OREANDA-NEWS. September 28, 2007. Joint Stock Company “Open Investments” (“OPIN” or the “Company”), the Moscow-based real estate development and investment company, today announces the offer price of its secondary share offering. The price for the offering was approved by the Board of Directors of the Company, following the expiration of the statutory pre-emptive rights period, at its meeting today, 28 September 2007.

The price of the Company’s ordinary shares in the secondary offering has been set at RUR 7,238.95 per share, which represents US$ 290 per share and US$ 36.25 per global depositary share, at the exchange rate of the Central Bank of Russia on 28 September 2007.

In total, OPIN plans to allocate up to 2,038,930 shares. If all new shares are allocated, it is expected that the total proceeds of the offer will amount to approximately RUR 14,759,712,323.50 (approximately US$ 591, 289, 700 at the exchange rate of the Central Bank of Russia on 28 September 2007).

It is expected that, immediately after the offering, approximately 60% of the Company’s stock will be owned by Interros, which is exercising its statutory pre-emptive rights in full to acquire additional shares in the Company, while approximately 40% of the Company’s shares are expected to be in free float.

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