valuation report for ameri metro, inc. as of july 31, 2020
TRANSCRIPT
Val
uati
on R
epor
t fo
r A
mer
i Met
ro, I
nc. a
s of
Jul
y 31
, 202
0.
2
Ta
ble
of C
onte
nts
The
Bus
ines
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….4
Fi
nanc
e M
echa
nism
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5 Lo
ng-R
ange
Ide
as a
nd R
elat
ed C
ompa
nies
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15
Supp
orti
ng I
nfor
mat
ion…
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.16
Com
pany
Foc
us…
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.17
The
Bus
ines
s Pl
an…
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….2
9 B
rief
Des
crip
tion
s of
Cur
rent
Pot
enti
al P
roje
cts…
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38
Prob
lem
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....7
3
Solu
tion
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….7
5 C
ompa
ny O
wne
rshi
p of
all
Rel
ated
Ent
itie
s……
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….9
2
Com
peti
tive
Adv
anta
ges…
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92
Cap
ital
izat
ion…
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….9
3
Eng
agem
ent
Ove
rvie
w…
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…94
D
efin
itio
n of
Fai
r V
alue
and
Fai
r M
arke
t V
alue
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....9
6 Sc
ope
of S
ervi
ces…
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8
3
Sour
ces
of I
nfor
mat
ion…
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.99
App
roac
hes
to F
air
Val
ue…
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..100
M
etho
d Se
lect
ed…
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…10
0 M
etho
ds N
ot S
elec
ted…
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.101
Te
rms
and
Con
diti
ons…
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.102
Th
e D
eman
d fo
r Tr
ansp
orta
tion
Inf
rast
ruct
ure…
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…..1
03
The
Ear
ning
Cap
acit
y of
the
Com
pany
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…10
4 E
nter
pris
e G
oodw
ill o
r O
ther
Int
angi
ble
Val
ue…
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…...
104
Q
ualit
ativ
e Fa
ctor
s fo
r V
alua
tion
Sup
port
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….1
04
Cri
tica
l Val
uati
on I
nput
Ass
umpt
ions
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…..1
05
The
Cal
cula
tion
s……
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.106
R
epor
t C
onfi
rmat
ion…
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….1
07
App
endi
x A
- G
rego
ry A
Wah
l, C
PA I
nact
ive
Bio
grap
hy…
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.……
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….1
08
4
Exe
cuti
ve S
umm
ary
The
Bus
ines
s Th
e C
ompa
ny,
an
d it
s w
hol
ly o
wn
ed s
ubs
idia
ry G
loba
l Tr
ansp
orta
tion
an
d In
fras
tru
ctu
re,
Inc.
, ar
e pi
onee
rs o
f “P
PP”
Priv
ate
Publ
ic P
artn
ersh
ips
in t
erm
s of
fu
ndi
ng
of i
nfr
astr
uct
ure
pro
ject
s an
d tr
ansp
orta
tion
pro
ject
s,
thro
ugh
est
ablis
hed
non
-pro
fits
appr
oved
by
IRS
ru
lings
an
d ba
cked
by
legi
slat
ion
of t
he
Sta
te o
f Ala
bam
a.
The
Com
pan
y th
rou
gh i
ts a
gree
men
ts w
ith
TE
MS
Tra
nsp
orta
tion
Eco
nom
ics
Man
agem
ent
Sys
tem
s, t
oget
her
w
ill a
nd
hav
e id
enti
fied
infr
astr
uct
ure
pro
ject
s fo
r bo
th p
riva
te a
nd
publ
ic e
nd
use
rs.
The
Com
pan
y br
ings
to
geth
er p
riva
te a
nd
publ
ic e
nti
ties
, th
e en
d u
sers
, in
clu
din
g re
late
d pa
rty’
s to
org
aniz
e th
e re
ven
ue
bond
of
feri
ng,
wh
ich
will
be
the
priv
ate
debt
veh
icle
to
build
th
e in
fras
tru
ctu
re p
roje
ct fo
r th
e en
d u
ser.
Th
e bo
nds
are
n
ot o
ffere
d by
th
e C
ompa
ny,
th
e bo
nds
are
offi
ciat
ed t
hro
ugh
th
e re
late
d an
d n
on-r
elat
ed n
on-p
rofit
en
titi
es o
n
beh
alf
of r
elat
ed e
nti
ties
an
d n
on-r
elat
ed e
nti
ties
wh
o w
ant
to b
uild
an
d ow
n f
or p
rofit
in
fras
tru
ctu
re p
roje
cts
thro
ugh
out
the
Un
ited
Sta
tes.
Th
e C
ompa
ny
inte
nds
to
build
wor
kin
g re
lati
onsh
ips
wit
h t
he
larg
est
lead
ing
fully
in
tegr
ated
con
stru
ctio
n
man
agem
ent
firm
s in
th
e U
nit
ed
Sta
tes
posi
tion
ed
to
prov
ide
plan
nin
g,
con
sult
ing,
ar
chit
ectu
ral
and
engi
nee
rin
g de
sign
, pr
ogra
m a
nd
con
stru
ctio
n m
anag
emen
t se
rvic
es f
or a
bro
ad r
ange
of
proj
ects
, in
clu
din
g h
igh
way
s,
airp
orts
, br
idge
s,
mas
s tr
ansi
t sy
stem
s,
gove
rnm
ent
and
com
mer
cial
bu
ildin
gs,
wat
er
and
was
tew
ater
fac
iliti
es a
nd
pow
er t
ran
smis
sion
an
d di
stri
buti
on.
The
Com
pan
y w
ill a
lso
uti
lize
the
man
y la
rge
wel
l es
tabl
ish
ed c
onst
ruct
ion
fir
ms
fou
nd
wit
hin
reg
ion
al b
oun
dari
es o
f ea
ch p
oten
tial
pro
ject
to
phys
ical
ly
build
, bo
th t
he
curr
ent
pote
nti
al p
roje
cts
iden
tifie
d la
ter
in t
his
Exe
cuti
ve S
um
mar
y an
d fu
ture
pot
enti
al
proj
ects
nee
d th
rou
ghou
t th
e co
un
try
late
r.
Ther
e is
not
hin
g n
ew a
bou
t th
e pr
ojec
ts b
ein
g re
fere
nce
d to
bu
ild o
ut
in t
hat
all
of t
hem
hav
e al
read
y be
en b
uilt
an
d pr
oven
ou
t gl
obal
ly,
even
th
ough
hig
h s
peed
rai
l h
as n
ot y
et b
een
bu
ilt i
n t
he
Un
ited
Sta
tes
it d
oes
exis
t gl
obal
ly.
Su
bsta
nti
al f
un
ds t
o im
prov
e th
e ra
il an
d ra
il be
ds w
ith
in t
he
Un
ited
Sta
tes
will
allo
w f
or h
igh
spe
ed
5
rail
to b
e u
sed
in t
his
cou
ntr
y. T
he
Com
pan
y’s
busi
nes
s pl
an in
ten
ds t
o pr
ovid
e th
at n
eede
d fu
ndi
ng
thro
ugh
is
un
iqu
e Pr
ivat
e Pu
blic
Par
tner
ship
mod
el.
The
Com
pan
y’s
mai
n f
un
ctio
n i
s to
pla
y th
e ro
le o
f a
“con
duit
” be
twee
n t
he
end
use
rs p
roje
ct,
wh
ich
cou
ld b
e S
tate
Gov
ern
men
t E
nti
ties
or
Priv
ate
En
titi
es t
hat
hav
e pr
ojec
ts i
den
tifie
d to
day
and
are
read
y fo
r fu
ndi
ng
and
rela
ted
and
non
-rel
ated
en
titi
es w
illin
g to
app
roac
h t
he
rela
ted
non
-pro
fits
for
debt
fin
anci
ng
thro
ugh
bon
d of
feri
ngs
wh
ile a
ssu
min
g th
e lia
bilit
y of
th
e de
bt a
nd
will
ingn
ess
to t
urn
th
e pr
ojec
t ov
er t
o th
e S
tate
en
tity
th
e de
bt b
ein
g pa
id i
n f
ull.
If
the
proj
ect
is f
or a
Pri
vate
En
tity
th
e pr
ojec
t m
ay o
r m
ay n
ot b
e tu
rned
ove
r to
th
e pr
ivat
e en
tity
upo
n t
he
debt
bei
ng
paid
in fu
ll.
The
Com
pan
y’s
man
agem
ent
team
has
rec
ogn
ized
th
e n
eed
for
a so
luti
on t
o cu
rb t
he
finan
cial
bu
rden
on
go
vern
men
ts a
nd
taxp
ayer
s al
ike.
Th
e C
ompa
ny
reco
mm
ends
to
all
part
ies
invo
lved
in
an
y pr
ojec
t to
use
Pr
ivat
e Pu
blic
Par
tner
ship
s th
rou
gh M
aste
r B
ond
Inde
ntu
res
offe
red
by n
on-p
rofit
en
titi
es a
s on
e of
its
met
hod
s of
rai
sin
g th
e su
bsta
nti
al a
mou
nt
of c
apit
al n
eede
d fo
r an
y gi
ven
pro
ject
ide
nti
fied
by t
he
end
use
r. A
s a
mea
sure
of
disc
losu
re t
he
Com
pan
y is
un
der
mas
ter
con
sult
ing
agre
emen
t co
ntr
acts
wit
h t
he
rela
ted
non
-pr
ofit
s to
fin
d pr
ofit
able
rev
enu
e pr
odu
cin
g pr
ojec
ts s
upp
orte
d by
eco
nom
ic fe
asib
ility
stu
dies
.
Fina
nce
Mec
hani
sm
The
Com
pan
y Fo
un
der,
Sh
ah M
ath
ias
has
org
aniz
ed a
nd
esta
blis
hed
th
ree
rela
ted
non
-pro
fit c
orpo
rati
ons
and
is a
n i
nde
pen
den
t co
nsu
ltan
t of
a f
ourt
h n
on-p
rofit
(A
TFI)
for
the
purp
ose
of f
un
din
g cu
rren
t po
ten
tial
pro
ject
s of
th
e C
ompa
ny,
ide
nti
fied
by T
EM
S w
ho
has
com
plet
ed p
relim
inar
y st
udi
es o
n b
ehal
f of
th
e en
d u
ser
both
pu
blic
an
d pr
ivat
e. T
o be
cle
ar t
he
Com
pan
y ca
n i
ntr
odu
ce r
elat
ed a
nd
non
-rel
ated
en
titi
es t
o th
e fo
ur
non
-pr
ofit
en
titi
es fo
r th
e pu
rpos
e of
fun
din
g pr
ojec
ts t
hey
hav
e.
Thes
e ar
e th
e 4
Non
-Pro
fit e
nti
ties
wit
h t
he
abili
ty t
o of
ficia
te M
aste
r B
ond
Inde
ntu
res
wh
en s
pon
sore
d by
a
stat
e en
d u
ser:
1.
Ala
bam
a To
ll Fa
cilit
ies,
In
c. (A
TFI)
(A
Non
-Rel
ated
Par
ty)
2.H
i Spe
ed R
ail F
acili
ties
, In
c. (H
SR
F)
(A
Rel
ated
Par
ty)
3.
Hi S
peed
Rai
l Fac
iliti
es P
rovi
der,
In
c. (H
SFP
)
(A
Rel
ated
Par
ty)
6
4.G
loba
l In
fras
tru
ctu
re F
inan
ce &
Dev
elop
men
t A
uth
orit
y (G
IF&
DA
) (A
Rel
ated
Par
ty)
5.
Su
squ
ehan
na
Mor
tgag
e B
anke
rs C
orp.
(Est
. 199
4 A
for
Prof
it C
orp.
)
(A R
elat
ed P
arty
) 6.
Pen
n I
nsu
ran
ce S
ervi
ces
LLC
(For
-Pro
fit r
elat
ed E
nti
ty)
(A R
elat
ed P
arty
)
Thes
e th
ree
non
–pr
ofit
rel
ated
en
titi
es w
ill p
lay
a vi
tal
role
in
fin
anci
ng.
Th
e n
on-p
rofit
s st
atu
tes
prov
ide
a ve
hic
le t
o is
sue
bon
ds a
nd
hel
p se
cure
in
fras
tru
ctu
re p
oten
tial
pro
ject
s. T
he
non
-pro
fit e
nti
ties
hav
e th
e di
scre
tion
to
tu
rn
over
th
e in
fras
tru
ctu
re
pote
nti
al
proj
ects
to
th
e st
ate
or
the
gove
rnin
g bo
dy
hav
ing
juri
sdic
tion
aft
er i
t h
as s
ucc
essf
ully
dev
elop
ed a
nd
paid
for
th
e po
ten
tial
pro
ject
s. I
n t
he
case
of
ATF
I, t
he
toll
road
will
be
turn
ed o
ver
to t
he
stat
e of
Ala
bam
a at
th
e re
tire
men
t of
th
e bo
nds
.
Hig
h-Sp
eed
Rai
l Fac
iliti
es, I
nc.,
Hig
h-Sp
eed
Rai
l Fac
iliti
es P
rovi
der,
Inc
. an
d G
loba
l In
fras
tru
ctu
re F
inan
ce
& D
evel
opm
ent
Au
thor
ity
are
prep
ared
to
assu
me
a la
rge
role
wit
h t
he
Com
pan
y by
bri
ngi
ng
toge
ther
th
e n
eces
sary
fu
ndi
ng
calle
d Pr
ivat
e Pu
blic
Par
tner
ship
, to
beg
in w
ork
imm
edia
tely
on
cu
rren
t po
ten
tial
pro
ject
s.
The
Com
pan
y n
eed
not
en
gage
in
cos
tly,
tim
e-co
nsu
min
g pi
lot
prog
ram
s to
gai
n e
xper
ien
ce f
or i
tsel
f to
per
form
th
e w
ork
invo
lved
, du
e to
th
e C
ompa
ny’
s bu
sin
ess
mod
el o
f en
gagi
ng
som
e of
th
e la
rges
t co
nst
ruct
ion
fir
ms
in
the
cou
ntr
y. W
ith
th
e ex
pert
ise
and
prov
en b
usi
nes
s su
cces
s of
th
ese
firm
s, o
ur
con
sult
ing
team
cou
ld m
ove
expe
diti
ousl
y fo
rwar
d on
th
e w
ides
t va
riet
y of
fro
nts
, fr
om s
ite
sele
ctio
n,
to t
rain
set
con
stru
ctio
n,
to b
uild
ing
coop
erat
ive
ven
ture
s w
ith
an
cilla
ry c
ompo
nen
ts o
f th
e tr
ansp
orta
tion
an
d ac
com
mod
atio
n in
dust
ries
nat
ion
wid
e w
hile
th
e fir
ms
we
enga
ge p
erfo
rm a
nd
man
age
all
of t
he
proj
ects
sco
pes
of w
ork.
Th
e C
ompa
ny’
s pa
radi
gm
anti
cipa
tes
a fu
nda
men
tal
chan
ge i
n t
he
man
ner
in
wh
ich
pas
sen
ger
rail
serv
ice
will
be
prov
ided
an
d ca
rgo
will
be
dis
trib
ute
d in
th
e fu
ture
. Su
sque
hann
a M
ortg
age
Ban
kers
C
orp.
es
tabl
ish
ed
in
1994
by
M
r.
Mat
hia
s,
was
fu
lly
licen
sed
by
the
Pen
nsy
lvan
ia B
anki
ng
Com
mis
sion
an
d H
UD
, as
a l
ende
r. T
he
enti
ty i
s in
th
e pr
oces
s of
rea
ctiv
atio
n w
ith
th
e S
tate
of
Pen
nsy
lvan
ia.
The
inte
nt
is t
o be
com
e a
licen
sed
Com
mer
cial
& R
esid
enti
al l
ende
r, a
n e
nti
ty s
upe
rvis
ed
by t
he
stat
e ba
nki
ng
com
mis
sion
. O
nce
lic
ense
d, i
t w
ill t
hen
app
ly f
or a
Fin
tech
Com
mer
cial
& R
esid
enti
al
len
der
wit
h t
he
U.S
. O
ffice
of
Cu
rren
cy C
ontr
ol t
o be
com
e a
licen
sed
len
der
un
der
the
U.S
. Fe
dera
l R
eser
ve
syst
em.
Cu
rren
t h
oldi
ngs
est
imat
ed v
alu
e $2
,340
,000
,000
,000
tri
llion
dol
lars
(78
0,00
0,00
0 cl
ass
B s
har
es @
$3
,000
.00
per
shar
e).
This
will
affo
rd t
he
SM
BC
eig
ht
tim
es b
orro
win
g po
wer
fro
m F
eder
al R
eser
ve.
In l
igh
t of
th
e M
ckin
sey
& C
ompa
ny
Rep
ort
stat
ing
ther
e is
a 5
7 tr
illio
n d
olla
r in
fras
tru
ctu
re d
efic
it g
loba
lly,
SM
BC
is
posi
tion
ed t
o ac
com
mod
ate
grow
ing
dem
and.
7
Penn
Ins
uran
ce S
ervi
ces
LLC
, a
rela
ted
part
y en
tity
, pr
ovid
ing
amon
g ot
her
in
sura
nce
ser
vice
s, o
ne
of i
ts
serv
ices
is
to p
rovi
de c
redi
t en
han
cem
ent
serv
ices
rel
ated
to
Bon
d O
fferi
ngs
. C
urr
ent
hol
din
gs e
stim
ated
val
ue
$798
,537
,000
,000
bill
ion
dol
lars
(266
,179
,000
Am
eri M
etro
In
c. C
lass
B s
har
es @
$3,
000.
00 p
er s
har
e).
In o
rder
to
supp
ort
the
fun
ctio
nal
ity
of f
inan
cial
str
uct
ure
bet
wee
n t
he
end
use
r w
het
her
pu
blic
or
priv
ate
and
the
non
-pro
fit w
het
her
rel
ated
or
non
-rel
ated
, S
hah
Mat
hia
s cr
eate
d tw
enty
rel
ated
en
titi
es b
elow
. T
he
Com
pan
y ow
ns
25%
of
seve
nte
en e
nti
ties
, 10
% o
f on
e en
tity
an
d 2%
of
anot
her
en
tity
vi
a n
on-v
otin
g co
mm
on
shar
es,
wit
h t
he
rem
ain
ing
own
ersh
ip (a
nd
100%
vot
ing
con
trol
) ow
ned
by
Mr.
Mat
hia
s. T
he
Com
pan
y ac
tin
g in
it
s M
aste
r C
onsu
ltin
g ro
le w
ill b
e th
e co
ndu
it b
etw
een
on
e or
mor
e of
nin
e re
late
d en
titi
es w
ho
will
sec
ure
by
con
trac
t th
e pr
ojec
t fr
om t
he
end
use
r an
d ap
proa
ch t
he
non
-pro
fits
for
bon
d of
feri
ng
of t
he
proj
ect.
Th
e co
nst
ruct
ion
man
agem
ent
serv
ices
will
be
perf
orm
ed b
y on
e or
mor
e of
th
e la
rges
t co
nst
ruct
ion
man
agem
ent
firm
s in
th
e U
nit
ed S
tate
s u
tiliz
ing
exis
tin
g w
ell e
stab
lish
ed c
onst
ruct
ion
fir
ms
in o
r n
ear
the
proj
ect
loca
tion
to
perf
orm
th
e ph
ysic
al w
ork
on e
ach
pro
ject
. Th
e C
ompa
ny’
s co
nsu
ltin
g st
affin
g n
eeds
are
alr
eady
in
pla
ce a
nd
any
addi
tion
al n
eeds
can
be
met
eas
ily.
On
ce a
pro
ject
is
star
ted
the
con
sult
ing
man
agem
ent
team
of
the
Com
pan
y w
ould
rel
y h
eavi
ly o
n t
he
wor
k fo
rce
of s
ome
of t
he
larg
est
con
stru
ctio
n m
anag
emen
t fir
ms
in t
he
cou
ntr
y. T
he
twen
tiet
h r
elat
ed e
nti
ty b
ein
g H
SR
F Tr
ust
was
cre
ated
to
plac
e th
e bo
nd
offe
rin
g re
ven
ue
in t
rust
m
anag
ed b
y ag
reem
ents
wit
h I
NG
(now
Voy
a).
1.
H
SR
Fre
igh
t Li
ne,
In
c.
2.
HS
R P
asse
nge
r S
ervi
ces,
In
c.
3.
HS
R T
ech
nol
ogie
s, I
nc.
4.
H
SR
Log
isti
cs, I
nc.
5.
K
SJM
In
tern
atio
nal
Air
port
, In
c.
6.
Por
t of
Ost
ia, I
nc.
7.
P
ort
of D
e C
lau
diu
s, I
nc.
8.
A
tlan
tic
En
ergy
& U
tilit
y Pr
odu
cts,
In
c.
9.
M
alib
u H
omes
, In
c.
10.
Am
eri C
emen
t, I
nc.
11
.Lo
rd C
hau
ffeu
rs L
TD.
12
.Pe
nn
In
sura
nce
Ser
vice
s LL
C
8
13.
Cap
e H
orn
Abs
trac
tin
g
14.
Eas
tern
Dev
elop
men
t &
Des
ign
, In
c.
15.
Sla
ter
& W
est,
In
c.
16.
Plat
inu
m M
edia
In
c.
17.
Su
squ
ehan
na
Mor
tgag
e B
anke
rs C
orp.
18
.A
nn
Ch
arle
s In
tern
atio
nal
Air
port
19
.D
utc
h E
ast
Indi
a Lo
gist
ics
Co.
20
.H
SR
F Tr
ust
At
the
pres
ent
tim
e, t
hes
e re
late
d en
titi
es w
ill n
ot b
e do
ing
the
hea
vy l
iftin
g, i
t w
ould
be
the
Com
pan
y pl
ayin
g th
e ro
le o
f con
sult
ant
to a
ll pa
rtie
s an
d th
e la
rge
con
stru
ctio
n m
anag
emen
t fir
ms
wor
kin
g w
ith
the
Com
pan
y as
m
enti
oned
bef
ore.
Th
ese
enti
ties
pla
y a
vita
l ro
le i
n t
erm
s of
bec
omin
g th
e en
tity
th
at b
uild
s an
d ow
ns
the
pote
nti
al p
roje
ct w
hils
t th
e bo
nd
debt
is
bein
g pa
id b
ack.
Th
e U
ltim
ate
ben
efic
ial
own
er o
f th
e pr
ojec
t co
uld
be
one
of t
hes
e en
titi
es o
r in
th
e ca
se o
f S
tate
pro
ject
s, t
he
Sta
te w
ould
bec
ome
the
ben
efic
ial o
wn
er o
f th
e pr
ojec
t bu
ilt o
nce
th
e bo
nd
debt
is
reti
red.
Th
is b
usi
nes
s m
odel
will
con
trol
cos
t ov
er r
un
s an
d al
low
for
mor
e ti
ghtl
y m
anag
ed p
roje
cts
duri
ng
con
stru
ctio
n a
nd
then
man
agem
ent
of t
he
oper
atio
ns
of t
he
proj
ect
un
til
the
debt
is
paid
bac
k.
In s
um
mar
y an
d fo
r cl
ear
un
ders
tan
din
g of
th
e pr
oces
s:
The
Sta
te w
ho
has
a p
roje
ct t
o bu
ild, w
ould
be
able
to
hav
e th
e pr
ojec
t bu
ilt b
y sp
onso
rin
g th
e bo
nd
offe
rin
g on
be
hal
f of o
ne
of t
he
rela
ted
enti
ties
bel
ow w
ho
wou
ld b
uild
an
d m
anag
e th
e pr
ojec
t, a
ssu
min
g th
e lia
bilit
y of
th
e de
bt a
nd
then
giv
ing
the
paid
for
pro
ject
bac
k to
th
e S
tate
upo
n r
etir
emen
t of
th
e bo
nd
debt
. In
th
e ca
se o
f n
on-r
elat
ed S
tate
pro
ject
s th
e re
late
d en
tity
cou
ld b
e th
e be
nef
icia
l ow
ner
of
the
proj
ect
at t
he
end
of t
he
bon
d de
bt r
etir
emen
t.
1) H
SR F
reig
ht l
ine,
Inc
. Th
is c
ompa
ny
will
han
dle
all
serv
ices
for
use
of
trac
k ti
me
and
trai
n s
ets
for
frei
ght
and
prov
ide
frei
ght
forw
ardi
ng
serv
ices
, fo
r fe
e. F
or e
xam
ple
HS
R F
reig
ht
Lin
e, I
nc.
inte
nds
to
offe
r h
igh
spe
ed r
ail,
frei
ght
forw
ardi
ng
and
parc
el h
andl
ing
serv
ices
to
exis
tin
g n
atio
nal
an
d gl
obal
car
rier
s.
Car
rier
s w
ill b
e ab
le t
o le
ase
trai
n s
ets
wit
h t
hei
r tr
ade
logo
s an
d sl
ogan
s in
th
eir
own
col
or s
chem
es f
or
fee
sch
edu
le t
hat
var
ies
depe
ndi
ng
on a
m,
mid
-day
an
d pm
tim
e fr
ames
, in
add
itio
n t
o to
ll fe
es f
or t
rack
ti
me,
sim
ilar
to c
arri
ers
payi
ng
tolls
on
tu
rnpi
kes,
for
th
e fa
ctio
n o
f th
e co
st a
s op
pose
d to
in
depe
nde
ntl
y
9
deve
lopi
ng
a fr
eigh
t co
rrid
or.
The
Com
pan
y in
terf
aces
wit
h t
he
enti
ty,
in t
hre
e se
para
te s
tage
s: S
tage
1
inte
rfac
e -
as c
onsu
ltan
t fo
r fe
e, S
tage
2 i
nte
rfac
e –
as c
onsu
ltan
t fo
r co
nst
ruct
ion
ser
vice
s fo
r fe
e an
d S
tage
3 i
nte
rfac
e –
as a
non
-con
trol
ling
inte
rest
sh
areh
olde
r, s
har
ing
in p
ost
con
stru
ctio
n o
pera
tion
s re
ven
ue.
2) H
SR P
asse
nger
Ser
vice
s, I
nc.
This
com
pan
y w
ill h
andl
e al
l ti
cket
ing,
boo
kin
g, r
eser
vati
ons,
foo
d &
be
vera
ge s
ervi
ces,
hot
el b
ooki
ng
and
car
ren
tal
book
ing
serv
ices
. H
SR
Pas
sen
ger
Ser
vice
In
c. w
ill o
ffer
con
cess
ion
spa
ce a
t th
e tr
avel
pla
zas,
tec
hn
olog
y pa
rks
and
deve
lop
mot
els,
hot
els,
fas
t fo
od r
esta
ura
nt
esta
blis
hm
ents
an
d co
nve
nie
nce
sto
res.
Th
e C
ompa
ny
inte
rfac
es w
ith
th
e en
tity
, in
th
ree
sepa
rate
sta
ges:
S
tage
1 in
terf
ace
- as
con
sult
ant
for
fee,
Sta
ge 2
inte
rfac
e –
as c
onsu
ltan
t fo
r co
nstr
uct
ion
ser
vice
s fo
r fe
e an
d S
tage
3 i
nte
rfac
e –
as a
25%
non
-con
trol
ling
inte
rest
sh
areh
olde
r, s
har
ing
in p
ost
con
stru
ctio
n op
erat
ion
s re
ven
ue.
3) H
SR T
echn
olog
ies,
Inc
. T
his
com
pan
y w
ill h
andl
e al
l bu
ild t
o su
it m
anu
fact
uri
ng
faci
litie
s fo
r tr
ain
se
ts a
nd
cen
tral
ized
sig
nal
izat
ion
ser
vice
s al
ong
the
rail
road
tra
cks
and
trai
n s
tati
ons.
Wit
hin
th
e te
chn
olog
y pa
rks
HS
R T
ech
nol
ogie
s, I
nc.
will
be
a so
le p
rovi
der
of a
ll fib
er o
ptic
s, t
elec
omm
un
icat
ion
an
d al
l rel
ated
tec
hn
olog
ies
serv
ices
incl
udi
ng
equ
ipm
ent
mai
nte
nan
ce.
A.
Mai
nte
nan
ce f
or t
rain
en
gin
es,
rail
cars
an
d ra
il tr
ack
thro
ugh
a m
ain
ten
ance
agr
eem
ent
wit
h
equ
ipm
ent
leas
e h
olde
rs.
B.
Tota
l m
ain
ten
ance
for
all
Indu
stri
al s
ites
for
ass
embl
y pl
ants
, tr
ain
sta
tion
s, t
rain
ter
min
als,
m
anu
fact
uri
ng
plan
ts,
part
s di
stri
buti
on c
ente
rs,
rail
road
s, r
ail
cros
sin
gs,
rail
yard
s, c
argo
te
rmin
als,
par
kin
g lo
t, p
arki
ng
gara
ges,
hot
el,
mot
els,
foo
d an
d be
vera
ge v
endi
ng
mac
hin
es,
all
reta
il sh
oppi
ng
cen
ters
, offi
ce c
ompl
exes
an
d al
l on
/off
site
impr
ovem
ents
. C
.Th
e ai
rlin
e in
dust
ry
is
con
gest
ed
thro
ugh
out
exis
tin
g te
rmin
al
spac
e.
The
prop
osed
K
SJM
In
tern
atio
nal
Air
port
in A
laba
ma
will
offe
r se
rvic
es t
o el
imin
ate
burd
en o
n e
xist
ing
term
inal
spa
ce
for
airl
ine
carr
iers
. Fe
dera
l A
viat
ion
Adm
inis
trat
ion
(FA
A)
cert
ified
in
spec
tion
sta
tion
s to
ser
vice
th
e ai
rlin
e in
dust
ry.
Als
o pr
ovid
ing
mar
ine
serv
ices
, oi
l pl
atfo
rms
and
petr
o ch
emic
al i
ndu
stry
se
rvic
es d
ue
to p
roxi
mit
y to
th
e G
ulf
of M
exic
o.
The
Com
pan
y in
terf
aces
wit
h t
he
enti
ty,
in t
hre
e se
para
te s
tage
s: S
tage
1 in
terf
ace
- as
con
sult
ant
for
fee,
S
tage
2 i
nter
face
– a
s co
nsu
ltan
t fo
r co
nst
ruct
ion
ser
vice
s fo
r fe
e an
d S
tage
3 i
nte
rfac
e –
as a
25%
non
-co
ntr
ollin
g in
tere
st s
har
ehol
der,
sh
arin
g in
pos
t co
nst
ruct
ion
ope
rati
ons
reve
nu
e.
10
4) H
SR L
ogis
tics
, In
c. T
his
com
pan
y w
ill h
andl
e co
ordi
nat
ion
, de
liver
y an
d m
ovem
ent
of a
ll m
ach
iner
y eq
uip
men
t, m
ater
ial g
oods
an
d w
ill o
pera
te a
ll w
areh
ousi
ng
faci
litie
s at
:
The
Com
pan
y in
terf
aces
wit
h t
he
enti
ty,
in t
hre
e se
para
te s
tage
s: S
tage
1 in
terf
ace
- as
con
sult
ant
for
fee,
S
tage
2 i
nter
face
– a
s co
nsu
ltan
t fo
r co
nst
ruct
ion
ser
vice
s fo
r fe
e an
d S
tage
3 i
nte
rfac
e –
as a
25%
non
-co
ntr
ollin
g in
tere
st s
har
ehol
der,
sh
arin
g in
pos
t co
nst
ruct
ion
ope
rati
ons
reve
nu
e.
5) K
SJM
Int
erna
tion
al A
irpo
rt,
Inc.
Th
is c
ompa
ny
form
ed t
o se
rve
as a
mas
ter
airp
ort
faci
lity.
It
will
pr
ovid
e fo
ur
type
s of
air
port
ter
min
als
and
one
inte
rnat
ion
al a
irlin
e in
spec
tion
ser
vice
ter
min
al o
pera
ted
by H
SR
Tec
hn
olog
ies
Inc.
: a)
Pass
enge
r Te
rmin
als,
ope
rate
d by
HS
R P
asse
nge
r S
ervi
ces
Inc.
b)
Air
Car
go T
erm
inal
s, o
pera
ted
by P
ort
of O
stia
, In
c.
c)C
orpo
rate
Jet
Cen
ter
Term
inal
d)
Inte
rnat
ion
al
Air
line,
FA
A
insp
ecti
ons
mai
nte
nan
ce
serv
ice
term
inal
s,
oper
ated
by
K
SJM
In
tern
atio
nal
Air
port
, In
c.
e)D
omes
tic
Air
line
FAA
in
spec
tion
mai
nte
nan
ce s
ervi
ce t
erm
inal
s, o
pera
ted
by H
SR
Tec
hn
olog
ies
Inc.
The
Com
pan
y in
terf
aces
wit
h t
he
enti
ty,
in t
hre
e se
para
te s
tage
s: S
tage
1 in
terf
ace
- as
con
sult
ant
for
fee,
S
tage
2 i
nter
face
– a
s co
nsu
ltan
t fo
r co
nst
ruct
ion
ser
vice
s fo
r fe
e an
d S
tage
3 i
nte
rfac
e –
as a
25%
non
-co
ntr
ollin
g in
tere
st s
har
ehol
der,
sh
arin
g in
pos
t co
nst
ruct
ion
ope
rati
ons
reve
nu
e.
6) P
ort
of O
stia
, In
c. T
his
com
pan
y w
ill h
andl
e fo
reig
n a
nd
dom
esti
c A
ir C
argo
, an
d su
ppor
tin
g gr
oun
d se
rvic
es s
uch
as
frei
ght
forw
ardi
ng
serv
ices
will
be
prov
ided
by
HS
R F
reig
ht
Lin
e, I
nc.
and
air
an
d gr
oun
d lo
gist
ics
will
be
prov
ided
by
HS
R L
ogis
tics
, In
c. T
he
Com
pan
y in
terf
aces
wit
h t
he
enti
ty,
in t
hre
e se
para
te
stag
es: S
tage
1 in
terf
ace
- as
con
sult
ant
for
fee,
Sta
ge 2
inte
rfac
e –
as c
onsu
ltan
t fo
r co
nstr
uct
ion
ser
vice
s fo
r fe
e an
d S
tage
3 in
terf
ace
– as
a 2
5% n
on-c
ontr
ollin
g in
tere
st s
har
ehol
der,
sh
arin
g in
pos
t co
nst
ruct
ion
op
erat
ion
s re
ven
ue.
7)
Por
t of
De
Cla
udiu
s, I
nc.
This
com
pan
y w
ill h
andl
e fo
reig
n a
nd
dom
esti
c in
bou
nd
outb
oun
d se
a co
nta
iner
in
lan
d po
rt o
pera
tion
an
d w
areh
ouse
dis
trib
uti
on c
ente
r. T
he
Com
pan
y in
terf
aces
wit
h t
he
11
enti
ty,
in t
hre
e se
para
te s
tage
s: S
tage
1 in
terf
ace
- as
con
sult
ant
for
fee,
Sta
ge 2
inte
rfac
e –
as c
onsu
ltan
t fo
r co
nst
ruct
ion
ser
vice
s fo
r fe
e an
d S
tage
3 i
nte
rfac
e –
as a
25%
non
-con
trol
ling
inte
rest
sh
areh
olde
r,
shar
ing
in p
ost
con
stru
ctio
n o
pera
tion
s re
ven
ue.
8)
Atl
anti
c E
nerg
y &
Uti
lity
Prod
ucts
, In
c. T
his
com
pan
y w
ill p
rovi
de e
lect
ric,
gas
, w
ater
, sa
nit
ary
sew
er s
ervi
ce,
tras
h r
emov
al,
cabl
e TV
, D
ish
net
wor
k an
d in
tern
et s
ervi
ces.
Pet
role
um
pro
duct
s an
d se
rvic
es w
ill a
lso
be p
rovi
ded
duri
ng
and
afte
r co
nst
ruct
ion
, al
ong
wit
h f
uel
ser
vice
s on
th
e to
ll ro
ad,
all
indu
stri
al a
nd
tech
nol
ogy
park
s, i
ncl
udi
ng
the
airp
ort,
in
lan
d po
rts
and
inco
min
g an
d ou
tgoi
ng
vess
els.
Th
e C
ompa
ny
inte
rfac
es w
ith
th
e en
tity
, in
th
ree
sepa
rate
sta
ges:
Sta
ge 1
inte
rfac
e -
as c
onsu
ltan
t fo
r fe
e,
Sta
ge 2
int
erfa
ce –
as
con
sult
ant
for
con
stru
ctio
n s
ervi
ces
for
fee
and
Sta
ge 3
in
terf
ace
– as
a 2
5% n
on-
con
trol
ling
inte
rest
sh
areh
olde
r, s
har
ing
in p
ost
con
stru
ctio
n o
pera
tion
s re
ven
ue.
9)
Mal
ibu
Hom
es,
Inc.
Th
is c
ompa
ny
will
pro
vide
res
iden
tial
hom
e bu
ildin
g se
rvic
es.
The
Com
pan
y in
terf
aces
wit
h t
he
enti
ty,
in t
hre
e se
para
te s
tage
s: S
tage
1 i
nte
rfac
e -
as c
onsu
ltan
t fo
r fe
e, S
tage
2
inte
rfac
e –
as c
onsu
ltan
t fo
r co
nst
ruct
ion
ser
vice
s fo
r fe
e an
d S
tage
3 in
terf
ace
– as
a 2
5% n
on-c
ontr
ollin
g in
tere
st s
har
ehol
der,
sh
arin
g in
pos
t co
nst
ruct
ion
ope
rati
ons
reve
nu
e.
10)
Am
eri
Cem
ent,
Inc
. Th
is c
ompa
ny
han
dles
all
cem
ent
nee
ds f
or b
uild
ing
(357
mile
s fo
ur
lan
e)
Ala
bam
a To
ll R
oad
"ATF
l” a
nd
oth
ers
futu
re p
roje
cts.
Th
e C
ompa
ny
inte
rfac
es w
ith
th
e en
tity
, in
th
ree
sepa
rate
st
ages
: S
tage
1
inte
rfac
e -
as
con
sult
ant
for
fee,
S
tage
2
inte
rfac
e –
as
con
sult
ant
for
con
stru
ctio
n s
ervi
ces
for
fee
and
Sta
ge 3
in
terf
ace
– as
a 2
5% n
on-c
ontr
ollin
g in
tere
st s
har
ehol
der,
sh
arin
g in
pos
t co
nst
ruct
ion
ope
rati
ons
reve
nu
e.
11)
Lord
Cha
uffe
urs
LID
. Th
is c
ompa
ny
oper
ates
all
pass
enge
r gr
oun
d tr
ansp
orta
tion
car
ser
vice
lim
o an
d ta
xi,
as w
ell
as t
he
corp
orat
e je
t ce
nte
r. T
he
Com
pan
y in
terf
aces
wit
h t
he
enti
ty,
in t
hre
e se
para
te
stag
es: S
tage
1 in
terf
ace
- as
con
sult
ant
for
fee,
Sta
ge 2
inte
rfac
e –
as c
onsu
ltan
t fo
r co
nstr
uct
ion
ser
vice
s fo
r fe
e an
d S
tage
3 in
terf
ace
– as
a 2
5% n
on-c
ontr
ollin
g in
tere
st s
har
ehol
der,
sh
arin
g in
pos
t co
nst
ruct
ion
op
erat
ion
s re
ven
ue.
12)
Penn
Ins
uran
ce S
ervi
ces
LLC
. Th
is c
ompa
ny
prov
ides
all
insu
ran
ce s
ervi
ces
to a
ll en
titi
es a
nd
risk
m
anag
emen
t se
rvic
es f
or a
ll en
titi
es,
but
not
lim
ited
to
the
enti
ties
. Th
e C
ompa
ny
inte
rfac
es w
ith
th
e en
tity
, in
th
ree
sepa
rate
sta
ges:
Sta
ge 1
inte
rfac
e -
as c
onsu
ltan
t fo
r fe
e, S
tage
2 in
terf
ace
– as
con
sult
ant
for
con
stru
ctio
n s
ervi
ces
for
fee
and
Sta
ge 3
in
terf
ace
– as
a 2
5% n
on-c
ontr
ollin
g in
tere
st s
har
ehol
der,
sh
arin
g in
pos
t co
nst
ruct
ion
ope
rati
ons
reve
nu
e.
12
13)
Cap
e H
orn
Abs
trac
ting
. Th
is c
ompa
ny
prov
ides
all-
lan
d ti
tle
exam
inat
ion
ser
vice
s fo
r al
l en
titi
es t
o in
sure
aga
inst
an
y pr
e cl
osin
g an
d po
st-c
losi
ng
clai
ms
of o
wn
ersh
ip o
r de
ed r
estr
icti
on.
The
Com
pan
y in
terf
aces
wit
h t
he
enti
ty,
in t
hre
e se
para
te s
tage
s: S
tage
1 i
nte
rfac
e -
as c
onsu
ltan
t fo
r fe
e, S
tage
2
inte
rfac
e –
as c
onsu
ltan
t fo
r co
nst
ruct
ion
ser
vice
s fo
r fe
e an
d S
tage
3 in
terf
ace
– as
a 2
5% n
on-c
ontr
ollin
g in
tere
st s
har
ehol
der,
sh
arin
g in
pos
t co
nst
ruct
ion
ope
rati
ons
reve
nu
e.
14)
Eas
tern
Dev
elop
men
t &
Des
ign,
Inc
. Th
is c
ompa
ny
prov
ides
all
civi
l en
gin
eeri
ng
and
arch
itec
tura
l se
rvic
es,
wit
h v
ery
stro
ng
cost
con
trol
mea
sure
s in
pla
ce e
limin
atin
g en
gin
eeri
ng
and
arch
itec
tura
l co
st
over
ru
ns.
Th
e C
ompa
ny
inte
rfac
es w
ith
th
e en
tity
, in
th
ree
sepa
rate
sta
ges:
Sta
ge 1
in
terf
ace
- as
co
nsu
ltan
t fo
r fe
e, S
tage
2 in
terf
ace
– as
con
sult
ant
for
cons
tru
ctio
n s
ervi
ces
for
fee
and
Sta
ge 3
inte
rfac
e –
as a
25%
non
-con
trol
ling
inte
rest
sh
areh
olde
r, s
har
ing
in p
ost
con
stru
ctio
n o
pera
tion
s re
ven
ue.
15)
Slat
er &
Wes
t, I
nc.
This
com
pan
y pr
ovid
es c
ontr
act
adm
inis
trat
ion
ser
vice
s an
d h
andl
es a
ll w
ork
forc
e h
um
an r
esou
rce
mat
ters
, pr
ovid
ing
back
grou
nd
chec
ks,
loss
pre
ven
tion
ser
vice
s, v
endo
r in
voic
e ve
rific
atio
n a
gain
st g
oods
and
ser
vice
s pr
ovid
ed,
to c
lear
in
voic
e fo
r pa
ymen
t. T
he
Com
pan
y in
terf
aces
w
ith
th
e en
tity
, in
th
ree
sepa
rate
sta
ges:
Sta
ge 1
in
terf
ace
- as
con
sult
ant
for
fee,
Sta
ge 2
in
terf
ace
– as
co
nsu
ltan
t fo
r co
nst
ruct
ion
ser
vice
s fo
r fe
e an
d S
tage
3 i
nte
rfac
e –
as a
25%
non
-con
trol
ling
inte
rest
sh
areh
olde
r, s
har
ing
in p
ost
con
stru
ctio
n o
pera
tion
s re
ven
ue.
16)
Plat
inum
Med
ia,
Inc.
Des
ign
ed t
o pr
ovid
e al
l m
edia
rel
ated
ser
vice
s. T
he
Com
pan
y in
terf
aces
wit
h th
e en
tity
, in
th
ree
sepa
rate
sta
ges:
Sta
ge 1
in
terf
ace
- as
con
sult
ant
for
fee,
Sta
ge 2
in
terf
ace
– as
co
nsu
ltan
t fo
r co
nst
ruct
ion
ser
vice
s fo
r fe
e an
d S
tage
3 i
nte
rfac
e –
as a
25%
non
-con
trol
ling
inte
rest
sh
areh
olde
r, s
har
ing
in p
ost
con
stru
ctio
n o
pera
tion
s re
ven
ue.
17) S
usqu
ehan
na M
ortg
age
Ban
kers
Cor
p. e
stab
lish
ed in
199
4 by
Mr.
Mat
hia
s, w
as fu
lly li
cen
sed
by t
he
Pen
nsy
lvan
ia B
anki
ng
Com
mis
sion
an
d H
UD
, as
a le
nde
r. T
he
enti
ty is
in t
he
proc
ess
of r
eact
ivat
ion
wit
h
the
Sta
te o
f Pe
nn
sylv
ania
. Th
e in
ten
t is
to
beco
me
a lic
ense
d C
omm
erci
al &
Res
iden
tial
len
der,
an
en
tity
su
perv
ised
by
the
stat
e ba
nki
ng
com
mis
sion
. O
nce
lic
ense
d, i
t w
ill t
hen
app
ly f
or a
Fin
tech
Com
mer
cial
&
Res
iden
tial
len
der
wit
h t
he
U.S
. O
ffice
of
Cu
rren
cy C
ontr
ol t
o be
com
e a
licen
sed
len
der
un
der
the
U.S
. Fe
dera
l R
eser
ve s
yste
m.
The
Com
pan
y in
terf
aces
wit
h t
he
enti
ty,
in t
hre
e se
para
te s
tage
s: S
tage
1
inte
rfac
e -
as c
onsu
ltan
t fo
r fe
e, S
tage
2 i
nte
rfac
e –
as c
onsu
ltan
t fo
r co
nst
ruct
ion
ser
vice
s fo
r fe
e an
d S
tage
3 in
terf
ace
– as
a 2
5% n
on-c
ontr
ollin
g in
tere
st s
har
ehol
der,
sh
arin
g in
pos
t co
nst
ruct
ion
ope
rati
ons
reve
nu
e.
13
18) D
utch
Eas
t In
dia
Logi
stic
s C
o. D
esig
ned
to
prov
ide
inte
rnat
ion
al c
argo
con
nec
tin
g in
Yu
ma
Ari
zon
a.
The
Com
pan
y in
terf
aces
wit
h t
he
enti
ty,
in t
hre
e se
para
te s
tage
s: S
tage
1 in
terf
ace
- as
con
sult
ant
for
fee,
S
tage
2 i
nter
face
– a
s co
nsu
ltan
t fo
r co
nst
ruct
ion
ser
vice
s fo
r fe
e an
d S
tage
3 i
nte
rfac
e –
as a
25%
non
-co
ntr
ollin
g in
tere
st s
har
ehol
der,
sh
arin
g in
pos
t co
nst
ruct
ion
ope
rati
ons
reve
nu
e.
19) A
nn C
harl
es I
nter
nati
onal
Air
port
. Des
ign
ed t
o pr
ovid
e ai
rpor
t se
rvic
es a
nd
carg
o br
eak
faci
litie
s in
Po
rt F
reep
ort
and
Bra
zori
a Fo
rt B
end
Rai
l Dis
tric
t Pr
ojec
t. T
he
Com
pan
y in
terf
aces
wit
h t
he
enti
ty, i
n
thre
e se
para
te s
tage
s: S
tage
1 in
terf
ace
- as
con
sult
ant
for
fee,
Sta
ge 2
inte
rfac
e –
as c
onsu
ltan
t fo
r co
nst
ruct
ion
ser
vice
s fo
r fe
e an
d S
tage
3 in
terf
ace
– as
a 2
5% n
on-c
ontr
ollin
g in
tere
st s
har
ehol
der,
sh
arin
g in
pos
t co
nst
ruct
ion
ope
rati
ons
reve
nu
e.
20)
HSR
F Tr
ust.
Th
is c
ompa
ny
is a
sta
tuto
ry t
rust
adm
inis
trat
or o
f pr
ivat
e an
d pu
blic
fu
nds
an
d w
ill
safe
guar
d th
e bo
ndh
olde
r's
inte
rest
. No
mon
ey m
oves
to
any
part
ies
wit
hou
t tr
ust
au
thor
izat
ion
. Th
e fo
llow
ing
is w
hat
th
e C
ompa
ny
anti
cipa
tes
will
occ
ur
in r
egar
d to
th
e ad
opti
on a
nd
impl
emen
tati
on o
f Tra
de
and
Tran
spor
tati
on a
nd
a H
igh
-Spe
ed R
ail S
yste
m c
urr
ent
pote
nti
al p
roje
cts
by a
reg
ion
al o
r lo
cal m
un
icip
alit
y.
