Golden Telecom Announces Appointment of Vice President of Corporate Finance and Head of Investor Relations.

MOSCOW -- Golden Telecom, Inc. (NASDAQ:GLDN), today announced that Ranjit Singh will be appointed as Vice President of Corporate Finance and Head of Investor Relations of Golden Telecom, Inc., effective November 1, 2004. Ranjit Singh will assume the position of Vice President of Corporate Finance and will replace Tom Adshead in the position of Head of Investor Relations.

Prior to joining Golden Telecom, Ranjit Singh was Chief Financial Officer of Multi-Bank Services, Ltd. and Multi-Bank Securities, Inc. based in Michigan, U.S.A., where he managed the capital structure and all financing activities for Multi-Bank's national brokerage operations. From 2001 through 2003, he was seconded to Hong Kong as Director of International Tax for a public multinational energy client of Deloitte and Touche LLP. Prior to working in Hong Kong, Mr. Singh worked in Arthur Andersen's International Tax Services & Consulting Group where he assisted multinational companies with their international tax and business planning with an emphasis on mergers and acquisitions, reorganizations, and corporate and project financings of international operations. He has advised companies in various geographical areas including, Asia-Pacific, Europe, Latin America, and North America and in many industries ranging from electrical utilities, telecommunications, technology, security, transportation, financial services, and manufacturing enterprises. Ranjit Singh graduated with a Juris Doctor (JD) from Emory University School of Law and a Bachelors of Business Administration (BBA) from the University of Michigan.

Brian Rich, Senior Vice President and Chief Financial Officer of Golden Telecom commented that, "Ranjit's experience in working in diverse jurisdictions, knowledge of cross-border financings and Mergers and Acquisitions analysis and integration, and experience in telecommunications and other infrastructure industries makes him an ideal candidate and we look forward to his contribution. We also thank Tom Adshead for his contribution to Golden Telecom and wish him well in his new endeavor."

Ranjit Singh added: "I look forward to the exceptional opportunities at Golden Telecom. Golden Telecom has an excellent reputation for corporate governance and tremendous promise, and I look forward to being a part of the growth of Golden Telecom."

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.

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 those on our future growth potential. 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 competition may restrict our revenue growth, that macroeconomic and political factors may restrict growth in our operating markets, and the possibility that our margins may weaken in the face of competition or adverse regulatory events. 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 2004, and the Company's annual report on Form 10-K for the year ended December 31, 2003.