Dallas Fort Worth International AirportInvestor Presentation Christopher A. PoinsatteExecutive Vice President and Chief Financial OfficerJune 26, 2020

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Investor DisclaimerThe Investor Presentation you are about to view is provided as of June 26, 2020, for a proposed offering of the Dallas Fort Worth International Airport Joint Revenue Refunding Bonds, Tax-Exempt Series 2020A and 2020B (the “Bonds”). If you are viewing this presentation after that date, events may have occurred that have a material adverse effect on the financial information presented. None of the Underwriters mentioned in this presentation (the “Underwriters”), Hilltop Securities Inc., Estrada Hinojosa & Company, Inc., or the Cities of Dallas and Fort Worth, Texas/Dallas Fort Worth International Airport (the “Issuers”) has undertaken any obligation to update this presentation. The information presented is not warranted as to completeness or accuracy and is subject to change without notice. You agree not to duplicate, copy download, screen capture, electronically store, or record this presentation, nor to produce, publish or distribute this presentation in any form whatsoever.

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Note on Forward-Looking StatementsCertain statements included or incorporated by reference in this Investor Presentation and the Preliminary Official Statement referenced herein may constitute “forward–looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995, Section 21E of the United States Securities Exchange Act of 1934, as amended, and Section 27A of the United States Securities Act of 1933, as amended. Such statements are generally identifiable by the terminology used, such as “plan,” “project,” “forecast,” “expect,” “estimate,” “budget” or other similar words.

The achievement of certain results or other expectations that may be contained in such forward–looking statements involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements described to be materially different from any future results, performance or achievements expressed or implied by such forward–looking statements. In addition, not all relevant events or conditions may have been considered preparing the forward-looking information and in developing any assumptions on which such forward looking information may be based. Accordingly, actual results will vary and the variations may be material.

Prospective investors should understand the limitations inherent in forward–looking data and evaluate whether such data and any underlying assumptions are appropriate for their purposes. These materials may also contain historical market data; however, historical market trends are not reliable indicators of future market behavior. The Issuers do not plan to issue any updates or revisions to those forward–looking statements if or when its expectations change, or events, conditions or circumstances on which such statements are based, occur.

Neither the Issuers nor the Underwriters or their affiliates provide tax advice. Any statements contained herein as to tax matters were neither written nor intended to be used and cannot be used by any taxpayer for the purpose of avoiding tax penalties that may be imposed on such taxpayer.

Except where noted, the information provided in the Investor Presentation is derived from the Preliminary Official Statement and the appendices thereto.

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Presentation Overview

F i n a n c i a l U p d a t e

A i r S e r v i c e U p d a t e

C a p i t a l P r o j e c t U p d a t e

P l a n o f F i n a n c e

5

DFW is a Global Super Hub

Capable of 4 Simultaneous Landings

164 gatesin 5 terminalson 17,000+ Acres

7 Runways

3rd Busiest*2019 DailyDepartures

10th Busiest*2019

Passengers* In world

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

160,000

180,000C

O2e

Em

issi

ons

(met

ric to

ns)

DFW Emissions

79% Reduction

DFW is the largest carbon neutral airport in world and has a net zero target by 2030.

IPCC Net Zero Target

IPCC* Milestone = 45% Reduction by 2030

DFW Net Zero Target

* SOURCE: Intergovernmental Panel of Climate Change (IPCC) Special Report: Global Warming of 1.5oC Recommendation to Policymakers6

Air Service Update

7

Passenger and Cargo OperationsPassenger operations reached its low point in late April 2020 and has been steadily increasing since then with scheduled July service down approximately 33% vs 2019

Source: Internal Statistics

(80%)

(70%)

(60%)

(50%)

(40%)

(30%)

(20%)

(10%)

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10%

20%

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0

7 da

y av

g. O

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oY

Passenger and Cargo Operations

7 day avg. YoY Passenger Ops 7 day avg. YoY Cargo Ops

9 Source: airline schedules per Diio.mi Schedules as of June 9, 2020. Caveat, airlines are frequently adjusting service.

Flying in June Resuming in CY 20 Suspended

DFW's domestic route network is largely intact.The only route not scheduled to return by 12.31.20 is Fairbanks, Alaska.

