MOSCOW, Russia (November 18, 2004) - Golden Telecom, Inc. (NASDAQ:GLDN - News), today announced that C.E. “Tripp” Wallace, III will be appointed as Vice-President and Chief Risk Officer of Golden Telecom, Inc., effective December 1, 2004.  He will assume the newly created position of Vice-President and Chief Risk Officer where he will manage Sarbanes – Oxley 404 Compliance, Internal Audit, Risk Management, Revenue Assurance, and the overall Risk Control function.  

Prior to joining Golden Telecom, Tripp Wallace was a Special Agent in the Financial Crimes Unit of the Federal Bureau of Investigation (FBI) based in Cleveland, Ohio, where he managed complex financial crimes investigations throughout the United States. He has extensive knowledge of the corporate regulatory environment, internal auditing and control functions, and accounting rules and regulations.  Mr. Wallace has spent the last seven years analyzing financial statements and entity controls of numerous operations that led to the successful prosecution of complex multi-state financial crime cases. Prior to joining the FBI, Mr. Wallace worked as an accountant for a United States subsidiary of the British multinational corporation, Courtaulds Fibers Rayon, Inc.  Mr. Wallace has an undergraduate degree in accounting from Spring Hill College and a MBA from the University of Mobile.

Brian Rich, Senior Vice President and Chief Financial Officer of Golden Telecom commented that, “Golden Telecom has a strong reputation for corporate governance and attention to risk control.  Given our size and continued growth and our need to address the current and on-going requirements of Sarbanes–Oxley, our organization now warrants an experienced and dedicated resource to ensure that we continue to manage our risks as we expand and optimize our operations. Clearly, Tripp’s previous experience, analytic skills, and accounting background make him ideally suited to meeting Golden Telecom’s needs.”

Tripp Wallace added, "I believe that Golden Telecom’s strong business model and excellent reputation for corporate governance, SEC compliance, and transparency make this the perfect platform for me to return to the private sector.  I look forward to working with the management team to further enhance Golden Telecom’s overall risk controls as it continues to grow organically and by acquisition.”

About Golden Telecom (www.goldentelecom.com)

Golden Telecom, Inc. (NASDAQ: “GLDN”) is a leading facilities-based alternative provider of integrated telecommunications and Internet services in major cities of Russia and other countries of the Commonwealth of Independent States (CIS).  The Company offers voice, data and internet services to corporations, operators and individual customers using its overlay networks in Moscow, Kiev, St. Petersburg, Nizhny Novgorod, Samara, Kaliningrad and Krasnoyarsk and via inter-city fiber-optic and satellite-based networks, including approximately 200 combined access points in Russia and other CIS countries. The Company provides 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 those on our future growth potential. 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 competition may restrict our revenue growth, that macroeconomic and political factors may restrict growth in our operating markets, and the possibility that our margins may weaken in the face of competition or adverse regulatory events. 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 quarterly reports on Form 10-Q, current reports on Form 8-K filed during 2004, and the Company's annual report on Form 10-K for the year ended December 31, 2003.

For additional information please apply to:

Public relations:

Anna Chin Go Pin

e-mail: achin@gldn.net

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

fax: +7-501-797-9332

Investor Relations:

Ranjit Singh

e-mail: ir@gldn.net

tel.: +7-501-797-9300; fax: +7-501-797-9331

www.goldentelecom.com