State of Washington Eastside Corridor (I‐405)  I‐405 North (Renton   Lynnwood) ETLs w/$10 Max Toll & I‐405 N Improvements* + SR 167 Express Toll Lanes w/$9 Max Toll* Scenario 2: MVFT GO Bonds (25‐Year DS, 1.3x Coverage, R&R Prefunded ‐ Accelerated Deposits 2019‐2021) 14‐Feb‐18 Summary of  Financing Results Security Coverage Constraint R&R Assumption Term MVFT GO 1.3x Coverage Prefunded (Accelerated 2019‐2021) 25 Years MVFT  GO  Bonds 100% Financing #1 ‐ 2021 Project Funds Requested Project Funds Delivered % of Project Funds Delivered $260,500,000 $260,500,000 100% Financing #2 ‐ 2023 Project Funds Requested Project Funds Delivered % of Project Funds Delivered $219,500,000 $219,500,000 100% Financing #3 ‐ 2026 Project Funds Requested Project Funds Delivered % of Project Funds Delivered $60,000,000 $60,000,000 100% Financing #4 ‐ 2028 Project Funds Requested Project Funds Delivered % of Project Funds Delivered $170,000,000 $170,000,000 100% Total   Project Funds Requested Project Funds Delivered % of Project Funds Delivered $710,000,000 $710,000,000 100% Millions Annual Project Draws** and Funding Sources MVFT GO Bonds ‐ Current Interest Bonds (1.3x Coverage, R&R Accelerated Deposits)  $200.0  $180.0 Funding Gap Bond Proceeds  $160.0  $140.0  $120.0  $100.0  $80.0  $60.0  $40.0  $20.0  $‐ 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 Project Draws (Fiscal Year Ended 6/30) *Dated September 1, 2017. Assumes revenue from Renton to Bellevue project is delayed by one year and revenue from  SR 167 project (2025+) is delayed by one year. **Project fund draw requirements  ‐ sent from DOT to OST on 1/23/2018.  1 Results Millions Scenario 2: MVFT GO Bonds (25‐Year DS, 1.3x Coverage, R&R Prefunded ‐ Accelerated Deposits)  $120.0 CAPI ‐ 2023 Financing Net DS ‐ 2026 Financing Net DS ‐ 2021 Financing Net Toll Revenue Before R&R Deposits* Net DS ‐ 2028 Financing Net DS ‐ 2023 Financing Net Toll Revenue After R&R Deposits*  $100.0  $80.0  $60.0  $40.0  $20.0 2053 2052 2051 2050 2049 2048 2047 2046 2045 2044 2043 2042 2041 2040 2039 2038 2037 2036 2035 2034 2033 2032 2031 2030 2029 2028 2027 2026 2025 2024 2023 2022 2021 2020 2019 2018  $‐ Fiscal Year (6/30) *Net Toll Revenue ‐ I‐405 North (Renton/Lynnwood ETLs w/ $10 Max Toll and I‐405 N Improvements (dated 9/1/17) + SR 167 Express Toll Lane Revenue w/$9 Max Toll.  Assumes revenue from Renton  to Bellevue project is delayed by one year and revenue from SR 167 Express Toll Lane project is delayed by 1 year (2025+).  2 Net Toll Revenue Graph State of Washington Eastside Corridor (I‐405)  I‐405 North (Renton   Lynnwood) ETLs w/$10 Max Toll & I‐405 N Improvements* + SR 167 Express Toll Lanes w/$9 Max Toll* Scenario 2: MVFT GO Bonds (25‐Year DS, 1.3x Coverage, R&R Prefunded ‐ Accelerated Deposits 2019‐2021) 14‐Feb‐18 Calculation of Net Toll Revenues Available for Debt Service (Annual) [A] [B] [C] [D] [E] [F] Net Toll Revenue Projections* [G] Fiscal Year Ending 30‐Jun Net Toll  Revenues Before R&R Acct. Deposits R&R  Account Deposits Net Toll Revenues Available for Debt Service [A+B] Net Debt Service 2021 Financing Net Debt Service 2023 Financing Net Debt Service 2026 Financing Net Debt Service 2028 Financing 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045 2046 2047 2048 2049 2050 2051 2052 2053 2054 2055 2056 2057 9,672,734 15,544,143 15,441,157 15,895,995 18,311,211 20,129,727 22,065,491 24,008,398 25,921,410 26,244,842 68,042,107 77,044,061 84,734,439 85,566,342 86,406,792 87,233,469 87,865,397 88,250,766 88,381,906 88,896,194 90,262,038 91,178,416 92,173,758 92,858,574 93,940,813 94,810,890 95,196,322 96,308,572 97,081,407 97,411,602 98,113,559 98,886,422 99,596,806 99,535,619 100,092,918 100,256,634 100,158,712 100,638,942 100,866,472 100,478,890 101,312,675 101,755,954                         ‐                         ‐       (6,000,000)       (8,860,000)     (18,310,000)     (20,100,000)       (1,000,000)                         ‐                         ‐                         ‐     (13,042,107)     (14,044,061)     (19,734,439)     (20,566,342)     (21,406,792)     (22,233,469)     (22,865,397)     (23,250,766)     (23,381,906)     (23,896,194)     (25,262,038)     (26,178,416)     (27,173,758)     (27,858,574)     (23,940,813)     (24,810,890)     (25,196,322)     (26,308,572)     (27,081,407)     (27,411,602)     (26,113,559)     (26,886,422)     (27,596,806)     (27,535,619)     (20,092,918)     (20,256,634)     (20,158,712)     (20,638,942)     (89,866,472)     (92,478,890)       (6,499,199)       (6,499,199)       9,672,733.54     15,544,142.76       9,441,157.00       7,035,995.34               1,210.74             29,727.42     21,065,491.50     24,008,398.18     25,921,409.79     26,244,842.35     55,000,000.00     63,000,000.00     65,000,000.00     65,000,000.00     65,000,000.00     65,000,000.00     65,000,000.00     65,000,000.00     65,000,000.00     65,000,000.00     65,000,000.00     65,000,000.00     65,000,000.00     65,000,000.00     70,000,000.00     70,000,000.00     70,000,000.00     70,000,000.00     70,000,000.00     70,000,000.00     72,000,000.00     72,000,000.00     72,000,000.00     72,000,000.00     80,000,000.00     80,000,000.00     80,000,000.00     80,000,000.00     11,000,000.00       8,000,000.00     94,813,476.25     95,256,754.64                                ‐                                ‐                                ‐                                ‐                                ‐                                ‐            (14,899,264)            (17,027,274)            (12,378,324)            (12,378,324)            (16,813,324)            (19,259,672)            (19,871,962)            (19,871,302)            (19,869,432)            (19,871,554)            (19,869,238)            (19,873,046)            (19,872,292)            (19,870,852)            (19,873,477)            (19,872,658)            (19,872,197)            (19,870,737)            (21,400,737)            (21,398,255)            (21,398,135)            (21,396,881)            (21,397,646)            (21,398,499)            (22,010,793)                                ‐                                ‐                                ‐                                ‐                                ‐                                ‐                                ‐                                ‐                                ‐                                ‐                                ‐                                 ‐                                 ‐                                 ‐                                 ‐                                 ‐                                 ‐                                 ‐                                 ‐               (6,046,683)               (6,046,683)             (22,293,969)             (22,305,249)             (23,089,899)             (14,083,889)             (14,087,829)             (14,084,861)             (14,089,846)             (14,082,554)             (14,086,613)             (14,083,910)             (14,084,491)             (14,082,461)             (14,082,778)             (14,084,009)             (15,165,333)             (15,172,728)             (15,169,228)             (15,169,394)             (15,171,186)             (15,167,510)             (15,602,513)             (37,612,003)             (37,611,647)                                 ‐                                 ‐                                 ‐                                 ‐                                 ‐                                 ‐                                 ‐                                 ‐                                 ‐                                 ‐                                 ‐                                 ‐                                 ‐                                 ‐                                 ‐                                 ‐                                 ‐                                 ‐                                 ‐                                 ‐               (3,209,704)               (3,209,704)               (3,209,704)               (3,209,704)               (3,209,704)               (3,209,704)               (3,209,704)               (3,209,704)               (3,209,704)               (3,209,704)               (3,209,704)               (3,209,704)               (3,209,704)               (3,209,704)               (3,209,704)               (3,209,704)               (3,209,704)               (3,209,704)               (3,209,704)               (3,209,704)               (3,209,704)               (3,209,704)             (20,829,704)             (23,146,130)             (23,143,198)                                 ‐                                 ‐                                 ‐                                 ‐                                 ‐                                 ‐                                 ‐                                 ‐                                 ‐                                 ‐                                 ‐                                 ‐                                 ‐                                 ‐                                 ‐                                 ‐                                 ‐                                 ‐                                 ‐               (9,055,877)               (9,055,877)               (9,055,877)               (9,055,877)               (9,055,877)               (9,055,877)               (9,055,877)               (9,055,877)               (9,055,877)               (9,055,877)               (9,055,877)               (9,055,877)               (9,055,877)               (9,055,877)               (9,055,877)               (9,055,877)               (9,055,877)               (9,055,877)               (9,055,877)               (9,055,877)             (28,855,877)             (32,060,237)             (32,058,468)             (55,205,949)             (55,203,427)                                 ‐                                 ‐                                 ‐                                 ‐ Total $3,178,572,576 ($904,537,237) $2,274,035,339 ($481,615,870) ($416,557,258) ($137,732,508) [H] Total Net Debt Service [D+E+F+G] [I] [J] Debt Service Coverage [C/H] Net Toll  Revenues After Debt Svc. [C+H]                           ‐                           ‐                           ‐                           ‐                           ‐                           ‐       (14,899,264)       (17,027,274)       (18,425,006)       (18,425,006)       (39,107,292)       (44,774,624)       (46,171,564)       (46,220,771)       (46,222,841)       (46,221,995)       (46,224,664)       (46,221,181)       (46,224,485)       (46,220,342)       (46,223,548)       (46,220,699)       (46,220,555)       (46,220,326)       (48,831,650)       (48,836,564)       (48,832,944)       (48,831,856)       (48,834,412)       (48,831,590)       (49,878,886)       (49,877,583)       (49,877,228)       (49,685,581)       (55,206,367)       (55,201,666)       (55,205,949)       (55,203,427)                           ‐                           ‐                           ‐                           ‐                           ‐                9,672,734                           ‐              15,544,143                           ‐                9,441,157                           ‐                7,035,995                           ‐                        1,211                           ‐                      29,727                    1.41                6,166,228                    1.41                6,981,125                    1.41                7,496,404                    1.42                7,819,836                    1.41              15,892,708                    1.41              18,225,376                    1.41              18,828,436                    1.41              18,779,229                    1.41              18,777,160                    1.41              18,778,006                    1.41              18,775,336                    1.41              18,778,820                    1.41              18,775,516                    1.41              18,779,658                    1.41              18,776,452                    1.41              18,779,301                    1.41              18,779,445                    1.41              18,779,674                    1.43              21,168,350                    1.43              21,163,437                    1.43              21,167,057                    1.43              21,168,145                    1.43              21,165,588                    1.43              21,168,411                    1.44              22,121,114                    1.44              22,122,417                    1.44              22,122,773                    1.45              22,314,420                    1.45              24,793,634                    1.45              24,798,334                    1.45              24,794,052                    1.45              24,796,573                           ‐              11,000,000                           ‐                8,000,000                           ‐              94,813,476                           ‐              95,256,755 ($384,501,498) ($1,420,407,133) $853,628,206 [K] Cumulative Net Toll  Revenues After Debt Svc.                9,672,734              25,216,876              34,658,033              41,694,029              41,695,239              41,724,967              47,891,195              54,872,319              62,368,723              70,188,559              86,081,267            104,306,643            123,135,079            141,914,308            160,691,468            179,469,473            198,244,809            217,023,629            235,799,144            254,578,802            273,355,254            292,134,555            310,914,000            329,693,674            350,862,024            372,025,461            393,192,517            414,360,662            435,526,250            456,694,660            478,815,774            500,938,191            523,060,964            545,375,383            570,169,017            594,967,351            619,761,402            644,557,975            655,557,975            663,557,975            758,371,452            853,628,206 *Dated September 1, 2017. Assumes revenue from Renton to Bellevue project is delayed by one year and revenue from SR 167 Express Toll Lane project is delayed by 1 year (2025+).  