To
date
, th
e C
ompa
ny
has
not
dev
elop
ed a
ny
rail
syst
ems.
The
Com
pan
y w
ill e
nga
ge T
EM
S f
or f
ee t
o pr
ovid
e fe
asib
ility
an
d in
vest
men
t gr
ade
stu
dies
an
d en
gage
som
e of
th
e la
rges
t co
nst
ruct
ion
man
agem
ent
firm
s in
th
e U
nit
ed S
tate
s as
men
tion
ed b
efor
e, t
o lo
cate
wel
l es
tabl
ish
ed
con
stru
ctio
n
con
trac
tors
an
d m
anu
fact
ure
rs
to
com
plet
e th
e cu
rren
t po
ten
tial
pr
ojec
t an
d pr
ovid
e co
st
esti
mat
es.
The
Com
pan
y in
its
Tra
de a
nd
Tran
spor
tati
on c
orri
dors
will
use
tec
hn
olog
y w
ell
know
n t
o U
S
con
trac
tors
, h
owev
er,
beca
use
hig
h-s
peed
rai
l tr
avel
is
alre
ady
in-p
lace
in
mu
ch o
f E
uro
pe a
nd
Asi
a, t
he
Com
pan
y an
tici
pate
s w
orki
ng
wit
h E
uro
pean
com
pan
ies
to f
urn
ish
th
e h
igh
-spe
ed r
ail
equ
ipm
ent,
su
ch a
s lo
com
otiv
es a
nd
pass
enge
r ca
rs.
The
Com
pan
y w
ill
put
prop
osed
co
ntr
acts
to
geth
er
wit
h
the
supp
orti
ng
feas
ibili
ty
stu
dy,
appr
aisa
ls,
cost
/ben
efit
an
alys
is b
y en
gagi
ng
TEM
S a
nd
oth
er l
ike
firm
s to
pro
vide
th
e st
udi
es r
elat
ing
to t
ran
spor
tati
on
his
tory
an
d ot
her
dat
a to
cre
ate
a co
mpl
ete
regi
onal
pro
ject
pro
posa
l. T
he
Com
pan
y w
ill t
hen
pro
vide
th
ose
tool
s to
a
rela
ted
enti
ty
or
rela
ted
non
-pro
fit
enti
ty
so
they
ca
n
pres
ent
such
pr
ojec
t pr
opos
als
to
the
mu
nic
ipal
itie
s (s
tate
or
loca
l) as
a c
ompl
ete
and
finis
hed
pro
ject
. Th
e lo
cal
or r
egio
nal
mu
nic
ipal
ity
will
th
en
inde
pen
den
tly
anal
yze
and
disc
uss
th
e C
ompa
ny'
s pr
opos
al.
14
The
two
rela
ted
non-
prof
it e
ntit
ies
crea
ted
for
Trad
e an
d Tr
ansp
orta
tion
and
Hig
h Sp
eed
Rai
l pr
ojec
ts
are:
Hi S
peed
Rai
l Fac
iliti
es, I
nc.
In
2010
, th
e C
ompa
ny
ente
red
into
an
ag
reem
ent
wit
h
HS
RF
(on
e of
th
e C
ompa
ny'
s re
late
d n
on-p
rofit
co
mpa
nie
s) T
he
Com
pan
y pe
r ag
reem
ent
will
be
resp
onsi
ble
for
con
stru
ctio
n o
f pro
ject
s w
hile
th
e n
on-p
rofit
will
be
res
pon
sibl
e fo
r fin
anci
ng
con
stru
ctio
n a
nd
oper
atio
n o
f va
riou
s h
igh
spe
ed r
ail
and
rela
ted
proj
ects
acr
oss
the
Un
ited
Sta
tes.
HS
RF
is d
esig
ned
to
focu
s on
th
e bu
ildin
g of
tra
in t
rack
s an
d st
atio
ns.
Pu
rsu
ant
to t
he
agre
emen
t be
twee
n t
he
Com
pan
y an
d H
SR
F, t
he
Com
pan
y w
ill a
ct a
s th
e ag
ent
and
repr
esen
tati
ve o
f H
SR
F to
pe
rfor
m a
ll re
quir
ed t
asks
an
d ac
tion
s to
dev
elop
an
d co
nst
ruct
su
ch p
roje
cts,
uti
lizin
g a
larg
e w
ell
esta
blis
hed
co
nst
ruct
ion
man
agem
ent
firm
. Th
e C
ompa
ny
anti
cipa
tes
that
hav
ing
this
agr
eem
ent
in p
lace
an
d by
hav
ing
HS
RF
alre
ady
orga
niz
ed w
ill e
xped
ite
the
proc
ess
of c
omm
enci
ng
a pr
ojec
t on
ce t
he
Com
pan
y de
sign
s an
d de
velo
ps a
nd
secu
res
or r
aise
s fu
nds
to
com
men
ce a
pro
ject
. M
ater
ial
aspe
cts
of t
he
agre
emen
t ar
e pr
esen
ted
belo
w in
th
e “B
usi
nes
s Pl
an”
sect
ion
.
Hi S
peed
Rai
l Fac
iliti
es P
rovi
der,
Inc
.
In 2
010,
th
e C
ompa
ny
ente
red
into
a w
ritt
en a
gree
men
t w
ith
HS
RFP
(on
e of
th
e C
ompa
ny'
s re
late
d n
on-p
rofit
co
mpa
nie
s).
The
Com
pan
y pe
r ag
reem
ent
will
be
resp
onsi
ble
for
con
stru
ctio
n o
f pr
ojec
ts w
hile
th
e n
onpr
ofit
will
be
res
pon
sibl
e fo
r fin
anci
ng
con
stru
ctio
n a
nd
oper
atio
n o
f va
riou
s h
igh
spe
ed r
ail
and
rela
ted
proj
ects
acr
oss
the
Un
ited
Sta
tes.
Pu
rsu
ant
to s
uch
agr
eem
ent
betw
een
th
e C
ompa
ny
and
HS
RFP
, th
e C
ompa
ny
was
app
oin
ted
as t
he
agen
t an
d re
pres
enta
tive
of
HSR
FP t
o pe
rfor
m a
ll re
quir
ed t
asks
an
d ac
tion
s to
dev
elop
an
d co
nst
ruct
su
ch p
roje
cts,
uti
lizin
g a
larg
e w
ell e
stab
lish
ed c
onst
ruct
ion
man
agem
ent
firm
. H
SR
FP w
as o
rgan
ized
to
prov
ide
a ve
hic
le t
o is
sue
bon
ds a
nd
hel
p se
cure
infr
astr
uct
ure
pro
ject
s fo
r th
e C
ompa
ny,
focu
sin
g on
faci
litie
s an
cilla
ry
to t
he
hig
h s
peed
rai
l, su
ch a
s ra
il ya
rds,
rai
l as
sem
bly
plan
ts m
ain
ten
ance
fac
iliti
es.
The
Com
pan
y an
tici
pate
s th
at h
avin
g th
is a
gree
men
t in
pla
ce a
nd
by h
avin
g H
SR
F al
read
y or
gan
ized
will
exp
edit
e th
e pr
oces
s of
co
mm
enci
ng
a pr
ojec
t. M
ater
ial a
spec
ts o
f th
e ag
reem
ent
are
pres
ente
d be
low
in t
he
“Bu
sin
ess
Plan
” se
ctio
n.
15
Long
-Ran
ge I
deas
and
Rel
ated
Com
pani
es
Am
eri
Met
ro U
nive
rsal
Pen
sion
Pla
n: T
he
shar
es a
re b
ein
g ad
min
iste
red
by H
SR
F S
tatu
tory
Tru
st o
n b
ehal
f of
A
mer
i M
etro
Un
iver
sal
Pen
sion
Pla
n.
HS
RF
Sta
tuto
ry T
rust
will
iss
ue
to r
elev
ant
empl
oyee
(s),
dire
ctor
(s)
or
con
sult
ant(
s) s
har
es f
rom
th
e tr
ust
dir
ectl
y in
acc
orda
nce
in
goo
d du
ty t
o ac
t an
d th
e be
st i
nte
rest
of
the
plan
s in
ten
t.
Sla
ter
and
Wes
t In
c.
is
the
desi
gnat
ed
part
y to
pr
ovid
e h
um
an
reso
urc
e se
rvic
es.
Com
pen
sati
on
Com
mit
tee
will
act
as
over
sigh
t bo
ard
of t
he
Am
eri
Met
ro U
niv
ersa
l Pe
nsi
on P
lan
. Th
e C
ompa
ny
has
no
juri
sdic
tion
or
auth
orit
y ov
er t
he
Pen
sion
Pla
n.
Cu
rren
t h
oldi
ngs
est
imat
ed v
alu
e $1
80,0
00,0
00,0
00 b
illio
n
dolla
rs (6
0,00
0,00
0 A
mer
i Met
ro I
nc.
Cla
ss B
sh
ares
@ $
3,00
0.00
per
sh
are)
. A
mer
i M
etro
Nor
th A
mer
ican
Pen
sion
Pla
n: T
he
Plan
cap
ital
ized
Am
eri
Met
ro N
orth
Am
eric
an P
ensi
on P
lan
wit
h a
ggre
gate
30,
000,
000
Cla
ss B
com
mon
sh
ares
. Th
e sh
ares
are
bei
ng
adm
inis
tere
d by
HS
RF
Sta
tuto
ry T
rust
on
beh
alf
of A
mer
i M
etro
Nor
th A
mer
ican
Pen
sion
Pla
n.
HS
RF
Sta
tuto
ry T
rust
will
iss
ue
to r
elev
ant
empl
oyee
(s),
dire
ctor
(s)
or c
onsu
ltan
t(s)
sh
ares
fro
m t
he
tru
st d
irec
tly
in a
ccor
dan
ce i
n g
ood
duty
to
act
and
the
best
in
tere
st
of
the
plan
s in
ten
t.
Sla
ter
and
Wes
t In
c.
is
the
desi
gnat
ed
part
y to
pr
ovid
e h
um
an
reso
urc
e se
rvic
es.
Com
pen
sati
on C
omm
itte
e w
ill a
ct a
s ov
ersi
ght
boar
d of
th
e A
mer
i M
etro
Nor
th A
mer
ican
Pen
sion
Pla
n.
The
Com
pan
y h
as
no
juri
sdic
tion
or
au
thor
ity
over
th
e Pe
nsi
on
Plan
. C
urr
ent
hol
din
gs
esti
mat
ed
valu
e $1
80,0
00,0
00,0
00 b
illio
n d
olla
rs (6
0,00
0,00
0 A
mer
i Met
ro I
nc.
Cla
ss B
sh
ares
@ $
3,00
0.00
per
sh
are)
. A
mer
i M
etro
Inc
201
5 E
quit
y In
cent
ive
Plan
: Th
e sh
ares
are
bei
ng
adm
inis
tere
d by
HS
RF
Sta
tuto
ry T
rust
on
be
hal
f of
th
e C
ompa
ny.
Upo
n e
xerc
ise
of s
tock
opt
ion
s gr
ante
d pu
rsu
ant
to t
he
2015
Equ
ity
Ince
nti
ve P
lan
, H
SR
F S
tatu
tory
Tru
st w
ill i
ssu
e th
e re
leva
nt
empl
oyee
, di
rect
or o
r co
nsu
ltan
t sh
ares
fro
m t
rust
dir
ectl
y in
ac
cord
ance
in
goo
d du
ty t
o ac
t an
d th
e be
st i
nte
rest
of
the
plan
s in
ten
t, t
he
rela
ted
part
y S
late
r an
d W
est
Inc.
al
ong
wit
h th
e A
mer
i Met
ro I
nc.
Com
pens
atio
n C
omm
itte
e w
ill a
ct a
s ov
ersi
ght
boar
d of
the
en
tity
. Th
e C
ompa
ny
has
no
juri
sdic
tion
or
auth
orit
y ov
er t
he
enti
ty.
Cu
rren
t h
oldi
ngs
est
imat
ed v
alu
e $6
50,3
61,1
50,0
00 b
illio
n
dolla
rs (2
16,7
87,0
50 A
mer
i Met
ro I
nc.
Cla
ss B
sh
ares
@ $
3,00
0.00
per
sh
are)
. A
mer
i M
etro
Inc
. 201
8 E
quit
y In
cent
ive
Plan
: Th
e sh
ares
are
bei
ng
adm
inis
tere
d by
HS
RF
Sta
tuto
ry T
rust
on
beh
alf
of t
he
Com
pan
y. U
pon
exe
rcis
e of
sto
ck o
ptio
ns
gran
ted
purs
uan
t to
th
e 20
18 E
quit
y In
cen
tive
Pla
n,
HS
RF
Sta
tuto
ry T
rust
will
iss
ue
the
rele
van
t em
ploy
ee,
dire
ctor
or
con
sult
ant
shar
es f
rom
tru
st d
irec
tly
in
acco
rdan
ce i
n g
ood
duty
to
act
and
the
best
in
tere
st o
f th
e pl
ans
inte
nt,
th
e re
late
d pa
rty
Sla
ter
and
Wes
t In
c.
16
alon
g w
ith
the
Am
eri M
etro
In
c. C
ompe
nsat
ion
Com
mit
tee
will
act
as
over
sigh
t bo
ard
of t
he e
nti
ty.
The
Com
pan
y h
as n
o ju
risd
icti
on o
r au
thor
ity
over
th
e en
tity
. C
urr
ent
hol
din
gs e
stim
ated
val
ue
$479
,850
,000
,000
bill
ion
do
llars
(159
,950
,000
Am
eri M
etro
In
c. C
lass
B s
har
es @
$3,
000.
00 p
er s
har
e).
Am
eri
Met
ro I
nc.
Trus
t: T
he
Plan
ac
tin
g as
pr
ivat
e pu
blic
be
nev
olen
ce
fou
nda
tion
, pr
ovid
ing
mon
etar
y as
sist
ance
to
deve
lopm
ent
of s
mal
l bu
sin
ess
enti
ties
, ag
ricu
ltu
ral
prog
ram
s, u
tilit
y co
-op
prog
ram
s, p
ubl
ic o
r pr
ivat
e sc
hoo
ls &
un
iver
siti
es, j
ob t
rain
ing
prog
ram
s, h
um
anit
aria
n a
id, c
omm
un
ity
serv
ices
- li
brar
y’s
/ pa
rks
/ su
bsta
nce
abu
se f
acili
ty’s
/ c
hild
ren
ser
vice
/ s
enio
r ci
tize
n s
ervi
ces,
dom
esti
c vi
olen
ce,
hos
pita
ls,
med
ical
as
sist
ance
ser
vice
s, m
edic
al fi
nan
cial
aid
an
d ve
tera
n’s
ass
ista
nce
pro
gram
s, b
ut
not
lim
ited
to.
Th
e sh
ares
are
bei
ng
adm
inis
tere
d by
HS
RF
Sta
tuto
ry T
rust
on
beh
alf o
f Am
eri M
etro
In
c. T
rust
. HS
RF
Sta
tuto
ry
Tru
st w
ill p
rovi
de m
onet
ary
assi
stan
ce t
o de
velo
pmen
t of
sm
all
busi
nes
s en
titi
es,
agri
cult
ura
l pr
ogra
ms,
uti
lity
co-o
p pr
ogra
ms,
pu
blic
or
priv
ate
sch
ools
& u
niv
ersi
ties
, jo
b tr
ain
ing
prog
ram
s, h
um
anit
aria
n a
id,
com
mu
nit
y se
rvic
es -
lib
rary
’s /
par
ks /
su
bsta
nce
abu
se f
acili
ty’s
/ c
hild
ren
ser
vice
/ s
enio
r ci
tize
n s
ervi
ces,
hos
pita
ls,
med
ical
ass
ista
nce
ser
vice
s, m
edic
al f
inan
cial
aid
an
d ve
tera
n’s
ass
ista
nce
pro
gram
s, b
ut
not
lim
ited
to,
fro
m
the
tru
st d
irec
tly
in a
ccor
dan
ce i
n g
ood
duty
to
act
and
the
best
in
tere
st o
f th
e tr
ust
s in
ten
t. S
late
r an
d W
est
Inc.
is
the
desi
gnat
ed p
arty
to
prov
ide
over
sigh
t co
mm
itte
e of
th
e A
mer
i M
etro
In
c. T
rust
. Th
e C
ompa
ny
has
no
juri
sdic
tion
or
auth
orit
y ov
er t
he
Am
eri
Met
ro I
nc.
Tru
st.
Cu
rren
t h
oldi
ngs
est
imat
ed v
alu
e $6
90,0
00,0
00,0
00
billi
on d
olla
rs (2
30,0
00,0
00 A
mer
i Met
ro I
nc.
Cla
ss B
sh
ares
@ $
3,00
0.00
per
sh
are)
. IN
G I
nves
tmen
t M
anag
emen
t
As
disc
lose
d in
th
e S
EC
fili
ngs
un
der
the
appr
oved
Reg
istr
atio
n S
tate
men
t, e
ach
of
the
non
-pro
fits
has
en
tere
d in
to a
n i
nves
tmen
t m
anag
emen
t ag
reem
ent
wit
h I
NG
In
vest
men
t M
anag
emen
t to
man
age
any
fun
ds r
aise
d in
bo
nd
offe
rin
gs a
nd
to p
rovi
de i
ts i
nve
stm
ent
advi
sory
ser
vice
s.
This
non
-bin
din
g ag
reem
ent
wou
ld o
nly
tak
e ef
fect
upo
n t
he
rais
ing
of r
even
ue
bon
ds,
wh
ich
to
date
has
not
occ
urr
ed.
IN
G I
nve
stm
ent
Man
agem
ent
wou
ld
serv
e to
in
vest
, re
inve
st a
nd
supe
rvis
e th
e m
anag
emen
t of
an
y su
ch f
un
ds r
aise
d, f
or a
ny
proj
ect
in t
he
futu
re,
wh
ile s
uch
fu
nds
wer
e h
eld
in a
n i
nve
stm
ent
acco
un
t an
d u
nti
l u
se f
or t
he
inte
nde
d fu
nds
are
nee
ded
for
proj
ect
purp
oses
. Th
e C
ompa
ny
and
the
non
-pro
fits,
hav
e n
ot c
omm
ence
d ra
isin
g fu
nds
th
rou
gh a
ny
bon
d of
feri
ngs
.
Supp
orti
ng I
nfor
mat
ion
To s
upp
ort
the
Com
pan
y’s
busi
nes
s pl
an,
the
Un
ited
Sta
tes
Cen
sus
Bu
reau
pre
dict
s th
at t
he
Am
eric
an
17
popu
lati
on
will
re
ach
42
0 m
illio
n
by
2050
, a
tren
d th
at
will
ov
erw
hel
m
our
nat
ion
’s
tran
spor
tati
on
infr
astr
uct
ure
acc
ordi
ng
to t
he
info
rmat
ion
pro
vide
d on
th
eir
web
site
.
Cu
rren
t es
tim
ates
su
gges
t th
at o
vera
ll fr
eigh
t de
man
d w
ill d
oubl
e ov
er t
he
nex
t 40
yea
rs f
rom
15
billi
on t
ons
toda
y to
30
billi
on t
ons.
Th
e n
um
ber
of t
ruck
s on
th
e ro
ad i
s al
so e
xpec
ted
to d
oubl
e. A
lrea
dy u
nde
r u
nsu
stai
nab
le s
trai
n,
the
nat
ion
’s f
reig
ht
tran
spor
tati
on i
nfr
astr
uct
ure
an
d h
igh
way
s w
ill f
ace
even
gre
ater
ch
alle
nge
s as
th
e to
tal v
olu
me
of fr
eigh
t in
crea
ses.
Ext
ensi
ve i
nfr
astr
uct
ure
exp
ansi
on,
such
as
new
por
ts,
trad
e co
rrid
ors
and
hig
h-s
peed
rai
l (H
SR
), is
cri
tica
l if
rail
and
road
tra
nsp
orta
tion
is
to h
elp
mit
igat
e pr
oble
ms
asso
ciat
ed w
ith
ris
ing
fuel
cos
ts,
crow
ded
hig
hw
ays,
an
d gr
een
hou
se
gas
emis
sion
s.
Popu
lati
on
grow
th
and
deve
lopm
ent
in
the
U.S
. h
ave
mad
e ou
r n
atio
n
incr
easi
ngl
y re
lian
t on
rai
l an
d h
igh
way
infr
astr
uct
ure
to
tran
spor
t pe
ople
an
d fr
eigh
t.
Cle
arly
, a
stro
ng,
effi
cien
t fr
eigh
t tr
ansp
orta
tion
sys
tem
is
vita
l to
th
e n
atio
n’s
eco
nom
y. O
ur
alre
ady-
stra
ined
an
d ou
tdat
ed r
ailw
ays
mu
st b
e u
pgra
ded
to h
andl
e th
e pr
ojec
ted
incr
ease
s in
fre
igh
t sh
ippi
ng
to r
elie
ve
con
gest
ion
on
ou
r h
igh
way
s. W
e be
lieve
new
tra
de c
orri
dors
are
nee
ded
to s
upp
ort
the
chan
ges
in m
arin
e sh
ippi
ng
that
will
nee
d n
ew p
orts
an
d in
fras
tru
ctu
re a
nd
that
new
hig
h s
peed
rai
l rou
tes
are
nee
ded
to in
crea
se
con
nec
tivi
ty b
etw
een
US
cit
ies
to s
upp
ort
the
emer
gin
g n
ew e
con
omy.
Com
pany
Foc
us
The
Com
pan
y re
cogn
izes
th
e $5
7 Tr
illio
n
Dol
lar
Infr
astr
uct
ure
M
arke
t as
id
enti
fied
in
an
arti
cle
date
d D
ecem
ber
2014
“ M
oney
isn
’t ev
eryt
hin
g (b
ut
we
nee
d $5
7 tr
illio
n f
or i
nfr
astr
uct
ure
)” f
oun
d on
th
e M
cKin
sey
&
Com
pan
y Pr
ivat
e E
quit
y &
Pri
nci
ple
Inve
stor
s w
ebsi
te.
The
nee
d an
d de
man
d fo
r al
tern
ativ
e tr
ansp
orta
tion
su
ch a
s, h
igh
spe
ed r
ail,
sea
port
s, i
nte
rmod
al p
orts
an
d to
ll ro
ads.
In
add
itio
n,
on t
he
Boe
ing
web
site
, re
port
s su
ch a
s “C
urr
ent
Mar
ket
Ou
tloo
k fo
r 20
15-2
034”
are
ava
ilabl
e to
th
e pu
blic
as
wel
l as
re
port
s fo
un
d on
th
e A
mer
ican
Soc
iety
of
Civ
il E
ngi
nee
rs w
ebsi
te i
den
tifie
d ea
rlie
r, t
hat
ide
nti
fy t
he
nee
d fo
r m
ore
effic
ien
t po
rt
oper
atio
ns
and
infr
astr
uct
ure
pro
ject
s to
be
com
plet
ed t
o sa
tisf
y th
e de
man
ds a
nd
grow
th o
f th
e U
nit
ed S
tate
s.
It i
s in
crea
sin
gly
impo
rtan
t as
th
e U
nit
ed S
tate
s ad
opts
pol
icie
s to
att
empt
to
redu
ce i
ts d
epen
den
cy o
n f
ossi
l fu
els
and
to i
mpr
ove
its
infr
astr
uct
ure
an
d tr
ansp
orta
tion
sys
tem
s fo
r gl
obal
com
peti
ven
ess.
Th
e C
ompa
ny’
s in
ten
tion
is
to b
rin
g re
late
d pa
rty
proj
ects
cu
rren
tly
un
der
con
trac
t al
ong
wit
h p
oten
tial
pro
ject
s id
enti
fied
by
TEM
S,
un
der
a w
orki
ng
rela
tion
ship
wit
h t
he
larg
est
con
stru
ctio
n m
anag
emen
t, e
ngi
nee
rin
g an
d ar
chit
ectu
ral
firm
in t
he
Un
ited
Sta
tes
oper
atin
g in
sev
en c
onti
nen
ts w
ith
ove
r 80
,000
em
ploy
ees.
Th
e C
ompa
ny
and
the
fou
r
18
non
-pro
fits
wh
o ar
e ab
le t
o of
ficia
te t
he
bon
d of
feri
ngs
th
rou
gh le
gisl
ativ
e ri
ghts
, wh
ile e
nga
gin
g a
firm
wit
h o
ver
80,0
00 e
mpl
oyee
s w
ill g
ive
oppo
rtu
nit
y fo
r th
e C
ompa
ny
to p
rofit
fro
m i
ts o
pera
tion
s an
d bu
sin
ess
mod
el.
How
ever
th
e C
ompa
ny
mak
es n
o gu
aran
tee
to s
uch
cla
im.
The
Com
pan
y is
focu
sin
g on
th
e fo
llow
ing
mea
ns
to c
reat
e ef
ficie
nt
frei
ght
tran
spor
tati
on a
s pa
rt o
f its
pla
nn
ed
acti
viti
es:
Incr
ease
por
t ca
paci
ty t
o in
crea
se o
ur
nat
ion
’s a
bilit
y to
dis
trib
ute
goo
ds, m
akin
g u
s m
ore
com
peti
tive
in
the
glob
al e
con
omy.
Dev
elop
larg
er, r
ail-
serv
ed, i
nla
nd
dist
ribu
tion
cen
ters
th
at w
ill e
nco
ura
ge m
ore
effic
ien
t m
ovem
ent
of
good
s an
d cr
eate
mor
e ca
paci
ty a
t po
rts.
Perm
it in
crea
sed
volu
me
and
spee
d of
inla
nd
hea
vy fr
eigh
t, a
llow
ing
inla
nd
dist
ribu
tion
poi
nts
to
expa
nd
into
larg
er, n
atio
nal
ser
vice
hu
bs a
nd
prom
ote
econ
omic
gro
wth
.
Dev
elop
pro
fitab
le h
igh
spe
ed r
ail f
or t
he
fast
mov
emen
t of
peo
ple
and
good
s.
The
Com
pan
y co
nsi
sts
of t
hre
e cr
itic
al a
reas
:
The
key
area
s ar
e –
I.
Man
agem
ent
team
wit
h t
he
pote
nti
al a
bilit
y to
pro
vide
th
e C
ompa
ny
wit
h t
he
oppo
rtu
nit
y fo
r su
bsta
nti
al r
even
ue.
II.
Man
ufa
ctu
rin
g of
in
dust
rial
pro
duct
s to
be
use
d in
in
fras
tru
ctu
re p
roje
cts.
Lis
ted
and
brie
fly
expl
aine
d in
the
“The
Bus
ines
s Pl
an”
sect
ion–
HSR
Tec
hnol
ogie
s In
c. M
anuf
actu
ring
Site
Pro
ject
.
III.
Pa
rtn
ersh
ip A
llian
ces
and
Exi
stin
g A
gree
men
ts w
ith
key
firm
s, t
hat
are
abl
e to
per
form
all
scop
es o
f w
ork
on a
ny
give
n p
roje
ct i
mm
edia
tely
du
e to
th
eir
year
s of
exp
erie
nce
an
d w
ork
forc
e ex
pert
ise.
A
lso
the
abu
nda
nce
of
wel
l-es
tabl
ish
ed l
arge
con
stru
ctio
n m
anag
emen
t fir
ms
and
con
stru
ctio
n
firm
s in
all
trad
e ca
tego
ries
aro
un
d th
e co
un
try
to p
erfo
rm t
he
phys
ical
bu
ild o
ut
of p
roje
cts.
19
TRA
NSP
OR
TATI
ON
EC
ON
OM
ICS
& M
AN
AG
EM
EN
T SY
STE
MS,
IN
C. (
TEM
S)
TEM
S is
a s
peci
alis
t fir
m w
ith
exp
erti
se i
n B
usi
nes
s Pl
ann
ing
for
Trad
e C
orri
dor/
Hig
h S
peed
Rai
l pr
ojec
ts.
TEM
S w
ill p
rovi
de I
nve
stm
ent
Gra
de S
tudi
es a
nd
Bu
sin
ess
and
Fin
anci
al P
lan
s, f
or u
se w
ith
Wal
l S
tree
t in
vest
men
t ba
nki
ng
firm
s. T
EM
S,
a gl
obal
tra
nsp
orta
tion
con
sult
ing
firm
, h
as c
onsi
dera
ble
trad
e co
rrid
or a
nd
hig
h s
peed
rai
l ex
peri
ence
. Th
e C
ompa
ny
has
a c
urr
ent
wor
kin
g ag
reem
ent
wit
h T
EM
S t
o pr
ovid
e co
nsu
ltin
g se
rvic
es.
Prin
cipa
ls o
f TE
MS
incl
ude
:
Ale
xand
er M
etca
lf, P
hD –
(Pla
nnin
g) T
rans
port
atio
n E
cono
mic
s &
Man
agem
ent
Syst
ems,
Inc
.
Dr.
A
lexa
nder
Met
calf
, Pr
esid
ent
of T
EM
S w
ill s
erve
as
Proj
ect
Dir
ecto
r fo
r A
RM
T In
vest
men
t G
rade
stu
dies
. D
r. M
etca
lf pe
rson
ally
dir
ects
all
proj
ects
at
TEM
S a
nd
has
bu
ilt t
he
firm
’s r
epu
tati
on b
ased
on
pro
fess
ion
al
prod
uct
an
d cl
ose
clie
nt
inte
ract
ion
. D
r. M
etca
lf is
a p
rofe
ssio
nal
tra
nsp
ort
econ
omis
t w
ith
30
year
s of
fre
igh
t an
d pa
ssen
ger
plan
nin
g ex
peri
ence
. Pr
evio
usl
y, D
r. M
etca
lf w
as C
hie
f E
con
omis
t fo
r B
riti
sh R
ail
and
was
re
spon
sibl
e fo
r th
e pl
ann
ing
of a
nu
mbe
r of
maj
or r
ail
frei
ght
pass
enge
r an
d po
rt p
roje
cts
incl
udi
ng
the
Eas
t C
oast
Mai
n L
ine
($8
Bill
ion
), C
han
nel
Tu
nn
el (
$16
Bill
ion
), as
wel
l as
th
e W
est
Coa
st 1
25H
ST
prog
ram
($5
B
illio
n).
His
rec
ent
proj
ects
in
clu
de t
he
Pan
ama
Can
al-A
CP,
Gre
at L
akes
an
d S
t. L
awre
nce
Sea
way
New
C
argo
es/N
ew
Ves
sels
M
arke
t A
sses
smen
t-U
SD
OT,
Po
rt
Free
port
-SH
36
A
Rai
l C
orri
dor
Stu
dy,
Ala
med
a C
orri
dor-
Port
of
Los
An
gele
s, G
reat
Lak
es T
rade
Stu
dy-T
ran
spor
t C
anad
a, G
reat
Lak
es B
ulk
Sh
ips
Cos
t B
enef
it
Stu
dy,
US
DO
T C
han
nel
Tu
nn
el F
reig
ht
Cor
rido
r Pr
ojec
t-Tr
ansm
ark,
Nor
th A
mer
ican
Por
ts M
odel
-Gol
dman
S
ach
s, a
nd
Nor
thea
st C
orri
dor
Frei
ght
Mar
ket
Stu
dy-U
BS
Pai
ne
Web
ber.
Dr.
Met
calf’
s re
cen
t h
igh
spe
ed r
ail p
roje
cts
incl
ude
Nor
thea
st C
orri
dor
Hig
h S
peed
Rai
l Stu
dy,
Det
roit
-Ch
icag
o E
IS T
ier
1 D
eman
d Fo
reca
stin
g S
tudy
, A
tlan
ta-C
har
lott
e E
IS T
ier
1 O
pera
tion
s Pl
ann
ing,
Ham
pton
Roa
ds
Hig
h-S
peed
an
d In
terc
ity
Pass
enge
r R
ail
Vis
ion
Pla
n,
Roc
ky M
oun
tain
Hig
h-S
peed
Rai
l B
usi
nes
s Pl
an S
tudy
, Tr
i-S
tate
II
I H
igh
-Spe
ed
Rai
l S
tudy
, V
IA
Rai
l Fe
asib
ility
S
tudy
an
d B
usi
nes
s Pl
an,
Min
nea
polis
-D
ulu
th/S
upe
rior
Hig
h-S
peed
Res
tora
tion
of
Inte
rcit
y Pa
ssen
ger
Rai
l S
ervi
ce -
Com
preh
ensi
ve F
easi
bilit
y S
tudy
an
d B
usi
nes
s Pl
an,
Oh
io a
nd
Lake
Eri
e (O
hio
Hu
b) R
egio
nal
Rai
l S
yste
m,
Mid
wes
t R
egio
nal
Rai
l S
yste
m,
Flor
ida
Inte
rcit
y Pa
ssen
ger
Rai
l Bu
sin
ess
Plan
, Alb
erta
Hig
h S
peed
Rai
l In
vest
men
t R
ider
ship
Stu
dy.
Dr.
Met
calf
was
Ch
air
of t
he
Eu
rope
an F
reig
ht
Mov
emen
t S
tudy
Tec
hn
ical
Com
mit
tee
that
was
car
ried
ou
t by
th
e E
uro
pean
Com
mu
nit
y (E
EC
) an
d a
mem
ber
of t
he
Ste
erin
g C
omm
itte
e fo
r th
e E
EC
Eu
rope
an P
asse
nge
r Tr
ansp
ort
Stu
dy.
Dr.
Met
calf
has
com
plet
ed s
tudi
es f
or t
he
Inve
stm
ent
Ban
ks,
Wor
ld a
nd
Asi
an B
anks
, as
wel
l as
Fed
eral
an
d S
tate
gov
ern
men
ts a
cros
s th
e U
S.
20
Edu
cati
on
PhD
/197
4/Lo
ndo
n U
niv
ersi
ty/
Tran
spor
t E
con
omic
s B
.S./
1968
/Lon
don
Un
iver
sity
/ E
con
omic
s Key
Per
sonn
el: D
r. M
etca
lf w
ill b
e su
ppor
ted
by t
wo
key
indi
vidu
als
–
Dr.
Edw
in “
Chi
p” K
raft
, th
e D
irec
tor
of T
ran
spor
t O
pera
tion
s at
TE
MS
bri
ngs
mor
e th
an 2
5 ye
ars
of e
xper
tise
in
pas
sen
ger
and
frei
ght
tran
spor
tati
on p
lan
nin
g sy
stem
s. D
r. K
raft
has
led
ope
rati
onal
, lo
gist
ics,
fin
anci
al a
nd
plan
nin
g st
udi
es,
as w
ell
as m
anag
emen
t sy
stem
dev
elop
men
t pr
ojec
ts.
He
is c
urr
entl
y th
e le
ad d
evel
oper
for
th
e C
SX
Rai
lroa
d, Y
ard
of t
he F
utu
re p
roje
ct.
He
will
lea
d th
e tr
ansp
ort
oper
atio
ns
plan
nin
g w
ork
for
wat
er,
tru
ck,
and
railr
oad
anal
ysis
. D
r. K
raft
’s p
roje
cts
incl
ude
th
e G
reat
Lak
es B
ulk
Sh
ips
Cos
t B
enef
it S
tudy
, G
reat
La
kes
and
St.
Law
ren
ce S
eaw
ay p
roje
ct,
US
DO
T fiv
e co
rrid
or f
reig
ht
tran
spor
tati
on a
nal
yses
, Pa
nam
a C
anal
D
eman
d S
tudy
, an
d th
e H
amilt
on O
nta
rio
Con
tain
er P
ort
Stu
dy,
the
Yard
of
the
Futu
re f
or C
SX
Rai
l, S
H 3
6A
Cor
rido
r S
tudy
for
Por
t Fr
eepo
rt.
His
hig
h s
peed
rai
l pr
ojec
ts i
ncl
ude
Atl
anta
-Ch
arlo
tte,
Ham
pton
Roa
ds-
Was
hin
gton
cor
rido
r, N
orth
east
Cor
rido
r, C
hic
ago-
Twin
Cit
ies,
an
d Fl
orid
a S
tate
wid
e H
igh
Spe
ed R
ail S
tudy
.
Edu
cati
on
PhD
/199
8/U
niv
ersi
ty o
f Pen
nsy
lvan
ia/S
yste
ms
En
gin
eeri
ng
MS
/198
3/U
niv
ersi
ty o
f Pen
nsy
lvan
ia/C
ivil
En
gin
eeri
ng
BS
/198
2/U
niv
ersi
ty o
f Pen
nsy
lvan
ia/C
ivil
and
Urb
an E
ngi
nee
rin
g /
Eco
nom
ics
Dr.
Yan
g H
e is
Sen
ior
Tran
spor
tati
on A
nal
yst
wit
h T
EM
S' a
nd
lead
s th
e sy
stem
mod
elin
g an
d an
alys
is t
eam
. W
ith
m
ore
than
12
ye
ars’
ex
peri
ence
, h
e h
as
been
in
volv
ed
in
the
deve
lopm
ent
of
the
TEM
S’
soft
war
e de
velo
pmen
t, in
par
ticu
lar
the
deve
lopm
ent
of t
he
CO
MPA
SS
™ p
asse
nge
r ra
il m
odel
. H
e w
ill b
e re
spon
sibl
e fo
r da
taba
se d
evel
opm
ent,
tra
ffic
and
reve
nu
e, a
nd
capa
city
an
alys
is f
or t
he
stu
dies
. D
r. Y
ang
has
als
o de
velo
ped
the
late
st v
ersi
ons
of t
he
GO
OD
S™
mod
el a
nd
its
upd
ate
to i
nco
rpor
ate
the
late
st D
ecis
ion
Ch
oice
mod
els.
Dr.
H
e’s
frei
ght
proj
ects
in
clu
de t
he
Gre
at L
akes
Bu
lk S
hip
s C
ost
Ben
efit
Stu
dy,
Gre
at L
akes
an
d S
t. L
awre
nce
S
eaw
ay
proj
ect,
U
SD
OT
five
corr
idor
fr
eigh
t tr
ansp
orta
tion
an
alys
is,
Pan
ama
Can
al
Dem
and
Stu
dy
and
soft
war
e, a
nd
the
and
SH
36A
Cor
rido
r S
tudy
for
Por
t Fr
eepo
rt.
His
hig
h s
peed
rai
l pr
ojec
ts i
ncl
ude
Ham
pton
21
Roa
ds,
Ch
icag
o-D
etro
it,
Ch
icag
o-Tw
in C
itie
s, A
tlan
ta-B
irm
ingh
am,
Roc
ky M
oun
tain
Hig
h S
peed
Rai
l S
tudy
B
usi
nes
s Pl
an, a
nd
Nor
thea
st C
orri
dor
Hig
h S
peed
Rai
l Stu
dy.
Edu
cati
on
PhD
/200
7/U
niv
ersi
ty
of
Ari
zon
a/S
yste
ms
and
Indu
stri
al
En
gin
eeri
ng
(min
or
in
Man
agem
ent
Info
rmat
ion
S
yste
ms)
M
S/2
002/
Un
iver
sity
of A
rizo
na/
Sys
tem
s E
ngi
nee
rin
g B
E/1
998/
Un
iver
sity
of B
eijin
g/E
ngi
nee
rin
g M
anag
emen
t R
ecen
tly,
a p
relim
inar
y an
alys
is b
y TE
MS
su
gges
ted
that
bec
ause
of
the
open
ing
of t
he
Pan
ama
Can
al a
nd
beca
use
Mob
ile i
s on
e of
th
e on
ly t
wo
Gu
lf Po
rts
that
can
fac
ilita
te t
he
larg
e co
nta
iner
ves
sels
th
at n
eed
50 f
eet
of w
ater
, th
e A
laba
ma
Toll
Roa
d w
ould
bec
ome
part
of
a M
obile
Tra
de a
nd
Tran
spor
tati
on C
orri
dor.
As
a re
sult
, an
eva
luat
ion
sh
ould
be
mad
e of
ext
endi
ng
the
corr
idor
nor
th a
lon
g th
e w
est
side
of t
he
App
alac
hia
n M
oun
tain
s,
(pro
ject
App
alac
hia
n R
egio
nal
Com
mis
sion
# 3
) a
regi
on t
hat
is
toda
y se
rved
by
Wes
t C
oast
Por
ts.
To a
ssis
t th
e C
ompa
ny
in c
ompl
etin
g an
inve
stm
ent
grad
e st
udy
for
the
corr
idor
, th
e fo
llow
ing
rese
arch
/rev
iew
tea
m h
as b
een
as
sem
bled
to
asse
ss t
he
anal
ysis
by
Tran
spor
tati
on E
con
omic
s &
Man
agem
ent
Sys
tem
s, I
nc.
(TE
MS
).
Mob
ile I
nter
mod
al C
orri
dor,
Res
earc
h R
evie
w T
eam
Te
am M
embe
r
A
ffili
atio
n
Dr.
Mar
k B
urt
on, P
hD
U
niv
ersi
ty o
f Ten
nes
see
Dr.
Dav
id C
lark
e, P
hD
Un
iver
sity
of T
enn
esse
e M
r. R
ick
Tuck
er
Port
of H
un
tsvi
lle, A
L M
r. J
imm
y Ly
ons
Port
of M
obile
, AL
Dr.
Cra
ig P
hill
ip, P
hD
Van
derb
ilt U
niv
ersi
ty
Dr.
Ted
Gro
ssar
dt, P
hD
U
niv
ersi
ty o
f Ken
tuck
y M
r. K
ent
Sow
ards
Mar
shal
l Un
iver
sity
D
r. M
ike
Hic
ks, P
hD
Bal
l Sta
te U
niv
ersi
ty
Mr.
Sco
tt H
erci
k
A
ppal
ach
ian
Reg
ion
al C
omm
issi
on
22
The
purp
ose
of t
his
inve
stm
ent
grad
e st
udy
by
TEM
S is
to
eval
uat
e th
e po
ten
tial
for
deve
lopi
ng
the
Mob
ile T
rade
an
d Tr
ansp
ort
Cor
rido
r, a
s an
adj
un
ct t
o Po
rt M
obile
to
serv
e as
a m
ajor
con
tain
er p
ort
for
a h
inte
rlan
d co
rrid
or
betw
een
th
e A
ppal
ach
ian
s in
th
e ea
st,
and
the
Mis
siss
ippi
in
th
e w
est,
an
d st
retc
hin
g as
far
nor
th a
s th
e m
arke
ts o
f m
id-A
mer
ica
incl
udi
ng
Oh
io,
Indi
ana,
an
d Ill
inoi
s. T
he
area
is
larg
ely
serv
ed t
oday
by
Wes
t C
oast
Po
rts
that
rel
y on
rel
ativ
ely
expe
nsi
ve r
ail a
nd
tru
ck s
hip
men
ts t
o th
ese
inla
nd
mar
kets
, bu
t ar
e lo
w c
ost
due
to
the
larg
e sh
ips
that
can
acc
ess
Wes
t C
oast
Por
ts.
Wit
h t
he
open
ing
of t
he
Pan
ama
Can
al,
and
the
acce
ss o
f la
rge
ship
s to
th
e G
ulf
of M
exic
o, t
he
Mob
ile c
orri
dor
has
th
e po
ten
tial
to
prov
ide
a le
ss e
xpen
sive
an
d m
ore
effe
ctiv
e w
ay o
f ser
vin
g th
ese
mar
kets
.
The
reas
on fo
r th
is is
th
at t
he
Port
of M
obile
is o
ne
of t
he
very
few
por
ts o
n t
he
gulf
and
the
east
coa
st o
f th
e U
S
that
can
ser
ve t
he
very
lar
ge s
hip
s (5
0 fo
ot d
epth
) th
at w
ill b
e ab
le t
o ac
cess
th
e gu
lf an
d ea
st c
oast
s w
ith
the
op
enin
g of
th
e Pa
nam
a C
anal
. On
ce t
he
Port
is d
redg
ed, t
his
will
red
uce
th
e M
arit
ime
cost
s to
th
e Po
rt o
f Mob
ile
sign
ifica
ntl
y (i.
e., 5
0 pe
rcen
t) a
nd
shift
th
e co
mpe
titi
ve b
alan
ce fr
om W
est
Coa
st P
orts
to
the
Port
of M
obile
.
TH
E C
OM
PAN
Y’S
MA
NA
GE
ME
NT
TE
AM
CO
NSI
STS
OF
SH
AH
MA
THIA
S –
FOU
ND
ER
Shah
Mat
hias
fou
nde
d th
e C
ompa
ny
and
lead
s it
s M
erge
r &
Acq
uis
itio
ns
and
New
Bu
sin
ess
Dev
elop
men
t te
am.
Mr.
Mat
hia
s se
rved
as
Ch
ief
Exe
cuti
ve O
ffice
r an
d Pr
esid
ent
of t
he
Com
pan
y. H
e se
rved
as
the
Pres
iden
t,
Trea
sure
r an
d S
ecre
tary
of
Yello
ww
ood
Acq
uis
itio
n C
orp.
sin
ce A
pril
17,
2012
. In
200
2, h
e st
arte
d Pe
nn
del
Lan
d C
o.,
and
maj
orit
y sh
areh
olde
r. H
e se
rves
as
Ch
airm
an a
nd
Sec
reta
ry o
f H
i S
peed
Rai
l Fa
cilit
ies,
In
c.,
Hi
Spe
ed R
ail
Faci
litie
s Pr
ovid
er,
Inc.
and
Glo
bal
Infr
astr
uct
ure
Fin
ance
& D
evel
opm
ent
Au
thor
ity
Inc.
M
r.
Mat
hia
s h
as a
n e
xten
sive
bac
kgro
un
d in
rea
l es
tate
an
d pr
oper
ty d
evel
opm
ent
and
was
in
stru
men
tal
in r
aisi
ng
clos
e to
on
e bi
llion
dol
lars
plu
s or
min
us
for
vari
ous
real
est
ate
proj
ects
th
ru m
ortg
age
bon
d of
feri
ngs
. B
egin
nin
g in
198
8, h
e co
mm
ence
d h
is c
aree
r in
rea
l es
tate
wit
h t
he
pers
onal
acq
uis
itio
n a
nd
like-
kin
d ex
chan
ge
sale
s of
in
vest
men
t pr
oper
ty.
In
1992
, M
r.
Mat
hia
s st
arte
d a
mor
tgag
e-ba
nki
ng
corp
orat
ion
u
nde
rwri
tin
g lo
ans
un
der
his
ow
n n
ame
and
selli
ng
such
loan
s on
th
e op
en m
arke
t. B
y 20
00,
his
com
pan
y h
ad
un
derw
ritt
en m
ore
than
$1
billi
on i
n l
oan
s. H
e se
rved
as
Dir
ecto
r of
th
e C
ompa
ny
sin
ce J
un
e 12
, 20
12 t
o A
pril
2014
. H
e se
rved
as
a D
irec
tor
of Y
ello
ww
ood
Acq
uis
itio
n C
orp.
sin
ce A
pril
17,
2012
to
Apr
il 20
14.
Mr.
Mat
hias
re
ceiv
ed h
is e
duca
tion
at
Pen
n S
tate
In
stit
ute
of T
ech
nol
ogy.
23
RO
BE
RT
P. C
HO
INIE
RE
– C
HIE
F FI
NA
NC
IAL
OFF
ICE
R
Rob
ert
P. C
hoi
nie
re s
erve
s as
th
e C
ompa
ny
Ch
ief
Fin
anci
al O
ffice
r.
Bef
ore
assu
min
g th
is r
ole,
he
was
an
inde
pen
den
t D
irec
tor
and
Ch
air
of t
he
Com
pan
y A
udi
t C
omm
itte
e.
In 2
005
he
fou
nde
d, a
nd
is P
resi
den
t of
Pl
ans
to
Pros
per,
LL
C
an
inde
pen
den
t fin
anci
al
plan
nin
g an
d in
vest
men
t ad
viso
ry
firm
.
Prev
iou
sly
Mr.
C
hoi
nie
re w
as D
irec
tor
of A
viat
ion
Pla
nn
ing
for
HN
TB C
orpo
rati
on,
lead
ing
finan
cial
fea
sibi
lity,
sit
e se
lect
ion
, en
viro
nm
enta
l, m
anag
emen
t an
d ai
rpor
t ex
pan
sion
stu
dies
for
maj
or t
ran
spor
tati
on p
roje
cts
thro
ugh
out
the
Un
ited
Sta
tes.
