JSC "Open investments" has announced financial results for FY2005. According to consolidated financial statement prepared under IFRS in comparison with FY2004 total revenue has increased 2.5 times and amounted to USD 93 million. Total assets have increased 2 times and amounted almost to USD 600 million, equity attributable to the shareholders of the parent company has increased by 30% and amounted to USD 244 million.

Since 2002 our consolidated financial statements have been audited by Deloitte, an international auditing and consulting company.

Sergey Bachin, General Director of JSC "Open Investments", has commented: "This Year Company successfully reached the new stage of growth. We are building up the land bank, which exceeded 670 hectares by the end of 2005, 5 times more than at the end of 2004. The Company closely follows its strategy and concentrates its efforts on the development of Class «A» office buildings and «Premium class» cottage communities. Moreover, we keep an eye on market trends and plan to explore opportunities in the segment of international class warehouse development and in middle class housing. Especially I would like to highlight the success of our financing program. The consolidated debt portfolio of the Company as at the end of 2005 reached USD225,7 million. Our Company was the ever-first Russian developer, which successfully placed the CLN program on the unsecured basis at the rate of interest of 9,125% per annum for the term of 2 years. In April 2006 the Company completed additional issue of shares and raised approximately USD 90 million. Besides, taking into account the growth of both Russian and international investors' interest to the Company, we plan to further examine the opportunities of debt and equity raising on international capital markets".