Montvale, NJ and Moscow, Russia Sept. 23, 2005 - Dmitry Loschinin, President and CEO of LUXOFT, Russia’s leading software developer and IT services exporter, was elected Chairman of the Board of the National Software Development Association RUSSOFT at its annual membership conference held in Moscow, Russia. RUSSOFT is the national association representing 80 companies and more than 7,000 of highly qualified programmers and software engineers with advanced graduate level degrees in technology and computer science to provide customers with a range of comprehensive solutions and IT services, including offshore software development services from Russia, Byelorussia and Ukraine.

“RUSSOFT members provide sophisticated solutions to implement various software projects, from simple to complex, from short-term to long-term assignments. Russia also offers substantial benefits in overall cost because of exclusive abilities in software engineering,” said Valentin Makarov, President of RUSSOFT. “As RUSSOFT chairman, Dmitry will help to develop Russia’s software industry and raise awareness of our strengths around the world.”

Loschinin’s term as Chairman runs through 2006.

As Chairman, Loschinin will continue promoting the worldwide expansion of Russian software services and supporting further development of Russian “technoparks” to consolidate and strengthen Russia’s advanced technology capabilities. “We will focus on two main initiatives: to work with the government on creating favorable environment for Russian IT businesses to grow Russian software services revenue to $2-2.5 billion annually; and to raise global awareness about Russia’s software expertise,” said Loschinin. “If we are successful, Russia will move up in the global software development hierarchy.”

Under Loschinin’s leadership, LUXOFT has enjoyed exponential growth, became the world’s only company to achieve both CMM and CMMI Level 5 certification simultaneously, and has climbed to the top of the Russian software services industry by building a loyal client base of world’s most successful companies. The company now employs more than 1,200 people at five development centers.

LUXOFT, a global IT company, is Russia’s leading software developer and IT services exporter. The company, which was founded in 2000, has operations in the US, UK and Russia.

Leveraging a unique, proven offshore engagement model, LUXOFT provides a full range of custom software development services for IT solutions on various platforms and technologies. LUXOFT’s software development processes meet the highest quality standards and the company was the first in Europe to achieve Level 5 CMMI quality certification. LUXOFT runs research and offshore development centers in Moscow, St. Petersburg, Dubna, Omsk and Kiev. LUXOFT enjoys long-term business relationships with clients across IT, Manufacturing, Energy, Aviation, Finance and Government sectors including some of the best-known global Fortune 500 corporations such as Boeing, Deutsche Bank, IBM, Citibank, and Dell. Luxoft also works closely with many mid-size growth companies.

As the major Russian association of software developing companies, RUSSOFT provides the most accurate and up-to-date information about Russian software market. It regularly organizes market studies, maintains the largest database of software developing companies in Russia and serves as the voice of the software industry. Headquartered in St. Petersburg, Russia, RUSSOFT unites more than 80 companies and more than 7000 of highly qualified programmers and software engineers with advanced graduate level degrees in technology & computer science to provide costumers with a range of comprehensive solutions and IT services.