Miami-Dade Expressway Authority

2005ANNUAL REPORT

An 11.8 mile long East-West

expressway connecting I-95

to Miami International Airport

and the Homestead Extension

of Florida’s Turnpike.

A 2.7 mile East-West expressway

connecting US-1 to SR 874.

A 4.1 mile long East-West

expressway connecting

I-95 to Miami

International Airport.

A 7.2 mile long East-West expressway

connecting the Palmetto Expressway

to the Homestead Extension of

Florida’s Turnpike.

A 5.4 mile long East-West

expressway connecting the

Palmetto Expressway and

I-75 to NW 32nd Avenue.

Contents

Letter from the Chairman of the Board 1

Letter from the Executive Director 2

Board of Directors 3

About MDX 4

Construction and Engineering 5

Toll Operations and Information Technology 7

Communications, Marketing and Public Affairs 9

Financial Highlights Reflect Fiscal Success 11

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Dear Friends:

Helping to foster Miami-Dade County’s status as a “world-class” community is theprimary objective of the Miami-Dade Expressway Authority (MDX). Our goal is toimprove mobility and commuting times for our customers thereby improving thequality of life and economic viability of South Florida and its residents.

MDX invests 100 percent of the toll dollars it collects in implementing our strategicvision. We receive virtually no other funding. Considering the fact that Florida andMiami-Dade County are leaders in growth in the country and that the state has anunfunded transportation need of approximately $30 billion, it’s easy to see howprecious MDX’s resources are.

Fiscal Year 2005 was another outstanding year for MDX with the successful implementation of our workprogram. We completed more than $85 million in innovative construction projects that serve as the foundationfor improving mobility in the near and long-term.

MDX’s $590 million work program will have an economic impact of close to $1 billion and will generate almost10,000 jobs in the county. With this investment, MDX will reduce highway congestion by eliminating 20.3 millionvehicle delay hours each year, adding a positive economic impact of at least $580 million.

Our customers continue to show their confidence in our technology and systems by increasing their usage ofSunPass, which allows our customers to pay their tolls without having to stop. This increased usage ofSunPass is moving us toward our goal of Open Road Tolling (ORT), a system that ensures customers pay foronly the portion of the road they drive.

The financial state of MDX remains strong. In Fiscal Year 2005, MDX capitalized on historically low interestrates and interest rate swaps, issuing a number of bonds to fund the Five-Year Work Program. MDX’s debtcoverage ratio continues to exceed the 1.2 times requirement of its trust indenture and the 1.4 timesrequirement established by its board by achieving a 1.78 senior debt coverage. The 2005 hurricane seasonaffected many Florida counties; however, with careful financial management and a flexible financing plan, MDXkept on target to ensure our creditworthiness. We are committed to our stakeholders in our fiscal responsibility.

I would like to offer my sincere gratitude to all the outstanding individuals that serve as my fellow boardmembers. Their commitment and perseverance make a difference in improving transportation in South Florida.We were pleased to welcome several new board members this past year while bidding farewell to others.Unfortunately, 2005 saw the passing of one of the great leaders in the transportation world, and one of theoriginal members of MDX‘s board, Congressman William M. Lehman.

Ultimately, our commitment to the residents of Miami-Dade County remains strong as we provide excellence indelivering projects that will make a measurable improvement in everyone’s lives.

Sincerely,

Darryl K. Sharpton, CPAChairman of the Board

Letter from the Chairman of the Board

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The Miami-Dade Expressway Authority (MDX) continues to provide vitaltransportation infrastructure to Miami-Dade County. We strive to improvemobility which is critical to the economic viability of South Florida and itsresidents. It is the reinvestment of toll dollars that allow MDX to fully executeits vision of moving Miami-Dade County forward and utilizing innovativetechnology to enhance mobility.

During Fiscal Year 2005 we expended $158 million on projects in our Five -Year Work Program. Our 2006-2010 work program is currently budgeted at$590 million. Through the cost-effective and efficient management of our work program, MDX will deliver projects on-time and on-budget.

