Golden Telecom Announces New Chief Operating Officer.

Business Editors/High-Tech Writers

MOSCOW, Russia--(BUSINESS WIRE)--Feb. 6, 2004

Golden Telecom, Inc. (NASDAQ:GLDN), a leading independent telecommunications operator in Russia, today announced that Michael Cupa has been appointed as Chief Operating Officer (COO) of Golden Telecom, Inc., replacing Stan Abbeloos.

Michael Cupa joins Golden Telecom from Contactel, a Czech alternative operator, where he has been Chief Executive Officer since 1999. Prior to that, he worked at Cesky Telecom from 1992 to 1999, starting as Section Head of Strategy and Policy, then Director of Network Development, then Chief Operating Officer and finally Executive Vice President for Networks and Value Added Services. Mr Cupa has an MBA from the University of Chicago Graduate School of Business in Barcelona, Spain, a Master of Business Telecommunications from the Delft University of Technology in the Netherlands, and an MSc. in Telecommunications Technology from the Czech Technical University in Prague.

Alexander Vinogradov, President and Chief Executive Officer of Golden Telecom, Inc. commented: "We are delighted to welcome a senior executive of Michael Cupa's caliber. He is well known in the industry and is a great addition to the team. This is an exciting time for Golden Telecom - we will start to integrate Comincom and Combellga in 2004, and our regional expansion continues apace. Mr Cupa's unique experience makes him a valuable player as we pursue these exciting opportunities."

Michael Cupa added: "Golden Telecom has a superb reputation both inside and outside Russia, and I was delighted when Mr. Vinogradov invited me to join the team. The company has spent over a decade building a world class network and service team, which will be an excellent platform for future growth."

Mr Abbeloos has served as the company's COO since it went public in 1999, overseeing the construction of the largest alternative telecommunications network in Russia, as well as the acquisition of Sovintel in 2001-2, and of Comincom-Combellga in 2003.

Alexander Vinogradov, President and Chief Executive Officer of Golden Telecom, Inc. commented: "Stan has been a good friend and key colleague for many years, and I am very sorry to see him leave. He has done sterling work for the company during his time here, and we wish him well in the future."

Stan Abbeloos replied: "My eight years with Golden Telecom have been happy ones, and I am proud of the work that we have done, and the team that we have assembled. With the merger of Sovintel and TeleRoss complete, and the integration of Comincom and Combellga about to start, it makes sense for me to step back and pursue other opportunities in Russia. I would like to thank Alexander Vinogradov and my other colleagues at Golden Telecom for their companionship and collaboration over the years."

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, and Krasnoyarsk and via inter-city fiber-optic and satellite-based networks, including 150 combined access points in Russia and other CIS countries. The Company provides mobile services in Kiev and Odessa.