INTHISISSUEE 2010I S P -P PBombardier(Canada) 65 * number of road, bridge, tunnel, rail, port, airport concessions over $50m capi-tal value put under construction or operation from

IN THIS ISSUEE 2010 INTERNATIONAL SURVEY OF PUBLIC-PRIVATE PARTNERSHIPS

This month Public Works Financing presents its 19th annual survey of the worldwideportfolio of infrastructure projects and services that have been proposed, awarded or com-pleted as public-private partnerships (P3) since 1985.

The “International Major Projects Survey” database has been published as the Octoberissue of PWF since 1992. To make it easy to use our annual compilation of P3 projects, itis presented in electronic form that subscribers can download by following instructions onour website at www.pwfinance.net

PWF started publishing its monthly newsletter in January 1988. Since then, we havegathered project information from news reported each month by PWF editors, annualdeveloper surveys, government and company web sites and other sources to update andcorrect the database. The result is a cumulative review of PPP projects in all stages ofdevelopment, from those that are in planning now to completed facilities dating back to1985.

PWF discourages year-to-year comparisons of the project data due to improvementseach year in the quality of the reporting and changes in the scope and cost estimates ofprojects as they mature. The resulting additions, corrections and deletions in the data don’tnecessarily reflect changes in the market. That said, we’ve added a search option this yearthat lets users sort projects by their date of financial close back to 1985. Publicly fundedDB/DBO/DBOM and DB/warranty projects are recorded as closed on the date of noticeto proceed, if available.

There are a broad range of privately developed public works facilities and transactionsdescribed in the survey. They fit the definition of public-private partnerships on p. 7. Theglobal expansion of P3s is largely due to government policy-makers’ desire to draw newcapital and market-driven innovation into the provision of infrastructure services.

The use of P3s is growing in the U.S. The traditional procurement approach used—design-bid-build—works well for many projects. But there are situations in which P3s canproduce better outcomes, such as:

• Capture private sector innovation early in project development

• Accelerate project delivery

• Fix costs/completion date early in design phase

• Encourage life-cycle cost efficiencies and quality facility performance

• Shift risks and reduce claims that under design-bid-build are the public’s responsiability continued on p. 3

FINANCINGPUBLIC WORKS

TMThe international business guide topublic-private partnerships andinfrastructure finance, since 1988.

October 2010

Volume 253

1 2010 International MajorProjects Survey

2 Global data on key P3 marketsectors and regions

3 Top transportation developersranked by concessions signed

4 Transportation P3 scorecard:$68 billion signed since 1989

7 Instructions for downloadingthe projects database

8 Opinion: expand federal taxassistance and tax code incen-tivesby David Seltzer and MichaelParker

10 Transport developers rankedby invested capital

11 U.S. & Canada transportationdeal flow: $11 billion in 2010;$12 billion est. in 2011

20 Public-Private ServicesDirectory

PWF’s “2010 InternationalMajor Projects Survey” maybe copied to your desktopby emailing rein-h a rd t@pwf in anc e . n e t .Subscribers will receive freepassword access; others mustprepay $675 (see p. 7). Thedownload contains an inter-active database that lets yousearch, sort and print cus-tomized reports on a widerange of public-private part-nership projects, by marketsector, country, region, andworldwide—since 1985.

2 PWFinancing / October 2010

Source: Roads (a) Rail Water (b) Buildings TotalPublic Works Financing2010 projects database # of

Projs.Cost

US $m**# ofProjs.

CostUS $m**

# ofProjs.

CostUS $m**

# ofProjs.

CostUS $m**

# ofProjs.

CostUS $m**

United StatesTotal planned +

funded since 1985100 81,101 37 80,349 194 19,094 164 10,983 495 191,527

Funded by 10/10 43 23,096 20 13,310 141 13,678 158 9,418 362 59,502

Canada

Total planned +funded since 1985

31 19,047 9 8,075 31 2,333 97 16,462 168 45,917

Funded by 10/10 22 13,151 2 2,175 17 1263 63 14,685 104 31,274

Mexico + Latin America + The CaribbeanTotal planned +

funded since 1985267 112,118 67 49,913 161 19,003 21 3,183 516 184,216

Funded by 10/10 153 68,413 26 10,354 85 11,655 10 975 274 91,397

EuropeTotal planned +

funded since 1985339 315,881 106 159,966 223 33,838 327 94,372 995 604,056

Funded by 10/10 200 176,673 57 47,350 171 23,263 239 70,358 667 317,643

Africa + Mid-EastTotal planned +

funded since 1985 25 18,786 17 19,479 113 45,971 9 1,410 164 85,645

Funded by 10/10 13 5,691 4 4,668 55 29,290 4 957 76 40,606

Asia + AustraliaTotal planned +

funded since 1985 299 105,226 92 96,708 184 51,170 41 11,672 616 264,776

Funded by 10/10 192 63,504 49 63,180 121 37,677 22 7,255 384 171,616

WorldwideTotal planned +

funded since 1985 1,061 652,159 328 414,489 906 171,408 659 138,081 2,954 1,376,137

Funded by 10/10 623 350,528 158 141,037 590 116,825 496 103,648 1,867 712,038

2010 Roads, Rail, Water, Buildings PPPs by Region*(cumulative since 1985)

*For detailed region, country and projects data (including airports and sea-ports), please download interactive database from the PWF International MajorProjects Survey CD and see “Transportation, Water & Buildings Projects” chart..

** Nominal dollars converted to US$ at time of financial close(a) excludes design-build-only road projects (In the U.S., 40 DB projects have

been publicly funded since 1985 for $16.6 bn See Scorecard p. 4-5.)

(b) Includes total fees for long-term service contracts under fixed-price agree-ments.

Note: Where projects are announced but scope and cost are not well defined,PWF has noted the intent to award a concession(s) but has not included acost figure in its database.

PWFinancing / October 2010 3

Also, in the U.S., P3s can offer more upfront capital forma-tion than municipal revenue bonds because:

• The tax-exempt bond market has more conservative debt-coverage ratios

• Investor classes are different, offering different risk appetites

• Private investors are willing to take more risk on toll-revenueperformance

• Tax-exempt borrowing rates are available throughthe $15-billion federal PABs program

• Accelerated depreciation creates significant value for privateequity

EVOLUTION OF PPPS

The shift toward market forces in the delivery of infrastruc-ture services began in the U.S. with rail, power and telecomderegulation during the 1970s. In the mid-1980s, Argentina,Chile and, most aggressively, the United Kingdom, broadenedthe privatization portfolio to include new risk-sharing arrange-ments for the delivery of public works infrastructure.

PWF’s “International Major Projects Survey” was started tomonitor that trend. The cumulative database now includes reportson about 3,300 projects that add up to $1.54 trillion. This numberincludes P3 projects that are being planned, built or are operatingin 140 countries. Within that universe, our project reports show1,867 transport, water and buildings facilities worth $712 billion infees and invested capital that have been placed under constructionor completed since 1985 (see chart on opposite page). �

TOP TRANSPORTATION DEVELOPERS

By Number of Concessions

Concessions / P3 ProjectsCompany Const../Operating* Prospects

ACS/Iridium (Spain) 60 52Global Via-FCC-Caja Madrid (Spain) 45 37Abertis (Spain) 40 7Ferrovial/Cintra (Spain) 38 12Macquarie Group (Australia) 36 9Vinci/Cofiroute (France) 35 14OHL (Spain) 29 18NWS Holdings (China) 28 2Acciona/Necso (Spain) 23 13Sacyr (Spain) 22 12Hochtief (Germany) 22 7Cheung Kong Infrastructure (China) 21 4EGIS Projects (France) 20 30Bouygues (France) 18 14John Laing (UK) 18 8Andrade Gutierrez (Brazil) 16 2Road King (China) 16 0BRISA (Portugal) 14 8Alstom (France) 14 7Grupo ICA (Mexico) 14 6Bilfinger Berger (Germany) 14 3Camargo Correa (Brazil) 12 1Impregilo (Italy) 10 6Eiffage (France) 10 4Reliance (India) 10 1Strabag (Austria) 9 8SNC Lavalin (Canada) 9 4Balfour Beatty (UK) 9 1Transurban (Australia) 9 1Siemens (Germany) 8 11Odebrecht (Brazil) 8 5Skanska (Sweden) 7 8Fluor (US) 7 5Itinere (Spain) 7 1Bombardier (Canada) 6 5* number of road, bridge, tunnel, rail, port, airport concessions over $50m capi-

tal value put under construction or operation from Jan. 1, 1985 to Oct. 1, 2010

(excludes design-build). Source: PWF 2010 International Major Projects data-

base

MMiinniinngg PPWWFF’’ss PPrroojjeeccttss DDaattaabbaassee

Deal Flow: Twelve U.S. and Canadian transportation pro-jects worth $11.3 billion reached financial close in the past12 months (see p. 11). There are 56 mostly greenfield U.S.and Canadian P3` transport projects (not including nineparking leases) that are in the deal-flow pipeline. Eleventransportation projects worth $12 billion will close in thecoming year, experts predict.

P3 History: Since 1989, in the U.S. and Canada therehave been 114 projects worth $68 billion that have beenbuilt or are under construction now as design-build projects(see p. 4-6). Of those, $33.5 billion included private respon-sibilities such as financing, operation and maintenance, andlong-term warranties. Lease-improve contracts for five tollroads were signed since 1999, when Highway 407 was auc-tioned by Ontario to the highest bidder.

League Tables: “Top Transportation Developers ByNumber of Concessions” signed since 1985 is led byACS/Iridium, Global Via, Abertis and Ferrovial/Cintra. “TopDevelopers by Total Invested Capital”(see p. 10) since1985 is led by Ferrovial/Cintra, ACS/Iridium, Macquarieand Vinci. The top 10 developers ranked on this list havebuilt 316 P3 projects worth $280 billion since 1985.

