NEW YORK, USA (September 30, 2004) —Golden Telecom, Inc., a leading facilities-based

alternative provider of integrated telecommunication services in Russia and other countries of the

Commonwealth of Independent States (“CIS”), today announced that a top-management of the company

will take part in the official opening of quotation on the NASDAQ on Thursday, September 30, 2004. The

event will mark the fifth anniversary of the Company’s listing on the NASDAQ.

The ceremony will start at the headquarters of the NASDAQ at 9:15 am (local time). The opening will be

followed by a press conference featuring Golden Telecom President and Chief Executive Officer, Mr.

Alexander Vinogradov and Chief of the Federal Service for Financial Markets of the Russian

Federation, Mr. Oleg Vyugin.

About Golden Telecom (www.goldentelecom.com)

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 CIS. The Company offers competitive local exchange carrier services using its overlay

network in Moscow, Kiev, St. Petersburg, Nizhny Novgorod, Samara, Kaliningrad, and Krasnoyarsk; data

and long-distance services using a fiber optic and satellite-based network – including approximately 200

combined access points in Russia and other countries of the CIS; dedicated and dial-up Internet access to

businesses and consumers; Internet content through numerous web brands powered by its ROL portal;

and mobile services.

FOR MORE INFORMATION, CONTACT:

Public Relations:

Anna Chin Go Pin

e-mail: achin@gldn.net

tel.: +7-501-797-9300; fax: +7-501-797-9332

Investor Relations:

Tom Adshead

e-mail: tadshead@gldn.net

tel.: +7-501-797-9300; fax: +7-501-797-9331

www.goldentelecom.com