The most important construction project for MDX, as well as one of the largest design-build projects inthe history of the State of Florida, is the SR 836 extension from the Florida Turnpike to NW 137th Avenue.This project will alleviate arterial road congestion in west-central Miami-Dade County. We have almostcompleted one phase of the project which is the new westbound to southbound connection from SR 836to the Florida Turnpike. This project allows for a higher volume of traffic to efficiently flow through thisinterchange. Additionally, reconstruction of the interchange at SR 836 and 57th Avenue will extend anauxiliary lane westbound to SR 826.

As we implemented our work program, we found ourselves in a position to assist our local transportationpartners with mobility initiatives. From our $86.5 million contribution to the Miami Intermodal Center(MIC) to the building of a six-lane state road, connecting SR 836 extension to SW 8th Street, MDX hasshown itself to be a flexible organization committed to the mobility of Miami-Dade County.

Maintaining our roadways in top condition remains a priority. We have invested millions of dollars inresurfacing our system, providing for new and expanded signage and Intelligent Transportation Systems(ITS). We also made significant improvements to our toll collection system by upgrading our camera-based violation enforcement software.

Major strides accomplished during the past fiscal year include the MDX balanced scorecard. Thisperformance measurement technique was established and approved by the Board of Directors inNovember of 2004, to benchmark the agency’s progress towards achieving specific goals and objectives.Accomplishments in customer service, construction management, mobility, fiscal management, smallbusiness enterprise outreach, and human resources were measured against set objectives.

MDX is committed to working with our civic and elected leaders and community groups to ensure thatvoices from all sides are heard, and that everyone understands what MDX is doing to provide a higherlevel of service within our area.

As we look towards the future, we see nothing but an “open road.” With the successful implementation of Open Road Tolling Technology at our new SR 836 toll plaza near downtown, MDX is moving forwardwith an aggressive plan to fully implement Open Road Tolling, and the equalization of tolls, on all of ourroadways within the next five years. We thank you for your support of our organization and our vision,and we will continue to deliver the world-class mobility solutions that you deserve.

Letter from the Executive Director

Servando M. Parapar, P.E.Executive Director

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Darryl K. Sharpton, CPAChair

Consulting Director

Sharpton, Brunson and Company P.A.

Maurice A. FerreBusiness Consultant

Office of Maurice A. Ferre

Maritza GutierrezFounder

Creative Ideas Advertising, Inc.

Carlos A. Lacasa, Esq.Law Firm of

Ruden McClosky

Robert W. Holland, Esq.Law Office of

Robert W. Holland

Cesar E. LlanoVice President

Century Homebuilders

John Martinez, P.E.District Six Secretary

Florida Department of Transportation

Arthur Noriega, VExecutive Director

Miami Parking Authority

T. Gene PrescottTreasurer

Principal Shareholder

The Biltmore Hotel and Affiliates

Oscar Rivero, Esq.President

Rivero Development Group

Gonzalo SanabriaPresident

Real Estate Works, Inc.

Yvonne Soler-McKinleyExecutive Director

Miami Bayside Foundation

Roymi V. MembielaVice Chair

Asst. V.P. Hispanic Marketing & Chief Diversity Officer

Baptist Health South Florida

Board of Directors

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About MDX

The Miami-Dade Expressway Authority (MDX) is an agency created in 1994

by the State of Florida and Miami-Dade County Commission. MDX

operates and maintains five of the most critical expressways in Miami-Dade

County: State Road 112 (Airport Expressway), State Road 836 (Dolphin

Expressway), State Road 874 (Don Shula Expressway), State Road 878

(Snapper Creek Expressway), and State Road 924 (Gratigny Parkway).

The expressway system was operated by the State of Florida, Department of

Transportation, through December 9, 1996. By a transfer agreement,

between the State and MDX, the operating rights and responsibilities were

relinquished by the State to MDX. The transfer agreement gave MDX the

right, in perpetuity, to the toll revenue generated by the expressway system,

as well as the right to operate and maintain the system. The governing

body of MDX consists of thirteen members, who do not receive any

compensation. Seven members are appointed by the County Commission,

five by the Governor, and one member is the District Secretary of the State

of Florida, Department of Transportation - District VI. All members, except

the District Secretary, must be residents of Miami-Dade County during their

term of office.

