Rostelecom submits 2001 consolidated financial report to US SEC

On August 30, 2002 Rostelecom submitted a 20-F form of its consolidatedfinancial report as of December 31, 2001, which was audited by Ernst&Young(CIS) Limited, to the US Securities and Exchange Commission. As the pressservice of Rostelecom pointed out, the company made a decision not toinclude the consolidated financial report with an audit conclusion ofArthur Andersen (the company's auditor in 2001) into the submitted F-20form. According to Rostelecom's press service, this decision was due to thesituation with a group of companies of Arthur Andersen Worldwide and thesubsequent liquidation of the group's activities. In view of this, themanagement of Rostelecom applied to Ernst&Young (CIS) Limited for arepeated audit of the company's consolidated financial report for 2001,which was submitted to the US Securities and Exchange Commission. .

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