OREANDA-NEWS. August 11, 2011. The board of directors of Rostelecom (MICEX: RTKM, RTKM-002D – RTKM-017D, RTKMP; RTS: RTKM and RTKMP; OTCQX: ROSYY) (hereafter, the Company), has rejected a request made on July 20, 2011 to convene an extraordinary general meeting of shareholders.

Members of the board of directors reached the conclusion that there are no grounds for assuming that the request or the documents attached to it, were properly formalized or fully meet the legislative requirements , or that the representatives of shareholders Yurchenko and Livshits, who signed the request, were duly authorized, and therefore that the shareholders who made the request to convene the extraordinary general meeting of shareholders are owners of the proper number of voting shares in Rostelecom, as envisaged in Article 55.1 of Federal Law No. 208-FZ “On Joint-Stock Companies”, dated December 26, 1995.

When examining this issue, members of the board of directors, among other issues, devoted attention to a report by independent legal consultants that were retained to provide an objective opinion on whether this request is compliant with all the necessary legal norms of the applicable legislation.

Commenting on the decision adopted by the board of directors, the chairman of the board Ivan Rodionov pointed out that the board is willing to reconsider convening an EGM after the defects and non-conformities are removed from the documents in question”. He went on to note that “the current lineup of the board of directors, which includes a number of independent members, acts in the interest of all shareholders, and also a broad range of the company’s stakeholders”.