2012-11-20 11:34:36 -

PRESS RELEASE / November 20, 2012

Ruric makes public collateral valuation of advisors Alfa-Bank
Board of Directors to conduct new fair market valuation as consequence of
analysis

In August, the external advisors Alfa-Bank were appointed to the specific
assignment of devising a refinancing structure for Ruric's debt. According to
the investigation conducted by Alfa-Bank, the collateral value of Ruric's
properties falls significantly below their estimated fair market value as
presented in the latest financial report.

The analysis was performed in a hypothetical context of Alfa-Bank becoming a
lender to the Company as part of its debt restructuring. It should be noted that
the Company has not committed in any way to Alfa-Bank becoming a lender for the
purpose of the upcoming restructuring or otherwise.

Thus, following the result of Alfa-Bank's analysis, the Board   of Directors
intends to engage an independent real estate appraiser to conduct a new fair
market valuation of its assets.

A summary of Alfa-Bank analysis is available at  ruric.org/files/summary-
of-alfa-bank-analysis.pdf

Russian Real Estate Investment Company AB (publ)


For additional information

Denis Savinkin, CFO
Email        dsavinkin@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

ABOUT ALFA-BANK
Founded in 1990, Alfa-Bank is a full-service bank operating in most sectors
of the financial market, including retail and corporate lending, investment
banking, trade finance and asset management.
Alfa-Bank is Russia's largest private bank in terms of total assets, total
equity, customer accounts and loan portfolio.
According to its audited IFRS financial statements for the full year 2011, the
Alfa Banking Group, which comprises OJSC Alfa-Bank as well as its subsidiary
banks and financial companies, had total assets of $31.4 bln, gross loans
of $23.2 bln, and total equity of $3.4 bln. Net profit after tax for 2011
amounted to $641 mln.
The Alfa Banking Group's corporate and retail client base has grown considerably
over the last several years: as of January 1, 2012 Alfa-Bank Group serves around
55,800 corporate and 6.3 mln retail customers, while the branch network consists
of 465 offices across Russia and abroad, including a subsidiary bank in the
Netherlands and financial subsidiaries in the United States, the United Kingdom
and Cyprus.


Ruric makes public collateral valuation of advisors Alfa-Bank: 
 hugin.info/141656/R/1659376/537218.pdf



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Source: Russian Real Estate Investment Company via Thomson Reuters ONE
[HUG#1659376]