Reappointment of Chairman of Board of Directors

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PIK GROUP ("PIK" or "Group")

Reappointment of Chairman of the Board of Directors

LONDON, July 4, 2011 - PIK Group (LSE: PIK), one of Russia's leading residential real estate developers, announces the reappointment of Mr. Pavel Grachev as Chairman of the Board of Directors of PIK Group.

From 2008 up to the present, Mr. Grachev has held the post of Managing Director of Nafta Moskva. Between 2006 - 2008, he was a member of the Board of Directors of JSC Polymetal. From 2009 up to the present, Mr.Grachev has been a member of the Board of Directors of Polus-Gold and PIK Group.

In 1998, Mr.Grachev graduated from the University of Trieste (Italy) and Saint Petersburg State University, specialising in jurisprudence.

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