Worldwide: Since 1985, over 600 tollroad and motorwayP3 projects worth $350 billion have been financed. Europe($170 billion), Latin America ($68 billion) and Asia ($64 bil-lion), including Australia, lead the market. Rail concessionsworth $142 billion have been financed, almost half in Asia.


U.S. & Canadian Transportation Projects ScorecardContractAmountin nominal $ Private Notice to ($ millions) Project Name Owner Risk Proceed Sponsors (DB component)

3,850 Indiana Toll Road, IN Indiana Finance Authority 75-yr lease 6/06 Cintra Concessions/Macquarie

2,800 I-635 LBJ Managed Lanes, TX Texas DOT DBFOM 6/10 Cintra/Meridiam ($2.1bn Ferrovial Agroman)

2,600 ETR 407, Toronto, ON Ontario Ministry of Trans. 99-yr lease 5/99 Cintra Concessions/Macquarie

2,460 Port Mann Bridge, BC BC Ministry of Transportation DB 2/09 Kiewit/Flatiron

2,100 Denver Eagle P3 Rail, CO Denver RTD DBFOM 8/10 Fluor/Laing/Uberior ($1.27bn Fluor/BBRI)

2,047 North Tarrant Express, TX Texas DOT DBFOM 12/09 Cintra/Meridiam ($1.46bn Ferrovial)

1,998 I-495 HOT Lanes, VA Virginia DOT DBFOM 7/08 Transurban/Fluor ($1.4bn Fluor/Lane)

1,830 Chicago Skyway, IL City of Chicago 99-yr lease 1/05 Cintra Concessions/Macquarie

1,814 I-595 Managed Lanes, FL Florida DOT DBFOM 2/09 ACS Infrast. ($1.2bn Dragados/EarthTech)

1,674 Hudson-Bergen Lt. Rail, NJ NJ Transit DB/Equip+O&M 10/96 Wash. Group/Itochu ($1.15bn Perini/Slattery)

1,650 Canada Line, Vancouver, BC Gr. Vancouver Transit Auth, DBFOM 8/05 SNC Lavalin/Serco ($1.2bn SNC Lavalin)

1,430 A-30, Montreal, QC Ministry of Transport DBFOM 9/08 Acciona/Iridium (Dragados/SICE/Arup)

1,376 I-15 Reconstruction, UT Utah DOT DB 3/97 Kiewit/Granite/Washington Group

1,369 SH 130 Seg. 1-4, TX Texas DOT DB 7/02 Fluor/Balfour Beatty/DMJM + Harris

1,358 SH 130 Segments 5-6, TX Texas DOT DBFOM 3/08 Cintra/Zachry

1,340 Edmonton Orbital (NW), AB Alberta Transportation DBFOM 7/08 Bilfinger Berger (Flatiron/Parsons/Graham)

1,186 I-25 T-REX Road/Rail Exp., CO Colorado DOT/RTD DB 5/01 Kiewit/Parsons Trans. Group

1,100 I-15 South, UT Utah DOT DB 9/09 Fluor/Ames/Wadsworth + HDR

1,002 DFW Connector, TX Texas DOT DB 10/09 Kiewit/Zachry

980 Jamaica-JFK Airtrain, NY Port Auth. NY/NJ DB/Equip+O&M 9/99 Skanska/Bombardier ($980m Slattery/Perini)

914 Port of Miami Tunnel, FL Florida DOT DBFOM 10/09 Meridiam ($607m Bouygues/Jacobs)

814 Golden Ears Bridge, BC TransLink/Partnerships BC DBFOM 3/06 Bilfinger BOT ($746m Bilfinger/CH2M Hill)

803 Foothill Eastern Toll Road, CA Trans. Corridor Agencies DB 6/95 Flatiron/Wayss & Freitag/Sukut/Obayashi

790 San Joaquin Hills Toll Rd., CA Trans. Corridor Agencies DB 9/91 Kiewit/Granite

773 SR 125 So. + Connectors, CA San Diego Expressway L.P. DBFOM 5/03 Macquarie ($653m Washington/Fluor)

765 Southeast Stoney Trail, AB Province of Alberta DBFOM 5/10 SNC Lavalin/Acciona (same DB)

730 Confederation Bridge, PEI Public Works Canada DBOM 10/93 Vinci/BPC Marine/Ballast Nedam/SCI

712 Alameda Corridor, CA Alameda Corridor Trans. Auth. DB 11/98 Tutor-Saliba/O&G Indus/Pars. Grp + HNTB

705 So. Fraser Perimeter Road, BC BC Ministry of Transportation DBFOM 7/10 ACS/Ledcor ($650m Dragados/Ledcor)

700 Safe and Sound Bridge, MO Missouri DOT DB 4/09 Kiewit/Traylor Bros. + HNTB/LPA Group

689 JFK Terminal 4, NY Port Auth. NY/NJ DBFOM 5/97 Schiphol/LCOR ($689m Fluor/Morse Diesel)

645 Foothill South Toll Road, CA Trans. Corridor Agencies DB 11/98 Flatiron/HBG/Sukut/Fluor Daniel

615 Tacoma Narrows Bridge, WA Washington State DOT DB 11/02 Bechtel/Kiewit

611 Pocahontas Parkway Lease, VA Virginia DOT 99-yr lease 6/06 Transurban ($45m Fluor/WGI)

610 I-95 Relocation, Providence, RI Rhode Island DOT DB 6/97 Maguire Group/Cardi Construction

603 Northwest Parkway Lease, CO Northwest Parkway Authority 99-yr lease 5/07 BRISA/CCR

600 Eastside Light Rail, CA Los Angeles County MTA DB 7/04 Washington Group/Obayashi/Shimmick

597 Sea-to-Sky Highway, BC BC MInistry of Transportation DBFOM 9/05 Macquarie ($354m Kiewit/Miller/Capilano)

555 Northeast Stoney Trail, AB Province of Alberta DBFOM 2/07 Bilfinger ($345m Flatiron/Graham/Parsons)

541 Cooper River Bridge, SC South Carolina DOT DB 7/01 Flatiron/Skanska + Parsons Brinckerhoff

538 A25 Montreal, QC Quebec Ministry of Transport DBFOM 9/07 Macquarie ($207m Kiewit/Parsons)

530 BART SF. Airport Ext., CA Bay Area Rapid Transit Dist. DB 5/98 Tutor-Saliba/Slattery + HNTB

508 Trenton River Light Rail, NJ NJ Transit DB/Equip+O&M 6/99 Bechtel/Conti/Foster/Bombardier

500 Trans Canada Highway, NB NB Trans Ministry DBOM 11/98 Dragados-FCC/Vinci/Miller Paving

500 Route 1, NB Province of New Brunswick DBFOM 4/10 Dexter Group (Dexter Construction)

469 I-75, Collier + Lee Counties, FL Florida DOT DBF 5/07 Anderson Columbia Co., and Ajax Paving

464 Intercounty Connector, MD Maryland DOT DB 6/07 Granite/Corman/GA & FC Waggoner

446 I-4 Connector, Hillsboro, FL Florida DOT DBF 1/10 PCL Civil Constructors/Archer Western

446 Western Wake Freeway, NC NC Turnpike Authority DB 8/09 Archer Western/Granite + The LPA Group

431 IROX I-75, FL Florida DOT DBF 6/07 Anderson Columbia/Ajax Paving


U.S. & Canadian Transportation Projects ScorecardContractAmountin nominal $ Private Notice to ($ millions) Project Name Owner Risk Proceed Sponsor (DB component)

