MOSCOW, Russia (March 23, 2005)— Golden Telecom, Inc. (“Golden Telecom” or the “Company”) (NASDAQ: “GLDN”), 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”), today announced that Dmitri Kanovich was appointed as Vice-President and Chief Information Officer of Golden Telecom, effective March 14, 2005.  

Mr. Kanovich brings over 20 years of  business process management and IT experience working in operations for major international corporations, including the Canadian Imperial Bank of Commerce, SONY of Canada, Nortel Networks, Lawson Mardon Packaging, Telcordia Technologies and Philip Morris International. He has successfully implemented complex business and IT programs which resulted in major operating cost reductions, service improvements and revenue increases in these companies. Mr. Kanovich has operations and IT experience in different industries including telecommunications, manufacturing, retail, banking, oil and gas and consumer goods in the United States, Canada, South Africa and Russia.

Prior to joining Golden Telecom, Mr. Kanovich was a Group Chief Information Officer (“CIO”) at Alfa Group Consortium, a major Russian investment corporation.  In this capacity, Mr. Kanovich provided advice to Alfa Group Consortium’s top executives and their subsidiaries about IT investments. 

Mr. Kanovich’s previous telecommunications experience includes working at Nortel Networks as Director of Global Process Management, Telcordia Technologies (a former research lab of AT&T) as Director of Marketing Operations, and Telkom South Africa as Director of Solution Operations. In these capacities, he has gained an extensive knowledge of international telecommunications business and its IT needs. Mr. Kanovich obtained his Masters Degree in Economics and Mathematics from the Vilnius State University of Lithuania.

Alexander Vinogradov, President and Chief Executive Officer of Golden Telecom commented that, “We are focused on business processes optimization and the development of information technologies to assist Golden Telecom’s operations and produce cost savings within the Company. We are excited to add someone of Dmitri’s caliber and experience to our management and IT team at Golden Telecom.”

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