Document:

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                                                                    EXHIBIT 10.5

                             STOCK OPTION AGREEMENT

      STOCK OPTION AGREEMENT dated as of May 11, 2001 (this "Agreement") among
Cavendish Nominees Limited, a limited liability company organized and registered
under the laws of Guernsey, and First NIS Regional Fund SICAV, a private
institutional fund organized and registered under the laws of Luxembourg
(together "Barings"), and Global TeleSystems Europe Holdings B.V. (as the
assignee of Global TeleSystems Europe B.V., which is the assignee of Global
TeleSystems, Inc.), a company organized and registered under the laws of the
Netherlands ("GTS").

                           W I T N E S S E T H :

      WHEREAS, Barings, Alfa Telecom Limited (as the assignee of Alfa Bank
Holdings Limited, "Alfa") and Capital International Global Emerging Markets
Private Equity Fund, L.P. ("CIG"), as Purchasers, and GTS, as Seller, are
parties to a Share Purchase Agreement (the "Purchase Agreement"), dated April 2,
2001, pursuant to which the Purchasers agreed to purchase and GTS agreed to sell
in the aggregate 12,195,122 of the issued and outstanding shares of Common
Stock, par value $.01 per share ("Company Common Stock"), of Golden Telecom,
Inc., a Delaware corporation (the "Company") on the terms and subject to the
conditions stated therein;

      WHEREAS, in order to induce Barings to consummate the transactions
contemplated by the Purchase Agreement, GTS has granted to Barings the Stock
Option (as hereinafter defined); and

      WHEREAS, in order to induce each of Alfa and CIG to enter into the
Purchase Agreement, pursuant to separate stock option agreements of even date
herewith (the "Alfa Stock Option Agreement" and the "CIG Stock Option
Agreement", respectively), GTS has granted to each such Person, on the terms and
conditions set forth therein, an irrevocable stock option (the "Alfa Stock
Option" and the "CIG Stock Option", respectively; together with the Stock
Option, the "Purchaser Stock Options") to purchase shares of Company Common
Stock Beneficially Owned by GTS;

      NOW, THEREFORE, in consideration of the mutual covenants and agreements
set forth herein and in the Purchase Agreement, and for other good and valuable
consideration, the adequacy of which is hereby acknowledged, the parties hereto
agree as follows:

      SECTION 1. Definitions. Capitalized terms used and not defined herein have
the respective meanings ascribed to them in the Purchase Agreement. In addition,
the following terms have the meanings indicated:

      (a) "Beneficially Own" shall have the meaning assigned to such term in
Rule 13d-3 under the Exchange Act in effect on the date hereof. "Beneficial
Owner" and "Beneficial Ownership" shall have correlative meanings.

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      (b) "Exchange Act" shall mean the Securities Exchange Act of 1934, as
amended, or any successor federal statute as in effect from time to time.

      (c) "Per Share Market Value" means on any particular date (i) the last
sale price per share of the Company Common Stock at the close of business on
such date on the principal stock exchange on which the Company Common Stock has
been listed or, if there is no such price on such date, then the last price on
such exchange on the date nearest preceding such date, or (ii) if the Company
Common Stock is not listed on any stock exchange, the final bid price for a
share of Company Common Stock in the over-the-counter market, as reported by The
Nasdaq Stock Market at the close of business on such date, or the last sales
price if such price is reported and final bid prices are not available, or (iii)
if the Company Common Stock is not quoted on The Nasdaq Stock Market, the bid
price for a share of Company Common Stock in the over-the-counter market as
reported by the National Quotation Bureau Incorporated (or any similar
organization or agency succeeding to its functions of reporting prices), or (iv)
if the Company Common Stock is no longer publicly traded, as determined by an
internationally recognized investment banking firm selected by GTS.

      (d) "Person" shall mean any individual, firm, partnership, association,
group (as such term is defined in Section 13(d)(3) of the Exchange Act, as in
effect on the date hereof), corporation, trust, business trust or other entity,
and includes any successor (by merger or otherwise) of any such entity.

      (e) "Subsidiary" shall mean, with respect to any Person, any other Person
of which at least a majority of the voting power of the voting equity securities
or voting equity interest is owned, directly or indirectly, by such Person.

      (f) "Trading Day" means (i) a day on which the Company Common Stock is
traded on the principal stock exchange on which the Company Common Stock has
been listed, or (ii) if the Company Common Stock is not listed on any stock
exchange, a day on which the Company Common Stock is quoted in the
over-the-counter market, as reported by The Nasdaq Stock Market, or (iii) if the
Company Common Stock is not quoted on The Nasdaq Stock Market, a day on which
the Company Common Stock is quoted in the over-the-counter market as reported by
the National Quotation Bureau Incorporated (or any similar organization or
agency succeeding to its functions of reporting prices).

      SECTION 2. Grant of Stock Option. GTS hereby grants to Barings an
irrevocable option (the "Stock Option") to purchase, on the terms and subject to
the conditions hereof, for $11.00 per share (the "Exercise Price") in cash up to
181,818 shares (the "Option Shares") of Company Common Stock Beneficially Owned
by GTS. The Exercise Price and number of Option Shares shall be subject to
adjustment as provided in Sections 3(d) or 5 below.

      SECTION 3. Exercise of Stock Option; Pre-empted Transfers; Compelled
Secondary Offering.

      (a) Barings or its designee may, subject to the provisions of this Section
3, exercise the Stock Option, in whole or in part, at any time or from time to
time, prior to the Termination Date.

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"Termination Date" shall mean 10:00 p.m. London time on the date that is the
60th day from the Closing Date, as such term is defined in the Purchase
Agreement, or such later date as may be specified pursuant to Section 3(d)
below. Notwithstanding the occurrence of the Termination Date, Barings shall be
entitled to purchase Option Shares pursuant to any exercise of the Stock Option,
on the terms and subject to the conditions hereof, to the extent Barings
exercised the Stock Option prior to the occurrence of the Termination Date.

      (b) Barings may purchase Option Shares pursuant to the Stock Option only
if all of the following conditions are satisfied: (i) no preliminary or
permanent injunction or other order issued by any federal or state court of
competent jurisdiction in the United States shall be in effect prohibiting
delivery of the Option Shares, (ii) any applicable waiting period under the
Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (the "HSR Act")
shall have expired or been terminated and (iii) any prior notification to or
approval of any other regulatory authority in the U.S. or elsewhere required in
connection with such purchase shall have been made or obtained other than those
which if not made or obtained would not reasonably be expected to result in a
significant detriment to GTS, or to the Company and its Subsidiaries, taken as a
whole or would otherwise prevent the parties from performing, in all material
respects, their obligations hereunder.

