Dulles Corridor EnterpriseFinancial Report

October 2016Prepared by the Office of Finance

November 2016

Dulles Corridor EnterpriseFinancial Report October 2016

Toll Road Revenue• $127.2 million year-to-date• Revenue 0.3% higher than prior year-to-date• At 83.3% through the year, revenues are at 81.0% of annual budgeted

revenues• Revenues are 3.1% lower than forecast year-to-date

$5,000,000

$6,000,000

$7,000,000

$8,000,000

$9,000,000

$10,000,000

$11,000,000

$12,000,000

$13,000,000

$14,000,000

2016 2015 2014

Dulles Corridor EnterpriseFinancial Report October 2016

Toll Road Transactions• 82.0 million year-to-date transactions• Transactions 0.4% lower than prior year-to-date• Transactions 1.7% lower than forecast year-to-date• Electronic toll collections up 0.7% at 84.9% (1)

(1) Electronic Tolls percentage is a percentage of total revenue

5,000,000

5,500,000

6,000,000

6,500,000

7,000,000

7,500,000

8,000,000

8,500,000

9,000,000

2016 2015 2014

Dulles Corridor EnterpriseFinancial Report October 2016

Toll Road Expenses• $23.8 million year-to-date• Expenses 2.5% higher than prior year-to-date• At 83.3% through the year, expenses are at 76.6% of annual

budgeted expenditures• Expenses are 8.1% lower than forecast year-to-date

METROPOLITAN WASHINGTON AIRPORTS AUTHORITY

DULLES CORRIDOR ENTERPRISE FUND FINANCIAL REPORT – OCTOBER 2016

Table of Contents

Highlights Dulles Corridor Enterprise Highlights DCE Analysis of Financial Indicators Statement of Net Position Dulles Corridor Enterprise Comparative Income Statement Income Statements by Programs Dulles Corridor Enterprise Income Statement: Month-to-Date Dulles Corridor Enterprise Income Statement: Year-to-Date Operations and Maintenance Program DCE O&M Month/Year/Budget DCE O&M Comparative Income Statement Toll Road Comparative Analysis of Revenues & Expenses Toll Road Comparative Analysis Month Toll Road Comparative Analysis Year Actual versus Budget Summary Toll Road Revenues Actual vs. Budget Summary Toll Road Expenses Actual vs. Budget Summary Debt Service Coverage Ratio Dulles Corridor Enterprise Debt Service Coverage Toll Road Charts Dulles Corridor Enterprise Toll Road Transactions & Graph Dulles Corridor Enterprise Toll Road Revenues & Graph

Metropolitan Washington Airports Authority

Financial Statements October 2016

Dulles Corridor Enterprise Fund – Highlights in Brief

The increase in net position (i.e. net income) for the Dulles Corridor Enterprise Fund in October 2016 was $25.4 million. Year-to-date, the

increase in net position for the Dulles Corridor Enterprise Fund was $226.0 million, including the transfer of $24.5 million to MWATA for the Metrorail Silver line (phase 1) for the first nine months of 2016.

October 2016 operations of the Dulles Toll Road resulted in total revenues of $13.6 million, of which $1.8 million was in cash toll collections, and $11.3 million (83.6%) was in AVI toll collections. Total revenues increased $0.8 million (6.0%) compared to September 2016. As compared to October 2015, revenues increased by $0.2 million (1.4%). Year-to-date revenues through October 2016 totaled $127.2 million, which was $0.4 million (0.3%) higher than year-to-date October 2015.

October 2016 operating expenses for the Dulles Toll Road operations were $2.2 million. This is a decrease from September 2016 by $0.4 million primarily due to decreases in services and ETC transaction fees. Year-to-date expenses through October 2016 totaled $24.2 million, which was $0.6 million (2.7%) higher than year-to-date October 2015 primarily due to increases in salaries and related benefits of $0.2 million, services of $0.3 million, ETC transaction fees of $0.3 million, and depreciation and amortization of $0.1 million offset by decreases in materials and supplies of $0.1 million and insurance of $0.1 million.

Operating income for the Dulles Toll Road for October 2016 was $11.3 million, which was $1.2 million higher than September 2016. Year-to-

date operating income through October 2016 was $103.0 million, which was $0.3 million lower than prior year. Ten months into the year, or 83.3% through the year, the Toll Road operation has earned 81.0% of budgeted annual revenues and expended

76.6% of budgeted annual expenses. The DCE CIP program had $1.3 million in operating expenses for October 2016. Operating expenses for the DCE CIP program consist

primarily of allocated overhead expenses, bond cost of issuance expense and audit related expenses. Year-to-date operating expenses through October 2016 were $12.5 million.

Federal grant revenue of ($2.4) million and Local contributions of $16.0 million were recognized for the Rail project in October 2016. Year-to-date through October 2016, the rail project has recognized $58.5 million in Federal grants, $30.0 million in State grants and $161.5 million in Local contributions. Additional Federal grant revenue of $1.1 million was recorded in October 2016 relating to the Build America Bond interest subsidy, bringing the year-to-date subsidy amount to $11.4 million.

The Rail project recorded and adjustment of $10.0 million in construction in progress for Phase 1 and recorded $40.7 million for Phase 2 in

October 2016. Year-to-date Rail project costs totaled $14.5 million for Phase 1 and $352.3 million for Phase 2.

0.916666667Current Year- to-

Date Prior Year-to-

Date

Percent Change

PY to CY Pro-Rated Budget

Percent Change CY to Budget

Seasonalized Budget

Percent Change CY to Seasonalized

Budget

Actual YTD Compared to Prior YTD

Actual YTD Compared to

Budget

Actual YTD Compared to Seasonalized

Budget

Tolls - Cash 19,173,561$ 20,066,922$ (4.5%) 18,730,168$ 2.4% 18,896,058$ 1.5% ▼ ▲ ▲

Tolls - AVI (Electronic Tolls) 108,001,004 106,738,044 1.2% 112,079,833 (3.6%) 112,347,342 (3.9%) ▲ ▼ ▼Total Revenue 127,174,565$ 126,804,966$ 0.3% 130,810,001$ (2.8%) 131,243,400$ (3.1%) ▬ ▼ ▼

