INFORMATION PERTAINING TO: PORTLAND INTERNATIONAL AIRPORT REVENUE BONDS ISSUER CUSIP

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2 Table of Contents Information Pertaining to Revenue Bonds... 1 Air Carriers Serving... 2 Historical Enplanements... 3 Enplanements by Airline... 4 Primary Domestic Origin and Destination Passenger Markets... 5 Historical Landed Weight... 6 Air Cargo Handled... 7 Historical Financial Performance... 8 Summary of Historical Debt Service Coverage... 9 Annual PDX Revenue Bond Debt Service Information Information Pertaining to PFC Revenue Bonds PFC Authority Historical PFC Revenue and PFC Debt Service PFC First Lien Sufficiency Covenant PFC Bond Debt Service PFC Bond Projects Estimated Costs and Sources of Funds Other Approved PFC Pay-as-You-Go Projects FAA Entitlements Application of PFC Revenue Information Pertaining to Limited Tax Pension Obligations Series 2002 & Full Time Equivalent Employees Represented & Non-Represented Representative Property Tax Levy Rates 6/30/ Representative Property Tax Levy Rates 6/30/ Major Tax Paying Accounts by County within Port District Port of Portland District Property Valuation Estimated Population Debt Service Requirements - Limited Tax Pension Bonds City of Portland Assessments General Obligation Debt Capacity Percentages of Taxes Collected in the Year of the Levy... 30

3 INFORMATION PERTAINING TO: PORTLAND INTERNATIONAL AIRPORT REVENUE BONDS ISSUER CUSIP

4 Air Carriers Serving Fiscal Year 2014 Total Carriers: 29 Carriers are considered Signatory Airlines unless noted * PASSENGER CARRIERS: 18 CARGO ONLY CARRIERS: 10 Air Pac* Major / National Airlines: 10 Air Transport International Alaska Airlines (1) ABX Air, Inc. American Airlines (2) Ameriflight Delta Air Lines Asiana Airlines Frontier Airlines Empire Airlines Hawaiian Airlines FedEx Southwest Airlines Kalitta Air* Spirit Airlines MartinAire Aviation, L.L.C.* United Airlines United Parcel Service US Airways (2) Virgin America CHARTERS 1 Republic Airline* Regional / Commuter Airlines: 7 Allegiant Air, Inc.* Compass Airlines LLC Horizon Air (1) jetblue Airways Seaport Airlines SkyWest (DBA United Express and Delta Express, Alaska) MN Airlines* Foreign Flag Airlines: 1 Air Canada Jazz (1) D/b/a Alaska Airlines pursuant to a capacity purchase agreement with Alaska Airlines. Alaska Airlines and Horizon Air Industries are separately certificated airlines owned by Alaska Air Group, Inc. (2) On December 9, 2013, AMR Corporation, the parent of American Airlines, and US Airways Group, the parent of US Airways, Inc., merged by forming American Airlines Group. American Airlines Group is now the holding company for American Airlines, American Eagle Airlines Inc., US Airways, and a number of regional operating subsidiaries. To date, American Airlines and US Airways continue to operate separately * Non-Signatory Airline Source: Port of Portland 2

5 Portland International HISTORICAL ENPLANEMENTS The airport has historically served primarily origin and destination passengers. According to data from the Terminal User Survey, approximately 83% of passengers enplaned at the Airport in FY 2014 were origin and destination passengers. In FY 2014, approximately 97% of passengers were enplaned on domestic flights at the Airport, and the remaining 3% were enplaned on international flights. Airport Percent Fiscal Year Enplanements Change ,115, ,158, % ,301, % ,880, % ,605, % ,297, % ,997, % ,392, % ,355, % ,711, % ,897, % ,778, % ,047, % ,107, % ,336, % ,757, % ,012, % ,144, % ,449, % ,654, % ,477, % ,750, % ,946, % ,335, % ,762, % Compund Annual Growth Fiscal Year % Source: Port of Portland 3

6 ENPLANEMENTS BY AIRLINE Fiscal Year 2014 Airline Enplanements Share Alaska Airlines (1) (2) 1,752, % Horizon Airlines (1) 1,392, % 40.5% Southwest Airlines 1,285, % United Airlines (2) 1,069, % Delta Air Lines (2) (3) 929, % US Airways 301, % American Airlines 279, % Frontier 199, % JetBlue Airways 181, % Spirit Airlines 112, % Hawaiian Airlines 96, % Virgin America 90, % Air Canada Jazz 60, % Seaport Airlines 8, % Other 3, % Total 7,762, % (1) D/b/a Alaska Airlines pursuant to a capacity purchase agreement with Alaska Airlines. Alaska Airlines and Horizon Air Industries are separately certificated airlines owned by Alaska Air Group, Inc. (2) Includes enplaned passengers on flights operated by SkyWest Airlines as an affiliate for Alaska (183,856 enplaned passengers), United (223,503 enplaned passengers), and Delta (57,311 enplaned passengers) United has announced that it will reduce its flights with SkyWest Airlines by approximately 70% (approximately 500 daily seats) beginning in September 2014 (3) Includes enplaned passengers on flights operated by Compass Airlines for Delta (7,989 enplaned passengers) Source: Port of Portland 4