      (c) If Barings shall be entitled to and wishes to exercise the Stock
Option, it or its designee shall do so by giving GTS written notice (the "Stock
Exercise Notice") to such effect, specifying the number of Option Shares to be
purchased and a place and closing date not earlier than five (5) calendar days
nor later than fifteen (15) calendar days from the date of such Stock Exercise
Notice. If the closing cannot be consummated on such date because any condition
to the purchase of Option Shares has not been satisfied or as a result of any
restriction arising under any applicable law or regulation, the closing shall
occur five (5) calendar days (or such earlier time as Barings or its designee
may specify) after satisfaction of all such conditions and the cessation of all
such restrictions; provided, however, that if the closing has not occurred
within 180 calendar days of the giving of the Stock Exercise Notice, then the
particular exercise of the Stock Option shall be deemed to be null and void and
the Stock Option unexercisable as to the Option Shares covered thereby.

      (d) If as of the Termination Date, the sum of (x) the Purchase Price and
(y) the aggregate consideration paid or payable for (1) the number of Option
Shares theretofore purchased by Barings, plus (2) the aggregate number of shares
of Company Common Stock theretofore purchased by Alfa and CIG pursuant to the
Alfa Stock Option Agreement and the CIG Stock Option Agreement, respectively,
plus (3) the number of Option Shares covered by any Stock Exercise Notice(s)
theretofore delivered by Barings or its designees as to which closing on the
related sale and purchase has not occurred other than as a result of default by
Barings plus (4) the aggregate number of shares of Company Common Stock covered
by an exercise of the Alfa Stock Option or the CIG Stock Option theretofore
delivered by Alfa or CIG, respectively or their respective designees, in each
case as to which closing on the related sale and purchase has not occurred other
than as a result of default by Alfa or CIG, respectively, shall equal or exceed
$140,000,000, the Termination Date shall automatically be extended without
further act or evidence to the date that is one year from the Closing Date;
provided, however, that with respect to any purchase of Option Shares pursuant
to Stock Exercise Notices delivered after the original Termination Date, the
Exercise Price shall be a price per share equal to the greater of (i) $11.00

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and (ii) the product of (A) 1.2 and (B) the moving average of the Per Share
Market Value of such shares for the sixty (60) Trading Days immediately
preceding (and excluding) the date that Barings or its designee delivers the
related Stock Exercise Notice (the "Revised Exercise Price"). If with respect to
any shares of Company Common Stock described in subclauses (3) and (4) of the
preceding sentence, the closing shall not have occurred within the time
permitted by Section 3(c) above in the case of the Option Shares and by Section
3(c) of the Alfa Stock Option Agreement and Section 3(c) of the CIG Stock Option
Agreement in the case of the shares described in such subclauses (3) and (4) and
as a result, as of such time the Purchasers in the aggregate shall have paid GTS
less than $140,000,000 in the aggregate for shares of Company Common Stock
purchased and sold pursuant to the Purchase Agreement and pursuant to exercises
of the Purchaser Stock Options, the extension of the Termination Date shall be
deemed rescinded immediately, as of and at such time and without further act or
evidence.

      (e) At any closing pursuant to Section 3(c) or (d) hereof, Barings or its
designee shall make payment by wire transfer of immediately available funds to
the account or accounts designated by GTS of the aggregate purchase price for
the Option Shares to be purchased and GTS shall deliver to Barings or its
designee a certificate representing the purchased Option Shares, duly endorsed
in blank for transfer or accompanied by written instruments of transfer in form
satisfactory to the purchaser, duly executed by GTS.

      (f) (i) If the Termination Date shall be extended pursuant to Section 3(d)
above, then, if at any time after the original Termination Date, GTS intends to
sell, transfer, write options on or otherwise convey (when used as a verb,
"Transfer" and any sale, transfer, writing of options on or other conveyance, a
"Transfer"), Beneficial Ownership of any shares of Company Common Stock, then
not fewer than thirty (30) calendar days prior to consummating such Transfer,
GTS must provide a written notice of such intention to Barings, which notice
(the "Notice of Proposed Transfer") will set forth the number of shares of
Company Common Stock that GTS intends to Transfer (the "Transfer Shares"). The
Notice of Proposed Transfer shall constitute an offer by GTS, which shall be
irrevocable for a period of fifteen (15) calendar days following receipt of such
notice by Barings, to permit Barings or its designee to purchase such shares for
cash at the Revised Exercise Price by delivering a written notice (the "Notice
of Pre-empted Transfer") that Barings or its designee desires to purchase the
Transfer Shares at such price. Barings shall have the absolute right to purchase
up to 8% of the number of shares (rounded down to the nearest whole number)
identified in the Notice of Proposed Transfer and a contingent right to purchase
the balance of such shares as provided in the following sentence. In any Notice
of Pre-empted Transfer, Barings may exercise its contingent purchase right by
indicating that should fewer than all of the balance of the shares set forth in
the Notice of Proposed Transfer be accepted for purchase pursuant to Notices of
Pre-empted Transfer delivered by Alfa and/or CIG pursuant to Section 3(f)(i) of
the Alfa Stock Option Agreement and the GIG Stock Option Agreement,
respectively, it desires to purchase some or all such shares; in which case the
number of shares to be purchased and sold pursuant to Section 3(f)(ii) below
shall be adjusted accordingly should Alfa and/or CIG accept for purchase
pursuant to Notices of Pre-empted Transfer fewer than the number of shares
allocated for their purchase in the Notices of Proposed Transfer delivered to
them pursuant to Section 3(f)(i) of the Alfa Stock Option Agreement and the CIG
Stock Option Agreement, respectively.

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      (ii) The consummation of such purchase shall take place on such date, not
later than sixty (60) calendar days after receipt of the Notice of Pre-empted
Transfer by GTS, as Barings or its designee shall specify. Upon the consummation
of such purchase, (A) GTS shall deliver the certificate or certificates
evidencing the Transfer Shares so purchased duly endorsed in blank for Transfer
or accompanied by written instruments of Transfer in form satisfactory to the
purchaser, duly executed by GTS, free and clear of any Claims, except for
restrictions imposed by the New Shareholders Agreement; and (B) the purchaser
shall simultaneously with the delivery of the certificate or certificates
evidencing the Transfer Shares so purchased pay to GTS the aggregate Revised
Exercise Price of such shares by wire transfer of immediately available funds to
an account or accounts designated by GTS.