Personnel Compensation 4,390,209 4,127,559 6.4% 4,374,834$ 0.4% 4,369,380$ 0.5% ▲ ▬ ▬Employee Benefits 1,489,140 1,572,559 (5.3%) 1,889,231 (21.2%) 1,860,964 (20.0%) ▼ ▼ ▼Services 16,737,639 16,168,217 3.5% 18,045,670 (7.2%) 18,090,686 (7.5%) ▲ ▼ ▼Supplies and Materials 525,908 594,963 (11.6%) 658,909 (20.2%) 630,996 (16.7%) ▼ ▼ ▼Lease and Rental Expenses 557 1,657 (66.4%) 8,655 (93.6%) 8,655 (93.6%) ▼ ▼ ▼Utilities 159,107 173,492 (8.3%) 194,723 (18.3%) 194,724 (18.3%) ▼ ▼ ▼Telecommunications 143,107 180,351 (20.7%) 128,710 11.2% 128,710 11.2% ▼ ▲ ▲Travel 21,906 19,786 10.7% 18,400 19.1% 20,233 8.3% ▲ ▲ ▲Insurance 343,320 411,287 (16.5%) 595,000 (42.3%) 595,000 (42.3%) ▼ ▼ ▼Project expenses 289 0 N/A - N/A - N/A N/A N/A N/A

Non-capital Equipment (Gains) 0 (15,127) 100.0% - N/A - N/A ▲ N/A N/A

Total Expenses before Depreciation & Non-Toll Road Expenses 23,811,180$ 23,234,745$ 2.5% 25,914,132$ (8.1%) 25,899,347$ (8.1%) ▲ ▼ ▼Operating Income (Loss) before Depreciation & Non-Toll Road Expenses 103,363,385$ 103,570,221$ (0.2%) 104,895,869$ (1.5%) 105,344,053$ (1.9%) ▬ ▼ ▼

Depreciation and Amortization 6,249,397 5,988,978 4.3% N/A N/A ▲ N/A N/A

Other Non-Toll Road Expenditures 7,187,558 6,198,954 15.9% N/A N/A ▲ N/A N/A

Total Expenses 37,248,135$ 35,422,677$ 5.2% N/A N/A ▲ N/A N/A

Operating Income (Loss) 89,926,430$ 91,382,289$ (1.6%) N/A N/A ▼ N/A N/A

2016 2015

Percent Change

PY to CY Pro-Rated Budget

Percent Change CY to Budget

Seasonalized Budget

Percent Change CY to Seasonalized

Budget

Actual YTD Compared to Prior YTD

Actual YTD Compared to

Budget

Actual YTD Compared to Seasonalized

Budget81,966,375 82,311,818 (0.4%) 83,145,833 (1.4%) 83,421,300 (1.7%) ▬ ▼ ▼

8,584,122 8,660,062 (0.9%) 8,314,583 3.2% 8,551,900 0.4% ▬ ▲ ▬84.9% 84.2% 0.7% N/A N/A N/A N/A ▬ N/A N/A

69,884,544$ 45,845,590$ 52.4% N/A N/A N/A N/A ▲ N/A N/A

30,000,000$ 30,000,000$ 0.0% N/A N/A N/A N/A ▬ N/A N/A

160,387,452$ 87,743,270$ 82.8% N/A N/A N/A N/A ▲ N/A N/A

24,496,846$ 72,230,743$ (66.1%) N/A N/A N/A N/A N/A N/A N/A

Capital Equipment - year-to-date 71,089$ (159,980)$ 144.4% 80,000$ (11.1%) 80,000$ (11.1%) ▲ ▼ ▼

(1) Electronic Tolls percentage is a percentage of total revenue

Local/MWAA Contribution to Rail Project Phase 2 - year-to-date

Federal Grant Revenue - year-to-date

State/Local Grant Revenue - year-to-date

Additional Dulles Corridor Enterprise Fund Information:

# Toll Transactions - current month

Electronic Tolls - year-to-date percent(1)

Transfer of Rail Project Phase 1 to WMATA - year-to-date

Financial Indicators (Preliminary)Dulles Corridor Enterprise Fund

# Toll Transactions - year-to-date

Actuals

Actuals versus Budget

Period Ended October 31, 2016

MWAA Corporate Ledger Date: 07−NOV−16 15:21:53 Statement of Net Position − Dulles Corridor Enterprise Page: 1 Current Period: Oct−16 Currency: USD Fund=02 (Dulles Corridor Enterprise Fund) As of Oct−16 As of Sep−16 −−−−−−−−−−−− −−−−−−−−−−−− ASSETS Current Assets Unrestricted cash and cash equivalents $ 242,562,032 $ 239,259,108 Restricted cash and cash equivalents 132,166,396 202,238,063 Accounts receivable, net 529,218 514,689 Investments Inventory 219,398 219,398 Prepaid expenses and other current assets 23,623 35,213 −−−−−−−−−−−−−−− −−−−−−−−−−−−−−− Total Current Assets 375,500,667 442,266,472 −−−−−−−−−−−−−−− −−−−−−−−−−−−−−− Non−Current Assets Restricted Assets Cash and cash equivalents 233,019,656 270,725,082 Receivables 176,099,324 165,588,301 Investments 467,423,772 463,514,116 Payments made in advance 293,530 293,530 −−−−−−−−−−−−−−− −−−−−−−−−−−−−−− Total Restricted Assets 876,836,282 900,121,030 −−−−−−−−−−−−−−− −−−−−−−−−−−−−−− Unrestricted Assets Investments Bond Issuance Costs 14,717,327 14,829,382 Other Assets 38,183 38,183 −−−−−−−−−−−−−−− −−−−−−−−−−−−−−− Total Unrestricted 14,755,510 14,867,566 −−−−−−−−−−−−−−− −−−−−−−−−−−−−−− Capital Assets Construction in progress 19,642,201 16,237,291 Construction in Progress, Metrorail Phase 1 (9,970,505) 1,785,961 Construction in Progress, Metrorail Phase 2 1,077,919,032 1,037,222,383 Building, systems and equipment 98,377,147 98,377,147 Less: accumulated depreciation (19,490,086) (19,054,345) −−−−−−−−−−−−−−− −−−−−−−−−−−−−−− Capital Assets, Net 1,166,477,789 1,134,568,438 −−−−−−−−−−−−−−− −−−−−−−−−−−−−−− Total Non−Current Assets 2,058,069,582 2,049,557,033 −−−−−−−−−−−−−−− −−−−−−−−−−−−−−− Total Assets $ 2,433,570,249 $ 2,491,823,505 =============== ===============DEFERRED OUTFLOWS OF RESOURCES Deferred outflows − pension plans $ 959,768 $ 959,768 −−−−−−−−−−−−−−− −−−−−−−−−−−−−−− Total Deferred Outflows of Resources $ 959,768 $ 959,768 =============== ===============