3 Net Toll Rev. & DS Covg State of Washington Eastside Corridor (I‐405)  I‐405 North (Renton   Lynnwood) ETLs w/$10 Max Toll & I‐405 N Improvements* + SR 167 Express Toll Lanes w/$9 Max Toll* Scenario 2: MVFT GO Bonds (25‐Year DS, 1.3x Coverage, R&R Prefunded ‐ Accelerated Deposits 2019‐2021) 14‐Feb‐18 Detailed Reserve Account Cash Flows ‐ Calculation of Revenues Available for Debt Service Repair and Replacement Fund 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045 2046 2047 2048 2049 2050 2051 2052 2053 2054 2055 2056 2057 2058 Total Net Toll  Revenue (Before  R&R) R&R Deposit 9.7 15.5 15.4 15.9 18.3 20.1 22.1 24.0 25.9 26.2 68.0 77.0 84.7 85.6 86.4 87.2 87.9 88.3 88.4 88.9 90.3 91.2 92.2 92.9 93.9 94.8 95.2 96.3 97.1 97.4 98.1 98.9 99.6 99.5 100.1 100.3 100.2 100.6 100.9 100.5 101.3 101.8 ‐ 3,178.6 ‐ ‐ 6.0 8.9 18.3 20.1 1.0 ‐ ‐ ‐ 13.0 14.0 19.7 20.6 21.4 22.2 22.9 23.3 23.4 23.9 25.3 26.2 27.2 27.9 23.9 24.8 25.2 26.3 27.1 27.4 26.1 26.9 27.6 27.5 20.1 20.3 20.2 20.6 89.9 92.5 6.5 ‐ ‐ 898.0 Periodic Toll  Equipment and  CSR R&R and  Net Toll Revenue  Periodical Faciity  Ending Balance in  (After R&R  R&R R&R Fund Expense) ‐.4 ‐.5 ‐4.2 ‐3.9 ‐2.7 ‐ ‐3.7 ‐ ‐10.2 ‐28.7 ‐12.2 ‐ ‐3.9 ‐9.2 ‐38.1 ‐1.9 ‐.4 ‐4.8 ‐35.2 ‐55.4 ‐1.3 ‐8.4 ‐14.8 ‐51.7 ‐23.4 ‐2.9 ‐9.3 ‐1.4 ‐56.8 ‐133.3 ‐3.3 ‐2.3 ‐24.1 ‐78.6 ‐14.6 ‐ ‐8.2 ‐13.0 ‐119.0 ‐109.6 ‐.2 ‐6.8 ‐ ‐898.0 ‐.4 ‐.9 .9 5.9 21.5 41.6 38.9 38.9 28.8 .1 1.0 15.0 30.9 42.3 25.6 46.0 68.4 86.9 75.0 43.6 67.6 85.4 97.8 74.0 74.5 96.4 112.3 137.2 107.5 1.6 24.4 49.1 52.5 1.5 6.9 27.2 39.2 46.8 17.7 .6 6.8 ‐ ‐ 9.7 15.5 9.4 7.0 .0 .0 21.1 24.0 25.9 26.2 55.0 63.0 65.0 65.0 65.0 65.0 65.0 65.0 65.0 65.0 65.0 65.0 65.0 65.0 70.0 70.0 70.0 70.0 70.0 70.0 72.0 72.0 72.0 72.0 80.0 80.0 80.0 80.0 11.0 8.0 94.8 101.8 ‐ 2,280.5 *Dated September 1, 2017. Assumes revenue from Renton to Bellevue project is delayed by one year and  revenue from SR 167 Express Toll Lane project is delayed by 1 year (2025+).  4 State of Washington Eastside Corridor (I‐405)  I‐405 North (Renton   Lynnwood) ETLs w/$10 Max Toll & I‐405 N Improvements* + SR 167 Express Toll Lanes w/$9 Max Toll* Scenario 2: MVFT GO Bonds (25‐Year DS, 1.3x Coverage, R&R Prefunded ‐ Accelerated Deposits 2019‐2021) 14‐Feb‐18 Summary of Global Assumptions WSDOT Revenue Scenario WSDOT Project Fund Requirements Toll revenue fiscal year end Security Coverage Constraint R&R Assumption Earnings Assumption for Cash Balances I‐405 North (Renton   Lynnwood) ETLs w/$10 Max Toll & I‐405 N Improvements +  SR 167 Express Toll Lanes w/$9 Max Toll* Sent from DOT to OST on 1/23/18  June 30 MVFT GO 1.3x Coverage Prefunded (Accelerated 2019‐2021) 0% Summary of Financing Assumptions Delivery Date: First Maturity Date: Final Maturity Date: Bond Term (Years from Delivery): Bond Type Interest Rate Assumption: Financing # 1 Financing # 2 Financing # 3 Financing # 4 January 1, 2021 January 1, 2023 January 1, 2026 January 1, 2028 January 1, 2022 January 1, 2029 January 1, 2024 January 1, 2027 January 1, 2046 January 1, 2048 January 1, 2051 January 1, 2053 25 25 25 25 Current Interest  Current Interest  Current Interest  Current Interest  Bonds Bonds Bonds Bonds Greater of Current  Greater of Current  Greater of Current  Greater of Current  or 10yr Avg. Rates +  or 10yr Avg. Rates +  or 10yr Avg. Rates +  or 10yr Avg. Rates +  150 bps** 150 bps** 150 bps** 150 bps** None 45% of interest thru  1/1/2025 None None $2.50/bond $5.00/bond $2.50/bond $5.00/bond $2.50/bond $5.00/bond Financing # 1 MVFT GO Aa1/AA+/AA+ 2021 Financing # 2 MVFT GO Aa1/AA+/AA+ 2023 Financing # 3 MVFT GO Aa1/AA+/AA+ 2026 Financing # 4 MVFT GO Aa1/AA+/AA+ 2028 Total Sources Par Amount ‐ Current Interest Bonds Par Amount ‐ Deferred Interest Bonds   Net Premium/Discount Total Sources of Funds 262.5 ‐ ‐ 262.5 231.1 ‐ ‐ 231.1 60.5 ‐ ‐ 60.5 171.3 ‐ ‐ 171.3 725.3 ‐ ‐ 725.3 Uses Project Fund Deposit Debt Service Reserve Fund Capitalized Interest Fund Cost of Issuance Underwriter's Discount Contingency Total Uses of Funds 260.5 ‐ ‐ .7 1.3 .0 262.5 219.5 ‐ 9.9 .6 1.2 .0 231.1 60.0 ‐ ‐ .2 .3 .0 60.5 170.0 ‐ ‐ .4 .9 .0 171.3 710.0 ‐ 9.9 1.8 3.6 .0 725.3 All‐in True Interest Cost 5.02% 5.06% 5.37% 5.35% 5.14% Capitalized Interest Costs of Issuance Underwriter's Discount $2.50/bond $5.00/bond Summary of Sources and Uses and Financing Statistics Sequence Credit Assumed Ratings (M/S/F) Fiscal Year of Financing *Dated September 1, 2017. Assumes revenue from Renton to Bellevue project is delayed by one year and revenue from SR 167 Express Toll  Lane project is delayed by 1 year (2025+).  **Rates as of 2/7/18. 5 Assumptions,Sources & Uses I‐405 Corridor (Renton   Lynnwood) ETLs w/$10 Max Toll + I‐405 N Improvements — Traffic and Revenue Projections Annual Toll Trips, Gross Revenue and Net Revenue   FY 2016‐57    D R A F T  1 Fiscal  Year 2 Wtd. Average Toll Rate per Trip (one‐way)1 3 4 5 Toll Trips Good To  Pay By Mail  Go!  Annual  Annual Toll  Toll Trips Trips 2 (millions)2 (millions) 6 Total  Toll Trips (millions) 7 8 9 10 11 12 Total Gross  Toll Revenue Potential Plus (Less): Less: Less: Less: Toll Revenue  Good To Go!  