OREANDA-NEWS. January 12, 2009. (LONDON, 12 January 2009) - PIK Group (LSE: PIK), one of Russia’s leading residential real estate developers, today announces the resignation of Evgeny Luneev as the Company’s Chief Financial Officer and the appointment of Anna Kolonchina as his successor. The appointment will take effect from 26 January 2009.

Anna joins PIK Group from Wainbridge Limited, a private investment company based in London. Prior to joining Wainbridge, Anna worked for Deutsche Bank AG for 12 years, in both the Moscow and London offices, most recently as a director of the EMEA Debt Capital Markets department within Global Markets. Anna has over fifteen years experience working in finance. She graduated from Moscow State Finance Academy in 1994 with a Bachelors degree in Economics.

Evgeny leaves the Company after almost 3 years of service as CFO. Evgeny will remain with PIK until 23 January 2009 to ensure an orderly handover of responsibilities. The Board would like to thank Evgeny for his many years of work and his valuable guidance and support, particularly during the Company’s IPO in 2007.

Commenting on the developments, Kirill Pisarev, CEO said: “We are sad to see Evgeny leave after so many years but we respect his decision and look forward to working with Anna. Following the recent years of PIK’s rapid growth, the CFO’s primary focus has changed in recent months. The Company’s overriding priorities are now to reduce Group debt and realign the cost base to meet its 2009 business requirements. Anna has a strong background in debt finance and is very well equipped to guide us through these difficult times.”