OREANDA-NEWS. Golden Telecom, Inc. (“Golden Telecom” or the “Company”) (NASDAQ: GLDN), today announced that, at the annual meeting of its shareholders held on May 17, 2007 in Brussels, Belgium ten Directors were elected to the Board of Directors of the Company for a one year term. Eight Directors were re-elected to the Board of Directors, including Mr. Peter Aven, Mr. Kjell Morten Johnsen, Mr. Patrick Gallagher, Mr. David Smyth, Mr. Jean-Pierre Vandromme, Mr. David Herman, Mr. Vladimir Bulgak, and Mr. Oleg Malis. Two new Directors, Mr. Alexei Reznikovich and Mr. Thor Asbjorn Halvorsen were elected replacing Mr. Khudyakov and Mr. Naevdal.

Mr. A. Reznikovich was elected the Chairman of the Board.

In addition to serving as the Chairman of the Board of Golden Telecom, Mr. Reznikovich is the Chief Executive Officer of Altimo since June 2005 and a director of Altimo’s parent company, the Alfa Group, since 2002. He has overall responsibility for business development and for management supervision of the group’s investment assets. From 1998 to 2000, he was a partner at the Russian office of McKinsey & Co., an international consulting company, having joined McKinsey & Co. in 1993. Prior to joining McKinsey & Co., Mr. Reznikovich worked at Procter & Gamble in Italy and at the Transworld Company in the United States. Mr. Reznikovich graduated from the Economics Faculty of Moscow State University and received his MBA from Georgetown University/INSEAD.