Golden buys Corbina stake.(RUSSIA)

European Telecom, February, 2007

Golden Telecom Inc., a 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), announced that it has executed a binding Term Sheet with Dawn Key Limited, a company which owns 71.11 percent of shares of Inure Enterprises Ltd., Cyprus (Inure). Inure is jointly controlled by Mr. Alexander Mamut and Renova Capital and owns 99 percent of shares of ZAO Cortec. Under the Term Sheet, Golden Telecom will receive 51 percent ownership in ZAO Cortec together with its wholly owned subsidiaries ZAO Investelektrosvyaz, ZAO Kabelstroy, and other subsidiaries (jointly doing business as the Corbina Telecom Group) (Corbina) in exchange for an issue of...