SECURITIES AND EXCHANGE COMMISSION
                           WASHINGTON, D.C. 20549

                               SCHEDULE 13D/A

                 Under the Securities Exchange Act of 1934
                             (Amendment No. 4)

                            GOLDEN TELECOM, INC.
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                              (Name of Issuer)

                  COMMON STOCK, PAR VALUE $0.01 PER SHARE
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                       (Title of Class of Securities)

                                 38122G107
          -------------------------------------------------------
                               (CUSIP Number)

                               CONNIE HELYAR
                         CAVENDISH NOMINEES LIMITED
                 C/O INTERNATIONAL PRIVATE EQUITY SERVICES
                      13-15 VICTORIA ROAD, PO BOX 431
                               ST. PETER PORT
                                  GY1 3ZD
                         GUERNSEY, CHANNEL ISLANDS
                              +44-1481-713-843
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    (Name, Address and Telephone Number of Person Authorized to Receive
                        Notices and Communications)

                                MAY 5, 2006
          -------------------------------------------------------
          (Date of Event which Requires Filing of this Statement)


If the filing  person has  previously  filed a statement on Schedule 13G to
report the  acquisition  that is the subject of this  Schedule  13D, and is
filing  this  schedule  because  of ss.ss.  240.13d-1(e),  240.13d-1(f)  or
240.13d-1(g), check the following box. [ ]



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     1     NAME OF REPORTING PERSON
           S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
               CAVENDISH NOMINEES LIMITED

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     2     CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*           (a) [ ]
                                                                       (b) [X]*

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     3     SEC USE ONLY

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     4     SOURCE OF FUNDS
               OO

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     5     CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
           PURSUANT TO ITEMS 2(d) OR 2(e)                                  [ ]

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     6     CITIZENSHIP OR PLACE OF ORGANIZATION
               GUERNSEY

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                      7    SOLE VOTING POWER
      NUMBER OF
                               NONE*
        SHARES
                     ---------------------------------------------------------
                      8    SHARED VOTING POWER
     BENEFICIALLY
                               1,313,880*
       OWNED BY
                     ---------------------------------------------------------
         EACH         9    SOLE DISPOSITIVE POWER
      REPORTING
                               NONE *
        PERSON
                     ---------------------------------------------------------
                      10   SHARED DISPOSITIVE POWER
         WITH
                               1,313,880*
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     11    AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
               1,313,880*

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     12    CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
           CERTAIN SHARES*                                                 [ ]

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     13    PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
               3.6%

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     14    TYPE OF REPORTING PERSON
               OO - LIMITED LIABILITY COMPANY

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*See Items 5 and 6 below



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     1     NAME OF REPORTING PERSON
           S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
               BARING VOSTOK PRIVATE EQUITY FUND LP1

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     2     CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*           (a) [ ]
                                                                       (b) [X]*

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     3     SEC USE ONLY

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     4     SOURCE OF FUNDS
               OO

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     5     CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
           PURSUANT TO ITEMS 2(d) OR 2(e)                                  [ ]

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     6     CITIZENSHIP OR PLACE OF ORGANIZATION
               GUERNSEY

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                      7    SOLE VOTING POWER
      NUMBER OF
                               289,655*
        SHARES
                     ---------------------------------------------------------
                      8    SHARED VOTING POWER
     BENEFICIALLY
                               NONE*
       OWNED BY
                     ---------------------------------------------------------
         EACH         9    SOLE DISPOSITIVE POWER
      REPORTING
                               289,655*
        PERSON
                     ---------------------------------------------------------
                      10   SHARED DISPOSITIVE POWER
         WITH
                               NONE *

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     11    AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
               289,655*

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     12    CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
           CERTAIN SHARES*                                                 [X]

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     13    PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
               LESS THAN 1%

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     14    TYPE OF REPORTING PERSON
               PN

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*See Items 5 and 6 below



     1     NAME OF REPORTING PERSON
           S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
               BARING VOSTOK PRIVATE EQUITY FUND LP2

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     2     CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*           (a) [ ]
                                                                       (b) [X]*

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     3     SEC USE ONLY

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     4     SOURCE OF FUNDS
               OO

