(LONDON, 8 February 2010) - PIK (LSE: PIK), one of Russia’s leading residential real estate developers, today publishes updated housing completion figures for the year ended December 31, 2009.

Headline numbers are provided in the table below:

(thousands of sq meters)		2007		2008		2009		Change 2009 vs. 2008
Total housing completions		1 542		813		884		+8.7%
Including:
Construction services including Moscow City Government		196		192		152		-20,8%
Total housing completions by geography		1 542		813		884		+8.7%
Including:
Moscow		528		219		301		+37.4%
Moscow region		643		495		401		-18.9%
Russia’s regions		371		99		182		+83.8%
Note: Housing completion figures include city share, share of co-investors, construction services provided  and PIK share. Source: Management accounts.

Summary:

- 2009 completions increased by 8,7% comparing to 2008, in spite of restricted access to debt, shrinkage in pre-sales and unavailability of mortgages. 

- During the year, one of the Group’s priorities was to meet existing liabilities to customers. Completions of postponed projects were financed from PIK internal cash flows (e.g. construction services, sales).

- During 2009 PIK Group completed a number of 2008 unfinished projects and successfully launched and completed several new projects.

PIK Group sees stable demand in mass market housing segment and forecasts continuing sales growth in 2010 given the lack of supply on the market. In addition to that we see signs of recovery in availability of affordable mortgages.

The Group plans to issue a business update for the year 2010 in the second half of February 2010.