terminated (10) 0 0 0 0 (10)

New Lettings 0 1 0 0 6 7

Maturity profile at 30 June 2019 5 4 1 16 20 46

Maturity profile with breaks 7 1 2 21 15 46

193 183 40 145 117 20 73 40 0 8 Moscow St Petersburg Regions 2019 2020 2021 2022 2023-2032 Lease expiries Lease breaks Currency exposure of leases

11% 3%

19%

67%

RUB EUR Sqm USD Vacant

3PL E-COMMERCE 3% OTHER 1%

DISTRIBUTOR

MANUFACTURER 15% 3PL 31% RETAIL

INTERNATIONAL 34%

RUSSIAN MANUFACTURER 66%

RETAIL 32% DISTRIBUTOR 18%

E-COMMERCE

OTHER

Percentage of total debt maturing (%) Current secured facilities'

7 2 22 14 15 34 6 currency breakdown

Number of maturing facilities 11% 2 1 3 1 2 6 1

37%

250 233

200 USD EUR 149 RUB 150 52%

105 98 100 • Average cost of debt 7.4% 50 46 42 • Weighted average term to

10 maturity of 3.6 yrs 0 2019 2020 2021 2022 2023 2024 2025 • USD, EUR and RUB Debt maturing (£m) denominated facilities

Ordinary Shares 511,349,072* Irredeemable Preference Shares (12p annual dividend) 99,853,303* Convertible Redeemable Preference Shares (6.5p annual dividend) 198,189,014*

Convertible Redeemable Ordinary* Preference Institutional and Directors’ Preference Shareholdings number % number % number %

Invesco Perpetual 169,234,493 33.1 41,803,518 41.9 42,118,860 21.3 JO Hambro 64,656,720 12.7 Raven Property Group Directors & EBT 54,276,074 10.6 9,667,170 9.7 8,826,098 4.5 Schroder Investment 53,771,167 10.5 Quilter Investors 31,413,782 6.1 93,748,941 47.3 Progressive Capital Partners 16,569,506 3.2 9,425,000 4.8 Norges Bank Investment Mgt 8,412,961 1.7 Legal & General 7,780,738 1.5 Black Rock 7,052,167 1.4 204,244 0.2 Aberdeen AM 4,460,426 0.9 Hargreaves Lansdown 4,164,084 0.8 5,571,878 5.6 125,903 0.1 Subtotal 421,792,118 82.5 57,246,810 57.4 154,244,802 78.0 Others 89,556,954 17.5 42,606,493 42.6 43,944,212 22.0 TOTAL 511,349,072 100% 99,853,303 100% 198,189,014 100%

* Updated for share buyback completed on 21 August 2019

Ordinary and Preference shares cash payments per annum, £ ‘000

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 1H 2019 Total

Ordinary 9,264 15,525 27,448 2,588 7,758 15,659 19,402 24,653 41,821 27,380 5,896 11,275 28,258 10,826 247,753

Preference 12,291 15,908 16,199 19,926 23,275 11,058 11,209 11,136 11,234 11,327 5,650 149,213

Convertible 3,210 9,776 12,716 6,367 32,069 preference

Total 9,264 15,525 27,448 14,879 23,666 31,858 39,328 47,928 52,879 38,589 20,242 32,285 52,301 22,843 429,035

Distributions declared on Ordinary shares, pence per share

Pence per share 7 6 6.5 6.0 5 5.0 4 4.0 4.0 3 3.75 3.0 3.0 3.0 2 2.5 2.0 2.0 1 1.0 1.25 0 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 1H 2019

Share buy backs Oct-10 Nov-11 2012 2013 2014 2015 2016 2017 2018 1H 2019 Total to date

Number of ordinary 8,677,910 4,406,122 27,293,896 32,194,378 52,062,521 37,495,681 14,705,997 21,817,729 45,802,535 24,509,961 268,966,730 shares purchased

