PIK and Nomos-Bank plan to finalize restructuring terms by January 15, 2010. Irina Gordeeva, Deputy President of Nomos-Bank commented: “We are interested in long-term partnership with PIK. This transaction enables us to enter into the residential market with our mortgage products and increase our credit portfolio through an exposure to a perspective developer with professional expertise in real estate.”

Pavel Poselenov, President of PIK commented: “We have positive outlook to our partnership with Nomos-Bank. Financing of PIK activities and joint marketing of mortgage programs with Nomos-Bank will help us to execute our development projects in mass market housing more efficiently.”

Nomos-Bank was founded in the year 1993 as Joint-Stock Investment Commercial Bank and since then has evolved into one of Russia’s leading private financial institutions. Currently, Nomos-Bank is a dynamically growing, one of the leading Russian banks. It is listed in the TOP-15 Russian banks by assets. Total assets as of June 30 2009 in accordance with IFRS amounted to RUB 253,4 billion (approximately US$8,7 billion) with a credit portfolio of RUB 162,9 billion and equity of RUB 50,7 billion. Net income for the period equaled to RUB 3,3 billion. Nomos-Bank’s website address is: www.nomos.ru