MDX is funded almost entirely by toll revenues and is dedicated to the

enhancement of mobility in Miami-Dade County. MDX is also committed

to bringing efficient, market-driven and user-friendly management to its

31-miles of expressways. Toll revenue pays for improvements such as new

exit ramps, roadway maintenance, additional SunPass lanes and more,

including road rangers who repair flat tires and provide fuel to get drivers

back on the road.

As operator of five of the most vital expressways in Miami-Dade County,

MDX works to bring state-of-the-art solutions to the daily commute of

motorists and helps them to get to their destinations faster and safer. MDX

works to achieve this through electronic toll collections, Open Road

Tolling, Managed Lanes, and Intelligent Transportation Systems.

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Construction and Engineering

Exhibit 1 Exhibit 2 Exhibit 3

In Fiscal Year 2005,

MDX completed

over $85 million

in construction,

while having

over $200

million in active

construction

contracts.

The primary focus of the Fiscal Year 2005work plan was right-of-way acquisition

in preparation for the construction ofmajor transportation improvementprojects, and the design and constructionof priority projects, to provide systemexpansion and congestion relief. In FiscalYear 2005, MDX completed over $85 millionin construction projects, while having over$200 million in active constructioncontracts. Concurrently, with theadvancement of long-term permanentimprovement projects, MDX continued toaddress immediate operational needsthrough the completion of quick turn-around interim projects that improvedmobility at a relatively low cost. MDX wasable to deliver one such project over aweekend at the SR 874 toll plaza. Thisproject, which increased the numberof high speed SunPass lanes, is anexample of the way an innovativetransportation agency can meet demandand enhance mobility.

MDX’S ACCOMPLISHMENTS ON EACHWORK PROGRAM PHASE ARE AS FOLLOWS:

• Negotiated significant Federal HighwayAdministration (FHWA) fundingcontributions for the implementation of theSR 874 Incident Management/ Surveillanceproject and the SR 112, SR 878 and SR 924Communication and IncidentManagement/ Surveillance projects.

• Through an advanced right-of-wayprogram, MDX acquired a total of 33 parcels for the SR 836 extension project.A total of 15 parcels were acquired

through negotiation and mediation for theInterconnector to Miami InternationalAirport and SR 112; 11 of those parcels incoordination with Miami-Dade Transit(MDT) for shared use.

• Completed final design of the SR 836auxiliary lane from NW 57th Avenue to SR 826 and SR 836/NW 57th Avenuewestbound ramp improvements. Both high-impact projects.

• Continued final design of the SR 874/Killian Parkway interchange and the SR 874northbound on-ramp from Kendall Drive.

• Completed a comprehensive re-evaluationof the Interconnector to Miami InternationalAirport and SR 112 to identify alternatesolutions that would improve mobility inthe area while preserving the envelope fora future connection to the north.

• Completed the landscaping of SR 112and SR 836. (Exhibit 1)

• Substantially completed construction of: SR 836 westbound to southboundHomestead Extension of the FloridaTurnpike (HEFT) connection; Phase I ofthe SR 836 extension projects whichprovided better access to and from NW107th Avenue from SR 836; as well asimproved connections to both thenorthbound and southbound HEFT.(Exhibit 2)

• Completed the SR 836 Communicationand Incident Management/SurveillanceProjects, the first in a series of IntelligentTransportation System projects plannedfor the current Five-Year Work Program.

• Continued construction of the SR 836extension to 137th Avenue, a four-laneextension of SR 836 from NW 107thAvenue to NW 137th Avenue, including the construction of 137th Avenue, from SW8th Street to NW 12th Street, a 1.8-mile-long, six-lane arterial roadway, pursuant toa joint participation agreement withMiami-Dade County. At time of letting,this phase was the largest design-buildroadway project ever to be awarded in theState of Florida, at a cost of $138 million.This project is currently on schedule forcompletion in March 2007. This is a primeexample of the ability of MDX to deliver anunfunded project earlier than scheduled.(Exhibit 3)

• Commenced improvements from NW87th Avenue to NW 107th Avenue includinga bi-directional toll plaza and a bike pathto be completed by the beginning ofcalendar year 2007. The toll plaza hasbeen designed to accommodate high-speed electronic toll collection only lanesand to facilitate the eventual retrofit of thetoll plazas to full Open Road Tolling (ORT).The high-speed electronic toll collection only lanes are designed to beused as free-flow lanes when MDXimplements full ORT, scheduled for2009/2010.

