Technology and Support Strategy is Paying Off as the World's Leading B2B Marketplace For Industrial Custom-Manufactured Parts and Assemblies Goes Offshore with EPAM

Princeton, NJ — December 8, 2003 — EPAM Systems, Inc., a leading provider of IT services, today announced that First Index chose EPAM as its offshore outsourcing partner to manage and operate its Information Technology Group with an initial 1-year outsourcing agreement. EPAM was picked after a very competitive process that included global service firms from Russia and India.

Under the terms of the agreement, EPAM will develop and maintain First Index's entire suite of state of the art applications and technologies. New applications that are to be developed will further enhance the information that suppliers and buyers involved in the supply chain will obtain during the RFQ / RFI Process.

"Leveraging the highest quality services of an offshore IT provider is essential to our long term strategy," said Russ White, CEO. "We chose to work with EPAM because of their understanding of our environment, extensive project management experience and their unparalleled technology base, which provides responsiveness, high-quality and fast turnaround."

"EPAM's focus on managing distributed teams and using advanced technology is paying off. This is a key win for our Support Operations Group, which is gathering marketplace momentum," said Arkadiy Dobkin, CEO and President of EPAM. "Our industry leading project management model is becoming the first choice for companies moving into the global market. We are looking forward to a long-term and mutually beneficial relationship with First Index."

About First Index

Since its foundation in 1992, First Index has become the world's leading B2B marketplace for industrial custom-manufactured parts and assemblies. In 2000 alone, more than 7,000 buyers posted over 24,000 RFQ's and RFI's worth an estimated $10bn through findFAST Online, First Index's web-based marketplace.

With offices in the US, UK, Germany, and Shanghai China, First Index helps manufacturing companies source suppliers of custom-made parts locally or internationally. In addition to this unmatched experience and scale, First Index offers the most open, flexible marketplace in the industry and superior 'live' support throughout the sourcing process. Each month hundreds of buyers take advantage of this unique service by posting thousands of RFQ's and RFI's on findFAST online.

About EPAM

Established in 1993, EPAM is a leading provider of IT outsourcing services, e-business, enterprise relationship management, content management solutions, as well as custom software development and application testing. Belarus and Russia house EPAM’s major development centers, while its headquarters are in Princeton, New Jersey. EPAM solves complex business and technology problems using an on-site/onshore/offshore delivery model.

EPAM's customer base includes CareFirst BlueCross BlueShield, Reuters, 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, Hyperion Software, ServiceWare, Logic Library and others. For further information see our website at www.epam.com.

For further information, please contact: press@epam.com