OREANDA-NEWS. March 22, 2011. Rostelecom OJSC (the “Company”) (RTS, MICEX: RTKM, RTKMP; OTCQX: ROSYY), Russia’s national telecommunications operator, today announces that the trading in shares, American Depositary Receipts (the “ADRs”) and exchange-traded bonds of the Regional Telecommunications Operators (OJSC CentreTelecom, OJSC SibirTelecom, OJSC Dalsvyaz, OJSC Uralsvyazinform, OJSC VolgaTelecom, OJSC North-West Telecom, OJSC Southern Telecommunications Company) (the “RTOs”) and OJSC Dagsvyazinform will cease as a result of the ongoing reorganisation.

The decision to establish an integrated Company by merging the RTOs and OJSC Dagsvyazinform with OJSC Rostelecom was approved at the Annual General Meeting of Shareholders of OJSC Rostelecom on June 26, 2010. The RTOs and OJSC Dagsvyazinform approved the reorganisation at their respective general shareholders’ meetings in summer of 2010.

On March 25, 2011, the RTOs and OJSC Dagsvyazinform are expected to provide the regulatory bodies with the required documents regarding the registration of termination of their activities in the Unified State Register of Legal Entities (the “EGRUL”). The registration of these terminations of activities will mark the completion of the reorganisation. In accordance with the requirements of the Federal Service for Financial Markets (the “FSFM”), this information should be published as a ‘material fact’ by each company, as such information may impact the respective share prices of the companies, and may lead to the suspension of trading in the respective shares and exchange-traded bonds until the completion of the reorganisation. Ordinary, preferred shares and bonds of the RTOs and OJSC Dagsvyazinform will be converted into new OJSC Rostelecom ordinary shares and bonds respectively. The conversion and the registration of termination of activities of each of the merged entities in the EGRUL is expected to take place on April 1, 2011.

In accordance with the stock exchange rules, the decision to cease trading in traded securities as a result of the reorganisation shall be made by the stock exchanges not later than on the business day following the date of publication of the information regarding the completion of the reorganisation. The trading in exchange-traded securities of the RTOs and OJSC Dagsvyazinform on the Russian and international stock exchanges is therefore expected to be discontinued on the day following the publication.

The trading in new ordinary shares and exchange-traded bonds of OJSC Rostelecom on the Russian stock exchanges is expected to commence following the preparation and registration of the additional share issue reports with FSFM. The registration of the reports shall be made within 14 days after the filing. The trading in new Level 1 ADRs of OJSC Rostelecom on the international stock exchanges will commence following the registration of the above mentioned publication.

The trading in the existing ordinary and preferred shares and Depositary Receipts of OJSC Rostelecom will not be suspended at any stage of the reorganisation.