Further to the approval received at the Company’s Board of directors on 25 January 2008, Joint Stock Company “Open Investments” (“OPIN” or the “Company”), the Moscow-based real estate development and investment company, today announced the start of a pre-emptive rights period for newly issued shares.

On 28 February 2008, the Federal Financial Market Service, the Russian regulator, registered an issue of new ordinary shares of the Company (registration number: 1-01-50020-A-006D) together with a statutory Russian prospectus. A total of 1,692,252 ordinary shares with a par value of 1,000 rubles will be offered to investors via open subscription.  The price of the offering will be determined by the Board of Directors upon expiry of the pre-emptive rights period.

According to Articles 40 and 41 of the Federal Law on Joint Stock Companies, shareholders are granted pre-emptive rights to purchase pro-rata to their existing shareholding in the Company as at 25 January 2008 (the record date). The record date was the date when the Board of Directors made a decision to increase the charter capital of the Company by way of issuing the additional ordinary shares through an open subscription. To exercise the pre-emptive rights, eligible shareholders shall submit a written application to the Company during the period between 14 April and 14 May 2008.