FY 2012 Financial Plan March 31, 2012

FY 2012 Financial Plan March 31, 2012 DFW Finance Department P. O. Box 619428 DFW Airport, Texas 75261-9428

FY 2012 Financial Plan Introduction TABLE OF CONTENTS Introduction o Investor Disclosure. 1 o DFW Background... 1 o Purpose of Financial Plan.. 2 o Use Agreement Overview. 2 o Related Reports.. 4 o Facility Improvement Corporation/Public Facility Improvement Corporation. 4 Executive Summary o Major Assumptions. 5 o Ten Year Financial Plan. 8 Operating Fund.. 8 Joint Capital Account and Related Bond Proceeds... 9 Terminal Renewal and Improvement Program (TRIP) 10 DFW Capital Account and Related Bond Proceeds... 11 o Key Performance Indicators (KPIs). 12 Core Business KPI: Passengers....13 Financial KPI: Airline Cost... 13 Financial KPI: Airline Cost per Enplanement 14 Financial KPI: Net Revenues from DFW Cost Center. 15 Financial KPI: Revenue Management Revenue per Enplanement.. 16 Debt Service/Debt Outstanding... 16 Debt KPI: Coverage Ratios.. 17 Debt KPI: Debt per Enplanement... 17 Cash KPI: Restricted and Unrestricted Cash 18 Cash KPI: Days Cash on Hand.. 18 Pension Plans and OPEB. 18 Operating Fund o Airfield and Terminal Cost Centers. 19 o DFW Cost Center.. 22 Parking Business Unit.. 24 Concessions Business Unit. 25 Rental Car (RAC) Business Unit... 26 Commercial Development Business Unit. 27 o Expenses and Passengers 28 Capital Accounts o Capital Sources and Uses of Cash.. 29 o New Projects 29 o Joint Capital Account. 30 o DFW Capital Account 33 o List of Capital Projects.. 35 Debt and Cash Reserves o Existing Debt... 39 o New Money Bonds (TRIP and Other Capital Projects)... 40 o Total Debt Outstanding... 41 o Debt Service Coverage Calculations.. 42 o Cash and Cash Reserves. 43 o Debt Reserves and Sureties.... 44 DFW International Airport March 31, 2012

FY 2012 Financial Plan Introduction INVESTOR DISCLOSURE This Financial Plan contains assumptions and forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. Such assumptions and statements may involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance and achievements to be different from future results, performance and achievements expressed or implied by such assumptions or forward-looking statements. Investors are cautioned that such assumptions and forward-looking statements could differ materially from those set forth in the assumptions and forward-looking statements included in this Financial Plan. Report of the Airport Consultant It should be noted that DFW has contracted with LeighFisher, Inc. to develop a feasibility study to accompany the sale of bonds currently scheduled for pricing in April 2012. The assumptions and forward-looking statements in this Financial Plan may differ from those in the Report of the Airport Consultant. DFW Background INTRODUCTION The Dallas/Fort Worth International Airport (the Airport or DFW ) was created by a Contract and Agreement between the Cities of Dallas, Texas, and Fort Worth, Texas ( the Cities ) on April 15, 1968 for the purpose of developing and operating an airport as a joint venture between the Cities. Although owned by Dallas and Fort Worth, DFW is located within the boundaries of the Cities of Grapevine, Coppell, Irving, Fort Worth, and Euless, and within Dallas and Tarrant Counties. DFW is located within a four-hour flight time of 95% of the U.S. population and currently ranks fourth among the world s busiest airports in terms of operations and eighth in terms of passengers. Its central location is the focal point of one of the nation s largest intermodal hubs, connecting air, rail, and interstate highway systems. DFW currently operates daily passenger flights to 192 destinations worldwide, including 144 nonstop domestic destinations and 47 nonstop international destinations. The Airport is recognized as a premier inland cargo hub, served by major international cargo carriers. According to the Texas Department of Transportation, DFW is the primary economic engine for North Texas, driving $15.7 billion of economic impact, supporting 268,000 jobs, and generating $7.4 billion in payroll annually. 1 DFW International Airport March 31, 2012

FY 2012 Financial Plan Introduction Purpose of Financial Plan This document represents DFW s second Financial Plan (the FY 2012 Plan or the Plan ). The primary purpose of the Plan is to serve as a management tool that allows DFW to monitor its future projected performance against established long term strategic goals and objectives. The Plan includes projected future revenues, expenses, capital expenditures, debt financing requirements, cash reserves and DFW s Key Performance Indicators (KPIs). Management intends to update the Financial Plan annually. The Financial Plan is reviewed but not approved by the DFW Board of Directors. The original FY 2011 Plan coincided with the approval of a new ten-year Airline Use and Lease Agreement ( Use Agreement ) which became effective October 1, 2010. The FY 2011 Plan is the baseline Plan for future comparisons since it was the baseline financial model for negotiating the Use Agreement. This Plan and all future Financial Plans will include schedules that show the changes from the prior year and comparisons to the original FY 2011 Plan with a special focus on achieving the established FY 2020 performance targets. Normally, the first year of the Plan will be the same as DFW s Annual Budget which is typically approved by the DFW Board in August of each year. Use Agreement Overview DFW s Use Agreement is segregated into three primary Cost Centers as shown below. Cells highlighted in yellow represent KPIs. Airline Cost Centers DFW Cost Centers Airfield Terminal DFW Misc Airfield Revenues Misc. Terminal Rentals DFW Revenues General Aviation FIS Fees Parking, Concessions, RAC Fueling Facility Lease Turn Fees Commercial Development TSA Rentals Employee & Ground Trans. Concessions Reimbursements Utilities & Interest Income +/- Transfers/Adjustments +/- Transfers/Adjustments - Transfers +/- Prior Period Adjustments + DFW Terminal Contribution - DFW Terminal Contribution - Lower Threshold Adjustment + Annual Capital Transfer + Lower Threshold Adjustment + Upper Threshold Adjustment +/- Prior Period Adjustments - Upper Threshold Adjustment Less Expenses Less Expenses Less Expenses (+Skylink) Direct Costs Direct Costs Direct Costs DPS Allocation DPS Allocation DPS Allocation Overhead Allocation Overhead Allocation Overhead Allocation Debt Service (net of PFCs) Debt Service (net of PFCs) Debt Service (net of PFCs) Airline Landing Fees Airline Terminal Rents Net Revs to DFW Capital Airline Cost/Revenues to DFW DFW Capital Account Airline Cost per Enplanement (CPE) Joint Capital Account Coverage Account (+) Natural Gas/Sale of Land Funded from all three cost (-) Annual Capital Transfer centers as debt service increases 2 DFW International Airport March 31, 2012

FY 2012 Financial Plan Introduction Operating Funds In the airline cost centers, landing fees and terminal rentals are based solely on the cost to maintain and operate the airfield and terminals, net of miscellaneous revenues, plus or minus certain transfers and adjustments allocable to those cost centers. At the end of each fiscal year, DFW trues-up each cost center to compare the amounts charged to the airlines versus the actual cost incurred to provide these facilities. Any variance is then applied or credited to that cost center in the next fiscal year. Per the terms of the Use Agreement, the terminal cost center receives a Capital Account Transfer credit from the joint capital account. In FY 2012 the transfer is $24 million. The transfer is reduced $4 million each year until it is phased out in FY 2017. The terminal cost center also receives a Facility Improvement Corporation (FIC) credit from the DFW cost center ($5.5 million in FY 2012). This credit will be eliminated in FY 2013 based on AMR rejecting the associated facility agreements as part of its bankruptcy. This elimination will have the net impact of increasing terminal rentals by $5.5 million in future years. In addition, there is a transfer ( DFW Terminal Contribution ) from the DFW cost center to the terminal cost center each year to cover DFW s share of terminal and common use space in Terminals D and E. DFW retains 100% of the net revenues (i.e., profits or net income) from non-airline sources in the DFW cost center up to certain limits. In addition to the direct and indirect costs of these nonairline business units, DFW pays 100% of Skylink costs from the DFW cost center. These funds are transferred to the DFW capital account providing the amount is not less than $41 million ( Lower Threshold ) or more than $61.5 million ( Upper Threshold ). If net revenues to the DFW capital account are budgeted to be less than the Lower Threshold, the airlines pay incremental landing fees in an amount sufficient to achieve the Lower Threshold ( Lower Threshold Adjustment ). Conversely, if net revenues are budgeted to be higher than the Upper Threshold, then 75% of the excess amount that is transferred to the airfield cost center to reduce landing fees ( Upper Threshold Adjustment ). The remaining 25% is retained by DFW in the DFW capital account. The Use Agreement also includes a Cumulative Threshold provision such that if the amount of unassigned cash in the DFW capital account exceeds $102.5 million, then 50% of the excess is transferred to lower landing fees (i.e. Upper Threshold Adjustment ) and 50% is transferred to the joint capital account. All threshold amounts are adjusted annually for the Consumer Price Index (CPI). Capital Accounts The Use Agreement includes three accounts in the Capital Improvement Fund (CIF): the DFW capital account, the joint capital account, and the rolling coverage account. 3 DFW International Airport March 31, 2012

FY 2012 Financial Plan Introduction To use joint capital account (JCA) proceeds, DFW must obtain majority-ininterest (MII) approval from its signatory airlines. As part of the Use Agreement, the airlines agreed to fund a Terminal Renewal and Improvement Program (TRIP) and certain other pre-approved projects. A significant portion of the projects planned in the JCA will be funded from the sale of Joint Revenue Bonds. This capital account is funded from natural gas royalties, sale of land proceeds, grants, and interest income from the account, and the proceeds of the issuance of debt. The DFW capital account is a discretionary account, not subject to majority-in-interest (MII) approval of the airlines. It may be used for any legal purpose subject to certain limitations on the amount of commercial development expenditures that can be made in any one year. DFW plans to use this fund primarily for renewals and replacements. Funding for the DFW capital account comes from net revenues of the DFW cost center, grants, and interest income on the account; and may be supplemented with issuance of debt for commercial development projects. The rolling coverage account (RCA) was created as part of the new Use Agreement. DFW s Bond Ordinance requires DFW to fund coverage of 25% of Annual Aggregate Debt Service each year. The Ordinance allows this coverage amount to be set up in a coverage account which is rolled into Gross Revenues each year. If debt service increases in a fiscal year, DFW collects the incremental required coverage through rates and charges. At the end of the year, the original coverage amount and any incremental collections are rolled back into the CIF. Although rolling coverage is a Gross Revenue of the Airport, DFW has chosen not to show this as a source and use of cash in its budget or financial plan. It is however, included in the Gross Revenue Coverage Calculation (see debt and cash section). Related Reports and Information For a more comprehensive understanding of DFW s financial, operational and capital programs, readers will find additional information on the DFW website at www.dfwairport.com, including the Comprehensive Annual Financial Report, Annual Budget, the Schedule of Charges, the DFW Strategic Plan, Terminal Renewal and Improvement Program status reports, Passenger Statistics, required Bond disclosures, and recent Official Statements. Facility Improvement Corporation (FIC)/Public Facility Improvement Corporation (PFIC) DFW has a FIC which financed the construction of its rental car facility and PFIC which financed the Grand Hyatt Hotel. These are separate entities from Airport operations, and accordingly, the FIC and PFIC revenues and expenses are not included in this report. However in FY 2011, DFW refinanced the FIC bonds with DFW Joint Revenue Bonds and plans to do the same with the PFIC bonds in FY 2012. These bonds were refinanced to lower interest rates and free-up cash from excess reserve accounts. In both cases, the FIC and PFIC have entered into agreements with DFW to transfer sufficient amounts to pay future debt service and coverage. This transfer is included in this Plan. 4 DFW International Airport March 31, 2012

FY 2012 Financial Plan Executive Summary Major Assumptions DFW AIRPORT FY 2011 FINANCIAL PLAN The major assumptions used to develop this Financial Plan are highlighted below. changes from the FY 2011 Plan are highlighted. General Assumptions Major AMR Bankruptcy. On November 29, 2011, AMR Corporation, the parent company of American Airlines ( AA ), American Eagle, and other affiliates, filed voluntary petitions for Chapter 11 reorganization. AMR represents 85% of DFW passengers, 78% of landed weights, and 30% of total 102 fund revenues. DFW is AMR s largest hub representing approximately 40% of AMR s total traffic. As of the date of this Plan, AMR had not made public its official plans to accept or reject the Use Agreement or other real estate leases at DFW. These decisions are currently expected in June 2012. AMR did reject the facility agreements associated with its unsecured debt issued by DFW s Facility Improvement Corporation. Although AMR officials have publicly stated that they plan to grow their business at DFW and their other cornerstone hubs (up to 20%), it is too early in the bankruptcy to understand how service levels may change at DFW. Therefore, the passenger growth and operational traffic assumptions in the FY 2012 Plan are similar to the levels projected in the FY 2011 Plan. Use Agreement. The current Use Agreement expires September 30, 2020. The Financial Plan extends through FY 2021. Although a new future Use Agreement may have terms that are significantly different from the current Use Agreement, it is assumed that rates and charges for FY 2021 and beyond are calculated the same as the current Use Agreement. Passenger, Revenue, and Expense Assumptions Passengers are projected to grow at an average of 2.1% per year through 2021 with the exception of 2015 which is first year of the end of the Wright Amendment restrictions at Love Field (0.5% growth). This is consistent with the FY 2011 Plan assumptions. Inflation/CPI is assumed to increase 3.0% per year. Total personnel costs (salaries, wages and benefits) are projected to increase approximately 4% in 2013 and 3.5% per year beginning in FY 2014. This is consistent with the FY 2011 Plan assumptions. Parking revenues are correlated with originating passengers and average parking rates. Consistent with last year, the Plan assumes a $1 parking rate increase in FY 2014 and FY 2017 for all parking products. The Plan assumes higher productivity improvements (than the FY2011 Plan) through FY 2016 resulting from expanded terminal and express parking facilities, a new parking control system, and enhanced marketing. DFW International Airport March 31, 2012

