BROWARD COUNTY, FLORIDA AIRPORTS

BROWARD COUNTY, FLORIDA AIRPORTS Enplanements, Total Landed Weights, and Total Air Cargo Tonnage Enplaned Passengers Series P-1,P-2 Series O Series N Series 2004L Series 2004M Series 2001J-2 Fiscal Year 1980 1990 2000 2001 2002 2003 2004 2005 2006 2007 Fiscal Years 1980, 1990, and 2000 through Percent Annual Domestic International Total Increase/(Decrease) 2,810,316 239,824 3,050,140-3,862,623 664,680 4,527,303-6,919,181 718,961 7,638,142-7,772,569 738,225 8,510,794 11.4% 7,606,900 592,716 8,199,616-3.7% 8,098,122 632,042 8,730,164 6.5% 9,243,020 794,479 10,037,499 15.0% 10,303,438 1,063,553 11,366,991 13.2% 9,503,386 1,177,350 10,680,736-6.0% 9,776,771 1,365,898 11,142,669 4.3% 10,006,392 1,584,047 11,590,439 4.0% 8,947,048 1,520,840 10,467,888-9.7% 9,260,615 1,652,303 10,912,918 4.3% 9,836,257 1,835,273 11,671,530 7.0% 9,962,653 1,779,080 11,741,733 0.6% Average annual increase, Fiscal Year 1980 - Fiscal Year 271,612 Average annual increase, Fiscal Year 2000 - Fiscal Year 186,527 Landed Weights, Air Cargo and Aircraft Operations Series P-1,P-2 Series O Series N Series 2004L Series 2004M Series 2001J-2 Fiscal Years - Landed Weights (1,000-pound units) 13,926,696 14,024,764 13,427,072 13,111,582 14,970,837 Air Cargo (US tons) 96,680 196,339 95,210 102,149 137,835 Aircraft Operations 255,381 225,287 255,642 249,986 291,178

SELECTED FINANCIAL INFORMATION AND MANAGEMENT ANALYSIS Bonded Indebtedness Series P-1,P-2 Series O Series N Series 2004L Series 2004M Airport System Revenue Bond Issues As of September 30, Airport System Revenue Bonds: Series 2001 J-2 Series 2004 L Series O Series P-1 Series P-2 Series Q-1 Series Q-2 Principal Payable From Total Outstanding Passenger Airport Principal Facility System Final Amount Charges Revenues Maturity $ 109,295,000 $ - $ 109,295,000 2021 65,920,000 65,920,000 2027 97,125,000 1,039,500 96,085,500 2029 217,080,000-217,080,000 2026 92,775,000 38,966,000 53,809,000 2026 515,620,000 44,615,000 471,005,000 2042 105,710,000-105,710,000 2042 Total Bond Indebtedness $ 1,203,525,000 $ 150,540,500 $ 1,052,984,500 Summary of Revenues and Expenses Series P-1,P-2 Series O Series N Series 2004L Series 2004M Series 2001J-2 ($000s) Fiscal Years Ended September 30 (audited) Operating Revenues: Airline Revenues $ 48,362 $ 50,662 $ 56,471 $ 55,545 $ 56,508 Rental Cars 55,158 54,036 48,666 48,388 53,553 Parking 39,661 38,710 37,672 38,906 47,737 Concessions 22,730 21,830 17,949 19,286 18,574 General Aviation and Fixed Based 6,480 5,895 9,349 4,982 5,780 Non-Airline Terminal Rent & Other 4,411 4,542 4,427 4,405 4,245 North Perry Airport 1,035 958 980 1,025 950 Cargo 1,743 892 879 1,042 1,184 Miscellaneous 2,703 1,833 1,856 1,687 569 Total Operating Revenues $ 182,283 $ 179,358 $ 178,249 $ 175,266 $ 189,100 Operating Expenses: Personal Services $ 30,922 $ 31,360 $ 30,793 $ 30,931 $ 29,339 Contractual Services 66,655 63,786 62,480 63,325 72,793 Other 21,971 20,195 22,645 24,701 21,133 Operating Expenses before Depreciation $ 119,548 $ 115,341 $ 115,918 $ 118,957 $ 123,265 Depreciation 56,275 52,497 42,573 35,343 34,855 Total Operating Expenses $ 175,823 $ 167,838 $ 158,491 $ 154,300 $ 158,120 Operating Income $ 6,460 $ 11,520 $ 19,758 $ 28,397 $ 30,980 Non-Operating Revenues (Expenses): Passenger Facilities Charges $ 48,283 $ 48,363 $ 49,826 $ 41,900 $ 48,467 Interest Income 2,204 2,323 4,231 13,633 17,273 Interest Expense (31,835) (36,689) (39,349) (38,032) (41,436) Other (3,667) (535) (12,394) 667 960 Total Non-Operating Revenues (Expenses) $ 14,985 $ 13,462 $ 2,314 $ 18,168 $ 25,264 Income Before Contributions and Transfers $ 21,445 $ 24,982 $ 27,116 $ 46,565 $ 54,424

