FINANCIAL STATEMENTS. (Unaudited) Nine Months Ended. June 30, 2017 and 2016

FINANCIAL STATEMENTS (Unaudited) Nine Months Ended June 30, 2017 and 2016 GREATER ORLANDO AVIATION AUTHORITY Orlando, Florida

TABLE OF CONTENTS Page Independent Accountant s Review Report 1 Department Financial Statements - Unaudited Statements of Net Position 3 Statements of Revenues, Expenses, and Changes in Net Position 5 Statements of Cash Flows 6 Notes to Financial Statements 8 ORLANDO EXECUTIVE AIRPORT Independent Accountant s Review Report 21 Department Financial Statements - Unaudited Statements of Net Position 23 Statements of Revenues, Expenses, and Changes in Net Position 25 Statements of Cash Flows 26 Notes to Financial Statements 28

INDEPENDENT ACCOUNTANT S REVIEW REPORT Authority Board Orlando International Airport (a Department of the Greater Orlando Aviation Authority) Orlando, Florida We have reviewed the accompanying statements of net position of Orlando International Airport (a department of the Greater Orlando Aviation Authority) as of June 30, 2017, and the related statements of revenues, expenses, and changes in net position, cash flows, and the related notes to the financial statements for each of the nine-month periods ended June 30, 2017 and 2016. A review includes primarily applying analytical procedures to management s financial data and making inquiries of the management of the Greater Orlando Aviation Authority (the Authority ). A review is substantially less in scope than an audit, the objective of which is the expression of an opinion regarding the financial statements as a whole. Accordingly, we do not express such an opinion. Management s Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement whether due to fraud or error. Accountant s Responsibility Our responsibility is to conduct the review engagements in accordance with Statements on Standards for Accounting and Review Services promulgated by the Accounting and Review Services Committee of the AICPA. Those standards require us to perform procedures to obtain limited assurance as a basis for reporting whether we are aware of any material modifications that should be made to the financial statements for them to be in accordance with accounting principles generally accepted in the United States of America. We believe that the results of our procedures provide a reasonable basis for our conclusion. As discussed in Note 1 of the notes to the financial statements, the financial statements of Orlando International Airport are intended to present the financial position and the changes in financial position, and cash flows of only that portion of the activities of the Authority that is attributable to the transactions of Orlando International Airport. They do not purport to, and do not, present fairly the financial position of the Authority as of June 30, 2017, and the changes in its financial position and its cash flows for the nine-month periods ended June 30, 2017 and 2016 in conformity with accounting principles generally accepted in the United States of America. 1

Authority Board Orlando International Airport (a Department of the Greater Orlando Aviation Authority) Accountant s Conclusion Based on our reviews, we are not aware of any material modifications that should be made to the accompanying financial statements in order for them to be in accordance with accounting principles generally accepted in the United States of America. Prior Period Statements of Net Position The statement of net position of Orlando International Airport as of September 30, 2016, was audited by us, and we expressed an unmodified opinion on that statement in relation to the financial statements of the Authority as a whole in our report dated February 9, 2017, but we have not performed any auditing procedures since that date. MOORE STEPHENS LOVELACE, P.A. Certified Public Accountants Orlando, Florida August 14, 2017 2

STATEMENTS OF NET POSITION - UNAUDITED (in thousands) ASSETS AND DEFERRALS June 30, September 30, 2017 2016 Current Assets Cash and cash equivalents $ 197,132 $ 187,748 Restricted cash and cash equivalents 206,895 238,610 Accounts and grants receivable, less allowance for uncollectibles of $140 and $142, respectively 18,453 16,706 Investments 10,490 - Interest receivable 358 166 Due from Orlando Executive Airport 36 383 Due from other governmental agencies 967 827 Prepaid expenses and inventory 7,663 6,763 Total current assets 441,994 451,203 Noncurrent Assets Restricted assets: Cash and cash equivalents 244,363 379,172 Accounts and grants receivable 14,277 10,942 Investments 472,072 394,344 Interest receivable 1,351 929 Due from other governmental agencies 32,814 40,138 Prepaid expenses 2,964 517 Total restricted assets 767,841 826,042 Unrestricted assets: Investments 55,029 73,472 Prepaid expenses 71 235 Employee postemployment benefits assets 7,285 7,285 Total unrestricted assets 62,385 80,992 Capital assets, net of accumulated depreciation: Property and equipment 1,291,280 1,332,838 Property held for lease 305,588 327,796 Work in progress 904,960 534,934 Total capital assets, net of accumulated depreciation 2,501,828 2,195,568 Total noncurrent assets 3,332,054 3,102,602 Total assets 3,774,048 3,553,805 Deferred outflows of resources 34,718 28,758 (continued) See accompanying independent accountant s review report and notes to financial statements. 3

STATEMENTS OF NET POSITION - UNAUDITED (in thousands) LIABILITIES, DEFERRALS, AND NET POSITION June 30, September 30, 2017 2016 Current Liabilities Accounts payable and accrued liabilities $ 24,330 $ 28,696 Unearned revenue 14,945 4,146 Deposits 6,672 6,241 Advance rent from tenants 8,088 7,664 Due to other governmental agencies 5,495 2,724 Accrued airline revenue sharing 36,500 73,793 Payable from restricted assets: Accrued interest 12,957 23,848 Accounts payable and accrued liabilities 99,726 117,304 Unearned revenue 83 - Due to other governmental agencies 248 248 Revenue bonds payable, current 93,881 97,210 Total current liabilities 302,925 361,874 Noncurrent Liabilities Revenue bonds payable, long-term 1,109,389 985,637 FDOT loan payable 30,662 14,132 Line of credit, long-term 102,500 160,000 Net pension liability 25,369 25,369 Other long-term liabilities 6,987 3,173 Total noncurrent liabilities 1,274,907 1,188,311 Total liabilities 1,577,832 1,550,185 Deferred inflows of resources 5,883 5,883 Net Position Net investment in capital assets 1,277,451 1,108,202 Restricted for: Debt service 125,443 127,445 Capital acquisitions and construction 573,286 582,488 Unrestricted 248,871 208,360 Total net position $ 2,225,051 $ 2,026,495 See accompanying independent accountant s review report and notes to financial statements. 4

