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Transaction Recap of the Metropolitan Highway System Fixed-Rate Refunding Bonds

October 24, 2019

Quick Review – From September’s F&A Meeting Bonds were originally issued by the Turnpike Authority in 1997 and advance refunded in 2010. We have a one-time historic opportunity to current-refund the original bonds for a significant savings.

Optimal market conditions exist for MassDOT to issue current refunding MHS bonds for substantial savings:

– Approximately $830 million of senior and subordinate lien bonds – Approximately $161 million in net present value savings (NPV); $10 million in

savings annually – Annual savings available to further support the capital needs of the MHS and

related projects (Allston)

Savings from this transaction (around $10 million annually) can further support additional capital needs for the MHS and Allston project. This refunding does not impact/change/amend toll rates (determined by the Board) or toll locations (restricted by statute).

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Date

06/30/2020 06/30/2021 06/30/2022 06/30/2023 06/30/2024 06/30/2025 06/30/2026 06/30/2027 06/30/2028 06/30/2029 06/30/2030 06/30/2031 06/30/2032 06/30/2033 06/30/2034 06/30/2035 06/30/2036 06/30/2037

2019 Senior and Subordinate Refunding Verified Final Pricing Numbers

Prior Refunding Debt Service Debt Serv.i.oe

20,716 ,940.63 6,272,575.00 83 768 ,881 .26 67 ,697 750.00 83,114 031.26 67 ,068,250.00 83 ,585,031 .26 67 ,139,000.00 76,943,031.26 62,007,250.00 60,007 ,031 .26 47,743,500.00 98 ,357,531 .26 77 ,952,500.00 92,087 ,281 .26 72,667,000.00 26,905,250 .00 21 ,593,500.00 40,272,850.00 32,028,000.00 91 657 ,350.00 72,881,500._ 00 97 ,289 ,850.00 77,766,750.00 96,751 ,600 .00 77 ,353,500.00 95 ,733 ,600 .00 76,402,750.00 96, ,160,637.50 76,744,750.00 77 ,829 ,425 .00 62,449,250.00

621,462.50 494,000.00 13,231,462.50 10,374,000.00

1,235 ,033 ,24,6.95 97 6,635,,825. .00

PVof savings from cash flow Less: Prior funds on hand Plus: Refunding funds on hand

Net PV Savings

Present Value to 10/23/2019

Savings 1.765833]%

14,444,365.63 14 396,477.99 16,071 131.26 15 774,268.00 16,045, 781.26 15 473 379.34 16,446, 031.26 15,580,439.61 14,935 ,781.26 13 904;044.16 12,263, 531.26 11,220,872.21 20,405,031.26 18,326,349.88 19,420,281.26 17,136,396.66

5,3 11,750.00 4 618,495.85 8,244,850.00 7,033,576.11

18,775 ,850.00 15,714,363. 2 7 19 ,523 100 .00 16 051 788.50 19,398, 100.00 15 668,418.14 19,330,850.00 15,339,220.48 19,415,887.50 15 135,309.44 15,380, 175.00 ]1 ,778 ,650 .15

127, 462.50 96,313.93 2,857, 462.50 2, 112,634 .884

258,397,421 .95 225,360 ,998.55

225,360,998.55 -81,058,654.00 38,005,445.56

massDOT Massachusetts Department of Transportation

182 307 790.11 :12~~0

Final Cash Flow Calculation

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Holders of Mass DOT Bonds Top 20 Holders Matrix All Mass DOT Bonds As of October 15, 2019

Managing Firm Name Total # Total 958,255,033 1 FMR LLC 231,020,000 2 VANGUARD GROUP 192,279,485 3 TIAA-CREF 76,858,889 4 FRANKLIN RESOURCES 55,180,000 5 BLACKROCK 44,675,336 6 DEUTSCHE BANK AG 37,517,500 7 INVESCO LTD 25,195,000 8 LEGG MASON 20,350,000 9 CHARLES SCHWAB CORPORATION 17,136,250 10 JPMORGAN CHASE & CO 16,326,821 11 EATON VANCE CORP 15,120,000 12 T ROWE PRICE GROUP INC 14,078,167 13 BANK OF NEW YORK MELLON CORP/THE 14,000,000 14 WELLS FARGO & COMPANY 11,911,587 15 AMERIPRISE FIN GRP 11,180,000 16 NORTHERN TRUST CORPORATION 10,509,804 17 GENERAL ELECTRIC COMPANY 10,000,000 18 FEDERATED INVESTORS INC 9,500,000 19 BERKSHIRE HATHAWAY INC 9,463,277 20 WELLINGTON MANAGEMENT GROUP LLP 8,616,532

