2012 north american infrastructure risk conference

2012 NoRtH AmERICAN INfRAStRUCtURE RISk CoNfERENCEAPRIL 24, 2012

NEw yoRk, Ny

CoNtENtS f WELCOME ............................................................3

f CONFERENCE INFORMATION ..............................4

f AGENDA ........................................................... 6–7

f SPEAKER BIOGRAPHIES .................................. 8–19

f PARTICIPANT LIST ......................................... 20–23

f GLoBAL INfRAStRUCtURE SERvICES ........... 24–27

f NOTES .......................................................... 28–31

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BALANCING PUBLIC INtERESt AND PRIvAtE INvEStmENt RISk

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II. HIGHLIGHt tExt SEt IN SLAtE PRo LIGHt 18Pt/22Pt.

III. HIGHLIGHt tExt SEt IN SLAtE PRo LIGHt 18Pt/22Pt.

wELComEOn behalf of my colleagues at Marsh & McLennan Companies, I’d like to welcome you to the 2012 Marsh & McLennan Companies Infrastructure Risk Conference. This event is part of our commitment to providing thought leadership and fact-based approaches to address critical infrastructure issues.

Building new and replacement infrastructure is a pressing need — and a complex challenge — facing both developed and emerging markets. Compounding this challenge is the current economic climate, which has greatly increased the risks for both public and private participants in infrastructure markets.

Our theme, “Balancing Public Interest and Private Investment Risk,” explores the complicated risk dynamics inherent to infrastructure issues. We are privileged to have US Representative John L. Mica, Chairman of the House Transportation and Infrastructure Committee and a recognized national leader on transportation issues, as our keynote speaker.

I’m confident you’ll find the Infrastructure Risk Conference a stimulating opportunity to hear from today’s industry leaders, as well as to engage in thoughtful discussion with colleagues, peers, and experts about pressing infrastructure risk issues.

Thank you in advance for your participation in this year’s event.

Brian DuperreaultPresident and Chief Executive OfficerMarsh & McLennan Companies

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REGIStRAtIoN the conference registration desk will be located in the mandarin Ballroom foyer, located on the 36th floor of the mandarin oriental Hotel. Registration will be open throughout the conference for the distribution of materials and small-scale business services. the events team will be on hand at the desk if you have any questions or require assistance.

mEEtING RoomSAll Presentations and Panel Sessions will be held in the mandarin Ballroom (North and Grand Salons), 36th floor. Breakfast, lunch, and all coffee breaks will be held in the South Salon of the Ballroom.

moBILE PHoNES/BLACkBERRIESAs a courtesy to conference attendees and speakers, please turn off your mobile device while the conference is in session.

tAxI AND CAR SERvICEtaxi service is readily available from the hotel. LaGuardia Airport is located 30-45 minutes by car from the hotel. A taxi will cost approximately $40.00. Jfk International Airport is located 60 minutes by car from the hotel. A taxi will cost approximately $50.00. Newark International Airport (New Jersey) is located 60 minutes by car from the hotel. A taxi will cost approximately $60. the hotel offers valet parking for $65.00 for 24 hours.

CoNfERENCE INfoRmAtIoNWelcome to the Marsh & McLennan Companies 2012 New York Infrastructure Risk Conference: Balancing Public Interest and Private Investment Risk. The following information should be of assistance to you during your participation in the conference and your stay in New York.

36TH FLOOR

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JOIN THE CONFERENCE CONvERSATION ON TWITTER #MMCInfra12

FOLLOW THE MARSH & MCLENNAN COMPANIES INFRASTRUCTURE GROUP ON TWITTER @MMC_Infra

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TUESDAY, APRIL 24MASTER OF CEREMONIES Allan Kaulbach, Partner, oliver wyman

TIME TOPIC

8:30–9:00 a.m. Registration & Continental BreakfastLocation: mandarin Ballroom foyer and South Salon

9:05–9:20 a.m. Welcome and IntroductionBrian Duperreault, President & CEo of marsh & mcLennan Companies

9:20–10:00 a.m. Keynote AddressJohn Mica, US Representative, Chairman of the House transportation & Infrastructure Committee

10:00–11:00 a.m. Panel I: Shaping Public Policy To Mitigate Investment RiskModerator: Jeff Makholm, Senior vice President, NERA Economic Consulting• Brian Chase, Senior vice President, Campbell Lutyens• Pierre Lortie, Senior Business Advisor, fraser milner Casgrain• Stuart Marks, Investment Director, InfraRed Capital Partners• Joel Moser, Partner, Bingham mcCutchen

11:00–11:15 a.m. Coffee & Networking BreakLocation: South Salon

11:15 a.m.–12:15 p.m. Panel II: Bankability and Getting Deals Done in the Current EnvironmentModerator: Geoffrey Clark, managing Director, marsh• Troy Alexander, Partner, white & Case• Paulo Arencibia, Director, Energy & Infrastructure finance, BNP Paribas New york • Zoe Markwick, Director, Infrastructure Advisory and finance, Société Générale• vickie Turnbull, managing Director, Infrastructure finance, RBC Capital markets

12:15–1:15 p.m. Networking LunchLocation: South Salon

1:15–2:15 p.m. Panel III: Understanding Demand/Market and Revenue RiskModerator: Manny Hontoria, Partner, oliver wyman• Alfonso Barona Miguez, Director of North America Business Development, Cintra US• Fuensanta Diaz Cobacho, managing Director, Head of Infrastructure for North and

Latin America, westLB• Nasir Khan, managing Director, Project finance Group, BtmU• Anne Hird Rabin, Senior vice President, HoCHtIEf PPP Solutions North America

AGENDA

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TIME TOPIC

2:15–3:15 p.m. Panel Iv: The Risks of the “Coming Wall” of RefinancingModerator: Robert Robideaux, Senior vice President, marsh• Bruce Hogg, vice President, CPP Investment Board• Richard Langberg, Head of Infrastructure and PPP Execution, BBvA• Arthur Simonson, managing Director, Utilities and Infrastructure Ratings,

Standard & Poor’s• Greg Taylor, Director, Sequoia Investment management Company

3:15–3:30 p.m. Coffee & Networking BreakLocation: South Salon

3:30–4:30 p.m. Panel v: Balancing Sustainability Goals and Risk Mitigation in Infrastructure DevelopmentModerator: Michael Lierow, Partner, oliver wyman• vikram Bakshi, managing Director, Strategic transactions Group, Iberdrola Renewables• Adam Freed, Deputy Director, mayor’s office of Long-term Planning and

Sustainability, City of New york• Daniel Hoornweg, Lead Urban Advisor, Cities and Climate Change, the world Bank• John Stinebaugh, managing Partner, Brookfield Asset management

4:30–4:45 p.m. Closing Remarks Allan Kaulbach, Partner, oliver wyman

5:00–6:30 p.m. Cocktail ReceptionLocation: Lobby Lounge, 35th floor

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SPEAkER BIoGRAPHIES



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TROY ALEXANDERPARTNER, WHITE & CASE LLP

Troy is a Partner at White & Case LLP in the firm’s Energy, Infrastructure and Project Finance Group and con-centrates on US and international project financings in the power, oil and gas, and infrastructure indus-

tries. These days, his clients tend to be either lenders or sponsors in projects and financings in the US and Latin America.