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     5     CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
           PURSUANT TO ITEMS 2(d) OR 2(e)                                  [ ]

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     6     CITIZENSHIP OR PLACE OF ORGANIZATION
               GUERNSEY

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                      7    SOLE VOTING POWER
      NUMBER OF
                               471,660*
        SHARES
                     ---------------------------------------------------------
                      8    SHARED VOTING POWER
     BENEFICIALLY
                               NONE *
       OWNED BY
                     ---------------------------------------------------------
         EACH         9    SOLE DISPOSITIVE POWER
      REPORTING
                               471,660*
        PERSON
                     ---------------------------------------------------------
                      10   SHARED DISPOSITIVE POWER
         WITH
                               NONE *

------------------------------------------------------------------------------
     11    AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
               471,660*

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     12    CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
           CERTAIN SHARES*                                                 [X]

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     13    PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
               1.3%

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     14    TYPE OF REPORTING PERSON
               PN

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*See Items 5 and 6 below



------------------------------------------------------------------------------
     1     NAME OF REPORTING PERSON
           S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
               BARING VOSTOK PRIVATE EQUITY FUND LP3

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     2     CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*           (a) [ ]
                                                                       (b) [X]*

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     3     SEC USE ONLY

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     4     SOURCE OF FUNDS
               OO

------------------------------------------------------------------------------
     5     CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
           PURSUANT TO ITEMS 2(d) OR 2(e)                                  [ ]

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     6     CITIZENSHIP OR PLACE OF ORGANIZATION
               GUERNSEY

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                      7    SOLE VOTING POWER
      NUMBER OF
                               322,203*
        SHARES
                     ---------------------------------------------------------
                      8    SHARED VOTING POWER
     BENEFICIALLY
                               NONE *
       OWNED BY
                     ---------------------------------------------------------
         EACH         9    SOLE DISPOSITIVE POWER
      REPORTING
                               322,203*
        PERSON
                     ---------------------------------------------------------
                      10   SHARED DISPOSITIVE POWER
         WITH
                               NONE *

------------------------------------------------------------------------------
     11    AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
               322,203*

------------------------------------------------------------------------------
     12    CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
           CERTAIN SHARES*                                                 [X]

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     13    PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
               LESS THAN 1%

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     14    TYPE OF REPORTING PERSON
               PN

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*See Items 5 and 6 below



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     1     NAME OF REPORTING PERSON
           S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
               BARING VOSTOK FUND CO-INVESTMENT LP

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     2     CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*           (a) [ ]
                                                                       (b) [X]*

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     3     SEC USE ONLY

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     4     SOURCE OF FUNDS
               OO

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     5     CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
           PURSUANT TO ITEMS 2(d) OR 2(e)                                  [ ]

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     6     CITIZENSHIP OR PLACE OF ORGANIZATION
               GUERNSEY

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                      7    SOLE VOTING POWER
      NUMBER OF
                               9,247*
        SHARES
                     ---------------------------------------------------------
                      8    SHARED VOTING POWER
     BENEFICIALLY
                               NONE *
       OWNED BY
                     ---------------------------------------------------------
         EACH         9    SOLE DISPOSITIVE POWER
      REPORTING
                               9,247*
        PERSON
                     ---------------------------------------------------------
                      10   SHARED DISPOSITIVE POWER
         WITH
                               NONE *

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     11    AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
               9,247*

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     12    CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
           CERTAIN SHARES*                                                 [X]

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     13    PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
               LESS THAN 1%

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     14    TYPE OF REPORTING PERSON
               PN

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*See Items 5 and 6 below



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     1     NAME OF REPORTING PERSON
           S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
               THE NIS RESTRUCTURING FACILITY LP

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     2     CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*           (a) [ ]
                                                                       (b) [X]*

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     3     SEC USE ONLY

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     4     SOURCE OF FUNDS
               OO

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     5     CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
           PURSUANT TO ITEMS 2(d) OR 2(e)                                  [ ]

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     6     CITIZENSHIP OR PLACE OF ORGANIZATION
               GUERNSEY

