Golden Telecom in Talks With Telenor Over Purchase of Comincom and Combellga
26 Jun 2003

MOSCOW, Russia (June 25, 2003) - Golden Telecom, Inc. (NASDAQ: "GLDN") announced that it has held preliminary discussions with Telenor regarding a possible acquisition of Telenor's Russian wireline subsidiary companies, Comincom and Combellga, in exchange for newly issued shares in Golden Telecom. Golden Telecom wants to emphasize that these discussions are at a preliminary stage and that there is no certainty that an agreement will be reached or, if an agreement is reached, the nature or terms of that agreement. The Company does not plan to comment further on this matter other than as required by law.

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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