Annual report 2014

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This annual report of Lenenergo for 2014 (hereinafter the “annual report”) has been prepared based on information available to the Company at the time of its drafting.

This annual report contains information on the Company’s performance in 2014 and opinions or current expectations of the Company’s authorized management bodies, which relate to future events and/or steps, growth prospects of the core industry in which Lenenergo operates, and business results, including the Company’s plans, probability of certain events and expected actions. The report also contains data of the draft adjusted business plan of the Company for 2015-2019 (prepared on the basis of Order #69 of 20.02.2015 “About development of the adjusted business plan (including the investment program) of JSC Lenenergo for 2015 and forecast for 2016-2019”) that was actual at the time of drafting the text of a presentation version of the annual report.

Investors shall not exclusively rely on estimations and projections made by the Company’s management bodies, since they are not the only scenario, and actual performance of the Company may differ from anticipated results for a variety of reasons.

Some statements given in this annual report are not historical facts, but forward-looking statements.

Such words as “plans”, “expects”, “estimates”, “considers”, “will amount to”, “will happen” and the like are forecasting statements, and carry the risk that the events and activities expressed or implied by these forward-looking statements might not come to pass. The Company warns readers that actual results and events may substantially differ from those of the forward-looking statements in this annual report at the time of its drafting.

The principal risks which are considered in the tactical and strategic planning of the Company’s activities and which may affect the business of Lenenergo are as follows: changes in tariff rates imposed by state authorities for the services rendered by the Company; actions of state authorities with respect to the Company; risks associated with the Company’s activities; amendments to tax legislation; risks of legal actions against Lenenergo, etc. The specified list of essential risks is not exhaustive.