Moscow, 27 May 2014- PIK Group (LSE: PIK), one of Russia’s leading residential real estate developers, announces the appointment of Mr. Sergey Gordeev, the Group’s largest shareholder, as the President and Chief Executive Officer of the Management Board (CEO) with immediate effect.

Mr. Pavel Poselenov, the former CEO of PIK Group, was elected Chairman and will continue to serve on the Board of Directors of PIK Group.

Following the appointments, the Board of Directors issued the following joint statement:

"PIK Group is entering the next stage in its development which requires a new management approach to further increase its operational efficiency, production technology upgrades and construction of large-scale projects in new regions and markets. We believe that the participation of Mr. Gordeev, the largest shareholder of PIK, in the operational management of the Group will be beneficial for its further development and faster achievement of the set.”