7 PRIMARY DOMESTIC ORIGIN AND DESTINATION PASSENGER MARKETS Fiscal Year 2014 Rank City of Origin or Destination Percent of Total Passengers Daily Scheduled Nonstop Departures (1) 1 Los Angeles basin 11.8% 27 2 San Francisco Bay area 11.1% 35 3 Las Vegas 5.0% 8 4 Phoenix 4.0% 10 5 Denver 4.0% 12 6 San Diego 3.7% 7 7 New York City 3.3% 5 8 Sacramento 3.1% 10 9 Chicago 3.0% Washington/Baltimore area 2.6% 3 11 Salt Lake City 2.3% 9 12 Seattle 2.2% Dallas/Ft. Worth 1.9% 7 14 Boston 1.8% 3 15 Honolulu 1.7% 2 16 Atlanta 1.7% 5 17 Boise 1.6% 7 18 Minneapolis/St. Paul 1.6% 6 19 Spokane 1.5% 8 20 Kahului, Maui 1.3% 2 Cities Listed 68.9% 209 Other Cities 31.1% 65 Total % 274 (1 ) 21 jet, 44 turboprop departures 5

8 HISTORICAL LANDED WEIGHT (1,000 pound units) Fiscal Year Passenger airlines All-cargo airlines Total Annual increase (decrease) ,559,211 1,256,807 8,816, ,208,427 1,057,054 8,265, % ,008, ,856 7,869, % ,814, ,842 8,744, % ,184,676 1,007,366 9,192, % ,127,815 1,172,394 11,300, % ,546,752 1,361,765 10,908, % ,092,398 1,638,323 11,730, % ,130,498 1,413,544 11,544, % ,563,654 1,540,104 12,103, % ,627,373 1,695,417 12,322, % ,058,029 1,695,607 11,753, % ,891,771 1,496,913 10,388, % ,709,272 1,584,819 10,294, % ,598,665 1,418,114 10,016, % ,558,289 1,471,442 10,029, % ,826,387 1,500,529 10,326, % ,006,434 1,457,523 10,463, % ,350,834 1,362,171 10,713, % ,530,805 1,209,684 9,740, % ,904,184 1,030,552 8,934, % ,015,905 1,117,531 9,133, % ,956,842 1,143,111 9,099, % ,123,435 1,140,494 9,263, % ,699,074 1,126,771 9,825, % Compound Annual Growth FY % -2.27% -0.19% 6

9 AIR CARGO (1) HANDLED (short tons) Fiscal Year Air Cargo Tons , , , , , , , , , , , , , , , , , , , , , , , , ,822 Compund Annual Growth FY % (1) Air Cargo is composed of air freight and mail. 7

10 HISTORICAL FINANCIAL PERFORMANCE ($ thousands) Fiscal Year Ended June 30, OPERATING STATEMENT DATA: Operating revenues: Airline Revenues 90,823 85,702 87,257 Terminal Concessions 12,864 11,794 10,289 Parking 53,426 48,815 45,627 Rental Cars 18,577 18,091 16,568 Other 23,466 22,364 21,575 Total Operating Revenues 199, , ,316 Interest income - revenue fund and revenue bond fund Total Revenues 200, , ,887 Costs of Operation and Maintenance, excluding depreciation Salaries, wages and fringe benefits 41,718 39,617 38,748 Contract, professional and consulting services 31,234 28,401 25,921 Materials and supplies 4,792 3,593 3,727 Utilities 7,909 6,949 7,104 Equipment rents, repair and fuel 1,404 1,325 1,458 Insurance 1,533 1,597 1,746 Rent (13) 7 (2) Travel and management expense 1,065 1, Allocation of general and administrative expense of the Port 19,276 17,083 16,545 Other 2,998 1,209 2,855 Total Cost of Operation and Maintenance 111, ,815 99,088 Net Revenues as defined by Section 2(r) of Ordinance ,202 86,351 82,799 Depreciation 78,938 80,413 71,489 Other income (expense) Interest income - excluding revenue fund and revenue bond fund 1,133 3, Interest expense - net (25,250) (29,431) (28,712) Passenger facility charges 30,907 29,339 27,686 Customer facility charges 5,646 Other, Net (4,239) (6,672) (4,925) Total other income (expense) 8,197 (2,771) (5,180) Reconciling items (1) : Airport allocation of pension bonds 3,109 2,976 2,848 Pension asset amortization (284) (143) 12 Net income (2) 20,285 6,000 8,990 BALANCE SHEET DATA: Airport net assets 785, , ,431 (1) Items treated differently under Generally Accepted Accounting Principles than under the Airport Revenue Bond Ordinances. (2) For presentation purposes only; the Airport Revenue Bond Ordinances require financial performance to the defined Net Revenue level only. 8

