Forthcoming Board Meeting

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

Forthcoming Board Meeting

 (LONDON, 14 June 2011) - PIK Group (LSE: PIK), one of Russia's leading residential real estate developers, announces that at a meeting of the Board of Directors to be held on June 20 2011, an Extraordinary General Meeting (EGM) of shareholders and its date of September 21 2011 will be proposed.

The agenda of the EGM is expected to include the appointment of more independent directors onto the Board of PIK. This decision is driven by Company's commitment to follow the best practice of Russian and international standards of corporate governance.

Enquiries:

Investors

PIK Group Tel: +7 495 505 97 33 ext. 1315/1358

Viktor Szalkay

International media

Citigate Dewe Rogerson Tel: +44 20 7638 9571

Tom Baldock

Priscilla Garcia