PIK commences use of Sberbank Credit Facility

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

PIK GROUP INFORMS OF THE START OF USING

THE RUB12.75BN SBERBANK CREDIT FACILITY.

(LONDON, May 24 2010) - PIK Group (LSE: PIK), one of Russia's leading residential real estate developers, today informs of the start of using the Sberbank credit line in the total amount of RUB12.75bn.

The credit facility, allocated to PIK Group by Sberbank of Russia, is channeled to finance the company's current and perspective development projects.

Pavel Poselenov, CEO of PIK Group comments:

"The access to financing sources in the post global economic crisis environment is a competitive advantage of PIK Group, which will make the best use of it to improve efficiency. Therefore, PIK Group is granted an additional source to finance development projects, primarily, in the Moscow Metropolitan Area, and execute them within the shortest possible period of time."

Enquiries:

Investors

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

Viktor Szalkay

Head of Investor Relations

International media

Citigate Dewe Rogerson Tel: +44 20 7638 9571

Tom Baldock

Lindsay Noton

Russian media

Dmitry Ivliev Tel: +7 495 505 97 33 ext. 1028