FY 2012 Financial Plan Executive Summary Concessions revenues are correlated with enplaned passengers and average sales per enplanement. Consistent with the prior year, the Plan assumes average sales increase with inflation; that DFW will experience revenue decreases in FY 2013 and FY 2014 due to TRIP construction; and that average sales per enplanement at Terminals A, B, C and E will increase to FY 2011 Terminal D levels once TRIP construction is complete. Rental car revenues are correlated with destination passengers and average car rental rates. Average rates are projected to be flat in 2013, grow 1% in 2014 and 2015, and 2% thereafter. This is consistent with FY 2011. Commercial development revenues are correlated with developed acres and average rate per acre. The FY 2012 Plan assumes the development of 1,001 additional acres by FY 2021 and that average rate per acre will increase with CPI. This represents an increase of 726 developed acres over the FY 2011 Plan due primarily to the maturity of formal development plans for the various tracks of land on the airport. Capital Account Assumptions Terminal Renewal and Improvement Program (TRIP) will continue to be constructed in phases from FY 2012 through FY 2017 at an estimated cost of $1.94 billion (in escalated dollars). Construction escalation is assumed to be 3% in FY 2012 and FY 2013, and 4% for each Fiscal Year thereafter from a FY 2010 base. The TRIP budget was increased $17 million in the past year due to an enhancement of Terminal the B baggage system to the scope of work. Joint Capital Account (JCA) originally included $220 million of preapproved projects (net of grants) plus $137 million of other projects (e.g., Terminal A parking garage and DART rail station) that were not yet approved by the airlines. The FY 2012 Plan reflects an additional $639 million capital needs primarily for new parking, terminal, and airfield improvements. See a detailed list of new projects in the Capital Accounts section. DFW Capital Account is programmed annually for renewal, replacement, road expansion, commercial development, and other discretionary projects. PFCs/Grants. The FY 2012 Plan assumes that PFC s remain at $4.50 through FY 2021. PFCs were assumed to increase to $6.00 in FY 2013 in the prior year plan to pay a portion of debt service associated with the TRIP. Entitlement grants are assumed to remain at the current annual level of $9 million through 2021. Last year s Plan assumed that entitlement grants would be reduced to zero beginning in FY 2012 as the higher PFC amount became effective. These changes had the net impact of reducing revenues by approximately $266 million ($338 million less in PFCs, net of a $72 million increase in grants) through FY 2020 as compared to the FY11 Plan. Discretionary grants are programmed for runway refurbishments and the new fire-training facility. Natural gas royalties. Given current natural gas prices, the Plan assumes no new drilling with slowly declining production over time. Prices are based on NYMEX Henry Hub gas futures contract rates. Natural gas royalties are lower in the FY 2012 Plan primarily due to lower existing and projected natural gas rates. DFW International Airport March 31, 2012

FY 2012 Financial Plan Executive Summary Debt Service and Cash Reserve Assumptions Existing debt. DFW and the Airlines agreed as part of the Use Agreement negotiations that DFW would restructure its existing debt structure (i.e., debt that existed on September 30, 2010) such that debt service, net of available PFC s, would be forecast to increase approximately $6.5 million per year including coverage. New debt. The Plan assumes DFW will issue an additional $3.0 billion of new fixed rate bonds, including $163.6 million for capitalized interest and $181 million for incremental debt reserves through FY 2017. This represents an increase of $521 million primarily due to new projects approved by the airlines in the past year, plus the increase in planned liquidity, less the impact of lower capitalized interest (discussed below), plus incremental borrowing for new commercial development projects. Interest rates on new-money bonds are based on future Treasury spreads. AMT rates are assumed at 5.25% in FY 2012, 5.75% in FY 2013, 6.25% in FY 2014, 6.75% in FY 2015 and FY 2016. Non AMT rates are assumed at 4.65% for FY 2012, 5.15% for FY2013, and 6.15% for FY 2015 and FY 2017. Assumed interest rates have been reduced from the FY 2011 Plan due to lower projected Treasury rates given the current economic environment and a Federal Reserve commitment to lower rates through 2014. Capitalized Interest. The Plan assumes that DFW will issue fixed rate bonds as necessary to fund projects on a cash flow basis and that interest will be capitalized through the date of beneficial occupancy for each project. Some projects may be funded with cash then reimbursed with bond proceeds. Total capitalized interest was reduced from $289 million in the FY 2011 Plan to $164 million in the FY 2012 Plan due to better matching of projected debt issuances with expected expenditures. Debt reserves. Future debt reserves are assumed to be funded with cash and that outstanding sureties will be replaced with cash reserves as the bonds are refunded if required by that specific surety policy. Interest Income. Plan assumes interest income of 1% in FY 2013, 1.5% in FY 2014, 2% in FY 2015, 2.5% in FY 2016, and 3% in FY 2017, and 3.5% thereafter. These rates are lower than in the FY 2011 Plan, consist with lower interest expense rates mentioned above. Cash reserves. The Plan includes the assumption that DFW will maintain sufficient liquidity to provide a minimum of 450 Days Cash on Hand through FY 2021. This is an increase of approximately 70 days from the FY 2011 Plan based on increased cash retained in the Joint Capital Account. DFW International Airport March 31, 2012

FY 2012 Financial Plan Executive Summary Ten Year Summary Operating Revenue and Expense Fund Following is a ten year sources and uses of cash for DFW s Operating Revenue and Expense Fund (the Operating Fund ). The Operating Fund is projected to generate over $1 billion of net revenues over ten years, of which $798 million is projected to be transferred to the DFW Capital Account and $296 million to reduce future landing fees. 102 Operating Fund Millions FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 Total Revenues Airfield Cost Center $ 124 $ 132 $ 138 $ 144 $ 152 $ 161 $ 168 $ 175 $ 182 $ 188 $ 195 $ 1637 Terminal Cost Center 128 138 177 219 248 283 306 314 318 324 343 2,671 DFW Cost Center 250 251 281 305 331 354 394 411 432 448 463 3,669 PFCs for Debt Service 134 138 143 113 113 116 118 120 123 126 128 1,238 Total Revenues 637.3 658 739 782 844 913 986 1,021 1,056 1,086 1,130 9,214 Expenses Operating Expenses 332 351 364 376 388 395 409 422 437 451 466 4,059 Debt Service Existing Debt Service 232 244 254 227 233 241 249 257 265 272 280 2,522 FIC/PFIC Debt Service - 5 22 18 19 19 19 20 20 20 20 181 New Debt Service - - 38 91 120 161 182 188 188 187 204 1,358 Total Debt Service 232 249 314 336 372 422 450 464 472 480 504 4,061 Total Expenses 565 600 678 711 759 817 859 886 909 931 970 8,121 Net Revenues Generated 72 58 61 70 84 96 127 135 147 155 160 1,094 Landing Fee Reductions (9) - - (4) (13) (20) (42) (46) (53) (58) (60) (296) Revs to DFW Capital Acct $ 63 $ 58 $ 61 $ 67 $ 71 $ 76 $ 85 $ 89 $ 93 $ 97 $ 100 $ 798 The following table compares the FY 2011 and FY 2012 Plans for the period FY 2011 through FY 2020. 102 Operating Fund FY2012 Plan Increase (Decrease) Compared to FY2011 Plan Millions FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 Total Revenues Airfield Cost Center $ - $ (3) $ (5) $ (8) $ (5) $ (2) $ (1) $ (2) $ (1) $ (2) $ (30) Terminal Cost Center (1) (12) 18 42 32 33 31 12 12 12 180 DFW Cost Center 16 5 18 20 24 31 38 44 52 55 304 PFCs for Debt Service 3 3 (25) (51) (44) (43) (44) (45) (46) (47) (338) Total Revenues 18 (6) 6 4 7 18 24 9 17 18 116 Expenses Operating Expenses (3) (8) (10) (15) (15) (24) (26) (28) (31) (34) (195) Debt Service Existing Debt Service 3 5 (3) (3) 1 (1) (1) (3) (3) (3) (9) FIC/PFIC Debt Service - 5 22 18 19 19 19 20 20 20 161 New Debt Service - (13) (9) (5) (7) 9 9 (3) - - (19) Total Debt Service 3 (4) 11 10 12 27 26 14 17 17 134 Total Expenses - (12) - (5) (3) 3 - (14) (14) (17) (62) Net Revenues Generated 18 6 6 9 10 15 24 23 31 36 177 Landing Fee Reductions 9 - - 4 8 11 18 18 24 27 119 Revs to DFW Capital Acct $ 9 $ 6 $ 6 $ 5 $ 2 $ 3 $ 6 $ 6 $ 7 $ 9 $ 59 Terminal revenues increased primarily due to the reduction in PFCs which were being used to pay debt service on the TRIP net of operating cost savings. DFW cost center revenues increased primarily due to cash payments from the FIC/PFIC for debt service resulting from the refundings (new in FY 2012) and increased commercial development revenues. PFC revenues were reduced due to the elimination of the assumption that Congress would increase PFCs from $4.50 to $6.00 per enplanement. Operating expenses are lower due primarily to a reduced DFW International Airport March 31, 2012

FY 2012 Financial Plan Executive Summary base year in FY 2012. The FIC/PFIC debt service line was added to the FY 2012 Plan because these bonds were refunded with DFW joint revenue bonds in FY 2011 and FY 2012. The following charts summarize projected sources and uses of cash for the Operating Fund over the ten year period. Sources of Cash (FY12-FY21) $9.2 Billion PFCs, $1.2B DFW, $3.7B Airfield, $1.7B Terminal $2.6B Cash Flow $1.0B Uses of Cash (FY12-FY21) $9.2 Billion Debt Services, $4.1B Ops Expense, $4.1B Ten Year Summary Joint Capital Account and Related Bond Proceeds The following table summarizes the primary sources and uses of cash for the joint capital account (JCA) including the sale of bonds and use of related bond proceeds for the period FY 2011 through FY 2021. The JCA is funded from beginning cash, the proceeds from natural gas royalties and land sales, grants, and interest income; and supplemented with bond proceeds as needed. The major uses of cash over the next ten years include the TRIP, other capital projects, capitalized interest, debt reserves, and annual joint capital account transfers to reduce terminal rentals. The table highlights the significant amounts of cash retained in the JCA to ensure higher liquidity than the FY 2011 Plan. Joint Capital Account and Related Bond Funds Millions FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 Total Beginning Cash $ 209 $ 394 $ 675 $ 648 $ 750 $ 568 $ 504 $ 314 $ 281 $ 269 $ 317 $ 209 Sources of Cash Natural Gas 13 14 14 13 12 12 11 10 9 8 7 112 Debt Financing 301 653 615 692 424 401 41 - - - - 2,826 Grants 3 12 15 22 12 40 5 44 - - - 150 Interest Income 46 2 7 10 15 14 15 11 10 9 11 105 Total Sources of Cash 363 682 650 736 463 468 72 65 19 18 18 3,556 Uses of Cash TRIP 114 311 375 388 348 285 116 - - - - 1,824 Other Capital Projects 26 113 240 200 206 145 19 79 5 5 5 1,017 Capitalized Interest 13 24 42 25 27 21 12 - - - - 152 Debt Reserves 5-48 57 39 29 7 - - - - 181 Transfer to Operations 28 24 20 16 12 8 4 - - - - 84 Cash Flow Adjustment (9) (71) (48) (52) 12 43 103 20 26 (35) - (2) Total Uses of Cash 178 401 677 635 645 532 262 98 31 (30) 5 3,256 Net Change in Cash 185 281 (27) 102 (181) (64) (190) (33) (12) 48 13 299 Ending Cash $ 394 $ 675 $ 648 $ 750 $ 568 $ 504 $ 314 $ 281 $ 269 $ 317 $ 330 $ 330 DFW International Airport March 31, 2012

