($ in millions) Mid-Year

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1 Table 1 Actual Variance Percent Actual Variance Percent Actual Variance Percent Revenue Farebox Revenue $379.0 $381.0 $ $0.0 $0.0 $0.0 - $379.0 $381.0 $ Vehicle Toll Revenue Other Operating Revenue Capital & Other Reimbursements (7.7) (6.1) (7.7) (6.1) Total Revenue $531.6 $541.0 $ $124.9 $117.2 ($7.7) (6.1) $656.5 $658.2 $ Expenses Labor: Payroll $343.0 $345.5 ($2.5) (0.7) $48.0 $42.9 $ $391.0 $388.4 $ Overtime (5.7) (15.8) (1.5) (18.3) (7.2) (16.2) Health and Welfare (0.9) (1.4) (0.5) (0.8) OPEB Current Payment Pensions Other Fringe Benefits Reimbursable Overhead (30.7) (28.6) (2.1) (6.8) (0.1) (0.1) Total Labor Expenses $513.1 $516.1 ($2.9) (0.6) $106.2 $98.6 $ $619.3 $614.7 $ Non-Labor: Traction and Propulsion Power $29.5 $26.1 $ $0.0 $0.0 ($0.0) - $29.5 $26.1 $ Fuel for Buses and Trains (0.0) Insurance Claims (5.5) (41.7) (1.1) (6.6) (49.9) Paratransit Service Contracts (0.3) (0.8) (0.3) (0.8) Maintenance and Other Operating Contracts Professional Service Contracts Materials & Supplies (0.2) (2.1) Other Business Expenses Total Non-Labor Expenses $235.5 $206.9 $ $18.7 $18.6 $ $254.2 $225.5 $ Other Expense Adjustments: Other ($1.1) ($1.4) $ $0.0 $0.0 $0.0 - ($1.1) ($1.4) $ General Reserve Total Other Expense Adjustments ($1.1) ($1.4) $ $0.0 $0.0 $0.0 - ($1.1) ($1.4) $ Total Expenses before Non-Cash Liability Adjs. $747.6 $721.6 $ $124.9 $117.2 $ $872.4 $838.9 $ Depreciation $166.0 $158.5 $ $0.0 $0.0 $0.0 - $166.0 $158.5 $ OPEB Obligation (3.7) (15.8) (3.7) (15.8) Environmental Remediation Total Expenses $936.7 $907.0 $ $124.9 $117.2 $ $1,061.6 $1,024.2 $ Net Surplus/(Deficit) excluding Subsidies and Debt Service ($405.1) ($366.0) $ ($0.0) ($0.0) ($0.0) * ($405.1) ($366.0) $ Subsidies $143.7 $124.1 ($19.6) (13.6) $0.0 $0.0 $0.0 - $143.7 $124.1 ($19.6) (13.6) Debt Service Note - Results are preliminary and subject to audit review. Differences are due to rounding * Variance Exceeds 100% METROPOLITAN TRANSPORTATION AUTHORITY July Financial Plan Consolidated Accrual Statement of Operations by Category 2009 ($ in millions) Nonreimbursable Favorable Reimbursable Favorable Total Favorable

2 Table 2 Actual Variance Percent Actual Variance Percent Actual Variance Percent Revenue Farebox Revenue $2,818.8 $2,825.1 $ $0.0 $0.0 $0.0 - $2,818.8 $2,825.1 $ Vehicle Toll Revenue Other Operating Revenue Capital & Other Reimbursements Total Revenue $3,971.1 $4,009.5 $ $926.5 $928.4 $ $4,897.6 $4,937.9 $ Expenses Labor: Payroll $2,761.7 $2,756.6 $ $357.3 $352.0 $ $3,119.0 $3,108.6 $ Overtime (7.7) (2.4) (7.1) (10.7) (14.8) (3.8) Health and Welfare OPEB Current Payment Pensions (0.3) (0.8) Other Fringe Benefits (0.6) (0.7) Reimbursable Overhead (215.3) (214.6) (0.7) (0.3) (2.0) (1.8) (0.2) (10.0) Total Labor Expenses $4,726.1 $4,702.1 $ $799.2 $800.7 ($1.5) (0.2) $5,525.2 $5,502.8 $ Non-Labor: Traction and Propulsion Power $234.2 $220.6 $ $0.1 $0.1 ($0.1) (93.9) $234.3 $220.8 $ Fuel for Buses and Trains (0.0) (69.1) Insurance Claims (23.3) (21.8) (1.8) * (25.1) (23.3) Paratransit Service Contracts (0.0) Maintenance and Other Operating Contracts (2.5) (7.0) Professional Service Contracts Materials & Supplies Other Business Expenses (2.7) (2.0) (2.3) (1.7) Total Non-Labor Expenses $1,773.2 $1,698.1 $ $127.3 $127.7 ($0.4) (0.3) $1,900.5 $1,825.9 $ Other Expense Adjustments Other ($29.7) ($33.5) $ $0.0 $0.0 $0.0 - ($29.7) ($33.5) $ General Reserve Total Other Expense Adjustments ($29.7) ($33.5) $ $0.0 $0.0 $0.0 - ($29.7) ($33.5) $ Total Expenses before Non-Cash Liability Adjs. $6,469.5 $6,366.7 $ $926.5 $928.4 ($2.0) (0.2) $7,396.0 $7,295.1 $ Depreciation $1,288.9 $1,272.5 $ $0.0 $0.0 $0.0 - $1,288.9 $1,272.5 $ OPEB Obligation (25.4) (3.5) (25.4) (3.5) Environmental Remediation (0.8) (13.6) (0.8) (13.6) Total Expenses $8,497.7 $8,404.5 $ $926.5 $928.4 ($2.0) (0.2) $9,424.1 $9,332.9 $ Net Surplus/(Deficit) excluding Subsidies and Debt Service ($4,526.5) ($4,395.0) $ ($0.0) $0.0 $0.0 * ($4,526.5) ($4,395.0) $ Subsidies $2,898.8 $2,882.6 ($16.2) (0.6) $0.0 $0.0 $0.0 - $2,898.8 $2,882.6 ($16.2) (0.6) Debt Service Note - Results are preliminary and subject to audit review. Differences are due to rounding * Variance Exceeds 100% METROPOLITAN TRANSPORTATION AUTHORITY July Financial Plan Consolidated Accrual Statement of Operations by Category Year-To-Date Nonreimbursable ($ in millions) Favorable Reimbursable Favorable Total Favorable

