OUR CAPABILITIES CREATE VALUE FOR OUR PARTNERS AND INVESTORS ALIKE...

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Georgiana Oliver
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Years of experience in infrastructure project construction, development, financing and risk management resulting in stong relationships and superior sourcing capabilities.

2 OUR CAPABILITIES CREATE VALUE FOR OUR PARTNERS AND INVESTORS ALIKE... Leadership William Marino, Founder and Managing Partner Focused Strategy Target portfolio diversity through greenfield/ pre-operating assets in social infrastructure, transportation and water. Years of experience in infrastructure project construction, development, financing and risk management resulting in stong relationships and superior sourcing capabilities. P3 Specific Skills Commercial, Technical and Modeling Capabilities The Star team includes individuals with analytical commercial, technical and modeling capabilities that ensure we are performing all the necessary due diligence and getting all the right answers prior to bringing a deal to Star America s three managing partners who make up the Investment Committee. The deal team is certain after due diligence that the investment they are presenting will deliver superior risk adjusted returns. Ex-Chairman of Aon Construction Built the largest privately-held construction insurance brokerage firm in the US with $1 billion in premium sales and 450 employees sold to Aon in years of insurance and construction experience Christophe Petit, President and Managing Partner Ex-Societe Generale Managing Director specializing in Infrastructure Investment Banking and Finance 15+ years of infrastructure advisory experience More than $17 billion of infrastructure/ P3 engagements STAR AMERICA, AN INDEPENDENT DEVELOPER, INVESTOR AND MANAGER OF INFRASTRUCTURE ASSETS, FOCUSING PRIMARILY ON GREENFIELD AND PUBLIC PROJECTS IN NORTH AMERICA. Public Private Partnerships have been used in various parts of the world for many years. These Credit and Risk Analytics Salvatore Mancini, Senior Advisor partnerships are a complex form of alternative project delivery, incorporating many different areas of expertise into the required project documents. To effectively understand, structure and implement these highly complex transactions one must first have a team that encompasses all the necessary skill sets; construction, insurance, legal, financial & credit structuring and practical operating expertise. Star has a team that brings together the required skill sets to fully understand and execute upon project opportunities and structure an economically rewarding investment. Our senior executives and their senior advisors have the greatest comprehension of contractor skills, challenges, issues, strengths far in excess of any other fund manager. We are aware of these challenges through experience in different local markets; working union vs. merit shop, prequalifying sub-contractors, negotiating Project Labor Agreements using Alternative Dispute Resolution, understanding both the banking and insurance risk matrix, all of which makes us a better partner for these global concessionaires. Ex-CEO of Skanska USA Civil, one of the largest US contractors 30+ years of construction experience managing $2 billion in annual revenue and over 5,000 employees Partnered with many of the major US and international construction companies on various projects Mark Melson, Chief Operating Officer Former EVP Northeast Region for Bovis Lend Lease Led a team responsible for a portfolio of building and education projects across six states with annual revenue peaking above $3.6 billion 25+ years of infrastructure construction and risk management experience Led Star s team on the Purple Line and Michigan LED lighting projects 2

THE UNIVERSITY OF TEXAS AT DALLAS Design, construction, financing and operation of an on-campus

ground lease public-private partnership (P3) agreement.

beds, as well as shops, restaurants and entertainment venues to serve the more than 30,000 students,

The project will be located on a 13-acre tract of land located north and west of the intersection of

The project will break ground in the coming weeks and will be delivered in August of 2016.

3 THE UNIVERSITY OF TEXAS AT DALLAS Design, construction, financing and operation of an on-campus mixeduse housing and retail development for The University of Texas at Dallas through a 61-year ground lease public-private partnership (P3) agreement. The new community will include mid-rise apartments and townhomes that will offer approximately 600 beds, as well as shops, restaurants and entertainment venues to serve the more than 30,000 students, faculty, staff and young professionals of the University and the greater Richardson, Texas area. The project will be located on a 13-acre tract of land located north and west of the intersection of Synergy Park Boulevard and Floyd Road, adjacent to the proposed site of a future DART rail station. The project will break ground in the coming weeks and will be delivered in August of Upon completion, the housing will be operated by Balfour Beatty Communities, and SRS Real Estate Partners will market the retail space. American Bank of Texas is providing the financing for the project. Project Sponsor: The University of Texas at Dallas Type: Rental Revenues Balfour Beatty Campus Solutions / Wynne / Jackson Balfour Beatty Construction Approximately $54 million 4

SOUTH FRASER PERIMETER ROAD 24 year Partnership Agreement for the construction, financing, operation, maintenance and rehabilitation of

Located 17 miles south of Vancouver, British Columbia, the South Fraser Perimeter Road is a new four-lane, 40 kilometer (25 mile), route

The road stretches from Deltaport Way in southwest Delta to 176th street in Surrey, with connections to Highways 1, 15, 17, 91, 99 and

Financial Close for the project occurred on July 14, 2010 with the Fraser Transportation Group (the Concessionaire) signing a Concession

construction, operation, rehabilitation, and reinstatement of the project over a 24 year Concession Term.

