Update on BINBANK Credit Facilities

Update on BINBANK Credit Facilities

Extension of Repayment schedule to 2014

London, February 15, 2013: PIK Group ("PIK" or "the Group"), one of Russia's leading residential real estate developers, today announces that it has reached agreement with BINBANK to extend repayment of its principle debt of 2.3 bln rubles by one year to February 2014.

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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 200 000 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 12,000 employees. Given its brand recognition and the scale of its operations, in 2008 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