«Open Investments»

(Real Estate Company)

The Open Investments Company (OPIN) was established by Interros in the fall of 2002 for consolidation of real estate assets and transactions. The Company’s managers were assigned the task of making Open Investments a major player on the Russian real estate market, secure high levels of rates of return on invested capital, build a liquid and evolving market for company’s shares on the largest exchanges first in Russia and then internationally.

The investment strategy of the Group is to diversify its project portfolio across attractive segments of the real estate market, while maintaining the optimum balance between development projects and retention of income producing properties.

The Group is focused on development of the deluxe residential housing and of the international standard Class A office space, as well as   the retail real estate and hotels.

Currently, Open Investments engages in real estate development projects, and manages its own real estate assets.

The Company’s portfolio includes the following existing commercial real estate facilities:

• Class A Meyerhold Office Building;
• Novotel Moscow Center Hotel;

The following development projects under construction:

• Pavlovo cottage development on Novorizhskoye Hwy;
• Pavlovo-2 cottage development near Pavlovo;
• Pestovo cottage development on Dmitrov Hwy;
• Martemyanovo cottage development on Kiev Hwy;
• Lukino cottage development on Novorizhskoye Hwy ;
• Residential and Recreation Center in Sochi, Russia, with four apartment houses;
• Class A Business Center Sakharov Business Plaza (Moscow);
• Class A Business Center next to Krasnopresnensky Prospekt (Moscow);
• Multi-Purpose Complex on Neglinnaya Str.;
• Shopping and Entertainment Complex “A.I. Raikin Arts, Culture and Recreation Center” (Property 8, Sheremetyevskaya ul., Moscow, Russia, total area of 74,000+ m2);
• Shopping and Entertainment Complex “Pavlovo Podvorie” and Pavlovo School.

Additional plots of land:

• a plot of land near the village of Martemyanovo;
• a plot of land on Rublevo-Uspensskoye highway;
• a plot of land on a bank of Ivankovskoye storage reservoir in Tver region.

OPIN is the first Russian real estate developer listed and publicly traded in RussiaIn November 2004, the Group successfully completed an IPO and GDS among a wide audience of international and Russian investors for a total of US$ 68.8 million. This step allowed the Group to become the first public corporation on the Russian real estate market and gave it access to investment capital to finance its commercial and residential real estate projects. In March 2006, the Group’s shares were included into the RTS-2 index basket. In April 2006 FFMS registered the report on the outcome of the issuance of additional shares of the Group for a total amount of US$ 90 million. These funds will be used to finance new development projects. In October 2006 the Group successfully completed additional shares issue for a total amount of about US$881 mln.

 In May 2007, OPIN announced closing of additional share offering, raising more than US$325 mln.

As of July 2007 the capitalization of the Company amounted to more than US$3.5 bln.

According to consolidated financial statement prepared under IFRS as of December 31, 2006: total assets have increased 2.5 times and amounted to US$1.6 bln, equity attributable to the shareholders of the parent company has increased more than 5 times and exceeded US$1.2bln. In 2006, net profit attributable to the shareholders of the parent company has increased more than 4 times and exceeded US$58 mln in comparison with the same period in 2005.

2006 consolidated financial statements have been audited by the international auditing and consulting firm Deloitte – auditor of the JSC OPIN group since 2002.

Jones Lang LaSalle has acted as an Independent appraiser of most of the assets of the JSC OPIN group.

	Open Investment Company Director General: Sergei Batchin Chairman of the BoD: Andrey Klishas. Address: 23 Novoslobodskaya street, Moscow, 127055 Russia, phone/fax: (+7 495) 363 1457/58, e-mail: info@opin.ru site: www.opin.ru

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