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					      of Seatt le

        MUNICIPAL SECONDARY MARKET
    DISCLOSURE INFORMATION COVER SHEET
                                                 Submitted to
                            Municipal Securities Rulemaking Board ("MSRB")
                       pursuant to Securities and Exchange Commission rule 15~2-12
                                                June 30.2010




Issuer's Name: Port of Seattle

CUSIP Numbers: Information relates to all securities issued by the issuer having the following
six-digit number(s): 735387,735388,735389,735371,735397



Description of information attached: Annual Disclosure Report

Number of pages of attached information: 35 pages in this document including cover sheet.. The
                                        Audited Financial Statements, as required under SEC
                                        rule 15c2-12, are filed separately.

Fiscal Period Covered: January 1,2009 to December 31,2009



I hereby epres nt hat I am authorized by the issuer or its agent to distribute this information publicly:


Dan Thomas
               !
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Chief Financial & Administrative Officer
Port of Seattle
PO Box 1209
Seattle, WA 98 111
Voice 206-787-3000
[This page intentionally left blank]
TABLE OF CONTENTS
I.     Issues Covered in this Annual Disclosure Report                 1

II.    Statement of Changes to Continuing Disclosure                   2


III.   Disclosure Items in This Report

General Port and Financial Information:
Port Historical Operating Results as of December 31, 2009              3
Management Discussion of Historical Financial Results                  4
Management Discussion of Expected Results                              4
Amount and Percentage of Operating Revenues by Division                4
Port Outstanding Debt                                                  4
Port of Seattle Estimated Debt Limit                                   5
2009 Port of Seattle Revenue Bond Debt Service                         5
2009 Port of Seattle Limited Tax G.O. Bond Debt Service                6
Tax Levy: Recent Tax Levy Activity                                     6
Industrial Development Levy or Dredging Levy                           6
Tax Levy: “Tax Collection Record”                                      6
King County Principal Taxpayers                                        6
Port of Seattle Capital Improvement Program                            7
Historical Debt Service Coverage for Period Ending December 31, 2009   8
Insurance                                                              9
Changes in the Identity of the Port's Treasurer                        10
Changes in the Port’s Investment Policy                                11

Aviation Operations:
Total Annual Enplanements                                              11
Percentage of Domestic and International Flights                       11
Enplanement Market Share by Airline in 2009                            11
List of Airlines Serving Seattle-Tacoma International Airport          12
Primary Domestic Origin and Destination Markets                        13
Percentage of Origin and Destination (O&D) Passengers                  14
Landed Weights of Top Ten Passenger Carriers for 2009                  14
Number of Domestic Daily Non-stop Cities Served                        14
Number of Total Airport Operations for 2009                            14
Number of U.S. Flagged and Foreign Passenger Airlines                  14
List of International Daily Non-stop Cities Served                     15
Scheduled International Service                                        15
Non-Stop Scheduled Departures by Airline                               16
Percentage of Enplanements Traveling to Asia                           17
Number of Domestic and Foreign All-Cargo Airlines                      17
Metric Tons of Enplaned and Deplaned Cargo                             17
Additional Pledged Revenue and any Changes of PFC Authorization        17

                                            -i-
Projects to be Funded with PFC Revenue - Costs and Sources of Funds            18
Historical PFC Collection and Percentage of PFC Eligible Enplaned Passengers   19
Historical Application of PFC Revenue                                          19
Annual PFC Debt Service Coverage                                               20
PFC Unspent Authority & First Lien Sufficiency Covenant                        21
Airport LOI and Other Federal Grants                                           21
Aviation Division Operating Expenses for 2009                                  22
Sources of Aviation Division Revenue for 2009                                  23
Calculation of Airline Terminal Rents Under Current Airline Agreements         24
Calculation of Airline Landing Fees Under Current Airline Agreements           25
Changes in the Method of Charging for the Use of Airport Facilities            25
Changes in the Type of Airline Business Agreements                             25

Seaport Operations:
Port of Seattle Container Volumes                                              26
Containerized Cargo Trends and Market Share for 2009                           26
Seattle Harbor Top Ten Foreign Trade Partners Total Exports and Imports        26
Annual Throughput Volume (in TEU’s) at Terminal 18                             27
Seattle’s Share of Puget Sound Container Traffic                               27
Exports and Imports (in TEU’s) to and from Asia in 2009                        27
Non-Container Cargo Trends in 2009                                             27
Port of Seattle Cruise Passenger Volumes                                       27
Port of Seattle Container Terminals in 2009                                    28
Non-Container Terminal Leases for 2009                                         29
Seaport Division Operating Revenue for 2009                                    30
Seaport Division Revenues and Expenses for 2009                                30
Percentage of Non-Cargo Revenue                                                30
Value and Type of Goods Imported and Exported Through the Port                 30
Rent Schedule and Debt Service Coverage for Terminal 18                        31

Real Estate Operations:
Real Estate Division Operating Revenue for 2009                                31
Real Estate Division Revenues and Expenses for 2009                            31




Source is Port of Seattle if not otherwise indicated




                                                - ii -
I. Issues Covered in this Annual Disclosure Report:

Six-digit CUSIP Number 735388

   o Revenue Refunding Bonds, Series 1998A (“98A”)
   o Subordinate Lien Revenue Refunding Bonds, 1998 (“98SL”)
   o Subordinate Lien Revenue Bonds Series 1999A and 1999B (“99AB”)
   o Revenue Bonds, Series 2000A and 2000B, and Revenue Refunding Bonds, Series 2000C
     and 2000D (“00ABCD”)
   o Revenue Bonds, Series 2001A and 2001B, and Revenue Refunding Bonds, Series 2001C
     and 2001D (“01ABCD”)
   o Revenue Bonds, Series 2003A and 2003B (“03AB”)


Six-digit CUSIP Number 735389

   o Revenue Refunding Bonds, Series 2004 (“04”)
   o Intermediate Lien Revenue and Refunding Bonds, Series 2005A (“05A”)
   o Intermediate Lien Revenue Refunding Bonds, Series 2005B (“05B”)
   o Intermediate Lien Revenue Refunding Bonds, Series 2006 (“06”)
   o Revenue Bonds, Series 2007A and 2007B (“07AB”)
   o Revenue Bonds, Series 2009A, 2009B-1 and 2009B-2 (“09AB”)


Six-digit CUSIP Number 735387

   o Passenger Facility Charges Revenue Bonds Series 1998A and 1998B (“98PFC”)


Six-digit CUSIP Number 735397

   o Special Facility Revenue Bonds (Terminal 18 Project) Series 1999A, 1999B, and 1999C
     (“99SF”)
   o Special Facility Revenue Bonds (SEATAC Fuel Facilities LLC) Series 2003 (“03SF”)


Six-digit CUSIP Number 735371

   o Limited Tax General Obligation Bonds, Series 2000A and 2000B (“00GO”)
   o Limited Tax General Obligation Bonds, Series 2004A, 2004B and Limited Tax General
     Obligation Refunding Bonds 2004C (“04GO”)
   o Limited Tax General Obligation Refunding Bonds 2006 (“06GO”)




                                          -1-
II. Statement of Changes to Continuing Disclosure

Changes in the Port’s Investment Policy section: Additional information available.

Principal Taxpayers in King County: Additional information available.

PFC Unspent Authority & First Lien Sufficiency Covenant: 2008 Information restated.




                                             -2-
1




III. Disclosure Items
Port Historical Operating Results as of December 31, 2009
                                                           (in thousands)

