Management Board selected

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PIK GROUP ("PIK" or "Group")

Result of Board of Directors meeting held on 26 July 2011

(LONDON, 26 July 2010) - PIK Group (LSE: PIK), one of Russia's leading residential real estate developers, held its Board of Directors meeting on 26 July 2010.

Under the resolution approved by the Board of Directors, the Management Board was formed, the composition of which is as follows:

Artem S. Eyramdzhants First Vice PresidentAndrey M. Rodionov Vice President for Economics and Finance, CFOKonstantin V. Kuznetsov  Vice-President for Industry and ConstructionFedor B. Sapronov Vice President for Legal Issues

Pavel A.Poselenov, CEO, was elected as Chairman of Management Board.

Enquiries:InvestorsPIK Group Tel: +7 495 505 97 33 ext. 1358/1315Viktor Szalkay

International mediaCitigate Dewe Rogerson Tel: +44 20 7638 9571Tom Baldock

Russian mediaDmitry Ivliev Tel: +7 495 505 97 33 ext. 1010/1028