11 SUMMARY OF HISTORICAL DEBT SERVICE COVERAGE Fiscal Year Ended June 30, Net Revenue $88,201,982 $86,350,925 $82,798,672 Less: Revenue Bond Fund Interest Income* ($20,660) ($34,888) ($22,766) Applied to General Account $88,181,322 $86,316,037 $82,775,906 Debt Service Requirement $46,985,402 $48,387,184 $48,056,339 Coverage Ratio Derived from the Port's audited financial statements *Excluded from Net Revenues per Ordinance 155 Note: This summary reflects the corrected bond debt service coverage for 2012 and 2013 which was restated on August 13, These values have been corrected to include the bond amortization premium not included in the original bond debt service requirement. 9

12 ANNUAL PDX REVENUE BOND DEBT SERVICE INFORMATION Fiscal Year Ended June 30 (1) PDX Revenue Bond Debt Service Principal Interest (2) Total ,585,000 20,213,554 45,798, ,095,000 22,607,675 50,702, ,665,000 22,050,279 49,715, ,765,000 20,673,077 49,438, ,550,000 19,241,415 44,791, ,735,000 18,002,905 44,737, ,040,000 16,685,766 44,725, ,130,000 15,339,540 40,469, ,340,000 14,127,512 40,467, ,260,000 12,833,314 34,093, ,290,000 11,783,692 34,073, ,240,000 10,683,171 32,923, ,225,000 9,581,925 25,806, ,020,000 8,786,775 25,806, ,495,000 7,952,525 17,447, ,955,000 7,490,475 17,445, ,470,000 6,977,750 17,447, ,005,000 6,434,850 17,439, ,575,000 5,864,050 17,439, ,170,000 5,263,475 17,433, ,810,000 4,631,800 17,441, ,475,000 3,966,663 17,441, ,180,000 3,266,775 17,446, ,910,000 2,530,075 17,440, ,585,000 1,755,213 8,340, ,900,000 1,440,288 8,340, ,150,000 1,110,250 6,260, ,410, ,750 6,262, ,680, ,250 6,262, ,965, ,250 6,263, ,675, ,028, ,703,037 (1) Payments due on July 1 are shown as being made in the prior Fiscal year (2) Net of capitalized interest. Approximately $90.9 million aggregate principal amount of the Series Eighteen Bonds is assumed to bear interest at 4.94% per annum and $9.6 million is assumed to bear interest at 5.13% per annum (in each case, the fixed rates payable by the Port under Series Eighteen Swaps corresponding to such notional amounts), and the remaining unhedged portion of $2.0 million is assumed to bear interest at 6.00% per annum. Not including letter of credit or remarketing fees. 10

13 INFORMATION PERTAINING TO: PORTLAND INTERNATIONAL AIRPORT, PASSENGER FACILITY CHARGE ("PFC") REVENUE BONDS ISSUER CUSIP

14 PFC AUTHORITY Date (1) Total Approved Use (2) PFC Authority for Bond Capital Costs (3) PFC Authority for Bond Financing Costs (4) PFC Bond Proceeds Used For Bond Capital Costs PFC Revenue Used for Bond Financing Costs Application #1 4/8/1992 $ 22,000,000 Application #2 7/1/ ,379,375 Application #4 10/21/ ,096 Application #5 12/3/ ,898,614 Application #8 Commingled (5) 7/20/ ,230,600 $191,290,000 $304,418,600 $113,172,835 $102,822,476 Application #9 12/7/ ,207,251 Application #10 2/5/ ,895,170 Application #11 4/28/ ,509, ,312, ,196,708 71,867,832 9,810,819 Application #12 2/21/ ,615,300 10,600,000 10,600,000 4,427, ,445 Total $1,114,914,626 $325,202,512 $519,215,308 $189,468,451 $113,237,741 (1) Represents the date that the application was originally approved. (2) Represents applications as amended. All applications except Applications #9, #10, #11, and #12 were amended from the original authority. Generally, applications are amended so that the application and the final project costs are aligned. (3) Includes approved bond capital amount to be used to pay project costs (4) Includes bond interest, capitalized interest, debt service reserve fund deposits, letter of credit fees, remarketing fees, trustee fees, and costs of issuance. (5) Application #8 represents the commingling of Applications #3, #6 and #7. These applications were commingled to allow an increase in the PFC to $4.50 from $