                                                                    2005           2006          2007          2008         2009
    REVENUES:
    Operating
     Aviation
      Property Rentals                                            $189,915       $209,975       $213,367      208,577      200,520
      Landing Fees                                                  47,107         46,730         53,158       65,771       50,847
                 (1)                                                47,359         53,628         57,305
       Parking                                                                                                 61,313       51,995
                                                     (2)
       Operating Grants & Contract Revenues                           1,162         1,188             53          144          395
       Other Revenues                                                26,272        25,891         22,191       21,437       24,484
    Total Aviation Revenues                                        311,815       337,412        346,074       357,242      328,241
     Seaport
       Property rentals                                              61,086         71,314           73,746    68,828       71,330
       Equipment rentals                                             11,244         10,441            9,689     8,944        8,758
                                                     (2)
       Operating Grants & Contract Revenues                           5,462          2,946            1,486     1,316          2,292
                          (3)                                        26,462         24,482           26,122
       Other Revenues                                                                                           7,165        8,311
    Total Seaport Revenues                                         104,254       109,183        111,043        86,253       90,691
                   (4)
      Real Estate
       Property rentals                                                                                        11,660       10,580
       Berthage and moorage                                                                                     9,073        9,793
       Utilities                                                                                                1,089        1,225
                                                     (2)
       Operating Grants & Contract Revenues                                                                                     19
       Other                                                                                                   12,975        8,515
    Total Real Estate Revenues                                                                                 34,797       30,132
     Other
                          (5)                                           456            359             771
      Other Revenues                                                                                              231          371
    TOTAL OPERATING REVENUES                                       416,525       446,954        457,888       478,523      449,435
                  (6)
    EXPENSES:
    Operating
     Aviation                                                     $122,937       $126,693       $133,110      149,865      130,555
     Seaport                                                        46,431         46,425         45,847       27,153       28,116
     Real Estate                                                                                               32,942       24,325
    Administration                                                   49,406         51,807           57,940    64,659       62,771
    TOTAL OPERATING EXPENSES BEFORE
    DEPRECIATION                                                    218,774       224,925        236,897      274,619      245,767
    DEPRECIATION                                                    129,788       140,190        141,588      144,208      157,068
    TOTAL OPERATING EXPENSES                                        348,562       365,115        378,485      418,827      402,835
    OPERATING INCOME                                                 67,963        81,839         79,403       59,696       46,600
    ___________________
    (1) Includes public parking and employee parking. Revenues derived from car rental companies are included as "property
    rentals".
    (2) During 2009 certain current and prior year operating grants and contract revenues have been reclassified as Non-Operating
    revenues to comply with GASB #9. As such, 2005-2008 balances have been restated from prior year disclosures.
    (3) Largest components of Other Revenues include dockage and wharfage, and sales of utilities.
    (4) Effective January 1, 2008, certain business groups and services were moved from the Seaport & EDD Divisions to form the
    Real Estate Division.
    (5) T hrough 2007, Other Revenues included combined revenues of the corporate services department and the Economic
    Development Division. After 2007, it is composed only of corporate services.
    (6) During 2009 certain current and prior year enviromental expenses have been reclassified as Non-Operating expenses to
    comply with GASB #49. As such, 2005-2008 balances have been restated from prior year disclosures.
                                                                 -3-
Management Discussion of Historical Financial Results

Per GASB 34, the Port’s Audited Financial Statements are now required to include Management’s
Discussion and Analysis (MD&A). Please refer to this section of the Statements for the
Management’s discussion of current and historical financial results.

Management Discussion of Expected Results

Information presented in this section is found elsewhere in this disclosure document so has not been
separately repeated here.

Amount and Percentage of Operating Revenues by Division

In 2009, the Seaport Division, the Aviation Division and the Real Estate Division accounted for
approximately $90.7 million (20.2%), $328.2 (73.1%) and $30.1 (6.7%) of the Port’s total operating
revenues, respectively.

Port Outstanding Debt (Amounts in $ millions)

              Type of Debt                                                            12/31/2009                6/30/2010
              General Obligation                                                          357                      357
              Revenue
                                    (1)
                    Senior Lien                                                           1,560                    1,536
                    Intermediate Lien                                                      551                      541
                    Subordinate Lien
                         Long-term                                                          575                     575
                                                      (2)
                              Commercial Paper                                              250                     250
              Other
                  PFC - Revenue Bonds                                                      200                      200
                  Special Facility Revenue Bonds - Fuel Hydrant                            108                      105
              TOTAL                                                                       3,601                    3,564
_______________
    (1)   Senior Lien Debt Outstanding shown includes accumulated accreted interest from the 2009 Capital Appreciation Bonds of $0.75 million and
          $1.59 million at 12/31/2009 and 6/30/2010 respectively.
    (2)   The total authorized amount of Commercial Paper is $250 million. The actual amount outstanding as of 12/31/2009 and 6/30/2010 was
          $156.80 million and $138.75 million, respectively.

   Source: Port of Seattle.




                                                                    -4-
 Port of Seattle Estimated Debt Limit as of June 2010

                                              (1)
        Value of Taxable Property                                                                     $340,352,652,217

        Debt Limit, Non-Voted General Obligation Bonds
           (.25% of Value of Taxable Property)                                                         $      850,881,631
        Less: Outstanding Non-Voted General Obligation Bonds                                           $      357,315,000
        Less: Capital leases and other general obligations                                                              -
        Remaining Capacity of Non-Voted General Obligation Debt                                        $      493,566,631



        Debt Limit, Total General Obligation Debt
           (.75% of Value of Taxable Property)                                                         $ 2,552,644,892
        Less: Total Outstanding General Obligation                                                         357,315,000
        Less: Capital leases and other general obligations                                                           -
        Remaining Capacity of Total General Obligation Debt                                            $ 2,195,329,892
________________
(1)   Assessed valuation figure as reported in the 2009 King County’s Assessor Annual Report. This 2009 assessed valuation figure is the basis for
      2010 tax collections

Source: Port of Seattle.



 2009 Port of Seattle Revenue Bond Debt Service (1) (in thousands of dollars)
                                              (2)
                      First Lien Bonds                                                      Interest                72,742.6
                                                                                            Principal               37,730.0

                      Intermediate Lien Bonds                                               Interest                28,059.7
                                                                                            Principal               13,975.0

                      Subordinate Lien Bonds                                                Interest                14,888.7
                                                                                            Principal                9,390.0

                                                                                    (3)
                      Subordinate Lien Notes (Commercial Paper)                             Interest                    579.9
                                                                                            Principal                 4,951.7
 ______________
            (1)   These amounts reported Gross of Capitalized Interest and any Premium or Discount Amortization.
            (2)   This amount excludes $0.75 million of Accreted Interest on the 2009B Capital Appreciation Bonds.
            (3)    This is based on amortization of outstanding Commercial Paper on December 31, 2009. Total CP authority is $250 million, but
                  actual amount outstanding varies.




                                                                        -5-
2009 Port of Seattle Limited Tax G.O. Bond Debt Service (in thousands of dollars)

                                                                                          Total Debt
                                  Year         Principal             Interest              Service
                                  2009        $20,750.0               $19,672.1             $40,422.1
                  Source: Port of Seattle


Tax Levy: Recent Tax Levy Activity

        2009 Tax Year
        Port District Assessed Valuation                                                            $386,889,728,909
        Maximum Levy                                                                                        $85,363,322
        Total Tax Levy                                                                                      $75,911,308
        Total Tax Levy Rate                                                                                             0.20
        Tax Levy Allocable for Limited Tax General Obligation Bonds                                         $40,422,078
        Tax Levy Allocable for General Purposes                                                             $35,489,231
       Source: King County Assessor’s Office and Port of Seattle



Industrial Development Levy or Dredging Levy

The Port did not levy the Industrial Development Levy or the Dredging Levy in 2009.


Tax Levy: “Tax Collection Record”

                                                 Amount                                                                    % of Levy
                                                Collected in           % Collected           Amount Collected             Collected as of
                                    (1)
  Year      Amount of Levy                       Year Due              In Year Due             as of 12/31/09               12/31/2009
  2009            $75,911,308                    $74,383,606             97.99%                    $74,383,606               97.99%
  2008              75,931,051                    74,531,940             98.16%                      75,506,171              99.44%
  2007              68,863,091                    67,703,167             98.32%                      68,727,280              99.80%
  2006              62,805,613                    61,701,749             98.24%                      62,787,883              99.97%
  2005              62,799,550                    61,704,536             98.26%                      62,792,684              99.99%
     ______________
     (1) The amount of the levy varies from the budgeted amount because of adjustments in assessed values and levy rates made by the County.

       Source: Port of Seattle, from King County Tax Receivables




King County Principal Taxpayers

The Port’s Audited Financial Statements include a listing of the principal taxpayers in King County.
Please refer to this section of the Statements for a current listing as of 12/31/2009.



                                                                   -6-
Port of Seattle Capital Improvement Program for Period Ending December 31, 2009(1)

                                              Estimated Total
                                                                                         (2)                                      (3)
AVIATION DIVISION                                  Costs            Currently Funded             Future Bonds             Other
Phase 1
Third Runway                                        997,601,000               997,601,000
South Terminal Expansion Program                    431,392,000               431,392,000
Terminal and Tenants                                332,392,000               332,392,000
Infrastructure                                      235,552,000               235,552,000
Airfield                                            188,008,000               188,008,000
Satellite Transit System                            160,021,000               160,021,000
Landside                                            141,448,000               141,448,000
Aviation Division Wide                               66,140,000                66,140,000
Security                                             32,266,000                32,266,000
Business Development                                 17,629,000                17,629,000
Community Relations                                   3,403,000                 3,403,000
                                                  2,605,852,000             2,605,852,000

Noise                                               403,046,000               370,212,000                                    32,834,000

All Other
Landside                                            527,326,000               514,440,000             12,886,000
Aviation Division Wide                              373,281,000               363,610,000              9,671,000
Security                                            253,545,000               247,670,000              5,875,000
Airfield                                            190,690,000               138,878,000             51,812,000
Infrastructure                                      172,537,000               111,109,000             61,428,000
Terminal and Tenants                                127,374,000                65,097,000             41,277,000             21,000,000
South Terminal Expansion Program                    125,486,000               125,486,000
Stormwater                                           74,435,000                61,996,000             12,439,000
Business Development                                 48,711,000                48,711,000
                                                  1,893,385,000             1,676,997,000            195,388,000             21,000,000

Total Aviation Division                           4,902,283,000             4,653,061,000            195,388,000             53,834,000
% of Total Aviation                                     100.00%                    94.92%                  3.99%                  1.10%

SEAPORT DIVISION (2010-2014)

Total Seaport Division                               65,790,000

REAL ESTATE DIVISION (2010-2014)
Total Real Estate Division                           36,432,000

PROFESSIONAL & TECHNICAL SERVICES (2010-2014)
Total P&TS                                           50,514,000

TOTAL PORT OF SEATTLE                           $5,055,019,000

___________________
   (1)   Committed Program only.
   (2)   Includes existing revenue bond proceeds, PFC Bond proceeds, PFC revenues, CFC Revenues, Airport Improvement Program. (AIP) grants,
         Transportation Security Administration (TSA) grants, Letter of Intent grants, and the Airport Development Fund.
   (3)   Includes expected future AIP grants, PFC revenues, and other/equity.

