Moscow, Russia – March 26, 2012 – Rostelecom OJSC (MICEX - RTS: RTKM, RTKMP; OTCQX: ROSYY) (“the Company”), Russia’s national telecommunications operator, announces that its Board of Directors has approved issues of five non-convertible documentary interest-bearer bonds, with mandatory centralised custody, eight issues of non-convertible documentary exchange-traded interest-bearer bonds, with mandatory centralised custody, and the issue of respective Prospectuses.

The bond issues will have a total nominal value of RUB 100 billion and include exchange-traded bonds totalling RUB 60 billion with a 3-year maturity, and exchange-traded bonds totalling RUB 40 billion, with a 5-year maturity.

The Company’s Executive Management Team will determine when the bonds will be issued, and they will consider market conditions as well as the cost of alternative sources of financing before reaching a decision. The bond proceeds will be used to refinance existing debt as well as to finance the Company’s strategic objectives.