RURIC: Positive decision for Ruric at the appellate court in St. Petersburg

PRESS RELEASE/ October 02, 2012



      Positive decision for Ruric at the appellate court in St. Petersburg

On September 17th the appellate court decided in favor of Ruric and rejected the
City  Property  Management  Committee's  call  for  immediate termination of the
contract  with Ruric's LLC "Income".  This means  a return to the state of where
these  issues were three  years ago. To  fulfill Ruric's obligations  there is a
need  for infrastructure  investments of  30-60 million rubles.  Due to  lack of
correct  building permits  there is  currently no  legal possibility to rent out
commercial premises at Apraksin Yard.

"We  inherited  this  situation  from  the  previous management, who has spent a
tremendous  amount of financial resources without  having basic permits", - says
Denis Martyushev, Ruric Board Member.



For additional information

Ingvar Ljungqvist, CEO
Phone            +46 8 509 001 01
Email           iljungqvist@ruric.com


Web             www.ruric.com


ABOUT RURIC

Ruric's  business  strategy  is  to  manage  real  estate  in  the  center of St
Petersburg. In addition Ruric shall also acquire real estate and implement value
creating  additional investments at  attractive conditions. Through professional
management and good tenant relations spaces of high class are offered to tenants
looking  for possible spaces in  central locations willing to  pay for it. Ruric
offers primarily office and retail premises.

Ruric's Certified Advisor at First North is Erik Penser Bankaktiebolag.


[HUG#1645848]