10

Flying in June Resuming in CY 20 Suspended

Source: Airline schedules per Diio.mi Schedules as of June 9, 2020; detailed list is included in appendix.

* Caveat, airlines are frequently adjusting service.

Majority of DFW's international network is scheduled to fly in CY 2020.*

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(70%)

(60%)

(50%)

(40%)

(30%)

(20%)

(10%)

0%

YOY

% c

hang

e

YoY departure and destination change for major U.S. airports

Destinations Departures

DFW has retained more service than any other American Airlines' hub.

Source: mi.diio.net, schedule data July 2020 vs. July 2019

12

DFW will be the busiest airport in the world in July 2020 based on current schedule.

Source: Diio.mi Schedules July 2020 vs. July 2019 (schedule as of June 9, 2020); Note: Top 25 Passenger Airports CY 19

0

5,000

10,000

15,000

20,000

25,000

Depa

rtur

es

2020 Scheduled Departures (Top 25)

0

10,000

20,000

30,000

40,000

50,000

Depa

rtur

es

2019 Scheduled Departures (Top 25)

= DFW = U.S. Airports = Int’l Airports = DFW = U.S. Airports = Int’l Airports

13

DFW daily passengers grew 429% from the lowest point in mid-April

Source: DFW estimates based on internal data

193,772

lowest on Apr. 1614,617

78,678

0

50,000

100,000

150,000

200,000

250,000

1-M

ar-2

03-

Mar

-20

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DFW Daily Passengers

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Connecting passenger growth is significantly outpacing local traffic, consistent with American Airlines’ strategy.

Note: DFW internal numbers/estimates

2.3%

-93.5%-88.3%

-83.2%

-74.2%

-1.6%

-91.7%

-81.0%

-71.3%

-61.8%

(100%)

(80%)

(60%)

(40%)

(20%)

0%

20%

3/1/

203/

3/20

3/5/

203/

7/20

3/9/

203/

11/2

03/

13/2

03/

15/2

03/

17/2

03/

19/2

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03/

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6/20

4/8/

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10/2

04/

12/2

04/

14/2

04/

16/2

04/

18/2

04/

20/2

04/

22/2

04/

24/2

04/

26/2

04/

28/2

04/

30/2

05/

2/20

5/4/

205/

6/20

5/8/

205/

10/2

05/

12/2

05/

14/2

05/

16/2

05/

18/2

05/

20/2

05/

22/2

05/

24/2

05/

26/2

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28/2

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06/

1/20

6/3/

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5/20

6/7/

206/

9/20

6/11

/20

6/13

/20

6/15

/20

6/17

/20

6/19

/20

6/21

/20

6/23

/20

PAX vs O&D Based Transactions7 Day Moving Average YoY% Trend (Mar 1 - Jun 23, 2020)

O&D Based Transactions PAX

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Forecasts assume DFW demand fully recovers to 2019 levels 6-8 months after potential vaccine is deployed.

0%

20%

40%

60%

80%

100%

120%

FY20

Oct

Nov Dec Jan

Feb

Mar

Apr

May Jun

Jul

Aug Se

p

FY21

Oct

Nov Dec Jan

Feb

Mar

Apr

May Jun

Jul

Aug Se

p

FY22

Oct

Nov Dec Jan

Feb

Mar

Apr

May Jun

Jul

Aug Se

p

FY23

Oct

Nov Dec Jan

Feb

Mar

Apr

May Jun

Jul

Aug Se

p

Pax as % of FY19

BASE OPTIMISTIC

2019 levels

Vaccine

Vaccine

For the month of May 2020, actual passengers at DFW were 1.2% better than baseline forecast which begins to diverge from the optimistic forecast in June.

Note: Based on capacity updated to include AA’s most recent guidance, along with DFW estimates DFW is not predicting if or when an effective vaccine will be developed.

16

FY21 baseline passenger forecast is estimated at 53.1M, with a more optimistic estimate of 63.6M.

Note: DFW internal projections. OL = Outlook

73.376.6

45.648.1

53.1

63.6

71.176.7 75.8

79.2

0.0

10.0

20.0

30.0

40.0

50.0

60.0

70.0

80.0

90.0

Passengers (millions)

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Financial Update

18

DFW as of February 29, 2020DFW entered the pandemic from a position of strength.

