Moscow, November 4, 2003.Golden Telecom, Inc. (NASDAQ: “GLDN”) today announced that it has reached an agreement with Mobile Telesystems (MTS) and VimpelCom to build a fiber optic link (FOL) between Moscow and Nizhny Novgorod. The expected total cost of the project is $8.6 million, of which Golden Telecom, Inc.'s share will be about $2.9 million. The link is expected to come on line in the second half of 2004. The FOL is expected to follow the main highway between Moscow and Nizhny Novgorod, connecting the base stations of the two mobile operators, as well as Golden Telecom, Inc.’s operations in Moscow and Nizhny Novgorod, and potential clients along the route.

Three different FOL cables with 32 fiber pairs each will be constructed. Each of Golden Telecom, MTS and VimpelCom will own their own electronics connected to each fiber optic cable. After completion of the project Golden Telecom, MTS and VimpelCom will have rights to one of the FOL cables each, as well as equal shares in the housing and access facilities that are part of the cable.

Alexander Vinogradov, President and Chief Executive Officer of Golden Telecom, Inc. commented: “Building our network out beyond Moscow and St Petersburg is a logical next step in our business strategy, following our regional acquisitions, and the increasing demand in the regions from our core corporate customers. Building our own capacity will allow us to better serve these customers. The forecast increase in traffic means that this project is expected to pay for itself in 18-24 months.”

Stan Abbeloos, Chief Operating Officer of Golden Telecom, Inc., added: “We were very happy to share the cost of building this link with VimpelCom and MTS, as we will have virtually unlimited capacity from Moscow to Nizhny Novgorod, but at a much lower construction price. This project reflects our continuing policy to undertake infrastructure construction only when there is established demand. We may consider extending this cable beyond Nizhny Novgorod to other high capacity routes in our key markets.”

Nikolai Tsekhomsky, Chief Financial Officer of MTS, stated: “The rapid growth of our regional subscriber base generates an increasing volume of interregional traffic. Pairing with Golden Telecom, Inc. to build a fiber optic link will help to reduce our costs as well as the technological risk of carrying this traffic, and make us less dependent on outside providers”

Mr. Sergey Avdeev, VimpelCom’s Vice President of Network Development and Chief Technical Officer, said: “Partnership between operators in the construction of a fiber optic link “Moscow-Vladimir-Nizhny Novgorod” is an example of cooperation between operators which makes it possible to reduce network construction expenses, to expedite their deployment and, consequently, to make communications services more affordable to consumers.”

AboutGoldenTelecom(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, Krasnoyarsk and Nizhny Novgorod and via intercity fiber optic and satellite-based networks – including 150 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 including the expected cost of the fiber project, the expected completion date, the expected impact of the fiber project on future costs and statements regarding extension of the fiber project beyond Nizhny Novgorod, 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 we may not be able to complete construction of the fiber optic link, and that the expected growth in demand for this capacity 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 and Form 10-Q filed during 2003, the Company’s annual report on Form 10-K for the year ended December 31, 2002.

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