Moscow, Russia – April 13, 2012 – Rostelecom OJSC (MICEX - RTS: RTKM, RTKMP; OTCQX: ROSYY) (“the Company”), Russia’s national telecommunications operator, announces that on April 12, 2012, its Board of Directors held an absentee voting meeting. The Board took a decision to extend the contract of Alexander Provotorov, President of Rostelecom, for three years up to July 13, 2015.

The Board has also approved a supplemental agreement to the President’s employment contract. The provision enables certain key performance indicators to be selected and applied to determine the size of the President’s quarterly and annual bonuses. An amendment relating to the methodology used to calculate the rate by which price changes are executed for goods purchased (work, services) per Rostelecom’s production unit was also approved.