19

Percent Change in Key Metrics (FY19 vs FY20)The week of April 12, 2020 was the bottom for most metrics, with gradual

improvement thereafter. Variance discussions included in POS.

Selected Information Oct to Feb March April MayTotal Passengers 9% (45%) (92%) (79%)Total Operations 8% (11%) (58%) (56%)Total Landed Weights 8% (13%) (59%) (59%)

Landing Fees (10%) (25%) (56%) (57%)Terminal Rents 7% 7% 7% 1%Other Terminal Revenues (1%) (31%) (73%) (84%)

DFW Cost Center RevenuesParking and Ground Transportation 3% (40%) (95%) (90%)Concessions 5% (45%) (75%) (71%)Rental Car 7% (51%) (67%) (61%)Commercial Development 10% 11% 9% 10%Other 10% 3% 0% (14%)

Total DFW Cost Center Revenues 6% (32%) (65%) (64%)

Percent Increase (Decrease) FY 2019 to FY 2020

.

20

DFW Financial OverviewDFW estimates FY20 airline and passenger revenue losses of $231M - $248M from COVID-19• The range is based on the baseline and optimistic

passenger forecasts shown on previous pages

For context, FY20 revenue budget is $1.1B; expenditure budget is $1.0B (about half OPEX, half debt service)

Immediate actions taken by DFW:• Reduced operating expense budget $53M for last half of

FY20 (almost 20% of budget for last six months of FY)• Reduced debt service budget $25M; expected to be

achieved from series 2020A and 2020B refundings• FY21 baseline budget based on the revised FY20 budget

Net revenue losses, after expense reductions, estimated at $154M - $170M

Deferred $100M of capital projects; and spread-out long-range Infrastructure Capital Program spend plan from 10 years to 15 years• Placed Terminal F on hold

21

Actions Taken to Provide ReliefDFW took quick action to help its business partners during the pandemic.

Month Business Partner Action Estimated Financial ImpactMar 2020 Concessionaires

and RACsApproved switch from MAG to

percent rent through end of FY20Permanent revenue loss of $53M;

impact offset by CARES

Mar 2020 Airlines Deferred billings for Apr and May; repaid in equal installments in Jul,

Aug and Sep 2020

Deferred cash flow of $68.1M over this period; no impact on FY20 year

end receivablesApr 2020 Concessionaires

and RACsDeferred O&M expense

reimbursements for Apr and May; repaid in Jul, Aug and Sep 2020

Deferred cash flow of $1.8M over this period; no impact on FY20 year end

receivablesMay 2020 Concessionaires

and RACsExtended MAG relief through March 31, 2021 (first six months of FY21)

Permanent revenue loss of $30M; impact offset by CARES

May 2020 Airlines Lowered terminal rents and turn fees by approximately 30% for

months of Jul, Aug and Sep 2020

Defers repayment of approximately $30M; recorded as a receivable on 9/30/20; to be repaid in Apr to Sep 2021 as a “True-Up Adjustment” to

FY21 rates

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Impact of CARES ActDFW’s share of CARES Act is $299.2M• Drew-down $144M of cash in May, expect to draw a total

of $154M - $170M by the end of FY20• Grant money will be used to pay debt service, but will flow

through the Use Agreement as miscellaneous revenue in amounts necessary to approximately offset net revenue losses in each cost center (see slide 24 for example)

Intended Result• No increase in airline rates/costs for FY20 (actually,

allows DFW to decrease terminal rates 30% in Q4)• Ability to transfer approximately the full FY20 budgeted

transfer of $93.5M from the DFW Cost Center to DFW Capital Account

• Sufficient CARES Act funds remaining ($129M-$144M to keep FY21 airline rates and charges close to FY20; and possibly have some funds available for FY22)

2323

FY20 Revenue Budget and Outlook*The difference in total revenues is related to the reduction in expenses and debt service of $78 million. The airline share of total revenues remains at

approximately 55% in the Outlook.

Budgeted Revenues$1.093 Billion

Airfield Terminal DFWCC PFCs

Revenue Outlook$1.015 Billion

Airfield Terminal DFWCC PFCs CARES

* Assumes baseline passenger projection of 45.6 million.