3 METROPOLITAN TRANSPORTATION AUTHORITY JULY FINANCIAL PLAN MID-YEAR FORECAST EXPLANATION OF VARIANCES BETWEEN MID-YEAR FORECAST AND ACTUAL ACCRUAL BASIS 2009 ($ in millions) Table 3 AUGUST YEAR-TO-DATE Generic Revenue or Expense Category Nonreimb or Reimb Favorable Reason for Variance Favorable Reason for Variance $ % $ % Farebox Revenue NR NYCT and MTA Bus were favorable by $5.3M and $0.5M, respectively, mainly due to higher-than-forecasted ridership. Partially offsetting these were unfavorable variances of ($2.3M), ($1.2M) and ($0.2M) at MNR, the LIRR and LIB, respectively NYCT and MTA Bus were favorable by $16.1M and $1.2M, respectively, mainly due to higher-than-forecasted ridership. Partially offsetting these were unfavorable variances of ($7.8M), ($2.8M) and ($0.4M) at MNR, the LIRR and LIB, respectively. Vehicle Toll Revenue NR Toll revenue was greater-than-forecasted primarily due to higher traffic and a slightly higher average toll Toll revenue was greater-than-forecasted primarily due to higher traffic and a slightly higher average toll. Other Operating Revenue NR FMTAC was $4.2M favorable primarily due to favorable developments in unrealized income from the invested asset portfolio. The LIRR was $1.0M favorable due to the timing of station advertising revenues. MNR was $0.7M favorable due to higher-than-projected advertising, GCT retail and station revenue. B&T was $0.5M favorable due to higher-thanforecasted E-ZPass fees. These were partially offset by an unfavorable variance at NYCT of ($0.8M) which was mainly due to reduced paratransit Urban Tax revenues. MTA Bus was ($0.6M) unfavorable due to the timing of student fare revenue FMTAC was $18.0M favorable primarily due to favorable developments in unrealized income from the invested asset portfolio. The LIRR was $2.5M favorable due to the timing of station advertising revenues. MNR was $2.4M favorable due to higher-than-projected advertising, net GCT retail, station concessions and commissary revenue. B&T was $1.2M favorable due to higher-than-planned E-ZPass fees. NYCT was $0.6M favorable mainly due to higher-than-projected advertising revenue. LIB was $0.4M favorable due to the U.S. Open (golf) and LIRR track work. These were partially offset by an unfavorable variance of ($1.2M) at MTA Bus which was mainly due to the timing of student fare revenue. Payroll NR (2.5) (0.7) NYCT was ($7.9M) unfavorable due to the timing of wage accrual adjustments, inter-agency charges, and reimbursable underruns. MTA HQ was ($0.8M) unfavorable due to the timing of payroll and vacation accruals. Partially offsetting these was a $4.1M favorable variance at MTA Bus which was due to vacancies. MNR, the LIRR, and B&T were favorable by $1.4M, $0.4M, and $0.3M, respectively MTA Bus was $9.9M favorable due to vacancies. MNR was $3.4M favorable. The LIRR was $1.6M favorable due to vacancies and lower retiree payments. B&T was $0.7M favorable. LIB was $0.6M favorable due to vacancy savings and delayed hiring. Partially offsetting these was an unfavorable variance of ($10.2M) at NYCT which was due to the timing of wage accrual adjustments, inter-agency charges and reimbursable underruns. MTA HQ was ($1.2M) unfavorable primarily due to the timing of payroll and vacation accruals. Overtime NR (5.7) (15.8) NYCT was ($2.2M) unfavorable due to increased departmental requirements. MTA Bus was ($1.7M) unfavorable due to vacancy coverage. MTA HQ was ($0.7M) unfavorable due to the timing of a reimbursement for MTA Police services. Unfavorable variances also occurred at MNR ($0.4M), the LIRR ($0.3M) and LIB ($0.2M). (7.7) (2.4) MTA Bus was ($5.8M) unfavorable due to vacancy coverage. MTA HQ was ($2.4M) unfavorable due to the timing of a reimbursement for MTA Police services. LIB was ($0.8M) unfavorable due to maintenance overtime. MNR was ($0.8M) unfavorable. These were partially offset by a favorable variance of $1.4M at NYCT which was due to reduced departmental requirements and an accrual adjustment. B&T was $1.2M favorable, primarily due to lower-than-forecasted expenses for Bridge and Tunnel officers. Health and Welfare NR (0.9) (1.4) MTA Bus was ($2.3M) unfavorable due to an accounting adjustment which will be reversed in the following month. This was partially offset by a favorable variance of $0.9M at NYCT which was due to the timing of expenses. Favorable variances also occurred at MNR $0.4M and LIB $0.2M NYCT, MNR and MTA HQ were favorable by $1.9M, $1.1M, and $0.4M respectively. B&T, LIB, and MTA Bus each had a favorable variance of $0.3M. * Variance exceeds 100%

