District of Columbia Institutional Investor Conference

District of Columbia Institutional Investor Conference January 18 & 19, 2018 Andrew Rountree Senior Vice President for Finance & Chief Financial Officer

Disclaimer: The information contained in this presentation has been included for general informational purposes only, and no person should make any investment decision in reliance upon the information contained herein. Under no circumstances shall the information in this presentation constitute an offer to sell or the solicitation of an offer to buy securities. No statement found in this presentation constitutes a part of any preliminary or final official statement unless it is actually set forth in such preliminary or final official statement or expressly incorporated by reference therein. The information and expressions of opinion herein are subject to change without notice, and there is no implication that there has been no change in the information and expressions of opinion herein or in the affairs of the Metropolitan Washington Airports Authority since the date this presentation was first made available. Any statements involving matters of opinion or estimates, whether or not expressly so stated, are intended as such and not as representations of fact. No representation is made that any of such statements of opinions or estimates will become true or be realized.

Discussion Agenda I. Introduction to MWAA and Service Region II. Aviation Enterprise Ronald Reagan National Airport Washington Dulles International Airport III. Dulles Corridor Enterprise Dulles Toll Road (DTR) Dulles Corridor Metrorail Project IV. Closing Remarks

Airports Authority s History and Governance Ronald Reagan Washington National Airport Washington Dulles International Airport Dulles Toll Road Dulles Corridor Metrorail 1986 MWAA Created 1987 Operates DCA & IAD 2007/2008 Control of DTR 2014-2017 Metrorail Phase 1 & 2 The Airports Authority is created with consent of U.S. Congress by Acts of D.C and the Virginia General Assembly MWAA assumed operating responsibility for DCA and IAD under a 50-year lease; subsequently extended through 2067 In 2007, Funding Partners agree to fund capital costs of a 23 mile extension of the WMATA Metrorail system VDOT transferred operational and financial control of the Dulles Toll Road to MWAA for a term through 2058 Metrorail Phase 1 opened for passenger service in July 2014 Metrorail Phase 2 construction is in progress and scheduled to be completed in late 2019 with passenger service expected in 2020 17-Member Board of Directors Appointed by: President of the U.S. (3 members) Governor of Virginia (7 members) Mayor of Washington D.C. (4 members) Governor of Maryland (3 members) Approximately 1,550 staff managed by a Boardappointed CEO

Washington D.C. Metropolitan Area VA MD Baltimore-Washington International Dulles International Dulles Toll Road DC Reagan National

Airports Authority Serves a Large and Economically Robust Region SIZE: 6.1 Million Residents (6 th largest market in the U.S.) AFFLUENCE: $65,700 Per Capita Income (9 th highest in the U.S.) ECONOMY: $491 Billion Regional GDP (5 th highest among MSAs in the U.S.) DESTINATION: $7.3 Billion Visitor Spending (8 th most visited region among international travelers) The population of the Airports Authority Service Region has grown to over 6.1 million, a 14.1% increase since 2007, which was the 5 th highest population growth in the nation for the period Highly educated work force drives strong per capita income levels 34.9% higher than national average While the Airports Authority Service Region population accounts for 1.9% of total U.S. population, it generates 2.7% of total U.S. GDP Washington, D.C. attracted 20. million domestic and 2.0 million international visitors in 2016 Source: U.S. Department of Commerce, Bureau of Economic Analysis; Destination DC; Report of the Airport Consultant (2017)

Long-term Growth for the Airports is Supported by Population Forecasts Population Growth (Annual % Change) Projected Population Growth within Service Region 2015-2045 2.0% 1.6% 1.2% 0.8% 0.4% 37.7% 19.1% 42.7% 0.0% 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 United States Airports Service Region 43.9% IAD DCA The Service Region s population growth averaged 1.4% annually between 2007 and 2016, consistently exceeding the national average of 0.8% The Region s inner suburbs (Fairfax, Montgomery and Prince George s Counties) are forecast to have the greatest total population by 2045 53.9% The Region s outer suburbs (Charles, Frederick, Loudoun, Stafford, and Prince William Counties) and surrounding jurisdictions are forecast to experience the fastest rates of growth through 2045 Source: Report of the Airport Consultant (2017) Central Jurisdictions Inner Suburbs Outer Suburbs Outer Ring - VA* Other Jurisdictions Not Modeled Source: 2045 Growth - Metropolitan Washington Council of Governments * Fredericksburg-Area Jurisdictions

