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PIK Group

December 29, 2008

Russian Government declares support for PIK Group

(LONDON, 29 December2008) - PIKGroup(LSE: PIK), oneofRussia’sleadingresidentialrealestatedevelopers, today announces that the company has been included on the list of strategically important companies able to count on state support.

The list of the companies that are a priority for state support was prepared by the Government of the Russian Federation on the instructions of the Chairman of the Government of the Russian Federation, Vladimir Putin.

This list includes companies from different industries which the government believes are vital to increasing the sustainability of Russian economic development.  Specific criteria were set for inclusion, among them: revenues – over RUB 15 BN, number of employees – at least 4,000 persons, strategic importance of the company and contribution to federal tax revenues. Companies from the list can count on loan financing under state guarantees, interest rate subsidies, additional equity capitalization, deferred tax payments, government contracts and tariff support.

Artem Eyramdzhants, First Vice President of PIK Group, described this as a positive development for the company in general, its customers, partners and employees as it means that the company now has assurances that, if necessary, it can access a package of financial support from the State.

 

 

 

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