TOLLING

D E V E L O P M E N T

Prepared by:

Malika Seddi, IBTTA International Vice President

Director of International Affairs, ASFA, Paris,

OLLING NEWSLETTER

A S C A N O F T O L L I N G

E V E L O P M E N T A R O U N D T H E G L O B E

~ W I N T E R 2 0 1 6 ~

Malika Seddi, IBTTA International Vice President

rnational Affairs, ASFA, Paris, France

EWSLETTER

L O B E

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TABLE OF CONTENTS

Introduction ...........................................................................................................................................3

Africa .....................................................................................................................................................4

Asia and Oceania ....................................................................................................................................6

Europe ...................................................................................................................................................9

North America......................................................................................................................................11

South America......................................................................................................................................15

Russia...................................................................................................................................................17

International Industry Events ...............................................................................................................18

Glossary ...............................................................................................................................................19

Sources; information collected from articles of IBTTA, ASECAP, Word Highways, TOLLROADSnews,Reuters, ITS America, Ertico – ITS Europe.

ABOUT IBTTAThe International Bridge, Tunnel and Turnpike Association (IBTTA) is the worldwide association for theowners and operators of toll facilities and the businesses that serve them. Our mission is to advance tollfinanced transportation. Each year the association engages thousands of transportation professionalsfrom toll agencies, concessionaires and allied businesses through educational meetings, knowledgesharing and advocacy. Founded in 1932, IBTTA has members in 20 countries on six continents.

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INTRODUCTION2015 has been a very fruitful year in infrastructure projects. 2016 is expected to follow the same trend.

An historic agreement to combat climate change and unleash actions and investment towards alowering carbon emissions has been signed by more than 190 nations. Reducing carbon emissionsassociated with transportation will be one of the top priorities of all policymakers worldwide.

In Asia and Africa, the development of road infrastructure remains the critical focus. Ambitiousprograms are ongoing in different countries.

In South America, impressive road investment plans are scheduled. Important infrastructure programsare developing in Colombia and Brazil.

In the USA, the Congress approved a multi-year highway bill to succeed MAP-21, which was approved in2012. The FAST (Fixing America’s Surface Transportation) Act provides five years of slightly higherprogram funding using both the existing fuel tax revenues and general funds, largely from adjustmentsin the Federal Reserve Banking system.

In Europe, clear signals are being given by the European institutions to support infrastructuredevelopments based on public-private partnerships.

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AFRICA

TUNISIA’S PROJECTS READY IN 2016Tunisia’s minister for infrastructure and housing, Mohamed Salah Arfaoui, has announced that the Sfax-Gabès and Oued Zarga-BouSalem motorways will be operational in summer 2016. He has alsoannounced that other motorways would be commissioned by 2018, bringing the total network to1,000km.

Tunisia is expected to put out to tender the Kairouan-Sousse motorway, according to a report in Marchby Tunis Afrique Press. At that time, the Kairouan-Sousse motorway was projected to cost around US$70million, with financing aided by the World Bank.

225KM STRETCH CONNECTING THE TOWN OF ARLIT IN LANDLOCKED NIGER TO ALGERIA

Last November construction started on the last part of the Trans-Sahara Highway connecting theAlgerian capital Algiers to the Nigerian capital and port Lagos. The final section of the 4,500km route is a225km stretch connecting the town of Arlit in landlocked Niger to the Algerian town of In Guezzam onNiger’s northern border with Algeria. Arlit is a major industrial town built around the area’s uraniummines.

MAJOR NEW HIGHWAY PROJECT FOR MALI

A new highway project is being planned that will help boost the economy of Mali. The landlockedcountry is one of the most impoverished nations in Africa and this new highway will provide a direct linkfrom its capital Bamako to the port of San Pedro in Côte d'Ivoire. Much of the financing for the project is

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being provided through a loan worth US$ 187.61 million from the African Development Bank. The newhighway link will also help develop the port of San Pedro, which is currently the second largest in Côted'Ivoire. The road link will be of enormous economic importance for Mali as well as Burkina Faso, whichis also landlocked and is also one of Africa’s least developed nations. The new highway will also providebetter transport connections to the port from the eastern parts of Guinea and Liberia.

