Annual Report 2012

Audit report to Acron shareholders

We have audited the attached financial statements of Acron, including the balance sheet as of December 31, 2012, the financial results statement, the statement of shareholders’ equity, the cash flow statement for the year 2012 and explanatory notes.

Responsibility of the audited Company for the financial statements

The audited company’s management is responsible for the preparation and reliability of these financial statements in compliance with Russian law, and for the internal control system required to prepare financial statements that are free of material misstatements resulting from fraud or error.

Auditor responsibility

Our responsibility is to express an opinion, based on our audit, on whether these financial statements are true and fair. We conducted our audit in accordance with Russian federal auditing standards. These standards require conformity to applicable ethical norms and that the audit be scheduled and conducted in a manner as to have reasonable assurance that there are no material misstatements in the financial statements.

The audit includes auditing procedures designed to obtain audit evidence supporting the numbers and disclosures in the financial statements. The choice of auditing procedures is our discretion based on assessment of risk of material misstatements resulting from fraud or error. In assessing this risk we reviewed the internal control system, which ensures preparation and reliability of the financial statements, with the aim of selecting adequate auditing procedures rather than expressing our opinion about the effectiveness of the internal control system.

The audit also includes an assessment of the propriety of applicable accounting principles and consideration of significant estimates made by the audited company’s management, as well as an evaluation of the overall representation of the financial statements.

We believe that the audit evidence obtained as the result of our audit provides a reasonable basis for our qualified opinion on these financial statements.

Opinion

In our opinion, Acron’s financial statements present fairly, in all material respects, Acron’s financial position as of December 31, 2012, as well as the financial results of its operations and cash flows in 2012 in compliance with the Russian law applicable to accounting and reporting.

March 28, 2013

Partner,
Deputy General Director
LLC Baker Tilly Russaudit

M.B. Pavlova
Auditor’s Qualification Certificate
No. 02-000067 dated February 8, 2012;
Basic Registration Number 29602000361
Power of Attorney No. 01-10/13-8
dated January 9, 2013

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