Moscow, Russia (September 19, 2007).Golden Telecom, Inc. (“Golden Telecom” or the “Company”) (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”), today announces that it has acquired the outstanding stakes in its 9 joint-ventures the with regional companies of Svyazinvest (“MRKs”) for cash consideration of $2.5 million.

The joint ventures, which include ZAO TeleRoss-Kubanelectrosvyaz, ZAO TeleRoss-Volgograd, ZAO Teleross-Ekaterinburg, ZAO TeleRoss-Tumen,  ZAO TeleRoss-Samara, ZAO TeleRoss-Voronezh, ZAO TeleRoss-Novosibirsk, ZAO TeleRoss-Vladivostok and ZAO Comincom Chernozemie were formed in the mid-1990’s in order to provide long-distance and other commercial services to corporate clients. Golden Telecom and the regional operators of Svyazinvest each controlled 50% in the respective regional joint-ventures with the exception of ZAO TeleRoss-Samara, where the MRK controlled 10% and ZAO Comincom Chernosemie where the MRK’s stake was less than 1%.

In line with its strategy of regional development and in order to optimize its corporate structure Golden Telecom decided to acquire the outstanding stakes in the joint-ventures. This will not only allow seamless provision of services to customers, but will also fuel further expansion in the regions.

Commenting on these acquisitions Jean-Pierre Vandromme, CEO of Golden Telecom, noted: “Golden Telecom continues to act as a consolidator of fixed-line operators which complement its organic growth. This transaction allows our company to obtain total operational and management control over the companies’ businesses and to align their strategy with ours”.