Aviation Enterprise Ronald Reagan Washington National Airport (DCA) Washington Dulles International Airport (IAD) 11,830 acres 4 Active Runways 124 Passenger Gates 860 acres 3 Active Runways 44 Passenger Gates Note: Comparative aerial photographs are not to scale

Reagan National Primarily Provides Short- and Medium-Haul Domestic Air Service Seattle Portland Oakland San Francisco Los Angeles San Diego Las Vegas Salt Lake City Phoenix Nonstop Service Single Plane Service Seasonal Service New Service (TLH Feb-18, LIT Apr-18, MGM Jun-18) TOTAL MARKETS JAN 2018 SERVICE 96 Destinations 10 Carriers 407 Daily Departures Beyond Perimeter Destinations Denver Burlington Portland Toronto Minneapolis Syracuse Manchester Albany Rochester Boston Madison Buffalo Providence Lansing Grand Rapids Detroit Hartford Nantucket Martha s Vineyard Milwaukee White Plains Des Moines Cleveland New York (EWR-JFK-LGA) Chicago Omaha (MDW-ORD) Akron/Canton Pittsburgh Columbus Philadelphia Indianapolis Dayton Washington-DCA Kansas City St. Louis Cincinnati Louisville Charleston Norfolk Lexington Knoxville Raleigh Nashville Greensboro Bermuda Fayetteville Charlotte Memphis Chattanooga Greenville Wilmington Huntsville Little Rock Columbia Myrtle Beach Atlanta Augusta Birmingham Charleston Dallas/Ft. Worth Savannah (DAL-DFW) Montgomery Jackson Austin Houston (HOU-IAH) Source: Innovata Airline Schedules (December 2017 November 2018), via Diio MI Online Portal as of December 20, 2017. New Orleans Ottawa Jacksonville Pensacola Tallahassee Ft. Walton Beach Montreal Bangor Orlando Tampa Nassau Sarasota West Palm Beach Ft. Myers Ft. Lauderdale Miami San Juan Key West Most flight segment lengths are limited by 1,250 mile Perimeter Rule Takeoffs and landings are controlled and limited by High Density Rule (Slots)

2016 is the 6 th Consecutive Year of Record Enplanements at Reagan National The 7 th consecutive year of enplanement growth and 6 th consecutive year of record enplanements. Reagan National experienced a 2.4% increase in enplanements in 2016 Southwest led the growth with 12.7% increase in enplanements while American Airlines enplanements decreased 0.4% The record enplanement growth is due to reallocation of US/AA slots in 2014 to low cost carriers and ensuing aircraft upgauge by the carriers Southwest has overtaken Delta as the 2 nd largest carrier at Reagan National New Destinations in 2017 and 2018 Grand Rapids, MI Fayetteville, AR Pensacola, FL Los Angeles, CA 1 - Excludes general aviation and military enplanements. 2 - Total commercial passenger share. Ft. Walton Beach, FL Little Rock, AR Montgomery, AL Myrtle Beach, SC Tallahassee, FL 12 10-8 6 4 2 9.36 Reagan National Enplanements (1) (in millions) 9.79 10.20 10.46 11.50 11.77 11.02 2011 2012 2013 2014 2015 2016 YTD Nov 2017 Reagan National Carrier Market Share for the Year Ending 2016 (2) jetblue 8.2% United 7.9% Delta 13.7% Alaska 1.9% Southwest 14.6% Other 4.1% American 49.6% Top Carriers 2015 2016 American 51.0% 49.6% Southwest 13.3% 14.6% Delta 13.6% 13.7% jetblue 8.3% 8.2% United 7.8% 7.9% Alaska 1.9% 1.8% Other 4.2% 4.1%

Dulles International is the Premier International Gateway to the Capital Region Reykjavík Beijing Hong Kong Seoul Tokyo Vancouver Montreal Ottawa Toronto (YTZ-YYZ) YZ) Washington-IAD Nassau San Jose del Cabo Cancun Providenciales Mexico City Punta Cana Nonstop Service Grand Cayman St. Maarten Guatemala City Montego Single Plane Service San Salvador Bay Aruba Seasonal Service San Jose Panama City New Service (EDI May-18, HKG Sep-18) Bogota Moscow-SVO EdinburghCopenhagen Dublin Amsterdam London-LHR Frankfurt Brussels Munich Paris-CDG Vienna Geneva Zurich Rome Lisbon Barcelona Istanbul Madrid Delhi Casablanca Doha Dubai Jeddah Riyadh Abu Dhabi Dakar Accra Addis Ababa Lima La Paz Sao Paulo Johannesburg INTERNATIONAL MARKETS JAN 2018 SERVICE 57 Destinations 33 Carriers 58 Daily Departures DOMESTIC MARKETS JAN 2018 SERVICE 78 Destinations 8 Carriers 222 Daily Departures Source: Innovata Airline Schedules (December 2017 November 2018), via Diio MI Online Portal as of December 20, 2017.

