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Golden Telecom Announces Appointment of Chief Marketing Officer

Golden Telecom, Inc. ("Golden Telecom" or the "Company") (NASDAQ: GLDN), 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"), today announced that Mr. Fred Ledbetter has been appointed Vice President and Chief Marketing Officer of Golden Telecom.

In this role, Mr. Ledbetter will be responsible for Golden Telecom's marketing strategy, consumer and business brand development, product lifecycle management, new product innovation, and corporate communications.

Prior to joining Golden Telecom, Mr. Ledbetter worked as Managing Partner of Golden Reach Ltd., providing management consulting for global companies including strategy and business planning, product strategy, and product marketing. Prior to working with Golden Reach Ltd., Mr. Ledbetter held the position of Chief Executive Officer of Imaginet, an operating entity of Czech Telecom responsible for a portfolio of companies which included the Czech Republic's leading ISP, Internet advertising, a hosting center, a B2B auction exchange, and a small business targeted sales ASP.

Mr. Ledbetter was also with Global Telesystems, Inc. (GTS) for five years, initially responsible for cellular company start ups across Russia and Ukraine and later responsible for the Internet product strategy and subsequent pan-European ISP roll out. Mr. Ledbetter's experience in Russia dates back to 1992 when he served as Deputy Managing Director for Moscow Cellular Communications, and grew the company as a start up to yearly revenue of $80m.

Mr. Jean-Pierre Vandromme, Chief Executive Officer of Golden Telecom, commented, "We are very pleased to welcome Fred back to our team at Golden Telecom where he will rejoin many colleagues from his earlier telecom days. His insight in product development, especially in mobile and Internet solutions, will be invaluable in implementation of our strategy which is aimed at transforming the Company from a B2B niche player into the leading fixed-line communication services provider in Russia and the CIS."

Mr. Fred Ledbetter added: "It is a great pleasure for me to join Golden Telecom at this exciting moment. I believe my knowledge of the Russian market and my previous experience with the consumer market in mobile and Internet will make an important contribution to the company's development."

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 Commonwealth of Independent States ("CIS"). The Company offers voice, data and Internet services to corporations, operators and consumers using its metropolitan overlay network in major cities including Moscow, Kiev, St. Petersburg, Nizhny Novgorod, Samara, Kaliningrad, Krasnoyarsk, Almaty, and Tashkent, and via intercity fiber optic and satellite-based networks, including approximately 293 combined access points in Russia and other countries of the CIS. The Company offers mobile services in Kiev and Odessa.