(LONDON, April 17 2012)- PIK Group (LSE: PIK), one of Russia’s leading residential real estate developers, is pleased to publish today a trading update for the three months ended March 31, 2012 based upon management accounts.

1Q2012 key highlights:

• Total gross cash collections up by 55% to RUB12.5billion (1Q11: RUB 8.1 billion)

– cash collections from sale of apartments surged 89% to RUB10.0billion (1Q11: RUB5.3billion) driven mostly by sales volume and price growth.

– cash collections from construction services increased by 19% to RUB2.3billion (1Q11:RUB1.9billion)

• New sales contracts to customers grew 58% to 128,000 square meters, driven by underlying demand for affordable housing;
• Average selling prices for PIK’s mass market properties under construction continued to grow and reached RUB121 thousand per square meter in Moscow (+9% yoy), RUB74 thousand per square meter in Moscow region (+10.4% yoy);
• PIK launched 9 new projects (1Q11: 8) of which 8 were in its core Moscow Metropolitan Area (MMA);
• 1Q12 sales figures showed a 67% year-on-year increase; this good start to the year gives management confidence that PIK’s segment of the market is intact and that further growth can be expected in 2012
• 1Q12 mortgage backed sales since 3Q11 consolidated at around 28.5% of total sales;