STATEMENTS OF REVENUES, EXPENSES, AND CHANGES IN NET POSITION - UNAUDITED For the Nine Months Ended June 30, (in thousands) 2017 2016 Operating Revenues Airfield area $ 36,297 $ 33,756 Terminal area 167,658 148,500 Ground transportation 132,057 125,973 Other buildings and grounds 14,329 13,577 Hotel 32,168 31,986 Total operating revenues 382,509 353,792 Operating Expenses Operations and facilities 97,280 99,254 Safety and security 28,589 24,823 Administration 43,895 37,158 Hotel 22,686 22,808 Other 2,360 6,780 Total operating expenses 194,810 190,823 Operating income before depreciation 187,699 162,969 Depreciation (93,088) (90,100) Operating income 94,611 72,869 Nonoperating Revenues (Expenses) Investment income 5,776 4,473 Net (decrease) increase in the fair value of investments (2,846) 1,755 Interest expense and other financing charges (26,663) (30,875) Participating Airlines net revenue sharing (36,415) (51,569) Passenger facility charges 65,558 61,895 Customer facility charges 20,853 20,594 Federal, state and other grants 2,566 2,555 Other 82 (2,098) Income before capital contributions 123,522 79,599 Capital Contributions 75,034 84,494 Increase in net position 198,556 164,093 Total Net Position, Beginning of Period 2,026,495 1,837,885 Total Net Position, End of Period $ 2,225,051 $ 2,001,978 See accompanying independent accountant s review report and notes to financial statements. 5

STATEMENTS OF CASH FLOWS - UNAUDITED For the Nine Months Ended June 30, (in thousands) 2017 2016 Cash flows from operating activities Cash received from customers, tenants, and governmental agencies $ 392,886 $ 354,917 Cash paid to suppliers and governmental agencies (149,592) (156,777) Cash paid to employees for services (48,255) (48,702) Cash paid to airlines (73,708) (69,330) Other income 96 29 Net cash provided by operating activities 121,427 80,137 Cash flows from noncapital financing activities Operating grants 1,741 951 Passenger facility charges 317 263 Net cash provided by noncapital financing activities 2,058 1,214 Cash flows from capital and related financing activities Proceeds from issuance of bonds 363,866 237,052 Proceeds from FDOT loan 16,530 - Proceeds from line of credit 49,500 248,490 Passenger facility charges - capital 62,059 60,308 Customer facility charges 20,522 20,720 Bond issuance costs (2,968) 76 Principal payments - bonds and line of credit (344,715) (303,545) Deferred amount on refunding (10,013) - Interest and other financing charges paid (50,127) (45,046) Proceeds from sale of assets 7 1,033 Acquisition and construction of capital assets (405,870) (217,479) Advance proceeds from FDOT-ITF Grant 3,860 - Capital contributed by federal grants and state agencies 84,923 51,642 Net cash (used for) provided by capital and related financing activities (212,426) 53,251 Cash flows from investing activities Purchase of investments (353,119) (454,366) Proceeds from sale and maturity of investments 280,498 237,136 Interest received 4,422 4,802 Net cash used for investing activities (68,199) (212,428) Net decrease in cash and cash equivalents (157,140) (77,826) Cash and Cash Equivalents, Beginning of Period 805,530 743,255 Cash and Cash Equivalents, End of Period (1) $ 648,390 $ 665,429 (1) Cash and Cash Equivalents Unrestricted Assets $ 197,132 $ 176,181 Cash and Cash Equivalents Restricted Assets - Current 206,895 178,211 Cash and Cash Equivalents Restricted Assets - Noncurrent 244,363 311,037 $ 648,390 $ 665,429 (continued) See accompanying independent accountant s review report and notes to financial statements. 6

STATEMENTS OF CASH FLOWS - UNAUDITED For the Nine Months Ended June 30, (in thousands) Reconciliation of operating income to net cash provided by operating activities 2017 2016 Operating income $ 94,611 $ 69,766 Adjustments to reconcile operating income to net cash provided by operating activities Depreciation 93,088 88,544 Participating Airlines net revenue sharing (36,415) (51,570) Other income 96 29 Increase in operating assets Accounts and grants receivable (1,147) (4,041) Due from other governmental agencies (140) (117) Prepaid expenses (900) (1,010) Deferred outflows of resources - (5,550) Increase (Decrease) in operating liabilities Accounts payable and accrued liabilities (4,907) (5,707) Due to other governmental agencies 2,771 1,220 Accrued airline revenue sharing (37,293) (17,760) Unearned revenue 10,882 307 Deposits 431 (163) Advance rent from tenants 424 3,898 Net pension liability - 3,812 Due (to) from other funds (28) 142 Other liabilities (46) (51) Deferred inflows of resources - (1,612) Total adjustments 26,816 10,371 Net cash provided by operating activities $ 121,427 $ 80,137 Noncash Investing, Capital and Financing Activities (Decrease) Increase in fair value of investments $ (2,846) $ 1,755 Capital contributions from other governments $ (9,889) $ 32,852 Capitalized interest $ 12,705 $ 6,795 Amortization of bond insurance $ (164) $ (114) Amortization of bond premiums/discounts $ 4,691 $ 2,225 Amortization of bond refunding losses $ (3,016) $ (2,949) See accompanying independent accountant s review report and notes to financial statements. 7

