MOSCOW, Russia (December 15, 2005)Golden Telecom, Inc. (NASDAQ: “GLDN”) today announced that its Board of Directors on December 12, 2005, approved the payment of a quarterly dividend of $0.20 per common share. The dividend will be paid on December 30, 2005, to common shareholders of record as of December 16, 2005.

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 (“CIS”).  The Company offers competitive local carrier services using its metropolitan overlay network in major cities including Moscow, Kiev, St. Petersburg, Nizhny Novgorod, Samara, Kaliningrad, Krasnoyarsk, Almaty, and Tashkent, and data transmission and long distance services via fiber optic and satellite-based networks, including approximately 252 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 payment of the dividendon December 30, 2005. 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 we may not pay the dividend. 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 2005, and the Company's annual report on Form 10-K for the year ended December 31, 2004.