Since'&~~ Greater Orlando Aviation Authority. Orlando International Airport One Jeff Fuqua Boulevard Orlando, Florida (407)

Greater Orlando Aviation Authority One Jeff Fuqua Boulevard Orlando, Florida 32827-4399 (407) 825-2001 March 25,2015 Digital Assurance Certification 390 North Orange A venue Suite 1750 Orlando, FL 32801 RE: Officers Certificate for Greater Orlando Aviation Authority Relating to the Comprehensive Annual Financial Report Issues Including: See attached list I hereby certify that the Comprehensive Annual Financial Report, electronically attached herewith constitutes the annual financial information required by the Disclosure Dissemination Agent Agreement. I further certify that the information complies with the Disclosure Dissemination Agent Agreement and the Rule as required. DAC shall be entitled to rely on this certificate. If you have further questions about this matter please contact Jeri Danforth at 407-825-3590 or me at 407-825-2026. Since'&~~ i Churchill, f Financial Officer

Greater Orlando Aviation Authority Annual Disclosure Report for the Fiscal Year Ended September 30, 2014 Relating to Various Series of Airport Facilities Revenue Bonds Special Purpose Facilities Taxable Revenue Bonds (Rental Car Facility Project), Series 2009 City of Gulf Breeze Capital Funding Revenue Bonds, Series 1997B

TABLE OF CONTENTS Page INTRODUCTION...1 AIRPORT FACILITIES REVENUE BONDS...2 Outstanding Airport Facilities Revenue Bonds...2 Continuing Disclosure Undertakings...3 Historical Debt Service Coverage Per Bond Resolution...3 Statement of Revenues and Expenses...4 Historical Enplaned...5 Airlines Serving...6 Historical Airline Market Shares - Percentage of Total...7 International Enplaned...8 Passenger Facility Charges...9 Airline Landed Weights (in thousands of pounds)...10 Description of Any Material Litigation...10 SPECIAL PURPOSE FACILITIES TAXABLE REVENUE BONDS (RENTAL CAR FACILITY PROJECT)...11 Continuing Disclosure Undertakings...12 Debt Service Coverage - Rate Covenant...12 CFC Collections by Company...13 SERIES 1997B GULF BREEZE BONDS...14 Continuing Disclosure Undertakings...14 Historical Debt Service Coverage Per Bond Resolution...14 Statement of Revenues and Expenses...15 Historical Enplaned...16 Airlines Serving...17 Historical Airline Market Shares - Percentage of Total...18 International Enplaned...19 Passenger Facility Charges...20 Airline Landed Weights (in thousands of pounds)...21 (i)

INTRODUCTION This Annual Disclosure Report for the Fiscal Year Ended September 30, 2014 (this "Report") has been prepared, and is being filed, by the Greater Orlando Aviation Authority (the "Authority") in connection with its annual continuing disclosure obligations as an "Obligated Person" (as defined in Rule 15c2-12 of the Securities Exchange Commission (the "Rule") promulgated under the Securities and Exchange Act of 1934, as amended), relating to various series of the Authority's outstanding Airport Facilities Revenue Bonds (the "Airport Facilities Revenue Bonds"), the Authority's Special Purpose Facilities Taxable Revenue Bonds (Rental Car Facility Project) (the "CFC Bonds"), and the City of Gulf Breeze Capital Funding Revenue Bonds, Series 1997B (the "Series 1997B Gulf Breeze Bonds"). This Report contains the required updates to annual financial and operating information of the Authority reported as of September 30, 2014, except where expressly indicated otherwise. The information in this Report has been compiled by the Authority from sources believed to be reliable, however, no warranty or guarantee is provided as to the accuracy or completeness of such information. Furthermore, the information in this Report is provided as of the dates set forth in this Report and there is no assurance that such information has not changed or will not change after the date hereof. The Authority annually prepares its Comprehensive Annual Financial Report (the "CAFR"). The Authority will contemporaneously file the CAFR for the Fiscal Year ended September 30, 2014 (the "2014 CAFR"), which contains the Audited Financial Statements (as defined herein), with this Report on EMMA at http://emma.msrb.org. [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