15 HISTORICAL PFC REVENUE AND PFC DEBT SERVICE Fiscal Year Ended June 30 Total Enplanements PFC Enplanements (1) PFC Collections (2) Interest Income (3) Total PFC Revenue PFC Bonds Debt Service (4) Coverage by PFC Revenue (5) ,880,850 3,305,157 $9,518,852 $28,013 $9,546, ,605,766 4,327,722 12,463, ,689 12,727, ,297,430 4,856,432 14,180,781 1,042,423 15,223, ,997,252 5,513,795 16,100,281 1,586,041 17,686, ,392,376 5,894,683 17,212,474 1,470,773 18,683, ,355,313 5,729,151 16,729, ,960 17,470, ,711,676 6,120,359 17,871, ,109 18,125, ,897,073 6,236,270 18,209, ,037 18,755,945 $3,358, ,778,219 6,295,989 18,384, ,135 19,256,424 4,127, (6) 6,047,128 4,957,537 21,912, ,627 22,487,942 4,127, ,107,968 5,375,605 23,760, ,786 24,056,961 7,232, ,336,392 5,730,681 25,329, ,899 25,478,508 10,767, ,757,694 6,067,627 26,636, ,628 26,999,511 10,765, ,012,004 6,447,857 28,306, ,006 29,104,100 10,766, ,144,443 6,589,431 28,927, ,965 29,700,566 10,765, ,449,774 6,757,827 29,666,861 1,518,169 31,185,030 10,770, ,654,126 5,801,051 25,466,614 1,345,349 26,811,963 10,626, ,477,286 5,853,466 25,696, ,852 26,160,569 10,668, ,750,420 6,147,526 26,987, ,857 27,097,497 10,666, (7) 6,946,300 6,306,667 27,686, ,610 27,985,877 19,573, ,335,638 6,683,166 29,339, ,445 29,469,544 13,767, ,762,027 7,040,240 30,906, ,876 31,134,531 13,758, (1) PFC Enplanements are calculated based on PFC collections divided by the PFC charge level less administrative fee. See Portland International Airport Historical Enplanements. (2) Net of airline collection fees. (3) Includes interest income on the PFC Fund and the PFC Bond Fund. Excludes interest earned on bond proceeds and any interest earnings applied to capitalized interest in FY 2000 through FY (4) Assumes payments made on July 1 are made in the previous Fiscal Year. Net of capitalized interest. Interest payments on the Port s Passenger Facility Charge Refunding Revenue Bonds, Series 2009A in FY 2010 through FY 2012 include the net payments made by the Port under the PFC Bond Swaps, but exclude associated letter of credit and remarketing fees. (5) This ratio represents the amount of Total PFC Revenue to debt service on the First Lien PFC Bonds, and does not take into account credit for interest income transferred to the First Lien Bond Account from the First Lien Reserve Account and used to pay debt service on the First Lien PFC Bonds. (6) The Port increased the PFC to $4.50 from $3.00 in (7) Fiscal year 2012 PFC bond debt service includes $6M early partial defeasance of Series 1999B PFC Bonds 13

16 HISTORICAL FIRST LIEN SUFFICIENCY COVENANT (1) Fiscal Year Ended June 30 PFC Authority Less Costs Paid to Date and Contractual Commitments Remaining PFC Authority Remaining Aggregate Debt Service (2) (3) First Lien Sufficiency Covenant (4) 2000 $565,555,708 $134,431,088 $431,124,620 $230,841, ,555, ,666, ,888, ,394, ,555, ,007, ,548, ,508, ,555, ,614, ,941, ,354, ,555, ,648, ,906, ,587, ,486, ,467, ,018, ,822, ,793, ,483, ,309, ,056, ,793, ,671, ,122, ,290, ,894, ,432, ,461, ,520, ,894, ,766, ,128, ,751, ,790, ,535, ,254, ,982, ,065,299, ,120, ,179, ,651, ,065,299, ,033, ,266, ,107, ,114,914, ,905, ,008, ,802, ,114,914, ,137, ,777, ,022, (1) The Port has not issued any Subordinate Lien PFC Obligations or authorized any Additional Pledged Revenue to be included in calculating the First Lien Sufficiency Covenant. (2) Assumes payments made on July 1 are made in the previous Fiscal Year. Interest payments on the Series 2009A PFC Bonds in FY 2010 through FY 2012 include the net payments made by the Port under the PFC Bond Swaps described herein, but exclude associated letter of credit and remarketing fees. (3) The Port of Portland has $14,373,279 in First Lien Reserve for the PFC bonds (4) Minimum

17 PASSENGER FACILITY CHARGE BOND DEBT SERVICE Fiscal Year Ended June 30 (1) Series 2011A Series 2012A Series 2012B Total (3) Total Total Total Principal Interest Series 2011A Principal Interest (2) Series 2012A Principal Interest Series 2012B Debt Service ,505,000 3,677,525 5,182, ,000 3,318,314 3,423,314 4,550, ,750 5,482,750 14,088, ,560,000 3,617,325 5,177, ,000 3,313,518 3,423,518 5,100, ,250 5,805,250 14,406, ,650,000 3,539,325 5,189, ,000 3,305,913 3,425,913 5,675, ,250 6,125,250 14,740, ,710,000 3,473,325 5,183,325 2,790,000 3,298,992 6,088,992 3,330, ,500 3,496,500 14,768, ,000 3,387,825 3,537,825 7,955,000 3,138,065 11,093,065 14,630, ,000 3,383,325 3,518,325 8,370,000 2,680,242 11,050,242 14,568, ,000 3,379,275 3,504,275 8,805,000 2,196,444 11,001,444 14,505, ,000 3,375,213 3,480,213 9,265,000 1,688,574 10,953,574 14,433, ,000 3,371,800 3,451,800 9,750,000 1,154,171 10,904,171 14,355, ,000 3,369,000 3,429,000 10,260, ,019 10,852,019 14,281, ,955,000 3,366,900 11,321,900-11,321, ,350,000 2,969,150 11,319,150-11,319, ,795,000 2,528,025 11,323,025-11,323, ,275,000 2,044,300 11,319,300-11,319, ,645,000 1,673,300 11,318,300-11,318, ,180,000 1,142,825 11,322,825-11,322, ,735, ,925 11,317,925-11,317,925 Total (3) $72,015,000 $48,881,363 $120,896,363 $57,530,000 $24,686,252 $82,216,252 $18,655,000 $2,254,750 $20,909,750 $224,022,365 (1) Fiscal Year ending June 30, assumes payments made on July 1 are made in the previous Fiscal Year. (2) Series 2012A interest includes fixed swap payments (30/360 day basis), credit spread of 0.75 percent per annum (ACT/360 day basis), and basis mismatch of 0.04 percent (ACT/360 basis, based on the 10 year average of 2 percent of 1-month LIBOR). (3) Totals may add due to rounding. Source: Official Statement Series 2012B (Non-AMT) 15