      (iii) Barings shall have no obligation to deliver a Notice of Pre-empted
Transfer in response to any Notice of Proposed Transfer delivered by GTS, and
the decision as to whether to deliver any Notice of Pre-empted Transfer shall be
made by Barings in the exercise of its sole discretion. In the event that
Barings shall have received a Notice of Proposed Transfer from GTS but neither
Barings nor its designee shall have given a Notice of Pre-empted Transfer to GTS
with respect thereto prior to the expiration of the 15-day period following
receipt of such Notice of Proposed Transfer, or in the event that Barings or its
designee shall have timely given a Notice of Pre-empted Transfer but the
purchase and sale of the subject Transfer Shares shall not have been consummated
(through no fault of GTS) within the applicable 60-day period following delivery
of the Notice of Pre-empted Transfer, as the case may be, then GTS may Transfer
any of the subject Transfer Shares specified in the particular Notice of
Proposed Transfer free of any further obligation hereunder; provided however, if
such Transfer is not consummated within sixty (60) calendar days of the
expiration of the applicable period referred to above, GTS must again comply
with the procedures set forth in this Section 3(f).

      (iv) Notwithstanding anything to the contrary contained in this Agreement,
as of the Termination Date (which shall be the one year anniversary of the
Closing if the Termination Date is extended pursuant to Section 3(d) above), GTS
shall have no obligation to deliver any Notice of Proposed Transfer under this
Section 3(f) and may freely Transfer any shares of Company Common Stock held by
it or its affiliates to a third Person without compliance with the obligations
set forth in this Section 3(f).

      (g) Notwithstanding anything to the contrary contained in this Agreement,
after the Termination Date, nothing in this Agreement shall prohibit or prevent
GTS or its affiliates from freely Transferring any Shares held by them to a
third Person.

      SECTION 4. Representations and Warranties of GTS. GTS hereby represents
and warrants to Barings as follows:

      (a) All of the Option Shares and/or Transfer Shares to be purchased and
sold pursuant to the Stock Option or otherwise pursuant to Section 3 have been
duly authorized, validly issued, fully paid and nonassessable, and shall be
delivered free and clear of all Claims, except for Claims arising under the New
Shareholders Agreement.

      (b) The Board of Directors of the Company has approved of all transactions
contemplated hereby pursuant to Section 203 of the Delaware General Corporation
Law, and otherwise taken

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the necessary actions to make inapplicable any other applicable antitakeover
statute or similar statute or regulation, to the acquisition of the Option
Shares and/or the Transfer Shares pursuant to this Agreement.

      SECTION 5. Adjustment upon Changes in Capitalization or Merger.

      (a) In the event of any change in the outstanding shares of Common Stock
by reason of a stock dividend, stock split, split-up, merger, consolidation,
recapitalization, combination, conversion, exchange of shares, extraordinary or
liquidating dividend or similar transaction which would have the effect of
diluting Barings' rights hereunder, the type and number of shares or securities
purchasable upon the exercise of the Stock Option or upon delivery of a Notice
of Proposed Transfer and the Exercise Price or Revised Exercise Price, as
applicable, shall be adjusted appropriately, and proper provision will be made
in the agreements governing such transaction, so that Barings or its designee
will receive upon exercise of the Stock Option or upon purchase of Transfer
Shares the number and class of shares or other securities or property that
Barings or its designee would have received in respect of the Option Shares or
Transfer Shares had the Stock Option been exercised or the Transfer Shares been
purchased immediately prior to such event or the record date therefor, as
applicable.

      (b) Without limiting the foregoing, whenever the number of Option Shares
purchasable upon exercise of the Stock Option or the number of Transfer Shares
purchasable following delivery of a Notice of Proposed Transfer is adjusted as
provided in his Section 5, the Exercise Price or Revised Exercise Price shall be
adjusted by multiplying the Exercise Price or Revised Exercise Price by a
fraction, the numerator of which is equal to the number of Option Shares or
Transfer Shares purchasable prior to the adjustment and the denominator of which
is equal to the number of Option Shares or Transfer Shares purchasable after the
adjustment.

      SECTION 6. Further Assurances; Remedies.

      (a) Until the original Termination Date, GTS agrees to maintain, free and
clear of any Claims, except for those arising under the New Shareholders
Agreement, sole Beneficial Ownership of at least 181,818 shares of Company
Common Stock.

      (b) GTS agrees not to enter into any agreement, arrangement or
understanding that conflicts with its obligations under this Agreement.

      (c) Upon the terms and subject to the conditions hereof, each of the
parties hereto shall (i) make promptly its respective filings, and thereafter
make any other reasonable submissions, under the HSR Act with respect to the
transactions contemplated by this Agreement, (ii) in the event that prior
notification to or approval of any other regulatory authority in the U.S. or
elsewhere is necessary before the Stock Option may be exercised or Transfer
Shares may be purchased, cooperating with the other party or, in the case of
Barings, its designee, in preparing and processing the required notices or
applications in order to permit Barings or its designee to exercise the Stock
Option and purchase Option Shares pursuant to such exercise or purchase Transfer
Shares following delivery of a Notice of Proposed Transfer, and (iii) use its
reasonable best efforts to take, or cause to be taken, all appropriate action,
and to do, or cause to be done, all

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things necessary, proper or advisable under applicable laws and regulations to
consummate and make effective the transactions contemplated by this Agreement.

      (d) The parties agree that Barings or its designee would be irreparably
damaged if for any reason GTS failed to sell and deliver any of the shares of
Company Common Stock deliverable pursuant to Section 3 hereof (or other
securities or property deliverable pursuant to Section 5 hereof) upon exercise
of the Stock Option or following delivery of a Notice of Proposed Transfer, as
applicable, or to perform any of its other obligations under this Agreement, and
that Barings or its designee would not have an adequate remedy at law for money
damages in such event. Accordingly, Barings or its designee shall be entitled to
specific performance and injunctive and other equitable relief to enforce the
performance of this Agreement by GTS. Accordingly, if Barings or its designee
should institute an action or proceeding seeking specific enforcement of the
provisions hereof, GTS hereby waives the claim or defense that Barings or its
designee has an adequate remedy at law and hereby agrees not to assert in any
such action or proceeding the claim or defense that such a remedy at law exists.
GTS further agrees to waive any requirements for the securing or posting of any
bond in connection with obtaining any such equitable relief. This provision is
without prejudice to any other rights that Barings or its designee may have
against GTS for any failure to perform its obligations under this Agreement.

