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EPAM Announces Health & Insurance Technology and Consulting Vertical

Industry focused onshore / offshore model is high quality / low cost

Princeton, NJ — March 17, 2003 — EPAM Systems, Inc., a leading global provider of software development and outsourcing services, today announced the launch of its healthcare practice focusing on IT related projects for health insurers and related organizations. Healthcare executives will gain greater value for their IT budgets by using EPAM's proven onshore/offshore model.

Traditionally, health organizations have lagged behind other markets with annual IT investments of 2.5 percent of gross revenues versus, for example, 6 percent for financial services according to Gartner analyst Barbara Gomolski in the recent report titled, "Gartner 2002 IT Spending and Staffing Survey Results."

EPAM has assembled a Health & Insurance Technology and Consulting practice with competencies in key aspects of health insurance operations, including sales and marketing, claims and benefits administration, CRM, content management, and medical cost management. Within these core areas of expertise, EPAM is able to create solutions that are technologically advanced, promote business process optimization, and are regulatory compliant.

EPAM uses an onshore/offshore model to exceed client expectations at low cost. Led by on-site consultants and managers, EPAM leverages deep industry knowledge with proprietary Web-based project management methodologies and tools to guide the development process. Offshore technology development is performed at two centers in Moscow, Russia, and Minsk, Belarus. Balancing reliable onshore project management with EPAM's offshore team of systems engineers and technologists, many of who were part of the former Soviet defense and aerospace programs, creates an unprecedented capability to solve complex business and technology problems.

"The EPAM onshore/offshore model is the new paradigm for IT and business process investment in health," said Richard Osborne, senior vice president of EPAM and the company's Health & Insurance practice leader. "Our reputation for quality and reliability is well known by many Fortune 500 companies and our cost discounts allow clients to add additional initiatives with confidence."

The EPAM Health & Insurance team will offer a full array of technology and process focused services, from eBusiness strategy and solution design through implementation, integration and ongoing maintenance.

About EPAM Systems

Established in 1993, EPAM Systems is headquartered in Princeton, New Jersey with technology development centers in Moscow, Russia and Minsk, Belarus. EPAM is a leading provider of software development outsourcing services, e-business, enterprise relationship management, and content management solutions. EPAM solves complex business and technology problems using an onshore/offshore delivery model.

EPAM's customer base includes CareFirst BlueCross BlueShield, SBLI USA Mutual Life Insurance Company, Colgate-Palmolive, Halliburton, Verizon Communications, Samsung America, Bally of Switzerland, among others. In the technology world, EPAM provides services to firms such as SAP, BRIO Software, ServiceWare, Multex, and others.

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