   Source: Port of Seattle.




                                                                 -7-
Historical Debt Service Coverage for Period Ending December 31, 2009

                                    Historical Debt Service Coverage Revenue Bonds
                                                     (in thousands)
                                           For the Years Ended December 31
  Fiscal Year                                                                 2005           2006             2007            2008           2009
                                                                (1)
Gross revenue available for revenue bond debt service                         412,481        438,325          449,281        477,810        440,845
                     (2)
Operating expenses                                                            218,774        224,558          236,897        274,245        245,775
 Less: Port general purpose tax levy                                          (24,232)       (23,828)         (27,928)       (34,712)       (34,533)
Adjusted operating expenses                                                   194,542        200,730          208,969        239,533        211,242
                              (3)
Nonoperating revenue—net                                                          14,184         17,065         27,680        45,667          9,636
Net revenue available for first lien debt service                             232,123        254,660          267,992        283,944        239,239

Debt service on first lien bonds                                                  84,614         87,876         87,640        88,467        108,123
  Coverage on first lien bonds                                                     2.74x          2.90x           3.06x         3.21x           2.21x
Net revenue available for intermediate lien debt service                      147,509        166,784          180,352        195,477        131,116
                                                    (4)
 Add: Prior lien debt service offset paid by PFC or                            N/A         N/A            N/A                 10,125         22,117
  CFC revenue (5)                                                                                                                  0          5,847
Available intermediate lien revenues as first adjusted                         N/A         N/A            N/A                205,602        159,080

Intermediate lien debt service—gross of debt service offsets                  2,167          7,269           14,079           22,330         34,640
                                                          (4)
  Less: Debt service offsets paid from PFC revenue                             N/A           N/A              N/A              N/A            (8,197)
                                                                      (4)
Intermediate lien debt service—net of debt service offsets                     N/A           N/A              N/A              N/A           26,443
Coverage on intermediate lien bonds                                           68.07x        22.94x           12.81x             9.21x           6.02x
Net revenue available for subordinate lien debt service                       145,342        159,515          166,273        183,272        132,637
Debt service on subordinate lien bonds                                            27,813         39,067         42,006        41,511         34,949
Coverage on subordinate lien bonds                                                 5.23x          4.08x           3.96x         4.42x           3.80x
________________
    (1)   Gross revenue represents total operating revenue adjusted for the following: Fuel hydrant rental income and difference of escalating rental
          income on straight-line basis versus contracted amount are excluded.
    (2)   Operating expenses represents total operating expense adjusted for rental car facility related operating expense paid from Customer
          Facility Charges ("CFC") rather than from operating revenues.
    (3)   Nonoperating revenue—net represents total nonoperating income—net adjusted for the following: Interest expense on any obligations
          incurred in connection with and payable from gross revenue, income which is not legally pledged for revenue bond debt services namely
          passenger facility charges ("PFC"), and CFC, tax levy, noncapital grant and donation revenue, public expense, and capital contributions.
          Certain non-cash items like depreciation are excluded, others are adjusted to a cash basis such as gain or loss on sale of assets and
          environmental expenses.
    (4)   During 2008, the Port implemented using PFC revenue toward other specific revenue bonds debt service related to eligible projects. The
          Port, as authorized by the Federal Aviation Administration (“FAA”), has the authority to use PFC to: (i) pay PFC issued debt; (ii) pay
          eligible projects costs (definitions, terms and conditions are set by the FAA), and (iii) pay revenue bonds debt service related to PFC
          eligible projects. Historically, the Port used PFC to pay PFC debt service and to pay eligible projects costs. While the PFC revenue was
          used toward first lien bonds debt service, as permitted by the Port’s Intermediate Lien Master Resolution No. 3540, as amended, this
          schedule applies the PFC revenue to the calculation for coverage on intermediate lien bonds.
    (5)   During 2009, the Port began using CFCs to pay debt service on related bonds. Washington State law provides for the Port’s Authority to
          impose a CFC on rental car transactions at the Airport. CFCs may only be used to costs associated with the consolidated rental car facility
          including the payment of debt service on bonds issued to fund the facility.




                                                                            -8-
Insurance

General Overview:

The Port of Seattle has a comprehensive risk management program that financially protects the Port
against loss from adverse events to its property, operations, 3rd party liabilities, and employees.
The Port’s insurance year for liability coverage runs from October 1, 2009 to October 1, 2010. The
Port’s insurance year for property coverage runs from July 1, 2009 to July 1, 2010. The Port
utilizes the services of Alliant Insurance Services for the placement of its liability insurance. The
Port also utilizes Alliant Insurance Services to purchase its property insurance. Alliant was selected
through a competitive selection process in 2009. All of the Port’s insurance carriers are rated “A”
or better by the A.M. Best & Company and includes Chartis (formerly AIG), Lexington, Navigators
Insurance, and National Union.

Property Insurance:

The Port maintains a comprehensive property insurance program for loss of, and damage to, Port
property including business interruption and equipment breakdown with a $1 Billion
($1,000,000,000) per occurrence limit at a $1 million per occurrence deductible. Terrorism
coverage is provided with a sub-limit of $ 250 million per occurrence. Coverage for flood is capped
at an annual aggregate of $25 million above a flat $1 million deductible. Property insurance
coverage extends to contractors of the Port, in addition to the Port, for property damage to the
capital improvements that are in the course of construction. This “course of construction” coverage
has a maximum limit of $50 million per project. Projects under construction with values that
exceed $50 million must be specifically underwritten. The Port does not purchase earthquake
insurance for its property unless it is part of a stand-alone builder risk property insurance policy
specific to a project under construction.

Builder Risk Property Insurance:

Builder Risk insurance applies to large project, namely above $50 million in completed value, for
which a specific policy is issued to cover potential losses that occur during the construction period.
In June of 2008, the Port purchased a specific three year stand alone builder risk property insurance
policy to cover the construction of the Consolidated Rental Car Facility. The policy covers the Port
and its contractor’s interest in the property. Limits on this policy are $280 million with smaller sub-
limits to cover the perils of windstorm, flood, earthquake, and terrorism. The policy deductible is
$50,000 per occurrence. Earthquake limits are capped at $150,000,000. In December of 2009, the
Port purchased a second specific builder risk policy to cover the Spokane Street/East Marginal Way
Grade Separation Project. The policy has limits of $20 million and includes coverage for damage
caused by earth movement (earthquake).

Liability Insurance:

The Port purchases excess non-aviation commercial general liability insurance which covers losses
involving actual or alleged bodily injury and property damage that arises from claims made against
the Port by third parties. The excess general liability limit is $50 million per occurrence with a $1
million per claim retention. This excess liability coverage is for the Port’s non-aviation operations,
automobile, employee benefits, and foreign liability exposures. Coverage includes claims resulting
from bodily injury and property damage arising from terrorism acts.

                                                 -9-
The Port purchases a separate airport operator’s liability insurance policy which covers liability
claims from third parties that involve property damage and bodily injury that arise out of airport
operations. The limit of liability is $300 million with a $50,000 per claim retention. Coverage for
events stemming from terrorism and/or war is excluded. In 2007, the Port added Robinson Aviation
(ramp tower control vendor) as an insured onto this policy to cover the liability exposure of aircraft
movement on the ramp area.

Separate liability policies have been purchased to cover the Port’s public officials’ and employment
practices liability ($ 10 million limit/$1 million per claim retention); fiduciary liability ($5 million
limit/no-deductible), and police professional liability ($10 million limit/$1 million per claim
retention). The Port also purchases an employee dishonesty policy (formerly called a fidelity bond)
protecting the Port from liability due to the dishonesty of Port employees. This policy has a $5
million limit. The Port self-insures its workers’ compensation exposure.

