Golden Telecom, Inc. INVESTOR ROADSHOW March 2003

Golden Telecom, Inc.INVESTOR ROADSHOW

March 2003

2

Agenda

Investment Highlights

Golden Telecom Business Overview and Strategy

Golden Telecom Financial Overview

Appendix

3

Unique growth proposition

Growth rate of an alternative operator with the profitability of an incumbent

Standard & Poor’s gave Golden Telecom an issuer credit rating of BB-/Stable, one notch below the sovereign rating and higher than any other rated telecom operator in Russia

Solid and growing market share with attractive corporate customer base in an expanding economy

Corporate incumbent of choice with blue chip customers and widest geographic reach

#1 in corporate market in key cities of Moscow, Kiev, N. Novgorod, #2 in St. Petersburg

Continued expansion of Russian economy will stimulate further demand

Profitable, cash generative business model with modest capex needs

Operating cash flow positive since 1998

Net income positive throughout 2002

Modest capex needs of $55-65mm for 2003, at approx. 18% of sales

Poised for significant growth both organically and through consolidation

2003 Revenue expected to be $320-340mm

2003 EBITDA expected to improve to $100-120mm

Well positioned to play consolidator role in fragmented market which will further solidify market share

Strong management team and committed shareholders

Shareholders include Russian and foreign strategic and financial investors, committed to maximising shareholder value

Investment Highlights

4

Agenda

Introduction



Appendixes

5

Golden Telecom: The Facts

GTI largest independent provider of fixed-line telecommunication services in Russia and CIS

More than 10 years of operating history

Market leader (#1 or #2) in core markets

Blue chip customer base

$289 million in pro-forma combined revenues in 2002

Pro-forma combined EBITDA of $97 million in 2002

Consolidated revenues of $198.7 million in 2002, consolidated EBITDA - $61.4

Profitable since 1Q02: consolidated net income of $29.8 million in 2002

Publicly traded on NASDAQ since 1999

Nasdaq: GLDN

Market capitalization as at May 12, 2003: $521mm

Closing price as at March 12, 2003: $19.20

6

Operating and Ownership Structure

Operating Structure Ownership Structure – As of September 30, 2002

Golden Telecom, Inc. and affiliates

Sovintel

Golden Telecom(Ukraine)

TeleRoss’sRegional JVs

ADS(N.Novgorod)

SA Telcom(Kazakhstan)

100%

100%

100%

58%

50%Alfa Group 40%

Rostelecom 15%

Public and others 16%

EBRD 11%

ING Baring Affiliates 10%

Capital International 8%

7

Golden Telecom’s success model: creation of corporate incumbent

Lack of adequate infrastructure in the market – still only 30% of infrastructure is digitalLack of adequate telecom infrastructure in Russia sparked accelerated growth of facilities-based alternative operators

Weak incumbents – alternatives command 40% share in industry revenuesWeak incumbents were, and still are, slow in adjusting operations to market conditions and highly competitive environment

Building own customer accessGolden Telecom consistently puts highest priority on development of its own local access infrastructure to preserve high degree of independence from incumbents and therefore high sustainable margins

Golden Telecom’s strong competitive position and customer base, its sustainable high margins and superior service offering make it the best positioned fixed-line operator in Russia

Market Shares in Moscow, 2001 The three elements of successful conversion of an alternative into incumbent

Source: RosBusiness Consulting: Telecom Report, 2001

8

Continuing economic expansion drives demand for modern digital communications

Russian economic growth Fifth consecutive year of growth Stable political environment Progress with tax and judicial reform Slowing inflation Trade surplus and stable currency CB forex reserves are at all time high levels Russia’s credit rating upgraded by S&P to “BB”

and by Moody’s to “Ba2” in December 2002

Telecom industry in Russia poised to grow quicker than economy

2% of GDP for telecom industry is considerably below 4-5% average for developed countries

Low penetration levels: fixed line penetration is 21%, mobile penetration is 12%, internet penetration is 3%

Weak incumbents Alternative operators are the locomotive of fixed line telecom growth

Incumbent operators continue to lag behind technologically, operationally and financially

