C I T Y O F C H I C A G O Chicago O Hare International Airport and Chicago Midway International Airport Chicago Investor Conference September 25,

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1 C I T Y O F C H I C A G O Chicago O Hare International Airport and Chicago Midway International Airport Chicago Investor Conference September 25, 2015

2 C H I C AG O R EG I O N S ST RO N G A I R P O RTS The City of Chicago owns and operates Chicago O Hare International Airport and Chicago Midway International Airport Three of the four largest U.S. airlines hub at O Hare and Midway O Hare: United and American Midway: Southwest Chicago cooperates with the City of Gary Gary/Chicago International Airport to coordinate and plan the region s air capacity needs Source: City of Chicago Department of Aviation ( CDA ) 1

3 ST R AT EG I C V I S I O N FO R T H E C H I C AG O A I R P O RT SYST E M Benefits to the City Enhance/Facilitate economic activity in the Air Trade Area Direct: Development Indirect: Tax revenue, business and job growth Customer Service World-class facilities Best-in-class technology Quality services and products Global Connectivity Encourage growth among current airlines and create environment for new entrants (domestic, international, cargo) Encourage Growth: Increase flight frequency and upgauging of assets Increase international capacity Work as a Business Partner Focus on improving yields for airlines, concessionaires and other business partners Improve concession revenues, per passenger and total Source: CDA 2

4 U. S. CO M M E RCIAL A I R S E RV I C E T R E N D S Airlines continue to consolidate their service at their largest hubs 1 Consolidation of service at large hubs will create a leaner and more efficient air transportation network that is more likely to be profitable (yet also more likely to be congested) 2 1 Source: Wittman, M.D. and W.S. Swelbar Trends and Market Forces Shaping Small Community Air Service in the United States. MIT International Center for Air Transportation. Report No. ICAT Page 4 2 Source: Wittman, M.D. and W.S. Swelbar Trends and Market Forces Shaping Small Community Air Service in the United States. MIT International Center for Air Transportation. Report No. ICAT Page 19 3

5 C H I C AG O O H A R E I N T E R N AT I O N A L A I R P O RT 4

6 Strong Market: O H A R E I S W E L L P O S I T I O N E D FO R G ROW T H Chicago and its suburbs are a global destination with a diverse economy 1 The Air Trade Area is the 3rd largest O&D market in the U.S. 2 O Hare serves a critical role in the systems of both United and American 3 Recent Growth: 2014 enplaned and deplaned passengers grew at 5.0% 4 Through August 2015, enplaned and deplaned passengers have grown 9.3% over the same period from Value to the Airlines: Three out of four OMP runways already constructed and generating significant benefits and airline operational savings 6 Third most profitable hub for both United and American 3 The Series 2015 transaction generates present value savings 7 1 Source: Ricondo and Associates; Report of the Airport Consultant, Chapter Source: Ricondo and Associates; Report of the Airport Consultant, Exhibit Source: Ricondo and Associates; Report of the Airport Consultant, Exhibit Source: Ricondo and Associates; Report of the Airport Consultant, Table Source: Ricondo and Associates; Report of the Airport Consultant, Chapter Source: Ricondo and Associates; Report of the Airport Consultant, Chapter Source: Preliminary Official Statement, Plan of Finance 5

7 Millions O H A R E S P O S I T I O N A S A TO P G L O B A L A I R P O R T I S D R I V E N BY N U M E R O U S FA C TO R S When measured by passengers, O Hare is the 3 rd largest U.S. airport and the 7 th largest worldwide 1 When measured by operations, O Hare is #1 worldwide 1 O Hare is the largest international midcontinent gateway 2 O Hare has seen significant Low-Cost Carrier ( LCC ) growth in recent years; 365% growth in LCC enplanements since enplaned and deplaned passengers increased 5.0% enplaned and deplaned passengers increased 9.3% YTD (through August) Domestic O&D Passengers Top 5 U.S. Airports Top World & U.S. Airports by Operations 1 Rank Airport Operations 1 Chicago O Hare 881,933 2 Atlanta 868,359 3 Dallas Ft. Worth 679,820 4 Los Angeles 636,706 5 Beijing 581,773 Rank 1 Source: Ricondo and Associates; Report of the Airport Consultant, Table Source: Ricondo and Associates; Report of the Airport Consultant, Chapter Source: Ricondo and Associates; Report of the Airport Consultant, Table Source: Ricondo and Associates; Report of the Airport Consultant, Table Source: Ricondo and Associates; Report of the Airport Consultant, Chapter Source: U.S. Department of Transportation DB1B Survey 2014 Top U.S. Airports by Passengers 1 Airport Passengers (millions) 1 Atlanta Los Angeles Chicago O Hare Dallas Ft. Worth New York JFK LAX LAS ORD SFO ATL 6