MWAA Corporate Ledger Date: 07−NOV−16 15:21:53 Statement of Net Position − Dulles Corridor Enterprise Page: 2 Current Period: Oct−16 Currency: USD Fund=02 (Dulles Corridor Enterprise Fund) As of Oct−16 As of Sep−16 −−−−−−−−−−−− −−−−−−−−−−−− LIABILITIES Current Liabilities Accounts payable and accrued expenses $ 126,908,181 $ 158,166,891 Advance billings and payments received in advance 66,122,979 81,122,979 Due to (due from) other funds (14,708,808) (34,211,197) Accrued interest payable 8,136,566 39,917,378 Current portion of long−term liabilities 4,032,707 7,588,182 −−−−−−−−−−−−−−− −−−−−−−−−−−−−−− Total Current Liabilities 190,491,625 252,584,233 −−−−−−−−−−−−−−− −−−−−−−−−−−−−−− Non−Current Liabilities Other liabilities 250,064,718 250,064,718 Net pension liability 413,032 413,032 Commercial paper notes 150,000,000 176,000,000 Notes payable 100,000,000 100,000,000 Accretted debt 296,467,551 293,491,995 TIFIA Payable 468,793,531 463,148,543 Bonds payable 1,695,741,887 1,699,929,277 −−−−−−−−−−−−−−− −−−−−−−−−−−−−−− Total Non−Current Liabilities 2,961,480,719 2,983,047,565 −−−−−−−−−−−−−−− −−−−−−−−−−−−−−− Total Liabilities $ 3,151,972,344 $ 3,235,631,797 =============== ===============DEFERRED INFLOWS OF RESOURCES Deferred inflows − pension plans $ (952,389) $ (952,389) −−−−−−−−−−−−−−− −−−−−−−−−−−−−−− Total Deferred Inflows of Resources $ (952,389) $ (952,389) =============== ===============NET POSITION Net Investment in Capital Assets $ (939,375,624) $(1,088,581,798) Restricted for: Construction 133,939,024 238,892,854 Debt service 109,167,014 105,278,065 Dulles Rail latent defects 15,012,496 15,011,651 Dulles Toll Road repairs 8,599,923 8,687,111 Unrestricted (43,832,772) (21,184,019) −−−−−−−−−−−−−−− −−−−−−−−−−−−−−− Total Net Position $ (716,489,939) $ (741,896,135) =============== ===============

MWAA Corporate Ledger Date: 07−NOV−16 15:25:08 Dulles Corridor Enterprise Fund Comparative Income Statement Page: 1 Current Period: Oct−16 Currency: USD Fund=02 (Dulles Corridor Enterprise Fund) Current Month Prior Month Variance Current Month − Variance Year−to−Date Year−to−Date Variance Prior Year Prior Year −−−−−−−−−−−−−−− −−−−−−−−−−−−−−− −−−−−−−−−−−−−−− −−−−−−−−−−−−−−− −−−−−−−−−−−−−−− −−−−−−−−−−−−−−− −−−−−−−−−−−−−−− −−−−−−−−−−−−−−− OPERATING REVENUES Tolls − cash $ 1,810,768 $ 1,647,587 $ 163,181 $ 1,789,718 $ 21,050 $ 16,446,618 $ 17,750,540 $ (1,303,922) Tolls − AVI 11,336,670 10,809,095 527,575 11,314,646 22,024 108,001,004 106,738,044 1,262,960 Tolls − violations 410,905 338,001 72,903 270,375 140,529 2,726,943 2,316,382 410,561 _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ Total operating revenues 13,558,343 12,794,683 763,660 13,374,739 183,604 127,174,565 126,804,966 369,599 _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________OPERATING EXPENSES Salaries and related benefits 840,334 841,432 (1,098) 780,716 59,618 8,433,473 7,854,944 578,528 Services 1,051,055 1,065,090 (14,036) 973,869 77,186 11,956,715 11,508,038 448,677 ETC transaction fees 908,824 1,141,004 (232,180) 850,696 58,128 8,169,908 7,880,354 289,555 Materials and supplies 22,482 29,697 (7,215) 22,432 50 583,508 636,832 (53,324) Lease and rental expenses 65 65 269 (205) 646 2,695 (2,049) Utilities 25,703 25,949 (246) 16,506 9,197 275,475 193,117 82,357 Telecommunication 24,899 24,899 24,094 805 259,121 245,993 13,128 Travel 2,582 5,571 (2,988) 2,292 290 35,875 31,627 4,249 Insurance 28,418 40,115 (11,696) 74,180 (45,761) 343,320 411,287 (67,967) Project expenses 27,184 89,945 (62,762) 55,068 (27,884) 940,776 683,894 256,882 Non−cash expenses (gains) (8) (8) 13 (21) (79) (15,082) 15,003 Depreciation and amortization 610,413 628,547 (18,134) 665,872 (55,459) 6,249,397 5,988,978 260,419 _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ Total operating expenses 3,541,951 3,892,306 (350,355) 3,466,007 75,944 37,248,135 35,422,677 1,825,458 _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________OPERATING INCOME 10,016,392 8,902,377 1,114,014 9,908,732 107,659 89,926,430 91,382,289 (1,455,859) _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________NON−OPERATING REVENUES (EXPENSES) Unrealized investment gains (losses) (1,828,952) (708,328) (1,120,624) (726,305) (1,102,647) (51,305) (906,569) 855,264 Realized investment gains (losses) 403,435 1,442,899 (1,039,464) 385,338 18,097 7,047,468 3,507,760 3,539,708 Interest expense (11,101,546) (10,904,683) (196,864) (10,463,524) (638,022) (107,833,704) (101,770,982) (6,062,722) Other Income 5,877,306 (5,877,306) Contributions from/(to) other governments 14,177,500 12,780,346 1,397,154 7,108,066 7,069,433 137,023,993 15,632,218 121,391,775 _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ Total non−operating revenues (expenses) 1,650,436 2,610,234 (959,798) (3,696,425) 5,346,861 36,186,451 (77,660,267) 113,846,719 _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________GAIN (LOSS) BEFORE CAPITAL CONTRIBUTIONS 11,666,828 11,512,611 154,216 6,212,308 5,454,520 126,112,881 13,722,022 112,390,859 _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________CAPITAL CONTRIBUTIONS Federal grants (1,260,631) 3,824,192 (5,084,823) 2,582,244 (3,842,875) 69,884,544 45,845,590 24,038,954 State grants 15,000,000 15,000,000 15,000,000 30,000,000 30,000,000 Local grants _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ Total capital contributions 13,739,369 3,824,192 9,915,177 17,582,244 (3,842,875) 99,884,544 75,845,590 24,038,954 _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________