18 1999 PFC BOND PROJECTS - ESTIMATED COSTS AND SOURCES OF FUNDS Entitlement Discretionary 1999 PFC Bond Projects Terminal Expansion South (TES) Phase 2 $212,000,000 $0 $0 $0 $100,000,000 $42,000,000 $25,175,000 $44,825,000 Terminal access program 184,500, ,730,000 68,170, ,310,000 48,020,000 Light rail program 43,000, ,694,000 38,306,000 Total 1999 PFC Bond Projects $439,500,000 $0 $0 $19,730,000 $168,170,000 $42,000,000 $98,179,000 $131,151,000 (1) Excludes financing costs and interest income (2) Includes Port Cost Center Fund amounts. (3) Revenue bond proceeds on-hand in connection with Series Eleven and Series Twelve Bonds Federal grants-in-aid Airport funds (2) Sources of Funds Revenue bond proceeds onhand (3) Future revenue bond proceeds Pay-as-yougo PFC Revenue Net Costs to be funded with 1999 PFC Bond Proceeds 16

19 OTHER APPROVED PFC PAY-AS-YOU-GO PROJECTS - COSTS AND SOURCES OF FUNDS Gross Project Costs (1) Entitlement Discretionary Airport funds Other Approved PFC Pay-as-You-Go Projects PFC Application #12 Pay-asYou-Go: Taxiway C East Rehabilitation $22,469,890 $3,403,034 $10,500,000 $3,486,709 $4,427,784 $0 $652,363 Taxiway C West Rehabilitation (2,3) 7,760,746 3,283,620 1,417, , ,769,107 Taxiway E South Rehabilitation (3) 13,380, ,365, , ,460,640 Taxiway F South Rehabilitation (3) 6,347, ,234, , ,882,053 Common Use Gate Improvmements Phase II 3,040, ,040,000 Total Other Approved PFC Pas-as-You-Go Projects $52,998,387 $6,686,654 $22,517,519 $4,562,267 $4,427,784 $0 $14,804,163 (1) Excludes financing costs and interest income (2) PFC application #12 did not show entitlement amount (3) Project completed in FY13-14, amount are actuals Federal grants-in-aid Sources of Funds Revenue bond proceeds onhand Future revenue bond proceeds Pay-as-you-go PFC Revenue 17

20 FAA ENTITLEMENTS FY 2014 $3,403,034 Portland Hillsboro Airport $0 Portland Troutdale Airport $0 Total Port of Portland FAA Entitlements $3,403,034 18

