Canada P3-12-Month Review

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2 Canada greenfield P3-12-month review - deals reaching financial close Total Number of Deals 28 Total Deal Value 1 Federally procured project CAD 2.12bn BC 3 Deals CAD 662m NT 2 Deals CAD 344m AB 1 Deal CAD 143m SK 6 Deals CAD 2.24bn ON 11 Deals CAD 8.90bn QC 11 3 Deals CAD 570m NB 1 Deal CAD 95m Transport 8 Deals CAD 11.2bn Social Infrastructure 16 Deals CAD 3.47bn Environment 2 Deals CAD 210m Other 2 Deals CAD 211m InfraDeals Canada CCPPP 2015 Data 2

3 15 Canada greenfield P3 activity CAD bn YTD Total deal value Project finance X Number of deals InfraDeals Canada CCPPP 2015 Data 3

4 Largest deals CAD 5.3bn Eglinton Crosstown CAD 2.1bn New St. Lawrence Bridge CAD 1.3bn Highway 407 East Phase 2 CAD 1.1bn Regina Bypass Financial close: 24 Jul 2015 Financial close: 19 Jun 2015 Financial close: 13 Mar 2015 Financial close: 5 Aug 2015 Procurement: 913 days Procurement: 459 days Procurement: 717 days Procurement: 449 days Procuring organisation: Infrastructure Ontario, Metrolinx Winning consortium: Grupo ACS (25%), SNC- Lavalin (25%), EllisDon Capital (25%), AECON Concessions (25%) Total equity commitment: CAD 96m Debt: Bank debt of CAD 545m, Capital market debt of CAD 730m. Significant milestone payments and govt support. Procuring organisation: Transport Canada Winning consortium: SNC- Lavalin(50%), HOCHTIEF Solutions AG (25%), Grupo ACS (25%) Total equity commitment: CAD 97m Debt: Bank debt of CAD 1.15bn from a club of eight banks. Capital market debt of CAD 692m Procuring organisation: Infrastructure Ontario Winning consortium: Ferrovial(50%), Holcim Group Support (50%) Total equity commitment: CAD 31m Debt: Bank debt of CAD 245m from four banks - SMBC, TD, RBC, Mizuho. Capital market debt of CAD 375m Procuring organisation: SaskBuilds Winning consortium: Connor, Clark & Lunn Infrastructure (25%), Gracorp Capital Advisors(12.5%), Vinci Concessions(37.5%), Parsons (25%) Total equity commitment: CAD 61m Debt: Bank debt of CAD 575m from a club of six banks. Capital market debt of CAD 647m InfraDeals Canada CCPPP 2015 Data 4

5 Greenfield P3 country comparison - by value and number CAD bn Number of deals Canada US UK Australia 0 Total value of deals X Number of Deals *Data calculated on greenfield P3 activity Nov Oct InfraDeals Canada CCPPP 2015 Data 5

6 Top advisors - legal, technical and financial Financial advisors - by number of deals Rank Firm Number of Deals 1 EY 10 2= National Bank Financial 6 3 KPMG 5 4 PwC 4 5= Rocklynn Capital 3 5= Deloitte 3 5= Brookfield 3 Legal advisors - by number of deals Rank Firm Number of Deals 1 McCarthy Tétrault 11 2 Blake, Cassels & Graydon 10 3 McMillan 8 4= Osler, Hoskin & Harcourt 7 4= Farris 7 Technical advisors - by number of deals Rank Firm Number of Deals 1 Altus Group 8 2= Stantec 5 2= Turner & Townsend 5 4 Mott MacDonald 3 5= Arup 2 5= BTY Group 2 5= Cannon 2 Financial advisors - by value of deals Rank Firm CAD m 1 EY 9,536 2 National Bank Financial 9,361 3 Scotiabank 7,443 4 PwC 2,516 5 KPMG 1,013 6 Rocklynn Capital TD 594 Legal advisors - by value of deals Rank Firm CAD m 1 DLA Piper 8,238 2 Fasken Martineau 7,252 3 Blake, Cassels & Graydon 7,100 4 McMillan 4,348 5 Osler, Hoskin & Harcourt 2,864 Technical advisors - by value of deals Rank Firm CAD m 1= Parsons 5,319 1= MMM Group 5,319 1= Hatch Mott MacDonald 5,319 1= Atkins 5,319 5 Arup 3,405 6 Altus Group 2,454 *League tables calculated on greenfield P3 activity Nov Oct InfraDeals Canada CCPPP 2015 Data 6

7 Top Lenders - bank debt and capital markets Bank debt - by number of deals Rank Firm Number of Deals 1 TD Securities 8 2 National Bank of Canada 6 3= Desjardins 5 3= Bank of Montreal 5 5= SMBC 4 5= ATB 4 Bank debt - by amount lent Rank Firm Total CAD m 1 National Bank of Canada TD Securities SMBC Mitsubishi UFJ Financial Group Desjardins 329 Capital market arrangers - by number of deals Rank Firm Number of Deals 1 National Bank Financial 6 2 Royal Bank of Canada 5 3 Scotiabank 4 4 TD Securities 3 5= CIBC 2 5= Bank of Montreal 2 Capital market arrangers - by value of bonds arranged Rank Firm Total CAD m 1 National Bank Financial 1,399 2 Royal Bank of Canada 1,099 3 Scotiabank TD Securities HSBC 346 *League tables calculated on greenfield P3 activity Nov Oct InfraDeals Canada CCPPP 2015 Data 7

8 Canada Pipeline - projects actively in procurement by value of projects Environment 12% Transport 23% by number of projects Environment 18% Transport 53% Social Infrastructure 35% Social Infrastructure 59% Ontario 13 Projects CAD 3.46bn BC 4 Projects CAD 1.02bn Manitoba 1 Project CAD 568m Federal 2 Projects CAD 2.32bn Alberta 2 Projects CAD 2.64bn New Brunswick 1 Project CAD 200m InfraDeals Canada CCPPP 2015 Data 8

9 Upcoming Canadian deals Sector Project Province Status Value (CAD m) George Massey Replacement BC Pre-launch multi-billion Highway 427 Extension ON Shortlist expected November Edmonton LRT P3 - Valley Line AB Three teams shortlisted, preferred bidder announcement expected November 1,800 Gordie Howe International Bridge ON / Michigan RFQ returned, shortlist expected year end. 2,000 Finch West Light Rail Project ON RFQ issued, submission due November 1,000 Mackenzie Vaughan Hospital PPP ON RFP has been released, preferred bidder expected 1Q Southwest Calgary Ring Road AB Teams have been shortlisted 1,300-1,700 Southwest Transit Stage 2 MB RFP has been released 450 InfraDeals Canada CCPPP 2015 Data 9

10 NEW NEW customisable alerts Never miss a project update again! Receive customised alerts based on InfraDeals transactions database searches Access over 9,000 global transactions Track the deal activity of individual sponsors, advisors, lenders and government agencies Get updates whenever chosen projects progress Visit today

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