On 6th August 2010 a meeting of the Board of Directors of OJSC N.W.Telecom was held and approved the Report on the Results of the Shareholders Presenting Claims as to Redemption of Their Shares

The total number of the shares buyback by the Company is 52,419,047 (4.6% of the Company’s authorized capital), including 5,437,821 ordinary shares and 46,981,226 preferred shares . The total amount of the funds allocated for shares buyback is RUR 1,101,324 ths. or 3.1% of OJSC N.W.Telecom’s net assets.

Ella Tomilina, Deputy CEO and Corporate Affairs Officer , noted that “Shares buyback shows that our shareholders are looking with a great optimism on Svyazinvest’s reorganization and find the new shares of united Rostelecom very attractive.

The presented shares will be buyback by the Company at the price of RUR 21.01. Payment for the shares buyback will be effected till 2nd September 2010.

LLC North-West Financial Company will act as the paying agent for shares redemption. Lit. A, korp. 2, d. 94, Ligovsky pr., St. Petersburg, 191119; tel.: (812) 333-25-18.

You may find more information on shares buyback on the corporate web site, in the Reorganization section.