Troy has received top rankings for project finance in Chambers Global, Chambers USA, Chambers Latin America, Legal 500 USA and PLC Which Lawyer?, and for Latin American investment in Chambers USA.

Troy received his bachelor’s degree from Haverford College, where he was a Watson Fellow, and has a law degree from New York University and a master’sdegree in public administration from the Woodrow Wilson School at Princeton University.

PAULO ARENCIBIADIRECTOR, ENERGY & INFRASTRUCTUREFINANCE, BNP PARIBAS NEW YORK

Paulo is a Director of the Energy & Infrastructure Finance team of BNP Paribas New York, responsible for covering infrastructure funds and

developers in the transportation, power and energy, and social accommodation sectors.

Paulo has 10 years of structured finance experience across a variety of products, including project finance, export finance and leasing.

He received a bachelor’s degree in political science and philosophy from Tufts University, a master’s degree in development economics from The Fletcher School, and an MBA from Instituto de Empresa in Madrid, wherehe was a Fulbright Scholar.

vIKRAM BAKSHIMANAGING DIRECTOR, STRATEGIC TRANSACTIONSGROUP, IBERDROLA RENEWABLES

vikram Bakshi is currently the Managing Director of the Strategic Transactions Group at Iberdrola Renewables, with responsibility for

the acquisition or divestiture of renewable energy com-panies and projects under development and under oper-ation for the company’s North American business. In addition, the Strategic Transactions Group originates and executes transactions to optimize the value of the company’s asset portfolio.

vikram was part of the original team that helped Iberdrola Renewables enter into the US market and develop into one of the largest renewable energy companies through a combination of acquisitions and organic growth. He helped the organization develop transaction capability upon its entry into the US market, including the establishment of wholesale enabling agreements, asset and portfolio hedging strategies as well as the development of risk management policies.

Prior to joining Iberdrola Renewables, vikram held positions at Constellation Energy and SempraEnergy, with past responsibilities ranging from supply portfolio management to product development. He began his career at ICF Consulting, an energy and environmental management consulting firm.

vikram has a bachelor’s degree from vassar College and a master’s degree from the Johns Hopkins University.

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ALFONSO BARONA MIGUEZDIRECTOR OF NORTH AMERICA BUSINESS DEvELOPMENT, CINTRA US

Alfonso is the Director of North America Business Development for Cintra US, where he supervises bidding efforts throughout Canada

and the United States. He joined Cintra in 2004, creat-ing and leading the Investor Relations Department. Later, he served as Project Director of Corporate and Business Development, playing a leading role in the sale of a 50 percent stake in the M-45 toll road and the 2009 company merger.

Previous positions include Director of Capital Markets and the Investor Relations Department at Fomento de Construcciones y Contratas, Spain, and Portfolio Manager at JP Morgan Asset Management, London. Alfonso holds an MBA from IESE Business School, a bachelor’s degree in economics and business from Universidad Pontificia de Comillas, Madrid, and is a Chartered Financial Analyst.

BRIAN CHASESENIOR vICE PRESIDENT, CAMPBELL LUTYENS

Brian is Senior vice President at the New York office of Campbell Lutyens, an independent private equity firm focused on private equi-ty and infrastructure fund place-

ments. The firm also provides specialist advice on the sale or restructuring of portfolios of infrastructure fund or direct investments. Brian joined the firm in 2010 as a member of its fund placement team, with a focus on infrastructure funds.

Prior to Campbell Lutyens, Brian worked independently with a variety of private and government clients on their infrastructure investment strategies. These clients have included toll road developers, construction companies, a specialist infrastructure advisory firm, the World Bank and the Asian Development Bank. From 2006 to 2008, he was a vice President at the Carlyle Group, focusing on the development of infrastructure investment oppor-tunities for Carlyle’s $1.1 billion infrastructure fund.

Prior to that, he spent 12 years working in the legal profession, with a particular focus on infrastructure development and project finance in North America, Latin America, Asia and Europe.

Brian earned a JD from Georgetown University Law Center in Washington, D.C. and graduated Phi Beta Kappa with a bachelor’s degree from the University of California, Berkeley.

GEOFFREY CLARKMANAGING DIRECTOR, MARSH

Geoffrey is responsible for the deployment and delivery of Marsh’s infrastructure risk advisory services in North America. Geoffrey has 25 years of experience in the risk and insurance industry and is a member

of the Marsh Global Infrastructure business, which in 2012 received Infrastructure Investor Magazine’s award for “Global Infrastructure Insurance House of the Year” for the third consecutive year. Within Marsh & McLennan Companies, he is part of a cross-company team of col-leagues providing advice, solutions and transactional services in the areas of risk, strategy and human capital to investors, developers, lenders, delivery firms, opera-tors and government sponsors.

Prior to his current assignment, he led the Infrastructure M&A Practice in North America for Marsh, providing transaction-focused advice on the risks, costs and liabili-ties associated with greenfield developments, brown-field improvements, secondary buyout transactions, long-term concessions, leases and privatizations of essential public services.

In 2011, he served on the World Economic Forum’s International Business Council (IBC) Working Group on Infrastructure Development, delivering specific and actionable proposals for G20 leaders and supporting Marsh & McLennan Companies’ Chief Executive Officer, Brian Duperreault, in his role as a member of the IBC G20 CEO Working Group on Infrastructure Development.

Geoffrey received his bachelor’s degree in economics from the University of California at Los Angeles and con-tinued his executive education at the Stanford Graduate School of Business,Stanford University.

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FUENSANTA DIAZ COBACHOMANAGING DIRECTOR, HEAD OF INFRASTRUCTURE FOR NORTH AND LATIN AMERICA, WESTLB AG

Fuensanta is a Managing Director and Head of Infrastructure for North and Latin America, based in the New York branch of WestLB AG.

