OREANDA-NEWS. May 12, 2008. PIK (LSE: PIK), a leading Russian residential real estate developer, today announces the results of a revaluation of its properties, conducted by the independent appraiser CB Richard Ellis as at January 1 2008.

Key highlights

• Total net sellable space increased by approximately 61% to 14.2MM square meters (8.8MM as of January 1 2007), reflecting significant expansion into Russia’s regions undertaken by PIK during 2007

• 40% increased in market portfolio value to US\\$12.3bn (January 1 2007: US\\$8.8bn)

• 96% of the property portfolio represented by residential areas

• Market portfolio value per square meter totaled US\\$865 (January 1 2007:US\\$1,000). This change has resulted from a strategic shift in the portfolio’s structure towards Russia’s regions during 2007

• Share of properties in course of development amounted to approximately 40% of the total area (January 1 2007: 34%), reflecting continuing consumer demand and increased levels of regional development activity The Group’s financial results for the 12 months ended 31 December 2007 will be released on May 19 2007.

Kirill Pisarev, CEO of PIK comments:

We are very pleased to have delivered on one of our key IPO promises, namely to invest in building a strong landbank for the future. The independent CB Richard Ellis report shows how just how much progress we have made, with growth of 61% in net sellable space and a 40% increase in our portfolio's market value. Focusing mainly on expansion into Russia’s regions, we have invested in a high quality development pipeline that we believe will deliver attractive returns for shareholders.”