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Estimated FY20 Revenue Shortfall by Cost CenterFor month of May 2020, DFW revenues were 1.7% above baseline forecast and operating expenditures were $6.5M (2%) better (lower) than the revised budget.

Cost Center (in millions) Budgeted Revenues

Projected Revenues

before CARES* Difference

Add back Expense

Reductions

Allocate PFCs to

Cost Centers Shortfall***

Airfield 192$ 168$ (23)$ 19$ (36)$ (41)$

Terminal 415 389 (25) 36 (7) 5

DFWCC 412 273 (138) 22 (18) (133)

Less Transfer to Airfield (70) (70) - - - -

DFWCC After Transfer 341 203 (138) 22 (18) (133)

Passenger Facility Charges** 146 85 (61) - 61 -

Total 1,093$ 846$ (248)$ 78$ (0)$ (170)$

* Assumes baseline passenger projection of 45.6M.** Excludes capital transfers and PFIC transfers.*** Shortfall is equal to the approximate amount of CARES revenue to be applied to that cost center.

25

Projected Unrestricted Cash BalancesUnrestricted cash estimated to stay above $900 million through FY 2021.

additionial $30M for terminal rent reductions repaid in Apr-Sep 2021; and reduction in capital accounts of $53M. Change in estmated cash as of 9/20/21 assumes repayment of rent rate reductions of $30M.

Notes: Major changes in cash through 9/30/20 include recovery of Apr/May rent deferrals of $70M;

$867

$989 $963 $928

$958

$500

$600

$700

$800

$900

$1,000

$1,100

9/30/18 9/30/19 5/31/20 9/30/20 Est. 9/30/21 Est.

Unrestricted Cash and InvestementsIn Millions

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Other Liquidity OptionsDFW does not currently expect to utilize any of these options unless

passengers fall significantly below the baseline forecast and/or unrestricted cash falls below approximately $825M to $850M.*

1. Restructure principal in bonds refunded in FY21-FY23• DFW has approximately $2.1 billion of bonds to refund in

FY21-FY23• AA not interested in major deferrals for FY21

2. Utilize reimbursement resolution for up to $250M

3. Use Agreement allows DFW to raise airline rates and charges anytime revenues drop by 3%

4. “Lower Threshold” in Use Agreement provides DFW with guaranteed minimum cash to DFW Capital Account ($45.6M in FY20). Airlines must pay higher landing fees if this occurs. Essentially, makes DFW a residual airport in this situation.

* DFW intends to keep a minimum of approximately 600 days cash on hand.

27

DFW’s 1.0x Coverage CalculationCARES Act funds are considered “Current Gross Revenues” of the airport. This

calculation excludes PFIC, miscellaneous non-operating fund revenues and capital transfers (e.g., rolling coverage). FY19 Coverage was 1.17x.

Note that coverage ratio not likely to change materially with the optimistic passenger forecast because DFW would draw less CARES funds.

Description (in millions)FY20

Budget

FY20 Baseline

Passenger Forecast Diff

FY21 Baseline

Passenger Forecast

Diff to FY20 Budget

Operating Revenues Airfield 192$ 168$ (23)$ 177$ (15)$ Terminal 415 389 (25) 395 (20) DFW Cost Center 341 203 (138) 228 (113) Total Operating Revenues 947 760 (187) 801 (147) Passenger Facility Charges 146 85 (61) 105 (41) CARES Revenue - 170 170 129 129 PFIC Transfer for Debt Service 19 19 - 20 0 Total Gross Revenues 1,113 1,035 (78) 1,054 (59) Less Operating Expenses (534) (481) 53 (508) 27 Current Gross Revenues Available for DS 579 554 (25) 547 (32) Gross Debt Service 498 473 (25) 472 (26) Coverage Ratio 1.16 1.17 0.01 1.16 (0.00)

28

DFW’s 1.25x Coverage CalculationThe “Gross Revenue” calculation includes transfers from capital accounts like rolling coverage. FY 2019 was 1.42x. This example excludes PFIC

net revenues available to pay debt service.

Note that coverage ratio not likely to change materially with the optimistic passenger forecast because DFW would draw less CARES funds.

