Golden Telecom together with Intel and Acer launches joint “Student’s PC” campaign that enables Moscow students with new technological opportunities

Moscow, October 9, 2007.- Golden Telecom, Inc. (“Golden Telecom”) (NASDAQ: “GLDN”), the leading provider of integrated telecommunications and Internet services in Russia and the CIS, together with Intel Corporation (NASDAQ: “INTL”) announce the launch of a joint campaign “Student’s PC”. This campaignis aimed at improving PCusers’ skillsand providing Moscow students with the access to the most advanced technologies.

The pilot phase of the campaign was successfully completed last year in St. Petersburg and significantly increased the number of PC users in the sphere of education and health care in line with the strategyannounced by Intel. The cooperation between Intel, Acer and Golden Telecom takes this campaign to a new level by putting together the most recognizableIT and communication industry brandsin Russia.

The “Student’s PC” campaign in Moscow will last from October 1, 2007 to December 31, 2007. During this period any Moscow student who registers on a dedicated website, www.studentpc.ru, will receive a certificate for three hours of free Golden WiFi Internet access. The WiFi network has been recently recognized as the world’s largest metropolitan WiFinetworkwithover 7,500 access points and the coverage area of more than 800,000 households.

Students who purchase Acer notebooks in one of the stores participating in the campaignwill receive a certificate for one month of free Golden WiFi Internet access. The service is valid for one month following the certificate’s activation.

Commenting on the campaign Mr. Jean-Pierre Vandromme, the CEO of Golden Telecom, said: “Golden Telecom is one of the leading providers of modern communication services in Russia. The Golden WiFi project was launched in Moscow in the beginning of 2007 and now is recognized as the largest in the world. We believe that the combination of up-to-date technologies and software solutions will help to appreciate the advantages of our WiFi network.”

Commenting on the campaign Dmitry Konash, Intel regional manager, Russia and the CIS said: “The “Student’s PC” campaign informs young people about new technologies and improves their PC user’s skills. Nowadays it is required to enhance the process of education and expand employment opportunities for university graduates. Any professional must be able to use computer technologies and Internet resources”.

GrigoryNizovsky, Acer CIS Inc. Director of Business Accounts says: “It is important for our company to be a recognizable brand for young people. Their interest to our products shows that Acer meets their expectations and follows the most up-to-date trends. Students are the most dynamic and demanding clients and that is why we continue to develop the most advanced technological solutions for our notebooks. We constantly update the range of models. For example, recently, we have created a new notebook design in collaboration with BMW Group Designworks USA. Today the Acer PC model range has not only a new appearance, but also more advanced technical parameters. We are confident that customerswill show a great deal of interest in the companies’ joint offer”.

About the “Student’s PC” campaign:

The “Student’s PC” program was first launched in St. Petersburg in May of 2006. For the first time in Russia, Intel Corporation launched a pilot project designed to enable students to purchase modern notebooks with a significant discount and help local universities to install WiFiaccess points (hot-spots). At the moment, program participants include 21 universities of St. Petersburg and approximately 15 000 students. Almost 5% of the total number of St. Petersburg’s students has taken advantage of the special notebook offer.

In 2006, in addition to St. Petersburg, similar programs for governmental employees, such as health care personnel, teachers, university professors, as well as students were launched in Novosibirsk, in the Novosibirsk region, Perm, and Tatarstan.