OREANDA-NEWS. October 12, 2007. Joint Stock Company “Open Investments” (“OPIN” or the “Company”), the Moscow-based real estate development and investment company, announces the closing of its share offering and the notification of the results of an additional securities issue to the Russian Federal Financial Markets Service. As a result of the share offering the Company has raised approximately RUR 14.8 billion, which, based on the exchange rate of the Central Bank of Russia as of 28 September 2007, totalled approximately US$ 591 million.

The Company has successfully placed all 2,038,930 shares in the issue. In so doing, about 70% of the additional shares were placed pursuant to statutory pre-emptive rights.

The price of the share offering was approved by the Company’s Board of Directors, after the expiration of the pre-emptive rights period, at a meeting held on 28 September 2007. The price per ordinary share was RUR 7,238.95, which represented US$ 290 per ordinary share and US$ 36.25 per global depositary share, calculated using the exchange rate of the Central Bank of Russia for 28 September 2007.

ING Wholesale Banking and Renaissance Capital acted as joint lead managers in the placement.

Commenting on the announcement, Andrey Klishas, General Director of Interros and Chairman of the Board of Directors of OPIN, said: “The relationship of shareholders toward the company is best expressed by their willingness to invest in its development. Interros has a history of participating in the increase of OPIN’s share capital. We look forward to OPIN maintaining its leadership position and the same growth ambition that it has demonstrated today.”

Sergey Bachin, General Director of OPIN, expressed his satisfaction with the results of the offering: "The results of the share offering have met our expectations. We are grateful to our shareholders and investors for their faith in OPIN and we intend to focus our efforts on further increasing the value of the Company. The funds raised in the course of this offering should assist OPIN not only in continuing to expand its land bank significantly, but also to develop existing and new projects in attractive sectors of the Russian real estate market".