London, UK, 12 March 2018

Edison issues update on Raven Russia (RUS)

The Russian economy returned to growth in 2017 and the FX market was relatively calm, creating the conditions for a significant improvement in the warehouse market supply-demand balance, with rents stabilising. Against this backdrop, Raven produced strong headline earnings, including land sale gains, and a solid underlying performance, including a first benefit from 2017 accretive acquisitions. Although not reflected in our forecast, further acquisitions are likely, funded by existing cash resources, with the potential to more than offset rent reversion to market levels and return the company to growth.

Raven investors have three share classes (in addition to warrants) from which to choose. The preference (RUSP) and convertible preference (RUSC) shares yield 8.2% and 5.4%, respectively. The 2017 yield on the ordinary shares is more than 9%, and 7.0% in 2018 assuming a lower distribution excluding realisation gains. The ordinary shares will benefit fully from any NAV growth or narrowing of the 30% discount to FY18e NAV/share.

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