Appointment of Chairman of Board of Directors

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PIK GROUP ("The Group" or "PIK")

PIK GROUP INFORMS OF APPOINTMENT OF CHAIRMAN OF BOARD OF DIRECTORS OF PIK GROUP

(LONDON, June 16 2010) - PIK Group (LSE: PIK), one of Russia's leading residential real estate developers, today informs of the appointment of Mr. Pavel Grachev as Chairman of the Board of Directors of PIK Group.

From 2008 and up to the present, Mr. Grachev has been holding the post of Managing Director of «Nafta Moskva». In 2006 - 2008, he was a member of the Board of Directors of JSC «Polymetal».

In 1998, Mr.Grachev graduated from the University of Trieste (Italy) and Saint Petersburg State University, specialty - jurisprudence.

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