Scrip Dividend Circular

29 November 2012

RAVEN RUSSIA LIMITED ("Raven Russia" or the "Company")

Scrip Dividend Circular

Further to the Company's announcement on 15 November 2012, the circular relating to the scrip dividend for Preference Shares for the period from 30 September 2012 to (but excluding) 31 December 2012 (the "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). A letter notifying holders of Preference Shares of the presence of the Circular on the Company's website and how to access it has been posted today together with a form of election (or an entitlement advice to the extent shareholders have already elected to participate in the scrip dividend mandate scheme).

The last date for receipt of completed forms of election (in accordance with the terms thereof) will be 14 December 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

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 £375 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