She joined the WestLB Global Origination and Syndication Group in New York in August 2008 as a Managing Director focusing on both energy and infra-structure. Fuensanta brings an in-depth knowledge of both the Latin and the North American markets across the energy, infrastructure and financial institutions sec-tors. Her broad experience includes structuring project finance transactions throughout the Americas.

Fuensanta and her team structure, arrange and finance public and private biddings for infrastructure assets in support of local and global players in the industry. Some recent transactions structured and arranged under her leadership include, among others: Embraport, a greenfield port in Santos, Brazil; PR-22 and PR-5, Puerto Rico’s first toll road concession; the Windsor Essex parkway project in Ontario, Canada; the Port of Miami Tunnel project in Florida, USA; a utility-scale solar project in Ontario, Canada; a police head-quarters project in Ontario, Canada; and a port project in Buenaventura, Colombia.

Fuensanta previously was a Managing Director and Head of Structured Finance for North America at Santander in New York. She was one of the founding members of the project finance practice at Santander when she joined the Bank in 1998, and went on to become Head of the Latin America Project Finance team in 2001. She joined the Global Financial Institutions Group in 2005 to start its New York-based team and formulate the business strategy for the group with North American-based clients in the financial insurance sector. In 2007, Fuensanta joined a newly formed Global Credit Markets team to start Santander’s activities in Project and Acquisition Finance in the North American market, specially focusing in the infra-structure and renewables sectors.

Fuensanta also worked at Paribas and spent the first seven years of her career at the International Finance Corporation.

She holds a bachelor’s degree in business administra-tion from the University of Missouri, Saint Louis, and an MBA from the American University in Washington, D.C.

BRIAN DUPERREAULTPRESIDENT AND CHIEF EXECUTIvE OFFICER, MARSH & MCLENNAN COMPANIES

Brian Duperreault is President and Chief Executive Officer of Marsh &McLennan Companies, Inc., the premier global professional services

firm providing advice and solutions in the areas of risk, insurance, strategy and human capital.

Prior to joining Marsh & McLennan Companies, Mr. Duperreault served as Chairman and Chief Executive Officer of ACE Ltd. from November 1999 through May 2004, and as Chairman, President and Chief Executive Officer from October 1994 through November 1999. He was a member of the company’s Board of Directors from 1994 until 2007.

Mr. Duperreault began his career at American International Group (AIG) in 1973. While there, he held various senior executive positions with the company and its affiliates from 1978 until September 1994. He served as Executive vice President of Foreign General Insurance and as Chairman and Chief Executive Officer of American International Underwriters Inc. (AIU) from April 1994 to September 1994. Mr. Duperreault was President of AIU from 1991 to April 1994 and Chief Executive Officer of AIG affiliates in Japan and Korea from 1989 until 1991.

He has been honored with the 2006 Lifetime Achievement Award by the Bermuda Insurance Institute and recognized as the 2004 Insurance Leader of the Year from the School of Risk Management, St. John’s University.

In 2011, Mr. Duperreault was appointed to the US Federal Advisory Committee on Insurance. That same year, he was inducted into the International Insurance Society Hall of Fame. He was also named one of the “30 Most Influential People in the Insurance Industry in the Past 30 Years” by Reactions magazine.

Mr. Duperreault holds a BS in mathematics from Saint Joseph’s University, Philadelphia. He is also a member of the American Academy of Actuaries and an Associate of the Casualty Actuarial Society.

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ADAM FREED, AICPDEPUTY DIRECTOR, MAYOR’S OFFICE OF LONG-TERM PLANNING AND SUSTAINABILITY, NEW YORK CITY

Adam is the Deputy Director of Mayor Bloomberg’s Office of Long-term Planning and Sustainability,

which is responsible for implementing New York City’s long-term sustainability plan (“PlaNYC”) and support-ing other sustainability efforts in the city. In this capaci-ty, Adam oversaw the 2011 update of PlaNYC and leads the city’s climate resilience efforts.

Previously, Adam served as the Assistant Comptroller for NYC in the Office of the New York State Comptroller, where he evaluated large-scale economic development projects and crafted corporate governance strategies for the $150 billion state pension fund. In addition to his work in city and state government, Adam has worked on several city, state and national political campaigns.

Adam received his bachelor’s degree in history from Haverford College and master’s degree in urban planning from New York University. He is a member of the American Institute of Certified Planners and is a Mel King Community Fellow at MIT, where he is exploring the integration of environmental sustainability and equity into economic development.

BRUCE HOGGvICE PRESIDENT, CANADA PENSION PLAN INvESTMENT BOARD

Bruce is a vice President at the Canada Pension Plan Investment Board (CPPIB), with responsibility for identifying, executing and

managing significant infrastructure investments.

Bruce is also a Director of 407 International Inc. and Transelec S.A.

Prior to joining CPPIB in October 2007, Bruce led the private-markets infrastructure team at OPTrust. Earlier, he spent a number of years working with Macquarie

Group in London and Toronto in corporate finance, after having worked in investment banking at RBC Dominion Securities.

Bruce has a Bachelor of Laws degree from the University of Toronto and a Bachelor of Commerce degree from the University of Alberta.

MANNY HONTORIAPARTNER, OLIvER WYMAN

Manny is a Partner in Oliver Wyman’s Global Infrastructure and Surface Transportation practice. He works with senior management teams and financial sponsors to develop and execute successful

growth strategies, with a focus in the transportation, mining and logistics sectors.

Manny has more than 20 years of experience in the infrastructure and international transportation sectors and has led strategic and operationsimprovement projects for clients worldwide. His areas of particular expertise include strategic planning, business restruc-turing, capital programs, operations improvement and risk management in capital-intensive industries.

Manny’s infrastructure-related work has included devel-oping capital investment and financing strategies for mines, railroads and ports. He recently completed the development of a large capital expansion program for a bulk logistics export channel, including the identification of private-sector co-investment options. Prior engage-ments have included supporting the current expansion of the Panama Canal, as well as strategic work and post-acquisition integration for one of the world’s largest marine terminal developers and operators.

Manny holds a bachelor’s degree in engineering from Webb Institute and an MBA from Duke University’s Fuqua School of Business.

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DANIEL HOORNWEGLEAD URBAN ADvISOR, CITIES AND CLIMATE CHANGE, URBAN DEvELOPMENT AND LOCAL GOvERNMENT ANCHOR, THE WORLD BANK

Daniel is a Lead Urban Advisor in the Bank’s Central Urban Advisory Unit.

