Chris Poinsatte, Executive Vice President/Chief Financial Officer

November 12, 2019

Dallas Fort Worth International Airport2019 Dallas Investor Conference

2

DFW - a Global Super Hub

Capable of 4

Simultaneous

Landings

164 gates

in 5 terminals

on 17,000+ Acres

7 Runways

4th Busiest

Daily

Departures

15th Busiest

Passengers

3

4

Environmental Impact

Largest Carbon Neutral Airport in the World

DFW’s ESG Reports available on

https://www.dfwairport.com/investors

5

Customer Experience & Digital TransformationIndustry Customer Service Award winner in 2016 and 2018.

66

Air Service Overview

7

Global CarriersDFW has 23 passenger carriers and 23 cargo carriers.

Passenger Airlines Cargo Airlines

Source: DFW internal statistics

8

International Destinations67 nonstop international destinations, 18 new in the last two years

Source: Diio Mi schedule data through December 2019, including announcements; DFW internal

statistics

67

International Destinations

9

Domestic DestinationsDFW serves 192 domestic destinations, 26 new in the last two years.

Source: Diio Mi schedule data through December 2019, including announcements; DFW internal

statistics

192

Domestic

Destinations

10

192192171189

11371

120 96143

66

13996

12391 84

76 6776 25

91131

67 9138

11532

6234

60 66

0

50

100

150

200

250

300

Destinations served among U.S. airports

Domestic International

Destinations GrowthDFW destinations have grown more than 30% since 2015, and now

ranks 2nd in total destinations among U.S. airports

259

Source: DFW internal statistics; Diio Mi schedule report YE Dec

2019, to include announcements

100 113 124 140 143 15019215

1829

35 40 47

67

0

50

100

150

200

250

300

CY1990

CY1995

CY2000

CY2005

CY2010

CY2015

Today

Number of destinations served from DFW

Domestic International

+30%

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Passenger TrendingDFW traffic has grown every year since the Great Recession.

58.1 55.9 56.4 57.8 58.3 60.3 62.9 65.0 65.7 66.3 69.073.3 75.7

84.3

10

20

30

40

50

60

70

80

90

FY08

FY09

FY10

FY11

FY12

FY13

FY14

FY15

FY16

FY17

FY18

FY19

FY20

FY25

Total Passengers (Millions)

5.55.1 5.4 5.6 5.9

6.67.0

7.88.3 8.5 8.7

9.4 9.6

11.2

2

4

6

8

10

12

FY08

FY09

FY10

FY11

FY12

FY13

FY14

FY15

FY16

FY17

FY18

FY19

FY20

FY25

International Passengers (Millions)

Source: DFW Monthly Flight Activity Reports, FY20 numbers are budgeted, FY25 numbers are DFW projections

12

AA represents about 85% of DFW

passengers and 75% of operations

New AA facilities on airport property

• 300-acre headquarters campus

• Integrated Operations Center

• Training center and 600 room hotel

announced

• New parts distribution facility

Actively negotiating a new Use

Agreement

Strong Relationship with American Airlines

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AA has aggressively grown DFW from 800 to 900 peak daily departures in Summer 2019

Source: Diio Mi schedules, June 2018 and June 2019

Bubble size denotes the size of seat capacity for each hub

13.4%

3.7%

6.2%

(2.4%)

3.6%

(1.8%)(0.2%)

2.5%2.0%

(12.9%)

-15.0%

-10.0%

-5.0%

0.0%

5.0%

10.0%

15.0%

0

100

200

300

400

500

600

700

800

900

1,000

DFW CLT ORD PHL MIA PHX DCA LAX LGA JFK

YoY

% C

hange

Depart

ure

s p

er

day

AA hubs departure per day

Depts. Per day YoY % change

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The Hub and Spoke Maximizes Revenue

1/ American Airlines Flown O&D passengers per day each way August 2017

Market % of Daily Passengers1

DFW-LAX 49%

LIT-LAX 3%

TUL-LAX 2%

JAN-LAX 1%BNA-LAX 1%

EWR-LAX 1%

DAY-LAX 1%

SDF-LAX 1%

MSY-LAX 1%

SGF-LAX 1%

XNA-LAX 1%

SHV-LAX 1%

GUA-LAX 1%

LFT-LAX 1%

AEX-LAX 1%

LGA-LAX 1%

ICT-LAX 1%

VPS-LAX 1%

STL-LAX 1%

PNS-LAX 1%

DCA-LAX 1%

300+ <1%

Dallas Fort Worth to Los Angeles

A321

Example

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American Airlines Estimated Profit MarginsDFW is AA’s most profitable hub and one of its highest-margin hubs*

12.7%14.3%

6.7%

11.4% 11.4%

-0.9%

9.6%

3.1%

13.6%

-0.8%

17.4%

(250)

-

250

500

750

1,000

1,250

1,500

DFW CLT MIA ORD PHL LAX PHX JFK DCA LGA Non-Hub

Ope

rating

Pro

fits

(m

illio

ns $

s)

American Airlines Estimated Profitability by Hub

Operating Profit Operating Margin

*Source: Ricondo and Associates study based on publicly available data for 2018. Also consistent with AA executive management's public comments.

1616

Financial Overview

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DFW’s hybrid Use Agreement model

Airfield and terminal cost centers are “residual.” DFW shares profits from non-airline revenues with the airlines to reduce landing fees.

DFW Cost Center

Airfield Terminal DFW

Net Cost = Landing Fees Net Cost = Terminal Rentals Non-Airline Businesses

DFWCC Net Revenues

Joint Capital Account Debt Coverage Account DFW Capital Account

Controlled by Airlines;

includes Natural Gas

Royalties plus Sale of Land

Proceeds

DFW's Discretionary

Account can be spent for

any purpose.

