X0202 3 2005-11-25 0 0001089874 GOLDEN TELECOM INC GLDN 0001350795 Malis Oleg 2831 29TH STREET, NW WASHINGTON DC 20008 1 0 0 0 Options to purchase Common Stock 14.00 2004-01-21 2007-01-21 Common Stock 124899 D Owing to ambiguities and inconsistencies in Russian law, the Compensation Committee of the Board of Directors of the Company decided not to issue stock options to Mr. Malis. Instead, as part of the Company's key employee incentive and retention policy, the Company established the Golden Telecom Incentive Bonus Program. In accordance with this program, the Company issues stock options to the GTI Equity Participation Plan Trust in numbers corresponding to the level of financial incentive the Company wishes to award Mr. Malis. When Mr. Malis desires and is eligible to receive the economic benefit of the options, he informs the Company and the Company, in turn, advises the trustee to exercise an appropriate number of options and, if requested, to sell the option shares. Upon request of the Company and Mr. Malis, the funds received by the trust from the sales are disbursed to Mr. Malis in the form of incentive bonuses. One-third of these options will vest on the first anniversary of the date of grant (January 21, 2003). Thereafter, the options will vest in equal monthly installments for a period of 24 months. /s/ Julia Marx, Attorney-In-Fact 2006-03-17