• Coordinated closely with affectedcommunities to ensure that they were kept informed of all project activities and future enhancements. Elements of MDX’s Enhancement Manual, featuring the palm frond detail, havealready been incorporated in some of the completed projects as an assurance to the community that MDX’sprojects are for the betterment of the surrounding neighborhoods.

A contract cost and performance, andpolicy management review performed in April 2005, by an independent consultant,MGT America, affirmed that MDX is to becommended for progress with its workprogram. MDX, with its GeneralEngineering Consultant’s (GEC)assistance, is achieving a complex andaggressive work program implementationconsisting of new construction,modification and improvement of existing facilities, and planning for future improvements.

The programmed budget for the 24projects in the Five-Year TransportationImprovement Program, for Fiscal Year 2005was $204 million and approximately $590million for the entire Five-Year WorkProgram (FY06-FY10). Total expenditurefor Fiscal Year 2005 was $158 million asillustrated on the chart (below).

In 2005, the construction industryexperienced unprecedented costescalation in fuel, steel prices, aggregatesand labor costs. MDX’s speed to marketeliminated much of these cost increases inon-going contracts. Our largest contractswere let early enough in the year to avoidimpacts. In addition, MDX closelymonitored the industry for future projectsand has continued to manage the workprogram to deal with increases and stilldeliver the projects in the work program.

Planned objectives for Fiscal Year 2006,and beyond, are the completion of asystem-wide ORT Master Plan, andsubsequent completion of interim SR 836projects to assist with ORTimplementation, and completion of finaldesign for SR 874 projects, among others.With these objectives in mind, MDX willembark on an enhanced public outreachprogram to raise awareness of the valueprovided to users in return for their tolls.This program will highlight the emphasisthat MDX places on efficiency, safety andcustomer service.

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Toll Operations and Information Technology

Fiscal Year 2005 continued the success ofMDX’s Toll Operations and Information

Technology Department. An elite team ofprofessionals, whose expertise is calledupon by other tolling authorities,continued to fine-tune the operationalaspects of the business by reducing costs,maintaining mobility and providingexceptional service to the traveling publicin Miami-Dade County.

As stewards of public money, thedepartment employed innovativetechnological solutions, along with in-depth analysis of traffic patterns andtrends, to deliver one of the most efficientand effective tolling operations in theindustry. MDX’s objective is to keep tolloperations costs below $0.15 pertransaction. Validation of thisaccomplishment is demonstrated by theactual cost per transaction of $0.092, 38%below the stated obective. (Exhibit 1)

SunPass continues to be the predominantmethod of payment by our customers. As such, imaging-based tolling, violationenforcement, and 24/7 systemmaintenance coverage have become the tools of revenue assurance. Theimplementation of the Toll ViolationSystem in Fiscal Year 2005 led to asubstantial decrease in toll violationsand provided revenue assurance tobond holders. (Exhibit 2)

SunPass electronic tolling has surpassedthe 60% penetration levels at several tollplazas in a 24-hour period, reaching nearly70% during peak hours. At the SR 874,Don Shula plaza, SunPass penetrationlevels were favorable for reducing thenumber of cash lanes and using theexcess lane capacity to widen theSunPass lanes. MDX brought increasedmobility to this corridor in one weekendwith the demolition of cash lanes and theconstruction of two high-speed electronicSunPass express lanes. By expanding theSunPass lanes to 12-foot lanes with three-foot shoulders, in both directions,

capacity throughout increased 33%, from 1,200 vehicles per hour to 1,800vehicles per hour.

