Financial Advisory Services to Transport Canada for the High-Speed Rail (HSR) Initiative

Transport Canada (TC) is seeking financial advisory services to provide broad financial, strategic, and commercial advice in support of the High-Speed Rail (HSR) Initiative during its Co-Development Phase.

BACKGROUND On February 19, 2025, the Prime Minister of Canada announced that Canada is developing a high-speed rail network in the Toronto-Quebec City corridor. This transformative rail network will span approximately 1,000 km and reach speeds of up to 300 km/hour, with stops in Toronto, Peterborough, Ottawa, Montréal, Laval, Trois-Rivières, and Quebec City. The HSR Initiative will be delivered through a progressive, collaborative co-development model. Transport Canada, as the project owner, provides oversight and strategic direction. Alto, a new federal Crown corporation (formerly VIA HFR), acts as the contracting authority and leads project development in partnership with the selected Private Developer Partner (PDP), Cadence. During the Co-Development Phase, TC will provide guidance and oversight to ensure the project meets public policy objectives and that the planning and design reflect government priorities. The HSR Initiative aims to achieve the following outcomes: • Significantly Increase Intercity Rail Passengers • Enhance Passenger Experience in The Corridor • Provide Meaningful Environmental Benefits to Support the Government of Canada’s Net Zero Commitment • Significantly Increase Availability of Accessible and Affordable Services • Enable Safe Intercity Journeys • Contribute Positively to Government’s Commitment to Reconciliation with Indigenous Peoples • Mitigate Financial Costs to Taxpayers

REQUIREMENT DESCRIPTION TC is seeking financial advisory services from the Advisor to deliver reliable, relevant, and independent advice in support of the HSR Initiative. The Advisor will provide independent, expert advice to help Transport Canada safeguard Canada’s interests and ensure the HSR Initiative achieves its defined Project Outcomes. This includes evaluating planning and design from a commercial and financial perspective, advising on risk mitigation, and ensuring value for money. The Advisor will support TC throughout the Co-Development Phase with objective insights that strengthen decision-making.

SCOPE OF ADVISORY SERVICES The services may include, but are not limited to: • Assessing financial and commercial frameworks to ensure viability, alignment with government objectives, and value for money. • Advising on project agreements, investment decisions, and associated commitments. • Providing insights on broader economic and operational opportunities, including benefits for Indigenous Peoples and communities. • Supporting Transport Canada’s oversight of financial risks, costs, and benefits related to HSR. • Contributing independent financial perspectives to inform decision-making and stakeholder engagement.

Other Advisory Services In addition to financial expertise, the Government of Canada may also require other advisory services to support the broader planning, development, and implementation of the HSR Initiative. These services will complement financial advisory work and may include:

• Change management advisory Services related to existing railway services; • Independent oversight and assurance; • Supply chain analysis and review; • Alignment and station planning; • Land value capture and community benefits advisory services; • Transit-oriented Development and community benefits advisory services; • Housing advisory services; • Research and analysis on tourism impacts and comparative rail project insights (domestic and international); and • General strategic, operational and policy advisory support.