Moscow -Joint Stock Company Open Investments (“OPIN”, the “Company” or the “Group”) has today announced its financial results for the first six months of 2007, based on interim consolidated financial statements drawn in accordance with IFRS.

Highlights include:

•    Total assets over $2.5 billion as of 30 June 2007, up 50% since the beginning of the year
•    Equity attributable to shareholders of the parent company over $1.9 billion as of 30 June 2007, up 50% since the beginning of the year
•    First Half Revenue of over $83 million, up 120% on the same period in 2006
•    First Half Net Profit of over $37 million, up 60% on the same period in 2006
•    EBITDA of over $38 million, up 20% on the same period in 2006

The growth of both assets and equity was due to the issue of new shares in May 2007, the strong growth in the market value of assets and the sale of a 16.9 ha plot of land in Samara.  Growth has also been driven by the profit from current projects including “Pavlovo”, “Pestovo”, the class A office centre “Meyerhold” and the Novotel Moscow Centre Hotel.

OPIN’s financial statements have been audited since 2002 by the international auditing and consulting company Deloitte.

Mr. Sergey Bachin, General Director of JSC OPIN, commented:

“In the first six months of the year, JSC OPIN has enjoyed strong growth in asset values, revenue and profit. This growth is the result of both the strong performance of existing projects and of the expansion of the company’s land bank.  During the first half, the Group acquired 4.8 thousand ha of land and, as of 30 June 2007, our land bank exceeded 5.6 thousand ha, which is seven times higher than the figure at the start of the year. Expanding our land bank is one of OPIN’s top strategic priorities. It will allow us to develop mega-projects of residential communities in the market of out-of-town real estate. We consider this trend as a new strategic approach to real estate development in Russia, which will meet the demand for high quality out of town housing in a sector that offers very attractive future prospects.

JSC OPIN is following a clear strategy that includes focusing on premium projects in the segment of residential out-of-town real estate, and on class A office centres in the commercial real estate sector. In addition, we see great potential in developing residential property for the growing middle class demographic, and are looking at ways of increasing our involvement in this sector. I would especially like to mention the success of the additional issue of shares in May 2007, raising approximately $325 million.  As of 15 August 2007, the company’s market capitalisation is approximately $3.2 billion.”

The interim consolidated financial statements for the first six months of 2007 according to IFRS are published on the company’s website at:  https://www.opin.ru/.