Alfa-Bank announces commitment to collaborate with Golden Telecom subsidiary TeleRoss

Moscow, August 10, 2000 – Alfa-Bank and TeleRoss, the core group of companies operating under the trademark of Golden Telecom, (GTI) (Nasdaq: GLDN), a leading facilities-based provider of integrated telecommunications and Internet services throughout Russia and other countries of the CIS, have signed an intention agreement in which they claim their willingness to look into collaboration opportunities on several business sections/directions.

The parties are ready to consider the possibility of joining their efforts in the development and implementation of projects involving usage of the Internet and its capabilities. This includes the creation of Internet shops, developing electronic retail networks for corporate clients, providing electronic banking services along with other projects.

Alfa-Bank and TeleRoss are also ready to examine the opportunity of joint development and the issue of international plastic cards “Visa-Alfa-Bank – Golden Telecom”, as well as providing banking and information services via telephone with the help of Golden Telecom’s current capacities or a specially constructed/designed/built call-center.

The parties intend to discuss the possibility of Alfa-Bank providing banking services and products to TeleRoss and its subsidiary companies. This could include cash management throughout Russia, implementation of salary projects for TeleRoss and its affiliated structures, distribution of telephone and Internet cards in Alfa-Bank’s regional divisions, acquiring services for the company’s retail outlets, and other commercial and investment products and services.