Fiscal Year 2005 was an extremely busyyear for hurricanes and tropical storms.Emergency Operations and IncidentManagement are paramount to ensuringthat mobility in the county is maintainedbefore and after any storm or incident.The staff of MDX refined its Emergency/Incident Management Plan, which providesStandard Operating Procedures (SOP) to handle all aspects of preparation foremergency operations. MDX teamed upwith other tolling agencies throughout the state, to adopt SOP’s that wereendorsed by the Governor’s Office,detailing the requirements for tollsuspension and reinstatement duringemergency situations.

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Exhibit 1

Exhibit 2

MDX’s objective

is to keep toll

operations costs

below $0.15 per

transaction.

Validation of this

accomplishment

is demonstrated

by the actual

cost per

transaction of

$0.092,

38% below the

stated obective.

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Having the right tools available at thetouch of a button continues to be thefocus of MDX’s Information Technologyteam. The development of specializeddata spreadsheets, coupled with theability to query the database for specificinformation, has enabled MDX toimmediately identify potential systemproblems in near real-time. Trendanalysis and in-depth scrutiny of datahave increased efficiency anddramatically reduced down time of the

systems operating the toll equipment. Pre-set messages are received when thesystem begins to degrade, allowing forimmediate response that limits laneclosures, traffic congestion andpotential revenue loss. Also, having theability to compare current trafficinformation with historical data, allowsour analytical experts to correctlyforecast changes and provide MDX with future needs and requirements. (Exhibit 3)

Exhibit 3

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Communications, Marketing

and Public AffairsThe Office of

Communications,

Marketing and

Public Affairs

reaches out to

its customers,

community

leaders

and public

officials.

MDX takes pride in being part of thecommunity and is dedicated to the

mobility of its residents. The Office ofCommunications, Marketing and PublicAffairs reaches out to its customers,community leaders and public officials.

In 2005, we launched a comprehensiveadvertising campaign entitled ”Drive theFive.” This campaign served to highlightthe five major roadways of MDX and wassuccessfully implemented through aseries of print ads in English and Spanish,radio messages in English, Spanish andCreole, and multiple outdoor placements,including billboards and highway banners.The launch of this brand campaign alsoincluded a grassroots media initiative,which included public affairsprogramming on local radio and televisionstations throughout the county. Programtopics, ranging from the use andaccessibility of SunPass to Open RoadTolling (ORT), were discussed. Theseprograms served to heighten theawareness of MDX and its services, and provided the public with manyopportunities to interact with MDX.

The communications team also worked to prepare the community for the implementation of the second phase of an approved toll adjustment. Not only did we inform our customers, but we listened attentively to how we can improve our system and our communication with them.

Presentations were made, to numeroushomeowners associations, communitycouncils, elected officials, chambers of commerce, and other community and business groups, to explain how their toll dollars are being used forexpansion, improvements andmaintenance of our roadways. Theresponse from the communitydemonstrated an understanding of theneed for the toll adjustment, resulting in a formal endorsement from the Greater Miami Chamber of CommerceTransportation Committee.

Our communications team was alsoinstrumental in the development ofsuccessful community outreach initiativesand partnerships throughout the year.From successful sponsorships and supportof mainstay organizations, including theMiami-Dade Chamber of Commerce andInformed Families, to the South FloridaSuccess Magazine launch, MDX continuedto play an active role in the community.To further increase business procurement,mentoring and support MDX also hostednumerous conferences and workshops onhow to do business with MDX.

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These sessions provided opportunities forsmall businesses to learn about MDX anddevelop strategic partnerships andrelationships with other businessesproviding similar services to each other.This outreach initiative helped to fostersolid business opportunities andrelationships with numerous businessesthroughout the community.

This past year we also revamped andexpanded our website, www.mdxway.com,to provide users with a wide array oftransportation and traffic information tosimplify their daily commute. Oneenhancement to the website was theaddition of the partnership with 511 andSunGuideSM programs, allowingcommuters to access real-time trafficinformation. The site also gives ourcustomers an opportunity to receive themost up-to-date information on MDX’sprojects, events and businessopportunities, and a chance tocommunicate with MDX.

