CORRECTING and REPLACING Another Acquisition in the Volga region: Golden Telecom acquires control of Samara-Telecom.

Business Editors/High-Tech Writers

CORRECTION...by Golden Telecom, Inc.

MOSCOW, Russia--(BUSINESS WIRE)--Feb. 17, 2004

In BW5542 issued Feb. 17, 2004: Last graph (Safe Harbor Provision), last sentence should read: Additional information concerning factors that could cause results to differ materially from those in the forward looking statements is contained in the Company's filings with the U.S. Securities and Exchange Commission including the Company's quarterly reports on Form 10-Q, current reports on Form 8-K filed during 2003 and 2004, and the Company's annual report on Form 10-K for the year ended December 31, 2002. (sted Additional information concerning factors that could cause results to differ materially from those in the forward looking statements is contained in the Company's filings with the U.S. Securities and Exchange Commission including the Company's periodic reports on Form 8-K, Form 10-Q, filed during 2003, and the Company's annual report on Form 10-K for the year ended December 31, 2002.)

ANOTHER ACQUISITION IN THE VOLGA REGION: GOLDEN TELECOM ACQUIRES CONTROL OF SAMARA-TELECOM

Golden Telecom, Inc. (NASDAQ:GLDN) today announced that it has finalized the acquisition of 100% of the ownership interest in the Czech company ST-Holding, which owns 50% plus 1 share of ZAO Samara-Telecom. Samara-Telecom operates in Samara and the Samara region. The purchase price of the acquisition is $4.8 million in cash.

Samara-Telecom has been allocated approximately 100,000 subscriber lines in Samara, of which approximately 97,000 are currently in use by clients. Approximately 57,000 subscriber lines are used by three local cellular operators: SMARTS, Megafon and Beeline. The remainder is directly sold to corporate and individual customers. Samara-Telecom also offers dedicated Internet access, and estimates that it has about 15% of the market in Samara.

Samara-Telecom earned revenues of approximately $5 million in 2002 and in excess of $6.5 million in 2003, according to the company's unaudited accounts, stated using Russian Accounting Standards (RAS). The company reported positive net income according to RAS, and has no significant long-term debts.

Alexander Vinogradov, Chief Executive Officer and President of Golden Telecom, Inc. commented: "Carefully selected acquisition targets are a springboard into those regions where we see growth potential. We are delighted to add Samara-Telecom to our portfolio of regional companies, in keeping with our strategy of maintaining our position as the largest independent telecoms operator in Russia and the Commonwealth of Independent States (CIS)."

Oleg Malis, Senior Vice-president of Golden Telecom stated: "Samara-Telecom is an important strategic acquisition on fair terms. It is profitable and carries no external debt. We believe that we can enhance the margins and growth prospects of the company by selling more aggressively to corporate clients, and by using our network infrastructure to reduce the cost of long distance and international traffic."

About Golden Telecom (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, and Krasnoyarsk; data and long-distance services using a fiber optic and satellite-based network - including 150 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.

This press release presents measures not derived in accordance with generally accepted accounting principles in the United States of America (US GAAP). Such measures should not be considered substitutes for any measures derived in accordance with US GAAP, and may also be inconsistent with similar measures presented by other companies.

Statements made in this press release are forward looking and are made pursuant to the safe harbor provisions of the Securities Litigation Reform Act of 1995. Such statements include our ability to enhance the margins and growth prospects of Samara-Telecom. It is important to note that such statements involve risks and uncertainties, which may cause outcomes to differ materially from those set forth in these statements. Such risks and uncertainties include, but are not limited to, the possibility that Samara-Telecom's revenues, when stated according to US GAAP, may be lower than when stated according to RAS, the possibility that the expected margin gains from using our network may not materialize, that increasing competition may limit growth opportunities, and that Samara-Telecom's clients may not remain with the company when its owners change. Additional information concerning factors that could cause results to differ materially from those in the forward looking statements is contained in the Company's filings with the U.S. Securities and Exchange Commission including the Company's quarterly reports on Form 10-Q, current reports on Form 8-K filed during 2003 and 2004, and the Company's annual report on Form 10-K for the year ended December 31, 2002.