RUSSIAN FEDERATION

INVESTMENT PROPERTY

LAND BANK

ST PETERSBURG

MOSCOW

NIZHNIY NOVGOROD

ROSTOV-ON-DON

OMSK

NOVOSIBIRSK

KAD M10

KAD

17 PORTFOLIO REVIEW

Moscow St Petersburg

SEVER KAD

LOBNYA SHOLOKHOVO KAD M10 PRIMIUM

PUSHKINO SHEREMETIEVO AIRPORT

ISTRA NOGINSK KELLERMANN NOVA RIGA

KONSTANTA KAD KREKSHINO SOUTHERN

VNUKOVO AIRPORT SHUSHARY

PULKOVO

GORIGO PULKOVO AIRPORT DOMODEDOVO AIRPORT KLIMOVSK

Warehouse

Office

Warehouses

WAREHOUSE DESCRIPTION LOCATION Grade A Logistics Warehouse Complex The property is located north of Moscow city centre, 35km from the KEY TENANTS MKAD, 0.5km from the Betonka A107 • X5 Retail Group motorway and 1.5km from the new • R-Pharm Moscow-St Petersburg toll highway. • OBI • Miratorg • O’Key • Major Terminal • Zara GLA 254,000 sqm

WAREHOUSE DESCRIPTION LOCATION Grade A Logistics Warehouse Complex The property is located on the Yaroslavskoe Highway, approximately KEY TENANTS 15km from the MKAD in the • DHL northeastern part of Moscow Region. • Itella • Makita • Megapolis • Axioma • Perrino GLA 214,000 sqm

WAREHOUSE DESCRIPTION LOCATION Grade A Logistics Warehouse Complex The property is directly adjacent to the Nova Riga highway, approximately KEY TENANTS 50km from Moscow city centre, 41km • DSV Solutions from the MKAD and 8km from the • Azbuka Vkusa Betonka A107 motorway. • Major Terminal • Santens • Bacardi • Kerry • Splat GLA 206,000 sqm

WAREHOUSE DESCRIPTION LOCATION Grade A Logistics Warehouse The property is located approximately Complex with 26ha of land suitable 55km from the city centre, 44km from for construction the MKAD and 3km from the Betonka A107 motorway. Access is from the KEY TENANTS Volga highway, which links Moscow to • X5 Retail Group Nizhniy Novgorod. A rail spur serves • Dixy the site. • Cotton Club • ID Logistics • UPM • Roto Frank GLA 204,000 sqm

WAREHOUSE DESCRIPTION LOCATION Grade A Logistics Warehouse Complex The property is located to the south of Moscow, approximately 21km from KEY TENANTS the MKAD in the town of Klimovsk. • Gradient The project is a short distance from the • Kupi VIP M2 Simferopolskoye highway, a major • Marvel route to the south of Moscow. • Danone • FARM • Mir Instrumenta • AccordPost • Gates • Fischer Clinical GLA 158,000 sqm

WAREHOUSE DESCRIPTION LOCATION Grade A Logistics Warehouse Complex The property is located in the Shushary District of St. Petersburg, KEY TENANTS approximately 15km south of the city • RosLogistics centre and 5km from the St Petersburg • Dixy ring road (KAD) on a motorway linking • Officemag Sbp St. Petersburg to Moscow, close to • Bbraun Pulkovo International airport. • Amway GLA 148,000 sqm

WAREHOUSE DESCRIPTION LOCATION Grade A Logistics Warehouse Complex The property is located on Petukhova Street in the south of the city of KEY TENANTS Novosibirsk, close to the M51 highway • Pepsi to Moscow, with a rail spur serving • Sportmaster the site. • OSG • Metro • Oriflame • Toyota • FM Logistics • Wildberries • Ozon GLA 121,000 sqm

