Senior management changes

PIK Group announces senior management changes

Moscow, 27 May 2014 - PIK Group (LSE: PIK), one of Russia's leading residential real estate developers, announces the appointment of Mr. Sergey Gordeev, the Group's largest shareholder, as the President and Chief Executive Officer of the Management Board (CEO) with immediate effect.

Mr. Pavel Poselenov, the former CEO of PIK Group, was elected Chairman and will continue to serve on the Board of Directors of PIK Group.

Following the appointments, the Board of Directors issued the following joint statement:

"PIK Group is entering the next stage in its development which requires a new management approach to further increase its operational efficiency, production technology upgrades and construction of large-scale projects in new regions and markets. We believe that the participation of Mr. Gordeev, the largest shareholder of PIK, in the operational management of the Group will be beneficial for its further development and faster achievement of the set."

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 220,000 apartments of affordable housing across the country. The Group has a substantial diversified land bank of net selling area of 6.9 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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