New Champlain Bridge Corridor

MAJOR PROJECT OVERVIEW:

New Champlain Bridge Corridor

ACHIEVEMENT OF FINANCIAL CLOSE

The Champlain Bridge over the St. Lawrence River links the City of Brossard on the South Shore, to the City of Montréal’s Verdun borough. It is one of the busiest crossings in Canada, used annually by over 40 million vehicles. An important component of the Continental Gateway corridor, the bridge also facilitates the transit of close to $20 billion of trade every year.

The Champlain Bridge is the most important component of a highway corridor between downtown Montréal and the South Shore and is part of the New Champlain Bridge Corridor (NCBC) which will cost approximately $4.2 billion and include: • New Champlain Bridge (NCB): 6 lanes, 3.4 km long bridge linking Nuns’ Island to Brossard on the South Shore; • New Nuns’ Island Bridge: 6 lanes, 468 m long bridge linking the Island of Montréal to Nuns’ Island; and • Highway 15: 6 lanes, 3 km long highway linking the Nuns’ Island

Bridge to the Quebec Ministry of

Transport’s Turcot Interchange.

With a proposed lifespan of 125 years, and given its strategic location in Montréal and its key role in the regional economy, the NCB will represent a significant federal legacy in the region and will contribute to the economic prosperity of the neighboring communities, the City of Montréal and Canada as a whole.

The Montreal Infrastructure and Project Finance practice of PricewaterhouseCoopers LLP led a consortium consisting of Steer Davies Gleave and Arup to provide technical and financial advice to Infrastructure Canada as follows: • Traffic and revenue forecasting for the tolling portion of the bridge; • Identifying the preferred technical solution for the NCBC (e.g. lane configuration, bridge design, traffic mitigation, bridge demolition solution, public transit solution and integration, etc.) and the related project costs; • Input to project planning and development of a business case; • Determining value for money to Canada; • Assessment of the Canadian market funding capacity for a project of the size of the NCBC; • Conducting risk analysis in order to determine the level of risk shared between the public and private sectors; • Conduct a market sounding to determine the market appetite for the project structure, procurement model and bankability of the envisioned solution; • Assistance on the integration of architectural considerations to the most important gateway to a major

Canadian city; • Providing assistance in the drafting of the procurement documentation (Request for Qualification (RFQ),

Request for proposals (RFP), project agreement (PA), payment mechanism); • Financial evaluation of RFQ and RFP submissions; • Assistance through financial close.

The project is currently under construction and the major project milestones were as follows: • March 2014: RFQ launch; • May to June 2014: RFQ evaluation and selection of three proponents; • July 2014: RFP launch; • August 2014 to January 2015: RFP bid preparation, including nine bilateral confidential commercial meetings and three rounds of proponent comments on the draft PA that will govern the

Public-Private-Partnership; • January 2015: Issuance of the final version of the PA; • February 2015: RFP technical submission; • April 2015: RFP financial submission and announcement of preferred proponent; • June 19, 2015: financial close.

The Montréal Infrastructure and Project Finance

TEAM BIO

Here is a brief bio of our Montréal Infrastructure and Project Finance team members:

Johanne Mullen, MBA

Partner, Leader of the Canadian Infrastructure and Project Finance (IPF) Group Johanne Mullen has 20 years of experience in the areas of capital project advisory, complex procurement advisory, project finance and public-private partnerships. She has worked with both the public and private sectors in structuring large projects in the transportation, health and urban infrastructure sectors. Johanne is a director and past president of the Institut pour les partenariats public-privé du Québec and a Director of the Canadian Council for Public Private Partnerships. Prior to joining PricewaterhouseCoopers Financial Advisory Services Practice in February 2000, Ms. Mullen was with the Export Development Corporation where she served in several roles related to finance and lending. From 1995 to 2000, she focused on the transportation industry, structuring and arranging international financing in the rail and aerospace sectors.

Richard Deslauriers, CPA Richard Deslauriers leads PwC’s IPF group in Montréal. He has over 15 years of Partner, experience in the areas of infrastructure projects, public-private partnerships and project

Infrastructure and financing. He has advised both government and private sector clients in the areas of Project Finance project structuring, finance raising, project analysis and public procurement processes.

Alexandre Prokhoroff, MBA Alexandre acts as a financing specialist advising private and public sector clients. His activities Director, include project financing structuring, commercial negotiations, capital market advisory, and Infrastructure and financial risk analysis. Project Finance He has 14 years of experience in financial advisory and structuring financing in corporate and project finance environments. He holds an MBA from the University of Cambridge (UK), where he was Judge Business School Director’s Scholar, and St. Catharine’s College Benavitch Scholar.

Tri Dung Paul Mai, MSc., CFA Paul joined the IPF team of PwC in Montréal in 2010. He recently completed the procurement phase Director, of the Champlain Bridge replacement project in Montréal (C$4.2B). Paul is a specialist in financial Infrastructure and modeling and value-for-money analysis within the context of infrastructure projects across Canada. Project Finance Before PwC, Paul spent two years working in the London office of the Asset Backed Investment team of Shinsei Bank. Paul has over ten years of experience and his knowledge spans many industries such as healthcare, energy, rail and social infrastructure. Paul holds a Masters in finance from the London Business School in the UK and also obtained the CFA designation.

Jacynthe Audette, MBA Jacynthe Audette is a Director at PwC in Montréal. She holds a Master’s degree in Director, Business Administration (MBA) from the University of Ottawa and has over ten years Infrastructure and of experience working with infrastructure projects in both Quebec and internationally,

Project Finance including transportation projects sponsored by the World Bank. Jacynthe has participated in many financial analyses and procurement processes for complex, highly publicized infrastructure projects in various sectors, including accommodation, transportation, health, energy, and mining.