Preference Share Dividend (RUSP)

8 February 2018

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

Preference Share Dividend (RUSP)

The Directors of the Company confirm that the quarterly payment of the preference dividend in respect of the preference shares of 1p each with ticker RUSP (the "Preference Shares") will be made, in accordance with their terms, on 3 April 2018 in respect of the period from 31 December 2017 to (but excluding) 31 March 2018. The record date for the payment of the preference dividend for the Preference Shares is 16 February 2018 with an ex-dividend date of 15 February 2018.

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 (http://www.morningstar.co.uk/uk/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 22 February 2018. The last date for receipt of completed forms of election (in accordance with the terms thereof) will be 9 March 2018.

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

Numis Securities Limited Tel: + 44 (0) 207 260 1000

Alex Ham / Jamie Loughborough / Alasdair Abram

Ravenscroft Tel: + 44 (0) 1481 729100

Jade Cook

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 International Stock Exchange ("TISE"). Its Convertible Preference Shares are admitted to the Official List of TISE and trading on the SETSqx market of the London Stock Exchange. The Group operates out of offices in Guernsey, Moscow and Cyprus and has an investment portfolio of circa 1.8 million square metres of Grade "A" warehouses in Moscow, St Petersburg, Rostov-on-Don and Novosibirsk and 49,000 square metres of commercial office space in St Petersburg. For further information visit the Company's website: www.ravenrussia.com