Joint Stock Company “Open Investments” (JSC “OPIN” or the “Company”), the Moscow-based real estate development and investment company, today announces the closing of its additional share offering and the filing of the notification of the results of the issue with the Federal Service for the Financial Markets of the Russian Federation. The new offering raised approximately RUB 8,4 billion, equivalent to approximately US$325 million at the rate of the Central Bank of the Russian Federation as of April 16, 2006.

The offering consisted of 1,798,063 shares, all of which have been successfully placed by the Company. Approximately 96% of the shares in the offering were placed to existing shareholders who exercised their statutory pre-emptive rights.
 
The offering price was set by the Company's Board of Directors after expiration of pre-emptive rights period at its meeting on April 16, 2007, at RUB 4668.51. Based on the rate of the Central Bank of the Russian Federation as of April 16, 2007 this equates to approximately 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 of the offering.

Sergey Bachin, general director of OAO OPIN, said he was satisfied with the offering results: “The offering will enhance our ability to attract further capital in the future and to confidently and dynamically continue building up the company’s business. We greatly appreciate the confidence that our shareholders and 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 offering proceeds predominantly to pursue our investment strategy, development of our current and new projects”.