2016 Marks 2 nd Year of Growth in Both Domestic and International Activity at Dulles International Total enplanements increased 1.4% over 2015: domestic and international enplanements increased 0.1% and 4.0%, respectively, in 2016 United s domestic enplanements increased 4.2% over 2015, the first increase since 2010 Dulles International served a record 3.7 million international enplaned passengers in 2016 - the 13 th consecutive year of international traffic growth Dulles International is the only option for nonstop service to Africa, Asia, the Middle East and South America in the region. New international service continued to expand in 2016 through 2017 12 10 8 6 4 2 - Dulles International Enplanements (1) (in millions) 11.52 11.17 10.86 10.68 10.71 10.86 10.39 72% 70% 68% 67% 67% 66% 66% 28% 30% 32% 33% 33% 34% 34% 2011 2012 2013 2014 2015 2016 YTD Nov 2017 Domestic International New Destinations in 2017 and 2018 Dulles International Carrier Market Share for the Year Ending 2016 (2) Ft. Lauderdale, FL Montreal, QB Canada Salt Lake City, UT Austin, TX Colorado Springs, CO Chicago, IL (O Hare) Las Vegas, NV San Antonio, TX Delhi, India Clarksburg, WV Ft. Lauderdale, FL Wilmington, NC Edinburgh, Scotland Hong Kong San Jose, Costa Rica Virgin America 1.8% Southwest 2.4% Delta 4.4% American 4.6% Foreign Flag 20.1% Other 3.1% United 63.6% Top Carriers 2015 2016 United 62.4% 63.6% American 4.8% 4.6% Delta 4.4% 4.4% Southwest 2.5% 2.4% Virgin America 1.8% 1.8% Foreign Flag 19.1% 20.1% Other 5.0% 3.1% 1 - Excludes general aviation and military enplanements. 2 - Total commercial passenger share.

Record System-Wide Enplanements and Diverse Carrier Mix Record system-wide enplanements and the 7 th consecutive year of system-wide enplanement growth. System-wide enplanements grew by 1.9% in 2016, exceeding the forecast of 1.5% The Airports System has a competitive mix of air carriers no one airline represents more than 35% of total enplanements Both airports have a strong O&D base of 86.8% (Reagan National) and 66% (Dulles International) of total enplanements (1) Airports System Carrier Market Share for the Year Ending 2016 (2) System-wide Enplanements (3) (in millions) jetblue 5.0% Foreign Flag 10.1% Southwest 8.7% Delta 9.3% Other 4.2% American 28.0% United 34.7% Top Carriers 2015 2016 United 34.1% 34.7% American 28.7% 28.0% Delta 9.1% 9.3% Southwest 8.1% 8.7% jetblue 5.0% 5.0% Foreign Flag 9.8% 10.1% Other 5.2% 4.2% 20.88 20.96 21.06 21.14 22.21 22.63 21.41 3.6 3.7 3.3 3.3 3.5 3.6 3.5 7.1 7.1 8.3 7.9 7.4 7.1 6.9 9.4 9.8 10.2 10.5 11.5 11.8 11.0 2011 2012 2013 2014 2015 2016 YTD Nov 2017 Reagan National (Total) Dulles (Domestic) Dulles (International) 1 - For the 12-month period ending June 20167 2 - Excludes enplanements on military and general aviation flights. Totals may not add due to rounding. 3 - Total commercial passenger share.

