St. Petersburg, Russia (March 30, 2005). Golden Telecom, Inc. (“Golden Telecom”) (NASDAQ: “GLDN”) placed a new wireless subscriber access network into commercial service in St. Petersburg.

Golden Telecom has installed the AirSpan 4020 wireless subscriber access system which is based on CDMA technology and operates in the frequency range 3.4 – 3.6 Ghz. The base stations are set up to cover the entire territory of St. Petersburg. Subscriber terminals make it possible to provide customers with up to four digital telephone lines along with Internet access at up to 2048 Kbps.  This combination of digital telephony and high-speed Internet access exceeds or equals the capabilities and the quality of wireline connections, and also provides superior service compared to a number of other wireless systems.

Sergei Savchuk, Director of the St. Petersburg Branch of Golden Telecom, says: “By using wireless technologies, Golden Telecom is able to provide to our customers integrated services that expand the telecommunications possibilities and solutions for our customers in St. Petersburg.”

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 voice, data and Internet services to corporations, operators and consumers using its metropolitan overlay network in major cities including Moscow, Kiev, St. Petersburg, Nizhny Novgorod, Samara, Kaliningrad, Krasnoyarsk, Almaty, and Tashkent, and via intercity fiber optic and satellite-based networks, including approximately 220 combined access points in Russia and other countries of the CIS. The Company offers mobile services in Kiev and Odessa.

For additional information please contact:

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