4 METROPOLITAN TRANSPORTATION AUTHORITY JULY FINANCIAL PLAN MID-YEAR FORECAST EXPLANATION OF VARIANCES BETWEEN MID-YEAR FORECAST AND ACTUAL ACCRUAL BASIS 2009 ($ in millions) Table 3 AUGUST YEAR-TO-DATE Generic Revenue or Expense Category Nonreimb or Reimb Favorable Reason for Variance Favorable Reason for Variance $ % $ % OPEB - Current Payment NR NYCT was $5.0M favorable. The LIRR was $0.3M favorable due to lower rates. Pensions NR MTA HQ and NYCT were favorable by $1.4M and $0.6M, respectively, due to timing. MNR was $0.4M favorable due to a pension adjustment NYCT was $10.4M favorable due to timing. The LIRR was $1.5M favorable due primarily to lower rates. These were partially offset by an unfavorable variance of ($0.9M) at MNR which was due to additional retirees MTA HQ was $2.8M favorable due to timing. Favorable variances also resulted at MNR $1.5M, NYCT $0.9M and the LIRR $0.5M. These were partially offset by an unfavorable variance of ($0.8M) at MTA Bus which was primarily due to a re-allocation between payroll and pensions. Other Fringe Benefits NR NYCT was $1.0M favorable primarily due to reclassification adjustments. MNR was $0.2M favorable. These were partially offset by an unfavorable variance of ($0.7M) at MTA HQ which was due to the timing of retiree benefits and FICA expense. MTBUS was unfavorable by ($0.2M) due to a reallocation between payroll and fringe. Reimbursable Overhead NR (2.1) (6.8) MTA HQ was ($2.3M) unfavorable due to the timing of expense recovery billings. This was partially offset by a favorable variance of $0.2M at B&T, also due to timing. Traction and Propulsion Power NR Primarily lower-than-forecasted prices resulted in favorable variances of $1.9M at NYCT, $0.9M at MNR and $0.6M at the LIRR NYCT was $7.6M favorable primarily due to a reclassification adjustments. MNR was favorable by $0.6M. These were partially offset by an unfavorable variance of ($1.0M) at the LIRR which was due to higher rates. MTAHQ was ($0.9M) unfavorable due to the timing of retiree benefits and FICA expense. MTA Bus was ($0.3M) unfavorable due to a reallocation between payroll and fringe. (0.7) (0.3) MTA HQ was ($3.1M) unfavorable primarily due to the timing of expense recovery billings. MNR was unfavorable by ($1.0M) due to timing of project activity. These were partially offset by a favorable variance of $2.8M at NYCT which was primarily due to reimbursable salary & wage overrruns and a favorable capital project labor mix. B&T and the LIRR were favorable by $0.4M and $0.2M, respectively Lower-than-forecasted prices and reduced consumption due to milder weather resulted in favorable variances of $9.8M at NYCT, $3.7M at MNR and $0.2M at SIR. Fuel for Buses and Trains NR MTA Bus was $1.1M favorable primarily due to the timing of a fuel tax credit. Lower rates and consumption resulted in a favorable variance of $0.3M at NYCT. Insurance NR FMTAC was $1.1M favorable due to the timing of policy renewals. NYCT was $0.6M favorable due to the timing of paratransit fleet expenses. Both MTA Bus and B&T were $0.2M favorable due to lowerthan-forecasted expenses. Claims NR (5.5) (41.7) MTA Bus was ($4.2M) unfavorable due to a revised actuarial valuation. The LIRR was ($1.4M) unfavorable due to an increase in employee reserves. FMTAC was ($1.2M) unfavorable due to an increase in required reserves. These were partially offset by a favorable variance of $1.1M at NYCT which was due to timing NYCT was $3.5M favorable primarily due to timing. LIB and the LIRR were favorable by $0.8M and $0.2M respectively, due to lower rates and consumption FMTAC was $14.3M favorable due to the timing of policy renewals. MTA Bus was $0.6M favorable due to favorable worker compensation expenses. B&T was $0.5M favorable due to lower expenses for general liability and property insurance. These were partially offset by an unfavorable variance of ($1.3M) at NYCT which was due to an increase in premiums resulting from a larger fleet and higher-than-forecasted expenses. MTAHQ was ($0.9M) unfavorable due to timing. (23.3) (21.8) MTA Bus was ($13.9M) unfavorable due to a revised actuarial valuation. FMTAC was ($11.3M) unfavorable due to an increase in required reserves. MNR was ($0.9M) unfavorable due to a settlement payment. These were partially offset by a favorable variance of $1.3M at the LIRR which was due to an overall decrease in employee reserves and timing. LIB was $0.8M favorable due to lower-than-forecasted expenses. * Variance exceeds 100%

5 METROPOLITAN TRANSPORTATION AUTHORITY JULY FINANCIAL PLAN MID-YEAR FORECAST EXPLANATION OF VARIANCES BETWEEN MID-YEAR FORECAST AND ACTUAL ACCRUAL BASIS 2009 ($ in millions) Table 3 AUGUST YEAR-TO-DATE Generic Revenue or Expense Category Nonreimb or Reimb Favorable Reason for Variance Favorable Reason for Variance $ % $ % Paratransit Service Contracts NR (0.3) (0.8) NYCT was ($0.3M) unfavorable NYCT was $0.3M favorable. Maintenance and Other Operating Contracts NR NYCT was $3.0M favorable mainly due to underruns of station painting and facility maintenance and repair expenses. MTA HQ was $2.9M favorable primarily due to the timing of maintenance and repair charges for facility management, 2 Broadway and the EIT Group. MNR was $2.5M favorable due to lower-than-projected expenses. The LIRR was $1.6M favorable due to the timing of activity for the IESS initiative and other expenses and lower costs for Penn Station maintenance. MTA Bus was $1.5M favorable due to timing of maintenance and facility repair expenses. B&T was $1.2M favorable due to lower expenses for the E- ZPass customer service center, bridge painting, and maintenance NYCT was $9.0M favorable mainly due to underruns of station painting and facility maintenance and repair expenses. The LIRR was $8.3M favorable due to the timing of activity for the IESS initiative and other expenses and lower costs for Penn Station maintenance. MNR was $6.2M favorable primarily due to lower-than-projected expenditures for the Genesis locomotive overhaul program and lower electricity and heating costs. B&T was $6.7M favorable due to lower expenses for the E ZPass customer service center, bridge painting, and maintenance. MTA HQ was $4.5M favorable primarily due to the timing of maintenance and repair charges for facility management, 2 Broadway and the EIT Group. MTA Bus was $2.1M favorable due to timing. Professional Service Contracts NR MTA HQ was $2.2M favorable primarily due to the timing of corporatewide expenses. LIRR was favorable by $0.8M primarily due to the timing of payments for software consultants, MTA chargebacks, security, fire monitoring contracts and outside legal counsel. MTA Bus was $0.5M favorable due to the delayed implementation of its HASTUS software system. MNR was $0.2M favorable primarily due to lower expenses for MTA Police services, software customization and data center fees. Materials & Supplies NR NYCT was favorable by $5.9M mainly due to non-cash inventory adjustments and the timing of expenses. The LIRR was $2.7M favorable primarily due to lower material usage related to life cycle maintenance, the timing of vendor repairs and returns, delays in bench test equipment purchases and fleet maintenance and the timing of computer material costs. MNR was $1.4M favorable due to lower-than-planned purchases of car equipment material, computer software and office furniture. MTA HQ was $0.5M favorable due to the timing of IT expenditures. B&T was $0.5M favorable mainly due to lower expenses for security and surveillance, and automotive equipment. These were partially offset by an unfavorable variance of ($1.0M) at MTA Bus which was due to reclassification adjustments that were offset in Maintenance and Other Operating Contracts MTA HQ was $4.8M favorable primarily due to the timing of corporatewide expenses. The LIRR was favorable by $3.6M primarily due to the timing of payments for MTA chargebacks, market research studies, security and fire monitoring contracts, outside legal counsel and payments for consultants. MTA Bus was $1.4M favorable largely due to the delayed implementation of its HASTUS software system. B&T was $1.1M favorable primarily due to lower-than-planned expenses for legal services, planning studies and bond service fees. MNR was $0.3M favorable. These were partially offset by an unfavorable variance of ($1.7M) at NYCT which was mainly due to a bond service cost adjustment The LIRR was $9.6M favorable primarily due to deferred life cycle maintenance, lower usage of running repair materials, delayed purchases of bench test equipment, delayed fleet modifications and the timing of track material and computer costs. NYCT was $7.1M favorable mainly due to delayed purchases of bus components, and the timing of expenses for: uniforms, office supplies, automobiles, fare media, data processing and scrap sales. B&T was $3.4M favorable mainly due to lower-than-planned expenses for E-ZPass tags, and security and surveillance. MNR was $1.7M favorable mainly due to lower-thanplanned purchases of car equipment material, computer software and office furniture. MTA HQ was $0.7M unfavorable due the timing of IT expenditures. MTA Bus was ($0.3M) unfavorable. * Variance exceeds 100%

