St. Petersburg, December 18, 2003. Golden Telecom, Inc. (NASDAQ: GLDN), the largest independent telecommunications operator in Russia, acted as contractor to the Bee Line network in the organization and operation of trunk communication channels between Veliky Novgorod and St. Petersburg and connection of the Novgorod office of Bee Line to the Bee Line corporate network. This will allow subscribers of Bee Line GSM in Veliky Novgorod to enjoy high-quality long-distance and international communication services and will make it possible for Bee Line to offer roaming in this city. The Bee Line GSM network in Veliky Novgorod was launched at a gala ceremony on December 4, 2003.

For Golden Telecom this project justifies a substantial increase in trunk capacity between Veliky Novgorod and St. Petersburg and thus improves the quality of all the telecommunications services which it provides to corporate customers and telecommunications operators in Veliky Novgorod.

Cooperation between Golden Telecom and Bee Line in the North-Western Region dates from February 2003, when Golden Telecom started construction of the Bee Line transport network in St. Petersburg.  The network was put into service in April 2003. Both companies regard this project in Veliky Novgorod as a pilot project for future cooperation. This is all the more important because the two operators have reached an agreement on joint operation in practically all the cities in the North-West of Russia where Bee Line plans to offer service. Next year, similar projects may be undertaken in Pskov, Petrozavodsk, Cherepovets, Vologda, Arkhangelsk, Syktyvkar and other cities of the North-Western Federal Region.

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 provisions of the Securities Litigation Reform Act of 1995. Such statements include expected substantial increase in trunk capacity between Veliky Novgorod and St. Petersburg, the expected improvements in services which Golden Telecom intends to offer the customers as a result in the expected increase in trunk capacity, and the expected future projects in other cities in the North West of Russia. 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 Novgorod may not meet expectations and the expansion of Bee Line`s network infrastructure in the North West Federal Region 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