Auditor of statements according to international standards

The auditor of the Company’s consolidated financial statements in accordance with IFRS is Ernst & Young, which is among the top four internationally recognised audit companies.

Auditor of statements according to Russian accounting standards

The company BDO Unicon performs an independent audit of the accounting (financial) statements of Russian Railways according to Russian accounting standards. The Company selects the auditor on a competitive basis in accordance with the requirements of legislation. The Board of Directors recommends the auditor candidate selected by the competition commission for approval by the General Meeting of Shareholders.

In accordance with Order No. 1232-r of the Russian Government dated 4 July 2014, BDO Unicon (Moscow) was approved as the auditor of Russian Railways for 2014. The amount of remuneration for the auditor’s services is determined by the Russian Railways Board of Directors. In 2013, remuneration totalled RUB 37,347,000, including VAT of RUB 5,697,000.