Announcement Re Moscow Arbitration Court Decision

PIK GROUP ("PIK" or "the Group")

Official announcement of PIK regarding the Decision of the Moscow Arbitration Court

(LONDON, 11 February 2011) - PIK (LSE: PIK) hereby discloses that it has become aware of a freezing order against 42,402,773 shares (approximately 8.6% of PIK's share capital) (the "Affected Shares") granted to Open Joint Stock Company Nomos-Bank ("Nomos-Bank") by the Arbitrazh Court of the City of Moscow in connection with a legal dispute between Nomos-Bank and Maritrade Investments Limited. Deutsche Bank Trust Company Americas ("DB"), the depositary for PIK's GDR facility has informed the Group that DB has therefore closed the GDR facility to deposits and withdrawals of PIK shares pending resolution of this issue.

PIK is neither a plaintiff nor a defendant in the dispute between Nomos-Bank and Maritrade Investments Limited, but has appeared in these legal proceedings as a third-party only. PIK continues to assess the potential effect of these proceedings on PIK's shares.

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