FY 2012 Financial Plan Executive Summary To obtain the most accurate cash flow estimates, projected outflows of cash for construction projects have been deferred from the construction schedule by three to six months over time to account for delays in billing and payments (see Cash Flow Adjustment line). More detail on the sources and use for the joint capital account is included in the Capital Accounts section. The following table compares the FY 2011 and FY 2012 Plans for the period FY 2011 through FY 2020. The total difference is a decrease in cash in FY 2020 on only $12 million. Joint Capital Account and Related Bond Funds Increase (Decrease) FY 2012 Plan Compared to FY 2011 Plan Millions FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 Total Beginning Cash $ (23) $ (233) $ 180 $ 6 $ 269 $ 73 $ 45 $ 12 $ 3 $ (33) $ (23) Sources of Cash Natural Gas (50) (9) (7) (5) (5) (3) (3) (3) (4) (7) (97) Debt Financing (284) 240 (41) 342 46 177 41 - - - 521 Grants 2 (1) (5) 12 12 40 5 44 - - 110 Interest Income 42 (8) (6) (7) (4) (5) (3) (1) (2) (3) 3 Total Sources of Cash (291) 223 (60) 342 50 209 40 40 (5) (10) 537 Uses of Cash TRIP (89) (101) (43) 53 127 49 19 - - - 16 Other Capital Projects (45) (50) 116 158 206 145 19 79 5 5 638 Capitalized Interest (8) (25) (16) (27) (21) (19) (8) (2) - - (126) Debt Reserves - (18) (12) 20-11 7 - - - 8 Cash Flow Adjustement 60 5 70 (125) (66) 51 34 (29) 26 (35) (11) Total Uses of Cash (82) (190) 115 79 246 237 72 48 31 (30) 526 Net Change in Cash (210) 413 (174) 264 (196) (29) (32) (9) (36) 21 11 Ending Cash $ (233) $ 180 $ 6 $ 269 $ 73 $ 45 $ 12 $ 3 $ (33) $ (12) $ (12) The reduction in natural gas revenues is due to lower natural gas prices and futures prices. The increase in debt financing requirements is due to the net increase in capital projects less reductions in capitalized interest. The increase in grants is primarily due to additional discretionary grants assumed for runway improvements and the addition of entitlement grants back to the FY 2012 Plan. Other capital projects increased $638M over the ten years due to the addition of new projects including Terminal D south extension, Terminal B north stinger, Terminal window replacements, A-380 gates, runway rehabilitation projects, and an enhanced Terminal A garage. See a full list of new programs in the Capital Accounts section. Capitalized interest has been reduced due to lower interest rates and a better matching of bond issues with cash needed for capital projects. Terminal Renewal and Improvement Program (TRIP) DFW s most significant capital project over the next decade is the Terminal Renewal and Improvement Program (TRIP) which will renovate and update DFW s four older terminals (A, B, C and E) between FY 2011 and FY 2017. The total TRIP budget is $1.939 billion. The Airlines, as part of the Use Agreement, preapproved the TRIP budget for each terminal and a total TRIP budget of $1.92 billion. Subsequently, an additional $17.5 million of scope has been added for the Terminal B baggage handling system. The following chart highlights the schedule and costs by terminal. A more detailed schedule is included in the Capital Section. DFW International Airport March 31, 2012

FY 2012 Financial Plan Executive Summary Millions FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 Total Terminal A $479 Terminal E $536 Terminal B $424 Terminal C $500 Total $14 $120 $292 $375 $388 $348 $285 $116 $1,939 The Use Agreement includes a negative trigger provision for Terminals B and C which states that if American Airlines passenger traffic decreases 10% from FY 2010 levels by the time design is complete, the projects may be deferred. Total AMR passenger traffic was 0.65% higher in FY 2011 than FY 2010. Ten Year Summary DFW Capital Account and Related Bond Proceeds The following table summarizes the primary sources and uses of cash for the DFW capital account including the sale and use of related bond proceeds. The primary sources of cash for the DFW capital account are beginning cash and net revenues from the DFW cost center. Although the DFW capital account is a discretionary account, the primary purpose is to fund non-trip renewals and replacements. More detail on the projects is included in the Capital Accounts section. DFW Capital Account - Sources and Uses Millions FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 Total Beginning Cash $ 163 $ 88 $ 63 $ 67 $ 75 $ 43 $ 27 $ 47 $ 70 $ 97 $ 127 $ 163 Sources of Cash Revenues from DFW CC - 63 58 61 67 71 76 85 89 93 97 761 Debt Financing Proceeds - 2 27 24 2 12 13 5 4 5 19 112 Misc Sources - 5 1 - - - - - - - - 6 Grants 19 20 16 22 14 9 11 8 8 8 8 124 Interest Income - 1-1 1 1-1 2 3 4 15 Total Sources of Cash 20 91 102 108 83 93 101 99 103 109 128 1,018 Uses of Cash Capital Projects 95 122 136 128 78 77 82 73 77 81 99 954 Cash Flow Adjustment - (7) (38) (27) 37 32 (2) 3 (1) (1) 5 - Total Uses of Cash 95 115 99 100 115 109 81 76 76 80 103 954 Net Change in Cash (76) (25) 4 8 (32) (15) 20 23 27 30 25 64 Ending Cash $ 88 $ 63 $ 67 $ 75 $ 43 $ 27 $ 47 $ 70 $ 97 $ 127 $ 152 $ 152 DFW International Airport March 31, 2012

FY 2012 Financial Plan Executive Summary The following table compares the FY 2011 and FY 2012 Plans for the period FY 2011 through FY 2020. Note that ending cash is $18 million higher in FY 2020 than the prior plan. DFW Capital Account and Related Bond Proceeds Increase (Decrease) FY 2012 Plan Compared to FY 2011 Plan Millions FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 Total Beginning Cash $ (2) $ 2 $ 1 $ 26 $ 41 $ (1) $ (26) $ (29) $ (13) $ - $ (2) Sources of Cash DFW Coct Center (54) 10 3 - (3) (1) (4) 2 3 5 (39) Debt Financing (13) (31) 11 18-12 13 5 4 5 23 Misc Sources - 5 1 - - - - - - - 6 Grants (16) 2 (5) 14 5 2 (18) (9) 2 3 (20) Interest Income - (1) (1) - - (1) (1) (1) (1) - (6) Total Sources of Cash (83) (14) 9 31 2 12 (11) (3) 9 12 (36) Uses of Cash Capital Projects (147) (11) 42 57 8 8 (22) (9) 5 (17) (85) Cash Flow Adjustment 61 (1) (57) (39) 37 31 16 (8) (7) 12 44 Total Uses of Cash (87) (12) (15) 17 45 39 (6) (17) (1) (5) (41) Net Change in Cash 4 (2) 23 13 (42) (27) (5) 13 10 17 4 Ending Cash $ 2 $ - $ 25 $ 39 $ (2) $ (28) $ (31) $ (16) $ (3) $ 17 $ 17 The reduction in revenues from the DFW cost center in FY 2011 resulted from a change in cash flow recognition for FY 2011. The changes in capital projects reflect a deferral in the timing of projects, the elimination of some projects, the transfer of the DART station to the joint capital account, and a shift in commercial development projects over time. These changes caused the adjustments in grants and debt financing proceeds. Key Performance Indicators (KPIs) The following table shows DFW s highest level core business, financial, debt and cash KPIs. Key Performance Indicator (KPI) FY12 FY13 FY14 FY15 FY16 FY21 Core Business Total Passengers (Ms) 57.9 59.1 60.4 60.7 62.0 68.8 Financial Total Airline Cost (Ms)* $ 193 $ 251 $ 305 $ 336 $ 375 $ 439 Cost Per Enplanement* $ 6.69 $ 8.48 $ 10.09 $ 11.08 $ 12.12 $ 12.79 Net Revs - DFW CC (Ms) $ 58 $ 61 $ 70 $ 84 $ 96 $ 160 Revenue Mgmt Revs/EPAX $ 7.51 $ 7.64 $ 8.27 $ 8.90 $ 9.30 $ 11.09 Debt Coverage Ratio - Gross Revenue 1.49 1.45 1.46 1.49 1.49 1.57 Coverage Ratio - Current Gross Revenue 1.14 1.13 1.16 1.20 1.22 1.32 Coverage Ratio - All Sources 1.63 1.52 1.55 1.58 1.57 1.61 Debt Service/EPAX $ 8.43 $ 10.53 $ 11.13 $ 12.22 $ 13.56 $ 14.62 Net Debt Service/EPAX $ 3.84 $ 5.78 $ 7.38 $ 8.53 $ 9.89 $ 10.95 Debt Outstanding/EPAX $ 148 $ 177 $ 183 $ 193 $ 199 $ 165 Cash Days Cash on Hand 512 510 510 480 478 593 *Post True Up, Threshold Adjustment, and ASIP DFW International Airport March 31, 2012

FY 2012 Financial Plan Executive Summary Passengers DFW s passenger forecast assumes an annual growth rate of 2% and 3% for 70 Passenger Projections (Millions) domestic and international passengers, respectively. These projections are lower than FAA, ATA, and IATA growth estimates 65 60 55 50 for the same period for the United States. 45 The Plan assumes that originating 40 passengers will grow with regional 35 population and increase as a percentage of 30 total passengers by 1.2% over the ten years based on the assumption that 25 20 carriers will book the higher yielding local 09 10 11 12 13 14 15 16 17 18 19 20 21 passenger rather than serve the lower Total Pax Enpl. Total O&D Conn Pax yielding connecting passengers. DFW projects O&D passengers to decrease approximately 1% in 2015 due to the opening of Love Field to long-haul flights, but that connecting passengers will fill the incremental vacant seats. See the Operating Fund section for detailed table of numbers. Airline Cost The FAA defines airline cost as the $500 revenues paid to an airport by the Airlines for landing fees, terminal rents, and other $400 miscellaneous airfield and terminal charges. The chart compares projected $300 airline cost at DFW for the period FY 2012 through FY 2016, plus FY 2020 (the last $200 $127 $114 $101 year of the Use Agreement) with the FY 2011 Plan. The increase in terminal costs $100 is primarily due to the elimination of the $- assumption that the PFC would increase from $4.50 to $6.00. This is offset by lower landing fees due to lower operating expenses and higher share of DFW cost center net revenues. $145 Airline Cost (Millions) $149 $190 $223 $191 $229 $261 $298 $310 $124 $133 $141 $142 $144 $148 $122 $127 $130 $128 $129 $118 FY12 FY13 FY14 FY15 FY16 FY20 Airfield 2011 Plan Terminal 2011 Plan Airfield 2012 Plan Terminal 2012 Plan The major components/changes in the airline cost from the base year of FY 2011 are shown in the second chart. The majority of the increase is related to the debt service on the TRIP and other capital programs. The structural changes in the Use Agreement are primarily related to the gradual phase out of capital transfers that subsidize the terminal cost center from the joint capital account and the elimination of a $5.5 million terminal credit in FY 2013. The decrease in CPI and Other Changes (light blue) relates to the increased upper threshold adjustment from the DFW cost center to the airfield cost center. $500 $400 $300 $200 $100 $- $222 Airline Cost* Components (Millions) $390 $407 $351 $320 $272 $69 $96 $129 $152 $40 $47 $22 $25 $22 $19 $6 $30 $17 $23 $31 $202 $202 $202 $202 $202 $202 FY12 FY13 FY14 FY15 FY16 FY20 Base Cost CPI & Other Changes Use Agreement TRIP *Excludes ASIP and True-up DFW International Airport March 31, 2012

FY 2012 Financial Plan Executive Summary Airline Cost per Enplanement (CPE) CPE is defined as total passenger airline cost (i.e., revenue paid to DFW) divided by the number of enplaned passengers. The following chart compares projected CPE between the FY 2011 Plan and the FY 2012 Plan for selected fiscal years. CPE increases early in the plan due to the elimination of the PFC increase from the assumptions, but is lower by the end of the period due to lower expenses and higher DFW net revenues which are shared to reduce landing fees. $15 $12 $9 $6 $3 $- 8.31 7.76 7.34 Although this is a standard industry metric, it is flawed because it does not compare the total cost of an airline to operate at an airport. It does not include the costs that airlines incur and pay directly for terminal maintenance or to finance capital improvements in the terminals. Some airports pay for all of these costs for the airlines; other pay for some or none of these costs. For example at DFW, American Airlines pays for maintenance costs of Terminals A and C. These costs should be included to get an apples to apples comparison. In addition, traditional CPE comparisons do not include delay costs, which are substantial (see following chart). Airports that have invested in runway capacity typically have lower delay costs. To correct for these deficiencies, DFW developed the following chart that shows fully loaded CPE for DFW s competitive set of 13 large U.S. hub airports. Fully loaded cost includes what the airlines pay directly to the airports (shown in light blue), what airlines pay directly for terminal maintenance and terminal debt service (shown in dark blue), and an estimate of what they pay for delay costs (in red developed by Ricondo and Associates using FAA data). American Airline s other hubs are designated in red letters. Fully Loaded Cost per Enplaned Passenger Airline Cost Per Enplanement 8.87 9.10 12.47 12.28 12.42 11.24 11.27 10.26 10.25 FY12 FY13 FY14 FY15 FY16 FY20 2011 Plan 2012 Plan SEA DFW ATL MSP DEN LAX IAH SFO DTW MIA BOS ORD EWR JFK 6.69 3.77 2.02 6.09 11.66 10.62 10.56 8.85 1.48 1.82 12.64 13.98 0.08 17.61 15.54 14.77 19.82 0.00 0.00 2.23 6.41 0.00 24.62 9.90 16.00 19.00 18.70 0.00 0.00 3.33 16.90 17.00 23.40 12.70 18.10 $21.56 15.90 19.60 $24.17 $24.79 21.80 6.50 $26.61 $29.54 $29.73 $29.79 $32.33 $32.08 $33.51 $35.14 $39.90 24.80 48.81 DFW 2020 $29.81 Cost on Airport Books Cost on Airline's Books* Delay Cost Red text indicates AA Hub/Major Airports Source: 2010 CPE's from ACI Survey, Delay Cost from Ricondo 2011 study, other estimates from DFW Finance. DFW totals are based on FY2012 figures. * Estimated Maintenance and Debt Service cost paid directly by Airlines. Additional direct CPE for JFK, Miami, Chicago O'Hare and LAX represent an estimate for AA direct costs divided by AA enplanements. $55.92 19.30 $87.93 $0 $10 $20 $30 $40 $50 $60 $70 $80 $90 DFW International Airport March 31, 2012

