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Golden Telecom

April 9, 2004

Golden Telecom announces resignation of Chief Financial Officer

Golden Telecom, Inc. (NASDAQ: "GLDN"), a leading independent telecommunications operator in Russia and the Commonwealth of Independent States (CIS), today announced that Mr. David Stewart, the Chief Financial Officer (CFO), will resign from the company in the middle of 2004. A committee of the Board of Directors of Golden Telecom charged with selecting a new CFO will be headed by Mr. David Herman, the Chairman of the Audit Committee of the Board.

   

Mr. Alexander Vinogradov, President and Chief Executive Officer of Golden Telecom Inc. commented: "David has held various roles within the Finance Department of Golden Telecom and its predecessor companies since joining us in 1996. David was appointed CFO in October 2001. At the time of his appointment as CFO, Golden Telecom was poised for growth with annual turnover of $140 million. Under David's stewardship of the financial department, we have been profitable every quarter since the first quarter of 2002, finishing 2003 with revenues of $360 million, net income of $55 million and a market capitalization in excess of $1.2 billion. David played a key role during this period of explosive growth and we wish him well in the future."

   

Mr. David Stewart replied: "I am proud of my part in positioning Golden Telecom as the largest alternative telecoms operator in our region, through both organic growth and acquisitions. I am leaving the company with a strong balance sheet and an excellent finance team to support the many exciting opportunities ahead. Now that the company is well established and faces its next phase of growth, I feel that it is an appropriate time for me to seek the next challenge in my career. I would like to thank my colleagues for their hard work, support and friendship over the years."

 

   

   

   

 

   

 

 

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). Golden Telecom offers voice, data and Internet services to corporations, operators and consumers using its metropolitan overlay networks in Moscow, Kiev, St. Petersburg, Krasnoyarsk and Nizhny Novgorod and via intercity fiber optic and satellite-based networks – including 165 combined access points in Russia and other countries of the CIS. The Company offers mobile services in Kiev and Odessa.

 

Statements made in this press release are forward looking and are made pursuant to the safe harbor provisions of the Securities Litigation Reform Act of 1995. Such statements include the expected resignation of David Stewart, and the company’s growth prospects. It is important to note that such statements involve risks and uncertainties, which may cause outcomes to differ materially from those set forth in these statements.  Such risks and uncertainties include, but are not limited to changes in Mr Stewart’s circumstances, and political or economic factors which may reduce the demand for our services. 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 periodic reports on Form 8-K and Form 10-Q  filed during 2003 and the Company’s annual report on Form 10-K for the year ended December 31, 2003.

 

 

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

 

 

 

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