OREANDA-NEWS. April 29, 2011. Rostelecom (the “Company”) (RTS, MICEX: RTKM, RTKMP; OTCQX: ROSYY), Russia’s national telecommunications operator, announces that on April 28, 2011, the Federal Service for Financial Markets (“FSFM”) registered the reports on the issue of OJSC Rostelecom ordinary shares. The securities were placed on April 1, 2011, through the conversion of securities comprising ordinary and preferred shares of OJSC CentreTelecom, OJSC SibirTelecom, OJSC Dalsvyaz, OJSC Uralsvyazinform, OJSC VolgaTelecom, OJSC North-West Telecom, OJSC Southern Telecommunications Company and OJSC Dagsvyazinform, which were merged with Rostelecom on April 1, 2011.

Trading in the newly issued securities on Russian stock exchanges is expected to commence during the first half of May 2011. The newly issued securities will trade independently on the Moscow Interbank Currency Exchange (“MICEX”) for a three month period from the date of the registration of the share issue reports, as 17 separate issues of ordinary shares and one issue of preferred shares. Following the completion of the three month period, the separate issues of ordinary shares will be merged into a single security, and only one ordinary and one preferred issue of Rostelecom shares will therefore be traded on MICEX from the end of July 2011.

Conversion of the newly issued shares in Rostelecom into depositary receipts will be available after the date of the registration of the share issue reports. Each individual issue of new shares will correspond to a separate line of depositary receipts with an individual CUSIP number. The separate lines of depositary receipts, including the depositary receipts for the old issue of Rostelecom shares are expected to be merged following the combination of the separate issues of Rostelecom ordinary shares at the end of July 2011.