MOSCOW, Russia (July 27, 2004). Golden Telecom, Inc. (NASDAQ: GLDN), today announced that Brian Rich will be appointed as Senior Vice President and Chief Financial Officer (CFO) of Golden Telecom, Inc., replacing David Stewart from August 16, 2004.

Prior to joining Golden Telecom, Brian Rich was CFO of Mirant Corporation’s profitable international operations based in Hong Kong. From 1998 – 2000, he was Project Director, International for Southern Energy, Inc., which became Mirant through an Initial Public Offering and a subsidiary of the Southern Company, the largest utility in the United States, where he was responsible for mergers and acquisitions transactions in Latin and North America. From 1996 – 1998, upon appointment by the Governor, Mr. Rich served as Assistant Director of Finance and Deputy Attorney General for the State of Alabama.  Previously, he worked in New Delhi, India as Senior Project Manager for the Asia Group Private Ltd.  Brian Rich graduated from Tulane Law School and Tulane University.

Alexander Vinogradov, President and Chief Executive Officer of Golden Telecom, Inc. commented: “We believe that Brian possesses both the experience and technical knowledge required for the demanding CFO position. He has a strong background in finance, law, and business development as well as a proven track record in designing and implementing risk controls for a multinational public company. This is a key position because of the challenges posed by balancing our high growth and expansion plans with a tougher regulatory environment under the Sarbanes-Oxley Act.

I would like to take this opportunity to thank David Stewart for his work during his time as CFO. We wish him well in his future endeavors.”

Brian Rich added: “This is an exciting move for me. Golden Telecom has excellent growth potential, as well as a strong reputation for corporate governance. I look forward to participating in its continuing success.”