Moscow,Russia (July 16, 2007). Golden Telecom, Inc. (“Golden Telecom” or the “Company”) (NASDAQ: “GLDN”), the leading provider of integrated telecommunications and Internet services in the largest population areas throughout Russia and other countries of the Commonwealth of Independent States (“CIS”), announces the opening of its retail outlet in Moscow.

In line with the Company’s strategy to expand to the consumer market, Golden Telecom’s retail outlet opens in Moscow – Maroseyka Street, 6/8, building 1. In the new retail outlet customers can subscribe to the Golden Telecom services, buy WiFi adaptors, and switch on Golden WiFi on their personal devices.

The Golden Telecom universal payment cards for ROL and Golden WiFi services can be bought in this retail outlet and a cash payment system is also available. For more details, please visit: www.goldenwifi.ru

Commenting on this Jean-Pierre Vandromme, CEO of Golden Telecom, noted: “This is another step towards implementation of our retail strategy. Golden Telecom has a great variety of products and services which can and will be offered to retail customers not only in Moscow but throughout Russia and the CIS. Golden Telecom’s objective is to become the leading broadband provider in the country and getting closer to our customers, trying to better understand their needs and concerns is a crucial milestone for us”.