He has more than 20 years’ experience working in and with cities. He joined the World Bank in 1993 and has worked in Sub-Saharan Africa, East Asia, the Pacific Islands, South Asia, Latin America and the Caribbean. During that time, he has worked with some 200 cities on more than 50 projects with climate change components.

Beginning in August 2008, he has led the World Bank’s urban program on cities and climate change, including management of the 2009 Marseille Cities and Climate Change Urban Research Symposium and urban studies related to climate change impacts in cities – mitigation and adaptation.

Dan’s academic background includes degrees in earth sciences and civil and environmental engineering.

ALLAN KAULBACHPARTNER, OLIvER WYMAN

Allan, a Partner with Oliver Wyman, is head of the Corporate Finance practice in the Firm’s Manufacturing, Transportation and Energy unit. Allan’s expertise includes large-scale infrastructure

development, restructuring, M&A and project finance assignments for clients in North America, South America, South Africa, the Pacific Rim and Europe.

Recently, Allan has worked with several multi-party logistics channel clients to develop governance struc-tures, capital programs and project financing strategies for combined investments in mines, railroads and ports. Another recent project was the review of best practice regulatory structures for state-owned enterprises,

including mechanisms for involving private-sector par-ticipation in operations and infrastructure investment. Allan also co-directed the development of the demand forecast supporting the multi-billion dollar investment plan for the current expansion of the Panama Canal.

Allan is a member of the District of Columbia Bar. He received a bachelor’s degree in English from Fairfield University and a JD from Georgetown University Law Center.

NASIR KHANMANAGING DIRECTOR, PROJECT FINANCE GROUP, BTMU

Nasir has been with BTMU’s Project Finance Group as Managing Director and Head of Infrastructure since June 2010. He is responsible for the group’s infrastructure busi-

ness as well as originating and executing transactions in other sectors.

Prior to joining BTMU, Nasir served as the Chief Development Officer of Ports America Group, the larg-est port operator in the US. Earlier, Nasir spent 13 years in the Infrastructure and Energy Finance group at Citigroup, where most recently, he was responsible for originating and executing business in the infrastructure and transportation space.

Nasir has a bachelor’s degree in economics from Yale University and an MBA in finance from Columbia Business School.

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RICHARD LANGBERGHEAD OF INFRASTRUCTURE AND PPP EXECUTION, BBvA

Richard is the Head of the Infrastructure/PPP execution team within BBvA’s North American Project Finance Group, based in New York. His team is responsible

for originating, structuring and executing Infrastructure finance transactions in the US and Canada, focusing on both availability payment and demand risk assets.

Prior to joining BBvA, Richard was the Head of North American Infrastructure Finance for the National Australia Bank in New York, where he took a new group to #6 in the North American project finance league tables in 2009. Before National Australia Bank, Richard spent 14 years with MBIA in New York, Australia and Singapore.

Richard holds a bachelor’s degree from the University of Wisconsin-Stout and a master’s degree from the University of Michigan.

DR. MICHAEL LIEROWPARTNER, OLIvER WYMAN

Michael is a Partner in Oliver Wyman’s Manufacturing, Transportation and Energy unit. His focus areas are logistics/supply chain optimization and sustainability. At Oliver Wyman, he is responsible

for driving the firm’s sustainability agenda on a global basis.

Among Michael’s clients are some of the largest cities in the world, as well as multinational companies in Asia, Europe and the Americas. His recent projects include developing a strategy for megacities to improve their greenhouse gas, water and waste footprint and a pro-gram for an international production company to reduce greenhouse gas emissions in the global supply chain and mitigate risks from water shortages in production countries.

Michael has developed concepts and co-authored arti-cles on carbon-efficient supply chains/transportation, city economics, sustainable products and sustainability transformation for companies.

He frequently speaks at international conferences on sustainability, such as at the World Climate Summit (Cancun, Mexico), ICLEI Cities of the Future (Incheon, Korea) and Sustainable Supply Chains and Shipping at BaselFinance (Basel, Switzerland).

Before joining Oliver Wyman, Michael worked for 10 years at McKinsey & Company as a consultant. Michael holds a PhD and an MBA and has studied business and economics at the Otto-Beisheim Graduate School of Management (WHU) in Germany, France and Australia.

PIERRE LORTIESENIOR BUSINESS ADvISOR, FRASER MILNER CASGRAIN LLP

Pierre is a Senior Business Advisor at Fraser Milner Casgrain LLP, a major Canadian law firm recognized as a leader in business-related legal matters across Canada. He is also a

Director of Element Financial Corporation, Group Canam Inc., Tembec Inc. and Biocean Inc. Furthermore, he is President of the Canadian Ditchley Foundation, a Governor of The Ditchley Foundation (UK), a Director of the Canadian Academy of Engineering, a member of the Advisory Board on Small- and Medium-Size Enterprises of the Autorité des marchés financiers du Québec, and a Director of the Montréal Cancer Institute and of the Classica Festival.

Pierre has considerable experience with public-private partnerships in transportation and social infrastructures, on both the private and the public sides, in Canada andabroad. From May 2006 to August 2009, he acted as the Representative of the public authorities responsible for the PPP procurement process of the McGill University Health Center, the Centre hospitalier universitaire de l’Université de Montréal and the University of Montréal Hospital Research Centre.

Pierre held senior executive positions at Bombardier until December 2003, serving as President and COO of Bombardier Transportation; President and COO of Bombardier Capital; President and COO of Bombardier International; and President of Bombardier Aerospace, Regional Aircraft. He also previously served as Chairman, President and CEO of Provigo Inc.; President and CEO of the Montréal Stock Exchange; and a Senior Partner of Secor Inc.

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Pierre has held several government appointments. He served as Chairman of Canada’s Royal Commission on Electoral Reform and Party Financing. He was a repre-sentative of the Prime Minister of Canada on the APEC Business Advisory Council from 1999 to 2003. In the technology field, he served as vice Chairman of Canada’s National Advisory Board on Science and Technology and as Chairman of the Centre for Information Technology Innovation. He served as Chairman of the Montréal Demerger Transition Committee from its inception on June 21, 2004, until the end of its mandate on December 31, 2005.

He received an MBA with honors from the University of Chicago, a license in applied economics from the Université Louvain, Belgium and a bachelor’s degree in applied sciences (engineering physics) from Université Laval, Canada. He was awarded a Doctorate Honoris Causa in civil law from Bishop’s University. He received his certification from the Canadian Institute of Corporate Directors. Pierre was appointed a Member of the Order of Canada in 2001.

JEFF D. MAKHOLM, PHDSENIOR vICE PRESIDENT, NATIONAL ECONOMIC RESEARCH ASSOCIATES, INC.

