Scrip Dividend Circular

7 December 2012

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

Scrip Dividend Circular

The Company would like to announce that certain amendments have been made to the tax section of the circular published on 29 November 2012 relating to the scrip dividend for Preference Shares for the period from 30 September 2012 to (but excluding) 31 December 2012. The updated circular is now available on the investor page of the Company's website, www.ravenrussia.com and is also available to view on the national storage mechanism (www.hemscott.com/nsm).

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

N+1 Singer Tel: +44 (0) 20 7496 3000

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 £350 million. The company operates out of offices in Guernsey, Moscow and Cyprus and has to date completed a portfolio of circa 1.3 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