1. Introduction to EllisDon June 2012

2. Key Facts Founded in 1951 Canada’s 2 nd largest constructor 2011 Revenues over $3 billion International company – have worked in 17 countries Core strength in social infrastructure – particularly healthcare and justice facilities One of two most successful PPP developers and builders in Canada

3. Healthcare experience Canada’s largest hospital builder 200+ hospitals Healthcare construction value over $15 billion In last 30 years never a time when EllisDon wasn’t building a hospital somewhere in Canada Almost all EllisDon staff have healthcare construction experience

4. South Health Campus – CM project Calgary, Alberta $1.3B project – over 2.5M s.f. Ongoing VE and planning Fast-track 4 year schedule

5. Justice Facilities Over 150 justice projects – in Canada and the U.S.  Prisons  Courthouses  Police facilities  Forensic Mental Health Currently building the largest PPP prison in Canada Currently building two PPP courthouses

6. Public Private Partnerships Won the first two Canadian PPP projects Participate as developer, design-builder and (sometimes) facility operator Have reached financial close on 24 PPP projects  Hospitals  Prisons  Courthouses  Housing  Sports/entertainment facilities

7. Surrey Memorial Hospital – PPP project Surrey, British Columbia $512M expansion project 151 acute care beds, new Emerg Dept financial close December 2010

8. Public Private Partnerships Pros  Full risk transfer for design, construction, building operations – guaranteed performance  Best-in-class asset management – FM/life cycle  Private finance provides discipline & capacity  Faster delivery – inception to completion Cons  Higher transaction costs  Higher finance costs for the private finance portion  Less flexibility to handle changes during operating period

9. Comments - P3/Concession procurement Output Specs typically exceed industry norms Transaction costs are relatively high Not all risk transfer is good value Expectations can be unrealistic – innovations, retail revenues etc. Projects are most successful when all parties focus on the “partnership” The condition of the asset during the operations phase is better than with non-P3 assets