21 Application of PFC Revenue Fiscal Year Ending June 30 PFC Revenue PROJECTED Actual 2011 Actual 2012 Actual 2013 Actual PFC Fund Beginning Balance $6,878,846 $7,100,185 $9,701,069 $14,375,497 $32,307,931 $47,277,420 $25,716,038 $19,064,189 $18,145,049 PFC Collections 26,987,640 27,686,267 29,339,099 30,906,655 31,617,508 32,344,711 33,088,639 33,849,678 34,628,220 PFC Fund Interest Income (1) 49, ,641 77, , PFC Revenue 27,036,641 27,930,908 29,416,387 31,109,607 31,617,508 32,344,711 33,088,639 33,849,678 34,628,220 PFC Expenditures PFC Bond Debt Service (2) 10,666,158 13,573,381 13,767,427 13,758,412 14,088,589 14,406,093 14,740,488 14,768,817 14,630,890 Series 19 Bonds (3) Redeem 1999B PFC Bonds (4) 0 6,000, PFC Swap Collateral (5) 6,210,000 1,870,000-1,380,000-1,050, Pay-as-you-go PFC expenditures Existing PFC Approvals Application #10 10,000,000 3,886, Application # ,354, ,760 2,559, Total Existing PFC approvals 10,000,000 3,886,643 12,354, ,760 2,559, Future PFC Approvals (6) Future Applications ,500,000 25,000,000 20,000,000 20,000,000 PFC Expenditures 10,000,000 3,886,643 12,354, ,760 2,559,431 39,500,000 25,000,000 20,000,000 20,000,000 Total PFC Expenditures 26,876,158 25,330,024 24,741,959 13,177,172 16,648,020 53,906,093 39,740,488 34,768,817 34,630,890 PFC Fund Ending Balance $7,039,329 $9,701,069 $14,375,497 $32,307,931 $47,277,420 $25,716,038 $19,064,189 $18,145,049 $18,142,380 (1) The Port expects to receive interest income on amounts in the PFC Fund. The interest on the First Lien Reserve Account is credited to the PFC bond accounts and is accounted as a reduction in PFC Expenditures, in the actual debt service payments. This analysis conservatively excludes projected interest income on those amounts during the Projection Period. (2) The actual debt service includes interest income on First Lien PFC Reserve Account. (3) To the extent that PFC funds are available, the Port may pay PFC-eligible debt service associated with the PFC-approved projects funded in part with the proceeds of Series 19 Airport Revenue Bonds. The Port is not obligated to make any such payments and, therefore, they are excluded from this analysis. (4) The Port used available PFC funds to redeem certain outstanding Series 1999B PFC Bonds on October 12, (5) PFC funds posted to meet estimated PFC swap collateral requirements (as of June 2014) associated with certain interest rate swaps in connection with the Series 2012A PFC Bonds. The Port does not currently anticipate that any such collateral will be drawn on during the Projection Period. (6) To the extent that PFC funds are available, and that future FAA approvals are received, the Port expects to use PFC funds on a pay-as-you-go basis to fund PFC-eligible costs of certain future capital projects. 19

22 INFORMATION PERTAINING TO: OREGON LOCAL GOVERNMENTS LIMITED TAX PENSION OBLIGATIONS SERIES 2002 and SERIES 2005 ISSUER CUSIP 68608D 20

23 FULL TIME EQUIVALENT EMPLOYEES - REPRESENTED & NON-REPRESENTED Estimates for Budget for fiscal year ending June 30, 2015 Contract Expiration Date Represented FTE's Nonrepresented FTE's Total FTEs Department/Bargaining Unit Marine Maintenance 6/30/ Security 6/30/ Non-represented Total Marine Aviation Fire 6/30/ Police & Dispatch 6/30/2014 (1) Parking control reps. 6/30/ Maintenance 6/30/ Non-represented Total Aviation Navigation Navigation 6/30/ Non-represented Engineering Property & Development Services Landscape Gardeners 6/30/ Non-represented Total properties Administration Total Port (1) Port is currently in mediation with the Police & Dispatch union on a new contract. At this point, it is unknown when the new contract will be agreed upon. 21

24 REPRESENTATIVE PROPERTY TAX LEVY RATES 2014 Fiscal Year* Port of Portland District (Property tax rates per thousand of Assessed Value) County/ Governmental Unit School General Government (limited) Unlimited (Debt) Total Clackamas County (tax code ) Education Service District $ $ - $ - $ School Districts Schools Local Option Levy Community College Clackamas County Port of Portland Metro Service District Metro Service District Local Option Vector Control Vector Control Local Option Fire Dist 64 TVF&R Fire Dist 64 TVF&R Local Option City - West Linn Tri- Met Urban Renewal Districts Total Tax Code $ $ $ $ Multnomah County (tax code 001) Education Service District $ $ - $ - $ Portland School District Portland School District Local Option Levy Portland Community College City of Portland City of Portland Local Option Levy Port of Portland Metro Service District Multnomah County Multnomah County Local Option Levy Tri-Met Urban Renewal & Special West Soil/Water Conservation Dist Total Tax Code $ $ $ $ Washington County (tax code ) Washington County $ - $ $ NW Regional ESD Portland Community College Beaverton School District # Clean Water Services Tualatin Hills Park & Rec Tualatin Valley Fire & Rescue City of Beaverton Port of Portland Metro Service District Tri Met Tualatin Valley Water District Urban Renewal - Beaverton Total Tax Code $ $ $ $ Source: Assessment and Taxation divisions for Clackamas, Multnomah, and Washington Counties *Based on each County fiscal year 22

25 REPRESENTATIVE PROPERTY TAX LEVY RATES 2015 Fiscal Year* Port of Portland District (Property tax rates per thousand of Assessed Value) County/ Governmental Unit School General Government (limited) Unlimited (Debt) Total Clackamas County (tax code ) Education Service District $ $ - $ - $ School Districts Schools Local Option Levy Community College Clackamas County Port of Portland Metro Service District Metro Service District Local Option Vector Control Vector Control Local Option Fire Dist 64 TVF&R Fire Dist 64 TVF&R Local Option City - West Linn Tri- Met UR County SP Urban Renewal Districts Total Tax Code $ $ $ $ Multnomah County (tax code 001) Education Service District $ $ - $ - $ Portland School District Portland School District Local Option Levy Portland Community College City of Portland City of Portland Local Option Levy Port of Portland Metro Service District Multnomah County Multnomah County Local Option Levy Tri-Met Urban Renewal & Special West Soil/Water Conservation Dist Total Tax Code $ $ $ $ Washington County (tax code ) Washington County $ - $ $ - $ NW Regional ESD $ Portland Community College $ Beaverton School District # $ Clean Water Services $ - Tualatin Hills Park & Rec $ Tualatin Valley Fire & Rescue $ City of Beaverton $ Port of Portland $ Metro Service District $ Tri Met $ - Tualatin Valley Water District $ - Urban Renewal - Beaverton Total Tax Code $ $ $ $ Source: Assessment and Taxation divisions for Clackamas, Multnomah, and Washington Counties *Based on each County fiscal year 23