Operating Revenues by Source Series P-1,P-2 Series O Series N Series 2004L Series 2004M ($000s) Fiscal Years Ended September 30 Operating Revenues: Airline Revenues $ 48,362 $ 58,214 $ 56,471 $ 55,545 $ 56,508 Rental Cars 55,158 54,036 48,666 48,388 53,553 Parking 39,661 38,710 37,672 38,906 47,737 Concessions 22,730 21,830 17,949 19,286 18,574 General Aviation and Fixed Based Operators 6,480 5,895 9,349 4,982 5,780 Non-airline Terminal Rent and Other Rents 4,411 4,542 4,427 4,405 4,245 North Perry Airport 1,035 958 980 1,025 950 Cargo 1,743 892 879 1,042 1,184 Miscellaneous Operating Revenues 2,703 1,833 1,856 1,687 569 Operating Revenues: $ 182,283 $ 186,910 $ 178,249 $ 175,266 $ 189,100 Airline Deferred Revenue Adjustment - (7,552) 5,044 7,431 (1,820) Total Operating Revenues $ 182,283 $ 179,358 $ 183,293 $ 182,697 $ 187,280 Cost per Enplanement $ 4.01 $ 4.99 $ 5.17 $ 5.30 $ 4.88 Historical Bond Debt Service Coverage Series P-1,P-2 Series O Series N Series 2004L Series 2004M ($000s) Fiscal Years Ended September 30 Operating Revenues $ 180,952 $ 179,358 $ 183,293 $ 182,697 $ 187,280 Less Operating Expenses before Depreciation 119,548 115,341 115,918 118,957 123,265 Net Revenues 61,404 64,017 67,375 63,740 64,015 Excess Airline Fees and Charges Prior Year 17,194 24,751 14,687 22,140 20,320 Net Revenues Available for Debt Service $ 78,598 $ 88,768 $ 82,062 $ 85,880 $ 84,335 ASR Debt Service $ 69,822 $ 69,751 $ 69,752 $ 65,508 $ 67,233 PFC Transfer (13,343) (13,826) (12,742) (11,429) (1,573) Net Debt Service $ 56,479 $ 55,925 $ 57,010 $ 54,079 $ 65,660 Debt Service Coverage Calculated 139% 159% 144% 159% 128% Debt Service Coverage Requirement 125% 125% 125% 125% 125% $48,283 The Amount of PFC Revenues received by or on behalf of the Airport Series 2001J-2

Any Change in the PFC Authority Series 2001J-2 None. The Sufficiency Covenant Calculation Series 2001J-2 See page 101 of Broward County FY CAFR. N/A Any Change in the Conversion Date Series 2001J-2

BROWARD COUNTY, FLORIDA WATER & SEWER THE WATER AND WASTEWATER UTILITY Retail Water and Wastewater Billing Series A,B,C Series A Series 2005A Series 2003B Series 2003 Fiscal Year Ended 9/30 Treated Treated Coconut Water Wastewater Retail Creek Total Water 7,195,082 1,868,562 9,063,644 5,373,713 7,128,645 1,872,821 9,001,466 5,468,973 6,880,573 1,748,303 8,628,876 5,230,943 6,885,439 1,731,297 8,616,736 5,338,245 6,695,748 1,643,812 8,339,560 5,279,815 Overview of Financial Operations Schedule of Historical Net Revenues, Debt Service and Debt Service Coverage for Fiscal Years through Series A,B,C Series A ($1,000s) Revenues Water $ 37,388 $ 42,305 $ 42,771 $ 45,114 $ 46,343 Wastewater 55,290 61,640 62,946 64,843 66,249 Other 3,481 4,451 4,159 4,947 5,144 Interest Income 1,507 3,218 1,758 1,570 793 Total Revenues $ 97,666 $ 111,614 $ 111,634 $ 116,474 $ 118,529 Current Expenses: Water Transmission & Distribution $ 8,189 $ 8,838 $ 8,962 $ 8,817 $ 8,811 Water Source of Supply, Treatment & Pumping 9,229 9,961 9,420 9,184 8,702 Wastewater Collection & Transmission 11,356 9,751 10,185 9,866 11,169 Wastewater Treatment 14,869 15,529 14,955 14,729 15,324 Customer Service 3,774 4,134 5,229 5,400 5,499 Administrative/ General 15,156 16,576 16,736 15,947 14,568 Total Current Expenses $ 62,573 $ 64,789 $ 65,487 $ 63,943 $ 64,073 Net Revenues $ 35,093 $ 46,825 $ 46,147 $ 52,531 $ 54,456 Debt Service: Series 1988 A $ 2,380 $ 2,380 $ - $ - Series 2003 A 5,062 5,061 5,867 5,868 3,459 Series 2003 B 8,393 8,291 9,970 9,970 9,080 Series 2005 A 3,837 3,837 3,837 3,837 3,147 Series A - 5,361 10,324 10,324 10,322 Series A - - - 3,219 Series B - - - 2,623 Series C - - - 283 Total Debt Service $ 19,672 $ 24,930 $ 29,998 $ 29,999 $ 32,133 Debt Coverage 1.78 1.88 1.54 1.75 1.69