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                      7    SOLE VOTING POWER
      NUMBER OF
                               221,115*
        SHARES
                     ---------------------------------------------------------
                      8    SHARED VOTING POWER
     BENEFICIALLY
                               NONE *
       OWNED BY
                     ---------------------------------------------------------
         EACH         9    SOLE DISPOSITIVE POWER
      REPORTING
                               221,115*
        PERSON
                     ---------------------------------------------------------
                      10   SHARED DISPOSITIVE POWER
         WITH
                               NONE *

------------------------------------------------------------------------------
     11    AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
               221,115*

------------------------------------------------------------------------------
     12    CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
           CERTAIN SHARES*                                                 [X]

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     13    PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
               LESS THAN 1%

------------------------------------------------------------------------------
     14    TYPE OF REPORTING PERSON
               PN

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*See Items 5 and 6 below



------------------------------------------------------------------------------
     1     NAME OF REPORTING PERSON
           S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
               BARING VOSTOK FUND (GP) LP

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     2     CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*           (a) [ ]
                                                                       (b) [X]*

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     3     SEC USE ONLY

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     4     SOURCE OF FUNDS
               OO

------------------------------------------------------------------------------
     5     CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
           PURSUANT TO ITEMS 2(d) OR 2(e)                                  [ ]

------------------------------------------------------------------------------
     6     CITIZENSHIP OR PLACE OF ORGANIZATION
               GUERNSEY

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                      7    SOLE VOTING POWER
      NUMBER OF
                               1,313,880*
        SHARES
                     ---------------------------------------------------------
                      8    SHARED VOTING POWER
     BENEFICIALLY
                               NONE *
       OWNED BY
                     ---------------------------------------------------------
         EACH         9    SOLE DISPOSITIVE POWER
      REPORTING
                               1,313,880*
        PERSON
                     ---------------------------------------------------------
                      10   SHARED DISPOSITIVE POWER
         WITH
                               NONE *

------------------------------------------------------------------------------
     11    AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
               1,313,880*

------------------------------------------------------------------------------
     12    CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
           CERTAIN SHARES*                                                 [ ]

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     13    PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
               3.6%

------------------------------------------------------------------------------
     14    TYPE OF REPORTING PERSON
               PN

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*See Items 5 and 6 below



------------------------------------------------------------------------------
     1     NAME OF REPORTING PERSON
           S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
               BARING VOSTOK FUND MANAGERS LIMITED

------------------------------------------------------------------------------
     2     CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*           (a) [ ]
                                                                       (b) [X]*

------------------------------------------------------------------------------
     3     SEC USE ONLY

------------------------------------------------------------------------------
     4     SOURCE OF FUNDS*
               OO

------------------------------------------------------------------------------
     5     CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
           PURSUANT TO ITEMS 2(d) OR 2(e)                                  [ ]

------------------------------------------------------------------------------
     6     CITIZENSHIP OR PLACE OF ORGANIZATION
               GUERNSEY

------------------------------------------------------------------------------
                      7    SOLE VOTING POWER
      NUMBER OF
                               1,313,880*
        SHARES
                     ---------------------------------------------------------
                      8    SHARED VOTING POWER
     BENEFICIALLY
                               NONE*
       OWNED BY
                     ---------------------------------------------------------
         EACH         9    SOLE DISPOSITIVE POWER
      REPORTING
                               1,313,880*
        PERSON
                     ---------------------------------------------------------
                      10   SHARED DISPOSITIVE POWER
         WITH
                               NONE*

------------------------------------------------------------------------------
     11    AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
               1,313,880*

------------------------------------------------------------------------------
     12    CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
           CERTAIN SHARES*                                                 [ ]

------------------------------------------------------------------------------
     13    PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
               3.6%

------------------------------------------------------------------------------
     14    TYPE OF REPORTING PERSON
               OO - LIMITED LIABILITY COMPANY

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*See Items 5 and 6 below



INTRODUCTORY STATEMENT
----------------------

     This Amendment No. 4 relates to the shares of common stock, par value
$0.01 per share (the "Common Stock"), of Golden Telecom, Inc., a Delaware
corporation ("Golden Telecom").

