Pskov, September 26, 2003. Today, Golden Telecom, Inc. (NASDAQ: “GLDN”), Russia’s leading alternative telecommunications operator, in partnership with the Pskov city telephone network has commissioned interface equipment and a SI-2000 exchange (manufactured by the Slovenian company Iskratel) with a capacity of 6000 numbers. The equipment was installed as an integral part of the city’s public telephone network, providing the city with two new intercity telephone exchanges. In addition, Golden Telecom has invested $100,000 to modernize the city’s telephone network, which has markedly improved the quality of telephone communications in the city.

The SI-2000 switch has been certified by the Ministry of Communications of the Russian Federation as an urban, rural and transit exchange. As a result Golden Telecom's customers in Pskov can have local-area numbers, accessible by the Pskov area code 8112, installed in their offices for access to the local network and can also enjoy high-quality long-distance communication services. The new exchange was installed in a record time of two months. Customers connected to the new exchange can, if they wish, have telephone numbers with the non-geographical area code 501 as well as Pskov local numbers. Since the area code 501 is owned by Golden Telecom, customers using this option will be able to reduce their long-distance communication expenses because more of this traffic will stay on Golden Telecom’s network.

Golden Telecom has been working in Pskov for over three years. The company has built a 15-km fiber-optic network and intends to expand it. Using this network Golden Telecom provides telephony services, dedicated and dialup Internet access, integrated "voice-data" services using SDSL technology and connects corporate customers in nearly all areas of the city. At present, Golden Telecom has approximately 2 500 customers in Pskov.

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 networks in Moscow, Kiev, St. Petersburg and Nizhny Novgorod and via intercity fiber optic and satellite-based networks – including 149 combined access points in Russia and other countries of the CIS. The Company offers 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. 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 demand in Pskov may not meet expectations and expanding the network may not materialize. 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 filed during 2003, the Company’s annual report on Form 10-K for the year ended December 31, 2002, and the company’s quarterly report on Form 10-Q for the period ended June 30, 2003.

FOR MORE INFORMATION, CONTACT:

Public Relations:

Anna Chin Go Pin

e-mail: achin@gldn.net

tel.: +7-501-797-9300; fax: +7-501-797-9332

Investor Relations:

Tom Adshead

e-mail: tadshead@gldn.net

tel.: +7-501-797-9300; fax: +7-501-797-9331

www.goldentelecom.com