Airports System Has Maintained Stable Regional Market Share and Dominant Position for International Service The Airports System constitutes 64.4% regional market share In 2016, total regional international enplanements grew 3.4% of which 2.6% was attributed to the Airports System Dulles International dominates international traffic in the region with over 83% of all international enplanements departing from the Airport - Dulles International serves 54 international destinations compared to BWI s 14 and Reagan National s 5 (1) - Dulles International is the 10 th largest international gateway in the nation (2) Regional Market Share (3) 36.6% 35.5% 34.4% 33.6% 33.1% 31.2% 30.8% 28.4% 29.1% 30.2% 31.3% 32.1% 33.7% 33.6% 35.0% 35.4% 35.4% 35.1% 34.8% 35.1% 35.6% 2010 2011 2012 2013 2014 2015 2016 Baltimore Washington Reagan National Dulles 1 - Diio, Scheduled August Activity as of April 18, 2017 2 - U.S. BTS, Schedule T100 for 12 months ending October 31, 2016 3 - Based on average daily enplaned passengers; Report of Airport Consultant (2017) Source: MWAA records; BWI Air Traffic Statistics INT L EPAX 4.5 4 3.5 3 2.5 2 1.5 1 0.5 0 International Enplanement Market Share (in millions) IAD DCA BWI 2010 2011 2012 2013 2014 2015 2016 2010 2011 2012 2013 2014 2015 2016 DCA 144,340 126,064 181,350 204,020 201,127 197,719 166,929 IAD 3,177,235 3,256,804 3,317,819 3,463,983 3,566,920 3,574,810 3,719,341 BWI 246,682 272,533 339,301 404,237 424,742 549,192 582,359 Total 3,568,257 3,655,401 3,838,470 4,072,240 4,192,789 4,321,721 4,468,629 Growth 3.2% 2.4% 5.0% 6.1% 3.0% 3.1% 3.4%

Current Use and Lease Agreement Provides Valuable Financial Protection and Flexibility The term of the Agreement recognizes unique needs and capital plans of each Airport Reagan National: 10-year term (2015 2024) Dulles International: initial 3-year term (2015 2017), extended in 2016 to 2024 to be co-terminus with Reagan National (1 st Universal Amendment) Hard Coverage: Increased airline debt service coverage payments at both Airports Year Airport Debt Service 2015 through 2017 Reagan National and Dulles International 35% 2018 through 2023 Reagan National 30% 2024 Reagan National 25% Extraordinary Coverage Protection Provision: Remains at 1.25x coverage guarantee Ability to use Reagan National s Net Revenues for Dulles International s debt costs Year in which NRR is Generated Reagan National NRR Sharing Maximum MWAA Share Usable at Dulles International in Year Following Year of Generation 2016 100% MWAA/0% Airlines $40 million 2017 55% MWAA/45% Airlines $35 million 2018 55% MWAA/45% Airlines $30 million 2019 through 2023 45% MWAA/55% Airlines $25 million 2024 To be addressed in a new use/lease agreement (effective 2025), or, if none, in accordance with the 2023 NRR allocation described above Financial provisions reflecting potential changes in Perimeter Rule at Reagan National The Commonwealth of Virginia provided a $50 million grant to lower operating costs for Dulles International, which was subject to the 1 st Universal Amendment execution

The 2015-2024 CCP at Reagan National and Dulles International is Aligned With Their Respective Infrastructure Needs $1.8 Billion 2015-2024 CCP Reagan National (in thousands) New North Concourse $389,435 New North Concourse Enabling Projects 167,535 Secure National Hall 264,444 Structured Parking Garage 99,242 Terminal A (Preliminary Planning), Various Airfield, Roadway, Utility and Other Projects 276,206 Total $1,196,862 Dulles International (in thousands) Airfield Projects $196,613 Terminals 165,158 Utility Systems 55,167 Access Highway Improvements 17,252 Other - Technology, AeroTrain Major Maintenance Cycle, Mobile Lounge, Rehabilitation and Various Other Projects 204,078 Total $638,268 New North Concourse and Secure National Hall AeroTrain Major Maintenance Airfield Projects Source: Report of the Airport Consultant (2017)

Project Journey

Adding no additional aircraft capacity at Reagan National Creating a better passenger experience by ending busing from Gate 35X and bringing people in from the cold, snow, rain and heat when boarding commuter aircraft Alleviating passenger congestion by moving security checkpoints and incorporating National Hall into a connected, post-security environment Construction Timeline 2017 (Spring) Site work commences with the demolition of aircraft hangars and the corporate office building to make way for new facilities 2017 (Summer) Construction begins for new passenger security checkpoints above the arrivals roadway of Terminals B and C 2018 Groundbreaking of a 14-gate commuter concourse to end busing and outdoor boarding at the north end of Terminal C 2020 Two new security checkpoints completed with space for a total of 28 screening lanes, fully connecting National Hall, airline gates, shops and restaurants in a post-security environment 2021 New commuter concourse opens, replacing bus operations to commuter aircraft without adding additional flight capacity