Social burden of servicing residential customers at prices below cost

The need to upgrade legacy analog networks to digital standard with no incremental revenue

GDP growth in Russia

4,980 5,400 5,720 6,080 6,5006,980

7,4508.3%

4.0%4.4%4.2%4.0%4.0%5.0%

2000A 2001A 2002E 2003E 2004E 2005E 2006E

GDP per capita ($ at PPP) Real GDP growth

Source: Economist Intelligence Unit, August 2002

Historic penetration levels in Russia

Source: Pyramid Research

9

Services by Product Lines and Customer Segments

Product lines

Voice Data Internet

Business customers

Local, DLD & International Telephony

Digital network “Value Added Services”

Equipment sales & maintenance

Call center services

Dedicated Private Lines

Frame Relay and ATM based services

Dedicated Internet access

Virtual Private Networks

Operators

Local numbering

Local traffic termination

Outbound DLD & International voice

Inbound DLD & International voice termination

Capacity Resale

Global partnership with international carriers without presence in Russia

Voice over IP Termination

Broadband IP Connectivity

Consumers

Prepaid calling cards Dial-up Internet Access

Cu

sto

mer

seg

men

ts

10

How Do Various Businesses Fit Together?

Operators: Bulk Revenues at Low Incremental Cost Consumer Internet: Anticipation of Rapid Growth

Business Customers: Core

Why business customers?

High and stable growth

High gross margin, although substantial SG&A

Low customer turnover

Ability to differentiate ourselves Negates commoditization

Customer “ownership”: profits can be protected against migration up the supply chain (for example to MGTS or to Rostelecom)

Why operators?

Improved profitability through better capacity utilization: economies of scale and scope

Lower gross margin, but very low SG&A

Very stable revenue flows from cellular operators for local access and numbering, although other wholesale revenues are more volatile

Active participation in VoIP traffic – capturing revenues which bypass traditional voice channels

Why dial-up Internet?

Further capacity utilization: filling the network during night hours

Wide geographic coverage by POPs provides excellent technological platform for building unique nation-wide brand

Very low Internet penetration (1.5%) in Russia: high potential for exponential growth

ROL content provides excellent marketing platform, differentiation attribute and market development stimulant

Golden Telecom leverages its business services network into operator and consumer markets, hence diversifying revenue streams and improving profitability through scale and scope economies

11

Business Services: Customer Base and Product Mix

MNC and large Russian enterprises are the main customers of managed network solutions and account for over three quarters of all business customer segment revenues

2003 business services: revenue by customers 2003 business services: revenue by product

Large Enterprises 77%

Pre-paid & Residential 4%

SME/SOHO 19%

Data 17%

Voice 59%

Prepaid Cards 5%

Source: Golden Telecom forecast

Internet 19%

Business customers

Enterprises SME/SOHO

Clients that spend more than $2,000/month;access through fiber optic

Clients that spend less than $2,000/month;access through direct access (fiber/copper),

MGTS copper, indirect access, WLL

Business centers &

hotels

Moscow corporate

Russia MNCBusiness

customers

Residential & elite

apartments

Prepaid phone cards

Business Services: 61% of total 2003

revenue

12

With its leadership position in Moscow, Golden Telecom is the largest independent fixed-line voice services provider in Russia and the CIS

Business Services: market position in voice services

Voice market shares of alternative operators in Moscow, 2001

Combellga 12%

Golden Telecom 32%

MTU 17%

Comstar 13%

Telmos 5%

Other 13%

Equant 8%

The size of the corporate voice services market exceeded US$500mm in 2001 (excluding incumbent providers)

Market share of 32% in Moscow, leading positions in St. Petersburg (#2), Nyzhny Novgorod (#1), Kiev (#1) among alternative providers

Historically development focused on higher end of the market – large corporate customers

Growth priorities: SME/SOHO market segment, sales to government

Growth expectations of around 10% p.a.

