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Legal Disclaimer This document is being communicated to investors on a confiden7al basis solely in connec7on with Pt Capital Advisors, LLC. This document has been prepared solely for the intended recipient(s) and contains highly confiden7al and proprietary informa7on that are of economic value to us. If you are not an intended recipient, or a person responsible for delivering it to an intended recipient, please no7fy the author and dispose of this document immediately. Any unauthorized copying, disclosure, reten7on, or distribu7on of this document, in whole or in part, is strictly forbidden. Any disclosure of this informa7on could cause us compe77ve harm. By accep7ng this document, you agree to keep strictly confiden7al all of the contents of the document. The informa7on in this document is subject to change without no7ce and we have no obliga7on to update you as to any such changes. We do not undertake any obliga7on to update or revise any statements contained herein or correct inaccuracies whether as a result of new informa7on, future events or otherwise. This document may include certain projec7ons and forward-looking statements. The use of the words “expects,” “intends,” “an7cipates,” “es7mates,” “may,” “forecast,” “objec7ve,” “plan,” or “target,” and other similar expressions are intended to iden7fy forward-looking statements. Such projec7ons and forward-looking statements reflect various assump7ons concerning the future and are subject to significant business, economic, and compe77ve uncertain7es and con7ngencies. Accordingly, there can be no assurance that such projec7ons and forward-looking statements will be realized. Although based on informa7on that Pt Capital Advisors, LLC considers to be reliable, no representa7on or warranty, express or implied, is made as to the accuracy of completeness of the informa7on contained herein. The informa7on contained herein is not intended to provide, and should be relied upon for, accoun7ng, legal or tax advice or investment recommenda7ons. Any market data is provided “as is” and on an “as available” basis. The informa7on included herein, and any other materials provided to you by Pt Capital Advisors, LLC, are intended only for informa7onal purposes and convenient reference. If this document references an investment and/or transac7on, it does not cons7tute an offer to sell or solicita7on of an offer to buy any security or an agreement to enter into any transac7on and is intended for informa7onal purposes only. Offers and/or transac7ons are only entered into on the basis of the final documenta7on which may include to the extent applicable, agreements, offering memoranda, organiza7onal, governing and other related documents (together, the “Governing Documents”). Transac7ons and /or investments referenced herein may involve a high degree of risk and may not be suitable for all investors. Any poten7al investor should carefully consider the “Risk Factors” described in the applicable Governing Documents. Past performance does not guarantee future returns. No representa7on, guarantee express or implied, or warranty is provided as to the correctness, completeness or 7meliness of informa7on provided in this message, which informa7on has not been prepared to meet the repor7ng standards of any regulatory, associa7on, or trade organiza7on, has not been independently verified, may be based upon assump7ons, may change without no7ce and should not be relied upon in making an investment decision. Pt Capital Advisors, LLC and its affiliates do not accept any liability whatsoever for any direct, indirect or consequen7al loss arising from any ac7ons undertaken in reliance on the content of this document.

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The Arc7c…

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Poten7al to do more •  •  •  •  •  • 

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Feeds the world Fuels the world Provisions the world Protects the world Connects the world Inspires the world

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Eight Na)ons Set a Safety Agenda in 2009

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Arc7c Shipping Rules Take Shape •  •  •  •  •  •  •  •  • 

Ar7cle 234 Law of the Sea Russian, Canadian, U.S. legisla7on Na7onal policies (Council and Observers) Arc7c Marine Shipping Assessment 2009 Arc7c Council SAR Agreement 2011 Arc7c Council Oil Spill Agreement 2013 IMO Polar Code (2014) effec7ve 2017 Current Arc7c Council work by PAME Coast Guard Forum

Shipping and Ports Task Force Goals • Establish a league of Arctic Ports • Determine options for Arctic Seaway regime • Support Arctic infrastructure investment Build the business for return on investment!

Arc7c Mari7me Infrastructure data created by Ins7tute of the North and hosted by Arc7c Portal; www.arc7cinfrastructure.org

St. Lawrence Seaway as a model



Applying the St. Lawrence Model to the Arc9c

• Parallel legisla7on or interna7onal agreement to offer service • Revenue/Regulatory Model to support Icebreakers, Naviga7onal Aids, Safety • Support from insurers, salvors • Respect legal differences in waters status; perhaps by invoking UNCLOS Ar7cle 234.

Comsat’s chief, and virtually only, asset in 1962 was a mandate from the Congress to establish, in conjunc7on and coopera7on with other na7ons, a commercial communica7ons satellite system as • expedi7ously as prac7cable. NSR and Canadian Administra7on •  Iceland SAR •  New AIS capabili7es By 1972, the INTELSAT global satellite system was a successful reality. Opera7onal satellites provided global coverage for a network of earth sta7ons in 49 countries, much of the world's transoceanic telephone and data communica7ons. as well as drama7c capability for global television transmissions. The system revolu7onized the world's communica7ons network.

comsat

Other Arc7c links on the way •  Air routes, airports, airships •  Rail extensions •  Fiber op7c/satellites •  Transshipment ports •  Ports of refuge •  HVDC Power •  Pipelines, LNG, FLNG

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Linking North America to World Markets The Alberta to Alaska railway will create a link between Alaska and the rest of North America, allowing Anchorage / Port MacKenzie to become North America’s closest rail port to Asia. Rail Link

Container Freight

Note: Red lines represent exis7ng track; white line is the A2A railway

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Alberta to Alaska Railway Delta Junc)on, Alaska

Fort McMurray, Alberta

Note: Red lines represent exis7ng track; white line is the A2A railway

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The 7me is right for development of the A2A railway

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Bitumen – produc7on from oil sands has increased substan7ally and needs a path to market

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Container Freight – Temporary macro headwinds are not significant for a long-term project

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Economic Environment §  § 

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State of Alaska needs addi7onal economic ac7vity Excellent price environment for buying steel, construc7on services, and borrowing money

Short distance of addi7onal track1

1. A2A is ~1% of the exis7ng 140,000 miles of track in North America

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Benefits to the State of Alaska § 

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The A2A project is expected to generate ~$2.5 billion of capital investment in Alaska § 

$1.0 billion expected for new track placement

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$500 million expected for a direct loading facility at Port Mackenzie

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$500 million expected for capital upgrades on the Alaska Railroad

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$200 million expected for a transload facility at TAPS

Economic Growth § 

New sector created – Marine Rail Terminal – by connec7ng Alaska Railroad to the rest of North America and comple7ng the Port MacKenzie spur

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Synergies with Free Trade Zone, air cargo, Interior mining and transport hub, and Alaska Na7ve business development

Alaska Railroad § 

Upgrade current financial performance

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Addi7onal 5,922 trains per year; this would result in 159 million gross ton-miles per year

Jobs § 

Expected addi7on of 300 – 600 new permanent jobs in Alaska

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Labor is expected to be sourced locally and the Alaska Railroad might be an operator for unit trains Proprietary and Confiden7al

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