     This Amendment No. 4 amends and supplements the Statement on Schedule
13D (the "Statement") originally filed on May 21, 2001 by Cavendish
Nominees Limited ("Cavendish"), Baring Vostok Private Equity Fund LP1
("BVPE 1"), Baring Vostok Private Equity Fund LP2 ("BVPE 2"), Baring Vostok
Private Equity Fund LP3 ("BVPE 3"), The NIS Restructuring Facility LP ("NIS
Restructuring"), Baring Vostok Fund (GP) LP ("BVF") and Baring Vostok Fund
Managers Limited ("BVF Managers"), as amended by Amendment No. 1 on
Schedule 13D/A filed on November 9, 2001, Amendment No. 2 on Schedule 13D/A
filed on September 12, 2002 and Amendment No. 3 on Schedule 13D/A filed on
August 26, 2003.

     The principal executive offices of Golden Telecom are located at c/o
Representation Office Golden Teleservices, Inc., 1 Kozhevnichesky Proezd,
Moscow, Russia 115114.


ITEM 2.   Identity and Background
          -----------------------

     Item 2 is hereby amended by replacing the second through fourth
paragraphs with the following:

     Cavendish, a limited liability company organized and registered under
the laws of Guernsey, is the nominee of each of Barings Vostok Fund
Co-Investment LP ("BVFCI"), BVPE 1, BVPE 2, BVPE 3, and NIS Restructuring
(collectively, the "LP Funds") with respect to the shares of Common Stock
held by them and, in its capacity as nominee, is the named party to certain
agreements relating to such shares (see Items 5 and 6 of the Statement, as
amended and supplemented hereby). Each of the LP Funds is a limited
partnership organized under the laws of Guernsey. BVF, a limited
partnership organized under the laws of Guernsey, is the general partner of
each of the LP Funds. BVF Managers, a limited liability company organized
under the laws of Guernsey, is the general partner of BVF and was formerly
an indirect wholly-owned subsidiary of ING Groep NV, a company organized
under the laws of The Netherlands. As a result of an August 2004 management
buy-out, ING Groep NV no longer owns any interest in BVF Managers.

     BVPE 1, BVPE 2, BVPE 3, BVFCI, NIS Restructuring, BVF and BVF Managers
are collectively referred to as the "Reporting Persons." The address of the
principal office of each of the Reporting Persons is 13-15 Victoria Road,
PO Box 431, St. Peter Port, GY1 3ZD, Guernsey, c/o International Private
Equity Services.

     The name, business address, citizenship, present principal occupation
or employment, and the name and principal business of any corporation or
other organization in which such employment is conducted, of each executive
officer and director of BVF Managers and Cavendish is set forth on Schedule
I hereto, which is incorporated herein by reference.

ITEM 5.   Interest in Securities of the Issuer
          ------------------------------------

     Item 5(a)(i) is hereby amended by renumbering it as Item 5(a),
deleting the first two paragraphs and replacing them with the following:

     (a) As of March 14, 2006, as reported by Golden Telecom in its Annual
Report on Form 10-K dated March 16, 2006, there were an aggregate of
36,479,176 shares of Common Stock outstanding. As of the date hereof (i)
BVPE 1 beneficially owns 289,655 shares of Common Stock, representing less
than 1% of the outstanding shares of Common Stock, (ii) BVPE 2 beneficially
owns 471,660 shares of Common Stock, representing approximately 1.3% of the
outstanding shares of Common Stock, (iii) BVPE 3 beneficially owns 322,203
shares of Common Stock, representing less than 1% of the outstanding shares
of Common Stock, (iv) BVFCI beneficially owns 9,247 shares Common Stock,
representing less than 1% of the outstanding shares of Common Stock and (v)
NIS Restructuring beneficially owns 221,115 shares of Common Stock,
representing less than 1% of the outstanding shares of Common Stock. The
aggregate of 1,313,880 shares beneficially owned by all of the LP Funds
collectively represent approximately 3.6% of the outstanding shares of
Common Stock.

     Due to their relationship with the LP Funds (see Item 2), as of the
date hereof, BVF and BVF Managers beneficially own, and Cavendish may be
deemed to beneficially own, 1,313,880 shares of Common Stock. Based on an
aggregate of 36,479,176 outstanding shares of Common Stock, this would
represent approximately 3.6% of the outstanding shares of Common Stock.
Cavendish disclaims beneficial ownership of all Common Stock beneficially
owned by the LP Funds, BVF and BVF Managers.

