Statement by Tamir Fishman

The management of Tamir Fishman wants to make clear that Mr. Oleg Shvartsman does not represent the Tamir Fishman Russia Venture Capital Fund, ("the Fund") or Tamir Fishman and he plays no operational role whatever in the Fund and is not part of its management team or investment committee.

In addition Tamir Fishman and the Fund wish to disassociate themsleves publicly from the statements attributed to Mr. Shvartsman in a newspaper interview published in Moscow today, 30 November 2007. The statements and views reported in that interview do not in any way reflect those of Tamir Fishman or the Fund.

The only link between Tamir Fishman, the Fund and Mr. Shvartsman is a minority stake at present owned by him in the company which controls the management company of the Fund. This company is majority owned and fully controlled by Tamir Fishman.

Tamir Fishman Russia Venture Capital Fund is a 2-billion rouble fund set up with the Russian government's Russian Venture Company (RVK) support and its investors include the European Bank for Reconstruction and Development, as well as private investors from Europe, Israel, Russia and the United States. Fund investment and divestment decisions will be made on a fully commercial basis. Tamir Fishman is highly committed to working in Russia and investing the Fund in fast-growing private companies developing innovative technologies.

The Tamir Fishman group, a leading Israeli financial group with a highly successful track record in the venture capital business, is very proud to have won a tender organized by Ministry of Economic Development and Trade to launch a new fund in Russia and is planning to make a public presentation with the RVK next week.