AIRPORT FACILITIES REVENUE BONDS Outstanding Airport Facilities Revenue Bonds As of September 30, 2014, the Authority had the following outstanding Airport Facilities Revenue Bonds for which it entered into an undertaking pursuant to the Rule (the "Affected Bonds"): $46,640,000 Airport Facilities Refunding Revenue Bonds, Series 1998, dated August 15, 1998 $141,485,000 Airport Facilities Refunding Revenue Bonds, Series 2007A, dated August 9, 2007 $248,070,000 Airport Facilities Refunding Revenue Bonds, Series 2008A, dated March 31, 2008 $26,110,000 Airport Facilities Refunding Revenue Bonds, Series 2008B (Taxable), dated March 31, 2008 $98,550,000 Airport Facilities Refunding Revenue Bonds, Series 2009A (AMT), dated June 16, 2009 $11,275,000 Airport Facilities Taxable Refunding Revenue Bonds, Series 2009B, dated June 16, 2009 $87,110,000 Airport Facilities Revenue Bonds, Series 2009C, dated December 17, 2009 $79,705,000 Airport Facilities Revenue Bonds, Series 2010A, dated April 15, 2010 $84,105,000 Airport Facilities Refunding Revenue Bonds, Series 2010B, dated April 15, 2010 $70,040,000 Airport Facilities Refunding Revenue Bonds, Series 2011B, dated September 20, 2011 $40,425,000 Airport Facilities Refunding Revenue Bonds, Series 2011C, dated October 12, 2011 $67,945,000 Airport Facilities Taxable Refunding Revenue Bonds, Series 2011D, dated October 12, 2011 $37,065,000 Airport Facilities Refunding Revenue Bonds, Series 2012A, dated July 3, 2012 2

Continuing Disclosure Undertakings Presented below are the Authority's continuing disclosure undertakings with respect to the Affected Bonds: Historical Debt Service Coverage Per Bond Resolution Historical Debt Service Coverage Per Bond Resolution Fiscal Years 2010-2014 (in thousands) Fiscal Year Ended September 30 2010 2011 2012 2013 2014 Revenues Per Bond Resolution $363,449 $393,262 $396,984 $463,377 $418,696 Less: Operations and Maintenance Expenses per Bond Resolution (2) (173,884) (187,453) (192,672) (198,191) (208,394) Net Revenues $189,565 $205,809 $204,312 $265,186 $210,302 Less: Required Account Deposits: Airport Facilities Operations and Maintenance Reserve Fund - $ 1,406 $ 1,064 $ 1,935 $ 1,001 Airport Facilities Capital Expenditure Fund - - - - - Airport Facilities Renewal and Replacement Fund - - - - - Total Required Account Deposits - $ 1,406 $ 1,064 $ 1,935 $ 1,001 Net Revenues available for Debt Service on Bonds $189,565 $204,403 $203,248 $263,251 $209,301 Debt Service on Senior Lien Bonds $117,845 $120,392 $119,719 $161,391 $101,472 Coverage Ratio for Bonds 1.61 1.70 1.70 1.63 2.06 Effective with Fiscal Year 2009, Revenues are earned by the Airport Facilities Revenue Account, before revenue sharing with airlines required by the Airlines Lease and Use Agreement plus miscellaneous receipts in the Operations and Maintenance Account. Effective Fiscal Year 2014, the Airport established Rates by Resolution. (2) Expenses and encumbrances incurred by the Airport Facilities Operations and Maintenance Account. [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 3