FY 2012 Financial Plan Executive Summary The chart shows that DFW is the second lowest cost large hub airport today. Also, highlighted is the fact that if DFW s FY 2020 CPE would only be an estimated $29.81. This would place DFW right in the middle of the airports from a cost standpoint, using the other airports FY 2010 CPE figures! Since most of these airports have major capital programs underway also, it is logical to assume that their costs and CPEs will rise too. The conclusion: DFW will be very competitive from a cost standpoint even after the TRIP is completed. Net Revenues from DFW Cost Center The increase in DFW net revenues as compared to the FY 2011 Plan is the result of a higher FY 2012 base year, higher parking productivity due to the new parking garage, higher concessions revenue based on current experiences with TRIP, and higher commercial development revenues in the second half of the Plan due to more developed acres. $180 $160 $140 $120 $100 $80 $60 $40 DFW Net Revenues (Millions) $84 $81 $70 $74 $60 $61 $62 $53 $56 $96 $119 $155 Net revenues from the DFW cost center are transferred to the DFW Capital Account within agreed upon thresholds. The upper threshold (green line) and lower threshold (orange line) were established to ensure DFW has sufficient (but not excessive) discretionary capital to fund projected non-trip renovations over the next decade. The chart shows the projected cash flow generated from the DFW cost center (dashed blue line) and the amount transferred to the DFW capital account (solid red line) through FY 2021. When net revenues exceed the upper threshold, 75% of the surplus is credited to the airfield cost center to lower landing fees; and the $20 $160 $140 $120 $100 $80 $60 $40 $20 FY12 FY13 FY14 FY15 FY16 FY20 Net Revenues from DFW Cost Center (Millions) FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 Lower Threshold 25% retained in DFW Capital Account DFW Capital Acct Contribution 2011 Plan 2012 Plan Upper Threshold 75% reduces landing fees DFW Cost Center Net Revenues other 25% is transferred to the DFW cost center. This provides a double incentive for DFW to grow net revenues (i.e., lower airline cost and higher revenues to the DFW capital account). If budgeted net revenues fall below the lower threshold, the airlines have agreed to pay an incremental landing fee to ensure that DFW achieves at least $40 million per year. provides downside protection to ensure sufficient funds for capital replacement. This DFW International Airport March 31, 2012

FY 2012 Financial Plan Executive Summary Revenue Management Revenue per Enplanement This KPI is similar to the non-airline revenue per enplanement metric used $12 Revenue Management Revenues per EPAX $10.69 by the airport industry. This KPI $9.76 $10 $9.30 includes revenues from business units $8.90 $8.27 $8.56 that operate to make a profit (i.e., $7.99 $8.24 $7.50 $7.64 $8 $7.30 $7.46 parking, concessions, rental car, commercial development), but $6 excludes revenues from other business units that are priced to break even such as employee transportation, ground transportation and non-terminal utilities. This KPI excludes natural gas royalties $4 $2 $- which are deposited into the joint capital account, Grand Hyatt revenues FY12 FY13 FY14 2011 Plan FY15 2012 Plan FY16 FY20 which are retained in the PFIC, customer facility charges (CFCs) and customer transportation charges (CTC) for the RAC which are retained in the FIC. The increases from the FY 2011 Plan result from a higher base year in FY 2012, higher parking and concessions revenues after TRIP completion, and an increase in developed commercial development acres. Debt Service/Debt Outstanding The Plan includes the assumption that DFW will refund $300 million of existing debt (in dark blue) for savings and minor restructuring purposes by November 1, 2013. However, if Congress authorizes an AMT holiday, DFW might refund up to an additional $1.6 billion assuming favorable interest rates. The debt $500 $450 $400 $350 $300 $250 $200 $150 restructuring program implemented over the $100 past three years has reduced airline cost by $50 $262 million through FY 2020, while the $0 average maturity of the debt outstanding has 12 15 18 21 24 27 30 33 36 39 42 45 only been increased two months. Debt service Existing Debt Service After Refundings Trip/Other Debt Service in the FY 2012 Plan is approximately at the same levels as the FY 2011 Plan due to the net effect of higher debt issuances less the impact of lower interest rates and refunding savings. The Plan assumes the issuance of approximately $3.3 billion of new money bonds to fund the TRIP, other capital projects, required debt service reserves, and capitalized interest. Most of the principal from these issuances will be spread between FY 2036 and FY 2045; however some will be spread in the 2020s. Total debt outstanding is projected to reach $6.17 billion in FY 2016 then begin to decline. $7.0 $6.0 $5.0 $4.0 $3.0 $2.0 $1.0 Debt Service (Millions) Principle Balances (Billions) $0.0 11 14 17 20 23 26 29 32 35 38 41 44 Existing Principle Peak FY2011 Debt was $5.7 billion in FY16 TRIP Principle DFW International Airport March 31, 2012

FY 2012 Financial Plan Executive Summary Debt Service Coverage Ratios DFW s Bond Ordinance requires two debt 1.80 service coverage ratios: gross revenues 1.70 and current gross revenue. The gross 1.63 1.61 1.61 1.62 1.62 1.61 1.58 revenue ratio requires DFW to establish 1.60 1.57 1.55 1.52 rates and charges sufficient to generate 1.57 1.58 1.50 1.54 1.55 1.57 revenues that are 1.25x operating expenses 1.49 1.49 1.49 and debt service. The current gross 1.40 1.45 1.46 1.32 1.33 revenues requires DFW to set rates and 1.30 1.32 1.28 1.30 charges such that it achieves a minimum of 1.20 1.22 1.0x excluding transfers from capital 1.20 1.16 1.14 1.13 accounts (i.e., rolling coverage and the 1.10 annual capital transfer from the joint capital FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 account to the terminal cost center). With Gross Revenues Current Gross Revenues All Sources respect to the gross revenue ratio, rolling coverage makes-up the first 0.25 of the ratio with the remainder coming from the net revenues generated from the DFW cost center. The all sources ratio shown on the chart includes other recurring revenue streams that are not defined as gross revenues in the bond ordinance (i.e., natural gas and interest income on DFW s capital accounts). Debt Service/Debt Outstanding per Enplanement Debt service per enplanement is a standard industry measure. This KPI increases through FY 2017 due to the addition of debt to finance DFW s capital programs. The red line reflects debt service per enplanement, net of PFC revenues. The FY 2012 Plan includes the assumption that PFCs will remain at the $4.50 level through FY 2021. The latest FAA reauthorization signed into law in 2012 retains PFCs at $4.50 through FY 2015. DFW has committed in the Use Agreement to use PFCs up to $7.50 (if approved by Congress) for debt service. Debt outstanding per enplanement peaks with DFW s maximum debt in FY 2016 then begins to decline as debt outstanding is reduced and enplanements increase. Although this ratio is somewhat higher than the industry average, the impact is offset by DFW s strong liquidity and low cost per enplanement. The increase over the FY 2011 Plan is due to the higher projected debt levels. This has been offset by increased liquidity (see next page). $16 $14 $12 $10 $8 $6 $4 $2 $- $250 $200 $150 $100 $50 $- 8.43 3.84 10.53 5.78 Debt Service Coverage Ratios Debt and Net Debt Service per EPAX 11.13 7.38 12.22 8.53 13.56 9.89 14.16 14.31 14.27 14.19 10.49 10.64 10.59 10.52 14.62 10.95 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 Debt Service/EPAX Net Debt Service/EPAX Debt Outstanding per Enplaned Passenger $180 $187 $187 $193 $199 $177 $183 $181 $173 $166 $148 $153 FY12 FY13 FY14 FY15 FY16 FY20 2011 Plan 2012 Plan DFW International Airport March 31, 2012

FY 2012 Financial Plan Executive Summary Restricted and Unrestricted Cash The table includes the projections for DFW s restricted and unrestricted cash accounts through FY 2021. Unrestricted cash includes available operating funds, the 90 day operating reserve, rolling coverage, and cash available in the joint capital account and DFW capital account, the FIC and the PFIC. Restricted cash accounts include bond funds, interest and sinking fund reserves, and debt service reserves. DFW s goal is to keep a minimum of approximately $500 million of unrestricted cash available at all times. Days Cash On Hand Based on comments from rating agencies and investors, DFW elected to increase its liquidity in FY 2012 Plan versus the FY 2011 Plan. DFW s has increased its goal from maintaining a minimum of 360 days cash on hand to a minimum of 450 days cash on hand for financial planning purposes. Days cash on hand averages about 500 days over the first five years of the Plan. This was achieved primarily by increasing cash retained in the joint capital account in the FY 2012 Plan Pension Plans and OPEB $1,800 $1,600 $1,400 $1,200 $1,000 $800 $600 $400 $200 $0 650 600 550 500 450 400 350 300 250 200 Cash Balances (Millions ) $699 $1,015 $684 $811 $843 $891 $876 $699 $662 $643 $495 $511 $527 $511 $519 $562 $613 $660 $710 $759 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 Unrestricted Restricted Days Cash on Hand 575 514 513 512 512 481 479 391 383 413 388 369 FY12 FY13 FY14 FY15 FY16 FY20 2011 Plan 2012 Plan DFW has a defined contribution plan for all general employees hired after January 1, 2010. The Airport continues to provide a defined benefit plan for its Department of Public Safety employees. DFW closed its defined benefit plan for general employees on December 31, 2009. The General employee and DPS plans are 73% and 67% funded as of January 1, 2011. DFW lowered its investment rate assumption to 7.25% from 8.0% for these plans for the period beginning January 1, 2011. The total unfunded actuarial accrued liability (UAAL) was $157 million at January 1, 2011. The remaining amortization period is 24 years as of January 1, 2012. DFW has historically contributed more than the actuarial required contribution (ARC) of $26.8 million (for FY 2011) and has a pension asset of $54.1 million as of September 30, 2011. DFW has an Other Post-Employment Benefits (OPEB) plan that provides an insurance premium subsidy not to exceed $400 per month for eligible employees from the date of retirement until they reach age 65. The unfunded UAAL was $24.3 million at January 1, 2011. The ARC is $2.8 million. DFW has significant pension and OPEB disclosures in its CAFR and Official Statement. Readers are encouraged to find more details there. DFW International Airport March 31, 2012

OPERATING REVENUE AND EXPENSE FUND The Operating Revenue Expense Fund (the Operating Fund ) is divided into three direct cost centers (airfield, terminal, and DFW) and three indirect cost centers (overhead, department of public safety (DPS), and debt service). Direct expenses are charged to each cost center. Overhead is allocated based on direct costs, while DPS costs are allocated on usage (net of ancillary DPS revenues). Existing debt service (i.e., debt issued prior to new Use Agreement), net of PFCs, is charged to cost centers based on percentages agreed upon in the Use Agreement. Future debt service (i.e., new-money bonds), net of all future incremental PFCs, is allocated to the projects for which the debt service is incurred based on a formula in the Use Agreement. All non-airline revenues are retained in the DFW cost center. A flow chart of DFW s Use Agreement model is included in the Introduction. The following table highlights revenues and expenses for the Operating Fund for the period FY 2012 through FY 2016 and FY 2021. Changes to the FY 2011 Plan are discussed in the Executive Summary. DFW Airport Financial Plan - Operating Fund Millions FY12 FY13 FY14 FY15 FY16 FY21 Revenues Airfield Cost Center $ 132 $ 138 $ 144 $ 152 $ 161 $ 195 Terminal Cost Center 138 177 219 248 283 343 DFW Cost Center 251 281 305 331 354 463 PFCs for Debt Service 138 143 113 113 116 128 Total Revenues 658 739 782 844 913 1,130 Expenses Operating Expenses 351 364 376 388 395 466 Debt Service Existing Debt Service 244 254 227 233 241 280 FIC/PFIC Debt Service 5 22 18 19 19 20 New Debt Service - 38 91 120 161 204 Total Debt Service 249 314 336 372 422 504 Total Expenses 600 678 711 759 817 970 Net Revenues Generated 58 61 70 84 96 160 Landing Fee Reductions - - (4) (13) (20) (60) Revs to DFW Capital Acct $ 58 $ 61 $ 67 $ 71 $ 76 $ 100 Airfield and Terminal Cost Centers As discussed in the Executive Summary, total Airline Cost is projected to increase significantly over the next ten years primarily due to incremental debt service for the TRIP, the impact of the Use Agreement, and inflation. 19 DFW International Airport March 31, 2012