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ASIA AND OCEANIA

CHINA – BEIJING CONSIDERS CONGESTION CHARGE

According to Chinese website Xinhua, Beijing is likely to test a congestion charge in a bid to address itscongestion and air quality. Close to 5.6 million vehicles vie for space on Beijing's roads and vehicleemissions account for 31 percent of the city's smog, according to the Beijing Environmental ProtectionBureau.

Beijing topped the traffic congestion list of 45 major domestic cities in the second quarter of 2015, andthe frequent use of ride-hailing services was cited in a report as a major reason. Commuters in Beijingspent on average 32 minutes per hour in traffic jams while travelling during rush hours, according to areport by AutoNavi Software. Rush hour congestion was 36.4 percent higher in July than the previousyear.

Policy makers are looking into the possibility of a congestion fee in certain areas. Beijing will furthertighten its traffic controls and consider policies that will encourage companies to adopt differentworking hours. The city has rolled out various policies to address air quality and congestion, such asrestricting vehicles from using the roads on one out of five weekdays based upon the vehicle’s lastlicense plate digits.

AUSTRALIA HIGHWAY PROJECTS BEING PLANNED

Key highway projects are progressing in Australia. In the state of Victoria, the authorities are planning aroad widening project for the Monash Freeway that will cost an estimated US$289.54 million (A$400million). The project calls for the route to be widened to five lanes in either direction for the stretchbetween the EastLink and the South Gippsland Highway. Other sections of the route will be widened tothree lanes in either direction. Toll road firm Transurban has been working with the Victoria State

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Government on infrastructure upgrades and the improvements to the Monash Freeway are part of alarger $3.98 billion (A$5.5 billion) plan to reduce the traffic volumes on the West Gate Bridge.

Meanwhile in New South Wales there are cost concerns over the WestConnex motorway project. Thishas now risen to $11.98 billion (A$16.8 billion) compared with the original estimate of $10.98 billion(A$15.4 billion). The Sydney Gateway has cost more than originally expected. The project is scheduled toopen to traffic in 2023. A consortium comprising Spanish firm Dragados of Spain, Korean companySamsung C&T and local firm CIMIC Group (CIMIC) will undertake Phase II of the WestConnex highwayproject. The contract is worth some $2.03 billion (A$2.8 billion) and is due for completion at the end of2018. The consortium is required to upgrade existing interchanges, build a 9km stretch of tunnel andbuild a 33km link road for M4 and M5 highways.

MAJOR NEW HIGHWAYS PROJECTS FOR INDONESIA

Work on Indonesia’s massive Trans Kalimantan road link will commence in 2016. The planned routestretches for some 7,600km and the project will be started by the Indonesian Government. More roadswill be upgraded in 2016 because many of the country’s provincial and district roads will now featurenational road status and will be managed by the central government. Another important project is forthe Trans Jabar Toll route. This Toll road will be built by the Media Nusantara Citra Group (MNC). Thefirm expects to complete the project in the first half of 2017, costing $205.8 million. Once completed,the 15km road will link Bogor to Ciawi and Cigombong.

A financing deal has been signed for a portion of a major highway project in Indonesia. The US$91million loan package has been signed between Indonesian infrastructure financing company, SaranaMulti Infrastrucktur (SMI), and contractor, Hutama Karya. This will help pay for work on the 22kmPalembang-Indrayala stretch of the 2,700km Trans Sumatra 2,700km highway project. The funds will bemade available in three tranches. Funding from state sources will provide the remaining funds requiredfor the Palembang-Indralaya stretch of highway.