420 I-64 St. Louis, MO Missouri DOT DB 12/06 Granite/Parsons Trans. Group/URS

414 Highway 161, TX No. Texas Tollway Auth. DB 8/09 Fluor/Balfour Beatty + AECOM

395 Edmonton Orbital SE, AB Alberta Min. of Trans. DBOM 1/05 Macquarie/PCL/LaFarge

390 Route 28 Expansion, VA Virginia DOT DB 10/03 Clark Constr. Group/Shirley Contracting Corp.

390 SR 22 Improvements, CA Orange Cty CA Trans. Auth. DB 9/04 Granite/C.C. Myers/Steve P. Rados Inc.

390 LA Expo Lt. Rail, CA Expo Line 1 Const. Auth. DB 9/06 Flatiron/Fluor/Parsons Trans. Group

386 Conway Bypass Highway, SC South Carolina DOT DB 3/98 Fluor Daniel

385 Route 3 North, MA Mass. Highways DBF/Maint. 8/00 Modern Continental/Roy Jorgenson

350 Dulles Greenway Toll Road, VA TRIP II DBFOM 9/93 TRIP II ($150m Brown & Root)

343 Las Vegas Monorail, NV L.V. Monorail LLC DB/Equip+O&M 10/00 Bombardier/Granite

328 281 North Toll, TX Alamo Reg. Mobility Auth. DB 5/08 Fluor/Balfour Beatty

324 E-470 Beltway, Seg. 2&3, CO E-470 Public Hwy Auth. DB 8/95 Washington Group Intl/Fluor Daniel

323 E-470 Seg. 1, CO E-470 Public Hwy Auth. DB 7/89 Fluor/Morrison Knudsen

300 Ontario Service Centres, ON Ontario Min. of Transportation DBFOM 8/09 HMS Host/Kilmer Van Nostrand (Ellis Don)

295 US 550 (was SR 44), NM New Mexico SH&TD D/CM/Warranty 9/98 Koch Materials ($295m CH2M Hill/Flatiron)

291 Hiawatha Light Rail, MN Minnesota DOT DB 9/00 Granite/C.S. McCrossan

267 Gold Line Light Rail, CA LA-Pasadena Blue Line Const. DB 4/00 Kiewit/Washington Group

260 Anacostia River Bridges, DC Washington DC DOT DB 9/09 Skanska/Facchina

243 I-10 Bridges Escambia Bay, FL Florida DOT DB 4/05 Tidewater Skanska/Flatiron

238 TH 212, MN Minnesota DOT DB 8/05 Fluor/Edward Kraemer/Ames

238 I-15 Bridge Replacements, UT Utah DOT DB 1/06 Granite/Ralph L. Wadsworth Const.

236 Rt. 288, VA Virginia DOT DB/Warranty 12/00 Koch/APAC/CH2M Hill

234 St. Anthony Falls Bridge, MN Minnesota DOT DB 11/07 Flatiron/Manson + FIGG

233 E-470 Beltway, Seg. 4, CO E-470 Public Hwy Auth. DB 1/00 Kiewit/Washington Group

232 Palm Beach-Ft. Laud. Rail, FL Tri-County Commuter Rail Auth DB 8/01 Herzog/Granite/Washington Group

232 US 52 Reconstruction, MN Minnesota DOT DB 2/03 Fluor/Edward Kraemer/Ames

226 Carolina Bays Pkwy, SC South Carolina DOT DB 11/99 Flatiron/Tidewater

220 Blue Line Extension, DC WMATA DB 4/02 Lane/Granite/Slattery Skanska

211 I-95 Widening, FL Florida DOT DBF 12/07 Community Ashpalt

200 Kicking Horse Canyon, BC BC Min. of Trans. DBFO 2005 Bilfinger ($114m Flatiron/Parsons)

198 Rt. 28 Corridor, VA Virginia DOT DB 9/02 Clark Const./Shirley Contracting Corp.

195 Disraeli Freeway Bridge, MB City of Winnipeg DBFM 3/10 Plenary Group (PCL Constructors)

192 US 17 Washington Bypass, NC North Carolina DOT DB 2/06 Flatiron/United Contractors

191 Southern Connector, SC Connector 2000 Assn. DBF 2/98 Interwest ($na Thrift Bros.)

191 Atl. City-Brigantine Tunnel, NJ New Jersey DOT DBF 10/97 Mirage Resorts ($191m Yonkers/Granite)

184 U.S. 60 Upgrade, AZ Arizona DOT DB 5/01 Granite/Sundt

180 Northwest Parkway, CO NWP Public Highway Auth. DB 6/01 Washington Group/Kiewit Western

178 US 183, Austin, TX Central Tex. Mobility Auth. DB 12/04 Granite/J.D. Abrams + URS175

177 Palmetto Exp. Widening, FL Florida DOT DBF 8/08 Condotte-De Moya j.v.

175 York, ON BRT Regional Muni of York DBFOM 6/02 Nine firms (Kiewit/Delcan)

171 Reno ReTRAC, NV City of Reno DB 7/02 Granite/Parsons Trans. Group

148 US Route 1, Key West, FL Florida DOT DB 11/04 Granite w/Jacobs

140 I-485, Charlotte Loop, NC North Carolina DOT DBF 6/10 Blythe Construction/Wilbur Smith Assoc.

138 Triangle Parkway, NC NC Turnpike Authoriity DB 8/09 S.T. Wooten

136 I-494 Reconstruction, MN Minnesota DOT DB 8/04 Granite/C.S. McCrossan

132 U.S. 64 Knightdale Bypass, NC North Carolina DOT DB 6/02 Flatiron/Lane Const. Corp.

130 CPTC 91 Express Lanes, CA CalTrans DBFOM 7/93 Level 3/Cofiroute/Granite (sold 1/03)

130 U.S. 20, OR Oregon DOT DB 7/05 Granite/TY Lin International

129 U.S. 70, NM New Mex. SH&TD DB 7/02 Granite/Sundt/James Hamilton + URS

ContractAmountin nominal $ Private Notice to ($ millions) Project Name Owner Risk Proceed Sponsors (DB component)

125 Portland Airport Max Rail, OR Tri Met DB 10/98 Bechtel

121 95 Express Lanes, FL Florida DOT DBF 1/08 FCC/MCM

120 Okanagan Bridge, BC BC Dept. of Transport DBFOM 5/07 SNC Lavalin

111 US-1 Improvements, FL Florida DOT DBF 11/07 Community Asphalt

102 I-4 Over St. John’s River, FL Florida DOT DB 1/01 Granite/PCL Civil Constructors

86 I-17 Thomas to Peoria, AZ Arizona DOT DB 1/99 Granite/Sundt

85 Camino Colombia Bypass, TX Texas DOT DBFOM 6/99 Granite + Carter & Burgess

83 Hwy 104 Cobequid Pass, NS Nova Scotia MOT DBOM 5/96 CHIC: Aecom/AMEC/Dufferin

82 Hathaway Bridge, FL Florida DOT DB/Warranty 6/00 Granite

81 Sawgrass Expwy Widen, FL Fla. Turnpike Enterprise DB 4/05 APAC/Parsons Trans. Group

57 Anton Anderson Tunnel, AK Alaska DOT DB 9/98 Kiewit + Hatch Mott MacDonald

56 Belt Parkway, NY NYC DOT DB 7/02 Granite Halmar + Gannett Fleming

54 Carolina Bays, ph. 2, SC South Carolina DOT DB 5/03 APAC + Wilbur Smith Assoc.

53 New River Bridge, FL Tri-County Commuter Rail DB 2/03 Washington Group

Total $67.7 Billion Since 1989$24.7 Billion Design-Build

$33.5 Billion DB+F/O/M

$9.5 Lease+Improve

∅

Public Works FINANCING • published monthly since January 1988Editor/Publisher:William G. Reinhardt / Westfield, NJ(908) 654-6572; fax (908) [email protected]

Associate Editor:Lori Sharn / Washington, D.C.(703) [email protected]

PWF Canada:Dan Westell / Toronto (416) [email protected]

International Editor:Peter Reina / London [email protected]

PWF Spain:Dominic Curcio / Madrid(34) 91 413 [email protected]

Executive Editor:Elizabeth B. Reinhardt / Westfield, NJ(908) [email protected]

Illustrator:Kevin Sacco

Advertising Policy:The use of Public Works Financing as an advertising vehicle does not entitle advertisers to special consideration oneditorial content or placement of articles or other special treatment.

Publication office:147 Elmer St., Westfield, NJ 07090© Copyright 2010 by Public Works Financing. All rights reserved.

Subscription Price: Public Works Financing publishes 11 issues annually for a yearly price of $897 private sector; $697 government; $997 outside North America, payable in U.S. dollars drawn on a U.S. bank.

PLEASE NOTE: No part of this publication may be repro-duced, stored in a retrieval system, or transmitted by anymeans without the prior written permission of the publisher.


PWF’s International Major Projects Survey 2010 maybe downloaded to your desktop by emailing [email protected] to obtain a password and direc-tions for accessing the file. Paid subscribers and guests ofPWF advertisers may download the database for free.Others must prepay US$675.00 to obtain detaileddescriptions of the P3 infrastructure projects summarizedin this issue.

The file you will receive is a standalone database thatdoes not require installation and will not affect yourregistry. It may simply be deleted, rather than unin-stalled.

Once your copy of thedatabase is activated, youwill see an introductoryscreen that shows all theparts of the report.Double click on any ofthe text lines to see andprint the informationdescribed there.

The “Home Page”includes:

• Banner Ads—Ascroll bar on the left sideof the screen shows thebanner ads of many ofPWF’s advertisers.Moving your mouse overan ad will stop thescrolling.

• The ProjectsDatabase allows you toaccess details of over 3,300 projects, customize searchesfor subsets of the data, including individual projectreports, and print them out. The data is derived fromreports from P3 developers, governments and companywebsites, plus reporting from PWF’s correspondents,and is updated monthly. For the first time, the searchoptions this year allow you to sort projects by date of“Financial Close.”

A “How to Use” button for using the search capability is

on the top left of the “Search” screen. Print these direc-tions for easy reference.

• The Public-Private Services Directory links you toPWF's directory of the leading P3 experts.

• The six titles under Tables, starting with U.S. &Canada Transportation Deal Flow, are self explanatory.Of particular interest is the interactive chart, GlobalTransportation, Water and Buildings P3 Projects byRegion, which allows you to quickly search andorganize public works project reports by country,region and by type of project.

Click on any countryto see all of its projects.Pull down the “SelectCategory” menu toarrange projects by type.Click on any project’sname to get a more com-plete description of thatproject.

Public Works Financinghas produced theInternational MajorProjects Survey eachOctober for the past 19years. Our goal is toinform the debate on P3sby providing verifiablerecords of projects com-pleted and plannedaround the world, andincluding sophisticatedtools for analyzing theproject data.

In the debate over cancellation of the ARC tunnel inNew Jersey, for example, a 60-second search of the data-base reveals details of 38 tunnels worth $53 billion in 18countries that have been constructed as some form ofP3.

Please send corrections, updates and information onnew P3 projects to William G. Reinhardt,Editor/Publisher at [email protected]

INSTRUCTIONS FOR DOWNLOADING PWF’S MAJOR PROJECTS DATABASE


PWF adopts the definition of public-private partnerships(P3) used by the British Private Finance Initiative office, whichencompasses three types of long-term arrangements:

> the introduction of private sector ownership, full or partial,into state-owned enterprises;

> arrangements where the public sector contracts to pur-chase quality services on a long-term basis so as to take advan-tage of private sector management skills incentivized by havingprivate finance at risk. This includes concessions and franchis-es, where a private sector partner takes on the responsibility forproviding a public service, including maintaining, enhancing orconstructing the necessary infrastructure; and

> selling government services into wider markets, and otherpartnership arrangements where private sector expertise andfinance are used to exploit the commercial potential of govern-ment assets.

Definition of Public-Private Partnerships

A recurrent issue in this fall’sCongressional election campaigns wasthe effectiveness of the new grant pro-grams authorized by the 2009 ARRA(Recovery Act). Critics questioned thewisdom and efficacy of more federalspending programs while the federaldeficit grows ever larger. At the sametime, the “other deficit”—under-invest-ment in the nation’s infrastructure—remains a huge challenge, and projectsponsors continue to struggle to arrangefinancing on favorable terms in con-strained and volatile credit markets. Thefinancing costs are passed on to the pub-lic in the form of higher fees and taxes tocover those costs, delayed projects (andassociated benefits), or less infrastruc-ture financeable from the same futurerevenue stream.

