Infrastructure investments are a strategic business area for VTB Capital. We continue to actively expand this business and remain a leader in implementing private-public partnership infrastructure projects in Russia. We have successfully completed a number of large-scale projects, and I am certain that the extensive experience of our team will help us implement this project at the highest level.

The Moscow-St Petersburg motorway is a strategically important federal investment project to develop Russia's transport infrastructure. The modern high-speed road is planned as a major thoroughfare linking the two largest cities in Russia.

The construction of the new M-11 highway started with the sections closest to areas with the highest transport loads. As of today, construction works are underway on the 15-58km section of the road following the signing of a concession agreement in line with the Russian Federation Government Decree No. 511-r dated 24 April 2007. In late 2011, a long-term investment agreement was signed with a view to building the 258-334km road section (a bypass of the city of Vyshny Volochyok) on the basis of a life cycle contract scheme.