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Golden Telecom

January 28, 2004

Golden Telecom to build Ethernet Network in St. Petersburg

Moscow, January 28, 2004 -

Golden Telecom Inc. (NASDAQ: GLDN), the largest independent

telecommunications operator in Russia, announced today that it has begun deployment of a

gigabit Metropolitan Ethernet Network (MEN) in St. Petersburg.

After six months of successfully operating a MEN network in Moscow, Golden Telecom is

deploying a similar network with 20 nodes in St. Petersburg, Russia’s second largest city. It is

expected that Golden Telecom’s customers will be able to use the services of the MEN network

in St. Petersburg as soon as February 2004.

At present, using the MEN network, Golden Telecom offers solutions for high-speed Internet

access, unification of territorially distributed local office networks and access to the resources of

Golden Telecom’s state-of-the-art Data Center in Moscow.

One special feature of this project is that it offers a new and unique possibility of uniting local

office networks via Ethernet not only in either Moscow or St. Petersburg, but also between

offices in either city at speeds of 1 Mbps and higher.

Alexander Rozanov, Business Development Division Director of Golden Telecom, said: "The

deployment of a MEN network in St. Petersburg is based, above all, on the successful realization

of a similar project in Moscow. We expect that the advantages of Gigabit Ethernet, such as high

speed, simplicity and reliability, will find applications not for only in city-wide networks but also

in global wide area networks (WANs)."

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 150 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

planned roll-out of a Gigabit Ethernet network in St Petersburg and its attractiveness to new

customers. 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 the possibility that Golden Telecom may not be able

to deploy the MEN, or that other technologies may prove more attractive. 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,

2002.

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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