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PROVISIONALLY APPROVED by the Board of Directors of OJSC Rostelecom May 19, 2014 Minutes No 01 Dated May 22, 2014

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PROVISIONALLY APPROVED by the Board of Directors of OJSC Rostelecom May 19, 2014 Minutes No 01 Dated May 22, 2014 PROVISIONALLY APPROVED by the Board of Directors of OJSC Rostelecom May 19, 2014 Minutes No 01 dated May 22, 2014 APPROVED by the Annual General Shareholders’ Meeting of OJSC Rostelecom June 30, 2014 Minutes No___ dated June __, 2014 ANNUAL REPORT OPEN JOINT STOCK COMPANY LONG-DISTANCE AND INTERNATIONAL TELECOMMUNICATIONS ROSTELECOM BASED ON YEAR 2013 RESULTS President of OJSC Rostelecom s/s S.B. Kalugin Acting Chief Accountant of OJSC Rostelecom s/s N.V. Lukashin May 22, 2014 Moscow, 2014 ANNUAL REPORT TABLE OF CONTENTS CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS ....................................... 3 INFORMATION CONTAINED IN THIS ANNUAL REPORT .............................................................................. 4 ROSTELECOM AT A GLANCE ......................................................................................................................... 5 THE PRESIDENT’S MESSAGE ......................................................................................................................... 6 2013 HIGHLIGHTS ............................................................................................................................................ 8 OPERATING AND FINANCIAL RESULTS ...................................................................................................... 10 COMPANY’S POSITION IN THE INDUSTRY ................................................................................................. 12 COMPANIES IN ROSTELECOM GROUP ....................................................................................................... 14 THE COMPANY AND THE BOARD OF DIRECTORS’ REVIEW OF THE YEAR 2013 .................................. 16 COMPLETION OF THE SECOND REORGANIZATION PHASE .................................................................... 16 PROJECT “OLYMPIC AND PARAOLIMPIC WINTER GAMES 2014 in SOCHI” ............................................ 17 INNOVATIVE DEVELOPMENT ....................................................................................................................... 18 ELECTRONIC GOVERNMENT ....................................................................................................................... 19 DEVELOPING RETAIL RELATIONSHIPS ...................................................................................................... 21 RUSSIAN OPERATORS’ MARKET ................................................................................................................. 22 TRADITIONAL TELEPHONY SERVICES ....................................................................................................... 22 MOBILE SERVICES ......................................................................................................................................... 23 BROADBAND INTERNET ACCESS ................................................................................................................ 23 PayTV SERVICES ........................................................................................................................................... 24 DATA SERVICES ............................................................................................................................................. 25 NETWORK INTERCONNECTION AND TRAFFIC ROUTING ........................................................................ 27 LEASED LINE SERVICES ............................................................................................................................... 27 INTELLIGENT NETWORK SERVICES............................................................................................................ 27 ENHANCING COOPERATION WITH GOVERNMENT ENTITIES .................................................................. 28 GUARANTEE OF HIGH QUALITY OF TELECOMMUNICATIONS SERVICES ............................................. 29 INVESTMENT PROGRAM IMPLEMENTATION ............................................................................................. 30 SOCIAL RESPONSIBILITY .............................................................................................................................. 34 THE COMPANY’S DEVELOPMENT PRIORITIES AND PLANS .................................................................... 39 THE COMPANY TELECOMMUNICATIONS INFRASTRUCTURE ................................................................. 41 RISK MANAGEMENT ...................................................................................................................................... 43 CORPORATE GOVERNANCE ........................................................................................................................ 56 SHARE CAPITAL ............................................................................................................................................. 58 GENERAL MEETING OF SHAREHOLDERS .................................................................................................. 62 THE BOARD OF DIRECTORS ........................................................................................................................ 63 THE PRESIDENT AND MANAGEMENT BOARD ........................................................................................... 68 THE AUDIT COMMISSION .............................................................................................................................. 71 THE COMPANY’S SIGNIFICANT TRANSACTIONS ....................................................................................... 71 INFORMATION ON THE ACTUAL EXECUTION RESULTS OF LAWS AND REGULATIONS OF THE PRESIDENT OF THE RUSSIAN FEDERATION AND ORDERS OF THE GOVERNMENT OF THE RUSSIAN FEDERATION .................................................................................................................................................. 72 GENERAL INFORMATION ABOUT THE COMPANY ..................................................................................... 77 ANNUAL REPORT CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS Certain statements in this Annual Report for Open Joint-Stock Company international and Long-Distance Telecommunications Rostelecom (hereinafter to be referred to as “OJSC Rostelecom”, “Rostelecom” or the “Company”) summarizing the results of 2013 (hereinafter to be referred to as the "Annual Report”) are so- called forward-looking statements. Those forward-looking statements include, but are not limited to: The management’s assessment of the Company’s future operation and financial results, as well as forecasts of the present value of future cash flows and related factors; The Company’s plans to participate in the charter capital of other organizations, associations of organizations and holding entities; The Company’s anticipated capital expenditures and plans to develop, construct and modernize its network; The Company’s expectations as to the growth of demand for its services and plans relating to the development of its existing services and promotion of new services, as well as to expansion of its range of services and their pricing; The Company’s plans with respect to improving its corporate governance practices; The Company’s expectations as to its position in the telecommunications market and the development of the market segments within which the Company operates; Economic outlook and expected industry trends; The Company’s expectations as to the regulation of the Russian telecommunication industry and assessment of the impact of regulatory initiatives on the Company’s activity; Other Company’s plans and expectations regarding matters that are not historical facts. Such forward-looking statements are subject to risks, uncertainties and other factors, which could cause actual results to differ from those expressed or implied by these forward-looking statements. These risks, uncertainties and other factors include: Risks relating to changes in political, economic, and social conditions in the Russian Federation as well as changes in global economic conditions; Risks relating to Russian legislation, legal control, and taxation, including laws, regulations, decrees and decisions governing the Russian telecommunication industry, securities industry, as well as currency and exchange controls relating to Russian entities and their official interpretation by regulatory bodies; Risks relating to the Company’s operations, including the achievement of the anticipated results, levels of profitability and growth, ability to create and meet demand for the Company’s services, including their promotions, and the ability of the Company to remain competitive in a Russian liberalized telecommunications market; Technological risks associated with the functioning and development of telecommunication infrastructure, technological innovations, and the convergence of technologies; Other risks and uncertainties. For a more detailed discussion of these and other factors, see this Annual Report and the Company’s other public documents. Most of these factors are beyond the Company’s control or prediction. Therefore, given these and other uncertainties, readers are cautioned not to place undue reliance on any of the forward-looking statements contained herein or otherwise. The Company does not undertake any obligations to release publicly any revisions to these forward-looking statements (which are made as of the date hereof) to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events, except as may be required
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