Golden Telecom, Inc. (“Golden Telecom” or the “Company”) (NASDAQ: “GLDN”), 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”) and its subsidiary Corbina Telecom today announce the results of the first stage of its “Triple-65” project – the rollout of fiber-optic networks in major cities of Russia using ‘Fiber-to-the-Building’ (“FTTB”) technology.

In the last three months, Golden Telecom and Corbina Telecom added almost 65,000 broadband subscribers in the most competitive market of Moscow. The companies added 184,600 subscribers in 2007 in total increasing the number to 299,600 by the end of September 2007.

In Russia, during the previous three months, Golden Telecom and Corbina Telecom added approximately 86,000 new broadband subscribers. During the first three quarters of 2007, the total amount of subscribers for both companies increased by 243,400 to 383,400.

In the company’s original FTTB project plan, 7.9 million households with a total population of 23.9 million people in 12 cities were planned to be covered with the fiber-optic networks by the end of 2007. Today, the companies are 50% ahead of the original plan and by the end of 2007 will cover 11.6 households with a total population 34.9 million people in 24 cities.