Golden Telecom Marks Fifth Anniversary of the Company’s Listing on NASDAQ, Invites Media to Official Ceremony

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Golden Telecom, Inc., a leading facilities-based alternative provider of integrated telecommunication services in Russia and other countries of the Commonwealth of Independent States (Â?CISÂ?), invites media to take part in the official opening of quotation on the NASDAQ on Thursday, September 30, 2004. The event will mark the fifth anniversary of the CompanyÂ?s listing on the NASDAQ.

Golden Telecom, Inc., a leading facilities-based alternative provider of integrated telecommunication services in Russia and other countries of the Commonwealth of Independent States (“CIS”), invites media to take part in the official opening of quotation on the NASDAQ on Thursday, September 30, 2004. The event will mark the fifth anniversary of the Company’s listing on the NASDAQ.

The ceremony will start at the headquarters of the NASDAQ at 9:15 am (local time). The opening will be followed by a press conference featuring Golden Telecom President and Chief Executive Officer, Mr. Alexander Vinogradov and Chief of the Federal Service for Financial Markets of the Russian Federation, Mr. Oleg Vyugin.

Members of the media should bring valid media credentials.

About Golden Telecom (http://www.goldentelecom.com)

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 CIS. The Company offers competitive local exchange carrier services using its overlay network in Moscow, Kiev, St. Petersburg, Nizhny Novgorod, Samara, Kaliningrad, and Krasnoyarsk; data and long-distance services using a fiber optic and satellite-based network – including approximately 200 combined access points in Russia and other countries of the CIS; dedicated and dial-up Internet access to businesses and consumers; Internet content through numerous web brands powered by its ROL portal; and mobile services.

FOR MORE INFORMATION, CONTACT:

Golden Telecom Public Relations:

Anna Chin Go Pin

e-mail: achin@gldn.net

tel.: +7-501-797-9300; fax: +7-501-797-9332

Russian Information Agency Novosti /New York Bureau:

Dmitri Klimentov

e-mail: dklimentov@msn.com

tel.: 914-232-5780, cell. 914-525-6058

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