MOSCOW, Russia (March 23, 2004) — Golden Telecom, Inc. (NASDAQ: “GLDN”) announced today that it has filed a Registration Statement on Form S-3 with the United States Securities and Exchange Commission to register 3,839,823 shares of its common stock that four of Golden Telecom’s major shareholders intend to offer for sale to the public markets.

The four shareholders are: The European Bank for Reconstruction and Development, Capital International Global Emerging Markets Private Equity Fund L.P., First NIS Regional Fund SICAV, and Cavendish Nominees Limited (the latter two shareholdings are managed by Baring Vostok Capital Partners Limited). The lead manager for the offering will be UBS Investment Bank.

The number of shares to be registered is 3,839,823, representing approximately 10.7% of the shares outstanding as of December 31, 2003. The offering is expected to take place during the second quarter of 2004.

A registration statement relating to these securities has been filed with the United States Securities and Exchange Commission but has not yet become effective.  The securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. 

This release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.  A written prospectus meeting the requirements of Section 10 of the United States Securities Act of 1933 may be obtained from the Company (via the contacts below), or from UBS Investment Bank, (1 Finsbury Avenue, London EC2M 2PP, England) or on the United States Securities and Exchange Commission's website at www.sec.gov.

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.  The Company offers voice, data and Internet services to corporations, operators and consumers using its metropolitan overlay networks in major cities including Moscow, Kiev, St. Petersburg, Nizhny Novgorod, Samara, and Krasnoyarsk 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 number of shares to be offered and the timing of the secondary offering. 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 of adverse equity market conditions occurring during the offering period. 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 Registration Statement on Form S-3 and the Company’s Annual Report on Form 10-K for the year ended December 31, 2003.

FOR MORE INFORMATION, CONTACT: