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Annual Information Form 407 INTERNATIONAL INC. Annual Information Form For the Year Ended December 31, 2020 As at February 11, 2021 ANNUAL INFORMATION FORM TABLE OF CONTENTS FORWARD-LOOKING STATEMENTS ............................................................................................... 5 CORPORATE STRUCTURE ............................................................................................................... 5 1. Name, Address, Incorporation and Ownership ................................................................. 5 2. Intercorporate Relationships ................................................................................................. 5 GENERAL DEVELOPMENT OF BUSINESS .................................................................................... 6 1. Traffic ......................................................................................................................................... 6 2. Construction ............................................................................................................................. 6 3. Information Technology ......................................................................................................... 7 4. Customer Service .................................................................................................................... 7 5. Other Developments ............................................................................................................... 8 5.1. International Organization for Standardization (“ISO”) ........................................................... 8 5.2. 407 ETR Team Charter ............................................................................................................. 8 5.3. 407 ETR in the Community ....................................................................................................... 8 5.4 Data Theft Incident..................................................................................................................... 8 1. General Summary .................................................................................................................... 9 2. Production and Services ...................................................................................................... 10 3. Specialized Skill and Knowledge ........................................................................................ 11 4. Competitive Conditions ........................................................................................................ 12 5. Highway 407 ............................................................................................................................ 12 5.1. Construction Activities ............................................................................................................. 13 5.2. Tolling and Back Office Activities ........................................................................................... 13 6. Process and Technology Enhancements ......................................................................... 14 7. Intangible Properties ............................................................................................................. 14 8. Seasonal Variations .............................................................................................................. 14 9. Economic Dependence ......................................................................................................... 15 9.1. Authorized Requester Electronic Data Services Agreement ............................................... 15 9.2. MTO Enforcement Services .................................................................................................... 15 9.3. Police Services Agreement ..................................................................................................... 16 9.4. Transponder Supply and Leasing/Toll System Technology and Licensing ....................... 16 10. Employees ............................................................................................................................... 16 11. Strategic Plan ......................................................................................................................... 17 12. Corporate Social Responsibility and Environmental Policies ...................................... 17 12.1. Environmental Pollution Prevention & Climate Change Risk .............................................. 17 12.2. Management Commitment ...................................................................................................... 17 12.3. Corporate Awareness .............................................................................................................. 18 12.4. Stakeholder Awareness and Participation ............................................................................. 18 12.5. Performance Monitoring and Reporting ................................................................................. 18 13. Risk Factors ............................................................................................................................ 18 13.1. Construction of Extensions and Deferred Interchanges ...................................................... 18 13.2. Toll Exempt Vehicles and Unbillable Transactions............................................................... 19 13.3. Traffic Volumes and Toll Revenue ......................................................................................... 19 13.4. Possible Transportation Improvements ................................................................................. 19 13.5. Operating and Maintenance Expenses .................................................................................. 20 13.6. Technology Infrastructure ....................................................................................................... 20 13.7. Cybersecurity ........................................................................................................................... 20 13.8. Ownership of Intellectual Property and Reliance on Certain Suppliers .............................. 20 13.9. Liquidity ..................................................................................................................................... 20 13.10. Inflation...................................................................................................................................... 21 13.11. Adequate Insurance/Risk Management................................................................................. 21 Page 2 of 78 13.12. Changes in Laws ..................................................................................................................... 21 13.13. Market for Securities ................................................................................................................ 21 14. Insurance ................................................................................................................................. 21 DIVIDENDS ................................................................................................................................ 22 DESCRIPTION OF CAPITAL STRUCTURE ............................................................................. 22 1. General Description of Capital Structure .......................................................................... 22 2. Ratings ..................................................................................................................................... 22 3. Existing Indebtedness .......................................................................................................... 24 3.1. July 1999 Bonds....................................................................................................................... 25 3.2. August 1999 Bonds ................................................................................................................. 25 3.3. March 2000 Bonds ................................................................................................................... 26 3.4. July 2000 Bonds....................................................................................................................... 26 3.5. December 2004 Notes............................................................................................................. 27 3.6. February 2006 Notes ............................................................................................................... 28 3.7. November 2011 Notes............................................................................................................. 28 3.8. April 2012 Notes....................................................................................................................... 29 3.9. September 2012 Notes ........................................................................................................... 29 3.10. October 2013 Notes ................................................................................................................. 29 3.11. May 2014 Notes ....................................................................................................................... 30 3.12. March 2015 Notes .................................................................................................................... 30 3.13. May 2015 Notes ....................................................................................................................... 30 3.15. May 2016 Notes ......................................................................................................................
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