1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Organization and Purpose: The Orlando International Airport (OIA) functions as a self-supporting department operated by the Greater Orlando Aviation Authority (the Authority) and uses the accrual method of accounting. The Authority also operates Orlando Executive Airport (OEA). The department financial statements of OEA are presented separately. Basis of Presentation and Accounting: The accompanying unaudited department financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal, recurring accruals) considered necessary for a fair presentation have been included. Prior period amounts have been reclassified to conform to the current period presentations. Operating results for the nine-month period ended June 30, 2017 are not necessarily indicative of the results that may be expected for the year ending September 30, 2017. For further information, refer to the Authority s financial statements and footnotes thereto included in the Comprehensive Annual Financial Report (CAFR) for the year ended September 30, 2016. 2. CASH DEPOSITS AND INVESTMENTS The Authority s cash and cash equivalents balances include amounts deposited with commercial banks in interest-bearing and non-interest-bearing demand deposit accounts, as well as the Florida State Board of Administration s (the SBA) Local Government Surplus Investment Pool, referred to as the Florida Prime (the Florida Prime). The commercial bank balances are entirely insured by federal depository insurance or by collateral pursuant to the Florida Security for Public Deposits Act of the State of Florida (the Act). The Act establishes guidelines for qualification and participation by banks and savings associations, procedures for the administration of the collateral requirements and characteristics of eligible collateral. Under the Act, the Authority s deposits in qualified public depositories are considered totally insured. The qualified public depository must pledge at least 50% of the average daily balance for each month of all public deposits in excess of any applicable deposit insurance. Additional collateral, up to a maximum of 125%, may be required, if deemed necessary under the conditions set forth in the Act. Obligations pledged to secure deposits must be delivered to the State of Florida s Chief Financial Officer (the State s CFO) or, with the approval of the State s CFO, to a bank, savings association, or trust company, provided a power of attorney is delivered to the State s CFO. In accordance with generally accepted accounting principles, the Authority adjusts the carrying value of investments to fair value to be presented as a component of investment income. The fair value of investments is based on available market values. The Florida Prime operated by the SBA is a 2a-7 like pool and is also presented in accordance with generally accepted accounting principles; therefore, it is not presented at fair value, but at its actual pooled share price which approximates fair value. At June 30, 2017 and September 30, 2016, the fair value of all securities, regardless of the statements of net position-unaudited, classification was as follows (in thousands): June 30, 2017 September 30, 2016 U.S. Treasury and government agency securities $ 492,363 $ 429,754 Commercial paper 9,984 8,475 Corporate securities 35,242 7,515 Local government investment pool 643 22,711 Investment in money market funds 310,826 477,781 Total securities $ 849,058 $ 946,236 8

2. CASH DEPOSITS AND INVESTMENTS (continued) These securities are classified on the statements of net position-unaudited as follows (in thousands): June 30, 2017 September 30, 2016 Current Assets Cash and cash equivalents $ 197,132 $ 187,748 Restricted cash and cash equivalents 206,895 238,610 Investments 10,490 - Noncurrent Assets Restricted assets: Cash and cash equivalents 244,363 379,172 Investments 472,072 394,344 Unrestricted assets: Investments 55,029 73,472 Total cash, cash equivalents and investments 1,185,981 1,273,346 Less cash on deposit (336,923) (327,110) Total securities, at fair value $ 849,058 $ 946,236 The Authority is authorized to invest in securities as described in its investment policy and in each bond resolution. As of June 30, 2017 and September 30, 2016, the Authority held the following investments, as categorized below, in accordance with generally accepted accounting principles: Investment Maturities (in thousands) at June 30, 2017 Less than 1 1 to 5 6 to 10 11 to 15 Investment Type Year Years Years Years Total Level U.S. Treasury and government agency securities $301,273 $191,090 $ - $ - $492,363 1 Commercial paper 9,984 - - - 9,984 1 Corporate securities 9,458 25,784 - - 35,242 1 Local government investment pool 643 - - - 643 N/A Money market funds 310,826 - - - 310,826 N/A $632,184 $216,874 $ - $ - $849,058 As of June 30, 2017, the Authority had $0.6 million invested in the Florida Prime. Interest Rate Risk: As a means of limiting its exposure to fair value losses arising from rising interest rates, the Authority generally holds investments to maturity, except for those portions of the portfolio that are actively managed by the Authority s Investment Advisor. The Authority s investment policy requires the investment portfolio to be structured to provide sufficient liquidity to pay obligations as they become due. To the extent possible, investment maturities match known cash needs and anticipated cash flow requirements. Investments under the Bond Resolution shall mature no later than needed, except for 1) investments in the Debt Service Reserve Account, which shall mature not later than fifteen years (unless such investment is redeemable at the option of the holder, in which event the maturity shall not exceed the final maturity date of the bonds secured by such investment), 2) investments in the Operation and Maintenance Fund and Operation and Maintenance Reserve Account shall mature within twelve months, and 3) investments in the Capital Expenditure Fund, the Renewal and Replacement Fund, 9