/ Bel Contracting Approximately $715M The first phase of construction was completed and the Eastern Segment of the road opened for

4 SOUTH FRASER PERIMETER ROAD 24 year Partnership Agreement for the construction, financing, operation, maintenance and rehabilitation of the South Fraser Perimeter Road (the Partnership Agreement ). Located 17 miles south of Vancouver, British Columbia, the South Fraser Perimeter Road is a new four-lane, 40 kilometer (25 mile), route along the south side of the Fraser River. The road stretches from Deltaport Way in southwest Delta to 176th street in Surrey, with connections to Highways 1, 15, 17, 91, 99 and the new Golden Ears Bridge. Financial Close for the project occurred on July 14, 2010 with the Fraser Transportation Group (the Concessionaire) signing a Concession Agreement with the Province of British Columbia and the British Columbia Transportation Financing Authority for the finance, design, construction, operation, rehabilitation, and reinstatement of the project over a 24 year Concession Term. At the same time, the Concessionaire signed a Design Build Contract with FTG Constructors (the Contractor) for the design and construction of the project. Project Sponsor: British Columbia (AAA Rated) Type: Availability Iridium(ACS) / Ledcor / Star America Dragados / Ledcor / Vancouver Pile / Bel Contracting Approximately $715M The first phase of construction was completed and the Eastern Segment of the road opened for operation on December 1, The following year, on December 21, 2013 with the conclusion of the second phase of construction, the project reached substantial completion and the entire road was opened to traffic. On June 12, 2014 the project achieved total completion and is now fully operational. In recognition of the project s success, the Canadian Council for Public- Private Partnerships awarded South Fraser Perimeter Road with its 2014 Silver Infrastructure Award, one of the council s National Awards for Innovation and Excellence in Public-Private Partnerships. 6

STATE HIGHWAY 288 52 year Concession Agreement for the design, construction,

project (the Partnership Agreement ) The State Highway 288 ( SH-288 ) expansion is

major interchanges: Beltway 8, which will include (8) direct connector/ramp

Medical Center, which will include (2) direct connector/ramp bridges Construction

Project Sponsor: Texas Department of Transportation Type: Tolls Iridium (ACS) /

Binui / Pullice Approximately $815 mm Commercial Close for the project occurred on

5 STATE HIGHWAY year Concession Agreement for the design, construction, financing, operation, and maintenance of the State Highway 288 road improvement project (the Partnership Agreement ) The State Highway 288 ( SH-288 ) expansion is a 10.3-mile roadway improvement south of downtown Houston and will include three major interchanges: Beltway 8, which will include (8) direct connector/ramp bridges Loop 610, which will include (8) direct connector/ramp bridges The Texas Medical Center, which will include (2) direct connector/ramp bridges Construction will begin in Fall 2016 and is expected to last until Q Project Sponsor: Texas Department of Transportation Type: Tolls Iridium (ACS) / Shikun & Binui / InfraRed / Northleaf / Clal / Star America Dragados / Shikun & Binui / Pullice Approximately $815 mm Commercial Close for the project occurred on March 4, 2016 with the Blueridge Transportation Group (the Concessionaire) and Financial Close was achieved in May 9,

PORTSMOUTH BYPASS 35 year Concession Agreement for the design, construction, financing, operation,

Located just north of the Ohio-Kentucky border, the Portsmouth Bypass is a new four-lane, 16 mile,

The new route will bypass 26 miles of US 52 and 23 through Portsmouth, providing an estimated

Additionally, new connections to existing major thoroughfares will be created via five new

Commercial Close for the project occurred on December 5, 2014 with the Portsmouth Gateway Group

Financial Close was achieved on April 9, 2015 and groundbreaking occurred in June 2015.

