Moscow, Russia (November 29, 2005)Golden Telecom, Inc. (“Golden Telecom” or the “Company”) (NASDAQ: “GLDN”) today announced that AnTel Rascom Limited, a wholly-owned subsidiary of Golden Telecom, has finalized the acquisition of an additional five percent of ZAO Rascom (“Rascom”).  The acquisition raises Golden Telecom’s consolidated interest in Rascom to a controlling interest of 54%.  The purchase price of the acquisition was $1,050,000.

AnTel Rascom Limited initially owned 49% of Rascom and was purchased by Golden Telecom in October 2005 for approximately $10 million.  Rascom owns telecommunications infrastructure and facilities linking Moscow, St. Petersburg, and past the Russian border into Finland.

Jean-Pierre Vandromme, CEO of Golden Telecom noted that, “the acquisition of a controlling interest of an operator having its own infrastructure and communications facilities in Golden Telecom’s most traffic-intensive route will give the Company an opportunity to actively expand its services and projects that require considerable trunking capacity, such as, broadband access and the deployment of the Federal Transit Network.”

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 impact of the acquisition of Rascom and Golden Telecom’s expansion strategy. 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 the transaction will not yield the expected benefits. 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.