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Russian Company Guide

PIK Group

PIK Group
Compilation Date:	10 Jul 08

Company Overview	Shares Information	Stock Market	Fixed Income Instruments	Key Financial Characteristics	Production Overview
General Info Corporate Management Price Highlights Operations Summary	Charter Capital Structure Major Shareholders Equity Positions in Other Companies Dividends History	Instruments on Exchanges Price Chart Participation in DR Programs Weightings in Indices	Issue Parameters Coupons Primary Market	Balance Sheet P&L Account Key Ratios	Production Capacity

Company Overview

General Info
Full Company Name	JSC "PIK Group"
Industrial Group	General Construction
Number of Employees	20,000
Registration Date	20 Sep 94
Registered Address	Bld.1, 19, Barikadnaya St., Moscow, 123242
Main Office	Bld.1, 19, Barikadnaya St., Moscow, 123242
Telephone / Fax	(495) 505-9733 / (495) 203-7101
e-mail	holding@pik.ru
Internet Home Page	www.pik.ru
Registrar	JSC "R.O.S.T. Registar"
Auditor	BDO Unicon
Financial Adviser	n. a.
Legal Adviser	n. a.

Corporate Management
Chairman of the Board	Yuriy Zhukov
General Director	Kirill Pisarev

Price Highlights
Price per Common Share, USD	25.53
YTD Price Change, %	-14.64
P/E Ratio	21.0743
Market Capitalization, USD	12,592,937,604
Common Shares in Free Float, %	12.64

Operations Summary

PIK Group, established in 1994, develops residential real estate, sells completed units, and maintains residential real estate developed by itself and other companies. PIK Group is a consolidation of more than 20 companies, including one of the largest house-building centers in Moscow, DSK-2, and DSK-3. PIK Group operates primarily in Moscow. In 2004, it started operating in the Moscow and Rostov regions, also in Kaliningrad, Yaroslavl, Nizhniy Novgorod, Omsk, and Perm. During last 12 years, the company built four million square meters of housing. In 2006, the total volume of introduced area was 1,244,000 square meters. PIK Group plans to build more than 10 million square meters of housing by 2011. In June 2007, PIK Group made an initial public offering on the London Stock Exchange, MICEX, and RTS. The company sold 15% of its shares at USD25 per GDR. At the offer price, the market capitalization for PIK Group was approximately USD12.3 billion. The company has rating by Fitch Rating (BB-)

Shares Information

Type of Share	Shares Outstanding	Nominal Value
Charter Capital Structure
Common Share	493,260,384	62.50 RUR

Name	% of Voting Stock	% of Charter Capital
Major Shareholders
Kirill Pisarev	42.18	42.18
Yuriy Zhukov	42.18	42.18

Name	% of Charter Capital
Equity Positions in Other Companies
JSC "Domostroitelny Combinat ¹160"	100.00
Closed JSC "Energoservice"	100.00
Europroject Ltd.	100.00
Fentrouma Holdings Ltd.	100.00
Closed JSC "Impeks"	100.00
Closed JSC "Innotek"	100.00
Izh-Stroy Ltd.	100.00
Closed JSC "Coiner"	100.00
NSS Ltd.	100.00
Oregol Investments Ltd.	100.00
PIK Sistems Ltd.	100.00
PIK-Development Ltd.	100.00
PIK-Design Ltd.	100.00
PIK Holding Ltd.	100.00
PIK Interior Ltd.	100.00
First Hypothecary Company Ltd.	100.00
PIK Nerud Ltd.	100.00
Spetstsvetmed-Invest Ltd.	100.00
Closed JSC "Stroybusinesscenter"	100.00
Stroyformat Ltd.	100.00
Closed JSC "PIK-Region"	100.00
PIK-Ukraina Ltd.	100.00
PIK-Podmoskovie Ltd.	100.00
PIK-Profile Ltd.	100.00
PIK North-West Ltd.	100.00
Rostov Sea Ltd.	100.00
UDSK Ltd.	100.00
Zhilstroyekspluatatsiya Ltd.	100.00
JSC "DSK ¹2"	97.80
Closed JSC "Knitting Undertaking "Red East"	93.30
JSC "Kuskovskiy Orders "The Sign on Honour" a Chemicals Plant"	92.00
JSC "Domostroitelny Combinat ¹3"	84.15
Closed JSC "PIK Project"	56.00

Period	Payment per Share, USD	Number of Shares	Ex-Date	Payment Date	Payout Ratio, %	Dividend Yield, %
Dividends History
2004 / com	n. p.	160,000	-	-	-	-
2005 / com	n. p.	456,260,384	-	-	-	-
2006 / com	n. p.	456,260,384	-	-	-	-
2007 / com	n. p.	493,260,384	-	-	-	-