Voice services will remain the biggest revenue and EBITDA contributor in the next 3 – 4 years

Distribution and local numbering capacity are key drivers of business growth

Source: Golden Telecom

13

Given its strong market position in the corporate network market, Golden Telecom capitalizes on the growth potential of a highly profitable and sustainable segment of the telecom sector

Business Services: market position in corporate data & Internet

The size of the corporate network market exceeded US$200mm in 2001 (excluding incumbent providers)

Market share of 35% nationwide (Russian Federation)

Market share in IP/data of 24% in Moscow (Equant 36%, Golden Line 9%)

Only one major competitor nationwide: Equant (50%); one upcoming competitor: TTK

Growth expectations of around 30-40% p.a.

Complex business with high barriers to entry (geographical spread, integrated services)

High margin business (limited competition) Predatory growth opportunity (Equant

difficulties) Russian & CIS networks

Corporate networks market share Russia, 2001

Golden Telecom is the #2 corporate network solutions provider in Russia


14

Carrier Services: Customer base and product mix

2003 carrier services revenue by customers 2003 carrier services revenue by product

Intl. Carriers – Voice 11%

Domestic Carriers14%

Cellular Operators51%

Data 7%

Voice 91%

Source: Golden Telecom forecast

Internet 2%

Carrier Customers

Voice Services Data & Internet Services

Cellular Operators

Domestic Operators

International Carriers

2nd and 3rd Tier ISPs

VoIP Operators

International Carriers

Intl. Carriers – Data 7%

ISPs 2%

- Local numbering

- Local, DLD, ILD outbound voice traffic

- Local numbering

- DLD, ILD outbound voice traffic

- Termination of inbound voice traffic

- IP transit - Termination of inbound VoIP traffic

- FR distribution for MNCs customers of international carriers

- SDH bandwidth between Russia and RoW

VoIP Operators 15%

Carrier Services: 24% of total 2003

revenue

15

Carrier Services: market position

The size of the Wholesale market equaled US$1. 5bn in 2001 (including incumbent providers)

Market share GTI < 5 %

Major competitors: incumbents Rostelecom, Svyazinvest, MGTS Ukrtelecom, Kazakh Telecom, etc.

Other players in Russia International operators: C&W, Telia, Sonera Local LD operators: Transtelecom, Equant,

ComBellga, Teleport-TP, Andrew Local alternative operators: MTU, PTT

Wholesale market share Russia, 2001

Carrier Services provide excellent synergies with Business Services, thus improving capacity utilization rates and return on investment


16

Carrier Services: A stable combination of businesses with different fundamentals

Cellular Operators

Since 1993 GTI provides local (numbering capacity), DLD and ILD access

Service offering expanded into system integration activities such as construction of base station networks, building call center ring across 14 cities, etc. All cellular operators are customers

~ 50% of Carrier Services in revenue (12% of total GTI revenue estimate for 2003)

High margins, very low customer churn (no number portability)

Growth rates = 10% and regional expansion may bring this higher

Limited competition (MTU Inform)

Voice Carrier Services Data Networking

GTI terminates inbound international voice and VoIP traffic from international carriers and provides DLD and ILD access to local fixed line operators interconnected with GTI network

~ 40% of Carrier Services revenue (10% of total GTI revenue estimate for 2003)

Lower margin: price-sensitive commoditized service

Organic outbound traffic is leveraged to receive and retain inbound streams

Many competitors

GTI distributes FR service to MNCs – customers of GTI’s global partners, provides IP backbone access to small ISPs, sells excess SDH capacity

10% of Carrier Services revenue (2% of total revenue estimate for 2003)

High margins, very low churn (IT directors don’t want to switch network providers, expensive to have two providers as compared to having two voice providers)

Growth rates = 15%

For international FR connectivity, limited competitors (C&W and other international carriers won’t connect with Equant due to global competition). IP Transit and SDH have 5 competitors

60% of Carrier Service revenue is a stable and predictably growing with solid margins

17

Market Share: 24% in the Russian Federation; 40% in Moscow

Competition Moscow: MTU – Inform Regions: local providers Nationwide: none

Mass market product Distribution as opposed to direct sales Low margins necessitate high volumes

Market is poised for region-driven growth +40% growth p.a., largely driven by regions Access driven – lack of infrastructure in

Russia guarantees sustainable market shares for facilities based ISPs

In 2001 Moscow accounted for 45% of ISP market-wide revenues. In 2002, the figure is estimated at 35%