     Item 5(a)(i) is further amended by deleting the fourth and fifth
paragraphs and replacing them with the following:

     Reference is made to such statements on Schedule 13D or Schedule 13G
as have been or may be filed with the Securities and Exchange Commission by
each of RTK, Alfa Telecom, Telenor, CIPEF and First NIS Fund for
information regarding such entities, their respective beneficial ownership
of shares of Common Stock and any changes to such respective beneficial
ownership of shares of Common Stock. To the best of the Reporting Persons'
knowledge, each of RTK, Alfa Telecom, Telenor, CIPEF, and First NIS Fund,
respectively, may be deemed to beneficially own the following numbers and
percentages of shares of Common Stock, in reported in Golden Telecom's 2006
Proxy Statement filed with the Securities and Exchange Commission on April
28, 2006, unless otherwise specified: RTK - 4,024,067 (11.1%); Alfa Telecom
-10,731,707 (29.5%); Telenor - 7,369,972 (20.3%); CIPEF - as reported in
the Form 4 filed with the SEC by Ashley Dunster on February 27, 2006,
1,276,046 shares (3.5%) and First NIS Fund - as of the date hereof, 451,609
(1.2%).

     To the best of the Reporting Persons' knowledge, RTK, Alfa Telecom,
Telenor, CIPEF, First NIS Fund and the LP Funds (through Cavendish as
nominee), in the aggregate but not individually, may be deemed to
beneficially own 25,167,281 shares of Common Stock (69.0%). Each of the
Reporting Persons disclaims beneficial ownership of all shares of Common
Stock beneficially owned by RTK, Alfa Telecom, Telenor, CIPEF and First NIS
Fund, and the filing of this Statement shall not be construed as an
admission that any of the Reporting Persons or any other person named in
Item 2 hereof forms a "group" (as such term is used in Section 13(d)(3) of
the Securities Exchange Act of 1934 and Rule 13d-5 under such Act) with, or
is the beneficial owner of any shares of Common Stock beneficially owned
by, RTK, Alfa Telecom, Telenor, CIPEF or First NIS Fund.

     Except as set forth herein, to the knowledge of the Reporting Persons,
none of the persons listed on Schedule I hereto beneficially own any shares
of Common Stock.

     Item 5(a)(ii) is hereby amended by deleting the entire text therein.

     Item 5(b) is hereby amended by deleting the entire text therein and
replacing it with the following:

     (b) The number of shares of Common Stock with respect to which BVPE 1
(i) has sole voting power is 289,665, (ii) shares voting power is zero,
(iii) has sole dispositive power is 289,665 and (iv) shares dispositive
power is zero.

     The number of shares of Common Stock with respect to which BVPE 2 (i)
has sole voting power is 471,660, (ii) shares voting power is zero, (iii)
has sole dispositive power is 471,660 and (iv) shares dispositive power is
zero.

     The number of shares of Common Stock with respect to which BVPE 3 (i)
has sole voting power is 322,203, (ii) shares voting power is zero, (iii)
has sole dispositive power is 322,203 and (iv) shares dispositive power is
zero.

     The number of shares of Common Stock with respect to which BVFCI (i)
has sole voting power is 9,247, (ii) shares voting power is zero, (iii) has
sole dispositive power is 9,247 and (iv) shares dispositive power is zero.

     The number of shares of Common Stock with respect to which NIS
Restructuring (i) has sole voting power is 221,115, (ii) shares voting
power is zero, (iii) has sole dispositive power is 221,115 and (iv) shares
dispositive power is zero.

     BVF, as the general partner of the LP Funds, and BVF Managers, as the
general partner of BVF, may be deemed to have sole voting and dispositive
power over the aggregate of 1,313,880 shares of Common Stock held by the LP
Funds (through Cavendish as nominee). As noted above, Cavendish disclaims
beneficial ownership of all shares of Common Stock beneficially owned by
the LP Funds, BVF and BVF Managers. Each of the LP Funds disclaims
beneficial ownership of the shares of Common Stock beneficially owned by
the other LP Funds.