2. CASH DEPOSITS AND INVESTMENTS (continued) Improvement and Development Fund, and the Discretionary Fund shall mature within five years. Investments under the Amended and Restated Master Subordinated Indenture of Trust shall mature no later than needed, except for investments in the Reserve Fund, which shall mature not later than fifteen years from the date of such investment. The Authority portfolio holds a limited number of callable securities. The schedules above are presented using the maturity date of the securities. According to the latest information available from the SBA, the dollar weighted average days to maturity (WAM) of the Florida Prime at June 30, 2017 is 39 days. Next interest rate reset dates for floating rate securities are used in the calculation of the WAM. The weighted average life of the Florida Prime at June 30, 2017, is 76 days. Credit Risk: The Authority s general investment policy is to apply the prudent-person rule: Investments are made as a prudent person would be expected to act, with discretion and intelligence, to seek reasonable income, preserve capital, and in general, avoid speculative investments. Authority policy limits the purchase of certain investments to specific rating requirements. Investment in commercial paper is limited to 3a3 and rated A-1, P-1, or F1 for short-term investments by two of the three rating agencies: S&P, Moody s and Fitch (without regard to gradation). Investment in dollar denominated corporate securities is limited to companies in the United States, which are rated A or better by two of the three rating agencies (without regard to gradation). Investments held in obligations of U.S. government agencies were rated AAA by Fitch, Aaa by Moody s and AA+ by S&P. Investments held in the portfolio as of June 30, 2017, were rated consistent with the Authority s investment policy and bond resolutions. Funds invested in money market funds and the Florida Prime were rated AAAm by S&P. Custodial Credit Risk: For an investment, custodial risk is the risk that, in the event of the failure of the counterparty, the Authority will not be able to recover the value of its investments or collateral securities that are in the possession of an outside party. All of the Authority s investments are either held in the name of the Authority or held in trust under the Authority s name. Concentration of Credit Risk: Concentration of credit risk is the inability to recover the value of deposit, investment, or collateral securities in the possession of an outside party caused by a lack of diversification. At June 30, 2017, the Authority held investments exceeding 5 percent of the total investment portfolio (including cash and cash equivalents) with one issuer; Federal National Mortgage Association (7.30%). At September 30, 2016, the Authority held investments exceeding 5 percent of the total investment portfolio (including cash and cash equivalents) with one issuer; Federal National Mortgage Association (7.80%). Standard practice limits the maximum investment in any one issuer of commercial paper to $5 million dollars. Foreign Currency Risk Disclosure: The Authority invests only in securities that are denominated in U.S. dollars. According to the latest information available from the SBA, the Florida Prime was not exposed to any foreign currency risk during the period October 1, 2015 through September 30, 2016. Valuation of Investments: In February 2015, the Government Accounting Standards Board issued Statement No. 72: Fair Value Measurement and Application (GASB 72). The requirements of GASB 72 are effective for financial statements for periods beginning after June 15, 2015. GASB 72 requires a government to use valuation techniques that are appropriate under the circumstances and for which sufficient data are available to measure fair value. The techniques should be consistent with one or more of the following approaches: the market approach, the cost approach, or the income approach. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets, liabilities, or a group of assets and liabilities. The cost approach reflects the amount that would be required to replace the present service capacity of an asset and the income approach converts future amounts (such as cash flows or income and expenses) to a single current (discounted) amount. The Authority utilizes the market approach to mark-to-market the fair value of its investment holdings. 10

2. CASH DEPOSITS AND INVESTMENTS (continued) GASB 72 also established a hierarchy of inputs to valuation techniques used to measure fair value. That hierarchy has three levels. Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 inputs are inputs - other than quoted prices - included within Level 1 that are observable for the asset or liability either directly or indirectly. Finally, Level 3 inputs are unobservable inputs, such as management s assumption of the default rate among underlying mortgages of a mortgagebacked security. GASB 72 generally requires investments to be measured at fair value. Investments not measured at fair value continue to include, for example, money market investments and 2a-7 like external investment pools, such as the Florida Prime. GASB 72 requires disclosures be made about fair value measurements, the level of fair value hierarchy, and the valuation techniques. The Authority utilizes a third-party pricing service to mark-to-market holdings of U.S. Treasury securities, corporate securities, and government- sponsored enterprise securities, such as Federal National Mortgage Association, Federal Home Loan Bank, and Federal Home Loan Mortgage Corporation. The Authority derives pricing for commercial paper holdings directly from the custody statements for each account that has commercial paper holdings. Regarding fair value hierarchy disclosure, GASB 72 characterizes Level 1 inputs as quoted prices in active markets for identical assets or liabilities, therefore, the Authority has denoted Level 1 for each of the various holdings, except for money market and Florida Prime investments. Per the SBA, the Florida Prime meets all of the necessary criteria to elect to measure all of the investments in Florida Prime at amortized cost. Therefore, the Authority s participant account balance is considered the fair value of its investment and is considered exempt from the GASB 72 fair value hierarchy disclosures. In December 2015, the Government Accounting Standards Board issued Statement No. 79: Certain External Investment Pools and Pool Participants ( GASB 79 ) in response to the Securities and Exchange Commission s amendments in 2014 to regulations that apply to money market funds. Most of the requirements of GASB 79 are effective for financial statements for periods beginning after June 15, 2015, with certain aspects of the statement effective for reporting periods beginning after December 15, 2015. GASB 79 addresses accounting and financial reporting for certain external investment pools and pool participants. Specifically, it establishes criteria for an external investment pool to qualify for making the election to measure all of its investments at amortized cost for financial reporting purposes. If the external investment pool meets the criteria in GASB 79 and measures all of its investments at amortized cost, the pool s participants also should measure their investments in that external investment pool at amortized cost for financial reporting purposes. GASB 79 also states that if a participant has an investment in a qualifying external investment pool that measures for financial reporting purposes all of its investments at amortized cost it should disclose the presence of any limitations or restrictions on withdrawals (such as redemption notice periods, maximum transaction amounts, and the qualifying external investment pool s authority to impose liquidity fees or redemption gates). According to the SBA, with regard to redemption gates, Chapter 218.409(8)(a), Florida Statutes, states that The principal, and any part thereof, of each account constituting the trust fund is subject to payment at any time from the moneys in the trust fund. However, the Executive Director may, in good faith, on the occurrence of an event that has a material impact on liquidity or operations of the trust fund, for 48 hours limit contributions to or withdrawals from the trust fund to ensure that the Board can invest moneys entrusted to it in exercising its fiduciary responsibility. Such action must be immediately disclosed to all participants, the Trustees, the Joint Legislative Auditing Committee, the Investment Advisory Council, and the Participant Local Government Advisory Council. The Trustees shall convene an emergency meeting as soon as practicable from the time the Executive Director has instituted such measures and review the necessity of those measures. If the Trustees are unable to convene an emergency meeting before the expiration of the 48-hour moratorium on contributions and withdrawals, the moratorium may be extended by the Executive Director until the Trustees are able to meet to review the necessity for the moratorium. If the Trustees agree with such measures, the Trustees shall vote to 11

