Moscow – March 9, 2011 – Rostelecom OJSC (“the Company”) (RTS, MICEX: RTKM, RTKMP; OTCQX: ROSYY), Russia’s national telecommunications operator, today announced the nominations to its Board of Directors, which will be elected by the Annual General Meeting of Shareholders (“AGM”).

Nominated by Telecommunication Investment Joint Stock Company (“Svyazinvest”):

1. Vladimir Bondarik – Deputy General Director of Svyazinvest; 

2. Alexander Vinogradov – Advisor to General Director of VimpelCom;

3. Anton Zlatopolsky – General Director of “Rossiya” TV channel;

4. Sergey Kuznetsov – Member of the National Register of Independent Directors of the Russian Union of Industrialists and Entrepreneurs;

5. Anatoly Milyukov – Executive Vice President of Gazprombank;

6. Anastasia Ositis – President of ASVT Group ‘

7. Alexander Pertsovsky -  Chairman of the Management Board of Renaissance Group for Russia’

8. Alexander Provotorov – President of Rostelecom;

9. Ivan Rodionov – Professor of State University ‘Higher School of Economics’, Professor of Russian State University for the Humanities’

10. Vadim Semenov – General Director of Svyazinvest’

11. Igor Shchegolev – Minister of Communications and Mass Media of the Russian Federation.

Nominated by State Corporation Bank for Development and Foreign Economic Affairs (“Vnesheconombank”):

12. Anatoly Tikhonov – First Deputy Chairman and Member of the Management Board of Vnesheconombank;

13. Anatoly Ballo – Deputy Chairman and Member of the Management Board of Vnesheconombank;

14. Mikhail Poluboyarinov – Director of the Infrastructure Department of Vnesheconombank;

15. Sergey Pridantsev’

16. Yury Kudimov – General Director of VEB Capital (Investment Company of Vnesheconombank).

Rostelecom’s Charter stipulates that the Company’s Board of Directors shall consist of 11 Members.

The Board of Directors of Rostelecom also announced nominees to the Company’s Audit Commission to be elected at the AGM.

Nominated by Telecommunication Investment Joint Stock Company (“Svyazinvest”):

1. Svetlana Bocharova - Head of the Division of Accounting, Tax and Statistics Department of Svyazinvest;

2. Valentina Veremyanina - Executive Director and Head of the Department of Corporate Management and Legal Support of Svyazinvest

3. Bogdan Golubitsky – Executive Director and Director of the Department of Economic Planning and Budgeting of Svyazinvest

4. Ekaterina Dubrovina - Chief Specialist of the Internal Audit Department of Svyazinvest;

5. Olga Koroleva - Chief Accountant of Svyazinvest;

Nominated by State Corporation Bank for Development and Foreign Economic Affairs (“Vnesheconombank”):

6. Vyacheslav Ulupov - Director of Internal Control Service of Vnesheconombank;

7. Andrei Derkach – Deputy Director of the Industrial Assets Management of LLC VEB Capital.

Rostelecom’s Charter stipulates that the Company’s Audit Commission shall consist of 5 Members.