Exhibit 8: Port Pro forma - Analysis of Cash Flow and Coverage

　

Calendar year ending December 31

(in thousands)

　

The forecasts presented in this exhibit were prepared using information from the sources indicated and assumption provided by,or reviewed with and agreed to by,Port management,as described in the accompanying text inevitably,some of the assumptions used to develop the forecasts will not be realized and unanticipated events and circumstances may occur. Therefore,there are likely to be differences between the forecast and actual results,and those differences may be material.

　

　

(a) Annual revenues calcutated based on requirements set forth in the Terminal 18 Lease.

(b) Annual Base Rent payments, per the Base Lease.

(c) Source: Port of Seatlle.

(d) Source: Goldman, Sachs & Co., 10/06/99. Net of Capitalized Interest.

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