OREANDA-NEWS. On May 29, 2007 OJSC Rostelecom (the “Company”) (NYSE: ROS; RTS and MICEX: RTKM, RTKMP), Russia’s national long-distance telecommunications operator, announced that the Board of Directors will discuss whether to continue listing the American Depository Receipts (Level II) (“ADRs”) on the New York Stock Exchange (“NYSE”) in the middle of June 2007, reported the press-centre of  OJSC Rostelecom.

The Company’s Board of Directors will discuss the further development of the Company’s ADR program and the schedule for filing its Annual Report on Form 20-F for the fiscal year ended December 31, 2006 (“Form 20-F”) with the U.S. Securities and Exchange Commission (the “SEC”). The Company anticipates that delisting from the NYSE and deregistration with the SEC would be based primarily on the following:

- a significant decline of the Company’s ADR program due to the increasing number of Russian shareholders and investors who prefer to trade the Company’s shares on domestic stock exchanges; and
- substantial financial costs and management resources necessary to comply with U.S. regulatory requirements and, in particular, the implementation and audit of the Company’s internal controls over financial reporting pursuant to applicable U.S. securities laws and regulations.
 
The Company also announced that it does not expect to timely file its Form 20-F with the SEC by June 30, 2007. The anticipated late filing of Form 20-F is due to the inability of management to complete its evaluation of the Company’s internal control over financial reporting by June 30, 2007.