OREANDA-NEWS. August 4, 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 July 4, 2011.

Further to the Company’s decision on July 28, 2010 to increase its charter capital by 123,315,000 shares, each with a nominal value of 62.50 (sixty two point fifty) rubles and its decision of August 12, 2010, to approve a decision on potential additional issuance of such shares, the Board of Directors has approved as a major transaction (under Russian law) the potential entry into an underwriting agreement with certain underwriters and other related transactions and agreements.

The Company has not launched any such offering, and is not committed at this point to pursuing any such offering. It has approved the potential entry into an underwriting agreement so as to keep open its potential capital raising options. If the Company decides to launch such an offering, it will be the subject of a separate announcement by the Company.