Moscow – February 13, 2008 – Rostelecom (NYSE: ROS; RTS, MICEX: RTKM, RTKMP), Russia’s national long-distance telecommunications operator, today announced the decision of the Board of Directors to accept Lillian Acquisition, Inc.’s tender offer to sell Rostelecom’s 11% stake in Golden Telecom’s (Nasdaq: GLDN) common stock.

The decision was reached by Rostelecom’s Board of Directors following the recommendation of its Strategic Planning Committee in line with the terms of the tender offer by Lillian Acquisition, Inc., VimpelCom’s subsidiary. Based on the conditions offered, Rostelecom will relinquish its stake in Golden Telecom and in return will receive approximately USD 460 million.

Alexander Kiselev, Chairman of Rostelecom’s Board of Directors, commented: “A purchase price of USD 105 per share is acceptable. Taking into account the Company has recently taken part in an additional issue of Golden Telecom’s shares, this transaction represents good value for Rostelecom. The proceeds we are to receive will be invested into the Company’s business development initiatives.”