Intersputnik Holding to Build Earth Stations for Golden Telecom Satellite Network

Moscow, Russia (June 13, 2006) – Intersputnik Holding, a subsidiary of the Intersputnik International Organization of Space Communications, won a tender to design, build and put into operation satellite earth stations for Golden Telecom satellite network in the territory of the Russian Federation.

According to the results of the tender Intersputnik Holding is entrusted with equipment supply, assembly, startup and commissioning, as well as technical maintenance of new satellite earth stations of the Golden Telecom network in the territory of Siberian, Far Eastern, Northwestern and Urals federal districts. The above scope of work will be performed by ISATEL Plc, a Russian operator being a member of Intersputnik Holding group of companies, in consortium with JSC Moscow Teleport and JSC Satis-TL-94.

Commenting on the tender results President of Intersputnik Holding Oleg Timoshenko said: “Partnership relations between Intersputnik and Golden Telecom in terms of satellite resource lease have existed for several years. For Intersputnik Holding the decision of Golden Telecom means an excellent opportunity to implement our potential as a provider of full-scale solutions”.

At present Golden Telecom is one of the major lessees of Intersputnik satellite capacity. Recently the company signed an agreement with Intersputnik on the lease of three transponders on Express-AM-series satellites in addition to the LMI-1 satellite resource leased earlier.

Considering the successful longstanding partnership and the tender results, Golden Telecom and Intersputnik signed an agreement on cooperation in providing satellite communication services using Intersputnik system capacities to third parties as well as in other projects related to the establishment and operation of fixed satellite service networks. The agreement was signed by President of Golden Telecom Alexander Vinogradov and Director General of Intersputnik Vadim Belov.

Intersputnik Holding Ltd., a 100% subsidiary of the Intersputnik International Organization of Space Communications, was established in December 2005 and serves as a parent company of the Group of licensed satellite communication operators representing various markets and states. Intersputnik Holding offers full-scale satellite communication services including provision of satellite and ground segments as well as establishment and maintenance of regional and international telecommunication networks for governmental and private customers.

Founded in 1971 under the intergovernmental agreement on the establishment of an international system and organization of satellite communications, INTERSPUTNIK is an international intergovernmental organization headquartered in Moscow, Russia. Today, Intersputnik has 25 member countries. Intersputnik operates an international system of satellite communications and provides telecommunications services to broadcasters, telecom operators and corporate customers via a fleet of geostationary satellites. Under a long-term partnership with RSCC, Intersputnik offers its customers satellite resource on Express-A and Express-AM series satellites. The Organization is an official distributor of satellite resources and services of Eutelsat. It also markets and sells Gascom’s satellite capacity in the international market. Intersputnik is a co-founder of the Lockheed Martin Intersputnik joint venture and provides services via the LMI-1 spacecraft. Intersputnik’s customers are government and private companies in over forty countries.

“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 overlay network in major cities including Moscow, Kiev, St. Petersburg, Nizhniy Novgorod, Samara, Kaliningrad, Krasnoyarsk, Alma-Ata, and Tashkent, and via intercity fiber optic and satellite-based networks, including approximately 278 combined access points in Russia and other countries of the CIS. The Company offers cellular communication services in Kiev and Odessa.

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