Moscow, December 11, 2007– Golden Telecom, Inc. (“Golden Telecom” or the “Company”) (NASDAQ: “GLDN”), a leading facilities-based provider of integrated telecommunications and Internet services in Russia and the Commonwealth and Independent States (“CIS”), was ranked 9^th in the Top-10 list of the Fastest Growing Tech Companies of 2007 published by BusinessWeek – the world’s leading weekly business magazine. In the same ranking Golden Telecom was recognized as second behind AT&T among providers of integrated telecommunications and Internet services.

The BusinessWeek ranking combines companies by share performance, sales and profit growth, and return on equity. The ranking was introduced by the BusinessWeek in Technology section (https://www.businessweek.com/technology/).Each company’s performance was measured in the 12 months through Nov. 15, 2007. Google, AT&T and Apple are the top three with the othersbeing computer chip manufacturers or suppliers of components in the semiconductors industry (Varian Semiconductor Equipment,MEMC Electronic Materials, etc.)

Only two telecom companies were included in the Top-10 ranking this year: AT&T (#2) and Golden Telecom (#9). Golden Telecom is just below AT&T in SalesGrowth(Golden Telecom – 48%, AT&T – 52%). Comparing other performance indicators (TotalReturn,ProfitGain, ReturnonEquity) Golden Telecomis ahead of AT&T (Total Return: Golden Telecom – 149.9%, while AT&T – 23.9%; Profit Gain: Golden Telecom – 70%, AT&T – 52%; ReturnonEquity:Golden Telecom – 12.4%, AT&T – 9.7%)

To receive more information on the BusinessWeek Top-10 list please follow the link https://images.businessweek.com/ss/07/12/1203_chipmakers/index_01.htm

Commenting on this list, Golden Telecom CEO Jean-Pierre Vandromme stated: “The fact that Golden Telecom was named by BusinessWeek as one of the fastest growing companies of 2007 is very important for us. Golden is the only company with operations in Russia included in the Top-10 sharing the podium with the technology champions like Google, Apple and AT&T. We feel proud that our fast-growing company contributes to the international recognition of Russian business”.

About Golden Telecom:

Golden Telecom, Inc., (NASDAQ: “GLDN”) is 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”).  The Company offers voice, data and Internet services to corporations, operators and consumers using its metropolitan overlay network in major cities including Moscow, Kiev, St. Petersburg, Nizhny Novgorod, Samara, Kaliningrad, Krasnoyarsk, Almaty, and Tashkent, and via intercity fiber optic and satellite-based networks, including approximately 314 combined access points in Russia and other countries of the CIS. The Company offers mobile services in Moscow, Kiev and Odessa.