M
r. C
hoi
nie
re i
s a
Cer
tifie
d Fi
nan
cial
Pla
nn
er P
rofe
ssio
nal
® a
nd
a N
APF
A-R
egis
tere
d Fi
nan
cial
A
dvis
or.
He
is a
197
8 gr
adu
ate
of F
lori
da I
nst
itu
te o
f Te
chn
olog
y w
ith
a B
S i
n A
ir C
omm
erce
/Tra
nsp
orta
tion
Te
chn
olog
y.
JOH
N W
. TH
OM
PSO
N -
GE
NE
RA
L C
OU
NSE
L Jo
hn W
. Th
omps
on s
erve
s as
Dir
ecto
r fo
r th
e C
ompa
ny
and
Ch
ief
Lega
l C
oun
sel.
Mr.
Th
omps
on w
as a
ju
dge
on t
he
York
Cou
nty
Cou
rt o
f C
omm
on P
leas
in
Yor
k C
oun
ty,
Pen
nsy
lvan
ia.
He
was
ele
cted
to
the
cou
rt i
n 1
997
and
was
ret
ain
ed i
n 2
007
for
10-y
ear
term
, ex
piri
ng
in 2
017,
an
d h
e re
tire
d be
fore
th
e en
d of
his
las
t te
rm o
n
May
31,
201
5.
Mr.
Th
omps
on r
ecei
ved
both
his
un
derg
radu
ate
and
J.D
. de
gree
s fr
om t
he
Un
iver
sity
of
Pitt
sbu
rgh
. Le
gal C
oun
sel T
eam
G
ener
al C
oun
sel
Hon
orab
le J
udg
e (R
T) J
ohn
W. T
hom
pson
25
75 E
aste
rn B
lvd
Su
ite
102
York
Pa
1740
2 S
peci
al F
inan
cin
g C
oun
sel
Sco
tt D
iett
eric
k JA
ME
S S
MIT
H D
IETT
ER
ICK
& C
ON
NE
LLY
LLP
Hu
mm
elst
own
, PA
24
Spe
cial
Fin
anci
ng
Cou
nse
l W
illia
m S
un
dstr
om, E
sq.
Rob
ert
C B
ran
nan
, Esq
. S
UN
DS
TRO
M &
MIN
DLI
N, L
LP
Talla
has
see,
Flo
rida
S
peci
al S
ecu
riti
es C
oun
sel
MC
MU
RD
O L
AW
GR
OU
P, L
LC
Mat
thew
C. M
cMu
rdo
28 W
est
44th
Str
eet,
16t
h F
loor
N
ew Y
ork,
NY
1003
6 S
peci
al T
ax C
oun
sel
Bel
inda
Fra
nce
, Esq
. Fr
ance
Law
Fir
m
Talla
has
see
FL
Spe
cial
Fin
anci
al A
dvis
or
Su
squ
ehan
na
Mor
tgag
e B
anke
r C
orp
Pen
n V
entu
re C
apit
al, I
nc.
S
peci
al A
sset
Man
ager
s V
oya
Fin
anci
al
Mor
gan
Sta
nle
y –
Bro
ker
of R
ecor
d
Spe
cial
Fin
anci
al A
dvis
or
SU
SQ
UE
HA
NN
A M
OR
TGA
GE
BA
NK
ER
CO
RP
ING
IN
VE
STM
EN
T M
AN
AG
EM
EN
T C
O. A
sset
Man
ager
Pe
nn
Ven
ture
Cap
ital
, In
c.
25
Firm
’s c
olle
ctiv
e ex
peri
ence
in in
fras
truc
ture
fin
ance
: S
UN
DS
TRO
M &
MIN
DLI
N B
ON
D R
ELA
TED
FIN
AN
CIN
G T
RA
NS
AC
TIO
NS
. Th
e pa
rtn
ers
and
asso
ciat
es w
ho
mak
e u
p th
e fir
m o
f S
un
dstr
om &
Min
dlin
, LL
P, f
orm
erly
kn
own
as
Su
nds
trom
, Fr
iedm
an &
Fu
mer
o, L
LP,
and
befo
re
that
, R
ose,
S
un
dstr
om
&
Ben
tley
, LL
P,
hav
e ac
ted
as
co-c
oun
sel
or
borr
ower
's
cou
nse
l on
th
e fo
llow
ing
finan
cin
gs:
$10,
000,
000
Ch
arlo
tte
Cou
nty
(Fl
orid
a) I
ndu
stri
al D
evel
opm
ent
Au
thor
ity
uti
lity
syst
em r
even
ue
bon
ds,
Ser
ies
2015
(Tow
n &
Cou
ntr
y U
tilit
ies
Proj
ect)
. $1
5,37
4,56
2 Le
tter
of
Cre
dit/
Loan
Agr
eem
ent
secu
rin
g th
e C
ollie
r C
oun
ty I
ndu
stri
al D
evel
opm
ent
Rev
enu
e B
onds
issu
ed in
favo
r of
ou
r cl
ien
t, A
ve M
aria
Uti
lity
Com
pan
y, L
LLP
(201
5)
$4,9
50,0
00
Mar
ion
C
oun
ty
Uti
lity
inst
allm
ent
purc
has
e ag
reem
ent
for
the
asse
ts
of
Win
dstr
eam
U
tilit
ies
Com
pan
y (2
014)
$5
m
illio
n
subo
rdin
ate
uti
lity
reve
nu
e bo
nd
issu
ed
in
favo
r of
M
ad
Hat
ter
Uti
lity,
In
c.
by
the
Flor
ida
Gov
ern
men
tal U
tilit
y A
uth
orit
y (2
012)
$9
,900
,000
Te
rm
Loan
by
N
orth
K
ey
Larg
o U
tilit
y C
orp.
w
ith
N
orth
ern
Tr
ust
, N
.A.
(201
1)
(ref
inan
cin
g co
nst
ruct
ion
loan
an
d in
dust
rial
dev
elop
men
t re
ven
ue
bon
ds)
$24,
500,
000
ten
yea
r fir
st m
ortg
age
loan
wit
h G
reat
Am
eric
an L
ife I
nsu
ran
ce C
ompa
ny
for
the
purc
has
e of
On
e G
reen
way
Cen
tre,
Fra
nkl
in, T
enn
esse
e V
irgi
nia
in t
ax fr
ee e
xch
ange
for
Nor
th F
ort
Mye
rs U
tilit
ies,
In
c. (2
011)
$2
5,00
0,00
0 tw
enty
-fiv
e ye
ar f
irst
mor
tgag
e lo
an w
ith
New
Yor
k Li
fe I
nsu
ran
ce C
ompa
ny
for
the
purc
has
e of
th
e A
mbe
rlei
gh A
part
men
ts G
rou
nd
Leas
e, F
airf
ax,
Vir
gin
ia i
n t
ax f
ree
exch
ange
for
Nor
th F
ort
Mye
rs U
tilit
ies,
In
c.
(201
0)
$55,
130,
000
Lee
Cou
nty
In
dust
rial
Dev
elop
men
t R
even
ue
Au
thor
ity
(Flo
rida
) U
tilit
y S
yste
m R
even
ue
Bon
ds,
Ser
ies
2010
(Bon
ita
Spr
ings
Uti
litie
s, I
nc.
Pro
ject
) $4
9,31
0,00
0 Le
e C
oun
ty I
ndu
stri
al D
evel
opm
ent
Au
thor
ity
(Flo
rida
) Uti
lity
Sys
tem
Rev
enu
e B
onds
, S
erie
s 20
10,
(Bon
ita
Spr
ings
Uti
litie
s, I
nc.
) $3
6,00
0,00
0 C
ash
Def
easa
nce
Lee
Cou
nty
In
dust
rial
Dev
elop
men
t A
uth
orit
y, N
orth
For
t M
yers
Uti
lity
Proj
ect,
20
10
$12,
000,
000
Con
stru
ctio
n L
oan
Agr
eem
ent
betw
een
Nor
th K
ey L
argo
Uti
lity
Cor
p. a
nd
Cit
y N
atio
nal
Ban
k (2
009)
(c
onve
nti
onal
bor
row
ing
by t
ax-e
xem
pt c
oop)
26
$9,3
85,4
88 L
oan
fro
m W
ach
ovia
Ban
k to
th
e G
lade
s U
tilit
y A
uth
orit
y (2
009)
(ta
xabl
e fin
anci
ng
by g
over
nm
enta
l au
thor
ity)
$2
6,16
0,00
0 Le
e C
oun
ty I
ndu
stri
al D
evel
opm
ent
Rev
enu
e A
uth
orit
y (F
lori
da)
Uti
lity
Sys
tem
Ref
un
din
g R
even
ue
Bon
ds, S
erie
s 20
08 (B
onit
a S
prin
gs U
tilit
ies,
In
c. P
roje
ct)
$52,
230,
000
Cit
rus
Cou
nty
, Fl
orid
a W
ater
an
d W
aste
wat
er S
yste
m R
even
ue
Bon
ds,
Ser
ies
2007
(ta
x-ex
empt
m
un
icip
al b
ond
issu
e)
$42,
500,
000
Ch
arlo
tte
Cou
nty
In
dust
rial
Dev
elop
men
t A
uth
orit
y (F
lori
da)
Uti
lity
Sys
tem
Bon
d A
nti
cipa
tion
N
otes
(Tow
n a
nd
Cou
ntr
y U
tilit
ies
Com
pan
y Pr
ojec
t), S
erie
s 20
07
$23,
215,
000
Lee
Cou
nty
In
dust
rial
Dev
elop
men
t R
even
ue
Au
thor
ity
(Flo
rida
) U
tilit
y S
yste
m R
efu
ndi
ng
Rev
enu
e B
onds
, Ser
ies
2006
(Bon
ita
Spr
ings
Uti
litie
s, I
nc.
Pro
ject
) $2
1,74
5,00
0 Pa
sco
Cou
nty
In
dust
rial
Dev
elop
men
t A
uth
orit
y (F
lori
da)
Uti
lity
Sys
tem
Rev
enu
e B
onds
, S
erie
s 20
06 (A
loh
a U
tilit
ies,
In
c. P
roje
ct)
$5,1
00,0
00 V
aria
ble
Rat
e D
eman
d U
tilit
y S
yste
m R
even
ue
Bon
ds (
Nor
th F
ort
Mye
rs U
tilit
y, I
nc.
Pro
ject
), S
erie
s 20
06 (I
ndu
stri
al D
evel
opm
ent
Rev
enu
e B
onds
) $2
,965
,000
Mon
roe
Cou
nty
In
dust
rial
Dev
elop
men
t A
uth
orit
y, I
ndu
stri
al D
evel
opm
ent
Rev
enu
e B
onds
(N
orth
K
ey L
argo
Uti
lity
Cor
p. P
roje
ct),
Ser
ies
2005
$1
8,00
0,00
0 C
ollie
r C
oun
ty D
evel
opm
ent
Au
thor
ity
(Flo
rida
) In
dust
rial
Dev
elop
men
t R
even
ue
Bon
ds (
Ave
Mar
ia
Uti
lity
Com
pan
y Pr
ojec
t), S
erie
s 20
05
$13,
240,
000
Lee
Cou
nty
In
dust
rial
D
evel
opm
ent
Au
thor
ity,
Fl
orid
a V
aria
ble
Rat
e D
eman
d U
tilit
y S
yste
m
Rev
enu
e B
onds
(N
orth
For
t M
yers
Uti
lity,
In
c. P
roje
ct),
Ser
ies
2005
A a
nd
$1,7
90,0
00 L
ee C
oun
ty I
ndu
stri
al
Dev
elop
men
t A
uth
orit
y, F
lori
da T
axab
le V
aria
ble
Rat
e D
eman
d U
tilit
y S
yste
m R
even
ue
Bon
ds (
Nor
th F
ort
Mye
rs
Uti
lity,
In
c. P
roje
ct),
Ser
ies
2005
B
$13,
485,
000
Bri
dgew
ater
Com
mu
nit
y D
evel
opm
ent
Dis
tric
t S
peci
al A
sses
smen
t B
onds
, Ser
ies
2004
$3
1,00
0,00
0 Le
e C
oun
ty I
ndu
stri
al D
evel
opm
ent
Au
thor
ity
(Flo
rida
) U
tilit
y Sy
stem
Rev
enu
e B
onds
, (B
onit
a S
prin
gs U
tilit
ies,
In
c.)
Ser
ies
2004
A a
nd
$26,
160,
000
Lee
Cou
nty
In
dust
rial
Dev
elop
men
t A
uth
orit
y (F
lori
da)
Uti
lity
Sys
tem
Rev
enu
e B
onds
, (B
onit
a S
prin
gs U
tilit
ies,
In
c.) S
erie
s 20
04B
$2
0,60
0,00
0 A
loh
a U
tilit
ies,
In
c. T
axab
le U
tilit
y S
yste
m R
even
ue
Bon
ds, S
erie
s 20
04
27
$17,
000,
000
Lee
Cou
nty
In
dust
rial
Dev
elop
men
t A
uth
orit
y (F
lori
da)
Uti
lity
Sys
tem
Rev
enu
e B
onds
, S
erie
s 20
03
(Bon
ita
Spr
ings
Uti
litie
s, I
nc.
) $5
7,24
6,00
0 W
ater
&
S
ewer
R
efu
ndi
ng
Bon
ds,
Ser
ies
2003
A
(Spr
ings
E
nvi
ron
men
tal
Sys
tem
s,
Inc.
) an
d $8
,285
,000
Wat
er &
Sew
er R
even
ue
Bon
ds, S
erie
s 20
03B
(Spr
ings
En
viro
nm
enta
l Sys
tem
s, I
nc.
) $1
01,1
15,0
00 C
ity
of M
arco
Isl
and,
Flo
rida
Uti
lity
Sys
tem
Rev
enu
e B
onds
, Ser
ies
2003
$3
0,00
0,00
0 Le
e C
oun
ty I
ndu
stri
al D
evel
opm
ent
Au
thor
ity
(Flo
rida
) U
tilit
y S
yste
m R
even
ue
Bon
ds,
Ser
ies
2002
(B
onit
a S
prin
gs U
tilit
ies,
In
c. P
roje
ct)
$5,0
00,0
00 L
ee C
oun
ty I
ndu
stri
al D
evel
opm
ent
Au
thor
ity
(Flo
rida
) U
tilit
y R
even
ue
Bon
ds,
Ser
ies
2002
A (
Bon
ita
Spr
ings
Uti
litie
s, I
nc.
Wat
er P
roje
ct)
$18,
975,
000
Lee
Cou
nty
In
dust
rial
Dev
elop
men
t A
uth
orit
y (F
lori
da)
Uti
lity
Sys
tem
Rev
enu
e B
onds
, S
erie
s 20
01
(Bon
ita
Spr
ings
Uti
litie
s, I
nc.
) $2
8,46
5,00
0 U
tilit
y R
even
ue
Bon
ds S
enio
r Li
en D
ebt,
Ser
ies
2000
an
d $9
,855
,000
Uti
lity
Rev
enu
e B
onds
S
ubo
rdin
ate
Lien
Deb
t, S
erie
s 20
00 (S
t. L
uci
e W
est
Ser
vice
s D
istr
ict)
$1
3,20
0,00
0 Le
e C
oun
ty I
ndu
stri
al D
evel
opm
ent
Au
thor
ity
(Flo
rida
) U
tilit
y S
yste
m R
even
ue
Bon
ds,
Ser
ies
2000
(B
onit
a S
prin
gs U
tilit
ies,
In
c.)
$53,
750,
000
Wat
er &
Sew
er R
even
ue
Bon
ds, S
erie
s 19
98 (G
ulf
En
viro
nm
enta
l Ser
vice
s, I
nc.
) $4
6,85
0,00
0 To
wn
of J
upi
ter
Isla
nd,
Flo
rida
Uti
lity
Sys
tem
Rev
enu
e B
onds
, Ser
ies
1998
$3
2,52
0,00
0 Le
e C
oun
ty I
ndu
stri
al D
evel
opm
ent
Au
thor
ity
(Flo
rida
) Uti
lity
Sys
tem
Rev
enu
e B
onds
, S
erie
s 19
96,
(Bon
ita
Spr
ings
Uti
litie
s, I
nc.
) $2
,800
,000
In
dust
rial
Dev
elop
men
t R
even
ue
Bon
ds, S
erie
s 19
96 (W
inco
Uti
litie
s, I
nc.
) $3
,400
,000
Mon
roe
Cou
nty
In
dust
rial
Dev
elop
men
t B
onds
(Fl
orid
a) U
tilit
y R
even
ue
Bon
ds,
Ser
ies
1995
, (N
orth
K
ey L
argo
Pro
ject
) $1
2,47
0,00
0 Le
e C
oun
ty I
ndu
stri
al D
evel
opm
ent
Au
thor
ity
(Flo
rida
) In
dust
rial
Rev
enu
e B
onds
Ser
ies
1995
A a
nd
$1,2
00,0
00 T
axab
le I
ndu
stri
al R
even
ue
Bon
ds S
erie
s 19
95B
(Nor
th F
ort
Mye
rs U
tilit
ies,
In
c. P
roje
ct)
$5,0
60,0
00 F
lori
da C
omm
un
ity
Ser
vice
s C
orpo
rati
on S
ewer
Rev
enu
e B
onds
, Ser
ies
1994
(Per
dido
Key
Pro
ject
) $2
,000
,000
Rep
ubl
ic N
atio
nal
Ban
k Le
ndi
ng
Agr
eem
ent,
199
4 (A
tlan
tic
Uti
litie
s, I
nc.
)
28
$16,
125,
000
Cla
y C
oun
ty F
lori
da U
tilit
y S
yste
m R
even
ue
Bon
ds,
Ser
ies
1993
A a
nd
$18,
960,
000
Cla
y C
oun
ty
Flor
ida
Uti
lity
Sys
tem
Ref
un
din
g R
even
ue
Bon
ds, S
erie
s 19
93B
$1
8,83
5,00
0 C
lay
Cou
nty
Flo
rida
Uti
lity
Sys
tem
Rev
enu
e B
onds
, S
erie
s 19
92A
an
d $9
,500
,000
Cla
y C
oun
ty
Flor
ida
Uti
lity
Sys
tem
Rev
enu
e B
onds
, Ser
ies
1992
B
$4,0
00,0
00 R
eser
ves
Com
mu
nit
y D
evel
opm
ent
Dis
tric
t (F
lori
da)
Uti
lity
Rev
enu
e B
onds
, S
erie
s 19
92A
an
d $6
00,0
00 R
eser
ves
Com
mu
nit
y D
evel
opm
ent
Dis
tric
t (F
lori
da) T
axab
le U
tilit
y R
even
ue
Bon
ds, S
erie
s 19
92B
$1
8,84
5,00
0 U
tilit
y S
yste
m R
even
ue
Bon
ds, S
erie
s 19
91 (S
t. L
uci
e W
est
Ser
vice
s D
istr
ict
Proj
ect)
$2
2,84
5,00
0 Le
e C
oun
ty I
ndu
stri
al D
evel
opm
ent
Au
thor
ity
(Flo
rida
) S
ewer
Sys
tem
Rev
enu
e B
onds
, S
erie
s 19
91
(Bon
ita
Spr
ings
Uti
litie
s, I
nc.
Pro
ject
) $9
,000
,000
Lee
Cou
nty
In
dust
rial
Dev
elop
men
t A
uth
orit
y (F
lori
da)
Uti
lity
Sys
tem
Rev
enu
e B
onds
, S
erie
s 19
90
(Leh
igh
Uti
litie
s Pr
ojec
t)
$12,
300,
000
Cit
y of
Win
ter
Spr
ings
, Flo
rida
Wat
er &
Sew
er R
even
ue
Bon
ds, S
erie
s 19
90
$1,7
65,0
00 T
own
of L
ake
Cla
rk S
hor
es (F
lori
da) U
tilit
y S
yste
m R
even
ue
Bon
ds, S
erie
s 19
88
$7,8
62,5
00 L
ee C
oun
ty I
ndu
stri
al D
evel
opm
ent
Au
thor
ity
(Flo
rida
) U
tilit
y S
yste
m R
even
ue
Bon
ds,
Ser
ies
1988
(N
orth
For
t M
yers
Uti
litie
s, I
nc.
Pro
ject
) $4
,000
,000
Lee
Cou
nty
In
dust
rial
Dev
elop
men
t A
uth
orit
y (F
lori
da)
Indu
stri
al D
evel
opm
ent
Rev
enu
e B
onds
, S
erie
s 19
87 (S
prin
gs E
nvi
ron
men
tal S
yste
ms,
In
c.)
$2,3
00,0
00 C
ity
of O
ran
ge C
ity,
Flo
rida
Rev
enu
e B
onds
, Ser
ies
1987
$1
5,00
0,00
0 S
t. L
uci
e C
oun
ty W
ater
an
d S
ewer
In
dust
rial
Dev
elop
men
t B
onds
(Fl
orid
a).
Ser
ies
1987
(S
t. L
uci
e W
est
Proj
ect)
$7
,695
,000
Lee
Cou
nty
In
dust
rial
Dev
elop
men
t A
uth
orit
y (F
lori
da)
Uti
lity
Sys
tem
Rev
enu
e B
onds
, S
erie
s 19
87
(Bon
ita
Spr
ings
Wat
er S
yste
m, I
nc.
) $5
,750
,000
Lee
Cou
nty
In
dust
rial
Dev
elop
men
t A
uth
orit
y (F
lori
da)
Uti
lity
Sys
tem
Rev
enu
e B
onds
, S
erie
s 19
85
(Nor
th F
ort
Mye
rs U
tilit
ies,
In
c. P
roje
ct)
$4,9
92,7
06 C
ity
of C
ocon
ut
Cre
ek, F
lori
da R
estr
icte
d S
ewer
Rev
enu
e N
otes
, Ser
ies
1983
29
The
Bus
ines
s Pl
an
The
Com
pan
y th
rou
gh i
ts M
aste
r C
onsu
ltin
g ro
le a
lon
g w
ith
TE
MS
as
a co
nsu
ltan
t, h
as c
olle
ctiv
ely
iden
tifie
d cu
rren
t po
ten
tial
pro
ject
s w
orth
fiv
e hu
ndr
ed a
nd
six
billi
on d
olla
rs a
nd
ther
efor
e h
ave
appr
oach
ed t
he
rela
ted
non
-pro
fits
for
mas
ter
bon
d in
den
ture
s fo
r ea
ch p
roje
ct t
o m
eet
the
nee
d of
th
e re
late
d an
d n
on-r
elat
ed e
nd
use
rs o
f eac
h c
urr
ent
pote
nti
al p
roje
ct.
The
Com
pan
y ac
tin
g as
a M
aste
r C
onsu
ltan
t an
d M
aste
r G
ener
al C
ontr
acto
r th
rou
gh a
gree
men
ts w
ith
the
re
late
d an
d n
on-r
elat
ed n
on-p
rofit
s an
d th
e re
late
d en
titi
es w
ill p
erfo
rm c
onst
ruct
ion
man
agem
ent
serv
ices
an
d co
nsu
ltin
g se
rvic
es f
or f
ee (
see
mat
eria
l as
pect
s of
agr
eem
ents
bel
ow).
The
rela
ted
and
non
-rel
ated
non
-pro
fits
prov
ide
a so
urc
e to
cap
ital
th
rou
gh b
ond
inde
ntu
res,
upo
n T
EM
S p
rovi
din
g in
vest
men
t gr
ade
stu
dies
th
at w
ill
con
firm
th
e po
ten
tial
pro
ject
rev
enu
e w
ill s
upp
ort
the
debt
on
beh
alf o
f th
e be
nef
icia
l ow
ner
of a
giv
en p
roje
ct.
The
con
trac
tual
agr
eem
ents
an
d m
ater
ial a
spec
ts o
f th
e ag
reem
ents
are
pre
sen
ted
belo
w:
Mas
ter
Agr
eem
ent
For
Con
stru
ctio
n w
ith
the
Four
Non
-pro
fits
The
Com
pan
y is
in
con
trac
tual
, “M
aste
r A
gree
men
t Fo
r C
onst
ruct
ion
”, a
gree
men
ts w
ith
Hig
h S
peed
Rai
l Fa
cilit
ies
Inc.
, H
igh
Spe
ed R
ail F
acili
ties
Pro
vide
r In
c.,
Glo
bal I
nfr
astr
uct
ure
Fin
ance
& D
evel
opm
ent
Au
thor
ity,
In
c. a
nd
Ala
bam
a To
ll Fa
cilit
ies
Inc.
, al
l fo
ur
are
non
prof
it e
nti
ties
ref
erre
d to
as
the
“Car
tel”
wh
o co
uld
iss
ue
bon
ds o
n b
ehal
f of
gov
ern
men
t, c
ivili
an a
nd
com
mer
cial
en
d u
ser
proj
ects
dir
ectl
y or
on
beh
alf
of t
he
affil
iate
en
titi
es li
sted
bel
ow. T
he m
ater
ial a
spec
ts o
f th
e “M
aste
r A
gree
men
t Fo
r C
onst
ruct
ion”
are
as
follo
ws:
1.A
ME
RI
as t
he
agen
t an
d re
pres
enta
tive
of
CA
RTE
L sh
all
perf
orm
all
requ
ired
tas
ks a
nd
acti
ons
to d
evel
op
and
con
stru
ct t
he
Proj
ect
as a
gen
t an
d re
pres
enta
tive
of C
AR
TEL
wit
hou
t lim
itat
ion
by
taki
ng
such
act
ion
s as
nec
essa
ry t
o se
cure
th
e fir
st a
nd
futu
re p
has
es o
f th
e fin
anci
ng
appl
icab
le t
o th
e de
sign
, pl
ann
ing,
en
gin
eeri
ng
and
rela
ted
soft
an
d h
ard
cost
s of
th
e co
nst
ruct
ion
of
the
Proj
ect
and
rela
ted
acti
viti
es.
Th
e sp
ecifi
cati
ons,
des
ign
s, c
onst
ruct
ion
sta
nda
rds,
su
bcon
trac
tor
agre
emen
ts, i
nsu
ran
ce r
equ
irem
ents
, hir
ing
and
empl
oym
ent
polic
ies
and
sim
ilar
item
s sh
all
be d
evel
oped
by
AM
ER
I, s
ubj
ect
to a
ppro
val
by C
AR
TEL,
an
d as
nec
essa
ry o
ffere
d fo
r re
view
an
d ap
prov
al b
y ap
prop
riat
e go
vern
men
tal a
nd
regu
lato
ry a
gen
cies
.
30
2.A
ME
RI
shal
l as
sure
th
at t
he
Proj
ect
is c
onst
ruct
ed a
ccor
din
g to
spe
cific
atio
ns
and
requ
irem
ents
im
pose
d by
th
e Fe
dera
l R
ailr
oad
Adm
inis
trat
ion
(FR
A).
Th
e w
ork
don
e by
AM
ER
I th
rou
gh i
tsel
f, it
s co
ntr
acto
rs,
subc
ontr
acto
rs,
agen
ts,
empl
oyee
s an
d af
filia
ted
orga
niz
atio
ns,
sh
all
be
subj
ect
to
insp
ecti
ons
as
man
date
d by
law
to
dem
onst
rate
com
plia
nce
wit
h a
ll ap
plic
able
sta
nda
rds.
A
ME
RI
shal
l be
res
pon
sibl
e fo
r co
ordi
nat
ing
all
con
stru
ctio
n o
f th
e Pr
ojec
t in
clu
din
g co
nst
ruct
ion
wor
k pe
rfor
med
by
subc
ontr
acto
rs
and
oth
ers.
AM
ER
I sh
all
supe
rvis
e al
l ph
ases
of
th
e co
nst
ruct
ion
of
th
e Pr
ojec
t,
and
it
shal
l be
re
spon
sibl
e to
CA
RTE
L fo
r al
l ac
ts o
r om
issi
ons
of i
ts e
mpl
oyee
s, s
ubc
ontr
acto
rs,
agen
ts,
con
sult
ants
an
d ot
her
par
ties
un
der
its
con
trol
. A
ME
RI
shal
l co
ntr
act
wit
h a
ll su
bord
inat
e pa
rtie
s in
its
ow
n n
ame
and
beh
alf
and
not
in
th
e n
ame
of o
r on
beh
alf
of C
AR
TEL
un
less
lat
er a
gree
d u
pon
by
the
part
ies.
A
ME
RI
shal
l pr
ovid
e to
CA
RTE
L, o
n a
n o
n-g
oin
g ba
sis,
a l
ist
of a
ll su
bcon
trac
tors
an
d ot
her
s en
gage
d by
AM
ER
I fo
r w
ork
on t
he
proj
ect,
tog
eth
er w
ith
cor
rect
an
d co
mpl
ete
copi
es o
f al
l co
ntr
acts
an
d ag
reem
ents
wit
h su
ch p
arti
es.
3.
The
enga
gem
ent
of a
ny
subc
ontr
acto
r or
su
bord
inat
e pa
rtie
s fo
r w
ork
on t
he
proj
ect
shal
l n
ot e
xcu
se
AM
ER
I fr
om c
ompl
yin
g in
all
resp
ects
wit
h t
his
con
trac
t.
AM
ER
I sh
all
hav
e fu
ll re
spon
sibi
lity
for
ever
y po
rtio
n o
f th
e co
nst
ruct
ion
of
the
Proj
ect
furn
ish
ed o
r pe
rfor
med
by
any
subc
ontr
acto
r or
su
bord
inat
e pa
rty
and
ever
y ac
t or
om
issi
on
(wh
eth
er
will
ful,
neg
ligen
t or
ot
her
wis
e)
of
AM
ER
I’s
empl
oyee
s,
subc
ontr
acto
rs a
nd
thei
r em
ploy
ees,
an
d al
l ot
her
par
ties
en
gage
d fo
r w
ork
upo
n t
he
Proj
ect.
A
ll co
nst
ruct
ion
, ac
ts a
nd
omis
sion
s of
an
y pa
rty
part
icip
atin
g in
th
e co
nst
ruct
ion
of
the
Proj
ect
shal
l be
de
emed
th
ose
of A
ME
RI
for
the
purp
oses
of
this
agr
eem
ent.
A
ME
RI
shal
l be
resp
onsi
ble
for
assu
rin
g th
at
the
con
stru
ctio
n o
f th
e Pr
ojec
t is
per
form
ed i
n a
goo
d an
d w
orkm
anlik
e m
ann
er a
nd
in a
ccor
dan
ce w
ith
th
e h
igh
est
stan
dard
s of
car
e fo
r th
e in
dust
ry.
AM
ER
I sh
all
take
all
reas
onab
le p
reca
uti
ons
to p
reve
nt
inju
ry,
dam
ages
or
loss
to
pers
ons
or p
rope
rty
thro
ugh
out
the
Proj
ect,
in
clu
din
g es
peci
ally
iss
ues
of
envi
ron
men
tal p
rote
ctio
n.
4.
The
term
of
this
Agr
eem
ent
shal
l co
nti
nu
e u
nti
l th
e co
mpl
etio
n o
f th
e Pr
ojec
t an
d th
erea
fter
un
less
an
d u
nti
l te
rmin
ated
by
m
utu
al
agre
emen
t of
C
AR
TEL
and
AM
ER
I an
d it
m
ay
con
tin
ue
into
if
not
so
te
rmin
ated
.
5.Th
e pa
rtie
s ag
ree
that
th
e fa
ce a
mou
nt
of t
he
cont
ract
bet
wee
n t
hem
for
CA
RTE
L to
com
plet
e th
e Pr
ojec
ts
shal
l be
det
erm
ined
by
the
face
am
oun
t of
eac
h M
aste
r Tr
ust
In
den
ture
les
s u
nre
late
d co
nst
ruct
ion
an
d
31
lan
d co
st a
t co
st p
lus
fort
y pe
rcen
t (4
0%),
plu
s tw
o pe
rcen
t (2
%)
over
th
e ad
just
men
t fo
r th
e in
crea
se i
n
infla
tion
reg
ardl
ess
of t
he
cost
to
AM
ER
I to
per
form
th
e re
quir
ed s
ervi
ces
her
eun
der.
In
no
even
t w
ill t
he
prof
its
to A
ME
RI
from
th
e pr
ojec
ts b
e le
ss t
hen
for
ty p
erce
nt
(40%
), pl
us
two
perc
ent
(2%
) ove
r th
e ad
just
men
t fo
r th
e in
crea
se in
infla
tion
. Con
stru
ctio
n c
ontr
act
is b
ased
upo
n 9
7% o
f the
face
am
oun
t of
eac
h M
aste
r Tr
ust
In
den
ture
ove
r th
e co
urs
e of
th
e co
nst
ruct
ion
per
iod.
Am
oun
ts p
ayab
le b
y C
AR
TEL
shal
l be
due
fifte
en (1
5) d
ays
from
th
e da
te o
f th
e su
bmis
sion
of
invo
ices
fro
m A
ME
RI
to C
AR
TEL,
ti
me
bein
g of
th
e es
sen
ce.
For
any
paym
ents
rec
eive
d af
ter
the
fifte
enth
(15t
h) d
ay, a
late
fee
of fi
ve p
erce
nt
(5%
) of t
he u
npa
id a
mou
nt
if pa
id w
ith
in t
en (1
0) d
ays
ther
eaft
er; a
nd
any
amou
nts
pai
d af
ter
said
ten
-day
pe
riod
sh
all
accr
ue
late
fee
s at
th
e ra
te o
f ei
ghte
en p
erce
nt
(18%
) pe
r an
nu
m p
lus
a co
llect
ion
fee
of
thre
e pe
rcen
t (3
%)
and
atto
rney
’s f
ees
of f
ive
perc
ent
(5%
) of
th
e u
npa
id b
alan
ce.
A d
epos
it o
f Te
n D
olla
rs
($10
.00)
sh
all
be p
aid
by C
AR
TEL
to A
ME
RI
upo
n t
he
exec
uti
on o
f th
is a
gree
men
t; w
ith
a s
ubs
equ
ent
paym
ent
of t
hre
e pe
rcen
t (3
%)
of t
he
face
am
oun
t of
th
e co
ntr
act
upo
n t
he
bon
d fu
ndi
ng
for
the
init
ial
phas
e of
th
e pr
ojec
t; a
nd
a su
bseq
uen
t pa
ymen
t of
an
add
itio
nal
tw
o pe
rcen
t (2
%)
of t
he
face
am
oun
t of
th
e co
ntr
act
upo
n m
obili
zati
on o
f th
e pr
ojec
t. T
hes
e pe
rcen
tage
s sh
all
appl
y to
th
e fir
st p
has
e an
d to
all
subs
equ
ent
phas
es o
f th
e pr
ojec
t.
6.
The
part
ies
agre
e th
at t
his
Agr
eem
ent
is n
ot i
nte
nde
d to
cre
ate,
nor
sh
all
it c
reat
e, a
par
tner
ship
bet
wee
n
them
or
any
busi
nes
s re
lati
onsh
ip o
ther
th
an t
hat
spe
cific
ally
cre
ated
by
the
term
s h
ereo
f. L
ikew
ise,
no
part
ner
ship
or
ot
her
bu
sin
ess
rela
tion
ship
sh
all
be
crea
ted
betw
een
CA
RTE
L,
AM
ER
I an
d an
y su
bcon
trac
tors
or
subo
rdin
ate
part
ies
con
trac
ted
to w
ork
on t
he
Proj
ect.
7.Th
e bu
sin
ess
and
affa
irs
of t
he
Proj
ect
shal
l be
con
trol
led
by A
ME
RI
wit
hou
t th
e re
quir
emen
t th
at t
he
appr
oval
of
CA
RTE
L be
obt
ain
ed f
or a
ny a
ctio
ns
take
n,
subj
ect
only
to
the
subm
issi
on o
f su
ch r
epor
ts a
nd
acco
un
tin
gs b
ein
g fu
rnis
hed
by
AM
ER
I to
CA
RTE
L as
th
e pa
rtie
s m
ay a
gree
fro
m t
ime
to t
ime.
D
etai
led
and
com
plet
e re
cord
s of
all
aspe
cts
of t
he
Proj
ect
shal
l be
kep
t by
CA
RTE
L an
d A
ME
RI
for
thei
r u
se a
nd
for
insp
ecti
on b
y an
y th
ird
part
ies,
age
nci
es, r
egu
lato
rs o
r ot
her
s au
thor
ized
by
law
or
agre
emen
t to
acc
ess
them
.
32
8.A
ME
RI
may
con
duct
th
e bu
sin
ess
of t
he
Proj
ect
from
su
ch l
ocat
ion
or
loca
tion
s as
it
may
ele
ct,
wh
eth
er i
n t
he
Sta
te o
f D
elaw
are,
th
e C
omm
onw
ealt
h o
f Pe
nn
sylv
ania
, or
els
ewh
ere.
H
owev
er,
as
stat
ed b
elow
, Pen
nsy
lvan
ia la
w s
hal
l gov
ern
th
is a
gree
men
t.
9.
AM
ER
I m
ay a
ct t
hro
ugh
su
ch s
uba
gen
ts a
nd
subc
ontr
acto
rs,
atto
rney
s an
d re
pres
enta
tive
s as
it
deem
s n
eces
sary
in
its
sol
e di
scre
tion
; an
d to
com
pen
sate
su
ch p
arti
es u
nde
r su
ch t
erm
s as
it
may
ag
ree.
10.
The
fun
din
g fo
r th
e Pr
ojec
t sh
all
be r
aise
d th
rou
gh t
he
issu
ance
of
bon
ds t
hro
ugh
a m
arke
tin
g pl
an
dete
rmin
ed
by
AM
ER
I,
and
all
proc
eeds
th
ereo
f sh
all
be
depo
site
d in
cu
stod
ial
acco
un
ts
adm
inis
tere
d by
fid
uci
arie
s an
d ac
cord
ing
to s
uch
ter
ms
as C
AR
TEL
TRU
ST
shal
l in
stit
ute
for
th
e sa
feke
epin
g an
d di
stri
buti
on a
ccor
din
g to
sou
nd
busi
nes
s pr
acti
ces.
AM
ER
I sh
all a
ct a
s S
pon
sor
for
the
CA
RTE
L D
irec
t O
fferi
ng
and
Bon
d Is
suer
. M
aste
r A
gree
men
t Fo
r C
onst
ruct
ion
wit
h R
elat
ed E
ntit
ies
The
Com
pan
y is
in
a c
ontr
actu
al,
“Mas
ter
Agr
eem
ent
For
Con
stru
ctio
n”,
agre
emen
t w
ith
Affi
liate
d E
nti
ties
, re
ferr
ed t
o as
th
e “C
arte
l” in
th
e ag
reem
ent,
wh
o h
ave
the
abili
ty t
o ap
proa
ch t
he
fou
r n
onpr
ofit
en
titi
es t
o fu
nd
gove
rnm
ent,
civ
ilian
an
d co
mm
erci
al p
roje
cts
on b
ehal
f of
th
e en
d u
ser.
The
mat
eria
l as
pect
s of
tho
se
agre
emen
ts a
re a
s fo
llow
s:
1.A
ME
RI
as t
he
agen
t an
d re
pres
enta
tive
of
CA
RTE
L sh
all
perf
orm
all
requ
ired
tas
ks a
nd
acti
ons
to
deve
lop
and
con
stru
ct t
he
Proj
ect
as a
gen
t an
d re
pres
enta
tive
of
CA
RTE
L w
ith
out
limit
atio
n b
y ta
kin
g su
ch a
ctio
ns
as n
eces
sary
to
secu
re t
he
first
an
d fu
ture
ph
ases
of
the
finan
cin
g ap
plic
able
to
the
desi
gn,
plan
nin
g, e
ngi
nee
rin
g an
d re
late
d so
ft a
nd
har
d co
sts
of t
he
con
stru
ctio
n o
f th
e Pr
ojec
t an
d re
late
d ac
tivi
ties
.
The
spec
ifica
tion
s,
desi
gns,
co
nst
ruct
ion
st
anda
rds,
su
bcon
trac
tor
agre
emen
ts,
insu
ran
ce r
equ
irem
ents
, h
irin
g an
d em
ploy
men
t po
licie
s an
d si
mila
r it
ems
shal
l be
de
velo
ped
by A
ME
RI,
su
bjec
t to
app
rova
l by
CA
RTE
L, a
nd
as n
eces
sary
offe
red
for
revi
ew a
nd
appr
oval
by
appr
opri
ate
gove
rnm
enta
l an
d re
gula
tory
age
nci
es.
33
2.A
ME
RI
shal
l as
sure
th
at t
he
Proj
ect
is c
onst
ruct
ed a
ccor
din
g to
spe
cific
atio
ns
and
requ
irem
ents
im
pose
d by
th
e Fe
dera
l R
ailr
oad
Adm
inis
trat
ion
(FR
A).
Th
e w
ork
don
e by
AM
ER
I th
rou
gh i
tsel
f, it
s co
ntr
acto
rs,
subc
ontr
acto
rs,
agen
ts,
empl
oyee
s an
d af
filia
ted
orga
niz
atio
ns,
sh
all
be s
ubj
ect
to
insp
ecti
ons
as m
anda
ted
by l
aw t
o de
mon
stra
te c
ompl
ian
ce w
ith
all
appl
icab
le s
tan
dard
s.
AM
ER
I sh
all
be r
espo
nsi
ble
for
coor
din
atin
g al
l co
nst
ruct
ion
of
the
Proj
ect
incl
udi
ng
con
stru
ctio
n w
ork
perf
orm
ed b
y su
bcon
trac
tors
an
d ot
her
s.
AM
ER
I sh
all
supe
rvis
e al
l ph
ases
of
the
con
stru
ctio
n o
f th
e Pr
ojec
t, a
nd
it s
hal
l be
res
pon
sibl
e to
CA
RTE
L fo
r al
l ac
ts o
r om
issi
ons
of i
ts e
mpl
oyee
s,
subc
ontr
acto
rs,
agen
ts,
con
sult
ants
an
d ot
her
par
ties
un
der
its
con
trol
. A
ME
RI
shal
l co
ntr
act
wit
h
all
subo
rdin
ate
part
ies
in i
ts o
wn
nam
e an
d be
hal
f an
d n
ot i
n t
he
nam
e of
or
on b
ehal
f of
CA
RTE
L u
nle
ss l
ater
agr
eed
upo
n b
y th
e pa
rtie
s.
AM
ER
I sh
all
prov
ide
to C
AR
TEL,
on
an
on
-goi
ng
basi
s, a
lis
t of
all
subc
ontr
acto
rs a
nd
oth
ers
enga
ged
by A
ME
RI
for
wor
k on
th
e pr
ojec
t, t
oget
her
wit
h c
orre
ct
and
com
plet
e co
pies
of a
ll co
ntr
acts
an
d ag
reem
ents
wit
h s
uch
par
ties
. 3.
The
enga
gem
ent
of a
ny
subc
ontr
acto
r or
su
bord
inat
e pa
rtie
s fo
r w
ork
on t
he
proj
ect
shal
l n
ot
excu
se
AM
ER
I fr
om
com
plyi
ng
in
all
resp
ects
w
ith
th
is
con
trac
t.
A
ME
RI
shal
l h
ave
full
resp
onsi
bilit
y fo
r ev
ery
port
ion
of
the
con
stru
ctio
n o
f th
e Pr
ojec
t fu
rnis
hed
or
perf
orm
ed b
y an
y su
bcon
trac
tor
or
subo
rdin
ate
part
y an
d ev
ery
act
or
omis
sion
(w
het
her
w
illfu
l, n
eglig
ent
or
oth
erw
ise)
of
AM
ER
I’s e
mpl
oyee
s, s
ubc
ontr
acto
rs a
nd
thei
r em
ploy
ees,
an
d al
l oth
er p
arti
es e
nga
ged
for
wor
k u
pon
th
e Pr
ojec
t.
All
con
stru
ctio
n,
acts
an
d om
issi
ons
of a
ny
part
y pa
rtic
ipat
ing
in t
he
con
stru
ctio
n o
f th
e Pr
ojec
t sh
all
be d
eem
ed t
hos
e of
AM
ER
I fo
r th
e pu
rpos
es o
f th
is a
gree
men
t.
AM
ER
I sh
all
be r
espo
nsi
ble
for
assu
rin
g th
at t
he
con
stru
ctio
n o
f th
e Pr
ojec
t is
per
form
ed i
n a
goo
d an
d w
orkm
anlik
e m
ann
er a
nd
in a
ccor
dan
ce w
ith
th
e h
igh
est
stan
dard
s of
car
e fo
r th
e in
dust
ry.
AM
ER
I sh
all
take
all
reas
onab
le p
reca
uti
ons
to p
reve
nt
inju
ry,
dam
ages
or
loss
to
pers
ons
or
prop
erty
th
rou
ghou
t th
e Pr
ojec
t, in
clu
din
g es
peci
ally
issu
es o
f en
viro
nm
enta
l pro
tect
ion
.
4.Th
e te
rm o
f th
is A
gree
men
t sh
all
con
tin
ue
un
til
the
com
plet
ion
of
the
Proj
ect
and
ther
eaft
er u
nle
ss
and
un
til t
erm
inat
ed b
y m
utu
al a
gree
men
t of
CA
RTE
L an
d A
ME
RI
and
it m
ay c
onti
nu
e in
to if
not
so
term
inat
ed.
34
5.Th
e pa
rtie
s ag
ree
that
th
e fa
ce a
mou
nt
of t
he
con
trac
t be
twee
n t
hem
for
CA
RTE
L to
com
plet
e th
e Pr
ojec
ts s
hal
l be
det
erm
ined
by
the
face
am
oun
t of
eac
h M
aste
r Tr
ust
In
den
ture
les
s u
nre
late
d co
nst
ruct
ion
an
d la
nd
cost
at
co
st
plu
s fo
rty
perc
ent
(40%
), pl
us
two
perc
ent
(2%
) ov
er
the
adju
stm
ent
for
the
incr
ease
in
in
flati
on r
egar
dles
s of
th
e co
st t
o A
ME
RI
to p
erfo
rm t
he
requ
ired
se
rvic
es h
ereu
nde
r.
In n
o ev
ent,
will
th
e pr
ofit
s to
AM
ER
I. f
rom
th
e pr
ojec
ts,
shal
l be
less
th
en f
orty
per
cen
t (4
0%),
plu
s tw
o pe
rcen
t (2
%)
over
th
e ad
just
men
t fo
r th
e in
crea
se i
n i
nfla
tion
. C
onst
ruct
ion
con
trac
t is
bas
ed
upo
n 9
7% o
f th
e fa
ce a
mou
nt
of e
ach
Mas
ter
Tru
st I
nde
ntu
re o
ver
the
cou
rse
of t
he
con
stru
ctio
n pe
riod
. A
mou
nts
pay
able
by
CA
RTE
L sh
all
be d
ue
fifte
en (
15)
days
fro
m t
he
date
of
the
subm
issi
on
of in
voic
es f
rom
AM
ER
I to
CA
RTE
L, t
ime
bein
g of
th
e es
sen
ce.
For
an
y pa
ymen
ts r
ecei
ved
afte
r th
e fif
teen
th (
15th
) da
y, a
lat
e fe
e of
fiv
e pe
rcen
t (5
%)
of t
he
un
paid
am
oun
t if
paid
wit
hin
ten
(10
) da
ys
ther
eaft
er;
and
any
amou
nts
pai
d af
ter
said
ten
-day
per
iod
shal
l ac
cru
e la
te f
ees
at t
he
rate
of
eigh
teen
per
cen
t (1
8%)
per
ann
um
plu
s a
colle
ctio
n f
ee o
f th
ree
perc
ent
(3%
) an
d at
torn
ey’s
fee
s of
fiv
e pe
rcen
t (5
%) o
f th
e u
npa
id b
alan
ce.
A d
epos
it o
f Te
n D
olla
rs ($
10.0
0) s
hal
l be
paid
by
CA
RTE
L to
AM
ER
I u
pon
th
e ex
ecu
tion
of
this
agr
eem
ent;
wit
h a
su
bseq
uen
t pa
ymen
t of
th
ree
perc
ent
(3%
) of
th
e fa
ce a
mou
nt
of t
he
con
trac
t u
pon
th
e bo
nd
fun
din
g fo
r th
e in
itia
l ph
ase
of t
he
proj
ect;
an
d a
subs
equ
ent
paym
ent
of a
n a
ddit
ion
al t
wo
perc
ent
(2%
) of
th
e fa
ce a
mou
nt
of t
he
con
trac
t u
pon
m
obili
zati
on o
f th
e pr
ojec
t. T
hes
e pe
rcen
tage
s sh
all
appl
y to
th
e fir
st p
has
e an
d to
all
subs
equ
ent
phas
es o
f th
e pr
ojec
t.