Pay By Mail /  Toll Payment  Carpool HOV  Revenue Not  Unpaid Toll  Potential Pre‐Paid  No Account Discounts Violation  Recognized Revenue ($ millions) Accounts and Fees Leakage ($ millions)4 ($ millions)8,9 ($ millions)10 ($ millions)3 ($ millions)5,6 ($ millions)7 13 14 Plus: Recaptured  Toll Revenue  at Good To  Go! Rates via  CPR  ($millions)11 Subtotal: Adjusted  Gross Toll  Revenue Collected ($ millions) 15 16 17 18 19 Plus (Less): Plus: Plus: Plus: Misc. Transponder  Pay By Mail  Toll Revenue  Revenues Sales Revenue Rebilling Fees  Recovered at  ($ millions)12 ($ millions)13 (2nd Invoice) Pay By Mail  Rates via  ($ millions)14 NOCP ($ millions)15 2016 $2.13 5.97 1.54 7.52 11.75 4.27 16.03 0.29 ‐   (1.68) (2.33) 0.03 12.33 0.35 1.70 0.25 2017 $2.37 7.83 1.38 9.22 16.23 5.63 21.86 0.33 (0.50) (1.11) (1.30) 0.09 19.37 0.00 0.32 0.79 ‐   0.12 Subtotal: Adjusted  Gross Toll  Revenue and Fees ($ millions) 14.64 20.61 2018 $2.39 8.32 1.42 9.74 17.47 5.80 23.27 0.35 (0.54) (1.15) (1.57) 0.18 20.54 0.00 0.35 1.17 0.25 22.32 2019 $2.41 8.87 1.45 10.32 18.88 5.98 24.85 0.38 (0.59) (1.20) (1.63) 0.19 22.00 0.00 0.36 1.21 0.26 23.83 2020 $2.43 9.42 1.48 10.90 20.31 6.15 26.46 0.40 (0.63) (1.01) (1.75) 0.20 23.68 0.00 0.32 1.28 0.28 25.56 2021 $2.45 10.06 1.52 11.58 21.97 6.34 28.31 0.43 (0.68) (0.79) (1.88) 0.22 25.61 0.00 0.33 1.36 0.30 27.60 2022 $2.47 10.70 1.55 12.25 23.68 6.54 30.22 0.46 (0.74) (0.83) (1.95) 0.23 27.41 0.00 0.34 1.42 0.32 29.48 2023 $2.49 11.37 1.59 12.96 25.50 6.74 32.24 0.49 (0.79) (0.87) (2.01) 0.24 29.30 0.00 0.35 1.47 0.33 31.45 2024 $2.51 12.10 1.63 13.73 27.50 6.94 34.44 0.52 (0.85) (0.90) (2.09) 0.25 31.37 0.00 0.37 1.51 0.34 33.59 2025 $2.70 25.49 4.10 29.59 62.59 17.33 79.93 1.10 (1.94) (2.19) (5.53) 0.47 71.83 0.00 0.61 3.04 0.59 76.07 2026 $2.78 26.92 4.34 31.25 68.22 18.71 86.93 1.16 (2.12) (2.37) (5.57) 0.72 78.75 0.00 0.63 3.87 0.87 84.11 2027 $2.85 28.35 4.58 32.94 73.64 20.09 93.74 1.22 (2.29) (2.54) (5.99) 0.78 84.91 0.00 0.65 4.08 0.93 90.58 2028 $2.86 28.63 4.63 33.26 74.66 20.34 95.00 1.23 (2.32) (2.58) (6.07) 0.81 86.08 0.00 0.66 4.18 0.97 91.89 2029 $2.86 28.93 4.67 33.60 75.58 20.59 96.17 1.25 (2.35) (2.61) (6.14) 0.82 87.15 0.00 0.66 4.22 0.98 93.01 2030 $2.87 29.21 4.71 33.93 76.62 20.85 97.47 1.26 (2.38) (2.64) (6.22) 0.83 88.32 0.00 0.67 4.26 0.99 94.24 2031 $2.88 29.52 4.76 34.27 77.63 21.11 98.74 1.27 (2.41) (2.68) (6.30) 0.84 89.47 0.00 0.68 4.30 1.01 95.46 2032 $2.89 29.82 4.81 34.62 78.76 21.37 100.13 1.28 (2.45) (2.71) (6.38) 0.86 90.74 0.00 0.68 4.34 1.02 96.78 2033 $2.90 30.12 4.85 34.97 79.82 21.64 101.47 1.30 (2.48) (2.74) (6.46) 0.87 91.95 0.00 0.69 4.38 1.03 98.06 2034 $2.91 30.43 4.90 35.32 80.99 21.91 102.90 1.31 (2.52) (2.78) (6.54) 0.88 93.26 0.00 0.70 4.43 1.05 99.43 2035 $2.92 30.73 4.94 35.67 82.12 22.19 104.31 1.32 (2.55) (2.82) (6.62) 0.89 94.53 0.00 0.70 4.47 1.06 100.76 2036 $2.93 31.04 4.99 36.03 83.20 22.47 105.68 1.34 (2.58) (2.85) (6.71) 0.90 95.77 0.00 0.71 4.51 1.07 102.07 2037 $2.95 31.34 5.04 36.38 84.42 22.76 107.18 1.35 (2.62) (2.89) (6.79) 0.91 97.14 0.00 0.72 4.55 1.09 103.50 2038 $2.96 31.68 5.08 36.76 85.60 23.05 108.65 1.36 (2.66) (2.93) (6.88) 0.92 98.47 0.00 0.73 4.60 1.10 104.90 2039 $2.97 32.01 5.13 37.14 86.95 23.34 110.29 1.38 (2.70) (2.97) (6.97) 0.94 99.97 0.00 0.73 4.64 1.11 106.46 108.01 2040 $2.99 32.31 5.18 37.49 88.28 23.64 111.93 1.39 (2.74) (3.01) (7.06) 0.95 101.46 0.00 0.74 4.68 1.13 2041 $3.00 32.62 5.23 37.85 89.58 23.95 113.53 1.40 (2.78) (3.05) (7.15) 0.96 102.91 0.00 0.75 4.73 1.14 109.53 2042 $3.01 32.99 5.28 38.27 90.85 24.26 115.10 1.42 (2.82) (3.09) (7.25) 0.98 104.34 0.00 0.76 4.78 1.16 111.03 2043 $3.02 33.32 5.33 38.65 92.25 24.57 116.82 1.43 (2.87) (3.13) (7.34) 0.99 105.91 0.00 0.76 4.82 1.17 112.67 2044 $3.04 33.66 5.38 39.04 93.62 24.89 118.51 1.45 (2.91) (3.17) (7.44) 1.00 107.44 0.00 0.77 4.87 1.19 114.27 2045 $3.05 34.00 5.43 39.43 95.01 25.21 120.22 1.46 (2.95) (3.21) (7.54) 1.02 109.00 0.00 0.78 4.91 1.20 115.90 2046 $3.07 34.18 5.46 39.63 96.24 25.43 121.68 1.47 (2.99) (3.25) (7.60) 1.03 110.33 0.00 0.78 4.95 1.22 117.28 2047 $3.09 34.36 5.49 39.84 97.47 25.65 123.12 1.48 (3.03) (3.28) (7.67) 1.04 111.67 0.00 0.79 4.97 1.23 118.65 2048 $3.11 34.52 5.51 40.03 98.65 25.88 124.52 1.49 (3.06) (3.31) (7.74) 1.05 112.95 0.00 0.79 5.00 1.24 119.97 2049 $3.13 34.70 5.54 40.24 99.93 26.10 126.03 1.49 (3.10) (3.34) (7.81) 1.07 114.33 0.00 0.80 5.02 1.25 121.40 2050 $3.15 34.88 5.57 40.45 101.19 26.33 127.52 1.50 (3.14) (3.38) (7.89) 1.08 115.70 0.00 0.80 5.05 1.26 122.80 2051 $3.17 35.06 5.60 40.65 102.49 26.56 129.05 1.51 (3.18) (3.41) (7.96) 1.09 117.10 0.00 0.80 5.07 1.27 124.25 2052 $3.20 35.22 5.62 40.84 103.72 26.79 130.51 1.52 (3.22) (3.44) (8.03) 1.11 118.44 0.00 0.81 5.10 1.28 125.63 2053 $3.22 35.40 5.65 41.05 105.06 27.03 132.08 1.52 (3.26) (3.47) (8.11) 1.12 119.88 0.00 0.81 5.12 1.29 127.11 2054 $3.24 35.58 5.68 41.26 106.38 27.26 133.64 1.53 (3.30) (3.51) (8.18) 1.13 121.31 0.00 0.82 5.15 1.31 128.58 2055 $3.26 35.76 5.71 41.47 107.74 27.50 135.24 1.54 (3.35) (3.54) (8.25) 1.15 122.78 0.00 0.82 5.17 1.32 130.09 2056 $3.28 35.92 5.73 41.65 109.02 27.74 136.76 1.55 (3.39) (3.58) (8.33) 1.16 124.17 0.00 0.82 5.20 1.33 131.52 2057 $3.31 36.10 5.76 41.86 110.42 27.98 138.40 1.55 (3.43) (3.61) (8.41) 1.18 125.68 0.00 0.83 5.22 1.34 133.07 TOTAL (FY 2025‐57) 1,064.75 170.65 1,235.40 2,958.70 784.53 3,743.24 45.84 (91.92) (100.07) (234.92) 31.57 3,393.75 0.00 24.45 153.67 37.20 3,609.08 TOTAL (FY 2016‐57) 1,149.41 184.20 1,333.61 3,142.01 838.93 3,980.93 49.51 (97.25) (109.62) (251.41) 33.20 3,605.37 0.35 28.90 164.14 39.40 3,838.16 2058 6 I‐405 CoI‐405 Corridor (Renton   Lynnwood) ETLs w/$10 Max Toll + I‐405 N Improvements — Traffic and Revenue Projections June 2017 Forecast   Revised 9/1/2017 to Maintain $10 Max Toll FY 2025+    Annual Annual Toll Trips, Gross Revenue and Net Revenue   FY 2016‐57 Facility R&R Costs Revised 9/13/2017 1 Fiscal  Year 20 21 22 23 Less: Less: Less: Credit Toll Collection  Routine Card O&M Costs Facility O&M Fees Costs ($ millions)17 ($ millions)16 ($ millions)18 Total  Net Toll  Revenue ($ millions) 9.04 25 26 Periodic Toll  Periodic  Civil Penalty  Civil Penalty  Equipment  Facility R&R  Revenue  Adjudication  and CSC R&R  Costs Collected from  and Collection  Costs Costs  ($ millions)20 Unpaid Toll  Bills  ($ millions)19 ($ millions)22 21 ($ millions) ‐   ‐   Piper Jaffray Calculations 27 Less:  Plus: Renton  Renton to  to Bellevue  Plus: SR 167  Bellevue  Revenue (1  Express Toll Rev.  Revenue Yr Delay) (1 Yr Delay 2025+) Total Net Toll  Revenue (405 and  SR167, 1 Year Rev  Delay 2025+) 1.14 (0.32)                ‐                        0.63                       9.67 2017 (0.41) (6.46) 0.00 13.74 0.00 0.00 1.80 (0.60)                ‐                        1.80                     15.54 2018 (0.43) (6.69) (0.87) 14.32 (1.29) (2.70) 1.68 (0.78)                ‐                        1.12                     15.44 2019 (0.46) (7.82) (0.89) 14.66 (3.19) 0.00 1.73 (0.82)                ‐                        1.24                     15.90 2020 (0.49) (7.57) (0.92) 16.58 (2.39) 0.00 1.82 (0.70)                ‐                        1.73                     18.31 2021 (0.54) (8.09) (0.94) 18.03 0.00 0.00 1.95 (0.73)                ‐                        2.10                     20.13 2022 (0.57) (8.39) (0.96) 19.55 0.00 (3.70) 2.04 (0.80)                ‐                        2.51                     22.07 2023 (0.61) (8.85) (0.99) 21.00 0.00 0.00 2.11 (0.86)                ‐                        3.01                     24.01 2024 (0.65) (9.52) (1.01) 22.41 (0.75) 0.00 2.17 (0.93)                ‐                        3.52                     25.92 2025 (1.50) (19.28) (1.89) 53.40 (18.39) 0.00 3.79 (2.02)          (31.27)                        4.11                     26.24 2026 (1.64) (19.75) (1.94) 60.79 (12.01) 0.00 5.52 (2.24)          (37.12)            31.27                      13.10                     68.04 2027 (1.77) (20.58) (1.98) 66.25 0.00 0.00 5.84 (2.44)          (41.98)            37.12                      15.66                     77.04 2028 (1.79) (21.35) (2.03) 66.72 (3.16) 0.00 6.02 (2.55)          (41.94)            41.98                      17.97                     84.73 2029 (1.82) (21.81) (2.08) 67.31 (7.38) 0.00 6.08 (2.63)          (41.98)            41.94                      18.30                     85.57 2030 (1.84) (22.48) (2.14) 67.79 (6.99) (28.98) 6.14 (2.74)          (41.95)            41.98                      18.58                     86.41 2031 (1.86) (23.36) (2.19) 68.04 (1.23) 0.00 6.20 (2.84)          (41.61)            41.95                      18.86                     87.23 2032 (1.89) (23.84) (2.24) 68.81 (0.35) 0.00 6.26 (2.93)          (41.75)            41.61                      19.20                     87.87 2033 (1.91) (25.62) (2.30) 68.23 (0.75) (3.85) 6.32 (3.10)          (41.22)            41.75                      19.49                     88.25 2034 (1.94) (26.59) (2.36) 68.53 (23.18) 0.00 6.38 (3.20)          (40.90)            41.22                      19.53                     88.38 2035 (1.97) (27.05) (2.42) 69.33 (37.45) (3.13) 6.44 (3.31)          (41.13)            40.90                      19.80                     88.90 2036 (1.99) (27.49) (2.48) 70.10 0.00 (1.26) 6.50 (3.41)          (41.25)            41.13                      20.28                     90.26 2037 (2.02) (28.08) (2.54) 70.86 0.00 (8.36) 6.56 (3.52)          (41.42)            41.25                      20.48                     91.18 2038 (2.05) (29.13) (2.60) 71.11 (4.54) (0.16) 6.63 (3.64)          (41.08)            41.42                      20.73                     92.17 2039 (2.08) (29.79) (2.67) 71.92 (12.09) (36.83) 6.69 (3.77)          (41.20)            41.08                      21.07                     92.86 2040 (2.11) (30.75) (2.73) 72.42 (9.84) (0.02) 6.75 (3.89)          (41.02)            41.20                      21.34                     93.94 2041 (2.14) (31.96) (2.80) 72.63 (0.10) (2.76) 6.82 (4.02)          (40.57)            41.02                      21.73                     94.81 2042 (2.17) (32.76) (2.87) 73.22 0.00 (9.27) 6.88 (4.15)          (40.57)            40.57                      21.98                     95.20 2043 (2.20) (33.75) (2.95) 73.77 0.00 (1.43) 6.95 (4.29)          (40.33)            40.57                      22.30                     96.31 2044 (2.24) (35.14) (3.02) 73.87 (35.85) (5.26) 7.01 (4.43)          (39.76)            40.33                      22.64                     97.08 2045 (2.27) (35.86) (3.09) 74.67 (47.94) (66.70) 7.08 (4.57)          (39.89)            39.76                      22.87                     97.41 2046 (2.30) (36.48) (3.17) 75.33 (2.27) 0.00 7.13 (4.70)          (40.37)            39.89                      23.26                     98.11 2047 (2.32) (37.08) (3.25) 76.00 (1.07) (0.93) 7.17 (4.84)          (40.78)            40.37                      23.30                     98.89 2048 (2.35) (38.41) (3.33) 75.88 (5.92) (15.25) 7.21 (4.97)          (40.49)            40.78                      23.42                     99.60 2049 (2.38) (39.24) (3.42) 76.36 (13.70) (61.36) 7.24 (5.12)          (40.79)            40.49                      23.47                     99.54 2050 (2.41) (40.49) (3.50) 76.41 (11.45) (0.36) 7.28 (5.26)          (40.69)            40.79                      23.58                   100.09 2051 (2.43) (41.93) (3.59) 76.30 0.00 0.00 7.32 (5.41)          (40.40)            40.69                      23.67                   100.26 2052 (2.46) (42.83) (3.68) 76.66 0.00 (8.16) 7.35 (5.56)          (40.61)            40.40                      23.71                   100.16 2053 (2.49) (44.04) (3.77) 76.81 (0.59) 0.00 7.39 (5.72)          (40.58)            40.61                      23.80                   100.64 2054 (2.52) (45.75) (3.86) 76.45 (48.86) (50.07) 7.42 (5.89)          (40.07)            40.58                      23.91                   100.87 2055 (2.55) (46.53) (3.96) 77.05 (61.37) (9.08) 7.46 (6.06)          (40.55)            40.07                      23.91                   100.48 2056 (2.58) (47.24) (4.06) 77.64 (0.15) 0.00 7.50 (6.22)          (40.98)            40.55                      24.10                   101.31 2057 (2.61) (48.10) (4.16) 78.19 0.00 (6.84) 7.53 (6.40)          (41.44)            40.98                      24.02            41.44                      24.07                   101.76 TOTAL (FY  (70.62) (1,074.53) (95.08) 2,368.85 (366.64) (320.06) 220.87 (135.84) (1,337.71) 1,337.71 708.25 3,011.58 TOTAL (FY  (75.17) (1,143.15) (101.66) 2,518.18 (374.27) (326.46) 237.31 (142.37) (1,337.71) 1,337.71 725.90 3,178.57 2016                (0.39)                (5.21)                    ‐ 24 2058 7 I‐405 North (Bellevue   Lynnwood) ETLs w/$10 Max Toll & I‐405 N Improvements — Traffic and Revenue Projections Annual Toll Trips, Gross Revenue and Net Revenue   FY 2016‐57    D R A F T  June 2017 Forecast   Revised 9/1/2017 to Maintain $10 Max Toll FY  2025+   Facility R&R Costs Revised 9/13/2017 General Notes  [revised 9/25/2017] Footnotes 1 Reflects the average revenue per forecasted toll vehicle trip resulting from dynamic pricing during the weekday hours of operation. 2 Some forecasted toll trips are proportionately allocated over more than one ETL section (e.g., a trip could include a portion of the SR 167 and I‐405 South sections). 3 Gross toll revenue potential from pre‐paid Good To Go!  accounts before any adjustments for uncollectible revenue, fees, and credits. Gross toll revenue potential from customers without established accounts before adjustments for uncollectible revenue, fees, and credits. Forecasts assume an additional  4 – Traffic and Gross Revenue Projections prepared by Stantec, dated 6/11/2017. Revenue revised 9/1/2017 to reflect $10 toll rate cap. – Forecasts assume a minimum toll of $0.75 (no escalation) with     the $10 maximum toll maintained throughout the forecast horizon. toll increment of $2.00 per transaction for Pay By Mail customer transactions. – I‐405 Corridor (Renton   Lynnwood) ETLs w/$10 Max Toll + I‐405 N Improvements 5 Includes $0.25 per transaction fee charged for pre‐paid  Good To Go!  Pay By Plate transactions; fees assumed to be constant with no annual escalation.     