Operating Revenue and Expense Fund (the "102 Fund")

Airline Cost Centers

Total Airline Cost

Capital Accounts ("Capital Improvement Fund")

Rolling Coverage, plus new

coverage funded from cost

center that drives new debt

service

$153M

$90M

$63M

Amounts are unaudited FY2019 results, excludes PFIC, Use Agreement basis, not GAAP.

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DFW Revenues and Expenditures

Source – DFW Finance Department, Use Agreement Model, not GAAP, excludes Public Facility Improvement Corporation (PFIC). Numbers may not add due to rounding.

Non-Aviation Revenues$445.9M

Airline Revenues$501.5M

PFCs and Other

Revenues$178.1M

FY 2020 Budget RevenuesBy Source

($1.1 billion)

Operations$529.3M

Debt Service

$502.5M

FY 2020 Budget ExpendituresBy Use

($1.0 billion)

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Non-Airline Revenues and Net Revenue Growth

57.8

73.3

0

20

40

60

80

FY 11 FY 19

Passengers (Millions)

$250.1

$399.3

$-

$100

$200

$300

$400

$500

FY 11 FY 19

DFW Cost Center Revenues (Millions)

$71.8

$152.7

$-

$25

$50

$75

$100

$125

$150

$175

FY 11 FY 19

DFW Cost Center Net Revenues (Millions)

Source – DFW Finance Department, Use Agreement Model, not GAAP, excludes Public Facility Improvement Corporation (PFIC), FY 19 unaudited..

2020

DFW’s Capital Program

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$3.0 to 3.5 Billion of

TERMINAL DEVELOPMENT

22

OF STORMWATER SYSTEM

IS

48 YEARS

OLD

DFW Infrastructure SummaryMuch of DFW’s infrastructure is 40-50 years old.

23

DFW’s Capital Program 10-Year Program (excludes Terminals F and C)

about $3 billion.

Airside 38% Landside 31%Facilities and other

capital 31%

2424

DFW Airport Financing Program

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

N o S w a p s

Historically 100% fixed rate

$4.0B 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

82.2% funded; 7.25% discount rate;

fixed amortization period

OPEB fully funded

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

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DFW will retire approximately $2.2 billion by FY 2030 and has room to layer in new principal and interest in out years.

Source: DFW Treasury Department records

-

$1.0B

$2.0B

$3.0B

$4.0B

$5.0B

$6.0B

Debt Outstanding

-

$100M

$200M

$300M

$400M

$500M

$600M

Annual Debt Service

Debt Service Paid by

Passenger Facility Charges

Debt Service Paid by Airline

Rates Fees and Charges

Current Debt Profile

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Callable Bonds*DFW has opportunity to refund $4 billion of bonds over

the next several years.

Source – DFW Treasury department records. September 1, 2019

*Note that the schedule denotes the assumed tax status when the bonds are callable.

461

959

456 417

483

352

484387

$944

$1,311

$941$804

$

$200

$400

$600

$800

$1,000

$1,200

$1,400

$1,600

11/1/2020 11/1/2021 11/1/2022 11/1/2023

Am

ou

nt o

f ca

llab

le d

eb

t, in

mill

ion

s

Call Dates

Tax…Taxable

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2019A Taxable Bond OverviewPriced refunding bonds on August 6-7, 2019

Taxable refunding of $1.17 billion of AMT bonds

First US airport to receive international orders directly from international investors (awarded 14.3% of deal)

Bond Structure

• Serials in 2020-2032

• Terms in 2038 and 2045; ten-year call

• Terms in 2038 and 2045; make whole call and index eligible

$5.5 million of orders from 125 investors; 75 new

Underwriting Team: JP Morgan (lead left), Citigroup, BAML, Ramirez & Co., and Siebert Cisneros Shank & Co.

All in TIC of 3.027%

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Why Chris sleeps well at night!DFW has sufficient cash on hand to pay debt service and

operating expenses for over 15 months with no new revenue.

Source: DFW Finance Department, as of September 30, 2018.

1.17x

.09x

.25x

1.51x

.00x

.20x

.40x

.60x

.80x

1.00x

1.20x

1.40x

1.60x

1.80x

2.00x

FY 2018

Debt Service Coverage Ratio

Rolling Coverage and Transfers

Coverage from PFIC and Other Revenues

Real Coverage

600

0

100

200

300

400

500

600

700

FY 2018

Days Cash On Hand

Current Bond Ratings:

Kroll(AA), Moody’s(A1), S&P(A+), Fitch(A+)

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Bondholder’s Security – Revenue PledgeNo US Airport has ever defaulted on a bond payment due to this structure.

CASH RESERVES

INVESTOR

BOND

HOLDER

FAA REGULATIONS

AIRLINE USE AGREEMENTS

BOND COVENANTS

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Refunding of existing $4 billion of debt

• $1.5 billion tax exempt

• $2.5 billion taxable

Funding of next capital program

• Taxable bonds – about $3.5 billion for

terminals

• Tax-exempt – $1.0-$1.5 billion for other

capital

• Cash – $1.0 to $1.5 billion

• Federal Funding – $250+ million

• Taxable commercial paper – interim

financing

10-year Financing Outlook

PRELIMINARY

Negotiations underway

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DFW Commercial Paper Series I

$750 million authorized amount

• Self-liquidity

• Outstanding CP limited to 65% of market value of unrestricted cash and investments

• Limited to about $500M outstanding

• A-1/P-1 rating

• Subordinate lien - 1.1x coverage

Plan to use the proceeds as interim financing for upcoming capital program

CP to be refunded periodically with both taxable and tax-exempt fixed-rate debt

Issued first $50 million on 11/6/2019

Dealers: Loop, Wells Fargo, Jefferies and RBC

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THANK YOU