The following table highlights the primary revenues and expenses of the Airfield and Terminal Cost Centers for the period FY 2012 through FY 2021. Calculation of Landing Fees and Terminal Rentals Millions FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 Airfield Expenses Operating Expenses $ 68 $ 71 $ 75 $ 77 $ 80 $ 83 $ 86 $ 89 $ 92 $ 95 Debt Service 64 67 69 75 81 85 89 94 97 101 Total Expenses 132 138 144 152 161 168 175 182 188 195 Less: Misc. Airfield Revenues (8) (8) (8) (8) (9) (9) (9) (9) (10) (10) Upper Threshold Adjustment - - (4) (13) (20) (42) (46) (53) (58) (60) Landing Fees $ 124 $ 130 $ 132 $ 131 $ 132 $ 118 $ 120 $ 120 $ 121 $ 126 Terminal Expenses Operating Expenses $ 178 $ 183 $ 190 $ 196 $ 196 $ 203 $ 209 $ 217 $ 224 $ 231 Debt Service 12 42 81 106 143 162 165 163 164 178 Total Expenses 189 226 271 302 339 365 375 380 388 409 Less: Misc. Terminal Revenues (37) (40) (44) (47) (50) (53) (55) (56) (58) (60) Annual Capital Transfer (24) (20) (16) (12) (8) (4) - - - - DFW Contribution/FIC Credit (15) (11) (12) (14) (15) (16) (16) (16) (17) (18) Terminal Rentals $ 114 $ 155 $ 198 $ 229 $ 266 $ 292 $ 303 $ 307 $ 313 $ 332 The following table compares the FY 2011 and FY 2012 Plans for the period FY 2012 through FY 2016. The only significant change is the increase in net debt service associated with the terminal cost center which is due to the assumption not to increase PFCs from $4.50 to $6.00. Calculation of Landing Fees and Terminal Rentals Increase (Decrease) FY 2012 Plan Compared to FY 2011 Plan Millions FY12 FY13 FY14 FY15 FY16 Airfield Expenses Operating Expenses $ 1 $ - $ - $ (1) $ (1) Debt Service, net of PFCs - (2) (4) (1) 2 Total Expenses 1 (2) (4) (1) 1 Less: Misc. Airfield Revenues - - (1) (1) (1) Upper Threshold Adjustment - - (4) (8) (11) Landing Fees $ - $ (2) $ (9) $ (10) $ (11) Terminal Expenses Operating Expenses $ (1) $ 1 $ 1 $ 2 $ (6) Debt Service, net of PFCs (8) 15 39 27 35 Total Expenses (9) 16 40 29 29 Less: Misc. Terminal Revenues 1 (2) (4) (5) (5) DFW Contribution/FIC Credit 1 6 5 6 7 Terminal Rentals $ (8) $ 19 $ 41 $ 31 $ 32 DFW charges landing fees to recover the cost to maintain and operate the airfield and terminal rentals to recover the net terminal costs. At the end of each fiscal year, DFW performs a reconciliation of each cost center to compare the budgeted versus actual cost to provide these facilities. Any difference is applied or credited to that cost center in the next fiscal year. 20 DFW International Airport March 31, 2012

The following charts highlight projected landing fees and average terminal rentals for the period FY 2012 through FY 2016 and FY 2020 and the differences between the FY 2011 and FY 2012 Plans. $4.00 $3.60 $3.20 $2.80 $2.40 $2.00 $3.31 Landing Fee Rate $3.62 $3.56 $3.54 $3.41 $3.47 $3.45 $3.44 $3.33 $3.29 $3.37 FY12 FY13 FY14 FY15 FY16 FY20 2011 Plan 2012 Plan $2.77 Landed weights are projected to grow at 2% per year on average. Landing fee rates are projected to increase over the early years of the Plan primarily due to inflation and increased police and fire services, then moderate and begin to fall in the second half of the Plan when DFW cost center net revenues exceed the upper threshold and are used to reduce landing fees. The decrease in landing fees in the FY 2012 Plan as compared to the FY 20111 Plan is due to lower operating expenses and higher contributions of net revenues from the DFW cost center. Terminal rentals increase over time due to debt service for the TRIP, increases in existing debt service, and the reduction in the annual capital transfer. The increase in terminal rentals compared to the FY 2011 Plan is due to the elimination of the PFC assumption change and the elimination of the FIC credit to the terminal cost center. The Plan assumes that leased space remains constant over the Plan. American Airlines has preferential leases for Terminals A and C and about 60% of D. The remainder of Terminal D is managed by DFW as common use for international flights. American Eagle has preferential leases for Terminal B. The other domestic passenger carriers lease space in Terminal E on a preferential and common use basis. DFW charges an equalized terminal rental at each of the five terminals and provides the airlines certain credits/transfers to the terminal cost center as described below: $300 $250 $200 $150 $100 $50 Terminal Rent Rate per Square Foot $146 $137 $127 $115 $105 $236 $216 $203 $183 $175 $272 $278 FY12 FY13 FY14 FY15 FY16 FY20 2011 Plan 2012 Plan Annual Capital Transfer The current Use Agreement provides for a capital transfer from the joint capital account to the terminal cost center each year through 2017. The transfer is $24 million in FY 2012 and will be reduced by $4 million each year until it is phased out. DFW Terminal Contribution - DFW pays for the allocable cost of common use gates and unused and leasable space in Terminals D and E. This transfer is approximately $10 million in FY 2012 and is funded from the DFW cost center. 21 DFW International Airport March 31, 2012

Facility Improvement Corporation (FIC) Credit To compensate the Airlines for financing certain improvements in the terminals in the past, DFW agreed to provide a transfer approximately $5.5 million per year from the DFW cost center to reduce terminal rents providing AMR had FIC debt outstanding. Because AMR rejected all FIC related debt as part of the bankruptcy, this credit will be discontinued in FY 2013. American Airlines (AA) Maintenance Credit DFW provides AA a credit to reimburse it for maintenance that AA provides in Terminals A and C. This credit (negotiated at $36.9 million for FY 2012) is added to the terminal cost for the purpose of calculating equalized terminal rental rates then subtracted from AA s rent. The credit increases with CPI each year. Note If AMR would decide not to perform the maintenance in Terminals A and C in the future, DFW could assume those responsibilities and costs and this credit would no longer be provided. DFW Cost Center The Use Agreement allows DFW to retain the net revenues (i.e., profit) from non-airline sources up to specified limits. Net revenues from the DFW cost center are transferred to the DFW Capital Account provided that net revenues are within the Upper and Lower Thresholds (see Introduction and the Executive Summary). The DFW cost center consists of four revenue management business units (parking, concessions, rental car, and commercial development) that are operated to generate positive cash flow; and other services such as employee transportation and ground transportation that are operated at break-even. The following table highlights the computation of net revenues for the DFW cost center for FY 2012 through FY 2016 and FY 2021. DFW Cost Center Revenues Millions FY12 FY13 FY14 FY15 FY16 FY21 Revenues Parking $ 108 $ 116 $ 133 $ 137 $ 143 $ 185 Concessions 49 49 52 60 68 90 Rental Car Center 28 28 29 30 31 40 Commercial Development 33 33 35 43 45 66 Total Rev. Mgmt Revenues 217 226 250 270 288 381 Other Services 26 28 29 29 30 34 Transfers from FIC/PFIC 5 22 18 19 19 20 Interest Income 3 5 9 13 17 28 Total Revenues 251 281 305 331 354 463 Expenses Operating Expenses 142 147 150 155 161 188 Debt Service, Net of PFCs 36 62 73 78 82 97 DFW Contribution/FIC Credit 15 11 12 14 15 18 Total Expenses 193 219 235 246 258 303 Net Revenues 58 61 70 84 96 160 Transfer to Airfield Cost Center - - (4) (13) (20) (60) Net Revenues to DFW Capital $ 58 $ 61 $ 67 $ 71 $ 76 $ 100 The following table compares the FY 2011 and FY 2012 Plans for the period FY 2012 through FY 2016. Note that net revenues are higher in each fiscal year. 22 DFW International Airport March 31, 2012

DFW Cost Center Revenues Increase (Decrease) FY12 Plan comared to FY11 Plan Millions FY12 FY13 FY14 FY15 FY16 Revenues Parking $ 3 $ 7 $ 8 $ 10 $ 11 Concessions 3 1 1 2 2 Rental Car Center 1-2 2 2 Commercial Development (4) (6) (6) (2) (1) Total Rev. Mgmt Revenues 3 2 5 12 14 Other Services (0) 1 1 1 2 Transfers from FIC/PFIC 5 22 18 19 19 Interest Income (3) (7) (4) (7) (4) Total Revenues 5 18 20 24 31 Expenses Operating Expenses (2) (5) (9) (10) (10) Debt Service, net of PFCs - 23 26 31 33 DFW Contribution/FIC Credit (1) (6) (5) (6) (7) Total Expenses (1) 13 12 14 16 Net Revenues 6 6 9 10 15 Transfer to Landing Fees - - (4) (8) (11) Net Revenues to DFW Capital $ 6 $ 6 $ 5 $ 2 $ 3 Parking is higher due to incremental parking spaces resulting in higher productivity. Commercial development is lower in the first four years due to an error in the FY 2011 Plan. The transfer from FIC/PIC is new in the FY 2012 Plan and relates to the refunding of the FIC/PFIC bonds with DFW Joint Revenue Bonds. This accounts for the increase in this line item and debt service line item. Interest income is lower due to lower interest rate assumptions. The following chart compares total revenue management revenues for the four business units. Revenue Management Revenues (Millions) $400 367 $350 $300 $250 $200 $150 $100 $50 214 218 223 36 33 39 27 28 28 46 49 47 105 108 109 226 33 28 49 116 270 275 259 245 249 43 46 35 45 40 30 30 29 28 28 52 60 66 51 59 287 45 31 68 133 126 127 137 133 143 339 51 37 83 168 63 38 87 179 $0 FY12 FY13 FY14 FY15 FY16 FY20 Parking 2011 Plan Concessions 2011 Plan Rental Car Center 2011 Plan Commercial Development 2011 Plan Parking 2012 Plan Concessions 2012 Plan Rental Car Center 2012 Plan Commercial Development 2012 Plan 23 DFW International Airport March 31, 2012

Parking The Parking Business Unit is DFW s most significant source of non-airline revenue. DFW manages its own parking operations. The primary drivers of parking revenues are originating passengers, parking prices, and average length of stay. DFW s goal is to maximize revenue per originating passenger. The Airport has a total of over 40,000 public parking spaces and four different parking options: terminal/infield ($18-19 per day depending on toll tag usage), uncovered and covered express lots ($10-12 per day); uncovered remote lots ($8 per day), and DFW valet through a contractor ($23 per day plus tax). The Airport is unique from an airport parking perspective because the Airport has parking plazas on the north and south ends of International Parkway (i.e., the entrances to the Airport), so that all customers and visitors must go through the plazas to access the Airport. Patrons who pass through both plazas pay $1-$2 per trip. The Airport also charges for drop-offs and has hourly rates up to six hours. Parking Revenue per OPAX DFW plans to make several major capital $14 13.15 11.84 improvements for its parking business unit $12 11.38 10.93 11.04 over the next five years including a refresh of 9.23 9.54 9.73 9.93 $10 8.69 all parking garages as part of the TRIP, a new 8.18 8.31 $8 7,900 space parking garage in Terminal A, a new parking control system and entry plazas (at the entrances), and the expansion of the $6 $4 Express North covered parking lot (1,005 $2 spaces). The Plan assumes a $1 rate $- increase for all products in FY 2014 and FY FY12 FY13 FY14 FY15 FY16 FY20 2017; and a productivity increase each year through FY 2016 due to the expanded parking 2011 Plan 2012 Plan facilities that will provide more parking spaces, the new parking control system that will provide management more flexibility to implement yield management techniques, and marketing initiatives. The increase in the FY 2012 Plan over the FY 2011 Plan is due to a higher base year in FY 2011 and incremental productivity increases as result of the new parking garage. If productivity expectations are not met, management will consider increasing parking rates to achieve the revenue per originating passenger targets. DFW has never advertised its parking products in the past. There is a large off-airport parking market at DFW that can be tapped. Nine off-airport parking providers (six self-park and three dedicated valets) pay a 10% privilege fee to the Airport for access to the Airport. Off-airport self-parking competes against the Airport s remote and express parking products. Off-airport parking represents approximately 39% of the surface facilities market that requires customer busing. Total off-airport sales volume, including valet providers, was approximately $26 million in FY 2011. Drop-offs and meeters/greeters (i.e., less than six hours) represent 50% and 23% of total parking transactions. 24 DFW International Airport March 31, 2012

Concessions Terminal concessions primarily consist of food and beverage, retail and duty free, advertising, and customer services/amenities. Concessions goal is to optimize retail, services, and food and beverage options for customers to increase revenue per enplanement; and to grow new revenue streams from sponsorships, communications, and advertising which are not tied directly to enplanements. Concessions agreements generally are for a term of 3 to 10 years and include a minimum annual guarantee and percentage rent. The Airport often combines multiple concessions locations into one concessions package. At September 30, 2011, the Airport had 243 total locations and 135 packages. Approximately 79% of packages are currently paying percentage rent. The chart shows the projected changes Concessions Revenue per EPAX in concessions revenue (i.e., income to $3.00 DFW) per enplanement through FY 2016 2.58 2.46 $2.50 and in FY 2020. The Plan includes the 2.19 2.10 assumption that concessions sales per 1.99 1.93 $2.00 1.69 1.72 1.73 enplanement will increase with CPI each 1.62 1.63 1.64 year. Concessions contracts allow for $1.50 pricing up to 110% of off-airport prices. It $1.00 is assumed that Concessions will experience relatively flat revenues $0.50 through FY 2014 due to the closing of many locations during TRIP construction. $- FY12 FY13 FY14 FY15 FY16 FY20 During this period, DFW will rebid nearly 2011 Plan 2012 Plan all of its concessions contracts, and then group the majority of concessions near the Skylink stations on the secure side. The Plan assumes that concessions revenue per passenger will accelerate to current Terminal D levels as new concessions villages are opened and TRIP construction ends. This assumption appears to be conservative based on the bids received to date on Terminal A concessions. 25 DFW International Airport March 31, 2012

