1. Comparison of International P3 Model, 63-20 Corp and Hybrid Lease The Great Debate:

2. National Development Council Public-Private Partnerships 2 What is 63-20? Through an “on-behalf-of” not-for-profit Ownership Private Performance Based Operations 100% Tax Exempt Debt Financing Privately contracted Dedicated repair and replacement reserve Maintenance Lowest in the industry Occupancy Costs Private Build-to-Suit Integrated Delivery Incentives to perform Development

3. National Development Council The Development Process 3 Design Phase Architect & Engineer General Contractor- Construction Manager Public Agency Sub-contractors Developer Special Purpose Entity Lease Architect & Engineer General Contractor- Construction Manager Public Agency Sub-contractors Developer Special Purpose Entity Development Phase

4. Typical PPP structure 4 Availability Payment Equity Provider Senior Debt Agreements Senior Debt Provider Operations & Maintenance (including life cycle) FM Agreement Design & Construction D&C Contract Project Company/Developer DBFOM or DBFM Agreement Governmental Sponsor Interface Agreement

5. Attributes of typical PPP structure 5 Investment Grade Transaction + + = Non-recourse project financing License structure – no charge in ownership Significant risk transfer Strong value proposition Strong balance sheet – credit rating Parent Company Guarantee + Security + Payment Guarantee (assuming performance) Efficient Risk Allocation

6. Hawkin s Delafield & Wood LLP Developer Lease/Hybrid Model Lease of Commercial Development Rights in connection with Implementation of Public Infrastructure Ex. – Commercial Development Lease in connection with Courthouse Project Alternative/Offsetting Source of Funds for Public Infrastructure Development Economic Development Considerations Developer Lease could be a Component of either International Model or 63-20 Model Nature of the Entities: Commercial Development vs. Public Infrastructure Development Risks Associated with Commercial Development Cost of Capital

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8. Comparison Summary Project Component63-20 CorpHybridP3 Construction Risk Transfer Schedule ? Price ? O&M Risk Transfer Over Term Operating Cost 3-5 Years Max 15 Years ? Performance & Availability * ? Replacement Costs * ? Handback Condition * ? Financing Cost (ranked) 132 Appropriation Risk ? Funding &/or Payment Guarantees Client Client / UsersClient