      SECTION 7. Miscellaneous.

      (a) Amendments; Entire Agreement. This Agreement may not be modified,
amended, altered or supplemented, except upon the execution and delivery of a
written agreement executed by the parties hereto. This Agreement, together with
the Purchase Agreement (including any exhibits and schedules thereto), the
Confidentiality Agreement, the Purchasers' Ancillary Agreements and the Seller's
Ancillary Agreements, contains the entire agreement between the parties hereto
with respect to the subject matter hereof and supersedes all prior and
contemporaneous agreements and understandings, oral or written, with respect to
such transactions.

      (b) Termination. This Agreement shall terminate on the first-year
anniversary of the Closing Date; provided, however, that the termination of this
Agreement shall not relieve any party from (i) any of their obligations which
accrued pursuant to this Agreement prior to such termination or (ii) any breach
of this Agreement.

      (c) Notices. All notices, requests and other communications to either
party hereunder shall be in writing (including facsimile or similar writing) and
shall be given,

            (i)   if to Cavendish Nominees Limited:

                  c/o International Private Equity Services
                  13-15 Victoria Road PO Box 431
                  St. Peter Port
                  GY1 3ZD, Guernsey
                  Facsimile No.:  +44 (0)1481 715 219
                  Attn.:  Mrs. Connie Helyar

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                  with a copy to:

                  Baring Vostok Capital Partners
                  10 Uspenski Pereulok
                  103006 Moscow, Russia
                  Facsimile No.: 7095 967 1308
                  Attn.: Michael Calvey

                  and to:

                  Fried, Frank, Harris, Shriver & Jacobson
                  99 City Road
                  London
                  EC1Y 1AX
                  Facsimile: +44 (20) 7972 9602
                  Attn.: Karen Wiedemann

            (ii)  if to First NIS Regional Fund SICAV:

                  c/o Bank of Bermuda Luxembourg
                  13 Rue Goethe
                  L-1637, Luxembourg
                  Facsimile No.:  +35 2 40 46 46 595
                  Attn.:  Christine Tourney

                  with a copy to:

                  Baring Vostok Capital Partners
                  10 Uspenski Pereulok
                  103006 Moscow, Russia
                  Facsimile No.: 7095 967 1308
                  Attn.: Michael Calvey

                  and to:

                  Fried, Frank, Harris, Shriver & Jacobson
                  99 City Road
                  London
                  EC1Y 1AX
                  Facsimile: +44 (20) 7972 9602
                  Attn.: Karen Wiedemann

            (iii) if to GTS, to:

                  Global TeleSystems Europe Holdings B.V.
                  Avioport
                  Evert van de Beekstraat 314

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                  1118 CX Schiphol Airpot
                  Netherlands
                  Facsimile No.:  +31 20 800 66 02
                  Attn: General Counsel

                  with a copy to:

                  Global TeleSystems, Inc.
                  151 Shaftesbury Avenue
                  London WC2H 8AL
                  United Kingdom
                  Facsimile No.:  +44 (0)20 7655 5437
                  Attn:  General Counsel

                  and to:

                  Shearman & Sterling
                  9 Appold Street
                  London EC2A 2AP
                  United Kingdom
                  Facsimile No.:  +44 (0)20 7655 5500
                  Attention:  Alberto Luzarraga

or to such other address or facsimile number as either party may hereafter
specify for the purpose by notice to the other party hereto. Each such notice,
request or other communication shall be effective (i) if given by facsimile,
when such facsimile is transmitted to the facsimile number specified in this
Section and the appropriate facsimile confirmation is received or (ii) if given
by any other means, when delivered at the address specified in this Section.

       (d) Expenses. Each party hereto shall pay its own expenses incurred in
connection with this Agreement, except as otherwise specifically provided herein
and without limiting anything contained in the Purchase Agreement.

       (e) Severability. If any term, provision, covenant or restriction of this
Agreement is held to be invalid, void or unenforceable, the remainder of the
terms, provisions, covenants and restrictions of this Agreement shall remain in
full force and effect and shall in no way be affected, impaired or invalidated.

       (f) Governing Law; Jurisdiction. This Agreement shall be governed by and
construed in accordance with the laws of the State of New York without regard to
principles of conflicts of law. Any suit, action or proceeding seeking to
enforce any provision of, or based on any matter arising out of or in connection
with, this Agreement or the transactions contemplated hereby may be brought in
any federal or state court located in the State of New York, County of New York
and each of the parties hereby consents to the jurisdiction of such courts (and
of the appropriate appellate courts therefrom) in any such suit, action or
proceeding and irrevocably waives, to the fullest extent permitted by law, any
objection which it may now or hereafter have to the laying of the venue of any
such suit, action or proceeding in any such court or that any such suit, action
or proceeding which is brought in any such court has been brought in an
inconvenient forum. Process in any such suit, action or

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proceeding may be served on any party anywhere in the world, whether within or
without the jurisdiction of any such court. Without limiting the foregoing, each
party agrees that service of process on such party as provided in Section 7(c)
hereof shall be deemed effective service of process on such party.

      (g) Waiver of Jury Trial. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY
WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF
OR RELATED TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

      (h) Counterparts. This Agreement may be executed in two or more
counterparts, each of which shall be an original, but all of which together
shall constitute one and the same agreement. This Agreement may be executed by
facsimile signatures and such signature shall be deemed binding for all purposes
hereof, without delivery of an original signature being thereafter required.

      (i) Headings. The section headings herein are for convenience only and
shall not affect the construction hereof.

      (j) Assignment. This Agreement shall be binding upon each party hereto and
such party's successors and assigns. This Agreement shall not be assignable by
any party hereto (except as set forth herein), but may be assigned by Barings or
GTS in whole or in part to any direct or indirect affiliate of such party,
provided that such party shall remain liable for any obligations so assigned.
Furthermore, in any Stock Exercise Notice or Notice of Pre-emptive Transfer,
Barings may designate any one or both of the other Purchasers or any of their
respective direct or indirect Subsidiaries or any other Person as the purchaser
of all or any portion of the Option Shares or Transfer Shares subject to such
notice, in which case Barings shall be released from any liability with respect
to the obligation of the designee(s) to complete the purchase of such shares,
provided such designation was made in good faith.