6 METROPOLITAN TRANSPORTATION AUTHORITY JULY FINANCIAL PLAN MID-YEAR FORECAST EXPLANATION OF VARIANCES BETWEEN MID-YEAR FORECAST AND ACTUAL ACCRUAL BASIS 2009 ($ in millions) Table 3 AUGUST YEAR-TO-DATE Generic Revenue or Expense Category Nonreimb or Reimb Favorable Reason for Variance Favorable Reason for Variance $ % $ % Other Business Expenses NR MTA HQ was $1.9M favorable primarily due to lower utilities, automotive and marketing expenses. MTA Bus was $0.7M favorable due to a reclassification adjustment, offset in Claims. These were partially offset by an unfavorable variance of ($2.0M) at NYCT which was mainly due to reclassification adjustments that were offset in Other Fringe Benefits. FMTAC was ($0.3M) unfavorable due higher general & administrative, and safety loss control expenses. (2.7) (2.0) NYCT was ($6.1M) unfavorable primarily due to reclassification adjustments that were offset in Other Fringe Benefits. FMTAC was ($0.8M) unfavorable due to higher general & administrative, and safety loss control expenses. MNR was ($0.4M) unfavorable. These were partially offset by a favorable variance of $2.9M at MTA HQ which was primarily due to lower utilities, automotive and marketing expenses, and the timing of inter-agency subsidies. MTA Bus was $1.5M favorable due to reclassification adjustments that were offset in Claims. The LIRR was $0.3M favorable due to lower employee expenses and credit for prior period overpayments. Other Expense Adjustments NR Variance is mainly due to the timing of inter-agency subsidies Variance is mainly due to the timing of inter-agency subsidies. Depreciation NR Timing differences in project completions and assets reaching beneficial use resulted in favorable variances of $3.7M at MNR, $2.0M at NYCT, $1.5M at MTAHQ and $0.4M at SIR Timing differences in project completions and assets reaching beneficial use resulted in favorable variances of $10.7M at MNR, $3.9M at NYCT, $2.0M at MTA HQ, $1.0M at B&T and $1.0M at SIR. Other Post-Employment Benefits NR (3.7) (15.8) The GASB adjustment reflects the value associated with the unfunded accrued liability for post-employment benefits. (25.4) (3.5) The GASB adjustment reflects the year-to-date value associated with the unfunded accrued liability for post-employment benefits. Environmental Remediation NR Agency variances were minor. (0.8) (13.6) As a result of the implementation of GASB 49 (Accounting & Financial Reporting for Environmental Remediation Obligations) and the recognition of remediation costs, certain environmental liabilities are now reserved and have been higher-than-anticipated. Capital & Other Reimbursements R (7.7) (6.1) MTAHQ was ($3.3M) unfavorable due primarily due to the timing of recoverable expenses. NYCT was ($3.1M) unfavorable mainly due to the timing of capital support requirements. MTACC and MTA Bus contributed ($1.6M) and ($0.3M), respectively, to the unfavorable variance. Partially offsetting these were favorable variances of $0.6M and $0.3M at MNR and B&T, respectively NYCT was $8.2M favorable mainly due to increased capital project work. The LIRR was $3.0M favorable primarily due to the timing of project activity. B&T contributed $0.6M to the favorable variance. Partially offsetting these were unfavorable variances at MTAHQ ($4.6M), MNR ($2.9M), MTACC ($1.4M), MTA Bus ($0.4M), SIR ($0.3M) and LIB ($0.2M), which were due to timing. Payroll R NYCT was $4.5M favorable due to the timing of inter-agency charges and wage accrual adjustments. Favorable variances also occurred at MNR $0.3M and MTACC $0.3M NYCT was $3.6M favorable due to the timing of inter-agency charges and wage accrual adjustments. MNR was $1.1M favorable. Favorable variances also resulted at MTA CC $0.3M and MTA Bus $0.2M. Overtime R (1.5) (18.3) NYCT was ($0.8M) unfavorable due to additional departmental requirements. MNR was ($0.6M) unfavorable due to higher project activity. (7.1) (10.7) NYCT was ($3.5M) unfavorable due to additional departmental requirements. The LIRR and MNR were unfavorable by ($2.5M) and ($1.3M) respectively, due to the timing of project activity and schedule changes. Health and Welfare R Agency variances were minor Agency variances were minor. OPEB - Current Payment R Agency variances were minor Agency variances were minor. * Variance exceeds 100%