6.
The
part
ies
agre
e th
at t
his
Agr
eem
ent
is n
ot i
nte
nde
d to
cre
ate,
nor
sh
all
it c
reat
e, a
par
tner
ship
be
twee
n t
hem
or
any
busi
nes
s re
lati
onsh
ip o
ther
th
an t
hat
spe
cific
ally
cre
ated
by
the
term
s h
ereo
f.
Like
wis
e, n
o pa
rtn
ersh
ip o
r ot
her
bu
sin
ess
rela
tion
ship
sh
all
be c
reat
ed b
etw
een
CA
RTE
L, A
ME
RI
and
any
subc
ontr
acto
rs o
r su
bord
inat
e pa
rtie
s co
ntr
acte
d to
wor
k on
th
e Pr
ojec
t.
7.
The
busi
nes
s an
d af
fair
s of
th
e Pr
ojec
t sh
all
be c
ontr
olle
d by
AM
ER
I w
ith
out
the
requ
irem
ent
that
th
e ap
prov
al o
f C
AR
TEL
be o
btai
ned
for
an
y ac
tion
s ta
ken
, su
bjec
t on
ly t
o th
e su
bmis
sion
of
such
re
port
s an
d ac
cou
nti
ngs
bei
ng
furn
ish
ed b
y A
ME
RI
to C
AR
TEL
as t
he
part
ies
may
agr
ee fr
om t
ime
to
tim
e.
Det
aile
d an
d co
mpl
ete
reco
rds
of a
ll as
pect
s of
th
e Pr
ojec
t sh
all
be k
ept
by C
AR
TEL
and
35
AM
ER
I fo
r th
eir
use
an
d fo
r in
spec
tion
by
an
y th
ird
part
ies,
ag
enci
es,
regu
lato
rs
or
oth
ers
auth
oriz
ed b
y la
w o
r ag
reem
ent
to a
cces
s th
em.
8.
AM
ER
I m
ay c
ondu
ct t
he
busi
nes
s of
th
e Pr
ojec
t fr
om s
uch
loc
atio
n o
r lo
cati
ons
as i
t m
ay e
lect
, w
het
her
in
th
e S
tate
of
Del
awar
e, t
he
Com
mon
wea
lth
of
Pen
nsy
lvan
ia,
or e
lsew
her
e.
How
ever
, as
st
ated
bel
ow, P
enn
sylv
ania
law
sh
all g
over
n t
his
agr
eem
ent.
9.A
ME
RI
may
act
th
rou
gh s
uch
su
bage
nts
an
d su
bcon
trac
tors
, at
torn
eys
and
repr
esen
tati
ves
as i
t de
ems
nec
essa
ry i
n i
ts s
ole
disc
reti
on;
and
to c
ompe
nsa
te s
uch
par
ties
un
der
such
ter
ms
as i
t m
ay
agre
e.
10.
The
fun
din
g fo
r th
e Pr
ojec
t sh
all
be r
aise
d th
rou
gh t
he
issu
ance
of
bon
ds t
hro
ugh
a m
arke
tin
g pl
an
dete
rmin
ed
by
AM
ER
I,
and
all
proc
eeds
th
ereo
f sh
all
be
depo
site
d in
cu
stod
ial
acco
un
ts
adm
inis
tere
d by
fid
uci
arie
s an
d ac
cord
ing
to s
uch
ter
ms
as C
AR
TEL
TRU
ST
shal
l in
stit
ute
for
th
e sa
feke
epin
g an
d di
stri
buti
on a
ccor
din
g to
sou
nd
busi
nes
s pr
acti
ces.
AM
ER
I sh
all a
ct a
s S
pon
sor
for
the
CA
RTE
L D
irec
t O
fferi
ng
and
Bon
d Is
suer
. Th
e C
ompa
ny
will
pr
ovid
e co
nsul
ting
se
rvic
es
for
fee
acco
rdin
g to
co
ntra
ctua
l ag
reem
ents
be
twee
n al
l fo
ur n
onpr
ofit
ent
itie
s an
d af
filia
te e
ntit
ies
liste
d be
low
. Th
e co
ntra
ctua
l ag
reem
ents
and
m
ater
ial a
spec
ts o
f th
e ag
reem
ents
are
pre
sent
ed b
elow
:
The
Com
pan
y is
in
con
trac
tual
, “C
onsu
ltin
g A
gree
men
t”,
agre
emen
ts w
ith
Hig
h S
peed
Rai
l Fa
cilit
ies
Inc.
, H
igh
Spe
ed R
ail
Faci
litie
s Pr
ovid
er I
nc.
, G
loba
l In
fras
tru
ctu
re F
inan
ce &
Dev
elop
men
t A
uth
orit
y, I
nc.
an
d A
laba
ma
Toll
Faci
litie
s In
c.,
all f
our
are
non
prof
it e
nti
ties
wh
o h
ave
the
abili
ty t
o fu
nd
gove
rnm
ent,
civ
ilian
an
d co
mm
erci
al e
nd
use
r pr
ojec
ts d
irec
tly
or o
n b
ehal
f of
th
e af
filia
te e
nti
ties
list
ed b
elow
. The
mat
eria
l asp
ects
of
the
“Con
sult
ing
Agr
eem
ent”
are
as
follo
ws:
1.
HS
RF
her
eby
appo
ints
AM
ER
I as
its
age
nt
and
repr
esen
tati
ve t
o pe
rfor
m a
ll re
quir
ed t
asks
an
d ac
tion
s to
dev
elop
an
d co
nst
ruct
th
e Pr
ojec
t as
age
nt
and
repr
esen
tati
ve o
f H
SR
F w
ith
out
limit
atio
n by
tak
ing
such
act
ion
s as
nec
essa
ry t
o se
cure
th
e fir
st a
nd
futu
re p
has
es o
f th
e fin
anci
ng
appl
icab
le
36
to t
he
desi
gn,
plan
nin
g, e
ngi
nee
rin
g an
d re
late
d so
ft a
nd
har
d co
sts
of t
he
con
stru
ctio
n o
f th
e Pr
ojec
t an
d re
late
d ac
tivi
ties
. 2.
AM
ER
I h
ereb
y ac
cept
s su
ch a
ppoi
ntm
ent
and
agre
es t
o pe
rfor
m a
s ag
ent
and
repr
esen
tati
ve o
f H
SR
F as
spe
cifie
d.
3.
The
term
of
this
Agr
eem
ent
shal
l co
nti
nu
e u
nti
l th
e co
mpl
etio
n o
f th
e Pr
ojec
t an
d th
erea
fter
un
til
term
inat
ed b
y m
utu
al a
gree
men
t of
HS
RF
and
AM
ER
I, a
nd
it m
ay c
onti
nu
e in
to if
not
so
term
inat
ed.
4.
AM
ER
I sh
all b
e co
mpe
nsa
ted
for
arra
ngi
ng
finan
cin
g an
d de
velo
pin
g th
e sp
onso
rsh
ip m
ech
anis
m fo
r th
e Pr
ojec
t by
a s
peci
fic f
ee e
qual
to
one
and
one
hal
f pe
rcen
t (1
.5%
) of
the
fac
e am
oun
t of
th
e m
aste
r in
den
ture
. A
ddit
ion
ally
, se
rvic
es o
ther
th
an a
rran
gin
g fin
anci
ng
that
are
per
form
ed b
y A
ME
RI
for
HS
RF
finan
cin
g sh
all
be
com
pen
sate
d in
ac
cord
ance
w
ith
se
para
te
agre
emen
ts
addr
essi
ng
oth
er a
spec
ts o
f th
e Pr
ojec
t.
In a
ddit
ion
to
the
paym
ent
of f
ees
for
its
serv
ices
AM
ER
I sh
all
be e
nti
tled
to
prom
pt r
eim
burs
emen
t of
all
cost
s an
d ex
pen
ses
adva
nce
d or
in
curr
ed b
y it
in
furt
her
ance
of
its
duti
es h
ereu
nde
r.
All
fee
are
deem
ed e
arn
ed u
pon
del
iver
ing
of b
ond
inde
ntu
re
docu
men
t, H
SR
F sh
all
is r
espo
nsi
ble
for
addi
tion
al f
inan
cin
g fe
es t
o di
rect
or
indi
rect
fin
anci
ers,
m
ortg
age
ban
ker
or fi
nan
cin
g fa
cilit
ator
.
5.Th
e pa
rtie
s ag
ree
that
th
is A
gree
men
t is
not
in
ten
ded
to c
reat
e, n
or s
hal
l it
cre
ate,
a p
artn
ersh
ip
betw
een
th
em o
r an
y bu
sin
ess
rela
tion
ship
oth
er t
han
th
at s
peci
fical
ly c
reat
ed b
y th
e te
rms
her
eof.
6.
The
busi
nes
s an
d af
fair
s of
th
e Pr
ojec
t sh
all
be c
ontr
olle
d by
AM
ER
I w
ith
out
the
requ
irem
ent
that
th
e ap
prov
al o
f H
SR
F be
obt
ain
ed f
or a
ny
acti
ons
take
n,
subj
ect
only
to
the
subm
issi
on o
f su
ch
repo
rts
and
acco
un
tin
gs b
ein
g fu
rnis
hed
by
AM
ER
I M
ETR
O t
o H
SR
F as
th
e pa
rtie
s m
ay a
gree
fro
m
tim
e to
tim
e.
37
7.A
ME
RI
may
con
duct
th
e bu
sin
ess
of t
he
Proj
ect
from
su
ch l
ocat
ion
or
loca
tion
s as
it
may
ele
ct,
wh
eth
er in
th
e U
NIT
ED
KIN
GD
OM
, th
e C
omm
onw
ealt
h o
f Pen
nsy
lvan
ia, o
r el
sew
her
e.
8.
AM
ER
I m
ay a
ct t
hro
ugh
su
ch s
uba
gen
ts a
nd
subc
ontr
acto
rs,
atto
rney
s an
d re
pres
enta
tive
s as
it
deem
nec
essa
ry i
n i
ts s
ole
disc
reti
on;
and
to c
ompe
nsa
te s
uch
par
ties
un
der
such
ter
ms
as i
t m
ay
agre
e.
9.
The
fun
din
g fo
r th
e Pr
ojec
t sh
all
be r
aise
d th
rou
gh t
he
issu
ance
of
bon
ds t
hro
ugh
a m
arke
tin
g pl
an
dete
rmin
ed
by
AM
ER
I,
and
all
proc
eeds
th
ereo
f sh
all
be
depo
site
d in
cu
stod
ial
acco
un
ts
adm
inis
tere
d by
fid
uci
arie
s an
d ac
cord
ing
to s
uch
ter
ms
as A
ME
RI
ME
TRO
sh
all
inst
itu
te f
or t
he
safe
keep
ing
and
dist
ribu
tion
acc
ordi
ng
to s
oun
d bu
sin
ess
prac
tice
s. A
ME
RI
shal
l act
as
Spo
nso
r fo
r th
e H
SR
F D
irec
t of
feri
ng
and
Bon
d Is
suer
, sto
ck o
fferi
ng.
10.
AM
ER
I sh
all
mai
nta
in c
urr
ent
and
com
plet
e re
cord
s of
all
aspe
cts
of i
ts p
erfo
rman
ce o
n b
ehal
f of
H
SR
F an
d in
fu
rth
eran
ce o
f th
e Pr
ojec
t, w
ith
su
ch r
ecor
ds b
ein
g av
aila
ble
to H
SR
F an
d to
oth
er
part
ies
as l
egal
ly r
equ
ired
. S
uch
rec
ords
sh
all
be e
xam
ined
an
d au
dite
d by
in
depe
nde
nt
audi
tors
an
d ac
cou
nta
nts
sel
ecte
d by
AM
ER
I, w
ith
su
ch s
tate
men
ts o
f acc
oun
t be
ing
ren
dere
d as
req
uir
ed b
y go
od a
ccou
nti
ng
prac
tice
s.
11
.A
ME
RI
shal
l co
mpl
y w
ith
all
lega
l re
quir
emen
ts o
f al
l ap
plic
able
age
nci
es a
nd
juri
sdic
tion
s fo
r th
e pr
ojec
t, i
ncl
udi
ng
but
not
lim
ited
to
labo
r an
d h
irin
g pr
acti
ces,
com
pen
sati
on o
f su
bcon
trac
tors
an
d w
orke
rs,
and
taxe
s an
d in
sura
nce
. I
n o
rder
to
assu
re s
uch
com
plia
nce
, A
ME
RI
may
em
ploy
at
torn
eys
and
advi
sors
as
it m
ay i
n i
ts s
ole
disc
reti
on d
eter
min
e, s
ecu
rin
g su
ch l
egal
adv
ice
and
opin
ion
s as
will
rea
son
ably
pro
tect
th
e Pr
ojec
t an
d th
e pa
rtie
s th
eret
o.
12
.A
ME
RI
shal
l m
ain
tain
du
rin
g an
d af
ter
the
com
plet
ion
of
the
Proj
ect
all
reco
rds
of t
he
Proj
ect,
an
d th
ey s
hal
l be
avai
labl
e fo
r in
spec
tion
as
requ
ired
by
law
an
d th
e ag
reem
ent
of t
he
part
ies.
38
Add
itio
nal
ly, t
he
agre
emen
ts b
etw
een
th
e ot
her
rel
ated
an
d n
on-r
elat
ed n
on-p
rofit
s ar
e th
e sa
me.
Th
e C
ompa
ny
has
bee
n i
n j
oin
t m
eeti
ngs
wit
h r
elat
ed e
nti
ties
an
d pr
ivat
e, p
ubl
ic m
un
icip
alit
ies
and
regi
onal
go
vern
men
tal
agen
cy e
nd
use
rs c
once
rnin
g cu
rren
t po
ten
tial
pro
ject
s th
at h
ave
had
stu
dies
com
plet
ed i
n
diffe
rin
g st
ages
. Th
e C
ompa
ny
and
rela
ted
enti
ties
met
wit
h a
nd
mad
e pr
esen
tati
ons
to t
hes
e pa
rtie
s. T
he
scop
e of
wor
k as
soci
ated
wit
h c
urr
ent
pote
nti
al p
roje
cts
con
sist
of
deve
lopm
ent
rela
tin
g to
sea
por
ts,
airp
orts
, ra
il co
rrid
ors,
tol
l ro
ads,
in
lan
d po
rts,
in
term
odal
fac
iliti
es,
sew
er,
wat
er a
nd
pow
er g
rids
, al
l be
ing
anti
cipa
ted
to b
e re
ven
ue
prod
uci
ng
proj
ects
. H
owev
er f
or t
he
Com
pan
y to
pro
ceed
on
an
y of
th
ese
curr
ent
pote
nti
al p
roje
cts,
a
subs
tan
tial
am
oun
t of
cap
ital
mu
st b
e ra
ised
th
rou
gh o
ffici
atin
g bo
nd
fun
din
g th
rou
gh o
ne
or m
ore
of t
he
rela
ted
and
non
-rel
ated
non
-pro
fits.
Th
e fo
llow
ing
is a
res
ult
of
mee
tin
gs a
nd
neg
otia
tion
s ov
er t
he
last
6 y
ears
, br
ingi
ng
the
Com
pan
y to
th
e st
age
of r
aisi
ng
capi
tal
to o
pera
te a
nd
fulfi
ll it
s bu
sin
ess
obje
ctiv
es.
The
resu
lt o
f ou
r ac
tivi
ties
ove
r th
e ye
ars
are
the
curr
ent
pote
nti
al p
roje
cts
liste
d be
low
.
Bri
ef D
escr
ipti
ons
of C
urre
nt P
oten
tial
Pro
ject
s C
urre
nt P
oten
tial
Pro
ject
(acc
ordi
ng t
o pr
iori
ty)
Thro
ugh
out
all
Cu
rren
t Po
ten
tial
Pro
ject
s, w
hen
we
refe
r to
on
e or
mor
e of
th
e la
rges
t co
nst
ruct
ion
fir
ms
in t
he
Un
ited
Sta
tes
we
are
iden
tify
ing
con
stru
ctio
n m
anag
emen
t fir
ms
such
as
one
of t
he
larg
est
firm
s in
th
e co
un
try
wit
h 8
7,00
0 em
ploy
ees,
sev
ente
en b
illio
n i
n g
ener
ated
rev
enu
e fo
r 20
16 a
nd
30 p
lus
year
s of
exp
erie
nce
pr
ovid
ing
all o
f th
e se
rvic
es e
ach
of
our
curr
ent
pote
nti
al p
roje
cts
wou
ld r
equ
ire.
For
cla
rity
and
dis
clos
ure
the
Com
pany
has
not
eng
aged
any
fir
m a
t th
is t
ime,
bu
t it
is
our
busi
nes
s m
odel
to
do s
o u
pon
com
plet
ed
stu
dies
pri
or t
o bo
nd o
fferi
ng.
Th
e C
ompa
ny’
s cu
rren
t ex
ecu
tive
tea
m a
lon
g w
ith
con
sult
ing
firm
s su
ch a
s TE
MS
an
d fe
e ba
sed
lega
l te
ams
we
hav
e id
enti
fied,
wor
kin
g to
geth
er w
ith
fin
anci
al m
arke
t u
nde
rwri
ters
wh
o h
ave
the
expe
rien
ce t
o br
ing
the
pote
nti
al p
roje
ct t
o a
poin
t of
sta
rtin
g th
rou
gh b
ond
offe
rin
g, i
s re
ason
for
th
e C
ompa
ny
to c
all
thes
e “C
urr
ent
Pote
nti
al P
roje
cts”
Th
ere
are
a n
um
ber
of l
arge
con
stru
ctio
n m
anag
emen
t, e
ngi
nee
rin
g,
arch
itec
tura
l fir
ms
that
we
will
en
gage
to
com
men
ce p
roje
ct b
uild
ou
t. W
e w
ill r
ely
heav
ily o
n fi
rms
to
perf
orm
, w
hile
we
stay
wit
hin
our
Mas
ter
Con
stru
ctio
n an
d M
aste
r C
onsu
ltin
g ro
le. T
he C
ompa
ny i
s m
akin
g no
gua
rant
ee c
onst
ruct
ion
firm
s or
con
stru
ctio
n m
anag
emen
t fi
rms
will
con
trac
t w
ith
the
Com
pany
, but
it
is o
ur b
usin
ess
mod
el t
o ut
ilize
the
wel
l-est
ablis
hed
firm
s w
ithi
n th
e co
untr
y to
ful
fill
our
busi
ness
pla
n.
39
The
Com
pany
has
a S
ix S
tage
Pro
cess
for
pot
enti
al f
utur
e pr
ojec
t op
port
unit
ies:
1.M
anag
emen
t’s D
ecis
ion
to
take
on
a p
roje
ct.
2.E
nte
r in
to L
ette
rs o
f In
ten
t, A
gree
men
ts, C
onst
ruct
ion
Con
trac
ts.
3.O
btai
n S
tate
(s) s
pon
sors
hip
of t
he
proj
ect
thro
ugh
legi
slat
ive
acti
ons
(wh
ere
appl
icab
le).
4.E
ngi
nee
rin
g an
d D
esig
n S
tudi
es, A
rch
itec
tura
l Des
ign
, Fea
sibi
lity
Stu
dies
.
5.R
aise
Cap
ital
th
rou
gh B
ond
Fin
anci
ng
and/
or C
ompa
ny
stoc
k of
feri
ngs
or
oth
er b
orro
win
gs.
6.M
anag
emen
t of
th
e ph
ysic
al c
onst
ruct
ion
as
a ge
ner
al c
ontr
acto
r.
Curr
ent
Pote
ntia
l Pr
ojec
t 1
Port
Tra
jan
– Is
dir
ectl
y af
fect
ed b
y A
laba
ma
Toll
Faci
litie
s, I
nc.
"A
TFI"
, w
hic
h i
s re
spon
sibl
e fo
r bu
ildin
g a
new
to
ll ro
ad.
ATF
I is
a n
on-r
elat
ed,
non
-pro
fit c
ompa
ny
wit
h a
pro
ject
su
ppor
ted
by t
he
Sta
te o
f A
laba
ma
legi
slat
ion
an
d si
gned
by
Gov
ern
or B
ob R
iley,
acc
ordi
ng
to H
ouse
Joi
nt
Res
olu
tion
s, H
.J.R
459
an
d H
.J.R
. 45
6. T
he
Com
pan
y w
ill b
e re
spon
sibl
e fo
r bu
ildin
g th
e 35
7 m
ile t
oll
road
. Po
rt T
raja
n i
s co
mpl
imen
ted
by t
he
ATF
I ro
adw
ay,
and
are
mu
tual
ly d
epen
den
t of
on
e an
oth
er.
The
new
Ala
bam
a To
ll R
oad,
wh
en b
uilt
, w
ill p
rovi
de a
fa
ster
w
ay
to
reac
h
Inte
rsta
te
81
in
Kn
oxvi
lle,
Ten
nes
see.
It
w
ill
even
tual
ly
con
nec
t to
Po
rt
Traj
an
in
Pen
nsy
lvan
ia, w
hic
h t
rave
ls n
orth
to
the
stat
e of
Mai
ne.
As
carg
o sh
ips
incr
ease
in
si
ze
and
the
nee
d fo
r de
eper
w
ater
at
U
S
port
s on
th
e ea
st
coas
t in
crea
se
(su
bsta
nti
ated
by
TEM
S s
tudi
es)
the
Com
pan
y’s
proj
ects
, Po
rt D
e C
lau
diu
s, I
nc.
(PD
C)
(cu
rren
t po
ten
tial
pro
ject
#6
) an
d Po
rt O
stia
(cu
rren
t po
ten
tial
pro
ject
#7)
, su
ppor
t th
e m
ovem
ent
of c
argo
fro
m t
he
Ala
bam
a co
ast
line
by
uti
lizin
g th
e A
TFI
road
way
to
the
nor
th e
ast
dist
ribu
tion
cen
ter
of P
ort
Traj
an.
The
Com
pan
y w
ill b
uild
Por
t Tr
ajan
im
med
iate
ly u
pon
bon
d fin
anci
ng
beca
use
th
e la
nd
un
der
agre
emen
t is
co
nn
ecte
d to
th
e ex
isti
ng
Nor
folk
an
d S
outh
ern
inte
rmod
al p
ort,
wh
ich
is p
rese
ntl
y re
ceiv
ing
carg
o co
nta
iner
s by
ra
il. A
lso,
th
e in
term
odal
por
t is
loc
ated
in
sou
th c
entr
al P
enn
sylv
ania
, co
nn
ecti
ng
a po
pula
tion
of
50 m
illio
n pe
ople
. Th
e C
ompa
ny
will
gen
erat
e im
med
iate
rev
enu
e fr
om t
he
Port
Tra
jan
bu
ild o
ut,
an
d pe
rmit
s ar
e re
ady
to
40
be is
sued
for
4.2
mill
ion
squ
are
feet
of
war
ehou
sin
g. T
hes
e ar
e th
e re
ason
s Po
rt T
raja
n w
ill b
e th
e fir
st p
roje
ct in
ou
r cu
rren
t pr
ojec
t lis
t. T
he
feas
ibili
ty a
nd
econ
omic
im
pact
stu
dies
will
be
perf
orm
ed b
y TE
MS
. Th
e st
ate
will
sp
onso
r th
e bo
nds
, G
IF&
DA
will
offi
ciat
e th
e bo
nd
offe
rin
g, t
he
Com
pan
y w
ill a
ct a
s th
e co
nsu
ltan
t to
bri
ng
the
enti
re p
roje
ct t
o a
star
tin
g po
int,
an
d th
e la
rge
con
stru
ctio
n m
anag
emen
t fir
m w
ill p
erfo
rm a
ll m
anag
emen
t an
d co
nst
ruct
ion
rel
ated
ste
ps.
On
Jan
uar
y 9,
201
3, t
he
Com
pan
y si
gned
a l
ette
r of
in
ten
t w
ith
Jew
el R
eal
Est
ate
10-8
6 M
aste
r LL
LP,
a re
late
d pa
rty
to p
urc
has
e la
nd
to d
evel
op fo
r fu
ture
sal
e.
On
Jan
uar
y 13
, 20
13,
the
Com
pan
y en
tere
d in
to a
let
ter
of i
nte
nt
wit
h P
ort
De
Cla
udi
us,
In
c.,
a re
late
d pa
rty
trad
ing
as P
ort
Traj
an.
The
Com
pan
y is
con
trac
ted
to p
rovi
de s
ervi
ces
for
the
build
ou
t of
th
e Po
rt T
raja
n’s
fiv
e te
rmin
als,
alo
ng
wit
h t
he
sale
of r
eal p
rope
rty
toge
ther
wit
h d
evel
opm
ent
righ
ts fo
r a
fee.
The
Com
pan
y w
as u
nab
le t
o m
eet
the
depo
sit
requ
irem
ents
of
the
Jew
el R
eal
Est
ate
10-8
6 M
aste
r LL
LP r
elat
ed
part
y co
ntr
act,
an
d so
in
Nov
embe
r 20
13 t
he
depo
sit
requ
irem
ents
wer
e am
ende
d to
req
uir
e a
cash
dep
osit
of
$1,0
00 t
o h
old
the
purc
has
e op
tion
ope
n f
or t
he
Com
pan
y u
nti
l a b
ond
offe
rin
g is
acq
uir
ed.
Fu
ture
pla
ns
are
to
issu
e in
exc
ess
of 1
0,00
0,00
0 sh
ares
of
com
mon
sto
ck t
o ai
d fu
ndi
ng
the
lan
d pu
rch
ase.
As
of J
anu
ary
31,
2016
, th
e $1
,000
dep
osit
req
uir
emen
t ou
tlin
ed a
bove
, has
bee
n d
epos
ited
on
th
is c
ontr
act.
On
Au
gust
8,
2016
, th
e C
ompa
ny
ente
red
into
a m
ater
ial
defin
itiv
e ag
reem
ent
for
con
stru
ctio
n (
“Con
stru
ctio
n
Agr
eem
ent”
) w
ith
Por
t D
e C
lau
diu
s, I
nc.
(“P
DC
”).
Purs
uan
t to
th
e C
onst
ruct
ion
Agr
eem
ent,
th
e C
ompa
ny
shal
l en
gage
on
e or
mor
e fir
m t
o pe
rfor
m a
ll ta
sks
and
acti
ons
requ
ired
to
deve
lop
and
con
stru
ct t
he
Port
Tra
jan
Pe
nn
sylv
ania
com
mer
cial
pro
pert
ies
(th
e “P
roje
ct”)
. Fu
rth
erm
ore,
to
secu
re t
he
first
an
d fu
ture
ph
ases
of
the
finan
cin
g ap
plic
able
to
the
desi
gn,
plan
nin
g, e
ngi
nee
rin
g, a
nd
rela
ted
soft
an
d h
ard
cost
s of
th
e co
nst
ruct
ion
of
the
Proj
ect.
Pu
rsu
ant
to
the
Con
stru
ctio
n
Agr
eem
ent,
th
e sp
ecifi
cati
ons,
de
sign
s,
con
stru
ctio
n
stan
dard
s,
subc
ontr
acto
r ag
reem
ents
, in
sura
nce
req
uir
emen
ts,
hir
ing
and
empl
oym
ent
polic
ies
and
sim
ilar
item
s sh
all
be
deve
lope
d by
th
e C
ompa
ny,
su
bjec
t to
ap
prov
al
by
PDC
. Th
e C
ompa
ny
shal
l as
sure
th
at
the
Proj
ect
is
con
stru
cted
ac
cord
ing
to
spec
ifica
tion
s an
d re
quir
emen
ts
impo
sed
by
the
Penn
sylv
ania
D
epar
tmen
t of
Tr
ansp
orta
tion
(PA
DO
T) a
nd
the
Fede
ral H
igh
way
Adm
inis
trat
ion
. Th
e C
ompa
ny
shal
l su
perv
ise
all p
has
es o
f th
e co
nst
ruct
ion
of
the
Proj
ect,
an
d it
sh
all
be r
espo
nsi
ble
to t
he
PDC
for
all
acts
or
omis
sion
s of
its
em
ploy
ees,
su
bcon
trac
tors
, ag
ents
, co
nsu
ltan
ts a
nd
oth
er p
arti
es u
nde
r it
s co
ntr
ol.
The
Com
pan
y sh
all
be r
espo
nsi
ble
for
assu
rin
g th
at
the
con
stru
ctio
n
of
the
Proj
ect
is
perf
orm
ed
in
a go
od
and
wor
kman
like
man
ner
, an
d in
ac
cord
ance
wit
h t
he
hig
hes
t st
anda
rds
of c
are
for
the
indu
stry
.
41
On
Sep
tem
ber
11,
2016
, th
e C
ompa
ny
con
solid
ated
all
mem
oran
dum
s of
un
ders
tan
din
g, l
ette
rs o
f in
ten
t, a
nd
agre
emen
ts
into
on
e ag
reem
ent
calle
d th
e “s
ales
ag
reem
ent”
. A
s a
resu
lt
of
the
Sep
tem
ber
11,
2016
co
nso
lidat
ion
, an
agr
eem
ent
for
the
assi
gnm
ent
of a
sset
s to
ok p
lace
.
For
Phas
e O
ne
(th
e “S
ale
Agr
eem
ent”
) w
ith
Je
wel
's
Rea
l E
stat
e 10
-86
Mas
ter
LLLP
(t
he
“Sel
ler”
), G
loba
l In
fras
tru
ctu
re F
inan
ce &
Dev
elop
men
t A
uth
orit
y, I
nc.
, di
visi
on o
f H
i S
peed
Rai
l Fa
cilit
ies
Inc.
(th
e “F
inan
cier
”),
PDC
, an
d H
SR
F S
tatu
tory
Tru
st a
s Tr
ust
ee (
the
"Tru
stee
"),
as d
icta
ted
by t
he
Con
stru
ctio
n A
gree
men
t, t
he
Sal
e A
gree
men
t th
at w
as t
her
eaft
er a
men
ded
on S
epte
mbe
r 13
, 20
16,
an a
men
dmen
t w
as s
ign
ed f
or t
he
clos
ing
date
of
th
e tr
ansa
ctio
n t
o O
ctob
er 1
4, 2
016.
Pu
rsu
ant
to t
he
“Sal
e A
gree
men
t”,
Jew
el's
Rea
l E
stat
e 10
-86
Mas
ter
LLLP
(th
e “S
elle
r/A
ssig
nor
”) t
o th
e C
ompa
ny
(Ass
ign
ee)
assi
gned
tog
eth
er a
ll ri
ghts
, ti
tle
and
inte
rest
in
an
d to
an
y co
ntr
actu
al a
gree
men
ts t
o Po
rt D
e C
lau
diu
s, I
nc.
(PD
C) o
n c
ompl
etio
n o
f Ph
ase
On
e.
The
Proj
ect
con
sist
s of
tw
o ph
ases
, Ph
ase
On
e co
nsi
sts
of l
and
purc
has
e an
d on
site
/of
fsit
e im
prov
emen
t. A
dry
cl
osin
g w
ith
no
fun
ds b
ein
g di
sbu
rsed
was
ori
gin
ally
sch
edu
led
for
Sep
tem
ber
21,
2016
. Th
e dr
y cl
osin
g w
as
late
r ch
ange
d by
am
endm
ent
to O
ctob
er 1
4, 2
016,
an
d th
e cl
osin
g to
ok p
lace
on
th
at d
ate.
Ph
ase
Two
is t
o ta
ke
plac
e on
or
befo
re D
ecem
ber
1, 2
018
and
con
sist
s of
ver
tica
l con
stru
ctio
n o
f bu
ildin
gs a
nd
appa
ratu
ses.
The
esti
mat
ed c
ost
for
both
Ph
ases
is
Two
Bill
ion
Dol
lars
($2
,000
,000
,000
) at
cos
t pl
us
fort
y pe
rcen
t (4
0%),
and
plu
s tw
o pe
rcen
t (2
%)
for
the
incr
ease
in
in
flati
on r
egar
dles
s of
th
e co
st t
o th
e C
ompa
ny
to p
erfo
rm t
he
requ
ired
se
rvic
es.
In n
o ev
ent
will
th
e pr
ofit
to
the
Com
pan
y fr
om t
he
amou
nt
paid
by
PDC
be
less
th
an E
igh
t H
un
dred
M
illio
n D
olla
rs (
$800
,000
,000
). A
mob
iliza
tion
fee
of
$2,7
29,5
14 s
hal
l be
du
e an
d pa
yabl
e by
PD
C t
o th
e C
ompa
ny
upo
n t
he
clos
ing
of B
ond
offe
rin
g fo
r Ph
ase
On
e. T
he
cost
of
Phas
e O
ne
is $
950,
000,
000
and
the
net
Ph
ase
On
e re
ven
ue
to t
he
Com
pan
y sh
all
be $
66,7
19,5
14.
We
are
iden
tify
ing
Port
Tra
jan
as
the
prio
rity
pro
ject
th
at w
ill p
rovi
de t
he
capi
tal t
o be
gin
inve
stm
ent
grad
e st
udi
es f
or o
ther
cu
rren
t po
ten
tial
pro
ject
s. E
con
omic
an
d en
viro
nm
enta
l st
udi
es p
erfo
rmed
by
TEM
S w
ill b
e pa
id f
or b
y pr
ofit
s of
th
e C
ompa
ny
from
Por
t Tr
ajan
. Th
ese
fun
ded
stu
dies
will
th
en le
ad t
o of
ficia
tin
g a
bon
d of
feri
ng
thro
ugh
on
e of
th
e re
late
d n
on-p
rofit
s on
beh
alf o
f on
e of
th
e re
late
d en
titi
es i
n t
he
Com
pan
y’s
role
as
con
sult
ant,
aw
ardi
ng
the
wor
k to
a o
ne o
r m
ore
of t
he
larg
est
con
stru
ctio
n a
nd
con
stru
ctio
n m
anag
emen
t fir
ms.
Th
ere
are
curr
entl
y n
o co
ntr
actu
al a
gree
men
ts w
ith
an
y of
th
ese
firm
s. H
owev
er, a
gree
men
ts c
ould
be
put
in d
epen
din
g u
pon
th
e fir
m’s
yea
rs o
f exp
erie
nce
, wor
k fo
rce,
an
d pr
oven
pro
cess
es a
nd
syst
ems.
It
is o
ur
opin
ion
th
at la
rge
con
stru
ctio
n a
nd
con
stru
ctio
n m
anag
emen
t fir
ms
will
w
elco
me
the
oppo
rtu
nit
y to
be
awar
ded
thes
e pr
ojec
ts.
The
chan
gin
g ch
arac
ter
of m
arin
e tr
ansp
orta
tion
mea
ns
that
wit
h t
he o
pen
ing
of t
he
Pan
ama
Can
al,
only
th
ree
port
s on
th
e E
ast
Coa
st w
ill b
e ab
le t
o re
ceiv
e C
lass
C,
D,
and
E c
onta
iner
ves
sels
th
at r
equ
ire
50 f
eet
of w
ater
.
42
Bal
tim
ore
is o
ne
of t
he
thre
e E
ast
Coa
st P
orts
th
at c
an a
ccom
mod
ate
such
sh
ips,
an
d th
eref
ore
has
str
ong
pote
nti
al
for
deve
lopi
ng
a Tr
ade
and
Tran
spor
tati
on
corr
idor
th
at
can
pr
ovid
e in
lan
d di
stri
buti
on
of
con
tain
ers(
acco
rdin
g to
TE
MS
com
plet
ed s
tudi
es).
A k
ey p
art
of t
he d
evel
opm
ent
of t
he
Bal
tim
ore
Trad
e an
d Tr
ansp
orta
tion
Cor
rido
r is
th
e Po
rt T
raja
n P
roje
ct,
wh
ich
will
be
an i
mpo
rtan
t In
lan
d Po
rt f
or t
he
Port
of
Bal
tim
ore.
Port
Tra
jan
Proj
ect
The
Port
Tra
jan
pro
ject
is a
tra
nsp
orta
tion
pro
ject
loca
ted
in t
he
An
trim
Tow
nsh
ip,
Gre
enca
stle
, Pe
nn
sylv
ania
on
the
Inte
rsta
te 8
1 co
rrid
or a
nd
the
railr
oad.
Th
e ra
ilroa
d, o
r "C
resc
ent
Cor
rido
r",
is a
n e
xist
ing
2,50
0 m
ile
net
wor
k of
rai
l an
d te
rmin
als.
A
n i
nte
rmod
al f
acili
ty i
s an
exi
stin
g ac
tive
rai
l-tr
uck
fac
ility
in
th
is c
orri
dor
and
the
Sta
te o
f Pen
nsy
lvan
ia t
hat
pro
vide
d fo
rty
six
mill
ion
dol
lars
of t
he
one
hu
ndr
ed m
illio
n d
olla
rs t
hat
dev
elop
ed
this
fac
ility
. Th
is i
nte
rmod
al f
acili
ty i
s an
exi
stin
g fa
cilit
y, a
nd
Port
Tra
jan
will
be
enh
anci
ng
this
sh
ippi
ng
corr
idor
by
fulfi
llin
g it
s de
velo
pmen
t ob
ject
ive.
Por
t D
e C
lau
diu
s, I
nc.
inte
nds
to
deve
lop
2,70
0 ac
res
of la
nd
next
to
th
is c
orri
dor,
wh
ich
has
bee
n d
esig
nat
ed t
he
“Por
t Tr
ajan
Pro
ject
”. P
ort
De
Cla
udi
us,
In
c. a
n af
filia
te e
nti
ty,
anti
cipa
tes
that
it w
ill c
onst
ruct
a d
istr
ibu
tion
cen
ter
con
sist
ing
of 5
ter
min
als,
an
d a
rail
line
betw
een
th
e m
ain
ra
il tr
acks
to
the
hig
hw
ay f
or t
he
tran
siti
on o
f sh
ippi
ng
con
tain
ers
from
th
e ra
il lin
e to
wai
tin
g tr
uck
s.
The
dist
ribu
tion
cen
ter
will
pro
vide
th
e fa
cilit
y fo
r re
pack
agin
g th
e sh
ipm
ents
, to
be
tran
spor
ted
to t
he
final
de
stin
atio
n b
y tr
uck
, by
con
stru
ctin
g ov
er t
ime,
up
to t
hir
ty m
illio
n s
quar
e fe
et o
f w
areh
ouse
spa
ce o
n 2
,700
ac
res.
Th
e 2,
700
acre
s is
par
t of
th
e Ja
nu
ary
9, 2
013
lett
er o
f in
ten
t w
ith
Jew
el R
eal E
stat
e 10
-86
Mas
ter
LLLP
a
rela
ted
part
y. T
he
perm
itti
ng
for
4.2
mill
ion
squ
are
feet
of
war
ehou
sin
g to
be
built
on
par
t of
th
e 2,
700
acre
s is
re
ady
to b
e is
sued
.
Port
De
Cla
udi
us,
In
c. a
nti
cipa
tes
that
su
ch p
roje
ct w
ill b
e co
mpl
eted
in
ph
ases
, th
e fir
st o
f w
hic
h i
s th
e pu
rch
ase
of a
n i
nit
ial
345
acre
s at
$35
0,00
0 pe
r ac
re.
The
purc
has
e pr
ice
will
in
clu
de a
ll on
-sit
e h
oriz
onta
l im
prov
emen
ts,
off-
site
impr
ovem
ents
will
be
acqu
ired
at
an a
ddit
ion
al $
20,0
00,0
00.
The
lan
d is
cu
rren
tly
own
ed
by a
rel
ated
com
pan
y an
d Po
rt D
e C
lau
diu
s, I
nc.
an
d h
as e
nte
red
into
a le
tter
of
inte
nt
for
its
purc
has
e w
ith
th
e C
ompa
ny.
Port
De
Cla
udi
us,
In
c. t
radi
ng
as P
ort
Traj
an h
as e
nga
ged
wit
h I
nch
cape
Sh
ippi
ng
Ser
vice
s (IS
S)
to m
anag
e an
d ac
t as
por
t ag
ent
at P
ort
Traj
an.
Inch
cape
Sh
ippi
ng
Ser
vice
s (IS
S)
is a
glo
bal
oper
atio
n t
hat
dir
ects
tra
ffic
from
se
a an
d ai
r ca
rgo
to a
nd
from
th
e po
rts.
Th
ey h
ave
been
in b
usi
nes
s si
nce
187
5.
43
As
part
of
the
deve
lopm
ent
of t
he
Port
of
Bal
tim
ore
Trad
e an
d Tr
ansp
orta
tion
Cor
rido
r, t
he
deve
lopm
ent
of
inla
nd
port
s su
ch a
s Po
rt T
raja
n i
s cr
itic
al.
How
ever
, si
nce
the
Har
risb
urg
-Hag
erst
own
cor
rido
r is
alr
eady
a
maj
or l
ogis
tics
cen
ter
for
the
Nor
thea
st U
SA
, th
e de
velo
pmen
t of
Por
t Tr
ajan
can
beg
in i
mm
edia
tely
an
d ev
en
befo
re t
he
Bal
tim
ore
Trad
e an
d Tr
ansp
ort
Cor
rido
r is
dev
elop
ed.
A M
aste
r Tr
ust
In
den
ture
th
rou
gh G
loba
l In
fras
tru
ctu
re F
inan
ce &
Dev
elop
men
t A
uth
orit
y, I
nc.
, w
ith
th
e co
oper
atio
n o
f H
SR
F S
tatu
tory
Tru
st,
as t
rust
ee r
elat
ing
to P
ort
De
Cla
udi
us,
In
c.,
trad
ing
as P
ort
Traj
an o
f Pa
., ca
n o
ffer
to r
aise
$8,
000,
000,
000
billi
on o
f re
ven
ue
bon
ds.
The
Com
pan
y pl
ans
to a
ct a
s C
onsu
ltan
t aw
ardi
ng
the
gen
eral
con
trac
tor
scop
e of
wor
k to
an
exi
stin
g, w
ell e
stab
lish
ed f
irm
as
the
hor
izon
tal a
nd
vert
ical
si
te im
prov
emen
ts g
ener
al c
ontr
acto
r fo
r Po
rt D
e C
lau
diu
s, I
nc.
The
Com
pan
y in
ten
ds t
o as
sist
to
begi
n b
ond
offe
rin
gs r
elat
ing
to t
he
proj
ect.
Th
e C
ompa
ny
will
als
o w
ork
wit
h
its
tran
spor
tati
on c
onsu
ltan
t, T
EM
S,
to c
ompl
ete
wit
hin
th
e n
inet
y da
y pe
riod
, an
in
vest
men
t gr
ade
stu
dy t
hat
w
ill m
ake
it p
ossi
ble
thro
ugh
bon
d ra
tin
g ag
enci
es,
to o
ffici
ate
a bo
nd
offe
rin
g fo
r th
is p
roje
ct.
To d
ate
no
mon
ey
has
exc
han
ged
han
ds r
elat
ed t
o th
is t
ran
sact
ion
. Th
e C
ompa
ny’
s co
ntr
actu
al r
ole,
aft
er a
ny
assi
gnm
ents
of
any
agre
emen
ts i
nvo
lvin
g th
e en
tity
, is
sti
ll in
fu
ll fo
rce
and
effe
ct,
rela
ted
to b
oth
th
e “M
aste
r A
gree
men
t Fo
r C
onst
ruct
ion
” an
d “C
onsu
ltin
g A
gree
men
t” d
escr
ibed
abo
ve w
ith
in t
he
“Bu
sin
ess
Plan
”. T
o cl
arify
for
purp
oses
of
this
pro
ject
, Por
t D
e C
lau
diu
s In
c. a
nd
Port
of O
stia
, In
c. a
re r
elat
ed e
nti
ties
for
this
pro
ject
.
The
Com
pan
y w
ill e
nga
ge c
ontr
acto
rs b
y pa
yin
g th
e m
obili
zati
on f
ees
to d
ecla
re t
he
con
trac
tors
in
th
e bo
nd
offe
rin
g, p
ay f
or f
easi
bilit
y st
udi
es a
nd
inve
stm
ent
grad
e st
udi
es,
bon
d ra
tin
g ag
ency
fee
s an
d al
so p
ay f
or t
he
perf
orm
ance
bon
d to
insu
re t
he
com
plet
ion
of t
he
con
stru
ctio
n t
o pr
otec
t th
e bo
nd
hol
ders
.
The
Com
pan
y w
ill r
ecei
ve c
ompe
nsa
tion
fro
m t
he
bon
d pr
ocee
ds a
t bo
nd
clos
ing
to r
eim
burs
e th
e C
ompa
ny
for
its
init
ial
capi
tal
inve
stm
ent
into
th
e pr
ojec
t. T
he
Com
pan
y w
ill t
han
rea
lize
reve
nu
e to
su
stai
n i
ts c
onti
nu
ed
grow
th a
nd
abili
ty t
o ge
t ot
her
pro
ject
s st
arte
d by
usi
ng
its
reve
nu
e as
in
itia
l ca
pita
l in
vest
men
t w
hile
alw
ays
bein
g re
imbu
rsed
fro
m t
he
bon
d pr
ocee
ds t
hat
fol
low
oth
er p
roje
cts.
As
disc
uss
ed e
arlie
r th
e so
urc
es o
f re
aliz
ed
reve
nu
e fo
r th
e C
ompa
ny
are
as f
ollo
ws:
Con
stru
ctio
n M
anag
emen
t fe
es,
Con
sult
ing
Fees
, an
d tw
enty
fiv
e pe
rcen
t pr
ofit
sh
arin
g fr
om e
ach
of
the
rela
ted
enti
ties
wh
o ar
e re
spon
sibl
e fo
r co
ntr
acti
ng
by a
gree
men
t. T
he
Com
pan
y w
ill o
vers
ee t
he
wel
l-es
tabl
ish
ed f
irm
aw
arde
d th
e co
ntr
act
wh
ile t
hey
per
form
all
scop
es o
f w
ork
on
the
rela
ted
enti
ty(s
) beh
alf f
or e
ach
pro
ject
th
ey s
ecu
re.
The
Com
pan
y is
not
in t
he
real
est
ate
deve
lopm
ent
busi
nes
s, it
is a
Su
per
Gen
eral
Con
trac
tor
and
con
sult
ant
to
rela
ted
and
non
-rel
ated
par
ties
for
a f
ee,
and
part
ner
wit
h e
ach
rel
ated
en
tity
rec
eivi
ng
twen
ty f
ive
perc
ent
prof
it
44
shar
ing
per
proj
ect.
In
th
is p
roje
ct t
he
Com
pan
y w
ill w
ork
for
Port
De
Cla
udi
us,
In
c.,
an a
ffilia
te e
nti
ty,
and
enga
ge s
ome
or a
ll of
th
e ot
her
affi
liate
en
titi
es t
o ac
t as
pro
ject
ove
rsee
rs /
man
ager
s fo
r th
e pr
ojec
t, p
utt
ing
out
for
bids
an
d aw
ardi
ng
loca
l, w
ell-
esta
blis
hed
nat
ion
al a
nd
inte
rnat
ion
al f
irm
s to
per
form
eac
h s
peci
fic s
cope
of
wor
k on
th
e pr
ojec
t, e
nsu
rin
g it
is
com
plet
ed o
n t
ime
and
wit
hin
bu
dget
. Th
is a
lso
incl
ude
s al
l of
th
e fo
llow
ing
curr
ent
pote
nti
al p
roje
cts.
Curr
ent
Pote
ntia
l Pr
ojec
t 2
Ala
bam
a To
ll R
oad-
Mob
ile T
rade
and
Tra
nspo
rtat
ion
Cor
rido
r (A
TFI
Ala
bam
a To
ll R
oad
Faci
lity
Inc.
)
The
Com
pan
y’s
curr
ent
proj
ect
“Por
t Tr
ajan
” is
dir
ectl
y co
nn
ecte
d to
ou
r cu
rren
t A
laba
ma
port
pro
ject
“Po
rt D
e C
lau
diu
s, I
nc.
” th
rou
gh t
he
Ala
bam
a To
ll R
oad
Inc.
