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CTS: Regarding further expansion in Russia

Spekuliantai.lt | 2010-02-01 | NASDAQ OMX biržų naujienos | perskaitė: 1127
Raktiniai žodžiai: City Service AB, CTS
CTS: Regarding further expansion in Russia

City Service AB Notification on material event 01.02.2010

Regarding further expansion in Russia

The City Service group will expand its activities in the Russian communal
services market with Sberbank, the largest bank in the country. An cooperation
agreement has been signed between the company and the bank, which is
responsible for management of state funds allocated for communal market reform.

According to the agreement, a development coordination group will be formed
consisting of 6 people - 3 representatives of City Service and 3
representatives of Sberbank. Within the following six months the group will
prepare projects that City Service will implement together with Sberbank in
specific cities and regions of Russia.

“Partnership with the main bank in Russia opens up immense opportunities for
the development of City Service in all regions of Russia. We have always
emphasised that development in this country is our strategic goal. The
agreement we have reached with Sberbank will contribute to the implementation
of these goals,” Žilvinas Lapinskas, Director General of City Service, said.

After signing the agreement, Mr. Lapinskas was appointed Chairman of the Board
of Directors of the subsidiary of City Service in Russia. Part of Mr.
Lapinskas' obligations in Lithuania will be shared by Jonas Janukėnas,
financial and administrative director of City Service.

The reform of communal services market in Russia that opened the market for
private companies engaged in the maintenance of apartment buildings began in
2005. The total area of residential buildings in Russia amounts to more than 3
billion sq. m.

Sberbank, the largest bank in Russia, manages the State fund devoted to the
reform of communal services provided to apartment buildings. Sberbank is the
largest bank in Russia with 17 regional offices, 783 branches, and more than
20,000 sub-branches. Sixty percent of the banks' shares are owned by the
Central Bank of Russia.

City Service owns 33 companies operating in Lithuania, Latvia, Russia and
Ukraine. City Service manages facilities in buildings the total area of which
is nearly 18 million sq. m. The shares of City Service are listed on the Main
List of NASDAQ OMX Vilnius stock exchange.

Vilius Mackonis
Public Relations Officer
+370 5 2394900

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