SCI Real Estate Investments Embarks On National Expansion with Plans to Open Up to 15 Additional Offices Nationwide; New Locations Aim to Facilitate Awareness

New regional offices are
planned for Atlanta, Chicago, Dallas, Houston, Washington D. Own Better.
"For us, the Astana project is the beginning of a strategically
new stage in the development of SA Telcom," says Zh.

Petersburg, Nizhny Novgorod,
Samara, Kaliningrad, Krasnoyarsk, Almaty, and Tashkent, and via
intercity fiber optic and satellite-based networks, including
approximately 227 combined access points in Russia and other countries
of the CIS. It is important to note that such
statements involve risks and uncertainties, which may cause outcomes
to differ materially from those set forth in these statements .

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" Campaign

Accompanying the expansion, SCI is introducing its new corporate
image including a new logo and the "Own Big. Additionally, SA Telecom branches were
opened in Astana, Karaganda, and Atyrau. Aidabekov,
General Director of SA Telcom."
Andrei Patoka, Vice-President and Head of the Division for the
Development of International and Regional Business for Golden Telecom,
noted , "The regional components of the Company's businesses are of
prime importance for Golden Telecom .

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The Company offers mobile services in Kiev and Odessa.

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C.
"Education is also a primary role SCI is taking on, aiming to
cultivate knowledge of the 1031 exchange process, the relatively new
TIC industry, and the accompanying benefits of utilizing the real
estate structure," reported Robert Robotti, chief investment officer
and co-chairman of SCI.

About SCI Real Estate Investments

Since 1994, SCI Real Estate Investments has acquired more than 100
properties through tenant -in-common structures with its investor
network.

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Valued in excess of $750 million, the current portfolio
consists of more than 40 office, retail, industrial, and multifamily
properties throughout California , Nevada, Arizona, Florida, North
Carolina, New Mexico, Ohio, and Texas.

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Business Editors

LOS ANGELES----SCI Real Estate
Investments:

Scott Lunine Joins SCI to Lead Expansion Efforts

Company Launches "Own Big.

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Golden Telecom Launches a New Project in Kazakhstan

The residential complexes and business center
are presently under construction in the new micro-district of Astana
referred to as the "Special Economic Zone 'Astana - New City'.

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With our expansion, we can spread the message
that even if you're not a wealthy person, you can invest in
high-quality property with the best national third-party management.sciproperties. Golden Telecom will provide subscribers
with local communication services, and, in cooperation with
Kazakhtelecom, long-distance and international communication services.

vladivostok aspirations

Own Better. He earned the Sperry Van Ness' "Best Year" Award five
times.

Own Better. This investment in Kazakhstan demonstrates our commitment to the
Company's regional growth strategy, and also demonstrates our
commitment to this important market of Kazakhstan.

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"
The project provides for the installation of 1,000 city telephones
and the organization of permanent high-speed Internet access based on
Ethernet/ADSL technologies.

aspirations understandings

Own Better. For more information, visit
www . Such
risks and uncertainties include, but are not limited to, the
possibility that we will not be able to complete the local
communications network in Astana or expand our operations as
anticipated .

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in the next three to six months. The interview process is
scheduled to commence in the next two weeks and will be followed by a
proprietary training program at SCI's Los Angeles headquarters. "They offer the opportunity to get involved with a booming
facet of the industry through one of the country's fast growing real
estate companies.

Business Editors/Telecommunications Writers

ASTANA, Kazakhstan----Golden
Telecom, Inc.

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"The job openings for Regional Sales Director are high-level
positions offering upward mobility and income potential," Lunine
commented. The company has over 300
major customers, including K-Mobile, K-Cell, Nurbank, Haliburton,
National Bank of the Republic of Kazakhstan, and others. The
Company offers voice, data and Internet services to corporations,
operators and consumers using its metropolitan overlay network in
major cities including Moscow, Kiev, St.