While the core federal grant pro-grams will continue to play an impor-tant role, we believe an effective way forthe federal government to stimulate fur-ther investment in this fiscal and marketenvironment is to expand federal creditassistance and tax code incentives. Thesetwo powerful federal policy tools sharethe following common features:

• Project sponsors must identify rev-enue streams to support repayment,addressing the primary impedimentnationwide to further capital invest-ment;

• Both credit and tax incentives drawupon market discipline to ensurethe proposed projects are financiallysound;

• Credit and tax measures can beapplied to both publicly managedprojects and P3’s; and

• There is a much smaller budgetarycost of credit and tax subsidies thanfor grants, enhancing the feasibilityof any proposed policy initiative.

The tool kit for financing surfacetransportation should be diverse andflexible enough to allow states and local-ities to use the most efficient and appro-priate forms for each given project.Public owners should be able to launchthe challenging processes of planningand procuring projects with the confi-dence that, at their conclusion, they willhave access to a full range of potentialfinancing instruments, summarizedbelow:

Federal Credit Programs

The Transportation InfrastructureFinance and Innovation Act (TIFIA)and Railroad Rehabilitation &Improvement Financing Program(RRIF) can play an important role insupplementing other financing sources,especially amidst the current financialmarket turbulence affecting many pub-lically and privately-financed projects.However, limitations in these programshave reduced their utility relative to thedemand (from both private and publicsector borrowers) while new applica-tions for them have arisen. For example,of 39 projects submitting letters ofinterest for TIFIA loans last March,only four were invited to continue theprocess and apply for FY 2010 assis-tance, primarily due to program fund-ing constraints; almost $35 billion ofprojects were passed over.

As conditions in the capital marketshopefully continue to stabilize, TIFIA’srole may become less critical. Today, dueto the global flight of investors to quali-ty, the taxable TIFIA/RRIF interest rateis often lower than most tax-exemptmunicipal borrowing rates. When thisrelationship reverses, demand forFederal credit programs may slacken.However, apart from rate benefits, pro-grams like TIFIA and RRIF offer greaterflexibility in structuring and payingloans than do commercial sources of

debt capital. These and other potentialfederal lending programs will alwaysremain critical, counter-cyclical toolsthat should be adequately funded andadministered consistently, and transpar-ently.

Public Benefit Bonds

The successful Build America Bond(BAB) program hopefully will beextended in some form by Congress forat least another year. It should beexpanded to include projects with pri-vate participation that benefit the gener-al public (“Public Benefit Bonds”) suchas highway, transit, intercity passengerrail and airports in the transportationsector. This type of debt instrumentoffers an opportunity for internationalcommercial banks, pension funds, lifeinsurance companies, and the broadermarket for BABs to provide competi-tively priced debt for infrastructure pro-jects.

Many of these entities cannot benefitfrom and/or hold tax-exempt privateactivity bonds, but would like to includeU.S. infrastructure projects in their loanportfolios. The introduction of liquiddebt instruments for projects with pri-vate participation should lead to lowerinterest costs for project sponsors, andtranslate into lower user charges or fewerstate and local resources needed to ser-vice the debt. Moreover, Public BenefitBonds would incur little additional costto the Treasury over “regular” tax-exempt governmental or private activitybonds. Finally, a broadened BABs pro-gram could reduce the need for TIFIAand RRIF loans over the long-term byallowing private lenders to “compete”more effectively with the federal creditprograms.

In many cases, these investors canlend to projects on a draw-down sched-ule (like TIFIA and RRIF) thereby

Providing Federal Assistance with an Eye on the Deficitby Michael Parker and David Seltzer


avoiding or reducing the “negative carry”associated with capitalized interest, orthe need for accreting interest, which, inturn, reduces financing costs and thefederal subsidy. In addition, attractingthese highly experienced lenders whounderstand complex infrastructuretransactions will provide for strongerdiligence and oversight, improving thequality of projects and indirectly pro-tecting other lenders to projects, such asfederal credit programs and/or individ-ual bondholders.

Pubic Benefit Bonds would have low-ered the cost of financing now indirectlyborne by states such as Florida on tax-supported projects with private conces-sions, like the Port of Miami Tunnel andI-595. A sample senior bank loan thattoday bears a 7% interest rate wouldhave an effective rate under 5% if it wereexecuted through Public Benefit Bonds.

Similarly, less-expensive subordinatedor mezzanine debt, provided throughPublic Benefit Bonds, could offer a cost-effective way to reduce the amount ofequity needed for some projects and/orbe used on projects that do not incorpo-rate equity (non-concession projects).

Qualified Tax-Credit Bonds

In recent years, Congress has estab-lished half a dozen new classes of specialtaxable-rate bonds—qualified tax-creditbonds—where the federal governmentpays most or all of the interest expensethrough granting the investor an annualtax credit in lieu of cash interest.Congress to date has authorized quali-fied tax-credit bond programs totaling inexcess of $36 billion for forestry conser-vation, renewable energy projects, ener-gy conservation, qualified-zone acade-mies and new school construction.

Qualified tax credit bonds differ fromother federally-subsidized bonds such asBABs in several important respects. Thepermitted purposes are more narrowlydefined, the issuance volume is legisla-tively capped, the maximum interest rate

subsidy is set daily by the U.S. Treasury,and the maximum term of the bonds isset each month by the U.S. Treasury.

In 2010, Congress authorized issuersof most types of tax-credit bonds to electto receive refundable tax credits thatthey could present to the TreasuryDepartment for cash. This feature allowsthe bonds to be sold to investors as inter-est-bearing obligations indistinguishablefrom BABs, substantially enhancingtheir marketability over bonds payinginvestors interest in the form of tax cred-its.

A strong policy argument can bemade for establishing a sixth class ofbonds for surface transportation pro-jects—qualified transportationimprovement bonds—because of theirsubstantial spillover benefits. The pro-gram might be divided between a dis-cretionary program for large projectsthat are largely non-reliant on federalgrants, and a portion that would be for-mula-allocated to the states on the basisof population or some other metric.

The Treasury Department would setthe maximum reimbursable rate for thebonds marketed each day, at a rateenabling the bonds to be sold at theirface (par) amount, without interest costto the issuer. Every month, the Treasurywould establish the maximum permit-ted final maturity that would result inthe discounted present-value of thebonds equaling 20% of the maturityvalue (i.e., an effective 80% federalshare, consistent with other federal sur-face transportation assistance pro-grams)—provided that in no casewould the bond maturity extendbeyond 35 years. While this is a deeperfederal subsidy than the 50% levelapplied to other types of qualified tax-credit bonds, it is justifiable based onthe long-lived nature of transportationinvestments and their substantial pub-lic benefits (pollution reduction, energyconservation, job creation and econom-ic development, etc.).

A Qualified Tax-Credit Bond pro-gram rewards states and localities fordeveloping their own sources of revenueto fund critical transportation infra-structure. Issuers can develop projectswith positive benefit-cost ratios sooner,accelerating the benefits, taking advan-tage of today’s attractive constructionmarket and creating jobs now.

Conclusion

In an era of limited budgetaryresources, policy tools that draw upon acombination of credit and tax incentivescan play an important role in advancingmajor transportation investments forboth traditional and P3 project spon-sors. With federal grants being con-strained for the foreseeable future bydeficit concerns, the fractional budgetscoring of credit assistance and tax-pre-ferred bonds such as Public BenefitBonds and Qualified Tax Credit Bondsfor surface transportation may offer themost promising opportunities. At thesame time, these financing tools wouldreduce pressure on the existing federalgrant programs, which would continueto be focused on traditional uses.

These financing mechanisms couldbe implemented by existing organiza-tions, such as USDOT, which managesthe TIFIA and RRIF programs and allo-cates private-activity volume cap forHighway and Intermodal exempt-facili-ty bonds. Alternatively, if Congress wereto pass enabling legislation in comingmonths establishing a NationalInfrastructure Bank, the Bank couldassume responsibility for selecting pro-jects to receive both credit assistance andQualified Tax-Credit Bond volume capallocation.

David Seltzer is a Principal at MercatorAdvisors LLC in Philadelphia and MichaelParker is a Managing Director at JeffreyParker & Associates, Inc. in Philadelphia.


Company Total Invested* Some Representative Projects$ millions (Total number of concessions/leases)

Ferrovial –Cintra ! $61,493 (38) Highway 407 (Canada), Texas IH-635, Texas North (Spain) Tarrant Express, Texas SH 130, Indiana Toll Road,

Chicago Skyway (US), BAA, Birmingham Roads and Street Lights (UK), M-30, Madrid Sur (Spain)

ACS (Iridium Concessions) $38,244 (60) Fla. I-595 (US), South Fraser, Montreal A30 (Spain) (Canada), Madrid Calle 30, Barcelona Metro, Seville

Light Rail, (Spain), Autopista Central (Chile)

Macquarie $34,154 (36) Autoroutes Paris-Rhin-Rhone (France), M6 (Australia) Toll (UK), Highway 407 (Canada), Incheon Airport

Expressway, Cheonan-Nonsan Expressway (S. Korea), Indiana Toll Road, Chicago Skyway, SR125,

Vinci-Cofiroute $34,130 (35) A5 (Germany), Liefkenshoek Rail (Belgium),(France) Prado Sud Tunnel (France), Vasco da Gama Bridge

(Portugal), Elesfina-Patras-Tsakona Motorway (Greece), Confederation Bridge (Canada)

Hochtief $27,531 (22) Vienna Bypass (Austria), Sydney International (Germany) Airport, Eastlink (Australia), Vienna Northeastern Bypass

(Austria), Americo Vespucio Norte Beltway (Chile)

Egis Projects $22,203 (20) A5 North (Austria), A28, Rouen-Alençon (France), (France) A8 (Germany), A2 (Poland), SCUT A24 (Portugal), M25,