INCREASE (DECREASE) IN NET POSITION $ 25,406,197 $ 15,336,803 $ 10,069,393 $ 23,794,551 $ 1,611,645 $ 225,997,426 $ 89,567,612 $ 136,429,813 =============== =============== =============== =============== =============== =============== =============== ===============

MWAA Corporate Ledger Date: 07−NOV−16 15:31:06 Dulles Corridor Enterprise by Programs Month to Date Page: 1 Current Period: Oct−16 Currency: USD Future1=000 (), Future2=00 () O&M R&R CIP Total Month of Oct−16 Month of Oct−16 Month of Oct−16 Month of Oct−16 −−−−−−−−−−−−−−− −−−−−−−−−−−−−−− −−−−−−−−−−−−−−− −−−−−−−−−−−−−−− OPERATING REVENUES Tolls − cash $ 1,810,768 $ 1,810,768 Tolls − AVI 11,336,670 11,336,670 Tolls − violations 410,905 410,905 _______________ _______________ _______________ _______________ Total operating revenues 13,558,343 13,558,343 _______________ _______________ _______________ _______________OPERATING EXPENSES Salaries and related benefits 584,799 255,536 840,334 Services 614,926 436,129 1,051,055 ETC transaction fees 908,824 908,824 Materials and supplies 16,722 5,760 22,482 Lease and rental expenses 56 9 65 Utilities 14,066 11,637 25,703 Telecommunication 13,298 11,601 24,899 Travel 1,185 1,397 2,582 Insurance 28,418 28,418 Project expenses 27,184 27,184 Non−cash expenses (gains) (4) (4) (8) Depreciation and amortization 41,597 15,028 553,788 610,413 _______________ _______________ _______________ _______________ Total operating expenses 2,223,887 15,028 1,303,036 3,541,951 _______________ _______________ _______________ _______________OPERATING INCOME 11,334,455 (15,028) (1,303,036) 10,016,392 _______________ _______________ _______________ _______________NON−OPERATING REVENUES (EXPENSES) Unrealized investment gains (losses) (1,828,952) (1,828,952) Realized investment gains (losses) 26,689 376,745 403,435 Interest expense 0 (11,101,546) (11,101,546) Contributions from/(to) other governments 14,177,500 14,177,500 _______________ _______________ _______________ _______________ Total non−operating revenues (expenses) 26,689 1,623,747 1,650,436 _______________ _______________ _______________ _______________GAIN (LOSS) BEFORE CAPITAL CONTRIBUTIONS 11,361,145 (15,028) 320,710 11,666,828 _______________ _______________ _______________ _______________CAPITAL CONTRIBUTIONS Federal grants (1,260,631) (1,260,631) State grants 15,000,000 15,000,000 Local grants _______________ _______________ _______________ _______________ Total capital contributions 13,739,369 13,739,369 _______________ _______________ _______________ _______________

INCREASE (DECREASE) IN NET POSITION $ 11,361,145 $ (15,028) $ 14,060,079 $ 25,406,197 =============== =============== =============== ===============

MWAA Corporate Ledger Date: 07−NOV−16 15:31:42 Dulles Corridor Enterprise by Programs Page: 1 Current Period: Oct−16 Currency: USD Future1=000 (), Future2=00 () O&M R&R CIP Total YTD Oct−16 YTD Oct−16 YTD Oct−16 YTD Oct−16 −−−−−−−−−−−−−− −−−−−−−−−−−−−− −−−−−−−−−−−−−− −−−−−−−−−−−−−−− OPERATING REVENUES Tolls − cash $ 16,446,618 $ 16,446,618 Tolls − AVI 108,001,004 108,001,004 Tolls − violations 2,726,943 2,726,943 _______________ _______________ _______________ _______________ Total operating revenues 127,174,565 127,174,565 _______________ _______________ _______________ _______________OPERATING EXPENSES Salaries and related benefits 5,879,349 2,554,124 8,433,473 Services 8,567,730 271,914 3,117,071 11,956,715 ETC transaction fees 8,169,908 8,169,908 Materials and supplies 525,908 57,599 583,508 Lease and rental expenses 557 89 646 Utilities 159,107 116,368 275,475 Telecommunication 143,107 116,014 259,121 Travel 21,906 13,970 35,875 Insurance 343,320 0 343,320 Project expenses 289 60,031 880,457 940,776 Non−cash expenses (gains) (79) (79) Depreciation and amortization 409,381 159,669 5,680,347 6,249,397 _______________ _______________ _______________ _______________ Total operating expenses 24,220,562 491,614 12,535,960 37,248,135 _______________ _______________ _______________ _______________OPERATING INCOME 102,954,003 (491,614) (12,535,960) 89,926,430 _______________ _______________ _______________ _______________NON−OPERATING REVENUES (EXPENSES) Unrealized investment gains (losses) (51,305) (51,305) Realized investment gains (losses) 206,383 6,841,085 7,047,468 Interest expense 0 (107,833,704) (107,833,704) Contributions from/(to) other governments 137,023,993 137,023,993 _______________ _______________ _______________ _______________ Total non−operating revenues (expenses) 206,383 35,980,068 36,186,451 _______________ _______________ _______________ _______________GAIN (LOSS) BEFORE CAPITAL CONTRIBUTIONS 103,160,387 (491,614) 23,444,108 126,112,881 _______________ _______________ _______________ _______________CAPITAL CONTRIBUTIONS Federal grants 69,884,544 69,884,544 State grants 30,000,000 30,000,000 Local grants _______________ _______________ _______________ _______________ Total capital contributions 99,884,544 99,884,544 _______________ _______________ _______________ _______________