(A
TFI)
proj
ect,
con
nec
tin
g to
In
ters
tate
81
in K
nox
ville
Te
nn
esse
e In
ters
tate
81i
s a
maj
or s
hip
pin
g co
rrid
or f
rom
Ten
nes
see
to M
ain
e, a
nd
Sou
th C
entr
al P
enn
sylv
ania
(lo
cati
on o
f Por
t Tr
ajan
) is
now
ope
rati
ng
as o
ne
of t
he
dist
ribu
tion
loca
tion
s fo
r th
e n
orth
east
. Th
e po
rt o
f Mob
ile
and
Bal
tim
ore
wit
h 5
0 fo
ot w
ater
dep
ths
stan
d to
be
the
port
s u
sed
in m
akin
g ca
rgo
mov
emen
t to
th
e n
orth
east
co
rrid
or m
ore
effic
ien
t as
th
e si
ze o
f ca
rgo
ship
s co
nti
nu
e to
in
crea
se.
Thes
e po
rts
hav
e th
e ab
ility
to
be
deep
ened
an
d th
e co
st t
o do
so
will
be
offs
et b
y th
e ec
onom
ic im
pact
th
ey c
reat
e, a
ccor
din
g to
stu
dies
per
form
ed
by T
EM
S.
As
its
first
ste
p, A
laba
ma
Toll
Faci
litie
s, I
nc.
(A
TFI)
was
cre
ated
an
d ob
tain
ed s
tatu
s as
a n
onpr
ofit
cor
pora
tion
pu
rsu
ant
to S
ecti
on 5
01(c
)(3)
of t
he
Inte
rnal
Rev
enu
e C
ode.
A
s a
non
prof
it c
orpo
rati
on,
ATF
I is
allo
wed
to
offic
iate
bon
d of
feri
ngs
in o
rder
to
finan
ce t
he
cost
of
acqu
isit
ion
an
d co
nst
ruct
ion
an
d eq
uip
pin
g of
th
e to
ll ro
ad
proj
ect,
Ala
bam
a To
ll R
oad.
In 2
007,
th
e to
ll ro
ad p
roje
ct w
as p
rese
nte
d to
the
Ala
bam
a le
gisl
atu
re w
hic
h o
n J
un
e 7,
200
7, a
dopt
ed A
ct n
o.
2007
-506
en
titl
ed "
Exp
ress
ing
Su
ppor
t fo
r th
e A
laba
ma
Toll
Roa
d Pr
ojec
t".
This
Act
sta
ted
that
it r
ecog
niz
ed t
he
nee
d to
uti
lize
oth
er f
inan
cial
res
ourc
es t
o m
eet
the
nee
ds o
f th
at h
igh
way
an
d ot
her
in
fras
tru
ctu
re i
tem
s su
ch
as t
hat
offe
red
by A
TFI.
Th
e A
ct u
rged
app
rova
l of
th
e bo
nds
offe
red
by A
TFI
as s
peci
al r
even
ue
bon
ds w
ith
th
e pr
ojec
t ev
entu
ally
ves
tin
g to
th
e st
ate
upo
n r
etir
emen
t of
th
e bo
nds
. T
he
Act
fu
rth
er s
upp
orts
des
ign
atin
g A
TFI
as t
he
excl
usi
ve e
nti
ty fo
r cr
eati
on a
nd
deve
lopm
ent
of t
he
toll
road
pro
ject
. ATF
I h
as fu
ll ap
prov
al b
y th
e st
ate
of
Ala
bam
a to
offi
ciat
e th
e bo
nd
offe
rin
g.
As
a se
con
d st
ep,
on S
epte
mbe
r 23
, 20
09,
Pen
nde
l La
nd
Com
pan
y (“
Pen
nde
l”),
a co
mpa
ny
wh
olly
ow
ned
by
Mr.
S
hah
Mat
hia
s, e
nte
red
into
an
agr
eem
ent
wit
h A
TFI
by w
hic
h P
enn
del
was
app
oin
ted
as t
he
agen
t an
d
45
repr
esen
tati
ve o
f A
TFI
to p
erfo
rm a
ll re
quir
ed t
asks
an
d ac
tion
s to
dev
elop
an
d co
nst
ruct
th
e to
ll ro
ad.
This
ag
reem
ent
was
est
ablis
hed
pri
or t
o th
e fo
rmat
ion
of t
he
Com
pan
y.
Thir
dly,
on
Dec
embe
r 1,
201
0, t
he
Com
pan
y fo
rmed
a w
hol
ly-o
wn
ed s
ubs
idia
ry,
Glo
bal
Tran
spor
tati
on &
In
fras
tru
ctu
re,
Inc.
("G
TI")
in
th
e st
ate
of D
elaw
are
to p
rovi
de d
evel
opm
ent
and
con
stru
ctio
n s
ervi
ces
for
the
Ala
bam
a h
igh
way
pro
ject
an
d to
in
clu
de s
ecu
rin
g fin
anci
ng
for
the
desi
gn,
plan
nin
g, e
ngi
nee
rin
g an
d re
late
d co
sts
of c
onst
ruct
ion
.
In D
ecem
ber
2010
, Pe
nn
del
assi
gned
its
agr
eem
ents
wit
h A
TFI
to G
TI.
As
such
th
e C
ompa
ny,
th
rou
gh i
ts
subs
idia
ry,
GTI
, h
as t
he
deve
lopm
ent
righ
ts f
or s
uch
tol
l ro
ad.
Un
der
the
term
s of
th
e ag
reem
ent,
GTI
will
pr
ovid
e de
velo
pmen
t an
d co
nst
ruct
ion
ser
vice
s. G
TI w
ill a
lso
act
as a
n a
gen
t an
d re
pres
enta
tive
of
ATF
I w
ho
is
spon
sore
d by
th
e st
ate
of A
laba
ma
acco
rdin
g to
Hou
se J
oin
t R
esol
uti
ons,
H.J
.R 4
59 a
nd
H.J
.R.
456,
to
take
ac
tion
s n
eces
sary
to
secu
re t
he
first
an
d fu
ture
ph
ases
of
the
finan
cin
g ap
plic
able
to
the
desi
gn,
plan
nin
g,
engi
nee
rin
g an
d re
late
d so
ft a
nd
har
d co
sts
of t
he
con
stru
ctio
n o
f a
toll
road
in t
he
stat
e of
Ala
bam
a an
d re
late
d ac
tivi
ties
.
In 2
010,
th
e C
ompa
ny
was
dev
elop
ing
this
pro
ject
at
the
tim
e of
th
e m
erge
r w
ith
Yel
low
woo
d. T
he
plan
ned
tol
l ro
ad is
des
ign
ated
as
a 35
7 m
ile 4
-lan
e ro
ad d
esig
ned
to
be b
uilt
fro
m O
ran
ge B
each
, A
laba
ma
to t
he
Ten
nes
see
stat
e lin
e w
ith
th
e in
ten
t of
con
nec
tin
g va
riou
s ru
ral s
ecti
ons
of A
laba
ma
to T
enn
esse
e an
d m
ore
urb
an a
reas
.
Ala
bam
a In
den
ture
Agr
eem
ent-
On
Dec
embe
r 1,
201
0, A
TFI
non
prof
it e
nte
red
into
a M
aste
r Tr
ust
In
den
ture
ag
reem
ent
wit
h a
s H
SR
F S
tatu
tory
tru
st a
s a
Tru
stee
, w
hic
h h
as a
gree
d to
ser
ve a
s th
e tr
ust
ee f
or t
he
bon
d of
feri
ng
of u
p to
$7,
000,
000,
000
of A
TFI
Rev
enu
e B
onds
on
ce i
t de
term
ines
to
effe
ct s
uch
an
offe
rin
g. T
he
Ala
bam
a In
den
ture
indi
cate
s th
at t
he
deve
lope
r fo
r th
e pr
ojec
t w
ill b
e G
TI.
In
Apr
il 20
12 t
he
Ala
bam
a In
den
ture
w
as a
men
ded
to r
efle
ct a
Mas
ter
Inde
ntu
re o
f $2
0,00
0,00
0,00
0.
The
Mas
ter
Agr
eem
ent
prov
ides
th
e ba
sic
term
s an
d co
ndi
tion
s of
an
y bo
nd
issu
ance
su
ch a
s u
se o
f an
esc
row
age
nt,
rig
hts
of b
ond
hol
ders
, sal
e of
bon
ds, e
tc.
The
Com
pan
y ac
quir
ed f
rom
Pen
nde
l La
nd
Com
pan
y (m
ajor
ity
own
ed b
y M
r. M
ath
ias)
th
e co
ntr
act
righ
ts t
o a
con
stru
ctio
n a
gree
men
t w
ith
ATF
I, a
non
-pro
fit c
ompa
ny
supp
orte
d by
th
e S
tate
of
Ala
bam
a to
act
as
the
excl
usi
ve e
nti
ty a
s se
t fo
rth
in
H.J
.R 4
59 a
nd
H.J
.R.
456,
as
proj
ect
deve
lope
r fo
r su
ch a
tol
l ro
ad a
nd
on w
hic
h
Mr.
M
ath
ias
serv
ed
as
one
of
its
fou
r di
rect
ors.
M
r.
Sh
ah
Mat
hia
s (t
he
Fou
nde
r,
Hea
d of
M
erge
rs
and
Acq
uis
itio
ns
and
Bu
sin
ess
Dev
elop
men
t, a
nd
non
-boa
rd m
embe
r of
th
e C
ompa
ny)
was
on
e of
the
dir
ecto
rs o
f A
TFI
and
has
su
bseq
uen
tly
resi
gned
from
his
pos
itio
n.
46
Wh
en t
he
Com
pan
y se
cure
s fin
anci
ng,
ATF
I w
ill e
ffect
a b
ond
offe
rin
g to
pu
rch
ase
the
lan
d on
wh
ich
th
e to
ll ro
ad is
to
be lo
cate
d. T
he
Com
pan
y h
as e
nvi
sion
ed lo
ng-
ran
ge id
eas
and
plan
s to
dev
elop
cu
rren
tly
un
deve
lope
d ar
eas
thro
ugh
wh
ich
th
e pl
ann
ed A
laba
ma
Toll
Roa
d w
ill t
rave
rse.
Th
ese
plan
s th
rou
gh it
s af
filia
tes,
incl
ude
th
e de
velo
pmen
t of
an
air
port
cal
led
Sar
ah J
ewel
Mat
hia
s In
tern
atio
nal
Air
port
(KS
JM),
sea
ship
pin
g po
rt c
alle
d Po
rt
De
Cla
udi
us,
In
c., a
ir c
argo
por
t ca
lled
Port
of O
stia
an
d a
hig
h-s
peed
rai
l lin
e.
The
Com
pan
y w
ill b
uild
sev
ente
en h
un
dred
mile
s of
rai
lroa
d tr
acks
in
par
alle
l w
ith
ATF
I. T
he
Com
pan
y h
as
plan
s, t
hro
ugh
its
affi
liate
s, t
o bu
ild f
our
trac
ks n
orth
an
d so
uth
bou
nd,
tw
o tr
acks
for
pas
sen
ger
serv
ices
an
d tw
o tr
acks
for
fre
igh
t. V
olkm
ann
Rai
lroa
d B
uild
ers
has
bee
n e
nga
ged
by t
he
Com
pan
y to
con
stru
ct a
nd
built
th
e ra
ilroa
d. V
olkm
ann
is
a th
irty
fiv
e ye
ar o
ld c
ompa
ny
that
has
bu
ilt r
ailr
oads
for
NA
SA
, th
e m
inin
g in
dust
ry,
oil
and
gas
expl
orat
ion
an
d fr
eigh
t ca
rrie
rs.
In s
upp
ort
of H
.J.R
. 459
an
d H
.J.R
.456
th
e fo
llow
ing
anci
llary
pro
ject
s ar
e be
ing
plan
ned
by
the
Com
pan
y.
1. D
esig
n b
uilt
inla
nd
port
cal
led
Port
De
Cla
udi
us,
In
c.;
2. D
esig
n b
uilt
air
port
cal
led
Sar
ah J
ewel
Mat
hia
s In
tern
atio
nal
Air
port
(KS
JM);
3.
Des
ign
bu
ilt a
ir c
argo
por
t ca
lled
Port
of O
stia
; 4.
Des
ign
bu
ilt r
ailr
oad
and
trai
n s
tati
ons;
5.
Des
ign
bu
ilt F
iber
Opt
ic L
ines
; 6.
Des
ign
bu
ilt A
ll U
tilit
ies
un
derg
rou
nd
or o
verh
ead;
7.
Des
ign
bu
ilt P
ower
Gri
ds;
8. D
esig
n b
uilt
Cel
l Ph
one
Tow
ers;
9.
Des
ign
bu
ilt M
otel
s, T
rave
l Pla
zas,
Fas
t Fo
od E
stab
lish
men
ts;
10. D
esig
n b
uilt
Ou
tdoo
r A
dver
tise
men
ts, S
ign
age;
11
. Des
ign
bu
ilt N
atu
ral G
as P
ipel
ines
& D
isti
llate
Pip
elin
es;
A
rec
ent
prel
imin
ary
anal
ysis
by
TEM
S s
ugg
este
d th
at t
he
toll
road
wou
ld b
ecom
e pa
rt o
f a
Mob
ile T
rade
an
d Tr
ansp
orta
tion
Cor
rido
r be
cau
se o
f th
e op
enin
g of
th
e Pa
nam
a C
anal
, an
d be
cau
se M
obile
is o
ne
of t
he
only
tw
o G
ulf
Port
s th
at c
an f
acili
tate
th
e la
rge
con
tain
er v
esse
ls t
hat
nee
d 50
fee
t of
wat
er.
As
a re
sult
, an
eva
luat
ion
sh
ould
be
mad
e of
ext
endi
ng
the
corr
idor
nor
th a
lon
g th
e w
est
side
of
the
App
alac
hia
n M
oun
tain
s, (
pote
nti
al
proj
ect-
App
alac
hia
n R
egio
nal
Com
mis
sion
) a
regi
on t
hat
is
toda
y se
rved
by
Wes
t C
oast
Por
ts.
To a
ssis
t th
e C
ompa
ny
in c
ompl
etin
g an
inve
stm
ent
grad
e st
udy
for
the
corr
idor
, th
e fo
llow
ing
rese
arch
/rev
iew
tea
m h
as b
een
as
sem
bled
to
asse
ss t
he
anal
ysis
by
Tran
spor
tati
on E
con
omic
s &
Man
agem
ent
Sys
tem
s, I
nc.
(TE
MS
).
47
Mob
ile I
nter
mod
al C
orri
dor,
Res
earc
h R
evie
w T
eam
Team
Mem
ber
Aff
iliat
ion
•Dr.
Mar
k B
urt
on, P
hD
Un
iver
sity
of T
enn
esse
e
•Dr.
Dav
id C
lark
e, P
hD
Un
iver
sity
of T
enn
esse
e
•Mr.
Ric
k Tu
cker
Por
t of
Hu
nts
ville
, AL
•M
r. J
imm
y Ly
ons
Port
of M
obile
, AL
•D
r. C
raig
Ph
illip
, Ph
D V
ande
rbilt
Un
iver
sity
•D
r. T
ed G
ross
ardt
Ph
D U
niv
ersi
ty o
f Ken
tuck
y
•Mr.
Ken
t S
owar
ds M
arsh
all U
niv
ersi
ty
•Dr.
Mik
e H
icks
, Ph
D B
all S
tate
Un
iver
sity
•M
r. S
cott
Her
cik
App
alac
hia
n R
egio
nal
Com
mis
sion
Th
e pu
rpos
e of
th
is in
vest
men
t gr
ade
stu
dy b
y TE
MS
is t
o ev
alu
ate
the
pote
nti
al f
or d
evel
opin
g th
e M
obile
Tra
de
and
Tran
spor
t C
orri
dor,
as
an a
dju
nct
to
Port
Mob
ile t
o se
rve
as a
maj
or c
onta
iner
por
t fo
r a
hin
terl
and
corr
idor
be
twee
n t
he
App
alac
hia
ns
in t
he
east
, an
d th
e M
issi
ssip
pi i
n t
he
wes
t, a
nd
stre
tch
ing
as f
ar n
orth
as
the
mar
kets
of
mid
-Am
eric
a in
clu
din
g O
hio
, In
dian
a, a
nd
Illin
ois.
Th
e ar
ea i
s la
rgel
y se
rved
tod
ay b
y W
est
Coa
st
Port
s th
at r
ely
on r
elat
ivel
y ex
pen
sive
rai
l an
d tr
uck
sh
ipm
ents
to
thes
e in
lan
d m
arke
ts,
but
are
low
cos
t du
e to
th
e la
rge
ship
s th
at c
an a
cces
s W
est
Coa
st P
orts
. Wit
h t
he
open
ing
of t
he
Pan
ama
Can
al, a
nd
the
acce
ss o
f lar
ge
ship
s to
th
e G
ulf
of M
exic
o, t
he
Mob
ile c
orri
dor
has
th
e po
ten
tial
to
prov
ide
a le
ss e
xpen
sive
an
d m
ore
effe
ctiv
e w
ay o
f ser
vin
g th
ese
mar
kets
.
The
reas
on f
or t
his
is t
hat
th
e Po
rt o
f M
obile
is o
ne
of t
he
very
few
por
ts o
n t
he
gulf
and
the
east
coa
st o
f th
e U
S th
at c
an s
erve
th
e ve
ry l
arge
sh
ips
(50
foot
dep
th)
that
will
be
able
to
acce
ss t
he
gulf
and
east
coa
sts
wit
h t
he
open
ing
of t
he
Pan
ama
Can
al.
On
ce t
he
Port
is d
redg
ed,
this
will
red
uce
th
e M
arit
ime
cost
s to
th
e Po
rt o
f M
obile
si
gnifi
can
tly
(i.e.
, 50
perc
ent)
an
d sh
ift t
he
com
peti
tive
bal
ance
from
Wes
t C
oast
Por
ts t
o th
e Po
rt o
f Mob
ile.
48
Pote
ntia
l Po
rt o
f M
obil
e H
inte
rlan
d w
ith
Post
-Pan
amax
Max
Shi
ps
49
Mob
ile
Trad
e &
Tra
nspo
rt C
orri
dor:
Pop
ulat
ion
and
Req
uire
d Li
nkag
e
In c
arry
ing
out
its
init
ial
revi
ew,
TEM
S h
as a
lrea
dy s
how
n t
her
e is
a p
rim
a fa
cia
case
for
th
e in
vest
men
t.
How
ever
, th
e re
view
was
bas
ed o
n a
n a
nal
ysis
usi
ng
exis
tin
g da
ta a
nd
mod
els
incl
udi
ng
the
Pan
ama
Can
al
Rou
te C
hoi
ce m
odel
an
d th
e N
atio
nal
Por
ts m
odel
. B
oth
mod
els
nee
d u
pdat
ing
to 2
015
to r
efle
ct t
he
post
200
8 re
cess
ion
eco
nom
y an
d th
e la
test
ch
ange
s in
th
e de
velo
pmen
t of
th
e Pa
nam
a C
anal
, U
S P
orts
, an
d m
arin
e ec
onom
ics.
50
In a
ddit
ion
, th
e pr
elim
inar
y st
udy
mad
e a
nu
mbe
r of
ass
um
ptio
ns
abou
t th
e in
stit
uti
onal
str
uct
ure
s th
at w
ould
be
ado
pted
by
the
Port
an
d R
ailr
oads
. I
n t
he
Bu
sin
ess
Plan
ph
ase
thes
e as
sum
ptio
ns
nee
d to
be
eval
uat
ed a
nd
as a
ppro
pria
te a
dju
stm
ents
mad
e to
acc
omm
odat
e th
e fin
din
gs o
f dir
ect
disc
uss
ion
s w
ith
th
e ke
y st
akeh
olde
rs.
Fin
ally
, th
e u
pgra
ded
mar
ket
anal
ysis
an
d in
stit
uti
onal
ass
um
ptio
ns
will
be
use
d to
dev
elop
a m
ore
deta
iled
impl
emen
tati
on p
lan
, fin
anci
al a
nd
fun
din
g pl
an,
and
econ
omic
cos
t be
nef
it a
nd
impa
ct p
lan
. Th
e fin
anci
al a
nd
fun
din
g pl
an w
ill d
evel
op t
he
cash
flo
ws
for
the
proj
ect,
an
d th
e ti
min
g an
d so
urc
es o
f fu
nds
nee
ded
to c
ompl
ete
the
proj
ect.
Th
e ec
onom
ic a
nal
ysis
will
sh
ow t
he
ben
efit
s to
th
e co
mm
un
itie
s in
th
e Tr
ade
and
Tran
spor
t C
orri
dor.
Th
e an
alys
is w
ill p
rodu
ce b
oth
th
e C
ost
Ben
efit
An
alys
is r
equ
ired
by
US
DO
T, a
s w
ell
as t
he
econ
omic
im
pact
for
th
e re
gion
ass
ocia
ted
wit
h j
ob c
reat
ion
, in
crea
sed
inco
me,
pro
pert
y de
velo
pmen
t, a
nd
tax
base
en
han
cem
ent.
Th
is c
an b
e u
sed
to d
evel
op c
omm
un
ity
outr
each
in
com
mu
nit
ies
alon
g th
e A
laba
ma
Toll
Roa
d co
rrid
or a
nd
at lo
cal a
nd
stat
e le
vel,
to e
xpla
in t
he
cost
s an
d be
nef
its
of d
evel
opin
g th
e co
rrid
or.
For
this
Fea
sibi
lity
Stu
dy, T
EM
S w
ill r
efin
e th
e m
ore
aggr
egat
e le
vel o
f an
alys
is t
hat
was
use
d fo
r th
e pr
elim
inar
y st
udy
. Th
is w
ill i
ncl
ude
upd
atin
g th
e tr
ade
and
traf
fic d
ata
that
der
ives
th
e fo
reca
sts,
wor
kin
g to
res
olve
in
stit
uti
onal
issu
es a
nd
ensu
rin
g th
e pr
acti
calit
y of
th
e pr
opos
ed im
plem
enta
tion
pro
cess
.
The
Com
pan
y w
ill i
ntr
odu
ce t
he
bon
d of
feri
ngs
rel
atin
g to
th
e pr
ojec
t. T
he
Com
pan
y w
ill a
lso
wor
k w
ith
its
tr
ansp
orta
tion
con
sult
ant,
TE
MS
, to
com
plet
e, w
ith
in t
he
nin
ety-
day
peri
od,
an in
vest
men
t gr
ade
stu
dy t
hat
will
m
ake
it p
ossi
ble,
th
rou
gh b
ond
rati
ng
agen
cies
, to
offic
iate
a b
ond
offe
rin
g fo
r th
is p
roje
ct. T
o da
te n
o m
oney
has
ex
chan
ged
han
ds r
elat
ed t
o th
is t
ran
sact
ion
. Th
e C
ompa
ny’
s co
ntr
actu
al r
ole,
aft
er a
ny
assi
gnm
ents
of
any
agre
emen
ts in
volv
ing
any
rela
ted
enti
ty,
is s
till
in f
ull
forc
e an
d ef
fect
, re
late
d to
bot
h t
he
“Mas
ter
Agr
eem
ent
For
Con
stru
ctio
n”
and
“Con
sult
ing
Agr
eem
ent”
des
crib
ed a
bove
wit
hin
th
e “B
usi
nes
s Pl
an”.
To
clar
ify A
TFI
is a
n
onpr
ofit
non
-rel
ated
par
ty t
o th
e C
ompa
ny
and
Glo
bal
Tran
spor
tati
on I
nc.
is
a w
hol
ly o
wn
ed s
ubs
idia
ry o
f th
e C
ompa
ny.
The
Com
pan
y w
ill e
nga
ge a
lar
ge c
onst
ruct
ion
fir
m a
s id
enti
fied
earl
ier.
Th
e C
ompa
ny
thro
ugh
use
of
proc
eeds
id
enti
fied
in O
pera
tin
g C
apit
al R
eser
ves
will
pay
th
e m
obili
zati
on f
ees
to d
ecla
re t
he
con
trac
tors
in
th
e bo
nd
offe
rin
g, p
ay f
or f
easi
bilit
y st
udi
es a
nd
inve
stm
ent
grad
e st
udi
es,
bon
d ra
tin
g ag
ency
fee
s an
d al
so p
ay f
or t
he
perf
orm
ance
bon
d to
insu
re t
he
com
plet
ion
of t
he
con
stru
ctio
n t
o pr
otec
t th
e bo
nd
hol
ders
.
The
Com
pan
y w
ill r
ecei
ve c
ompe
nsa
tion
fro
m t
he
bon
d pr
ocee
ds a
t bo
nd
clos
ing
to r
eim
burs
e th
e C
ompa
ny
for
its
init
ial
capi
tal
inve
stm
ent
into
th
e pr
ojec
t. T
he
Com
pan
y w
ill t
han
rea
lize
reve
nu
e, t
o su
stai
n i
ts c
onti
nu
ed
grow
th a
nd
abili
ty t
o ge
t ot
her
pro
ject
s su
ch a
s A
TFI
star
ted,
by
usi
ng i
ts r
even
ue
as i
nit
ial
capi
tal
inve
stm
ent
51
into
pro
ject
s, w
hile
alw
ays
bein
g re
imbu
rsed
fro
m t
he
bon
d pr
ocee
ds t
hat
fol
low
oth
er p
roje
cts.
As
disc
uss
ed
earl
ier
the
sou
rces
of
re
aliz
ed
reve
nu
e fo
r th
e C
ompa
ny
are
as
follo
ws,
C
onst
ruct
ion
M
anag
emen
t fe
es,
Con
sult
ing
fees
an
d tw
enty
fiv
e pe
rcen
t pr
ofit
sh
arin
g fr
om e
ach
of
the
rela
ted
enti
ties
wh
o ar
e re
spon
sibl
e fo
r co
ntr
acti
ng
by a
gree
men
t w
ith
th
e C
ompa
ny
to d
o th
e w
ork
on t
he r
elat
ed e
nti
ty(s
) be
hal
f pe
r pr
ojec
ts t
hey
se
cure
.
Curr
ent
Pote
ntia
l Pr
ojec
t 3
App
alac
hian
Reg
iona
l C
omm
issi
on (
AR
C) -
The
Com
pan
y al
ong
wit
h
TEM
S
acti
ng
as
con
sult
ant
for
the
Com
pan
y h
ave
had
dis
cuss
ion
s w
ith
AR
C t
o h
elp
them
ove
r th
e n
ext
five
year
s, a
dvan
ce c
urr
ent
and
emer
gin
g op
port
un
itie
s an
d to
con
tin
ue
to c
lose
th
e ga
p be
twee
n A
ppal
ach
ian
com
mu
nit
ies
and
the
nat
ion
on
key
so
cioe
con
omic
in
dica
tors
. A
RC
's m
issi
on i
s to
in
nov
ate,
par
tner
, an
d in
vest
to
build
com
mu
nit
y ca
paci
ty a
nd
stre
ngt
hen
eco
nom
ic g
row
th in
App
alac
hia
.
The
App
alac
hia
n R
egio
nal
Com
mis
sion
(A
RC
) is
a r
egio
nal
eco
nom
ic d
evel
opm
ent
agen
cy t
hat
rep
rese
nts
a
part
ner
ship
of f
eder
al, s
tate
, an
d lo
cal g
over
nm
ent.
Est
ablis
hed
by
an a
ct o
f Con
gres
s in
196
5, A
RC
is c
ompo
sed
of t
he
gove
rnor
s of
th
e th
irte
en A
ppal
ach
ian
sta
tes
and
a fe
dera
l co
-ch
air,
wh
o is
app
oin
ted
by t
he
Pres
iden
t of
th
e U
nit
ed S
tate
s of
Am
eric
a. L
ocal
par
tici
pati
on i
s pr
ovid
ed t
hro
ugh
mu
lti-
cou
nty
loc
al d
evel
opm
ent
dist
rict
s.
AR
C in
vest
s in
act
ivit
ies
that
add
ress
th
e fiv
e go
als
iden
tifie
d in
th
e C
omm
issi
on's
str
ateg
ic p
lan
:
Goa
l 1: E
con
omic
Opp
ortu
nit
ies
Inve
st in
en
trep
ren
euri
al a
nd
busi
nes
s de
velo
pmen
t st
rate
gies
th
at s
tren
gth
en A
ppal
ach
ia's
eco
nom
y.
Goa
l 2: R
eady
Wor
kfor
ce
Incr
ease
th
e ed
uca
tion
, kn
owle
dge,
ski
lls, a
nd
hea
lth
of r
esid
ents
to
wor
k an
d su
ccee
d in
App
alac
hia
.
Goa
l 3: C
riti
cal I
nfr
astr
uct
ure
Inve
st
in
crit
ical
in
fras
tru
ctu
re—
espe
cial
ly
broa
dban
d;
tran
spor
tati
on,
incl
udi
ng
the
App
alac
hia
n D
evel
opm
ent
Hig
hw
ay S
yste
m; a
nd
wat
er/w
aste
wat
er s
yste
ms.
Goa
l 4: N
atu
ral a
nd
Cu
ltu
ral A
sset
s
52
Str
engt
hen
A
ppal
ach
ia's
co
mm
un
ity
and
econ
omic
de
velo
pmen
t po
ten
tial
by
le
vera
gin
g th
e R
egio
n's
n
atu
ral a
nd
cult
ura
l her
itag
e as
sets
.
Goa
l 5: L
eade
rsh
ip a
nd
Com
mu
nit
y C
apac
ity
Bu
ild t
he
capa
city
an
d sk
ills
of c
urr
ent
and
nex
t-ge
ner
atio
n l
eade
rs a
nd
orga
niz
atio
ns
to i
nn
ovat
e,
colla
bora
te, a
nd
adva
nce
com
mu
nit
y an
d ec
onom
ic d
evel
opm
ent.
Eac
h y
ear
AR
C p
rovi
des
fun
din
g fo
r se
vera
l h
un
dred
in
vest
men
ts i
n t
he
App
alac
hia
n R
egio
n,
in a
reas
su
ch a
s bu
sin
ess
deve
lopm
ent,
ed
uca
tion
an
d jo
b tr
ain
ing,
te
leco
mm
un
icat
ion
s,
infr
astr
uct
ure
, co
mm
un
ity
deve
lopm
ent,
hou
sin
g, a
nd
tran
spor
tati
on.
The
Com
pan
y h
as e
nga
ged
in d
iscu
ssio
n w
ith
AR
C t
o pr
ovid
e $3
4,00
0,00
0,00
0 in
fu
ndi
ng
thro
ugh
Mas
ter
Bon
d In
den
ture
s to
fu
nd
thes
e pr
ojec
ts t
hat
cre
ate
thou
san
ds o
f n
ew jo
bs; i
mpr
ove
loca
l wat
er a
nd
sew
er s
yste
ms;
incr
ease
sch
ool r
eadi
nes
s; e
xpan
d ac
cess
to
hea
lth
car
e; a
ssis
t lo
cal
com
mu
nit
ies
wit
h
stra
tegi
c pl
ann
ing;
an
d pr
ovid
e te
chn
ical
an
d m
anag
eria
l as
sist
ance
to
em
ergi
ng
busi
nes
ses.
AR
C i
nve
stm
ents
in
in
fras
tru
ctu
re h
ave
hel
ped
redu
ce t
he
Reg
ion
’s i
sola
tion
, sp
ur
econ
omic
act
ivit
y, a
nd
impr
ove
publ
ic h
ealt
h a
nd
safe
ty.
In o
rder
to
com
pete
in
th
e gl
obal
eco
nom
y, A
ppal
ach
ia m
ust
con
tin
ue
to
deve
lop
and
impr
ove
the
infr
astr
uct
ure
n
eces
sary
fo
r ec
onom
ic
deve
lopm
ent,
in
clu
din
g br
oadb
and
and
tele
com
mu
nic
atio
ns;
bas
ic i
nfr
astr
uct
ure
, su
ch a
s w
ater
an
d w
aste
wat
er s
yste
ms;
div
ersi
fied
ener
gy;
hou
sin
g;
and
tran
spor
tati
on,
incl
udi
ng
the
App
alac
hia
n D
evel
opm
ent
Hig
hw
ay S
yste
m (
AD
HS
). A
RC
will
als
o su
ppor
t in
vest
men
ts in
mu
lti-
mod
al t
ran
spor
tati
on s
yste
ms
that
str
engt
hen
con
nec
tion
s to
reg
iona
l, n
atio
nal,
and
glob
al
mar
kets
.
AR
C i
nfr
astr
uct
ure
in
vest
men
ts w
ill a
ddre
ss l
ocal
com
mu
nit
y n
eeds
as
wel
l as
str
ateg
ic,
inn
ovat
ive
appr
oach
es
to e
con
omic
dev
elop
men
t. A
RC
will
pro
vide
lea
ders
hip
in
hel
ping
com
mu
nit
ies
deve
lop
lon
g-te
rm p
lans
for
ef
fect
ive
deve
lopm
ent
and
depl
oym
ent
of t
he
infr
astr
uct
ure
nee
ded
to s
upp
ort
econ
omic
com
peti
tive
nes
s an
d qu
alit
y of
life
. To
cre
ate
the
grea
test
im
pact
, A
RC
will
lev
erag
e re
sou
rces
an
d br
ing
toge
ther
gov
ernm
ent
agen
cies
an
d th
e pr
ivat
e se
ctor
to
build
th
e cr
itic
al i
nfr
astr
uct
ure
nee
ded
to s
tren
gth
en t
he
Reg
ion
’s e
con
omy,
co
mpl
ete
the
App
alac
hia
n D
evel
opm
ent
Hig
hw
ay S
yste
m a
nd
con
stru
ct l
ocal
acc
ess
road
s to
str
engt
hen
lin
ks
betw
een
tra
nsp
orta
tion
net
wor
ks a
nd
econ
omic
dev
elop
men
t.
Mos
t re
cen
tly
a pr
elim
inar
y an
alys
is b
y TE
MS
, of
th
e A
ppal
ach
ian
Dev
elop
men
t H
igh
way
Sys
tem
cor
rido
r su
gges
ted
that
bec
ause
of t
he
open
ing
of t
he
Pan
ama
Can
al a
nd
beca
use
Mob
ile is
on
e of
th
e on
ly t
wo
Gu
lf Po
rts
53
that
can
fac
ilita
te t
he
larg
e co
nta
iner
ves
sels
th
at n
eed
50 f
eet
of w
ater
, th
e A
TFI
toll
road
wou
ld b
ecom
e pa
rt o
f a
Mob
ile T
rade
an
d Tr
ansp
orta
tion
Cor
rido
r (P
ort
Traj
an)
con
nec
tin
g to
th
e A
ppal
ach
ian
Dev
elop
men
t H
igh
way
S
yste
m c
orri
dor.
As
a re
sult
, an
eva
luat
ion
sh
ould
be
mad
e of
ext
endi
ng
the
corr
idor
nor
th a
lon
g th
e w
est
side
of
the
App
alac
hia
n M
oun
tain
s, a
reg
ion
th
at is
tod
ay s
erve
d by
Wes
t C
oast
Por
ts.
In
vest
men
t in
th
e A
ppal
ach
ian
Dev
elop
men
t H
igh
way
Sys
tem
has
sig
nifi
can
tly
redu
ced
the
Reg
ion
’s i
sola
tion
an
d op
ened
up
oppo
rtu
nit
ies
for
econ
omic
gro
wth
. A
RC
will
com
plet
e th
e re
mai
nin
g po
rtio
ns
and
con
stru
ctin
g lo
cal
acce
ss
road
s w
ill
furt
her
co
nn
ect
the
regi
on
to
stra
tegi
c re
gion
al,
nat
ion
al,
and
glob
al
econ
omic
op
port
un
itie
s. A
RC
will
in
vest
in
inte
rmod
al t
rans
port
atio
n pl
ann
ing
and
infr
astr
uct
ure
th
at b
uild
s on
th
e A
DH
S a
nd
max
imiz
es t
he
regi
on’s
acc
ess
to d
omes
tic
and
inte
rnat
ion
al m
arke
ts.
In o
rder
to
com
pete
in
a g
loba
l ec
onom
y, A
ppal
ach
ia m
ust
hav
e re
liabl
e ac
cess
to
dom
esti
c an
d in
tern
atio
nal
mar
kets
. C
onn
ecti
ng
the
AD
HS
to
rail,
wat
erw
ay,
and
avia
tion
rou
tes
can
hel
p lin
k A
ppal
ach
ian
bu
sin
esse
s to
reg
ion
al,
nat
ion
al,
and
inte
rnat
ion
al
mar
kets
.
The
Com
pan
y in
mee
tin
g w
ith
th
e A
RC
boa
rd h
as m
ade
avai
labl
e to
th
em t
hro
ugh
Glo
bal I
nfr
astr
uct
ure
Fin
ance
&
Dev
elop
men
t A
uth
orit
y, I
nc.
, $34
,000
,000
,000
in
fun
din
g to
ass
ist
in m
eeti
ng
AR
C s
trat
egic
pla
nn
ing
goal
s ab
ove.
A M
aste
r Tr
ust
In
den
ture
th
rou
gh G
loba
l In
fras
tru
ctu
re F
inan
ce &
Dev
elop
men
t A
uth
orit
y, I
nc.
wit
h c
oope
rati
on
of H
igh
Spe
ed R
ail
Faci
lity
Inc.
(H
SR
F) s
tatu
tory
tru
st,
as t
rust
ee r
elat
ing
to a
ny
proj
ect
fort
h c
omin
g ou
t of
th
e th
irte
en s
tate
reg
ion
, th
rou
gh r
even
ue
bon
ds c
an o
ffer
to r
aise
$34
,000
,000
,000
to
AR
C a
nd
the
rela
ted
stat
es,
thro
ugh
HS
R F
reig
ht
Lin
e In
c. a
nd
HS
R P
asse
nge
r S
ervi
ces
Inc.
, re
late
d en
titi
es,
for
the
App
alac
hia
n R
egio
nal
C
omm
issi
on c
orri
dor
proj
ects
.
The
Com
pan
y w
ill i
ntr
odu
ce t
he
bon
d of
feri
ngs
rel
atin
g to
th
e pr
ojec
t. T
he
Com
pan
y w
ill a
lso
wor
k w
ith
its
tr
ansp
orta
tion
con
sult
ant,
TE
MS
, to
com
plet
e, w
ith
in t
he
nin
ety-
day
peri
od,
an in
vest
men
t gr
ade
stu
dy t
hat
will
m
ake
it p
ossi
ble,
th
rou
gh b
ond
rati
ng
agen
cies
, to
offi
ciat
e a
bon
d of
feri
ng
for
any
proj
ect
AR
C w
ould
lik
e to
u
nde
rtak
e. T
o da
te n
o m
oney
has
exc
han
ged
han
ds r
elat
ed t
o th
is t
ran
sact
ion
. Th
e C
ompa
ny’
s co
ntr
actu
al r
ole,
af
ter
any
assi
gnm
ents
of
any
agre
emen
ts in
volv
ing
the
enti
ties
, is
sti
ll in
fu
ll fo
rce
and
effe
ct,
rela
ted
to b
oth
th
e “M
aste
r A
gree
men
t Fo
r C
onst
ruct
ion
” an
d “M
aste
r C
onsu
ltin
g A
gree
men
t” d
escr
ibed
abo
ve w
ith
in t
he
“Bu
sin
ess
Plan
”. T
o cl
arify
for
pu
rpos
es o
f th
is p
roje
ct, H
SR
Fre
igh
t Li
ne
Inc.
an
d H
SR
Pas
sen
ger
Ser
vice
s In
c. a
re t
he
rela
ted
enti
ties
& G
loba
l In
fras
tru
ctu
re F
inan
ce &
Dev
elop
men
t A
uth
orit
y, I
nc.
a n
on-p
rofit
rel
ated
to
the
Com
pan
y.
54
The
Com
pan
y w
ill e
nga
ge a
lar
ge c
onst
ruct
ion
fir
m a
s id
enti
fied
earl
ier.
Th
e C
ompa
ny
thro
ugh
use
of
proc
eeds
id
enti
fied
in O
pera
tin
g C
apit
al R
eser
ves
will
pay
th
e m
obili
zati
on f
ees
to d
ecla
re t
he
con
trac
tors
in
th
e bo
nd
offe
rin
g, p
ay f
or f
easi
bilit
y st
udi
es a
nd
inve
stm
ent
grad
e st
udi
es,
bon
d ra
tin
g ag
ency
fee
s an
d al
so p
ay f
or t
he
perf
orm
ance
bon
d to
insu
re t
he
com
plet
ion
of t
he
con
stru
ctio
n t
o pr
otec
t th
e bo
nd
hol
ders
.
The
Com
pan
y w
ill r
ecei
ve c
ompe
nsa
tion
fro
m t
he
bon
d pr
ocee
ds a
t bo
nd
clos
ing
to r
eim
burs
e th
e C
ompa
ny
for
its
init
ial
capi
tal
inve
stm
ent
into
th
e pr
ojec
t. T
he
Com
pan
y w
ill t
han
rea
lize
reve
nu
e, t
o su
stai
n i
ts c
onti
nu
ed
grow
th a
nd
abili
ty t
o ge
t ot
her
pot
enti
al p
roje
cts
star
ted,
by
usi
ng
its
reve
nu
e as
in
itia
l ca
pita
l in
vest
men
t in
to
proj
ects
, w
hile
alw
ays
bein
g re
imbu
rsed
fro
m t
he
bon
d pr
ocee
ds t
hat
fol
low
oth
er p
roje
cts.
As
disc
uss
ed e
arlie
r th
e so
urc
es o
f re
aliz
ed r
even
ue
for
the
Com
pan
y ar
e as
fol
low
s: M
aste
r C
onst
ruct
ion
Man
agem
ent
fees
, M
aste
r C
onsu
ltin
g fe
es a
nd
twen
ty fi
ve p
erce
nt
prof
it s
har
ing
from
eac
h o
f th
e re
late
d en
titi
es.
Cu
rren
t Po
tent
ial
Proj
ect
4
Atl
anta
-Lou
isvi
lle-B
irm
ingh
am-J
acks
onvi
lle –
Th
e C
ompa
ny
has
rec
eive
d su
ppor
t fo
r ex
pan
sion
of
hig
h s
peed
ra
il, t
hro
ugh
Hou
se R
esol
uti
on 9
48 o
f th
e G
eorg
ia H
ouse
of
Rep
rese
nta
tive
s, s
tati
ng
that
nin
etee
n m
embe
rs o
f th
is b
ody
expr
ess
thei
r su
ppor
t of
hig
h s
peed
tra
ins
and
enco
ura
ge t
he
crea
tion
of
a h
igh
spe
ed r
ail
tran
sit
auth
orit
y fo
r Fu
lton
, C
arro
ll, a
nd
Dou
glas
cou
nti
es.
The
reso
luti
on s
peci
fical
ly n
ames
th
e re
late
d pa
rty
Hig
h S
peed
Rai
l Fac
iliti
es, I
nc.
as
the
deve
lope
r of
hig
h s
peed
rai
l.
Hou
se R
esol
utio
n 94
8 B
y: R
epre
sent
ativ
es W
aite
s of
the
60th
, Rob
erts
of
the
155t
h, A
lexa
nder
of
the
66th
, Bru
ce o
f th
e 61
st, a
nd Y
ates
of
the
73rd
A
RE
SOLU
TIO
N
Enc
oura
ging
the
cre
atio
n of
a h
igh
spee
d ra
il tr
ansi
t au
thor
ity t
o op
erat
e in
Ful
ton,
Car
roll,
and
Dou
glas
cou
ntie
s;
and
for
othe
r pu
rpos
es. W
HE
RE
AS,
hig
h sp
eed
trai
ns a
re m
ore
ener
gy e
ffic
ient
than
car
s an
d pl
anes
, dec
reas
e ou
r de
pend
ence
on
fore
ign
oil,
and
redu
ce a
ir p
ollu
tion
that
cau
ses
glob
al w
arm
ing
and
harm
s pu
blic
hea
lth;
and
WH
ER
EA
S, a
t di
stan
ces
of le
ss t
han
400
mile
s, h
igh
spee
d tr
ains
can
del
iver
pas
seng
ers
dow
ntow
n-to
-dow
ntow
n al
mos
t as
fas
t as
air
plan
es a
t a
frac
tion
of t
he c
ost,
and
can
do s
o in
vir
tual
ly a
ll w
eath
er;
and
WH
ER
EA
S, w
ith
wid
e se
ats,
fax
mac
hine
s, p
lace
s to
plu
g in
a l
apto
p co
mpu
ter,
and
foo
d se
rvic
e, h
igh
spee
d tr
ains
pro
vide
a
conv
enie
nt,
prod
uctiv
e al
tern
ativ
e to
car
s an
d ai
rpla
nes;
and
WH
ER
EA
S, a
hig
h sp
eed
rail
netw
ork
wou
ld p
ull
toge
ther
re
gion
al
econ
omie
s an
d pr
omot
e in
trar
egio
nal
busi
ness
gr
owth
; an
d W
HE
RE
AS,
Hi
Spee
d R
ail
55
Faci
liti
es, I
nc.,
is lo
okin
g to
exp
and
the
use
of h
igh
spee
d tr
ains
to F
ulto
n, C
arro
ll, a
nd D
ougl
as c
ount
ies
with
the
inte
ntio
n of
exp
andi
ng s
ervi
ce t
hrou
ghou
t G
eorg
ia a
nd in
to A
laba
ma;
and
WH
ER
EA
S, t
he c
reat
ion
of a
hig
h sp
eed
rail
tran
sit a
utho
rity
is n
eces
sary
for
the
succ
ess
of a
hig
h sp
eed
rail
syst
em in
Geo
rgia
. NO
W, T
HE
RE
FOR
E, B
E IT
R
ESO
LVE
D B
Y TH
E H
OU
SE O
F R
EPR
ESE
NTA
TIV
ES
that
the
mem
bers
of
this
bod
y ex
pres
s th
eir
supp
ort
of h
igh
spee
d tr
ains
and
enc
oura
ge t
he c
reat
ion
of a
hig
h sp
eed
rail
tran
sit
auth
ority
for
Ful
ton,
Car
roll,
and
Dou
glas
co
untie
s. 1
5 LC
39
1039
H. R
. 948
- 2
BE
IT
FUR
THE
R R
ESO
LVE
D t
hat
the
Cle
rk o
f th
e H
ouse
of
Rep
rese
ntat
ives
is
auth
oriz
ed a
nd d
irec
ted
to m
ake
appr
opri
ate
copi
es o
f th
is r
esol
utio
n av
aila
ble
for
dist
ribu
tion
to m
embe
rs o
f th
e pu
blic
and
the
pres
s.
The
trav
el t
ime
is e
stim
ated
at
fou
r to
fiv
e h
ours
bet
wee
n A
tlan
ta a
nd
Dal
las,
wh
ich
wou
ld h
ave
the
trai
n av
erag
e at
leas
t 16
3 m
iles
per
hou
r. I
t w
ould
tra
vel b
etw
een
Atl
anta
an
d B
irm
ingh
am in
abo
ut
90 m
inu
tes.
Th
at
type
of
con
nec
tivi
ty b
etw
een
Atl
anta
an
d B
irm
ingh
am c
ould
hav
e ga
me-
chan
gin
g ef
fect
s on
sev
eral
indu
stri
es.
It
wou
ld b
e po
ssib
le t
o liv
e in
Ala
bam
a an
d en
joy
its
low
er p
rope
rty
valu
es a
nd
cost
of
livin
g w
hile
wor
kin
g in
A
tlan
ta w
ith
its
hig
her
sal
arie
s.
The
Com
pan
y th
rou
gh it
s co
nsu
ltan
t TE
MS
has
est
imat
ed t
he
cost
of
the
proj
ect
at $
3,00
0,00
0,00
0 on
beh
alf
of
Hi
Spe
ed R
ail
Faci
litie
s, I
nc.
a n
on-p
rofit
en
tity
rel
ated
to
the
Com
pan
y. H
i S
peed
Rai
l Fa
cilit
ies,
In
c. h
as t
he
lega
l ri
ght
to d
evel
op t
his
cor
rido
r as
a h
igh
spe
ed r
ail
con
nec
tion
bet
wee
n t
he
citi
es.
The
aim
wou
ld b
e to
pr
ovid
e h
igh
spe
ed f
requ
ent
rail
serv
ice
that
wou
ld p
rovi
de i
mpr
oved
mob
ility
for
peo
ple
and
carg
o an
d at
th
e sa
me
tim
e pr
ovid
e an
ope
rati
ng
prof
it.
