Convertible Preference Share Dividend

1 September 2016

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

Convertible Preference Share Dividend (RUSC)

The Directors of the Company are pleased to confirm that the first quarterly payment of the dividend in respect of the cumulative convertible redeemable preference shares of no par value (the "Convertible Preference Shares") with ticker RUSC, will be made on 30 September 2016 in respect of the period from issue on 6 July 2016 to (but excluding) 30 September 2016.

The record date for the payment of the dividend for the Convertible Preference Shares is 9 September 2016 with an ex-dividend date of 8 September 2016. Holders of Convertible Preference Shares will be entitled to a gross dividend of 1.5357p per Convertible Preference Share.

The Directors of the Company also confirm that the second quarterly payment of the dividend in respect of the Convertible Preference Shares for the period from 30 September 2016 to (but excluding) 31 December 2016 will be made in accordance with the timetable as outlined below:

The relevant dates for the payment of December's dividend to holders of Convertible Preference Shares are:

Announcement of dividend by Thursday, 1 December 2016

Shares commence trading ex-dividend Thursday, 8 December 2016

Record Date Friday, 9 December 2016

Dividend payment date Tuesday, 3 January 2017

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 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 Limited ("CISEA"). Its Convertible Preference Shares are admitted to the CISEA Official List and trading on the SETSqx market of the London Stock Exchange. 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