Continued Strong Aviation Financial Results Operating Revenues, Expenses and Operating Income ($ Millions) Operating Revenue Shares 900 1.6% 2015 2016 800 700 761.8 774.1 (0.8%) 630.5 625.6 54.1% 45.9% 50.6% 49.4% 600 349.9 382.1 500 Non-airline revenue share continues to increase 400 Airline Revenue Non-Airline Revenue 300 200 100 0 13.0% 411.9 391.9 131.4 148.4 2015 2016 2015 2016 2015 2016 Revenue Expenses Operating Income 2017 YTD total operating revenues are $707.7 million, 0.8% higher than budgeted 2017 YTD operating expenses (excluding depreciation) are $336.0 million, 7.8% lower than budgeted 2017 YTD operating income is $142.4 million Note: 2017 YTD is through November 2017, unaudited

Non-airline Revenue Continues to Grow 2016 Operating Revenues of $774.1 Million by Type 2016 Operating Revenues of $774.1 Million by Source Other 1% Utility Sales 2% Passenger Fees 4% Landing Fees 12% Concessions 41% Airline Revenue 51% Non-airline Revenue 49% Rents 40% Concessions Revenue Growth Rates (in thousands) Concessions revenue had a robust (24.8% or $63.0 million) growth since 2014 as a result of strong performance across major concessions categories Non-airline revenue represented 43.8%, 45.9%, and 49.4% of total operating revenue in 2014 through 2016, respectively Source: Comprehensive Annual Financial Report (2016) 2014 2015 2015 % change 2016 2016 % Change Parking (40%) $116,4946 $127,170 9.2% $127,700 0.4% Rental Cars (12%) 36,298 38,966 7.3% 39,304 0.9% Ground Transportation (10%) 12,643 15,977 26.4% 30,457 90.6% Food & Beverage (10%) 20,513 26,276 28.1% 30,377 15.6% Fixed Base Operator (6%) 17,276 17,516 1.4% 20,229 15.5% Inflight Caterers (5%) 12,088 12,426 2.8% 15,207 22.4% Display Advertising (5%) 9,296 11,321 21.8% 14,963 32.2% Newsstand and Retail (5%) 12,959 13,633 5.2% 14,491 6.3% Duty Free (4%) 8,189 13,144 60.5% 13,567 3.2% Other (3%) 7,730 9,621 24.5% 10,160 5.6% Total $253,486 $286,050 12.8% $316,454 10.6%

Concession Redevelopment Program Has Enhanced Revenue and is Nearing Completion Over 140 tenant spaces have been redeveloped since the program commenced in 2014-70 food and beverage locations have been redeveloped - 72 retail locations have been redeveloped - 8 local and 10 chef-driven restaurants Reagan National ranked 9 th and Dulles International ranked 13 th in J.D. Powers airport customer satisfaction survey in 2017

New Opportunities to Increase Non-Airline Revenue Concessions Digital Assets Dulles Real Estate Increase same store sales through best in-class passenger experience Leverage technology to facilitate pre-ordering and delivery of F&B and retail items Utilize technology to inform passengers about shop/dine options beyond their eyesight Convert non-revenue producing areas into revenue producing WiFi: monetize new revenue streams i.e. digital initiatives, cellular offload agreements Website advertising opportunities Distributed antenna services: new contract in 2017, higher revenue Western Lands approval process marketing program Market prior old gas station site for new opportunities Initiate marketing program on Metro-606 site to engage developers and users Improve cash flow from existing corporate assets and expiring land leases

Strong Financial Position Further Improves Balance Sheet Reflects Strong $944 million Net Position as of 2016 Ample Operating Liquidity Days of Unrestricted Cash on Hand rose by 494 days in 2017 compared to 2011 Sufficient Construction Liquidity supported by $200 million Commercial Paper Program Pension Programs are funded at close to 100% for General Employees and 94% for Police Officers and Firefighters retirement plans Days of Unrestricted Cash on Hand Retirement Plan Funded Ratios 1000 900 800 700 600 500 400 300 200 100 0 420 470 569 608 768 809 914 2011 2012 2013 2014 2015 2016 Nov 2017 120% 110% 100% 90% 80% 109.5% 106.1% 107.7% 101.7% 104.2% 103.2% 97.5% 99.0% 99.5% 93.3% 96.9% 91.7% 99.9% 93.6% 2010 2011 2012 2013 2014 2015 2016 General Employees Police Officers & Firefighters Source: Comprehensive Annual Financial Report (2016); Authority records

