Joint Stock Company “Open Investments” (JSC “OPIN”, the “Company”) announces a decision of the Board of Directors to increase the charter capital of the Company. The Board of Directors meeting was held on 25 January 2008.

The Board of Directors has approved the sixth increase in the charter capital of the Company, whereby up to 1,692,252 additional ordinary shares each with a nominal value of RUR1,000 should be placed through an open subscription. Shareholders of the Company will be granted pre-emptive rights to purchase such new shares, pro rata the number of ordinary shares owned by them. The price of ordinary share for existing shareholders and new investors will not be exceeding the Rouble equivalent of US$290 per new share at the exchange rate of the Central Bank of Russian the Federation determined on the date when the resolution of the Board of Directors on the placement price is adopted. The placement price for those shareholders having a pre-emptive right to purchase the new shares and for other persons will be determined by the Board of Directors upon the expiry of the pre-emptive rights period. The list of persons having a pre-emptive right to purchase the new shares shall be determined on the date of the Board of Directors meeting where the decision to increase the charter capital of the Company was taken, i.e. 25 January 2008.