WAREHOUSE DESCRIPTION LOCATION Grade A Logistics Warehouse Complex The property is located in Moscow about 40km to the south west of the KEY TENANTS city centre, 24km from the MKAD, • Gorenje between the Minsk and Kiev highways. • Simple Wines Vnukovo airport, one of the largest • Diadgeo airports in Moscow, is located within GLA 15km of the complex. 118,000 sqm

WAREHOUSE DESCRIPTION LOCATION Grade A Logistics Warehouse The scheme is located on the Federal Complex with 27ha of land suitable Highway M4 to Moscow, approximately for construction 10km from the city centre and 7km from the airport. KEY TENANTS • Auchan • Electrosystem • Mars • KDV Group • Mir Instrumenta • Mobis Parts CIS • FM Logistics GLA 101,000 sqm

WAREHOUSE DESCRIPTION LOCATION Grade A Logistics Warehouse Complex The property is located south of St Petersburg close to Pulkovo KEY TENANTS International Airport, just 2 km away • DB Schenker from the Ring Road and Tallin highway, • Logisan which provides easy access to the city. • DNS Retail • Major Terminal • 220 Volt • KDV Group • Kiilto GLA 87,000 sqm

WAREHOUSE DESCRIPTION LOCATION Grade A Logistics Warehouse The property is directly adjacent to Complex with 25ha of land suitable the Nova Riga highway allowing easy for construction access to the centre of Moscow, 25km from the MKAD and 5km from the KEY TENANTS Betonka A107 motorway. • Pernod Ricard • Mckenzie • Maunsfeld • BGLC Group • ORB GLA 68,500 sqm

WAREHOUSE DESCRIPTION LOCATION Grade A warehouse complex with Volga Logistics Park is located on additional 21.5ha of land 33 ha land plot 7 km away from Nizhny Novgorod in Kstovo town. KEY TENANT There is a direct access provided • X5 Retail Group from the complex to M7 highway • Bristol Alcohol (Moscow-Kazan). GLA 64,500 sqm

WAREHOUSE DESCRIPTION LOCATION Grade A Logistics Warehouse Complex The property is located on the Rogachevckoe highway approximately KEY TENANTS 35km to the north of the Moscow • Nippon Express city centre, 20km from the MKAD and • RosLogistics 10km north-east of Sheremetyevo • SportConcept airport. • Vostok Invest • ProStore GLA 52,000 sqm

WAREHOUSE DESCRIPTION LOCATION Grade A Logistics Warehouse Complex The property is located in Myitischensky District of the Moscow KEY TENANT Region, on the Dmitrovskoe highway, • BVK Group approximately 16km from the MKAD, • Perspektiva and 15km from Sheremetyevo airport. GLA 45,000 sqm

WAREHOUSE DESCRIPTION LOCATION Grade A Logistics Warehouse Complex The property is located to the south of the city centre on Pulkovskoe highway KEY TENANTS forming part of the Finland-Russia- • SKL Group Ukraine corridor and in close proximity • OSG to the Ring Road (KAD) and 2km from • UPM Pulkovo International airport. • Edil Import • Melon Fashion Group GLA 37,000 sqm

Southern, Moscow

DESCRIPTION LOCATION Grade A Logistics Warehouse Complex The property is located in an industrial area of the Southern administrative KEY TENANTS district of Moscow, approximately • Lindex 10km from the city centre, around 1km • A&D Rus from the Varshavskoye highway and • L’Occitane 5km from the MKAD. • Stomatorg GLA 14,000 sqm

Offices

OFFICE DESCRIPTION LOCATION High quality Office Complex The property is located in historical centre of St Petersburg in KEY TENANTS Admiralteyskiy district, 15 min drive • Oracle Development from the Nevskiy prospect. • Baltiyskiy Leasing • Melon Fashion • MAERSK • Saint-Gobain • Gefco GLA 22,000 sqm

OFFICE DESCRIPTION LOCATION Class A Office Complex The property is located north- west of St Petersburg in Primorskiy KEY TENANT district, close to the new Gazprom • YIT headquarters. • TELE 2 • Valio GLA 11,000 sqm

Konstanta, St Petersburg

DESCRIPTION LOCATION Grade B+ office building The Konstanta office is located on Leninsky Prospekt in the Moskovskiy KEY TENANT district of St. Petersburg, approximately • LenEnergo 8km to the south of the city centre. The GLA property is a modernised administrative building, which was converted in 16,000 sqm 2005 to provide an eight storey, self contained office building for Lenenergo.