INCREASE (DECREASE) IN NET POSITION $ 103,160,387 $ (491,614) $ 123,328,653 $ 225,997,426 =============== =============== =============== ===============

MWAA Corporate Ledger Date: 07−NOV−16 15:34:37 Fund 70 MTD / YTD / Comparison to Budget Page: 1 Current Period: Oct−16 Currency: USD Fund=70 (O&M − Dulles Corridor Enterprise Operations and Maintenance Program) Annual Budget MTD−Actual MTD−Budget MTD Variance YTD−Actual YTD−Budget YTD Variance Annual Budget Remaining −−−−−−−−−−−−− −−−−−−−−−−−−− −−−−−−−−−−−−− −−−−−−−−−−−−− −−−−−−−−−−−−− −−−−−−−−−−−−− −−−−−−−−−−−−− −−−−−−−−−−−−− OPERATING REVENUES Tolls − cash $ 1,810,768 $ 1,839,591 $ (28,823) $ 16,446,618 $ 18,896,058 $ (2,449,440) $ 22,476,201 $ 6,029,582 Tolls − AVI 11,336,670 11,614,709 (278,038) 108,001,004 112,347,342 (4,346,338) 134,495,799 26,494,795 Tolls − violations 410,905 0 410,905 2,726,943 0 2,726,943 0 (2,726,943) ______________ ______________ ______________ ______________ ______________ ______________ ______________ ______________ Total operating revenues 13,558,343 13,454,300 104,043 127,174,565 131,243,400 (4,068,835) 156,972,000 29,797,435 ______________ ______________ ______________ ______________ ______________ ______________ ______________ ______________OPERATING EXPENSES Salaries and related benefits 584,799 641,984 (57,185) 5,879,349 6,230,344 (350,995) 7,516,878 1,637,529 Services 614,926 1,050,576 (435,650) 8,567,730 10,670,746 (2,103,015) 12,750,901 4,183,171 ETC transaction fees 908,824 741,994 166,830 8,169,908 7,419,940 749,968 8,903,903 733,995 Materials and supplies 16,722 37,975 (21,252) 525,908 630,996 (105,087) 790,691 264,782 Lease and rental expenses 56 865 (810) 557 8,655 (8,098) 10,386 9,829 Utilities 14,066 19,472 (5,406) 159,107 194,724 (35,617) 233,668 74,562 Telecommunication 13,298 12,871 426 143,107 128,710 14,397 154,452 11,345 Travel 1,185 923 262 21,906 20,233 1,672 22,080 174 Insurance 28,418 59,500 (31,082) 343,320 595,000 (251,680) 714,000 370,680 Project expenses 0 0 0 289 0 289 0 (289) Non−cash expenses (gains) (4) 0 (4) 0 0 0 0 0 Depreciation and amortization 41,597 0 41,597 409,381 0 409,381 0 (409,381) ______________ ______________ ______________ ______________ ______________ ______________ ______________ ______________ Total operating expenses 2,223,887 2,566,161 (342,273) 24,220,562 25,899,347 (1,678,785) 31,096,959 6,876,398 ______________ ______________ ______________ ______________ ______________ ______________ ______________ ______________OPERATING INCOME 11,334,455 10,888,139 446,316 102,954,003 105,344,053 (2,390,050) 125,875,041 22,921,037 ______________ ______________ ______________ ______________ ______________ ______________ ______________ ______________NON−OPERATING REVENUES (EXPENSES) Unrealized investment gains (losses) 0 0 0 0 0 0 0 0 Realized investment gains (losses) 26,689 0 26,689 206,383 0 206,383 0 (206,383) Interest expense 0 0 0 0 0 0 0 0 ______________ ______________ ______________ ______________ ______________ ______________ ______________ ______________ Total non−operating revenues (expenses) 26,689 0 26,689 206,383 0 206,383 0 (206,383) ______________ ______________ ______________ ______________ ______________ ______________ ______________ ______________GAIN (LOSS) BEFORE CAPITAL CONTRIBUTIONS 11,361,145 10,888,139 473,005 103,160,387 105,344,053 (2,183,666) 125,875,041 22,714,654 ______________ ______________ ______________ ______________ ______________ ______________ ______________ ______________CAPITAL CONTRIBUTIONS Federal grants 0 0 0 0 0 0 0 0 State grants 0 0 0 0 0 0 0 0 Local grants 0 0 0 0 0 0 0 0 ______________ ______________ ______________ ______________ ______________ ______________ ______________ ______________ Total capital contributions 0 0 0 0 0 0 0 0 ______________ ______________ ______________ ______________ ______________ ______________ ______________ ______________

INCREASE (DECREASE) IN NET POSITION $ 11,361,145 $ 10,888,139 $ 473,005 $ 103,160,387 $ 105,344,053 $ (2,183,666) $ 125,875,041 $ 22,714,654 ============== ============== ============== ============== ============== ============== ============== ==============

