OREANDA-NEWS. October 19, 2009. (LONDON, 16 October 2009) - PIK (LSE: PIK), a leading Russian residential developer, today announces its interim financial statements for 6 months ended 30 June 2009, reviewed by KPMG.

Financial Summary

• Revenues dropped by 58.1% to USD 361million (1H2008: USD 859million);

• Earnings before interest, taxes, depreciation and amortization (EBITDA) decreased by 153,0% to approximately USD (106)million (1H08: USD 200million)

• Adjusted EBITDA from development activities decreased by 132,3% to approximately USD (65)million (1H08: USD 201million),

• Net loss for the period was USD (185)million (1H2008: net profit of USD 93 million);

• Net loss per share amounted to USD (0,38) (1H2008: net profit per share USD 0,19);

• Total assets as of June 30 2009 decreased by 10,5% and reached USD 4,34billion (December 31 2008: USD 4,85billion);

• Net tangible assets per share as of June 30 2009 amounted to approximately USD 4.12 (December 31 2008: USD 5.16);

• Total debt as of June 30 2009 has not changed significantly and amounted to USD 1,43billion (December 31 2008: USD 1,37billion);

• Net debt as of June 30 2009 amounted to USD 1,42billion (December 31 2008: USD 1.26billion).