Mangrove Capital Partners and ABRT Venture Fund join forces to become the premier early stage venture force in Russia and East-Central Europe

Moscow and Luxembourg – May 29, 2007

Mangrove Capital Partners, a premier European early stage investor and ABRT Venture Fund of Moscow, Russia, announce a partnership to invest in technology start ups in Russia and East-Central Europe. The aim of this partnership is to become the premier early stage investment force in these fast growing markets. "The desire to succeed and the breadth of innovation are what impress me about Russia. I fully expect Russia to produce some of the big technology hits of the coming decade" said Mark Tluszcz of Mangrove Capital Partners.

Both firms have recently co-invested in Quintura (www.quintura.com), a visual search engine, with headquarters in Sergiev Posad, Moscow region, Russia. Together, they have more than USD 300 million under management.

On May 16^th, 2007 the firms organized their first "Start Up Day" in Moscow, where more than 15 start-ups were given the opportunity to meet and present their companies to Mangrove and ABRT. The "Start Up Day" will become the flagship event of the partnership, and will be organized 4 times a year. The next "Start Up Days" will take place in mid July and mid October.

"We are delighted to have this partnership with ABRT Venture Fund. They share our passion for entrepreneurship and have a burning desire to help young companies achieve their dreams. Together we want to lead the path and bring Russian technology start ups to the forefront of the international scene", said David Waroquier of Mangrove Capital Partners.

"Mangrove’s unparalleled early stage experience, their knowledge of the Internet and the commitment to take young companies global are what has drawn us together. Our partnership was the natural next step after a terrific first experience with "Quintura", said Ratmir Timashev of ABRT Venture Fund.

If you believe you have an idea that can change the world, and would like to participate in our next "Start Up Day", please contact us directly or send us your business proposition.

About Mangrove Capital Partners

Mangrove Capital Partners "Mangrove" provides venture capital with a punch to entrepreneurs looking to build world class companies. Our mission is to help turn visions into realities by providing financing, thoughtful advice, relevant experience and deep industry relationships to our portfolio companies. Mangrove has invested in, among others, the following companies: Skype (www.skype.com), Securewave (www.securewave.com), Dialcom Networks (www.dialcom.com), Nimbuzz (www.nimbuzz.com), Properazzi (www.properazzi.com), Quintura (www.quintura.com), and Piczo (www.piczo.com)

To learn more about Mangrove Capital Partners, please visit www.mangrove-vc.com.

About ABRT Venture Fund

ABRT Venture Fund is a venture capital fund focused on early and growth stage software and internet companies with R&D efforts based in Russia and East-Central Europe. The firm was established by Ratmir Timashev and Andrei Baronov, the founders of Aelita Software. Aelita Software was sold in March 2004 for $115 million to US-based Quest Software, constituting one of the largest deals in the Russian software market to date. ABRT Venture Fund is based in Moscow, Russia.

To learn more about ABRT, please visit www.abrtfund.com

Contact:

David Waroquier
Mangrove Capital Partners

Phone +352 26 25 34 1

Nikolay Mitushin
ABRT Venture Fund

Phone: +7 (812) 335-5545