MWAA Corporate Ledger Date: 07−NOV−16 15:58:04 DCE O&M Comparative Income Statement Page: 1 Current Period: Oct−16 Currency: USD Fund=70 (O&M − Dulles Corridor Enterprise Operations and Maintenance Program) Current Month Prior Month Variance Current Month − Variance Year−to−Date Year−to−Date Variance Prior Year Prior Year −−−−−−−−−−−−−−− −−−−−−−−−−−−−−− −−−−−−−−−−−−−−− −−−−−−−−−−−−−−− −−−−−−−−−−−−−−− −−−−−−−−−−−−−−− −−−−−−−−−−−−−−− −−−−−−−−−−−−−−− OPERATING REVENUES Tolls − cash $ 1,810,768 $ 1,647,587 $ 163,181 $ 1,789,718 $ 21,050 $ 16,446,618 $ 17,750,540 $ (1,303,922) Tolls − AVI 11,336,670 10,809,095 527,575 11,314,646 22,024 108,001,004 106,738,044 1,262,960 Tolls − violations 410,905 338,001 72,903 270,375 140,529 2,726,943 2,316,382 410,561 _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ Total operating revenues 13,558,343 12,794,683 763,660 13,374,739 183,604 127,174,565 126,804,966 369,599 _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________OPERATING EXPENSES Salaries and related benefits 584,799 585,670 (872) 568,842 15,957 5,879,349 5,700,118 179,231 Services 614,926 745,662 (130,736) 650,366 (35,440) 8,567,730 8,287,864 279,867 ETC transaction fees 908,824 1,141,004 (232,180) 850,696 58,128 8,169,908 7,880,354 289,555 Materials and supplies 16,722 23,937 (7,215) 20,373 (3,651) 525,908 594,963 (69,055) Lease and rental expenses 56 56 166 (110) 557 1,657 (1,100) Utilities 14,066 14,313 (246) 14,543 (477) 159,107 173,492 (14,385) Telecommunication 13,298 13,298 17,530 (4,232) 143,107 180,351 (37,245) Travel 1,185 4,174 (2,988) 1,108 77 21,906 19,786 2,120 Insurance 28,418 40,115 (11,696) 74,180 (45,761) 343,320 411,287 (67,967) Project expenses 289 (289) 289 289 Non−cash expenses (gains) (4) (4) 8 (12) (15,127) 15,127 Depreciation and amortization 41,597 42,535 (937) 33,782 7,815 409,381 344,415 64,966 _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ Total operating expenses 2,223,887 2,611,050 (387,163) 2,231,595 (7,708) 24,220,562 23,579,160 641,402 _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________OPERATING INCOME 11,334,455 10,183,632 1,150,823 11,143,144 191,312 102,954,003 103,225,806 (271,803) _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________NON−OPERATING REVENUES (EXPENSES) Unrealized investment gains (losses) Realized investment gains (losses) 26,689 32,582 (5,893) 2,091 24,598 206,383 (249,634) 456,017 Interest expense 0 0 (16) 16 0 (1,200) 1,200 _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ Total non−operating revenues (expenses) 26,689 32,582 (5,893) 2,075 24,614 206,383 (250,834) 457,217 _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________GAIN (LOSS) BEFORE CAPITAL CONTRIBUTIONS 11,361,145 10,216,215 1,144,930 11,145,219 215,926 103,160,387 102,974,972 185,415 _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________CAPITAL CONTRIBUTIONS Federal grants State grants Local grants _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ Total capital contributions _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________

INCREASE (DECREASE) IN NET POSITION $ 11,361,145 $ 10,216,215 $ 1,144,930 $ 11,145,219 $ 215,926 $ 103,160,387 $ 102,974,972 $ 185,415 =============== =============== =============== =============== =============== =============== =============== ===============

% LAST YR. %

OCTOBER 2016 SEPTEMBER 2016 VARIANCE CHANGE (SAME MONTH) DIFF. CHANGEDULLES TOLL ROAD TOLLS - CASH 1,810,768$ 1,647,587$ 163,181$ 9.9% 1,789,718$ 21,050$ 1.2%TOLLS - AVI 11,336,670 10,809,095 527,575 4.9% 11,314,646 22,024 0.2%TOLLS - VIOLATIONS/OTHER 410,905 338,001 72,903 21.6% 270,375 140,529 52.0%TOLLS - CASH OVER/SHORT - - - TOTAL REVENUES 13,558,343 12,794,683 763,660 6.0% 13,374,739 183,604 1.4%

SALARIES AND RELATED BENEFITS 584,799 585,670 (872) (0.1%) 568,842 15,957 2.8%SERVICES 614,926 745,662 (130,736) (17.5%) 650,366 (35,440) (5.4%)ETC TRANSACTION FEES 908,824 1,141,004 (232,180) (20.3%) 850,696 58,128 6.8%MATERIALS AND SUPPLIES 16,722 23,937 (7,215) (30.1%) 20,373 (3,651) (17.9%)LEASE AND RENTAL EXPENSES 56 56 0.0% 166 (110) (66.3%)UTILITIES 14,066 14,313 (246) (1.7%) 14,543 (477) (3.3%)TELECOMMUNICATION EXPENSES 13,298 13,298 0.0% 17,530 (4,232) (24.1%)TRAVEL 1,185 4,174 (2,988) (71.6%) 1,108 77 6.9%INSURANCE 28,418 40,115 (11,696) (29.2%) 74,180 (45,761) (61.7%)NON-CAPITALIZED FACILITY PROJECTS 289 (289) (100.0%) -NON-CASH EXPENSES (4) (4) N/A 8 (12) (150.0%)DEPRECIATION AND AMORTIZATION 41,597 42,535 (937) (2.2%) 33,782 7,815 23.1%TOTAL EXPENSES 2,223,887 2,611,050 (387,163) (14.8%) 2,231,595 (7,708) (0.3%)

OPERATING INCOME 11,334,455 10,183,632 1,150,823 11.3% 11,143,144 191,312 1.7%

NON-OPERATING INCOME (EXPENSE) 26,689 32,582 (5,893) (18.1%) 2,075 24,614 1186.2%

NET INCOME 11,361,145$ 10,216,215$ 1,144,930$ 11.2% 11,145,219$ 215,926$ 1.9%

METROPOLITAN WASHINGTON AIRPORTS AUTHORITYDULLES CORRIDOR ENTERPRISE (TOLL ROAD ONLY)

COMPARATIVE ANALYSIS OF REVENUE AND EXPENSES (GAAP BASIS)THIS MONTH VS. LAST MONTH AND LAST YEAR

FOR THE MONTH ENDED OCTOBER 31, 2016

$0

$2,000,000

$4,000,000

$6,000,000

$8,000,000

$10,000,000

$12,000,000

TOLLS - CASH TOLLS - AVI TOLLS - VIOLATIONS

TOLL ROAD REVENUES

OCTOBER 2015 OCTOBER 2016 SEPTEMBER 2016

YEAR-TO-DATE YEAR-TO-DATE % OCTOBER 31, 2016 OCTOBER 31, 2015 VARIANCE CHANGE

DULLES TOLL ROAD TOLLS - CASH 16,446,618$ 17,750,540$ (1,303,922)$ (7.3%)TOLLS - AVI 108,001,004 106,738,044 1,262,960 1.2%TOLLS - VIOLATIONS/OTHER 2,726,943 2,316,382 410,561 17.7%TOLLS - CASH OVER/SHORT - - - -TOTAL REVENUES 127,174,565 126,804,966 369,599 0.3%

