Limitation of liability

This annual report of IDGC of Centre, JSC (hereinafter —the “Company”) on the operating results of 2011 (hereinafter — the “Annual Report”) has been prepared using the information available to the Company as of the moment of drawing up.

In accordance with requirements of sub-clauses 14 and 15 of Change of Assessed Values Accounting Standard (RAS 21/2008), financial and economic indicators for 2009 and 2010 have been formed in consideration of changes in the accounting policy of IDGC of Centre, JSC conditioned by amendments introduced into the RF (Russian Federation) legislation on accounting and reflected retrospectively in accounting statements for 2011.

The annual report contains the information on operating results of the Company for 2011 and the forecast data, statements of intentions, opinions or current expectations of the Company concerning its operating results, financial state, liquidity, growth prospects, strategy and development of the branch of industry in which the Company operates. Due to their nature, such forecast statements are characterized by certain risks and uncertainty factors as they are referred to the events and depend on the circumstances which might not occur in the future.

The words “intends”, “tends”, “expects”, “estimates”, “plans”, “considers”, “supposes” “may”, “shall”, “will be”, “will continue” and other similar phrases generally show the forecast character of the statement and may presuppose the risk of non-occurrence of the stated events, actions depending on various factors.

The Company warns that the forecast data do not guarantee certain indicators in the future. Actual operating results of the Company, its financial state and liquidity, as well as development of the branch in which it operates may substantially differ from those stated in the forecast data contained herein. Besides, even if the mentioned indicators comply with the forecast statements presented in this report, these results and events do not guarantee similar results and events in the future.

The Company does not give any express or implied representations or warranties and shall not bear any liability in case of losses which may be incurred by natural or legal persons as a result of using forecast statements of this Annual Report for any reason, directly or indirectly. The stated persons shall not rely on the forecast statements contained herein in full as they are not the only possible scenario.

Except for the cases provided by the RF legislation, the Company shall take no obligations for reconsideration or confirmation of expectations and estimates and publication of updates and changes of the forecast statements presented in this Annual Report in connection with further events or receipt of new information.