Summary Of Large User Wastewater Flow For Treatment And Disposal Series 2005A Series 2003B Series 2003 Average Monthly Flow (1,000 Gallons) FY FY FY Large User Total Flow Total Flow Total Flow Change % of Total Coconut Creek 1,316,095 1,276,592 1,447,199 170,607 5.57% Coral Springs 3,132,096 2,516,794 3,128,012 611,218 12.04% Deerfield Beach 2,561,252 2,018,628 2,190,729 172,101 8.43% Lauderhill 2,176,961 2,000,517 2,403,809 403,292 9.25% North Lauderdale 988,496 1,078,407 1,427,346 348,939 5.49% No. Springs Impr. Dist. 964,037 991,983 1,115,514 123,531 4.29% Oakland Park 740,767 529,162 638,795 109,633 2.46% Parkland Utilities 79,808 74,642 76,984 2,342 0.30% Pompano Beach 4,627,160 4,496,220 5,009,080 512,860 19.27% Royal Utilities 107,764 90,004 90,382 378 0.35% Tamarac 2,420,243 2,642,672 3,529,445 886,773 13.58% Subtotal 19,114,679 17,715,621 21,057,295 3,341,674 81.02% Broward County 4,737,647 4,046,268 4,931,347 885,079 18.98% Total 23,852,326 21,761,889 25,988,642 4,226,753 100.00% Historical Retail Water and Wastewater Rate Changes - Series 2005A Series 2003B Series 2003 Percent Increase Fiscal Year Water Wastewater 5.0% 5.3% 15.2 3.7 3.8 6.0 5.0 5.0 5.3 2.5 Historical Capital Recovery Fees Collected Fiscal Years through Series 2005A Series 2003B Series 2003 Year Ended September 30 Water Wastewater Total $ 914,606 $ 942,749 $ 1,857,355 (220,999) (83,229) $ (304,228) 75,862 198,779 $ 274,641 287,404 374,258 $ 661,662 600,408 35,454 $ 635,862

Broward County, Florida Retail Water and Wastewater Monthly Service Costs Series 2005A Series 2003B Series 2003 (As of December 31, )* WATER WASTEWATER TOTAL BILL Min + 5,000 Gal Min +5,000 Gal Utility Davie 99.18 34.62 64.56 Dania 86.16 32.70 53.46 Wilton Manors 85.38 46.66 38.72 Sunrise (outside City) 83.61 37.65 45.96 Margate 82.71 28.11 54.60 Oakland Park 76.82 37.46 39.36 Hollywood 70.47 23.30 47.17 Parkland 70.25 22.58 47.67 North Lauderdale 68.71 27.91 40.80 Sunrise 66.86 30.10 36.76 Broward Average Water & Sewer 63.35 27.46 35.89 Cooper City 63.29 25.14 38.15 Coconut Creek 62.62 35.44 27.18 Broward County (WWS) 57.61 23.57 34.04 Hallandale 56.81 26.36 30.45 Pompano Beach (outside City) 56.10 26.88 29.22 Miramar 54.33 21.38 32.95 Coral Springs 53.21 21.13 32.08 Royal Utility 53.04 25.54 27.50 Tamarac 52.79 18.57 34.22 Deerfield 52.78 28.25 24.53 Pompano Beach 49.84 24.08 25.76 Plantation 49.08 18.91 30.17 NSID 48.54 27.79 20.75 CSID 47.66 23.83 23.83 Pembroke Pines 47.23 21.89 25.34 Lauderhill 46.53 Fort Lauderdale 46.29 17.29 29.00 Hillsboro 34.20 Pembroke Park 38.45 Lauderdale by the Sea 32.19 Tri-County Utilities Palm Beach County 41.19 18.53 22.66 Miami Dade County 26.45 8.85 17.60 *Next survey will be completed in the summer of 2013 in conjunction with the udpate to the Consulting Engineer's Report.

BROWARD COUNTY, FLORIDA G.O. PARKS AND LAND Broward County Millage Rates Series Series 2007A Series 2007B Series 2005 Series 2004(parks and land) Series 2004(COP) (Mills Per Thousand of Assessed Valuation) Fiscal Year Operating & Ended Operating Capital Outlay Capital Outlay Debt Service Total Millage September 30 Levy Levy Subtotal Levy Rate 2003 2004 2005 2006 2007 6.2752 0.3933 6.6685 0.6965 7.3650 6.3146 0.2919 6.6065 0.5815 7.1880 6.1905 0.2926 6.4831 0.5399 7.0230 5.9838 0.3104 6.2942 0.4888 6.7830 5.4054 0.2379 5.6433 0.4228 6.0661 4.7471 0.1418 4.8889 0.3979 5.2868 4.7471 0.1418 4.8889 0.4256 5.3145 4.7612 0.1277 4.8889 0.5000 5.3889 5.0399 0.0622 5.1021 0.4509 5.5530 5.1939 0.0637 5.2576 0.2954 5.5530 Broward County Net Assessed Property Valuation Series Series 2007A Series 2007B Series 2005 Series 2004(parks and land) Series 2004(COP) (See G.O. Parks Sh. 2, Table 1) Broward County Tax Levies and Tax Collection Series Series 2007A Series 2007B Series 2005 Series 2004(parks and land) Series 2004(COP) ($ in Thousands) Fiscal Year Ended September 30 2003 2004 2005 2006 2007 Total Collections to Date Collected Within the Fiscal Year of the Levy Total Adjusted Property Tax Net Tax Percentage of Percentage of Levy Discount Levy Amount Original Levy Amount Adjusted Levy $ 672,307 $ 22,884 $ 649,423 $ 642,509 98.94% $ 645,732 99.43% 732,945 25,227 707,718 703,924 99.46 705,238 99.65 800,804 27,538 773,266 769,594 99.53 771,400 99.76 895,189 30,176 865,013 860,792 99.51 863,738 99.85 954,981 31,171 923,810 919,392 99.52 923,888 100.01 927,080 29,542 897,538 892,074 99.39 896,505 99.88 885,797 28,456 857,341 847,494 98.85 856,698 99.93 793,371 26,205 767,166 758,499 98.87 763,349 99.50 711,835 24,170 687,665 681,850 99.15 689,730 100.30 695,804 23,902 671,902 669,929 99.71 669,929 99.71 Principal Taxpayers Series Series 2007A Series 2007B Series 2005 Series 2004(parks and land) September 30, ($ in Thousands) Percent to Business Taxes Aggregate Taxpayer or Use Levied Taxes Levied 1. Florida Power and Light Co. Utility $ 35,472 1.18% 2. Bellsouth Telecommunications Communication 9,040 0.30 3. Sunrise Mills, LTD Development 8,061 0.27 4. City National Bank of Florida Bank 6,930 0.23 5. Diplomat Properties, LTD Resort 5,474 0.18 6. SPUSV5 Pembroke Pines LLC Financial 3,449 0.12 7. Pembroke Lakes Mall, LTD Retail 2,962 0.10 8. City of Fort Lauderdale Government 2,901 0.10 9. Orange Bowl Eastern III LLC Financial 2,687 0.09 10. Harbor Beach Property LLC Resort 2,536 0.08