Description (in millions)FY20

Budget

FY20 Baseline

Passenger Forecast Diff

FY21 Baseline

Passenger Forecast

Diff to FY20 Budget

Current Gross Revenues Available for DS 579$ 554$ (25)$ 547$ (32)$ Rolling Coverage 125 118 (7) 118 (7) DFW Capital Account Transfer for Debt Service 12 12 - 12 - Gross Revenues Available for DS 716 684 (32) 676 (39) Gross Debt Service 498 473 (25) 472 (26) Coverage Ratio 1.44 1.45 0.01 1.43 1.43

29

Cost Per Enplanement ProjectionsAirline revenue requirements remain relatively steady from FY20 to FY21.

CPE amounts reflects changes in projected enplanements.

Description (in millions)FY20

Budget

FY20 Baseline Forecast

FY21 Baseline Forecast

Airline Cost/RevenueLanding Fees 108.7$ 85.3$ 94.9$ Terminal Leases 331.9 331.9 331.9 FIS Fees 27.6 17.2 19.5 Turn Fees and Terminal Office Rents 32.7 17.9 21.8 Aircraft Parking 0.7 0.7 0.7 Total Airline Revenue/Cost 501.5 453.0 468.7 Less: Cargo Landing Fees (10.9) (10.9) (10.9) Total Passenger Airline Revenue 490.7 442.1 457.9

Passenger Airline Enplanements 37.9 22.8 26.6 CPE - Use Agreement Basis 12.96$ 19.39$ 17.24$

30

Public Facility Improvement Corporation (PFIC)PFIC has $182M of unrestricted cash and investments as of 05/31/20• Estimated net revenue loss between $20M and $25M for

FY20• Due to cost reductions in hotels and bus transportation, little

impact on cash at end of FYThe RAC debt matures 11/01/21; CFCs currently $4 per dayCTCs currently $2.50 per day

Net Revenues After Debt Service (millions)

FY20 Budget

FY20 Outlook

Projected Shortfall

Hotels 15$ 6$ (8)$ Customer Facility Charges 8 (1) (9) Customer Transportation Charges 1 (3) (4) Campus West 2 2 - Other 1 1 -

Total 27$ 6$ (21)$

*Initial Outlook from April 8, 2020

31

Use Agreement UpdateDFW extended Use Agreement one year; now expires September 30, 2021; no term changes

AA and 15 of other 40 signatories have already signed extension; expect all to sign or they may operate at DFW paying higher rates as non-signatories

Negotiations on hold for summer until the 35% design of the Terminal C Terminal Renewal and Improvement Program (TRIP) is complete for gates 1 to 32

Major deal points• Revenue share (between terminal vs. airfield; and between DFW

and airlines)• Majority-in-interest over Infrastructure Capital Program (ICP)• Scope and timing of new Terminal F and TRIP of Terminal C• Gate availability

Difficult to predict outcome right now until more clarity on impact of COVID-19

32

Capital Project Update

33

On May 20, 2019, the Airport and American Airlines announced plans to develop a sixth terminal.The plans called for the Airport to invest approximately $3.0 to $3.5 billion in terminal improvements, including the construction of Terminal F with up to 24 gates and TRIP-like enhancements to Terminal C.

Terminal F is on hold. Will be discussed as part of Use Agreement negotiations.

Unclear when Terminal F will be approved or begin but likely to be built in phases.

Terminal F

33

34

Current Capital Program**Amounts represent projects that have MII and are approved. Unpaid commitments

and remaining balance are planned to be spent over next 3-5 years.

** Excludes Terminal F, except some minor enabling work, and Terminal C TRIP (gates 1 to 32).

Category (millions)*Approved

Capital Plan SpentUnpaid

CommitmentsRemaining Balance

Terminal $879 $133 $253 $494Airfield 635 252 228 155Roads, Bridges, Rail, Skylink 253 49 78 126Commercial Development 80 33 2 45Safety/Security 99 28 39 33IT 69 27 13 29Utilities 58 16 21 21Parking 26 6 10 10PFIC 87 4 21 63Other 173 15 29 130

Total $2,360 $561 $694 $1,105

* Includes $100M of currently deferred projects

35

Projected Capital Spend of Approved ProgramCapital spend is likely to be slower than shown. DFW projects issuing approximately $200M of CP in FY20 and approximately $350M each in FY21 and FY22 for interim

financing. DFW projects FAA grants of approximately $97M through FY22.

