Golden Telecom Inc.

Office in Moscow
1, Kozhevnichesky pr
Moscow, 115114, Russia
Tel: + 7 095 787-1000
+ 7 095 787-1064
Fax: + 7 095 787 ?1060
Contact person: Mukhametshina Irina / Advertising and PR manager

Office in Almaty
531 Seifullina Ave.
Almaty, 480091, Kazakhstan
Tel: +7 3272 587900
Fax: +7 3272 587 910
Contact person: Alexandra Bukeikhamova / Marketing Coordinator

International Operations and Carrier Services
Golden Telecom, Inc. (?Golden Telecom or the ?Company?) is the largest independent facilities-based provider of integrated telecommunications and Internet services to businesses and other high-usage customers and telecommunications operators in major population centers throughout Russia and other countries of the Commonwealth of Independent States (CIS).

Golden Telecom provides a variety of services to its customers. Some of the services offered include:
To business customers:
Local numbers and lines, local, domestic long-distance and international digital voice services
Private lines
Dedicated Internet access
Design, installation and management of private data networks
Call center services
To cellular operators:
Local numbers and connection lines to the Public Switched Telecommunications Network (PSTN), local, domestic long-distance and international traffic carrier services To international carriers:
Voice traffic termination in Russia and the CIS
Capacity resale
To smaller fixed-line operators:
Local, domestic long-distance and international traffic carrier services
Voice over Internet Protocol (VoIP) traffic termination
Broadband IP connectivity
To consumers:
Dial-up Internet access
Pre-paid calling cards

Market Position
Golden Telecom is the undisputed leader among independent fixed-line telecom service providers in Russia and the CIS. According to Company estimates, in Moscow, the Company has 33% of the voice corporate market (number one market position), 24% of data corporate market (number two market position) and 25% of dial-up consumer Internet access market (number two market position). Golden Telecom is the number two corporate voice and data provider in St.
Petersburg (the Russia?s second largest city) and the number one voice and data provider in Nizhny Novgorod (Russia's third largest city). Golden Telecom is also the number one provider to corporate clients in Kiev, Ukraine.

Our telecommunications networks reflect the licensing regime adopted by the Russian Ministry of Communications and consist of technologically advanced systems designed for businesses and other high usage customers. Golden Telecom has assembled a large network on the territory of Russia and the CIS with 149 points of presence across 8 countries. Golden Telecom has over
300,000 digital lines in service, 22 switches and 808 private branch exchanges (PBXs) in operation and over 2,000 kilometers of fiber optic backbone and network access in densely populated areas such as Moscow, St. Petersburg and Kiev.

Golden Telecom was incorporated as a Delaware corporation on June 10, 1999 and is listed on NASDAQ under the symbol "GLDN". Current shareholders of Golden Telecom represent a balanced mixture of strategic and financial, as well as Russian and international investors. Approximately 40% of the Company (at September 30, 2002) is owned by Alfa Telecom and affiliates - a
leading Russian financial and industrial group; approximately 15% belong to Rostelecom - the Russian national long-distance operator; and approximately 11% is owned by the European Bank for Reconstruction and Development.
Capital International Global Emerging Markets Private Equity Fund, L.P. and affiliates of ING Barings hold approximately 8% and 10% stakes, respectively. For more information, please see the History and Organization section.

Corporate Governance
Golden Telecom is committed to maintaining the highest standards of corporate governance in accordance with the laws and regulations of the United States and of all the countries in which it operates. As a publicly listed company in the United States, Golden Telecom is subject to the full
NASDAQ public listing reporting requirements of the United States Securities and Exchange Commission and NASDAQ.

Golden Telecom anticipates strong growth in the next three to five years as the company expands with the expected strong growth of the Russian economy over the same period. Expanding demand from business customers for modern telecommunications services will drive the growth. Our main strategies are to:
Pursue consolidation opportunities through acquisitions that will allow us to improve and expand our service offerings and maintain operational control.
Increase market share by offering bundled data and voice services over an integrated network.
Extend our leading position in high growth data and Internet markets. Control operating costs and satisfy needs via network planning and optimization. Our network strategy includes building and owning our local exchange and customer access networks. Focus operating activities and capital investments opportunities in Moscow, Kiev, St. Petersburg, Nizhny Novgorod and other population centers in the CIS, where demand for our services is most heavily concentrated.

Golden Telecom has regional offices in Almaty, Arkhangelsk, Vladivostok, Volgograd, Voronezh, Ekaterinburg, Irkutsk, Kiev, Krasnodar, Nizhny Novgorod, Novokuznetsk, Novosibirsk, S-Petersburg, Samara, Syktyvkar, Tyumen, Ufa, Khabarovsk. Nationally Golden Telecom provides services in conjunction with local operators and ISPs. A few examples are Krasnoyarsk,
Vladikavkaz, Chelyabinsk, Kazan, Murmansk, Kaliningrad, as well as the CIS metropolitan cities - Tashkent, Baku, Minsk, and Tbilisi.