Tax Certificates Held by Broward County Series Series 2007A Series 2007B Series 2005 Series 2004(parks and land) Series 2004(COP) ($ in Thousands) Number of Certificates Fiscal Year Initially Held by Ended Tax Sale County From % of Gross September 30 Year Taxes Due Tax Sale Taxes Due 2007 Tax Roll 2006 $ 3,689,900 363 0.0012% Tax Roll 2007 3,747,842 2,681 0.0003 Tax Roll 3,669,500 392 0.0002 Tax Roll 3,409,133 92 0.000012 Tax Roll 3,124,563 345 0.0002 Tax Roll 3,000,431 17 0.000006 Total $ 20,641,369 3890 Broward County Summary Schedule or Revenue, Expenditures and Changes in Fund Balances - General Fund Series Series 2007A Series 2007B Series 2005 Series 2004(parks and land) Series 2004(COP) ($ In Thousands) Fiscal years Ended September 30 REVENUES: Ad Valorem Taxes (Net of Discounts) $ 816,859 $ 777,991 $ 265,249 $ 627,517 $ 623,973 Special Assessment/ Impact Fees 2,315 1,106 4 1 6 Licenses and Permits 18,483 16,805 17,071 16,067 16,503 Federal Grants 66,954 53,912 73,949 61,667 75,859 State Revenue: Revenue Sharing 38,134 35,203 23,573 35,503 35,753 Grants 23,571 23,402 22,517 27,602 24,844 Licenses 612 607 593 - Tourist Tax - - 37,534 40,630 44,502 One-Half Cent Sales Tax 50,827 45,705 46,320 48,474 51,379 Other - - 2,000 2,000 2,000 Charges for Service 330,037 335,052 90,641 104,496 111,326 Fines and Forfeitures 4,249 4,036 2,426 14,143 14,813 Interest Income 20,988 15,623 6,794 8,159 4,721 Miscellaneous Revenue 22,772 25,923 15,589 20,858 28,142 Total Revenues $ 1,395,801 $ 1,335,365 # $ 604,260 # $ 1,007,117 # $ 1,033,821 EXPENDITURES: Current: General Government $ 202,612 $ 188,215 $ 170,055 $ 192,909 $ 188,176 Public Safety 17,153 12,669 16,884 418,247 426,744 Transportation 142,526 131,571 120,230 119,189 125,757 Human Services 140,310 143,926 140,634 134,319 133,318 Culture and Recreation 121,941 116,959 131,337 123,417 122,868 Physical Environment 15,683 17,619 12,334 13,168 14,588 Economic Environment 19,903 17,942 25,240 21,427 19,827 Debt Service" Principal Retirement 960 1,588 - - Interest and Fiscal Charges 125 38-2 - Total Expenditures $ 661,213 $ 630,527 # $ 616,714 # $ 1,022,678 # $ 1,031,278 Excess of Revenue Over (Under) Expenditures $ 734,588 $ 704,838 $ (12,454) $ (15,561) $ 2,543 OTHER FINANCING SOURCES (USES): Operating Transfers In 109,781 95,110 57,888 74,335 86,222 Operating Transfers Out (836,309) (809,198) (45,034) (26,926) (60,750) Total Other Financing Sources (Uses) (726,528) (714,088) 12,854 47,409 25,472 Net Change in Fund Balances 8,060 (9,250) 400 31,848 28,015 Fund Balance, October 1 281,033 291,117 296,397 325,289 356,745 Changes in Reserves for Inventory 2,024 414 (16) (392) 1,325 FUND BALANCES, SEPTEMBER 30 $ 291,117 $ 282,281 $ 296,781 $ 356,745 $ 386,085