are assumed to operate 5 AM ‐ 7 PM weekdays only. 6 Includes a $0.50 short‐term account discount for non‐ Good To Go!  account customers who self‐initiate payment prior to the mailing of a toll bill. – For I‐405 North (Bellevue   Lynnwood), O&M and R&R costs in the near term 7 Carpool violation leakage is based on the anticipated rate of vehicles with Flex Pass transponders set to HOV status that do not meet occupancy requirements, with lost revenue     are based on the current 2017‐2019 Transportation Budget (FY 2018‐19). based on the average revenue per Good To Go! pass toll trip.  This leakage is unobservable in actual data, where it is already reflected in (8) Total Gross Toll Revenue Potential. – Table values include more precision than displayed. 8 Inability to read the vehicle license plate due to equipment failure or image obstruction resulting in unbillable revenue.  9 Inability to identify the vehicle owner's name and address from a readable license plate resulting in unbillable revenue.  10 11 12 13 14 15 16 17 18 19 20 21 22 Recognized but unpaid toll revenue after 80 days (2 billing cycles) from date of travel; excludes tolls subsequently recovered from a Notice of Civil Penalty (NOCP). Initially unpaid toll revenue from a toll bill that is later recaptured after 80 days and linked to an account at the  Good To Go!  toll rate without civil penalty. Miscellaneous revenues are not currently forecasted.  Values for I‐405 North in FY 2016 include interest earnings, contract liquidated damages, and a $300,000 refund from the RTS.  Anticipated revenues from transponder sales; forecast values are set to equal transponder inventory purchase costs and credit card fees, as included in columns 21 & 22a. Late payment rebilling fee of $5 per invoice (no escalation) assessed to Pay By Mail customers who don't pay first invoice; includes fees recovered from a NOCP (6 mo. lag). Initially unpaid toll revenue from a toll bill that is later recovered after 80 days from a NOCP at the Pay By Mail toll rate, with or without the $40 civil penalty. Credit card fees estimated at 2.20% of applicable gross toll revenues collected via bank card; additional factor included for fees related to account refunds. Includes (a) transponder purchase and inventory costs; (b) State operations costs for toll billing/postage/license plate lookup, accounting, marketing, forecasting,  enforcement, and vendor oversight; (c) Customer Service Center (CSC) vendor costs for operations and systems software; and (d) Roadway Toll Systems (RTS) O&M costs. Includes ETL‐specific facility O&M costs plus the lane pro‐rated share of routine annual corridor O&M costs to be paid from tolls; FY 2016 actual & FY 2017 projected costs not paid from tolls. Includes periodic RTS and CSC vendor re‐procurement costs, system testing and acceptance, as well as periodic RTS equipment replacement costs. Includes periodic facility repair and replacement (R&R) costs for the factility roadway and structures.  I‐405 North end R&R revised 9/13/2017 to reflect improvement project. $40 civil penalty revenue collected from a portion of the Notice of Civil Penalty statements sent to Pay By Mail customer for toll bills unpaid after 80 days. Includes adjudication costs for administrative law judges, processing, credit card fees, and collection of tolls/fees from customers of unpaid toll bills that are mailed NOCPs. 8 SR 167 Express Toll Lanes w/$9 Max & I‐405 N Improvements — Traffic and Revenue Projections Annual Toll Trips, Gross Revenue and Net Revenue   FY 2016‐57    D R A F T  1 Fiscal  Year 2 Wtd. Average Toll Rate per Trip (one‐way)1 3 4 5 Toll Trips Good To  Pay By Mail  Go!  Annual  Annual Toll  Toll Trips Trips 2 (millions)2 (millions) 6 Total  Toll Trips (millions) 7 8 9 10 11 12 Total Gross  Toll Revenue Potential Plus (Less): Less: Less: Less: Toll Revenue  Good To Go!  Pay By Mail /  Toll Payment  Carpool HOV  Revenue Not  Unpaid Toll  Potential Pre‐Paid  No Account Discounts Violation  Recognized Revenue ($ millions) Accounts and Fees Leakage ($ millions)4 ($ millions)8,9 ($ millions)10 ($ millions)3 ($ millions)5,6 ($ millions)7 13 14 Plus: Recaptured  Toll Revenue  at Good To  Go! Rates via  CPR  ($millions)11 Subtotal: Adjusted  Gross Toll  Revenue Collected ($ millions) 15 16 17 18 19 Plus (Less): Plus: Plus: Plus: Misc. Transponder  Pay By Mail  Toll Revenue  Revenues Sales Revenue Rebilling Fees  Recovered at  ($ millions)12 ($ millions)13 (2nd Invoice) Pay By Mail  Rates via  ($ millions)14 NOCP ($ millions)15 Subtotal: Adjusted  Gross Toll  Revenue and Fees ($ millions) 2016 $1.23 1.13 ‐   1.13 1.39 ‐   1.39 ‐   ‐   ‐   ‐   ‐                   1.39                  0.03 0.06 0.00 ‐                   1.49 2017 $1.74 1.47 ‐   1.47 2.69 ‐   2.69 ‐   ‐   (0.00) ‐   ‐                   2.69                  0.04 0.08 0.00 ‐                   2.81 2018 $1.70 1.69 0.00 1.69 2.88 0.00 2.88 0.00 0.00 (0.00) 0.00 0.00 2.88 0.08 0.00 0.00 2019 $1.77 1.84 0.00 1.84 3.25 0.00 3.25 0.00 0.00 (0.00) 0.00 0.00 3.25 0.08 0.00 0.00 3.33 2020 $1.84 2.00 0.00 2.00 3.67 0.00 3.67 0.00 0.00 (0.00) 0.00 3.66 0.08 0.02 0.00 3.77 0.00 2.96 2021 $1.90 2.17 0.00 2.17 4.13 0.00 4.13 0.00 0.00 (0.00) 0.00 4.13 0.00 0.09 0.02 0.00 4.24 2022 $1.98 2.36 0.00 2.36 4.67 0.00 4.67 0.00 0.00 (0.00) 0.00 4.66 0.00 0.09 0.02 0.00 4.78 2023 $2.05 2.56 0.00 2.56 5.26 0.00 5.26 0.00 0.00 (0.00) 0.00 5.26 0.00 0.10 0.03 0.00 5.38 2024 $2.13 2.79 0.00 2.79 5.94 0.00 5.94 0.00 0.00 (0.00) 0.00 5.94 0.00 0.10 0.03 0.00 6.07 17.89 2025 $3.38 4.70 0.94 5.64 14.70 4.37 19.07 0.20 (0.46) (0.54) (1.29) 0.09 17.08 0.00 0.13 0.57 0.10 2026 $3.40 5.37 1.08 6.44 16.88 5.00 21.88 0.23 (0.52) (0.62) (1.48) 0.20 19.70 0.00 0.15 0.91 0.22 20.97 2027 $3.41 6.07 1.21 7.28 19.16 5.65 24.81 0.26 (0.60) (0.70) (1.67) 0.23 22.34 0.00 0.16 1.02 0.25 23.77 2028 $3.42 6.16 1.22 7.38 19.53 5.74 25.27 0.26 (0.61) (0.71) (1.70) 0.25 22.77 0.00 0.16 1.07 0.26 24.27 2029 $3.44 6.25 1.24 7.49 19.90 5.84 25.74 0.27 (0.62) (0.72) (1.72) 0.25 23.20 0.00 0.17 1.08 0.27 24.71 2030 $3.45 6.34 1.25 7.60 20.28 5.93 26.22 0.27 (0.63) (0.73) (1.75) 0.25 23.63 0.00 0.17 1.09 0.27 25.17 2031 $3.46 6.46 1.27 7.73 20.75 6.03 26.78 0.28 (0.64) (0.75) (1.79) 0.26 24.14 0.00 0.17 1.11 0.28 25.70 2032 $3.48 6.56 1.29 7.84 21.14 6.13 27.27 0.28 (0.66) (0.76) (1.81) 0.26 24.59 0.00 0.17 1.12 0.28 26.17 2033 $3.49 6.65 1.30 7.95 21.53 6.23 27.76 0.29 (0.67) (0.77) (1.84) 0.27 25.03 0.00 0.18 1.14 0.29 26.63 2034 $3.51 6.74 1.32 8.06 21.92 6.34 28.26 0.29 (0.68) (0.79) (1.88) 0.27 25.48 0.00 0.18 1.15 0.29 27.10 2035 $3.52 6.89 1.33 8.22 22.49 6.44 28.94 0.30 (0.70) (0.80) (1.91) 0.28 26.10 0.00 0.18 1.17 0.30 27.75 2036 $3.53 6.98 1.35 8.33 22.89 6.55 29.44 0.30 (0.71) (0.81) (1.94) 0.28 26.56 0.00 