Interim Report January - March 2011

  * Net turnover for the interim period amounted to SEK 10.6 m (8.0).
  * The result after tax amounted to SEK -0.5 m (-37.3). The main reason to the
    improved result is explained by value changes in the property portfolio.
  * Earnings per share amounted to SEK 0.00 (-3.28)
  * Book value of the properties amounts to SEK 647.2 m (669.1). The low
    liquidity in the market for real estate transactions still make assessment
    difficult.
  * Book value of the participations owning parts in Fontanka 57 and Strelna
    amounts to SEK 110.6 (110.9) m.
  * The Minister of Defence in Russia approved that the investment agreement
    regarding Moika /Glinky shall be amended, including the extension until
    December 31(st) 2014. The amendment is not yet signed.

Russian Real Estate Investment Company AB (publ)

For further information
Craig Anderson, CEO
Phone                 +7 812 703 35 50                         (St. Petersburg)
Phone                 +46 8 509 00 100                          (Stockholm)
e-mail                craig@ruric.com

ABOUT RURIC

Ruric's business concept is to manage real estate assets in the central parts of
Saint Petersburg, Russia. In addition Ruric shall acquire real estate and carry
out value enhancing renovation on attractive terms. Through professional
management and tenant relationship high quality commercial space is offered to
tenants seeking the best possible premises and that are willing to pay for such
premises. Ruric offers primarily office and retail space.

Ruric's Certified Advisor on First North is Erik Penser Bankaktiebolag




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