SALARIES AND RELATED BENEFITS 5,879,349 5,700,118 179,231 3.1%SERVICES 8,567,730 8,287,864 279,867 3.4%ETC TRANSACTION FEES 8,169,908 7,880,354 289,555 3.7%MATERIALS AND SUPPLIES 525,908 594,963 (69,055) (11.6%)LEASE AND RENTAL EXPENSES 557 1,657 (1,100) (66.4%)UTILITIES 159,107 173,492 (14,385) (8.3%)TELECOMMUNICATION EXPENSES 143,107 180,351 (37,245) (20.7%)TRAVEL 21,906 19,786 2,120 10.7%INSURANCE 343,320 411,287 (67,967) (16.5%)NON-CAPITALIZED FACILITY PROJECTS 289 289 N/ANON-CASH EXPENSES (15,127) 15,127 100.0%DEPRECIATION AND AMORTIZATION 409,381 344,415 64,966 18.9%TOTAL EXPENSES 24,220,562 23,579,160 641,402 2.7%

OPERATING INCOME 102,954,003 103,225,806 (271,803) (0.3%)

NON-OPERATING INCOME (EXPENSE) 206,383 (250,834) 457,217 182.3%

NET INCOME 103,160,387$ 102,974,972$ 185,415$ 0.2%

METROPOLITAN WASHINGTON AIRPORTS AUTHORITYDULLES CORRIDOR ENTERPRISE (TOLL ROAD ONLY)

COMPARATIVE ANALYSIS OF REVENUE AND EXPENSES (GAAP BASIS)YEAR-TO-DATE THIS YEAR VS. LAST YEAR

$0

$20,000,000

$40,000,000

$60,000,000

$80,000,000

$100,000,000

$120,000,000

TOLLS - CASH TOLLS - AVI TOLLS - VIOLATIONS/OTHER

TOLL ROAD YEAR-TO-DATE REVENUES

OCTOBER 31, 2015 OCTOBER 31, 2016

2016 2015

YEAR-TO-DATE ANNUAL BUDGET REMAINING % EARNED % EARNED

REVENUES:TOLLS - CASH 19,173,561$ 22,475,500$ 3,301,939$ 85.3% 74.7%TOLLS - AVI 108,001,004 134,496,500 26,495,496 80.3% 83.8%

TOTAL REVENUES 127,174,565$ 156,972,000$ 29,797,435$ 81.0% 82.3%

METROPOLITAN WASHINGTON AIRPORTS AUTHORITYACTUAL VS BUDGET REVENUE SUMMARY

DULLES CORRIDOR ENTERPRISE FUND - TOLL ROAD

NOTE: 83.3% OF YEAR COMPLETED

PERIOD ENDED OCTOBER 31, 2016

0.0%

8.3%

16.6%

24.9%

33.2%

41.5%

49.8%

58.1%

66.4%

74.7%

83.0%

91.3%

99.6%

TOLLS ‐ CASH TOLLS ‐ AVI

% E

ARN

ED

83.3% OF YEAR COMPLETED

2016 2015

2016 2015YEAR-TO-DATE ANNUAL BUDGET REMAINING % USED % USED

OPERATING EXPENSES PERSONNEL COMPENSATION AND BENEFITS 5,879,349$ 7,516,878$ 1,637,529$ 78.2% 76.8% TRAVEL 21,906 22,080 174 99.2% 74.0% LEASE AND RENTAL PAYMENTS 557 10,386 9,829 5.4% 14.4% UTILITIES 159,107 233,668 74,561 68.1% 81.0% TELECOMMUNICATIONS 143,107 154,452 11,345 92.7% 82.0% SERVICES 16,737,638 21,654,805 4,917,167 77.3% 75.5% SUPPLIES & MATERIALS 525,908 751,943 226,035 69.9% 72.5% INSURANCE & RISK MANAGEMENT 343,320 714,000 370,680 48.1% 51.4% NONCAPITAL EQUIPMENT 0 38,747 38,747 N/A (33.8%) NONCAPITAL PROJECTS 289 - (289.00) N/A N/A CAPITAL EQUIPMENT 71,089 96,000 24,911 74.1% (42.9%) CAPITAL FACILITY PROJECTS - - - N/A N/A

TOTAL EXPENSES 23,882,270$ 31,192,959$ 7,310,689$ 76.6% 73.6%

METROPOLITAN WASHINGTON AIRPORTS AUTHORITYACTUAL VS BUDGET EXPENSE SUMMARY

PERIOD ENDED OCTOBER 31, 2016

NOTE: 83.3% OF YEAR COMPLETED

DULLES CORRIDOR ENTERPRISE FUND - TOLL ROAD

0.0%

8.3%

16.6%

24.9%

33.2%

41.5%

49.8%

58.1%

66.4%

74.7%

83.0%

91.3%

99.6%

% O

F B

UD

GET

USE

D

83.3% OF YEAR COMPLETED

2016 2015

METROPOLITAN WASHINGTON AIRPORTS AUTHORITYDULLES CORRIDOR ENTERPRISE FUND

DEBT SERVICE COVERAGE PERIOD ENDED OCTOBER 31, 2016

Requirements January February March April May June July August September October

DTR Gross Toll Revenue 10,543,515$ 22,248,183$ 35,415,709$ 48,312,039$ 61,428,818$ 74,883,245$ 87,599,559$ 100,821,539$ 113,616,222$ 127,174,565$ Toll Road O&M Expense (Less Depreciation) (3,537,344) (5,912,043) (7,969,296) (10,165,000) (12,527,528) (13,952,193) (16,693,745) (19,060,375) (21,628,890) (23,811,181) Other Expense - - - - - - - - - - Other Income 5,445 24,345 48,019 69,710 82,863 96,367 112,719 147,112 179,694 206,383 NET REVENUE AVAILABLE FOR DEBT SERVICE $7,011,616 $16,360,485 $27,494,432 $38,216,749 $48,984,153 $61,027,419 $71,018,535 $81,908,275 $92,167,026 $103,569,768

First Senior Lien, Series 2009 11,916 23,831 35,747 47,506 59,421 71,337 83,253 95,168 107,084 119,000 Second Senior Lien, Series 2009 1,707,750 3,415,500 5,123,250 6,830,441 8,538,191 10,245,941 11,953,691 13,661,441 15,369,191 18,048,255