Rental Car Center (RAC) The Airport opened its Consolidated Rent-a-Car Facility ("RAC") in 2000. The RAC covers 155 acres and includes a common rental building with individual counters and back office space for each rental car company, a parking garage for ready and return car spaces, a bus maintenance facility, maintenance bays and fueling systems. The Airport collects ground lease, 10% percentage rent, and O&M expenses from the rental car companies, all of which have historically exceeded the operating costs of the RAC. There are nine rental car companies with ten brands operating from the RAC, with a total available inventory of approximately 25,000 cars. The largest three rental car companies and their market share are Hertz (27%), Avis (22%), and Vanguard (20%). There are no major off-airport rental car companies competing with the Airport. DFW management has little control over rental car company activities. It assists the RAC companies where possible and maintains the RAC facility to high standards. The drivers of RAC revenue include daily rental rates, length of stay, and the percent of destination passengers renting cars (i.e., passengers who originate from another location with their destination at DFW). Most RAC patrons are business travelers. The chart shows the projected changes in RAC revenues (to DFW) per destination passenger. Rental car transactions are projected to $3.00 $2.50 $2.00 $1.50 $1.00 $0.50 $- RAC Revenue per Originating Passenger 0.40 $2.24 $2.37 $2.24 $2.37 $2.27 $2.39 $2.31 $2.42 $2.49 $2.49 $2.63 $2.46 0.36 0.39 0.39 0.39 0.40 0.52 0.40 0.35 0.35 0.37 0.39 1.88 1.98 1.88 1.98 1.90 1.99 1.92 2.01 1.96 2.06 2.12 2.22 FY12 FY13 FY14 FY15 FY16 FY20 Percent Rent 2011 Plan Ground Rent 2011 Plan Percent Rent 2012 Plan Ground Rent 2012 Plan grow at the same rate as destination passengers; while average rates are projected to be flat in FY 2013 then grow 1% in FY 2014 and FY 2015 and 2% thereafter reflecting the strong competition and price pressures in the rental car industry. The 102 Operating Fund does not include customer facility charges (CFC) or customer transportation charges (CTC) that are levied per transaction day. During FY 2011, DFW refunded the FIC bonds outstanding with DFW Joint Revenue Bonds. The FIC then entered into an agreement with DFW to pay into the Operating Fund an amount equal to debt service and coverage on a monthly basis. This transaction resulted in the elimination of the FIC trust indenture which freed-up approximately $36.2 million of cash. Although the FIC operations are not included in this Plan, CFC collections in excess of debt service payments and required capital needs are available to DFW for other non-airline purposes per the terms of DFW s agreements with the rental car companies. 26 DFW International Airport March 31, 2012

Commercial Development The Airport has a total landmass of 18,092 acres. As of September 30, 2011, 7,273 acres have been developed and are being used for runways, taxiways, terminals, roads, and commercially developed property. DFW has revenue producing ground leases with 72 tenants on 1,070 acres of land. Management estimates that approximately 6,500 acres of additional land is available for future development. A land use plan has been completed and approved by the Board. The Airport focuses primarily on developing land that has airport synergy such as logistics, warehousing, and cargo facilities. Commercial Development revenues include ground leases, foreign trade zone tariffs and facility rents generated from non-terminal Airport facilities, and property and surface use fees resulting from natural gas drilling. Multi-year lease agreements are negotiated with tenants on a square foot or acre basis. Approximately 40% of this land is leased under negotiated terms with the remainder being leased at the airport services rate which increases with inflation through FY 2020 per the terms of the Use Agreement. Some ground leases, such as the Hyatt Regency Hotel, include percentage rents based on revenues. The largest three Airport tenants from a revenue perspective are American Airlines (37%), UPS (14%) and AMB Property Corporation (8%). The Plan includes the assumption that the Airport will invest in eight different commercial development projects over the next ten years totaling approximately $113 million. See Capital Accounts section for a detailed list. It is assumed that the majority of these projects will be developer financed; however, DFW may finance initial road, infrastructure and utility work as necessary. DFW has received airline preapproval to issue bonds to finance commercial development projects up to a specified limit. The revenues and expense of the Grand Hyatt Hotel are part of the Public Facility Improvement Corporation and are not included as gross revenues of the Airport and are not part of the Operating Fund. Although the PFIC is not a part of this Plan, DFW intends to refund the PFIC bonds outstanding ($71 million) with Joint Revenue Bonds during FY 2012. The PFIC will enter into an agreement with DFW to pay the Airport an amount equal to debt service each month and these revenues will become gross revenues of the Airport. This will eliminate the PFIC Trust Indenture and free-up approximately $15 million of cash in the PFIC. 27 DFW International Airport March 31, 2012

Expense Budget The Plan assumes that operating expenses will increase with CPI plus or minus the incremental operating cost or benefit of new capital projects when they become operational. Personal costs are projected to increase by approximately 4% per year. The following table highlights the increase in the total Operating Revenue and Expense Fund for FY 2012 through FY 2016 and FY 2020 between the FY 2011 Plan and the FY 2012 Plan. FY 2012 is less than FY 2011 primarily due to a lower expense base in FY 2011 and FY 2012. Existing debt service is scheduled to increase steadily through FY 2020 as negotiated as part of the Use Agreement. Net debt service results from debt issued to finance the TRIP. $1,000 102 Fund Budget (Millions) $948 $904 $800 $600 $612 $595 $13 $239 $244 $677 $716 $694 $656 $46 $95 $38 $91 $762 $741 $127 $120 $813 $797 $152 $161 $242 $257 $254 $230 $232 $227 $233 $241 $187 $188 $276 $265 $400 $200 $360 $374 $391 $403 $419 $351 $364 $376 $388 $395 $485 $451 $0 Passenger Forecast Table O&M Expenses 2012 Plan Existing Debt Service 2012 Plan New Debt Service 2012 Plan O&M Expenses 2011 Plan Existing Debt Service 2011 Plan New Debt Service 2011 Plan Following is a table of DFW s forecasted passenger information* through FY 2021. Year Total Pax Enpl. Total O&D *Table updated June 14, 2012. Conn Pax Orig Pax DFW Passenger Forecast (Millions) Dest Pax Local Orig% Local Dest% 28 DFW International Airport March 31, 2012 Local % Conn % Dom Intl Dom% of Total Intl % of Total 09 56.0 28.0 22.9 33.1 11.9 11.0 21.3% 19.7% 40.9% 59.1% 50.95 5.09 90.9% 9.1% 10 56.4 28.2 23.1 33.3 11.9 11.1 21.5% 19.6% 41.2% 58.8% 51.02 5.38 90.8% 9.2% 11 57.8 28.9 24.4 33.4 12.7 11.7 21.8% 20.1% 41.9% 58.1% 52.23 5.53 90.8% 9.2% 12 57.9 29.0 24.3 33.6 12.7 11.6 22.0% 20.6% 42.7% 57.3% 52.06 5.87 90.7% 9.3% 13 59.1 29.6 25.0 34.1 13.1 12.0 22.3% 20.9% 43.2% 56.8% 53.10 6.05 90.6% 9.4% 14 60.4 30.2 25.8 34.6 13.4 12.3 22.1% 20.1% 42.2% 57.8% 54.16 6.23 90.5% 9.5% 15 60.7 30.3 25.9 34.8 13.5 12.4 21.6% 19.1% 40.7% 59.3% 54.26 6.42 90.5% 9.5% 16 62.0 31.0 26.7 35.3 13.9 12.8 21.9% 20.5% 42.4% 57.6% 55.35 6.61 90.4% 9.6% 17 63.3 31.6 27.5 35.8 14.3 13.2 22.2% 20.8% 42.9% 57.1% 56.45 6.81 90.3% 9.7% 18 64.6 32.3 28.3 36.3 14.8 13.6 22.4% 21.0% 43.5% 56.5% 57.58 7.01 90.2% 9.8% 19 66.0 33.0 29.2 36.8 15.2 14.0 22.7% 21.3% 44.0% 56.0% 58.73 7.22 90.1% 9.9% 20 67.3 33.7 30.0 37.3 15.7 14.4 23.0% 21.6% 44.6% 55.4% 59.91 7.44 90.0% 10.0% 21 68.8 34.4 30.9 37.8 16.1 14.8 23.0% 21.6% 44.6% 55.4% 61.11 7.66 90.0% 10.0%

Capital Accounts CAPITAL ACCOUNTS The Use Agreement includes three capital funds: the Joint Capital Account, the DFW Capital Account, and the Rolling Coverage Account (in addition to funds required to be established by DFW s bond ordinances). Capital Project Overview Sources and Uses of Cash DFW plans to spend approximately $4.2 billion on capital projects for the period FY 2012 though FY 2021. The following chart highlights the Sources and Uses of Cash for DFW s capital programs for that ten years period in millions. Capital Sources of Cash FY 2012 to FY 2021 Captial Uses of Cash FY 2012 to FY 2021 Other Sources $513 Cash, $761 DFW Capital, $954 Other Uses, $417 TRIP, $1,824 Debt, $2,937 Joint Capital, $1,017 Major new Projects Added to Financial Plan Over the past year, DFW has added $639 million of new project cost to the FY 2012 Financial Plan as compared to the FY 2011 Plan. The FY 2012 Plan includes $324 million in new terminal projects, $66 million in new airfield projects, $84 million in incremental parking projects, and $100 million in incremental commercial development projects mostly in the second half of the ten year period. A total of $317 million (50%) of total new projects still require approval by the airlines. The following table highlights the new projects by category and capital account and the projects that have been approved by the airlines, and which projects still require a majority-in-interest (MII) approval. 29 DFW International Airport March 31, 2012

Capital Accounts Incremental Capital Cost in FY 2012 Financial Plan Major Project Description (in millions) Joint Capital Account DFW Cost Center Incremental Cost TRIP Terminal B Baggage (Incremental) $ 17 $ - $ 17 Non TRIP - Terminal Terminal D South Stinger* 221-221 Terminal B-D Stinger - International Expansion 21-21 Terminal B North Stinger 43-43 Terminal Window Replacements* 39-39 Non TRIP - Airfield 17R Reconstruction Airfield Runways* 32-32 Taxiway "Lima" Reconstruction 13-13 17C Runways Reconstruction (Incremental)* 11-11 Airfield Snow and Ice Removal Equipment 10-10 Non TRIP - Parking and Misc Terminal A Parking Garage (Incremental) 70-70 North Express Parking Expansion* 7-7 Parking Guidance System-Term D* 7-7 Projects <$5M 49-49 Commercial Development North Entertainment District (Phases I-V) - 22 22 Northwest Logistics (Phases I & II) - 20 20 Coppell Industrial (Phases I & II) - 20 20 Projects <$20M - 38 38 Total Incremental Project Costs $ 540 $ 99 $ 639 * Subject to Majority in Interest Approval Joint Capital Account FY 2012 to FY 2016 The following table is a summary of the joint capital account through FY 2016. Joint Capital Account - Sources and Uses Millions FY12 FY13 FY14 FY15 FY16 Beginning Cash $ 394 $ 675 $ 648 $ 750 $ 568 Sources of Cash Natural Gas/Land Sales Net 14 14 13 12 12 Debt Financing Proceeds 653 615 692 424 401 Transfer from DFW Capital - - - - - Grants 12 15 22 12 40 Interest Income 2 7 10 15 14 Total Sources of Cash 682 650 736 463 468 Uses of Cash TRIP 311 375 388 348 285 Other Capital Projects 113 240 200 206 145 Capitalized Interest 24 42 25 27 21 Debt Reserves - 48 57 39 29 Capital Transfer to Ops 24 20 16 12 8 Cash Flow Adjustment (71) (48) (52) 12 43 Total Uses of Cash 401 677 635 645 532 Net Change in Cash 281 (27) 102 (181) (64) Ending Cash $ 675 $ 648 $ 750 $ 568 $ 504 30 DFW International Airport March 31, 2012

Capital Accounts Natural Gas Royalties/Land Proceeds DFW s Bond Ordinances require that proceeds from the sale of real property and mineral rights be deposited into the Capital Improvement Fund. The Use Agreement requires these proceeds to be deposited into the joint capital account. The Plan assumes no new natural gas drilling with gradually declining production over time; prices are based on NYMEX Henry Hub gas futures contract rates. Grants The Plan assumes that DFW continue to be eligible for AIP entitlement grants throughout the life of the Plan (approximately $9 million per year). Most of the grant proceeds in this section relate to discretionary grants for airfield rehabilitation. DFW has been successful in obtaining these grants from the FAA in the past and anticipates the funds will be available in the future. If the funds are not available, the projects could be delayed, or if critical, funded with bonds, subject to MII. TRIP The Terminal Renewal and Improvement Program (TRIP) consists of renovation and renewal of DFW s four older terminals (Terminals A, B, C and E) that were constructed between 35 and 40 years ago. These terminals have been expanded and renovated over their life, but primarily consist of their original structural and building systems. Approximately twothirds of the TRIP budget will be used for the replacement of aging systems such as electrical, plumbing, heating and cooling, security, fire safety, conveyances, telecommunications, lighting, and information technology systems. The majority of the remaining budget will be used to upgrade ticket halls, TSA security areas, certain baggage systems, and concessions villages. The TRIP also includes modest improvements to the terminal exteriors, entrances, and parking structures. The TRIP is budgeted to cost $1.94 billion between FY 2010 and FY 2017. The TRIP program budget was increased $17.5 million in the past year to enhance the Terminal B baggage handling system to meet American Eagle s operational requirements. This change was approved by the airlines. Construction of each terminal is scheduled to be completed in multiple phases with each phase lasting approximately one year (see construction schedule below). Initial construction began in Terminal A in late February 2011 and the first section of Terminal E began in the fall of 2011. Construction in Terminal B will begin in the first quarter of calendar 2012. DFW currently has sufficient terminal capacity to construct up to one section of three different terminals at one time without impacting flight operations activity at the Airport. However, only one section of Terminals A and C may be closed at one time to accommodate American Airlines projected flight activity. A TRIP schedule, including the DART rail station and the new Terminal A garage follows. 31 DFW International Airport March 31, 2012