2017 is Expected to Exceed the Current Forecast Enplanements at Reagan National and Dulles International* (Millions) Historical 1.6% average increase 2012-2016 Forecast 1.4% average increase 2017-2022 20.96 21.06 21.14 7.86 7.40 7.11 3.32 3.46 3.57 23.95 24.30 24.65 22.90 23.25 23.60 22.21 22.63 7.14 7.14 7.30 7.45 7.60 7.75 7.90 8.05 3.58 3.72 3.70 3.80 3.90 4.00 4.10 4.20 Dulles (Dom.) Dulles (Intl.) 9.79 10.20 10.46 11.50 11.77 11.90 12.00 12.10 12.20 12.30 12.40 Reagan National (Total) 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Most long-term increase in domestic passenger demand is expected to be accommodated at IAD, while capacity constraints and operating restrictions will limit future increases in passenger numbers at DCA * Includes both revenue and non-revenue passengers on domestic and international flights. Excludes enplanements on general aviation and military flights. Totals may not add due to rounding. Source: Report of the Airport Consultant (2017)

$30 Budgeted Average Cost per Enplanement (CPE) Decreased in 2018 Compared to 2017 at Both Airports $25 $26.47 $26.55 $20 $15 $23.67 $21.00 $18.97 $17.82 $10 $13.39 $11.26 $13.32 $13.44 $14.12 $11.84 $5 $0 2013 2014 2015 2016 2017 Budgeted 2018 Budgeted Dulles International Reagan National

$33 $31 $29 Dulles International Cost per Enplanement Continues to Become More Competitive $28.52 $29.86 $30.89 $31.12 $31.12 $27 $25 $26.55 $24.60 $24.43 $24.70 $25.63 $25.75 $26.01 $23.63 $24.28 $24.62 $23 $21 $19 $23.67 $21.15 $21.00 $20.18 $18.97 $20.87 $19.68 $21.18 $22.23 $23.17 $22.64 $17 $17.57 $17.82 $15 2014 2015 2016 2017 2018 2019 2020 2021 2022 2014 ROAC 2015 ROAC 2016 ROAC 2017 ROAC Actual 2017 Budgeted 2018 Budgeted

Strong 2016 Financial Performance Resulted in Robust Debt Service Coverage Ratio Debt Service Coverage Ratio Historical Budgeted Forecast 1.8 1.79 1.7 1.6 1.69 1.61 1.62 1.64 1.60 1.55 1.55 1.5 1.45 1.4 1.3 1.2 2014 2015 2016 2017 2018 2019 2020 2021 2022 Debt service coverage is conservatively budgeted to be 1.61x in 2017 and 1.62x in 2018 and forecast to remain at levels at or above 1.55x through 2022 1.25 DSCR Legal Requirement Source: Report of the Airport Consultant (2013, 2014, 2015, 2016, 2017)

MWAA s Aviation Debt Service Profile Total debt outstanding at Reagan National - $0.9 billion Net Debt Service at Reagan National Total debt outstanding at Dulles International - $3.6 billion Net Debt Service at Dulles International 350 300 250 350 300 250 $ millions 200 150 $ milions 200 150 100 100 50 50 - -

Future New Money and Refunding Bond Issues 2015-2024 CCP Estimated Sources of Funding Future New Money and Refunding Bonds* 800 Future Bonds 51% Future PFCsupported Bonds 20% Federal Grants 9% $ millions 700 600 500 400 300 Series 2017 Bonds 9% Proceeds from Prior Bonds 11% 200 100-2018 2019 2020 2021 2022 2023 2024 New Money Refundings 2015-2024 CCP projects will be 91% financed with bonds PFC-supported Bonds and grants will account for $531.1 million or 29% of total CCP funding Source: Report of the Airport Consultant (2017) $2.0 billion of Airport Revenue Bonds are available for refunding through 2024 for potential savings $1.3 billion of new money bonds through 2024 * Preliminary; subject to change