Stock Market

Type of Instrument	Ticker	ISIN	Market
Instruments on Exchanges
PIK Group	PIKK	RU000A0JP7J7	MICEX
PIK Group	PIKK	RU000A0JP7J7	RTS Classic
PIK Group	PIKKG	RU000A0JP7J7	RTS T+0
PIK Group GDR	PIQ2	US69338N2062	Berlin Stock Ex
PIK Group GDR	PIQ2	US69338N2062	Frankfurt SE
PIK Group GDR	PIK	US69338N2062	London SE
PIK Group GDR	PKGPL	US69338N1072	US OTC
PIK Group GDR	PIQ2	US69338N2062	XETRA

Price Chart

Prices

Volumes

Performance Table

Shares
MICEX:Common Share
RTS Classic:Common Share
RTS T+0:Common Share

DRs
LSE:GDR

Indices
DJ RusIndex Titans
MT RusIndex
RTS Index

Technical Analysis
Moving Average
Period (days)
Trend


	Year	Month	Day
From:
To:

Level	Effective Date	Underlying Share Ratio	CUSIP	Depositary Bank
Participation in DR Programs
GDR Reg S	05 Jun 07	1: 1	69338N206	Deutsche Bank
GDR 144 A	05 Jun 07	1: 1	69338N107	Deutsche Bank

Name	Weight	Inclusion Date
Weightings in Indices
MT-RusIndex	1.13	01 Oct 07
RusIndex 100	1.05	01 Oct 07
RusIndex Industrials	1.29	01 Jan 08

Fixed Income Instruments

Issue #/ Tranche #	Registration Number	Registration Date	Period	Par Value, RUR	Issue Volume, RUR thnd	Number of Coupons	Coupon Period	Guarantee
Issue Parameters
1	4-01-01556-À	30 Nov 01	180	1,000	100,000	2	91
2	4-02-01556-À	30 Nov 01	210	1,000	100,000	2	120
3	4-03-01556-À	20 Sep 02	360	1,000	500,000	8	91
4	4-04-01556-A	06 Jun 03	720	1,000	750,000	8	90
5	4-05-01556-A	28 Apr 05	1,092	1,000	1,120,000	12	91	PIK Development, DSC-2

Issue #/ Tranche #	Coupon #	Start Coupon Period	End Coupon Period	Coupon, %
Coupons
1	1	15 Jan 02	15 Apr 02	21.50
1	2	15 Apr 02	14 Jul 02	23.04
2	1	16 Jan 02	16 Apr 02	21.50
2	2	16 Apr 02	14 Aug 02	23.04
3	1	16 Oct 02	14 Jan 03	21.00
3	2	14 Jan 03	14 Jan 03	14.50
3	3	14 Jan 03	14 Apr 03	21.00
3	4	14 Apr 03	14 Apr 03	14.50
3	5	14 Apr 03	13 Jul 03	21.00
3	6	13 Jul 03	13 Jul 03	14.50
3	7	13 Jul 03	11 Oct 03	21.00
3	8	11 Oct 03	11 Oct 03	14.50
4	1	10 Jul 03	08 Oct 03	14.00
4	2	08 Oct 03	06 Jan 04	14.00
4	3	06 Jan 04	05 Apr 04	14.00
4	4	05 Apr 04	04 Jul 04	14.00
4	5	04 Jul 04	02 Oct 04	13.00
4	6	02 Oct 04	31 Dec 04	13.00
4	7	31 Dec 04	31 Mar 05	13.00
4	8	31 Mar 05	29 Jun 05	13.00
5	1	24 May 05	23 Aug 05	13.00
5	2	23 Aug 05	22 Nov 05	13.00
5	3	22 Nov 05	21 Feb 06	13.00
5	4	21 Feb 06	23 May 06	13.00
5	5	23 May 06	22 Aug 06	10.20
5	6	22 Aug 06	21 Nov 06	10.20
5	7	21 Nov 06	20 Feb 07	10.20
5	8	20 Feb 07	22 May 07	10.20
5	9	22 May 07	21 Aug 07	9.20
5	10	21 Aug 07	20 Nov 07	9.20
5	11	20 Nov 07	19 Feb 08	9.20
5	12	19 Feb 08	20 May 08	9.20

Issue #/ Tranche #	Start Placement Date	End Placement Date	Placement Price, %	Volume Placed, RUR thnd	Maturity date	Offer Date	Offer price, %	Status	Issue Placement Registration Date
Primary Market
1	15 Jan 02	15 Jan 02	100.00	100,000	14 Jul 02			redeemed	11 Feb 02
2	16 Jan 02	16 Jan 02	100.00	100,000	14 Aug 02			redeemed	11 Feb 02
3	16 Oct 02	16 Oct 02	100.00	500,000	11 Oct 03	30 Apr 03		redeemed	12 Nov 02
4	10 Jul 03	10 Jul 03	100.00	750,000	29 Jun 05			redeemed	29 Jul 03
5	24 May 05	24 May 05	100.00	1,120,000	20 May 08	22 May 07	100.00	redeemed	16 Jun 05