Broward County Summary Schedule of Revenue, Expenditures and Changes in Fund Balances - Other Governmental Funds Series Series 2007A Series 2007B Series 2005 Series 2004(parks and land) Series 2004(COP) ($ In Thousands) Fiscal Years Ended September 30, REVENUES: Ad Valorem Taxes (Net of Discounts) $ 155,730 $ 154,371 $ 569,948 $ 127,447 $ 114,190 Special Assessment/ Impact Fees 6,572 2,682 4,315 4,879 6,944 Licenses and Permits 765 1,123 1,730 1,313 1,438 Federal Grants 55,512 30,339 66,716 59,066 55,797 State Revenue: Revenue Sharing - - 11,070 - Grants 9,692 5,731 4,568 4,761 5,347 Tourist Tax 42,773 35,507 - - - Licenses 417 4,547 785 836 772 Gasoline Taxes 22,874 22,714 22,645 22,351 21,472 One-Half Cent Sales Tax 15,320 13,754 13,035 13,561 13,088 Other 8,282 8,867 3,838 4,508 3,208 Charges for Service 18,285 16,322 264,746 248,534 270,620 Fines and Forfeitures 11,565 7,342 9,451 9,686 18,792 Interest Income 40,663 36,449 15,161 7,675 8,418 Miscellaneous Revenue 15,742 17,927 17,176 13,309 12,238 Total Revenues $ 404,192 # $ 357,675 $ 1,005,184 $ 517,926 $ 532,324 EXPENDITURES: Current: General Government $ 34,698 $ 33,392 $ 29,708 $ - $ 11,974 Public Safety 690,323 702,612 694,184 282,839 33,173 Human Services 313 475 685 - - Culture and Recreation 27,257 27,922 451 - - Transportation 27,292 25,487 - Physical Environment 3,533 2,949 3,624 3,023 2,871 Economic Environment 6,623 6,545 3,526 4,024 4,173 Capital Outlay 272,979 189,343 186,776 194,996 74,634 Debt Service: Principal Retirement 68,540 71,466 90,989 54,770 43,400 Interest and Fiscal Charges 40,019 35,624 32,172 37,473 38,204 Bond and Loan Issuance Costs 16-1,899 2 802 Total Expenditures $ 1,171,593 $ 1,095,815 $ 1,044,014 $ 577,127 $ 209,231 Excess of Revenue Over (Under) Expenditures $ (767,401) $ (738,140) $ (38,830) $ (59,201) $ (71,648) OTHER FINANCING SOURCES (USES): Refunding Loans and Bonds Issued 0 0 214,690-101,345 Premium on Bonds Issued 0 0 5,262 - (117,489) Discount on Bonds Issued 0 0 (16) - 16,956 Payment to Refunded Loans and Bonds Escrow Agent 0 0 0 - Loans and Bonds Issued 0 4,664 0 - Swaption Termination 0 0 0 - Operating Transfers In 956,401 881,818 89,097 57,050 86,475 Operating Transfers Out (229,961) (167,662) (95,344) (105,762) (113,255) Total Other Financing Sources (Uses) $ 726,440 $ 718,820 $ 213,689 $ (48,712) $ (25,968) Net Change in Fund Balances (40,961) (19,320) 174,859 (107,913) (50,445) Fund Balance, October 1 979,508 940,775 907,055 1,053,217 945,740 Changes in Reserves for Inventory 2,228 (284) (189) 436 196 FUND BALANCES, SEPTEMBER 30 $ 940,775 $ 921,171 $ 1,081,725 $ 945,740 $ 895,491

The County's Outstanding Direct Debt and Debt Ratios Indebtedness of the County Direct Debt Series Series 2007A Series 2007B Series 2005 Series 2004(parks and land) Series 2004(COP) Broward County Outstanding County Debt As of September 30, ($ in Thousands) Bond Issues General Special Enterprise General Obligation Obligation Funds Revenue Funds Bonds Bonds Bonds Loans/ Notes General Obligation Bonds Tourist Development Tax Ref Bonds, Series 2004 Professional Sports Facilities Tax & Rev Bonds, Series 2006 A&B Half-Cent Sales Tax Revenue Bonds, Series A, B, & C Airport System Revenue Bonds, Series 2001 J-2 Airport System Revenue Bonds, Series 2004 L Airport System Revenue Refunding Bonds, Series O Airport System Revenue Refunding Bonds, Series P-1 & P-2 Airport System Revenue Bonds, Series Q-1 & Q-2 Subordinate Port Facilities Refunding Revenue Bonds, Series Port Facilities Revenue Bonds, Series A Port Facilities Revenue Bonds, Series A, B, & C Water and Sewer Utility Revenue Refunding Bonds, Series 2003 Water and Sewer Utility Revenue Refunding Bonds, Series 2003 B Water and Sewer Utility Revenue Bonds, Series 2005 A Water and Sewer Utility Revenue Bonds, Series A Water and Sewer Utility Revenue and Refunding Bonds, Series A, B, & C First Florida Governmental Financing Commission $ 322,785,000 4,760,000 147,115,000 214,150,000 109,295,000 65,920,000 97,125,000 309,855,000 621,330,000 37,665,000 75,895,000 165,755,000 1,990,000 15,630,000 49,130,000 171,990,000 299,200,000 16,805,000 Total $ 322,785,000 # $ 366,025,000 # $ 2,020,780,000 # $ 16,805,000 Other Refunding Certificates of Participation, Series 2004 $ 3,670,000 Debt Ratios Series Series 2007A Series 2007B Series 2005 Series 2004(parks and land) Series 2004(COP) Debt to Debt to Amount Per Capita Net Value Personal Income Net Direct County General Obligation Debt $ 322,330,000 $ 181.99 0.26 0.38 Overlapping Debt $ 322,330,000 $ 181.99 0.26 0.38 Totals $ 322,330,000 $ 181.99 0.26 0.38 Overlapping Debt Series Series 2007A Series 2007B Series 2005 Series 2004(parks and land) Series 2004(COP) As of September 30, Net Direct County General Obligation Debt $ 322,330,000 School District of Broward County General Obligation Debt $ - Total Net Direct and Overlapping General Obligation Debt $ 322,330,000