36

Major Project SummaryProject Budget Substantial Completion

High C Gate Replacement $225M to $250M Summer 2022Terminal D South Extension (4 gates) $207M March 2021Baggage System Replacement (5 terminals) $183M 3-5 yearsRunway 18R-36L Rehabilitation $150M March 2021Northeast End Around Taxiway $131M December 2021Taxiway Mike South Rehabilitation $50M November 2020

High C Gates Terminal D South Baggage System 18R36L NE End Around Taxiway Mike

37

10-15 Year Infrastructure Capital Program (ICP)*Estimated to be approximately $2.5B.* Spend varies by fiscal year between $200M -

$300M depending on assessed needs. DFW will fund the ICP with cash, grants and debt. The amounts will be estimated when the Use Agreement negotiations are complete.

Airside 45% Landside 30% Facilities 25%

* The ICP is in addition to the Approved Capital Program shown on slide 37. DFW does not estimate significant spend to begin on the ICP until FY23.

38

Plan of Finance

39

Conservative Fiscal ManagementConservative practices provide significant financing flexibility in the future.

N o S w a p s

Historically fixed rate

CP added for interim financing

$4.2B in bonds callable over next

four years providing flexibility

No swaps or other derivative exposure

Fully cash-funded debt service reserve

fund

Employee Pension Plan closed in 2010;

DPS Plan Active

84.5% Funded 7.25% Discount Rate

Fixed amortization period

OPEB overfunded as of 01/01/20

F i x e d - R a t e B o n d s

N o S u r e t y P o l i c i e s

F u n d e d P e n s i o n P l a n s

40

DFW Principal Amortization

$-

$1.0

$2.0

$3.0

$4.0

$5.0

$6.0

$7.0

Billio

ns

Current Amortization and Pro-Forma Amortization after Proposed Transactions including Taxable Advance Refunding/CP Refinancing

Current Pro-Forma

41

DFW Airport Current Debt Profile

-

$100M

$200M

$300M

$400M

$500M

$600MAnnual Debt Service

Debt Service Paid by Passenger Facility Charges

Debt Service Paid by Airline Rates Fees and Charges

Source – DFW Treasury Department records, March 31, 2020

CARESAct

Proforma debt service

42

Callable BondsDFW currently plans to refund its bonds callable over next several

years for savings, subject to market conditions.

Source – DFW Treasury department records

Taxable$1.0B

Taxable$0.5B Taxable

$0.3B

Tax-Exempt$0.9B

Tax-Exempt$0.4B Tax-Exempt

$0.5BTax-Exempt

$0.6B$0.0B$0.2B$0.4B$0.6B$0.8B$1.0B$1.2B$1.4B$1.6B$1.8B$2.0B

2020 2021 2022 2023

Cal

labl

e Pa

r, in

billi

ons

Year of Planned Refunding

43

Subordinate Commercial Paper Program UpdateMaximum size of CP program today is approximately $600M to $650M based on DFW’s self liquidity• $50M currently outstanding

• Plan to issue additional $200M in over next two months

Plan to refund the combined $250M• About $75M with a tax-exempt refunding and $175M with taxable

refunding

CP program sufficient for new money needs through FY22• Currently estimate approximately $350M in FY21 and $350M in

FY22

• Likely to take-out CP each summer with future refundings

Plan to look at additional interim financing strategies in FY21

44

Plan of Finance for this SummerGiven market conditions, plans have been modified from 06/05/20

Voluntary EMMA Disclosure.Consolidating tax exempt non-AMT deals from 3 to 2 and moving these ahead of taxable issuance• Total non-AMT of approximately $875M• $400M 2020A refunding prices in mid-July 2020• $475M 2020B (refunding of $400M plus $75M commercial

paper) prices in August 2020• Estimated PV savings from A and B series of $195M (19.9%)• Allows DFW to achieve $25M of debt service savings in FY20

and keep debt service flat for FY21 and FY22, including some smoothing of principal