Increased SunPass usage remains animportant goal to save our customers timeand money on our roadways. To deliverthis message, MDX launched the “Savedby SunPass” campaign, which informedmotorists of the numerous advantages of

using SunPass when driving on MDX’sroadways. In addition to this campaign,MDX expanded its SunPass DirectProgram. This initiative has provided anumber of free transponders to low-income residents of Miami-Dade County.All eligible drivers can apply for theSunPass Direct program at Team Metrooffices or at Miami-Dade County’straveling Government on the Go Bus. MDX will expand the program to providefree transponders to veterans, thedisabled and select college students in the upcoming year.

Moving forward, MDX’s Office ofCommunications, Marketing and PublicAffairs has a clear focus on increaseddialogue with our customers, communityleaders and public officials. Our goal is toensure that MDX’s efforts to enhancesafety and mobility on its roadways arecommunicated quickly and efficiently.

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Financial Highlights

Reflect Fiscal Success

As part of its overall strategy, MDXfinances almost all operations and

work program from the tolls it collects.MDX invests 100 percent of its revenue inthe local community and, for the pastthree years, has allocated approximately$350 million to capital improvements ofthe transportation infrastructure. Over thepast year, debt management continued tobe a top priority in order to maintainstrong credit ratings. The FinanceDepartment continues to seek financingopportunities in order to diversify andminimize interest rate costs. Toaccomplish these goals MDX has utilizeda blend of fixed and synthetic rate debtand variable and auction rate instruments.The Finance Department is also involvedin issuing short-term Commercial PaperNotes and managing the state-backed TollFacility Revolving Trust Fund andInfrastructure Bank loans. By the use ofvarious financing mechanisms, MDX isable to fund its current Five-Year WorkProgram of $590 million. (Exhibit 1)

The Finance Department manages thefiscal operations of MDX, includingadministration of the financing activities,to ensure the agency maintainsappropriate debt coverage ratios andmeets all of its current and long-termobligations. It fulfills the fiduciaryresponsibility of maximizing the valueattained for each dollar the agencycollects in toll revenue on an annual basis.The Finance Department is alsoresponsible for the implementation andoversight of the annual budget, which for Fiscal Year 2005 amounted to$266.9 million.

OPERATING & FINANCING HIGHLIGHTS OF FISCAL YEAR 2004-05:

OPERATING

• Change in 2005 Net Assets amounted to$28.6 million in 2005 compared to $22.4million in 2004, an increase of $6.2 million or28%. (Exhibit 2 and 2A)

• Investment income equaled $5.5 millionin 2005 compared to $2.1 million in 2004, anincrease of $3.4 million or 160% due tohigher investment yields. (Exhibit 2 and 2A)

• Operating expenses, excludingdepreciation and amortization, totaled $17.4million, decreasing slightly from 2004. (Exhibit 2 and 2A)

• Toll revenue increased to $58.7 million in2005 compared to $49.4 million in 2004, anincrease of $9.3 million or 18.8%.(Exhibit 2 and 2A) The Fiscal Year 2004-2005toll revenue is comprised of SR112 $7.2million, SR 924 $10.9 million, SR 874 $20.8million, SR 836 $17.5 million and violationsof $2.3 million. (Exhibit 3)

• Fiscal Year 2005 Senior Debt Servicecoverage was 1.78 compared to abudgeted coverage level of 1.47 andminimum trust indenture requirement of1.20. (Exhibit 4)

Exhibit 1

MDX is confident

that the execution

of the Authority’s

strategic plan

will yield

strong

financial

results.

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Exhibit 2A

FINANCING

• On July 29, 2004, MDX issued $68,200,000Toll System Refunding Revenue Bonds,Series 2004A, for the purpose of providingfunds to refund the total outstandingprincipal amount of the (Taxable) Series1996 Bonds. The Series 2004A Bondsconsist of $68,200,000 Serial Bondsmaturing between July 1, 2005 andJuly 1, 2019, bearing interest at a tax-exempt variable rate.

