May 24, 2007

In the nearest future, FINAM investment holding intends to place an additional issue of shares of Finam – Information Technologies, a closed-end mutual fund for venture investments. This mutual fund will be the first issuer to have its securities placed in the Sector for Innovation and Growth Companies (the IGC Sector) of the MICEX Stock Exchange. FINAM intends to invest the money received from the sale of additional shares in new attractive IT assets, which will be included in the mutual fund’s portfolio.

Closed-end mutual fund Finam – Information Technologies, which specializes in venture investments, (the Rules of Trust Management were registered by the RF Federal Service for Financial Markets on 20 December 2005, #0446-78559613) was established in the early 2006. During the last year, the value of its shares grew by 90.71% as a result of high rates of growth of the incomes and value of companies whose stocks and shares in the authorized capital comprise the portfolio of the mutual fund. The mutual fund’s net asset value (on 28 April 2007) exceeds 1.09 billion rubles.

Finam – Information Technologies owns the following assets:

,

• 68.5% of shares in Mamba Company (the largest web-based system of personal and matrimonial ads, comprised of dozens of popular web portals and web sites),

• 26.5% of the capital of Buka Ltd. (the leading company on the Russian market for computer games),

• 30% of shares in Ashmanov and Partners (Internet-consulting and software development),

• 50% of shares in Search Technologies (Poiskovyie Technologii) (development of new means of search for information in the Internet),

• 25% + 1 shares in MoneyMail (developer and owner of electronic payment system MoneyMail),

• 55% in Mega Styles (the company owns E-generator.ru, which is the leading service for the implementation of remote projects in the spheres of advertising and web developments).

In the IGC Sector, FINAM intends to offer investors 53 thousand shares of its mutual fund. The current value of one share is 9482.33 rubles. Thus, as a result of placement, the fund will raise about 500 million rubles which will be invested in additional assets in different sectors of IT business. In particular, part of the money will be used to include a package of shares in Begun system of context advertising in the mutual fund’s portfolio.

“We expect that shares of our fund will be popular with investors. Finam – Information Technologies demonstrates high rates of growth of the value of its shares. It deals with attractive and dynamic assets. Individual investors have a unique opportunity to participate in the development of the Russian IT sector. Today, it attracts a lot of interest of investors, which is confirmed by the results of the sale of additional shares of our fund in November 2006. We raised about 150 million rubles, with investors’ demand considerably exceeding the offer,” says the CEO of FINAM Investment Holding Victor Remsha.

“The IGC floor begins its operation with launching the securities of a very interesting issuer,” says the CEO of the MICEX Stock Exchange Alexei Rybnikov. “On foreign exchanges dealing with small and medium-cap issuers, mutual funds are regarded as important issuers. By building balanced portfolios they lessen investment risks. Skilled managers select most attractive assets, releasing investors from the necessity to search for them. I think that Finam – Information Technologies has all of these advantages. I am sure it will be a worthy “ambassador” of the Russian IT industry in the IGC Sector.

All individual investors will be able to buy additional shares of Finam – Information Technologies in the MICEX SectorÅ IGC. They can enter their orders directly through the trading system of the MICEX SE. They can also use the system of the MICEX SE Internet trading, entering their orders via FINAM or any other broker company which is a participant in trading on the MICEX Stock Exchange. Shares of Finam – Information Technologies are to be placed in the IGC Sector in the middle of June, 2007.