Golden Telecom Acquires the Leading Alternative Operator in Bryansk
20 Dec 2007

Moscow, December 20, 2007 — Golden Telecom, Inc. (“GLDN”), a leading provider of integrated telecommunications and Internet services in Russia and the Commonwealth of Independent States (“CIS”), announces today that it has completed the acquisition of 100% of ZAO BryanskTel and 100% of OOO BryanskIntel – which together form Group BryanskTel (“BryanskTel”), for cash consideration of approximately US $5.5 million.

BryanskTel is the leading alternative communication carrier in Bryansk. BryanskTel was founded in 1997 to provide voice services to corporate and residential clients. Today, the company has approximately 12,000 active telephone lines and more than 20,000 cable television and broadband subscribers. In 2007, BryanskTel’s revenues grew by approximately 50%. BryanskTel operates its own network which covers more than a half of the potential broadband users in Bryansk. The acquisition of BryanskTel will enable Golden Telecom to provide a full range of communication services to its clients in the region. Bryansk becomes the 25th region in Russia where Golden Telecom operates zonal networks, reinforcing Golden Telecom’s leading position as the largest zonal operator in Russia and one of the top players on the domestic and international long-distance market.

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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