Airports Authority Maintains a Conservative Capital Structure $4.5 billion capital structure with 83% as traditional fixed rate debt All senior lien debt $872.9 million of unrestricted cash and investments exceed variable rate debt exposure by over 362% Bonds 64.7% Debt service reserve fund is fully cash funded, with no exposure to any surety policies Aviation Enterprise Credit Ratings Agency Rating Outlook S&P AA- Stable Fitch AA- Stable Moody s Aa3 Stable Total Debt Outstanding: $4.5 Billion As of November 2017 Unhedged Variable Rate 5.4% Synthetic Fixed Rate 12.0% Traditional Fixed Rate 82.6% Fixed Rate Debt Outstanding Debt Profile As of November 2017 % of Total Fixed Rate Debt $3,693,350,000 82.6% 2009D VRDOs (Hedged) 116,785,000 2.6% 2010C2 VRDOs (Hedged) 91,665,000 2.0% 2010D Index Floater (Hedged) 148,840,000 3.3% 2011A VRDO (Hedged) 180,020,000 4.0% Variable Rate Debt (Unhedged) Fixed Rate $4,230,660,000 94.6% 2003D Index Floater 53,825,000 1.2% 2010C1 VRDOs 53,875,000 1.2% 2011B Index Floater 133,715,000 3.0% Variable Rate * $241,415,000 5.4% Combined Total $4,472,075,000 100.0% * Does not include $200 M Commercial Paper Program Source: November 2017 Report of the Financial Advisor, MWAA records.

Distinctive Aviation Credit Strengths Sound financial performance supported by Use and Lease Agreement and 1 st Universal Amendment Increasing and diversifying non-aeronautical revenue through ongoing Concessions Redevelopment Program Significant increase in unrestricted days cash on hand to 914 days (Nov 2017) Unique dual-hub airport system supports steady enplanement growth (system-wide enplanements increased 1.9% in 2016) Increased air service demonstrates carrier commitment to the market Diversified carrier mix Pricing power inherent in the unique service area translates into higher yield market for the primary carriers Moody s upgrade to Aa3 $2.0 billion of debt that is callable through 2024 provides potential savings opportunities Conservative capital structure provides long-term flexibility to manage debt service and CPE 2015-2024 CCP defined by Use and Lease Agreement and 1 st Universal Amendment Commonwealth of Virginia $50 million grant lowers airline costs at Dulles International (2017 and 2018)

Dulles Corridor Enterprise

Dulles Toll Road 13.43 mile eight-lane limited access highway; VA State Route 267 One mainline and 19 exit ramp toll collection plazas Cash and E-ZPass toll collection with 88% E-ZPass penetration in 2017 YTD A heavy commuter road with 89.6 million annual transactions in 2017 YTD

DTR Toll Transactions Have Performed in Line with Expectations (YTD Unaudited) 10 2015 2016 2017 2017 T&R Forecast 9 Toll Road Transactions (Millions) 8 7 6 5 JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC SUBTOTAL TOTAL Millions JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC Jan-Nov Jan-Dec 2017 7.72 7.40 8.40 7.99 8.61 8.61 7.93 8.43 8.06 8.56 7.89 89.61 % of Forecast * 108% 99% 97% 95% 98% 96% 95% 99% 95% 94% 97% 97% 89% 2016 6.80 7.60 8.55 8.38 8.49 8.76 8.16 8.50 8.15 8.58 7.89 7.86 89.86 97.72 % of Forecast * 93% 104% 99% 99% 96% 99% 97% 98% 97% 100% 98% 95% 98% 98% 2015 7.42 6.95 8.07 8.53 8.63 8.76 8.62 8.35 8.32 8.66 7.81 8.12 90.12 98.24 % of Forecast * 95% 95% 96% 102% 102% 102% 101% 103% 101% 101% 103% 101% 100% 100% * T&R Forecasts for 2015, 2016 and 2017 are based upon the CDM Smith Dulles Toll Road Comprehensive Traffic and Revenue Study 2014 Update Final Report (April 2014)

DTR Toll Revenues Have Been Consistent with Projections (YTD Unaudited) $15 $14 2015 2016 2017 2017 T&R Forecast $13 Gross Toll Revenue ($Millions) $12 $11 $10 $9 $8 $7 $6 $5 JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC SUBTOTAL $Millions JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC Jan-Nov Jan-Dec 2017 $ 12.0 $ 11.5 $ 12.7 $ 12.7 $ 13.4 $ 13.4 $ 12.5 $ 13.2 $ 12.7 $ 13.5 $ 12.5 $ 140.2 % of Forecast * 109% 101% 96% 98% 98% 97% 97% 100% 97% 96% 100% 99% 91% 2016 $ 10.5 $ 11.7 $ 13.2 $ 12.9 $ 13.1 $ 13.5 $ 12.7 $ 13.2 $ 12.8 $ 13.6 $ 12.3 $ 12.2 $ 139.5 $ 151.8 % of Forecast * 92% 102% 97% 97% 95% 96% 96% 96% 97% 101% 97% 94% 97% 97% 2015 $ 11.4 $ 10.6 $ 12.3 $ 13.1 $ 13.3 $ 13.4 $ 13.3 $ 13.0 $ 12.9 $ 13.4 $ 12.1 $ 12.5 $ 138.9 $ 151.4 % of Forecast * 93% 93% 93% 99% 100% 99% 98% 102% 100% 99% 102% 99% 98% 98% TOTAL * T&R Forecasts for 2015, 2016 and 2017 are based upon the CDM Smith Dulles Toll Road Comprehensive Traffic and Revenue Study 2014 Update Final Report (April 2014)

