OREANDA-NEWS. January 28, 2008. (LONDON, 28 January 2008) - PIK Group (LSE: PIK), one of Russia’s leadingresidential real estate developers, today announced the acquisition of a new land plotin the Moscow Region.

The 127 hectare site is located along the Kalyzhskoe shosse, about 4-5 km fromMoscow Ring Road, in a developing part of Moscow Region. The intention is for thesite to be developed as a township, with an estimated 1 million square meters of netsellable area, including social infrastructure and also 55 000 square meters of middleclass cottages. The whole project is planned to be finalized in 9 years.

PIK has been operating in this area to the north of Moscow for nearly four years.Existing projects located in the vicinity include: “Novokurkino” and “Yubileyny” inKhimki (1.7 million square meters in total) and “Yaroslavsky” in Mytishi (1.1 millionsquare meters)

Commenting on today’s announcement, Kirill Pisarev, CEO of PIK said:“This recent acquisition is in line with our strategy. PIK continues to acquire some ofthe most attractive assets in Moscow Region”.