Statement of Revenues and Expenses Operating Revenues: Statement of Revenues and Expenses Fiscal Years 2010-2014 Fiscal Year Ended September 30 2010 2011 2012 2013 2014 Airfield Area $ 32,658 $ 34,008 $ 34,169 $ 36,912 $ 35,211 Terminal Area 125,208 137,320 142,623 148,623 163,362 Ground Transportation 128,662 138,369 139,138 143,804 148,235 Other Bldgs. and Site Rentals 14,302 15,462 16,648 16,134 16,474 Hotel 28,236 30,390 31,358 32,385 33,180 Total Operating Revenues $ 329,066 $ 355,549 $ 363,936 $ 377,858 $ 396,462 Operating Expenses Operation and Facilities (101,178) (112,924) (117,119) (116,891) (117,903) Safety and Security (20,956) (24,338) (25,341) (26,476) (28,142) Administration (25,446) (25,830) (28,598) (30,844) (34,899) Hotel (24,613) (25,776) (26,174) (26,425) (26,604) Other (10,694) (10,106) (8,404) (8,626) (8,400) Total Operating Expenses before depreciation ($ 182,887) ($ 198,974) (205,636) ($ 209,262) ($ 215,948) Operating Income before depreciation 146,179 156,575 158,300 168,596 180,514 Depreciation (140,075) (2) (116,354) (117,197) (117,914) (117,529) Operating Income $ 6,104 $ 40,221 $ 41,103 $ 50,682 $ 62,985 Non-Operating Revenues (Expenses): Investment Income 6,529 4,200 2,713 2,393 2,061 Net Increase (decrease) in the fair value of investments - - 94 (2,971) 1,274 Interest Expense (68,248) (65,403) (60,683) (52,980) (46,569) Participating Airline Net Revenue Sharing (16,741) (16,352) (17,273) (18,932) (51,553) Passenger Facility Charges 68,327 70,277 69,151 67,011 67,501 Customer Facility Charges 21,946 23,295 23,715 23,169 23,951 Federal and State Grants 1,384 1,101 1,918 735 460 Other 341 2,856 460 788 371 Income Before Capital Contributions $ 19,642 $ 60,195 $ 61,198 $ 69,895 $ 60,481 Capital Contributions 37,325 15,922 24,064 21,693 31,909 Increase in Net Position $ 56,967 $ 76,117 $ 85,262 $ 91,588 $ 92,390 Total Net Position, Beginning of year 1,377,169 1,434,136 1,510,253 1,577,271 1,668,859 Total Net Position, End of year $1,434,136 $1,510,253 $1,595,515 $1,668,859 $1,761,249 Interest expense and unrestricted net position have been restated for Fiscal Years 2013 and 2012 as a result of the implementation of GASB 65 in Fiscal Year 2014. Interest expense and unrestricted net position have not been restated for Fiscal Years prior to 2012 due to the fact that the information is not readily available and it is not practical to accumulate the information. (2) Included in depreciation and impairment write-down in 2010, is a $28.1 million impairment write-down related to South Terminal design costs included in capital assets. The Authority determined that these costs provided no future benefit due to the update in federal regulations related to airport security as well as modifications to building code regulations. 4

Historical Enplaned Fiscal Year Ended September 30 Domestic Enplaned Historical Enplaned Fiscal Years 2005 through 2014 International Enplaned Total Enplaned Percent Change from Previous Year 2005 15,760,855 1,072,644 16,833,499 10.5% 2006 16,258,674 1,058,199 17,316,873 2.9 2007 16,747,601 1,084,217 17,831,818 3.0 2008 16,920,447 1,317,831 18,238,278 2.3 2009 15,373,029 1,425,573 16,798,602 (7.9) 2010 15,535,522 1,595,574 17,131,096 2.0 2011 16,080,029 1,692,020 17,772,049 3.7 2012 15,870,366 1,859,675 17,730,041 (0.2) 2013 15,470,690 1,956,577 17,427,267 (1.7) 2014 15,477,675 2,057,323 17,534,998 0.6 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 5

