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Golden Telecom

January 28, 2004

Golden Telecom Connects First Client to New S.W.I.F.T. Services

MOSCOW, Russia (January 28, 2004).

At the end of December 2003, Golden Telecom, Inc.

(NASDAQ: GLDN), the largest independent telecommunications operator in Russia,

successfully carried out connection of its customer, the FTS ("Financial Telecommunication

Security") Service Bureau, to the Society for Worldwide Interbank Financial

Telecommunication’s (S.W.I.F.T.) Secure Internet Protocol Network (SIPN). The FTS Service

Bureau is one of the few companies in Russia that make it possible for banks to gain access to

S.W.I.F.T. without establishing direct contractual relations with a S.W.I.F.T. network partner.

In late October 2003, Golden Telecom announced that it had concluded an agreement with

AT&T for provision of access to S.W.I.F.T.'s Secure IP Network on the territory of Russia and

other of Commonwealth of Independent States countries using the Network Based Virtual

Private Network (VPN) services of AT&T. The agreement between AT&T and Golden Telecom

was approved by S.W.I.F.T. and allows Golden Telecom, with the full support of AT&T, to

provide for ordering, installation and maintenance of service and conclude contracts for

provision of access to S.W.I.F.T.'s SIPN.

Golden Telecom and AT&T provide access to S.W.I.F.T.'s SIPN through an Internet Protocol

VPN network based on the MultiProtocol Label Switching technology, in accordance with

specifications and timetables set by S.W.I.F.T.

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 safe

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

continued future installation and maintenance of services for FTS. 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 we will not be able to adequately service FTS`s access to S.W.I.F.T., or that

contractual relations with AT&T for the provision of such services are terminated. 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.


Public Relations:

Anna Chin Go Pin


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

fax: +7-501-797-9332

Investor Relations:

Tom Adshead






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