The
proj
ect
wou
ld b
e de
velo
ped
as e
ith
er a
fre
esta
ndi
ng
ente
rpri
se o
r a
publ
ic-p
riva
te p
artn
ersh
ip (P
PP) w
ith
an
arr
ay o
f pu
blic
an
d pr
ivat
e su
ppor
t fo
r th
e pr
ojec
t.
Feas
ibili
ty s
tudi
es c
ompl
eted
by
TEM
S fo
r th
e co
rrid
or a
re n
oted
bel
ow:
Geo
rgia
D
epar
tmen
t of
Tr
ansp
orta
tion
: H
igh-
Spee
d R
ail
Plan
ning
Se
rvic
es:
Atl
anta
-Lou
isvi
lle-
Bir
min
gham
-Jac
kson
ville
TEM
S p
rovi
ded
the
Ope
rati
ng
Plan
s an
d C
osts
alo
ng
wit
h t
he
finan
cial
an
d ec
onom
ic a
nal
ysis
for
th
ree
Geo
rgia
co
rrid
ors,
A
tlan
ta-B
irm
ingh
am,
Atl
anta
-Lou
isvi
lle,
and
Atl
anta
-Jac
kson
ville
. T
EM
S
supp
orte
d H
NTB
C
orpo
rati
on (
HN
TB)
and
Pars
ons
Bri
nck
erh
off,
a gl
obal
en
gin
eeri
ng
and
prof
essi
onal
ser
vice
s or
gan
izat
ion
PB
w
ith
th
e de
velo
pmen
t of
new
alig
nm
ents
for
bot
h 1
10-m
ph a
nd
220-
mph
ste
el w
hee
l te
chn
olog
y al
ong
wit
h a
M
agle
v co
rrid
or f
or t
he
Bir
min
gham
-Lou
isvi
lle c
orri
dor.
TE
MS
est
imat
ed o
pera
tin
g co
sts
con
side
rin
g co
st d
rive
rs
such
as
trai
n m
iles,
pas
sen
ger
mile
s, a
nd
fixed
cos
ts.
56
On
ce t
he
ride
rsh
ip,
reve
nu
e an
d ca
pita
l co
sts
wer
e ca
lcu
late
d, T
EM
S p
rovi
ded
both
th
e fin
anci
al a
nd
econ
omic
an
alys
is f
or e
ach
cor
rido
r an
d te
chn
olog
y. T
EM
S c
ompl
eted
a s
ensi
tivi
ty a
nal
ysis
usi
ng
hig
h a
nd
low
est
imat
es
of r
ider
ship
an
d ca
pita
l cos
ts.
SER
VIC
ES
PRO
VID
ED
: Ope
rati
ng
Plan
s, O
pera
tin
g C
osts
, Fin
anci
al a
nd
Eco
nom
ic A
nal
ysis
The
purp
ose
of t
his
fin
anci
al a
nd
econ
omic
an
alys
is b
y TE
MS
is
to e
valu
ate
the
pote
nti
al f
or d
evel
opin
g th
e A
tlan
ta-B
irm
ingh
am,
Atl
anta
-Lou
isvi
lle,
and
Atl
anta
-Jac
kson
ville
as
an a
dju
nct
to
Port
Mob
ile t
o se
rve
as a
m
ajor
con
tain
er p
ort
for
a h
inte
rlan
d co
rrid
or b
etw
een
Atl
anta
an
d th
e so
uth
eas
tern
sea
boa
rd m
arke
ts.
The
area
is
larg
ely
serv
ed t
oday
by
Wes
t C
oast
Por
ts t
hat
rel
y on
rel
ativ
ely
expe
nsi
ve r
ail
and
tru
ck s
hip
men
ts t
o th
ese
inla
nd
mar
kets
, bu
t ar
e lo
w c
ost
due
to t
he
larg
e sh
ips
that
can
acc
ess
Wes
t C
oast
Por
ts. W
ith
th
e op
enin
g of
th
e Pa
nam
a C
anal
, an
d th
e ac
cess
of l
arge
sh
ips
to t
he
Gu
lf of
Mex
ico,
th
e M
obile
cor
rido
r h
as t
he
pote
nti
al t
o pr
ovid
e a
less
exp
ensi
ve a
nd
mor
e ef
fect
ive
way
of s
ervi
ng
thes
e m
arke
ts.
The
reas
on f
or t
his
is t
hat
th
e Po
rt o
f M
obile
is o
ne
of t
he
very
few
por
ts o
n t
he
gulf
and
the
east
coa
st o
f th
e U
S th
at c
an s
erve
th
e ve
ry l
arge
sh
ips
(50
foot
dep
th)
that
will
be
able
to
acce
ss t
he
gulf
and
east
coa
st w
ith
the
op
enin
g of
th
e Pa
nam
a C
anal
. O
nce
th
e Po
rt is
dre
dged
, th
is w
ill r
edu
ce t
he
Mar
itim
e co
sts
to t
he
Port
of
Mob
ile
sign
ifica
ntl
y (i.
e.,
50 p
erce
nt)
an
d sh
ift t
he
com
peti
tive
bal
ance
fro
m W
est
Coa
st P
orts
to
the
Port
of
Mob
ile.
This
po
ten
tial
pro
ject
is
supp
orte
d by
oth
er p
oten
tial
pro
ject
s th
e C
ompa
ny
is c
urr
entl
y w
orki
ng
on,
spec
ifica
lly
proj
ect
no.
5 -
Flo
rida
-Ala
bam
a TP
O a
nd
proj
ect
no.
6 -
Por
t D
e C
lau
diu
s, I
nc.
DB
A P
ort
Traj
an,
Atl
anta
Met
ro
Are
a an
d th
e so
uth
eas
t it
will
als
o be
con
nec
ted
to i
nte
rmod
al p
orts
loc
ated
ou
tsid
e of
Atl
anta
Geo
rgia
ser
vice
d by
Por
t D
e C
lau
diu
s, I
nc.
Th
e C
ompa
ny
con
tin
ues
to
mee
t w
ith
eco
nom
ic d
evel
opm
ent
offic
es i
n b
oth
Mor
gan
an
d N
ewto
n c
oun
ties
of G
eorg
ia, b
ein
g w
ell r
ecei
ved,
su
ppor
tin
g th
e C
ompa
ny’
s bu
sin
ess
mod
el o
f con
sult
ing
the
rela
ted
enti
ties
an
d re
late
d n
on-p
rofit
en
titi
es t
o pu
rsu
e ad
diti
onal
in
term
odal
por
t pr
ojec
ts s
imila
r to
Por
t Tr
ajan
in t
hei
r co
un
ties
, res
pect
fully
.
A M
aste
r Tr
ust
In
den
ture
th
rou
gh H
i S
peed
Rai
l Fa
cilit
ies,
In
c. a
non
prof
it r
elat
ed p
arty
wit
h c
oope
rati
on o
f H
SR
F S
tatu
tory
Tru
st,
as t
rust
ee,
rela
tin
g to
, H
igh
Spe
ed R
ail
and
An
cilla
ry P
roje
cts
Rev
enu
e B
ond
thro
ugh
re
ven
ue
bon
ds c
an o
ffer
to r
aise
$20
,000
,000
,000
th
rou
gh H
i S
peed
Rai
l Fa
cilit
ies,
In
c. d
irec
t is
suer
of
reve
nu
e bo
nds
. Th
e C
ompa
ny,
as
hor
izon
tal
and
vert
ical
sit
e im
prov
emen
t de
velo
per
for
Hig
h S
peed
Rai
l an
d A
nci
llary
Pr
ojec
ts.
The
Com
pan
y w
ill i
ntr
odu
ce t
he
bon
d of
feri
ngs
rel
atin
g to
th
e pr
ojec
t. T
he
Com
pan
y w
ill a
lso
wor
k w
ith
its
tr
ansp
orta
tion
con
sult
ant,
TE
MS
, to
com
plet
e, w
ith
in t
he
nin
ety-
day
peri
od,
an in
vest
men
t gr
ade
stu
dy t
hat
will
57
mak
e it
pos
sibl
e, t
hro
ugh
bon
d ra
tin
g ag
enci
es, t
o of
ficia
te a
bon
d of
feri
ng
for
this
pro
ject
. To
date
no
mon
ey h
as
exch
ange
d h
ands
rel
ated
to
this
tra
nsa
ctio
n.
The
Com
pan
y’s
con
trac
tual
rol
e, a
fter
an
y as
sign
men
ts o
f an
y ag
reem
ents
in
volv
ing
any
affil
iate
en
titi
es,
is s
till
in f
ull
forc
e an
d ef
fect
, re
late
d to
bot
h t
he
“Mas
ter
Agr
eem
ent
For
Con
stru
ctio
n”
and
“Con
sult
ing
Agr
eem
ent”
des
crib
ed a
bove
wit
hin
th
e “B
usi
nes
s Pl
an”.
To
clar
ify f
or
purp
oses
of
this
pro
ject
, H
i S
peed
Rai
l Fa
cilit
ies,
In
c. a
non
prof
it e
nti
ty r
elat
ed t
o th
e C
ompa
ny
will
wor
k w
ith
th
e st
ate
of G
eorg
ia o
n t
his
pro
ject
.
The
Com
pan
y w
ill e
nga
ge a
lar
ge c
onst
ruct
ion
fir
m a
s m
enti
oned
ear
lier.
Th
e C
ompa
ny
thro
ugh
use
of
proc
eeds
id
enti
fied
in O
pera
tin
g C
apit
al R
eser
ves
will
pay
th
e m
obili
zati
on f
ees
to d
ecla
re t
he
con
trac
tors
in
th
e bo
nd
offe
rin
g, p
ay f
or f
easi
bilit
y st
udi
es a
nd
inve
stm
ent
grad
e st
udi
es,
bon
d ra
tin
g ag
ency
fee
s, a
nd
also
pay
for
th
e pe
rfor
man
ce b
ond
to e
nsu
re t
he
com
plet
ion
of t
he
con
stru
ctio
n t
o pr
otec
t th
e bo
nd
hol
ders
.
The
Com
pan
y w
ill r
ecei
ve c
ompe
nsa
tion
fro
m t
he
bon
d pr
ocee
ds a
t bo
nd
clos
ing
to r
eim
burs
e th
e C
ompa
ny
for
its
init
ial
capi
tal
inve
stm
ent
into
th
e pr
ojec
t. T
he
Com
pan
y w
ill t
hen
rea
lize
reve
nu
e, t
o su
stai
n i
ts c
onti
nu
ed
grow
th a
nd
abili
ty t
o ge
t ot
her
pot
enti
al p
roje
cts
star
ted,
by
usi
ng
its
reve
nu
e as
in
itia
l ca
pita
l in
vest
men
t in
to
proj
ects
, w
hile
alw
ays
bein
g re
imbu
rsed
fro
m t
he b
ond
proc
eeds
th
at f
ollo
w o
ther
pro
ject
s. A
s di
scu
ssed
ear
lier,
th
e so
urc
es o
f re
aliz
ed r
even
ue
for
the
Com
pan
y ar
e as
fol
low
s: M
aste
r C
onst
ruct
ion
Man
agem
ent
fees
, M
aste
r C
onsu
ltin
g fe
es a
nd
twen
ty fi
ve p
erce
nt
prof
it s
har
ing
from
eac
h o
f th
e re
late
d en
titi
es.
Curr
ent
Pote
ntia
l Pr
ojec
t 5
Flor
ida-
Ala
bam
a TP
O
– FL
OR
IDA
D
EPA
RTM
EN
T O
F TR
AN
SPO
RTA
TIO
N:
FLO
RID
A
HIG
H-S
PEE
D
RA
IL
AU
THO
RIT
Y–20
02 R
EPO
RT
TO T
HE
LE
GIS
LATU
RE
, TE
MS
eva
luat
ed t
he
pote
nti
al f
or i
mpl
emen
tin
g a
hig
h-sp
eed
rail
serv
ice
to c
onn
ect
St.
Pet
ersb
urg
wit
h O
rlan
do.
The
futu
re e
xten
sion
of
the
serv
ice
to M
iam
i (Ph
ase
II)
was
exa
min
ed a
t a
less
er l
evel
of
deta
il. T
EM
S p
rovi
ded
ride
rsh
ip a
nd
reve
nu
e pr
ojec
tion
s, a
s w
ell
as o
pera
tin
g an
d m
ain
ten
ance
est
imat
es f
or f
our
diffe
ren
t te
chn
olog
ies
and
nin
e ro
ute
alt
ern
ativ
es.
TEM
S a
lso
com
plet
ed t
he
finan
cial
an
d ec
onom
ic a
nal
yses
an
d as
sess
men
t of
th
e fe
asib
ility
of
the
syst
em.
TEM
S’ a
nal
ysis
ser
ved
as t
he
basi
s fo
r th
e ev
alu
atio
n o
f hig
h-s
peed
rai
l in
Flo
rida
by
the
stat
e le
gisl
atu
re a
nd
the
gove
rnor
.
SER
VIC
ES
PRO
VID
ED
: Rid
ersh
ip a
nd
reve
nu
e fo
reca
sts,
ope
rati
ons
plan
nin
g, fi
nan
cial
an
d ec
onom
ic a
nal
ysis
.
The
purp
ose
of f
inan
cial
an
d ec
onom
ic a
nal
yses
an
d as
sess
men
t of
th
e fe
asib
ility
of
the
syst
em b
y TE
MS
was
al
so t
o ev
alu
ate
the
pote
nti
al f
or d
evel
opin
g di
stri
buti
on d
eliv
ery
syst
ems
as a
n a
dju
nct
to
Port
Mob
ile t
o se
rve
as a
maj
or c
onta
iner
por
t fo
r a
hin
terl
and
corr
idor
bet
wee
n M
obile
an
d th
e Fl
orid
a m
arke
t m
arke
ts.
Wit
h t
he
58
open
ing
of t
he
Pan
ama
Can
al,
and
the
acce
ss o
f la
rge
ship
s to
th
e G
ulf
of M
exic
o, t
he
Mob
ile c
orri
dor
has
th
e po
ten
tial
to
prov
ide
a le
ss e
xpen
sive
an
d m
ore
effe
ctiv
e w
ay o
f ser
vin
g th
e Fl
orid
a m
arke
ts.
The
reas
on f
or t
his
is t
hat
th
e Po
rt o
f M
obile
is o
ne
of t
he
very
few
por
ts o
n t
he
gulf
and
the
east
coa
st o
f th
e U
S th
at c
an s
erve
th
e ve
ry l
arge
sh
ips
(50
foot
dep
th)
that
will
be
able
to
acce
ss t
he
gulf
and
east
coa
sts
wit
h t
he
open
ing
of t
he
Pan
ama
Can
al.
On
ce t
he
Port
is d
redg
ed,
this
will
red
uce
th
e M
arit
ime
cost
s to
th
e Po
rt o
f M
obile
si
gnifi
can
tly
(i.e.
, 50
per
cen
t) a
nd
shift
th
e co
mpe
titi
ve b
alan
ce f
rom
Wes
t C
oast
Por
ts t
o th
e Po
rt o
f M
obile
. Th
is
proj
ect
is s
upp
orte
d by
oth
er p
oten
tial
pro
ject
s th
e C
ompa
ny
is c
urr
entl
y w
orki
ng
on,
spec
ifica
lly p
roje
ct n
o. 6
-
Port
De
Cla
udi
us,
In
c. D
BA
Por
t Tr
ajan
, th
e Fl
orid
a M
arke
t pl
ace
will
als
o be
con
nec
ted
to a
nd
serv
iced
by
Port
D
e C
lau
diu
s, I
nc.
Th
e C
ompa
ny
con
tin
ues
to
mee
t w
ith
eco
nom
ic d
evel
opm
ent
offic
es i
n b
oth
Mor
gan
and
N
ewto
n c
oun
ties
of
Geo
rgia
, be
ing
wel
l re
ceiv
ed,
supp
orti
ng
the
Com
pan
y’s
busi
nes
s m
odel
as
the
Com
pan
y is
co
nsu
ltin
g th
e re
late
d en
titi
es a
nd
rela
ted
non
-pro
fit e
nti
ties
to
purs
ue
addi
tion
al i
nte
rmod
al p
ort
proj
ects
si
mila
r to
Por
t Tr
ajan
in t
hei
r co
un
ties
res
pect
fully
.
The
Mas
ter
Tru
st I
nde
ntu
re t
hro
ugh
Glo
bal
Infr
astr
uct
ure
Fin
ance
& D
evel
opm
ent
Au
thor
ity,
In
c. a
non
prof
it
rela
ted
to t
he
Com
pan
y, w
ith
coo
pera
tion
of
HS
RF
Sta
tuto
ry T
rust
, as
tru
stee
rel
atin
g to
, H
SR P
asse
nge
r S
ervi
ces
Inc.
an
affi
liate
en
tity
of
the
Com
pan
y, r
elat
ing
to p
roje
cts
for
Flor
ida-
Ala
bam
a TP
O, t
hro
ugh
rev
enu
e bo
nds
can
offe
r to
rai
se $
1,50
0,00
0,00
0 th
rou
gh G
loba
l In
fras
tru
ctu
re F
inan
ce &
Dev
elop
men
t A
uth
orit
y,
Inc.
dir
ect
issu
er
of r
even
ue
bon
ds. T
he
Com
pan
y’s
wh
olly
ow
ned
su
bsid
iary
, G
loba
l Tr
ansp
orta
tion
In
fras
tru
ctu
re I
nc.
will
act
as
Mas
ter
Gen
eral
Con
trac
tor
as h
oriz
onta
l an
d ve
rtic
al s
ite
impr
ovem
ents
dev
elop
er
for
HS
R P
asse
nge
r S
ervi
ces
Inc.
for
Flor
ida-
Ala
bam
a TP
O p
roje
cts.
The
Com
pan
y w
ill i
ntr
odu
ce t
he
bon
d of
feri
ngs
rel
atin
g to
th
e pr
ojec
t. T
he
Com
pan
y w
ill a
lso
wor
k w
ith
its
tr
ansp
orta
tion
con
sult
ant,
TE
MS
, to
com
plet
e, w
ith
in t
he
nin
ety-
day
peri
od,
an in
vest
men
t gr
ade
stu
dy t
hat
will
m
ake
it p
ossi
ble,
th
rou
gh b
ond
rati
ng
agen
cies
, to
offic
iate
a b
ond
offe
rin
g fo
r th
is p
roje
ct. T
o da
te n
o m
oney
has
ex
chan
ged
han
ds r
elat
ed t
o th
is t
ran
sact
ion
. Th
e C
ompa
ny’
s co
ntr
actu
al r
ole,
aft
er a
ny
assi
gnm
ents
of
any
agre
emen
ts i
nvo
lvin
g an
y af
filia
te e
nti
ties
, is
sti
ll in
fu
ll fo
rce
and
effe
ct,
rela
ted
to b
oth
th
e “M
aste
r A
gree
men
t Fo
r C
onst
ruct
ion
” an
d “M
aste
r C
onsu
ltin
g A
gree
men
t” d
escr
ibed
abo
ve w
ith
in t
he
“Bu
sin
ess
Plan
”. T
o cl
arify
for
pu
rpos
es
of
this
pr
ojec
t, H
SR
Pa
ssen
ger
Ser
vice
s In
c.
a re
late
d en
tity
of
th
e C
ompa
ny
wh
ile
Glo
bal
Infr
astr
uct
ure
Fin
ance
& D
evel
opm
ent
Au
thor
ity,
In
c. a
non
-pro
fit e
nti
ty r
elat
ed t
o th
e C
ompa
ny
will
wor
k w
ith
Fl
orid
a-A
laba
ma
TPO
on
th
is p
roje
ct.
The
Com
pan
y w
ill e
nga
ge a
lar
ge c
onst
ruct
ion
fir
m a
s id
enti
fied
earl
ier.
Th
e C
ompa
ny
thro
ugh
use
of
proc
eeds
id
enti
fied
in O
pera
tin
g C
apit
al R
eser
ves
will
pay
th
e m
obili
zati
on f
ees
to d
ecla
re t
he
con
trac
tors
in
th
e bo
nd
59
offe
rin
g, p
ay f
or f
easi
bilit
y st
udi
es a
nd
inve
stm
ent
grad
e st
udi
es,
bon
d ra
tin
g ag
ency
fee
s an
d al
so p
ay f
or t
he
perf
orm
ance
bon
d to
insu
re t
he
com
plet
ion
of t
he
con
stru
ctio
n t
o pr
otec
t th
e bo
nd
hol
ders
.
The
Com
pan
y w
ill r
ecei
ve c
ompe
nsa
tion
fro
m t
he
bon
d pr
ocee
ds a
t bo
nd
clos
ing
to r
eim
burs
e th
e C
ompa
ny
for
its
init
ial
capi
tal
inve
stm
ent
into
th
e pr
ojec
t. T
he
Com
pan
y w
ill t
hen
rea
lize
reve
nu
e to
su
stai
n i
ts c
onti
nu
ed
grow
th a
nd
abili
ty t
o ge
t ot
her
pot
enti
al p
roje
cts
star
ted
wh
ile a
lway
s be
ing
reim
burs
ed f
rom
th
e bo
nd
proc
eeds
th
at f
ollo
w.
As
disc
uss
ed e
arlie
r th
e so
urc
es o
f re
aliz
ed r
even
ue
for
the
Com
pan
y ar
e as
fol
low
s, M
aste
r C
onst
ruct
ion
Man
agem
ent
fees
, M
aste
r C
onsu
ltin
g fe
es a
nd
twen
ty f
ive
perc
ent
prof
it s
har
ing
from
eac
h o
f th
e re
late
d en
titi
es.
Curr
ent
Pote
ntia
l Pr
ojec
t 6
POR
T D
E C
LAU
DIU
S, I
NC
. (G
RE
ATE
R Y
UM
A P
OR
T) A
UTH
OR
ITY
AN
D T
RA
DE
CO
RR
IDO
R –
has
the
dev
elop
men
tal
righ
ts f
or a
new
por
t (C
laud
ius)
in
Yum
a C
ount
y A
rizo
na t
o es
tabl
ish
a fo
reig
n tr
ade
zone
with
in Y
uma
Cou
nty
Ari
zona
, an
d de
velo
ping
bus
ines
s zo
nes
and
the
trad
e co
rrid
or t
hrou
gh t
he M
exic
o-A
rizo
na b
orde
r in
coo
rdin
atio
n w
ith th
e Fe
dera
l Aut
hori
ties
and
agen
cies
.
The
Port
us
De-
Jew
el M
exic
o (c
urr
ent
pote
nti
al p
roje
ct n
o. 8
), w
ill b
e a
new
pre
mie
r ga
tew
ay f
or i
nte
rnat
ion
al
com
mer
ce.
It i
s lo
cate
d ap
prox
imat
ely
600
mile
s so
uth
of
Yum
a A
rizo
na
Inte
rmod
al P
ort
(cu
rren
t pr
ojec
t n
o. 6
), al
ong
the
Mex
ican
coa
st l
ine.
Th
e Po
rtu
s D
e- J
ewel
Mex
ico
port
en
com
pass
es 1
76,0
00 a
cres
of
lan
d an
d w
ater
al
ong
26 m
iles
of w
ater
fron
t. I
t w
ill f
eatu
re 4
0 pa
ssen
ger
and
384
carg
o te
rmin
als,
in
clu
din
g au
tom
obile
, br
eakb
ulk
, co
nta
iner
, dr
y an
d liq
uid
bu
lk,
mu
lti-
use
, an
d w
areh
ouse
fac
iliti
es t
hat
han
dle
billi
ons
of d
olla
rs’
wor
th o
f car
go e
ach
yea
r.
The
wes
t co
ast
port
s to
day
are
beco
min
g ob
sole
te a
s th
e ca
rgo
ship
s co
nti
nu
e to
in
crea
se i
n s
ize
and
hau
ling
capa
citi
es.
Als
o th
e m
ovem
ent
of c
argo
ou
t of
th
e po
rts
hav
e be
com
e co
nge
sted
wit
h p
opu
lati
on g
row
th o
ver
the
last
100
yea
rs. T
he
Com
pan
y h
as s
ecu
red
the
righ
ts t
o bu
ild t
hro
ugh
th
e M
exic
o-A
rizo
na
bord
er, i
n c
oord
inat
ion
w
ith
Fed
eral
Au
thor
itie
s, a
rai
l sy
stem
to
mov
e ca
rgo
from
Por
tus
De
Jew
el t
o Yu
ma
Ari
zon
a In
term
odal
Por
t pr
ojec
t.
Glo
bal
Infr
astr
uct
ure
Fin
ance
& D
evel
opm
ent
Au
thor
ity,
In
c. (
“GIF
&D
A”)
, a
non
prof
it e
nti
ty r
elat
ed t
o th
e C
ompa
ny,
wit
h t
he
coop
erat
ion
of H
SR
F S
tatu
tory
Tru
st,
the
tru
stee
to
Port
De
Cla
udi
us,
In
c., a
rel
ated
en
tity
of
the
Com
pan
y, c
an r
aise
$8,
000,
000,
000
thro
ugh
th
e is
suan
ce o
f re
ven
ue
bon
ds.
The
Com
pan
y w
ill a
ct a
s M
aste
r G
ener
al C
ontr
acto
r as
hor
izon
tal a
nd
vert
ical
sit
e im
prov
emen
ts d
evel
oper
for
the
proj
ect.
60
The
Com
pan
y w
ill i
ntr
odu
ce b
ond
offe
rin
gs r
elat
ing
to t
he
proj
ect.
Th
e C
ompa
ny
will
als
o w
ork
wit
h i
ts
tran
spor
tati
on c
onsu
ltan
t, T
EM
S,
to c
ompl
ete
an i
nve
stm
ent
grad
e st
udy
th
at f
or o
ffici
atin
g a
bon
d of
feri
ng
for
this
pro
ject
. To
date
, no
mon
ey h
as e
xch
ange
d h
ands
rel
ated
to
this
tra
nsa
ctio
n. T
he
Com
pan
y’s
con
trac
tual
rol
e re
late
d to
bot
h t
he
“Mas
ter
Agr
eem
ent
For
Con
stru
ctio
n”
and
“Mas
ter
Con
sult
ing
Agr
eem
ent”
as
desc
ribe
d in
th
e “B
usi
nes
s Pl
an”
sect
ion
is
still
in
fu
ll fo
rce
and
effe
ct a
fter
ass
ign
men
ts o
f ag
reem
ents
in
volv
ing
rela
ted
enti
ties
, if
any.
The
capi
tal r
aise
d fr
om t
he
offe
rin
g w
ill b
e u
sed
as t
he
init
ial c
apit
al in
vest
men
t in
th
e Yu
ma
Ari
zon
a In
term
odal
Po
rt p
roje
ct t
o en
gage
a l
arge
con
stru
ctio
n f
irm
as
men
tion
ed e
arlie
r, p
ay t
he
mob
iliza
tion
fee
s to
dec
lare
th
e co
ntr
acto
rs i
n t
he
bon
d of
feri
ng,
pay
for
fea
sibi
lity
stu
dies
an
d in
vest
men
t gr
ade
stu
dies
, bo
nd
rati
ng
agen
cy
fees
an
d al
so p
ay f
or t
he
perf
orm
ance
bon
d to
en
sure
th
e co
mpl
etio
n o
f th
e co
nst
ruct
ion
to
prot
ect
the
bon
d h
olde
rs.
Purs
uan
t to
th
e M
aste
r C
onsu
ltin
g A
gree
men
t, t
he
Com
pan
y w
ill r
ecei
ve c
ompe
nsa
tion
fro
m t
he
bon
d pr
ocee
ds
at b
ond
clos
ing
to r
eim
burs
e th
e C
ompa
ny
for
its
init
ial
capi
tal
inve
stm
ent
into
th
e pr
ojec
t. O
ther
sou
rces
of
reve
nu
e in
clu
de m
anag
emen
t fe
es f
rom
th
e M
aste
r A
gree
men
t fo
r C
onst
ruct
ion
an
d tw
enty
-fiv
e pe
rcen
t pr
ofit
sh
arin
g fr
om e
ach
of
the
rela
ted
enti
ties
. W
ith
th
e re
ven
ue
reco
gniz
ed b
y th
e C
ompa
ny,
th
e C
ompa
ny
will
th
en
be a
ble
to s
ust
ain
its
con
tin
ued
gro
wth
an
d to
com
men
ce o
ther
pot
enti
al p
roje
cts.
Curr
ent
Pote
ntia
l Pr
ojec
t 7
SAR
AH
JE
WE
L M
ATH
IAS
INTE
RN
ATI
ON
AL
AIR
POR
T (K
SJM
) &
PO
RT
OF
OST
IA -
Pu
rsu
ant
to t
he
Mas
ter
Con
stru
ctin
g A
gree
men
t w
ith
KS
JM I
nte
rnat
ion
al A
irpo
rt,
Inc.
, th
e C
ompa
ny
will
bu
ild a
maj
or n
ew a
ir c
argo
ai
rpor
t as
pa
rt
of
the
Mob
ile
Trad
e an
d Tr
ansp
orta
tion
C
orri
dor
ther
eby
incr
easi
ng
the
capa
city
fo
r th
e S
outh
east
US
A.
This
pro
ject
will
be
deve
lope
d w
ith
a m
ajor
e-t
rade
com
pan
y lik
e Fe
dEx,
Am
azon
or
UPS
. Th
e e-
trad
e m
arke
t is
exp
andi
ng
by 1
2-16
per
cen
t pe
r ye
ar.
It w
ill f
ollo
w t
he
Alli
ance
fre
igh
t ca
rgo
airp
ort
deve
lopm
ent
in F
ort
Wor
th, T
exas
.
The
Sar
ah J
ewel
Mat
hia
s In
tern
atio
nal
Air
port
(K
SJM
) an
d Po
rt o
f O
stia
com
mer
cial
air
port
will
rev
olu
tion
ize
logi
stic
s in
th
e U
nit
ed S
tate
s. T
he
exis
tin
g tr
ansp
orta
tion
an
d di
stri
buti
on i
nfr
astr
uct
ure
in
th
e so
uth
has
bee
n
iden
tifie
d as
insu
ffici
ent
to m
eet
the
anti
cipa
ted
dem
and
over
th
e n
ext
seve
ral
deca
des
acco
rdin
g to
stu
dies
by
TEM
S.
The
Com
pan
y, a
s co
nsu
ltan
t to
Por
t D
e C
lau
diu
s, I
nc.
, Po
rt O
stia
, I
nc.
an
d K
SJM
In
tern
atio
nal
Air
port
,
61
Inc.
, ,
has
dev
elop
ed a
pla
n t
o m
eet
the
dem
ands
of
the
futu
re a
nd
to c
omba
t th
e ex
isti
ng
dist
ribu
tion
sh
ortf
alls
by
cre
atin
g th
e m
ost
effic
ien
t m
ult
i-m
odal
dis
trib
uti
on s
yste
m t
he
wor
ld h
as e
ver
seen
.
The
com
mer
cial
air
port
will
be
loca
ted
in w
est-
cen
tral
Ala
bam
a ap
prox
imat
ely
hal
f w
ay b
etw
een
th
e G
ulf
of
Mex
ico
and
the
Ten
nes
see
bord
er.
Hig
h sp
eed
rail,
fre
igh
t ra
il an
d th
e A
laba
ma
Toll
Roa
d A
TFI
(cu
rren
t po
ten
tial
pr
ojec
t n
o. 2
) of
th
e C
ompa
ny,
will
con
nec
t th
e co
mm
erci
al a
irpo
rt w
ith
th
e po
rt i
n t
he
sou
th a
nd
con
nec
t to
h
igh
den
sity
pop
ula
tion
cen
ters
in t
he
nor
th, s
peci
fical
ly P
ort
Traj
an.
The
Com
pan
y h
as e
nga
ged
Arm
stro
ng
Con
sult
ing
Inc.
for
th
e ai
rpor
t en
gin
eeri
ng
and
plan
nin
g. A
rmst
ron
g C
onsu
ltin
g In
c. i
s an
exp
erie
nce
d ai
rpor
t pl
ann
ing
and
engi
nee
r de
sign
com
pan
y. I
t w
ill e
ngi
nee
r an
d de
sign
ac
cord
ing
to s
tan
dard
s fr
om F
AA
AC
150/
5300
-13
airp
ort
desi
gn a
nd
FAR
PA
RT
77.
The
Com
pan
y h
as e
nga
ged
Inch
cape
Sh
ippi
ng
Ser
vice
s (IS
S)
to m
anag
e an
d ac
t as
por
t ag
ent
at P
ort
Cla
udi
us
and
Port
Of
Ost
ia.
Inch
scap
e S
hip
pin
g S
ervi
ces
Inc.
has
a w
orld
of
expe
rtis
e an
d pr
ovid
es g
loba
l st
rate
gic
mar
itim
e, c
argo
and
su
pply
ch
ain
sol
uti
ons
to s
hip
ow
ner
s an
d op
erat
ors
wh
o sp
an a
ll ge
ogra
phie
s, m
arke
t se
gmen
ts, v
esse
ls a
nd
asse
t ty
pes.
Th
ey p
erfo
rm 6
5,88
5 lo
cal p
ort
calls
acr
oss
1,53
3 po
rts
in 1
12 c
oun
trie
s.
The
Com
pan
y h
as a
ppro
ach
ed a
maj
or a
ircr
aft
man
ufa
ctu
rer
to h
elp
lau
nch
air
car
go o
pera
tion
at
KS
JM a
nd
Port
of
Ost
ia.
A m
ajor
air
craf
t m
anu
fact
ure
r h
as i
ndi
cate
d th
at t
he
Com
pan
y sh
ould
mov
e fo
rwar
d w
ith
its
bu
sin
ess
plan
.
The
airf
ield
com
pon
ent
of t
he
com
mer
cial
air
port
has
bee
n e
nvi
sion
ed t
o ac
com
mod
ate
the
nex
t ge
ner
atio
n’s
m
ega-
size
d ai
rcra
ft.
Man
y ai
rpor
ts a
rou
nd
the
wor
ld a
re f
indi
ng
it d
iffic
ult
to
han
dle
the
larg
est
airc
raft
th
at a
re
curr
entl
y in
ser
vice
, su
ch a
s th
e A
irbu
s A
380.
Mos
t of
th
e ex
isti
ng
airp
orts
aro
un
d th
e w
orld
are
con
stra
ined
by
phys
ical
bar
rier
s th
at in
hib
it t
hei
r ab
ility
to
expa
nd
to a
ccom
mod
ate
the
mas
sive
siz
e of
th
e ai
rcra
ft t
hat
ope
rate
to
day.
Th
is w
ill n
ot b
e an
issu
e at
KS
JM.
The
airp
ort
will
hav
e fo
ur
para
llel r
un
way
s m
easu
rin
g 18
,000
fee
t lo
ng
and
250
feet
wid
e as
wel
l as
a c
ross
win
d ru
nw
ay m
easu
rin
g 12
,000
fee
t lo
ng
and
250
feet
wid
e. D
esig
n c
rite
ria
for
the
taxi
way
sys
tem
, ai
rcra
ft p
arki
ng
area
s an
d th
e ru
nw
ays
hav
e be
en p
lan
ned
to
acco
mm
odat
e n
ew l
arge
ai
rcra
ft o
f to
day
as w
ell
as t
he
nex
t ge
ner
atio
n a
ircr
aft
of t
omor
row
. S
arah
Jew
el M
ath
ias
Inte
rnat
ion
al A
irpo
rt
(KS
JM) a
nd
Port
of O
stia
com
mer
cial
air
port
com
pon
ents
:
Fou
r 18
,000
’ x 2
50’ R
un
way
s
24/7
Air
Tra
ffic
Tow
er -
No
Cu
rfew
U
nre
stri
cted
Air
spac
e
R &
D F
acili
ties
62
1,60
0-ac
re I
nla
nd
Rai
l Por
t
Tow
n C
ente
r
2,30
0-ac
re I
ndu
stri
al P
ark
C
ompe
titi
ve R
ates
In
cen
tive
s
Gre
enfie
ld S
ite
D
esig
n/B
uild
-to-
Su
it (E
xpan
dabl
e)
1,80
0-ac
re A
irpo
rt B
usi
nes
s Pa
rk
Sh
ippi
ng
& R
ecei
vin
g (L
ogis
tics
) S
tate
-of-
the-
Art
Fac
iliti
es
Cu
stom
er R
ecep
tion
Cen
ter
C
orpo
rate
Air
craf
t R
amp
N
earb
y R
esid
enti
al/R
etai
l/H
otel
A
viat
ion
Mai
nte
nan
ce
Avi
atio
n M
anu
fact
uri
ng
C
orpo
rate
Hou
sin
g
24/7
U.S
. Cu
stom
s Po
rt o
f En
try
Fu
ll-S
ervi
ce F
ixed
-Bas
ed O
pera
tor
R
esea
rch
& D
evel
opm
ent
Fl
igh
t Te
stin
g Fa
cilit
ies
63
Sara
h Je
wel
Mat
hias
Int
erna
tion
al A
irpo
rt (K
SJM
) and
Por
t of
Ost
ia D
evel
opm
ent
Plan
Glo
bal
Infr
astr
uct
ure
Fin
ance
& D
evel
opm
ent
Au
thor
ity,
In
c. (
“GIF
&D
A”)
, a
non
prof
it e
nti
ty r
elat
ed t
o th
e C
ompa
ny,
wit
h t
he
coop
erat
ion
of
HS
RF
Sta
tuto
ry T
rust
, th
e tr
ust
ee o
f th
e K
SJM
In
tern
atio
nal
Air
port
, In
c.,
a re
late
d en
tity
of
the
Com
pan
y ca
n r
aise
$15
,000
,000
,000
th
rou
gh i
ssu
ance
of
reve
nu
e bo
nds
. Th
e C
ompa
ny,
as
Mas
ter
Gen
eral
C
ontr
acto
r,
will
ac
t as
h
oriz
onta
l an
d ve
rtic
al
site
im
prov
emen
ts
deve
lope
r fo
r K
SJM
In
tern
atio
nal
Air
port
, In
c. (K
SJM
) a r
elat
ed e
nti
ty o
f th
e C
ompa
ny.
The
Com
pan
y, w
ill i
ntr
odu
ce t
he
bon
d of
feri
ngs
rel
atin
g to
th
e pr
ojec
t. T
he
Com
pan
y w
ill a
lso
wor
k w
ith
its
tr
ansp
orta
tion
con
sult
ant,
TE
MS
, to
com
plet
e, w
ith
in t
he
nin
ety-
day
peri
od,
an i
nve
stm
ent
grad
e st
udy
for
of
ficia
tin
g a
bon
d of
feri
ng
for
this
pro
ject
. To
dat
e, n
o m
oney
has
exc
han
ged
han
ds r
elat
ed t
o th
is t
ran
sact
ion
. Th
e C
ompa
ny’
s co
ntr
actu
al
role
re
late
d to
bo
th
the
“Mas
ter
Agr
eem
ent
For
Con
stru
ctio
n”
and
“Mas
ter
Con
sult
ing
Agr
eem
ent”
de
scri
bed
abov
e w
ith
in
the
“Bu
sin
ess
Plan
” is
st
ill
in
full
forc
e an
d ef
fect
, af
ter
assi
gnm
ents
of a
gree
men
ts in
volv
ing
affil
iate
en
titi
es, i
f an
y.
The
capi
tal
rais
ed f
rom
th
e of
feri
ng
will
be
use
d as
th
e in
itia
l ca
pita
l in
vest
men
t in
th
e K
SJM
In
tern
atio
nal
A
irpo
rt p
roje
ct t
o en
gage
a l
arge
con
stru
ctio
n f
irm
as
iden
tifie
d ea
rlie
r, p
ay t
he
mob
iliza
tion
fee
s to
dec
lare
th
e
64
con
trac
tors
in
th
e bo
nd
offe
rin
g, p
ay f
or f
easi
bilit
y st
udi
es a
nd
inve
stm
ent
grad
e st
udi
es,
bon
d ra
tin
g ag
ency
fe
es a
nd
also
pay
for
th
e pe
rfor
man
ce b
ond
to i
nsu
re t
he
com
plet
ion
of
the
con
stru
ctio
n t
o pr
otec
t th
e bo
nd
hol
ders
.
Purs
uan
t to
th
e M
aste
r C
onsu
ltin
g A
gree
men
t, t
he
Com
pan
y w
ill r
ecei
ve c
ompe
nsa
tion
fro
m t
he
bon
d pr
ocee
ds
at b
ond
clos
ing
to r
eim
burs
e th
e C
ompa
ny
for
its
init
ial
capi
tal
inve
stm
ent
into
th
e pr
ojec
t. O
ther
sou
rces
of
reve
nu
e in
clu
de m
anag
emen
t fe
es f
rom
th
e M
aste
r A
gree
men
t fo
r C
onst
ruct
ion
an
d tw
enty
fiv
e pe
rcen
t pr
ofit
sh
arin
g fr
om e
ach
of
the
rela
ted
enti
ties
. W
ith
th
e re
ven
ue
reco
gniz
ed b
y th
e C
ompa
ny,
th
e C
ompa
ny
will
th
en
be a
ble
to s
ust
ain
its
con
tin
ued
gro
wth
an
d co
mm
ence
oth
er p
oten
tial
pro
ject
s
Curr
ent
Pote
ntia
l Pr
ojec
t 8
Port
us D
e-Je
wel
Mex
ico
- Th
e Po
rtu
s D
e- J
ewel
Mex
ico
is t
he
new
pre
mie
r ga
tew
ay f
or in
tern
atio
nal
com
mer
ce.
It
is l
ocat
ed a
ppro
xim
atel
y 60
0 m
iles
sou
th o
f th
e po
ten
tial
Yu
ma
Ari
zon
a In
term
odal
Por
t (c
urr
ent
pote
nti
al
proj
ect
no.
6) a
lon
g th
e M
exic
an c
oast
lin
e. T
he
Port
us
De-
Jew
el M
exic
o en
com
pass
es 1
76,0
00 a
cres
of l
and
and
wat
er a
lon
g 26
mile
s of
wat
erfr
ont.
It
will
fea
ture
40
pass
enge
r an
d 38
4 ca
rgo
term
inal
s, i
ncl
udi
ng
auto
mob
ile,
brea
kbu
lk,
con
tain
er,
dry
and
liqu
id b
ulk
, m
ult
i-u
se,
and
war
ehou
se f
acili
ties
th
at h
andl
e bi
llion
s of
dol
lars
’ w
orth
of c
argo
eac
h y
ear.
The
Port
us
De-
Jew
el M
exic
o de
velo
pmen
t pl
an c
onsi
sts
of 6
4 sh
ippi
ng/
rece
ivin
g be
rth
s at
len
gth
s of
15,
000
ft.
each
. T
he
tota
l n
um
ber
of s
hip
s be
rth
ed a
t on
e ti
me
wou
ld b
e 32
0 m
ega
ship
s. T
he
wat
er d
epth
wou
ld b
e co
nst
ant
at fi
fty
five
feet
, th
e n
eede
d de
pth
of w
ater
for
meg
a ca
rgo
ship
s.
The
Com
pan
y es
tim
ates
th
at P
ortu
s D
e-Je
wel
Mex
ico
dom
esti
c ec
onom
ic im
pact
ove
rflo
w t
o th
e U
nit
ed S
tate
s of
A
mer
ica
wou
ld b
e: 1.
1 m
illio
n jo
bs
$89.
2 bi
llion
tra
de v
alu
e in
tra
de c
orri
dors
of A
rizo
na
and
Cal
iforn
ia
$223
bill
ion
in U
.S. t
rade
val
ue
$5.1
bill
ion
in s
tate
tax
rev
enu
e
65
$21.
5 bi
llion
in fe
dera
l tax
rev
enu
e
Port
cu
stom
ers
will
con
trib
ute
abo
ut
$760
mill
ion
in
an
cilla
ry t
rade
val
ue
to A
rizo
na
and
Cal
iforn
ia
Eco
nom
ic I
mpa
ct: T
he
econ
omic
im
pact
is
appr
oxim
atel
y fiv
e h
un
dred
bill
ion
dol
lars
per
yea
r to
US
dom
esti
c ec
onom
y.
Port
cu
stom
ers
will
con
trib
ute
app
roxi
mat
ely
$27,
800,
000,
000
per
year
to
the
loca
l ec
onom
y as
wel
l as
to
US
dom
esti
c ec
onom
y w
ith
in t
he
Port
us
De-
Jew
el M
exic
o co
mpl
ex.
Th
e Po
rt
con
trib
ute
s su
bsta
nti
ally
to
the
econ
omy,
in p
art,
th
rou
gh t
he
follo
win
g ac
tivi
ties
:
Port
Ind
ustr
ies:
Por
t in
dust
ries
are
bu
sin
esse
s in
volv
ed in
th
e m
ovin
g an
d h
andl
ing
of m
arit
ime
carg
o.
Dol
lars
: For
eve
ry d
olla
r sp
ent
by p
ort
indu
stri
es -
an
oth
er 9
7 ce
nts
is
gen
erat
ed i
n i
ndi
rect
an
d in
duce
d sa
les
in t
he
regi
on.
Eac
h d
olla
r of
spe
ndi
ng
for
port
use
r go
ods
and
serv
ices
pro
duce
s ab
out
79 c
ents
of
addi
tion
al in
dust
ry s
ales
in t
he
regi
on.
Jobs
: Acc
oun
ts f
or a
ppro
xim
atel
y 32
,000
dir
ect
port
in
dust
ry j
obs
(85%
of
wh
ich
are
tru
ckin
g an
d w
areh
ousi
ng
jobs
).
Port
Use
rs: T
he
bigg
est
con
trib
uto
rs t
o th
e ec
onom
y ar
e th
e po
rt u
sers
wh
o u
se t
he
Port
to
rece
ive
impo
rts
or s
hip
exp
orts
. E
xpor
t m
anu
fact
ure
rs a
re m
ajor
por
t u
sers
. O
ther
por
t u
sers
in
clu
de l
ocal
m
anu
fact
ure
rs w
ho
proc
ess
impo
rted
un
finis
hed
goo
ds.
Port
Cus
tom
ers:
Por
t cu
stom
ers
are
the
reta
il an
d ot
her
non
-car
go b
usi
nes
ses
in t
he
Port
. Th
ey a
re m
ost
impo
rtan
t to
com
mu
nit
ies
nea
r th
e Po
rt a
s a
sou
rce
of jo
bs, r
ecre
atio
n a
nd
spec
ialt
y co
nsu
mer
goo
ds.
Jobs
: Dir
ect
jobs
ass
ocia
ted
wit
h p
ort
cust
omer
s n
um
bere
d ab
out
6,40
0 or
rou
ghly
hal
f of
th
e jo
bs
actu
ally
loc
ated
in
th
e Po
rt.
For
ever
y on
e of
th
ese
port
cu
stom
er j
obs,
nea
rly
1.7
addi
tion
al j
obs
are
crea
ted
else
wh
ere
in t
he
regi
on.
66
Port
us D
e Je
wel
Glo
bal
Infr
astr
uct
ure
Fin
ance
& D
evel
opm
ent
Au
thor
ity,
In
c. (
“GIF
&D
A”)
, a
non
prof
it e
nti
ty r
elat
ed t
o th
e C
ompa
ny,
wit
h t
he
coop
erat
ion
of
HS
RF
Sta
tuto
ry T
rust
, th
e tr
ust
ee o
f Po
rtu
s D
e-Je
wel
Mex
ico,
a d
ivis
ion
of
Port
of
Ost
ia,
Inc.
an
d a
rela
ted
enti
ty o
f th
e C
ompa
ny
can
rai
se $
40,0
00,0
00,0
00 t
hro
ugh
th
e is
suan
ce o
f re
ven
ue
bon
ds. T
he
Com
pan
y as
Mas
ter
Gen
eral
Con
trac
tor
will
act
as
hor
izon
tal a
nd
vert
ical
sit
e im
prov
emen
ts
deve
lope
r fo
r Po
rtu
s D
e-Je
wel
Mex
ico.
The
Com
pan
y w
ill i
ntr
odu
ce b
ond
offe
rin
gs r
elat
ing
to t
he
proj
ect.
