Replacement Final Results

PIK Group Final Results for 2009 - Replacement

This announcement replaces the PIK Group announcement "Final Results for the 12 months ended 31 December 2009" RNS number 5327L released at 11:01 today.

This release corrects the percentage increase, cited on Page 1 of the announcement, in adjusted EBITDA from 11.9% to 11.3%. The release also removes the word 'approximately' from the second and third bullet points on Page 1. The release also clarifies references to other income / expenses on page 3 of the announcement. All other details remain unchanged.

THE INFORMATION CONTAINED IN THIS ANNOUNCEMENT IS RESTRICTED AND

NOT FOR PUBLICATION, DISTRIBUTION OR RELEASE, DIRECTLY OR

INDIRECTLY IN THE UNITED STATES OF AMERICA

PIK GROUP ("The Group" or "PIK")

FINANCIAL RESULTS FOR THE 12 MONTHS

ENDED DECEMBER 31 2009

(LONDON, May 07 2010) - PIK (LSE: PIK), a leading Russian residential developer, today announces its consolidated IFRS financial results for 12 months ended December 31 2009, audited by KPMG.

Financial Summary

·; Revenues are down by 4.1% to US$1,300million (FY08: US$1,355million);

·; Revenues from sale of real estate activity increased by 5.1% to US$0.97billion (2008: US$0.92billion), while consolidated gross profit margin shrank by over 7 ppt down to 18.3% (FY08: 25.3%);

·; Adjusted earnings before interest, taxes, depreciation and amortization (adjusted EBITDA) from development activities increased by 11.3% to US$138million (FY08: US$124million),

·; Normalized net loss for the year was US$68million (FY08: US$60million);

·; Normalized net loss per share amounted to US$0.14 (FY08: US$0.12);

·; Total assets as of December 31 2008 declined by 19.1% reaching US$3.95billion (FY08: US$4.88billion);

·; Net tangible assets per share as of December 31 2009 amounted to US$3.95 (FY08: US$5.25);

·; Total debt as of December 31 2009 was down to US$1.27billion (FY08: US$ 1.37billion)

·; Net debt as of December 31 2009 amounted to US$1.15billion (FY08: US$1.26billion);

Pavel Poselenov, CEO of PIK Group comments:

"Over the last fifteen years we have succeeded in building PIK into an internationally recognized residential real estate developer. Since our inception we delivered over 170,000 units to our customers and we are continuing to contribute towards helping the nation to increase its living conditions and replacing the obsolete housing stock of the country.

Unfortunately, the global economic turmoil impacted Russia heavily, in particular, liquidity shortage together with falling consumer confidence has had a severe impact on our business.

During 2009, we had to concentrate on shoring up our liquidity position, lowering our debt levels, extending debt duration and getting access to new financing. We received support from the federal government and managed to adjust our business to a new environment by cutting overheads. In 2010, the next step would be, as we believe repairing the balance sheet through deleveraging our business and achieving positive results on our projects.

Looking ahead, we see positive signs of market recovery, especially based upon 1Q2010 presales pattern. We feel that the demand from retail customers has come back. The outlook for the real estate sector is getting brighter and longer-term, the fundamentals for our business remain unchanged.

There is a shortage of affordable residential housing in Russia (approximately 22 square meters per capita), huge potential of rapidly recovering mortgage market, a large obsolete housing stock in Russia and willingness of the nation to improve living conditions. These will be the key drivers for PIK Group's recovery and growth."

Enquiries:

Investors

PIK Group Tel: +7 495 505 97 33 ext. 1358

Viktor Szalkay

Head of Investor Relations

International media

Citigate Dewe Rogerson Tel: +44 20 7638 9571

Tom Baldock

Lindsay Noton

Russian media

Dmitry Ivliev Tel: +7 495 505 97 33 ext. 1028

Note: The calculation of following measures used in this announcement is set below. Our calculations of the below measures may be different from the calculation used by other companies and therefore comparability may be limited. The below measures are not measures of financial performance under IFRS.

1a). EBITDA represents net profit/loss for the period before income tax expenses, interest income, interest expense including penalties payable, depreciation and amortization.

1b) Adjusted EBITDA from development activities represents net profit/loss for the period before income tax expenses, interest income, interest expense including penalties payable, depreciation, foreign exchange gain/(loss), impairment losses, impairment loss on financial assets, income/loss from sale of development rights and other income (net).

2a) Normalized net profit/loss calculated as net profit impairment losses, impairment loss on financial assets, income/loss from sale of development rights, penalties and fines related to loans' late repayment and other income (net).

2b) Normalized profit/loss per share calculated as normalized net profit/loss divided by number of shares outstanding as of December 31.

3. Total assets calculated as sum of non-current and current assets.

4. Total debt calculated as sum of non-current loans and borrowings, current loans and borrowings.

5. Net tangible assets per share calculated as total assets less total debt less intangible assets divided by number of shares outstanding as of period end.

7. Net Debt calculated as total debt less cash and cash equivalents.

Some of the information in this press release may contain projections or other forward-looking statements regarding future events or the future financial performance of PIK. You can identify forward-looking statements by terms such as "expect," "believe," "anticipate," "estimate," "intend," "will," "could," "may" or "might" the negative of such terms or other similar expressions. These statements are only predictions and actual events or results may differ materially. PIK does not intend to or undertake any obligation to update these statements to reflect events and circumstances occurring after the date hereof or to reflect the occurrence of unanticipated events. Many factors could cause the actual results to differ materially from those contained in PIK's projections or forward-looking statements, including, among others, general economic conditions, PIK's competitive environment, risks associated with operating in Russia, rapid technological and market change, and other factors specifically related to PIK and its operations.

Appendix

Consolidated financial statements as of and for the year ended December 31 2009

Note: The Group's reporting currency is Russian roubles. However, for presentation purposes, these amounts were converted into US$ using average RUB/US$ exchange rate of the Central Bank of Russian Federation (FY09: 31.68; FY08: 24.86) for the income statement and using RUB/US$ exchange rate (31 December 2009: 30.24; 31 December 2008: 29.38) for the balance sheet as of the date of reporting.

The full version of the IFRS financial statements is available on the Group's website at http://www.pik-group.com/investors/financial-statements

Consolidated statement of financial position as of December 31 2009

Consolidated statement of comprehensive income for 12 months ended December 31 2009

Consolidated statement of cash flows for 12 months ended December 31 2009

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