MOSCOW, Russia (August 2, 2006) Golden Telecom, Inc. (NASDAQ: GLDN), today announced that Alexey Subbotin has been appointed as Director of Investor Relations of Golden Telecom.

Before joining Golden Telecom, Alexey Subbotin was part of the Strategy & Planning team at Barclays Capital (London, UK), the investment banking division of Barclays Bank Plc – one of the leading international financial services group. He was involved in the development of Barclays Capital’s business in Continental Europe, working closely with the country managers and senior officers in London on various projects including development of competitive strategies, market entries and new product launches.

From 2000 to 2002, Mr. Subbotin worked at AIG Brunswick Capital Management (Moscow, Russia), where he was responsible for investments in Russian fixed-line telecom operators. Mr. Subbotin was involved in restructuring process and development and implementation of modern reporting and budgeting systems. He also advised top management on merger and acquisition transactions and dealt with the preparation of presentations and road-shows for analysts and investors.

Mr. Subbotin began his career in 1997 in the audit department of Arthur Andersen (St. Petersburg, Russia).

In 1997, Alexey Subbotin graduated cum laude from the State University of Economics and Finance (St. Petersburg, Russia). He also holds a diploma from the Anhalt University of Applied Science (Bernburg, Germany). In 2004, Mr. Subbotin received a Master of Business Administration degree from the IESE Business School (Barcelona, Spain).

Commenting on this appointment, Jean-Pierre Vandromme, Chief Executive Officer of Golden Telecom, said: "We are pleased to welcome the new Director of Investor Relations to our team. Alexey has been associated with major financial companies, is proficient on financial matters and challenges of business development and has worked in the telecommunications industry. His efforts will assist us in communicating our accomplishments, strategy, and vision to shareholders and investors, and we hope Alexey will make a substantial contribution to our common cause of consolidating the positions of Golden Telecom on the Russian and international telecommunications market."

On his part Alexey Subbotin added: "For me this is a very interesting and important appointment. Golden Telecom has excellent potential and a formidable reputation on the fast growing telecommunications market in Russia. I am pleased to be able to help in conveying Golden Telecom’s story to its investors."