Ruric: Interim Report for January - June 2012

PRESS RELEASE / August 28, 2012


 Ruric Publishes Interim Report for January - June 2012

 The main items of the Interim Report are:



  * Net turnover for the interim period amounted to SEK 20.4 m (20.3).
  * The result after tax amounted to SEK -151.0 m (-10.0).
  * Earnings per share amounted to SEK -1.45 (-0.10) mainly because of
    revaluation of Moika Glinki and Apraksin Dvor in Q1 interim financial
    statements.
  * Book value of the properties amounts to SEK 811.4 m (911.8).
  * Vacancy rate in the three business centres was reduced. As per 30 June it
    amounted to 7.4 (12.6) per cent.
  * The valuation of Moika Glinky was adjusted to SEK 258.5 m (325.4) in Q1 due
    to new legal opinions confirming complete restrictions for new construction.

  * The valuation of Apraksin Dvor was adjusted to SEK 41.8 m (78.2) in Q1 to
    reflect the current estimation of the amount, recoverable from rescinding
    the project.
  * Ruric signed an additional agreement, which officially allows the sublease
    of Fontanka 57 with the City.
  * Several attempts were made to purchase 50% share of Fontanka 57 from Scorpio
    Real Estate, but were blocked by bondholders. Ruric later had a first-right-
    of-refusal after Scorpio received a bid of SEK 38.3 m (USD 5.5 m) in cash
    from a third party. The agreement is to be approved by the bondholders of
    Scorpio. The first-right-of-refusal was not exercised by Ruric due to lack
    of funds to finish the Fontanka 57 project.
  * Ruric made an official proposal to its bondholders to convert their bonds to
    share at SEK 3.6 per share, which was not accepted by the bondholders.
    Intensive work to find a long-term solution to Ruric's debt burden still in
    progress. In August 2012 Ruric signed a contract with Alfa Bank to be the
    exclusive financial advisor for restructuring.



Russian Real Estate Investment Company AB (publ)



For additional information

Ingvar Ljungqvist, CEO

Phone         +46 8 509 001 01

Email           iljungqvist@ruric.com



Denis Savinkin, CFO

Email           dsavinkin@ruric.com



ABOUT RURIC

Ruric's business strategy is to manage real estate in the centre 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.


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