Others 127,336,385

Top 20 Holders

FMR LLC VANGUARD GROUP

TIAA-CREF FRANKLIN RESOURCES

BLACKROCK DEUTSCHE BANK AG

INVESCO LTD LEGG MASON

CHARLES SCHWAB CORPORATION JPMORGAN CHASE & CO

EATON VANCE CORP T ROWE PRICE GROUP INC

BANK OF NEW YORK MELLON CORP/THE WELLS FARGO & COMPANY

AMERIPRISE FIN GRP NORTHERN TRUST CORPORATION

GENERAL ELECTRIC COMPANY FEDERATED INVESTORS INC

BERKSHIRE HATHAWAY INC WELLINGTON MANAGEMENT GROUP LLP

Others 958,255,033

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Holders

Schedule G

Top 20 Holders Matrix

All Mass DOT Bonds

As of October 15, 2019

As of10/15/19

Managing Firm NameTotalTotal958,255,033

#Total958,255,033

1FMR LLC231,020,0001FMR LLC231,020,000231,020,000

2VANGUARD GROUP192,279,4852VANGUARD GROUP192,279,485192,279,485

3TIAA-CREF76,858,8893TIAA-CREF76,858,88976,858,889

4FRANKLIN RESOURCES55,180,0004FRANKLIN RESOURCES55,180,00055,180,000

5BLACKROCK44,675,3365BLACKROCK44,675,33644,675,336

6DEUTSCHE BANK AG37,517,5006DEUTSCHE BANK AG37,517,50037,517,500

7INVESCO LTD25,195,0007INVESCO LTD25,195,00025,195,000

8LEGG MASON20,350,0008LEGG MASON20,350,00020,350,000

9CHARLES SCHWAB CORPORATION17,136,2509CHARLES SCHWAB CORPORATION17,136,25017,136,250

10JPMORGAN CHASE & CO16,326,82110JPMORGAN CHASE & CO16,326,82116,326,821

11EATON VANCE CORP15,120,00011EATON VANCE CORP15,120,00015,120,000

12T ROWE PRICE GROUP INC14,078,16712T ROWE PRICE GROUP INC14,078,16714,078,167

13BANK OF NEW YORK MELLON CORP/THE14,000,00013BANK OF NEW YORK MELLON CORP/THE14,000,00014,000,000

14WELLS FARGO & COMPANY11,911,58714WELLS FARGO & COMPANY11,911,58711,911,587

15AMERIPRISE FIN GRP11,180,00015AMERIPRISE FIN GRP11,180,00011,180,000

16NORTHERN TRUST CORPORATION10,509,80416NORTHERN TRUST CORPORATION10,509,80410,509,804

17GENERAL ELECTRIC COMPANY10,000,00017GENERAL ELECTRIC COMPANY10,000,00010,000,000

18FEDERATED INVESTORS INC9,500,00018FEDERATED INVESTORS INC9,500,0009,500,000

19BERKSHIRE HATHAWAY INC9,463,27719BERKSHIRE HATHAWAY INC9,463,2779,463,277

20WELLINGTON MANAGEMENT GROUP LLP8,616,53220WELLINGTON MANAGEMENT GROUP LLP8,616,5328,616,532

Others127,336,38521PUTNAM INVESTMENTS LLC8,525,0008,525,000

958,255,03322STATE STREET CORP8,194,1478,194,147

23AMERICAN CENTURY COMPANIES INC7,000,0007,000,000

24BANK OF MONTREAL6,000,0006,000,000

25UBS ASSET MGMT AMERICAS INC5,255,0005,255,000

26MANULIFE FINANCIAL CORP5,000,0005,000,000

27CREDIT AGRICOLE GROUPE5,000,0005,000,000

28ALLIANZ SE3,936,3743,936,374

29SUN LIFE FINANCIAL INC3,600,0003,600,000

30STEAMBOAT ASSET MANAGERS3,561,6703,561,670

31BERKLEY DEAN & CO INC3,561,6703,561,670

32BERKLEY CAPITAL PARTNERS LLC3,561,6703,561,670

33MADISON INVESTMENT HOLDINGS INC2,917,5002,917,500

34ROBERT W BAIRD AND COMPANY INC2,730,0002,730,000

35ROUNDWOOD ASSET MANAGEMENT LLC2,500,0032,500,003

36METLIFE INVESTMENT ADVISORS LLC2,500,0032,500,003

37COVE STREET CAPITAL2,500,0032,500,003