Capital Accounts Summary status reports are available on DFW s web site. In connection with the construction of the TRIP, DFW Executive Management and the Board of Directors receive regular TRIP status reports from the Airport s Vice President Airport Engineering and Development, who oversees the project and receives regular reports from each of the managers for the various TRIP components. These reports detail the current status of each component of the TRIP and include such information as cost to date and percentage to completion. Cash Flow Adjustments To obtain the most accurate cash flow estimates, projected outflows of cash for construction projects have been deferred from the construction schedule by three to six months throughout the Plan to account for estimated delays in billing and payments. 32 DFW International Airport March 31, 2012

Capital Accounts Preapproved Projects - $220 Million As part of the Use Agreement, the airlines pre-approved $220M of debt funding for additional non-trip projects (net of FAA grants) which represents many of DFW s larger capital project needs for the first 5-years of the Use Agreement. During the past year, DFW substituted the DART light rail station into the group or projects and received airline approval. DFW cannot exceed the category limitations shown in the following table without airline approval. Joint Capital Account - Preapproved Projects from Use Agreement Category (in Millions) Prior Yrs FY12 FY13 FY14 FY15 FY16 Total Budget Preapproved Projects Airfield $1 $0 $16 $18 $10 $2 $47 Roads Bridges, Rail - 9 38 13 4 11 76 Utilities 0 4 10 17 7 4 41 Parking 6 16 30 1 - - 53 Other Preapproved Projects 3 17 9 11 2 1 41 Total Preapproved 9 45 102 60 23 18 258 Less: Preapproved Grants (3) (12) (11) (9) (3) - (38) Net Amount Preapproved $6 $34 $91 $51 $20 $18 $220 Projects in Planning Phase, not included in Capital Plan Due to the length of time it takes to plan, design, construct and open new facilities and projects, DFW is constantly evaluating potential expansion and replacement projects for addition to the Plan. It is likely that new projects will be added to the Financial Plan in future years. DFW Capital Account Five Year Sources and Uses of Cash The following table summarizes the sources and uses of cash for the DFW Capital Account for the next five years. DFW Capital Account - Sources and Uses Millions FY12 FY13 FY14 FY15 FY16 Beginning Cash $ 88 $ 63 $ 67 $ 75 $ 43 Sources of Cash DFW Cost Center 63 58 61 67 71 Debt Financing 2 27 24 2 12 Misc Sources 5 1 - - - Interest Income & Grants 21 17 23 15 10 Total Sources of Cash 91 102 108 83 93 Uses of Cash Capital Projects 122 136 128 78 77 Cash Flow Adjustment (7) (38) (27) 37 32 Total Uses of Cash 115 99 100 115 109 Net Change in Cash (25) 4 8 (32) (15) 33 DFW International Airport March 31, 2012

Capital Accounts The capital projects included in the first five years of the Plan consist mostly of identified individual projects rather than the planning level reserves that are included later in the Plan based on projected asset lifecycles. Projects already underway are generally in design or construction and at a high level of budget accuracy. The amounts for new projects, which have not gone through design yet, represent planning level estimates. DFW actively manages these projects to identify savings and free-up cash for other projects as needed and to remove projects when assumptions change. DFW Capital Account - Summary by Project Category Category (in Millions) Prior Yrs FY12 FY13 FY14 FY15 FY16 DFW Capital Projects Airfield $1 $26 $28 $39 $23 $17 Terminal 0 10 18 17 10 8 Roads, Bridges, Rail, Skylink - 7 5 3 3 4 Utilities 11 8 7 6 1 0 Parking 5 10 13 12 13 8 Environmental 1 1 0 - - - Information Technology 12 13 9 8 5 10 Safety & Security 4 16 8 4 - - Commercial Development - 3 28 25 2 12 ASIP/Other Projects 1 19 15 8 6 8 Total DFW Capital Account, Gross 35 113 131 123 63 67 Less DFW Capital Grants (0) (15) (16) (23) (14) (9) Total DFW Capital Account, Net $35 $98 $115 $100 $49 $58 Detailed Capital Project Listing The following pages include the detailed capital project listing for the joint capital account, excluding the TRIP, and the DFW capital account. 34 DFW International Airport March 31, 2012

Capital Accounts Airfield Joint Capital Account Projects - Excluding TRIP Prior Project Description (Millions) Yrs FY12 FY13 FY14 FY15 FY16 FY17-21 Total Total Budget T/W "Lima" Reconstruct Airfield Taxiway [AIP 75% ] - - 12.4 14.9 5.0 - - 32.2 T/W "Lima" Less: AIP Grant Reimbursement (75%) - - (7.4) (8.9) (3.0) - - (19.3) Reconfigure Southeast Holding Pad Deicing Infrastructure - - - 0.3 3.0 - - 3.3 Rehabilitate Spent Aircraft Deicing Fluid System - - 2.3 1.3 0.8 1.5-5.9 NE/NW Cargo VCP Remediation 0.7 0.4 1.3 1.1 1.5 0.8-5.8 Total Airfield, Net of Grants 0.7 0.4 8.5 8.6 7.3 2.3-27.9 Total Airfield, Gross 0.7 0.4 15.9 17.6 10.3 2.3-47.2 Roads, Bridges, Rail Rehabilitate Landside Roads & Bridges - - 4.3 3.9 3.8 11.3-23.3 W Airfield Dr & Mid-Cities Rd (road construction only) - 0.5 10.9 6.5 - - - 17.9 DART Rail Station @ Term A (excludes "T" platform Term B side) 0.9 8.0 22.4 3.0 - - - 34.3 Utilities Total Roads, Bridges, Rail - 8.5 37.6 13.4 3.8 11.3-75.6 Elevated Water Tower (2.5 MG) 0.0 3.5 8.0 - - - - 11.5 Rehab Open Storm Channels - - 0.2 2.0 0.6 1.9-4.6 Rehabilitate and Reconfigure Water Pump Stations - - 0.2 4.0 4.0 - - 8.2 Replace East Airfield Drive Sanitary Sewer Lift Station (original - pump stations) - 0.5 1.6 - - - 2.1 Rehabilitate Energy Plaza - Utility Vault - - 0.7 3.4 0.8 - - 4.9 Install Electrical Distribution System Duct Bank (concrete encased) - - 0.2 1.8 0.2 1.8-4.0 Rehabilitate AOA Storm Sewers ($220M pre-approved) - - - 1.5 1.5 - - 3.0 Rehabilitate ESP Thermal System (Install Two 300 Ton Chillers) - - 0.2 2.8 - - - 3.0 Total Utilities 0.0 3.5 10.0 17.0 7.0 3.8-41.4 Parking Parking Control System (PCS) 3.9 6.7 13.8 0.6 - - - 24.9 North/South Toll Plaza & Parking Admin Bldg ($220M pre-approved) 1.9 9.1 16.0 0.8 - - - 27.8 Other FY 2012 Financial Plan Total Parking 5.8 15.7 29.8 1.3 - - - 52.7 Fire Training Center Rehab ($220M pre-approved) 2.5 17.0 4.5 - - - - 24.1 Fire Training Center Rehab: Less: AIP Grant (3.0) (11.9) (3.3) - - - - (18.2) ITS Radio System Expansion ($220M Pre-Approved) - 0.2 3.6 7.8 1.1 - - 12.7 Roofing/Waterproofing for Occupied Board Bldgs - - - 2.2-2.2 Rehab Stations 2, 3, 4, & West Wing #1 - - 0.5 0.5 0.5 0.5-2.0 Total Other, Net of Grants (0.5) 5.3 5.3 10.5 1.6 0.5-22.8 Total Other, Gross 2.5 17.3 8.6 10.5 1.6 0.5-41.0 Total Pre-approved Projects 9.0 45.4 102.1 59.8 22.7 17.8-257.8 Less: Grants (3.0) (11.9) (10.7) (8.9) (3.0) - - (37.6) Total Pre-approved Projects Net 6.0 33.5 91.3 50.9 19.7 17.8-220.3 35 DFW International Airport March 31, 2012

Capital Accounts Project Description (Millions) Prior Yrs FY12 FY13 FY14 FY15 FY16 FY17-21 Total Total Budget Other Programmed Expenditures 17R Reconstruct Airfield Runways (17R) [AIP 75% ] - - - - - - 80.3 80.3 17R Less: AIP Grant Reimbursement (75%) - - - - - - (48.2) (48.2) 17C Reconstruct Airfield Runways [AIP 75% ] - - - - 5.5 65.9-71.4 17C Less: AIP Grant Reimbursement (75%) - - - - (3.3) (39.5) - (42.8) ADG VI Term D South Gating: Expand Deicing Infrastr(add'l SADF - holding - pond, RO) 1.0 5.9 6.1 - - 13.0 Term B North Stinger (net 9 add'l American Eagle gates) 0.3 4.3 25.3 12.9 - - - 42.8 Term D North Ext (B4A, B4B, B5 convert to Int'l swing gates/sterile 0.2 corridor) 2.0 18.7 0.4 - - - 21.2 Term D South: Stinger & Apron re-grading (Phase 4) $ROM - - 0.3 14.5 70.3 32.4-117.5 Term D South: Renovate/Delink D12 Bus Station (Ph 2) $ROM- 0.0 1.2 3.3 0.8 - - 5.2 Term D South: Ramp Expansion for hardstand ops/deicing (Ph - 2) $ROM0.2 5.8 15.8 3.7 - - 25.4 Term D South: Ramp Expansion Less: AIP Reimb (AIP Discretionary) - (0.1) (3.5) (9.5) (2.2) - - (15.3) Term D South: Remote Bus Gates (4) to replace hardstand ops - (Ph 3) $ROM - - 2.3 21.1 5.9-29.4 Term D South: New Bus Station to replace hardstand ops(ph -3) $ROM - - 3.7 33.0 9.3-46.0 Terminal Window Replacements - 3.6 8.5 10.5 8.5 5.4 2.5 39.0 Terminal A Enhanced Parking Garage - 37.2 57.2 57.2 20.0 - - 171.7 North Express (1W) Parking Expansion (1,000 covered spaces) 3.8 3.5 - - - - - 7.3 Parking Guidance System (PGS) - Term D (7,933 spaces) - 1.5 5.4 - - - - 6.9 Airfield Snow and Ice Removal Equipment (incl maint equip & USPS 0.2 facility 9.0mods) 1.0 - - - - 10.2 Rehabilitate Landside Roads & Bridges - - - - - - 2.1 2.1 Rehab Open Storm Channels - - - - - - 1.1 1.1 Roofing/Waterproofing for Occupied Board Bldgs 3.0 1.5 4.5 Oil and Gas Lease Reimbursables 1.2 1.5 1.0 1.1 1.1 1.2 6.6 13.8 ADE Overhead - 2.7 2.8 2.9 3.0 3.2 17.7 32.3 Projects <$5M - 0.5 9.6 9.3 7.2 3.0 2.4 31.9 Projects <$5M Grants - - (0.4) (3.1) (3.4) (0.8) (1.4) (9.1) Other Programmed Expenditures 5.8 66.1 137.9 139.8 183.3 127.6 112.6 773.0 Other Programmed Expenditures-Grants - (0.1) (3.9) (12.6) (8.9) (40.3) (49.6) (115.4) Total Other Programmed Expenditures-Net 5.8 65.9 134.0 127.2 174.4 87.4 63.0 657.6 36 DFW International Airport March 31, 2012

