Moscow, Russia (August 1, 2007). Golden Telecom, Inc. (“Golden Telecom”) (NASDAQ: “GLDN”), 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”), announces that it has won the contract to provide telecom equipment and communication services to the new Ritz-Carlton Moscow Hotel.

The contract for equipment installation and provision of communication services for The Ritz-Carlton Moscow Hotel was signed between Golden Telecom and Hotel Management Company LLC last quarter and service was provided on time to meet the hotel’s grand opening in July. Golden Telecom has already established a voice and data network for The Ritz-Carlton Moscow Hotel and now is providing wireless and wireline Internet access for the hotel guests, which is a service requirement for superior class hotels worldwide.

Entering into the agreement with Ritz-Carlton is the latest addition to Golden Telecom’s portfolio of 4 and 5 star hotels in Moscow. Golden Telecom is the service provider to 100% of such executive hotel chains in the capital of Russia.

Commenting on this Jean-Pierre Vandromme, the CEO of Golden Telecom noted: “We are pleased to be selected by Moscow’s luxurious hotel Ritz-Carlton for their communication needs. This is additional evidence of Golden Telecom’s quality and innovative telecommunication service capabilities. Our company continues to grow in the very high end corporate market”.