London Orbital Widening (UK)

Bouygues $16,514 (18) Port of Miami Tunnel (US), Gautrain Express Rail (France) (South Africa), M5 Motorway (Hungary), A28 Rouen-

Alencon (France), Busan New Port (S. Korea), New TyneRiver Tunnel (UK)

Global Via–FCC–Caja Madrid $18,241 (45) Transmontana Highway (Portugal), R3/R5 (Spain) Motorways, Malaga Metro, Barcelona Metro (Spain),

Envalira Tunnel (Andorra), M50 Dublin Ring Road (Ireland), Nuevo Necaxa Toll Road (Mexico)

OHL $15,689 (29) Barajas Airport Connector, Madrid Light Rail (Spain),(Spain) Autopista Regis Bittencourt, Autopista Fernao Dias

(Brazil), Autopista del los Andes (Chile), Mexico City Beltway (Mexico)

Bilfinger Berger $11,374 (14) A1 (Germany), M6 Tolna (Hungary), (Germany)(Germany) RiverCity Tunnel, Peninsula Link (Australia), Edmonton

Ring Road, Kicking Horse Canyon, Golden Ears Bridge, (Canada)

Total $280 billion (317 concessions/leases)

Source: Public Works Financing “2010 International Major Projects” database

*Aggregate value (in nominal dollars) of all of a firmʼs transportation P3 projects from October, 1985 to October 1, 2010. The “Total Invested” number isthe amount of public and private capital invested in public-private partnership projects in which a company has invested equity as part of a project devel-opment consortium, i.e. the public infrastructure improvements a firmʼs expertise and capital have helped to create or improve.! Includes Ferrovialʼs 2006 acquisition and operation of BAAʼs 7 UK airports, using $24.3bn enterprise value, post Gatwick sale.

Transport Developers Ranked By Invested Capital(as of 10/1/2010)



...................................................................($ mill.) Close DateFlorida, Port of Miami Tunnel $903 10/09Texas, North Tarrant Express Phase 1 $2,050 12/09Maryland, Baltimore Seagirt Terminal 334 1/10 Manitoba, Disraeli Bridge 195 3/10 New Brunswick, Route 1 Gateway 500 4/10 Ontario, Highway Service Centres 300 4/10 Connecticut, Highway Service Plazas 178 4/10 Alberta, Southeast Stoney Trail 765 5/10 Texas, LBJ IH 635 2,796 6/10 California, BART Airport Connector 484 7/10 British Columbia, South Fraser Orbital 705 7/10 Colorado, Denver FasTracks Eagle Rail 2,086 8/10

$11.3 billion

Airports ($ mill.) Status

Florida, Hendry County, Airglades na FAA applicationGeorgia, Gwinnet County, Briscoe Field na prequalsIllinois, Chicago, Midway 2,500 deferred to 2011Louisiana, New Orleans, Louis Armstrong na FAA applicationNew York, JFK Terminal 4 expansion 1,200 12/10 const. est.Ontario, Billy Bishop pedestrian tunnel 45 12/10 contract est.Puerto Rico, San Juan, Louis Muñoz Int’l na RFQ 8/10

Rail

British Columbia, Vanc. Evergreen Rail 1,000 7/10 RFQCalifornia, LA, Crenshaw Blvd. Corridor na feasibilityCalifornia, LA, Metro Red Line Ext. 4,100 feasibilityCalifornia, Sonoma-Marin Light Rail 600 feasibilityCalifornia, High Speed Rail 45,000 feasibilityFlorida, Tampa-Orlando High Speed Rail 2,600 11/10 RFI Hawaii, Honolulu Elevated Rail 5,400 feasibilityNevada-California, DesertXpress 3,500 10/09 RFQOntario, Sheppard East Maintenance 400 6/10 RFQOntario, Ottawa N-S Light Rail 1,400 feasibility

Ports

Oregon, Portland Port, Terminal 6 120 5/10 contractPennsylvania, Phil. Southport Terminal 300 7/10 shortlistTexas, Corpus Christi, LaQuinta Terminal 800 12/08 MOUTexas, Freeport, Velasco Terminal 1 200 9/09 negotiationsTexas, Galveston Port 1 Seaport na 6/10 RFQ

Toll Roads

Alabama, Montgomery I-10-Florida Coast na feasibilityArizona DOT (2 projects) na feasibilityCalifornia, High Desert Corridor 900 feasibilityColorado, Denver, Jefferson Parkway 480 feasibilityColorado, E-470 Lease na feasibility

Source: Public Works Financing, October 2010

For access to PWF’s Major Projects database, email [email protected] for downloading instructions

U.S. & Canada Transportation P3 Deal Flow

Toll Roads (cont.) ($ mill.) Status

Florida, I-4 Managed Lanes, Orlando na feasibilityFlorida, Jacksonville First Coast Beltway 2,200 feasibilityGeorgia, I-285/I-20 Truck Only Toll Lanes 1,200 feasibilityGeorgia, West by Northwest 1,100 5/10 RFQGeorgia, SR 316 (University Pkwy) 0 feasibilityNevada, I-15/US 95 HOT Lanes na feasibilityOntario, Highway 407 East Extension 1,460 12/10 RFPPennsylvania, I-95 HOT Lanes, Phila. na feasibilityPuerto Rico, PR 22/5 lease 2,000 9/10 shortlist Puerto Rico, PR-22 Extension na feasibilityPuerto Rico, PR-66 Phase 3 na feasibilityTexas, North Tarrant Express 2-3 2,000 11/10 est. closeTexas, Grand Parkway SH 99, Houston na feasibility

Toll Bridges

Michigan-Ontario, Detroit-Windsor Bridge 4,000 3/10 SOIIndiana-Ohio, Ohio River Bridge 4,100 feasibilityNew York, Goethals Bridge 1,000 11/10 RFQNew York, Tappan Zee Bridge 9,500 feasibilityNorth Carolina, Mid-Currituck Bridge 935 7/10 fundedPennsylvania, Scudder Falls Bridge 310 feasibilityVirginia, Elizabeth River Bridge/VA 104 400 feasibilityVirginia, Jordan Bridge Replacement 100 1/09 agreementWash.-Ore., Columbia River Bridge-LRT 3,600 5/10 negotiations

Toll Tunnels

Virginia, Norfolk Midtown Tunnels 2,200 CDAVirginia, Hampton Roads Bridge-Tunnel na feasibility

Untolled HighwaysCalifornia, San Fran., Presidio Parkway 500 pref. bidderCalifornia, LA, I-710 South 2,000 feasibilityCalifornia, LA, SR-710 Northern Extension 5,000 feasibilityFlorida, Miami-Dade Expressway na feasibilityOntario, Windsor-Essex Parkway 1,459 9/10 RFQ

Miscellaneous

California, Carlsbad Desalination 600 4/11 est. closeCalifornia, Long Beach Courthouse 200 11/10 est. closeCalifornia, Los Angeles Parking Garages 300 11/11 proposalsConnecticut, Hartford Parking Garages 75 1/10 RFPFlorida, Miami Parking Facilities na 11/10 referendumGeorgia, Atlanta Multimodal Terminal na 9/10 RFQIndiana, Indianapolis Airport Parking na 3/10 RFINew Jersey, NJ Transit Parking Lots na 10/10 RFQPennsylvania, Pittsburgh Airport Parking 215 feasibilityPennsylvania, Pittsburgh Meters, Lots 452 9/10 pref. bidderPuerto Rico, San Juan Airport Parking 200 feasibility

A panel of experts has determined that projects in boldface are likely toreach financial close in 2011.

Projects closed since 10/1/09

Projects in procurement, planning


• Timely• Pertinent

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project case studies, newsupdates, project leads,political trends, analysesof successful financings,profiles of key industryplayers, a directory of themost experiencedconsultants and much more.

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JANUARY 2010

Volume 245

INTHIS ISSUE

U.S. News

• DBFOM for Doyle Drivep. 1

• DBF option spreadingp. 3

• Jordan Bridge BOO ok’d p. 4

• E. Providence goes DBO p. 4

• Va. Midtown Tunnel study p. 5

• HSRail seeds two P3sp. 6

• Airport deals stack upp. 7

• LasVegas

monorail default p. 9

International News

•MexicoCityWWTPprotest

p. 10

• Chile rewrites P3 lawp.11

• Colombia signsRutadel Sol p. 13

• Portugal awards HSRail

p. 14

• Ferrovial-B

echtel LULdispute p. 14

• Denmark DBF road dealp. 15

• Melbourne road link award p. 16

• Syndey toll tunnel bustsp. 17

18 Case Study: Baltimore

Seagirt port P3 financed with

tax-exempt debt

20 Virginia port P3s await

political directio

ns

21 Transportation Policy

Review: National

Infrastructure Bank is risk

y

by Robert W. Poole Jr.

24 Transportation Scorecard

26 Canadian Infrastructure

Finance

36 Advertiser Index &

Public-Private Services

Directory

FINANCINGPUBLIC WORKS TM

Theinternational business

guide topublic-private

part-

nerships and infrastructure

finance, since 1988.n 30-Year DBFOM for Doyle Drive in San Francisco

The first project to move forward under California's new P3 law will be

the replacement of Doyle Drive, after an analysis showed a DBFOM would

create more value than a traditional procurement. Private financing could

also dissolve concerns that available public funds might not cover any cost

overruns, while freeing up $170 million in precious state cash for other pro-

jects.

Tolling the new road, called the Presidio Parkway, was vehemently

opposed by leaders in MarinCounty, home of many commuters who use the

1.6-mile southern approach to the Golden Gate Bridge. Instead, the work is

being funded by a mixture of federal, state and local money. Under the P3

scenario, the California Department of Transportation will be responsible

for making availabilitypayments for 30 years.