8 Millions The strength of the O&D market, the third largest in the US, is the foundation for the significant role O Hare plays in the systems and profits of both United and American; O Hare is the third most profitable hub for both airlines 1,2 Approximately half of enplaned passengers at O Hare are O&D 3 O&D enplanements have grown since 2009 and continue to improve T H E S T R E N G T H O F T H E O & D M A R K E T P R O V I D E S T H E F O U N D AT I O N F O R G R O W T H AT O H A R E Total Enplanements YTD 3 O&D %: 47.9% 47.3% 49.6% 50.7% 50.2% 50.0% N/A N/A Connecting Enplanements O&D Enplanements Total Enplanements YTD 2015YTD 1 Source: U.S. Department of Transportation DB1B Survey 2 Source: Ricondo and Associates; Report of the Airport Consultant, Exhibit Source: Ricondo and Associates; Report of the Airport Consultant, Table Through 1H

9 O H A R E P O S I T I O N S C A R R I E RS TO TA K E A DVA N TAG E O F LU C R AT I V E A L L I A N C ES O Hare is served by 21 U.S. flag and 34 foreign flag carriers 1 O Hare offers non-stop service to 220 destinations, providing unmatched connectivity to the world 2 Star Alliance oneworld SkyTeam Other Note: Regional partners of U.S. flag carriers not shown 1 Source: Ricondo and Associates; Report of the Airport Consultant, Table Source: Ricondo and Associates; Report of the Airport Consultant, Chapter Graphic Sources: Respective alliance and airline websites 8

10 O H A R E P ROV I D ES ST RO N G D O M EST I C S E RV I C E ACRO S S T H E U. S. O Hare has 1,104 daily departures to 161 domestic non-stop destinations 1 This is an increase of 29 destinations since No other airport serves as many domestic non-stop destinations as O Hare 1 1 Source: Ricondo and Associates; Report of the Airport Consultant, Chapter Graphic Source: Ricondo and Associates; Report of the Airport Consultant, Exhibit 4-8; as of September

11 E N P L A N E M E N T G R O W T H AT O H A R E H A S B E E N D R I V E N B Y B O T H N E W C A R R I E R S A N D N E W R O U T E S Source: CDA and respective airline press releases 10

12 A L L OF O HARE S TO P M A R K E T S A R E S E R V E D BY M U LT I P L E C A R R I E R S Of the top 15 markets with non-stop service from O Hare, all are served by at least three carriers 1 45 of O Hare s top 50 O&D markets are served by multiple carriers 1 Nonstop Service in the Top 15 Domestic City Markets 1 City Market Carriers Airlines New York 5 United, American, JetBlue, Delta, Spirit Washington, D.C. 3 United, American, Frontier Los Angeles 5 United, American, Frontier, Spirit, Virgin San Francisco 4 United, American, Frontier, Virgin Boston 4 United, American, JetBlue, Spirit Dallas/Ft. Worth 3 United, American, Spirit Phoenix 4 United, American, Frontier, Spirit Minneapolis/St. Paul 4 United, American, Delta, Spirit Orlando 4 United, American, Frontier, Spirit Las Vegas 4 United, American, Frontier, Spirit Atlanta 5 United, American, Frontier, Spirit, Delta Philadelphia 4 United, American, Frontier, Spirit Denver 4 United, American, Frontier, Spirit Houston 3 United, American, Spirit Seattle 3 United, American, Alaska 1 Source: Ricondo and Associates; Report of the Airport Consultant, Table