Key Financial Characteristics

		31 Dec 05	31 Dec 06	31 Dec 07	31 Dec 05	31 Dec 06	31 Dec 07
Balance Sheet
		RUR mn	RUR mn	RUR mn	USD mn	USD mn	USD mn
RUR/USD Exchange rate					28.79	26.35	24.54
ASSETS, of which		59,700.91	65,718.05	126,699.39	2,073.41	2,494	5,163
Fixed Assets and Other Non-current Assets, of which		24,307.9	17,891.96	41,079.75	844.21	679	1,674
	Fixed Assets	27.47	7,852.44	12,539.88	0.95	298	511
	Intangible Assets	0.00	4,084.32	21,202.45	0	155	864
	Other Assets	24,280.43	5,955.2	7,337.42	843.26	226	299
Current Assets, of which		35,393	47,826.09	85,619.63	1,229.2	1,815	3,489
	Inventories	2.82	38,735.18	50,257.67	0.1	1,470	2,048
	Accounts Receivable	22,059.27	5,665.35	18,306.75	766.12	215	746
	Cash	279.69	1,133.07	17,055.21	9.71	43	695
	Other Current Assets	13,051.23	2,292.49	0	453.27	87	0
OWNER'S EQUITY, of which		46,991.69	9,934.12	50,306.75	1,632.02	377	2,050
	Charter Capital	28,516.27	0	0	990.37	0	0
	Reserves	18,338.17	9,934.12	50,306.75	636.88	377	2,050
	Retained Earnings	137.25	0	0	4.77	0	0
LIABILITIES, of which		12,709.22	55,783.93	76,392.64	441.39	2,117	3,113
	Long-Term Debt	7,956.29	24,031.62	34,625.77	276.32	912	1,411
	Short-Term Debt	3,123.14	0	0	108.47	0	0
	Accounts Payable	1,629.38	27,299.08	33,766.87	56.59	1,036	1,376
	Other Liabilities	0	4,453.23	8,000	0	169	326
Financial data standard		RAS	IAS	IAS	RAS	IAS	IAS
Unaudited			Audited	Audited	Unaudited	Audited	Audited
Non-consolidated			Consolidated	Consolidated	Non-consolidated	Consolidated	Consolidated

	31 Dec 05	31 Dec 06	31 Dec 07	31 Dec 05	31 Dec 06	31 Dec 07
P&L Account
	RUR mn	RUR mn	RUR mn	USD mn	USD mn	USD mn
Average RUR/USD Exchange rate				28.30	27.16	25.58
Sales	273.94	41,974.94	69,100.47	9.68	1,546	2,703
Production Costs	144.38	29,784.29	45,785.77	5.1	1,097	1,791
Operating Profit	129.56	12,190.65	23,314.7	4.58	449	912
Other Income	-22.27	-787.37	-1,815.07	-0.79	-29	-71
Income Before Taxes	107.29	11,403.28	21,499.63	3.79	420	841
Net Income	79.58	8,090.9	17,895.05	2.81	298	700
Financial data standard	RAS	IAS	IAS	RAS	IAS	IAS
Unaudited		Audited	Audited	Unaudited	Audited	Audited
Non-consolidated		Consolidated	Consolidated	Non-consolidated	Consolidated	Consolidated

	31 Dec 05	31 Dec 06	31 Dec 07
Key Ratios
Company Valuation Coefficients
P/BV	n.a.	n.a.	7.20
P/S	n.a.	n.a.	5.46
P/E	n.a.	n.a.	21.07
Company Efficiency Coefficients
Sales/Employee, USD thnd	0.00	110.43	135.15
Net Profit Margin, %	29.05	19.28	25.90
ROA, %	0.23	23.90	18.28
ROE, %	0.29	158.09	57.68
Turnover Coefficients
Receivables Turnover	0.02	14.38	5.63
Assets Turnover	0.01	1.24	0.71
Inventory Turnover	172.97	2.10	1.54
Liabilities Turnover	0.04	0.21	1.03
Capital Structure Coefficients
Equity Ratio	0.79	0.15	0.40
Debt Ratio	0.21	0.85	0.60
Equity/Debt	3.70	0.18	0.66
Current Liquidity	7.45	1.75	2.54
Quick Liquidity	7.45	0.33	1.05

Production Overview

Product	Measure	2005	2006	2007	Units
Production
Construction	1,000	827	1,244	1,542	sq. m

Product	Measure	Capacity	Units
Capacity
Information is not available yet.

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