Ruric's real estate assets externally valuated at SEK 1,475 (1) m during third quarter 2009

The board of directors of Ruric has been informed that hedge fund
manager Storm capital management, a minority holder of Ruric's bond
loans, has taken the initiative of convening an informal so-called
bond holders meeting as a consequence of Ruric's public offer to its
bond holders. The invitation to this meeting has been distributed
selectively and contains information that Ruric believes to be both
incorrect and misleading.

Storm capital's invitation states, inter alia, that it estimates
Ruric's properties to have a lower value than that disclosed in
Ruric's interim report as per June 30, 2009, and that Ruric has thus
violated a financial covenant in the terms of the bonds. Ruric
regards Storm capital's assessment to be both incorrect and
misleading.

The book value of Ruric's properties is based on external valuations
that are conducted regularly by reputable and independent valuation
institutes such as Knight Frank and Zinovieff Chartered Surveyors. In
conjunction with the prospectus relating to Ruric's offer to
exchange/acquire outstanding bonds to be published shortly, Ruric has
commissioned external valuations of all its properties and property
related assets. These valuations concludes that the estimated market
value of the properties and property related assets totals SEK 1,475
(1) million, which can be compared with the book value as per June
30, 2009 for the same assets of SEK 1,330.5 million. The assets named
"Fontanka 57" and "Land plot-Strelna" are estimated to have a higher
market value than the book value as per June 30, 2009[2]. Supported
by these valuations, Ruric has not violated any financial covenants
in the terms of the bonds.

Ruric announced its offer through a press release of October 6, 2009.
This press release states that bond holders such as Alecta
Pensionsförsäkring, Proventus, Nordea Fonder and the Gadd group,
together holding existing bonds corresponding to approximately 45.2
percent of the outstanding bond loans, have taken a positive stance
towards accepting the exchange alternative of the offer. Given that
the offer is completed, Ruric has taken an important step in assuring
its long-term financing, to the benefit of both bond holders and
shareholders.

In order to provide the most complete picture possible of Ruric's
performance in conjunction with the forthcoming offer, Ruric's
interim report as per September 30, 2009 will, as previously
communicated, be brought forward to October 29, 2009.

E. Öhman J:or Fondkommission AB will, in its capacity as agent for
all bond holders, convene an information meeting for all bond
holders. At this information meeting, representatives of Ruric's
board and management will be available to answer questions regarding
both Ruric's operations and the offer.
Russian Real Estate Investment Company AB (publ)

For further information
Nils Nilsson, Chairman
Tel                       +41 22 534 95 42
E-mail                 nils@ruric.com

Craig Anderson, CEO
Tel                       +7 812 703 35 50
(St. Petersburg)
Tel                       +46 8 509 00 100
(Stockholm)
E-mail                 craig@ruric.com
Web                     www.ruric.com

ABOUT RURIC
Ruric's business concept is to acquire, develop, manage, lease out
and divest real estate assets in St. Petersburg, Russia, offering
top-quality commercial premises in the best locations, thus
contributing to the successful business performance of its tenants.
The company's vision is to become a leading real estate company in
central St. Petersburg.

The company's strategy is to identify high-potential real estate in
the city centre of St. Petersburg, structure appropriate deals and
acquire at best price. After renovation top-notch commercial space is
offered to tenants seeking the best possible premises and that are
willing to pay for such premises.

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

[1] Applying the exchange rates that prevailed as per September 30
the value would be approximately SEK 1,375 m.
[2] The estimated market value of Ruric's stake in Fontanka 57 at
valuation point September 1, 2009 was SEK 192.5 million and the book
value per June 30, 2009 was SEK 81.1 million. The estimated market
value of Ruric's stake in Land Plot Strelna at valuation point August
1, 2009 was SEK 185.5 million and the book value per June 30, 2009
was SEK 152.2 million.