Rostelecom was ranked the leading company in corporate governance according to the results of the 2004 Survey conducted by Euromoney magazine among the largest emerging market companies on the annual basis.

To gauge corporate governance practices, Euromoney's research analysts reviewed surveys from 234 companies and calculated scores by criteria as follows: financial transparency, ownership transparency and rights, board structure and process, stakeholder relations, alignment of managerial interests, market position, innovation and professionalism of staff.

Martin Th. Born, Euromoney's Director for Russia, CIS & Central & Eastern Europe, commented, «Euromoney magazine recognizes the efforts of the companies' management and shareholders to improve corporate governance standards, to enhance financial transparency and to uphold investors' rights. According to Euromoney, the companies-leaders in corporate governance proved to be strong market players following international best practices as for corporate governance and transparency.»

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Euromoney Group (Euromoney Institutional Investor plc) comprises 100 companies specialized in publishing magazines, books, databases and maps covering all sectors of the financial world. Euromoney Magazine, first appeared in 1969, is the main among them. Some divisions of Euromoney Institutional Investor plc are organizers of financial conferences (more than 50 throughout the world every year) and seminars. The Euromoney survey of corporate governance practices in the largest companies of Central & Eastern Europe, Asia and Latin America has taken place annually since 2002.

Rostelecom Headquarters Address: 14, 1st Tverskaya-Yamskaya street, Moscow, 125047, Russia

Phone: +7 (095) 972–82–83 Fax: (095) 787–28–50