(LONDON, 08 July 2008) - PIK Group (LSE: PIK), one of Russia’s leading residential real estate developers, today announces that it has received two formal notifications from the Group’s two founding shareholders, Mr. Kirill Pisarev and Mr. Yuri Zhukov that as of 1 July 2008 they held the following beneficiary interests in PIK Group:

- Kirill Pisarev: 206,678,145 shares, equivalent to 41.9% of the Group’s share capital;

- Yuri Zhukov: 201,794,145 shares, equivalent to 40.9% of the Group’s share capital

The free float of PIK Group on the London Stock Exchange and the Russian RTS and MICEX exchanges as of the date of this announcement is 17.2%.