Jeff is a Senior vice President at National Economic Research Associates, where he concentrates on the issues surrounding the

privatization, regulation and deregulation of energy and transportation industries – those that operate networks (such as oil and gas pipelines, electricity transmission and gas distribution systems, telecommu-nications and water utility systems) and those operating infrastructure business at specific sites, such as airports, electricity generation plants, oil refineries, gas treatment plants and sewage treatment plants. His clients in the US include privately held utility corporations, public

corporations and government agencies. He has repre-sented dozens of gas and electric distribution utilities, as well as both intrastate and interstate gas pipeline companies and gas and electricity producers. Jeff has also worked with many leading law firms engaged in issues pertaining to the local and interstate regulation of energy utilities.

Internationally, Jeff has directed an extensive number of projects in the utility and transportation infrastructure businesses in 20 countries on six continents. These projects have involved work for investor-owned and regulated business as well as for governments and the World Bank. These projects have included advance pricing and regulatory work prior to major gas, railroad and toll highway privatizations (Poland, Argentina, Bolivia, Mexico, Chile and Australia), gas industry restructuring and/or pricing studies (Canada, China, Spain, Morocco, Mexico and the United Kingdom), utili-ty mergers and market power analyses (New Zealand), gas development and and/or contract and financing studies (Tanzania, Egypt, Israel and Peru), regulatory studies (Chile, Argentina), and oil pipeline transport financing and regulation (Russia). As part of this work, Jeff has prepared reports, drafted regulations and conducted training sessions for many government, industry and regulatory personnel.

Jeff received his PhD in economics is from the University of Wisconsin – Madison. He has published in Public Utilities Fortnightly, Natural Gas and The Electricity Journal, The Energy Law Journal, Competition and Regulation in Network Industries and Economics of Energy & Environmental Policy (forthcoming). He is a frequent speaker in the US, Europe and elsewhere at conferences and seminars, addressing market, pricing and regulato-ry issues for the energy and transportation sectors. His book on the intersection of economic theory and energy infrastructure investments, The Political Economy of Pipelines: A Century of Comparative Institutional Development, was published by the University of Chicago Press in March 2012.

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STUART MARKSINvESTMENT DIRECTOR, INFRARED CAPITAL PARTNERS

Stuart is an Investment Director at InfraRed Capital Partners, which is seeking to invest $1.2 billion in the development of greenfield infrastructure projects and is

currently leading a shortlisted team on the Knik Arm Crossing P3. Stuart is based in New York and focuses on the origination and execution of greenfield P3 invest-ment opportunities in North America.

Stuart previously worked at Meridiam Infrastructure and prior to that, at Babcock & Brown, where he led the Long Beach Courthouse project and also worked on reaching commercial close of the Presidio Parkway project and financial close of the Port of Miami Tunnel project, all in the US, as well as several social infrastruc-ture and transportation P3 projects in Australia.

ZOE MARKWICKDIRECTOR, INFRASTRUCTURE ADvISORY AND FINANCE TEAM, SOCIÉTÉ GÉNÉRALE

Zoe is a Director in the Infrastructure Advisory and Finance Team at Société Générale in New York. She is responsible for financial advisory

services and financing for infrastructure transactions in North America. The New York team advises private sec-tor clients in all industry sectors in relation to public-pri-vate partnership (PPP) transactions and structures and arranges financings for such transactions.

Zoe joined Société Générale in 2007. Prior to this, she was an attorney in the project finance group at Milbank, Tweed, Hadley & McCloy in New York and previously London, advising on PPP and project finance transactions in the Americas, Europe and the Middle East. Société Générale is one of the leading financial services groups in Europe, with 32 million customers in 83 countries and 157,000 employees.

Société Générale has a long-standing and well-established track record in providing financial advisory services as well as in structuring and successfully arranging finance for infrastructure projects globally. In 2010, Infrastructure Journal named Société Générale number 1 ranked Financial Advisor and number 3 ranked Mandated Lead Arranger for infrastructure transactions globally.

CONGRESSMAN JOHN L. MICA (R-FL), CHAIRMAN, COMMITTEE ON TRANSPORTATION AND INFRASTRUCTURE, US HOUSE OF REPRESENTATIvES

Congressman Mica of Florida is the Chairman of the Transportation and Infrastructure Committee in the US

House of Representatives. As the leader of one of the largest committees in Congress, with broad legislative jurisdiction, Mica is responsible for developing and overseeing federal policy and projects relating to avia-tion, highways, transit, rail transportation, pipelines, the Coast Guard, maritime transportation, water infrastruc-ture and resources, economic development, public buildings and emergency management issues.

Mica is a nationally recognized leader with extensive experience and numerous accomplishments in transpor-tation and infrastructure issues and policy. From 2007 to 2010, he served as the Committee’s Republican leader. From 2001 to 2006, he chaired the Subcommittee on Aviation. Mica has served on the Transportation and Infrastructure Committee since being elected to Congress in 1992.

As the Chairman of the Committee, Mica’s top priorities are creating jobs and improving the nation’s infrastruc-ture and economy. With the budgetary challenges facing the nation, he is committed to reducing the federal bureaucracy, cutting red tape to complete projects more efficiently, better managing federal assets and finding innovative ways to finance projects.

He is a strong advocate of rebuilding and improving highways, airports, rail systems, waterways and mari-time transportation systems and other infrastructure in a cost-effective manner that responsibly expands employment opportunities. To help achieve these goals, Chairman Mica is strongly committed to enact-ing a long-term reauthorization of federal surface transportation programs.

As the Aviation Subcommittee Chairman at the time of the 9/11 terrorist attacks, Mica is credited with helping bring America’s devastated aviation industry back from the brink of economic disaster. He also coauthored the Aviation and Transportation Security Act of 2001. He is leading the effort in Congress to reform the massive TSA bureaucracy and improve the nation’s transportation security.

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In 2003, he successfully led the House in passing the last long-term Federal Aviation Administration law, and enacting a new authorization of the FAA is another of his top priorities in the 112th Congress. Mica has been instru-mental in the passage of numerous Water Resources Development Acts containing authorizations of the Army Corps of Engineers water resources programs. He has pri-oritized new legislation to streamline the Corps and make significant programmatic improvements. A strong sup-porter of the US Coast Guard, he is also working to reau-thorize the service’s important missions.

Mica was the primary author of the legislation that established guidelines for the cost-effective develop-ment of US high-speed passenger rail service. Mica has pledged to help bring true high-speed rail to regions of the nation where it makes sense, with a primary focus on the congested Northeast Corridor, in a manner that utilizes private sector expertise and capital. He is also committed to bringing reforms and more accountability to Amtrak, the national intercity passenger rail provider.

