1. US 36 Managed Lanes Project Case Study

2. Project Corridor • US 36 Corridor (the “Corridor”) is comprised of 23 miles of highway connecting Denver to Boulder, Colorado (dual direction heavy commuter route) • The Corridor diagonally bisects the northwest Denver metropolitan area, carrying an average of between 80,000 and 100,000 trips per day • The Corridor is economically diverse • ~17% of Denver metro region's business (>26,000 businesses) and employment (>200,000 jobs) located along Corridor • By 2035, population and employment within 3 miles of the Corridor are anticipated to grow by 28% and 53%, respectively • Long-term employment along the Corridor is expected to grow by 129,580 workers with annual wages totaling $520 billion by 2035 • Existing commuter corridor with established traffic patterns - allows for more precise traffic forecasting than greenfield toll projects 2

3. Project Scope • Financing, design and construction of the Phase 2 Corridor General Purpose Lanes • Operations on the Phase 1 Corridor, Phase 2 Corridor and I-25 Express lanes • Project Co collects to its account toll revenue generated on above Managed Lanes • Maintenance and Lifecycle as follows: *1 - Concessionaire will lifecycle Non-Separable Tasks (tasks that that relate to lifecycle of a maintainable elements that are not easily delineated between the managed and general lanes (eg. a shared overpass)). HPTE to reimbursed Project for appropriate % for GPL lifecycle. *2 - Substructure not a Concessionaire responsibility *3 - Concessionaire responsible for Deck and Superstructure only. Substructure (piers, etc.) remains HPTE responsibility. 3

4. Concession Agreement • Concession Term is 50 years from Planned Full Commencement Date • Concession Agreement based on an industry accepted precedent • Equitable Compensation, Relief and Force Majeure Provisions • Standard Default and Termination Provisions • Compensation for any expansion of the US36 and I-25 • Revenue Share between HPTE and PRD based on PRD meeting certain return thresholds 4

5. Tolling and Revenue • Toll revenue will be collected from 7 toll gantries on US36 and 1(existing) gantry on the I-25 . Free vehicles include BRT, HOV3+, emergency vehicles • Each gantry will charge a separate toll • Initially tolls will be based on “time-of-day” pricing • In later years when congestion has increased tolling will be “fully dynamic” with pricing based on real-time expected time savings and guaranteeing 45 mph travel • I-25 revenue will account for a significant percentage of total Project revenue • I-25 is currently a tolled route with a history of revenue collection since 2006 and as such this revenue does not carry typical greenfield revenue risk 5

6. Procurement Jan 15, 2012 Feb 21, 2012 Apr 23, 2012 May 31, 2012 • HPTE DBFOM • RFQ Issued • Four SOQs Received • Plenary Roads Denver (Plenary, Ames Construction, Granite Construction, HDR, Transfield Services and Goldman Sachs) • Denver Access Partners (Cintra, FerrovialAgroman, Lawrence Construction and Aztec Engineering) • Accelerate 36 Consortium (Balfour Beatty Capital, Edgemoor Infrastructure, Brisa, Atkinson Construction, Parsons Brinckerhoff and Scotiabank) • US 36 Development Partners (IsoluxCorsán, Terracare Associates, Atkins, Bank of Tokyo-Mitsubishi UFJ and THB Advisory) • HPTE Announces Shortlisting of Three Teams • Plenary Roads Denver (Plenary, Ames Construction, Granite Construction, HDR, Transfield Services and Goldman Sachs) • Denver Access Partners (Cintra, FerrovialAgroman, Lawrence Construction and Aztec Engineering) • US 36 Development Partners (IsoluxCorsán, Terracare Associates, Atkins, Bank of Tokyo-Mitsubishi UFJ and THB Advisory) 6

7. Procurement (cont.) Oct 16, 2012 Mar 1, 2013 Apr 5, 2013 Jun 28, 2013 Feb 28, 2014 • Final RFP Issued • Two Teams Respond to RFP • Plenary Roads Denver (Plenary / Ames Construction / Granite Construction / HDR / Transfield Services / Goldman Sachs) • US 36 Development Partners (IsoluxCorsan / Terracare / Atkins / BTMU / THB Advisory) • Plenary Roads Denver Selected as Preferred Bidder • Commercial Close • Financial Close 7

8. Team Overview Construction JV Concessionaire Design and Engineering Equity Financial Advisory Operations and Maintenance Back Office Services Patrol/ Enforcement 8

9. Financing Info • The project, CDOT’s first P3 to close, has been financed with: • USD 20.36m of series 2014 tax-exempt private activity bonds (PABs) • A USD 60m TIFIA loan • A USD 20.6m junior subordinate loan from Northleaf Capital • Equity committed by Plenary of USD 20.8m • The PABs, which pay a coupon of 5.75%, priced at 98.241 to yield 5.875% • The PABs have a maturity of January 2044 and were underwritten by Goldman Sachs. • The TIFIA loan carries an interest rate of 3.68% • Fitch Ratings assigned a BBB- to the TIFIA loan and PABs 9

10. Design & Construction Schedule • Financial Close February 2014 • Phase 1 Construction July 2012 – May 2015 • Phase 2 Construction March 2014 – December 2015 • Phase 1 Project Open for Toll Collection May 2015 • Phase 2 Project Open for Toll Collection January 2016 • Concession Period February 2014 – December 2065 10