Moscow, July 14, 2003 - Today OAO RBC Information Systems (RTS: RBCI; MICEX: RU14RBCI4001)), and Golden Telecom, Inc. have signed a long-term agreement to provide gigabit Ethernet service to RBC-TV, the Russian business TV station. Golden Telecom, Inc. will provide a broadband virtual private network (VPN) for the broadcast of a high-quality digital signal by RBC-TV.

The first stage of the two companies' collaboration envisages the provision of data channels operating at speeds from 30 Mb/sec to 100 Mb/sec using Golden Telecom's optical fiber network and Gigabit Ethernet technology. RBC-TV's central studio will link 30 remote terminals in banks, investment companies, as well as accounting and consulting companies, investment funds, exchanges and the business media to Russia's main cable and satellite channels.

RBC-TV is a new project of OAO RBC Information Systems and will be Russia's first business TV station devoted entirely to Russian and international business news. RBC-TV will broadcast 24 hours a day, covering Russian and international financial and commodity markets. The service is expected to go live on September 1, 2003.

"Golden Telecom's services allow us to provide the best possible transmission quality. These new provision channels enable us to report on business events more effectively, and will help us retain our leading position in the provision of financial information in Russia. This first business station offers new growth opportunities to Russian business, and we will shortly give our audience a chance to see this for themselves," said RBC-TV General Director Artyom Inyutin.

"New broadband technologies like Gigabit Ethernet are steadily becoming the solution of choice for modern TV and video transmission. We are delighted that Golden Telecom's Gigabit network will be used by Russia's premier business station," added Alexander Rozanov, Business Development Division Director of Golden Telecom.

About RBC (www.rbcinfosystems.com)

RBC has been operating on the Russian media and IT markets for 10 years, and is a leader on both. It is the only Russian company to be included on the Deloitte&Touche Tohmatsu 2002 European Technology Fast 500, a pan-European rating of the fastest growing high-tech companies. In 2002 the holding company for RBC, OAO RBC Information Systems became the first company to list its shares by a purely Russian domestic IPO. RBC-TV is a 100%-owned subsidiary of OAO RBC Information Systems (RTS: RBCI; MICEX: RU14RBCI4001).

About Golden Telecom (www.goldentelecom.ru)

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 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 portal; and mobile services.

RBC
Rublic Relations: Natalia Samoylova
tel.: +7 (095)363-1111, fax: +7 (095)363-11-25, E-mail: nsamoylova@rbc.ru
Investor Relations: Natalia Makeeva
tel.: +7 (095)363-1111, fax: +7 (095)363-11-25, E-mail: ir@rbc.ru, Web: www.rbcinfosystems.ru

Golden Telecom
Rublic Relations: Anna Chin Go Pin
tel.: +7 501-797-9300, fax: +7 501-797-9332, E-mail: achin@gldn.net
Investor Relations: Tom Adshead
tel.: +7 501-797-9300, fax: +7 501-797-9332, E-mail: tadshead@gldn.net, Web: www.goldentelecom.ru