Scrip Dividend Circular

25 May 2017

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

Scrip Dividend Circular (RUSP)

Further to the Company's announcement on 11 May 2017, the circular relating to the scrip dividend in respect of the cumulative redeemable preference shares of 1p each with ticker RUSP (the "Preference Shares") for the period from 31 March 2017 to (but excluding) 30 June 2017 (the "Circular") is now available on the investors page of the Company's website, www.ravenrussia.com and is also available to view on the national storage mechanism (http://www.morningstar.co.uk/uk/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 9 June 2017.

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

Ravenscroft Tel: + 44 (0) 1481 729100

Semelia Hamon

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 Company operates out of offices in Guernsey, Moscow and Cyprus and has an investment portfolio of circa 1.6 million square metres of Grade "A" warehouses in Moscow, St Petersburg, Rostov-on-Don and Novosibirsk and 49,200 square metres of commercial office space in St Petersburg. For further information visit the Company's website: www.ravenrussia.com