Half-Cent Sales Tax Series 2004(COP) Fiscal Year Ended September 30, $ Half-Cent Sales Tax Revenue of the County ($ in Thousands) 66,147,000 59,459,000 59,355,000 62,035,000 64,467,000 State Revenue Sharing Series 2004(COP) Fiscal Year Ended September 30, $ State Revenue Sharing ($ in Thousands) 38,134 35,203 34,643 35,503 35,753 Cash Management Series 2004(COP) As of September 30, Average Portfolio Balance (in thousands) $ 1,935,504 $ 1,856,200 Average Investment Yield 1.48% 0.978% Total Investment Earnings (in thousands) $ 28,940 $ 18,047

BROWARD COUNTY, FLORIDA G.O. PARKS AND LAND Sh. 2 Broward County Net Assessed Property Valuation TABLE 1 Series Series 2007A Series 2007B Series 2005 Series 2004(parks and land) Series 2004(COP) ($ in Thousands) Fiscal Year 2003 2004 2005 2006 2007 Real Property Personal & Exemptions Net Assessed Total Real Centrally Assessed Real Personal (Taxable) Residential Commercial Industrial Other Property Property Property Property Value $ 74,015,777 $ 16,409,428 $ 5,380,074 $ 7,612,203 $ 103,417,482 $ 8,054,223 $ 18,655,944 $ 123,306 $ 92,692,455 83,640,748 18,072,551 5,844,902 8,522,725 116,080,926 7,837,642 20,137,321 96,583 103,684,664 93,673,843 19,555,418 6,607,839 9,203,728 129,040,828 7,768,714 21,316,792 107,407 115,385,343 108,950,375 21,196,572 7,370,414 10,659,942 148,177,303 7,977,699 23,119,380 115,196 132,920,426 130,400,033 24,021,144 8,423,149 13,088,990 175,933,316 8,171,440 25,648,734 83,781 158,372,241 144,707,917 27,456,880 8,981,103 16,381,801 197,527,701 8,025,321 29,556,764 104,821 175,891,437 143,966,040 28,931,353 9,889,071 16,973,054 199,759,518 8,093,452 39,778,290 957,557 167,117,123 122,319,808 30,195,996 10,446,522 17,958,347 180,920,673 7,999,694 39,485,401 964,024 148,470,942 105,265,013 27,939,770 9,375,889 19,053,695 161,634,367 7,760,374 39,038,103 935,759 129,420,879 103,749,806 26,000,204 8,605,642 19,649,717 158,005,369 7,451,404 28,650,544 936,518 135,869,711

BROWARD COUNTY, FLORIDA CONVENTION CENTER Series 2004- Convention Center Historical Tourist Development Tax Revenues Fiscal Years Ending September 30, 2006 through (Dollars in Thousands) Fiscal Year Net Tourist Development Tax Revenues Annual Percentage Increase (Decrease) 2006 2007 $ 24,081 2.3% 24,864 3.3% 25,664 3.2% 21,304-17.0% 22,547 5.8% 24,351 8.0% 26,703 9.7% Historical Convention Center Income Fiscal Years Ending September 30, through Fiscal Year Ended September 30 Gross Operating Net Revenues Expenses Income $ 9,977,201 $ 8,408,330 $ 1,568,871 7,888,823 7,356,212 $ 532,611 7,161,121 6,740,879 $ 420,242 6,524,425 6,506,352 $ 18,073 7,031,738 6,775,640 $ 256,098 Historical Tourist Development Tax Revenues, Gross Revenues and Debt Service Coverage Fiscal Years Ended September 30, through (Dollars in Thousands) Fiscal years Ended September 30 Tourist Development Tax Revenues $ 25,664 $ 21,304 $ 22,547 $ 24,351 $ 26,703 Gross Revenues 9,977 7,889 7,161 6,525 7,032 Total Pledged Funds $ 35,641 $ 29,193 $ 29,708 $ 30,876 $ 33,735 Annual Debt Service Payable $ 2,485 $ 2,474 $ 2,476 $ 2,476 $ 2,463 from Pledged Funds Debt Service Coverage 14.34 11.80 12.00 12.47 13.70

