On November 26, 2009 Joint Stock Company “Open Investments” held its Board of Directors meeting. The members of the Board of Directors unanimously approved the decision on early termination of the General Director’s powers of Sergey Bachin on his own accord.

Also the members of the Board of Directors approved the election of Alexander Kartsev as General Director from November 27, 2009 for three years term. Earlier Alexander Kartsev held the position of Chairman of the Board of Directors. At the same time Sergey Bachin was elected as new Chairman of the Board of Directors.

According to Sergey Bachin, who lately combined positions of the General Director of JSC “OPIN” and “Rosa Khutor” LLC, these organizational changes make it possible for him to entirely concentrate on the management of “Rosa Khutor” LLC., the company that leads the ski resort construction of one of the main flagship sites for the Winter Olympics 2014 in Sochi.

In JSC “OPIN” Sergey Bachin will be responsible for the strategy of the Company within the competence of the Board of Directors. “As Chairman of the Board of Directors, acting in the best interests of all Company’s shareholders, my goal is to continue working on the realization of market strategy directed to the fulfilment of all existing Company’s liabilities with the clients, creditors and partners” - Sergey Bachin added.