MOSCOW, Russia (September 27, 2004) Golden Telecom, Inc. filed an application today with the United States Securities and Exchange Commission related to a Registration Statement on Form S-3 previously filed on March 23, 2004.  The application requests the withdrawal from registration of the 3,839,823 shares of common stock that were to be registered under the March 23, 2004 Registration Statement, which shares were to be sold by certain selling shareholders in a secondary offering.

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 CIS.  The Company offers competitive local exchange carrier services using its overlay network in Moscow, Kiev, St. Petersburg, Nizhny Novgorod, Samara, Kaliningrad, and Krasnoyarsk; data and long-distance services using a fiber optic and satellite-based network – including approximately 200 combined access points in Russia and other countries of the CIS; dedicated and dial-up Internet access to businesses and consumers; Internet content through numerous web brands powered by its ROL portal; and mobile services.

FOR MORE INFORMATION, CONTACT:

Public Relations:

Anna Chin Ga Pin

e-mail: achin@gldn.net

tel.: +7-501-797-9300; fax: +7-501-797-9332

Investor Relations:

Tom Adshead

e-mail: tadshead@gldn.net

tel.: +7-501-797-9300; fax: +7-501-797-9332

www.goldentelecom.com