Preference Share Dividend

18 August 2011

RAVEN RUSSIA LIMITED (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 30 September 2011 in respect of the period from 30 June 2011 to (but excluding) 30 September 2011. The record date for the payment of the preference dividend for all Preference Shares is 26 August 2011 with an ex-dividend date of 24 August 2011.

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.

Following the amendments to the articles of incorporation of the Company (the "Articles") approved at the 2010 AGM pursuant to which the Company is now entitled to communicate with its members by publishing documents on a website (subject to and in accordance with the provisions of the Articles), the scrip dividend circular will no longer be posted to the holders of Preference Shares but will be available on the Investor section of the Company's website, www.ravenrussia.com. 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 1 September 2011. The last date for receipt of completed forms of election (in accordance with the terms thereof) will be 16 September 2011.

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

Matrix Corporate Capital LLP Tel: +44 (0) 203 206 7000 Corporate Finance - Roger Clarke

Sales- Carl Gough

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 and Warrants are listed on the Main Market of the London Stock Exchange with a market capitalisation of approximately £275 million, operates out of offices in Guernsey, Moscow and Cyprus.

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