Chairman Mica supports a comprehensive approach to national transportation policy. He advocates an inter-connected network incorporating all modes of transpor-tation for greater efficiency and economic benefits.

Other priorities for Chairman Mica include improving the administration and operation of the Federal Emergency Management Agency and better management of federal real estate assets to save taxpayers money.

Mica is also a senior member of the House Government Reform and Oversight Committee. He has previously chaired that panel’s Civil Service Subcommittee and Criminal Justice and Drug Policy Subcommittee.

In addition to his work on the Transportation and Infrastructure Committee and the Oversight and Government Reform Committee, Mica is a strong advo-cate of the nation’s veterans. He has received national awards from nearly every major veterans’ association.

Mica previously served as chief of staff to US Senator Paula Hawkins of Florida and is a former member of the Florida House of Representatives. Before holding elected office, Mica was a successful businessman, active in real estate, communications and international trade.

He is a graduate of the University of Florida.

Mica is currently serving his tenth term representing Florida’s 7th Congressional District. He and his wife, Pat, have resided in Central Florida since their marriage in 1972.

JOEL MOSERPARTNER, BINGHAM MCCUTCHEN LLP

Joel is a Partner at Bingham McCutchen LLP and focuses on the planning, development, acquisi-tion, financing, refinancing, opera-tion and sale of infrastructure assets

around the world. He has represented investment funds, developers, industrial sponsors, banking and investment firms, governments and agencies in infra-structure investments and transactions in a wide variety of industries, including transportation, energy, water, professional athletic facilities and education.

Joel is also an Adjunct Professor at Columbia University School of International and Public Affairs and a member of the Council on Foreign Relations. Furthermore, he is the founding editor of Global Infrastructure.

Joel has received numerous professional honors and rec-ognitions. He was honored as a leading projects lawyer by Chambers Global (2011), which noted his “... ability to ‘resolve conflicts between various parties and keep a lot of creativity flowing.’”

Joel is an active participant in many civic, philanthropic, professional and industry-focused organizations and activities. He recently served as a member of the Brookings Institution project on foreign capital and global public investors.

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ANNE HIRD RABINSENIOR vICE PRESIDENT, HOCHTIEF PPP SOLUTIONS NORTH AMERICA

Anne, a Senior vice President at Hochtief PPP Solutions, is the equi-ty leader for Hochtieff in Presidio Parkway. She joined Hochtief PPP

Solutions in 2010 to lead its efforts in the US.

With more than 25 years of experience in executing infrastructure transactions in North and South America, Anne has participated in a wide range of notable financ-ings, with a particular focus on new construction oftransportation assets and privately financed stadiums in the US.

Prior to joining Hochtief, Anne was a Managing Director at Jeffrey Parker & Associates, advising the Florida Department of Transportation for the I-595 corridor and Port of Miami Tunnel. She also advised the PortAuthority of New York and New Jersey in the procure-ment of the Goethals Bridge. In addition, Anne estab-lished and headed the Project Finance Departments for Ambac and FGIC in North America.

Anne received her bachelor’s degree from Hampshire College and her master’s degree in public administra-tion from Harvard University.

ROBERT W. ROBIDEAUXSENIOR vICE PRESIDENT, MARSH

Rob is a Senior vice President in the Global Private Equity and M&A business of Marsh, advising clients investing in infrastructure, energy and power assets. Marsh provides strategic risk management advice,

due diligence and transactional resources throughout the life cycle of an infrastructure project or asset. Rob’s line of business works globally across all sectors of infra-structure development, operation and maintenance in leveraged infrastructure acquisitions, PPP/PFI competi-tive bids and non-PPP project financed developments, advising clients on the complex risk issues associatedwith the financing, development and operation of greenfield projects, brownfield improvements, acquisi-tion, leasing and operation of secondary assets andprivatization of essential public services.

Rob has 20 years of experience in the risk and insur-ance industry, recently contributing to a CalCEF published white paper, Insuring Innovation: Reducing the Cost of Performance Risk for Projects Employing Emerging Technology.

Prior to his current assignment, he led American International Group’s (AIG) West Coast M&A Insurance Group, responsible for developing transactional insur-ance and financial products. Prior to joining AIG, Rob practiced as a lawyer and tax adviser with Deloitte and KPMG.

ARTHUR SIMONSONMANAGING DIRECTOR, UTILITIES & INFRASTRUCTURE RATINGS, STANDARD & POOR’S

Arthur joined Standard & Poor’s in 1988 and has held a number of positions within Standard & Poor’s Credit Market Services

Division. As a Managing Director and Team Leader in the Utilities & Infrastructure Ratings group, he is responsible for a team of analysts who rate merchant energy companies, investor-owned utilities and project finance transactions worldwide.

With more than 20 years of experience in the energy industry, Arthur is one of the principal contacts for Standard & Poor’s project finance and infrastructure activities. Prior to becoming a Team Leader, he was a Project Finance Analyst focusing on the private power, industrial, oil and gas, petrochemical and mining sec-tors, as well as having primary rating analyst duties forinvestor-owned utilities.

Before joining Standard & Poor’s, Arthur worked for Damson Oil Corporation and Electronic Data Systems.

He holds a bachelor’s degree in accounting from the University of Scranton and an MBA from PACE University in New York City.

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JOHN STINEBAUGHMANAGING PARTNER, BROOKFIELD ASSET MANAGEMENT

John is a Managing Partner of Brookfield Asset Management and Chief Financial Officer of the

Manager. John is responsible for financial reporting, risk management, corporate finance and overall funding activities. John is also very involved in the group’s utility infrastructure business, and runs the group’s operations in the Americas. Prior to joining Brookfield, John was an investment banker working in the energy industry with responsibility for mergers and acquisitions and lever-aged financings. John received his Chartered Financial Analyst designation in 1995 and graduated with a degree in economics from Harvard University.

GREG TAYLORDIRECTOR, SEQUOIA INvESTMENT MANAGEMENT COMPANY

Greg is a founding Partner and a Director of Sequoia Investment Management Company. He is one of two Co-Portfolio Managers and is the lead Infrastructure Analyst for

the Fund. Greg has been working in the infrastructure sector for more than 25 years in the US and in Europe.

Greg’s experience includes regulated and unregulated utilities, transportation and social infrastructure assets. Transactions have included private and public transac-tions, acquisition finance, project finance, municipal bonds and whole business securitizations.