The California Dept. of

Transportation (Caltrans)

and the San Francisco

CountyTransportation

Authority(SFCTA)—the

projectco-sponsors—

intend to issue a request

forqualific

ationsin

February. An RFP cannot

bereleased

untilthe

California Transportation

Commission

determines

that the project meets the

criteria set in SB 4 for pub-

lic-private partnerships. If

approval isgranted in

Februaryor March, the

request for proposals could be released in April,at the earliest. The preliminary

timeline calls for selecting a winning bidder by August, and executing a final

lease in December, before Gov. Arnold Schwarzenegger leaves office.

The state has hired Nossaman LLP for legal and SperryCapital and

KPMG as financial advisors for Caltrans’s P3 program.

Work on the Doyle Drive replacement, whichis to be called the Presidio

Parkway, has been divided into two phases, each costing about $500 mil-

lion. The project will replace Doyle Drive witha new six-lane freeway south

of the Golden Gate Bridge. Phase I is already under construction. Under

the P3 scenario, the team hired to design, build and finance Phase II would

receive a milestone payment when the project is completed in 2013. The

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CANADIAN PUBLIC-PRIVATE SERVICES DIRECTORY

KPMG is a global leader – and Canada’s largest professionaladvisory firm, providing services to international public and pri-vate sector clients on matters of privatization, commercializa-tion, public–private partnerships and innovative infrastructurefinance. KPMG has provided economic and financial analyses,feasibility studies, demand forecasting, business planning, regu-latory and bid tender strategic advice to both public and pri-vate sector clients pursuing airport, toll road, water and waste-water, and telecommunications projects in North and SouthAmerica, Asia, Europe, and the former Soviet Union. ContactStephen C. Beatty at (416) 777-3569, fax (416) 777-3515, or WillLipson at (416) 777-3557, fax (416) 777-3515, Co-Chairs ofKPMG’s National Privatization Group.

Osler, Hoskin & Harcourt LLP has one of the leading public-pri-vate partnership (P3) legal practices in Canada. Osler hasextensive experience in all types of P3 arrangements includingconcessions, outsourcing of services, and privatizations of vari-ous government agencies, crown corporations and serviceproviders. We have advised on a broad spectrum of P3 pro-jects including major transportation (highways and airports),public transit, hospitals, schools, prisons, police stations, casi-nos, waste, water treatment, power generation and transmis-sion facilities and other infrastructure projects. We representpublic and private sector participants including developers,contractors, consortiums, service providers, governmentalagencies, consultants and financial institutions. Please contactBob Beaumont at (416) 862-5861 (e-mail: [email protected]), Lorne Carson at (403) 260-7083 (e-mail: [email protected]), Tobor Emakpor at (416) 862-4268 (e-mail:[email protected]) or Rocco Sebastiano at (416) 862-5859(e-mail: [email protected]).

For information about

how to list your firm in

PWF’s

Public-Private Services

Directory, please contact

William Reinhardt

at (908) 654-6572 or

fax (908) 654-6573

or email: [email protected]

Raymond Tillman, P.E. has been a widely recognized toll roadexpert for over 35 years. Services he provides to a broad rangeof public and private sector clients throughout the US and LatinAmerica include: traffic and revenue forecasts (back-of-the-envelope through investment grade); internal and external peerreviews; project development consulting, including viabilityassessments and implementation strategies; and toll road advi-sory services. He has worked closely with toll agencies, under-writers, lending institutions, rating agencies, “greenfield” facilityinvestors and developers, and equity participants. Reports pre-pared under his direction have supported over $30 Billion worthof bonds, and his credibility in the financial community reflectsthis record. Contact information is: (917) 328-2265 (cell) or (212)315-3566, or [email protected]

PUBLIC-PRIVATE SERVICES DIRECTORY

RT

Wilbur Smith Associates is an internationally recognized tollroad expert, providing financial, procurement, operationsand construction support for public agencies and privateclients on hundreds of toll facilities worldwide. For morethan 50 years, WSA has worked with investment bankers,debt holders, rating agencies, and equity partners to place$65 billion of revenue based financings, providing us withunparalleled credibility in today’s financial markets. We pro-vide services that help define a public-private partnershipand ensure that our clients are able to design a procure-ment to maximize their objectives. Notable projects include91 Express Lanes (California), 407 ETR (Ontario), MelbourneCityLink, President George Bush Turnpike (Texas), and SouthBay Expressway (California). Contact Ed Regan (203) 865-2191, Kamran Khan (630) 434-8111, or Grant Holland (770)936-8650, or visit us at www.WilburSmith.com.

As part of SUEZ ENVIRONNEMENT, United Water provideswater, wastewater and asset management services to 7.3million people in 25 states through the dedication of its 2,600employees. In addition to owning and operating 20 regu-lated utilities, United Water operates 240 municipal andindustrial systems through public-private partnerships andcontract agreements. Founded in 1869, the company’score expertise in providing safe, clean drinking water hasevolved into providing a full range of services, from techni-cal assistance to total asset ownership. We assist communi-ties improve service, reduce costs, comply with environ-mental regulations, manage labor relations and provideexcellent customer service. For more information visit unit-edwater.com or contact Mark Kropilak at 201-767-9300 orat [email protected].

Parsons Brinckerhoff provides atotal package of consulting ser-vices for infrastructure projectsworldwide. We advise seniordecision-makers of private firms,public agencies and financialinstitutions in all aspects of assess-ing, developing and deliveringprojects and programs. With a world class strategic adviso-ry group within our leading international engineering andconstruction management firm, we draw on over a centu-ry of successful experience with challenging and complexprojects to provide cutting-edge strategic advice. From ini-tial assessment of project feasibility to procurement or biddevelopment and on through project delivery, we workside by side with our clients to make you successful. Oursenior team has successfully helped our clients close inter-national transactions through our Program Management,Procurement Advisory, Due Diligence/Owner’s Engineer,and P3/Concession Advisory services. Contact DavidEarley, Director of Strategic Consulting, (202) 661-5310 [email protected] or Matthew Bieschke, Investor AdvisoryServices Manager, (202) 661-5311 [email protected]


Veolia Water North America is the leading provider ofcomprehensive water and wastewater services to munici-pal and industrial customers, providingservices to approximately 14 million people in more than600 communities. Our services include designing, buildingand operating water and wastewater treatment facilitiesand systems. We operate the nation’s largest public-pri-vate partnership for water services in Indianapolis, wherewe serve 1 million people, as well as the country’s very firstpartnership established in 1972 with Burlingame, Calif., an ongoing customer now for more than 30 years. The company is part of Veolia Water, the No. 1 watercompany in the world, serving more than 110 million cus-tomers. Veolia Water is the water division of VeoliaEnvironnement (NYSE:VE and Paris Bourse: VIE), the largestenvironmental services company in the world, with morethan 252,000 employees in more than 80 countries andannual revenues of approximately$30 billion. Visit the North American web site atwww.veoliawaterna.com or call (800) 522-4774.



Nossaman LLP, a U.S. law firm dedicated to representing gov-ernment agencies, is widely acknowledged to possess thebroadest and deepest practice in the world focused on U.S.transportation infrastructure, specializing in the effectivedeployment of P3s and other forms of innovative projectdelivery, finance, operations and maintenance.Recently we helped our clients achieve significant milestones:

• Texas DOT $2.8B LBJ Express Project – Toll Concession –Financial Close, June 2010

• Texas DOT $2.02B North Tarrant Express ManagedLanes Project – Toll Concession – Financial Close,December 2009

• Utah DOT $1.1B I-15 Corridor Expansion – Design-BuildContract – Proposer Selected, December 2009

• Florida DOT $900M Port of Miami Tunnel Project – Availability Payment Contract – Financial Close, -October 2009

• Texas DOT $1.02B DFW Connector – Design-BuildContract – Notice to Proceed, October 2009

• Texas DOT $2.68B LBJ-635 Expansion – Toll Concession – Commercial Close, September 2009

• North Carolina Turnpike Authority $640M Mid-CurrituckBridge Project – Pre-Development Agreement – Executed, April 2009

• Florida DOT $1.8B I-595 Managed Lanes Project – Availability Payment Contract – Financial Close, March 2009

Contact Geoffrey S. Yarema at [email protected]/ 213.612.7842, Patrick Harder at [email protected] / 213.612.7859, or Simon Santiago [email protected] / 202.887.1472. On the web atwww.nossaman.com and www.InfraInsightBlog.com


OHL Concesiones, SL OHL Concesiones, SL is one of theworld’s leading private developers of transportation infra-structure, being active in all its modes: highways, railways,airports and seaports. The company, founded as a sub-sidiary of the OHL Group, provides expertise and state of theart technology for developing under concession all types ofinfrastructure in any part of the world. Currently participatingin 24 concessions comprising 2,737 miles in the highway sec-tor, the corporation is also active in urban and suburbantrain lines, airports and commercial ports and marinas.Incontrast to other groups in the sector, OHL Concesionesholds control stakes in practically all of the concessions com-prising its portfolio, guarantying the best quality service. Formore information please contact: Roberto Hombrados 34(91) 348 47 58 [email protected]; or visitwww.ohlconcesiones.com.

O. R. Colan Associates (ORC) provides a full range of realestate services related to the appraisal, acquisition and relo-cation phase of design build highway projects. With morethan 30 offices in 18 states nationwide, the company isbroadly recognized as a leader in providing real estate solu-tions for public works projects. ORC provided the right ofway acquisition and relocation assistance for the followingsuccessful design-build highway projects: Segments 1-6 of SH130 in Texas; the Pocahontas Parkway in Virginia; Route 3North in Massachusetts; I-64 in Missouri; and portions of theIndiana Toll Road in Indiana. Currently ORC is in the finalstages of providing program management for the right-of-way acquisition phase of I-69 in Indiana and the DFWConnector project in Texas. Time is money on a design buildproject. ORC has the proven ability to deliver the right ofway in time for construction on fast paced projects whilemeeting all state and federal requirements. Contact SteveToth, COO, at [email protected] or visit us atwww.orcolan.com

Scully Capital is a specialized investment banking and finan-cial services firm providing a broad range of project financeand mergers and acquisitions expertise to clients in the envi-ronmental and infrastructure industries. The firm serves publicsector entities and private developers in water, wastewater,biosolids manage-ment, solid and haz-ardous wastes dis-posal, power gener-ation, transportationand infrastructuredevelopment. ScullyCapital brings aunique combinationof industry knowledge and financial expertise to help yourpublic-private partnership reach a successful closing. Thefirm is active in structuring senior debt, mezzanine financingand equity capital through the bank and private equity mar-kets. Please contact Brian T. Oakley or Kapil Jatindarya, 113315th St. NW, Washington, D.C. 20005, ph. (202) 775-3434, fax(202) 775-6049.


