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Golden Telecom will receive a 51% ownership in Corbina Telecom

02 марта 2007
Golden Telecom Signs Share Purchase Agreement and Shareholders Agreement regarding Corbina Telecom

Golden Telecom announced the entering into a Share Purchase Agreement and a Shareholders Agreement with Inure and Rambert Management Limited (“RML”) to acquire a 51% ownership interest in Cortec together with its wholly-owned subsidiaries, Investelektrosvyaz and Kabelstroy (together Corbina Telecom). Inure is 71.11% owned by Mr. Alexander Mamut and 28.89% by Renova Capital. Inure owns directly 99% of the shares of Cortec and indirectly the remaining 1% of the Cortec shares.

The signing of these agreements followed the execution of a binding Term Sheet on December 15, 2006, and is an important step in the process of the acquisition of Corbina Telecom. Under these agreements, Golden Telecom will receive a 51% ownership in Corbina Telecom in exchange for 8% of Golden Telecom’s common stock on a post-acquisition basis plus $10.0 million in cash. Alexander Malis will remain as General Director of Corbina Telecom and Alexander Mamut will be appointed as Chairman of Board of Directors of Corbina Telecom. The transaction is subject to approval by the Federal Antimonopoly Service of Russia. Golden Telecom expects to close the transaction in the near future. Upon the closing of the transaction the shareholder structure of Corbina Telecom will be as follows: Golden Telecom – 51%, A&NN Group (controlled by Alexander Mamut) – 35%, and Renova Capital – 14%.

According to Corbina Telecom’s management estimates, it’s revenue for 2006 is approximately $90.0 million, which is generated by FTTB broadband Internet services in Moscow, St. Petersburg, Yaroslavl, Tula, Orenburg, and Kaluga; switched voice and data services provided to Small and Medium Enterprises (“SMEs”) in Moscow; and fixed-to-mobile convergent services with a wireless DAMPS network that are used by over 35,000 users.

By 2008, Corbina Telecom expects to achieve a subscriber base of more than 600,000 subscribers. Golden Telecom expects that Corbina Telecom’s strong position and market presence will be further fuelled by increasing network reach.

In November 2006, Corbina Telecom and Microsoft entered into an agreement to establish a Microsoft IPTV based interactive TV zone within Corbina Telecom’s network. According to the IPTV promotion plan, Corbina Telecom has started implementation of a pilot project with a full range of services covering 500 subscribers. The pilot deployment is aimed at solving all technical and administrative issues related to the provision of IPTV services. Corbina Telecom and the Company have also agreed, in light of the perceived strong potential growth opportunities for Corbina Telecom, to proceed with an initial public offering of Corbina Telecom in Moscow, London or New York by the end of 2008, subject to market conditions and regulatory approvals.

Commenting on this deal, Mr. Jean-Pierre Vandromme, Chief Executive Officer of Golden Telecom noted: “We are now in a position to offer our customers high-speed wireline broadband at home and broadband mobility in the city. We will also be able to offer a quadric-play product to mass markets as we bundle VoIP, IPTV and MVN-based (mobile virtual network-based) services. These service offerings will clearly position Golden Telecom as a unique and exciting player in the market.”


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