1089874--3/16/2006--GOLDEN_TELECOM

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The currency control system of Russia and Ukraine could adversely affect our ability to convert rubles and hryvna s to hard currency and manage cash flows The Russian banking and financial system remains underdeveloped, and another banking crisis could place liquidity constraints on our business and adversely affect our financial condition Russian and Ukrainian telecommunications policies could affect our competitive position Any changes in regulations, costs or confusion from the Telecommunications Law may affect our business The Telecommunications Law and regulations provide scope for the incumbent operators to raise access costs Our operating licenses may not clearly authorize us to provide all of the services that we offer Russian anti-trust policies may limit our ability to expand our businesses and to establish market rates for our service offerings Special fees and taxes levied against telecommunications operators could adversely affect our results of operations Russian and Ukrainian legislation may not adequately protect against expropriation and nationalization We may be unable to enforce our rights due to ambiguity in the laws and legal structures of the countries where we operate Any unforeseen changes in the tax laws in Russia or Ukraine could have a material adverse effect on our business Russian and Ukrainian laws may expose us to liability for actions taken by our subsidiaries or venture entities The implementation of Ukraine s new Civil and Commercial Codes may cause instability of Ukrainian business legal enviroment Risks Associated with Our Business We may encounter difficulties expanding and operating our business, including the integration of acquired companies Reorganization of the Russian telecommunications industry may affect our competitive position Reorganizations in the Ukrainian telecommunications sector may have strengthened the position of the monopoly incumbent and encouraged unfair competition Failure to obtain sufficient and reliable transmission capacity at reasonable costs could cause us to incur losses Our ability to provide our services is dependent on securing and maintaining interconnection agreements with Rostelecom, Ukrtelecom and other facilities providers Our network may not be able to support the growing demands of our customers Russian companies may be required to adopt a plan of liquidation when their net assets are negative We may have difficulty scaling and adapting our existing architecture to accommodate increased traffic and technology advances We are in a competitive industry and our competitors may be more successful in attracting and retaining customers Our partners are often also our competitors Our existing billing and management information systems may not be able to meet our future needs We may encounter difficulties in fully complying with applicable laws due to confusion in the laws and legal structures of the countries where we operate Our telecommunications licenses may not be extended or may be suspended or revoked We may fail to obtain renewals or extensions of our frequency allocations for our earth stations and other radio frequency equipment that we use in our operations Risks Associated With Our Shareholder Structure Our significant shareholders have other interests which may conflict with our interests The current government s well-publicized campaign against Russia s so-called oligarchs could have adverse effects on us Alfa s dispute with the Russian Ministry of Telecommunications may adversely affect our business Certain disagreements between our shareholders may adversely affect our business Our significant shareholders have entered into a Shareholders Agreement whereby these shareholders exercise substantial control over our Board of Directors Risks Associated With Our Shares of Common Stock Our ability to pay dividends on our common stock may be limited Our share price has been and may continue to be highly volatile

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1089874--3/16/2006--GOLDEN_TELECOM_INC