Sochi 2014 President and CEO informs IOC Executive Board about strong recent progress

6/16/2009

16 June 2009, Lausanne, Switzerland – The President and CEO of the Sochi 2014 Organizing Committee, Dmitry Chernyshenko, today provided the International Olympic Committee (IOC) Executive Board with an update on the strong recent progress made in preparations for Russia’s first Winter Games. He also confirmed that thanks to the phenomenal success of its commercial operations, the Organizing Committee will self-finance in the next financial year. The report followed the recent visit to Sochi of the IOC Coordination Commission, led by its Chairman Jean-Claude Killy, when the delegation examined many aspects of the preparations for the 2014 Winter Games.

Addressing the Executive Board at the IOC’s Château de Vidy headquarters in Lausanne, Switzerland, Mr. Chernyshenko explained that Sochi 2014 is firmly on track in delivering the most compact Winter Games in history and that major progress had recently been made in the Sochi 2014 Olympic Park and Mountain Cluster. This included confirming that construction had begun on four venues in the Olympic Park: the Bolshoi Ice Palace, Maly Ice Palace, Curling Arena and Olympic Skating Centre. Mr Chernyshenko also outlined that the Sochi 2014 Organizing Committee generated more than US$500 million through its marketing program in the first five months of 2009. As a result, Sochi 2014 will use self-generated funds in the next period (2009-2010), postponing the need for state financing, which is guaranteed by the Russian Government.

Mr. Chernyshenko explained that infrastructure is being put in place to ensure the smooth passage of construction materials. A sea freight port in the Imeretinskaya Valley near the Olympic Park is now under construction, whose capacity will be 5 million tons per year by the end of 2010. Construction materials are being stored at purpose-built construction yards in the Valley. The first has been fully commissioned and by the end of 2009 the yards will have a capacity of 14.5 million tons.

Dmitry Chernyshenko, President and CEO of Sochi 2014, said:

“I was able to tell President Rogge and the other members of the IOC Executive Board that Sochi 2014 is 100% on track. The IOC Coordination Commission recently saw for themselves the progress that we have made over the last year, and we were pleased with their feedback.

“Russian Deputy Prime Minister Dmitry Kozak has announced that work has begun on four venues in the Olympic Park, which is another positive step forward for our national priority project. Under the new leadership of one of Russia’s top managers, Taymuraz Bolloev, the progress of Olympic-related development by the Olympstroy State Corporation is accelerating.”

Mr Chernyshenko also confirmed to that Sochi 2014 is making progress in areas beyond construction:

“Recently, Sochi 2014 has signed a landmark Memorandum of Understanding with the United Nations Environment Programme (UNEP) to mark World Environment Day. This will allow us to work with UNEP’s environmental experts to ensure we deliver on our continued commitment to host a Winter Games that not only protects, but also enhances the unique environment around Sochi.”

“We have also held a seminar on energy supply, attended by IOC experts and officials from the Russian Ministry of Regional Development, the Russian Ministry of Energy, the State Corporation Olympstroy and the Krasnodar Region’s administration. Energy provision is one of the most critical aspects of Games delivery.”

The seminar saw Russian energy experts present a five year strategy for increasing power supply in the Sochi region. According to the strategy, the capacity of the Region’s energy network will increase by two and a half times by 2014 guaranteeing stable power supply during and after the Winter Games. The project will include the redevelopment of existing energy infrastructure and the development of new energy facilities. Sochi currently consumes 424 megawatts of energy; 340 megawatts will be needed for the operation of Olympic venues and infrastructure.

The IOC Executive Board, founded in 1921, consists of the IOC President, Jacques Rogge, four Vice-Presidents and ten other members, and manages the affairs of the IOC.

Joining President Rogge on the Executive Board currently are: Lambis V. Nikolaou from Greece, Chiharu Igaya from Japan, Thomas Bach from Germany, Zaiquing Yu from China (all Vice-Presidents), Ser Miang Ng from Singapore, Mario Pescante from Italy, Sam Ramsamy from South Africa, Gerhard Heiberg from Norway, Denis Oswald from Switzerland, René Fasel from Switzerland, Mario Vázquez Raña from Mexico, Frank Fredericks from Namibia, Nawal El Moutawakel from Morocco, and Richard L. Carrión from Puerto Rico.

For more information on this press release please contact: media@sochi2014.com

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