Moscow, July 28 2010:  OJSC PIK Group (the “Company”; LSE: PIK), one of Russia’s leading residential real estate developers, announces the results of its Board of Directors (the "Board of Directors") meeting held on 28 July 2010.

The Board of Directors resolved to increase the Company's charter capital by means of an offering of additional ordinary registered uncertified shares in the amount of 123,315,000 (one hundred twenty three million three hundred fifteen thousand) with a nominal value per share of 62.50 (sixty two point fifty) rubles (the '”Additional Shares”).

The Additional Shares will be placed by means of an open subscription. The offer price of the Additional Shares (of one ordinary registered uncertified share), including the offer price of the Additional Shares for persons entitled to exercise pre-emptive rights, shall be determined by the Board of Directors upon expiration of the period during which such persons must notify the Company that they intend to exercise their pre-emptive rights. The offer price shall be disclosed not later than the date when the offering commences.
The Additional Shares will be paid for in Russian rubles and/or foreign currency through a wire transfer (if such payment is allowed by regulations applicable as of the payment date).