Third Party Agreements:

Contractors, tenants, and lessees, are required to carry at least $1 million of commercial general
liability insurance ($10 million for large construction projects and higher-risk projects) and
automobile liability insurance of at least $1 million ($5 million for automobiles operated on the
non-movement part of the aircraft operations area and $10 million for automobiles operated on the
aircraft movement area of the aircraft operations area). The Port requires airline tenants at Sea-Tac
airport to provide between $50 million and $300 million per occurrence liability limits. Contractors
must also provide proof of workers’ compensation coverage for their employees as well as
Washington State “stop-gap” coverage that covers employers’ liability. The Port of Seattle requires
all contractors, tenants, and lessees, to include the Port of Seattle as an “additional insured” on their
policies of commercial general liability insurance. All contracts and lease agreements require that
the Port, and its employees, officers, and commissioners are to be held harmless and indemnified
for all actual and alleged claims that arise out of the acts of the Port’s contractors, consultants,
vendors, and lessees.

Owner Controlled Insurance Program:

The Airport Capital Improvement Program (ACIP) construction projects (built between 2001 and
2008) were insured against third party claims under an Owner Controlled Insurance Program
(OCIP) that expired on 12/31/2008. All ACIP work completed prior to the OCIP termination date
continues to be covered for potential future claims for property damage and bodily injury through
12/31/2014. All potential claims that may arise from errors and omissions involving professional
work will be potentially covered under the OCIP program if the claim is reported prior to
12/31/2016. The OCIP insured the Port, construction managers, eligible and enrolled contractors,
and other designated parties for work performed under the ACIP. Certain Contractors and
Subcontractors and their employees were excluded from this program.



Changes in the Identity of the Port's Treasurer

No change.


                                                 - 10 -
Changes in the Port’s Investment Policy

No change.

For further details on the Port’s cash & cash equivalents, and investments as of December 31, 2009, please
refer to the audited financial statements.


Total Annual Enplanements

                                                                                                Annual
               Year                   Domestic               International      Total     Increase/(Decrease)
         2009 (entire year)           14,296,186               1,314,012       15,610,198       (3.0%)
      January – April 2009             4,148,330                 426,064        4,574,394        -----
      January – April 2010             4,105,036                 432,013        4,537,049       (0.8%)


Percentage of Domestic and International Flights

Of the approximately 15.6 million enplaned passengers served by the Airport in 2009, 8.4% were
on international flights and 91.6% were on domestic flights.

Enplanement Market Share by Airline in 2009
                                                                                  Enplaned                   % Mkt
                         Rank           Airline                                  Passengers                  Share
                          1   Alaska Airlines                                       5,361,060                  34.3%
                          2   Horizon Airlines                                      2,147,090                  13.8%
                              Alaska Air Group subtotal                             7,508,150                  48.1%

                                                           (1)
                             3       Delta Air Lines                                   1,950,196                  12.5%
                             4       Southwest Airlines                                1,374,667                    8.8%
                                                           (2)
                             5       United Airlines                                   1,241,888                    8.0%
                             6       American Airlines                                   680,356                    4.4%
                             7       Continental Airlines                                673,128                    4.3%
                             8       US Airways                                          510,353                    3.3%
                             9       Virgin America                                      300,588                    1.9%
                            10       JetBlue Airways                                     217,618                    1.4%
                            11       Hawaiian Airlines                                   212,673                    1.4%
                            12       Frontier Airlines                                   166,297                    1.1%
                                               (3)
                                     Others                                             774,284                   4.8%
                                     Airport total                                   15,610,198                 100.0%
                         ________________
                   (1)   Includes Delta Connection (operated by SkyWest, ExpressJet, and Mesaba Airlines) and historical service by
                         Northwest Airlines
                   (2)   Includes United Express (operated by SkyWest)
                   (3)   Airlines with less than 1% market share each.

                   Source: As reported to the Port by the airlines
                                                                 - 11 -
List of Airlines Serving Seattle-Tacoma International Airport as of December 2009

                                         (1)                                                  (2)
 Scheduled Passenger Service                             Charter Passenger Service
 United States Flag Airlines                                   Allegiant Air
       AirTran Airways, Inc.                                   North American Airlines
       Alaska Airlines                                         World Airways
       American Airlines                                       Xtra Airways
       Continental Airlines
       Delta Air Lines
                                                                                  (3)
          Delta Connection/Mesaba                        All-Cargo Service
          Delta Connection/Skywest                             Alaska Airlines
          Frontier Airlines                                    Asiana Airlines
          Hawaiian Airlines                                    Cargolux
          Horizon Airlines                                     China Airlines
          JetBlue Airways                                      Empire Airlines
          Midwest Airlines                                     EVA Air
          Northwest Airlines                                   Fedex
          Southwest Airlines                                   Korean Airlines
          Sun Country                                          Martinair Holland
          United Airlines                                      Northwest Airlines
          United Express/Skywest
          US Airways
          Virgin America

 Foreign Flag Airlines
       Aeromexico
       Air Canada
       Air Canada Jazz
       Air France
       Asiana Airlines
       British Airways
       EVA Air
       Hainan Airlines
       Icelandair
       Korean Airlines
       Lufthansa Airlines
       Scandinavian
______________________________
Note: Criteria for inclusion on list (carriers serving Seattle-Tacoma Airport less than one year are automatically included)
           (1) Scheduled Passenger Airlines include carriers that carried at least 0.1% of all passengers in 2009
           (2) Charter Airlines include carriers that carried at least 1,000 passengers in 2009.
           (3) Includes all-cargo carriers that had a minimum of 0.5% freight tonnage market share in 2009. Includes passenger carriers
                 who also operate scheduled cargo-only freighters.


Source: Official Airline Guide (OAG)



                                                                     - 12 -
Primary Domestic Origin and Destination Markets 2009
                                                                                       Average Daily
             Market of Origin or              Air miles from           Percent Share of Non-Stop
                                                           (1)                     (2) (a)                     (b)
 Rank           Destination                      Seattle                Market                 Departures
                                      (3)
    1     Los Angeles, CA                                        954                   11.9                    36
                                (4)
    2     Bay Area, CA                                           678                     9.9                   37
    3     Las Vegas, NV                                          866                     4.4                   12
                                    (5)
    4     New York, NY                                      2,421                        4.0                   11
    5     Phoenix, AZ                                       1,107                        3.7                   13
    6     San Diego, CA                                     1,050                        3.1                    7
    7     Denver, CO                                        1,024                        3.1                   15
                          (6)
    8 Chicago, IL                                           1,721                        2.9                   14
    9 Spokane, WA                                             224                        2.3                   22
   10 Honolulu, HI                                          2,677                        2.2                    5
                        (7)
   11 Dallas, TX                                            1,660                        2.1                   11
   12 Sacramento, CA                                          605                        2.0                    9
                                      (8)
   13     Washington, D.C.                                  2,329                        1.9                    5
   14     Minneapolis, MN                                   1,399                        1.9                    9
   15     Salt Lake City, UT                                  689                        1.8                   11
   16     Atlanta, GA                                       2,182                        1.6                    7
   17     Boston, MA                                        2,496                        1.6                    3
   18     Anchorage, AK                                     1,449                        1.5                   17
   19     Boise, ID                                           399                        1.4                    8
   20     Orlando, FL                                       2,553                        1.4                    2
                              (9)
   21 Houston, TX                                           1,874                        1.3                     7
                                (10)
   22 Baltimore, MD                                         2,335                        1.3                   <1
                               (11)
   23     South Florida                                     2,717                       1.2                     1
   24     Kahului, HI                                       2,640                       1.2                     3
   25     Philadelphia, PA                                  2,378                       1.0                     2
   26     Detroit, MI                                       1,927                       1.0                     3
          Sub Total                                                                    71.8                   269
                        (12)
          All Others                                                                  28.2                    107
          Total                                                                      100%                     375
______________________________
Note: Totals may not add to 100% as a result of rounding.
  (1) In markets with multiple cities, distance is to city with largest passenger share.
  (2) Includes cities with at least one percent market share.
  (3) Los Angeles International, Bob Hope (Burbank), John Wayne (Orange County), Ontario International, and Long Beach airports.
  (4) San Francisco, Oakland, and Mineta San Jose International airports.
  (5) John F. Kennedy International, LaGuardia, and Newark Liberty International airports.
  (6) Chicago O’Hare International and Midway airports.
  (7) Dallas/Ft. Worth and Love Field airports.
  (8) Washington Dulles International and Reagan Washington National airports.
  (9) George Bush Intercontinental Airport Houston and Hobby airports.
  (10) Baltimore has no direct flights, however, the market share is due to connecting flights.
  (11) Miami, Fort Lauderdale-Hollywood, and Palm Beach International airports.
  (12) Remaining domestic cities and nonstop international departures included in the total.
Sources: (a) U.S DOT OD1A database; (b) Official Airline Guide (OAG) schedule

                                                                   - 13 -
Percentage of Origin and Destination (O&D) Passengers

The estimated percentage of O&D passengers is 73.5%, based upon a recent U.S. Department of
Transportation survey, as of twelve months ending December 31, 2009.

