Astana, Kazakhstan,(April 29, 2005) — 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”), announced the launching a new project for the construction of a local communications network in Astana, the capital of the Republic of Kazakhstan.

The project embraces 3 residential complexes with 700 apartments and the business center "Astana City Center," with a total floor area of 11,000 sq. meters.  The residential complexes and business center are presently under construction in the new micro-district of Astana referred to as the "Special Economic Zone 'Astana – New City'."

The project provides for the installation of 1,000 city telephones and the organization of permanent high-speed Internet access based on Ethernet/ADSL technologies. Golden Telecom will provide subscribers with local communication services, and, in cooperation with Kazakhtelecom, long-distance and international communication services.  The business center is expected to be connected and operational in the third quarter of this year.

This year, SA Telcom, a wholly-owned Kazakh subsidiary of Golden Telecom, celebrated 10 years of operations in the Republic of Kazakhstan.  This company was one of the first telecommunications operators to provide Internet and data transmission services in the Republic of Kazakhstan. During the 10 years of operations, the company built a network with 60 points of access throughout the country with a total capacity of 100 Mbps. Additionally, SA Telecom branches were opened in Astana, Karaganda, and Atyrau. The company has over 300 major customers, including K-Mobile, K-Cell, Nurbank, Haliburton, National Bank of the Republic of Kazakhstan, and others.

"For us, the Astana project is the beginning of a strategically new stage in the development of SA Telcom," says Zh. Aidabekov, General Director of SA Telcom. "In the long-term, we plan to expand this node to 2,500 numbers and provide communication services to other residential and business complexes of Astana.  Our aim now is to become a universal operator for the end users, primarily in Astana, Almaty and Atyrau."

Andrei Patoka, Vice-President and Head of the Division for the Development of International and Regional Business for Golden Telecom, noted, "The regional components of the Company’s businesses are of prime importance for Golden Telecom.  In 2004, the revenues from our activity in the regions of Russia and the CIS countries rose by 45% and accounted for a fourth of the total revenues of the company in 2004. This investment in Kazakhstan demonstrates our commitment to the Company’s regional growth strategy, and also demonstrates our commitment to this important market of Kazakhstan."

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 227 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.  Such statements include those on the completion of the local communications network in Astana and our future expansion in Kazakhstan.  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 we will not be able to complete the local communications network in Astana or expand our operations as anticipated. 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 2005, and the Company's annual report on Form 10-K for the year ended December 31, 2004.

For additional information please contact:

Public relations:

Anna Chin Go Pin

e-mail: achin@gldn.net

tel.: +7-501-797-9300

fax: +7-501-797-9332

Investor Relations:

Ranjit Singh

e-mail: ir@gldn.net

tel.: +7-501-797-9300

fax: +7-501-797-9331