INDONESIAN TOLL ROAD FIRM TO EXPAND NETWORK

State-owned Indonesian toll road firm Jasa Marga plans to increase its network by 460 km by 2018. Thiswill bring its total network to 1,050km by 2018. During 2016, Jasa Marga intends to spend US$1 billiondeveloping its toll road network and general operations. By 2018, the Trans Java toll road should beopen to traffic.

META WILL TEAM UP WITH TWO JAPANESE INVESTORS

Infrastructure company PT Nusantara Infrastructure (META) will team up with two Japanese investors —Japan Expressway International Co. Ltd. (JEXWAY) and West Nippon Expressway Co. Ltd. (W-NEXCO) —to develop its Bintaro Serpong Damai (BSD) toll-road project connecting Serpong and Pondok Aren, bothin South Tangerang, Banten. JEXWAY and W-NEXCO will secure a 4.18 percent share in the project,leaving an 88.94 percent share of the project to META.

THAILAND GOVERNMENT PLANS INFRASTRUCTURE PROGRAMME

Major plans are in hand in Thailand for transport infrastructure development. The country’s Ministry ofTransport is currently revising its construction plans for a series of key transport infrastructure projects.Several selected plans will then be presented to the cabinet in mid-December 2015. A total of fivePublic-Private Partnership (PPP) ventures are among projects that will be re-submitted to the cabinet forapproval. Two of these PPP projects are highways that will cost an estimated US$3.9 billion.

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The Ministry of Transport’s development plan for the highway network will cost around $58.82 billion inall. This will be carried out from 2016 until 2036. Under the plan, the ministry intends to build 21highway routes under a Public-Private Partnership (PPP) basis. The highways will stretch for 6,621km intotal.

INDIAN ROAD PROJECTS SEEING MAJOR DEVELOPMENT

A huge development of roads is expected in India. The Indian Government has plans to spend aroundUS$15.29 billion on building 10,000km of roads in the North-East of the country. A significant portion,around $3.73 billion, will be used on roads development in Arunachal Pradesh. One key project nowcommencing is for the widening of the Akola-Murtizaur segment of National Highway 6. The $7.46billion project is expected to be complete by 2020.

In addition, a new six-lane highway should be complete between Mumbai and Nagpur by 2018. The newroad will reduce the travel time between the cities to 10 hours from the current 16-18 hours. The stategovernment is considering further plans to widen the highway to eight lanes, should it be able to acquirethe necessary land. Meanwhile, 3,839km of roads in Maharashtra State are to be upgraded intohighways.

The Meerut-Bulandshahr highway project is worth some US$105 million and involves the construction ofa 62km highway link. The project will be carried out under the hybrid annuity model (HAM), with thebuilder and Indian Government splitting the construction cost 60:40. Under the HAM model, the IndianGovernment also has plans for 19 more national highway projects that will involve the construction of1,300km of highways.

MYANMAR HIGHWAY PROJECT PROPOSAL PUT FORWARD – KOREA

Plans are moving forward in Myanmar for the construction of a new highway link. A consortium madeup of Halla Corp and Lotte E&C of South Korea and Capital Diamond Star Group (CDSG) of Myanmar isoffering a proposal to build a 20.5km highway. This four-lane highway would connect Yangon and Bagoand be constructed on a Public-Private Partnership basis. Drivers would have to pay a toll charge ofUS$1 each at three toll collection points. Phase I of the Yangon Urban Expressway project will costUS$620 million and the construction work is expected to take just under five years.

NEW MALAYSIAN HIGHWAY PROJECT

Plans are in hand in Malaysia to build a new highway costing US$1.06 billion. The route will run fromJelapang-Selama-Batu Kawan and the proposal has been put forward by Beta Mutiara. The three-lanehighway will stretch for 116km between Jelapang, Perak and Batu Kawan, Penang. Should the work getthe go ahead the project would be carried out by Beta Mutiara subsidiary BMT Jelas.