Dulles Metrorail Project Silver Line Phase 1 and Phase 2

Dulles Metrorail Project Phase 1 opened for passenger service in July 2014 Phase 2 scheduled to be completed in late 2019, operational in 2020 Phase 2 construction is in progress; as of November 2017 - Design completion - 100% - Construction completion - 63% - Overall completion - 74%

Allocation of Dulles Metrorail Project Costs SOURCES OF CAPITAL FUNDS PHASE 1 PHASE 2 (1) RAIL PROJECT BUDGET prior to NVTA funding RAIL PROJECT BUDGET after NVTA funding $ Millions Total % of Total Change Total Federal Government $ 900 $ - $ 900 15.6% $ 900 Commonwealth of Virginia (2) 252 323 575 10.0% 575 Northern Virginia Transportation Authority (3) - - 0.0% 60.0 60 Fairfax County 400 527 927 16.1% (9.7) 918 Loudoun County 276 276 4.8% (2.9) 274 MWAA (Aviation Funds) 236 236 4.1% (2.5) 234 MWAA (Dulles Toll Road) $ 1,430 $ 1,415 $ 2,845 49.4% (45.0) $ 2,800 (4) TOTAL SOURCES OF FUNDS $ 2,982 $ 2,778 $ 5,760 100.0% $ - $ 5,760 Fixed Amount Fixed Percentage of total cost Residual (1) Phase 2 Parking Garages are to be funded directly by the Counties and are not included in the Total Rail Project Budget. (2) Does not include $150 million from the Commonwealth that is being used to pay interest on Dulles Toll Road revenue bonds. (3) NVTA grant can only be used to pay or reimburse capital costs for Innovation Center Metrorail Station. (4) Phase 2 Costs include $551 million in unallocated contingency.

MWAA s Dulles Corridor Debt Service Profile Total debt at Dulles Toll Road - $2.7 billion Net Debt Service at Dulles Toll Road $350 $300 $250 $200 $ millions $150 $100 $50 $0 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 First Senior Second Senior Subordinate Junior TIFIA Loan Debt Outstanding (millions) $198 $1,676 $150 $1,278 Credit Ratings: Moody s S&P Global A2 A- Baa1 BBB+ Baa2 BBB+ Baa2 A-

DCE Credit Remains Stable and Strong DTR annual Net Toll Revenue is stable and no additional toll increases are planned before 2019 DTR traffic and revenue performance is consistent with projections Phase 2 - As of November 2017, 74% complete Existing funding commitments are sufficient to complete the Metrorail Project

Recent Accomplishments Ongoing Opportunities Closing Remarks Extended the Use and Lease Agreement to 2024 for Dulles International Improved competitive position of Dulles International Commonwealth of Virginia $50 million grant New and expanded service at Dulles International Planning for new facilities at Reagan National Major concessions redevelopment at both Airports Sound financial performance, including debt service savings Moody s upgrade to Aa3 Continue improving Dulles International competitive position Continuation of concessions redevelopment Construction of new facilities at Reagan National Ongoing Dulles Corridor Metrorail construction Debt Service savings

2018 Preliminary Plan of Finance* Airport System Revenue and Refunding Bonds, Series 2018 Bonds: Approx. $428 million current refunding, fixed rate, 20-year term Series 2008A AMT, $159.6 million callable par with maturities 2018-2023 Series 2009C Non-AMT, $268.5 million callable par with maturities 2018-2035 Potential issuance of $200 million of new money for capital construction Evaluating opportunities to refund other outstanding bonds and terminate the associated Swap Agreements * Preliminary, subject to change

Contacts: Andrew Rountree VP for Finance and CFO Andrew.Rountree@mwaa.com 703-417-8710 Valerie O Hara Debt Program Manager Valerie.OHara@mwaa.com 703-417-8716 Giedre Ball Debt Program Analyst Giedre.Ball@mwaa.com 703-417-1911