Golden Telecom Signs with Intelsat for Additional 10 Years to Accommodate Growth

Business Wire, May 13, 2004

Business Editors/High-Tech Writers

LONDON--(BUSINESS WIRE)--May 13, 2004

Intelsat announced today that Golden Telecom, Inc. (NASDAQ:GLDN), a leading facilities-based provider of integrated telecommunications and Internet services in Russia and the Commonwealth of Independent States, has signed a 10-year contract with Intelsat for Ku-band satellite capacity for a major expansion of its telecom and Internet services in Russia and Central Asia. Golden Telecom, a long time user of the Intelsat system, purchased this capacity in addition to its existing multi-transponder contracts with Intelsat.

The additional capacity, totaling over 60 MHz, is provided over satellites located at the 60 degrees E and 83 degrees E orbital locations. An expanded number of Internet, data and regional voice services can now be provided to Internet Service Providers, major business centers, hotels, banks and other corporations that Golden Telecom serves.

"Internet and corporate network services in Russia are growing rapidly, requiring that telecom providers continually improve and grow their networks," said Michal Cupa, COO of Golden Telecom. "Using Intelsat for our connectivity ensures that we have the network flexibility to expand and grow our business as and when it is needed to accommodate increased public demand for our services."

Yuli Wexler, Vice President, Europe Sales for Intelsat's Data, Carrier and Internet unit, stated, "Intelsat helps our customers grow their businesses in existing markets and expand into new ones by providing them with the constant support and flexibility necessary to respond quickly to changing market demands. We are pleased that Golden Telecom has come back to Intelsat to fill its additional requirements."

Russia falls under the footprint of all of the nine Intelsat satellites that provide coverage of the region. Because of its size, Russia is the only country in the world able to utilize satellites located in any or all of the three ocean regions. In addition to Golden Telecom, Intelsat currently serves major oil & gas operators, banks, ISPs, television networks and international and national operators in Russia by providing corporate network, Internet, data and other services.

About Intelsat

Building on 40 Years of Leadership. As a global communications leader with 40 years of experience, Intelsat helps service providers, broadcasters, corporations and governments deliver information and entertainment anywhere in the world, instantly, securely and reliably. Intelsat's global reach and expanding solutions portfolio enable customers to enhance their communications networks, venture into new markets and grow their businesses with confidence. For more information, visit www.intelsat.com.

About Golden Telecom (www.goldentelecom.com)

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. The Company offers voice, data and Internet services to corporations, operators and consumers using its metropolitan overlay networks in major cities including Moscow, Kiev, St. Petersburg, Krasnoyarsk, Nizhny Novgorod, Samara and via intercity fiber optic and satellite-based networks - including 165 combined access points in Russia and other countries of the CIS. The Company offers mobile services in Kiev and Odessa.

Intelsat Safe Harbor Statement: Some of the statements in this news release constitute "forward-looking statements" that do not directly or exclusively relate to historical facts. These forward-looking statements reflect Intelsat's intentions, plans, expectations, assumptions and beliefs about future events and are subject to risks, uncertainties and other factors, many of which are outside of Intelsat's control. Important factors that could cause actual results to differ materially from the expectations expressed or implied in the forward-looking statements include known and unknown risks. Detailed information about some of the known risks is included in Intelsat's annual report on Form 20-F for the year ended December 31, 2003 on file with the U.S. Securities and Exchange Commission. Because actual results could differ materially from Intelsat's intentions, plans, expectations, assumptions and beliefs about the future, you are urged to view all forward-looking statements contained in this news release with caution. Intelsat does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Golden Telecom Safe Harbor Statement: Statements made in this press release are forward looking and are made pursuant to the safe harbor provisions of the Securities Litigation Reform Act of 1995. Such statements include the expected benefits from the partnership with Intelsat and expansion of telecom and Internet services in Russia. It is important to note that such statements involve risks and uncertainties, which may cause results to differ materially from those set forth in these statements. Such risks and uncertainties include, but are not limited to, our ability to implement the technology efficiently, and political, economic and regulatory developments in Russia, Ukraine and Kazakhstan and increasing competition that may limit growth opportunities. Additional information concerning factors that could cause results to differ materially from those in the forward looking statements is contained in the Company's filings with the U.S. Securities and Exchange Commission including the Company's quarterly reports on Form 10-Q and periodic reports on Form 8-K filed during 2003, and the Company's annual report on Form 10-K for the year ended December 31, 2003.