13 Millions Millions O H A R E I S T H E L A RG EST M I D - CO N T I N E N T I N T E R N AT I O N A L G AT E WAY International enplanements comprise 15% of total activity 1 Broad base of foreign flag carriers serve business and leisure travel 2 The unrivaled number of domestic destinations at O Hare combined with the international connectivity drives profits for United and American 3 % of Total Enplanements: 5.5 International Enplanements % 15.4% 14.8% 14.9% 15.3% 15.4% O Hare is the leading non-coastal international airport ORD ATL DFW DTW LAS CLT 4 Source: Ricondo and Associates; Report of the Airport Consultant, Chapter Source: Ricondo and Associates; Report of the Airport Consultant, Exhibit Source: Ricondo and Associates; Report of the Airport Consultant, Table Source: Ricondo and Associates; Report of the Airport Consultant, Chapter Source: Ricondo and Associates; Report of the Airport Consultant, Chapter International Enplaned Passengers Foreign Flag Carriers ORD LAS DFW ATL DEN PHX 6 Source: Ricondo and Associates; Report of the Airport Consultant, Exhibit

14 O H A R E I S A G LO BAL GAT E WAY As the sixth busiest international US gateway, O Hare provides 132 daily flights to 59 international nonstop destinations serving Europe, Asia and Latin America 1 1 Source: Ricondo and Associates; Report of the Airport Consultant, Chapter Graphic Source: Ricondo and Associates; Report of the Airport Consultant, Exhibit

15 I N T E R N AT I O N A L S E R V I C E A D D I T I O N S S I N C E D E M O N S T R AT E T H E D I V E R S I T Y O F I N T E R N AT I O N A L M A R K E T S A C C E S S I B L E F R O M O H A R E 2012 Service additions include destinations in Asia, Europe, Central America and Canada Source: CDA and respective airline press releases 14

16 LOW - CO ST C A R R I E R AC T I V I T Y H A S S I G N I F I C A N T LY I N C R EA S E D AT O H A R E In 2009, O Hare was ranked 25 th in LCC average daily departures 1 In 2015, O Hare has improved to 9 th nationally in LCC activity with 63% growth YTD 1,2 Low-Cost Carrier Enplanement Growth 2 Airline % Change 190,794 1,151, % LCC Activity Average Daily Departures 1 Rank Airport 2009 Airport New York Kennedy 163 New York Kennedy Denver 163 Boston Ft. Lauderdale 88 Ft. Lauderdale Boston 63 Orlando 89 5 Orlando 56 Denver 81 6 San Francisco 40 San Francisco 76 7 Los Angeles 29 Los Angeles 72 8 Long Beach 28 Las Vegas 69 9 Las Vegas 23 Chicago O Hare Washington Dulles 23 San Juan San Juan 22 Washington Reagan New York LaGuardia 21 New York LaGuardia Seattle 16 Dallas/Ft. Worth , ,582 31% 14 Detroit 16 Atlanta Ft. Myers 16 Detroit Tampa 16 Houston Intercontinental ,838 N/A 17 West Palm Beach 15 Long Beach San Diego 14 Newark Buffalo 13 Tampa ,214 N/A Total 374,521 1,741, % Note: YTD corresponds to the first and second quarters of the calendar year. 1 Source: Ricondo and Associates; Report of the Airport Consultant, Table Source: Ricondo and Associates; Report of the Airport Consultant, Table Newark 12 Cleveland White Plains 11 Philadelphia Austin 10 Seattle Atlantic City 10 San Diego Salt Lake City 10 Washington Dulles Chicago O Hare 10 Austin 17 15

17 Millions O H A R E I S A U N I Q U E D UA L - H U B A I R P O RT United and American both operate significant hubs at O Hare 1 Even as a dual hub, 17% of O Hare air traffic is provided by other carriers 2 Airline Market Share (Enplanements) Over the last seven years, United has seen a decrease in systemwide enplanements of 7.5 million while enplanements at O Hare have been stable 3 Over this same timeframe, American has increased system-wide enplanements by 1.4 million with only a slight decrease at O Hare 3 United and American s System-wide Enplanements Other 17.0% American 37.3% United 45.7% 1 Source: Ricondo and Associates; Report of the Airport Consultant, Chapter Source: Ricondo and Associates; Report of the Airport Consultant, Exhibit United American Source: Ricondo and Associates; Report of the Airport Consultant, Chapter Source: Ricondo and Associates; Report of the Airport Consultant, Exhibit 4-4 Non-Stop Markets Served from ORD* 5 Domestic International United American Source: Ricondo and Associates; Report of the Airport Consultant, Chapter 4.2 Note: Includes regional affiliates * As of August

