OREANDA-NEWS. July 6, 2007. Golden Telecom, Inc. (“Golden Telecom” or the “Company”) (NASDAQ: “GLDN”), the leading provider of integrated telecommunications and Internet services in the largest population areas throughout Russia and other countries of the Commonwealth of Independent States (“CIS”), announces that it has completed the acquisition of 3C Russia including its associated companies – Direct Net, Satcom-Tel and telecommunication assets and customer base of NDNT Inc. and NDNT (UK) Ltd.

Golden Telecom gained full control over the corporate telecommunication business of 3C in Russia including 100% of the shares in ZAO Direct Net, 100% of the shares in OAO Satcom-Tel and telecommunication assets and customer base of both NDNT Inc. and NDNT (UK) Ltd for cash consideration of approximately $2 million. In 2006, the revenues associated with the acquired assets were approximately $4.8 million, in accordance with US GAAP.