MOSCOW, Russia (December 14, 2006).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”), today announcesthe launch of its Moscow WiFi network in beta-test mode.

In line with its strategy to develop broadband services on the mass market, Golden Telecom has entered the beta testing phase of the Golden WiFi network roll-out -the last stage before the official commercial launch. The Company expects its WiFi network to become fully operational in the first quarter of 2007.

Golden WiFi is the largest WiFi network in Europe and the second largest in the world. Golden WiFi currently boasts approximately six thousand access nodes and that number is constantly on the rise as the Company expands its coverage throughout Moscow. Based on the number of access nodes alone, Golden Telecom has surpassed the world’s largest WiFi networks in cities like San Francisco, Philadelphia and London.

Users will have to register in order to take advantage of Golden WiFi network’s beta testing phase. Access to the WiFi network will be free throughout the beta testing phase with registration being the only requirement.

Commenting on this event, Mr. Jean-Pierre Vandromme, Chief Executive Officer of Golden Telecom noted, “Our Company is launching new WiFi services on the mass market in order to provide people with an opportunity to communicate with each other, work, and obtain the information they need no matter where they are, using state-of-the-art, effective and accessible technology. Any user can get online with Golden WiFi - and not just at home or at the office. You can find our access nodes at restaurants, cafes, and many other public places. Golden WiFi helps people keep in touch with one another.”