Each Building in Nizhny Novgorod Receives Broadband Internet From Golden Telecom

NIZHNY NOVGOROD, RUSSIA -- (MARKET WIRE) -- November 17, 2006 -- Golden Telecom, Inc. (NASDAQ: GLDN), a leading independent operator of integrated telecommunications in Russia and other countries of the Commonwealth of Independent States ("CIS"), announced that Agentstvo Delovoy Svyazi ("ADS"), Golden Telecom's subsidiary in Nizhny Novgorod, launched a massive Internet into each Building project.

Broadband rollout is a key component of Golden Telecom's strategy. As reported earlier, Golden Telecom plans to rollout a Fiber-to-the-Building ("FTTB") based network in Nizhny Novgorod which will cover 250,000 households. The Company expects to provide Triple Play services including High-Speed Internet Access, VoIP, and Digital TV.

At the first stage of the project, a pilot zone embracing 1,560 households was commissioned in a residential district of Nizhny Novgorod. In the future, two more pilot zones with 2,297 and 3,488 households will be commissioned.

In September 2006, ADS entered the home Internet market by offering residents of Nizhny Novgorod unlimited tariff plans. For the first time, offers similar to the Internet tariffs in Moscow appeared in Nizhny Novgorod's broadband access market.

The project became possible after the launch of Golden Telecom's fiber-optic communication line ("FOCL") between Moscow and Nizhny Novgorod, which was commissioned in March 2006. The construction of its own FOCL facilitates Golden Telecom to offer home users High-Speed Internet Access, and in the future IP telephony and IPTV services.

ADS has also developed its own content and information services. One of the first gaming portals in Nizhny Novgorod, www.FireGround.ru, was created and supported by ADS and is highly popular. Another network project, www.media-nn.ru, which is expected to be launched in November, 2006, will allow Nizhny Novgorod residents with High-Speed Internet Access to watch RBC-TV channel and listen to 5 radio stations.

Sergei Korsakov, General Director of ADS, noted: "Commissioning of the pilot zone is a major step in the implementation of our strategy aimed at development of broadband Internet access. In the past, we could provide broadband access services only to subscribers of the ADS network. Now, our services are accessible by more residents of Nizhny Novgorod. Moreover, an important social component of the 'Internet into each Building' project is a program to connect the Internet to all schools and hospitals located within the coverage zone. We have prepared in connection with several schools and hospitals Internet services at discounted prices and plan to continue to support this social program."

About Golden Telecom (www.goldentelecom.com)

Golden Telecom, Inc., (NASDAQ: GLDN) is a leading facilities-based provider of integrated telecommunications and Internet services in major population centers throughout Russia and other countries of the CIS. The Company offers voice, data and Internet services to corporations, operators and individuals using its metropolitan overlay networks in major cities, including Moscow, Kiev, St. Petersburg, Nizhny Novgorod, Samara, Kaliningrad, Krasnoyarsk, Alma Ata and Tashkent and via leased channels and fiber optic and satellite-based networks, including approximately 287 combined access points in Russia and other countries of the CIS. The Company offers mobile services in Kiev and Odessa.

Statements made in this press release are forward-looking and are made pursuant to the provisions of the Securities Litigation Reform Act of 1995. Such statements include those on our broadband strategy and our service offerings in Nizhny Novgorod. It is important to note that such statements involve risks and uncertainties, which may cause results to differ materially from those set forth in these statements. Such risks and uncertainties include, but are not limited to, the possibility that we are not able to develop our broadband strategy in the manner we anticipate. Additional information concerning factors that could cause results to differ materially from those in the forward-looking statements is contained in the Company's filings with the U.S. Securities and Exchange Commission, including the Company's quarterly reports on Form 10-Q, periodic reports on Form 8-K filed during 2006, and the Company's annual report on Form 10-K for the year ended December 31, 2005.

--------------------------------------------------------------------------------

For more information please contact:

Public Relations:
Anna Chin Go Pin
e-mail: Email Contact
tel.: +7-495-797-9300;
fax: +7-495-797-9332

Investor Relations:
Alexei Subbotin
e-mail: Email Contact
tel.: +7-495-797-9300;
fax: +7-495-797-9331
www.goldentelecom.com