      (k) Currency. Unless otherwise specified in this Agreement, all references
to currency, monetary values and dollars set forth herein shall mean United
States (U.S.) dollars and all payments hereunder shall be made in United States
dollars.

      (l) Survival. All representations, warranties and covenants contained
herein shall survive the execution and delivery of this Agreement and the
consummation of the transactions contemplated hereby.

                          [signature page follows]

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      IN WITNESS WHEREOF, GTS and Barings have caused this Agreement to be duly
executed as of the day and year first above written.

                              CAVENDISH NOMINEES LIMITED

                              By:
                                  --------------------------------------
                                  Name:
                                  Title:

                              FIRST NIS REGIONAL FUND SICAV

                              By:
                                  --------------------------------------
                                  Name:
                                  Title:

                              By:
                                  --------------------------------------
                                  Name:
                                  Title:

                              GLOBAL TELESYSTEMS EUROPE HOLDINGS B.V.

                              By:
                                  --------------------------------------
                                  Name:
                                  Title:

                                       11<PAGE>   1
                                                                    EXHIBIT 10.6

                             SHAREHOLDERS AGREEMENT

                  THIS SHAREHOLDERS AGREEMENT (the "Agreement") is made and
entered into as of May 11, 2001 by and among Golden Telecom, Inc., a Delaware
corporation (the "Company"), Global TeleSystems Europe Holdings B.V. (as the
assignee of Global TeleSystems Europe B.V., which is the assignee of Global
TeleSystems, Inc.), a company organized and registered under the laws of the
Netherlands ("GTS"), Alfa Telecom Limited (as the assignee of Alfa Bank Holdings
Limited), a company incorporated in the British Virgin Islands ("Alfa"), Capital
International Global Emerging Markets Private Equity Fund, L.P., a Delaware
limited partnership ("CIG"), and Cavendish Nominees Limited, a limited liability
company organized and registered under the laws of Guernsey ("Cavendish"), and
First NIS Regional Fund SICAV, a private institutional fund organized and
registered under the laws of Luxembourg (together with Cavendish, "Barings")
(each of Alfa, CIG and Barings, an "Investor").

                                    RECITALS

                  A. GTS has sold an aggregate of 12,195,122 shares of the
Company's Common Stock (as defined herein) in a private placement to the
Investors pursuant to a Share Purchase Agreement dated April 2, 2001 (the
"Purchase Agreement").

                  B. In order to induce Alfa, CIG and Barings to enter into the
Purchase Agreement, GTS has granted each of them an option (an "Option") to
purchase additional Shares (as defined herein) of the Company.

                  C. Pursuant to the terms hereof and certain instruments
executed and delivered by the parties concurrently with the execution and
delivery of this Agreement, the parties intend to terminate the effectiveness of
(1) all of the provisions of that certain Shareholders Agreement dated as of
October 5, 1999 between GTS and the Company (the "Seller Shareholders
Agreement") and (2) the provisions in Sections 9, 10, 11 and 13 of that certain
Shareholders and Registration Rights Agreement dated as of December 24, 1999, by
and among the Company, GTS and CIG (the "CIG Shareholders and Registration
Rights Agreement"), and the parties desire to supersede and replace such
provisions with those set forth herein.

                  D. The Investors desire to set forth the terms and conditions
of certain agreements between them regarding certain rights and restrictions
with respect to the Shares and the management of the Company, and the Company is
willing to be a party to this Agreement to facilitate such agreements.

                  E. In consideration of the premises and the mutual agreements
contained herein, the parties hereby agree as follows:

                                       1
<PAGE>   2

         AGREEMENT

         1.       DEFINITIONS

                  As used in this Agreement, the following capitalized terms
shall have the following meanings:

                  "COMMON STOCK" means shares of the Company's common stock, par
value $.01 per share, as the same may be constituted from time to time.

                  "DIRECTOR" means a member of the Board of Directors of the
Company.

                  "NOTE" means that certain promissory note in principal amount
of U.S.$55,000,000 issued by Alfa as partial consideration for the shares
purchased by Alfa pursuant to the Purchase Agreement.

                  "ORIGINAL SHARES" means the shares of Common Stock purchased
by the Investors pursuant to the Purchase Agreement and issued or issuable upon
the exercise of outstanding Options.

                  "PERMITTED TRANSFEREE" of a Person shall mean any other Person
controlled by, under common control with or in control of such Person and
notwithstanding the foregoing, in the case of Cavendish shall also include each
of the following: Baring Vostok Private Equity Fund, L.P.1, Baring Vostok
Private Equity Fund, L.P.2, Baring Vostok Private Equity Fund L.P.3, the NIS
Restructuring Facility and First NIS Regional Fund SICAV.

                  "PERSON" means an individual, partnership, corporation, trust
or unincorporated organization, or a government or agency or political
subdivision thereof.

                  "PRO RATA PORTION" with respect to an Investor means a
fraction, the numerator of which is the total number of Original Shares of such
Investor and the denominator of which is the total number of Original Shares of
all Investors.

                  "SHARES" means shares of Common Stock of the Company, any
securities issued or issuable with respect to such shares of Common Stock by way
of a stock dividend or stock split or in connection with a combination of
shares, recapitalization, merger, consolidation or other reorganization, and any
other equity interests or any options, warrants or other securities that are
directly or indirectly convertible into, or exercisable or exchangeable for,
Common Stock.

                  "TRANSFER" means any transfer, in whole or in part, by sale,
pledge, assignment, grant or other means, including, without limitation, by the
grant of an option, of Shares.

                  "THIRD PARTY" shall mean any Person other than a Permitted
Transferee.

         2.       TAG-ALONG RIGHTS

                  (a) Alfa shall not, in any one transaction or any series of
related transactions, Transfer Shares to any Third Party, who will own, directly
or through affiliates,

                                       2
<PAGE>   3

not less than 9,791,999 Shares (such number to be appropriately adjusted for
Share repurchases, stock splits, stock dividends, reorganizations,
recapitalizations and other similar transactions) immediately after such
purchase (a "Third Party Offer"), unless the terms and conditions of the Third
Party Offer include an offer, at the same price and on the same terms as the
Transfer by Alfa, to include, at the option of CIG and/or Barings, in the sale
or other disposition to the Third Party, a number of Shares owned by CIG and/or
Barings determined in accordance with this Section 2.