Approximately $1.1 billion 2020C taxable deal subject to market conditions (late July to September)• Includes take-out of remaining outstanding $175M of commercial

paper

45

Wrap UpCOVID-19 has hit airport industry hard, but DFW likely to emerge stronger relative to other airports given AA’s strategy to utilize DFW extensively

• DFW was the busiest airport in the United States in May

Monthly passengers are expected to exceed same month in 2019 by September 2022 in DFW’s baseline forecast and September 2021 in the optimistic forecast

CARES Act funds will be used for debt service in FY20 in amounts approximately sufficient to offset lost revenues in each cost center without increasing airline costs

• Goal for FY21 - slight or no increase in airline costs

• If PAX are better than Baseline forecast, DFW may have CARES funds remaining for FY22

Congress approved CARES because Airports and Airlines are essential services

DFW has almost $1 billion of unrestricted cash and investments at 5/31/20 and anticipate similar balances through FY21

DFW has other liquidity options, if necessary

46

Thank You

47

Appendix

48

Air Service Supplements

49

Global CarriersDFW has 23 passenger carriers and 23 cargo carriers.

Passenger Airlines Cargo Airlines

Source: DFW internal statistics

50

Scheduled Service Dates for International Service

Not Yet Scheduled to Return

Dubai, AE 7/1/2020 San Pedro Sula, HN 10/7/2020 Munich, DETokyo-Haneda, JP 7/1/2020 Guayaquil, EC 10/8/2020 Rome-Da Vinci, ITPunta Cana, DO 7/2/2020 Quito, EC 10/8/2020 Santo Domingo, DO

Seoul, KR 7/2/2020 Tegucigalpa, HN 10/8/2020 St. Kitts, KNLiberia, CR 7/4/2020 Belize City, BZ 10/10/2020

Montreal-PET, QC, CA 7/7/2020 Beijing, CN 10/24/2020San Jose, CR 7/7/2020 Buenos Aires, BA, AR 10/24/2020

Dublin, IE 7/9/2020 Santiago, CL 10/24/2020Hong Kong, HK 7/9/2020 Shanghai, CN 10/24/2020

San Salvador, SV 8/1/2020 Ixtapa/Zihuatanejo, MX 11/21/2020Sydney, NS, AU 8/1/2020 Nassau, BS 11/21/2020

Bogota, CO 8/5/2020 Providenciales, TC 11/21/2020Lima, PE 8/5/2020 Roatan, HN 11/21/2020

Sao Paulo-Guarulhos, SP, BR 8/6/2020

Destinations Scheduled to Return CY 2020

Source: Diio.mi Schedules June 2020

51

Financial Update Supplements

52

Unrestricted Cash and InvestmentsDays Cash on Hand is 729 Days as of May 31, 2020 based on DFW’s revised operating budget* plus an additional $648M in restricted cash and investments.

* Unrestricted cash of $963M divided by DFW’s revised FY20 expense outlook of $485M (reflects $53M of identified savings); 653 days on base budget without reductions.

$500

$600

$700

$800

$900

$1,000

$1,100

$1,200

Mill

ions

Unrestricted Cash and InvestmentsTrailing 25 Months

Unrestricted Cash and Investments 3-Month MA

FY19 increase due to PFIC and increased operating

reserves

April decrease due to rate deferrals on previous page;

May increase due to CARES funds net of May deferrals

53

Estimated Future Revenue and Pax Growth

Notes:

Baseline assumes revenue growth of 7.1%, 15.8%, and 3.6% per year through FY23

Baseline assumes pax growth of 16.4%, 33.9%, and 6.6% per year through FY23

Optimistic assumes revenue growth of 13.3%, 9.9%, and 1.7% per year through FY23

Optimistic assumes pax growth of 32.2%, 20.6%, and 3.3% per year through FY23

$600

$700

$800

$900

$1,000

$1,100

$1,200

FY 2020 FY 2021 FY 2022 FY 2023

Revenue and Passenger Projections

Baseline PAX Optimistic PAX Baseline Revenues Optimistic Revenues

0

20

40

60

80

100

120

140

160

$600

$700

$800

$900

$1,000

$1,100

$1,200

FY 2020 FY 2021 FY 2022 FY 2023

Mill

ions

of P

asse

nger

s

Tota

l Rev

enue

s

Revenue and Passenger Projections

Baseline PAX Optimistic PAX Baseline Revenues Optimistic Revenues

54

DFW Regional Economy Supplements

55

Texas and Dallas Fort Worth as Global Economies

*Sources: Bureau of Economic Analysis (Gross State Product) for 2018Oxford Economics; Global Cities; CAGR represents compounded annual growth rate

