Board Appointment

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PIK GROUP ("PIK" or "Group")

PIK Group informs of election of Chairman of the Board of Directors

Moscow, September 21 2011 - OJSC PIK-Group ("PIK-Group" or "the Company"), a leading Russian real estate developer focusing on large-scale residential projects within the Moscow Metropolitan Area and selected Russian regions, today announces the election of Mr. Vladislav Mamulkin as Chairman of the Board of Directors of PIK Group.

Mr. Mamulkin has been a member of PIK Group's Board of Directors since June 2011. He is currently Managing Director of the Moscow representative office of Nafta Moskva (Cyprus) Limited LLC, prior to which he was Managing Director at Alfa Capital Partners Limited.

Vladislav Mamulkin graduated from the Moscow State Institute of International Relations with a degree in international economics and has an MBA degree from the Wharton Business School, University of Pennsylvania (USA).

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About PIK-Group

PIK-Group is a leading Russian real estate developer, focusing on large-scale residential projects within the Moscow Metropolitan Area and selected Russian regions. Since its foundation in 1994, PIK-Group has become a market leader in mass market residential property sector completing over 180 000 apartments of affordable housing across the country. The Group has a substantial diversified land bank of net selling area over 10 million square meters and a dedicated professional team with over 11,000 employees. Given its brand recognition and the scale of its operations, in 2009 the Russian Government included PIK on the list of the nation's strategically important companies. In 2011 according to independent research made by UNIVERSUM PIK-Group ranked top 100 of the best Russian employers. For more information please visit: http://www.pik-group.com

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