Details

Commenting on these achievements Mr. Jean-Pierre Vandromme, CEO of Golden Telecom said: “We have already doubled what we originally planned. We have been able to accelerate the rollout of the FTTB network and are currently at least a year ahead of our FTTB project original schedule by capturing 50% of the total incremental subsidiaries in Moscow where we are the fastest growing company in terms of broadband subscribers”.

In the second quarter of 2007 Golden Telecom began testing IPTV services based on Corbina Telecom’s infrastructure. IPTV technology is based on a Microsoft platform providing greater flexibility and interactivity than other IPTV services, including more than 100 channels and offering such services as “video on demand” (“VoD”), “time shift TV”, “Personal Video Recorder” (“PVR”) and other additional services.

The IPTV services are currently available to Corbina’s Moscow broadband subscribers. In the next 6 months, the services will be available in more than 20 regions including St.-Petersburg, Rostov-on-Don, Saratov, Nizhniy Novgorod and the Moscow Region.

“The infrastructure of our broadband network in Russia, where the overall broadband penetration is only 9%, is at the beginning stage of its development and far behind similar projects in developed countries”, - says Mr. Alexander Malis, General Director of Corbina Telecom. “Our FTTB project is the biggest in Europe and by 2010 we will be able to eliminate the gap in the use of up-to-date technologies and bring Russia to the leading position among the most developed broadband markets in the world”.

According to Mr. Malis’s estimates approximately 25-30% FTTB customers are expected to subscribe to IPTV services by 2009.

About “Triple-65” project

In 2006, Golden Telecom decided to use FTTB as its main technology for broadband access. The acquisition of Corbina Telecom in May 2007 was the key element of its implementation. Together, the companies plan to rollout FTTB networks in 65 cities of Russia with a total population of 65 million people, offering broadband access and triple-play services to approximately 65% of the households which dwell in high-rise apartment blocks, hence the project name – “Triple-65”. In the targeted areas there are approximately 100 apartments per building in Russia with 2.8 people per household on average. Thus the total networks will enable access to approximately 15.6 million households with 42.3 million people, becoming the largest broadband network in Russia.

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 Commonwealth of Independent States (“CIS”). The Company offers voice, data and Internet services to corporations, operators and consumers using its metropolitan overlay network in major cities including Moscow, Kiev, St. Petersburg, Nizhny Novgorod, Samara, Kaliningrad, Krasnoyarsk, Almaty, and Tashkent, and via intercity fiber optic and satellite-based networks, including approximately 293 combined access points in Russia and other countries of the CIS. The Company offers mobile services in Kiev and Odessa.