Statement re Credit Rating

London, May 14, 2012 - PIK Group ("PIK" or the "Group"), a leading Russian residential developer, announces that it has been assigned an individual A credit rating by the National Rating Agency (NRA), one of the leading ratings agencies in Russia. NRA is officially accredited by the Russian Ministry of Finance, the Central Bank of Russia, Vnesheconombank, MICEX, the National Stock Market Association and a number of other credit and finance organizations.

NRA analysts commented that the assigned rating reflects PIK's leadership position in the affordable housing market segment, as well as improved operational and financial results for 2011, high standards of corporate governance and transparency, the effectiveness of Group management and the overall strategic importance of the Group.

Andrey Rodionov, Chief Financial Officer of PIK Group commented: "We are proud to be assigned this high credit rating by the National Rating Agency. We achieved successful results last year and managed a complex debt restructuring, putting the business on a more sound financial footing. We plan to continue our growth, as well as our leadership of the affordable housing segment, and we look forward to 2012 with greater confidence."

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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 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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