London, October 31, 2011:  OJSC PIK Group (the “Company”; LSE: PIK), one of Russia’s leading residential real estate developers, announces the results of its board of directors (the "Board of Directors") meeting held on October 31, 2011.

On October 31, 2011, the Company’s Board of Directors approved the report on the results of share issuance with respect to additional ordinary shares in the amount of 123,315,000 (one hundred twenty three million three hundred fifteen thousand), each with a nominal value of 62.50 (sixty two point fifty) rubles (the “Additional Shares”), stating that no Additional Shares had been placed.

On July 28, 2010, the Company’s Board of Directors resolved to increase the Company’s charter capital by means of an offering of Additional Shares, in order to keep open the Company’s potential capital raising options.

On October 19, 2010, the Russian Federal Service for Financial Markets registered the issuance decision with respect to the Additional Shares, whereby the Company was entitled to make the offering of the Additional Shares within one year period since the date of state registration of the issue of Additional Shares by Russian Federal Service for Financial Markets. On October 18, 2011, the statutory period for the offering of the Additional Shares by the Company expired.

The Company has decided not to proceed with the placement of the Additional Shares due to volatile market conditions.