Golden Telecom Acquires Outstanding Stakes in its 9 Joint-Ventures
19 Sep 2007

MOSCOW, Russia (September 19, 2007). Golden Telecom, Inc. (“Golden Telecom” or the “Company”) (NASDAQ: “GLDN”), the leading provider of integrated telecommunications and Internet services in the largest population areas throughout Russia and other countries of the Commonwealth of Independent States (“CIS”), today announces that it has acquired the outstanding stakes in its 9 joint-ventures with the regional companies of Svyazinvest (“MRKs”) for cash consideration of US $2.5 million.

The joint ventures, which include ZAO TeleRoss-Kubanelectrosvyaz, ZAO TeleRoss-Volgograd, ZAO Teleross-Ekaterinburg, ZAO TeleRoss-Tumen,  ZAO TeleRoss-Samara, ZAO TeleRoss-Voronezh, ZAO TeleRoss-Novosibirsk, ZAO TeleRoss-Vladivostok and ZAO Comincom Chernozemie were formed in the mid-1990’s in order to provide long-distance and other commercial services to corporate clients. Golden Telecom and the regional operators of Svyazinvest each controlled 50% in the respective regional joint-ventures with the exception of ZAO TeleRoss-Samara, where the MRK controlled 10% and ZAO Comincom Chernosemie where the MRK’s stake was less than 1%.

Golden Telecom Inc.

Altimo, a leading private equity group, operating on some of the world's most desirable and potentially lucrative mobile telecommunications markets, was created in 2005 from Alfa Telecom, which itself was established in 2004 to hold the telecoms investments of the Alfa Group Consortium (Golden Telecom, Inc., Turkcell Iletisim Hizmetleri A.S., Kyivstar GSM, MegaFon, VimpelCom, Sky Mobile). Those assets are in Russia , the CIS and other promising emerging markets.

Golden Telecom Inc. is a leading independent  fixed-line communications operator in Russia. The company provides, via its own infrastructure, complex telecommunications and internet services in Russia and several CIS countries. Listed on US NASDAQ. In Q1 2008, VimpelCom acquired 100% of the oustanding share capital of Golden Telecom.

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