Airlines Serving Airlines Serving (As of September 30, 2014) Participating Nonparticipating Domestic Nonparticipating International Aerovias de Mexico S.A. de C.V. (2) Alaska Airlines, Inc. Aer Lingus Ltd. Air Canada Miami Air International, Inc. Aerovias Del Continente Americano American Airlines Inc. MN Airlines LLC S.A. Avianca British Airways Virgin America Inc. Air Transat COPA Airlines Bahamasair Delta Airlines CanJet Airlines Frontier Airlines Caribbean Airlines Limited jetblue Airways Corp. Commuter Concesionaria Vuela Compania Silver Airways Corp. Chautauqua Airlines Aviacion SAPI de CV Southwest Airlines Co. (3) Endeavor Airlines Inc. Lufthansa Airlines Spirit Airlines (4) Express Jet Airlines Norwegian Air Shuttle ASA United Airlines Inc. (5) GoJet Airlines LLC Sunwing Airlines Inc. US Airways Republic Airlines Inc. TACA International Airlines Virgin Atlantic Airways, Ltd. Shuttle America Corp. TAM Brazilian Airlines WestJet Airlines Ltd. SkyWest Airlines, Inc. Thomas Cook Airlines VRG Linhas Aereas SA, GOL Transportes Cargo ABX Air Inc. Air Transport International Federal Express Corporation Mountain Air Cargo United Parcel Service Inc. Seasonal AEROGAL - Aerolineas Galapagos S.A. Falcon Air Express Grupo Aereo Monterrey S.A. Other (6) Aeroflot Russian Intl Airlines Aerolineas Argentinas Amerijet International Atlas Air Cargo Flair Airlines Ltd Kalitta Charters North American Airlines Omni Air International Thomson Airways Limited Information in this table regarding airlines serving the Airport was previously presented for previous years based on a breakdown between "Signatory and Non-Signatory" airlines. Effective November 1, 2013, pursuant the resolution adopted by the Authority Board on October 16, 2013, the Authority changed the classifications of the airlines serving the Airport to "Participating and Nonparticipating" airlines. See Note 17 to the Authority s Audited Financial Statements for the Fiscal Year ended September 30, 2014. Information for previous years has been reclassified from that previously reported. (2) Participating effective November 2013. (3) Southwest and AirTran merged. (4) Participating effective February 2014. (5) United and Continental merged. (6) Airlines with ad hoc or diversion operations. 6

Historical Airline Market Shares - Percentage of Total Historical Airline Market Shares Percentage of Total Fiscal Years 2010-2014 2010 2011 2012 2013 2014 Participating Airlines Southwest Airlines 21.88% 21.44% 21.26% 19.06% 27.85% AirTran Airways 13.02 13.09 11.54 10.16 - Delta Air Lines 13.85 14.96 14.71 15.10 15.32 jetblue Airways 11.68 12.61 13.46 13.97 13.89 United Airlines (3) 5.08 4.58 4.34 4.26 10.34 US Airways 6.79 6.82 7.20 7.93 8.12 American Airlines (2) 7.22 7.68 7.96 7.85 8.04 Continental Airlines 5.69 5.45 5.29 5.65 - Spirit Airlines 2.33 2.16 2.42 2.90 3.26 Virgin Atlantic Airways Ltd 2.63 2.36 2.25 2.37 2.30 Air Canada 1.01 1.11 1.27 1.38 1.42 Frontier Airlines - - 0.96 1.27 1.25 COPA Airlines - 0.62 0.76 0.88 0.97 WestJet Airlines Ltd 0.81 0.82 0.79 0.81 0.89 British Airways 0.57 0.50 0.60 0.65 0.71 Midwest Airlines 0.51 - - - - Allegiant 1.20 0.41 - - - Silver Airways Corp - - - 0.10 0.38 Aerovias de Mexico SA de CV - - - - 0.41 Subtotal Participating Airlines 94.27% 94.61% 94.81% 94.35% 95.16% Non-Participating Airlines Domestic Mainline 3.00% 2.20% 1.40% 2.76 1.37% Foreign Flag Airlines 2.47% 2.65% 3.29% 2.68 3.45 Commuter Airlines 0.26% 0.54% 0.50% 0.21 0.02 TOTAL 100.00% 100.00% 100.00% 100.00% 100.00% 7

International Enplaned Fiscal Year Ended September 30 International Participating Airlines International Enplaned Fiscal Years 2005-2014 International Non-Participating Airlines International Total Annual Increase (Decrease) Percent of Total 2005 502,451 570,193 1,072,644 10.22 6.37% 2006 483,595 574,604 1,058,199 (1.35) 6.11 2007 756,757 327,460 1,084,217 2.46 6.08 2008 877,957 439,874 1,317,831 21.55 7.23 2009 973,672 451,901 1,425,573 8.18 8.49 2010 1,166,635 428,939 1,595,574 11.93 9.31 2011 1,216,374 475,646 1,692,020 6.04 9.52 2012 1,274,986 584,689 1,859,675 9.91 10.49 2013 1,329,429 627,148 1,956,577 5.21 11.23 2014 1,450,189 607,134 2,057,323 5.15 11.73 Information in this table regarding international passenger traffic was previously presented for previous years based on a breakdown between "scheduled and charter" airlines. However, the Authority no longer compiles traffic using those categories. Beginning in Fiscal Year 2014 and continuing in for future Fiscal Years, information in this table international passenger traffic will be presented based on a breakdown of "Participating and Nonparticipating" airline traffic and information for previous years has been reclassified accordingly. [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 8

