Golden Telecom: Legal Merger of Companies Completed.

Business Editors/High-Tech Writers

MOSCOW--(BUSINESS WIRE)--April 18, 2003

Today, Golden Telecom, Inc. (Nasdaq:GLDN) announced the completion of the legal merger of two wholly owned Russian operating subsidiaries, EDN Sovintel LLC and TeleRoss LLC, into one legal entity. As a result, EDN Sovintel LLC became the legal successor of TeleRoss LLC with regard to all rights and obligations of TeleRoss LLC towards third parties.

EDN Sovintel LLC is a leading commercial local, intercity and international communications operator in Moscow and St. Petersburg and operates on the basis of the licenses issued by the Ministry of Telecommunications and Information Technologies of the Russian Federation, including the licenses for provision of telephone communication, data transmission and telematic services and for leasing of channels in the territories where TeleRoss LLC previously carried out its activity.

All services in the merged company will be provided under the Golden Telecom brand except for the dialup Internet access services directed at the consumer market, which will continue to be provided under the trademark ROL.

Commenting on this event Alexandr Vinogradov, President and Chief Executive Officer of Golden Telecom, Inc., said: "We have now completed the legal formalities to allow the merger of TeleRoss and Sovintel, although, we have been merged from an operational standpoint for more than six months. Management will now endeavour to extract further overhead cost and tax efficiencies from this simplified structure while continuing to provide the usual high quality services to all customers".

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). The company offers competitive local exchange carrier services using its overlay network in Moscow, Kiev, St. Petersburg and Nizhny Novgorod; data and long-distance services using a fiber optic and satellite-based network - including approximately 149 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 brand.

Statements made in this press release, including the anticipated opportunities in the Russian telecommunications market resulting from the merger of Sovintel and TeleRoss are made pursuant to the safe harbor provisions of the Securities Litigation Reform Act of 1995. It is important to note that such statements involve risks and uncertainties, which may cause results to differ materially from those set forth in these statements. Such risks and uncertainties include, but are not limited to, political, economic and regulatory developments in Russia and our ability to successfully merge TeleRoss and Sovintel. 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 report on Form 10-Q for the quarter ended September 30, 2002 and the Company's annual report on Form 10-K for the year ended December 31, 2002.