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With plans to acquire in excess
of $500 million in 2005 alone, recent TIC acquisitions include the $64
million Cobb Place retail center in vibrant northwest Atlanta in March
and the "Casa Paloma Shopping Center" in Chandler, Ariz., also
purchased in March for $44 million.com

This company was one of the first telecommunications
operators to provide Internet and data transmission services in the
Republic of Kazakhstan. In 2004, the revenues from our
activity in the regions of Russia and the CIS countries rose by 45%
and accounted for a fourth of the total revenues of the company in
2004.

altogether perceptions

Myers, and Orlando, Fla.' captures the essence of our ability
to find institutional grade commercial real estate and to save our TIC
investors considerable tax expenses in the process. During the 10 years of operations, the company
built a network with 60 points of access throughout the country with a
total capacity of 100 Mbps., (NASDAQ:GLDN) is a leading
facilities-based provider of integrated telecommunications and
Internet services in major population centers throughout Russia and
other countries of the Commonwealth of Independent States ("CIS").

Statements made in this press release are forward looking and are
made pursuant to the safe harbor provisions of the Securities
Litigation Reform Act of 1995.
Securities and Exchange Commission including the Company's quarterly
reports on Form 10-Q, current reports on Form 8-K filed during 2004
and 2005, and the Company's annual report on Form 10-K for the year
ended December 31, 2004.

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"The TIC industry continues to generate increasing investor
interest and SCI has a unique TIC real estate product to deliver to
knowledgeable real estate people across the country," stated Doug
Johnston, chief executive officer of SCI Real Estate Investments.

Scott Lunine Appointed to Lead Expansion Efforts

Scott Lunine was recently hired as a senior vice president and
national sales director to head up this effort, preceded by eight
years of experience as a managing director at Sperry Van Ness and
bringing an extensive background in commercial real estate and
development .

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"
Marc Paul, president and co-chairman of SCI also added that: "We
want to educate people on how to invest, especially the baby boomers
with retirement funds."
Examining its role in the rapidly growing TIC market, SCI is
passionate about its unique real estate structure and the benefits
that can be shared by individual investors, commercial real estate
brokers and property managers.

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In SCI 's structure, the company is
committed to providing investors access to the highest quality real
estate and setting up third-party management to ensure ease of
ownership and secure the best rate of return for every asset. "In the long-term, we plan to expand
this node to 2,500 numbers and provide communication services to other
residential and business complexes of Astana.goldentelecom.

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" Campaign

Meeting the exponential growth of the Tenant-In-Common (TIC)
industry and pent-up demand for alternative real estate investment
strategies across the nation, Los Angeles-based SCI Real Estate
Investments plans to open up to 15 additional field offices throughout
the U.
More than 15 regional sales directors will be brought on board
with the responsibility of developing high-level business
relationships with real estate brokers and executives in the new
locations as well as bringing in investors.

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"

About Golden Telecom (www.

Open Directory's Regional: Europe: Russia: Society and Culture category covers the areas of human interaction and people's thoughts, speculations, and aspirations about the world they live in, people's perceptions and understandings of the universe they live in.

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"

Company Launches "Own Big. ("Golden Telecom" or the "Company") (NASDAQ:GLDN), a
leading facilities-based provider of integrated telecommunications and
Internet services in major population centers throughout Russia and
other countries of the Commonwealth of Independent States ("CIS"),
announced the launching a new project for the construction of a local
communications network in Astana, the capital of the Republic of
Kazakhstan.
The business center is expected to be connected and operational in the
third quarter of this year.

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,
Boston, Phoenix, and Salt Lake City, Utah, as well as Miami, Ft. meters.com

Golden Telecom, Inc.

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"We
feel that 'Own Big." slogan
through advertising initiative.
The project embraces 3 residential complexes with 700 apartments
and the business center "Astana City Center," with a total floor area
of 11,000 sq. Such statements include those on the
completion of the local communications network in Astana and our
future expansion in Kazakhstan .S.

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, and several California offices including
San Diego, San Francisco, Orange County, and the Inland Empire. Additional information concerning factors that could
cause results to differ materially from those in the forward looking
statements is contained in the Company's filings with the U.

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This year, SA Telcom, a wholly-owned Kazakh subsidiary of Golden
Telecom, celebrated 10 years of operations in the Republic of
Kazakhstan. Our aim now is to become
a universal operator for the end users , primarily in Astana, Almaty
and Atyrau.