(LONDON, 14 September 2010) - PIK Group (LSE: PIK), one of Russia’s leading residential real estate developers, is pleased to announce the launch of pre-sales on 9 September for “English Town”, a high-end Moscow-based residential project.

English Town is favourably situated in Mitnaya Street, 13, between the Ring Road and the Third Transport Ring Road, in close proximity of Leninisky prospect, Bolshaya Yakimanka and Bolshaya Polyanka. It is our top project by market value, with an estimated value of US$357MM, according to the CBRE portfolio report dated January 01 2010.

Active construction on the project was resumed in late 2009, and it is expected to be completed in Q1 2012. Under the construction plan, the project will include three apartment buildings constructed of poured reinforced concrete and have a two-story underground parking garage. Upon completion, the residential complex will comprise approx. 950 flats with a total area of 96,500 square meters. Commercial premises will be located on the ground floor of each building to provide on-site facilities and services to the residents. The total net selling area of English Town is 99,069 square meters (PIK share amounts to 69,633 square meters).

The project will have well-developed and comfortably situated amenities, including: kindergarten, play and sports grounds, sports club, SPA and beauty centre, pharmacy store, wine and grocery store, pet shop and dry-cleaner.

In addition to the launch of pre-sales on this project, PIK Group has also started pre-sales on another smaller-sized Moscow-based development on Kolomenskaya embankment, 22. According to the CBRE portfolio valuation dated January 01 2010, the net selling area of the project stands at 8,347 square meters (PIK share amounts to 5,809 square meters), and the project has a market value of US$4.8MM.