                  (b) Alfa shall cause the Third Party Offer to be reduced to
writing (which writing shall include an offer to purchase or otherwise acquire
Shares from CIG and Barings as provided in this Section 2) and shall send
written notice of the Third Party Offer together with a copy of the Third Party
Offer (the "Inclusion Notice") to CIG and Barings in the manner set forth in
Section 9(d) hereof. At any time within 15 calendar days after delivery of the
Inclusion Notice, CIG and Barings may accept the offer included in the Inclusion
Notice and by furnishing written notice of acceptance to Alfa.

                  (c) Each of CIG and Barings shall have the right (an
"Inclusion Right") to sell pursuant to the Third Party Offer a number of its
Shares, not to exceed the number of its Original Shares, equal to the product of
(x) its Pro Rata Portion and (y) the total number of Shares covered by the Third
Party Offer.

                  (d) The consideration payable per Share to be Transferred by
CIG and Barings in such sale or other disposition shall be the same in all
respects as the consideration payable to Alfa per Share so Transferred by Alfa.

                  (e) This Section 2 does not apply if Alfa Transfers Shares to
an internationally recognized financial institution, a telecommunications
company with market capitalization in excess of $1 billion or an international
investment fund with a majority of capital provided by reputable institutional
or governmental shareholders.

         3.       NOMINATION AND REMOVAL OF DIRECTORS

                  (a) The Company and each Investor agree that so long as the
voting agreement set forth in this Section 3 remains in effect, each of them
shall take all action necessary from time to time (including, without
limitation, the voting of shares, execution of written consents, the calling of
special meetings, the removal of directors, the filling of vacancies on the
Board, the waiving of notice and attendance at meetings, the amendment of the
Company's by-laws and the like) necessary to maintain the membership on the
Board as follows:

                  (i)     subject to paragraphs (f) and (h) below, three
                          directors shall be designated by Alfa (the "Alfa
                          Directors") and an additional fourth director may be
                          designated by Alfa, if CIG and Barings agree to such
                          designation, as set forth in clause (iv) or clause
                          (vi) below;

                  (ii)    one director shall be designated by CIG (the "CIG
                          Director");

                  (iii)   one director shall be designated by Barings (the
                          "Barings Directors");

                                       3
<PAGE>   4

                  (iv)    in accordance with paragraph (d) below, one director
                          shall be designated by GTS (the "GTS Director") or one
                          director shall be designated jointly by Alfa, CIG and
                          Barings (the "Jointly Designated GTS Replacement
                          Director");

                  (v)     such additional directors designated by GTS, if any,
                          as may be required pursuant to paragraph (f) below;
                          and

                  (vi)    in accordance with paragraph (g) below, one director
                          in addition to the Jointly Designated GTS Replacement
                          Director may be designated jointly by Alfa, CIG and
                          Barings;

provided, however, in no event during the term hereof will the total number of
Alfa Directors and/or other Persons who are directors, officers, employees,
shareholders or affiliates of Alfa or any of its affiliates exceed four.

                  (b) If any Investor (the "Affected Investor") gives notice at
any time to the Company and the other Investors that any individual then serving
as a director of the Company designated by the Affected Investor is no longer
the Affected Investor's designee, then the Affected Investor, the Company and
the other Investors shall take all such actions as are necessary to remove the
director so designated.

                  (c) If a director designated by an Affected Investor dies,
resigns or is removed as a director of the Company pursuant to Section 3(b)
above, then the Affected Investor, the Company and the other Investors shall
take such action as is necessary to elect as a director of the Company an
individual subsequently designated by the Affected Investor.

                  (d) GTS agrees to cause its remaining designee to resign at
the first to occur of (each, a "Resignation Event"): (i) such time as the
aggregate cash consideration paid to GTS for purchases of Shares pursuant to the
Purchase Agreement and upon the exercise of Options shall equal at least
$150,000,000 and (ii) such time as GTS shall own shares of Common Stock
aggregating fewer than 4% of all of the issued and outstanding shares of Common
Stock. From and after the date on which a Resignation Event occurs, Alfa, CIG
and Barings shall have the right to jointly designate the Jointly Designated GTS
Replacement Director.

                  (e) If the Jointly Designated GTS Replacement Director dies,
resigns or is removed as a director of the Company pursuant to Section 3(b)
above, then the Company and the Investors shall take such action as is necessary
to elect as a director of the Company any individual subsequently jointly
designated by Alfa, CIG and Barings as a replacement therefor.

                  (f) If any "Event of Default" (as defined therein) shall occur
under the Note, then Alfa shall cause the directors designated by it to resign
immediately and GTS shall have the right to designate such number of directors
as shall constitute a majority of the Board of Directors, who shall also be
deemed to be GTS Directors hereunder. The Investors and the Company shall take
such action as may be reasonably required to permit GTS to exercise such right
(including without limitation maintaining at least one vacancy on the Board of
Directors until payment in full of the Note, such that GTS would be able to

                                       4
<PAGE>   5

designate a number of directors as would constitute a majority of the Board of
Directors without increasing the size of the Board of Directors).

                  (g) If a vacancy shall arise on the Board other than such
vacancy as would be filled by the Jointly Designated GTS Replacement Director or
pursuant to Section 3(d) above, Alfa may propose a Person to fill the vacancy
and if each of CIG and Barings approve such Person, Alfa, CIG and Barings shall
use their reasonable best efforts to effect the appointment of such Person to
the Board and to vote for his or her election at any subsequent meeting of
stockholders held or other action taken for such purpose.

                  (h) From and after such time as Alfa shall own shares of
Common Stock aggregating fewer than 15% of all of the issued and outstanding
shares of Common Stock, the number of Alfa Directors shall be reduced to two and
Alfa shall cause one of the Alfa Directors to resign if there are more than
three such directors serving on the Board.

         4.       ASSIGNMENT AND TRANSFER OF GTS REGISTRATION RIGHTS AGREEMENT

                  (a) In order to induce Alfa to enter into the Purchase
Agreement and the transactions contemplated thereby, GTS hereby irrevocably and
unconditionally assigns and absolutely transfers to Alfa, with effect from the
Closing Date, and with respect to all of Alfa's Original Shares, all of GTS's
present and future rights, title and interest in and under the Registration
Rights Agreement, dated as of October 5, 1999 (the "GTS Registration Rights
Agreement") by and between GTS and the Company (the "Assignment").

