Joint Stock Company “Open Investments” (“OPIN” or the “Company”), the Moscow-based real estate development and investment company, today announces the offer price of its rights offering. The price for the rights offering was approved by the Board of Directors of the Company, following the expiration of the statutory pre-emptive rights period, at its meeting today, 16 May 2008.

The price of the Company’s ordinary shares in the rights offering has been set at RUR 6,915.97 per share, which represents US$ 289.99 per share and US$ 36.25 per global depositary share, at the exchange rate of the Central Bank of Russia on 16 May 2008.

In total, OPIN plans to allocate up to 1,692,252 shares. If all new shares are allocated, it is expected that the total proceeds of the offer will amount to approximately RUR 11,703,564,064 (approximately US$ 490,736,157 at the exchange rate of the Central Bank of Russia on 16 May 2008).

ING Bank is acting as a broker in the offering.