OREANDA-NEWS. September 24, 2007.Golden Telecom, Inc. (“Golden Telecom”) (NASDAQ: “GLDN”), a leading provider of integrated telecommunications and Internet services in major population centers of Russia and other countries of the Commonwealth of Independent States (CIS), and the Sochi City Administration announce today the signing of a Memorandum of Understanding (MoU) as part of Sochi’s development strategy.

By signing the MoU, Golden Telecom will be taking part in the development of inter-city web resources, and on-line education including on-line libraries and telemedicine projects with videoconferencing capabilities. Such projects are aimed at expanding educational and social services for Sochi residents. Implementation of these projects will be the first step towards the creation of a complete city-wide e-service system. Golden Telecom will work closely with Sochi’s Education and Science Department on this project.