                  (b) The Company hereby acknowledges and consents in all
respects to the Assignment and confirms the availability of three Demand
Registration rights thereunder (as such term is defined therein).

                  (c) Alfa shall not be liable to GTS, the Company or any of
their successors, assigns, affiliates, directors, officers, stockholders, agents
or representatives for any losses, liabilities (contingent or otherwise),
damages, and expenses of any nature or kind in connection with the GTS
Registration Rights Agreement that have or may have occurred prior to the date
of the Assignment.

                  (d) Subject to Section 3(c) above, to the extent of its
interests therein Alfa agrees to be bound by the terms of the GTS Registration
Rights Agreement as if signatory thereto.

                  (e) The Company hereby acknowledges and agrees that (i) Alfa
shall have the benefit of all rights contained in the GTS Registration Rights
Agreement, including, without limitation, the registration rights contained in
Sections 3, 4 and 5 of the GTS Registration Rights Agreement with respect to all
of Alfa's Original Shares and (ii) GTS shall have the benefit of all rights
contained in Section 5 of the GTS Registration Rights Agreement with respect to
GTS's remaining 2,861,206 shares of Common Stock.

         5.       NO CONFIDENTIAL AGREEMENTS

                  Each Investor and GTS agrees that it has not, as of the date
hereof, and will not from and after the date hereof enter into any agreements,
arrangements or understandings with (i) any other Investor or GTS, as
applicable, insofar as concerns the Company, its

                                       5
<PAGE>   6

management or any Shares or (ii) with the Company, its affiliates or management
without giving prior written notice to the Company, the other Investors and GTS,
as applicable, disclosing all material terms thereof.

         6.       CONTINGENT CALL EXERCISE

                  In the event that Alfa delivers to GTS a Contingent Call
Notice (as defined in the Stock Option Agreement dated as of May 11, 2001
between Alfa Telecom Limited and Global TeleSystems, Inc.), CIG and Barings
shall have the right to purchase Shares purchased by Alfa thereunder at the same
price on a pro rata basis, based on its respective Pro Rata Portion. Alfa and
GTS shall take all such actions necessary to permit such a purchase by CIG
and/or Barings.

         7.       TERMINATION

                  This Agreement shall terminate on the later of (x) the second
anniversary of the date of the Closing (as defined in the Purchase Agreement)
and (y) the date of the annual meeting of shareholders of the Company held in
calendar year 2003. If earlier, this Agreement will terminate as to any Investor
when it ceases to hold at least 1.5% of the outstanding Common Stock of the
Company; provided, however, that Section 2 of this Agreement shall terminate
earlier as to Barings or CIG, as the case may be, when it ceases to hold at
least 2.5% of the outstanding Common Stock of the Company.

         8.       AFFILIATE STATUS

                  At the date of this Agreement, Alfa represents and warrants
that it is an affiliate of (being under common control with) OAO Alfa Bank, a
Russian open joint stock company.

         9.       MISCELLANEOUS

                  (a) Remedies. Each party shall be entitled to exercise all
rights provided herein or granted by law, including recovery of damages, and
each party hereto will be entitled to specific performance of their rights under
this Agreement. Each of the Company, GTS and the Investors agree that monetary
damages would not be adequate compensation for any loss incurred by reason of a
breach by it of the provisions of this Agreement and hereby agrees to waive the
defense in any action for specific performance that a remedy at law would be
adequate.

                  (b) No Inconsistent Agreements. The Company will not on or
after the date of this Agreement enter into any agreement with respect to its
securities which is inconsistent with the rights granted to the Investors in
this Agreement or otherwise conflicts with the provisions hereof.

                  (c) Amendments and Waivers. The provisions of this Agreement,
including the provisions of this sentence, may not be amended, modified or
supplemented, and waivers or consents to departures from the provisions hereof
may not be given unless the Company has obtained the written consent of each
Investor.

                                       6
<PAGE>   7

                  (d) Notices. All notices, requests, demands and other
communications provided for by this Agreement shall be in writing (including
telecopier or similar writing) and shall be deemed to have been given at the
time when mailed in any general or branch office of the United States Postal
Service, enclosed in a registered or certified postpaid envelope, or sent by
Federal Express or other similar overnight courier service, addressed to the
address of the parties stated below or to such changed address as such party may
have fixed by notice or, if given by telecopier, when such telecopy is
transmitted and the appropriate answerback is received.

                  (i)     If to Alfa:

                          Alfa Telecom Limited
                          P.O. Box 3339
                          Geneva Place
                          2nd Floor
                          333 Waterfront Drive
                          Road Town
                          Tortola, British Virgin Islands

                          Facsimile No.:
                          Attention:  Pavel Nazarian

                          with a copy to:

                          Akin, Gump, Strauss, Hauer & Feld L.L.P.
                          Robert S. Strauss Building
                          1333 New Hampshire Avenue N.W.
                          Washington, D.C.  20036
                          Facsimile No.:  (202) 887-4288
                          Attention:  Vladimir Lechtman

                  (ii)    If to CIG:

                          c/o Capital International Global Emerging Markets
                          Private Equity Fund, L.P.
                          135 South State College Boulevard
                          Brea CA 90071-1447

                          Facsimile No.: +1 (714) 671-7080
                          Attention: Jim Brown

                          with a copy to:

                          Capital International Limited
                          25 Bedford Street
                          London WC2E 9HN

                          Facsimile No.: +44 (20) 7864-5768
                          Attention: Ida Levine

                                       7
<PAGE>   8

                          and to:

                          Capital Research International Inc.
                          25 Bedford Street
                          London WC2E 9HN

                          Facsimile No.: +44 (20) 7864 5814
                          Attention: Ashley Dunster

                          and to:

                          Fried, Frank, Harris, Shriver & Jacobson
                          99 City Road
                          London
                          EC1Y 1AX

                          Facsimile No.: +44 (20) 7972 9602
                          Attention: Karen Wiedemann

                  (iii)   If to Cavendish Nominees Limited:

                          c/o International Private Equity Services
                          13-15 Victoria Road PO Box 431
                          St. Peter Port
                          GY1 3ZD, Guernsey

                          Facsimile No.:  44 (0) 1481 715 219
                          Attention:  Mrs. Connie Helyar

