Golden Telecom Announces Resignation of Chief Financial Officer
09 Apr 2004

Mr. Alexander Vinogradov, President and Chief Executive Officer of Golden Telecom Inc. commented: "David has held various roles within the Finance Department of Golden Telecom and its predecessor companies since joining us in 1996. David was appointed CFO in October 2001. At the time of his appointment as CFO, Golden Telecom was poised for growth with annual turnover of $140 million. Under David's stewardship of the financial department, we have been profitable every quarter since the first quarter of 2002, finishing 2003 with revenues of $360 million, net income of $55 million and a market capitalization in excess of $1.2 billion. David played a key role during this period of explosive growth and we wish him well in the future."

Mr. David Stewart replied: "I am proud of my part in positioning Golden Telecom as the largest alternative telecoms operator in our region, through both organic growth and acquisitions. I am leaving the company with a strong balance sheet and an excellent finance team to support the many exciting opportunities ahead. Now that the company is well established and faces its next phase of growth, I feel that it is an appropriate time for me to seek the next challenge in my career. I would like to thank my colleagues for their hard work, support and friendship over the years."

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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