MOSCOW, Russia (October 1, 2001) —Golden Telecom, Inc. (Nasdaq: GLDN), the leading integrated provider of voice, data and Internet services across Russia and the Commonwealth of Independent States, announced today that it has accepted the resignation of its Chief Financial Officer, David Wisher, effective December 31, 2001.  Mr. Wisher has decided to pursue other opportunities.

Mr. Wisher commented, “I’m proud of my record of service to Golden Telecom and I will miss my colleagues.  However, I believe that I have helped the company meet its major challenges for the foreseeable future and that I leave it on solid financial footing and in capable hands. It was a personal decision.  I now hope to apply my knowledge and experience to new challenges elsewhere.”

“David will be missed,” said Golden Telecom president and CEO, Stewart Reich.  “He played a key role in bringing Golden Telecom public in 1999 and has stewarded the finances of this company with skill and tenacity.  Most important, he helped instill the discipline of complete financial transparency that continues to distinguish us in the Russian market.  We wish him every success in the future.”

Until a new CFO is announced, David Stewart, CFO of Golden Telecom’s primary operating unit, TeleRoss, will assume Mr. Wisher’s duties and responsibilities.

About Golden Telecom (www.goldentelecom.ru)

Golden Telecom, Inc., NASDAQ “GLDN” is the 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 competitive local exchange carrier services using its overlay network in Moscow, Kiev and Saint Petersburg; data and long-distance services using a fiber optic and satellite-based network – including more than 135 combined access points in Russia and other countries of the CIS; dedicated and dial-up Internet access to businesses and consumers; Internet content through numerous web brands powered by its Russia-On-Line portal; and mobile services.

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.  It is important to note that such statements involve risks and uncertainties, which may cause results to differ materially from those set forth in these statements.  Such risks and uncertainties include, but are not limited to, the political and economic developments in the markets where we operate, our ability to execute our business plan, and increasing competition that may limit growth opportunities, especially in the Internet and data transmission services.  Additional information concerning factors that could cause results to differ materially from those in the forward looking statements are contained in the Company’s filing with the U.S. Securities and Exchange Commission of the Company’s annual report on Form 10-K for the year ended December 31, 2000 and quarterly report on Form 10-Q for the quarter ended June 30, 2001.