Source: O&D calculated using Database Products’ methodology



Landed Weights of Top Ten Passenger Carriers for 2009

                                Rank              Airline                   Metric Tons               % of Total
                                 1        Alaska Airlines                     6,170,240                  30.3%
                                 2        Horizon Airlines                    2,443,576                  12.0%
                                 3        Southwest Airlines                  1,724,852                    8.5%
                                 4        United Airlines                     1,436,264                    7.0%
                                 5        Northwest Airlines                  1,233,605                    6.1%
                                 6        Delta Air Lines                       962,412                    4.7%
                                 7        Continental Airlines                  722,117                    3.5%
                                 8        American Airlines                     701,098                    3.4%
                                 9        US Airways                            565,306                    2.8%
                                 10       Virgin America                        363,970                    1.8%
                                                         (1)
                                          All Others                           4,064,775                   19.9%
                                          Total                               20,388,215                  100.0%
___________
        (1)   Includes $2.5 million and $1.6 million metric tons of passenger and cargo carrier landed weight, respectively, in 2009.




Number of Domestic Daily Non-stop Cities Served in 2009

Passenger airlines provided daily non-stop service to 77 cities.


Number of Total Airport Operations for 2009

The Airport accommodated 317,873 airline operations (takeoffs and landings) in 2009.


Number of U.S. Flagged and Foreign Passenger Airlines

19 U.S. flagged passenger airlines and 12 foreign flagged passenger airlines served the Airport as of
December 2009.
Source: Official Airline Guide (OAG)




                                                                       - 14 -
List of International Daily Non-stop Cities Served in 2009

 Non-stop international daily service was offered to 14 cities in 2009. (Some Mexico service is seasonal)
                                Amsterdam, Netherlands
                                Calgary, Alberta, Canada
                                Cancun, Quintana-Roo, Mexico
                                Edmonton, Alberta, Canada
                                Frankfurt, Germany
                                Kelowna, British Columbia, Canada
                                London, England, United Kingdom
                                Paris, France
                                Puerto Vallarta, Jalisco, Mexico
                                San Jose del Cabot, Baja California Sur, Mexico
                                Tokyo, Japan
                                Toronto, Ontario, Canada
                                Vancouver, British Columbia, Canada
                                Victoria, British Columbia, Canada

Source: Official Airline Guide (OAG)




Scheduled International Service
                                                                    Percent of
                                           Country               Seating Capacity
                                       Canada                          40.5%
                                       Japan                           12.1%
                                       United Kingdom                   9.3%
                                       South Korea                     7.5%
                                       Mexico                           6.9%
                                       Netherlands                      5.6%
                                       Taiwan                           4.7%
                                       Germany                          3.9%
                                       France                           3.9%
                                       China                            2.6%
                                       Denmark                          2.1%
                                       Iceland                          0.9%
                                                                      100.0%

                                       Source: Official Airline Guide (OAG)




                                                            - 15 -
Non-Stop Scheduled Departures by Airline for 2009
                                                                   Number of Average
                    Airline                                          Daily Departures
                    Alaska Airlines                                              124
                    Horizon Air                                                  109
                    Southwest Airlines                                            39
                    United Airlines                                               21
                                          (1)
                    SkyWest Airlines                                                19
                    Delta Air Lines                                                 15
                    Northwest Airlines                                              15
                    American Airlines                                               14
                    Continental Airlines                                            12
                    US Airways                                                      10
                    Virgin America                                                   7
                    Air Canada Jazz                                                  7
                    JetBlue Airways                                                  5
                    Frontier Airlines                                                4
                                         (2)
                    AirTran Airways                                                  3
                    Hawaiian Airlines                                                3
                    British Airways                                                  1
                    Air Canada                                                       1
                                         (3)
                    Midwest Airlines                                                 1
                    Lufthansa                                                       <1
                    Sun Country Airlines                                            <1
                    Air France                                                      <1
                    Korean Air                                                      <1
                    EVA Air                                                         <1
                    Asiana Airlines                                                 <1
                    AeroMexico                                                      <1
                    Hainan Airlines                                                 <1
                                                      (4)
                    SAS Scandinavian Airlines                                       <1
                                (5)
                    Icelandair                                                       <1
                    Total                                                           416

                    (1) Operates as a Delta Connection and United Express carrier
                    (2) Operates seasonally
                    (3) Service usually increases during the summer months
                    (4) Service ended July 2009
                    (5) Service started July 2009


                    Source: Official Airline Guide (OAG)




                                                    - 16 -
Percentage of Enplanements Traveling to Asia

In 2009, approximately 2.2% of all enplanements, or 26.5% of international enplanements
represented passengers traveling to Asia.


Number of Domestic and Foreign All-Cargo Airlines

10 domestic and foreign all-cargo airlines, having a market share greater than 0.5%, served the
Airport in 2009 (these numbers do not include air mail).


Metric Tons of Enplaned and Deplaned Cargo

Total enplaned and deplaned cargo equaled 270,142 metric tons in 2009. This includes Domestic
and International Air Freight and Domestic and International Air Mail.


Additional Pledged Revenue and any Changes of PFC Authorization

Approved additional authority through an amendment to PFC Application #3 per PFC Record of
Decision (ROD) dated 5/14/09 in the amount of $3,952,278.
Approved additional authority through an amendment to PFC Application #4 per PFC Record of
Decision (ROD) dated 8/12/09 in the amount of $166,381,707.




                                               - 17 -
Projects to be Funded with PFC Revenue -- Costs and Sources of Funds
                                                                                                                       Sources of funds
                                                                                   -----------------------------------------------------------------------------------------
                                                                Gross                    Federal grants-in-aid
                                                                project            ----------------------------------       Port        Pay-as-you-go 1998 PFC Bond
                                                                                                                                          (1)
                                                                 costs           Entitlement     Discretionary         funds          PFC Revenue          proceeds
                                                       --------------------- ----------------------------------- ------------------------------------ -------------------
1998 PFC Bond Projects
                   (2)
 Third runway                                                $947,279,393            $93,900,000 $202,635,256                     404,023,029          132,388,108           $114,333,000

 South Terminal Expansion Program                             567,510,000                                                         428,693,026           41,534,974              97,282,000
                           (3)
              (STEP)
                                                 (4)
 Passenger Conveyance System (STS)                            159,961,000                                              27,697,658       83,878,342          48,385,000
                                                        -------------------- ----------------------------------- ------------------------------------ -------------------
    Total 1998 PFC Bond Projects                           $1,674,750,393        $93,900,000 $202,635,256            $860,413,713 $257,801,424            $260,000,000

Other--impose and use
                                       (5)
 ARFF regional training facility                                $6,880,689                                 $4,503,000                  927,893          $1,449,796

 Runway safety area improvements                                46,286,000                                 25,500,000              12,286,000             8,500,000

 Access roadway improvements                                    73,815,316                                                         49,650,053           24,165,263

 Security system upgrade                                        32,818,365                                                         20,515,365           12,303,000

 Airfield pavement and infrastructure
  improvements                                                  46,981,877                                   7,883,000             11,195,113           27,903,764

                         (6)
 Noise programs                                               137,800,000                          50,000,000          37,800,000       50,000,000
                                                        -------------------- ----------------------------------- ------------------------------------ -------------------
    Total other--impose and use                              $344,582,247                         $87,886,000        $132,374,424 $124,321,823
                                                        -------------------- ----------------------------------- ------------------------------------ -------------------
      Total projects                                       $2,019,332,640        $93,900,000 $290,521,256           $992,788,137 $382,123,247             $260,000,000
                                                          ============ ============ =========== ============ =========== ============


(1) Including, but not limited to, Airport Development Fund moneys and revenue bond and commercial paper proceeds.
(2) Excludes some associated costs - $33 million for Safety Area and $35 million for Noise projects. When these costs are included, total Third runway project costs are $1,128,801,000. As of
2009 total cost reduced by $94M & $7M in savings.
(3) Formally known as "Terminal expansion--Concourse A" & includes associated security systems
(4) Also known as Satellite Transit System (STS).
(5) Formally known as the "Aircraft Rescue and Fire Fighting Regional Training Facility".
(6) Total Noise project costs associated with the PFC Record of Decision (ROD)


Source: Port of Seattle.




