Non-Toll Highways

Exhibit 14 shows the distribution of non-toll highway projects by contract type on a regional basis. According to this data, the following insights are noted for non-toll highway projects involving PPP arrangements:

• Most non-toll highway projects involving PPP arrangements for financing or delivery are in Europe, predominantly in the U.K., Spain, and Portugal. Many of these projects were financed by shadow tolls and involve either a DBFO or
DBOM contract with terms of generally 30 years. Project costs average $400 million.

• Shadow tolling appears to be declining in Europe as a basis for highway project funding.

• Other non-toll highway projects are in the U.S. and Canada, many of which are DB contracts. Other contract delivery approaches in North America include DBFO (most involving shadow tolls of 20-30 years duration, primarily in Canada),
DBOM (of 10-20 years duration), and Contract Management (of 5-7 years duration). Project costs average $300 million in North America.

• None of the other regions have non-toll highway projects listed in the PWF database.

Exhibit 14 - Non-toll Highway Projects Planned or Completed since 1985 by region and Contract Type*

N/A - none available

* Omits projects included in PWF database that lack sufficient information to determine cost