Moscow, Russia – December 21, 2012 – Rostelecom OJSC (the “Group”) (MICEX - RTS: RTKM, RTKMP; OTCQX: ROSYY), Russia’s national telecommunications operator, announces that it has held a Strategy Committee meeting at which members of the Board of Directors, as well as state representatives from the Federal Agency for State Property Management (Rosimushchestvo) and the Ministry of Telecommunications and Mass Media of Russia were present to discuss an updated strategy for Rostelecom. The updated strategy was prepared by Rostelecom to cover the next 5 to 10 years, and it has been prepared in accordance with the requirements of the Federal Agency for State Property Management.

The Strategy Committee has recommended that the Board of Directors of Rostelecom reviews and approves the updated strategy.

Rostelecom’s Strategy Committee consists of the following members:

• Vadim Semenov - Chairman of the Strategy Committee, Non-Executive Director;
• Sergei Azatyan - Independent Director;
• Anton Inshutin - Independent Director;
• Sergei Kuznetsov - Independent Director;
• Alexander Provotorov - Executive Director.

The main purpose of the Strategy Committee is to improve efficiency and performance of the Board of Directors by means of preliminary reviewing certain issues falling within responsibilities of the Board of Directors, and to prepare recommendations to the Board of Directors on issues within the Committee’s authority.