Disclaimer

This annual report (hereinafter referred to as the Annual Report) has been produced based on the information available to Open Joint Stock Company “Russian Railways” (hereinafter referred to as JSC “RZD” or the Company) and its affiliates (hereinafter referred to as the Group or “RZD”) as of the date of its publication.

The annual report of JSC “RZD” for 2014 discloses information to provide the shareholder represented by the Government of the Russian Federation, as well as government agencies, potential and actual investors, shippers, passengersandmiscellaneousstakeholders and information users with comprehensive and relevant data on the operations of JSC “Russian Railways” in 2014 and the Company’s development trends.

The report complies with the following standards and legal acts:

• Federal Law “On joint-stock companies”;
• Federal Law “On the Securities Market” dated 22 April 1996 No. 39-FZ;
• Regulation on information disclosure by issuers of securities, approved by Order of FFMS of Russia dated 30 December 2014 No. 454-p;
• Order No. 228 of the Administration of the Federal Agency for Federal Property Management dated 26 July 2005 “On the regulation of activities of the Federal Agency for Federal Property Management in the sphere of corporate management” (with recommendations on forming position of the Russian Federation on adoption of an annual report of the open joint stock company whose shares are held by the Russian Federation);
• Regulation No. 17/ps of FSC dated 31 May 2002 “On approval of the provision on additional requirements to the procedure of preparing, convening and holding a general shareholders’ meeting”;
• Corporate Governance Code approved by the Board of Directors of the Bank of Russia from 21 March 2014.
• Resolution of the Government of the Russian Federation of 31 December 2010 No. 1214 “On Improving the management of public joint stock companies, the shares of which are federal property and federal state unitary enterprises.”

This report is an overview of the current situation of JSC “RZD” and its performance for the year ended 31 December 2014 as well as major trends that may have an impact on its future performance.

For the purposes of this document, the word “Company”, pronoun “we” and its various forms refer to JSC “RZD”.

This report contains forward-looking statements that reflect expectations of the Company’s management.

These forward-looking statements are not based on actual circumstances and include all the statements with regard to the Company’s intentions, opinions or current expectations concerning its performance, financial standing, liquidity, growth prospects, strategy and industry where JSC “RZD” operates. These forward- looking statements are inherently characterized by risks and uncertainty factors as the y relate to the events and depend on the circumstances that may not occur in the future.

Such terms as “assume”, “consider”, “expect”, “forecast”, “intend”, “plan”, “project”, “review”, “could” and other similar expressions and negative phrases are normally indicative of a predictive nature of a statement. These assumptions contain risks and uncertainties either expected or unexpected by the Company. Thus, future performance may be different from current expectations and users of this information may not rely in the ir assumptions solely on the information provided in the Annual Report. Apart from the official information on JSC “RZD” activities, this Annual Report contains information obtained from third parties. This information has been obtained from the sources deemed reliable by JSC “RZD”. However, we do not guarantee that this information is accurate as it may be incomplete. JSC “RZD” does not guarantee that its or its industry’s actual performance, scale or operating rates will match the performance, scale or operating rates expressed or implied in any forward-looking statements contained in this Annual Report or elsewhere. JSC “RZD” shall not be liable for any losses that may be sustained by any person as a result of this person’s reliance on forward- looking statements. Unless otherwise expressly provided for in applicable laws, the Company does not assume any obligations with regard to the distribution or publication of any updates or changes in forward-looking statements that reflect any changes in expectations or new information as well as further events, conditions or circumstances.