18 O H A R E I S T H E # 1 D O M EST I C H U B FO R U N I T E D O Hare generates 17.7% of United s revenue 1 United has 13 Star Alliance partners operating at O Hare, compared to LAX (15), SFO (14), IAD (12), EWR (10), IAH (11), DEN (3) 2 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% #1 #3 Domestic Asia Canada EMEA Latin/South Total Total Seat Capacity: 78,495,702 2,890,386 2,576,568 5,191,473 6,747,824 95,901,953 1 Source: Ricondo and Associates; Report of the Airport Consultant, Exhibit Source: Ricondo and Associates; Report of the Airport Consultant, Chapter Source: Ricondo and Associates; Report of the Airport Consultant, Exhibit 4-16 and Table 4-16 United Seat Capacity by Region and Hub 3 #1 #3 #3 #2 SFO LAX IAH IAD EWR DEN ORD 17

19 O H A R E S K E Y RO L E I N A M E R I C A N ' S SYST E M O Hare generates 10.7% of American s revenues 1 Nine of American s oneworld partners operate at O Hare, significantly more than five at DFW (12 operate at JFK, 10 at MIA and eight at LAX) 2 100% 80% 60% 40% 20% 0% Total Seat Capacity: #2 #3 #1 #4 #2 #3 #2 #3 Domestic Asia Canada EMEA #4 Latin/South Total 119,894,230 1 Source: Ricondo and Associates; Report of the Airport Consultant, Exhibit Source: Ricondo and Associates; Report of the Airport Consultant, Chapter Source: Ricondo and Associates; Report of the Airport Consultant, Exhibit 4-18 and Table 4-16 American Seat Capacity by Region and Hub 3 937,706 1,874,163 4,496,735 12,437, ,639,897 PHX PHL MIA LAX JFK DFW DCA CLT ORD 18

20 O H A R E I S M A X I M I Z I N G C O N C E S S I O N R E V E N U E T H R O U G H S T R AT E G I C P L A N N I N G A combination of near-term and long-term planning as well as space and vendor management is contributing to the growth in concession revenue 1 O Hare has introduced higher-end dining and shopping concepts Frontera named best restaurant at a US airport in 2014 by Condé Nast Traveler 2 $3.40 $3.20 $3.00 $2.80 $2.60 $2.40 $2.20 $2.00 Terminal Concession Revenue* per Enplaned Passenger 5 $2.42 $2.77 $2.98 $ $3.28 * Reflects Revenue received by the airport 5 Source: Ricondo and Associates; Report of the Airport Consultant, Table 5-2 Coach and MAC opened in August 3 Additions have increased terminal concession revenues in 2015 to a projected $253.4 million 4 1 Source: Ricondo and Associates; Report of the Airport Consultant, Chapter Source: Condé Nast Traveler, The Best Airport Restaurant in the U.S. Is, 9/23/ Source: CDA press release, August 11, Source: Ricondo and Associates; Report of the Airport Consultant, Exhibit

21 T H E N E W C O N C E S S I O N P R O G R A M AT O H A R E S I N T E R N AT I O N A L T E R M I N A L H A S H A D A R E C O R D I M PA C T From 2011 to 2014, food and beverage, specialty retail and duty-free sales reached all-time highs at the O Hare IT 1 Food and beverage: 91% increase 2 Highest Sales per Enplanement ( SPE ) in IT History Total SPE* $15.49 $23.32 *Only includes IT enplanements City Earns Highest IT Revenue to Date in 2014 ($ million) 2 Retail: 65% increase 2 $7 6.5 Duty-Free: 61% increase 2 $6 24 new dining and retail locations 1 $ local Chicago brands $4 $3 3.1 $2 $1 $ Source: Ricondo and Associates; Report of the Airport Consultant, Table A-2 2 Westfield Corporation press release 20

