(LONDON, 14 June 2011) - PIK Group (LSE: PIK), one of Russia’s leading residential real estate developers, announces that at a meeting of the Board of Directors to be held on June 20 2011, an Extraordinary General Meeting (EGM) of shareholders and its date of September 21 2011 will be proposed.

The agenda of the EGM is expected to include the appointment of more independent directors onto the Board of PIK. This decision is driven by Company’s commitment to follow the best practice of Russian and international standards of corporate governance.