THE 25TH WORLD ROAD CONGRESS – SEOUL, KOREA

The 25th World Road Congress was held in Seoul. More than 3,000 experts from around 100 countriesparticipated. The five-day conference included talks, papers and discussions about road and mobilitycreating new value from transport. The Congress included a program of special interest to college andgraduate students who were interested in careers in the road transport industry.

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EUROPE

HISTORIC PARIS AGREEMENT ON CLIMATE CHANGE

195 Nations Set Path to Keep Temperature Rise Well Below Two Degrees CelsiusAn historic agreement to combat climate change and unleash actions and investment towards a lowcarbon, resilient and sustainable future was agreed by 195 nations in Paris. The Paris Agreement for thefirst time brings all nations into a common cause based on their historic, current and futureresponsibilities.

The universal agreement’s main aim is to keep a global temperature rise this century well below twodegrees Celsius and to drive efforts to limit the temperature increase even further to 1.5 degrees Celsiusabove pre-industrial levels. The 1.5-degree Celsius limit is a significantly safer defense line against theworst impacts of a changing climate. Additionally, the agreement aims to strengthen the ability to dealwith the impacts of climate change.

To reach these ambitious and important goals, appropriate financial flows will be put in place, thusmaking stronger action by developing countries and the most vulnerable possible, in line with their ownnational objectives.

AGREEMENTS BETWEEN THE EIB AND EUROPEAN COMMISSION

The European Investment Bank (EIB) is the long-term lending institution of the European Union ownedby its Member States. It makes long-term finance available for sound investment in order to contributetowards EU policy goals.

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EIB President Werner Hoyer, European Commission President Jean-Claude Juncker and Vice PresidentJyrki Katainen signed a series of technical agreements between the EIB and the European Commissionwhich complete the formal establishment of the European Fund for Strategic Investments (EFSI) and theEuropean Investment Advisory Hub. EFSI is a joint initiative of the Commission and the EIB and anintegral part of the Commission’s Investment Plan for Europe. Set up within the EIB, EFSI will manage aguarantee from the EU budget of €16 billion and an EIB contribution of €5 billion to leverage private andpublic investment of €315 billion over the next three years. This initiative is done to ensure the successof the Investment Plan for Europe by making EFSI work as the other parts of the plan are put in place,including regulatory reform which is crucial to make the EU more welcoming for investors andentrepreneurs.

The European Investment Bank has also nominated Vice President Ambroise Fayolle to the EFSI SteeringBoard that will provide strategic guidance concerning the EFSI initiative. Over recent months the EIB hasagreed to financing for projects which are expected to be backed by the EU budget guarantee under theEFSI initiative. All projects, including those earmarked for support under the EFSI guarantee, needapproval by the EIB board prior to loan contracts being finalized. So far, EIB has agreed on 14 projectswith a volume of €1.9 billion under EFSI, which will mobilize total investment of €8.5 billion. At the sametime the European Investment Fund (EIF) has helped to mobilize more than €8 billion of privateinvestment through 30 new transactions. Once final loan details are concluded the EIB Group iscommitted to supporting projects earmarked for financing under EFSI on its balance sheet even if the EUguarantee should be found not to apply.

THE 22ND ITS WORLD CONGRESS IN BORDEAUX

The event attracted record numbers with more than 12,000 delegates and visitors from over 100countries over the five days, making ITS Bordeaux the largest ITS European event ever staged. TheCongress was host to more than 270 sessions, allowing more than 1,000 experts to enrich allparticipants with the latest in ITS knowledge. Autonomous vehicles were one of the hot topics of theconference.

SPAIN – EUR 1.1 BILLION REFINANCING FOR ITS MOTORWAY PORTFOLIO

Spanish toll road operator, Itinere Infraestructuras, recently launched a €1.1 billion refinancing for itsmotorway portfolio – with the plan to issue bonds of up to €500 million, as well as a €600 million loan,to refinance debt due in 2018.