ROL brand subscriber/revenue organic growth

The growing ISP market offers attractive synergies with the core business of GTI and a high standalone growth potential

US$’000Count in ‘000

Note: excludes Cityline brand subscribers to exhibit organic growth rates; Source: Golden Telecom

Golden Telecom is the only nationwide ISP in Russia

18

A winning strategy

Core resources Growth strategy

Leading market position

High market shares in the largest Russian and Ukrainian cities

Blue chip customer base - including Coca-Cola, Pepsi, Mars, Nestle Ford, Renault UBS Warburg, Citibank, Renaisance Capital, Bank Menatep TNK, Caspian Pipeline Consortium

Unmatched breadth and depth of service offering in all customer segments

Businesses

Operators

Consumer

Superior service offering

Access to Capital

Significant cash resources on balance sheet

Unused debt capacity

Access to international financial markets

Grow $ base in core markets: Moscow, St. Petersburg

Expand to new markets and new market segments

Growth through acquisitions

Grow in line with the market

Capitalise on new consolidated position: cross selling opportunities between Sovintel & TeleRoss

Expand regionally replicating Moscow model (MANs with high degree of independence from incumbents)

Expand aggressively in SME

Tap into sales to Government market

Pursue consolidation opportunities in Moscow and St. Petersburg

Leverage regional presence into market dominance in the largest regional cities through potential acquisitions of existing MANs

Strict acquisition criteria and conservative financial approach

Under new management, Golden Telecom pursues a focused growth strategy based on core competencies

19

Formulation of regional strategy

Goal: replicate successful Moscow model in economically strong regional centers

Keys to success: focus on corporate market, independence from incumbents

Focus on high margin corporate market

Ability to develop independently from incumbent protects margins

Independence is secured through obtaining sufficient interconnect with local PSTN and building own access network

Three alternative approaches of regional development: green field, acquisition, building on existing presence

All approaches are feasible and decision to use one or another is based on local circumstances

20

Acquisitions of ADS and KIS as an example of regional acquisition strategy

Reasons for choosing acquisition approach: ADS maintains working relationship with

Volga Telecom It has sufficient local numbering capacity and

sufficient interconnect with incumbent The company operates almost entirely on its

own infrastructure It has experience in services to business

customers The market is poised for growth in business

services It is operating cash flow positive Golden Telecom has controlling interest of

58%

Market Share of ADS Merged in Nyzhny Novgorod

Created the leading alternative provider in the third largest Russian city with growth rate of 30% in 2002


21

Agenda

Introduction



Appendix

22

Group Financial Characteristics

High and consistent revenue growth

High EBITDA growth with expanding margins

High earnings growth

High cash flow generation

Modest capex needs

Strong balance sheet with positive net cash position and unused debt capacity

23

Strong Historical Growth and Track Record

Consolidated Revenue Consolidated EBITDA

97.9113.1

140.0

198.7

1999 2000 2001 2002

US$ mm

Revenue CAGR 26.6%¹

16.4 16.7 27.4 61.4

14.8%

19.6%

30.1%

16.8%

1999 2000 2001 2002

US$ mm Margins, %

¹ Revenue CAGR based on 1999-2002 period² EBITDA CAGR based on 1999-2002 period

EBITDA CAGR 55.3%²

Acquisition of the remaining 50% stake in Sovintel in September 2002 has a major positive impact on consolidated results

24

Trended quarterly income statement 2001-3 (unaudited)

(US$,000) 1Q 2001 2Q 2001 3Q 2001 4Q 2001 1Q 2002 2Q 2002 3Q 2002 4Q 2002 1Q 2003

Total Revenue $32,320 $33,891 $37,067 $36,760 $36,350 $39,217 $46,376 $76,784 $78,376Growth -1% 5% 9% -1% -1% 8% 18% 66% 2%

Total Cost of Sales 14,686 15,980 16,923 16,096 15,370 17,556 21,617 36,646 37,299

Gross Margin 17,634 17,911 20,144 20,664 20,980 21,661 24,759 40,138 41,077Growth 4% 2% 12% 3% 2% 3% 14% 62% 2%