22 STAT U S U P DAT E F O R O H A R E S O M P A I R F I E L D PROJEC T S Three of four OMP runways and one runway extension complete as of October 2015 Phase 1 and 2A are fully funded, on-time and on-budget Only $397 million Phase 2A projects remain to be completed Phase 2B is under design and construction funding is pending Only one runway and one runway extension remain to be constructed Source: Ricondo and Associates; Report of the Airport Consultant, Chapter

23 O H A R E O M P OV E RV I E W The OMP is re-configuring the O'Hare airfield from intersecting runways to six parallel runways east-west and two parallel crosswind runways Pre-OMP Airfield on October 15 th OMP Upon Completion Source: Ricondo and Associates; Report of the Airport Consultant, Chapter Runway 9L-27R opened November 2008 Runway 10L-28R Extension opened September 2008 Runway 10C-28C opened October 2013 Runway 10R-28L scheduled opening October 15, 2015 Runway 9C-27C Runway 9R-27L Extension 22

24 T H E O M P H A S P O S I T I O N E D O H A R E FO R G ROW T H OMP benefits are being realized now Parallel, non-intersecting operational flows Triple parallel approaches in good and poor weather Increased runway availability during snow events Eased impact of 2014 FAA rule further restricting converging runway operations Airfield safety improved OMP made re-banking possible Resulting in more profitability to airlines Source: Ricondo and Associates; Report of the Airport Consultant, Chapter

25 O H A R E S S O U T H A I R F I E L D I S A L R EA DY Y I E L D I N G B E N E F I T S In October, the South Airfield will be a modern, parallel system with zero converging runway operations The North Airfield includes a complex layout with 3 converging runway operations The majority of flights that require long runways depart to Europe and Asia over the north departure routes Impact of new FAA rules would have further reduced capacity had it not been for OMP Annualized arrival rate is an estimated 20 percent higher Source: Ricondo and Associates; Report of the Airport Consultant, Chapter Indicates Converging Runway Operations North Airfield 2 Longest runway: 13,000 feet South Airfield Graphic Source: CDA 24

26 O M P I M P R O V E M E N T S AT O H A R E A R E F O C U S E D O N F U R T H E R R E D U C I N G D E L AY S A N D I M P R O V I N G C A PA C I T Y Average annual system impact delays have reduced 57% when comparing to Estimated airline operational cost savings exceed cost of improvements 1 In 2024, the annual debt service and O&M expenses associated with the full OMP are expected to cost the airlines an estimated $10.91 per enplaned passenger vs. the $15.55 of direct airline savings per enplaned passenger created by reduced delays and reduced direct operating costs 2 1 Source: Ricondo and Associates; Report of the Airport Consultant, Chapter Source: Ricondo and Associates; Report of the Airport Consultant, Exhibit 2-4 Runway Throughput Capacity has Increased 3 Average Arrival Throughput Rates (Good/Poor) Pre-OMP 87/73 Today s Airfield 108/91 3 Source: Ricondo and Associates; Report of the Airport Consultant, Table 2-4 O Hare Operations and FAA Reported Number of Delayed Flights 4 4 Source: Ricondo and Associates; Report of the Airport Consultant, Exhibit

27 C H I C AG O M I DWAY I N T E R N AT I O N A L A I R P O RT 26

28 M I DWAY I N T E R N AT I O N A L A I R P O RT Busiest square mile in aviation One of the fastest growing airports in the nation Southwest s busiest airport 27

29 M I DWAY ST R E N G T H S Midway is an established and growing Airport that plays a distinct role in the national and regional air system Planned capital development focused on revenue and service enhancements 2014 busiest year in Airport s 87-year history with record enplanements 15-year residual Airline Use Agreement in place through 2027 O&D base provides domestic pointto-point service complementing O Hare Busiest airport in Southwest s network based on enplaned passengers 28

30 P R E M I E R P O I N T - TO- P O I N T A I R P O RT Premier point-to-point airport in the US offering leisure and business travel to 77 domestic and international markets* Consistently among the top 30 airports in the US based on passengers and is one of the fastest growing large-hub airports in the US Generates approximately $7 billion in economic activity each year and 90,000 jobs Chicago s close-in and convenient airport *Includes seasonal service 29

