In connection with the Offering of 74,000,000 ordinary shares of PIK GROUP, the Selling shareholders granted the Underwriters an Over-allotment Option, exercisable within 30 days from 1 June 2007, to purchase up to an additional 7,515,000 Ordinary Shares in the form of GDRs at the offer price, solely to cover over-allotments in the Offering.

Subsequent to the end of the 30 day period, The Company has been informed that the Underwriters have exercised the over-allotment option in part, amounting to 3,168,094 GDRs, resulting in additional gross proceeds of approximately $79.2 million to the Selling Shareholders.