Moscow, Russia (July 16, 2007). Golden Telecom, Inc.  (“Golden Telecom” or the “Company”) (NASDAQ: “GLDN”), a leading provider of integrated telecommunications and Internet services in major population centers throughout Russia and other countries of the Commonwealth of Independent States (“CIS”), Nokia, ?world leader in mobile communications, and Betalink, one of the leading Russian retailers of electronic goods, have announced the launch of a joint project – “Call via Golden WiFi”.

Customers who buy the Nokia E65 multifunctional business smartphone from July 15 to October 15, 2007 at Betalink wireless retail outlets in Moscow will receive for free an access card enabling the “Call via Golden WiFi” service. Based on VoIP technology it allows unlimited telephone calls to fixed-line telephone numbers in Moscow and cellular numbers in the Moscow region.

The joint project of Golden Telecom and Nokia will provide IP-telephony services via the Golden WiFi network. Golden Telecom will offer an expanded version of this service on a commercial basis in the nearest future.

This is a unique service for the Russian market. Golden Telecom and Nokia selected Betalink as their strategic partner for this project because of its experience in bringing new products to the Russian market. Customers will be provided with free consultations and instructions on how to use the VoIP technology in the Betalink shops.

Nokia E65 – is a WiFi enabled device from the most recent Nokia E-series smartphones. The Nokia E65 is characterized by a slim and stylish slide design. In addition to VoIP function and a wide range of office applications, the Nokia E65 is equipped with solutions allowing access to corporate and personal mailboxes. The Nokia E65 can be integrated with the corporate telephony systems including Nokia Intellisync Call Connect for Cisco and Alcatel, as well as Avaya one-X Mobile Edition for Nokia.

“The Nokia E65 smartphone incorporates the most advanced wireless business applications to ensure your accessibility and ability to work wherever you are. We are happy to cooperate with Golden Telecom thanks to whom Nokia E65 users will be able to take advantage of a convenient communication service afforded by the VoIP technology”, - commented Alessandro Fiorentino, General Director of Nokia Customer and Market Operations for the CIS.

“Deployment of IP-telephony via the Golden WiFi network, which has been recently recognized as the largest city WiFi network in the world, is the continuation of our strategy to expand the scope of services available to Golden WiFi users. IP-telephony facilitated by the Golden WiFi network is soon to become an essential service that offers users an alternative access to long distance communications”, - said Jean-Pierre Vandromme, CEO Golden Telecom.

About BETALINK (www.betalink.ru):

The Betalink retail chain has been selling wireless products for the past 10 years and is currently comprised of more than 750 outlets located in 138 Russian cities. The company specializes in retail and wholesale of cell phones and devices.

At the end of 2006, Betalink was rated one of the top five market leaders in terms of sales of cell phones and one of the 30 largest retail companies in Russia (according to Kommersant Rating).According to ROMIR Monitoring, Betalink is one of the top three most recognizable wireless retail brands in Russia.

About Nokia (www.nokia.ru):

Nokia is one of the world’s leaders in mobile communications. Having acquired a great deal of experience in the development of innovative technologies the company has become a leading supplier in the sphere of mobile, fixed-line broadband, and IP networks. Nokia ensures connection between people and transmission of information through simple-to-use and innovative products, such as mobile telephones, and supplies solutions required to work with images, games, and multimedia to wireless network operators and organizations. Nokia provides equipment, solutions, and services to network operators and corporations.

About Golden Telecom (www.goldentelecom.ru):

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 overlay network in major cities including Moscow, Kiev, St. Petersburg, Nizhniy Novgorod, Samara, Kaliningrad, Krasnoyarsk, Alma-Ata, and Tashkent, as well as leased channels and fiber-optic and satellite-based networks. The Company offers cellular communication services in Kiev and Odessa.