Joint Stock Company “Open Investments” (JSC “OPIN” or the “Company”), the Moscow-based real estate development and investment company, announces the closing of its additional ordinary 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 11.7 billion equivalent to approximately US$ 491 million at the rate of the Central Bank of the Russian Federation as of May 16, 2008.

All 1,692,252 shares of the additional offering have been fully placed by the Company. Approximately 79% of the new shares have been allocated to existing shareholders who exercised their statutory pre-emptive rights.

The offering price was set by the Company's Board of Directors upon expiration of the pre-emptive rights period at its meeting on May 16, 2008, at RUR 6,915.97 per ordinary share, which represents approximately US$ 289.99 per share and approximately US$ 36.25 per global depositary share, at the exchange rate of the Central Bank of Russia on 16 May 2008.

ING BANK (EURASIA) ZAO acted as a broker in the offering.

Andrei Klishas, Chairman of the Board of Directors, said he was satisfied with the offering results: “We greatly appreciate the confidence that our shareholders and investors have demonstrated in our Company. In spite of volatile international financial markets conditions, the offering was very successful. Demand for the new shares significantly exceeded the number of shares in the offering, and the new issue was placed at the premium to the share market price. We intend to use the offering proceeds to pursue our investment strategy, development of our current and new projects.”