38ARES ASIP VII MANAGEMENT LP2,500,0032,500,003

39PRINCIPAL FINANCIAL GROUP INC2,082,5002,082,500

40SHENKMAN CAPITAL MANAGEMENT INC2,000,0002,000,000

41CIGNA CORPORATION2,000,0002,000,000

42PRIME ADVISORS INC1,571,8141,571,814

43GOLDMAN SACHS GROUP INC1,393,1301,393,130

44FLAHERTY & CRUMRINE INC1,378,0641,378,064

45VAN ECK ASSOCIATES CORPORATION1,367,6471,367,647

46NEW YORK LIFE GROUP1,191,0921,191,092

47BRINKER CAPITAL INC1,170,0001,170,000

48WASMER SCHROEDER & CO INC1,169,5241,169,524

49ASSURED GUARANTY GROUP1,102,8571,102,857

50NEUBERGER BERMAN GROUP LLC1,085,6671,085,667

51TENNENBAUM CAPITAL PARTNERS LLC1,010,4171,010,417

52NOMURA CORP. RESEARCH & ASSET1,010,4171,010,417

53MEDLEY CAPITAL LLC1,010,4171,010,417

54KAYNE ANDERSON CAPITAL ADVISORS1,010,4171,010,417

55GC ADVISORS LLC1,010,4171,010,417

56EARNEST PARTNERS LLC1,010,4171,010,417

57DELPHI CAPITAL MANAGEMENT1,010,4171,010,417

58BAIN CAPITAL CREDIT LP1,010,4171,010,417

59ACRES CAPITAL LLC1,010,4171,010,417

60ACORE CAPITAL LP1,010,4171,010,417

61SEI INVESTMENTS CO1,000,0001,000,000

62OAKTREE CAPITAL GROUP HLDGS LP847,833847,833

63SEGALL BRYANT & HAMILL726,500726,500

64PAYDEN & RYGEL726,500726,500

65JANUS HENDERSON GROUP PLC726,500726,500

66AMERICAN MONEY MANAGEMENT CORP580,000580,000

67ASSET ALLOCATION & MANAGEMENT CO569,306569,306

68ARIEL INVESTMENTS LLC567,647567,647

69PINEBRIDGE INVESTMENTS LLC537,647537,647

70UBS537,500537,500

71NISA INVESTMENT ADVISORS LLC532,273532,273

72PRUDENTIAL PRIVATE PLACEMENT INV500,000500,000

73MORNINGSTAR INVESTMENT MGMT LLC500,000500,000

74CONNING INC435,556435,556

75BAIRD FINANCIAL GROUP, INC.415,000415,000

76GUARD INSURANCE CO GROUP375,000375,000

77DOCTORS CO375,000375,000

78ALLIANCE BERNSTEIN369,904369,904

79PATHWAY CAPITAL MANAGEMENT LLC367,647367,647

80PACIFIC COMMUNITY MANAGEMENT INC367,647367,647

81PACIFIC COAST CAPITAL PARTNERS B367,647367,647

82OCTAGON CREDIT INVESTORS367,647367,647

83GRANTHAM MAYO VAN OTTERLOO & CO367,647367,647

84ENTERPRISE COMMUNITY INVESTMENT367,647367,647

85DBL INVESTORS LLC367,647367,647

86AEW CAPITAL MANAGEMENT LP367,647367,647

87ABERDEEN ASSET MANAGEMENT367,647367,647

88STATE FARM MUTUAL AUTO INSURANCE333,333333,333

89CAPITAL GROUP COMPANIES INC333,333333,333

90CHAMPLAIN INVESTMENTS PARTNERS288,235288,235

91XL GROUP INVESTMENTS LTD248,571248,571

92WESTERN ASSET MANAGEMENT CO248,571248,571

93OAK HILL ADVISORS LP248,571248,571

94BARINGS LLC248,571248,571

95LOOMIS SAYLES & COMPANY LP200,000200,000

96FARMERS AND MERCHANTS MUTL FIRE200,000200,000

97SECURIAN ASSET MANAGEMENT INC192,500192,500

98GUGGENHEIM192,500192,500

99BLUE CROSS & BLUE SHIELD ASSOCIA192,500192,500

100AEGON ASSET MANAGEMENT192,500192,500

101BROWN BROTHERS HARRIMAN & CO183,333183,333

102STANDARD MANAGEMENT CORPORATION170,000170,000

103TPCG VALORES SOCIEDAD DE BOLSA S166,667166,667

