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SNC-Lavalin Media Statement on the toronto air rail link project

Montreal | July 30, 2010

Naturally, we are disappointed by the outcome of the Toronto Air Rail Link Project. Given the state of financial markets over the past few years, lenders, both in Canada and elsewhere, are reluctant to lend money for full revenue-risk projects.  As a result, an agreement that met our own standards of risk tolerance could not be reached with interested lenders.

We continue to have an excellent relationship with the Province of Ontario, and both SNC-Lavalin and the Province understand the difficult circumstances surrounding the financing of this project.  We are both disappointed that it could not go forward as originally planned, but we will work together to ensure that Metrolinx has all the support it needs to deliver this project. Both the Province of Ontario and Metrolinx can count on SNC-Lavalin's expertise and leadership in airport links.