31 R ECO R D T R A F F I C Midway Historical Enplanements and Growth (enplanements in millions) Announcement of $800mm Terminal Development Program November 1991 Midway Airlines files bankruptcy and ceases operations September /11 terrorist attacks October 2004 ATA files bankruptcy and significantly reduces MDW services 2008 Lehman bankruptcy and beginning of economic turmoil September 2010 Southwest announces acquisition of AirTran 2014 Record traffic year in Airport s 87- year history Midway s passenger demand remains resilient in the face of industry challenges 2015 passenger activity has increased 5.1% through August Source: CDA, Airport Activity Statistics 30

32 S O U T H W EST CO M M I T T E D TO M I DWAY Share of Total Southwest Passengers (2014) 7.0% 6.4% 5.8% 5.0% 4.8% 4.1% 3.7% 3.4% 3.2% 3.2% MDW LAS BWI DEN PHX HOU ATL MCO DAL LAX Current Daily Fleet Routes Southwest Departure and Passenger Performance: Average Annual Growth Since % 8% 6% 4% 2% 0% 3.9% 8.4% Passengers Southwest Network Southwest at Midway 1.2% 4.6% Departures Cities Served in Southwest Network MDW LAS DEN BWI PHX Chart limited to to demonstrate growth of Southwest s largest aircraft Total Cities in Southwest Network (1) Midway plays an important role in Southwest s passenger performance and airline network Source: US DOT T-100 data for twelve months ended Dec 2014 and Innovata Schedule Data, September, Note: Data includes both Southwest and AirTran. (1) Based on September 2015 schedule MDW BWI LAS DEN DAL HOU PHX MCO ATL TPA

33 O U T P E R FO R M E D U. S. CO M PA R A B L ES Enplanement Growth ( ) Compound Annual Growth Rate 3.6% 1.9% 1.0% Midway Other Large Hubs Top 10 Southwest Airports Since 2008, Midway s traffic growth has outperformed other large hub airports and other top Southwest airports Note: Other large hub airports average reflects the growth in average annual enplanements of all large hub airports as classified by the FAA (more than 1% of enplanements) excluding Midway. Top 10 Southwest airports as of 12/31/14, including AirTran and excludes Midway. Midway enplanements exclude general aviation, military, helicopter and miscellaneous passengers. Sources: U.S. DOT Form 41, September 2015; CDA, Airport Activity Statistics 32

34 AT T R AC T I V E P L AT FO R M FO R PA S S E N G E R G ROW T H Southwest adding larger aircraft to fleet Adding and expanding new routes, including international service Southwest/AirTran Integration completed in December 2014 Full implementation of post-wright Amendment schedules Catalysts, including changes in Southwest s network and routing, is driving near term enplanement growth 33

35 M I DWAY C A P I TA L E N H A N C E M E N T A N N O U N C E D Terminal Modernization Program a $248 million investment focused on growing non-airline revenue and enhancing the customer travel experience: Concession Redevelopment 57% increase in concession space and modernization of existing concessions areas Transition to single-entity concessions operator* Concessions revenue projected to double by 2019 Terminal Parking Garage Expansion Addition of four levels, with 1,400 premium parking spaces Security Checkpoint Area Expansion Creation of 80,000 square foot security hall Projects will enhance passenger experience and non-airline revenue opportunities * Request for Proposal issued September

36 Annual Segment Revenue ($ mil) PA S S E N G E R R E V E N U ES I N C R EA S E Passenger revenue growth has outpaced enplanement growth. Since 2009 revenue has grown by 56% percent at Midway, while enplaned passengers have increased by 23%. Segment Revenue and Enplanement Trends 1 1, ,200 1, Annual Enplaned Passengers (mil) Revenue Enplaned Passengers 1/ Revenue displayed excludes foreign flag carrier revenues that are not flown on itineraries including a U.S. flag carrier. Sources: US DOT Form 41; CDA, Airport Activity Statistics 35