Passenger Facility Charges Passenger Facility Charges September 30, 2014 Expenditures through September 30, 2014 Application Number Collection Authority Collections through September 30, 2014 92-01-C-05-MCO (Closed) $ 34,099,841 $ 34,099,841 $ 34,099,841 93-02-C-01-MCO (Closed) 8,140,005 8,140,005 8,140,005 95-03-C-02-MCO (Closed) 18,637,986 18,637,986 18,637,986 96-04-C-08-MCO (Closed) 58,845,584 58,845,584 58,845,584 98-05-C-05-MCO (Closed) 114,471,533 114,471,533 114,471,533 99-06-C-03-MCO 115,293,664 115,293,664 71,567,817 00-07-C-03-MCO 181,271,854 181,271,854 71,725,452 00-08-C-01-MCO 253,632,770 253,632,770 31,477,022 02-09-C-06-MCO 130,796,988 130,796,988 94,689,300 05-10-C-10-MCO 749,303,511 145,995,485 283,254,686 07-11-C-01-MCO 49,330,000-22,039,478 09-13-C-02-MCO 227,788,000-25,932,750 11-14-C-01-MCO 28,452,400-14,533,756 13-15-C-00-MCO 189,994,500-12,642,288 13-16-C-00-MCO 232,500,000 - - 14-17-C-00-MCO 396,491,622-498,964 Total Authority: $2,789,050,258 $1,061,182,710 $862,556,463 Expenditures for each application may commence upon notification of the approval of the Application. For reporting purposes, PFC collections are reported as applied to each application in order of the applications until the collection authority amount has been met for each application. As a result of this reporting method, there are allowable expenditures reported for applications that may not show collections directly assigned to them. [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 9

Airline Landed Weights (in thousands of pounds) Fiscal Year Ended September 30 Airline Landed Weights Fiscal Years 2005-2014 (in thousands) Participating Airlines Non-Participating Airlines Cargo Total Percent Change 2005 18,410,983 2,493,047 1,179,565 22,083,595 8.90% 2006 17,747,211 3,410,475 997,753 22,155,439 0.33 2007 19,823,344 1,796,879 988,143 22,608,366 2.04 2008 20,597,384 1,535,036 901,786 23,034,206 1.88 2009 19,012,961 1,033,581 806,561 20,853,103 (9.47) 2010 18,754,352 1,365,686 778,678 20,898,716 0.22 2011 19,239,801 1,371,432 809,678 21,420,911 2.50 2012 18,946,251 1,461,367 735,221 21,142,839 (1.30) 2013 18,585,998 1,429,477 738,365 20,753,840 (1.84) 2014 18,462,195 1,444,547 764,323 20,671,065 (0.40) Information in these columns were previously presented for previous years based on a breakdown between "Signatory and Non-Signatory" airlines. Effective November 1, 2013, pursuant the resolution adopted by the Authority Board on October 16, 2013, the Authority changed the classifications of the airlines serving the Airport to "Participating and Nonparticipating" airlines. See Note 17 to the Authority s Audited Financial Statements for the Fiscal Year ended September 30, 2014. Information for previous years has been reclassified from that previously reported. Description of Any Material Litigation The Authority is not aware of any material litigation as of the Fiscal Year ended September 30, 2014. [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 10

SPECIAL PURPOSE FACILITIES TAXABLE REVENUE BONDS (RENTAL CAR FACILITY PROJECT) The Authority issued the CFC Bonds to construct a Rental Car Quick Turn Around and Support Facility. The CFC Bonds are payable solely from and secured by a pledge of the Pledged Revenues derived by the Authority from the imposition of the Customer Facility Charge collected by the rental car companies operating at the Airport and remitted to the Authority. The CFC Bonds are currently the only outstanding bonds of the Authority secured and payable from the Customer Facility Charge. [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 11

