The group formed of Dexia, Mediobanca, Clifford Chance and Grimaldi e Associati,
and of which Dexia is the authorised representative, was retained on 21 June
2005 by the company Lyon Turin Ferroviaire ("LTF") to carry out a
consultancy mission dealing with the financial and legal aspects relating to
the common Franco-Italian part of the project (Saint-Jean de Maurienne - Bruzolo)
to build a new high-speed rail link between Lyons and Turin.
This is one of the priority infrastructure projects in Europe. It consists
in particular of the construction of a 52-kilometre tunnel under the Alps. The
works are to begin in 2010, the service is scheduled to start in 2018 and the
cost of the project is estimated at 6.7 billion EUR for the international part
The project results from the wish to rebalance road and rail traffic sustainably
between France and Italy in favour of rail for economic and also environmental
reasons, with a concern to add dynamism to rail freight with this link.
This mandate relates essentially to a further comparative study of two deals
selected as a result of earlier studies: a Public Private Partnership ("PPP")
scheme and a public scheme, so that a choice can be made by LTF and ratified
by the Franco-Italian Inter-Governmental Commission ("IGC").
The selection of our group in particular reflects the recognised expertise
of Dexia and its partners in the structuring of public deals and PPPs, in Europe
and particularly in France and Italy through its subsidiary, Crediop. In Holland,
Dexia arranged the financing of the HSL ZUID project, until now the only high-speed
rail link in Europe arranged in PPP.