7 METROPOLITAN TRANSPORTATION AUTHORITY JULY FINANCIAL PLAN MID-YEAR FORECAST EXPLANATION OF VARIANCES BETWEEN MID-YEAR FORECAST AND ACTUAL ACCRUAL BASIS 2009 ($ in millions) Table 3 AUGUST YEAR-TO-DATE Generic Revenue or Expense Category Nonreimb or Reimb Favorable Reason for Variance Favorable Reason for Variance $ % $ % Pensions R Agency variances were minor. (0.3) (0.8) Agency variances were minor. Other Fringe Benefits R NYCT was $1.7M favorable mainly due to reduced overhead transfers from nonreimbursable, consistent with reimbursable salary and wage underruns. Other agency variances are minor. (0.6) (0.7) The LIRR ($0.3M) unfavorable due to the timing of project activity. Other agency variances are minor. Reimbursable Overhead R MTA HQ was $2.3M favorable primarily due to the timing of expense recovery billings MTA HQ was $3.1M favorable primarily due to the timing of expense recovery billings. MNR was $0.7M favorable due to lower project activity. These were partially offset by an unfavorable variance of ($2.8M) at NYCT which was mainly due to reimbursable salary & wage overruns. B&T was ($0.4M) unfavorable due to the timing of projects. Insurance R Agency variances were minor MNR was $0.3M favorable due to lower project activity. The LIRR was $0.2M favorable. Claims R (1.1) - NYCT was ($1.1M) unfavorable due to the timing of inter-agency billings. (1.8) * NYCT was ($1.8M) unfavorable due to the timing of inter-agency billings. Maintenance and Other Operating Contracts R MNR was $0.2M favorable due to lower activity during the period. (2.5) (7.0) NYCT was ($2.3M) unfavorable due to timing. MNR was ($0.2M) unfavorable due to higher activity during the period. The LIRR was ($0.2M) unfavorable, also due to timing. Professional Service Contracts R MTACC was $1.0M favorable mainly due to lower-than-planned expenses for independent engineer and compliance monitoring. MTA HQ was $0.9M favorable primarily due to the timing of corporate-wide expenses. These were partially offset by an unfavorable variance of ($0.9M) at NYCT which was mainly due to the timing of professional and technical services MTA HQ was $1.5M favorable primarily due to the timing of corporatewide expenses. MTACC was $0.8M favorable mainly due to lower-thanplanned expenses for independent engineer and compliance monitoring, consultants and audit chargebacks. These were partially offset by an unfavorable variance of ($0.6M) at NYCT which was mainly due to the timing of professional and technical services. Materials & Supplies R (0.2) (2.1) MNR was ($0.3M) unfavorable primarily due to higher project activity. NYCT was ($0.3M) unfavorable. These were partially offset by a favorable variance of $0.4M at the LIRR which was due to the timing of purchases for ESA material. Other Business Expenses R MTACC was $0.2M favorable mainly due to lower employee and procurement-related advertisement expenses MNR was $1.5M favorable primarily due to lower project activity. The LIRR was $0.9M favorable due to the timing of purchases for ESA material. These were partially offset by an unfavorable variance of ($1.0M) at NYCT which was due in part, to integrated farebox unit charges MTACC was $0.2M favorable mainly due to lower employee and procurement-related advertisement expenses. Other variances were minor. * Variance exceeds 100%

8 METROPOLITAN TRANSPORTATION AUTHORITY JULY FINANCIAL PLAN MID-YEAR FORECAST EXPLANATION OF VARIANCES BETWEEN MID-YEAR FORECAST AND ACTUAL ACCRUAL BASIS 2009 ($ in millions) Table 3 AUGUST YEAR-TO-DATE Generic Revenue or Expense Category Nonreimb or Reimb Favorable Reason for Variance Favorable Reason for Variance $ % $ % Subsidies NR (19.6) -13.6% The unfavorable variance for was mostly due to lower Urban Tax ($7.2 million) from lower than expected real estate transactions in New York City, and lower PBT ($4.7 million) due mostly to timing. This was slightly offset by favorable MRT tranactions of $1.3 million for the month. In addition, the City Subsidy to MTA Bus was lower than the budget by $8.8 million due to timing differences in NYC's cash obligations, lower payroll, overtime and health & welfare costs. (16.2) -0.6% The unfavorable YTD variance was due primarily to lower than expected Urban Tax receipts ($6.8 million) from unfavorable NYC real estate transactions, as well as lower than budgeted PBT receipts ($4.7 million), that was timing related, slightly offset by favorable MRT tranactions of $4.2 million. In addition, the City Subsidy to MTA Bus was lower than the budget by $8.8 million due to timing differences in NYC's cash obligations, lower payroll and insurance costs for the year. Debt Service NR % The favorable variance was attributable to lower than budgeted variable rates for commercial paper and timing differences of debt service deposits % The favorable YTD variance was attributable to lower than budgeted variable rates for commercial paper and timing differences of debt service deposits. * Variance exceeds 100%