POLISH ROAD BUILDING PROGRAMME IN HAND

Poland’s road authority GDDKiA has signed 13 road deals and has secured European financing worth acombined total of €1.91 billion. These works are being carried out from 2014-20. The available EUfinance in the current perspective allocated to GDDKiA's projects stands at close to €10 billion. Poland’sroad investment programme for 2014-2023 includes building at least 3,900km of roads and 57km of ringroads.

VINCI WINS STRASBOURG GRAND CONTOURNEMENT OUEST DEAL

French construction group Vinci has been named preferred bidder for construction and operation of thepreviously cancelled western motorway bypass in Strasbourg, north-eastern France. Vinci will lead aconsortium for the project estimated to need €475 million. The contract will be signed next year withconstruction to start in 2017. The win for Vinci is especially sweet because it comes two years afterwinning the same contract, but which was cancelled, for the 24km tolled A355 Grand ContournementOuest, a Public-Private Partnership deal. The plan was cancelled because of a lack of secure financing.

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NORTH AMERICA

U.S. CONGRESS APPROVES A MULTI-YEAR HIGHWAY BILL

Just in time to avoid a further extension of the federal highway program, Congress approved a multi-year highway bill to succeed MAP-21, which was approved in 2012. The FAST (Fixing America’s SurfaceTransportation) Act provides five years of slightly higher program funding using both the existing fuel taxrevenues and general funds, largely from adjustments in the Federal Reserve Banking system. The billcontains a new freight transportation program and, for the first time in a surface transportation bill,there is a rail title for Amtrak and commuter rail programs.

The Act also contains several changes to Federal tolling policy that IBTTA has been working on for manyyears and which we are very pleased to see. The basic change modifies the Interstate SystemReconstruction and Rehabilitation Pilot Program (ISRRPP), enacted in 1998, which allows up to threestates to reconstruct existing non-tolled interstate facilities and return them to service as tolledfacilities. The three states slots have, for many years, been occupied by Missouri, North Carolina andVirginia. Unfortunately, none of these states has advanced a tolling project under the pilot program and,until now, there has been no mechanism to clear the slots that are not progressing.

If any of the current states (MO, NC and VA) cannot move forward with their projects, the Secretary willaccept applications from other states that want to enter the program. These new states would havethree years to advance a project before the “kick out” provision would remove them from the program.

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While this might seem to be a very modest change, it reflects IBTTA’s careful, long-term effort toadvance tolling in an environment in which we have been advised that the term “tolling” is toxic inCongressional circles, right along with “taxes.” Both the Senate and House highway bills containedversions of the tolling pilot language. The Senate bill had a very prescriptive set of requirements for theUSDOT to follow while the House version required that the state legislature must approve tolling beforea state could apply. The final language is less prescriptive than hoped but also omits the legislativeapproval requirement.

The only other change to the Federal tolling provision is to provide “Equal Access for Over-the-roadbuses,” which grants private bus operators the same treatment (rates, terms and conditions) providedto public transportation buses.

The Fast Act also establishes a grant program for “Surface Transportation System Funding Alternatives”(Section 6020), which would allow states, or groups of states, to “to demonstrate user-based alternativerevenue mechanisms that utilize a user fee structure to maintain the long-term solvency of the HighwayTrust Fund.” This would presumably encompass Road User Charging (RUC) and/or Vehicle Miles ofTravel (VMT) trials such as the one underway in Oregon. The Federal share of costs, not to exceed 50percent of the total cost of the effort, makes $15 million available in 2016 and $20 million annually inFYs 2017-2020. An interesting element of this section is the wording, “Any revenue collected through auser-based alternative revenue mechanism established using funds provided under this section shall notbe considered a toll under section 301.11 of title 23, United States Code.”

