Global Infrastructure Services

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Global Infrastructure Services Marsh & McLennan Companies provides risk-based, analytical, and transactional support in the development and implementation of projects for infrastructure clients worldwide. DIFFERENTIATED INFRASTRUCTURE SERVICES

• Risk advisory and insurance transactional services • Commercial/market, operations, capital planning organization • Economics and regulation • Human capital • Investment analysis INFRASTRUCTURE SECTOR FOCUS

Deep 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/revenue projections (including market-based price optimization) • Construction projects • Operating and capital cost projections (including life cycle risk management) • Operating assets • Integration of technical/engineering requirements • Secondary purchase • Trade-off modeling of operating versus capital improvements • Sale of an asset • Matching timing of revenue streams to capital expenditures • Public and/or private financing • Related capital raise

TRANSACTION FEASIBILITY RISK IDENTIFICATION AND RISK MITIGATION POLICY AND AND GOVERNANCE QUANTIFICATION REGULATION

• Due diligence • Risk and value driver analysis (modeling • Allocation of risk among parties • Project economics under • Project life cycle planning and and long-term financial forecasting) • Project construction risk alternative regulatory management • Detailed analysis by risk type insurance, including delay in regimes • Project/transaction structure, – market (e.g., commodity risk, interest start-up and marine transit • Tariff and pricing including key stakeholder rates, foreign exchange) • Operational insurance, alternatives alignment (public agencies, – operational (e.g., construction risk, including portfolio insurance • Strategy and policy financial/strategic sponsors, completion of milestones, start-ups) procurement considerations, including customers) – Human capital (health, welfare, • Human capital obligations privatization and • Human capital structure and pensions) • Surety concessioning workforce environment • Investment risk • Political risk and political violence • Investment selection and pacing • Ex-post analysis of performance versus • Environmental risk • Compensation (including risk influence • Weather risk health and welfare) • Country risk analysis • Workforce communication • Insurance coverage for • Demand forecasting and change unallocated risks • Large project risk • Dispute resolution services • Logistics scheduling under uncertainty • Independent review of financial (e.g., to and from the infrastructure asset) models 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.

CONTACTS Manny Hontoria HUMAN CAPITAL Financial Model Audit Partner, Oliver Wyman INVESTMENTS Risk advisory and +1 617 501 8719 Shikha Bajpai insurance manny.hontoria@ Bob Braddick Principal, Mercer transactional services oliverwyman.com Senior Partner, Mercer +1 212 345 3146 +1 212 345 2234 [email protected] Edwin Charnaud Boris Galonske [email protected] Managing Director, Marsh Partner, Oliver Wyman +44 20 7357 3157 +41 44 553 3409 GILES ARCHIBALD [email protected] boris.galonske@ Senior Partner, Mercer oliverwyman.com +44 20 7178 3462 Geoffrey Clark [email protected] Managing Director, Marsh Dr. Kristina Gerteiser +1 213 346 5025 Associate Partner, Oliver DAVID KAPOSI [email protected] Wyman Principal, Mercer +49 89 939 49 432 +1 416 868 8984 Martin Bennett kristina.gerteiser@ [email protected] Senior Vice President, Marsh oliverwyman.com +44 20 7357 2195 MARK HOBLE [email protected] Economics and Partner, Mercer regulation +44 20 7178 5725 Commercial/market, mark.w.hoble operations, capital Graham Shuttleworth @mercer.com planning Director, NERA Economic organization and Consulting strategic risk +44 20 7659 8654 management graham.shuttleworth @nera.com Allan Kaulbach Partner, Oliver Wyman +1 617 424 3454 allan.kaulbach@ oliverwyman.com

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.