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Golden Telecom

January 28, 2004

Golden Telecom constructs an inter-regional corporate network for Euroset

Moscow, Russia (January 28, 2004) -

Golden Telecom (NASDAQ: “GLDN”) today announced

that it would construct an inter-regional corporate network using Internet Protocol Virtual

Private Network (IP VPN) technology for Euroset, one of Russia’s largest networks of

communications retail stores.

In February 2003, Euroset decided to organize an IP VPN network using Golden

Telecom’s digital backbone network. According to Igor Penkin, manager of the project at

Euroset, the choice of Golden Telecom as a contractor was based on the following factors:

over 150 combined network access points in Russia and other countries of the

Commonwealth of Independent States;

wide experience in managing regional projects;

team of professional specialists;

up-to-date equipment ensuring a high quality of service.

One of the main components of the project is Euroset's multi-service node (MSN), which

ensures the operating logic, control, protection and functions forming the basis of Euroset’s

regional corporate network. The MSNs are connected to Golden Telecom's networks using

Gigabit Ethernet technology, on the basis of the MEN (Metropolitan Ethernet Network), a large

overlay network built in Moscow.

For inter-city channels, Golden Telecom provides an IP universal transport medium using

the Multi-Protocol Label Switching (MPLS) technology. This approach to the IP VPN allows a

high quality of service in the use of various video, voice and data applications. In regional cities,

Golden Telecom provides local communication channels (last mile), establishes gateways to city

telephone nodes and provides numbering capacity on regional telephone networks.

Euroset has installed its node equipment in Golden Telecom’s regional hosting centers.

The node equipment connects to local communication channels and allows local regional

networks to be connected to Golden Telecom’s backbone network of. In addition to this, Euroset

independently installs its own routing equipment and controls and operates this equipment.

Nodes have already been connected and the construction of the network is under way in

Nizhny Novgorod, Voronezh, Samara, Ekaterinburg, Volgograd, Krasnodar, Penza, Orel, Perm,

Chelyabinsk, Murmansk, Kazan and Yaroslavl. A total of 40 regions of Russia are to be covered

by the project.

"Golden Telecom began providing services to Euroset from September of this year," says

Kevin Cuffe, Vice-President of Golden Telecom. "Without exaggeration, this project can be

called unique in its complexity, scale and technological solutions. We also succeeded in making

the solution work on a variety of platforms, as well as accessible in various cities."

Tatyana Gulyaeva, PR director of Euroset says: "Today it can already be said that thanks to

the efforts of Euroset’s and Golden Telecom’s specialists our company can combine the work of

all branches into one information space using Golden Telecom’s high-quality channels. One of

the main advantages of this corporate network is the possibility of introducing a centralized

enterprise management system which extends to all aspects of the company's life. Incorporation

of all communications stores into a single multi-service network greatly increases data exchange

speed and makes data accessible at any time. The corporate network provides a means for the

formation of a single information database for all divisions and for organization of electronic

document flow. The ability to exchange large data volumes between offices allows us to hold

meetings with remote divisions using conference connections and video conferencing. All this

accelerates the response to the changes taking place in the company and ensures optimal

management of all processes on a real-time basis."

* * *

Euroset is a major company in the field of cellular communications in Russia and one of

major resellers for mobile operators. The main lines of activity of the company are wholesale

and retail trade in cellular phones and accessories, connection to telecommunications operations

in Russia. At present, the company has more than 310 communications stores located in nearly

all districts of Moscow and in more than 50 cities of Russia.

About Golden Telecom (

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 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

provisions of the Securities Litigation Reform Act of 1995. Such statements include expected the

expected roll-out of the network for Euroset, and the further growth of this network. 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 Euroset may not retain us as a

provider or may not order additional network points. 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, the Company’s

annual report on Form 10-K for the year ended December 31, 2002.


Public Relations:

Anna Chin Go Pin


tel.: +7-501-797-9300;

fax: +7-501-797-9332

Investor Relations:

Tom Adshead






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