Joint Stock Company “Open Investments” (“OPIN” or the “Company”) the Moscow-based real estate development and investment company, today announces the closing of its additional share offering. The new offering raised approximately RUB 23.59 billion or approximately US$881.2 million at the rate of the Central Bank of the Russian Federation as of 22 September, 2006.

The Company's estimated market capitalization is approximately RUB 47.18 billion, calculated using the number of outstanding ordinary shares (including the shares in the offering) multiplied by the price per share in the offering (approximately US$1.76 billion at the rate of the Central Bank of the Russian Federation as of 22 September, 2006).  The offering consisted of 4,875,488 shares, all of which have been successfully placed by the Company.  Approximately 67% of the shares in the offering were placed to existing shareholders who exercised their statutory pre-emptive rights.

The public offering increased considerably the Company's shareholder base. The Company's   international road show took place in a variety of locations including Moscow, London, Amsterdam, Frankfurt, Vienna, Stockholm and Copenhagen in September.
The offering price was set by the Company's Board of Directors after expiration of pre-emptive rights at its meeting on September 22, 2006, at RUB 4,838.2. Based on the rate of the Central Bank of the Russian Federation as of 22 September, 2006 this equates to US$ 180.75 per share and US$ 22.59 per single global depositary share of the Company (“GDS”).

ING Bank and Renaissance Capital acted as joint lead managers.

Sergey Bachin, general director of OAO OPIN, said he was satisfied with the offering results: “We are delighted with the results of the transaction and we greatly appreciate the confidence that our existing and new investors have demonstrated in us. In the future we plan to continue to do our best to further develop the Company.

We intend to use the offer proceeds predominantly to develop our current projects: the Sakharov Business Plaza and the Raikin Retail and Entertainment Centre and the cottage communities of Pavlovo and Pestovo, as well as for buying attractive land sites near Moscow."