Moscow, Russia – April 27, 2012 – Rostelecom OJSC (MICEX - RTS: RTKM, RTKMP; OTCQX: ROSYY) (“the Company”), Russia’s national telecommunications operator, announces that its Board of Directors has set the date for this year’s Annual General Meeting of Shareholders (the “AGM”) for June 14, 2012. The AGM will be held at the World Trade Centre’s Congress Centre, Krasnopresnenskaya embankment, 12, Moscow.

The record date for the 2012 AGM is April 28, 2012, as set by the Board. Shareholders registered at the record date will be eligible to participate in the AGM and are entitled to receive the dividend for 2011.

The Board of Directors has recommended that the AGM approves the following distribution of the Company’s profit, which is based on its full year 2011 results:

1. To increase the Company’s equity capital by RUB 17,599.481 million, or 54.05% of 2011 net profit according to Russian Accounting Standards (“RAS”)

2. To pay a dividend that amounts to RUB 14,961.559 million or 45.95% of 2011 net profit in accordance with RAS, which equals 32.48% of 2011 net profit as determined in accordance with International Financial Reporting Standards (“IFRS”), including:

·         a 2011 cash dividend of RUB 4.6959 per share on the Company’s Class A preferred shares, which represents 3.5% of 2011 net profit under RAS or 2.48% of 2011 net profit under IFRS on all Class A preferred shares

·         a 2011 cash dividend of RUB 4.6959 per share on the Company’s ordinary shares, which is equivalent to 42.45% of 2011 net profit under RAS or 30% of 2011 net profit under IFRS on all ordinary shares.

The 2012 AGM materials will be available on Rostelecom’s official website 30 days prior to the meeting at https://www.rostelecom.ru/ir/agm/