37 B ROA D A N D D I V E RSE RO U T E N E T WO R K Midway has 268 average daily departures to 69 domestic destinations and 8 international destinations Added in 2015: Pensacola, FL (PNS) Orange County, CA (SNA) Durango, Mexico (DGO) Service begins in December* *Durango Service begins December 8, 2015 Source: Innovata Schedule Data, September

38 STA B L E S H A R E O F C H I C AG O O & D PA S S E N G E RS Midway s Share of Chicago O&D Domestic Passengers 28.2% 27.5% 27.3% 27.4% 26.6% 27.0% 26.9% 26.7% 26.6% 26.9% Average = 27.0% 25.5% Sources: USDOT O&D Survey, Chicago Midway International Airport Comprehensive Annual Financial Report For the year ended December 31, 2014 and

39 M I DWAY S S O L I D F I N A N C I A L P E R FO R M A N C E Non-airline revenue increased 5.8% in 2014 resulting in a record high of $62.6 million The City has managed O&M expenses with 2.8% compound annual growth in expenses from 2008 to 2014 Most Midway services are provided by private contractors, allowing the City flexibility in managing expenses Non-airline Revenues $54.3 $49.3 $49.4 $52.9 $54.7 $59.2 $62.6 O&M Expenses** $109.7 $99.6 $108.3 $110.1 $114.3 $121.1 $129.6 ** Excluding depreciation and amortization All amounts are shown in millions Under the residual use agreement, airlines provide revenues to fund the balance of Midway s financial requirements 38

40 M I DWAY D E BT OV E RV I E W Midway Airport Revenue Bonds (MARBs) are secured by a pledge of Net Airport Revenues (Revenues less O&M Expenses) Airport contributes PFC revenue to offset MARB debt service related to PFC eligible projects; $39.9 million contributed in FY 2014 Second Lien Series 2010C MARBs are also secured by a pledge of rental car CFC revenues Amount Outstanding ($ millions) First Lien MARBs Second Lien MARBs $31,530 $1,474,795 Ratings (Moody s/s&p/fitch) A2/A/A (All with Stable Outlooks) A3/A-/A- (All with Stable Outlooks) Final Maturity

41 Millions M I DWAY D E BT OV E RV I E W ( CO N T I N U E D ) Second Lien is the working lien Residual agreement ensures coverage requirement of 1.10x met each year. Midway Bonds: Annual Debt Service ($ millions) $150 $125 $100 $75 $50 $25 $0 First Lien Second Lien Par Outstanding 9/2015 ($ thousands) Type Total First Lien $31,530 Second Lien 1,474,795 Total* $1,506,325 * Numbers may not total due to rounding Unhedged Variable Rate 8% Synthetic Fixed Rate 9% Debt Mix Fixed Rate 83% No additional issuance anticipated in

42 M I DWAY ST R E N G T H S An established and growing Airport that plays a distinct role in the national and regional air system Planned capital project to enhance non-airline revenue opportunities Record-breaking activity in Airport s 87 year history Busiest airport in Southwest s network based on enplaned passengers O&D base provides domestic point-to-point service complementing O Hare 15-year residual airline use agreement in place through

