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Rostelecom

November 11, 2010

Rostelecom EGM approves dividend payment for first nine months of 2010 to ordinary and preferred shareholders

Moscow – November 11, 2010 – Rostelecom OJSC (“the Company”) (RTS, MICEX: RTKM, RTKMP; OTCQX: ROSYY), Russia’s national telecommunications operator, today announced that its Extraordinary General Meeting of Shareholders (“EGM”), which was held on November 10, 2010 in the form of a meeting in absentia, approved the following interim dividend payment for the first nine months of 2010:

· RUR 1.67 per class “A” preferred share

· RUR 1.11 per ordinary share

The dividend is due to be paid within 60 days from the date of the EGM to shareholders as at the record date of September 21, 2010.

The EGM did not approve the proposed amendments to the Company’s Charter relating to the allocation of 10% of Rostelecom’s net income for the full year as dividend payment on class “A” preferred shares outstanding.

Alexander Provotorov, President of Rostelecom, commented: “Rostelecom’s management team understands the importance of the dividend policy and its ability to enhance the Company’s profile as an investment opportunity. Rostelecom’s management team and the Board of Directors will work together on the necessary amendments to the Charter to ensure an appropriate balance between the interests of the holders of the different types of Rostelecom’s securities”.

 

 

 

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