     Under the Successor Shareholders Agreement, Cavendish has agreed to
take all action (including without limitation the voting of shares, the
execution of written consents, the calling of special meetings, the removal
of directors, the filling of vacancies on the Board of Directors, the
waiving of notice and attendance at meetings, the amendment of Golden
Telecom's by-laws and the like) necessary from time to time to maintain the
composition of the Board of Directors specified in Section 3 of the
Successor Shareholders Agreement in accordance with the terms of such
provisions. As noted above, each of the Reporting Persons disclaims
beneficial ownership of all shares of Common Stock beneficially owned by
RTK, Alfa Telecom, Telenor, CIPEF and First NIS Fund.

     The Reporting Persons may be deemed, pursuant to Rule 13d-3 under the
Securities Exchange Act of 1934, as amended (the "1934 Act"), to share
beneficial ownership of 451,609 shares of Common Stock owned of record by
First NIS Fund, representing, as of the date hereof, approximately 1.2% of
the issued and outstanding shares of Common Stock. Each of the Reporting
Persons disclaims beneficial ownership of all shares of Common Stock
beneficially owned by First NIS Fund and disclaims membership in any
"group" with First NIS Fund.

     Item 5(c) is hereby amended by inserting the following after the first
paragraph:

     Cavendish sold the following shares of Common Stock within the last 60
days under a trading plan pursuant to Rule 10b5-1 under the Exchange Act of
1934 and pursuant to Rule 144 under the Securities Act of 1933 (see Item 6
for a description of the Sales Plan):

              DATE              NO. OF SHARES       WEIGHTED-AVERAGE
              ----              -------------       ----------------
                                                    PRICE PER SHARE
                                                    ---------------

            03/17/06                32,300                    30.01
            03/24/06                 3,560                    30.02
            03/27/06                21,718                       30
            03/28/06                 1,810                       30
            03/29/06                11,220                       30
            03/30/06                11,402                    30.01
            03/31/06                 7,119                       30
            04/04/06                54,511                    31.14
            04/05/06                 8,187                    30.02
            04/06/06                 1,446                    30.04
            04/10/06                16,729                       30
            04/12/06                1,446                     30.04
            05/05/06                57,300                    32.00


ITEM 6.   Contracts, Arrangements, Understandings or Relationships With
          -------------------------------------------------------------
          Respect to Securities of the Issuer
          -----------------------------------

     Item 6 is hereby amended by adding the following paragraph (e) after
existing paragraph (d):

     (e) On August 11, 2005, Cavendish entered into a Rule 10b5-1 Sales
Plan and Client Representations (the "First Sales Plan") with Merrill
Lynch, Pierce, Fenner & Smith Incorporated ("Merrill") that complied with
Rule 10b5-1 under the Securities Exchange Act of 1934. The First Sales Plan
was effective from August 22, 2005 to February 15, 2006 and provided for
the sale by Cavendish of up to 646,650 shares of which an aggregate 218,073
were sold. On March 16, 2006, Cavendish entered into a second Rule 10b5-1
Sales Plan and Client Representation (the "Second Sales Plan") with Merrill
that complies with Rule 10b5-1 under the Securities Exchange Act of 1934.
The Second Sales Plan is effective from March 17, 2006 to September 17,
2006 and will enable Cavendish to sell up to 361,962 shares.



          After reasonable inquiry and to the best of my knowledge and
belief, I certify that the information set forth in this Statement is true,
complete and correct.

Dated: May 19, 2006

                                 CAVENDISH NOMINEES LIMITED

                                 By: /s/ Peter Touzeau
                                    -------------------------------
                                 Name:   Peter Touzeau
                                 Title:  Director


                                 BARING VOSTOK FUND MANAGERS LIMITED
                                 AS GENERAL PARTNER OF
                                 BARING VOSTOK FUND (GP) LP
                                 AS GENERAL PARTNER OF
                                 BARING VOSTOK PRIVATE EQUITY FUND LP 1


                                 By: /s/ Peter Touzeau
                                    -------------------------------
                                 Name:   Peter Touzeau
                                 Title:  Director


                                 BARING VOSTOK FUND MANAGERS LIMITED
                                 AS GENERAL PARTNER OF
                                 BARING VOSTOK FUND (GP) LP
                                 AS GENERAL PARTNER OF
                                 BARING VOSTOK PRIVATE EQUITY FUND LP 2


