Preference Share Dividend

17 May 2012

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

Preference Share Dividend

The Directors of the Company confirm that the quarterly payment of the preference dividend in respect of the Preference Shares will be made, in accordance with their terms, on 2 July 2012 in respect of the period from 31 March 2012 to (but excluding) 30 June 2012. The record date for the payment of the preference dividend for all Preference Shares is 25 May 2012 with an ex-dividend date of 23 May 2012.

The Preference Shares will be entitled to a gross dividend of 3 pence per Preference Share.

A scrip dividend alternative (to be settled in Preference Shares) will also be available for all preference shareholders in respect of the preference dividend.

The scrip dividend circular will be available on the Investor section of the Company's website (www.ravenrussia.com), and will also be available for viewing on the national storage mechanism (www.hemscott.com/nsm). Letters notifying the holders of Preference Shares of the presence of the scrip dividend circular on the Company's website and how to access it will be sent on or around 31 May 2012. The last date for receipt of completed forms of election (in accordance with the terms thereof) will be 15 June 2012.

Enquiries

Raven Russia Limited Tel: + 44 (0) 1481 712955

Anton Bilton

Glyn Hirsch

Cardew Group Tel: + 44 (0) 207 930 0777

Tim Robertson

Alexandra Stoneham

Singer Capital Markets Limited Tel: +44 (0) 203 205 7500

Corporate Finance- James Maxwell

Sales - Alan Geeves / James Waterlow

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 with a market capitalisation of approximately £360 million. The company operates out of offices in Guernsey, Moscow and Cyprus and has to date completed a portfolio of circa 1 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