104THOMPSON SIEGEL & WALMSLEY LLC166,667166,667

105SIT INVESTMENT ASSOCIATES INC166,667166,667

106SILVERCREST ASSET MANAGEMENT166,667166,667

107KOHLBERG KRAVIS ROBERTS & CO LP166,667166,667

108HSBC166,667166,667

109TUDOR INVESTMENT CORPORATION121,333121,333

110STANDISH MELLON ASSET MANAGEMENT121,333121,333

111LEXINGTON PARTNERS121,333121,333

112GCM GROSVENOR121,333121333

113FORTRESS INVESTMENT GROUP LLC121,333121333

114CARLYLE INV MGMT LLC121,333121333

115BLACKSTONE GROUP LP121,333121333

116APOLLO GLOBAL MANAGEMENT LLC121,333121333

117ABRY PARTNERS II LLC121,333121333

118TCW ASSET MANAGEMENT CO121,250121250

119RIVERBRIDGE PARTNERS LLC121,250121250

120PERELLA WEINBERG PARTNERS CAP121,250121250

121WATERFALL ASSET MANAGEMENT LLC88,23588235.3

122VOYA INVESTMENT MANAGEMENT LLC88,23588235.3

123VAN BERKOM & ASSOCIATES88,23588235.3

124SILCHESTER INTL INVESTORS LLP88,23588235.3

125RAYMOND JAMES FINANCIAL88,23588235.3

126INCOME RESEARCH & MANAGEMENT88,23588235.3

127DOUBLELINE CAPITAL LP88,23588235.3

128COHEN & STEERS INC88,23588235.3

129CAMDEN ASSET MANAGEMENT LP88,23588235.3

130UNITED HERITAGE LIFE INS CO75,00075000

131THORNBURG INVESTMENT MGMT INC66,66766666.7

132MERRILL LYNCH GROUP INC66,66766666.7

133SANFORD C BERNSTEIN & CO LLP50,00050000

134WEAVER C BARKSDALE & ASSOCIATES32,27332272.73

135MOORINGS GROUP LLC/THE30,00030000

136ATAIN SPECIALTY INS CO28,75028750

137ADVISORS ASSET MANAGEMENT INC25,00025000

138ATAIN INS CO21,66721666.7

139SCHAFER CULLEN CAPITAL MANAGEMEN18,88918888.88

140MILLER HOWARD INVESTMENTS INC18,88918888.88

141LOGAN CAPITAL MANAGEMENT18,88918888.88

142GRAYSTONE CONSULTING18,88918888.88

143BROTHERHOOD MUTUAL INSURANCE CO18,88918888.88

144APPLIED MEDICO LEGAL SOLUTIONS11,66711666.7

145STANDARD ADVISORY SERVICES LTD5,0005000

146FIFTH THIRD ASSET MANAGEMENT INC5,0005000

147SWARTHMORE GROUP INC2,2732272.73

148OLD GLORY ASSET MANAGEMENT LLC2,2732272.73

149EMERALD VENTURE CAPITAL2,2732272.73

150DUFF & PHELPS INVESTMENT MANAGEM2,2732272.73

151CHARTWELL INVESTMENT PARTNERS2,2732272.73

152FORESTERS INVESTMENT MANAGEMENT00

153BOSTON PARTNERS GLOB INVESTR INC00

154AMERICAN FAMILY INSURANCE CO00

&P&8&F

Top 20 Holders

FMR LLCVANGUARD GROUPTIAA-CREFFRANKLIN RESOURCESBLACKROCKDEUTSCHE BANK AGINVESCO LTDLEGG MASONCHARLES SCHWAB CORPORATIONJPMORGAN CHASE & COEATON VANCE CORPT ROWE PRICE GROUP INCBANK OF NEW YORK MELLON CORP/THEWELLS FARGO & COMPANYAMERIPRISE FIN GRPNORTHERN TRUST CORPORATIONGENERAL ELECTRIC COMPANYFEDERATED INVESTORS INCBERKSHIRE HATHAWAY INCWELLINGTON MANAGEMENT GROUP LLPOthers231020000192279485.3000000176858888.8799999955518000044675336.43375175002519500020350000171362501632682115120000140781671400000011911586.831118000010509803.610000000950000094632778616532.0299999993127336385.07999945

holders of massDOT bonds

Slide Number 1Quick Review – From September’s F&A MeetingFinal Cash Flow CalculationHolders of Mass DOT Bonds