Moscow, December 20, 2007 -Golden Telecom, Inc. (“GLDN”), a leading provider of integrated telecommunications and Internet services in Russia and the Commonwealth of Independent States (“CIS”), announces today that it has completed the acquisition of 100% of ZAO BryanskTel and 100% of OOO BryanskIntel – which together form Group BryanskTel (“BryanskTel”), for cash consideration of approximately $5.5 million.

BryanskTel is the leading alternative communication carrier in Bryansk. BryanskTel was founded in 1997 to provide voice services to corporate and residential clients. Today, the company has approximately 12,000 active telephone lines and more than 20,000 cable television and broadband subscribers. In 2007, BryanskTel’s revenues grew by approximately 50%. BryanskTel operates its own network which covers more than a half of the potential broadband users in Bryansk. The acquisition of BryanskTel will enable Golden Telecom to provide a full range of communication services to its clients in the region. Bryansk becomes the 25th region in Russia where Golden Telecom operates zonal networks, reinforcing Golden Telecom’s leading position as the largest zonal operator in Russia and one of the top players on the domestic and international long-distance market.

Commenting on the transaction, Jean-Pierre Vandromme, Chief Executive Officer of Golden Telecom, said, “Through the acquisition of BryanskTel, Golden Telecom enters a new and highly promising region. We will offer the same range of products and services to our existing clients and the local businesses. The acquisition also perfectly fits in our “Triple-65 project” implemented together with Corbina Telecom. We plan to continue further development of a Fiber-to-the-building network in Bryansk in 2008 following our strategy for providing broadband access and Triple-Play services in growing regional markets”.

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 Commonwealth of Independent States (“CIS”). The Company offers voice, data and Internet services to corporations, operators and consumers using its metropolitan overlay network in major cities including Moscow, Kiev, St. Petersburg, Nizhny Novgorod, Samara, Kaliningrad, Krasnoyarsk, Almaty, and Tashkent, and via intercity fiber optic and satellite-based networks, including approximately 314 combined access points in Russia and other countries of the CIS. The Company offers mobile services in Moscow, Kiev and Odessa.

Statements contained herein are forward-looking and are made in compliance with safe harbor provisions of the Securities Litigation Reform Act of 1995. Such statements include those concerning the Golden Telecom’s strategy for development of a Fiber-to-the-building network in Bryansk and service offerings in the region. The results or events predicted in these statements may differ materially from actual results or events. Such risks and uncertainties include, without limitation, the possibility that we are not able to develop the Fiber-to-the-building network in Bryansk or offer the range of services as we expect. Additional information concerning factors that could cause results to differ materially from those in the forward looking statements is contained in the Company’s filings with the U.S. Securities and Exchange Commission, including the Company’s quarterly reports on Form 10-Q, periodic reports on Form 8-K filed in 2007, and the Company’s annual report on Form 10-K for the year ended December 31, 2006.