Continuing Disclosure Undertakings Presented below are the Authority's continuing disclosure undertakings with respect to the CFC Bonds: Debt Service Coverage - Rate Covenant 2010 2011 2012 2013 2014 Pledged Revenues $22,280 $23,379 $23,820 $23,189 $23,972 Coverage Fund Required Balance (Series 2009 Bonds) 2,356 2,356 2,356 2,356 2,356 Adjusted Pledged Revenues $24,636 $25,735 $26,176 $25,545 $26,328 Annual Debt Service (Series 2009 Bonds) $ 9,366 $ 9,525 $ 9,522 $ 9,526 $ 9,523 Debt Service Coverage (with Coverage Fund) 2.63 2.70 2.75 2.68 2.76 Debt Service Coverage (without Coverage Fund) 2.38 2.45 2.50 2.43 2.52 "Pledged Revenues" according to the CFC Bond Resolution means the aggregate of (i) the Customer Facility Charges receivable by the Authority, and (ii) excluding any investment income derived from the Project Fund and the Facility Improvement Fund, all investment income of every kind derived from amounts credited to the Pledged Funds. "Pledged Funds" according to the CFC Bond Resolution means (i) any amounts on deposit from time to time in the Revenue Fund, the Debt Service Fund, the Debt Service Reserve Fund, the Coverage Fund, and the CFC Stabilization Fund, and (ii) any amounts, other than investment income, on deposit in the Project Fund from time to time that are not encumbered or otherwise allocated by the Authority to or necessary for the completion of a Project, and (iii) any amounts, other than investment income, on deposit in the Facility Improvement Fund from time to time that are not encumbered or otherwise allocated by the Authority to or necessary for the completion of a Project. Source: Greater Orlando Aviation Authority. 12

CFC Collections by Company FYE 09/30/09-Accrual Basis (in Thousands) Company Oct-08 Nov-08 Dec-08 Jan-09 Feb-09 Mar-09 Apr-09 May-09 Jun-09 Jul-09 Aug-09 Sep-09 YTD Avis/Budget $ 491 $ 565 $ 423 $ 501 $ 517 $ 656 $ 611 $ 533 $ 421 $ 394 $ 369 $ 272 Dollar/Thrifty 352 358 592 531 344 511 414 352 338 369 373 250 L&M 48 58 67 70 62 77 73 71 55 77 75 48 EAN 513 404 583 706 744 889 783 666 583 555 568 468 Hertz 195 202 201 264 225 265 260 297 295 287 297 221 Total $1,599 $1,586 $1,867 2,073 $1,892 $2,398 $2,140 $1,918 $1,692 $1,682 $1,682 $1,260 $21,790 FYE 09/30/10-Accrual Basis (in Thousands) Company Oct-09 Nov-09 Dec-09 Jan-10 Feb-10 Mar-10 Apr-10 May-10 Jun-10 Jul-10 Aug-10 Sep-10 YTD Avis/Budget $ 431 $ 401 $ 334 $ 424 $ 449 $ 591 $ 540 $ 465 $ 411 $ 415 $ 381 $ 306 Dollar/Thrifty 312 313 258 312 345 433 436 401 342 387 365 252 L&M 59 58 56 74 57 67 71 69 64 80 73 48 EAN 621 636 572 769 707 887 849 686 606 569 606 541 Hertz 275 283 290 373 283 375 360 344 334 328 308 265 Total $1,697 $1,691 $1,510 $1,952 $1,841 $2,353 $2,256 $1,965 $1,757 $1,779 $1,733 $1,412 $21,946 FYE 09/30/11-Accrual Basis (in Thousands) Company Oct-10 Nov-10 Dec-10 Jan-11 Feb-11 Mar-11 Apr-11 May-11 Jun-11 Jul-11 Aug-11 Sep-11 YTD Avis/Budget $ 402 $ 455 $ 390 $ 435 $ 457 $ 640 $ 589 $ 488 $ 427 $ 456 $ 380 $ 653 Dollar/Thrifty 362 351 255 307 286 410 390 346 315 390 337 290 L&M 65 61 53 60 58 62 51 48 39 55 56 324 EAN 635 730 666 856 760 917 868 820 668 693 685 274 Hertz 326 310 324 356 333 360 369 441 380 389 351 45 Total $1,790 $1,906 $1,687 $2,014 $1,894 $2,388 $2,267 $2,143 $1,829 $1,983 $1,809 $1,585 $23,295 FYE 09/30/12-Accrual Basis (in Thousands) Company Oct-11 Nov-11 Dec-11 Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 YTD Avis/Budget $ 427 $ 458 $ 409 $ 447 $ 538 $ 666 $ 562 $ 463 $ 437 $ 405 $ 368 $ 298 Dollar/Thrifty 354 356 296 331 312 420 403 353 344 375 372 314 L&M 59 51 59 75 68 75 71 68 71 85 77 64 EAN 691 760 667 766 764 875 843 732 648 631 651 535 Hertz 339 329 328 432 389 450 449 448 398 367 369 326 Total $1,870 $1,954 $1,759 $2,051 $2,071 $2,483 $2,328 $2,064 $1,898 $1,863 $1,837 $1,537 $23,715 FYE 09/30/13-Accrual Basis (in Thousands) Company Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 YTD Avis/Budget $ 425 $ 427 $ 373 $ 459 $ 516 $ 648 $ 528 $ 457 $ 457 $ 407 $ 367 $ 315 Dollar/Thrifty 353 355 306 353 331 411 372 356 371 337 371 310 L&M 74 73 84 98 90 117 115 96 90 100 99 85 EAN 597 678 633 750 692 862 834 691 614 600 652 551 Hertz 372 369 310 332 390 418 371 369 353 354 358 293 Total $1,821 $1,902 $1,706 $1,992 $2,019 $2,456 $2,220 $1,969 $1,885 $1,798 $1,847 $1,554 $23,169 FYE 09/30/14-Accrual Basis (in Thousands) Company Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 YTD Avis/Budget $ 434 $ 435 $ 420 $ 459 $ 512 $ 670 $ 584 $ 477 $ 448 $ 424 $ 415 $ 326 Dollar/Thrifty 323 353 317 365 344 383 392 392 348 323 333 327 L&M 82 75 93 106 88 132 107 95 87 101 101 88 EAN 630 690 667 828 756 895 809 785 644 673 755 595 Hertz 322 332 322 394 353 441 354 407 358 344 333 304 Total $1,791 $1,885 $1,819 $2,152 $2,053 $2,521 $2,246 $2,156 $1,885 $1,865 $1,937 $1,640 $23,951 Totals may not add due to rounding. Source: Greater Orlando Aviation Authority. 13