Prior to joining Sequoia, Greg worked for UBS in London, where he was a member of the infrastructure debt and advisory team. Before that, he worked at Merrill Lynch, with a particular emphasis on financing commitments related to utility and infrastructure acquisitions.

Earlier, Greg was an analyst at Moody’s in London, where he served as lead analyst for more than £10 billion of publicly rated financings. Prior to moving to London in 2000, Greg spent 10 years in the municipal finance department of PaineWebber Inc. in New York, where he was responsible for structuring municipal rev-enue bonds, with a particular emphasis on airports.

vICKIE TURNBULLMANAGING DIRECTOR, INFRASTRUCTURE FINANCE, RBC CAPITAL MARKETS

vickie is a Managing Director in the Canadian Infrastructure Finance Group at RBC Capital Markets, located in Toronto. Her primary

focus is structuring debt capital markets, bank and relat-ed swaps project financing for PPP clients in Canada. She also spends time advising sponsors that invest directly in the PPP sector.

vickie, who joined RBC in 2007, has been involved in the infrastructure sector since 1998, with her experi-ence ranging from project finance structuring (bond, bank and swaps), loan syndications, corporate debt structuring (bond and bank) and advisory assignments. Prior to joining RBC Capital Markets, vickie spent 12 years working in the debt capital markets (infrastructure and utilities team), loan syndications and treasury credit groups for a major Canadian bank. Prior to that, she worked in corporate banking for three foreign banks in Canada.

vickie has a bachelor’s degree in applied mathematics and economics from Brown University and an MBA from York University.

Photo not available

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PARtICIPANt LISt



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Luca Alberti Swiss Re

troy Alexander white & Case LLP

Paulo Arencibia BNP Paribas

Shikha Bajpai mercer

vikram Bakshi Iberdrola Renewables

francis Ballard HSH Nordbank

Alfonso Barona miguez Cintra US LLC

John Beck Aecon Group Inc.

Ian Bendell Davis LLP

Rachel Bethlahmy Industry funds management

kenneth Bonn JPmorgan Chase

Robert Braddick mercer

marc Brazeau transport Canada

John Brennan Union Pacific Railroad

Edwin Charnaud marsh

Brian Chase Campbell Lutyens & Co., Inc.

Steve Cheng Infrastructure Partners

Geoffrey Clark marsh

John Cole Global Infrastructure Partners

mark Coles Advanced Power

Steven Comen Goodwin Procter

John Coulter LIRR

Sam Coxe Alinda Capital Partners

miguel Cruz oHL USA

Andrew Cunanan Access Capital Advisers

Regis Damour AECom

fuensanta Diaz Cobacho westLB AG

Raymond DiPrinzio SmBC

Brian Duperreault marsh & mcLennan Companies

Anthony Edwards Industry funds management

David Elizondo Access Capital Advisers

Daniel filer ferrovial Agroman US Corp

John flaherty the Carlyle Group

Adam freed NyC mayor’s office of Long-term Planning & Sustainability

Roberto friedrich HoCHtIEf PPP Solutions North America Inc.

Joseph fusco marsh & mcLennan Companies

timothy Gallagher Genesee & wyoming Inc.

David Geenberg Strategic value Partners

David Gillespie fulbright & Jaworski LLP

Sam Gilmore kiewit Corporation

Chris Glynn Infrastructure Investor

william Goetz CSx transportation

michael Grant Gruppo, Levey & Co.

Paul Haley tfI-News

Doug Halvorson GE Energy financial Services

Ray Harris mastec, Inc.

Patrick Heck Denver International Airport

Adam Hesketh transurban

Bruce Hogg CPP Investment Board

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manny Hontoria oliver wyman

Daniel Hoornweg the world Bank

mark Jennings Balfour Beatty Capital

Clint Jordan mitsui & Co (USA), Inc

Nanda kamat the Bank of tokyo-mitsubishi

David kaposi mercer

Brooks kaufman Ifm

Allan kaulbach oliver wyman

thomas kelly fluor

Nasir khan BtmU

Sandra kim-Suk Citi Infrastructure Investors

Philipp klingelhofer Bank of America merrill Lynch

Raymond kwok Abatis Advisors LLC

vittorio Lacagnina SteelRiver Infrastructure Partners

Richard Langberg BBvA

michael Lapolla Global via USA

Peter Leach the Journal of Commerce

matthew LeBlanc ArcLight Capital Partners, LLC

michael Lierow oliver wyman

michael Lombardi State Board of Administration - florida

Pierre Lortie fraser milner Casgrain

Jeff makholm NERA Economic Consulting

Allan marks milbank tweed Hadley & mcCloy LLP

Stuart marks InfraRed Capital Partners Zoe markwick Société Générale

E. Dennis mcCluskey Integrated Asset management - Integrated Private Debt

kevin mcmahon Jacobs Engineering

Neil mcmonagle Jeffrey A. Parker & Associates

michael messner Seminole management Co., Inc.

John L. micaUS House of Representatives

Nicolas moessner Dexia Credit Local

Joel moser Bingham mcCutchen

Lee muller ContourGlobal

vincent Ng SmBC

Petya Nikolova NyC Retirement System

Ben Nolan Berkeley Research Group, LLC

Joseph orofino Swiss Re

michael Parker Jeffrey A. Parker & Associates

william Penley morgan Stanley

Elaine Philis Lend Lease

Jim Pierce marsh

RS Pierrepont marsh

michael Pikiel fulbright & Jaworski L.L.P.

Anne Hird Rabin HoCHtIEf PPP Solutions North America Inc.

Rheal Ranger Borealis Infrastructure

Brian Reardon Lend Lease

william Reinhardt Public works financing

kashif Riaz BlackRock

Nathalie Ricard vinci Concessions USA, Inc

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Charles Ridler Access Capital Advisers

Robert Robideaux marsh

Rodrigo Rocha Citi Infrastructure Investors

tom Rooney Standard and Poor’s

victor Rutenberg Sumitomo mitsui Bank

Juan Sanchez Salas Cintra

Dana Sands Energy Infrastructure Partners

James Scully Citi Infrastructure Investors

Dan Seltzer BtmU

Adam Sherman SmBC

Albert Shin Strategic value Partners

Arthur Simonson Standard and Poor’s

Gregory Sinnott mmCo- SSG

Derrick Smith CSx transportation

vincas Snipas Dexia Bank

murray Starkel NGP Energy Capital management

Russell Stidolph AltEnergy, LLC

John Stinebaugh Brookfield Asset management

Robert St-Jean vIA Rail Canada

J. Scott Swensen Conduit Capital Partners, LLC

Greg taylor Sequoia Investment management Company

thomas toepfer Bilfinger Berger SE

Quynh tran Sumitomo mitsui Banking Corporation

vickie turnbull RBC Capital markets

John van Benschoten Highstar Capital

Charles ward Private Equity International

James wardlaw Campbell Lutyens

Loli wu Bank of America merrill Lynch

List current as of April 17, 2012.

