Extraordinary General Shareholders Meeting Results

LONDON, December 12 2012 - PIK Group (LSE: PIK), one of Russia’s leading residential real estate developers, held its Extraordinary General Meeting (‘EGM’) of Shareholders on 10 December 2012.

At the meeting, shareholders approved a resolution to allow the Company to increase PIK’s share capital by the placement of 363,000,000 (three hundred and sixty three million) additional ordinary registered uncertified shares of the Company (hereinafter referred to as the “Shares”) by open subscription on the following terms:

• Par value of the Shares: 62.50 rubles (sixty two rubles fifty kopeks) each
• Rights to be provided by the Shares: correspond to rights of owners of ordinary registered uncertified shares of the Company that have already been placed
• Method of placement of the Shares: open subscription
• Form of payment for the Shares: by monetary funds in rubles of the Russian Federation in a cashless form, and also in foreign currency pursuant to the procedure provided for by the effective legislation.

The placement price of the Shares (including Shares with preemption rights) shall be determined by the Board of Directors after the state registration of the additional Shares and upon expiration of the validity period of the preemptive right of purchase of the Shares to be placed.