Th
e C
ompa
ny
will
als
o w
ork
wit
h i
ts
tran
spor
tati
on c
onsu
ltan
t, T
EM
S,
to c
ompl
ete,
wit
hin
th
e n
inet
y-da
y pe
riod
, an
in
vest
men
t gr
ade
stu
dy t
o of
ficia
te a
bon
d of
feri
ng
for
this
pro
ject
. To
dat
e, n
o m
oney
has
exc
han
ged
han
ds r
elat
ed t
o th
is t
ran
sact
ion
. Th
e C
ompa
ny’
s co
ntr
actu
al r
ole,
rel
ated
to
both
th
e “M
aste
r A
gree
men
t Fo
r C
onst
ruct
ion
” an
d “M
aste
r C
onsu
ltin
g A
gree
men
t” a
s de
scri
bed
in t
he
“Bu
sin
ess
Plan
” se
ctio
n i
s st
ill i
n fu
ll fo
rce
and
effe
ct a
fter
ass
ign
men
ts o
f ag
reem
ents
invo
lvin
g an
y af
filia
te e
nti
ties
.
67
The
capi
tal
rais
ed f
rom
th
e of
feri
ng
will
be
use
d as
th
e in
itia
l ca
pita
l in
vest
men
t in
th
e Po
rtu
s D
e-Je
wel
Mex
ico
proj
ect
to e
nga
ge a
lar
ge c
onst
ruct
ion
fir
m a
s m
enti
oned
ear
lier,
pay
th
e m
obili
zati
on f
ees
to d
ecla
re t
he
con
trac
tors
in
th
e bo
nd
offe
rin
g, p
ay f
or f
easi
bilit
y st
udi
es a
nd
inve
stm
ent
grad
e st
udi
es,
bon
d ra
tin
g ag
ency
fe
es a
nd
also
pay
for
th
e pe
rfor
man
ce b
ond
to e
nsu
re t
he
com
plet
ion
of
the
con
stru
ctio
n t
o pr
otec
t th
e bo
nd
hol
ders
.
Purs
uan
t to
th
e M
aste
r C
onsu
ltin
g A
gree
men
t, t
he
Com
pan
y w
ill r
ecei
ve c
ompe
nsa
tion
fro
m t
he
bon
d pr
ocee
ds
at b
ond
clos
ing
to r
eim
burs
e th
e C
ompa
ny
for
its
init
ial
capi
tal
inve
stm
ent
into
th
e pr
ojec
t. O
ther
sou
rces
of
reve
nu
e in
clu
de m
anag
emen
t fe
es f
rom
th
e M
aste
r A
gree
men
t fo
r C
onst
ruct
ion
an
d tw
enty
fiv
e pe
rcen
t pr
ofit
sh
arin
g fr
om e
ach
of t
he
rela
ted
enti
ties
. W
ith
th
e re
ven
ue
reco
gniz
ed
by t
he
Com
pan
y, t
he
Com
pan
y w
ill t
hen
be
able
to
sust
ain
its
con
tin
ued
gro
wth
an
d to
com
men
ce o
ther
po
ten
tial
pro
ject
s. O
n J
un
e 29
, 20
19,
the
Com
pan
y is
sued
20,
000,
000
shar
es o
f C
lass
B c
omm
on s
tock
to
acqu
ire
a 10
% p
arti
cipa
tin
g pr
ofit
s in
tere
st in
th
is p
roje
ct.
Curr
ent
Pote
ntia
l Pr
ojec
t 9
HSR
Tec
hnol
ogie
s In
c. M
anuf
actu
ring
Sit
e - I
n O
ctob
er 2
014,
HS
R T
ech
nol
ogy,
In
c. a
rel
ated
par
ty a
nd
the
equ
itab
le o
wn
er o
f fo
ur
tax
parc
els
loca
ted
wit
hin
Wes
t M
anch
este
r To
wn
ship
, Yo
rk,
PA,
filed
a r
equ
est
for
lan
dow
ner
cu
rati
ve
amen
dmen
t w
ith
th
e lo
cal
tow
nsh
ip
wit
h
the
inte
nt
of
con
stru
ctin
g fa
cilit
ies
on
the
prop
erti
es f
or t
he
fabr
icat
ion
, as
sem
bly
and
wel
din
g of
ste
el,
alu
min
um
an
d st
ain
less
ste
el a
ssem
blie
s w
ith
no
fou
ndr
y or
cas
tin
g op
erat
ion
s. T
he
use
will
in
clu
de t
he
fabr
icat
ion
an
d as
sem
bly
of c
ompo
site
reb
ar,
com
posi
te
rail,
bed
lin
ers
and
rail
car
asse
mbl
ies
rece
ived
pre
-pre
pare
d. T
he
rail
acce
ss is
cri
tica
l to
the
proc
ure
men
t of
th
e la
nd,
as
the
prod
uct
s m
anu
fact
ure
d on
sit
e w
ill b
e di
rect
ly r
elat
ed t
o th
e C
ompa
ny’
s pu
rpos
e of
cre
atin
g gl
obal
ec
onom
ic d
evel
opm
ent
and
prom
otin
g tr
ade
by b
rin
gin
g pe
ople
tog
eth
er t
hro
ugh
in
nov
ativ
e id
eas
and
adva
nce
d te
chn
olog
y.
HS
R T
ech
nol
ogy,
In
c. p
ropo
ses
the
init
ial
con
stru
ctio
n o
f a
tran
sfer
an
d st
orag
e bu
ildin
g w
ith
a r
ail
sidi
ng
into
th
e bu
ildin
g. M
anu
fact
uri
ng
and
asse
mbl
y bu
ildin
gs w
ould
be
adde
d in
sta
ges,
eve
ntu
ally
em
ploy
ing
up
to 2
,800
wor
kers
.
HS
R T
ech
nol
ogie
s, I
nc.
has
ch
osen
th
e pr
oper
ties
in
qu
esti
on f
or i
ndu
stri
al d
evel
opm
ent
afte
r an
ext
ensi
ve
sear
ch o
f Yo
rk C
oun
ty p
rope
rtie
s. T
he
prop
erty
has
449
+/-
acre
s w
hic
h m
eets
th
e de
velo
pmen
t n
eeds
an
d al
so
prov
ides
fu
ture
exp
ansi
on c
apab
iliti
es. R
ail
serv
ice
is c
riti
cal
to t
he
HS
R T
ech
nol
ogie
s In
c. b
usi
nes
s m
odel
, w
hic
h is
bas
ed o
n r
ail u
se. T
he
site
in q
ues
tion
has
3,6
00 li
nea
r fe
et o
f ra
il lin
e tr
aver
sin
g it
an
d pr
ovid
es a
mpl
e
68
area
s fo
r si
din
g ac
cess
. A
cces
s to
maj
or r
oadw
ays
is a
cri
tica
l com
pon
ent
of a
ny
man
ufa
ctu
rin
g u
se. T
he
subj
ect
prop
erti
es h
ave
dire
ct a
cces
s to
an
art
eria
l ro
ad, W
est
Col
lege
Ave
nu
e, a
sta
te r
oad;
a c
olle
ctor
roa
d, H
okes
Mill
R
oad,
als
o a
stat
e ro
ad; a
nd
thre
e lo
cal
road
s, o
fferi
ng
man
y po
ten
tial
poi
nts
of
acce
ss.
Als
o, t
he
site
is
wit
hin
22
00 fe
et o
f PA
Rou
te 4
62 a
nd
the
Rou
te 3
0 by
pass
.
Glo
bal
Infr
astr
uct
ure
Fin
ance
& D
evel
opm
ent
Au
thor
ity,
In
c. (
“GIF
&D
A”)
, a
non
-pro
fit e
nti
ty r
elat
ed t
o th
e C
ompa
ny,
wit
h t
he
coop
erat
ion
of H
SR
F S
tatu
tory
Tru
st,
the
tru
stee
of H
SR
Tec
hn
olog
ies
Inc.
, a r
elat
ed e
nti
ty o
f th
e C
ompa
ny
can
rai
se $
25,0
00,0
00,0
00 t
hro
ugh
th
e is
suan
ce o
f re
ven
ue
bon
ds.
The
Com
pan
y as
Mas
ter
Gen
eral
Con
trac
tor
will
act
as
hor
izon
tal a
nd
vert
ical
sit
e im
prov
emen
ts d
evel
oper
for
HS
R T
ech
nol
ogie
s, I
nc.
The
Com
pan
y w
ill a
lso
wor
k w
ith
its
tra
nsp
orta
tion
con
sult
ant,
TE
MS
, to
com
plet
e an
in
vest
men
t gr
ade
stu
dy
for
offic
iati
ng
a bo
nd
offe
rin
g fo
r th
is
proj
ect.
T
o da
te,
no
mon
ey
has
ex
chan
ged
han
ds
rela
ted
to
this
tr
ansa
ctio
n.
The
Com
pan
y’s
con
trac
tual
rol
e re
late
d to
bot
h t
he
“Mas
ter
Agr
eem
ent
For
Con
stru
ctio
n”
and
“Mas
ter
Con
sult
ing
Agr
eem
ent”
des
crib
ed a
bove
wit
hin
th
e “B
usi
nes
s Pl
an”
is s
till
in f
ull
forc
e an
d ef
fect
aft
er
assi
gnm
ents
of a
gree
men
ts in
volv
ing
rela
ted
enti
ties
, if a
ny.
The
four
man
ufac
turi
ng p
lant
s th
at w
ill
com
men
ce o
pera
tion
s on
thi
s si
te a
fter
sit
e bu
ild
out
are
as
foll
ows:
HIG
HW
AY
CO
MPO
SITE
RE
BA
R -
Th
e C
ompa
ny
has
th
e ri
ght
to u
se t
he
new
reb
ar p
rodu
ct t
hat
can
be
use
d in
it
s de
velo
pmen
t of
hig
hw
ays
and
rail
rou
te s
tru
ctu
res.
Mar
shal
ls C
ompo
site
Tec
hn
olog
ies
LLC
(M
CT)
has
bee
n
enga
ged
to
man
ufa
ctu
re
the
com
posi
te
reba
r,
thro
ugh
H
SR
Te
chn
olog
ies
Inc.
fo
r th
e C
ompa
ny.
HS
R
Tech
nol
ogie
s, I
nc.
wou
ld m
anu
fact
ure
th
e re
bar
for
use
in
pro
ject
s lik
e th
e A
laba
ma
Toll
Roa
d, a
nd
the
Texa
s Tr
ade
Cor
rido
r, a
nd
Yum
a Tr
ade
Cor
rido
r fo
r th
e C
ompa
ny.
MC
T is
th
e or
igin
al d
evel
oper
of
the
com
posi
te r
ebar
tec
hn
olog
y. H
SR
Tec
hn
olog
ies
Inc.
will
als
o se
ll th
e re
bar
to
oth
ers
for
com
mer
cial
use
. M
arsh
alls
Com
posi
te T
ech
nol
ogie
s LL
C (
MC
T) o
ffers
a p
lan
t se
t u
p an
d lic
ence
ag
reem
ent
to m
anu
fact
ure
th
e re
bar
and
a co
ntr
act
for
thei
r te
chn
olog
y to
man
ufa
ctu
re c
ompo
site
Re-
bar
(C
RB
).
U.S
. Pat
ent
Num
bers
: 5,7
02,8
16; 5
,763
,042
; 5,8
51,4
68; 5
,876
,553
; 6,4
85,6
60 B
1; a
nd
6,49
3,91
4 B
2
MC
T is
th
e on
ly U
SA
com
posi
te C
-Reb
ar c
ompa
ny
that
is
fede
rally
cer
tifie
d to
mee
t al
l fe
dera
l sp
ecs
for
use
in
any
gove
rnm
ent
fun
ded
proj
ects
. Con
gres
s ga
ve f
inal
app
rova
l of
a $
109-
billi
on t
ran
spor
tati
on f
un
din
g bi
ll.
Incl
ude
d in
th
e co
mpr
omis
e le
gisl
atio
n is
a p
rovi
sion
69
that
cal
ls f
or t
he
use
of
tota
l lif
e-cy
cle
cost
an
alys
is a
s pa
rt o
f th
e co
ntr
act-
awar
din
g pr
oces
s fo
r n
ew f
eder
al
proj
ects
. Th
e re
sult
cou
ld b
e bi
llion
s of
dol
lars
in
new
bu
sin
ess
for
the
com
posi
tes
indu
stry
. Th
e fib
er r
ein
forc
ed
poly
mer
(FR
P) c
ompo
site
s in
dust
ry h
as l
ong
advo
cate
d fo
r th
e U
.S.
Con
gres
s to
req
uir
e th
e st
ates
to
empl
oy a
lif
e-cy
cle
cost
ass
essm
ent
wh
en is
suin
g co
ntr
acts
for
infr
astr
uct
ure
con
stru
ctio
n.
As
a pr
acti
cal m
atte
r, s
uch
a p
rovi
sion
will
sav
e m
oney
bec
ause
new
infr
astr
uct
ure
con
stru
ctio
n w
ould
tak
e in
to
acco
un
t bo
th t
he
cost
of
inst
alla
tion
an
d lo
ng-
term
upk
eep,
rat
her
th
an a
war
din
g a
con
trac
t so
lely
on
th
e ba
sis
of l
owes
t in
itia
l co
st. A
ccor
din
g to
th
e n
ew b
ill,
the
engi
nee
rin
g an
alys
is u
sed
by t
he S
tate
Dep
artm
ents
of
Tran
spor
tati
on f
or a
war
din
g co
nst
ruct
ion
con
trac
ts f
or h
igh
way
bri
dge
proj
ects
, “s
hal
l be
eva
luat
ed b
y th
e S
tate
...
on
en
gin
eeri
ng
and
econ
omic
bas
es, t
akin
g in
to c
onsi
dera
tion
acc
epta
ble
desi
gns
for
brid
ges
... a
nd
... u
sin
g an
an
alys
is o
f lif
e-cy
cle
cost
s an
d du
rati
on o
f pr
ojec
t co
nst
ruct
ion
." T
his
ch
ange
pav
es t
he
way
for
th
e u
se o
f co
mpo
site
s an
d ot
her
hig
h-p
erfo
rman
ce m
ater
ials
in m
ajor
infr
astr
uct
ure
pro
ject
s.
"The
se li
fe-c
ycle
cos
t an
alys
is r
equi
rem
ents
sho
uld
push
the
sta
tes
tow
ard
the
use
of lo
nger
-life
and
low
er-
mai
nten
ance
-cos
t de
sign
s, i
nclu
ding
pro
ject
s th
at e
mpl
oy n
on-r
ustin
g an
d lig
ht-w
eigh
t co
mpo
nent
s su
ch a
s C
ompo
site
C-
RE
BA
R,
gird
ers,
and
dec
k sy
stem
s,"
says
the
Sen
ior
Dir
ecto
r of
Gov
ernm
ent
Aff
airs
at
the
Am
eric
an
Com
posi
tes
Man
ufac
ture
rs
Ass
ocia
tion,
Jo
hn
Schw
eitz
er.
"The
re
are
over
60
0,00
0 hi
ghw
ay
brid
ges
in t
he U
.S.,
mak
ing
this
a v
ery
larg
e po
tent
ial
mar
ket
for
FRP
com
posi
te p
rodu
cts.
" Fo
r m
ore
info
rmat
ion
abou
t th
e be
nefit
s of
life
Dee
-cyc
le c
ost
asse
ssm
ent
read
thi
s w
hite
pap
er b
y tr
ansp
orta
tion
polic
y ex
pert
and
thre
e de
cade
vet
eran
of
the
Con
gres
sion
al R
esea
rch
Serv
ice,
Joh
n W
. Fis
cher
.
In F
ebru
ary
2011
, th
e C
ompa
ny
issu
ed a
n o
ffer
lett
er t
o H
SR
Tec
hn
olog
ies
Inc.
for
pu
rch
ase
of f
utu
re r
ebar
pr
odu
cts
for
cash
of
$4,7
50,0
00.
The
Com
pan
y is
als
o en
gage
d in
dev
elop
men
t of
oth
er t
ran
spor
tati
on p
oten
tial
pr
ojec
ts, s
peci
fical
ly t
he
deve
lopm
ent
of a
tol
l ro
ad i
n t
he
Sta
te o
f A
laba
ma.
Th
e C
ompa
ny
is i
n n
eed
of 4
00
mill
ion
fee
t of
Com
posi
te C
- R
ebar
for
th
e to
ll ro
ad p
roje
ct i
n t
he
Sta
te o
f A
laba
ma.
HS
R T
ech
nol
ogie
s, I
nc.
sit
e w
ill fa
cilit
ate
the
man
ufa
ctu
rin
g an
d di
stri
buti
on o
f Com
posi
te C
- R
ebar
.
The
Com
pan
y w
ill a
lso
wor
k w
ith
its
tra
nsp
orta
tion
con
sult
ant
TEM
S t
o co
mpl
ete
wit
hin
th
e n
inet
y da
y pe
riod
an
inve
stm
ent
grad
e st
udy
for
offi
ciat
ing
a bo
nd
offe
rin
g fo
r th
is p
roje
ct.
The
Com
pan
y’s
con
trac
tual
rol
e re
late
d to
bot
h t
he
“Mas
ter
Agr
eem
ent
For
Con
stru
ctio
n”
and
“Mas
ter
Con
sult
ing
Agr
eem
ent”
des
crib
ed a
bove
wit
hin
th
e “B
usi
nes
s Pl
an”
is s
till
in fu
ll fo
rce
and
effe
ct a
fter
ass
ign
men
ts o
f agr
eem
ents
.
70
CO
MPO
SITE
RA
ILR
OA
D T
IES
- H
SR
Tec
hn
olog
ies,
In
c. h
olds
th
e pa
ten
t fo
r pr
odu
cin
g ra
il ti
es t
hat
will
be
use
d to
bu
ild t
he
railr
oad
syst
em i
n p
roje
cts
like
Port
Tra
jan
an
d th
e M
obile
Tra
de C
orri
dor,
Tex
as a
nd
Yum
a Tr
ade
corr
idor
s.
On
A
pril
16,
2012
th
e C
ompa
ny
ente
red
into
an
ag
reem
ent
to
purc
has
e in
telle
ctu
al
prop
erty
fr
om H
SR
Te
chn
olog
ies,
In
c. in
exc
han
ge f
or $
8,00
0,00
0 pe
r co
un
try
licen
se.
The
Com
pan
y is
sued
100
,000
sh
ares
of
com
mon
st
ock
to
secu
re
con
trac
t ri
ghts
. H
SR
Te
chn
olog
ies,
In
c.
will
fa
cilit
ate
the
man
ufa
ctu
rin
g an
d di
stri
buti
on o
f C
ompo
site
Rai
l R
oad
Ties
. Th
e C
ompa
ny
will
use
ove
r 40
mill
ion
Com
posi
te R
ail
Roa
d Ti
es f
or i
ts
curr
ent
proj
ects
. Th
e C
ompa
ny
also
has
th
e ri
ght
to e
xplo
it t
he
inte
llect
ual
pro
pert
y in
oth
er w
orld
mar
kets
as
wel
l.
NPG
In
nov
atio
ns
ente
red
into
an
exc
lusi
ve l
icen
sin
g ag
reem
ent
righ
ts i
nvo
lvin
g tw
o U
S p
aten
ts,
to m
anu
fact
ure
co
mpo
site
rai
l roa
d ti
es fo
r H
SR
Tec
hn
olog
ies,
In
c. a
nd
is t
he
orig
inal
inve
nto
rs o
f gre
en t
ech
nol
ogy
railr
oad
ties
.
US
Pate
nt N
umbe
r: 5
,996
,901
; 7,9
31,2
10
The
Com
pan
y w
ill a
lso
wor
k w
ith
its
tra
nsp
orta
tion
con
sult
ant
TEM
S t
o co
mpl
ete
wit
hin
th
e n
inet
y da
y pe
riod
an
inve
stm
ent
grad
e st
udy
th
at w
ill m
ake
it p
ossi
ble
thro
ugh
bon
d ra
tin
g ag
enci
es t
o of
ficia
te a
bon
d of
feri
ng
for
this
pro
ject
. T
he
Com
pan
y’s
con
trac
tual
rol
e, a
fter
an
y as
sign
men
ts o
f an
y ag
reem
ents
in
volv
ing
the
enti
ty,
is
still
in
fu
ll fo
rce
and
effe
ct,
rela
ted
to b
oth
th
e “M
aste
r A
gree
men
t Fo
r C
onst
ruct
ion
” an
d “M
aste
r C
onsu
ltin
g A
gree
men
t”
desc
ribe
d ab
ove
wit
hin
th
e “B
usi
nes
s Pl
an”.
To
cl
arify
fo
r pu
rpos
es
of
this
pr
ojec
t, H
SR
Te
chn
olog
ies,
In
c. is
a r
elat
ed e
nti
ty.
RA
ILC
AR
/LO
CO
MO
TIV
E
PRO
DU
CTI
ON
FA
CIL
ITY
–&N
BSP
; H
i Sp
eed
Rai
l C
ar
Ass
embl
y Li
ne: R
ELC
O
Loco
mot
ives
In
c.,
per
agre
emen
ts w
ith
HS
R T
ech
nol
ogie
s In
c. w
ill m
anu
fact
ure
tra
in s
et p
arts
to
be a
ssem
bled
by
HS
R T
ech
nol
ogie
s In
c. o
n t
he
HS
R
Tech
nol
ogie
s In
c. m
anu
fact
uri
ng
site
. Th
e m
anu
fact
uri
ng
faci
lity
will
be
for
the
fabr
icat
ion
, as
sem
bly
and
wel
din
g of
ste
el,
alu
min
um
an
d st
ain
less
ste
el a
ssem
blie
s an
d th
e u
se w
ill i
ncl
ude
th
e fa
bric
atio
n o
f ra
il ca
r as
sem
blie
s re
ceiv
ed p
re-p
repa
red.
H
SR
Tec
hn
olog
ies,
In
c. e
nte
red
into
an
exc
lusi
ve T
ech
nol
ogy
use
agr
eem
ent
wit
h U
S R
ailc
ar f
or e
xclu
sive
use
of
DM
U r
ail
tech
nol
ogie
s an
d u
se o
f it
s kn
ow-h
ow f
or m
anu
fact
uri
ng
of t
rain
set
s m
eeti
ng
the
49 C
FR P
art
238
71
com
plia
nt
DM
U i
n c
urr
ent
reve
nu
e se
rvic
e, t
hat
mee
ts o
r ex
ceed
s n
ew F
eder
al R
ail
Adm
inis
trat
ion
(FR
A)
and
Am
eric
an P
ubl
ic T
ran
spor
tati
on A
ssoc
iati
on (A
PTA
) str
uct
ura
l saf
ety
spec
ifica
tion
s.
The
Com
pan
y h
as a
gree
d to
pu
rch
ase
US
Rai
lcar
rig
hts
fro
m H
SR
Tec
hn
olog
ies
for
$25,
000,
000.
Th
e C
ompa
ny
inte
nds
to
use
tra
in s
ets
in t
he
futu
re r
ail
proj
ects
wh
en t
he
proj
ects
are
fu
nde
d. T
he
Com
pan
y al
so h
as t
he
righ
t to
exp
loit
th
e sa
le o
f tra
in s
ets
in o
ther
wor
ld m
arke
ts a
s w
ell.
RE
LCO
Loc
omot
ives
In
c., h
as b
een
en
gage
d by
HS
R T
ech
nol
ogie
s, t
o pr
ovid
e pr
e-pr
epar
ed t
rain
set
par
ts f
or
asse
mbl
y by
HS
R T
ech
nol
ogie
s In
c. R
ELC
O L
ocom
otiv
es I
nc.
is
a fif
ty y
ear
old
com
pan
y an
d h
as p
rovi
ded
serv
ices
for
Un
ion
Pac
ific,
CS
X T
ran
spor
tati
on,
Bu
rlin
gton
Nor
ther
n S
anta
Fe,
Kan
sas
Cit
y S
outh
ern
Rai
lway
, C
anad
ian
Nat
ion
al a
nd
nu
mer
ous
oth
ers.
Th
e C
ompa
ny
has
en
gage
d V
olkm
ann
Rai
lroa
d B
uild
ers
to c
onst
ruct
th
e de
sign
bu
ilt r
ailr
oad.
Vol
kman
n i
s a
thir
ty f
ive
year
old
com
pan
y th
at h
as b
uilt
rai
lroa
ds f
or N
AS
A,
the
min
ing
indu
stry
, oil
and
gas
expl
orat
ion
an
d fr
eigh
t ca
rrie
rs.
The
Com
pan
y w
ill a
lso
wor
k w
ith
its
tra
nsp
orta
tion
con
sult
ant
TEM
S t
o co
mpl
ete
wit
hin
th
e n
inet
y da
y pe
riod
an
inve
stm
ent
grad
e st
udy
th
at w
ill m
ake
it p
ossi
ble
thro
ugh
bon
d ra
tin
g ag
ency
’s t
o of
ficia
te a
bon
d of
feri
ng
for
this
pro
ject
. T
he
Com
pan
y’s
con
trac
tual
rol
e, a
fter
an
y as
sign
men
ts o
f an
y ag
reem
ents
in
volv
ing
the
enti
ty,
is
still
in
fu
ll fo
rce
and
effe
ct,
rela
ted
to b
oth
th
e “M
aste
r A
gree
men
t Fo
r C
onst
ruct
ion
” an
d “M
aste
r C
onsu
ltin
g A
gree
men
t”
desc
ribe
d ab
ove
wit
hin
th
e “B
usi
nes
s Pl
an”.
To
cl
arify
fo
r pu
rpos
es
of
this
pr
ojec
t, H
SR
Te
chn
olog
ies,
In
c. is
th
e af
filia
te e
nti
ty.
DA
MA
R T
RU
CK
DE
CK
: Th
e C
ompa
ny
ente
red
into
a c
ontr
act
on J
un
e 10
, 20
10 f
or t
he
acqu
isit
ion
of
the
pate
nts
, ri
ghts
, ti
tles
, an
d bu
sin
ess
of D
amar
Cor
pora
tion
LLC
, th
e In
ven
tor/
deve
lope
r/m
anu
fact
ure
r of
Dam
ar
Tru
ckD
eck.
Th
e D
amar
Tru
ckD
eck
is a
fle
xibl
e tr
uck
dec
k st
orag
e an
d or
gan
izat
ion
sys
tem
wit
h an
in
tegr
ated
fr
ame
allo
win
g th
e ca
rgo
deck
to
be u
sed
as a
hau
ling
surf
ace.
Th
e sy
stem
has
man
y co
nfig
ura
tion
s to
fit
a w
ide
vari
ety
of u
ses
(hu
nti
ng,
con
stru
ctio
n,
mov
ing,
hau
ling,
etc
.) in
var
iou
s tr
uck
dec
k si
zes.
Th
e D
amar
Tru
ckD
eck
prim
arily
con
sist
s of
lock
able
rep
osit
ion
able
sto
rage
un
its.
The
adva
nta
ges
of t
he
Dam
ar T
ruck
Dec
k sy
stem
are
as
follo
ws:
1. O
rgan
ize
gear
in
rem
ovab
le c
onta
iner
s w
ith
th
e D
AM
AR
Loa
d-N
-Go™
con
tain
ers,
eas
ily c
onve
rtin
g a
tru
ck's
usa
ge b
y qu
ickl
y sw
appi
ng
con
tain
ers.
72
2. P
rote
ct it
ems
in lo
ckab
le h
atch
es.
Lock
able
, re
posi
tion
able
hat
ches
pro
tect
item
s in
th
e Lo
ad-N
-Go™
co
nta
iner
s fr
om t
heft
an
d w
eath
er w
hile
a r
ear
hat
ch a
llow
s th
e fu
ll le
ngt
h o
f th
e be
d to
be
use
d fo
r se
curi
ng
lon
ger
mat
eria
ls.
3. A
bilit
y to
hau
l la
rge
item
s. T
he
rece
ssed
Car
go D
eck
surf
ace
is b
uilt
to
supp
ort
and
hau
l la
rge
mat
eria
ls a
nd
equ
ipm
ent,
an
d by
mai
nta
inin
g so
me
bed
wal
l h
eigh
t th
ere
is n
o n
eed
to s
trap
ite
ms
dow
n.
4. C
an b
e in
stal
led
or r
emov
ed i
n m
inu
tes
by o
ne
pers
on w
ith
no
tool
s an
d n
o dr
illin
g. T
he
Dam
ar
Cor
pora
tion
has
en
tere
d in
to c
ontr
acts
for
sal
e of
its
Dam
ar T
ruck
Dec
k w
ith
Low
e's,
Th
e H
ome
Dep
ot,
Adv
ance
d A
uto
Par
ts, S
am's
Clu
b, C
ostc
o an
d M
eyer
Dis
trib
uti
ng.
The
inte
nde
d u
se o
f th
ese
asse
ts w
ill e
quip
th
e C
ompa
ny
field
con
stru
ctio
n v
ehic
le f
leet
s w
ith
the
nee
ded
tool
st
orag
e co
nta
inm
ent
and
hau
ling
capa
bilit
ies.
Th
e C
ompa
ny
will
als
o ca
pita
lize
on t
he
oppo
rtu
nit
y of
mar
keti
ng
thes
e pr
odu
cts
to t
he
Un
ited
Sta
tes
con
sum
er m
arke
t th
rou
gh e
xist
ing
rela
tion
ship
s by
Dam
ar C
orpo
rati
on L
LC
and
larg
e bi
g bo
x re
tail
chai
ns.
The
Com
pan
y sh
all
rece
ive
all
righ
ts a
nd
titl
e to
th
e pa
ten
ts,
the
Tru
ckD
eck
syst
em,
and
all
rela
ted
asse
ts f
or a
pu
rch
ase
pric
e of
$75
0,00
0 pa
yabl
e as
$50
0,00
0 ca
sh a
nd
the
rem
ain
ing
$250
,000
pay
able
in t
he
form
of
7,50
0 sh
ares
of t
he
Com
pan
y’s
com
mon
Cla
ss “
B”
stoc
k.
The
Com
pan
y in
ten
ds t
o en
gage
wit
h H
SR
Tec
hn
olog
ies
Inc.
to
man
ufa
ctu
re t
he
Dam
ar T
ruck
Dec
k pr
odu
cts
at
the
HS
R T
ech
nol
ogie
s m
anu
fact
uri
ng
site
.
To d
ate,
no
mon
ey h
as e
xch
ange
d h
ands
rel
ated
to
this
tra
nsa
ctio
n.
U.S
. Pat
ent
Num
ber:
8,2
10,5
92
Con
cern
ing
all m
anuf
actu
red
prod
ucts
on
the
HSR
Tec
hnol
ogy
Park
:
The
capi
tal
rais
ed f
rom
th
e of
feri
ng
will
be
use
d as
th
e in
itia
l ca
pita
l in
vest
men
t in
th
e H
SR
Tec
hn
olog
y Pa
rk
pote
nti
al p
roje
ct t
o en
gage
a l
arge
con
stru
ctio
n f
irm
as
men
tion
ed e
arlie
r, p
ay t
he
mob
iliza
tion
fee
s to
dec
lare
th
e co
ntr
acto
rs in
th
e bo
nd
offe
rin
g, p
ay f
or f
easi
bilit
y st
udi
es a
nd
inve
stm
ent
grad
e st
udi
es,
bon
d ra
tin
g ag
ency
fe
es a
nd
also
pay
for
th
e pe
rfor
man
ce b
ond
to e
nsu
re t
he
com
plet
ion
of
the
con
stru
ctio
n t
o pr
otec
t th
e bo
nd
hol
ders
.
73
Purs
uan
t to
th
e M
aste
r C
onsu
ltin
g A
gree
men
t, t
he
Com
pan
y w
ill r
ecei
ve c
ompe
nsa
tion
fro
m t
he
bon
d pr
ocee
ds
at b
ond
clos
ing
to r
eim
burs
e th
e C
ompa
ny
for
its
init
ial
capi
tal
inve
stm
ent
into
th
e pr
ojec
t. O
ther
sou
rces
of
reve
nu
e in
clu
de m
anag
emen
t fe
es f
rom
th
e M
aste
r A
gree
men
t fo
r C
onst
ruct
ion
an
d tw
enty
fiv
e pe
rcen
t pr
ofit
sh
arin
g fr
om e
ach
of
the
rela
ted
enti
ties
. W
ith
th
e re
ven
ue
reco
gniz
ed b
y th
e C
ompa
ny,
th
e C
ompa
ny
will
th
en
be a
ble
to s
ust
ain
its
con
tin
ued
gro
wth
an
d to
com
men
ce o
ther
pot
enti
al p
roje
cts.
Prob
lem
The
Com
pan
y be
lieve
s th
at t
he U
nit
ed S
tate
s su
ffers
fro
m a
n o
verb
urd
ened
tra
nsp
orta
tion
in
fras
tru
ctu
re a
nd
that
a f
un
dam
enta
l ove
rhau
l of
the
nat
ion
al t
ran
spor
tati
on s
tru
ctu
re is
nee
ded.
Th
e C
ompa
ny
anti
cipa
tes
that
it
will
be
able
to
assi
st i
n t
his
“fu
nda
men
tal
over
hau
l” b
y pr
ovid
ing
both
th
e h
ands
-on
exp
erti
se a
nd
inve
stm
ent
reso
urc
es t
o es
tabl
ish
an
in
term
odal
gri
d co
mpr
ised
of
tran
spor
tati
on a
nd
supp
ort
serv
ices
ext
endi
ng
to u
rban
an
d ou
tlyi
ng
area
s al
ike.
Th
e C
ompa
ny
will
lar
gely
foc
us
on p
roje
cts
rela
ted
to h
igh
spe
ed r
ail,
but
will
als
o co
nce
ntr
ate
its
effo
rts
on o
ther
tra
nsp
orta
tion
pro
ject
s th
at im
prov
e tr
ansp
orta
tion
infr
astr
uct
ure
. Th
e C
ompa
ny
belie
ves
that
th
ere
is a
com
pelli
ng
nee
d to
rev
ital
ize
Am
eric
a’s
tran
spor
tati
on in
fras
tru
ctu
re. A
s al
l le
vels
of
gove
rnm
ent
are
faci
ng
incr
easi
ng
econ
omic
cri
sis,
th
e C
ompa
ny
anti
cipa
tes
that
su
ch r
evit
aliz
atio
n w
ill
be
the
resu
lt
of
publ
ic-p
riva
te
part
ner
ship
s an
d al
lian
ces
to
crea
te
the
basi
s fo
r de
velo
pin
g su
ch
an
infr
astr
uct
ure
. O
rgan
izat
ion
s, s
uch
as
the
Com
pan
y, a
re a
ccor
din
gly
pois
ed t
o pl
ay a
sig
nifi
can
t ro
le i
n t
he
rede
velo
pmen
t an
d im
prov
emen
t of
th
e n
atio
n’s
tra
nsp
orta
tion
infr
astr
uct
ure
. Th
e C
ompa
ny
belie
ves
that
th
e tr
ansp
orta
tion
in
fras
tru
ctu
re c
risi
s fa
cin
g A
mer
ica
is t
wo-
fold
. In
th
e fir
st
inst
ance
, th
e ex
isti
ng
infr
astr
uct
ure
lac
ks m
oder
nit
y an
d h
as r
ende
red
the
sam
e in
capa
ble
of m
eeti
ng
the
nat
ion
’s t
ran
spor
tati
on n
eeds
. In
th
e se
con
d in
stan
ce,
the
fun
din
g to
add
ress
th
is p
robl
em i
s cu
rren
tly
beyo
nd
the
reac
h o
f th
e fe
dera
l, st
ate,
reg
ion
al, a
nd
mu
nic
ipal
gov
ern
men
ts.
74
The
2009
Dav
id R
. G
oode
Nat
ion
al T
ran
spor
tati
on P
olic
y C
onfe
ren
ce h
eld
at t
he
Mill
er C
ente
r of
Pu
blic
Affa
irs
at
the
Un
iver
sity
of
Vir
gin
ia,
outl
ined
th
e co
mpe
llin
g n
eed
to r
evit
aliz
e A
mer
ica’
s tr
ansp
orta
tion
in
fras
tru
ctu
re a
nd
reco
mm
ende
d th
at “
Publ
ic p
riva
te p
artn
ersh
ips
nee
d to
em
erge
fro
m t
he
labo
rato
ry o
f pi
lot
prog
ram
s to
pla
y a
mu
ch l
arge
r ro
le a
s a
core
ele
men
t of
Am
eric
a’s
tran
spor
t in
vest
men
t st
rate
gy.”
Org
aniz
atio
ns,
su
ch a
s th
e C
ompa
ny,
are
acc
ordi
ngl
y po
ised
to
play
a s
ign
ifica
nt
role
in t
he
rede
velo
pmen
t an
d im
prov
emen
t of
th
e n
atio
n’s
tr
ansp
orta
tion
infr
astr
uct
ure
. Th
e sa
me
tran
spor
tati
on c
onfe
ren
ce a
lso
not
ed t
hat
, “La
ckin
g a
coh
eren
t vi
sion
for
our
tran
spor
tati
on f
utu
re a
nd
chro
nic
ally
sh
ort
of r
esou
rces
, w
e de
fer
new
in
vest
men
ts,
fail
to p
lan
, an
d al
low
ex
isti
ng
syst
ems
to fa
ll in
to d
isre
pair
. Th
is s
hor
tsig
hte
dnes
s an
d u
nde
r in
vest
men
t—at
th
e pl
ann
ing
leve
l an
d on
ou
r n
atio
n’s
roa
ds,
rails
, ai
rpor
ts a
nd
wat
erw
ays—
cost
s th
e co
un
try
dear
ly.
It c
ompr
omis
es o
ur
prod
uct
ivit
y an
d ab
ility
to
com
pete
in
tern
atio
nal
ly;
tran
spor
tati
on u
sers
pay
for
th
e sy
stem
’s i
nef
ficie
nci
es i
n l
ost
tim
e, m
oney
an
d sa
fety
. R
ura
l ar
eas
are
cut
off
from
eco
nom
ic o
ppor
tun
itie
s an
d ev
en u
rban
ites
su
ffer
from
in
adeq
uat
e pu
blic
tr
ansp
orta
tion
op
tion
s.
Mea
nw
hile
, tr
ansp
orta
tion
-rel
ated
po
lluti
on
exac
ts
a h
eavy
to
ll on
ou
r en
viro
nm
ent
and
publ
ic h
ealt
h.”
Furt
her
mor
e, t
he
con
fere
nce
rep
ort
was
equ
ally
insi
sten
t on
th
e n
eed
for
priv
ate
sect
or f
un
din
g. I
n “
Rec
omm
enda
tion
8:
Con
nec
tin
g th
e D
ots,
” th
e co
-ch
airs
wro
te:
“Res
olvi
ng
the
con
trov
ersy
ov
er p
riva
te e
quit
y co
ntr
ibu
tion
s to
th
e tr
ansp
ort
syst
em is
ess
enti
al t
o m
eet
the
nat
ion
’s p
ress
ing
tran
spor
tati
on
chal
len
ges,
as
is r
ecog
niz
ing
the
appr
opri
ate
role
of
publ
ic-p
riva
te p
artn
ersh
ips
(PPP
s) i
n t
akin
g on
th
ose
chal
len
ges.
” Th
ey a
dded
, “P
PPs
nee
d to
em
erge
fro
m t
he
labo
rato
ry o
f pi
lot
prog
ram
s to
pla
y a
mu
ch l
arge
r ro
le
as a
cor
e el
emen
t of
Am
eric
a’s
tran
spor
t in
vest
men
t st
rate
gy.”
To r
esol
ve t
his
cri
sis
will
req
uir
e a
mas
sive
in
fusi
on o
f cap
ital
. Th
e N
atio
nal
Su
rfac
e Tr
ansp
orta
tion
In
fras
tru
ctu
re F
inan
cin
g C
omm
issi
on, i
n it
s 20
09 r
epor
t Pa
yin
g O
ur
Way
est
imat
es t
he
tota
l sh
ortf
all
betw
een
wh
at i
s re
quir
ed a
nd
wh
at i
s av
aila
ble,
at
all
leve
ls o
f go
vern
men
t, j
ust
for
mai
nta
inin
g th
e cu
rren
t sy
stem
ran
ge f
rom
$13
4 bi
llion
to
$194
bill
ion
per
yea
r fo
r th
e pe
riod
200
8 to
203
5. I
f th
e go
al is
to
impr
ove
exis
tin
g tr
ansp
orta
tion
sys
tem
s, t
he
shor
tfal
l is
even
larg
er:
$189
–$2
62 b
illio
n p
er y
ear
over
th
e sa
me
tim
e pe
riod
. Th
e m
ain
pro
blem
is t
hat
th
e fu
nds
to
eith
er m
ain
tain
or
impr
ove
exis
tin
g tr
ansp
orta
tion
sys
tem
s ar
e si
mpl
y n
ot
avai
labl
e fr
om t
radi
tion
al s
ourc
es.
Taxp
ayer
s at
all
leve
ls o
f go
vern
men
t ar
e lo
ath
to
supp
ort
any
tax
incr
ease
s fo
r in
fras
tru
ctu
re p
roje
cts.
New
tra
nsp
orta
tion
sys
tem
s ar
e fr
equ
entl
y di
scu
ssed
at
all
leve
ls o
f go
vern
men
t bu
t th
e pu
blic
fun
din
g fo
r im
plem
enti
ng
such
pla
ns
is u
sual
ly n
on-e
xist
ent.
75
Solu
tion
The
Com
pan
y an
tici
pate
s th
at i
t ca
n o
ffer
a co
mpr
ehen
sive
, in
term
odal
app
roac
h t
o re
solv
ing
the
nat
ion
’s
tran
spor
tati
on c
risi
s. A
nd
it p
ropo
ses
doin
g so
wit
hou
t th
e n
eces
sity
of
the
gove
rnm
ent
incr
easi
ng
taxe
s at
an
y le
vel,
or in
an
y m
ann
er. I
n s
hor
t, t
he
Com
pan
y su
gges
ts r
epla
cin
g pu
bic
finan
cin
g w
ith
pri
vate
fun
din
g.
The
prim
ary
com
peti
tive
bar
rier
mos
t co
mpa
nie
s fa
ce in
att
empt
ing
to im
pact
th
e n
atio
n’s
infr
astr
uct
ure
cri
sis
is
that
th
ey a
ppro
ach
th
e ov
eral
l pr
oble
m i
n d
ispa
rate
seg
men
ts.
For
exam
ple,
on
e pr
ovid
er p
ropo
ses
build
ing
railr
oad
cars
, w
hile
an
oth
er p
ropo
ses
layi
ng
trac
ks.
A t
hir
d is
in
tere
sted
in
dep
ots,
wh
ile a
fou
rth
foc
use
s on
ac
com
mod
atio
ns.
Non
e br
ing
a co
mpr
ehen
sive
pla
n f
or f
ull-
fun
din
g to
th
e m
ix.
On
th
e ot
her
han
d, t
he
Com
pan
y ta
kes
an i
nte
rmod
al a
ppro
ach
to
prov
idin
g se
amle
ss s
ervi
ce w
ith
a s
cale
of
econ
omy.
Th
e h
igh
-spe
ed r
ail
plan
w
ill
uti
lize
exis
tin
g ra
il ri
ghts
-of-
way
to
co
nn
ect
seve
ral
met
ropo
litan
ar
eas
and
stat
es
serv
ing
expa
ndi
ng
popu
lati
ons.
Th
e C
ompa
ny
also
for
esee
s pu
rsu
ing
join
t ve
ntu
res
wit
h o
ther
in
dust
ries
rel
ated
to
the
tran
spor
tati
on i
ndu
stry
. Fo
r ex
ampl
e, it
is c
urr
entl
y fin
aliz
ing
an a
rran
gem
ent
wit
h a
maj
or m
anu
fact
ure
r of
cer
tain
mat
eria
ls u
sed
in t
he
con
stru
ctio
n o
f h
igh
way
s an
d ot
her
tra
nsp
orta
tion
sys
tem
s. T
he
disc
uss
ion
s co
nte
mpl
ate
a tw
o-fo
ld t
ran
sact
ion
by w
hic
h t
he
Com
pan
y w
ould
in
itia
lly b
uy
the
man
ufa
ctu
rin
g pl
ant
and
then
su
bseq
uen
tly
purc
has
e th
e re
mai
nin
g n
on-c
ash
ass
ets
of t
he
com
pan
y.
76
The
follo
win
g lin
ks t
o M
aste
r B
ond
Inde
ntur
es f
iled
wit
h th
e SE
C a
s of
05/
16/2
016:
Th
e fu
lly d
iscl
osed
bon
d do
cum
ent
can
be f
ound
wit
hin
each
link
bel
ow.
http
s://w
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nte
rest
in
eac
h c
ompa
ny
as p
er t
he
8 K
file
d w
ith
eq
uit
y. S
ince
th
en a
ll th
e co
ntr
ibu
tion
s h
ave
dou
bled
an
d ad
diti
onal
con
trib
uti
on o
f eq
uit
y w
as p
lace
d in
to
Su
squ
ehan
na
Mor
tgag
e B
anke
rs C
orp.
, Pe
nn
In
sura
nce
Ser
vice
s LL
C,
Du
tch
Eas
t In
dia
Logi
stic
s C
o. a
s n
oted
ea
rlie
r in
th
e ex
ecu
tive
su
mm
ary.
Th
e to
tal
com
bin
ed v
alu
e of
all
enti
ties
is
esti
mat
ed a
t $4
,310
,537
,154
,000
an
d th
e C
ompa
ny
has
an
allo
cate
d va
lue
to t
he
Com
pan
y is
app
roxi
mat
ely
$1,0
70,0
23,7
00,9
77.
The
Form
D
was
file
d w
ith
th
e S
ecu
riti
es a
nd
Exc
han
ge C
omm
issi
on. (
Form
D a
nd
8K D
iscl
osu
res)
Com
peti
tive
Adv
anta
ges
Com
peti
tion
Th
e C
ompa
ny
may
fac
e si
gnifi
can
t co
mpe
titi
on f
rom
oth
er c
ompa
nie
s th
at m
ay b
e de
velo
pin
g h
igh
spe
ed r
ail
pass
enge
r an
d fr
eigh
t tr
ansp
orta
tion
sys
tem
s.
As
this
in
dust
ry i
s n
ot w
ell
deve
lope
d in
th
e U
nit
ed S
tate
s to
da
te,
such
com
peti
tion
th
at m
ay e
xist
is
prim
arily
in
th
e de
velo
pmen
t an
d pl
ann
ing
stag
es.
The
Com
pan
y w
ill,
how
ever
, fa
ce c
ompe
titi
on i
n t
he
allo
cati
on o
f m
onet
ary
reso
urc
es f
rom
gov
ern
men
tal
agen
cies
, at
th
e lo
cal,
regi
onal
, st
ate
and
fede
ral
leve
ls.
The
Com
pan
y be
lieve
s th
at g
over
nm
ent
agen
cies
will
str
ongl
y en
dors
e it
s pr
opos
ed p
lan
for
hig
h-s
peed
reg
ion
al r
ail
syst
ems,
bu
t be
lieve
s th
at,
give
n t
he
econ
omic
en
viro
nm
ent,
th
ere
may
be
few
or
no
fun
ds a
vaila
ble
for
such
dev
elop
men
t.
93
Nev
erth
eles
s, i
t ap
pear
s th
at s
ign
ifica
nt
com
peti
tion
gen
eral
ly e
xist
s in
th
e in
dust
ry,
from
pri
vate
org
aniz
atio
ns
or g
over
nm
ent
agen
cies
an
d en
titi
es.
On
th
e h
eels
of
the
Dep
artm
ent
of T
ran
spor
tati
on’s
rec
ent
requ
est
for
hig
h-
spee
d ra
il pr
opos
als,
its
Fed
eral
Rai
lroa
d A
dmin
istr
atio
n r
ecei
ved
132
appl
icat
ion
s fr
om 3
2 st
ates
tot
alin
g $8
.8
billi
on.
That
was
mor
e th
an t
hre
e ti
mes
th
e $2
.4 b
illio
n a
vaila
ble.
Du
rin
g th
e fir
st r
oun
d of
aw
ards
in
th
e fa
ll of
20
09,
appl
ican
ts s
ubm
itte
d m
ore
than
$55
bill
ion
in
pro
ject
pro
posa
ls.