Gross Margin % 55% 53% 54% 56% 58% 55% 53% 52% 52%

Selling, general and administrative 12,707 12,799 12,787 10,642 9,687 10,237 10,792 15,431 13,438SG&A % 39% 38% 34% 29% 27% 26% 23% 20% 17%

EBITDA 4,927 5,112 7,357 10,022 11,293 11,424 13,967 24,707 27,639Growth 8% 4% 44% 36% 13% 1% 22% 77% 12%

EBITDA % 15% 15% 20% 27% 31% 29% 30% 32% 35%

Depreciation 4,075 4,426 4,863 5,322 4,982 5,035 5,638 7,905 8,024Amortization (including Goodwill) 5,678 5,954 5,650 5,430 1,021 1,212 1,680 2,488 2,381Impairment charge 0 0 0 31,291 0 0 0 0

Operating income/(loss) (4,826) (5,268) (3,156) (32,021) 5,290 5,177 6,649 14,314 17,234

Equity in earnings (losses) of ventures 583 2,159 2,441 2,972 1,710 (1,223) 3,294 594 119Interest income (expense),net 851 414 (23) (465) (61) (24) (133) (449) (398)Foreign currency loss (295) (13) (53) (286) (325) (182) (119) (548) 190

Income/(loss) before Taxes & MI (3,687) (2,708) (791) (29,800) 6,614 3,748 9,691 13,911 17,145

Provision for income taxes (223) (823) (1,039) 183 (1,316) (833) (1,630) (848) (4,233)Minority interests (0) (3) (43) (71) (66) (161) (182) (118) (92)

Cum. effect of change in acctg principle 0 0 0 0 974 0 0 0

Net income/(loss) $ (3,910) $ (3,534) $ (1,873) $ (29,688) $ 6,206 $ 2,754 $ 7,879 $ 12,945 $ 12,820

GOLDEN TELECOM, INC.

25

Trended Quarterly Balance Sheet (1)

25

As at the end of


(US$ ,000) Q1 2001 Q2 2001 Q3 2001 Q4 2001 Q1 2002 Q2 2002 Q3 2002 Q4 2002 Q1 2003

ASSETSCurrent assetsCash and cash equivalents $ 103,521 $ 70,586 $ 42,983 $ 37,404 $ 47,219 $ 51,679 $ 65,527 $ 59,625 69,294 Investments available for sale - - - 8,976 5,025 1,998 - - Accounts receivable, net 18,158 19,763 20,049 21,875 26,757 24,514 47,026 46,224 51,054 Restricted cash 97 97 97 - - - - - Prepaid expenses 4,595 6,175 5,833 6,356 5,522 6,275 8,388 7,811 7,439 Other assets 5,564 6,594 6,472 10,124 8,762 10,151 13,656 13,794 16,449

Total current assets 131,935 103,215 75,434 84,735 93,285 94,617 134,597 127,454 144,236

Property and equipment, net 89,109 92,580 106,413 98,590 98,133 98,278 162,878 166,121 167,834 Investments in and advances to ventures 51,106 53,793 53,753 45,981 49,358 46,447 754 721 Goodwill and intangible assets, net 64,994 88,988 83,580 57,146 56,220 53,403 127,270 127,669 127,293 Restricted cash and other noncurrent assets 5,035 6,476 6,938 13,932 10,901 10,199 11,587 13,845 12,369

TOTAL ASSETS $ 342,179 $ 345,052 $ 326,118 $ 300,384 $ 307,897 $ 302,944 $ 437,086 $ 435,810 451,732

26

Trended Quarterly Balance Sheet (2)

26


As at the end of

(US$ ,000) Q1 2001 Q2 2001 Q3 2001 Q4 2001 Q1 2002 Q2 2002 Q3 2002 Q4 2002 Q1 2003

LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilitiesAccounts payable and accrued expenses $ 26,513 $ 30,141 $ 34,314 $ 27,327 $ 30,183 $ 31,505 $ 52,847 $ 48,268 48,572 Debt maturing within one year 2,923 8,583 3,833 9,869 8,256 1,747 1,747 8,988 16,488 Due to affiliates - 6,250 6,250 - - - 15,492 1,999 3,236 Short-term capital lease obligation - - 1,392 1,597 1,643 1,694 1,734 1,775 1,816 Other current liabilities 8,643 9,003 8,284 9,932 9,737 7,556 10,439 9,950 9,861