BROWARD COUNTY, FLORIDA CIVIC ARENA PROJECT Series 2006 A,B Appropriations of County Non-Ad Valorem Revenue The Amount of Non-Ad Valorem Revenues Received County Non-Ad Valorem Revenues Fiscal Years Ended September 30, through September 30, (Dollars in Thousands) License & Permit Fees $ 18,483 $ 16,805 $ 17,071 $ 16,067 $ 16,503 State Revenue Sharing 38,134 35,203 34,643 35,503 35,753 Licenses 612 607 593 - - Local Gov't 1/2 cent Sales Tax 50,827 45,705 46,795 48,958 51,379 Tourist Tax - - 37,534 40,630 44,502 Utility Services Taxes and Fire Rescue Tax 10,668 6,352 5,811 4,948 4,811 Fines & Forfeitures 4,249 4,036 3,999 14,143 14,813 Interest Earnings 20,988 15,623 7,179 8,159 4,721 Charges for Services 330,037 335,052 356,228 347,255 111,326 Miscellaneous Services 22,772 25,923 23,057 22,967 28,142 Other State Revenues - - 2,000 2,000 2,000 Non-Revenue Sources/ Fund Balance 275,913 279,145 231,458 276,827 36,715 Federal/ State Grants 90,525 77,314 96,466 89,269 100,703 Special Assessments 2,315 1,106 1,139 1,091 6 Total Gross Non-Ad Valorem Revenues $ 865,523 $ 842,871 $ 863,973 $ 907,817 $ 451,374 (Less) Operations Cost to the extent Not paid by Ad Valorem Taxes (632,543) (615,830) (636,896) (643,539) ($354,018) Total Net Available Non-Ad Valorem Revenues $ 232,980 $ 227,041 $ 227,077 $ 264,278 $ 97,356 Historical Collections of Pledged Revenues Fiscal Years Ending September 30, 2005 through September 30, (Dollars in Thousands) Fiscal Year Ended September 30, 2004 2005 2006 2007 Professional County Preferred Sports Franchise Sales Tax Revenue Facilities Tax Rebate Allocation Totals $ 13,109 $ 2,000 $ 3,940 $ 19,049 15,700 2,000 3,938 21,638 16,054 2,000 4,479 22,533 16,576 2,000 2,421 20,997 17,109 2,000 3,927 23,036 14,203 2,000 3,927 20,130 14,987 2,000-16,987 16,278 2,000 3,997 22,275 17,799 2,000 3,988 23,787

BROWARD COUNTY, FLORIDA PORT Series A,B,C Series A Cruise Passenger Traffic Fiscal Year 2003 through Total Cruise Passenger Traffic Year 2003 2004 2005 2006 2007 Number of Passengers 3,375,671 4,075,406 3,801,464 3,239,154 3,409,946 3,227,770 3,139,820 3,674,226 3,952,843 3,757,320 Container Cargo Tonnage Billed Fiscal Year 2003 through Year 2003 2004 2005 2006 2007 Tonnage 3,633,610 4,145,394 5,076,403 5,688,442 6,060,149 6,584,747 5,204,103 5,216,831 5,787,961 5,944,513

Port Everglades Department Historical Revenue, Expenses and Debt Service Coverage (Dollars in Thousands) Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year Operating Revenues Petroleum $ 23,620 $ 23,538 $ 25,487 $ 25,772 $ 25,656 Container 33,867 28,711 29,474 31,669 31,321 Cruise 31,489 32,656 45,724 56,754 60,160 Bulk 1,599 1,090 926 1,379 2,003 Breakbulk/ Neobulk 1,670 886 872 1,283 1,553 Real Estate 11,878 10,383 10,295 10,409 12,124 All Other 13,318 12,405 11,875 11,911 10,114 Subtotal 117,441 109,669 124,653 139,177 142,931 Non-Operating - Investment 6,891 3,608 581 1,009 1,287 Non-Operating - All Other - 4,723 - - - Total Revenues 124,332 118,000 125,234 140,186 144,218 Operating Expenses 73,094 73,236 73,951 74,182 72,604 Non-Operating Expenses 4,028 438 288 (909) 469 Total Expenses 77,122 73,674 74,239 73,273 73,073 Net Revenue Available for Debt Service $ 47,210 $ 44,326 $ 50,995 $ 66,913 $ 71,145 Senior Bonds Debt Service $ 21,803 $ 21,847 $ 28,759 $ 28,757 $ 16,608 Senior Bonds Debt Service Coverage Ratio 2.17 x 2.03 x 1.77 x 2.33 x 4.28 x Subordinated Debt Service $ 3,347 $ 3,309 $ 3,284 $ 3,286 $ 3,289 Composite Debt Service Coverage 1.88 x 1.76 x 1.59 x 2.09 x 3.58 x

BROWARD COUNTY, FLORIDA MAIN COURTHOUSE PROJECT Series A,B,C Distribution Percentages Within the County Year Percentage of Half-Cent Sales Tax Distribution to the County Percentage of Half-Cent Sales Tax Distribution to Municipalities within the County 40.44% 59.56% 40.31 59.69 40.25 59.75 40.25 59.75 39.83 60.17 Historical Half-Cent Sales Tax Revenue Collections Broward County, Florida Historical Half-Cent Sales Tax Revenues Percentage Year Ended Sales Tax Change from Prior September 30 Revenues Fiscal Year 2004 $ 66,776,000 0.7% 2005 70,610,000 5.7 2006 74,074,000 4.9 2007 70,304,000-5.1% 66,147,000-5.9% 59,459,000-10.1% 59,355,000-0.2% 62,035,000 4.5% 64,467,000 3.9% Historical Debt Service Coverage Fiscal Year Ended Maximum Half-Cent Sales Debt Service September 30 Debt Service Tax Revenues Coverage 2007 13,455,930 70,304,000 5.22 x 13,455,930 66,147,000 4.92 x 13,455,930 59,459,000 4.42 x 13,455,930 59,355,000 4.41 x 13,455,930 62,035,000 4.61 x 13,455,930 64,467,000 4.79 x

