1. State company «Russian highways» General presentation June 2011

2. State company “Russian Highways” was created by the federal law №145-FZ 21.07.2009 in order to maintain and develop the highways network of Russia, improve road services and infrastructure. Russian Federation is the founder of the State company. Acting as a state organization State company “Russian Highways” attracts investments using PPP mechanisms. introduction - Attract investments using various PPP mechanisms - Maintain roads of the State company - Collect tolls and implement tolling - Manage the ROW and wayside - Carry out functions of the grantor on concession agreements goals 2

3. Government of the Russian Federation approved the long-term development program of the State Company “Russian Highways”. According to the program, planned investments of the State company for the years 2010-2019 are 35,7 billion euro, 24,1 billion euro (67,5%) of which are federal subsidies, and 11,6 billion euro (32,5%) – private financing. funding used forms of public-private partnership 3 concessions Direct toll Availability payments O&M contracts investment agreements for pre-project stage implementation with following concession possible (D+BTO) investment agreements for pre-project stage implementation with following concession possible (D+BTO) long-term contracts for construction and operation (BOT) long-term contracts for construction and operation (BOT)

4. prospective highways network of the State company by the year 2030 federal roads regional roads state border transit points legend: toll roads prospective roads Moscow By the year 2030 the total length of the road network of the state company will reach approximately 12 000 km. 4

5. existing highways network of the State company RoadLength, km Asset management transfer year Federal highway М-4 «Don» 15172010 Federal highways M-1 «Belarus» 4492010 Federal highway М-3 «Ukraine» 4882011 legend: roads transferred in 2010 roads to be transferred in 2011 Moscow 5

6. №ProjectConstruction timeLength 1Reconstruction of the M-4 “Don” federal highway2010-20161517 km 2Reconstruction of the M-1 “Belarus” federal highway2010-2019449,9 km 3Construction of the new Moscow – Saint-Petersburg highway2010-2019683 km 4 Construction of the new transport corridor “Center -Urals” (Moscow – Nizhniy Novgorod – Kazan – Yekaterinburg – Tyumen) 2011-20253000 km 4.1 Construction of Noginsk bypass (head part of the corridor “Center –Urals”)2011-201750 km 5Reconstruction of the M-3 “Ukraine” federal highway2011-2022488,8 km 6 Construction of the international transport corridor “Europe – Western China” (Saint-Petersburg – Vologda – Kazan – Orenburg – Kazakhstan border) 2011 – 20222090 km priority projects: 6 7Construction of the Central ring road2011-2022521 km

7. first concessions in Russia New Moscow – Saint- Petersburg highway construction New exit from the Moscow Ring Road and Odintsovo bypass The construction of the head part of the section 15 km – 58 km will start in 2010, and is realized on a concession basis by the «North-West concession company» LLC (group «Vinci», France). Construction cost – 1,48 billion euro, State financing – 38,6%, 0,57 billion euro, Private financing – 61,4%, 0,91billion euro, Construction time – 2010-2012, Concession type – direct toll Concession agreement for the new exit from the Moscow Ring Road and Odintsovo bypass at the federal highway M-1 “Belarus” was signed on the 17 th of July 2009 with «Main road» CSC ( MC“Lider”, Alpina, FCC, Brisa). Construction cost – 0,533 billion euro, State financing – 51,18%, 0,272 billion euro, Private financing – 48,82%, 0,261 billion euro, Construction time – 2011-2012, Concession type – direct toll Length43,1 Lanes10/8/6 Speed150 km/h Toll systemclosed Length18,5 Lanes8/6 Speed120 km/h Toll systemclosed 7

8. Moscow Saint-Petersburg Valday national park Novgorod 58 149 208 258 334 543 646 684 Moscow – Saint-Petersburg highway (km 58 – km 684) Road sectionLength, kmConcession type Concession tender time Construction time Construction cost, thousands € Private funds km 58 – km 14991direct toll2012-20132014-2017 1 384 847,5 40% km 149 – km 258109availability payment2015-20162017-2019 1 426 537 30% km 258 – km 334 (Vishniy Volochek bypass) 76--2013-2015 1 032 529,6 - km 334 – km 543209--2016-2019 2 068 413,6 34,2% km 543 – km 646103availability payment2015-20162017-2019 1 665 480,3 30% km 646 – km 68438availability payment2014-20152015-2018 782 195,6 30% 8

9. 15 58 Festivalnaya St. skyway Ac. Korolev St. Moscow Moscow – Saint-Petersburg highway: Northern belt road Moscow exit State company “Russian Highways” initiates important city projects such as the Northern belt road which links Moscow with the head part of the new Moscow – Saint-Petersburg highway. Northern belt specifications Length – 11 km. Number of lanes – 6 Approximate cost – 2,5 billion euro State investments – 50% Private investments – 50% Design&Construction: - 2012-2020 Concession type – DBFO/availability payments 9

10. 33 км 84 км231 км 449,9 км Moscow Smolensk Vyazma 380 км Road sectionLength, kmConstruction time Construction cost, thousands € Private funds км 33 – км 84512013-20151 046 250,035% км 84 – км 2301462014-2017746 937,535% км 230 – км 3801502016-2019761 187,535% км 380 – км 449,989,92016-2019408 500,035% M-1 “Belarus” federal highway reconstruction The whole M-1 “Belarus” federal highway will be reconstructed and operated via DBFO/availability payments financial scheme. 10