ILLINOIS TOLLWAY SAVES $50.9 MILLION BY REFINANCING SERIES 2008B BONDS

The Illinois Tollway took advantage of favorable conditions in the municipal bond market on Tuesday,December 8, to issue $333 million of Series 2016. A fixed rate refunding bonds at an average yield atmaturity of 3.67 percent, which refunded $350 million of its Series 2008B bonds.

The new refunding bonds, like the bonds refunded, mature in approximately 16 and 17 years and arerated “Aa3,” “AA-” and “AA-” by Moody’s Investors Service, Standard & Poor’s and Fitch Ratings,respectively. The refunding reduces the Tollway’s bond principal and interest payments during fiscalyears 2016 through 2032 by a total of $50.9 million on a net present value basis.

This is the Tollway's fourth issuance of refunding bonds since August 2013. These four issues refundedmost of the Tollway's outstanding Series 2005A, 2006A and 2008B bonds. In total, the four issuesrefunded $1.3 billion of Series 2005A, 2006A and 2008B bonds, producing net present value savings of$141.2 million, or 10.8 percent of the amount of bonds refunded.

FLORIDA’S I-4 PROJECT WINS MAJOR AWARD

Florida’s I-4 Ultimate highway project won the Best Transport Project award at the 2015 P3 Awardsceremony. Among entries, the US$2.3 billion highway project was recognized for its scale, complexity,and overall performance.

Stretching through Orlando, the I-4 Ultimate project is a massive makeover of 33.6km of highway. Itincludes over a dozen reconstructed interchanges, 74 rebuilt bridges, 53 new bridges and constructionof four new express lanes. According to the P3 Awards judges the project stood out from otherapplicants, “the project could be delivered 20 years sooner than if conventional procurement wasconsidered.” The award-winning project team consists of companies that design, build, finance, operate

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and maintain the facility. This includes a partnership between Florida DOT and I-4 Mobility Partners.

Within the I-4 Ultimate team are the pavement engineering specialists of the Transtec Group in Austin,Texas, who provided the pavement design. With the use of Transtec’s Alternative Technical Concepts(ATCs), contractors were able to accelerate the rate of pavement construction.

I-4 Ultimate includes a variety of other innovative benefits from Transtec’s pavement design such asbetter traffic flow, shorter travel times, increased safety and the use of recycled and reused materials.This highway’s new efficiency will set a new standard for future Florida DOT highway projects, andpotentially others across the Americas.

THE REGINA BYPASS IS THE FIRST TRANSPORT INFRASTRUCTURE PROJECT TO BE COMPLETED BY A PPP IN THE CANADIAN

PROVINCE OF SASKATCHEWAN

The consortium led by VINCI Concessions (37.5 percent) and consisting of Parsons Enterprises (25percent), Connor Clark & Lunn GVest fund (25 percent) and Gracorp Capital (12.5 percent) has beenawarded a 30-year public-private partnership contract for the completion and operation of the bypasshighway of Regina, the provincial capital of Saskatchewan in Canada by the Saskatchewan Ministry ofHighways and Infrastructure. The Regina Bypass will be the first transport infrastructure project to becompleted by a public-private partnership in the province.

HIGH-OCCUPANCY TOLL LANES TO BE STUDIED FOR HAMPTON ROADS

Virginia Transportation Secretary Aubrey Layne wants Hampton Roads transportation planners to studyhow changing high-occupancy-vehicle (HOV) lanes to high-occupancy toll (HOT) lanes might reducecongestion. The tactic has worked near Washington to help reduce congestion and could be a quick,cheap fix for Hampton Roads.

“Much of the discussion in the region about addressing transportation issues is focused on majorprojects that cost hundreds of millions to billions of dollars and take years to plan, design and build.”

“While I believe the focus on identifying the next water crossing that will be improved is appropriate,there are other solutions that should be considered concurrently.”