                                                                                            - 18 -
Historical PFC Collection and Percentage of PFC Eligible Enplaned Passengers

Note that PFC collections figures are based on “PFC Quarterly Status Report – Revenue and
Expenditures” filed with FAA and reported on a cash basis; thus PFC collections do not match the
amounts reported in the Port of Seattle Financial Statements.

                                                                                      2009

                                Enplaned passengers                                 15,610,198
                                 Annual Percentage Change                                (3.0%)

                                Passenger Facility Charge (PFC)                 $         4.50
                                Administration costs                                      0.12
                                 Net PFC                                                  4.38

                                PFC-eligible passengers                             13,411,542

                                Percent of enplaned passengers                           85.9%

                                PFC Collections                                 $ 58,742,555



Historical Application of PFC Revenue
                                                                                                  (1)
                                                                                          2009
                            Beginning Balance                                          30,118,241

                            Plus Deposits: Annual PFC Collections                      58,742,555
                                           Annual Interest Income                       1,560,912
                                           Total Deposits                              60,303,467
                            Available amounts                                          90,421,708

                            Less withdraws: Annual Debt Services                       20,424,928
                                            Pay-as-you-go Expenditures                 37,567,592
                                            Total Withdraws                            57,992,520
                            Ending Balances                                            32,429,188

       (1)
             Figures are based on "PFC Quarterly Status Report - Revenue and Expenditures" filed with FAA.




                                                             - 19 -
Annual PFC Debt Service Coverage

Note that PFC collections figures are based on “PFC Quarterly Status Report – Revenue and
Expenditures” filed with FAA and reported on a cash basis; thus PFC collections do not match the
amounts reported in the Port of Seattle Financial Statements.

                                                                                      2009

 PFC collections                                                         [A]     $58,742,555
 PFC Capital and Revenue Fund interest income                            [B]       1,560,912
   PFC Revenue                                                       [A]+[B]=[C] $60,303,467

 First Lien PFC Reserve Account interest income                          [D]         553,532
                                                                     [C]+[D]=[E] $60,856,999

 Annual PFC Debt Service                                                  [F]      $20,424,928

 Annual PFC Debt Service coverage

   PFC collections only                                                [A] / [F]          2.88

   PFC Revenue                                                         [C] / [F]          2.95




                                                  - 20 -
PFC Unspent Authority & First Lien Sufficiency Covenant

First Lien Sufficiency Covenant Coverage is 1.86 which is calculated as followed:
                                                                                       (1)
                                                                                 2008                 2009

      Unspent PFC Authority (see detail below)                               $384,680,899         $532,014,062
 Plus:Projected Additional Pledged Revenue
      Remaining Unspent PFC Authority                                        $ 384,680,899 $ 532,014,062

      Remaining Aggregate PFC Debt Service                                   $306,355,435         $285,930,508

 First Lien Sufficiency Covenant Coverage (minimum is 1.05)                             1.26                 1.86

 Unspent PFC Authority
 Beginning Aggregate PFCs authorized to be collected                         $501,541,977         $437,996,307
 Plus: Net Annual Adjustment to Authorization                                          $0         $170,333,985
 Less: PFC Collected and Interest Earned                                     ($63,545,472)        ($60,303,468)
 Ending Aggregate PFCs authorized to be collected                            $437,996,505         $548,026,824

 Less Adjusted Costs
      Costs of Projects Paid                                                  $19,682,410     $4,952,044
      Costs of Projects Paid - Debt Service                                   $20,423,678    $20,424,928
      Costs of Projects Paid - Revenue Bond Debt Service Offset               $11,311,825    $32,615,548
      Costs of Projects Obligated                                             $53,938,000    $10,955,000
      Costs of Projects Obligated - Remaining Debt Service                   $306,355,435 $285,930,508
      Less: Projected Aggregate Debt Service                                ($306,355,435) ($285,930,508)
      Less: Amount on deposit in the Funds                                   ($52,040,306) ($52,934,757)
      Less: Costs of Projects Paid from Bond Proceeds                                  $0             $0
      Less: Costs of Projects Obligated from Bond Proceeds                             $0             $0
 Total Adjusted Costs                                                         $53,315,606    $16,012,763

 Total Unspent Authority                                                     $384,680,899         $532,014,062
  _____________
    (1) The 2008 First Lien Sufficiency Coverage calculation has been restated to include the Revenue Bond Debt
        Service Offset.


Airport LOI and Other Federal Grants - 2009

Operating grants:                  $2,000,000

Capital spending grants:          $49,055,650



                                                      - 21 -
Aviation Division Operating Expenses for 2009

                                                                                              2009
                                                                                           (in $000's)
                             Direct Expense Cost Centers
                               Administration salaries and benefits                           28,263
                               Wages                                                          52,180
                               Travel and other employee expenses                                622
                               Outside services                                               23,333
                               Supplies                                                        4,691
                               Utilities                                                      13,200
                               Other direct expenses                                          11,725
                               Charges to capital projects                                    (3,458)
                                 Total Direct Operating Expenses                             130,555

                             Indirect Expense Cost Centers
                               Corporate allocations
                                 Total Indirect Operating Expenses                             44,099

                                      Total Operating Expenses                               174,654

                             Summary by cost center
                              Aeronautical LOB (1)                                           118,456
                                Landside LOB                                                  32,315
                                Business Dev & Mgmt (2)                                       24,696
                                Utilities (3)                                                   (813)
                                  Total Operating Expenses                                   174,654


      (1)   Airfield and Air Terminal are combined to Aeronautical; adjusted for the 20.0% non-aeronautical terminal costs.
      (2)   Included 20.0% of the non-aeronautical terminal costs for Concessions.
      (3)   The cost center summary shows utilities O&M expense as a negative amount due to other charges such as depreciation and capital
            costs included in the rate base for the purpose of internal and external billing.

      Source: Port of Seattle, Aviation Division




                                                                - 22 -
Sources of Aviation Division Revenue for 2009(1)
                                                                                 2009                %
                                                                              (in $000's)         of Total
                    Airline Revenues
                      Landing Fee                                                50,847           15.87%
                      Terminal Rents                                            118,111           36.86%
                      Other                                                      13,577           4.24%
                          Total Airline Revenues                                182,534           56.97%

                    Non-Airline Revenues
                     Commercial Properties
                       In-Flight Kitchen                                           3,253           1.02%
                       Commercial Property Leases                                  1,450           0.45%
                          Commercial Properties Subtotal                           4,703           1.47%

                       Landside
                         Public Parking                                           49,688          15.51%
                         Rental Cars                                              33,321          10.40%
                         Employee Parking                                          5,106          1.59%
                         Ground Transportation                                     4,739          1.48%
                          Landside Subtotal                                       92,852          28.98%

                       Concessions
                        Food and Beverage                                         10,412          3.25%
                        News and Gift                                              8,710          2.72%
                        Duty-Free                                                  1,647          0.51%
                        Other Concessions                                         12,713          3.97%
                          Concessions Subtotal                                    33,482          10.45%

                       Utilities                                                  6,229           1.94%
                       Other                                                         82           0.03%
                             Total Non-Airline Revenues                         137,348           42.87%

                    Security Grants                                                   -            0.00%
                    Fuel Hydrant Revenue(2)                                           514          0.16%

                    Total Aviation Division Revenues                            320,396          100.00%

              (1)   Revenues are by business unit, and thus amounts in some categories may differ from amounts disclosed in other tables
                    within this and other reports, which may be presented by account.
              (2)   Fuel Facility Revenue of $7.84 million for the payment of Special Facility Bonds debt service is excluded.

              Source: Port of Seattle, Aviation Division




                                                              - 23 -
Calculation of Airline Terminal Rents Under Current Airline Agreements



                                                                     2009
  Terminal Costs                                                  (in $000's)
  Cost Element
  a) Debt Service                                                   60,812
  b) Amortization                                                    2,302
  c) Interim Financing Costs                                           173
  d) Terminal and Allocable O&M                                     90,819
  e) Alloc Reserve Funds Deposits                                      -
  f) Alloc P69 Debt Service                                            447
       Subtotal                                                    154,553
  Less:
  Common Bridge/Gate Equip Revenues                                   (877)
  Open Storage Revenue                                                (417)
  Capital and O&M Costs for Airlines-Specific Systems              (14,268)
  TSA Check Point Reimbursement                                     (1,022)
  Terminal Costs to Airfield                                          (914)
      Allocable Costs                                              137,055
  Less: Terminal Costs for the Port, Public Areas, and Non-Aero    (28,233)
   Less: TSA Security Bin Advertising Revenue Credit                   (22)
  Add Back: Capital and O&M Costs for Airline-Specific Systems      14,268
  Required Change in Security Deposit                               (1,334)
  Terminal Revenue Requirement before FIS Cost Exclusion           121,733
  Less: Federal Inspection Services (FIS) Cost Exclusion            (5,550)
  Terminal Revenues                                                116,183
  Add Back:
  Common Bridge/Gate Equip Revenues                                    877
  Open Storage Revenue                                                 417
  Land for Common Gates                                                634
  Terminal Revenues Requirement                                    118,111