SERIES 1997B GULF BREEZE BONDS In 1998, the Authority borrowed $90,055,000 from a financing program sponsored by the City of Gulf Breeze, Florida (the "1998 Gulf Breeze Loan") which loan was funded from proceeds of the Series 1997B Gulf Breeze Bonds. Continuing Disclosure Undertakings Presented below are the Authority's continuing disclosure undertakings with respect to the 1998 Gulf Breeze Loan and the Series 1997B Gulf Breeze Bonds: Historical Debt Service Coverage Per Bond Resolution Historical Debt Service Coverage Per Bond Resolution Fiscal Years 2010-2014 (in thousands) Fiscal Year Ended September 30 2010 2011 2012 2013 2014 Revenues Per Bond Resolution $363,449 $393,262 $396,984 $463,377 $418,696 Less: Operations and Maintenance Expenses per Bond Resolution (2) (173,884) (187,453) (192,672) (198,191) (208,394) Net Revenues $189,565 $205,809 $204,312 $265,186 $210,302 Less: Required Account Deposits: Airport Facilities Operations and Maintenance Reserve Fund - $ 1,406 $ 1,064 $ 1,935 $ 1,001 Airport Facilities Capital Expenditure Fund - - - - - Airport Facilities Renewal and Replacement Fund - - - - - Total Required Account Deposits - $ 1,406 $ 1,064 $ 1,935 $ 1,001 Net Revenues available for Debt Service on Bonds $189,565 $204,403 $203,248 $263,251 $209,301 Debt Service on Senior Lien Bonds $117,845 $120,392 $119,719 $161,391 $101,472 Coverage Ratio for Bonds 1.61 1.70 1.70 1.63 2.06 Effective with Fiscal Year 2009, Revenues are earned by the Airport Facilities Revenue Account, before revenue sharing with airlines required by the Airlines Lease and Use Agreement plus miscellaneous receipts in the Operations and Maintenance Account. Effective Fiscal Year 2014, the Airport established Rates by Resolution. (2) Expenses and encumbrances incurred by the Airport Facilities Operations and Maintenance Account. 14