HOT lanes can be used by high-occupancy vehicles for free, while single-occupancy vehicles can chooseto pay a variable toll during peak hours. On Interstate 95, HOT lanes reduced morning rush hour traveltime in non-tolled lanes by 20 percent since the lanes opened last year. HOT lane tolls can range from$0.20 per mile during less busy times to more than $1 per mile in some sections during rush hour.

Layne estimates the studies would take six to nine months and would cost less than $1 million, whichthe state would pay for. The HRTPO would examine the feasibility of converting HOV lanes to HOT lanes,the benefits of conversion, the cost and the construction schedule it would take to make it happen.

The HOT lane conversion would have a much quicker impact on reducing congestion than long-termconstruction projects. Any cost to convert the lanes would likely be paid by the tolls. Whatever was leftover would remain in Hampton Roads to pay for other construction projects.

As part of its planning process, the HRTPO is already studying HOT lanes for a new High-Rise Bridge inChesapeake. The 32 miles of HOV lanes in the area are underused and “offer an opportunity to providenew travel choices to commuters, improve reliability and reduce congestion in all lanes,” Layne wrote.

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THE ‘DRIVING FORWARD’ PLAN – OKLAHOMA GOVERNOR

“The ‘Driving Forward’ plan is about ensuring safe travel, relieving congestion to shorten commutes andsustaining economic development for years to come. As Oklahoma’s population grows, it will require agreater commitment to modernizing and improving our transportation infrastructure. Making theseinvestments today will prevent our state from having to respond to a crisis in the future.”

There are six individual projects which will modernize our roadways and improve safety throughout thestate. Users of the system will pay for the operation of these projects. The $892 million turnpikeinitiative will begin in the third quarter of 2016.

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SOUTH AMERICA

PARAGUAY PPP PROJECT PROPOSALS

Proposals are expected for widening work to two major highways in Paraguay. As many as sevenconsortia look likely to submit their proposals for the PPP widening project for Route 2 and Route 7. TheDirectorate of Strategic Projects (DIPE) of Paraguay's Ministry of Public Works and Communications(MOPC) has reported that seven of the eleven pre-qualified firms have shown string interest in the work.The project is due for completion after 2019 and will cost close to $400 million. Bidding for the projectwill now open in February 2016 and not on 18 January 2016, following a request made by the 11 firmsand consortia participating in this process.

BRAZIL PLANNING MAJOR HIGHWAY CONCESSION DEALS

The Brazilian Government has identified around 10,000km of new highway concessions. Thisprogramme will be achieved through a new road maintenance scheme called Programa Nacional deManutencao de Rodovias (PNMR). The scheme will seek the replacement of existing road maintenancecontracts with PPP or other concession arrangements in five years. Brazil has around 9,900km ofprivatised roads at the moment. The main aim of the PNMR plan will be to save the BrazilianGovernment up to 30 percent of its road maintenance costs.

The move comes as a result of budget cuts; Brazil's Transport Infrastructure Department (DNIT) is havingto take extreme measures. In addition to renegotiating all road maintenance contracts, DNIT also

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intends to be exempted from federal road concessions. Work on new roads has slowed down by 45percent and contracts have been extended. Road maintenance works have been reduced by 35 percent.DNIT will invest less than US$1.66 billion in 2015, compared with $2.85 billion invested in 2014. Roadinvestments are expected to remain low in 2016.

COLOMBIA

Fourth Generation (4G) of the Road Concessions Program is ongoing. This ambitious program includes40 projects to build some 8,000km with a total investment of $25 billion during the course of the nextseven years. Projects are carried out under a Public-Private Partnership (PPP) approach and will furnish aroad infrastructure more suitable to the economic development of the country.

Recently, Spanish environmental services, infrastructure and water group FCC has secured a €392 dealto design, build, operate and maintain the 10km Toyo Tunnel in Urabá Port. The Government ofAntioquia awarded the project to the consortium in which Madrid-based FCC has a 40 percent share anda group of local business people hold 60 percent. Once complete the Toyo Tunnel will be the longest ofits kind in Colombia.