 Terminal Revenues Requirement                                     118,111
 Terminal Revenues Billed, Adjustments and prior year deficit      132,986
 Surplus (Deficit)                                                  14,875


Source: Port of Seattle, Aviation Division




                                                    - 24 -
Calculation of Airline Landing Fees Under Current Airline Agreements

                                                                                          2009
 Landing Fee Costs                                                                     (in $000's)
 Cost Element
 a) Debt Service - AF                                                                    17,491
 b) Amortization                                                                          1,249
 c) Airfield and Allocable O&M                                                           46,472
 d) Interim Financing Costs                                                               1,226
 e) Alloc P69 Debt Service                                                                  200
 f ) Alloc Reserve Funds Deposits                                                           -
 g) Alloc Terminal Costs                                                                    988
      Subtotal                                                                           67,627
 Less:
 h) Other Airfield Revenues
      - Airfield Properties (O3330)                                                      (8,070)
      - ODP Operating Grant (O3341)                                                         -
      - ID Badging (O3343)                                                                 (360)
      - Gate Parking & Fuel Flowage                                                      (3,690)
      - Ramp Tower Fee (O3322)                                                             (972)
      - Misc Federal Operating Grant (O3320)                                               (355)
      - Fuel Hydrant - Land Rental (O4910)                                                 (514)
      - FEMA Reimbursement (O4590)                                                         (736)
      - Reimbursement for Comm. Gate Revenue                                               (876)
      - Land for Common Gates                                                              (634)
      Subtotal                                                                          (16,207)

 Required Change to Security Deposit                                                       (573)
 Landing Fee Revenue Requirement                                                         50,847

Landing Fee Revenue Requirement                                                          50,847
Landing Fee Revenues Billed, Adjustments and prior year Surplus                          51,471
Surplus (Deficit)                                                                           623


Total Landed Weight (2)                                                                  20,388

Landing Fee Rate Billed (3)                                                                 2.96



                (1) Includes all direct charges, division and corporate allocations.
                (2) In 1,000 lb. units.
                (3) Per 1,000 lb. unit.
                Source: Port of Seattle, Aviation Division


Changes in the Method of Charging for the Use of Airport Facilities

No Change for 2009.

Changes in the Type of Airline Business Agreements

No Change for 2009.

                                                                  - 25 -
Port of Seattle Container Volumes(1) (in thousands)

                              International Containers (1)                                              Domestic              Total (3)
                      Inbound          Outbound
                Metric          Full          Metric         Full          Empty          Total
   Year         Tons           TEU’s          Tons          TEU’s          TEU’s          TEU’s             TEU’s            TEU’s (2)

 2009(4)         4,671           612          5,798            460            213          1,285              300               1,585
______________________________
    (1) Approximate weight per full TEU at the Port is eight metric tons of import cargo and eleven to eighteen metric tons of export cargo.
    (2) Includes volumes handled by non-Port facilities in the Seattle harbor. Includes full and empty containers.
    (3) Total for the Seattle harbor. Total might not equal the sum of component parts due to rounding.
    (4) For the first four months of 2010 container traffic increased 40.5% compared to the first four months of 2009.

    Source: Port of Seattle


Containerized Cargo Trends and Market Share for 2009 (TEU’s in thousands)
Estimates based on information publicly available from West Coast ports.

                                                                     Seattle
                                               Estimated Percent of                 Estimated Percent of
                                TEU’s             West Coast (1)                    Pacific Northwest (2)

                                 1,585                    8.1%                                27.7%

                     (1) West Coast is Seattle, Tacoma, Portland, Oakland, Los Angeles, Long Beach, and Vancouver, BC.
                     (2) Pacific Northwest is Seattle, Tacoma, Portland and Vancouver, BC.
                     Source: Port of Seattle Containers, Cargo, and Cranes System and port websites



Seattle Harbor Top Ten Foreign Trade Partners Total Exports and Imports for 2009(1)

                                                        Weight (in metric tons)
                                                                                                                       (3)
                           Country           Import           Export             Total          Market Share
                         China                2,470              3,798            6,267            34.9%
                         Japan                  329              2,965            3,293            18.3%
                                    (2)
                         Canada                1,977                583           2,560               14.3%
                         South Korea             243                899           1,142                6.4%
                         Taiwan                  101                794             895                5.0%
                         Indonesia                96                327             423                2.4%
                         Thailand                148                233             382                2.1%
                         Mexico                  314                 18             333                1.9%
                         India                    38                274             312                1.7%
                         Malaysia                 49                221             270                1.5%
                         Other                   506              1,573           2,078               11.6%
                                               6,271             11,685          17,956              100.00%
          (1) This table includes all cargoes that pass through the Seattle harbor, including cargoes handled by non-Port operators.
          (2) Canadian imports are primarily minerals, a bulk cargo not handled by the Port.
          (3) Totals may not add to 100 percent due to rounding.
          Source: U.S. Department of Commerce, Bureau of Census.

                                                                     - 26 -
Annual Throughput Volume (in TEU's) at Terminal 18

645,342 TEU’s in 2009
Source: Port of Seattle Containers, Cargo, and Cranes System




Seattle’s Share of Puget Sound Container Traffic

Seattle’s share of Puget Sound (the ports of Seattle and Tacoma combined) container traffic in 2009
was 50.6%.
Source: Port of Seattle Containers, Cargo, and Cranes System and Port of Tacoma website



Exports and Imports (in TEU’s) to and from Asia in 2009

Export: 422,254 full TEU’s
Import: 599,628 full TEU’s
Source: Port of Seattle Containers, Cargo, and Cranes System




Non-Container Cargo Trends in 2009

                                       Cargo                   Metric Tons (in 1000’s Tons)
                                       Grain                                          5,512
                                       Breakbulk                                         64
                                       Liquid Bulks                                     821
                                       Total                                          6,397

                                     Source: Port of Seattle Containers, Cargo, and Cranes System




Port of Seattle Cruise Passenger Volumes in 2009

Passengers: 875,433




                                                                   - 27 -
1




PORT OF SEATTLE CONTAINER TERMINALS in 2009

          Category                                       Terminal 5                                   Terminal 18                                          Terminal 30                              Terminal 46
    Primary Lessee                                                                (a)          SSA Terminals, LLC and SSA                                                             (d)    Total Terminals International
                                              Eagle Marine Services, Ltd.                                                                      SSA Terminals (Seattle), LLC
                                                                                                                               (b) (c)                                                                            (e)
                                                                                                      Containers, Inc.                                                                                    LLC
    Terminal Area                                         158 acres                                        196 acres                                                        (f)                           88 acres
                                                                                                                                                            70 acres
                                              (expansion area completed in 1998)                (expansion area completed in 2002)              (expansion area completed in 2009)          (improvements completed in 2004)
                                                 Leased - 158 acres                                   Leased - 196 acres                               Leased - 70 acres                           Leased - 88 acres
                                          Available for expansion - 23 acres
    Lease Expiration                                         2028                                                       (g)                                           (f)                       2015, plus one 10-year
                                                                                                              2039                                            2039
                                                                                                                                                                                                      extension
    Berth Facilities                                      2,900 feet                                         4,500 feet                                                     (m)                       2,780 feet
                                                                                                                                                        2,700 feet
    Water Depth                                 45 ft to 50 ft below mllw                         46 ft to 50 ft below mllw                       45 ft to 50 ft below mllw                       50 ft below mllw
                                    (h)   Six (6) 100-ft gauge Post-Panamax                 Three (3) 50-ft gauge Post-Panamax                 Three (3) 50-ft gauge Panamax                One (1) 50-ft gauge Panamax
    Container Cranes
                                                                    (i)                      cranes, and Three (3) 100-ft gauge                                                             crane, Two (2) 100-ft gauge
                                                          cranes .                                                                               cranes and Three (3) 100-ft
                                                                                                                                         (i)                                                 Post-Panamax cranes, and
                                                                                              Super Post-Panamax cranes .                        gauge Super Post-Panamax
                                                                                             One (1) 100-ft gauge Super Post-                                cranes .
                                                                                                                                                                      (j)                   Three (3) 100-ft gauge Super
                                                                                                                                (j)                                                                                        (i)
                                                                                                       Panamax cranes .                                                                        Post-Panamax cranes .
    Gross Revenues                                       22,080,834                                                           (k)                                            (l)                       12,046,887
                                                                                                          16,819,797                                       5,700,998
    Notes:
    (a)    Eagle Marine Services, Ltd. is a subsidiary of American President Lines, Ltd.
    (b)    Original lease named SSA T erminals, LLC and Stevedoring Services of America, Inc. as Lessees. Subsequent Lessee name changes from Stevedoring Services of America, Inc. to SSA Marine, Inc., and then to SSA
           Containers, Inc. were solely changes in identity and not in ownership or control.
    (c)    SSA T erminals, Inc. can be sole signer with consent from SSA Containers, Inc.
    (d)    SSA T erminals (Seattle), LLC is a joint venture between SSA Seattle, LLC and China Shipping T erminals (USA), LLC and Matson Seattle LLC.
    (e)    T he primary member of T otal T erminals International LLC is Hanjin Shipping Company, Ltd which holds a 60% interest.
    (f)    T erminal 30 expansion project (approximately 36 acres) was completed on 8/3/2009. T erminal 30 lease was automatically extended to a term of 30 years from the date of substantial completion of the expansion area.
    (g)    An Amendment to the T erminal 18 lease was executed in April 2007 that automatically extended the term of the T erminal 18 lease to be co-terminus with the T erminal 30 lease - see note (f) above.
    (h)    Panamax cranes are designed to service container ships that can pass through the Panama Canal (up to a width of 106 feet). Post-Panamax cranes and Super Post-Panamax cranes are designed to service container ships
           with a width in excess of 106 feet that are too wide to pass through the Panama Canal. Post-Panamax cranes are able to service vessels with a width to accommodate up to 17 rows of containers. Super Post-Panamax
           cranes are able to service vessels with a width accommodating 18 or more rows of containers.
    (i)    Cranes owned by Port of Seattle.
    (j)    Cranes owned by Lessee.
    (k)    T erminal 18 revenues are reported net of debt service paid on Special Facility Revenue Bonds Series 1999.
    (l)    Revenue reflects mid-year completion of expanded terminal.
    (m) Comprised of two non-contiguous berths of approximately 1,200 and 1,500 linear feet respectively.