Total current liabilities 38,079 53,977 54,073 48,725 49,819 42,502 82,259 70,980 79,973

Long-term debt, less current portion 9,933 4,297 4,197 3,337 3,289 2,612 2,439 24,111 16,463 Related party long-term debt 6,250 - - - - - 30,000 - Long-term capital lease obligation - - 6,484 7,453 7,112 6,529 6,081 5,621 5,151 Taxes and other non-current liabilities 4,955 7,003 7,183 14,058 13,540 12,983 21,895 25,453 25,969

TOTAL LIABILITIES 59,217 65,277 71,937 73,573 73,760 64,626 142,674 126,165 127,556

Minority Interest 3,337 3,238 4,456 5,967 6,033 4,761 2,076 2,187 2,279 SHAREHOLDERS' EQUITYCommon stock 246 246 246 248 249 251 291 270 272 Treasury stock - - (25,000) (25,000) (25,000) (25,000) (25,000) - Additional paid-in capital 413,095 413,541 413,602 414,407 415,460 418,157 469,017 446,215 447,832 Accumulated deficit (133,716) (137,250) (139,123) (168,811) (162,605) (159,851) (151,972) (139,027) (126,207)

TOTAL SHAREHOLDERS' EQUITY 279,625 276,537 249,725 220,844 228,104 233,557 292,336 307,458 321,897

TOTAL LIABILITIES AND

SHAREHOLDERS' EQUITY $ 342,179 $ 345,052 $ 326,118 $ 300,384 $ 307,897 $ 302,944 $ 437,086 $ 435,810 451,732

27

Golden Telecom Key Consolidated Financials

Consolidated Results by Line of Business (unaudited)

27

Continuing growth, improving margins

Revenues 3Q01 4Q01 1Q02 2Q02 3Q02 4Q02 1Q03CLEC 12.2 10.8 10.7 11.4 19.7 49.7 51.2Data and Internet 16.5 18.6 18.2 20.0 19.2 21.5 21.0Long distance 4.9 4.2 4.3 4.6 4.6 5.2 5.0Mobile services 3.7 3.5 3.3 3.3 3.3 3.1 3.2Eliminations (0.2) (0.4) (0.1) (0.1) (0.5) (2.7) (2.0) Total revenues 37.1 36.7 36.4 39.2 46.3 76.8 78.4Growth, % 8% -1% -1% 8% 18% 66% 2%

EBITDACLEC 6.0 4.9 5.4 5.2 8.2 18.9 20.4Data and Internet 3.0 5.4 6.2 6.0 5.5 5.3 6.4Long distance 0.4 0.1 0.1 (0.2) - 0.4Mobile services 1.3 1.1 1.2 1.6 1.8 1.6 1.8Corporate (3.3) (1.5) (1.6) (1.2) (1.5) (1.5) (1.0) Total EBITDA 7.4 10.0 11.3 11.4 14.0 24.7 27.6EBITDA Margin 20% 27% 31% 29% 30% 32% 35%

28

Golden Telecom Key Pro-Forma Combined Financials

Pro-Forma Combined Results by Line of Business (unaudited)

28

Continuing growth, improving margins

Revenues 3Q01 4Q01 1Q02 2Q02 3Q02 4Q02 1Q03CLEC 40.2 40.0 40.6 42.7 49.9 49.7 51.2Data and Internet 16.5 18.6 18.2 20.0 19.2 21.5 21.0Long distance 4.9 4.3 4.5 4.7 5.0 5.1 4.9Mobile services 3.7 3.5 3.3 3.3 3.3 3.1 3.2Eliminations (1.9) (1.1) (1.0) (0.6) (1.2) (2.7) (2.0) Total revenues 63.4 65.3 65.6 70.1 76.2 76.7 78.3Growth, % 8% 3% 0% 7% 9% 1% 2%