2. CASH DEPOSITS AND INVESTMENTS (continued) continue the measures for up to an additional 15 days. The Trustees must convene and vote to continue any such measures before the expiration of the time limit set, but in no case, may the time limit set by the Trustees exceed 15 days. With regard to liquidity fees, Florida Statute 218.409(4) provides authority for the SBA to impose penalties for early withdrawal, subject to disclosure in the enrollment materials of the amount and purpose of such fees. At present, no such disclosure has been made. According to the latest information available from the SBA, as of September 30, 2016, there were no redemption fees or maximum transaction amounts, or any other requirements that serve to limit a participant s daily access to 100 percent of their account value. 3. RESTRICTED ASSETS The amended and restated Master Subordinated Indenture of Trust authorizing the issuance of the revenue bonds for OIA require segregation of certain assets into restricted accounts. The composition of restricted accounts is as follows: Restricted Assets (in thousands) June 30, 2017 September 30, 2016 Debt Service Accounts $ 174,874 $ 207,120 Capital Acquisition Accounts 299,139 294,388 Bond Construction Accounts 156,207 212,312 Passenger Facility Charges Account 254,361 238,030 Customer Facility Charges Account 44,477 70,540 Operating Reserve Account 45,678 42,262 Total Restricted Assets $ 974,736 $ 1,064,652 Reported in the accompanying financial statements as follows: June 30, 2017 September 30, 2016 Restricted Cash and Cash Equivalents - Current $ 206,895 $ 238,610 Total Restricted Assets Non Current 767,841 826,042 Total Restricted Assets $ 974,736 $ 1,064,652 12

4. CAPITAL ASSETS GREATER ORLANDO AVIATION AUTHORITY A summary of capital asset activity for the nine months ended June 30, 2017 is as follows (in thousands): Balance Additions Balance October 1, and Reclass- June 30, 2016 ifications Deductions 2017 Property and Equipment Capital Assets not Depreciated Land $ 260,498 $ - $ - $ 260,498 Assets Held for Future Use 78,221 - - 78,221 338,719 - - 338,719 Other Property and Equipment Buildings 368,529 9,384-377,913 Improvements 1,829,469 9,962-1,839,431 Equipment 247,007 7,686 370 254,323 Motor vehicles 24,530 1,370-25,900 2,469,535 28,402 370 2,497,567 Accumulated Depreciation Buildings 165,656 9,928-175,584 Improvements 1,152,553 48,035-1,200,588 Equipment 137,541 10,522 361 147,702 Motor vehicles 19,666 1,466-21,132 1,475,416 69,951 361 1,545,006 Net Property and Equipment 1,332,838 (41,549) 9 1,291,280 Property and Equipment - Held for Lease Capital Assets not Depreciated Land 4,473 - - 4,473 Other Property and Equipment Buildings 900,394 765-901,159 Improvements 80,757 - - 80,757 Equipment 9,136 164-9,300 990,287 929-991,216 Accumulated Depreciation Buildings 595,332 19,663-614,995 Improvements 63,614 2,511-66,125 Equipment 8,018 963-8,981 666,964 23,137-690,101 Net Property and Equip - Held for Lease 327,796 (22,208) - 305,588 Construction Work in Progress Capital Assets not Depreciated Construction Work in Progress 534,934 392,141 22,115 904,960 Net Capital Assets $ 2,195,568 $ 328,384 $ 22,124 $ 2,501,828 13

5. NONCURRENT LIABILITIES A summary of noncurrent liability activity for the nine months ended June 30, 2017 is as follows (in thousands): Balance October 1, Balance June 30, Amounts Due Within Amounts Due After 2016 Additions Deductions 2017 One Year One Year Airport Facilities Revenue Bonds Senior Lien Bonds Series 1998 $ 1,325 $ - $ 810 $ 515 $ 515 $ - Series 2007A 99,815-84,085 15,730 12,325 3,405 Series 2008A 77,660-20,430 57,230 30,915 26,315 Series 2009A 90,820-10,250 80,570 10,865 69,705 Series 2009C 77,985-64,860 13,125 1,885 11,240 Series 2010A 77,470-2,020 75,450 2,100 73,350 Series 2010B 25,135-5,645 19,490 6,010 13,480 Series 2011A 5,310-5,310 - - - Series 2011B 70,040 - - 70,040-70,040 Series 2011C 36,410-1,420 34,990 1,460 33,530 Series 2011D 64,990-890 64,100 910 63,190 Series 2012A 37,065 - - 37,065-37,065 Series 2013A 44,260-2,745 41,515 2,845 38,670 Series 2013B 24,515-14,245 10,270 5,295 4,975 Series 2015A 214,450-2,250 212,200 2,420 209,780 Series 2016A - 80,200-80,200-80,200 Series 2016B - 101,570-101,570 1,420 100,150 Series 2016C - 71,120-71,120 450 70,670 Series 2016D - 75,000-75,000 1,016 73,984 Priority Subordinated Indebtedness Series 2016 Priority Subordinated 76,930-14,165 62,765 4,420 58,345 Special Purpose Facilities Bonds Series 2009CFC 17,620-8,590 9,030 9,030 - Total Revenue Bonds 1,041,800 327,890 237,715 1,131,975 93,881 1,038,094 Add unamortized premiums and (discounts) 41,047 35,976 5,728 71,295-71,295 Net Revenue Bonds 1,082,847 363,866 243,443 1,203,270 93,881 1,109,389 FDOT Loan Payable 14,132 16,530-30,662-30,662 Line of Credit 160,000 49,500 107,000 102,500-102,500 Net Pension Liability 25,369 - - 25,369-25,369 Other Liabilities Advanced Rent from Tenants (1) 7,664 95,299 94,875 8,088 8,088 - Compensated Absences (1) 5,001 776 704 5,073 3,345 1,728 Pollution Remediation Liability (1) 2,437 158 575 2,020 621 1,399 FDOT Grant Advance - 27,322 23,462 3,860-3,860 Total Other Liabilities 15,102 123,555 119,616 19,041 12,054 6,987 Total Noncurrent Liabilities $ 1,297,450 $ 553,451 $ 470,059 $ 1,380,842 $ 105,935 $1,274,907 (1) Advance rent from tenants due within one year is included with current advanced rents from tenants on the statement of net position; Compensated absences and pollution remediation liabilities due within one year are included in current accounts payable and accrued liabilities on the statement of net position. 14

