.Intec Wins Project of the Year Award in Moscow

— Intec Billing wins the prestigious Project of the Year award given by Russia's Billing Computer Telephony magazine —

6 January 2005: Intec, a global provider of Business and Operations Support Systems (BSS/OSS) for fixed, mobile and next-generation networks, today announced that it has won the prestigious “Project of the Year” award given by Russia’s Billing Computer Telephony magazine. The honor was given to Intec for the successful delivery of its InterconnecT™ billing solution at Golden Telecom, a leading facilities-based provider of integrated telecommunications and Internet services in major population centres throughout Russia and other countries of the Commonwealth of Independent States (“CIS”).

Billing Computer Telephony Magazine recognises the best vendors in the operations support system sector of the telecommunications industry at its annual awards run in conjunction with the Billing IT Telecom exhibition. A panel of industry experts, nominated by the magazine editors, selected the finalists in the Project of the Year category. The Awards took place on 9 December 2004 in Moscow.

“It is a great privilege to be nominated for this award alongside many other leading companies," said Kevin Adams, CEO of Intec. "We attribute our company's progress and substantial achievements in Russia to the employees that have worked closely with our customer to achieve a swift and successful implementation.”

Golden Telecom, Inc. (NASDAQ: “GLDN”) is a leading facilities-based provider of integrated telecommunications and Internet services in major population centers throughout Russia and other countries of the Commonwealth of Independent States (“CIS”). In May 2004, Golden Telecom turned to Intec’s InterconnecT solution to help manage its daily intercarrier billing requirements. Due to increased competition from telecom operators, content and IP-based service providers, Golden Telecom required Intec’s technology to support the growing number and complexity of new interconnect agreements.

InterconnecT’s reputation as the world leader in carrier-to-carrier billing, coupled with Intec’s existing presence in Russia, were significant factors in Golden Telecom’s selection of Intec as its long term OSS partner. Golden Telecom was also convinced that Intec understood its local requirements and possessed the knowledge and experience to help define future functionality to cater for the rise in network data volumes.

The award’s judges were impressed by the speed of the project’s initial implementation phase, which took six months to complete and included the modeling of some of Golden Telecom’s major interconnecting partners. Intec outlined a clear implementation strategy and thanks to InterconnecT’s flexible GUI Golden Telecom’s staff was able to take full ownership of the system after initial training. InterconnecT easily managed the whole range of Golden Telecom’s existing interconnect agreements from Tier 1 operators to start-up ISPs. It also gave the operator the flexibility to capture unique billing scenarios so that the discounting and volume based rating features - that are an attractive component of Golden’s wholesale offering - could be captured.

In addition, InterconnecT also provided the data models in both Cyrillic and English, an important feature when partners are both international and Russian. InterconnecT’s bulk loaders facilitated the rapid input and upload of this material in both English and Russian.

"In operating InterconnecT, Golden Telecom expects to gain significant business benefits by combining accurate charging with flexible and detailed reporting," said representative from Golden Telecom. "The capability to drill down and define specific billing errors will also enable us to gain greater operational control resulting in reduced network expenditure and maximized interconnect revenue streams."

About Golden Telecom (www.goldentelecom.com)
Golden Telecom, Inc. (NASDAQ: “GLDN”) is a leading facilities-based alternative provider of integrated telecommunications and Internet services in major cities of Russia and other countries of the Commonwealth of Independent States (CIS). The Company offers voice, data and internet services to corporations, operators and individual customers using its overlay networks in Moscow, Kiev, St. Petersburg, Nizhny Novgorod, Samara, Kaliningrad and Krasnoyarsk and via inter-city fiber-optic and satellite-based networks, including approximately 200 combined access points in Russia and other CIS countries. The Company provides mobile services in Kiev and Odessa.

About Intec Billing
Intec is a leading OSS product vendor for fixed, mobile and next-generation networks (i.e. WLAN, 3G and IP), with more than 650 installations of its products worldwide in 450 customers. Founded in 1997, Intec was listed on the London Stock Exchange in June 2000. Intec is a market leader in inter-carrier billing systems and convergent mediation software, and has recently acquired strong capabilities in retail billing, IP billing and real-time mobile service charging and control. For the year ended 30 September 2003, Intec reported revenues of £50.7 million, with adjusted net earnings after tax of £4.1 million.

Intec’s product portfolio includes:
· Singl.eView™ – dynamic transaction management/retail billing - also referred to as Singleview.
· Inter-mediatE™ – convergent billing mediation solution;
· InterconnecT™ – inter-carrier billing including US CABS and ITU-based settlement;
· Inter-activatE™ – flow-through provisioning and activation;
· InterconnecT CPM™ – end-to-end content partner management; and
· Intec DCP™ (Dynamic Charging Platform) – real-time pre/post-paid charging.

For more information about Intec and its products and solutions visit www.intecbilling.com.

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