SRV seeks growth in Russia by establishing a real estate development fund together with VTB and Deutsche Bank

SRV, VTB Capital (a subsidiary of VTB, the second largest bank in Russia) and   
Deutsche Bank have signed an agreement concerning a real estate fund operating  
in Russia. SRV acts in the fund both as investor and project management         
contractor.                                                                     

The fund will invest mainly in office, retail and hotel projects as well as in  
construction of high quality residential projects in Moscow and in St           
Petersburg. The fund can also invest in operating completed properties.         

SRV's share of the investment commitments in the first phase is EUR 20 million. 
Other investors are VTB Capital, Deutsche Bank and pension insurance companies  
Ilmarinen and Etera.                                                            

The final target for the investment commitments of the fund is at least EUR 300 
million, which can equal as much as EUR 1 billion in investment volume. The fund
is negotiating at the moment with a number of international investors for new   
investment commitments.                                                         

VTB Capital and Deutsche Bank will act, in a partnership, as sponsor and general
partner of the fund. Their task will be, among others, to identify investments  
and to arrange debt financing for the projects.                                 

SRV acts as project management contractor in the fund. Through the fund, the    
company expects to receive at least EUR 200 million worth of construction       
contracts.                                                                      

"Establishing the fund and starting the cooperation with strong partners like   
VTB Capital and Deutsche Bank is a significant step in implementing SRV's growth
strategy in Russia. The concluded arrangement opens a chance for SRV to enter in
numerous significant construction projects in best locations in major Russian   
cities. The fund has excellent possibility to utilise the exceptional market    
situation on a market which has good growth potential in the long term," says   
Eero Heliövaara, CEO of SRV.                                                    

SRV Group Plc                                                                   

Eero Heliövaara                                                                 
CEO                                                                             

Further information: Eero Heliövaara, CEO, tel. +358 201 455 202                

Distribution:                                                                   
Nasdaq OMX Helsinki                                                             
Main media                                                                      


VTB Group is a leading Russian financial group with a strong tradition in Russia
and the CIS, and a presence in 18 countries around the world. The Russian       
Government is VTB's majority shareholder, with a 77.5% holding. VTB offers a    
wide range of services in corporate, retail and investment banking in Russia,   
some other CIS states and a number of countries in Western Europe, Asia and     
Africa. As of 31 December 2008, VTB was the second largest financial group in   
Russia. In 2008, VTB launched its Investment Banking business - VTB Capital,    
which operates from Moscow, London and Singapore offices.                       

Deutsche Bank is a leading global investment bank with a strong and profitable  
private clients franchise. A leader in Germany and Europe, the bank is          
continuously growing in North America, Asia and key emerging markets. Deutsche  
Bank offers unparalleled financial services throughout the world. The bank      
competes to be the leading global provider of financial solutions for demanding 
clients, creating exceptional value for its shareholders and people. Deutsche   
Bank Commercial Real Estate Group is a global leader in commercial real estate, 
with approximately 350 employees in 19 offices located throughout the world.

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