MOSCOW -- Golden Telecom, Inc. ("Golden Telecom" or the "Company") (NASDAQ:GLDN), today announced that due to the growth of its business, the positions of Chief Executive Officer and President of the Company shall be separated. Jean-Pierre Vandromme, a Belgian citizen, is appointed as Chief Executive Officer of the Company as of September 1, 2005. Alexander Vinogradov shall remain as President of the Company and shall focus on government relations and regulatory aspects of the Company's business and regional expansion.

Mr. Vandromme is a telecommunications executive with proven expertise in key facets of general and operational management. He is the founder and Managing Director of VoIP.co.uk, a UK based company that provides voice over broadband services to the residential and SOHO markets. Also, he is a Board member of Completel (CTL.PA), France's largest competitive local exchange carrier (CLEC), a Board member of Ventelo Sweden and Norway, the largest alternative telecom provider to business users in Norway and the second largest alternative telecom provider in Sweden, and he was a board member of Axxessit (AXX.OL), a Norwegian manufacturer of telecom equipment prior to its sale to Ericsson.

From 2001 to 2003, Mr. Vandromme was Chairman, President. and Chief Executive Officer of VENTELO Europe. From 1994 to 2001, Mr. Vandromme held various positions with Global Telesystems, Inc., including President of GTS-Business Services. From 1998 to 1999, Mr. Vandromme was Acting President and Chief Executive Officer of GTS-Russia and assisted in developing the strategy for the initial public offering of GTS-Russia which resulted in the creation of Golden Telecom. From 1994 to 1998, Mr. Vandromme was First Deputy-General Director of Sovintel, now a wholly-owned subsidiary of Golden Telecom. Earlier, Mr. Vandromme worked for BELGACOM (Regie des T.T.), the Belgian incumbent, acting from 1992 to 1994 as the commercial director of Combellga, a joint-venture between Belgacom, Alcatel, Moscow City Telephone Network and Comincom. Additionally, from 1988 to 1991, Mr. Vandromme worked as a staff member for two successive Belgian Ministers of Telecommunication.

Mr. Vinogradov, commented, "We are very pleased to have Jean-Pierre re-join our team at Golden Telecom where his previous leadership proved to be visionary and effective. Jean-Pierre and I worked together in the past at Sovintel, which was a very successful collaboration that we hope to continue. We expect Jean-Pierre to lead Golden Telecom as it continues to fulfill its vision of being the leading telecommunications provider for its business and internet consumers."

Golden Telecom Inc.