Rank Country2018 GDP($US tn) 5-Year CAGR Rank Country

2018 GDP($US tn) 5 Year-CAGR

1 United States $20.58 3.26% 16 Indonesia $1.02 2.79%

2 China 13.37 4.88% 17 Netherlands 0.91 0.49%

3 Japan 4.97 0.50% 18 Saudi Arabia 0.79 0.79%

4 Germany 3.95 0.31% 19 Turkey 0.77 (3.76%)

5 United Kingdom 2.83 (1.41%) 20 Switzerland 0.71 (0.11%)

6 France 2.78 (0.54%) 21 Taiwan 0.59 2.14%

7 India 2.72 5.92% 22 Poland 0.59 1.44%

8 Italy 2.08 (0.75%) 23 Sweden 0.56 (0.85%)

9 Brazil 1.87 (5.33%) 24 Belgium 0.53 0.02%

Texas 1.80 2.76% 25 Argentina 0.52 (1.62%)

10 South Korea 1.72 3.00% Dallas Fort Worth 0.51 4.06%

11 Canada 1.71 (1.06%) 26 Thailand 0.50 4.39%

12 Russia 1.66 (4.24%) 27 Austria 0.46 0.60%

13 Spain 1.43 0.69% 28 Iran 0.45 1.05%

14 Australia 1.42 (0.52%) 29 Norway 0.43 (2.72%)

15 Mexico 1.22 (1.45%) 30 Nigeria 0.40 (6.87%)

DFW is the fourth-fastest

growing economy on this list after India, China and Thailand

56

Dallas Fort Worth population projected to surpass Chicago by 2031

Source: U.S. Census Bureau, Annual Estimates of the Resident Population (as of July 1, 2017)

2018:DFW Gained: 130,000Chicago Lost: (20,000)Net: 150,000 gain over Chicago

57

DFW Metroplex – Employment DiversityThe DFW regional economy is diverse and similar to overall US economic diversity

Source: U.S. Census Bureau, American Community Survey, 2018. “Other includes Agricultural Occupations, Life and Physical ScienceOccupations, Legal Services and Social Services, each consisting of less than 1% of employment

58

Companies move, grow, and add jobs here in numbers that always rank DFW at or near the top compared to other major U.S. metros.DFW’s job growth would rank 4th if compared to all U.S. states

DFW Leads in Job CreationDFW ranked 1st for Metro Job growth in 2019

1. DFW 127,600

2. New York 97,300

3. Los Angeles 93,200

4. Houston 88,000

5. Phoenix 68,800

6. Atlanta 66,700

7. Seattle 65,400

8. Washington D.C. 52,600

9. San Francisco 51,300

10. Miami 44,900

Source: Dallas Morning News – Feb 5, 2020, U.S. Bureau of Labor Statistics

59

Texas ranks 2nd among U.S. states for Fortune 500 companies – only behind New York

22 Fortune 500 in Dallas Fort Worth

Source: 2019 Fortune 500 list, Fortune magazine , msn.com

DFW continues to draw Fortune and Global 500 headquarters.

44 Fortune 1,00022 Fortune 5004 Global 500

60

DFW is a Headquarters Magnet

126 headquarters relocated to DFW since 2010, 37 from California alone

From California Select Others• Active Network • Boeing Global Services• Core-Mark • Bombardier Recreational Products• Copart • Hilti North America• Farmer Brothers Coffee • NTT Data• Jacobs Engineering • PeiWei• Jamba Juice • Smoothie King• Kubota Tractor • Steward Health Care• McKesson • Sunoco• Omnitracs • TopGolf• Toyota North America• 27 Others

Source: Dallas Regional Chamber – “Dallas Economic Development Guide – 2019”

One of top reasons for relocating to DFW is DFW Airport and its central location in North America and its 259 non-stop domestic and international destinations.