5. NONCURRENT LIABILITIES (continued) GREATER ORLANDO AVIATION AUTHORITY A schedule of debt maturities is as follows (in thousands): Fiscal Year Principal Interest Total Revenue Bonds 2018 $ 93,881 $ 48,684 $ 142,565 2019 89,331 44,431 133,762 2020 95,095 40,733 135,828 2021 72,720 37,447 110,167 2022 75,860 34,119 109,979 2023-2027 210,343 137,255 347,598 2028-2032 158,135 95,783 253,918 2033-2037 116,375 66,542 182,917 2038-2042 118,650 38,598 157,248 2043-2047 101,585 11,867 113,452 Total Revenue Bonds 1,131,975 $ 555,459 $ 1,687,434 Add unamortized premiums and discounts 71,295 Net Revenue Bonds $ 1,203,270 Line of Credit 2018* 2019 67,500 35,000 Total Line of Credit $ 102,500 * The line of credit due in fiscal year 2018 was excluded from current liabilities, as this debt will be refinanced with long term debt by year end. 6. CAPITAL CONTRIBUTIONS Grants and other contributions used to acquire capital assets are classified as capital contributions. Capital contributions consisted of the following for the nine months ended June 30 (in thousands): 2017 2016 Federal Grants $ 12,635 $ 12,016 State Grants 57,412 68,865 Other 4,987 3,613 Total Capital Contributions $ 75,034 $ 84,494 7. OUTSTANDING CONTRACT COMMITMENTS As of June 30, 2017, the Authority had entered into construction contracts, related to OIA, totaling approximately $1.8 billion for construction, engineering services and equipment, approximately $446.0 million of which remains unincurred. Grants, passenger facility charges, and customer facility charges will be utilized to fund a portion of these projects. 15

8. CONTINGENT LIABILITIES GREATER ORLANDO AVIATION AUTHORITY Grants: The Authority receives grants from federal and state assistance programs. Amounts received or receivable under these programs are subject to audit and adjustment. The amount, if any, of disallowed costs, including amounts already collected, cannot be determined at this time, although the Authority expects such amounts, if any, to be immaterial. Construction Disputes: The Authority is aware of a dispute with a contractor arising from the construction of improvements at OIA. The contractor has filed a lawsuit resulting from a delay and impact claim against the Authority in the aggregate amount of approximately $17.1 million in addition to a separate delay claim in the amount of approximately $96,000. The Authority vigorously contests both claims. Additionally, it is too early to evaluate any potential loss arising from the claims. As a result, no amounts have been recognized in the financial statements arising from these claims. 9. PLEDGED REVENUES The Authority has pledged future airport revenues, net of specified operating expenses, to repay $1.1 billion in Airport Facilities Revenue Bonds issued from 1998 to 2016. Proceeds from the bonds provided financing for various airport capital projects and refundings for previously issued debt. The bonds are payable solely from the airport system revenues and are payable through the year 2047. The Authority has agreed to maintain rates and charges each year to provide net revenues, as defined in the applicable bond agreements, equal to at least 1.25 times the sum of the aggregate debt service on senior lien bonds each fiscal year and at least 1.00 times on all other debt. Total principal and interest remaining on the bonds as of June 30, 2017 is $1.7 billion, with annual requirements ranging from $24.5 million in 2017 to $11.8 million in the final year, with the highest requirement of $135.8 million in fiscal year 2020. For the nine-month period ended June 30, 2017, principal and interest requirements were $101.7 million and total airport net revenues pledged for the year was $228.0 million. The Authority has pledged future customer facility charges revenue to repay $9.0 million in Special Purpose Facilities Revenue Bonds issued in 2009. Proceeds from the bonds provided financing for design, construction, and relocation of automobile rental facilities. The bonds are payable solely from the Customer Facility Charges and are due on October 1, 2017. Total principal and interest remaining on the bonds as of June 30, 2017 is $9.3 million. For the nine-month period ended June 30, 2017, principal and interest requirements were $7.1 million. 10. BOND ISSUANCES (OTHER THAN REFUNDING ISSUES) On October 13, 2016, the Authority issued $80.2 million in Airport Facilities Revenue Bonds, Series 2016A (AMT) (the Series 2016A Bonds ) with a true interest rate of 3.60%. The Series 2016A Bonds were issued for the purpose of providing funds to finance costs of a portion of the Loop Road Overlay, South Automated People Mover, and Airside 1&3 projects, pay the Bank of America and Wells Fargo line of credit draws totaling $37.3 million and the associated interest, establish debt service reserve funds for the Series 2016A bonds, pay capitalized interest, and certain costs of issuance. The average life of the Series 2016A Bonds is 19.64 years. On October 13, 2016, the Authority issued $101.6 million in Airport Facilities Revenue Bonds, Series 2016B (Non-AMT) (the Series 2016B Bonds ) with a true interest rate of 3.40%. The Series 2016B Bonds were issued for the purpose of providing funds to finance costs of a portion of the Loop Road Overlay, South Automated People Mover, pay the Wells Fargo line of credit draws totaling $65.4 million and the associated interest, establish debt service reserve funds for the Series 2016B bonds, pay 16