43 R E L A T E S T O P A G E S 4-25 This Investor Presentation is provided as of September 25, 2015 for a proposed offering by the City of Chicago (the City ) of its Chicago O Hare International Airport, General Airport Senior Lien Revenue Bonds, Series 2015A, B, C, D & E (the Series 2015 Bonds ). If you are viewing this presentation after September 25, 2015, there may have been events that occurred subsequent to such date that would have a material adverse effect on the financial information that is presented herein, and neither the City nor J.P. Morgan Securities LLC or Loop Capital Markets, as Representatives of the Underwriters, has undertaken any obligation to update this electronic presentation. All market prices, financial data and other information provided herein are not warranted as to completeness or accuracy and are subject to change without notice. This Investor Presentation is provided for your information and convenience only. Any investment decisions regarding the Bonds should only be made after a careful review of the complete Preliminary Official Statement, dated September 24, By accessing this presentation, you agree not to duplicate, copy, download, screen capture, electronically store or record this Investor Presentation, nor to produce, publish or distribute this Investor Presentation in any form whatsoever. This Investor Presentation does not constitute a recommendation or an offer or solicitation for the purchase or sale of any security or other financial instrument, including the Series 2015 Bonds, or to adopt any investment strategy. Any offer or solicitation with respect to the Series 2015 Bonds will be made solely by means of the Preliminary Official Statement and Official Statement, which describe the actual terms of such Series 2015 Bonds. In no event shall the Underwriters or the City be liable for any use by any party of, for any decision made or action taken by any party in reliance upon, or for any inaccuracies or errors in, or omissions from, the information contained herein and such information may not be relied upon by you in evaluating the merits of participating in any transaction mentioned herein. The Underwriter make no representations as to the legal, tax, credit or accounting treatment of any transactions mentioned herein, or any other effects such transactions may have on you and your affiliates or any other parties to such transactions and their respective affiliates. You should consult with your own advisors as to such matters and the consequences of the purchase and ownership of the Series 2015 Bonds. Nothing in these materials constitutes a commitment by the Underwriters or any of their affiliates to enter into any transaction. No assurance can be given that any transaction mentioned herein could in fact be executed. Past performance is not indicative of future returns, which will vary. Transactions involving the Series 2015 Bonds may not be suitable for all investors. You should consult with your own advisors as to the suitability of the Series 2015 Bonds for your particular circumstances. Clients should contact their salesperson at, and execute transactions through, an entity of the Underwriters or other syndicate member entity qualified in their home jurisdiction unless governing law permits otherwise. Preliminary Official Statement available at 42

44 R E L A T E S T O P A G E S 1-3, A N D This Investor Presentation is provided for your general information and convenience only, is current only as of its date and does not constitute an offer to sell or a solicitation of an offer to buy securities. The information contained herein does not constitute a sufficient basis for making a decision with respect to the purchase or sale of any security. All information regarding or relating to bonds issued or to be issued by the City of Chicago ( the City ) is qualified in its entirety by the relevant Official Statement and any related supplements and continuing disclosure. Investors should review the relevant Official Statement and any related supplements and continuing disclosure before making a decision with respect to the purchase or sale of any bonds issued or to be issued by the City. In addition, before purchasing any bond issued or to be issued by the City, please consult your legal and financial advisors for information about and analysis of the bonds risks and their suitability as an investment in your particular circumstances. The City makes no representation in this Investor Presentation regarding the reliability or accuracy of any information in this Investor Presentation. The financial data and other information provided herein are given in summary form and are not warranted as to completeness or accuracy and are subject to change without notice. Certain of the information set forth herein has been derived from external sources that has not been independently verified, and no representation or warranty, expressed or implied, is made as to, and no reliance should be placed on the fairness, accuracy, completeness or correctness of, such information contained herein. None of the City or its representatives or agents, including any underwriters of bonds issued or to be issued by the City, shall have any liability whatsoever in negligence or otherwise for any loss however arising from any use of this Investor Presentation or its contents or otherwise arising in connection with this Investor Presentation or any other information or material discussed. By viewing this Investor Presentation, you agree not to duplicate, copy, download, screen capture, electronically store or record this Investor Presentation except for your own personal use, nor to produce, publish or distribute this Investor Presentation in any form whatsoever. Events may occur subsequent to the date hereof that would have a material adverse effect on the information that is presented herein. The City is under no obligation to update any of the information set forth herein. No dealer, broker, salesperson or any other person has been authorized by the City to give any information or make any representation in connection with the City or any bonds of any of the City, and if given or made, such other information or representation must not be relied upon as having been authorized by the City. This Investor Presentation includes forward-looking statements based on current beliefs and expectative about future events. Forward-looking statements include financial projections and estimates and their underlying assumptions, statements regarding plans, objectives and expectations with respect to future events. Forwardlooking statements are not guarantees of future performance and are subject to inherent risks, uncertainties and assumptions about the City, Chicago O Hare International Airport and Chicago Midway International Airport, changes in economic conditions globally or in the State of Illinois and political and regulatory factors. Those events are uncertain; their outcome may differ from current expectations which may in turn significantly affect expected results. Actual results may differ materially from those projected or implied in these forward-looking statements. Any forward-looking statement contained in this Investor Presentation speaks as of the date of this Investor Presentation. The City undertakes no obligation to publicly revise or update any forward-looking statements in light of new information or future events. 43

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