Moscow – January 24, 2011 – Rostelecom OJSC (“the Company”) (RTS, MICEX: RTKM, RTKMP; OTCQX: ROSYY), Russia’s national telecommunications operator, today announced the results of its Extraordinary General Meeting of Shareholders (“EGM”), held on January 22, 2011.

The EGM approved the following composition of the Board of Directors of the Company:

- Vladimir Bondarik – Deputy General Director of Svyazinvest 

- Mikhail Leschenko – Deputy General Director of Svyazinvest

- Konstantin Malofeev – Managing Partner of Private Equity Fund Marshall Capital Partners

- Alexander Provotorov – President of Rostelecom

- Ivan Rodionov – Professor of State University ‘Higher School of Economics’

- Vadim Semenov – General Director of Svyazinvest

- Sergey Pridantsev – President, OJSC COMSTAR – United TeleSystems

- Anatoly Tikhonov – First Deputy Chairman and Member of the Management Board of Vneshekonombank

- Anatoly Ballo – Deputy Chairman and Member of the Management Board of Vnesheconombank

- Mikhail Poluboyarinov – Director of the Infrastructure Department of Vnesheconombank

- Yury Kudimov – General Director of Vnesheconombank

The EGM also approved the amendments to the Charter, regarding a split of the data on the Company’s branches to separate balance sheets.