26 MAJOR TAXPAYING ACCOUNTS BY COUNTY WITHIN THE PORT DISTRICT Fiscal Year Ending June 30, 2014 Clackamas County Assessed Value (1) Taxes (2) Portland General Electric $574,394,726 $8,034,136 Shorenstein Properties LLC 254,867,466 4,120,048 General Growth Properties Inc. 212,327,904 3,294,627 Comcast Corporation 172,033,400 3,065,805 Fred Meyer Stores Inc. 280,241,542 2,907,004 Northwest Natural Gas Co. 174,232,000 2,628,860 PCC Structurals Inc. 102,095,512 1,682,218 Xerox Corporation 87,672,754 1,571,005 Blount Inc. 75,919,228 1,179,196 Mentor Graphics Corp 63,191,146 1,143,838 Multnomah County Assessed Value Taxes Port of Portland (tenants) (3) $547,180,920 $11,674,319 Portland General Electric 407,218,200 8,456,930 Comcast Corporation 447,184,590 7,447,024 PacifiCorp (Pacific Power) 256,447,100 5,706,946 Weston Investment Co. LLC 316,652,000 5,357,307 Evraz Inc. NA 218,521,390 3,822,859 Alaska Airlines Inc. 157,226,550 3,794,411 Centurylink 166,683,890 3,520,190 Boeing Company 138,509,410 3,212,877 At&t, Inc. 135,283,070 3,046,547 Washington County Assessed Value Taxes Intel Corporation $1,269,464,924 $21,130,140 Nike, Inc. 566,111,038 9,489,789 Portland General Electric 412,348,330 6,589,948 Pacific Realty Associates 308,313,428 5,085,493 Comcast Corporation 267,863,300 4,773,357 Northwest Natural Gas CO. 299,588,240 4,648,262 Frontier Communications 249,585,000 4,172,510 Fred Meyer Stores, Inc. 149,478,380 2,681,994 Maxim Integrated Products 142,394,136 2,332,591 PPR Washington Square LLC 134,845,690 2,330,143 (1) Assessed value does not exclude offsets such as urban renewal and farm tax credits. (2) Tax amount is the total tax paid by the taxpayer within the boundaries of the District and County, respectively. This amount is distributed to individual local governments by the County. A breakdown of amounts paid to each individual local government is not available. (3) Private companies that are tenants of the Port of Portland pay taxes on property leased to them by the Port. The Multnomah County Assessor lists the taxpaying account as the Port of Portland. Source: Piper Jaffray & Co. Seattle-Northwest Division 24

27 PROPERTY VALUATION Fiscal Year Ending June 30, 2013 Clackamas County Multnomah County Washington County Total Port District Measure 5 Value (1) $45,905,312,668 $98,078,710,048 $64,533,958,894 $208,517,981,610 Assessed Value $40,373,491,335 $66,174,664,135 $51,181,916,090 $157,730,071,560 (1) Measure 5 value is the property value used by County assessors to measure property tax compression under the limits of Ballot Measure five which amended the State Constitution in Source: Piper Jaffray & Co. Seattle-Northwest Division 25

28 ESTIMATED POPULATION Fiscal Year Ending June 30, 2014 County July 1, 2013 July 1, 2014 Clackamas 386, ,525 Multnomah 756, ,775 Washington 550, ,465 Total 1,693,600 1,717,765 Source: Population Research Center, Portland State University 26

29 DEBT SERVICE REQUIREMENTS - LIMITED TAX PENSION BONDS Fiscal Year Ended June 30 Series 2002 Pension Bonds Series 2005 Pension Bonds Principal (1) Compound Interest Total Principal (1) Interest Total Total Debt Service ,100 4,254,850 5,100, , ,463 1,483,463 6,584, ,806 4,469,144 5,330, , ,795 1,544,795 6,875, ,546 4,693,404 5,570, , ,753 1,606,753 7,177, ,815 4,927,135 5,820, , ,096 1,669,096 7,490, ,618 5,184,332 6,085, , ,580 1,736,580 7,822, ,097,781 5,258,169 6,355,950 1,100, ,719 1,803,719 8,159, ,695,000 2,947,798 6,642,798 1,230, ,270 1,880,270 8,523, ,540,000 2,694,690 7,234,690 1,365, ,721 1,953,721 9,188, ,840,000 2,404,250 7,244,250 1,510, ,416 2,030,416 9,274, ,495,000 2,072,710 7,567,710 1,670, ,856 2,114,856 9,682, ,205,000 1,696,303 7,901,303 1,835, ,289 2,196,289 10,097, ,965,000 1,286,773 8,251,773 2,015, ,465 2,284,465 10,536, ,810, ,670 8,619,670 2,205, ,635 2,373,635 10,993, ,010, ,685 4,284,685 1,165,000 58,297 1,223,297 5,507,982 Total $49,038,666 $42,973,913 $92,012,579 $18,000,000 $7,901,355 $25,901,355 $117,913,934 (1) Principal is payable on June 1 and interest on June 1 and December 1 in each year. 27