Less 35% subsidy on 2009 BAB's(1) (811,368) (1,622,736) (2,434,104) (3,245,473) (4,056,841) (4,868,209) (5,679,577) (6,490,945) (7,302,313) (8,112,811) Subordinate Lien, Series 2010(2) 1,000,000 2,000,000 3,000,000 3,999,775 4,999,775 5,999,775 6,999,775 7,999,775 8,999,775 9,999,775

Less 35% subsidy on 2010 BAB's(1) (326,200) (652,400) (978,600) (1,304,800) (1,631,000) (1,957,200) (2,283,400) (2,609,600) (2,935,800) (3,261,650) CP Series 1 13,428 16,163 34,692 55,102 116,203 169,537 203,099 273,187 303,976 429,494 Second Senior Lien, Series 2014A(3) 1,757,333 3,514,667 5,272,000 7,029,161 8,786,495 10,543,828 12,301,161 14,058,495 15,815,828 17,573,161 TOTAL DEBT SERVICE $3,352,859 $6,695,025 $10,052,985 $13,411,712 $16,812,244 $20,205,008 $23,578,002 $26,987,521 $30,357,741 $34,795,224

First Senior Lien Debt Service Coverage 2.00 x 588.44 x 686.51 x 769.14 x 804.46 x 824.35 x 855.48 x 853.05 x 860.67 x 860.70 x 870.34 xSecond Senior Lien Debt Service Coverage 1.35 x 2.63 x 3.07 x 3.44 x 3.58 x 3.68 x 3.82 x 3.81 x 3.84 x 3.84 x 3.75 xSubordinate Lien Debt Service Coverage 1.20 x 2.09 x 2.44 x 2.73 x 2.85 x 2.91 x 3.02 x 3.01 x 3.04 x 3.04 x 2.98 x

Note:Excludes any accretion associated with any liens.(1) The 2009D & 2010D BAB subsidies are reduced by 2.4% sequestration to 32.6%. (2) Net of interest earnings(3) 2013-1 Notes were refunded with the 2014A bond series in May 2014

Dulles Corridor Enterprise FundDulles Toll Road Transaction Comparisons

Transaction1 January February March April May June July August September October November December YTD Comparative Annual2016 6,801,818 7,597,218 8,546,164 8,376,903 8,486,112 8,761,470 8,156,218 8,502,760 8,153,590 8,584,122 81,966,375 2015 7,421,306 6,949,373 8,067,467 8,531,503 8,630,483 8,763,974 8,622,889 8,348,215 8,316,546 8,660,062 7,806,575 8,122,250 82,311,818 98,240,643 2014 7,533,849 6,897,287 7,813,556 8,366,358 8,677,032 8,475,065 8,425,436 8,074,295 8,175,388 8,670,164 7,504,223 7,894,372 81,108,430 96,507,025

2016 T&R Forecast2 7,282,600 7,321,800 8,619,000 8,471,500 8,814,000 8,867,000 8,403,700 8,711,900 8,377,900 8,551,900 8,085,100 8,268,600 83,421,300 99,775,000

% of Forecast 93.4% 103.8% 99.2% 98.9% 96.3% 98.8% 97.1% 97.6% 97.3% 100.4% 98.3%

Avg. Weekday Trans.3 January February March April May June July August September October November December YTD Comparative Annual2016 294,869 307,640 312,615 320,606 321,111 330,031 316,495 310,866 306,181 323,870 3,144,284 2015 286,876 305,342 310,583 320,113 327,855 329,449 322,283 313,299 320,754 322,829 308,769 299,664 3,159,383 3,767,816 2014 285,792 296,270 313,495 313,645 317,234 325,301 316,122 304,900 314,823 316,237 301,380 292,584 3,103,819 3,697,783

1 Transactions include cash and credit card, automatic vehicle identification (i.e., E-ZPass), non-revenue transactions (e.g., emergency or military vehicles), and violations.2 The 2016 T&R Forecast is based upon the CDM Smith Traffic and Revenue report3 Weekdays exclude federal holidays and days in which federal government offices are closed.Effective January 1, 2013, toll rates increased 25 cents at the main toll plaza as well as the on/off ramps. Effective January 1, 2014, toll rates increased 75 cents at the main toll plaza.

5,000,000

5,500,000

6,000,000

6,500,000

7,000,000

7,500,000

8,000,000

8,500,000

9,000,000Toll Road Transactions

2016 2015 2014 2016 T&R Forecast

Dulles Corridor Enterprise FundDulles Toll Road Revenue Comparison

January February March April May June July August September October November December YTD Comparative Annual2016 10,543,515$ 11,704,668$ 13,167,526$ 12,896,331$ 13,116,779$ 13,454,426$ 12,716,315$ 13,221,979$ 12,794,683$ 13,558,343$ 127,174,565$ 2015 11,389,551$ 10,642,237$ 12,344,215$ 13,092,256$ 13,324,202$ 13,442,996$ 13,284,638$ 12,991,819$ 12,918,314$ 13,374,739$ 12,114,303$ 12,563,856$ 126,804,967$ 151,483,126$ 2014 11,628,573 10,649,396 12,024,127 12,881,743 13,288,581 13,173,845 12,991,259 12,548,064 12,777,532 13,127,022 11,523,551 12,039,048 125,090,142 148,652,741 2013 10,053,324 9,443,886 10,204,385 10,830,020 11,411,164 10,787,616 10,820,010 11,114,413 10,778,250 11,503,339 10,339,310 9,774,125 106,946,407 127,059,842

2016 T&R Forecast1 11,457,500 11,519,200 13,559,800 13,327,900 13,866,700 13,950,100 13,221,200 13,706,100 13,180,600 13,454,300 12,719,900 13,008,700 131,243,400$ 156,972,000

% of Forecast 92.0% 101.6% 97.1% 96.8% 94.6% 96.4% 96.2% 96.5% 97.1% 100.8% 96.9%

Effective January 1, 2012, toll rates increased 25 cents at the main toll plaza. Effective January 1, 2013, toll rates increased 25 cents at the main toll plaza as well as the on/off ramps. Effective January 1, 2014, toll rates increased 75 cents at the main toll plaza.

1 The 2015 T&R Forecast is based upon the CDM Smith Traffic and Revenue report issued in April 2014

$5,000,000

$6,000,000

$7,000,000

$8,000,000

$9,000,000

$10,000,000

$11,000,000

$12,000,000

$13,000,000

$14,000,000

Toll Road Revenue

2016 2015 2014 2016 T&R Forecast1