Moscow, Russia (August 29, 2007). Golden Telecom, Inc. (“Golden Telecom”) (NASDAQ: “GLDN”), the leading provider of integrated telecommunications and Internet services in the largest population areas throughout Russia and other countries of the Commonwealth of Independent States (“CIS”), and Betalink, one of Russia’s leading wireless retailers, have launched a joint campaign to promote Golden WiFi adapters.

From August 3, 2007, customers buying at least three 500 ruble Golden WiFi prepaid cards at 45 Betalink wireless stores will be offered a Golden WiFi Ethernetadapter for free.

The Golden WiFi network is the world’s largest WiFi network. The adapter improves the WiFi connection rate and stability, is easy to use, and it makes the online experience more enjoyable. In addition, it also allows older computers without built in WiFi to connect to the Golden WiFi network.

Customers can buy prepaid cards and receive a Golden WiFi adapter at one of the 45 participating Betalink wireless stores. Store locations and more detailed information about this promotion campaign are available at www.betalink.ru and www.goldenwifi.ru.

This offer is valid until December 31, 2007.