                                 By: /s/ Peter Touzeau
                                    -------------------------------
                                 Name:   Peter Touzeau
                                 Title:  Director


                                 BARING VOSTOK FUND MANAGERS LIMITED
                                 AS GENERAL PARTNER OF
                                 BARING VOSTOK FUND (GP) LP
                                 AS GENERAL PARTNER OF
                                 BARING VOSTOK PRIVATE EQUITY FUND LP 3


                                 By: /s/ Peter Touzeau
                                    -------------------------------
                                 Name:   Peter Touzeau
                                 Title:  Director


                                 BARING VOSTOK FUND MANAGERS LIMITED
                                 AS GENERAL PARTNER OF
                                 BARING VOSTOK FUND (GP) LP
                                 AS GENERAL PARTNER OF
                                 BARING VOSTOK FUND CO-INVESTMENT LP

                                 By: /s/ Peter Touzeau
                                    -------------------------------
                                 Name:   Peter Touzeau
                                 Title:  Director


                                 BARING VOSTOK FUND MANAGERS LIMITED
                                 AS GENERAL PARTNER OF
                                 BARING VOSTOK FUND (GP) LP
                                 AS GENERAL PARTNER OF
                                 NIS RESTRUCTURING FACILITY LP

                                 By: /s/ Peter Touzeau
                                    -------------------------------
                                 Name:   Peter Touzeau
                                 Title:  Director


                                 BARING VOSTOK FUND MANAGERS LIMITED
                                 AS GENERAL PARTNER OF
                                 BARING VOSTOK FUND (GP) LP

                                 By: /s/ Peter Touzeau
                                    -------------------------------
                                 Name:   Peter Touzeau
                                 Title:  Director


                                 BARING VOSTOK FUND MANAGERS LIMITED

                                 By: /s/ Peter Touzeau
                                    -------------------------------
                                 Name:   Peter Touzeau
                                 Title:  Director



EXHIBIT INDEX

EXHIBIT NO.    DESCRIPTION

99.1           Registration Rights Agreement, dated as of October 5, 1999,
               between Golden Telecom, Inc. and First NIS Regional Fund
               SICAV.****

99.2           Registration Rights Agreement, dated as of October 5, 1999,
               between Golden Telecom, Inc. and Baring Vostok Private
               Equity Fund LP.***

99.3           Share Purchase Agreement, dated April 2, 2001, among Global
               TeleSystems, Inc., Alfa Bank Holdings Limited, Capital
               International Global Emerging Markets Private Equity Fund,
               L.P., Cavendish Nominees Limited and First NIS Regional Fund
               SICAV.**

99.4           Stock Option Agreement, dated as of May 11, 2001, among
               Cavendish Nominees Limited, First NIS Regional Fund SICAV
               and Global TeleSystems, Inc.***

99.5           Standstill Agreement, dated as of March 31, 2001.*

99.6           Amendment and Assignment Agreement, dated as of May 11,
               2001.***

99.7           Shareholders Agreement dated as of May 11, 2001.*****

99.8           Agreement among Reporting Persons in respect of Schedule 13D
               Filing.***

99.9           Purchaser Designation and Stock Exercise Notice, dated as of
               July 10, 2001 from Cavendish Nominees Limited and First NIS
               Regional Fund SICAV to Global TeleSystems Europe Holdings
               B.V.******

99.10          Share Purchase Agreement dated October 16, 2001 by and
               between Global TeleSystems Europe Holdings B.V. and
               Cavendish Nominees Limited. ******

99.11          Share Purchase Agreement dated October 25, 2001 by and
               between Jeff L. Howley and Cavendish Nominees Limited.
               ******

99.12          Share Purchase Agreement dated October 25, 2001 by and
               between Stewart Reich and Cavendish Nominees Limited. ******

99.13          Share Purchase Agreement dated October 25, 2001 by and
               between Darrell Lauterbach and Cavendish Nominees Limited.
               ******

99.14          Shareholders Agreement, dated as of September 5, 2002*******

99.15          Standstill Agreement, dated as of September 5, 2002*******

99.16          Agreement among Reporting Persons in respect of Schedule 13D
               Filing, dated as of September 11, 2002*******

99.17          Shareholders Agreement, dated as of August 19, 2003********

99.18          Standstill Agreement, dated as of August 19, 2003********

99.19          Registration Rights Agreement, dated as of August 19,
               2003********




*         Incorporated by reference to the Schedule 13D/A of Capital
          International Global Emerging Markets Private Equity Fund, L.P.,
          Capital International Investments, LLC, Capital International,
          Inc. and Capital Group International, Inc. dated April 12, 2001.