30 CITY OF PORTLAND ASSESSMENTS City Liens through Dated April 1, 2003, Matures April 1, 2023 Interest Rate 5.32% A Local Improvement District (LID) is a method by which a group of property owners can share in the cost of transportation infrastructure improvements. This involves improving the street, building sidewalks, and installing a storm water management system. An LID can also be used to install sidewalks on existing streets that previously have been accepted for maintenance by the City. Liens are for street improvements for North Marine extension between T6 entry and Kelley Point Park Fiscal Year Ended Principal Interest Fees Total June , , , , , , , , , , , , , , , , , , , , , , , , , , , Total $9,682, $6,164, $2, $15,850, Note: General Fund debt service requirements on Bonds contracts & loans are included in audited financial statements on page 21 28

31 GENERAL OBLIGATION DEBT CAPACITY Multnomah 98,078,710,048 Washington 64,533,958,894 Clackamas 45,905,312,668 Real Market Value ( ) $ 208,517,981,610 General Obligation Debt capacity (ORS ) (1.75% of Real Market Value) $ 3,649,064,678 Less: Outstanding Debt subject to limit - Remaining Legal Debt Capacity $ 3,649,064,678 Source of Real Market Value: Piper Jaffray & Co. Seattle-Northwest Division Outstanding Long-Term Debt (As of June 30, 2014) Limited Tax Pension Bonds Date of Issue Date of Maturity Amount Issued Amount Outstanding Series 2002A 3/28/2002 6/1/2020 $ 9,695,133 $ 5,213,665 Series 2002B 3/28/2002 6/1/ ,415,000 43,525,000 Series /23/2005 6/1/ ,230,000 18,000,000 Limted Tax Pension Bonds Total $ 75,340,133 $ 66,738,665 Contracts & Loans Payable City of Portland LID, Series 2003, 5.32% 4/1/2003 4/1/2023 $ 10,189,218 $ 5,779,156 Oregon Department of Transportation, MMTF-0001, 0% 5/10/2009 3/31/2021 2,000,000 1,400,000 Oregon Department of Transportation, MMTF-0003, 0% 7/6/2010 7/1/2023 7,427,000 5,941,600 Oregon Business Development Debt., B08005, 2.00% to 4.00% 8/31/ /1/2030 8,655,588 7,465,027 Oregon Business Development Debt., ,5.13% 3/19/2009 7/1/2031 1,500,000 1,384,551 Oregon Business Development Debt., ,5.13% 9/10/2009 1/1/2032 1,406,923 1,321,406 Banc of America Leasing & Capital, LLC, 2.84 % 11/1/ /1/2019 2,303,000 2,062,064 Banc of America Leasing & Capital, LLC, 4.5% 6/6/2013 6/1/ ,100,000 14,308,064 Total Contracts & Loans Payable $ 48,581,729 $ 39,661,868 Total Port Long-Term Debt $ 123,921,862 $ 106,400,533 NOTE: In addition to debt with a pledge on the Port's General Fund, the Port has issued airport revenue bonds and passenger facility charge revenue bonds, which are not reflected in the table above. Outstanding Short-Term Debt (As of June 30, 2014) The Port does not have any short-term general fund debt outstanding at this time, nor does it anticipate issuing any short-term debt in the next twelve months. Net Direct Debt Real Market Value $ 208,517,981,610 Estimated Population 1,717,765 Net Direct Debt (1) $ 0.00 Net Direct Debt to Real Market Value 0.0% Per Capita Real Market Value $ 121,389 Per Capita Net Direct Debt $ 0.00 (1) Net Direct Debt Includes all voter-approved, tax supported bonds. Self-supporting bonds and limited-tax obligations, such as the Port's Pension Bonds and capital leases, are excluded. Debt Payment Record The Port has promptly met principal and interest payments on outstanding bonds and other indebtedness in the past ten years when due. Additionally, no refunding bonds have been issued for the purpose of preventing and impending default. 29

32 Percentages of Taxes Collected in the Year of the Levy Fiscal Year Ended June Clackamas County 95.71% 96.28% 96.79% 96.73% 97.04% 97.49% Multnomah County 96.43% 96.85% 97.22% 96.89% 97.26% 97.40% Washington County 96.94% 97.20% 97.63% 97.52% 97.91% 98.01% NOTE: Percentage of total tax levy collection in the County. Pre-payment discounts are considered as collected when outstanding taxes are calculated. The tax rates are before offsets. Source: Piper Jaffray & Co. Seattle-Northwest Division 30