EBITDACLEC 16.8 16.1 16.1 16.4 19.8 18.9 20.4Data and Internet 3.0 5.4 6.2 6.0 5.5 5.3 6.4Long distance 0.9 0.5 0.6 0.3 0.2 0.7 0.3Mobile services 1.3 1.1 1.2 1.6 1.8 1.6 1.8Corporate (3.3) (1.5) (1.6) (1.2) (1.5) (1.5) (1.0) Total EBITDA 18.7 21.6 22.5 23.1 25.8 25.0 27.9EBITDA Margin 29% 33% 34% 33% 34% 33% 36%

29

Agenda

Introduction



Appendixes

30

Sovintel Network in Moscow

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31

ADS Network in Nizhny Novgorod

Fiber optic channels

Coverage

Nodes

32

Current network - MAN and Local Access

• Golden Telecom focuses its network investment where maximum value is created for the customer: access and switching

• Ownership of last mile also provides high degree of Golden Telecom’s independence from local incumbent operators

34

Current network - DLD and International

International connectivity:

STM-16 from Moscow to Stockholm: IRU with Sonera

STM-4 from Stockholm to London: IRU with Sprint

45M Moscow to New York: from Sonera

Domestic connectivity:

STM-4(16) to St. Petersburg: IRUs from Sonera

Three VC3 Links IRUs from Transtelecom:

Moscow – Ekaterenburg-Novosibirsk-Irkutsk-Khabarovsk-Vladivostok;

Moscow - Nyzhny Novgorod;

Moscow - Voronezh - Samara - Ufa - Ekaterenburg.

Intercity connection to major cities in European part of Russia: 60 E1 leases from Rostelecom and Transtelecom

Leased space segment to providing connectivity for 62 owned and customer earth stations used for remote locations and as a back up for terrestrial channels(C-band – 72MHz, Ku-band-18MHz).

• Prudent investment strategy:

• investment is directed into demand driven access infrastructure,

• highly commoditized long-distance capacity is leased on a competitive market to avoid significant one-time cash outlays into capacity with unproven demand

35

Network expansion plan objectives

The industry development over past 20-25 years has moved from focus on switching to transport and now to access

Ability to access customers over own infrastructure is the key to success

Move toward smaller customers in Moscow and St. Petersburg and the regions requires differentiated approach to network expansion.

Renting access lines from incumbents has proven to be difficult with incumbents protecting their monopoly position and government not interfering

Current status

The focus of network development going forward will be access:

1. Further expansion with fiber to large customers

2. Building own access network to smaller customers utilizing different technologies: wireless, copper and others

3. Replacing rented access lines with own network assets in a variety of technological ways

30% of next year’s capex is allocated for building access infrastructure, 30% will be for maintenance and the remaining 40% - for services upgrades, switching and transport

Special Note Regarding Forward Looking StatementsCertain statements contained in this presentation or made during the meeting concerning management’s intentions, expectations or predictions are forward looking statements. Such statements include estimates of future financial and operating performance, expectations regarding future market position, geographical markets that we plan to enter, our future product offerings, our assessment of the risk factors and effectiveness of our strategic responses.It is important to note that the company’s actual results may differ materially from those projected in such forward looking statements. Factors that may cause the anticipated results not to occur include unanticipated changes in customer demand, changes in competitive product offerings, increased price competition, change in macroeconomic and political environment, changes in local regulatory regimes, or shifts in strategy of our partners.

All forward looking statements are made as of today and Golden Telecom disclaims any duty to update such statements.Additional information concerning the factors that could cause actual results to differ materially from those projected in the forward looking statements is contained in the company’s annual report on Form 10K for the year ended December 31, 2001, quarterly reports on Form 10Q for quarters ended September 30, 2002 and June 30, 2002 and other filings with the U.S. Securities and Exchange Commission (SEC). Copies of these filings may be obtained by contacting Golden Telecom or the SEC.

For more information contactInvestor Relations:e-mail: [email protected], web: www.goldentelecom.ru tel.: +7-501-797-9300; fax: +7-501-797-9332

Golden Telecom, Inc. INVESTOR ROADSHOW March 2003

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