Interim Report January - March 2009

Net turnover amounted to SEK 14.8 m (15.2) for the period January -
March

Value changes, SEK -371.6 m, realized losses, SEK -15.2 m, and
impairment losses, SEK -32.0 m in the property portfolio lead to a
result after tax that amounted to SEK -417.8 m (46.9) for the period
January - March.

Earnings per share amounted to SEK -36.77 (6.91) for the period
January-March

The economic environment in Russia is still difficult, even though
there are some recent signs of relief such as rising oil price,
healthier financial markets and a stronger Rouble. Despite such
positive signs, the activity on the real estate transactions market
in St Petersburg is low.

Book value of the properties amounts to SEK 1,260.8 m (1,662.8). The
non-liquid market complicates the assessment of a fair market value.

Ruric continues its efforts to find a long term financing solution
for the company, as well as extending the investment agreement on
Moika/Glinki.

After the end of the period, Ruric and Storm Real Estate signed and
closed the sale of Grifon House. The transaction is partly paid
according to agreed payment schedule.

Attached: The full Interim Report

For further information, please contact
Craig Anderson, CEO
Phone                 +7 812 703 35 50                          (St.
Petersburg)
phone                 +46 8 509 00 100
(Stockholm)
email                   craig@ruric.com
web                     www.ruric.com

ABOUT RURIC
Ruric's business concept is to acquire, develop, manage, let and
divest real estate in St Petersburg, Russia, with a focus on
commercial premises of the highest quality in the best locations that
can thereby contribute positively to the business of the tenants. The
company has the vision of becoming a leading real estate company in
central St Petersburg.

The strategy is to identify real estate with great potential in the
central parts of St Petersburg, create suitable acquisition
structures and acquire at the best price. After renovations,
commercial premises of the highest class are offered to tenants that
are looking for the best possible premises in the best locations and
are willing to pay for it.
Ruric's Certified Advisor at First North is Erik Penser
Bankaktiebolag