                          with a copy to:

                          Baring Vostok Capital Partners
                          10 Uspenski Pereulok
                          103006 Moscow, Russia

                          Facsimile No.: 7095 967 1308
                          Attention: Michael Calvey

                          and to:

                          Fried, Frank, Harris, Shriver & Jacobson
                          99 City Road
                          London
                          EC1Y 1AX

                          Facsimile No.: +44 (20) 7972 9602
                          Attention: Karen Wiedemann

                                       8
<PAGE>   9

                  (iv)    If to First NIS Regional Fund SICAV:

                          c/o Bank of Bermuda Luxembourg
                          13 Rue Goethe
                          L-1637, Luxembourg

                          Facsimile No.:  +35 2 40 46 46 595
                          Attention:  Christine Tourney

                          with a copy to:

                          Baring Vostok Capital Partners
                          10 Uspenski Pereulok
                          103006 Moscow, Russia

                          Facsimile No.: 7095 967 1308
                          Attention: Michael Calvey

                          and to:

                          Fried, Frank, Harris, Shriver & Jacobson
                          99 City Road
                          London
                          EC1Y 1AX

                          Facsimile No.: +44 (20) 7972 9602
                          Attention: Karen Wiedemann

                  (v)     If to the Company:

                          Golden Telecom, Inc.
                          c/o Golden Teleservices, Inc.
                          4121 Wilson Boulevard
                          8th Floor Arlington, VA 22203

                          Facsimile No.: +1 (703) 236-3101
                          Attention: General Counsel

                  (vi)    If to GTS:

                          Global TeleSystems Europe Holdings B.V.
                          Avioport
                          Evert van de Beekstraat 314
                          1118 CX Schiphol Airpot
                          Netherlands
                          Facsimile No.:  +31 20 800 66 02
                          Attn: General Counsel

                          with a copy to:

                          Global TeleSystems, Inc.
                          151 Shaftesbury Avenue
                          London WC2H 8AL
                          United Kingdom
                          Facsimile No.:  +44 (0)20 7655 5437
                          Attn:  General Counsel

                                       9
<PAGE>   10

                   (e) Assignment. Except upon transfers of Shares subject
hereto to Permitted Transferees which agree to accept such Shares subject to the
terms hereof and to be bound hereby, no party shall assign or transfer any of
its rights under this Agreement without the prior written consent of the other
parties.

                  (f) Governing Law. This Agreement shall be governed by the
laws of the State of New York. The jurisdiction and venue in any action brought
by any party hereto pursuant to this Agreement shall lie exclusively in any
federal or state court located in the City of New York, New York. The parties
irrevocably agree that venue would be proper in any such court, and hereby waive
any objection that any such court is an improper or inconvenient forum for the
resolution of such action. The parties agree that a final judgment in any such
action or proceeding shall be conclusive and may be enforced in other
jurisdiction by suit on the judgment or in any other manner provided by
applicable law.

                  (g) Entire Agreement. This Agreement, together with any other
agreements between the parties (including without limitation the GTS
Registration Rights Agreement), constitutes the entire understanding between the
parties and supersedes all proposals, commitments, writings, negotiations and
understandings, oral and written, and all other communications between the
parties relating to the subject matter of this Agreement and all prior
agreements, including, all the provisions of the Seller Shareholders Agreement
and the provisions in Sections 9, 10, 11 and 13 of the CIG Shareholders and
Registration Rights Agreement.

                  (h) Counterparts. This Agreement may be executed in several
counterparts, each of which shall be deemed an original, but all of which
together shall constitute one and the same document.

                  (i) Severability. Should any part, term or condition hereof be
declared illegal or unenforceable or in conflict with any other law, the
validity of the remaining portions or provisions of this Agreement shall not be
affected thereby, and the illegal or unenforceable portions of this Agreement
shall be and hereby are redrafted to conform with applicable law, while leaving
the remaining portions of this Agreement intact.

                  (j) Force Majeure. No party shall be deemed to have breached
this Agreement or be held liable for any failure or delay in the performance of
all or any portion of its obligations under this Agreement if prevented from
doing so by a cause or causes beyond its control. Without limiting the
generality of the foregoing, such causes include acts of God or the public
enemy, fires, floods, storms, earthquakes, riots, strikes, lock-outs, wars and
war-operations, restraints of government power or communication line failure or
other circumstances beyond such party's control, or by reason of the judgment,
ruling or order of any court or agency of competent jurisdiction or change of
law or regulation subsequent to the execution of this Agreement.

                                       10
<PAGE>   11

                  (k) Successors and Assigns. Subject to the provisions of
Section 8(e), this Agreement is solely for the benefit of the parties and their
respective permitted successors and assigns. Nothing herein shall be construed
to provide any rights to any other entity or individual.

                  (l) Headings. Section headings are for convenience only and do
not control or affect the meaning or interpretation of any terms or provisions
of this Agreement.

                  (m) Attorneys' Fees. In any action or proceeding brought to
enforce any provision of this Agreement, or where any provision hereof or
thereof is validly asserted as a defense, the successful party shall be entitled
to recover reasonable attorneys, fees in addition to any other available remedy.

                            [signature page follows]

                                       11
<PAGE>   12

                  IN WITNESS WHEREOF, the parties have executed this Agreement
as of the date first written above. ALFA TELECOM LIMITED

                                  By:
                                    -----------------------------------------
                                    Name:
                                    Title:

                                  CAPITAL INTERNATIONAL GLOBAL EMERGING MARKETS
                                     PRIVATE EQUITY FUND, L.P.

                                  By CAPITAL INTERNATIONAL INC., General Partner

                                  By:
                                    -----------------------------------------
                                    Name:
                                    Title:

                                  CAVENDISH NOMINEES LIMITED

                                  By:
                                    -----------------------------------------
                                    Name:
                                    Title:

                                  FIRST NIS REGIONAL FUND SICAV

                                  By:
                                    -----------------------------------------
                                    Name:
                                    Title:

                                  By:
                                    -----------------------------------------
                                    Name:
                                    Title:

                                  GOLDEN TELECOM, INC.

                                  By:
                                    -----------------------------------------
                                    Name:
                                    Title:

                                  GLOBAL TELESYSTEMS EUROPE HOLDINGS B.V.

                                  By:
                                    -----------------------------------------
                                    Name:
                                    Title:

                                       12

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