0.19 1.18 0.30 28.23 2037 $3.55 7.07 1.37 8.44 23.29 6.66 29.95 0.30 (0.72) (0.83) (1.97) 0.29 27.02 0.00 0.19 1.20 0.31 28.71 29.30 2038 $3.56 7.20 1.38 8.58 23.80 6.77 30.57 0.31 (0.74) (0.84) (2.01) 0.29 27.58 0.00 0.19 1.21 0.31 2039 $3.58 7.29 1.40 8.69 24.21 6.88 31.09 0.31 (0.75) (0.86) (2.04) 0.30 28.06 0.00 0.19 1.23 0.32 29.80 2040 $3.59 7.44 1.42 8.86 24.81 7.00 31.80 0.32 (0.77) (0.87) (2.08) 0.30 28.70 0.00 0.20 1.24 0.32 30.47 2041 $3.61 7.53 1.44 8.97 25.22 7.11 32.33 0.32 (0.78) (0.89) (2.11) 0.31 29.18 0.00 0.20 1.26 0.33 30.97 2042 $3.62 7.65 1.45 9.11 25.74 7.23 32.97 0.33 (0.80) (0.90) (2.15) 0.31 29.76 0.00 0.20 1.28 0.34 31.58 2043 $3.64 7.78 1.47 9.25 26.26 7.35 33.61 0.33 (0.82) (0.92) (2.18) 0.32 30.35 0.00 0.21 1.29 0.34 32.19 2044 $3.65 7.87 1.49 9.36 26.69 7.47 34.16 0.34 (0.83) (0.93) (2.22) 0.32 30.84 0.00 0.21 1.31 0.35 32.70 2045 $3.67 7.99 1.51 9.50 27.21 7.60 34.81 0.34 (0.85) (0.95) (2.26) 0.33 31.43 0.00 0.21 1.33 0.35 33.32 2046 $3.68 8.05 1.52 9.57 27.56 7.67 35.23 0.35 (0.86) (0.96) (2.28) 0.33 31.81 0.00 0.21 1.34 0.36 33.72 2047 $3.70 8.11 1.52 9.63 27.89 7.75 35.64 0.35 (0.87) (0.97) (2.30) 0.34 32.19 0.00 0.22 1.34 0.36 34.11 2048 $3.72 8.14 1.53 9.67 28.15 7.83 35.98 0.35 (0.87) (0.98) (2.32) 0.34 32.49 0.00 0.22 1.35 0.37 34.42 2049 $3.74 8.20 1.54 9.74 28.49 7.91 36.40 0.35 (0.89) (0.99) (2.35) 0.34 32.87 0.00 0.22 1.36 0.37 34.81 2050 $3.76 8.26 1.55 9.81 28.84 7.99 36.83 0.36 (0.90) (1.00) (2.37) 0.35 33.26 0.00 0.22 1.36 0.37 35.22 35.54 2051 $3.78 8.30 1.55 9.85 29.11 8.07 37.18 0.36 (0.90) (1.01) (2.40) 0.35 33.57 0.00 0.22 1.37 0.38 2052 $3.79 8.35 1.56 9.91 29.46 8.15 37.61 0.36 (0.92) (1.02) (2.42) 0.35 33.96 0.00 0.22 1.38 0.38 35.94 2053 $3.81 8.41 1.57 9.98 29.82 8.23 38.05 0.36 (0.93) (1.03) (2.45) 0.36 34.36 0.00 0.22 1.38 0.38 36.35 2054 $3.83 8.45 1.58 10.02 30.09 8.31 38.39 0.36 (0.93) (1.04) (2.47) 0.36 34.67 0.00 0.22 1.39 0.39 36.68 2055 $3.85 8.51 1.58 10.09 30.45 8.39 38.84 0.37 (0.95) (1.05) (2.50) 0.36 35.08 0.00 0.23 1.40 0.39 37.09 2056 $3.87 8.54 1.59 10.13 30.73 8.48 39.20 0.37 (0.95) (1.06) (2.52) 0.37 35.40 0.00 0.23 1.40 0.40 37.43 2057 2058 $3.89 8.60 1.60 10.20 31.09 8.56 39.65 0.37 (0.97) (1.07) (2.55) 0.37 35.81 0.00 0.23 1.41 0.40 37.85 TOTAL (FY 2025‐57) 242.87 46.39 289.26 820.11 231.65 1,051.76 10.45 (25.48) (28.88) (68.71) 9.88 949.02 0.00 6.46 40.44 10.64 1,006.56 TOTAL (FY 2016‐57) 260.87 46.39 307.27 853.98 231.65 1,085.62 10.45 (25.48) (28.90) (68.71) 9.88 982.87 0.07 7.22 40.58 10.64 1,041.38 9 SR 167  SR 167 Express Toll Lanes w/$9 Max & I‐405 N Improvements — Traffic and Revenue Projections June 2017 Forecast   Revised 9/1/2017 to Maintain $9 Max Toll  Annual Annual Toll Trips, Gross Revenue and Net Revenue   FY 2016‐57 FY 2025+   FY 2016‐24 Values dated 9/11/2017 1 Fiscal  Year 20 21 22 23 Less: Less: Less: Toll Collection  Routine Credit Card O&M Costs Facility O&M Costs Fees ($ millions)17 ($ millions)18 ($ millions)16 25 Total  Net Toll  Revenue ($ millions) 24 26 27 Periodic Toll  Periodic  Civil Penalty  Civil Penalty  Equipment  Facility R&R  Revenue  Adjudication  and CSC R&R  Costs Collected from  and Collection  Costs Costs  ($ millions)20 Unpaid Toll  Bills  ($ millions)19 ($ millions)22 21 ($ millions) 2016 ‐   (0.86) ‐   0.63 (0.39) ‐   ‐   ‐   2017 ‐   (1.01) ‐                   1.80 (0.50) ‐   ‐   ‐   2018 (0.06) (1.78) 0.00 1.12 (0.20) 0.00 0.00 0.00 2019 (0.06) (2.03) 0.00 1.24 (0.69) 0.00 0.00 0.00 2020 (0.07) (1.96) 0.00 1.73 (0.26) 0.00 0.00 0.00 2021 (0.08) (2.06) 0.00 2.10 0.00 0.00 0.00 0.00 2022 (0.09) (2.17) 0.00 2.51 0.00 0.00 0.00 0.00 2023 (0.10) (2.27) 0.00 3.01 0.00 0.00 0.00 0.00 2024 (0.12) (2.43) 0.00 3.52 (9.43) 0.00 0.00 0.00 2025 (0.36) (3.60) (0.83) 13.10 (10.28) 0.00 0.65 (0.38) 2026 (0.41) (4.04) (0.85) 15.66 (0.15) 0.00 1.28 (0.46) 2027 (0.46) (4.47) (0.87) 17.97 0.00 0.00 1.44 (0.54) 2028 (0.47) (4.60) (0.89) 18.30 (0.70) 0.00 1.54 (0.57) 2029 (0.48) (4.73) (0.91) 18.58 (1.80) 0.00 1.56 (0.59) 2030 (0.49) (4.88) (0.94) 18.86 (0.33) (1.80) 1.58 (0.61) 2031 (0.50) (5.04) (0.96) 19.20 (0.63) 0.00 1.60 (0.64) 2032 (0.51) (5.19) (0.98) 19.49 (0.08) 0.00 1.62 (0.66) 2033 (0.52) (5.58) (1.01) 19.53 (0.17) 0.00 1.64 (0.70) 2034 (0.53) (5.74) (1.03) 19.80 (12.07) 0.00 1.66 (0.73) 2035 (0.54) (5.87) (1.06) 20.28 (13.10) (1.68) 1.68 (0.76) 2036 (0.55) (6.11) (1.09) 20.48 0.00 0.00 1.70 (0.79) 2037 (0.56) (6.31) (1.11) 20.73 0.00 0.00 1.72 (0.82) 2038 (0.57) (6.51) (1.14) 21.07 (1.06) (9.01) 1.75 (0.85) 2039 (0.58) (6.70) (1.17) 21.34 (2.75) 0.00 1.77 (0.88) 2040 (0.60) (6.95) (1.20) 21.73 (0.64) (12.95) 1.79 (0.92) 2041 (0.61) (7.16) (1.23) 21.98 (0.05) 0.00 1.82 (0.95) 2042 (0.62) (7.40) (1.26) 22.30 0.00 0.00 1.84 (0.99) 2043 (0.63) (7.63) (1.29) 22.64 0.00 0.00 1.86 (1.03) 2044 (0.64) (7.87) (1.32) 22.87 (15.45) (0.19) 1.88 (1.06) 2045 (0.65) (8.06) (1.36) 23.26 (16.76) (1.88) 1.91 (1.10) 2046 (0.66) (8.37) (1.39) 23.30 (1.03) 0.00 1.93 (1.14) 2047 (0.67) (8.59) (1.42) 23.42 (0.26) 0.00 1.94 (1.17) 2048 (0.67) (8.82) (1.46) 23.47 (1.43) (1.51) 1.95 (1.20) 2049 (0.68) (9.05) (1.50) 23.58 (3.55) 0.00 1.96 (1.24) 2050 (0.69) (9.33) (1.53) 23.67 (0.55) (2.24) 1.97 (1.28) 2051 (0.70) (9.56) (1.57) 23.71 0.00 0.00 1.98 (1.31) 2052 (0.70) (9.82) (1.61) 23.80 0.00 0.00 1.99 (1.35) 2053 (0.71) (10.08) (1.65) 23.91 (0.14) (12.27) 2.00 (1.39) 2054 (0.72) (10.35) (1.69) 23.91 (20.09) 0.00 2.01 (1.43) 2055 (0.73) (10.53) (1.73) 24.10 (21.46) (17.70) 2.02 (1.47) 2056 (0.73) (10.90) (1.78) 24.02 (0.07) 0.00 2.03 (1.51) 2057 2058 (0.74) (11.21) (1.82) 24.07 0.00 0.00 2.04 (1.56) TOTAL (FY  (19.71) (241.07) (41.64) 704.13 (124.60) (61.24) 58.06 (32.08) TOTAL (FY  (20.30) (257.65) (41.64) 721.79 (136.07) (61.24) 58.06 (32.08) 10 SR 167 Express Toll Lanes w/$9 Max & I‐405 N Improvements — Traffic and Revenue Projections Annual Toll Trips, Gross Revenue and Net Revenue   FY 2016‐57    D R A F T  June 2017 Forecast   Revised 9/1/2017 to Maintain $9 Max Toll  FY 2025+   FY 2016‐24 Values dated 9/11/2017 Footnotes General Notes 1 Reflects the average revenue per forecasted toll vehicle trip resulting from dynamic pricing during the weekday hours of operation. 2 Some forecasted toll trips are proportionately allocated over more than one ETL section (e.g., a trip could include a portion of the SR 167 and I‐405 South sections). 3 Gross toll revenue potential from pre‐paid Good To Go!  accounts before any adjustments for uncollectible revenue, fees, and credits. Gross toll revenue potential from customers without established accounts before adjustments for uncollectible revenue, fees, and credits. Forecasts assume an additional  – SR 167 HOT Lane Toll Trips and Adjusted Gross Toll Revenue through FY 2019 toll increment of $2.00 per transaction for Pay By Mail customer transactions. – Forecasts assume a minimum toll of $0.50 through FY 2024 and $0.75 there‐ 4 – Traffic and Gross Revenue Projections prepared by Stantec, dated 6/11/2017. Revenue revised 9/1/2017 to reflect $9 toll rate cap.  based on TRFC June Forecast Values 5 Includes $0.25 per transaction fee charged for pre‐paid Good To Go!  