BOND ISSUES Broward County, Florida Airport System Revenue Bonds, Series Q-1 (Non-AMT), $515,620,000 and Airport System Revenue Bonds, Series Q-2 (AMT), $105,710,000 Dated: September 27, Broward County, Florida Airport System Revenue Refunding Bonds, Series P-1 (AMT), $217,080,000 and Airport System Revenue Refunding Bonds, Series P-2 (Non-AMT), $92,775,000 Dated: May 30, Broward County, Florida General Obligation Refunding Bonds (Parks and Land Preservation Project), Series, $101,345,000 Dated: April 10, Broward County, Florida Water and Sewer Utility Revenue Bonds, Series A, $140,625,000; Water and Sewer Utility Revenue Refunding Bonds, Series B, $110,920,000; Water and Sewer Utility Revenue Refunding Bonds, Series C (Taxable), $47,655,000 Dated: April 10, Broward County Florida Port Facilities Refunding Revenue Bonds, Series A (Non-AMT), $12,370,000; Port Facilities Refunding Revenue Bonds, Series B (AMT), $100,695,000; Port Facilities Refunding Revenue Bonds, Series C (Taxable), $54,195,000 Dated: November 22, Broward County, Florida Half-Cent Sales Tax Revenue Bonds (Main Courthouse Project), Series A, $95,960,000; Half-Cent Sales Tax Revenue Bonds (Main Courthouse Project), Series B (Federally Taxable - Build America Bonds - Direct Payment), $69,950,000; Half-Cent Sales Tax Revenue Bonds (Main Courthouse Project), Series C (Federally Taxable - Recovery Zone Economic Development Bonds - Direct Payment), $48,780,000 Dated: July 8, Broward County, Florida Airport System Revenue Refunding Bonds, Series O, $101,140,000 Dated: September 3, Broward County, Florida Port Facilities Revenue Bonds, Series A (Non-AMT), $83,235,000 Dated: July 8, Broward County, Florida Water and Sewer Utility Revenue Bonds, Series A, $175,380,000 Dated: February 18, Broward County, Florida, Airport System Revenue Refunding Bonds, Series N, $103,975,000 Dated: July 3, Broward County, Florida General Obligation Refunding Bonds, Series 2007A, $86,690,000 Dated: June 7, 2007 Broward County, Florida General Obligation Refunding Bonds, Series 2007B, $77,830,000 Dated: June 7, 2007 Broward County, Florida, Professional Sports Facilities Tax and Revenue Refunding Bonds (Broward County Civic Arena Project), Series 2006A $124,290,000; Professional Sports Facilities Tax and Revenue Refunding Bonds (Broward County Civic Arena Project), Taxable Series 2006B, $52,475,000 Dated: July 26, 2006 Broward County, Florida Water and Sewer Utility Revenue Bonds, Series 2005A, $76,740,000 Dated: April 20, 2005 Broward County, Florida General Obligation Bonds (Parks and Land Preservation Project), Series 2005, $154,135,000 Dated: April 7, 2005 Broward County, Florida, Airport System Revenue Bonds, Series 2004L (Non-AMT), $142,015,000, Dated: November 9, 2004 Broward County, Florida, Airport System Revenue Bonds, Series 2004M (AMT) (Auction Rate Securities), $105,225,000 consisting of $72,750,000 Subseries 2004M-1 Bonds and $32,475,000 Subseries 2004M-2 Bonds, Dated: November 9, 2004 Broward County, Florida Tourist Development Tax Special Revenue Refunding Bonds (Convention Center), Series 2004, $19,280,000 Dated: August 26, 2004 REFUNDING CERTIFICATES OF PARTICIPATION, Evidencing Undivided Proportionate Interests of the Owners Thereof in Basic Rent Payments to be Made by BROWARD COUNTY, FLORIDA, As Lessee, Pursuant to a Master Lease-Purchase Agreement with the Broward County Commission Governmental Leasing Corporation, as Lessor, Series 2004, $28,920,000 Dated: June 17, 2004 Broward County, Florida, General Obligation Bonds (Parks and Land Preservation Project), Series 2004, $187,770,000 Dated: April 15, 2004 Broward County, Florida Water and Sewer Utility Revenue Refunding Bonds, Series 2003B, $99,370,000 Dated: August 1, 2003 Broward County, Florida Water and Sewer Utility Revenue and Refunding Bonds, Series 2003, $104,630,000 Dated: March 1, 2003 Broward County, Florida, Passenger Facility Charge/Airport System Revenue Convertible Lien Bonds, Series 2001I (AMT), Airport System Revenue Bonds, Taxable Series 2001J-2, 149,185,000 Dated: June 1, 2001