Joint Stock Company “Open Investments” (“OPIN” or the “Company”), the Moscow-based real estate development and investment company, today announces its intention to issue up to 2,038,930 additional shares. The Company intends to begin a roadshow on Wednesday, 12 September 2007.

The proposed offering will comprise ordinary shares and unlisted Global Depositary Shares ("GDSs"). Existing shareholders have statutory pre-emption rights to purchase shares in the new share issue pro-rata to their existing shareholding in the Company at 31 May 2007, being the date on which the Board of Directors’ decision to conduct the capital increase was taken. The remaining ordinary shares will be offered to investors via an open subscription in Russia. International institutional investors outside of Russia and the United States will be offered ordinary shares and/or GDSs under Regulation S of the U.S. Securities Act, 1933, as amended.

At present, approximately 60% of the Company is owned by an affiliate of Interros, which has indicated that it plans to exercise in full its statutory pre-emption rights to acquire shares in the new share issue. Following the offering, the free float of shares in the Company is expected to be approximately 40%.

The Company intends to use the proceeds of the proposed offering to finance its growth strategy, primarily for the acquisition of additional land suitable for residential housing developments, as well as for developing its current projects, both residential and commercial. Deluxe and affluent middle class and mass-middle class residential housing, and ‘Class A’ office space remain key sector priorities for the Company. In particular, the Company has recently started developing quality properties aimed at affluent and mass-middle class customers, being parts of the Russian residential property market that offer exciting opportunities because of rapidly growing demand and the development of the mortgage market in Russia.

ING Bank and Renaissance Capital are acting as joint lead managers on the proposed offering.

Sergei Ba?hin, General Director of Open Investments, commented:

“The secondary share offering that we are announcing today is not the first such transaction of this kind that OPIN has conducted. Since our IPO in 2004, the company has conducted three share issues and attracted approximately USD 1.3 billion of equity capital. Our business is continuing to grow at a fast pace and we believe that our investment strategy, and OPIN’s experienced management team, will be the foundation of our future success.

We intend to continue to work on existing and new real estate projects, to increase our landbank and to continue to strive to comply with international standards of corporate governance and transparency. Favourable macroeconomic conditions in Russia should also assist us in implementing our projects successfully. This secondary offering of OPIN shares will give both new and existing investors the opportunity to gain exposure to some of the dynamic parts of the Russian real estate market.”