This Competitor Intelligence report on Golden Telecom Inc. provides a comprehensive analysis of Golden’s strategies in Russia together with key operational and financial metrics. The recent acquisition of Golden Telecom by Vimpel Communications will provide Golden the edge over its rival, Comstar, in the Russian broadband market. Aside from the obvious synergies associated with operational and network savings, we think that Golden has the edge over Comstar when it comes to broadband subscriber additions, because: 1) Golden will benefit considerably by cross selling to Vimpel’s mobile customer base; 2) If Golden does choose to take up and position Vimpel’s Beeline brand in its regional broadband execution, we believe there can be significant brand advantages over Comstar; and 3) Golden’s Triple 65 Strategy is a solid plan that will keep network build out costs down, and at the same time increase take up rates without excessive marketing through considerable word of mouth cross selling.

The recent acquisition of Golden Telecom by Vimpel Communications will provide Golden the edge over its rival, Comstar, in the Russian broadband market. Aside from the obvious synergies associated with operational and network savings, we think that Golden has the edge over Comstar when it comes to broadband subscriber additions, because:

— Golden will benefit considerably by cross selling to Vimpel’s mobile customer base;

— If Golden does choose to take up and position Vimpel’s Beeline brand in its regional broadband execution, we believe there can be significant brand advantages over Comstar; and

— Golden’s Triple 65 Strategy is a solid plan that will keep network build out costs down, and at the same time increase take up rates without excessive marketing through considerable word of mouth cross selling.

Content Outline:

Executive Summary

Strategic Outlook

— Russia’s expanding broadband market: Market trends and penetration levels

— Competitive dynamics in Russia are varied across regions

— Comstar is the leading player in Moscow

No clear leader in the regions

Triple 65 Strategy to win subscribers in regional markets

— Synergies achieved by Vimpel’s acquisition of Golden

— Substantial benefits brought by cross selling of the customer bases

— Golden will enjoy the Beeline brand benefits

— Other operational savings from consolidation

— Lowering churn will be more important as markets mature

Tables:

Estimates (Dec), 2005A – 2009E

Valuation (Dec), 2005A – 2009E

Table A1: Key Income Statement Data (Dec), 2005A – 2009E

Charts:

Chart 1: Russian Broadband Market (in US millions), 2006A – 2012E

Chart 2: Moscow and Russian Broadband household penetration, 2007E – 2020E

Chart 3: Market shares in Moscow broadband market, 2007

Chart 4: Proportions of subscribers with experience of use, April 2007

Chart 5: Market shares in Russia broadband market (Ex-Moscow), 2007

Chart 6: Residential broadband penetration, 1Q 2007

Companies Mentioned:

— Comstar

— Golden Telecom

— MTS

— Vimpel Communications

For more information visit http://www.researchandmarkets.com/reports/c81243