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Rostelecom

January 28, 2004

Rostelecom awarded corporate governance score of 6.4 by Standard & Poor’s

Moscow – January 28, 2004 – Rostelecom

(NYSE: ROS; RTS, MICEX: RTKM, RTKMP),

Russia’s national long-distance telecommunications operator, today welcomed the

announcement that it has been awarded a corporate governance score of 6.4 (out of a possible

10) by Standard & Poor’s.

In its report on Rostelecom, S&P commented, “This [corporate governance] score is driven by

good financial transparency,… timely disclosures; easy access to most of the company’s

information via an informative bilingual website; and a proactive approach regarding investor

relations. Rostelecom is noticeably ahead of most of its domestic peers, and is in line with

many of its foreign peers in terms of transparency and investor relations.”

S&P strongly commended Rostelecom’s management for its diligence in upholding

shareholders’ rights, procedures governing shareholders’-meetings and dividend policy, and

the smooth functioning of its relations with its financial stakeholders.

“This is the second highest corporate governance score among Russian companies and the

highest assigned by S&P to any company within the Svyazinvest group,” said Vladimir

Androsik, chief financial officer of Rostelecom. “Rostelecom’s management is constantly

strengthening corporate governance practices and welcomes S&P’s recognition of these

efforts. We are working to further improve internal procedures in order to ensure that

Rostelecom is a strong, transparent company accountable to its shareholders.”

* * *

A Corporate Governance Score (‘CGS’) is an original product of Standard & Poor’s and reflects

Standard & Poor’s assessment of a company’s structure, corporate governance practices and

principles, namely, the effectiveness of the interaction between a company’s management, board of

directors, shareholders and other stakeholders.

Standard & Poor’s awards CGS as a result of assessment of corporate governance standards within

four components: ownership structure & influence of external stakeholders; investor rights and

relations; transparency & disclosure; board structure & process.

For further details please contact

Anna Kareva

Director for Public and Investor Relations

Tel.: 973 9920

Fax: 787 2850

e-mail: kareva@hq.rt.ru

 

 

 

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