24

GLoBAL INfRAStRUCtURE SERvICES

marsh & mcLennan Companies provides risk-based, analytical, and transactional support in the development and implementation of projects for infrastructure clients worldwide.

25

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DIffERENtIAtED INfRAStRUCtURE SERvICES

INfRAStRUCtURE SECtoR foCUSDEEP INDUSTRY EXPERIENCE AND ROBUST ANALYTICS, ENABLING PRAGMATIC SOLUTIONS

• Transportation: airports, ports/terminals, roads, bridges, tunnels, freight and passenger rail, dry bulk and tanker logistics

and markets

• Energy: oil and gas – upstream, downstream, transportation and storage; metals/mining; extraction industry logistics (e.g.,

mine to port)

• Utilities: natural gas, electricity, water

• Telecommunications: broadcasting and/or wireless towers, satellites

• Power generation: carbon-based, nuclear and renewables, fossil fuel markets

• Social infrastructure: hospitals, schools, accommodation

BANKABLE BUSINESS CASE DEvELOPMENT TAILORED TO SPECIFIC TRANSACTIONS

Proven global experience in supporting bankable, implementable projects

• Demand/revenueprojections(includingmarket-basedpriceoptimization)

• Operatingandcapitalcostprojections(includinglifecycleriskmanagement)

• Integrationoftechnical/engineeringrequirements

• Trade-offmodelingofoperatingversuscapitalimprovements

• Matchingtimingofrevenuestreamstocapitalexpenditures

• Constructionprojects

• Operatingassets

• Secondarypurchase

• Saleofanasset

• Publicand/orprivatefinancing

• Relatedcapitalraise

TRANSACTION FEASIBILITY

AND GOvERNANCE

• Duediligence

• Projectlifecycleplanningand

management

• Project/transactionstructure,

including key stakeholder

alignment (public agencies,

financial/strategic sponsors,

customers)

• Humancapitalstructureand

workforce environment

• Investmentselectionandpacing

• Compensation(including

health and welfare)

• Insurancecoveragefor

unallocated risks

RISK IDENTIFICATION AND

QUANTIFICATION

• Riskandvaluedriveranalysis(modeling

and long-term financial forecasting)

• Detailedanalysisbyrisktype

– Market (e.g., commodity risk, interest

rates, foreign exchange)

– Operational (e.g., construction risk,

completion of milestones, start-ups)

– Human capital (health, welfare,

pensions)

• Investmentrisk

• Ex-postanalysisofperformanceversus

risk influence

• Countryriskanalysis

• Demandforecasting

• Largeprojectrisk

• Logisticsschedulingunderuncertainty

(e.g., to and from the infrastructure asset)

RISK MITIGATION

• Allocationofriskamongparties

• Projectconstructionrisk

insurance, including delay in

start-up and marine transit

• Operationalinsurance,

including portfolio insurance

procurement

• Humancapitalobligations

• Surety

• Politicalriskandpolitical

violence

• Environmentalrisk

• Weatherrisk

• Workforcecommunication

and change

• Disputeresolutionservices

POLICY AND

REGULATION

• Projecteconomicsunder

alternative regulatory

regimes

• Tariffandpricing

alternatives

• Strategyandpolicy

considerations, including

privatization and

concessioning

•Risk advisory and insurance transactional services

•Commercial/market, operations, capital planning organization

•Economics and regulation

•Human capital

•Investment analysis

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POLICY AND

REGULATION

• Projecteconomicsunder

alternative regulatory

regimes

• Tariffandpricing

alternatives

• Strategyandpolicy

considerations, including

privatization and

concessioning

CONTACTS

RISK ADvISORY AND INSURANCE TRANSACTIONAL SERvICES

EDWIN CHARNAUDChairman, Global Infrastructure Practice, Marsh+44 20 7357 3157 [email protected]

GEOFFREY CLARKManaging Director, Marsh+1 213 346 5025 [email protected]

MARTIN BENNETTSenior vice President, Marsh+44 20 7357 [email protected]

COMMERCIAL/MARKET, OPERATIONS, CAPITAL PLANNING ORGANIZATION AND STRATEGIC RISK MANAGEMENT

ALLAN KAULBACHPartner, Oliver Wyman+1 617 424 [email protected]

MANNY HONTORIAPartner, Oliver Wyman+1 617 501 8719 [email protected]

BORIS GALONSKEPartner, Oliver Wyman+41 44 553 [email protected]

DR. KRISTINA GERTEISER Associate Partner, Oliver Wyman +49 89 939 49 432 [email protected]

ECONOMICS AND REGULATION

GRAHAM SHUTTLEWORTHDirector, NERA Economic Consulting +44 20 7659 8654graham.shuttleworth @nera.com

HUMAN CAPITAL INvESTMENTS

BOB BRADDICKSenior Partner, Mercer+1 212 345 [email protected]

GILES ARCHIBALDSenior Partner, Mercer+44 20 7178 [email protected]

DAvID KAPOSIPrincipal, Mercer+1 416 868 [email protected]

MARK HOBLEPartner, Mercer+44 20 7178 5725 mark.w.hoble @mercer.com

ABOUT MARSH & McLENNAN COMPANIES

MARSH & McLENNAN COMPANIES (NYSE: MMC) is a global team of professional services companies offering clients

advice and solutions in the areas of risk, strategy, and human capital. MARSH is a global leader in insurance broking and

risk management; GUY CARPENTER is a global leader in providing risk and reinsurance intermediary services; MERCER is

a global leader in human resource consulting and related services; and OLIvER WYMAN is a global leader in management

consulting. Marsh & McLennan Companies’ 52,000 colleagues worldwide provide analysis, advice, and transactional

capabilities to clients in more than 100 countries. The Company prides itself on being a responsible corporate citizen and

making a positive impact in the communities in which it operates. visit www.mmc.com for more corporate information, or

www.PartneringImpact.com to learn more about the Company’s world-class capabilities and its solutions to the complex

problems enterprises face today.

The information contained herein is based on sources we believe reliable and should be understood to be general risk management and insurance information only. The information is not intended to be taken as advice with respect to any individual situation and cannot be relied upon as such.

Copyright © 2012 Marsh & McLennan Companies. All rights reserved.

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