JSC Open Investments (JSC “OPIN”) has announced financial results for 1H2006. According to consolidated interim financial statement prepared under IFRS from the end of 2005 total assets have increased 1.3 times and amounted to USD 781 million, equity attributable to the shareholders of the parent company has increased 1.5 times and amounted to USD 376 million. In comparison with 1H2005 total revenue has grown by 13,8% reaching USD37,2 million and net profit has increased almost 5,5 times and amounted to more than USD 23 million.
   1H2006 consolidated financial statements have been audited by the international auditing and consulting firm Deloitte – auditor of the JSC “OPIN” group since 2002.

Jones Lang LaSalle has acted as an Independent appraiser of most of the assets of the JSC “OPIN” group.  
Mr. Sergey Bachin, General Director of JSC “OPIN”, has commented: “We have enjoyed steady growth geared by the development of current projects and the extension of our land bank. Favorable market conditions also contributed to the successful implementation of our plans. We have continued to acquire new land plots along the Novorizhskoe highway, which is known for its favorable ecological environment, transport access and prestige. Currently, in addition to the Pavlovo-1, Pavlovo-2 and Pavlovo Podvorye projects, we have completed the acquisition of a complimentary 43 hectares of land on the Novorizhskoe highway, bringing the total land held for the development of the Novorizhsky cottage community project to approximately 202 hectares. During the course of 1H2006, we have also acquired about 29 hectares of land on the Rublevo-Uspenskoye highway. In the office real-estate segment, the Company has continued to develop two investment grade Class A office buildings within the Sakharov Business Plaza project. Also, the Company has recently reached an advanced stage of negotiations to acquire the companies investing in the construction of a third high-rise Class A building within the Sakharov Business Plaza project. For the purpose of funding our activities, we have continued to access capital markets. In April 2006, the company successfully completed an issue of an additional 1 285 488 shares. On 10 August, the Federal Financial Markets Service registered the Company’s prospectus for the issue of a further 4 875 488 shares and granted permission for the Company’s GDR program to be expanded by 2 335 841 shares. In March 2006, the Company’s shares were included in the RTS-2 Index, evidencing the growth of the Company’s market capitalization and investor interest. We have also recently sourced additional debt financing. In July 2006 we added an additional USD75 million to our debt portfolio.”