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RUSSIA

NEW MOSCOW-ST. PETERSBURG TOLL HIGHWAY

A joint venture between Italian contractor Astaldi and Turkey’s IC İçtaş, which is also constructing the third bridge over Istanbul’s Bosporus, has signed a contract to design and build a 140-km stretch of thenew Moscow-St. Petersburg toll highway in Russia, in preparation for the 2018 FIFA World Cup. Thetotal contract value amounts to approximately €1.1 billion.

“The Moscow-St. Petersburg highway plays a strategic role for Russia’s infrastructure development, aswell as in light of the 2018 World Football Championship that will be hosted by Russia. The works to beperformed refer to Lots 7 and 8 of the highway, which will form Corridor Nine of the Trans-Europeantransport network. The route will feature both six lanes and four lanes, with traffic travelling at amaximum speed of 150 km/h,” the statement added. Works will start by the end of July and are plannedto last 35 months, according to the companies.

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INTERNATIONAL INDUSTRY EVENTS CALENDAR

95th TRB Annual MeetingJanuary 10-14, 2016 | Washington, DC, USA | www.trb.org/AnnualMeeting

3rd Annual Roads and Highways Conference (International Roads Foundation)March 7-9, 2016 | Kuala Lumpur, Malaysia | www.irfnet.ch

ASECAP Safety DaysMarch 8, 2016 | Warsaw, Poland | www.asecap.com

IBTTA Transportation Policy and Finance SummitMarch 13-15, 2016 | Washington, DC | www.IBTTA.org/dc

IntertrafficApril 5-8, 2016 | Amsterdam, Netherlands | www.intertraffic.com

Transport Research Arena (TRA)April 18-21, 2016 | Warsaw, Poland | www.traconference.eu

IBTTA Maintenance & Roadway Operations WorkshopMay 15-17, 2016 | Newport, Rhode Island, USA | www.IBTTA.org/newport

ASECAP 44th Annual Information & Study DaysMay 23-25, 2016 | Madrid, Spain | www.asecap.com

11th ITS European CongressJune 6-9, 2016 | Glasgow, Scotland | http://glasgow2016.itsineurope.com

IBTTA Summit on All-Electronic Tolling, Managed Lanes & InteroperabilityJuly 24-26, 2016 | Boston, Massachusetts, USA | www.IBTTA.org/boston

IBTTA 84th Annual Meeting & ExhibitionSeptember 11-14, 2016 | Denver, Colorado, USA | www.IBTTA.org/denver

23rd World Congress on Intelligent Transport SystemsOctober 14-16, 2016 | Melbourne, Australia

IBTTA Global SummitOctober 23-25, 2016 | Mexico City | www.IBTTA.org/mexicocity

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GLOSSARY

AET: All-Electronic Toll Collection

PIARC: Association Mondale de la Route – World Road Association

ASECAP: Association euro penne des concessionnaires d’autoroutes et d’ouvrages à péage – EuropeanAssociation of Operators of Toll Road Infrastructures

DOT: Department of Transportation

C-ITS: Cooperative Intelligent Transportation Systems

EBRD: European Bank for Reconstruction and Development

EC: European Commission

EIB: European Investment Bank

EGNOS: European Geostationary Navigation Overlay System

ERF: European Union Road Federation

EP: European Parliament

EU: European Union

GALILEO: European satellite navigation system

GNSS: Global Navigation Satellite System

HOV lane: High Occupancy Vehicle lane

IBTTA: International Bridge, Tunnel and Turnpike Association

ITF: International Transport Forum

ITS: Intelligent Transportation Systems

OBE/OBU: On Board Equipment/On Board Unit

OECD: Organization for Economic Cooperation and Development

ORT: Open Road Tolling

PPP: Public-Private Partnership

TEN-T: Trans-European Transport Network

UNECE: Economic Commission of the United Nations for Europe