6 PORTSMOUTH BYPASS 35 year Concession Agreement for the design, construction, financing, operation, and maintenance of the Portsmouth Bypass (the Partnership Agreement ). Located just north of the Ohio-Kentucky border, the Portsmouth Bypass is a new four-lane, 16 mile, divided, limited-access highway around the City of Portsmouth in Scioto County, Ohio. The new route will bypass 26 miles of US 52 and 23 through Portsmouth, providing an estimated travel time savings of 16 minutes per trip compared to the existing route. Additionally, new connections to existing major thoroughfares will be created via five new interchanges (US 52, SR 140, Shumway Hollow Road, Lucasville-Minford Road and US 23). Commercial Close for the project occurred on December 5, 2014 with the Portsmouth Gateway Group (the Concessionaire) agreeing to work with the Ohio Department of Transportation (Project Sponsor). Financial Close was achieved on April 9, 2015 and groundbreaking occurred in June Project Sponsor: Ohio Department of Transportation (AA+ Rated) Type: Availability Iridium (ACS) / InfraRed / Star America Dragados / Beaver Excavating / John R. Jurgensen Approximately $430 million 10

MICHIGAN DOT FREEWAY LIGHTING Design, build and finance the improvements on existing freeway and

improved lighting system for a period of 15 years. The project is the first P3 in the U.S.

Located in the Macomb, Oakland and Wayne counties, the freeway lighting system consists of

The majority of the system s fixtures are now high-pressure sodium or metal halide fixtures.

outdated lights will be replaced with energy-efficient LEDs.

the energy consumption through implementation of energy efficient lighting fixtures.

7 MICHIGAN DOT FREEWAY LIGHTING Design, build and finance the improvements on existing freeway and tunnel lighting systems in the Detroit Metro Region and to operate and maintain the existing and improved lighting system for a period of 15 years. The project is the first P3 in the U.S. for a freeway lighting asset and the first transportation P3 in the State of Michigan. Located in the Macomb, Oakland and Wayne counties, the freeway lighting system consists of approximately 15,000 fixtures and the underlying infrastructure. The majority of the system s fixtures are now high-pressure sodium or metal halide fixtures. Over a period of 2 years, from August 2015 to August 2017, the system will be upgraded and the outdated lights will be replaced with energy-efficient LEDs. The improved system will help increase highway safety conditions to the traveling public and lower the energy consumption through implementation of energy efficient lighting fixtures. Project Sponsor: Michigan Department of Transportation Type: Availability and energy savings payments Star America / Aldridge Electric Aldridge Electric O&M Team: Cofely Services Capital costs of approximately $50 million 12

MARYLAND PURPLE LINE 36-year concession agreement for the design, construction, financing, operation and maintenance of a 16-mile light rail transit line project in the Maryland suburbs of Washington

Extending between Bethesda in Montgomery County and New Carrollton in Prince George s County, the new transit line will provide direct connections to four branches of the Washington Metropolitan

8 MARYLAND PURPLE LINE 36-year concession agreement for the design, construction, financing, operation and maintenance of a 16-mile light rail transit line project in the Maryland suburbs of Washington DC. The Purple Line is a proposed 16-mile light rail transit line project in the Maryland suburbs of Washington, DC inside the Capital Beltway (I-495). Extending between Bethesda in Montgomery County and New Carrollton in Prince George s County, the new transit line will provide direct connections to four branches of the Washington Metropolitan Transit Authority Metrorail system, as well as all three Maryland Area Regional Commuter rail lines and Amtrak s Northeast Corridor. The line will have 21 stations and will operate mainly in dedicated lanes, allowing for reliable and rapid east-west service. Having reached financial close in June 2016, the Purple Line became the second ever P3 in the U.S. for a light rail project and the first transportation P3 in the State of Maryland. The Purple Line became the second ever P3 in the U.S. for a light rail project and the first transportation P3 in the State of Maryland. Project Sfponsor: Maryland Department of Transportation and Maryland Transit Administration Type: Availability payments Star America / Fluor Entreprises, Inc. / Meridiam Fluor Corporation / The Lane Construction Corporation / Traylor Bros, Inc. O&M Team: Fluor Corporation / Alternative Concepts, Inc and Construcciones y Auxiliar de Ferrocarriles Capital costs of approximately $2.4 billion 14

P3 Award 2016 2016 P3 Bulletin Gold Award for the Best Transit and Aviation Project STAR AMERICA 2015 IJ Global s Award for Best North

9 P3 Award P3 Bulletin Gold Award for the Best Transit and Aviation Project STAR AMERICA 2015 IJ Global s Award for Best North American Refinancing for South Fraser 2014 Canadian Council for Public-Private Partnerships Silver Infrastructure Award for South Fraser Perimeter Road

10 165 Roslyn Road Roslyn Heights, NY Maiden Lane 39th Floor New York, NY

Council of State Governments. Takoma Langley Transit Center Purple Line Project Briefing. October 28, 2013

Council of State Governments. Takoma Langley Transit Center Purple Line Project Briefing. October 28, 2013 Council of State Governments Takoma Langley Transit Center Purple Line Project Briefing October 28, 2013 Takoma Langley Transit Center Purpose and Need Provide a safe, attractive and efficient facility