Infrastructure Management Group, Inc. (IMG) is a results dri-ven, full-service advisory firm specializing in improving themanagement, financing and operations of utilities, airports,transportation and other public-use infrastructure. IMG helpsinfrastructure owners and operators provide more and per-form better through innovation, performance managementtechnology, creative finance solutions, and public-privatepartnerships. IMG identifies and implements pragmaticapproaches and bold initiatives for superior customer servicedelivery and efficient operations. From San Diego to Bostonand from Detroit to Miami, our innovations have saved clientsbillions of dollars in operating costs and capital investment.Our corporate motto ‘bringing business to government’ is atestament to both the demands of our times and IMG’s com-mitment to our clients’ public service goals. For more informa-tion, contact John E. Joyner, President at (301) 907-2900, fax(301) 907-2906, or at 4733 Bethesda Avenue, Suite 600;Bethesda, MD 20814.

With more than 40 years of experience, IRIDIUM Concesiones(formerly Dragados Concesiones) is the ACS Group companythat promotes, develops and operates concession projectsworldwide. With over 100 projects developed in 21 countries,including 4,368 miles of highways, 1,107 miles of railroads, 16airports, 17 ports and several social structure concession pro-jects, IRIDIUM Concesiones is the world leader in this field. Weare proud to have global presence with local commitment.ACS Group companies apply their unsurpassed technical skillsto the planning, design, construction, operation and mainte-nance of infrastructures, using the latest technologies in anyarea and providing the highest level of excellence through-out. A solid financial capability combined with an innovativeapproach allows IRIDIUM Concesiones to structure the neces-sary financial resources for any project. Contact SalvadorMyro ([email protected]) at +(34) 91 703 85 48 or visitwww.iridiumconcesiones.com or www.grupoacs.com for fur-ther details.


With more than 2,000 staff across North America, LochnerMMM Group combines the respected transportation engi-neering and planning reputation of H.W. Lochner Inc. withthe extensive global P3 experience of MMM Group Limited.The firms’ project portfolios feature major award-winningtransportation assignments in the U.S. and Canada, includ-ing many P3s. Lochner MMM Group has proven workingrelationships with leading constructors and transportationinfrastructure investors. Its project implementation know-how and access to private capital and concessions exper-tise allow governments to achieve their infrastructure goalsmore quickly and at a lower cost.

Besides transportation planning and engineering, LochnerMMM Group’s core services include process consulting, pro-ject management, and investment and due diligence adviso-ry services for large P3 transportation undertakings. With over35 North American office locations, Lochner MMM Group is apartner of choice for U.S. P3 transportation projects.

Contact: Tom Stoner, PE, tel. (727) 572-7111; [email protected], or Dave Jull, P.Eng., tel. 905-882-7203; e-mail: [email protected]

Jacobs is one of the world’s largest and most diverseproviders of professional technical consulting services. As afull-spectrum lifecycle solutions provider we focus on devel-oping close strategic partnerships with our clients over the lifecycle of their projects. Jacobs provides a distinctive range ofcomprehensive planning, design and management exper-tise in almost every industry—public and private. We areoften called upon by government agencies to provide pro-gram advisory services related to public-private partnerships(P3) including financial and economic feasibility, procure-ment and other related services. As project funding decreas-es, public-sector clients are partnering with Jacobs to identi-fy and implement P3 programs tailored to meet their projectdelivery and financing challenges.

For more information, please contact Katie Nees at (214)801-8822 or Pamela Bailey Campbell (303) 968-7897



Hawkins Delafield & Wood LLP has the largest specialized pub-lic contract and finance legal practice in the United States. Wehave successfully negotiated and closed major infrastructuretransactions in every state. Our clients consist exclusively of gov-ernmental, non-profit and financial institutions. In the water sec-tor, Hawkins has served as special planning, procurement andnegotiating counsel to local governments on more than 75public-private partnership projects. In the transportation sector,we are consistently ranked by Thompson Securities Data as theleading finance counsel nationally.

For over 30 years Hawkins has pioneered highly successfulalternative delivery approaches to public works developmentand implementation using design-build, design-build-operate,and design-build-finance-operate contracts, franchise andconcession agreements, project financings and private activitybonds. The breadth and depth of our contract and financepractices provide a unique foundation for the firm’s practicaland creative counsel and strategic advice to clients seekingsolutions to infrastructure challenges in the water, transportation,solid waste and power sectors.

Contact: Eric Petersen at (212) 820- 9401 or Ron Grosser (212)820-9423 in New York, or Rick Sapir at (973) 642-1188 in Newark, orthrough our website at www.hawkins.com

Global challenges. Real solutions.Established in 1868, Halcrow specializes in planning designand management services for infrastructure developmentworldwide. We offer expertise in virtually all areas relatedto the built environment. Our teams are also specialists ina number of innovative areas, leading the way in marketslike public-private partnerships. Our expert strategic trans-action advice helps clients harness the potential of P3’s ininfrastructure delivery through:

• Strategic procurement• Due diligence• Risk management• Asset managementAt Halcrow, we’ve developed an unparalled track

record of public-private partnerships. Our ability to lis-ten and our detailed understanding of P3 transactionshave led to strong relationships with a range of clientsincluding public agencies, project promoters, conces-sionaires and financiers. For information on how we’resolving some of our clients’ greatest challenges, visithalcrow.com or email [email protected].

Herzog Contracting/Herzog Transit Services Inc. – Design-buildfor highway / heavy construction and railroad mass transit.North America’s largest rail and commuter rail constructionand maintenance contractor, provides rail mass transit opera-tions and dispatching in North America and railroad expertiseworldwide, delivering state-of-the-art technology for Hi SpeedRail Flaw Detection and railcar and railroad equipment leas-ing, ballast distribution, rail re-laying and railcar unloading.Also, development and operation of municipal and industrialsolid waste facilities.

� At (816) 233-9001, fax (816) 233-9881, or 600 S. Riverside Rd.,P.O. Box 1089, St. Joseph, MO 64507-1089, please contact:Joe Kneib, VP Market Development –[email protected]; George Farris, VP Marketing [email protected];Ray Lanman, VP Corp. Development, Herzog Transit – [email protected]; Scott Norman, V.P. Estimating/Project Development,[email protected] at (816) 233-9001

HOCHTIEF is one of the leading international providers ofconstruction-related services. With more than 64,000employees and a sales volume of EUR 19.10 billion in FY2008, the company is represented in all the world‘s majormarkets. The Group's service offering in the fields of devel-opment, construction, services, concessions and opera-tion covers the entire life cycle of infrastructure projects,real estate and facilities. In the USA, the biggest construc-tion market in the world, HOCHTIEF is the No. 1 generalbuilder via its subsidiary Turner and, with Group companyFlatiron, ranks among the most important players in thefield of transportation infrastructure construction. Flatiron, with a construction volume of more than $1 billion

in 2009, is one of the leading providers of transportationconstruction and civil engineering in North America. Its corecompetencies include major bridge, highway, and rail pro-jects. Flatiron also operates as a contractor in public-privatepartnership projects. For additional information, pleasecontact Steve Skelton (647) 259-3746 or Matt Girard (720)494-8110 or visit us online at www.flatironcorp.com andwww.hochtief-pppsolutions.com



Leaders and award-winners in design/build and privatizationprojects, Granite Construction with its joint venture partners hascompleted nearly $6 billion worth of design/build work, and hasanother $1.5 billion underway. Our highly successful design/buildprojects include the award-winning I-15 NOW Project in Ogden,Utah, the I-64 Project in St. Louis, the US 90 Bridge in Bay St. Louis,MS, and the Hiawatha Light Rail project in Minneapolis.

Granite, established in 1922, is a pioneer and strong advocateof partnering, for which we have received numerous awards. Thecompany employs about 5,000 people and reported 2009 rev-enues of $2 billion. Our large-project regional/estimating offices arein Watsonville, CA; Dallas; Tampa and New York. Other estimatingoffices are located in over 20 offices in six western states.

Contact Yale Lyman at (831) 728-7540, fax (831) 728-7578 orat P.O. Box 50085, Watsonville, CA 95077. Our website iswww.graniteconstruction.com

Egis Projects has unrivalled experience in most types of infra-structure P3 and concessions: motorways, bridges, tunnels,urban infrastructures, and, more recently, airports. We areexperienced with all types of remuneration (real toll, shadowtoll or availability schemes). Egis Projects relies on the spe-cialized skills of its shareholders: Groupe Egis, a leader ininfrastructure engineering, and Caisse des Dépôts, a AAAfinancial institution. Egis Projects acts as promoter, develop-er and investor in concession/P3 projects, as turnkey equip-ment integrator, as operator and manager of airports, and,via its wholly owned subsidiary Egis Road Operation, as oper-ator of roads and motorways. Egis Projects has also extend-ed its activities to electronic toll collection, toll network inter-operability, and safety enforcement, as well as associatedservices for road users under the Easytrip brand.

Egis Projects has financially closed 20 infrastructure pro-jects for a total value of Euro 10 bn. Egis Road Operation isoperating 20 motorways totalling 1,550 km in 14 countries.