9 TABLE 4 METROPOLITAN TRANSPORTATION AUTHORITY July Financial Plan Consolidated Subsidy Accrual Detail 2009 ($ in millions) Current Month Year-to-Date Actual Variance Accrued Subsidies: Actual Variance Dedicated Taxes $0.0 $0.0 $0.0 Mass Transportation Operating Assistance Fund (MMTOA) $1,465.4 $1,465.4 $ (4.7) Petroleum Business Tax (4.7) MRT 1 (Gross) MRT 2 (Gross) Other MRT Adjustments (2.5) (2.5) (7.2) Urban Tax (6.8) Investment Income $99.7 $89.1 ($10.7) $2,155.4 $2,148.2 ($7.3) New State Taxes and Fees Payroll Mobility Tax License Fees Vehicle Registration Fees Taxi Fee Auto Rental Fee $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 State and Local Subsidies NYS Operating Assistance NYC and Local 18b: New York City Nassau County Suffolk County Westchester County Putnam County Dutchess County Orange County Rockland County Nassau County Subsidy to LIB (0.6) CDOT Subsidies (0.6) Station Maintenance AMTAP (0.0) $18.3 $18.2 ($0.1) $554.2 $554.1 ($0.1) $118.0 $107.3 ($10.8) Sub-total Dedicated Taxes & State and Local Subsidies $2,709.7 $2,702.3 ($7.4) (8.8) City Subsidy to MTA Bus (8.8) $143.7 $124.1 ($19.6) Total Dedicated Taxes & State and Local Subsidies $2,898.8 $2,882.6 ($16.2) Inter-Agency Subsidy Transactions MTA Subsidy to Subsidiaries (0.9) B&T Operating Surplus Transfer $38.2 $41.4 $3.2 $234.7 $244.7 $10.0 $ $ $ (16.4) Total Subsidy $ 3,133.4 $ 3,127.3 $ (6.2) Note: Differences are due to rounding.

10 TABLE 5 METROPOLITAN TRANSPORTATION AUTHORITY July Financial Plan Consolidated Subsidy Accrual Explanation of Variances Between and Actual Results ($ in millions) Accrued Subsidies: Variance $ 2009 Variance % Explanations Petroleum Business Tax (4.7) (8.2%) The unfavorable variance appears to be mostly timing related. MRT 1 (Gross) % MRT-1 transactions were slightly above the budget for the month, but pretty much on target year to date. MRT 2 (Gross) % MRT-2 transactions were also slightly above the budget for the month. Urban Tax (7.2) (37.5%) Real Estate transactions in New York City were lower than expected for the month. CDOT Subsidies (0.6) (9.0%) The unfavorable variance is due primarily to timing. Station Maintenance % The favorable variance is due primarily to timing. City Subsidy to MTA Bus (8.8) (34.4%) Variance is due primarily to timing differences in cash obligations for MTA Bus as well as lower payroll, overtime and health & welfare costs. B&T Operating Surplus Transfer % The variance is attributable to the timing of booking accrual payments by MTA Accounting Year-to-Date Accrued Subsidies: Variance $ Variance % Explanations MRT 2 (Gross) % Year-to-date MRT-2 transactions are slightly above the budget. Urban Tax (6.8) (6.3%) Urban Tax transactions are slightly below the budget for the year. City Subsidy to MTA Bus (8.8) (4.7%) Variance is due primarily to timing differences in cash obligations for MTA Bus as well as lower YTD payroll and insurance costs. B&T Operating Surplus Transfer % Same as explanantion for the month. Note: Differences are due to rounding.

11 METROPOLITAN TRANSPORTATION AUTHORITY JULY FINANCIAL PLAN MID-YEAR FORECAST (1) DEBT SERVICE ($ in millions) TABLE % Actual Variance Variance Explanation Dedicated Tax Fund: NYC Transit $25.6 $15.5 $10.1 Commuter Railroads Timing Difference (see Note 2 Dedicated Tax Fund Subtotal $30.4 $19.1 $ % below) MTA Transportation Revenue: NYC Transit $30.4 $30.2 $0.2 Commuter Railroads MTA Bus (0.3) MTA Transportation Subtotal $55.0 $54.9 $ % Commercial Paper: NYC Transit $3.1 $0.1 $3.0 Commuter Railroads Timing Difference (see Note 2 MTA Bus below) and lower than budgeted Commercial Paper Subtotal $5.6 $0.3 $ % variable rates. 2 Broadway COPs: NYC Transit $1.4 $2.0 ($0.6) Bridges & Tunnels (0.1) MTA HQ (0.1) Higher than budgeted variable 2 Broadway COPs Subtotal $1.8 $2.6 ($0.7) -40.5% rates. TBTA General Resolution (2) NYC Transit $13.8 $11.7 $2.2 Commuter Railroads Bridges & Tunnels TBTA General Resolution Subtotal $32.0 $26.5 $ % TBTA Subordinate (2) NYC Transit $6.3 $7.6 ($1.4) Commuter Railroads (0.6) Bridges & Tunnels (0.5) Timing Difference (see Note 2 TBTA Subordinate Subtotal $11.5 $14.0 ($2.5) -21.6% below). Total Debt Service $136.2 $117.3 $ % Debt Service by Agency: NYC Transit $80.7 $67.2 $13.5 Commuter Railroads MTA Bus Bridges & Tunnels MTAHQ (0.1) Total Debt Service $136.2 $117.3 $ % Notes: (1) ed debt service is calculated based upon projected monthly deposits from available pledged revenues into debt service accounts. Actual payments to bondholders are made from the debt service accounts when due as required for each series of bonds and do not conform to this schedule. (2) Generally, the calendarization of monthly debt service deposits is calculated by dividing projected annual debt service by 12. Month to month variations ( timing differences ) on the existing debt portfolio can occur based upon, among other things, (a) for all bonds, the date when income from the securities in which the debt service accounts are invested becomes available varies, (b) for variable rate financings, differences between (i) the budgeted interest rate and the actual interest rate, (ii) projected interest payment dates to bondholders and actual interest payment dates to bondholders, and (iii) projected monthly funding dates for accrued debt service and actual funding dates, (c) for transactions with swaps, the difference between when MTA/TBTA funds debt service and the receipt of the corresponding swap payment by the counterparty, and difference between rates received and rates paid and (d) for commercial paper, the interest payment date is the date of the maturity of the commercial paper and the dealers set the term of the commercial paper from 1 to 270 days, which is not foreseeable at the time the annual debt service budgets are prepared. (3) Debt service is allocated among Transit, Commuter, MTA Bus, and TBTA categories based on actual spending of bond proceeds for approved capital projects. Allocation of 2 Broadway COPs is based on occupancy. Totals may not add due to rounding.