2005 2005 2006 2008 2009 2009 2010 2011 2012

153M ORDINARY FURTHER 269.5M RR COMPLETES RR ISSUES 76M RR COMPLETES THE RUS AND RUSW RUSP ARE ADMITTED RR PLACES FURTHER RAVEN SHARES (“RUS”) RUS PLACED AND INTERNALISATION PREFERENCE TAKEOVER OF RAVEN ARE ADMITTED TO TRADING ON THE 48.4M RUSP AND ADMITTED TO ADMITTED TO OF ITS PROPERTY SHARES (“RUSP”) MOUNT PLC TO TRADING ON MAIN MARKET OF COMPLETES THE RUSSIA TRADING ON AIM TRADING ON AIM ADVISER AND WARRANTS THE MAIN MARKET THE LSE ACQUISITION OF (“RR”) (“RUSW”) TRADING OF THE LSE PUSHKINO LOGISTICS INCORPORATED ON AIM PARK, A CLASS 1 TRANSACTION

2013 2016 2017 2017 2017 2018 2018 2018

50% OF RUSP IN RR ISSUES 108.7M RR ACQUIRES RR ISSUES FURTHER RR ACQUIRES SEVER RAVEN RUSSIA RPG ACQUIRES RPG ACQUIRES ISSUE CONVERTED CONVERTIBLE GORIGO LOGISTICS 89.8M CONVERTIBLE LOGISTICS PARK OF (“RR”) CHANGES SEVER2 LOGISTICS VOLGA LOGISTICS INTO RUS PREFERENCE SHARES PARK AND TWO PREFERENCE SHARES 195,000 SQM NAME TO RAVEN PARK OF 58,851SQM WAREHOUSE OF (1 RUSP FOR 2 RUS) (RUSC) ADMITTED OFFICE CENTRES IN (RUSC) ADMITTED PROPERTY GROUP 64,375 SQM IN TO TRADING ON TISE ST PETERSBURG TO TRADING ON TISE (“RPG”) NIZHNIY NOVGOROD

Disclaimer

Certain financials, statements, beliefs and opinions in this document are forward-looking, and reflect the Company’s or, as appropriate, the Company’s directors’ current expectations and projections about future events, which reflect various assumptions made by the Company. These assumptions may or may not prove to be correct and no representation is made as to the accuracy of such statements, financials, estimates, predictions and projections. By their nature, forward-looking statements involve known and unknown risk and uncertainty because they relate to future events and circumstances. These risks, uncertainties and assumptions could adversely affect the outcome and financial effects of the plans and events described herein. Forward-looking statements contained in this document regarding past trends or activities should not be taken as a representation that such trends or activities will continue in the future. The Company does not undertake any obligation to update or revise any forward-looking statements in this document, whether as a result of new information, future events or otherwise. You should not place undue reliance on forward-looking statements, which speak only as of the date of this document.

No reliance may be placed for any purposes whatsoever on the information contained in this document or on its completeness. No representation or warranty, express or implied, is given by or on behalf of the Company or any of its directors, officers or employees or any other person as to the accuracy or completeness of the information or opinions contained in this document and no liability whatsoever is accepted by the Company or its affiliates, advisers, agents, directors, officers or employees nor any other person for any loss howsoever arising, directly or indirectly, from any errors or omissions of information or use of such information or opinions or otherwise arising in connection therewith.