• MDX also issued, on July 29, 2004,$175,000,000 Toll System Revenue Bonds,Series 2004B for the purpose of providingfunds to pay (a) a portion of the cost ofcertain improvements to the systemincluded in the Five-Year Work Program (b)at maturity, the Authority’s outstandingToll System Commercial Paper Notes (c)the cost of a debt service reserve facilityand (d) costs and expenses relating to theissuance of the bonds. The 2004B Bondsconsist of $103,445,000 Serial Bondsmaturing between July 1, 2014 and July 1,2027, bearing interest between 3.85% and5.25% and $71,555,000 fixed term bonds at5%, with semiannual interest paymentseach January 1 and July 1.

• On March 1, 2005, MDX issued TollSystem Revenue Bonds, Series 2005, infive sub-series, totaling $241,400,000bearing interest at a tax-exempt variablerate. These bonds were issued for thepurpose of providing funds to pay aportion of the cost of certainimprovements to the system included inthe Five-Year Work Program.

• In connection with the 2004A and 2005bond issuances, MDX entered intointerest rate swap agreements as a meansto secure lower borrowing costs. The agreements provided for fixed interestrates of 5.352% and 4.313% for 2004A and2005, respectively. Under the agreementsthe Authority owes interest at the statedfixed rates to the counterparties of theswaps. In return, the counterparties willowe MDX interest based on the variableBond Market Association (BMA),Municipal Swap Index.

Exhibit 2

Miami-Dade Expressway Authority (MDX) Revenue, Expenses and Changes in Net Assets

Fiscal Years Ended June 30(Shown in Thousands)

Operating Revenues

Tolls $58,651 $49,410 $44,259

Other 256 80 49

Non-operating Revenues

Interest & Dividend Income 5,485 2,102 4,415

Contributions for Capital Projects 1,367 – 4,285

Total Revenues 65,759 51,592 53,008

Operating Expenses

Operations & Maintenance 17,346 17,657 18,564

Depreciation & Amortization 9,937 4,166 2,967

Prepared on Basis of GAAP 2005 2004 2003

Non-Operating Expenses

Interest Expense 8,778 7,331 8,563

Disposal of Assets 1,113 – –

Total Expenses 37,174 29,154 30,094

CHANGES IN NET ASSETS $28,585 $22,438 $22,914

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• In November 2004, the FloridaDepartment of Transportation executed a loan to MDX from the State Infrastructure Bank in the amount of$11,613,000 at an interest rate of 2.5%. The loan will be made in installmentsbased on the reimbursement ofconstruction expenditures made by theAuthority on the project specific to theloan agreement. As at June 30, 2005, MDX had received no installments.

• During the first quarter of Fiscal Year2005, MDX repaid the outstanding balanceof its Commercial Paper Notes in theamount of $80,000,000 plus accruedinterest of $110,415.

SUBSEQUENT EVENTS

• As of June 30, 2005 MDX has authorized,but not issued, the Series 2006 Bonds inthe amount of $317,250,000. On July 18,2005, MDX entered into three “cashsettlement” swap agreements as a meansof hedging interest rate in anticipation ofSeries 2006 Bonds. Under the cash swapagreements, MDX‘s interest rate is fixedat 4.22% and will terminate on, or beforeOctober 2, 2006.

• On July 1, 2005, MDX executed anamendment relating to the Letter of Creditagreement in connection with theCommercial Paper Program. Theamendment extended the currentobligation to MDX through December 31,2015 with the right to elect, at periodicintervals of every 364 days, 3 years, 5 yearsor 7 years, to terminate its commitment orextend it to the next election date andadjust current rates.

MDX is dedicated to enhancing

Miami-Dade County’s mobility

by providing much

needed infrastructure

improvements.

Exhibit 3

FISCAL YEAR 2004-05 OPERATING & DEBT COVERAGE RATIO

Operating Revenue - Tolls $58,651,830

Operating Revenue - Other 253,183

Investment Income 5,485,581

Total $64,390,594

Operating, General & Administrative $17,346,130

Net Revenue $47,044,464

Senior Bonds Debt Service $26,392,403

Senior Bonds Debt Service Coverage 1.78

Exhibit 4