That
was
nea
rly
six
tim
es t
he
init
ial
$8
billi
on a
vaila
ble
from
th
e A
mer
ican
Rec
over
y an
d R
ein
vest
men
t A
ct. S
o ov
erw
hel
min
g h
as t
he
resp
onse
bee
n t
hat
Tr
ansp
orta
tion
Sec
reta
ry L
aHoo
d ob
serv
ed a
t th
e ti
me,
th
at,
“Dem
and
for
hig
h-s
peed
rai
l do
llars
is
inte
nse
an
d it
dem
onst
rate
s ju
st h
ow im
port
ant
this
his
tori
c in
itia
tive
is. S
tate
s u
nde
rsta
nd
that
hig
h-s
peed
rai
l rep
rese
nts
a
un
iqu
e op
port
un
ity
to c
reat
e jo
bs,
revi
taliz
e ou
r m
anu
fact
uri
ng
base
, sp
ur
econ
omic
dev
elop
men
t an
d pr
ovid
e pe
ople
wit
h a
n e
nvi
ron
men
tally
frie
ndl
y tr
ansp
orta
tion
opt
ion
.
Cap
ital
izat
ion
On
Jan
uar
y 7,
202
0, t
he
Com
pan
y in
crea
sed
the
voti
ng
righ
ts o
f it
s C
lass
A c
omm
on s
tock
fro
m 1
000:
1 to
40
,000
:1.
On
Jan
uar
y 7,
202
0, t
he
Com
pan
y in
crea
sed
the
nu
mbe
r of
au
thor
ized
sh
ares
of
its
Cla
ss B
com
mon
sto
ck t
o 10
,000
,000
,000
sh
ares
.
On
Jan
uar
y 7,
202
0, t
he
Com
pan
y cr
eate
d 40
ser
ies
of C
lass
C c
omm
on s
tock
for
th
e pu
rpos
e of
equ
ity
part
icip
atio
n i
n f
orty
in
fras
tru
ctu
re p
roje
cts.
Th
e C
ompa
ny
incr
ease
d th
e n
um
ber
of a
uth
oriz
ed s
har
es o
f it
s C
lass
C c
omm
on s
tock
to
8,00
0,00
0,00
0 sh
ares
, of
wh
ich
7,5
00,0
00,0
00 s
har
es a
re a
lloca
ted
even
ly t
o th
e 40
se
ries
.
On
Jan
uar
y 7,
202
0, t
he
Com
pan
y cr
eate
d 40
ser
ies
of C
lass
D c
omm
on s
tock
for
th
e pu
rpos
e of
equ
ity
part
icip
atio
n i
n f
orty
in
fras
tru
ctu
re p
roje
cts.
Th
e C
ompa
ny
incr
ease
d th
e n
um
ber
of a
uth
oriz
ed s
har
es o
f it
s C
lass
D c
omm
on s
tock
to
8,00
0,00
0,00
0 sh
ares
, of
wh
ich
7,5
00,0
00,0
00 s
har
es a
re a
lloca
ted
even
ly t
o th
e 40
se
ries
.
To b
ette
r u
nde
rsta
nd
the
Com
pan
y re
view
ers
of t
his
rep
ort
shou
ld r
ead
the
Form
10-
Ks,
For
m 1
0-Q
s an
d ot
her
pu
blic
filin
gs a
t S
ec.g
ov.
94
To t
he
Boa
rd o
f D
irec
tors
an
d M
anag
emen
t of
: A
mer
i M
etro
, Inc
. 25
75 E
aste
rn B
lvd,
Su
ite
101
York
, PA
174
02
We
base
d ou
r es
tim
atio
n
of
valu
e on
h
isto
rica
l an
d fin
anci
al
data
pr
ovid
ed
by
Com
pan
y m
anag
emen
t (“
Man
agem
ent”
). W
e di
d n
ot i
nde
pen
den
tly
inve
stig
ate
or o
ther
wis
e ve
rify
th
e da
ta p
rovi
ded,
an
d w
e do
not
ex
pres
s an
opi
nio
n o
r of
fer
any
form
of
as
sura
nce
re
gard
ing
its
accu
racy
or
co
mpl
eten
ess.
Man
agem
ent
un
ders
tan
ds
that
an
y om
issi
ons,
mis
repr
esen
tati
ons
of f
acts
, or
m
isst
atem
ents
may
mat
eria
lly a
ffect
ou
r co
ncl
usi
ons.
Eng
agem
ent
Ove
rvie
w
Purp
ose
and
Use
Am
eri
Met
ro,
Inc.
(“A
M”,
th
e “C
ompa
ny”
, or
“M
anag
emen
t”)
requ
este
d N
orA
sia
Con
sult
ing
& A
dvis
ory
(“U
s”
“Ou
r”)
to p
erfo
rm
valu
atio
n s
ervi
ces
(th
e “S
ervi
ces”
) fo
r fin
anci
al r
epor
tin
g re
quir
emen
ts a
s ou
tlin
ed u
nde
r U
.S.
GA
AP
Cod
ific
atio
n of
Acc
ount
ing
Stan
dard
s C
odif
icat
ion
Topi
c 35
0: I
nta
ngi
bles
– G
oodw
ill
and
Oth
er;
Top
ic 3
40
: O
ther
Ass
ets
and
Def
erre
d C
osts
; T
opic
82
0:
Fai
r V
alu
e M
easu
rem
ents
in
re
lati
on
to
the
valu
atio
n o
f “2
8 C
onst
ruct
ion
Con
trac
ts”
(th
e “C
onst
ruct
ion
Con
trac
ts”)
. N
o ot
her
use
is
inte
nde
d or
infe
rred
.
95
We
esti
mat
ed t
he
fair
val
ue
of t
he
Com
pan
y’s
“28
Con
stru
ctio
n C
ontr
acts
” fr
om t
he
pers
pect
ive
of t
he
imm
inen
t pr
ojec
t co
mm
ence
men
t ba
sed
on r
epre
sen
tati
ons
and
docu
men
tati
on f
rom
man
agem
ent.
Ou
r an
alys
is p
rovi
des
a fa
ir v
alu
e of
th
e C
onst
ruct
ion
Con
trac
ts a
s of
Ju
ly 3
1, 2
020
(th
e “V
alu
atio
n D
ate”
).
We
prep
ared
th
is
repo
rt
base
d on
th
e S
tan
dard
s 9
and
10
of
the
Un
iform
S
tan
dard
s of
Pr
ofes
sion
al
App
rais
al
Prac
tice
(“U
SPA
P”)
and
basi
c fin
ance
th
eory
wh
ich
app
roxi
mat
es t
he
Sta
tem
ent
on S
tan
dard
s fo
r V
alu
atio
n S
ervi
ces
(“S
SV
S”)
as
set
fort
h b
y th
e A
mer
ican
In
stit
ute
of C
erti
fied
Publ
ic A
ccou
nta
nts
(“A
ICPA
”).
Add
itio
nal
ly,
Ale
xan
der
E.
Met
calf,
PH
D,
Pres
iden
t, T
ran
spor
tati
on E
con
omic
s &
Man
agem
ent
Sys
tem
s, I
nc.
(“
TEM
S”)
als
o re
view
ed o
ur
repo
rt a
nd
con
clu
ded
that
“TE
MS
can
con
firm
the
ove
rall
valu
atio
n a
nd
disc
oun
ts
appl
ied
to t
he
inco
me
pote
nti
al f
or t
he
proj
ects
an
d th
e In
tern
al R
ate
of R
etu
rn a
nd
Net
Pre
sen
t V
alu
e of
th
e pr
ojec
ts.”
All
of t
he
proj
ects
eva
luat
ed in
ou
r re
port
wer
e “s
ubj
ect
to f
easi
bilit
y an
d in
vest
men
t gr
ade
stu
dies
by
TEM
S.”1
V
ery
tru
ly y
ours
, N
orA
sia
Con
sult
ing
& A
dvis
ory
G
rego
ry A
. W
ahl,
CPA
– I
nact
ive
Adv
isor
1http://w
ww.te
msin
c.com/profiles.htm
96
Def
init
ion
of F
air
Val
ue a
nd F
air
Mar
ket
Val
ue
The
Fin
anci
al A
ccou
nti
ng
Sta
nda
rds
Boa
rd (“
FAS
B”)
def
ines
fair
val
ue1
as:
“The
pri
ce t
hat
wou
ld b
e re
ceiv
ed t
o se
ll an
ass
et o
r pa
id t
o tr
ansf
er a
lia
bilit
y in
an
orde
rly
tran
sact
ion
betw
een
mar
ket
part
icip
ants
at t
he m
easu
rem
ent d
ate.
”
1 Acc
ount
ing
Stan
dard
s C
odifi
cati
on 8
20 –
Fai
r V
alu
e M
easu
rem
ents
and
Dis
clos
ure
s.
Acc
ordi
ng
to R
even
ue
Ru
ling
59-6
02 , fai
r m
arke
t va
lue
is:
“The
pric
e at
whi
ch t
he p
rope
rty
wou
ld c
hang
e ha
nds
betw
een
a w
illin
g bu
yer
and
a w
illin
g se
ller
whe
n th
e fo
rmer
is
not
unde
r an
y co
mpu
lsio
n to
buy
and
the
lat
ter
is n
ot u
nder
any
com
puls
ion
to s
ell,
both
par
ties
havi
ng r
easo
nabl
e kn
owle
dge
of r
elev
ant f
acts
.”
Fair
val
ue
is a
mor
e ri
goro
us
stan
dard
th
an f
air
mar
ket
valu
e. T
her
efor
e, b
y fo
llow
ing
the
fair
val
ue
stan
dard
of
val
ue
our
anal
ysis
als
o co
vers
th
e fa
ir m
arke
t va
lue
stan
dard
.
Acc
ordi
ng
to t
he
final
reg
ula
tion
s of
409
A,
a va
luat
ion
of
priv
ate
com
pan
y st
ock
base
d u
pon
a r
easo
nab
le
appl
icat
ion
of
a re
ason
able
val
uat
ion
met
hod
is
trea
ted
as r
efle
ctin
g th
e fa
ir m
arke
t va
lue
of t
he
stoc
k. T
he
dete
rmin
atio
n o
f w
het
her
a
met
hod
is
re
ason
able
is
ba
sed
on
the
fact
s an
d ci
rcu
mst
ance
s as
of
th
e va
luat
ion
dat
e. F
acto
rs t
hat
sh
ould
be
con
side
red
in m
akin
g su
ch a
det
erm
inat
ion
incl
ude
:
1)Th
e va
lue
of t
he
tan
gibl
e an
d in
tan
gibl
e as
sets
of
a co
mpa
ny;
2)Th
e pr
esen
t va
lue
of a
nti
cipa
ted
futu
re c
ash
flow
s of
a c
ompa
ny;
3)Th
e m
arke
t va
lue
of s
tock
or
equ
ity
inte
rest
s in
sim
ilar
com
pan
ies
enga
ged
in s
ubs
tan
tial
ly
sim
ilar
trad
es o
r bu
sin
esse
s;
4)R
ecen
t ar
m’s
-len
gth
tra
nsa
ctio
ns
invo
lvin
g th
e sa
le o
r tr
ansf
er o
f a c
ompa
ny’
s st
ock;
an
d
5)O
ther
rel
evan
t fa
ctor
s su
ch a
s co
ntr
ol p
rem
ium
s or
dis
cou
nts
for
lack
of m
arke
tabi
lity.
2
Trea
sury
Reg
ulat
ion
20.2
031-
1(b)
; Rev
enue
Rul
ing
59-6
0, 1
959-
1 C
.B. 2
37.
Scop
e of
Ser
vice
s O
ur
anal
ysis
re
lied,
in
pa
rt,
upo
n
cert
ain
in
form
atio
n
prov
ided
by
M
anag
emen
t.
Wit
h
resp
ect
to
this
as
sign
men
t, w
e di
d n
ot i
nde
pen
den
tly
inve
stig
ate
or o
ther
wis
e ve
rify
th
e da
ta p
rovi
ded
by M
anag
emen
t, a
nd
we
do n
ot e
xpre
ss a
n o
pin
ion
or
oth
er fo
rm o
f ass
ura
nce
reg
ardi
ng
its
accu
racy
or
com
plet
enes
s. O
ur
Ser
vice
s sh
ould
not
be
dete
rmin
ed a
s a
defin
itiv
e op
inio
n a
s to
th
e va
luat
ion
as
oth
er a
ccou
nta
nts
, va
luat
ion
gro
ups
, ot
her
pro
fess
ion
als,
etc
wit
h t
he
sam
e se
t of
in
form
atio
n c
ould
an
alyz
e th
e da
ta a
nd
com
e to
diff
eren
t co
ncl
usi
ons
and
even
may
not
be
able
to
beco
me
com
fort
able
wit
h t
he
info
rmat
ion
an
d in
may
eve
n d
eclin
e to
pr
ovid
e a
wri
tten
rep
ort
or o
pin
ion
. Th
e pr
inci
pal p
roce
dure
s in
form
ula
tin
g ou
r es
tim
ates
of f
air
valu
e in
clu
de, w
ith
out
limit
atio
n, t
he
follo
win
g:
Dis
cuss
ion
s w
ith
Man
agem
ent
con
cern
ing
the
nat
ure
of
the
Com
pan
y’s
busi
nes
s op
erat
ion
s,
incl
udi
ng
his
tori
cal p
erfo
rman
ce.
Rev
iew
s of
fin
anci
al s
tate
men
ts o
f th
e C
ompa
ny.
Eva
luat
ion
of t
he
Com
pan
y’s
capi
tal s
tru
ctu
re a
s of
th
e V
alu
atio
n D
ate.
An
alys
es o
f th
e ec
onom
y, a
nd
the
indu
stry
in w
hic
h t
he
Com
pan
y op
erat
es.
Est
imat
ion
of t
he
Com
pan
y’s
cost
of c
apit
al.
Est
imat
ion
of f
air
valu
e u
sin
g ge
ner
ally
acc
epte
d va
luat
ion
app
roac
hes
an
d m
eth
odol
ogie
s.
It i
s ou
r u
nde
rsta
ndi
ng
that
th
ere
has
bee
n n
o m
ater
ial
chan
ge i
n t
he
exis
tin
g fin
anci
al c
ondi
tion
an
d bu
sin
ess
pros
pect
s of
th
e C
ompa
ny
sin
ce t
he
date
of
the
mos
t re
cen
t fin
anci
al s
tate
men
ts a
nd
fore
cast
ob
tain
ed.
Add
itio
nal
ly,
Man
agem
ent
repo
rted
th
at i
t is
not
aw
are
of a
ny
litig
atio
n,
thre
aten
ed o
r pe
ndi
ng,
or
any
oth
er
con
tin
gen
t or
off
bala
nce
sh
eet
liabi
litie
s th
at c
ould
hav
e an
impa
ct o
n o
ur
valu
atio
n r
epor
t.
Sour
ces
of In
form
atio
n
In
perf
orm
ing
our
fair
va
lue
anal
ysis
, w
e h
ave
empl
oyed
ce
rtai
n
valu
atio
n
proc
edu
res
that
pr
ovid
e a
reas
onab
le b
asis
for
es
tim
atin
g th
e fa
ir m
arke
t va
lue
of t
he
28 C
onst
ruct
ion
Con
trac
ts i
n t
he
Com
pan
y as
of
th
e V
alu
atio
n
Dat
e.
As
part
of
th
is
assi
gnm
ent,
we
relie
d u
pon
nu
mer
ous
sou
rces
of
info
rmat
ion
, in
clu
din
g th
e fo
llow
ing:
All
Form
10-
Ks
and
Form
10-
Qs
from
ince
ptio
n o
f th
e C
ompa
ny.
All
Form
8-K
filin
gs fr
om t
he
ince
ptio
n o
f th
e C
ompa
ny.
Th
e C
ompa
ny’
s ca
pita
lizat
ion
tab
le a
s of
th
e V
alu
atio
n D
ate.
The
Com
pan
y’s
book
val
uat
ion
as
of t
he
Val
uat
ion
Dat
e.
The
Com
pan
y’s
boar
d of
dir
ecto
r m
eeti
ng
min
ute
s th
e pa
st t
wel
ve m
onth
s.
The
Com
pan
y’s
draf
t Fo
rm 1
0-K
an
d fin
anci
al s
tate
men
ts a
s of
Ju
ly 3
1, 2
020.
All
28 B
ond
Inde
ntu
re C
ontr
acts
as
filed
on
For
m 8
-K.
The
Mas
ter
Con
sult
ing
Agr
eem
ent
that
pro
vide
s a
1.5%
con
sult
ing
fee.
The
Nov
embe
r 11
, 201
4, M
aste
r A
gree
men
t fo
r C
onst
ruct
ion
wit
h C
ost
plu
s 40
% t
erm
s an
d 2%
infla
tion
ad
just
men
t.
The
Jan
uar
y 2,
201
3, In
vest
men
t M
anag
emen
t A
gree
men
t w
ith
VO
YA (p
revi
ousl
y, “
ING
Inve
stm
ent
Man
agem
ent
Co.
LLC
”).
Man
agem
ent
repr
esen
ts t
hat
Mor
gan
Sta
nle
y is
th
e br
oker
of r
ecor
d w
hic
h is
doc
um
ente
d in
28
Bon
d In
den
ture
Con
trac
ts a
s fil
ed o
n F
orm
8-K
, how
ever
oth
er t
han
th
e 8-
K fi
lings
we
hav
e re
ceiv
ed n
o ot
her
do
cum
enta
tion
con
firm
ing
this
.
We
revi
ewed
th
e C
ompa
ny’
s bo
ard
of d
irec
tor
min
ute
s fr
om S
epte
mbe
r 1,
201
9 to
Oct
ober
13,
202
0.
App
roac
hes
to F
air
Valu
e
To e
stim
ate
the
fair
val
ue
of a
com
pan
y, t
hre
e di
ffere
nt
appr
oach
es t
o va
lue
may
be
empl
oyed
: (1
) th
e in
com
e ap
proa
ch, (
2) t
he
mar
ket
appr
oach
, an
d (3
) th
e co
st a
ppro
ach
. Th
ese
thre
e ap
proa
ches
are
su
mm
ariz
ed a
s fo
llow
s:
1)In
com
e Ap
proa
ch.
Un
der
the
inco
me
appr
oach
, va
lue
is m
easu
red
as t
he
pres
ent
wor
th o
f an
tici
pate
d fu
ture
net
cas
h f
low
s ge
ner
ated
by
a bu
sin
ess.
In
a m
ult
i-pe
riod
mod
el,
net
cas
h
flow
s at
trib
uta
ble
to a
bu
sin
ess
are
fore
cast
for
an
app
ropr
iate
per
iod
and
then
dis
cou
nte
d to
pr
esen
t va
lue
usi
ng
an a
ppro
pria
te
disc
oun
t ra
te.
In a
sin
gle-
peri
od m
odel
, n
et c
ash
flo
w o
r ea
rnin
gs f
or a
nor
mal
ized
per
iod
are
capi
taliz
ed t
o re
ach
a d
eter
min
atio
n o
f pre
sen
t va
lue.
2)M
arke
t Ap
proa
ch.
The
mar
ket
appr
oach
is
a
tech
niq
ue
use
d to
es
tim
ate
valu
e fr
om
an
anal
ysis
of
actu
al
tran
sact
ion
s or
offe
rin
gs f
or e
con
omic
ally
com
para
ble
asse
ts a
vaila
ble
as o
f th
e m
easu
rem
ent
date
. Th
e pr
oces
s is
ess
enti
ally
th
at o
f co
mpa
riso
n a
nd
corr
elat
ion
bet
wee
n
the
subj
ect
asse
t an
d si
mila
r as
sets
th
at
hav
e re
cen
tly
sold
or
are
offe
red
for
sale
in t
he
mar
ket.
Th
e tr
ansa
ctio
n o
r of
feri
ng
pric
es o
f th
e co
mpa
rabl
e as
sets
are
adj
ust
ed f
or d
issi
mila
riti
es i
n
char
acte
rist
ics
incl
udi
ng
loca
tion
, ag
e,
tim
e of
sa
le,
size
, an
d u
tilit
y,
amon
g ot
her
s.
The
adju
sted
pri
ces
of t
he
com
para
ble
asse
ts p
rovi
de a
n i
ndi
cati
on o
f va
lue
for
the
subj
ect
asse
t.
3)C
ost
Appr
oach
. In
app
lyin
g th
is a
ppro
ach
, an
an
alys
is o
f th
e su
bjec
t co
mpa
ny'
s as
sets
an
d lia
bilit
ies
is
perf
orm
ed.
The
esti
mat
ed
fair
va
lue
of
all
exis
tin
g an
d po
ten
tial
lia
bilit
ies
is
dedu
cted
fr
om
the
deri
ved
aggr
egat
e fa
ir
valu
e of
th
e co
mpa
ny’
s as
sets
, re
sult
ing
in
an
indi
cati
on o
f sh
areh
olde
rs' e
quit
y va
lue.
Met
hod
Sele
cted
Th
e th
ree
appr
oach
es t
o va
lue
prov
ide
gen
eral
ove
rvie
ws
that
gov
ern
val
uat
ion
met
hod
s. V
alu
atio
n
met
hod
s pr
ovid
e de
taile
d ca
lcu
lati
ons
of v
alu
e. W
e ch
ose
the
follo
win
g m
eth
od u
tiliz
ing
the
“In
com
e A
ppro
ach
”:
Dis
coun
ted
Net
Inc
ome
Met
hod.
Th
e di
scou
nte
d n
et i
nco
me
met
hod
(“D
NI”
) is
an
in
com
e-ba
sed
appr
oach
. Th
e D
NI
met
hod
in
volv
es
first
fo
reca
stin
g re
ven
ues
, op
erat
ing
expe
nse
s,
capi
tal
expe
ndi
ture
s an
d in
crem
enta
l w
orki
ng
capi
tal
requ
irem
ents
fo
r a
disc
rete
fo
reca
st
peri
od.
Bas
ed
on
thes
e fo
reca
sts,
th
e n
et
inco
me
to
be
gen
erat
ed
by
the
“Con
stru
ctio
n
Con
trac
ts”
is d
eter
min
ed a
nd
disc
oun
ted
to p
rese
nt
valu
e. N
ext,
th
e va
lue
of t
he
“Con
stru
ctio
n
Con
trac
ts”
at t
he
end
of t
he
proj
ecti
on p
erio
d is
det
erm
ined
an
d di
scou
nte
d to
pre
sen
t va
lue.
Th
e su
m o
f th
e pr
esen
t va
lue
of t
he
net
in
com
e du
rin
g th
e pr
ojec
tion
per
iod
and
the
pres
ent
valu
e of
th
e “C
onst
ruct
ion
Con
trac
ts”
at
the
end
of t
he
proj
ecti
on p
erio
d re
pres
ents
th
e fa
ir
valu
e of
th
e “C
onst
ruct
ion
Con
trac
ts”.
Man
agem
ent
belie
ves
that
pro
ject
ed n
et i
nco
me
wou
ld
appr
oxim
ate
proj
ecte
d ca
sh fl
ows.
Met
hods
Not
Sel
ecte
d
We
elec
ted
not
to
perf
orm
th
e fo
llow
ing
trad
itio
nal
val
uat
ion
met
hod
.
Gui
delin
e Pu
blic
Com
pany
(“G
PC”)
Met
hod.
W
e el
ecte
d n
ot
to
perf
orm
th
e G
PC
met
hod
be
cau
se o
f pr
odu
ct
un
iqu
enes
s an
d la
ck
of r
epu
tabl
e co
mpa
rabl
e co
mpa
nie
s th
at
deve
lop,
m
arke
t or
sel
l sim
ilar
prod
uct
s.
Mar
ket
Tran
sact
ion
Met
hod.
We
elec
ted
not
to
perf
orm
th
e m
arke
t tr
ansa
ctio
n m
eth
od b
ecau
se
of p
rodu
ct
un
iqu
enes
s an
d la
ck o
f rep
uta
ble
tran
sact
ion
dat
a of
sim
ilar
prod
uct
s.
Cos
t A
ppro
ach:
We
belie
ve t
he
valu
e of
th
e C
ompa
ny’
s as
sets
on
a g
oin
g-co
nce
rn b
asis
is d
irec
tly
rela
ted
to t
he
abili
ty t
o ge
ner
ate
a fa
ir r
ate
of r
etu
rn o
n i
nve
sted
cap
ital
. Th
is f
acto
r is
not
ad
equ
atel
y co
nsi
dere
d in
th
e co
st
appr
oach
. C
ost
appr
oach
an
alys
es
are
mor
e co
mm
only
u
tiliz
ed i
n e
arly
sta
ge a
nd
ban
kru
ptcy
en
terp
rise
val
uat
ion
s.
Term
s an
d C
ondi
tion
s
Ou
r r
epor
t h
as
been
pr
epar
ed
purs
uan
t t
o t
he
fol
low
ing
gen
eral
as
sum
ptio
ns
an
d g
ener
al
limit
ing
con
diti
ons:
1)W
e as
sum
e n
o re
spon
sibi
lity
for
the
lega
l de
scri
ptio
n of
rea
l pr
oper
ty o
r m
atte
rs i
ncl
udi
ng
lega
l or
ti
tle
con
side
rati
ons.
Fo
r re
al
prop
erty
in
clu
ded
in
this
ap
prai
sal,
we
wer
e no
t fu
rnis
hed
lega
l de
scri
ptio
ns
or o
ther
de
taile
d si
te a
nd
impr
ovem
ent
draw
ings
. Ti
tle
to t
he
subj
ect
asse
ts,
prop
erti
es
or b
usi
nes
s in
tere
sts
is a
ssu
med
to
be
good
an
d m
arke
tabl
e u
nle
ss o
ther
wis
e st
ated
.
2)
The
subj
ect
asse
ts,
prop
erti
es o
r bu
sin
ess
inte
rest
s ar
e ap
prai
sed
free
an
d cl
ear
of a
ny
or a
ll lie
ns
or
encu
mbr
ance
s u
nle
ss o
ther
wis
e st
ated
. H
owev
er,
we
did
not
con
duct
an
y du
e di
ligen
ce o
r re
view
or
audi
t or
oth
erw
ise
to d
eter
min
e if
ther
e w
ere
any
lien
s or
en
cum
bran
ces
on t
he
asse
ts a
s st
ated
as
part
of
ou
r re
port
.
3)W
e as
sum
e th
e C
ompa
ny
has
res
pon
sibl
e ow
ner
ship
an
d co
mpe
ten
t m
anag
emen
t w
ith
res
pect
to
the
subj
ect
asse
ts,
prop
erti
es o
r bu
sin
ess
inte
rest
s.
4)
The
info
rmat
ion
fu
rnis
hed
by
Man
agem
ent
is b
elie
ved
to b
e re
liabl
e an
d m
anag
emen
t co
nfir
ms
that
it
can
mee
t th
e ti
mel
ines
as
desc
ribe
d in
th
e fin
anci
al p
roje
ctio
ns.
How
ever
, w
e is
sue
no
war
ran
ty o
r ot
her
for
m o
f ass
ura
nce
reg
ardi
ng
its
accu
racy
.
5)W
e as
sum
e th
at t
her
e is
fu
ll co
mpl
ian
ce w
ith
all
appl
icab
le f
eder
al,
stat
e an
d lo
cal
regu
lati
ons
and
law
s u
nle
ss
non
-com
plia
nce
is s
tate
d, d
efin
ed a
nd
con
side
red
in t
he
valu
atio
n r
epor
t.
6)
We
assu
me
that
al
l re
quir
ed
licen
ses,
ce
rtifi
cate
s of
oc
cupa
ncy
, co
nse
nts
or
le
gisl
ativ
e or
ad
min
istr
ativ
e au
thor
ity
from
an
y lo
cal,
stat
e or
n
atio
nal
go
vern
men
t,
priv
ate
enti
ty
or
orga
niz
atio
n h
ave
been
or
can
be
obta
ined
or
ren
ewed
for
any
use
on
wh
ich
th
e va
luat
ion
con
tain
ed
in t
his
rep
ort
is b
ased
.
7)
Poss
essi
on o
f th
is v
alu
atio
n r
epor
t, o
r a
copy
th
ereo
f, do
es n
ot c
arry
wit
h i
t th
e ri
ght
of p
ubl
icat
ion
. It
m
ay n
ot b
e u
sed
for
any
purp
ose
by a
ny
pers
on o
ther
th
an t
he
part
y to
wh
om it
is a
ddre
ssed
wit
hou
t ou
r w
ritt
en c
onse
nt
and,
in
an
y ev
ent,
on
ly w
ith
pro
per
wri
tten
qu
alifi
cati
ons
and
only
in it
s en
tire
ty.
8)
We,
by
reas
on o
f th
is v
alu
atio
n,
are
not
req
uir
ed t
o gi
ve t
esti
mon
y or
to
be i
n a
tten
dan
ce i
n c
ourt
w
ith
ref
eren
ce
to t
he
asse
ts,
prop
erti
es o
r bu
sin
ess
inte
rest
s in
qu
esti
on u
nle
ss a
rran
gem
ents
hav
e be
en p
revi
ousl
y m
ade.
9)N
o pa
rt o
f th
e co
nte
nts
of
this
rep
ort,
esp
ecia
lly a
ny
dete
rmin
atio
n o
f va
lue,
th
e id
enti
ty o
f th
e co
nsu
ltan
ts o
r th
e fir
m
wit
h w
hic
h o
ur
con
sult
ants
are
ass
ocia
ted,
sh
all b
e di
ssem
inat
ed t
o th
e pu
blic
th
rou
gh a
dver
tisi
ng,
pu
blic
rel
atio
ns,
soc
ial
med
ia,
new
s, s
ec.g
ov,
sale
s or
oth
er m
edia
wit
hou
t ou
r pr
ior
wri
tten
con
sen
t an
d ap
prov
al.
10
) W
e as
sum
e n
o re
spon
sibi
lity
for
any
finan
cial
rep
orti
ng
judg
men
ts t
hat
are
app
ropr
iate
ly t
hos
e of
m
anag
emen
t.
Man
agem
ent
acce
pts
the
resp
onsi
bilit
y fo
r an
y re
late
d fin
anci
al r
epor
tin
g w
ith
res
pect
to
th
e as
sets
, pro
pert
ies
or
busi
nes
s in
tere
sts
enco
mpa
ssed
by
this
rep
ort.
THE DEMAND FOR TRANSPORTATION INFRASTRUCTURE2 The United States Census Bureau predicts that the American population will reach 420 million by 2050, a trend that will overwhelm our nation’s transportation infrastructure.
Current estimates suggest that overall freight demand will double over the next 40 years from 15 billion tons today to 30 billion tons. The number of trucks on the road is also expected to double. Already under unsustainable strain, the nation’s freight transportation infrastructure and highways will face even greater challenges as the total volume of freight increases.
Extensive infrastructure expansion, such as new ports, trade corridors and high-speed rail (HSR), is critical if rail and road transportation is to help mitigate problems associated with rising fuel costs, crowded highways, and greenhouse gas emissions. Population growth and development in the U.S. have made our nation increasingly reliant on rail and highway infrastructure to transport people and freight.
Clearly, a strong, efficient freight transportation system is vital to the nation’s economy. Our already-strained and out-dated railways must be upgraded to handle the projected increases in freight shipping in relieve congestion on our highways. New trade corridors are needed to support the changes in marine shipping that will need new ports and infrastructure. Equally, new high speed rail routes are needed to increase connectivity between US cities and support the emerging new economy, and reduce auto emissions3.
The US government even recognizes that there is a need to rebuild America but Congress has strong emotions and cant agree on anything. This is where the private sector must step in and Ameri Metro has the perfect platform to privatize and build the infrastructure needs of America4.
Interest rates are at all time lows and with inflation in check, the need to create employment due to the nation wide lock downs, the projects created by Ameri Metro will be very favorable to the US economic recovery.
The requirement for infrastructure is strongly tied to GDP and population growth. Internationally and in the USA infrastructure has been in a spending deficit for years where the USA is at a $2 Trillion deficit. In a good, moderate or weak economy the demand for infrastructure development is critical to global success and creating efficient markets.
The Mckinsey Global Institutes discussion paper on “Bridging Infrastructure GAPs Has the World Made Progress?” - October 2017 report claims that there is a $5.5 trillion spending gap globally between now and 2035, with regional variations.
The world’s infrastructure investment has fallen short of investment needs, but the size of the gap varies considerably among geographies. In exhibit 5 on page 5 the global GAP from 2017 to 2035 for the United States of America was a half a trillion dollars based on 2020 and requests from congress constituents this gap has increased to $2.0 trillion.
2 https://www.mckinsey.com/industries/capital projects and infrastructure/our insights/bridging global infrastructure gaps3 https://www.mckinsey.com/industries/capital projects and infrastructure/our insights/reimagining infrastructure in theunited states how to build better4 https://www.mckinsey.com/industries/capital projects and infrastructure/our insights/infrastructure productivity
THE EARNING CAPACITY OF THE COMPANY
The Company has no historical earnings but with recent acquisition of profitable companies, such as Marfin Investment Group which has historically generated from its $1.0B in annual revenues approximately $85.0 million in profits these acquisitions will provide historical and proven earnings to Ameri Metro.
Based on Management’s projections the Company is expected to have very strong earnings potential of up to approximately $366,586,000,000 in the aggregate from 2020 to 2028.
From a qualitative factor stand point this would provide comfort that the Company has the future earnings to support the capitalization of the “Construction Contracts”.
Additionally, 28 Construction Contracts will produce from 2020 to 2027 an estimated cumulative net income of $224,595,683,392, which support the valuation of the Construction Contracts”. Management simply requires to perform to ensure that this asset is not impaired in the future.
ENTERPRISE GOODWILL OR OTHER INTANGIBLE VALUE
In addition to the value of the physical assets of the Company, it is necessary to determine whether any goodwill or the intangible assets exists.
The Company has various patents, trademarks and key vendor contracts, such as with Inchcape Shipping Services to manage all of the port operations for Ameri Metro, Inc. Management at this time does not have the appropriate information to assign a value to these intangibles identified.
If any quantifiable goodwill is being generated by Ameri Metro, Inc., it will be calculated by using an income or market approach, and deriving a value in excess of the net intangible assets.
QUALITATIVE FACTORS FOR VALUATION SUPPORT: Ameri Metro entered into an investment management agreement with ING (now VOYA) on January 2, 2013 (see folder) where Voya has requested that Morgan Stanley (broker of record) raise the bonds.
The Company is in the process of direct listing to the NYSE and to commence trading on the OTC market.
To facilitate this the Company has completed the following:
1) Completed DTC eligibility.
2) Placed 4,000,000 shares in a brokerage account.
3) Received significant interest from various brokers and investment banks to provide equity financing to the Company.
4) Named Morgan Stanley the broker of record for the bond indentures.
5) The Company has its NYSE application completed and ready for filing upon
completion of trading, and management expects the time for the uplisting to take two to three weeks.
6) The Company is also is in process of registering Susquehanna Mortgage Bankers
with the Federal Reserve Bank and expects to have this completed by the end of January 2021 or the near future. The registration will allow Ameri Metro to issue its own bonds to finance the various projects it has identified.
The Company expects that funding for these projects and more is imminent through either equity raised in the capital markets or for the bonds to be issued as described in each respective bond indenture agreement.
CRITICAL VALUATION INPUT ASSUMPTIONS: The key assumptions that were used in determining the present value of the future net income associated with the “Construction Contracts”.
Probability to Obtain Financing: 100% Provided by Management
Growth Rate: 30% Provided by Management
Consulting Fee: 1.5%5
Construction Project Gross Profit: 40%6
Inflation Adjustment: 2.0%7
Discount Rate: 5.0%8
Operating Expenses: 20% Provided by Management
Salaries: 20% Provided by Management
General & Admin Expenses: 8% Provided by Management
Tax Rate: 0% Per IRS Tax Code for Infrastructure
5 https://www.sec.gov/Archives/edgar/data/1534155/000153415516000068/ex1042masterconsultingagreem.pdf 6 https://www.sec.gov/Archives/edgar/data/1534155/000153415517000004/f1052masteragreementforconst.pdf
7 https://www.sec.gov/Archives/edgar/data/1534155/000153415517000004/f1052masteragreementforconst.pdf
8https://www.aph.gov.au/About_Parliament/Parliamentary_Departments/Parliamentary_Library/FlagPost/2018/October/Discount rates
THE CALCULATIONS Master Consulting Agreement andMaster Indenture Agreement Net Income and Cash Flow Approach Valuations
Allocated EntityBond Offering per
Projects 2020 2021 2022 2023 2024 2025 2026 2027HSR Facility Provider Inc. (High Speed Rail) 1 20,000,000,000 1,000,000,000 2,714,285,714 2,714,285,714 2,714,285,714 2,714,285,714 2,714,285,714 2,714,285,714 2,714,285,714HSR Facility Inc. (Al. Pa. Port Operations) 2 8,000,000,000 400,000,000 1,085,714,286 1,085,714,286 1,085,714,286 1,085,714,286 1,085,714,286 1,085,714,286 1,085,714,286ATFI (Alabama Toll Rd) 3 8,000,000,000 400,000,000 1,085,714,286 1,085,714,286 1,085,714,286 1,085,714,286 1,085,714,286 1,085,714,286 1,085,714,286Appalachian Regional Commission Documents 4 34,000,000,000 1,700,000,000 4,614,285,714 4,614,285,714 4,614,285,714 4,614,285,714 4,614,285,714 4,614,285,714 4,614,285,714ATFI 2016Documents 5 8,000,000,000 400,000,000 1,085,714,286 1,085,714,286 1,085,714,286 1,085,714,286 1,085,714,286 1,085,714,286 1,085,714,286Atlantic Energy and Utilities Documents 6 16,000,000,000 800,000,000 2,171,428,571 2,171,428,571 2,171,428,571 2,171,428,571 2,171,428,571 2,171,428,571 2,171,428,571High Speed Rail Facilities Inc. Master Trust Indenture Documents 7 8,000,000,000 400,000,000 1,085,714,286 1,085,714,286 1,085,714,286 1,085,714,286 1,085,714,286 1,085,714,286 1,085,714,286High Speed Rail Facilities Provider Inc. Master Trust Indenture Documents 8 8,000,000,000 400,000,000 1,085,714,286 1,085,714,286 1,085,714,286 1,085,714,286 1,085,714,286 1,085,714,286 1,085,714,286HSR Freight and Passenger for Port Freeport Brazoria Texas Documents 9 4,000,000,000 200,000,000 542,857,143 542,857,143 542,857,143 542,857,143 542,857,143 542,857,143 542,857,143HSR Freight Line Inc. Phil. Regional Port Authority Documents 10 5,000,000,000 250,000,000 678,571,429 678,571,429 678,571,429 678,571,429 678,571,429 678,571,429 678,571,429HSR Freight Line Inc. Documents 11 60,000,000,000 3,000,000,000 8,142,857,143 8,142,857,143 8,142,857,143 8,142,857,143 8,142,857,143 8,142,857,143 8,142,857,143HSR Passenger Services and HSR Freight Line Inc. Ga. Resolution 948Documents 12 20,000,000,000 1,000,000,000 2,714,285,714 2,714,285,714 2,714,285,714 2,714,285,714 2,714,285,714 2,714,285,714 2,714,285,714HSR Passenger Services Inc. For Florida Alabama TPO 13 1,500,000,000 75,000,000 203,571,429 203,571,429 203,571,429 203,571,429 203,571,429 203,571,429 203,571,429HSR Passenger Services Inc. Documents 14 25,000,000,000 1,250,000,000 3,392,857,143 3,392,857,143 3,392,857,143 3,392,857,143 3,392,857,143 3,392,857,143 3,392,857,143HSR Technologies Inc. Documents 15 25,000,000,000 1,250,000,000 3,392,857,143 3,392,857,143 3,392,857,143 3,392,857,143 3,392,857,143 3,392,857,143 3,392,857,143KS JM International Airport Documents 16 15,000,000,000 750,000,000 2,035,714,286 2,035,714,286 2,035,714,286 2,035,714,286 2,035,714,286 2,035,714,286 2,035,714,286Lord Chauffeurs LTD Documents 17 2,000,000,000 100,000,000 271,428,571 271,428,571 271,428,571 271,428,571 271,428,571 271,428,571 271,428,571Malibu Homes Inc. Documents 18 60,000,000,000 3,000,000,000 8,142,857,143 8,142,857,143 8,142,857,143 8,142,857,143 8,142,857,143 8,142,857,143 8,142,857,143Michigan Coast to Coast Passenger Rail Documents 19 5,000,000,000 250,000,000 678,571,429 678,571,429 678,571,429 678,571,429 678,571,429 678,571,429 678,571,429New York Washington HS Rail Corridor Documents 20 39,000,000,000 1,950,000,000 5,292,857,143 5,292,857,143 5,292,857,143 5,292,857,143 5,292,857,143 5,292,857,143 5,292,857,143PlatinumMedia, Inc. Documents 21 4,000,000,000 200,000,000 542,857,143 542,857,143 542,857,143 542,857,143 542,857,143 542,857,143 542,857,143Port of De Claudius Inc. Documents 22 8,000,000,000 400,000,000 1,085,714,286 1,085,714,286 1,085,714,286 1,085,714,286 1,085,714,286 1,085,714,286 1,085,714,286Port of Ostia Inc. Ann Charles International Cargo 23 5,000,000,000 250,000,000 678,571,429 678,571,429 678,571,429 678,571,429 678,571,429 678,571,429 678,571,429Airport Brazoria Tx Indentures Documents 24 8,000,000,000 400,000,000 1,085,714,286 1,085,714,286 1,085,714,286 1,085,714,286 1,085,714,286 1,085,714,286 1,085,714,286Port Ostia Air Cargo Documents 25 5,000,000,000 250,000,000 678,571,429 678,571,429 678,571,429 678,571,429 678,571,429 678,571,429 678,571,429Portus De Jewel Mexico Documents 26 16,000,000,000 800,000,000 2,171,428,571 2,171,428,571 2,171,428,571 2,171,428,571 2,171,428,571 2,171,428,571 2,171,428,571Virginia Crescent Line Intercity Passenger Rail 27 15,000,000,000 750,000,000 2,035,714,286 2,035,714,286 2,035,714,286 2,035,714,286 2,035,714,286 2,035,714,286 2,035,714,286Texas International Trade Corridor 28 20,000,000,000 1,000,000,000 2,714,285,714 2,714,285,714 2,714,285,714 2,714,285,714 2,714,285,714 2,714,285,714 2,714,285,714Total Bond Indenture Raised 452,500,000,000$
Total Bond Indenture Raise by Year 22,625,000,000 61,410,714,286 61,410,714,286 61,410,714,286 61,410,714,286 61,410,714,286 61,410,714,286 61,410,714,286
Growth 30% 79,833,928,571 103,784,107,143 134,919,339,286 175,395,141,071 228,013,683,393 296,417,788,411
Consulting Fee 1.50% 339,375,000 921,160,714 1,197,508,929 1,556,761,607 2,023,790,089 2,630,927,116 3,420,205,251 4,446,266,826Project Gross Profit 40% 9,050,000,000 24,564,285,714 31,933,571,429 41,513,642,857 53,967,735,714 70,158,056,429 91,205,473,357 118,567,115,364Inflation Adjustment 2% 1,596,678,571 2,075,682,143 2,698,386,786 3,507,902,821 4,560,273,668 5,928,355,768Total Revenues 9,389,375,000 25,485,446,429 34,727,758,929 45,146,086,607 58,689,912,589 76,296,886,366 99,185,952,276 128,941,737,959
Expenses as a percentage of revenues:Operating 20% 1,877,875,000 5,097,089,285.71 6,945,551,786 9,029,217,321 11,737,982,518 15,259,377,273 19,837,190,455 25,788,347,592Salaries 25% 2,347,343,750 6,371,361,607 8,681,939,732 11,286,521,652 14,672,478,147 19,074,221,592 24,796,488,069 32,235,434,490Gen and Admin 8% 751,150,000 2,038,835,714 2,778,220,714 3,611,686,929 4,695,193,007 6,103,750,909 7,934,876,182 10,315,339,037Total Expenses 53% 4,976,368,750 13,507,286,607 18,405,712,232 23,927,425,902 31,105,653,672 40,437,349,774 52,568,554,706 68,339,121,118
Income from Operations Before Provision for Taxes 4,413,006,250 11,978,159,821 16,322,046,696 21,218,660,705 27,584,258,917 35,859,536,592 46,617,397,570 60,602,616,841
Provision for Taxes 0%
Net Income 4,413,006,250 11,978,159,821 16,322,046,696 21,218,660,705 27,584,258,917 35,859,536,592 46,617,397,570 60,602,616,841
Present Value of Net Income 198,704,191,090$
REPORT CONFIRMATION
I confirm that, to the best of my knowledge and belief:
1) The statements of fact based on third party confirmed data contained in this report are true and correct.
2) The reported analyses, opinions, and conclusions are limited only by the
reported assumptions and limiting conditions and are my personal and impartial professional analyses, opinions, and conclusions.
3) I have no present or prospective interest in the property that is the subject of this
report (i.e. the “Construction Contracts”). 4) I have no bias with respect to the property (i.e. the “Construction Contracts”) that
is the subject of this report.
5) I believe the calculations support the Level III fair value calculations as prescribed
by ASC 820-10-55-4 to 12 and ASC 820-10-55-77 to 81.
6) My engagement in this assignment was not contingent upon developing or reporting predetermined results.
7) My compensation for completing this assignment is not contingent upon the
development or reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value opinion, the attainment of a stipulated result.
8) The Company has paid us for our Report in full before its final issuance.
NorAsia Consulting & Advisory
Gregory A. Wahl, CPA – Inactive
Advisor
Appendix A: Gregory A Wahl, CPA Inactive Biography Career:
Wahl built a 100+ employee and 8 office Accounting and Consulting Firm in 6 years with $11MM+ in revenues. The owned offices were in Newport Beach, San Diego, Dallas, Westlake Village, Nanaimo, White Rock, Cobble Hill and Downtown Vancouver. He established a 32 office affiliate network in Bogota, Columbia; Mexico City, Mexico; Hong Kong and with 29 offices in mainland China (Shanghai, Beijing, etc.). He currently operates his consulting and advisory practice through NorAsia Consulting & Advisory.
Wahl served as the Managing Partner for a regional public accounting firm’s Orange County Office in Costa Mesa from January 2005 to November 2007. Wahl began his career with KPMG LLP in January 1999 and left in December 2004 as a Manager in the Audit and Assurance Practice. Greg has been working with companies in Asia (Singapore, Korea, Hong Kong and China) and taking them public since 2005.
Wahl has over 21 years of experience as an auditor, a leader and a consultant to companies that file with the NASDAQ, NYSE, Toronto Stock Exchange, Canadian Stock Exchange and the OTC markets; and has significant experience resolving complex accounting and public company reporting issues. Wahl has a particular expertise in the entertainment, media and film industry; specialty finance, including sub-prime lending, consumer products, including consumer electronics, distribution, manufacturing, and retail; and technology, including clean-technology, alternative energy industries. He regularly supervises engagements for companies that are completing going public transactions (Form 10, Form S-1, and reverse takeover transactions) and secondary public offerings for companies. Wahl’s transactional experience has allowed him to be involved in capital raises in excess of $3.0B where he has partnered with Deutsche Bank, Jeffries and Company, JP Morgan, Dawson James Securities, Inc., Dominick and Dominick, Bank of America and Merrill Lynch. He has been involved with six successful securitization transactions with over $2.0B in value and responsible for the compliance with the SEC rules under Regulation AB and assisted a well-recognized Wall Street underwriter with its due diligence on the loan pools related to each securitization. The securitizations performed as required and as planned during the Recession of 2007 to 2010.
Wahl has extensive experience with control processes and risk management for numerous companies and developed various standard templates and working papers for compliance with PCAOB Accounting Standards. He has participated in numerous financing transactions, auditing companies in international jurisdictions (including Canada, China, Europe, Hong Kong, South America and South East Asia) and with multi-locations. He has assisted companies with their internal financial reporting and has consulted his clients with the drafting, summarizing, and negotiating key contracts for compliance with appropriate US GAAP for revenue recognition and for business combinations, particularly reverse merger transactions.
Education and Professional Licensing: Certified Public Accountant, California - Inactive, New York – Inactive Bachelor of Business Administration in Finance with Honors, Simon Fraser University
Guest Lecturer, California State University Northridge – 2007 to 2018 Entrepreneurship
and Raising Capital