Pulkovo Airport

completed

The Project is to expand, develop, operate and maintain Pulkovo airport in St. Petersburg (the “City”), Russian Federation. Pulkovo is the only civil airport in the City and the fourth largest airport in the Russian Federation, serving 6.8 million passengers in 2009. In order to modernize the airport and address capacity constraints, the City decided to tender a 30-year concession to operate the existing airport facilities, construct a new terminal, which significantly expands the current terminal facilities, and invest in new airside and landside infrastructure to achieve an airport capacity of 17 million passengers per annum (the “Project”). The Project is Phase I of a master plan for the development of Pulkovo airport with future phases to be developed and funded at a later stage in accordance with the concession agreement. The concession has been awarded to Northern Capital Gateway (the “Project Company”), based on a competitive and transparent procurement process, under the terms of a Public Private Partnership Agreement (“PPPA”) that was signed on October 30, 2009. The proposed IFC financing will be used for the construction of the new terminal and associated facilities as well as the refurbishment of existing infrastructure and buildings at the airport. It is expected that major construction works will commence in 2010 and be completed by the end of 2013.