London, March 27, 2013:PIK Group (“PIK” or “the Group”), one of Russia’s leading residential real estate developers, today is pleased to announce that it has fully redeemed its outstanding credit facilities with Nomura International Plc., Morgan Stanley Senior Funding Inc. and one of the two credit facilities with JSCB Rosbank.  In doing so PIK has repaid approx. RUB0.9bn debt ahead of schedule.

Reducing borrowings remains a key focus for the Board and since the beginning of the year total debt has declined by RUB1.1bn to RUB40.7bn.