12 METROPOLITAN TRANSPORTATION AUTHORITY JULY FINANCIAL PLAN MID-YEAR FORECAST (1) DEBT SERVICE ($ in millions) TABLE Year-to-Date % Actual Variance Variance Explanation Dedicated Tax Fund: NYC Transit $143.2 $133.1 $10.1 Commuter Railroads Dedicated Tax Fund Subtotal $174.1 $162.8 $ % MTA Transportation Revenue: NYC Transit $236.6 $236.4 $0.2 Commuter Railroads MTA Bus (0.3) MTA Transportation Subtotal $427.5 $427.4 $ % Commercial Paper: NYC Transit $5.3 $2.3 $3.0 Commuter Railroads Timing Difference (see Note 2 MTA Bus below) and lower than budgeted Commercial Paper Subtotal $9.4 $4.0 $ % variable rates. 2 Broadway COPs: NYC Transit $16.6 $17.2 ($0.6) Bridges & Tunnels (0.1) MTA HQ (0.1) 2 Broadway COPs Subtotal $20.6 $21.3 ($0.7) -3.6% TBTA General Resolution (2) NYC Transit $103.1 $101.0 $2.2 Commuter Railroads Bridges & Tunnels TBTA General Resolution Subtotal $235.1 $229.6 $ % TBTA Subordinate (2) NYC Transit $52.1 $53.4 ($1.4) Commuter Railroads (0.6) Bridges & Tunnels (0.5) TBTA Subordinate Subtotal $95.5 $98.0 ($2.5) -2.6% Total Debt Service $962.1 $943.2 $ % Debt Service by Agency: NYC Transit $556.8 $543.3 $13.5 Commuter Railroads MTA Bus Bridges & Tunnels MTAHQ (0.1) Total Debt Service $962.1 $943.2 $ % Notes: (1) ed debt service is calculated based upon projected monthly deposits from available pledged revenues into debt service accounts. Actual payments to bondholders are made from the debt service accounts when due as required for each series of bonds and do not conform to this schedule. (2) Generally, the calendarization of monthly debt service deposits is calculated by dividing projected annual debt service by 12. Month to month variations ( timing differences ) on the existing debt portfolio can occur based upon, among other things, (a) for all bonds, the date when income from the securities in which the debt service accounts are invested becomes available varies, (b) for variable rate financings, differences between (i) the budgeted interest rate and the actual interest rate, (ii) projected interest payment dates to bondholders and actual interest payment dates to bondholders, and (iii) projected monthly funding dates for accrued debt service and actual funding dates, (c) for transactions with swaps, the difference between when MTA/TBTA funds debt service and the receipt of the corresponding swap payment by the counterparty, and difference between rates received and rates paid and (d) for commercial paper, the interest payment date is the date of the maturity of the commercial paper and the dealers set the term of the commercial paper from 1 to 270 days, which is not foreseeable at the time the annual debt service budgets are prepared. (3) Debt service is allocated among Transit, Commuter, MTA Bus, and TBTA categories based on actual spending of bond proceeds for approved capital projects. Allocation of 2 Broadway COPs is based on occupancy. Totals may not add due to rounding.

13 TABLE 8 METROPOLITAN TRANSPORTATION AUTHORITY July Financial Plan Subsidy Cash Detail by Agency ($ in millions) 2009 Cash Subsidies: NYC Transit Commuter Railroads LIB SIR MTA Bus MTAHQ TOTAL Actual Variance Actual Variance Actual Variance Actual Variance Actual Variance Actual Variance Actual Variance Dedicated Taxes MMTOA 1 $99.1 $ $51.5 $ $0.0 $ $0.3 $ $0.0 $ $0.0 $ $150.9 $ Petroleum Business Tax (0.0) MRT 1 (Gross) MRT 2 (Gross) Other MRT Adjustments Urban Tax Investment Income $158.4 $162.0 $3.6 $59.4 $59.4 ($0.0) $0.0 $0.0 $0.0 $0.3 $0.3 $0.0 $0.0 $0.0 $0.0 $21.1 $23.1 $2.0 $239.3 $244.9 $5.6 New State Taxes and Fees Payroll Mobility Tax License Fees Vehicle Registration Fees Taxi Fee Auto Rental Fee $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 State and Local Subsidies NYS Operating Assistance (0.0) (0.8) (0.8) NYC and Local 18b: New York City Nassau County Suffolk County Westchester County Putnam County Dutchess County Orange County Rockland County Nassau County Subsidy to LIB CDOT Subsidies Station Maintenance AMTAP $39.5 $39.5 ($0.0) $14.3 $33.3 $19.0 $0.8 $2.6 $1.8 $0.1 $0.1 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $54.8 $75.6 $20.9 Sub-total Dedicated Taxes & State and Local Subsidies $197.9 $201.5 $3.6 $73.7 $92.8 $19.0 $0.8 $2.6 $1.8 $0.5 $0.5 $0.0 $0.0 $0.0 $0.0 $21.1 $23.1 $2.0 $294.0 $320.5 $26.5 City Subsidy to MTA Bus Total Dedicated Taxes & State and Local Subsidies $197.9 $201.5 $3.6 $73.7 $92.8 $19.0 $0.8 $2.6 $1.8 $0.5 $0.5 $0.0 $0.0 $0.0 $0.0 $21.1 $23.1 $2.0 $294.0 $320.5 $26.5 Inter-Agency Subsidy Transactions MTA Subsidy to Subsidiaries B&T Operating Surplus Transfer $8.3 $13.5 $5.2 $17.8 $23.2 $5.4 $2.5 $2.5 $0.0 $2.1 $2.1 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $30.7 $41.4 $10.7 Total Subsidy $206.2 $215.1 $8.9 $91.6 $116.0 $24.5 $3.3 $5.1 $1.8 $2.6 $2.6 $0.0 $0.0 $0.0 $0.0 $21.1 $23.1 $2.0 $324.7 $361.9 $ Metropolitan Mass Transportation Operating Assistance Fund Check $324.7 $361.9 $37.2 Note: Differences are due to rounding.