10. BOND ISSUANCES (OTHER THAN REFUNDING ISSUES) (continued) capitalized interest, and certain costs of issuance. The average life of the Series 2016B Bonds is 18.95 years. On October 20, 2015, the Authority issued $214.5 million in Airport Facilities Revenue Bonds, Series 2015A (AMT) (the Series 2015A Bonds ) with a true interest rate of 4.05%. The Series 2015A Bonds were issued for the purpose of providing funds, along with other available Authority funds, to finance a portion of the costs of various capital improvements projects (2015 Project); refinance certain draws on lines of credit, along with the accrued interest; pay capitalized interest on the Series 2015A Bonds and pay certain cost of issuance of the Series 2015A. The average life of the Series 2015 Bonds is 19.14 years. 11. DEFERRED AMOUNTS ON REFUNDING OF BONDS On October 13, 2016, the Authority issued $71.1 million in Airport Facilities Taxable Refunding Revenue Bonds, Series 2016C (the Series 2016C Bonds ) with a true interest rate of 3.26%. From the $71.1 million issuance and the $0.3 million of Authority funds, $70.7 million was deposited into the Bank of New York escrow account to refund the outstanding $63.1 million of Airport Facilities Revenue Bonds, Series 2009C, and pay associated interest of $7.6 million. The remaining Series 2016C Bond proceeds of $0.7 million were used to pay related issuance costs. The refunding resulted in a loss of $7.6 million between the amount of the Series 2016C Bonds and the net carrying amount of the refunded bonds. This deferred loss is reported in the financial statements as a deduction from bonds payable and will be charged to operations over the life of the Series 2016C Bonds using the effective-interest method. The Authority completed the advance refunding to reduce its total debt service payment over the next 23 years by approximately $7.6 million and to obtain an economic gain (difference between the present values of the defeased and new debt service payments) of approximately $5.4 million. On December 19, 2016, the Authority issued $75.0 million in Airport Facilities Taxable Refunding Revenue Bonds (Taxable), Series 2016D (the Series 2016D Bonds ) with a true interest rate of 2.26%. From the $75.0 million issuance and the $0.6 million of Authority funds, $75.5 million was deposited in the Bank United, N.A. escrow account to refund the outstanding $72.3 million of Airport Facilities Refunding Revenue Bonds, Series 2007A, and pay associated interest of $3.2 million. The remaining Series 2016D Bond proceeds of $0.1 million were used to pay related issuance costs. The refunding resulted in a loss of $1.7 million between the amount of the Series 2016D Bonds and the net carrying amount of the refunded bonds. This deferred loss is reported in the financial statements as a deduction from bonds payable and will be charged to operations over the life of the Series 2016D Bonds using the effective-interest method. The Authority completed the advance refunding to reduce its total debt service payment over the next 6 years by approximately $6.8 million and to obtain an economic gain (difference between the present values of the defeased and new debt service payments) of approximately $5.3 million. On July 12, 2016, the Authority issued $76.9 million in Priority Subordinate Airport Facilities Revenue Refunding Bonds, Series 2016 (AMT) (the Series 2016 Bonds ) with a true interest rate of 1.96%. From the $88.9 million issuance and the $9.7 million of Authority funds, $90.0 million was deposited into the US Bank escrow account to refund the outstanding $90.0 million of principal on the Bank of America line of credit. The remaining Series 2016 Bond proceeds of $8.6 million were used for the debt service reserve fund and to pay related issuance costs. The refunding did not result in any gain or loss between the amount of the Series 2016 Bonds and the refunded line of credit. 17

12. FDOT LOAN PAYABLE GREATER ORLANDO AVIATION AUTHORITY On November 5, 2014, the Authority entered into a Joint Participation Agreement (JPA), as amended, between the Authority and the Florida Department of Transportation (FDOT), under which the FDOT, combined with other FDOT grants will provide total funding of approximately $211.0 million of funds, of which the Authority is required to reimburse FDOT for $52.7 million of the funds provided by FDOT under the JPA, and the balance will be a grant. The proceeds of the loan will be used to pay for portions of the Intermodal Terminal Facility (ITF) that are related to the construction of the passenger rail terminal being developed as part of the ITF adjacent to the Automated People Mover system. Under the JPA, the Authority is obligated to repay the FDOT loan over a period of 18 years, with no interest, commencing on January 1, 2020. As of June 30, 2017 and September 30, 2016, the Authority has an outstanding balance of $30.7 and $14.1 million, respectively. 13. LINE OF CREDIT INDEBTEDNESS The Aviation Authority currently has three line of credit facilities (LOC Facilities). The LOC Facilities are issued as Subordinated Indebtedness under the Airport Facilities Revenue Bond Resolution. Once the Bondholder Consent Amendments to the Airport Facilities Revenue Bond Resolution are effective, the LOC Facilities will become Secondary Subordinated Indebtedness. The LOC Facilities are used to provide interim financing for various tax-exempt and taxable airport projects and as an available source of funds to pay future commitments when contracts are awarded until the permanent funding is received. The permanent funding is expected to be made from many different sources, to the extent legally allowable, including federal and state grants, Passenger Facility Charges (PFC), Customer Facility Charges (CFC), and the proceeds from the issuance of General Airport Revenue Bonds and PFC supported Bonds. On July 31, 2015, the Authority entered into an agreement with Wells Fargo Bank, N.A. to provide the Authority with a $250 million line of credit. The term of the line of credit expires on June 29, 2018. Annual fees for the unused portion of the line of credit are 25 basis points; payable quarterly. Draw fees are also payable quarterly, with taxable draws calculated based on the London Interbank Offered Rate (LIBOR) plus 100 basis points, and fees for tax-exempt draws calculated at 70% of LIBOR plus 65 basis points. As of June 30, 2017, the Authority has an $14.5 million outstanding balance on the Wells Fargo line of credit. On May 22, 2013, the Authority entered into an agreement and on March 31, 2017 executed an amendment with Bank of America, N.A. to provide the Authority with a $200 million line of credit. The term of the line of credit expires on July 31, 2019. Annual fees for the unused portion of the line of credit are 25 basis points; payable quarterly. Draw fees are also payable quarterly, with taxable draws calculated based on LIBOR plus 100 basis points, and fees for tax-exempt draws calculated at 70% of LIBOR plus 65 basis points. As of June 30, 2017, the Authority has a $35.0 million outstanding balance on the Bank of America line of credit. On November 6, 2015, the Authority entered into an agreement with PNC Bank, N.A. to provide the Authority with a $100 million line of credit. The term of the line of credit expires on November 6, 2017. Annual fees for the unused portion of the line of credit are 25 basis points; payable quarterly. Draw fees are payable monthly, with taxable draws calculated based on the LIBOR plus 70 basis points, and fees for tax-exempt draws calculated at 70% of LIBOR plus 47 basis points. As of June 30, 2017, the Authority has a $53.0 million outstanding balance on the PNC line of credit. 18