11. M-1 “Belarus” federal highway reconstruction Regions: Moscow, Smolensk Sections length: 436 km Intensity forecast: 16 000 – 50 000 vehicles per day Category: 1B Estimated speed: 120 km/h Number of lanes: 6/4 General information Project information Overall cost: mln. €: 3 000 State financing: 65% Private financing: 35% Concession type: Availability payment/ DBFO Concession time: 25 years Concession tender time: 2012 Reconstruction time: 2013 - 2019 11

12. M-4 “Don” km 633 – km 715 section construction Regions: Voronezh Section length: 82,5 km. Daily Intensity: 13 000 per day Category: 1B Estimated speed: 120 km/h Number of lanes: 4 Tolling system: closed General information Project information Overall cost: mln. €: 1000 State financing: 75% Private financing: 25% Concession type: Availability payment/ DBFO Concession terms: 25-30 years Tender terms: 2012-2013 Construction terms: 2015-2016 12

13. M-4 “Don” tunnel construction at km 1411 – km 1417 Regions: Krasnodar Section length: 5 km. Intensity forecast: 25 000 per day Category: 1B Estimated speed: 80 km/h Number of lanes: 4 Tolling system: closed General information Project information Overall cost: mln. €: 300 State financing: 50% Private financing: 50% Concession type: Availability payment/ DBFO Concession terms: 30 years Tender terms: 2013-2014 Construction terms: 2016-2018 13

14. 12 3 4 57 8 9 10 1 1414 1515 16161717 1313 1212 М-4 «ДОН» Legend toll sections O&M contract 1 toll sections not toll sections O&M contract 2 toll sections not toll sections O&M contract 3 toll section DBFO (LCC) contracts number of section M-4 “Don” highway: reconstruction for tolling NoToll sectionsTermMileage Current Traffic* NoToll sectionsTermMileage Current Traffic NoToll sectionsTermMileage Current Traffic O&M CONTRACT 1O&M CONTRACT 2O&M CONTRACT 3 1км 25 – км 48201223,538 300 6км 225 – км 260201135,513 0001414км 877 – км 892201315,510 000 2км 48 – км 7120112335 300 7км 287 – км 321201127,112 7001515км 948 – км 1024201476,518 300 3км 71 – км 117201245,824 200 8км 330 - км 355201126,713 8001616км 1091 – км 1119201427,918 000 4км 117 – км 21120129411 200 9км 355 - км 414201156,114 8001717км 1119 – км 1195201275,517 300 5км 211 – км 22520131414 700 10 км 414 – км 464201052,917 000 11 км 492 – км 517201426,328 000 12 км 544 – км 633201288,312 500 Moscow Voronezh Rostov-na-Donu Krasnodar № O&M contacts: sections breakdown UKRAINE BLACK SEA AZOV SEA NoToll sectionsMileage Total (Euro) Private finances (Euro) DBFO CONTRACTS 1313км 633 – км 715821 bln25% 18км 1411 – км 14165300 mln50% 6 18 * per day 14

15. 60 Noginsk 16 Moscow Ring Road 15 Construction of the new exit from the Moscow Ring Road at the federal highway M-7 “Volga” (bypass of Noginsk) Regions: Moscow area Sections length: 50 km Intensity forecast: 144 000 vehicles per day Category: 1B Estimated speed: 120 km/h Number of lanes: 6 Overall cost: mln. € 1 041 State financing: 50% Private financing: 50% Concession type: direct toll Concession time: 30 years Concession tender time: 2013-2014 Reconstruction time: 2015-2017

16. CRR – Moscow Central Ring Road CCR length – 520 km Result of the long-term program – first stage of construction (320,7km) Estimated speed – 140 km/h Number of lanes on the first stage - 4-8. №First stage of constructionkmTerms 1 Part 3 from the intersection with new M- 11 Moscow – Saint-Petersburg highway and M-7 federal highway 105,32011-2017 2Part 4 from the intersection with M-7 federal highway and M-4 federal highway 96,52013-2019 3Part 1 from the intersection with M-1 federal highway and new M-11 Moscow – Saint-Petersburg federal highway 118,82013-2019 16 3 3 3 4 4 1 1

17. International transport corridor “Europe – Western China” International transport corridor “Europe – Western China” will connect EU, Russia, Kazakhstan and China. It is estimated to have much influence on the integration of transport networks, trade development and regional cooperation. Prospective characteristics by the year 2022: Length: 2090 km, Category: 1B, Number of lanes: 4-6, Estimated speed: 120 km/h 17

18. According to the federal law №71-FZ State company received government guarantees of the Russian Federation for loans. The guarantees for the loans in the beginning of 2011 are 75 million euro and are destined to payback a nominal bonds volume or to return the loans of the State company. In 2011 these guarantees will be used to secure the bonds issue planned for the beginning of 2011. Secured bonds will allow their holders to submit claims to the Ministry of finance of the Russian Federation in case of unexpected difficulties with the redemption of bonds. Government guarantees 18

19. Thanks for attention