X0202 3 2004-11-02 0 0001052054 EVOLVING SYSTEMS INC EVOL 0001197518 ADVENT EURO ITALIAN DIRECT INVESTMENT PROGRAM LP C/O ADVENT INTERNATIONAL 75 STATE STREET BOSTON MA 02019 0 0 0 1 Member of group > 10% Series B Convertible Preferred Stock 3.50 2004-11-02 Common Stock 2899998 I see footnote Not Applicable (Each share of Series B Convertible Preferred Stock is convertible at any time). Advent Euro-Italian Direct Investment Program Limited Partnership may be deemed to beneficially own an aggregate of 966,666 shares of Series B Convertible Preferred Stock held by Tertio Telecoms Group Ltd., which is convertible into 2,899,998 shares of Common Stock. Advent Euro-Italian Direct Investment Program Limited Partnership disclaims beneficial ownership of the shares of Series B Convertible Preferred Stock held by Tertio Telecoms Group Ltd., other than those shares which are indirectly beneficially owned by Advent Euro-Italian Direct Investment Program Limited Partnership and in which Advent Euro-Italian Direct Investment Program Limited Partnership has a pecuniary interest. /s/ Janet L. Hennessy, Vice President 2004-11-12