Agreement will provide SWIFT (Society for Worldwide Interbank Financial Telecommunication) users with access to latest MPLS technology from AT&T

Moscow, Russia (October 30, 2003):  Golden Telecom Inc. (NASDAQ: GLDN), announced that it has entered into an agreement with AT&T to provide access to SWIFT's Secure IP Network (SIPN) in Russia and other Commonwealth of Independent States countries via AT&T’s Network Based VPN service.

The agreement between AT&T and Golden Telecom, approved by SWIFT, allows Golden Telecom to provide ordering, installation and maintenance of the service and conclude agreements for the provision of access to SWIFT`s SIPN with the full support of AT&T.

Under the agreement with AT&T, an international team of specialists from AT&T and Golden Telecom will carry out full monitoring of the connection and telecommunications equipment required for connection of a SWIFT user to the SIPN via the Golden Telecom/AT&T network, ensuring the required quality and continuous operation of the applications.

Four global telecommunications providers, including AT&T were selected by SWIFT to provide SWIFT users the world over with connectivity to SIPN. AT&T has concluded a master agreement with SWIFT that provides access to SIPN for SWIFT users through a managed network IP VPN based on MPLS (MultiProtocol Label Switching) technology.

Golden Telecom, which has wide experience in the provision of telecommunications services to banks and other financial organizations (including access to SWIFT services) and owns developed telecommunications networks in Russia and other CIS countries concluded an agreement with AT&T for joint provision of SIPN access services.

Golden Telecom, a major independent telecommunications operator, has wide experience in the provision of telecommunications services to banks and other financial organizations (including access to SWIFT services).  It owns and has developed telecommunications networks in Russia and other CIS countries.

SWIFT has developed a migration timetable for its user community in 200 countries to transition to the new technology, establishing migration periods country by country.

Two migration windows were set for SWIFT users in Russia:

·        January 19, 2004 to January 30, 2004;

·        April 1, 2004 to June 30, 2004.

Currently, Golden Telecom can connect SWIFT users to SIPN in accordance with the technical schemes and periods agreed with the telecommunications partners.

Alexandr Rozanov, Business Development Division Director of Golden Telecom, commenting on the agreement with AT&T said: "Golden Telecom regards AT&T as a reliable and financially stable company, which offers the most attractive terms and conditions for SIPN access and has one of the most reliable global telecommunications networks capable of providing top-quality services."

“This deal highlights the global commitment from AT&T to the SWIFT user community” said  Martin Schuetz, AT&T Vice President for enterprise sales in Europe, the Middle East and Africa. “By cooperating with Golden Telecom in this way we can extend the reach of our global MPLS based network throughout Russia and the CIS allowing financial institutions working in these territories to have access to a secure, reliable and truly global network and the SWIFT infrastructure.”

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, 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 and are made pursuant to the safe harbor provisions of the Securities Litigation Reform Act of 1995. Such statements include our intention to carry out monitoring of the connection and telecommunications equipment to ensure the required quality and continuous operation of the applications. 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, our ability to maintain this relationship with AT&T, potential acquisitions, and political, economic and regulatory developments in Russia, and increasing competition that may limit growth opportunities. 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 and the Company’s annual report on Form 10-K for the year ended December 31, 2002.

About AT&T

AT&T (www.att.com) is among the premier voice and data communications companies in the world, serving businesses, consumers, and government. The company runs one of the most sophisticated communications networks in the United States, backed by the research and development capabilities of AT&T Labs. A leading supplier of data, Internet and managed services for the public and private sectors, AT&T offers outsourcing and consulting to large businesses and government. The company is a market leader in local, long distance and Internet services, as well as transaction-based services like prepaid cards, collect calling and directory assistance. With approximately $37 billion of revenue, AT&T has about 40 million residential customers and 4 million business customers, who depend on AT&T for high-quality communications. AT&T has garnered several awards for outstanding performance and customer service.

About SWIFT

SWIFT is the industry-owned cooperative supplying secure, standardized messaging services and interface software to 7,500 financial institutions in 200 countries. The SWIFT community includes banks, broker/dealers and investment managers, as well as their market infrastructures in payments, securities, treasury and trade. Over the past ten years SWIFT message prices have dropped more than 70%, system availability has reached 5x9’s reliability and SWIFT’s new IP messaging platform, SWIFTNet, has been launched. For more information about SWIFT please refer to our website: www.swift.com.

AT&T 'Safe Harbor'

The foregoing contains "forward-looking statements" which are based on management's beliefs as well as on a number of assumptions concerning future events made by and information currently available to management. Readers are cautioned not to put undue reliance on such forward-looking statements, which are not a guarantee of performance and are subject to a number of uncertainties and other factors, many of which are outside AT&T's control, that could cause actual results to differ materially from such statements. For a more detailed description of the factors that could cause such a difference, please see AT&T's filings with the Securities and Exchange Commission. AT&T disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. This information is presented solely to provide additional information to further understand the results of AT&T.

For more details:

AT&T Public Relations                     GT Public Relations:             GT Investor Relations:

Niall Hickey                                        Tom Adshead                          Anna Chin Go Pin

e-mail: nhickey@emea.att.com            e-mail:tadshead@gldn.net        e-mail: achin@gldn.net

tel: +44-207-663-5076                        tel.:+7-501-797-9300;             tel.: +7-501-797-9300;

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