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Rostelecom

August 30, 2010

Rostelecom’s Board of Directors convenes Extraordinary Shareholders’ Meeting and recommends interim dividend amount

The Board of Directors of OJSC Rostelecom (RTS and MICEX RTKM, RTKMP; OTC: ROSYY) passed a resolution to convene an Extraordinary General Meeting of Shareholders (EGMS) by absentee voting to take decisions on the following agenda issues:

1. Dividend payments on the results of 9 months of 2010.

2. Making amendment No 3 to Rostelecom Charter.

The amendment in question suggests making payments of an annual fixed dividend to owners of preference class A shares equal to 10% (ten percent) of the Company’s net profit for the past financial year divided by the total amount of outstanding preference class A shares.

Additionally, in contrast with the Amendment proposed at the GMS held on June 26, 2010 the new language envisages that in the event that the dividend amount payable by the Company per each ordinary share exceeds the dividend amount payable per each preference class A share, the latter dividend amount shall be increased up to the dividend amount payable on ordinary shares.

The date of finalizing the list of shareholders entitled to take part in the EGMS is September 21, 2010 (the cut-off date).

Ballot papers will be accepted until November 10, 2010 at the following address: Russia, 115280, Moscow, P.O.B. 151, for the registrar of Rostelecom (OJSC United Registration Company).

The Board of Directors also recommended the EGMS making payments of interim dividend for 9 months of 2010 amounting to:

- 0.0000000411722654% of the Company net profit for 9 months of the 2010 financial year per preference share;

- 0.0000000274519684% of the Company net profit for 9 months of the 2010 financial year per ordinary share.

Pursuant to the applicable Russian law payments of interim dividend to shareholders will be made not later than 60 days after taking the relevant decision.

For more information about holding the EGMS and dividend payment arrangements visit the Company website at www.rt.ru, the Investor Center page since October 8, 2010.

 

 

 

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