Pay By Plate transactions; fees assumed to be constant with no annual escalation.     after, with the $9 maximum toll maintained through the forecast horizon. 6 Includes a $0.50 short‐term account discount for non‐Good To Go!  account customers who self‐initiate payment prior to the mailing of a toll bill. – SR 167 HOT Lanes Through FY 2025 and Express Toll Lanes  7 Carpool violation leakage is based on the anticipated rate of vehicles with Flex Pass transponders set to HOV status that do not meet occupancy requirements, with lost revenue      w/$9 Max & I‐405 N Improvements starting in FY 2025 based on the average revenue per Good To Go! pass toll trip.  This leakage is unobservable in actual data, where it is already reflected in (8) Total Gross Toll Revenue Potential. – For I‐405 North (Bellevue   Lynnwood), and SR 167 O&M and R&R costs  8 Inability to read the vehicle license plate due to equipment failure or image obstruction resulting in unbillable revenue.     in the near term are based on the current  9 Inability to identify the vehicle owner's name and address from a readable license plate resulting in unbillable revenue.  2017‐2019 Transportation Budget (FY 2018‐19) – Table values include more precision than displayed 10 Recognized but unpaid toll revenue after 80 days (2 billing cycles) from date of travel; excludes tolls subsequently recovered from a Notice of Civil Penalty (NOCP). 11 Initially unpaid toll revenue from a toll bill that is later recaptured after 80 days and linked to an account at the Good To Go!  toll rate without civil penalty. 12 Miscellaneous revenues are not currently forecasted.  Reported values for I‐405 North and SR 167 include interest earnings, contract liquidated damages, and refunds from the RTS.  13 Anticipated revenues from transponder sales; forecast values are set to equal transponder inventory purchase costs and credit card fees, as included in columns 21 & 22a. 14 Late payment rebilling fee of $5 per invoice (no escalation) assessed to Pay By Mail customers who don't pay first invoice; includes fees recovered from a NOCP (6 mo. lag). Initially unpaid toll revenue from a toll bill that is later recovered after 80 days from a NOCP at the Pay By Mail toll rate, with or without the $40 civil penalty. 15 16 17 Credit card fees estimated at 2.20% of applicable gross toll revenues collected via bank card; additional factor included for fees related to account refunds. Includes (a) transponder purchase and inventory costs; (b) State operations costs for toll billing/postage/license plate lookup, accounting, marketing, forecasting,  enforcement, and vendor oversight; (c) Customer Service Center (CSC) vendor costs for operations and systems software; and (d) Roadway Toll Systems (RTS) O&M costs. 18 Includes ETL‐specific facility O&M costs plus the lane pro‐rated share of routine annual corridor O&M costs to be paid from tolls; FY 2016 actual & FY 2017 projected costs not paid from tolls. 19 Includes periodic RTS and CSC vendor re‐procurement costs, system testing and acceptance, as well as periodic RTS equipment replacement costs. 20 Includes periodic facility repair and replacement (R&R) costs for the factility roadway and structures. 21 $40 civil penalty revenue collected from a portion of the Notice of Civil Penalty statements sent to Pay By Mail customer for toll bills unpaid after 80 days. 22 Includes adjudication costs for administrative law judges, processing, credit card fees, and collection of tolls/fees from customers of unpaid toll bills that are mailed NOCPs. 11 Interest Rate Cushion By State Fiscal Year FY21 FY23 FY26 FY28 1.50% 1.50% 1.50% 1.50% Assumed Spread to AAA MMD For Each Credit CIB CABs MVFT GO Bonds 0.30% 1.300% AAA MMD 10 Year Average Avg. + Cushion Current MMD (as of 2/7/18) 1.33% 1.51% 1.64% 1.75% 1.89% 2.00% 2.12% 2.23% 2.32% 2.39% 2.45% 2.51% 2.56% 2.62% 2.67% 2.71% 2.74% 2.77% 2.80% 2.83% 2.85% 2.86% 2.87% 2.88% 2.89% Year 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 Avg. 0.48% 0.74% 0.96% 1.19% 1.43% 1.67% 1.90% 2.10% 2.29% 2.43% 2.57% 2.69% 2.80% 2.89% 2.98% 3.06% 3.13% 3.20% 3.26% 3.32% 3.38% 3.43% 3.47% 3.51% 3.54% Difference -0.85% -0.77% -0.68% -0.56% -0.46% -0.33% -0.22% -0.13% -0.03% 0.04% 0.12% 0.18% 0.24% 0.27% 0.31% 0.35% 0.39% 0.43% 0.46% 0.49% 0.53% 0.57% 0.60% 0.63% 0.65% Max of Avg. & Current 1.33% 1.51% 1.64% 1.75% 1.89% 2.00% 2.12% 2.23% 2.32% 2.43% 2.57% 2.69% 2.80% 2.89% 2.98% 3.06% 3.13% 3.20% 3.26% 3.32% 3.38% 3.43% 3.47% 3.51% 3.54% MVFT GO Bonds Current Interest Modeling Curves CABs Modeling Curves AAA Modeling Curve FY21 2.83% 3.01% 3.14% 3.25% 3.39% 3.50% 3.62% 3.73% 3.82% 3.93% 4.07% 4.19% 4.30% 4.39% 4.48% 4.56% 4.63% 4.70% 4.76% 4.82% 4.88% 4.93% 4.97% 5.01% 5.04% Avg. + Cushion FY23 2.83% 3.01% 3.14% 3.25% 3.39% 3.50% 3.62% 3.73% 3.82% 3.93% 4.07% 4.19% 4.30% 4.39% 4.48% 4.56% 4.63% 4.70% 4.76% 4.82% 4.88% 4.93% 4.97% 5.01% 5.04% Avg. + Cushion FY26 2.83% 3.01% 3.14% 3.25% 3.39% 3.50% 3.62% 3.73% 3.82% 3.93% 4.07% 4.19% 4.30% 4.39% 4.48% 4.56% 4.63% 4.70% 4.76% 4.82% 4.88% 4.93% 4.97% 5.01% 5.04% 12 Avg. + Cushion FY28 2.83% 3.01% 3.14% 3.25% 3.39% 3.50% 3.62% 3.73% 3.82% 3.93% 4.07% 4.19% 4.30% 4.39% 4.48% 4.56% 4.63% 4.70% 4.76% 4.82% 4.88% 4.93% 4.97% 5.01% 5.04% FY21 3.13% 3.31% 3.44% 3.55% 3.69% 3.80% 3.92% 4.03% 4.12% 4.23% 4.37% 4.49% 4.60% 4.69% 4.78% 4.86% 4.93% 5.00% 5.06% 5.12% 5.18% 5.23% 5.27% 5.31% 5.34% FY23 3.13% 3.31% 3.44% 3.55% 3.69% 3.80% 3.92% 4.03% 4.12% 4.23% 4.37% 4.49% 4.60% 4.69% 4.78% 4.86% 4.93% 5.00% 5.06% 5.12% 5.18% 5.23% 5.27% 5.31% 5.34% FY26 3.13% 3.31% 3.44% 3.55% 3.69% 3.80% 3.92% 4.03% 4.12% 4.23% 4.37% 4.49% 4.60% 4.69% 4.78% 4.86% 4.93% 5.00% 5.06% 5.12% 5.18% 5.23% 5.27% 5.31% 5.34% FY28 3.13% 3.31% 3.44% 3.55% 3.69% 3.80% 3.92% 4.03% 4.12% 4.23% 4.37% 4.49% 4.60% 4.69% 4.78% 4.86% 4.93% 5.00% 5.06% 5.12% 5.18% 5.23% 5.27% 5.31% 5.34% FY21 4.13% 4.31% 4.44% 4.55% 4.69% 4.80% 4.92% 5.03% 5.12% 5.23% 5.37% 5.49% 5.60% 5.69% 5.78% 5.86% 5.93% 6.00% 6.06% 6.12% 6.18% 6.23% 6.27% 6.31% 6.34% FY23 4.13% 4.31% 4.44% 4.55% 4.69% 4.80% 4.92% 5.03% 5.12% 5.23% 5.37% 5.49% 5.60% 5.69% 5.78% 5.86% 5.93% 6.00% 6.06% 6.12% 6.18% 6.23% 6.27% 6.31% 6.34% FY26 4.13% 4.31% 4.44% 4.55% 4.69% 4.80% 4.92% 5.03% 5.12% 5.23% 5.37% 5.49% 5.60% 5.69% 5.78% 5.86% 5.93% 6.00% 6.06% 6.12% 6.18% 6.23% 6.27% 6.31% 6.34% FY28 4.13% 4.31% 4.44% 4.55% 4.69% 4.80% 4.92% 5.03% 5.12% 5.23% 5.37% 5.49% 5.60% 5.69% 5.78% 5.86% 5.93% 6.00% 6.06% 6.12% 6.18% 6.23% 6.27% 6.31% 6.34%