PIK Group and Storm Properties announces the change of Storm Properties' shareholders.

June 2010

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Michael Belton, the President and a shareholder of the company, together with top-management, acquired PIK Group's controlling stake in Storm Properties.

The parties agreed that Michael Belton and Storm Properties' management receives all the company's shares which belonged to PIK Group as well as PIK Group's stake of K2 Business Park (Moscow region).

In turn, PIK Group receives the stake of the Gateway project (St. Petersburg) which belonged to Storm Properties and the right to receive a portion of profit from K2 Business Park.

PIK Group and Storm Properties are satisfied with their three years cooperation; they still consider each other as reliable partners and are ready to cooperate in real estate field.

The comment of P.A. Poselenov, President of PIK Group:

"The exit from Storm Properties' shareholders reflects the current strategy of PIK Group that is focused on the concentration of the principal efforts to develop economy class residential projects."

The comment of Michael Belton, President of Storm Properties:

"Re-acquiring PIK Group's stake of Storm Properties is an important strategic decision for the company. We believe in the Moscow real estate market and are optimistic on its future."