14 TABLE 9 METROPOLITAN TRANSPORTATION AUTHORITY July Financial Plan Subsidy Cash Detail by Agency ($ in millions) Year-to-Date NYC Transit Commuter Railroads LIB SIR MTA Bus MTAHQ TOTAL Cash Subsidies: Actual Variance Actual Variance Actual Variance Actual Variance Actual Variance Actual Variance Actual Variance Dedicated Taxes MMTOA 1 $297.3 $297.3 (0.0) $154.5 $154.5 (0.0) $11.8 $ $1.0 $ $0.0 $ $0.0 $ $464.6 $464.6 (0.0) Petroleum Business Tax (0.0) MRT 1 (Gross) MRT 2 (Gross) Other MRT Adjustments (2.5) (2.5) - (2.5) (2.5) 0.0 Urban Tax Investment Income $759.7 $760.2 $0.4 $218.5 $218.5 $0.0 $11.8 $11.8 $0.0 $1.0 $1.0 $0.0 $0.0 $0.0 $0.0 $149.5 $152.5 $2.9 $1,140.6 $1,144.0 $3.4 New State Taxes and Fees Payroll Mobility Tax License Fees Vehicle Registration Fees Taxi Fee Auto Rental Fee $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 State and Local Subsidies NYS Operating Assistance (0.0) (0.8) (0.8) NYC and Local 18b: New York City (0.0) (0.1) (0.0) Nassau County Suffolk County (0.0) (0.0) Westchester County Putnam County (0.0) (0.0) Dutchess County (0.0) (0.0) Orange County (0.0) (0.0) Rockland County (0.0) (0.0) Nassau County Subsidy to LIB CDOT Subsidies Station Maintenance AMTAP Surplus Recovery $202.2 $202.3 $0.1 $184.7 $213.2 $28.5 $10.7 $9.9 ($0.8) $0.8 $0.7 ($0.1) $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $398.4 $426.1 $27.7 Total Dedicated Taxes & State and Local Subsidies $961.9 $962.5 $0.5 $403.2 $431.7 $28.5 $22.5 $21.7 ($0.8) $1.8 $1.7 ($0.1) $0.0 $0.0 $0.0 $149.5 $152.5 $2.9 $1,539.0 $1,570.1 $31.1 City Subsidy to MTA Bus Total Dedicated Taxes & State and Local Subsidies $961.9 $962.5 $0.5 $403.2 $431.7 $28.5 $22.5 $21.7 ($0.8) $1.8 $1.7 ($0.1) $263.8 $263.9 $0.0 $149.5 $152.5 $2.9 $1,802.8 $1,834.0 $31.1 Inter-Agency Subsidy Transactions MTA Subsidy to Subsidiaries (0.9) (0.9) B&T Operating Surplus Transfer $43.4 $54.6 $11.3 $128.2 $139.7 $11.5 $28.0 $28.0 $0.0 $20.2 $19.3 ($0.9) $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $219.8 $241.7 $21.9 Total Subsidy $1,005.3 $1,017.1 $11.8 $531.4 $571.4 $40.0 $50.5 $49.7 ($0.8) $22.0 $21.0 ($1.0) $263.8 $263.9 $0.0 $149.5 $152.5 $2.9 $2,022.6 $2,075.6 $ Metropolitan Mass Transportation Operating Assistance Fund check $2,022.6 $2,075.6 $53.0 Note: Differences are due to rounding.

15 TABLE 10 METROPOLITAN TRANSPORTATION AUTHORITY July Financial Plan Subsidy Cash Detail Explanation of Variances Between and Actual Results ($ in millions) 2009 TOTAL Variance Variance % Cash Subsidies: Explanations Dedicated Taxes MRT 1 (Gross) % MRT-1 collections were slightly above the budget for the month; however, on a year to date basis they were on target. MRT 2 (Gross) % MRT-2 collections were slighty above the budget for the month; however, on a year to date basis they were on target. Urban Tax % Urban Tax receipts were slightly above the budget for the month; however, on a year to date basis they were on target. Nassau County Subsidy to LIB % Favorable variance attributable to timing. Station Maintenance % The variance is attributable to timing. CDOT Subsidies % The unfavorable variance is due primarily to timing. B&T Operating Surplus Transfer % Favorable variance attributable to higher distributable income and lower non-labor expenses Year-to-date Cash Subsidies: TOTAL Variance Variance % Explanations Dedicated Taxes CDOT Subsidies % Same as explanation for the month. Station Maintenance % Same as explanation for the month. B&T Operating Surplus Transfer % Favorable YTD variance due to higher distributable income and lower expenses. Note: Differences are due to rounding.

16 METROPOLITAN TRANSPORTATION AUTHORITY July Financial Plan Total Positions by Function and Agency 2009 Function/Departments Actual Favorable/ Total Positions 69,888 69, NYC Transit 48,664 48, Long Island Rail Road 6,898 6, Metro-North Railroad 5,958 5, Bridges & Tunnels 1,821 1, Headquarters 1,486 1, Long Island Bus 1,149 1, Staten Island Railway Capital Construction Company Bus Company 3,511 3, Non-reimbursable 62,499 61, NYC Transit 43,091 42, Long Island Rail Road 5,967 5, Metro-North Railroad 5,332 5, Bridges & Tunnels 1,776 1, Headquarters 1,438 1, Long Island Bus 1,134 1, Staten Island Railway Capital Construction Company Bus Company 3,497 3, Reimbursable 7,389 7, NYC Transit 5,573 5, Long Island Rail Road (40) Metro-North Railroad (22) Bridges & Tunnels Headquarters Long Island Bus Staten Island Railway Capital Construction Company Bus Company Total Full Time 69,584 68, NYC Transit 48,468 48, Long Island Rail Road 6,898 6, Metro-North Railroad 5,955 5, Bridges & Tunnels 1,821 1, Headquarters 1,486 1, Long Island Bus 1,044 1, Staten Island Railway Capital Construction Company Bus Company 3,511 3, Total Full-Time Equivalents (59) NYC Transit (62) Long Island Rail Road Metro-North Railroad Bridges & Tunnels Headquarters Long Island Bus Staten Island Railway Capital Construction Company Bus Company Note: Totals may differ due to rounding