**        Incorporated by reference to the Schedule 13D of Global
          TeleSystems, Inc. dated April 5, 2001.

***       Incorporated by reference to the Schedule 13D of Cavendish
          Nominees Limited dated May 21, 2001.

****      Incorporated by reference to the Schedule 13D of First NIS
          Regional Fund SICAV dated May 21, 2001.

*****     Incorporated by reference to the Schedule 13D/A of Global
          TeleSystems, Inc. and others dated May 21, 2001.

******    Incorporated by reference to the Schedule 13D/A of Cavendish
          Nominees Limited dated November 9, 2001

*******   Incorporated by reference to the Schedule 13D/A of Cavendish
          Nominees Limited dated September 12, 2002

********  Incorporated by reference to the Schedule 13D/A of Cavendish
          Nominees Limited dated August 26, 2003



                                 SCHEDULE I
                    DIRECTORS AND EXECUTIVE OFFICERS OF
                  BARING VOSTOK FUND MANAGERS LIMITED AND
                         CAVENDISH NOMINEES LIMITED

          The name, present principal occupation or employment, the
business address and citizenship for each director and executive officer of
Baring Vostok Fund Managers Limited ("BVF Managers") and Cavendish Nominees
Limited is set forth below.




                              Present Principal Occupation
                              ----------------------------
     Name and Business               or Employment              Business Address       Citizenship
     -----------------               -------------              ----------------       -----------

                                                                                
BVF Managers

Mike Calvey                   Managing Partner               c/o Baring Vostok              US
                                                             Capital Partners
                                                             Limited
                                                             7 Gasheka Street,
                                                             Dukat Place II,
                                                             Suite 750
                                                             Moscow 123056
                                                             Russia

Connie Helyar                 Managing Director of           13-15 Victoria Road         English
                              International Private Equity   St. Peter Port
                              Services Limited               Guernsey Channel
                                                             Islands
                                                             GY1 3ZD

David Huckfield               Senior Partner of Baring       33 Cavendish Square         English
                              Private Equity Partners        London England
                              Limited Operations             W1M OBQ

Paul Roberts                  Finance Director/Chief         c/o Baring Vostok              US
                              Operations Officer             Capital Partners
                                                             Limited
                                                             7 Gasheka Street,
                                                             Dukat Place II,
                                                             Suite 750
                                                             Moscow 123056
                                                             Russia


Cavendish Nominees Limited
--------------------------

                                                                                
Denise Fallaize               Director of International      13-15 Victoria Road         English
                              Private Equity Services        St. Peter Port
                              Limited                        Guernsey Channel
                                                             Islands
                                                             GY1 3ZD

Peter Gillson                 Director of International      13-15 Victoria Road        French and
                              Private Equity Services        St. Peter Port              English
                              Limited                        Guernsey Channel
                                                             Islands
                                                             GY1 3ZD

Andrew Guille                 Director of International      13-15 Victoria Road         English
                              Private Equity Services        St. Peter Port
                              Limited                        Guernsey Channel
                                                             Islands
                                                             GY1 3ZD

Connie Helyar                 Managing Director of           13-15 Victoria Road         English
                              International Private Equity   St. Peter Port
                              Services Limited               Guernsey Channel
                                                             Islands
                                                             GY1 3ZD

David Stuart Huckfield        Senior Partner of Baring       33 Cavendish Square         English
                              Private Equity Partners        London England
                              Limited Operations             W1M OBQ

Peter Touzeau                 Assistant Director of          13-15 Victoria Road         English
                              International Private Equity   St. Peter Port             (Guernsey)
                              Services Limited               Guernsey Channel
                                                             Islands
                                                             GY1 3ZD