PIK Group Notification

London, October 11, 2011 - OJSC PIK Group ("PIK Group" or "the Company") today informs that it has received a notification from Holborner Services Limited ("Holborner") informing that on 30 September 2011, a Cypriot court issued an injunction against Holborner following an ex parte application filed by Forienst Investment Limited ("Forienst").

The injunction concerns an 8.29% stake in OSJC PIK ("PIK") owned by Holborner and in relation to which Forienst has a call option right (exercisable during a two year period from 16 March 2012).

PIK-Group was informed by Holborner that there is no basis for the injunction obtained by Forienst (indeed, the injunction merely confirms the contractual position between the parties). Holborner has fully observed its obligations to Forienst and rejects any allegation of wrongdoing on its part.

Holborner will seek prompt discharge of the injunction (and will vigorously defend any related claim which may be brought by Forienst).

- ENDS-

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. For more information please visit: http://www.pik-group.com

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