          Source: Port of Seattle

                                                                                                                 - 28 -
1




Non-Container Terminal Leases for 2009
                                          2009 Facility
                                             Gross
                                                                                                                                                      (1)
        Port Division          Property     Revenue       Primary Lessee                 Primary Operations                Date of Lease Expiration

          Seaport           T-91/P-66     $10,649,867     Cruise Terminals of America    Cruise Operations                 Dec 2012

        Real Estate             SBM       $8,413,158      Seaview Boatyard West, Inc.    Boat Maintenance & Repair         Dec 2027
                                                          Diversified Public Marina      Marina                            Primarily Month to Month (MTM)

    Seaport / Real Estate       T-91      $7,666,229      City Ice Cold Storage          Cold Storage                      Dec 2029 & Dec 2039 &
                                                          Company                                                          MTM
                                                          Trident Seafoods               Seafood Processing                Dec 2020
                                                          American Seafood Company       Seafood Processing                Mar 2012 & Jun 2013
                                                          Carnitech U.S., Inc.           Manufacturing & Fabrication       Aug 2017 & Sep 2013 &
                                                                                                                           Apr 2014 & MTM
                                                          Glacier Fish                   Fishing Vessels                   Jan 2011
                                                          Premier Pacific Seafoods       Fishing Vessels                   Jan 2011

          Seaport               T-86      $6,048,739      Louis Dreyfus Corporation      Bulk Grain                        Nov 2015

        Real Estate              FT       $4,802,576      Mad Anthony's, Inc.            Restaurant                        Dec 2018
                                                          Everguard Insurance            Insurance Services                Jul 2011
                                                          Diversified Public Marina      Marina                            Primarily MTM

          Seaport               T-115     $4,594,114      Northland Terminal Services    Barges                            Dec 2032
                                                          Seafreeze Acquisition, LLC     Seafood Processing & Storage      Nov 2027

        Real Estate             T-102     $2,327,271      Virtuoso, Inc.                 Travel Agency                     Aug 2014 & MTM
                                                          Puget Sound Institute of       Medical Institute                 Jul 2011 & MTM
                                                          Diversified Public Marina      Marina                            MTM

        Real Estate         Bell Garage   $1,826,502      Republic Parking Northwest,    Parking Facility                  MTM
                                                          Inc.

        Real Estate            WTC-W      $1,138,991      All Star Directories, Inc.     Publisher of School Directories   Dec 2012

        Real Estate             P-66      $1,070,476      Mad Anthony's, Inc.            Restaurant                        Dec 2011

          Seaport               T-108      $925,892       Conglobal Industries, Inc.     Container Storage and Repair      Mar 2013, MTM

          Seaport               T-18       $887,457       Kinder Morgan Energy           Storage & Distribution of         Sep 2018 & May 2015
                                                          Partners                       Petroleum Products
                                                          Westway Feed Products,         Storage & Distribution of         Sep 2018
                                                          Inc.                           Molasses

          Seaport               T-106      $881,144       Conglobal Industries, Inc.     Container Storage and Repair      Mar 2013
                                                          Ash Grove Cement West,         Industrial Storage                Dec 2010

        Real Estate             MIC        $765,679       K-Sea Transportation           Marine Transportation &           Sep 2012 & Oct 2013
                                                                                         Logistics

        Real Estate             P-69       $598,009       Clipper Navigation, Inc.       Travel Company                    Apr 2019 & MTM
                                                          Fugro Seafloor Surveys         Oceanic Surveyor                  Mar 2010
                                                                          (2)
                                                          International


          Seaport               T-103      $573,273       General Construction           Industrial Storage                Jun 2011
                                                          Northwest Aggregates           Rock Sales, Transport &           Nov 2011
                                                          Company                        Storage
     ______________
     (1) Indicates lease expiration date for significant lease agreements, by location.
     (2) Tenant vacated at the end of the stated lease term. A new tenant has been secured, with rent commencing in June 2010.

     Source: Port of Seattle




                                                                                - 29 -
Seaport Division Operating Revenue for 2009

                                                                                          Revenue                  % of
                                                                                         (in millions)             Total
            Cargo and Cruise Services
            Containers                                                                           $56.7                  62.5%
            Cargo Docks                                                                            9.7                  10.7%
            Cruise                                                                                10.7                  11.8%
                 Subtotal                                                                         77.1                  85.0%

            Non-Cargo
            Industrial & Container Support Property                                                12.7                 14.0%
            Environmental Services                                                                  0.0                  0.0%
            Security                                                                                0.9                  1.0%
                 Subtotal                                                                          13.6                 15.0%

            Total Seaport Operating Revenue                                                      $90.7                100.0%

          ____________________
          Note: Effective January 1, 2008 certain Seaport business groups and services were transferred to the Real Estate Division. Amounts and
          percentages may not foot due to rounding.

          Source: Port of Seattle.




Seaport Division Revenues and Expenses for 2009

This information is reported in the table “Port Historical Operating Results as of December 31,
2009”, and in the Port’s Financial Statements.


Percentage of Non-Cargo Revenue

This information is included in the table “Seaport Division 2009 Operating Revenue.”


Value and Type of Goods Imported and Exported Through the Port

In 2009, the value of international goods handled by the Port was approximately $33.4 billion. In
2008, the value of international goods handled by the Port was approximately $40.0 billion.

In terms of commodity value, leading import products include Wearing Apparel; Toys and Sports
Equipment; Electrical Machinery; Machinery; Vehicles, not Railway; Furniture and Bedding;
Footwear. Leading export products include Misc Grain, Seed, Fruit, Machinery, Fish and Seafood,
Cereals, Meat, Preserved Food.
Data Source: U.S. Dept of Commerce, Bureaus of Census


                                                                    - 30 -
Rent Schedule and Debt Service Coverage for Terminal 18
                                                                                                            9/1/2009

                                                                       (1)
               Net Revenue Available for Debt Service                                                $20,911,201

                                                            (2)
               Series 1999 Bond Debt Service                                                            $8,782,435

               Coverage                                                                                           2.38

      (1) Rent for the months of September 2008 through August 2009
      (2) Debt Service paid Net Revenue Available (excludes debt service paid from escrow for defeased bonds)




Real Estate Division Operating Revenue for 2009


                                                                                      (in millions)              Total
         Real Estate Services
         Portfolio Management/Development & Planning                                          $18.5                  61.2%
         Harbor Services                                                                       11.4                  37.8%
              Subtotal                                                                         29.9                  99.1%

         Non-Real Estate
         Facilities Management & Other Services                                                   0.3                  0.9%
               Subtotal                                                                           0.3                  0.9%

         Total Real Estate Operating Revenue                                                  $30.1                100.0%
      ____________________
      Note: Effective January 1, 2008 certain Seaport business groups and services were transferred to the Real Estate Division. Amounts and
      percentages may not foot due to rounding.

      Source: Port of Seattle.




Real Estate Division Revenues and Expenses for 2009

      This information is reported in the table “Port Historical Operating Results as of December
      31, 2009”, and in the Port’s Financial Statements.




                                                                  - 31 -

				
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