Contact: Alain Poliakoff in Paris, France at (33) 1 30 48 48 09,fax (33) 1 30 48 48 91 or [email protected] or visit www.egis-projects.com

Global Via Infrastructure is a major transportation infrastructurepromoter, developer and operator with more than 41 projectsworld-wide. Consistently ranked one of the top five companiesin the public-private partnership market,

Global Via has the financial capability to accelerate delivery ofprojects, as well as the construction and operational expertise tomeet the highest standards for the life of a project. We take pridein working with local contractors, employing area businesses andindividuals during operation and incorporating community feed-back to deliver the best possible public service. For more informa-

tion, contact Fernando delCampo,at 011 (34) 91 456 58 73([email protected]) orTony Garrastazuat 305-789-6754([email protected])

For nearly a century, HNTB has helped create infrastructurethat best meets the unique demands of its environment andexceeds client expectations. With client relationships span-ning decades, we understand infrastructure life cycles andhave the perspective to solve technical challenges withclarity and imagination. Using a highly collaborativeapproach, we see and help address far-reaching issues offinancing, legislation, design, construction, community out-reach and ongoing operations. As employee-owners com-mitted to the highest levels of performance, we enableclients to achieve their goals and inspiring visions.

Contact Keith Rosbury at (972) 661-5614 or visit hntb.com.


Cintra plays a leading role in transport infrastructure developmentthroughout the world, with nearly 2,000 miles of managed high-ways worldwide. This represents a total global investment in trafficcongestion improvements of more than US $25 billion. Cintra hasa portfolio of 25 concessions in seven countries distributed amongSpain, Canada, United States, Portugal, Ireland, Greece andChile. Cintra was recently selected for two projects in Dallas, theLBJ Express and NorthTarrant Express. The Cintra-Ferrovial mergerin 2009 created one of the world's largest private operators oftransportation infrastructure and a leading services provider. Itcurrently generates net revenues of more than $16 billion a year,has operations in 49 countries and assets totaling approximately$59 billion. Ferrovial's business model is focused on end-to-endinfrastructure management, design, construction, financing,operation and maintenance. To this end, the company is activein complementary sectors, such as airport and toll road construc-tion and operation, as well as services. Contact: Carlos Ugarte([email protected]) (512) 637-8545. More information:www.cintra.es


Successful project finance requiresthe development and integration ofmarketing, engineering and environ-mental strategies into the overallfinancial framework. The Louis BergerGroup, Inc. has a proven trackrecord and an established practicein all three areas and has devel-oped innovative tools creating aseamless web between the technical and the financialdesign of projects. This has resulted in the successful financ-ing and execution of projects in the United States, Europeand the World. With offices in over 90 countries, the Groupbrings in-depth local understanding and an unequaledability to rapidly respond to clients’ needs. Contact: NicholasMasucci (973) 407-1000, [email protected]

Elias Group LLP provides legal and consulting services to gov-ernment and industry. We are a boutique law firm internation-ally recognized for our expertise in project finance, pub-lic/private partnerships, industrial outsourcing, joint venturesand strategic alliances, and M&A of regulated and non-regu-lated entities. The firm’s unique accomplishments include thefirst 20-year concession agreement executed in the U.S. for therehabilitation and operation of a municipal wastewater treat-ment facility. Our skills and practical experience are evident inthe multitude of transactions successfully completed.

Contact: Dan Elias or Michael Siegel at 411 Theodore FremdAvenue, Rye, NY 10580; tel: (914) 925-0000; fax: (914) 925-9344;or visit our web site: www.eliasgroup.com

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Our serv ices include: • Publ ic-pr ivate partnersh ips customized to theneeds of your munic ipal i ty-• So lut ions for water- re lated f inancial , opera-t ional and resource-re lated chal lenges-• Innovat ive water reuse systems for totalwater cycle opt imizat ion-• L ineSaver® Serv ice L ine Protect ion Program,offer ing water l ine, sewer l ine and in-homeplumbing emergency protect ion for homeown-ers Cal l Mark St rauss at (856) 346-8200 or v i s i twww.amwater.com

With a proud t radi t ion of serv ice dat ing back to1886 , Amer ican Wate r i s the wate r so lu t ionsp rov ider. Th rough ou r subs id ia r ie s , we se rveapprox imately 16 mi l l ion people in 35 U.S . s tatesand two Canadian provinces. Our exper ience inwater and wastewater serv ices i s extens ive andwe are dedicated to apply ing our expert i se tosolve our partners’ water and wastewater chal-lenges . Our commi tment to qua l i t y i s c lear :We’ve cons i s tent ly scored among the h ighest ofal l water companies for compl iance with s tateand federal dr ink ing water s tandards as wel l aswastewater requi rements .



Acciona—not just anotherSpanish company in NorthAmerica. At Acciona wehave a corporate commit-ment to sustainable devel-opment and renewableenergy. With over 38,000 employees worldwide, weare a publicly-traded international firm based inSpain, bringing local results to your community. As aworld leader in seawater reverse osmosis desalinationfacilities, Acciona Agua has 70 reference projectswith a total capacity of 420 million gallons per day ofdrinking water from the sea. We are the turnkey jointventure partner for the remediation and long-termoperation of the Tampa Seawater DesalinationFacility. Additionally, we have proudly designed, built,and now operate 320 conventional water, waste-water, and reuse projects treating 2.6 billion gallons ofwater per day-come to Spain and see for yourself.

Visit us online at www.acciona-agua.com or call AndyShea, USA Development Director (+1 914.441.7634) orAlejandro Jimenez, International Commercial Director (+3491.435.32.55).Acciona —Pioneers in Development and Sustainabil i ty

abertis is an international group that manages infrastructuresfor mobility and telecommunications in five business areas: >Tollroads > Telecommunications infrastructures > Airports >Car parks > Logistics parks . The group, with a presence in atotal of 17 countries, has a staff of over 11,000 employeesand practically 50% of its income is generated outside Spain.abertis 2007 key figures: > Total net profit: 682 million Euros. >Operational income: 3,620 million Euros. > Cash-flow: 1,345million Euros. > Gross operational income (EBITDA): 2,269 mil-lion Euros. > Investments: 2,141 million Euros. Contact: Studies and Corporate Communications

Direction (34) 93 230 50 39

ADVERTISER INDEX

Infrastructure Management Group, Inc.John E. Joyner (301) 907-2900

KPMGStephen C. Beatty (416) 777-3569; fax (416) 777-3515Will Lipson (416) 777-3557; fax (416) 777-3515

Louis Berger Group Inc.Nick Masucci (973) 407-1000

Scully Capital Services, Inc.Brian T. Oakley or Kapil Jatindarya (202) 775-3434

Raymond Tillman(917) 328-2265

Wilbur Smith AssociatesEd Regan (203) 865-2191Kamran Khan (630) 434-8111Grant Holland (707) 936-8650www.wilbursmith.com

Elias GroupDan Elias or Michael Siegel (914) 925-0000;fax (914) 925-9344 or www.eliasgroup.com

Hawkins Delafield & WoodEric Petersen in NY (212) 820-9401Ron Grosser in NY (212) 820-9423Rick Sapir in Newark (973) 642-1188

Nossaman LLPGeoffrey S. Yarema (213) 612-7842Patrick Harder (213) 612-7859Simon Santiago (202) 887-1472

Osler, Hoskin & Harcourt LLPBob Beaumont (416) 862-5861Lorne Carson (403) 260-7083Tobor Emakpor (416) 862-4268 Rocco Sebastiano (416) 862-5859

AbertisStudies and Corporate Communications Direction(34) 93 230 50 39

Acciona AguaAndy Shea +1 (914) 441-7634Alejandro Jimenez (34) 91 435 3255

AECOM EnterprisesRegis Damour (212) [email protected] Yelds (703) [email protected] Dingle +44(0)20 7776 [email protected]

American WaterMark Strauss (856) 346-8200www.amwater.com

Cintra, S.A.Carlos Ugarte (512) [email protected]

EGIS ProjectsAlain Poliakoff in Paris (33) 1 30 48 48 [email protected]

Flatiron / HochtiefMatt Girard (720) 494-8110Steve Skelton (647) 259-3746

Ferrovial Infraestructuras, S.A.Nicolás Rubio (34) 91 418 5610; [email protected] Redondo (34) 91 418 [email protected]

Global Via InfrastructureFernando del Campo 011 (34) 91 456 58 [email protected] Garrastazu (305) [email protected]

Granite Construction Inc.Yale Lyman (831) 728-7540; fax (831)[email protected]; www.graniteconstruction.com

Herzog Contracting/Herzog Transit Services Inc.Joe Kneib, [email protected](816) 233-9001George Farris, [email protected](816) 233-9001

Ray Lanman, [email protected](816) 233-9001Scott Norman, (816) [email protected]

Iridium Concesiones (formerly DragadosConcesiones)Salvador Myro in Madrid (34) 91 703 85 [email protected]

OHL ConcesionesRoberto Hombrados + 34 (91) 348 47 58 [email protected]

United WaterMark Kropilak (201) [email protected]

URS CorporationFrank Finlayson (208) [email protected]

Veolia Water North AmericaScott Edwards (800) 522-4774

[email protected]

HDR [email protected]

HNTBKeith Rosbury (972) 661-5614

Infrastructure Management Group, Inc.John E. Joyner (301) 907-2900

JacobsPamela Bailey Campbell (303) 968-7897Katie Nees (214) 801.8822

Lochner MMM GroupTom Stoner, PE (727) [email protected] Jull, PE (905) [email protected]

O.R. Colan AssociatesSteve Toth [email protected]

Parsons Brinckerhoff Strategic ConsultingDavid Earley (202) 661-5310, [email protected] Bieschke (202) [email protected]

Financiers/Financing Advisors

Legal/Procurement Advisors

Developers/Operators/Sponsors

Procurement/Technical Advisors

Documents

INTHISISSUEE 2010I S P -P PBombardier(Canada) 65 * number of road, bridge, tunnel, rail, port, airport concessions over $50m capi-tal value put under construction or operation from