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POLAND - the largest road construction site

Listopad 2009

Expressway S7 Biaobrzegi - Jedlisk

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The largest road construction program in Europe:

over1000 km of motorways

over1500 km of expressways

to be built by 2015.

A1 Construction of Sonica Bek section

S8 K construction of Konotopa Powzkowska section

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VISION

To build a system of high

capacity roads providing

the fastest and safest

connection of all centers ofeconomic activity in Poland

and links with the European

transport system.

In total over 2000 km of motorways

and 2500 km of expressways

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CURRENT STATUS

Completed1319 km

of high capacity

roads,

of which 817 km of

motorwaysand482 km of

expressways.

Completed

Construction ongoing

Completed by 2009 end

Tender ongoing

PPP commecrcial;y closed

Tender to be anounced in 2009

Preparatory works

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BUDGET (USD billion, without concessions)

FINANCING MECHANISMS

Debt financing through the National Road Fund

Selected toll motorway projects proposed

for DBFO concession:

A1 north works ongoingA1 central commercially closed

A2 west works ongoing

A2 east new proposed project

Droga ekspresowa S69 Laliki - Zwardo

Obwodnica Puaw w cigu drogi ekspresowej S12

2009 2010 2011 2012 total

7,8 10,2 14,5 8,7 41,2

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National Road Fund

Special account administered by the Bank of National Economy (BGK)

Annual plan of expenditures and debt agreed with the Government

BGK takes credits from international financial institutions (chiefly European

Investment Bank)

BGK issues tradeable bonds on national market

BGK debt is covered by the state budget guarantees

A1/A4 Budowa wza Sonica Budowa drogi ekspresowej S69 Szare - Laliki

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INFRASTRUCTURE BONDS ISSUED BY BGK

In 2009 BGK will issue 2.8 USD billion in unfrastructure bonds (2 USD

billion already issued, next issue planned for first decade of December)

Tenure - 3, 5 and 9 year bonds

Yield state treasure bonds + margin

Maximum security state treasury

guarantees backed by revenues

of the National Road Fund

In 2010 BGK is expected to issue

another 2.9 USD billion in

infrastructure bonds

Autostrada A1 Rusocin Nowe Marzy

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CASE A2 WARSAW - EASTERN BORDERFIRST SEGMENT WARSAW LUKOWISKO (88 KM)

DBFO CONCESSION FOR

CONSTRUCTION AND OPERATION OF TOLL MOTORWAY

A2 motorway in Polish territory is a part of

E30 corridor linking Ireland with Russia.

It is commonly referred to as the most

important European road corridor

running through Ireland, UK,

The Netherlands, Germany, Poland

Belarus and Russia.

The total length is 5800 km.

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A2 TOLL MOTORWAY (WEST TO EAST)

SWIECKO (WESTERN BORDER)

NOWY TOMYSL:

under construction, availability based concession

NOWY TOMYSL KONIN:

under operation, real toll concession

KONIN LODZ:

under operation, construction financed

by the National Road Fund/EU grants

LODZ WARSZAWA: DBFO concession failed, under constructionconstruction financed by the National Road Fund

WARSZAWA EASTERN BORDERFirst subsegment (Minsk Mazowiecki Bypass 21 km) under construction

Proposed DBFO concession for Warsaw Lukowisko (construction and

operation including Minsk Mazowiecki bypass operation only)

http://pl.wikipedia.org/w/index.php?title=Plik:NowaMapaA2.svg&filetimestamp=20090904203012

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A2 Warszawa ukowisko

total length for construction 88 km

total length for operation 108 km

completely new alignment, full length dual carriagewa two-lane motorway

toll plazas, service areas, interchanges

real toll closed system for light vehicles, electronic toll for heavy vehicles

concession tenure: 35 years (2050)

cost estimate: 2.5 USD billion

invitation to tender: mid 2010