Message by A.M. Lokshin, TVEL JSC Chairman of the Board of Directors

Dear Colleagues,

ROSATOM State Corporation successfully solved all organizational, scientific and production tasks by the end of 2013. As a leader of the IT high tech sector, the Corporation demonstrated the ability of its companies to compete successfully on international market in conditions of a heavy economic decline.

TVEL JSC is one of the leading companies in this sector. Its accomplishments in the year of report are based on the adapted strategy of its expanding presence on the markets, modernization of the existing and launching of new production facilities and output of innovative products.

The Company demonstrated high efficiency, thereby confirming that its choice of strategy is correct. In pursuance with the industry-specific and corporate programs, the company optimized the production, enhanced productivity of labor, efficiency of applied sciences and management. To this effect, the Company strengthened its position on European market through further enhancement of VVER-1000 capacity and improvement of quality of fuel offered to foreign consumers.

In response to increasingly hard rules of the game on international market, with shifting geographic segments and growing number of participants, the Fuel Company focused on development of non-nuclear facilities. Over the entire period of report, non-nuclear sector was developing with the focus on high-tech government contracts, thereby fulfilling the production potential and competitive advantages of TVEL such as extensive engineering capabilities, advanced laboratory and testing infrastructure, unique competencies of its employees, preservation of which the Company strongly believes to be its corporate and strategic objective.

This Report is a representation of the Company’s accomplishments over the year of report, and I would extend my heartfelt gratitude to its authors and publishers.

Alexander LokshinTVEL JSC Chairman of the Board of Directors