Today Joint Stock Company “Open Investments” (”OPIN” or the ”Company”) published an announcement in “Nezavisimaya Gazeta” announcing the start of a pre-emptive rights period for newly issued shares in the Company.

On 19th July 2007 the Federal Financial Markets Service registered an additional issue of ordinary registered shares in the Company in non-documentary form (registration number: 1-01-50020-?-005D) and a statutory Russian prospectus in respect of the additional issue of shares. A total of 2,038,930 shares at a nominal price of 1,000 (one thousand) roubles each will be offered to investors via an open subscription. The offer price will be determined by the Board of Directors following the expiry of the pre-emptive rights period.

According to Articles 40 and 41 of the Federal Law “On Joint Stock Companies”, shareholders of OPIN are granted a pre-emptive right to purchase newly issued shares offered in the open subscription pro-rata to their existing shareholding in the Company. The list of persons entitled to this pre-emptive right has been compiled based on the register of shareholders in the Company as at the date of the approval of the increase in OPIN’s charter capital by the Board of Directors, which was 31 May 2007. Eligible shareholders can exercise their pre-emptive rights by submitting a written application to the Company in the period from 4 September 2007 to 24 September 2007.