Auditors’ Report concerning the Financial Statements

Auditors’ report concerning the financial statements

for the period from January 1 through to December 31, 2013

Auditors’ report

To the shareholders of Joint
Stock Company TVEL

Audited party

Name:

Joint Stock Company TVEL (hereinafter TVEL JSC)

Location:

Bld.24, Bolshaya Ordynka st., Moscow, the Russian Federation, 119017

State registration:

Registered by Moscow Registration Chamber on September 12, 1996, Certificate No.061.775. Entered in the Unified State Register of Legal Entities under the principal number 1027739121475.

Auditor

Name:

Name: Financial and Accounting Consultant Limited Liability Company (FBK LLC)

Location:

Location: 2AB, bld.44/1, Myasnitskaya st., Moscow, 101990

State registration:

ЗRegistered by Moscow Registration Chamber on November 15, 1993, Certificate Series ЮЗ 3 No.484.583. Entered in the Unified State Register of Legal Entities on July 24, 2002 under the principal number 1027700058286.

Membership in self-regulated audit organization:

Non-profit partnership Russian Audit Chamber

Number in the register of audit organizations of self-regulated audit organization

Certificate of membership in non-profit partnership Russian Audit Chamber No.5353, Principal Number of Registration Entry — 10201039470.
We have audited the attached accounting (financial) statements of TVEL JSC consisting of Balance Sheet as of December 31, 2013, Profit and Loss Statement, Capital Statement, Cash Flow Statement for 2013 and notes being a part of accounting (financial) statements.

Liability of the Audited Party for its Financial Statements

The management personnel of the audited party is liable for preparation and accuracy of the abovementioned accounting (financial) statements in compliance with the Russian rules of preparation of accounting (financial) statement and for the internal control system necessary for preparation of accounting (financial) statements free of any material errors and omissions resulting from mala fide actions or errors.

Liability of the Auditor

We are liable for expressing opinion on the accuracy of the accounting (financial) statements on the basis of the conducted audit. We conducted the audit in accordance with the Federal Auditing Standards. These Standards require us to comply with the relevant ethical norms, and to plan and conduct the audit in such a manner, as to obtain reasonable assurance that the accounting (financial) statements are free of material errors and omissions.
The audit involved performing audit procedures to obtain audit evidence, proving the numbers in the accounting (financial) statements and disclosure of information therein. The choice of audit procedures is subject to our judgment, which is based on assessment of risks of material misstatements resulted due to fraud or error. Within the process of risk assessment, we reviewed the internal control system, ensuring preparation and truthfulness of accounting (financial) statements in order to choose appropriate audit procedures, but not to express opinion on the effectiveness of internal control system. The audit also included evaluation of the appropriateness of used accounting policies and justification of estimates, obtained by the management personnel of the audited party, as well as assessment of the overall presentation of the financial (accounting) statements.
We believe that the audit evidence, obtained in the course of the audit, provide a reasonable basis for expressing opinion on the accuracy of financial (accounting) statements.

Opinion

In our opinion, the accounting (financial) statements present accurate, in all material aspects, the financial position of the entity TVEL JSC as of December 31, 2013, the results of its financial and business operations and its cash flows over 2013 in compliance with the Russian Accounting (financial) principles.

Vice President FBK LLC Attorney

A.V. Tikhonovskiy On the basis of Power of of January 15, 2013 No.4/13 Auditor qualification certificate No.01-000005, Principal Number of Registration Entry 29401041892

Date of Auditors’ report
February 27, 2014