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Eastern European Markets
NEWS RELEASE
November 24, 2006

VR and Russian railways have set up a rolling stock company for passenger services and a sales company for freight services

VR Ltd and Russian railway company OAO RZD have set up a joint rolling stock company for high speed services between Helsinki and St. Petersburg.VR Ltd and OAO Transcontainer, subsidiary of RZD, have established a sales company to market container transport services.

Oy Karelian Trains Ltd

Oy Karelian Trains Ltd is a company which will acquire high speed trains and maintenance services for services between Helsinki and St. Petersburg. VR and RZD each own 50% of the company.

M. P. Akulov, Vice President, OAO RZD was chosen as chairman of the board. The presi-dent of the company is VR Passenger Services project manager, M.Sc. (Eng.) Ilkka Keränen. The registered office of the company is in Helsinki.

An international bidding competition will be organised for the acquisition of rolling stock.

In addition to new rolling stock, achieving faster travel times requires track investments in both countries and conducting all border formalities on the moving train. The aim is to redu-ce the travel time between Helsinki and St. Petersburg from the current five and a half hours to three hours.

A total of 267 000 journeys were made between Finland and Russia in 2005. The figure indi-cates a growth of 6% when compared with the previous year. Growth for 2006 is expected to be at least 15%.

Oy TransContainer Scandinavia Ltd

Oy TransContainer Scandinavia Ltd, jointly owned by VR and Transcontainer (50/50), will market container transport services to Russia, other CIS countries and also to e.g. China and Korea. Furthermore, the company will intensify marketing for the Helsinki–Moscow container train.

The registered office of the company is in Helsinki. Personnel have not yet been chosen.

In 2005 container transport by rail between Finland and Russia amounted to 125 000 TEU. A total of 80% of the containers was transported between Finland and the Far East.

TEU is a unit of measurement equivalent to one 20-foot co

www.vrgroup.fi


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