Golden Telecom Rebrands

MOSCOW -- Golden Telecom, Inc. ("Golden Telecom" or the "Company") (NASDAQ:GLDN - News), a leading facilities-based provider of integrated telecommunications and Internet services in major population centers throughout Russia and other countries of the Commonwealth of Independent States ("CIS"), announces the first results of the rebranding campaign launched in October to support its strategy of launching new products to the retail market.

During October 2006, Golden Telecom staged several events, including press conferences, massive indoor and outdoor advertisement campaigns and active media campaign to promote its new image. These activities are part of the Company's strategy of launching new products and services for the mass-market, including wireless broadband Internet access, voice over IP services and domestic and international calls. The rebranding campaign in Moscow and the regions is the first step in the strategy implementation.

In particular, Company's rebranding includes the development and promotion of the new brand platform which will tie in the corporate brand with brands of different products and services designed for various customer segments. This strategic shift towards mass market and emergence of a new target audience lead the Company to change the emotional message carried by its image. Golden Telecom's logotype now conveys the openness, friendliness and modernity of the Company.

Golden Telecom Inc.