14. FDOT GRANT ADVANCE GREATER ORLANDO AVIATION AUTHORITY On November 5, 2014, the Authority entered into a joint participation agreement with the FDOT to provide funding for the South Airport Automated People Mover and Intermodal Terminal Facility Project. Pursuant to the agreement, the FDOT advanced $30 million for approximately three months cash flow needs. As of June 30, 2017 and September 30, 2016, the balance of the advance was $3.9 million and $0.0, respectively. This amount is shown in the accompanying financial statements as Other Long Term Liabilities. 15. ENVIRONMENTAL LIABILITIES The Authority has certain polluted sites primarily from chemical and fuel spills, asbestos, and former landfills, whereas the Authority is named or will be named a responsible or potentially responsible party or where pollution remediation has already commenced, with monitoring being completed as necessary. The Authority recorded a pollution remediation liability as of October 1, 2008, measured at $2.2 million, using the expected cash flow technique. Under this technique, the Authority estimated a reasonable range of potential outlays and multiplied those outlays by their probability of occurring. This liability could change over time due to changes in costs of goods and services, changes in remediation technology, or changes in laws and regulations governing the remediation efforts. The possibility of recovery of some of these costs from outside governmental funding or other parties exists; however, the Authority only recognizes these recoveries in the financial statements as they become probable. The summary of the environmental activity for the nine months ended June 30, 2017 related to OIA is as follows (in thousands): Balance 10/1/16 Additions or Adjustments Payments Current Year Balance 6/30/17 Pollution Remediation Liability $ 2,437 $ 158 $ (575) $ 2,020 Net Pollution Remediation Liability Recorded $ 2,437 $ 158 $ (575) $ 2,020 Reported as follows (shown as Pollution Remediation Liability) Due within one year $ 993 $ 203 $ (575) $ 621 Due after one year 1,444 (45) - 1,399 $ 2,437 $ 158 $ (575) $ 2,020 The Authority has certain land sites that are being evaluated for potential remediation, in accordance with GASB 49, or are in the post-remediation stage with monitoring being completed, as necessary at OIA. In addition, the Authority has a polluted site from chemical and fuel spills, whereas the Authority is involved in litigation at OIA. The liabilities associated with these sites cannot be reasonably estimated and, as such, are not recorded in the financial statements. 19

16. RATES BY RESOLUTION GREATER ORLANDO AVIATION AUTHORITY On August 10, 2016, GOAA s Board approved a Resolution relating to airline rates and charges, and airline operating terms and conditions for the use of facilities and services at OIA. It was effective on October 1, 2016. The new Rate and Revenue Sharing Agreement provides for the sharing of net revenues that exceed a certain amount after the payment of debt service and other fund deposit requirements. Participating airlines that have executed a Rate and Revenue Sharing Agreement will share in net revenues that exceed $65.0 million. For Fiscal year 2017, Net Shared Revenues of 65% of all Remaining Revenues up to Remaining Revenues of $39.0 million, $40.0 million for Fiscal Year 2018, and $58.0 million for Fiscal Year 2019, and then 100% of the next $10.0 million of Remaining Revenues, and then 65% of all Remaining Revenues thereafter. 17. SUBSEQUENT EVENTS On July 11, 2017, a land swap transaction was executed between the Greater Orlando Aviation Authority and the City of Orlando. The Greater Orlando Aviation Authority conveyed to the City of Orlando the Herndon Annex Property (parcel of 20.05 acres) and the City of Orlando conveyed to the Greater Orlando Aviation Authority the McCoy Annex Property (parcel of 22.27 acres), both considered of equal fair market value. Since this exchange results in the loss of use of the Herndon Annex for the Orlando Executive Airport (ORL), the Orlando International Airport (MCO) will make a payment of approximately $3.9 million to ORL. The McCoy Annex Property will be used by MCO for future development. 20

INDEPENDENT ACCOUNTANT S REVIEW REPORT Authority Board Orlando Executive Airport (a Department of the Greater Orlando Aviation Authority) Orlando, Florida We have reviewed the accompanying statements of net position of Orlando Executive Airport (a department of the Greater Orlando Aviation Authority) as of June 30, 2017, and the related statements of revenues, expenses, and changes in net position, cash flows, and the related notes to the financial statements for each of the nine-month periods ended June 30, 2017 and 2016. A review includes primarily applying analytical procedures to management s financial data and making inquiries of the management of the Greater Orlando Aviation Authority (the Authority ). A review is substantially less in scope than an audit, the objective of which is the expression of an opinion regarding the financial statements as a whole. Accordingly, we do not express such an opinion. Management s Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement whether due to fraud or error. Accountant s Responsibility Our responsibility is to conduct the review engagements in accordance with Statements on Standards for Accounting and Review Services promulgated by the Accounting and Review Services Committee of the AICPA. Those standards require us to perform procedures to obtain limited assurance as a basis for reporting whether we are aware of any material modifications that should be made to the financial statements for them to be in accordance with accounting principles generally accepted in the United States of America. We believe that the results of our procedures provide a reasonable basis for our conclusion. As discussed in Note 1 of the notes to the financial statements, the financial statements of Orlando Executive Airport are intended to present the financial position and the changes in financial position, and cash flows of only that portion of the activities of the Authority that is attributable to the transactions of Orlando Executive Airport. They do not purport to, and do not, present fairly the financial position of the Authority as of June 30, 2017, and the changes in its financial position and its cash flows for the nine-month periods ended June 30, 2017 and 2016 in conformity with accounting principles generally accepted in the United States of America. 21