Proposed Dividend

8 September 2011

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

Proposed Interim Cash Dividend of 1.25p per Ordinary Share with Tender Offer Alternative

In the announcement on 30 August 2011 of the Company's results for the six months to 30 June 2011, the Board of Raven Russia stated that it intended to implement a tender offer buyback of its Ordinary Shares in a ratio of 1 for 46 at 58p in lieu of an interim dividend. This was primarily due to the price of Ordinary Shares which at 47.5p were trading at a significant discount to NAV per share. Since then however, the Company's Ordinary Share price has risen to 56p. Consequently the Board has decided to reinstate a proposed interim dividend of 1.25p per Ordinary Share in cash. However, the Board is aware that certain shareholders would prefer to receive the relevant payment by way of a tender offer buyback and has therefore retained it as an alternative for those shareholders who wish to receive the relevant payment this way.

The timetable for the proposed interim dividend is as follows -

Ex-dividend date Wednesday 5 October 2011

Record date Friday 7 October 2011

Payment date by Friday 18 November 2011

It is intended that a document setting out details of the Tender Offer Alternative and incorporating a notice of Extraordinary General Meeting will be posted to shareholders in early October to allow for an election for the Tender Offer on the terms noted above in lieu of the Interim Dividend prior to its proposed payment in November 2011.

Shareholders who wish to receive the Interim Dividend will not need to take any action.

Any holders of Raven Russia warrants who wish to exercise and participate in the Interim Dividend (or the Tender Offer Alternative) should do so as soon as practicable in accordance with the terms of the Warrant Instrument and, in any event, such that their subscription notice and remittance is received by the Company by Friday 30 September 2011 for certificated warrant holders and the 4 October 2011 for those holding warrants through the crest system.

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 7000Sales- 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, Preference Shares and Warrants are listed on the Main Market of the London Stock Exchange with a market capitalisation of approximately £290 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