Capital Accounts Airfield Project Description (Millions) Prior Yrs FY12 FY13 FY14 FY15 FY16 FY17-21 Total 10-Yr Total Total Budget Rehabilitate Airfield Pavements FY16 - FY20 - - - - - 6.5 27.8 34.4 34.4 Less: AIP Reimb - - - - - (3.9) (16.7) (20.6) (20.6) Rehabilitate Airfield Pavements FY14 - - 1.7 9.9 9.1 1.1-21.8 21.8 Less: AIP Reimb - - (1.0) (6.0) (5.4) - - (12.5) (12.5) Rehabilitate Airfield Lighting Systems FY16 - FY20 - - - - - 2.3 15.0 17.3 17.3 Less: AIP Reimb - - - - - (1.4) (9.0) (10.4) (10.4) Rehabilitate Airfield Pavements FY13-0.2 8.4 6.5 - - - 15.0 15.0 Less: AIP Reimb - (0.1) (5.1) (3.9) - - - (9.0) (9.0) Rehabilitate Airfield Pavements FY12 0.8-4.5 8.0 0.4 - - 12.9 13.7 Less: AIP Reimb (0.5) - (2.7) (4.8) (0.2) - - (7.7) (8.2) Rehabilitate Airfield Pavements FY15 - - - 1.0 7.7 3.8-12.5 12.5 Less: AIP Reimb - - - (0.6) (4.6) (2.3) - (7.5) (7.5) Rehabilitate Spent Aircraft Deicing Fluid System - - - - - - 9.8 9.8 9.8 Other Airfield Projects < $5M 25.8 13.3 13.2 5.8 2.9 15.3 76.4 76.4 Other Airfield Projects < $5M Grants - (15.1) (7.4) (7.4) (3.4) (1.8) (9.2) (44.2) (44.2) Total Airfield, Net of Grants 0.3 10.7 11.9 16.0 9.3 7.3 33.0 88.2 88.5 Total Airfield, Gross 0.8 25.9 28.0 38.6 22.9 16.7 58.2 190.4 191.1 Terminals Terminal "D" Capital Renewal - Reserve - - - 5.4 5.6 5.8 32.8 49.7 49.7 Business Continuity Program Mgmt Svcs 0.2 2.5 2.5 2.5 2.5 1.6 1.1 12.8 12.9 Other Terminal Projects < $5M 7.8 15.3 8.8 1.7 0.8 0.5 34.8 34.8 Total Terminal 0.2 10.3 17.8 16.7 9.7 8.2 34.4 97.2 97.4 Roads, Bridges, Rail, Skylink Renewal Skylink Systems, Facilities, & Guideways - 0.7 3.2 3.0 3.0 3.8 11.6 25.2 25.2 Rehabilitate Landside Roads & Bridges - - - - - - 7.5 7.5 7.5 Roads, Bridges, Rail, Skylink < $5M - 6.1 2.1 - - - - 8.3 8.3 Utilities Total Roads, Bridges, Rail and Skylink - 6.8 5.4 3.0 3.0 3.8 19.1 41.0 41.0 Reclaimed Water System Phase 1 10.9 4.2 - - - - - 4.2 15.0 Other Utilities < $5M 3.6 6.7 6.4 1.3 0.3 0.5 18.7 18.7 Total Utilities 10.9 7.8 6.7 6.4 1.3 0.3 0.5 22.9 33.8 Parking Replace Remote Buses - 0.7 4.6 5.1 5.7-20.3 36.4 36.4 Replace Terminal Link Vans 2.8 2.8 2.5 1.8 4.5 3.1 7.6 22.4 25.2 Replace Employee Buses - 1.5 2.3 1.6 2.5 1.7 10.6 20.3 20.3 Replace Express Vans 2.2 2.4-2.5-2.6 8.5 16.0 18.2 Other Parking Projects < $5M 2.6 3.8 1.4 0.3 0.9 1.2 10.2 10.2 Total Parking 5.1 10.0 13.2 12.4 13.0 8.4 48.3 105.3 110.4 Commercial Development FY 2012 Financial Plan DFW Capital Account - Projects North Entertainment (Phases I - 5) DD #7 - - 6.5 6.7 - - 8.3 21.5 21.5 NW Logistics (Phase I & II) DD#4 - - 4.7 4.8-5.1 5.3 20.0 20.0 Coppell Industrial (Phase I & II) DD#8 - - 4.6 4.8-5.0 5.2 19.6 19.6 Facility Renewal (facility reversion rehab) - 1.5 1.5 1.5 1.5 1.5 7.5 15.0 15.0 Founders Plaza Phase I & II (SS, Storm, Roads) DD#2 - - 2.0 2.1 - - 4.8 8.9 8.9 Walnut Hill (Phase I & II) DD#13 - - - - - - 6.5 6.5 6.5 Coppell Freeway Commercial DD#3 - - 3.2 3.3 - - - 6.5 6.5 West Grapevine (Phase I & II) DD #11 - - - - - - 6.2 6.2 6.2 Other Commercial Development Projects < $5M - 1.2 5.4 1.8 0.3 - - 8.8 8.8 Total Commercial Development - 2.7 28.0 25.0 1.8 11.7 43.8 113.0 113.0 37 DFW International Airport March 31, 2012

Capital Accounts Project Description (Millions) Prior Yrs FY12 FY13 FY14 FY15 FY16 FY17-21 Total Environmental - 10-Yr Total Total Budget Other Environmental Projects < $5M 0.8 1.3 0.3 - - - - 1.6 2.4 Total Environmental 0.8 1.3 0.3 - - - - 1.6 2.4 Information Technology - EVIDS Replacements - 0.4 0.1 1.0 0.2 3.1 7.3 12.0 12.0 EVIDS Head-End Replacement - - - 0.9-1.4 5.6 7.9 7.9 CCTV Head-end replacement - - - 0.5 0.5 1.0 5.0 7.0 7.0 Client Hardware: User's Hardware Refresh - 0.5 0.5 0.5 0.5 0.5 2.7 5.4 5.4 Campus-Wide Fiber Replacement - 0.5 0.5 0.5 0.5 0.5 2.5 5.0 5.0 Other Information Technology Projects < $5M 11.8 11.8 7.7 4.9 3.6 3.2 15.8 46.9 58.6 Total Information Technology 11.8 13.2 8.8 8.3 5.3 9.7 38.9 84.2 95.9 Safety/Security - ARFF Truck Replacement - 7.5 3.8 4.0 - - 24.5 39.7 39.7 Structural Fire Trucks - 3.4 2.2 - - - 8.6 14.2 14.2 Public Safety Station 6 4.3 0.7 - - - - - 0.7 5.0 Other Safety/Security Projects < $5M - 4.2 1.9 - - - - 6.1 6.1 Total Safety/Security 4.3 15.8 7.9 4.0 - - 33.1 60.8 65.0 ASIP/Other - Air Service Incentive Plan (ASIP) & Marketing Rebates 1.4 10.2 11.6 5.0 5.0 5.0 16.0 52.8 54.2 Replace Heavy Equipment - 0.9 1.3 0.9 0.5 1.5 5.4 10.6 10.6 Replace General Purpose Vehicles - 0.7 1.1 1.2-1.3 4.5 8.8 8.8 Roofing/Waterproofing for Occupied Board Bldgs - - - - - - 7.5 7.5 7.5 Other ASIP/Other Projects < $5M 7.5 1.4 1.0 0.5 0.7 2.3 13.3 13.3 Total ASIP/Other 1.4 19.3 15.4 8.1 6.0 8.5 35.6 92.9 94.3 Total DFW Projects, Net 34.5 97.9 115.2 100.0 49.4 57.9 286.7 707.1 741.6 38 DFW International Airport March 31, 2012

FY 2012 Financial Plan Debt and Cash DEBT AND CASH RESERVES Existing Debt As of September 30, 2011, DFW has $3.9 billion of fixed rate bonds outstanding. DFW currently has no SWAPs or variable rate debt. Approximately $3.6 billion of this debt existed before the TRIP (i.e., existing debt ) and $300 million of new money bonds have been issued for the TRIP (i.e., new debt ). During the financial crisis of FY 2008 and FY 2009 when AMR was having significant financial difficulties, DFW created a debt restructuring plan to reduce debt service to provide financial relief to the airlines. Overall, the program was scheduled to defer approximately $166 million of principal over a ten year period, with most of the savings frontloaded. DFW and the airlines formally agreed to this plan as part of the Use Agreement negotiations. The original plan was to defer approximately $150 million of principal into 2036 and 2037; however, due to favorable interest rates, DFW has achieved such significant savings that it has not had to extend maturities past the original date of 2035. In fact, the realized saving has been so significant that the restructuring plan has only added approximately two months to the average maturity of the bonds that were refunded. The agreed-upon restructuring plan gradually increases debt service paid through rates, fees, and charges (RFCs) to approximately $5.0 million per year (excluding coverage). Passenger facility charges (PFCs) are used to pay the remaining debt service. The following chart shows existing debt service after the restructuring plan is complete in FY 2013. $300 Existing Debt Service (Post Restructuring - Millions)) $250 $200 $150 $100 $50 $0 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 Rates Fees & Charges Passenger Facility Charges RFC Target DFW International Airport March 31, 2012

FY 2012 Financial Plan Debt and Cash Passenger Facility Charges DFW collects a $4.50 PFC from eligible revenue passengers. DFW has agreed with the airlines to use these collections for the payment of eligible debt service on existing debt. DFW estimates that it will collect approximately $110 million in FY 2012. As of December 31, 2011, DFW had $55 million of PFC s in a reserve fund. DFW expects this reserve to be depleted in late FY 2013; at which point, debt service paid by PFC s will be from current PFC collections. DFW and the airlines have agreed to use any increase in PFCs up to $7.50 to pay debt service on debt issued for the Terminal Renovation and Improvement Program (TRIP). The following table highlights the planned refundings for FY 2012 and FY 2013. DFW will also consider refunding bonds if the net present value savings is greater than 3%. There are a significant amount of AMT bonds that could come into the money if Congress eliminates the AMT penalty someday in the future. Currently Planned Refundings Bonds to be Interest Issue Series Date AMT? Refunded Rates Size (Ms) 2012E Aug-12 No 2002A, 2004B 3.75%/5.25% $ 283.7 2013R1 Sep-13 No 2003A 3.625%/5.375% 181.7 2013R2 Sep-13 Yes 2003A 5.25% 104.0 2013R3 Sep-13 No 2003A 3.625%/5.375% 124.6 Totals $ 693.9 New Money Bonds (TRIP and Other Capital Projects) DFW plans to issue approximately $3.0 billion of new fixed rate bonds during FY 2012 to FY 2016. The chart below provides projected new debt service for TRIP and other capital projects and the current existing debt service. Principal payments on the new money bonds are projected to begin in FY 2020 and continue into FY 2046. Ultimately, DFW plans to have level debt service of approximately $425 to $450 million per year when all financings are complete. Actual timing of these issues will depend on spending levels and the need for additional funds. $500 Debt Service (Millions) $450 $400 $350 $300 $250 $200 $150 $100 $50 $0 12 15 18 21 24 27 30 33 36 39 42 45 Existing Debt Service After Refundings Trip/Other Debt Service DFW International Airport March 31, 2012

FY 2012 Financial Plan Debt and Cash The following table provides the capital requirements for each planned debt issuance, along with the required funding of the debt service reserve fund, capitalized interest fund, and estimated issuance premiums. The escrow in the 2012C is to refund the PFIC hotel bonds with DFW joint revenue bonds. The assumed interest rates for the debt service fund and the capitalized interest reserve funds are based on the forward Treasury curve as of February 17, 2012. The plan assumes that DFW will issue fixed rate bonds, however, DFW may explore using commercial paper and other variable rate options in the future. DFW could expedite the sale of some debt if an AMT holiday is enacted by Congress. Planned New Money Issues (Amounts in Millions) Interest Delivery Rates Debt Cap Issue Series Date AMT? 2040/2045 TRIP Non-TRIP Res Interest Escrow Prem Size 2012C Jun-12 No 4.65%/4.75% $ 13 $ 179 $ - $ 7 $ 71 $ 9 $ 263 2012D May-12 Yes 5.25%/5.35% 341 17-36 - - 398 2013A Apr-13 Yes 5.75%/5.85% 261 51 25 20 - - 361 2013B Aug-13 No 5.15%/5.25% 11 281 23 7 - - 326 2013C Nov-13 Yes 5.75%/5.85% 252 49 29 14 - - 347 2014A Aug-14 Yes 6.25%/6.35% 257 47 28 15 - - 352 2015A Apr-15 Yes 6.75%/6.85% 191 107 32 17 - - 352 2015B Aug-15 No 6.15%/6.25% 6 61 6 3 - - 77 2015C Dec-15 Yes 6.75%/6.85% 201 50 18 12 - - 285 2016A Aug-16 Yes 6.75%/6.85% 96 7 11 7 - - 121 2017A Aug-17 No 6.15%/6.25% 0 77 7 1 - - 87 Totals $ 1,628 $ 925 $ 181 $ 139 $ 71 $ 9 $ 2,968 Total Debt Outstanding With the issuance of an additional $3 billion of debt, DFW projects that total debt outstanding will peak at $6.2 billion in FY 2016 as shown in the following chart. $7.0 $6.0 $5.0 Debt Outstanding (Billions) Peak debt in FY11 Plan was $5.7 billion in FY16 $4.0 $3.0 $2.0 $1.0 $0.0 FY11 14 17 20 23 26 29 32 35 38 41 44 Existing Debt Outstanding DFW International Airport March 31, 2012

FY 2012 Financial Plan Debt and Cash Debt Service Coverage Calculations DFW utilizes three coverage calculations as shown in the following table. Coverage Calculations In Millions FY12 FY13 FY14 FY15 FY16 FY21 Gross Revenue Calculation Total 102 Fund Revenues $ 655.0 $ 736.6 $ 781.9 $ 846.0 $ 915.3 $ 1,126.8 Add: Rolling coverage 61.1 77.8 83.9 92.6 104.9 125.6 Less: Operating expenses (351.4) (363.7) (375.6) (387.7) (395.3) (465.9) Gross Revenues available for debt service 364.7 450.6 490.2 550.9 625.0 786.6 Debt Service 244.2 311.2 335.8 370.5 419.7 502.5 Coverage ratio - Gross Revenues 1.49 1.45 1.46 1.49 1.49 1.57 Current Gross Revenues Calculation Gross Revenues available for debt service $ 364.7 $ 450.6 $ 490.2 $ 550.9 $ 625.0 $ 786.6 Less: Rolling coverage (61.1) (77.8) (83.9) (92.6) (104.9) (125.6) Less: Other transfers from capital accounts (24.0) (20.0) (16.0) (12.0) (8.0) - Current Gross Revenues avail for debt service 279.6 352.8 390.3 446.3 512.1 660.9 Debt Service 244.2 311.2 335.8 370.5 419.7 502.5 Coverage ratio - Gross Revenues 1.14 1.13 1.16 1.20 1.22 1.32 All Sources Coverage Calculation Gross Revenues available for debt service $ 364.7 $ 450.6 $ 490.2 $ 550.9 $ 625.0 $ 786.6 Add: Other Sources of Cash Natural Gas 14.4 14.1 13.5 12.1 12.3 7.3 Interest Income - capital funds 1.2 4.9 7.0 11.5 9.8 3.4 Incremental FIC/PFIC net revenues 18.4 4.8 8.9 9.3 9.7 11.4 Total Gross Revenues avail. for debt service 398.7 474.4 519.7 583.9 656.9 808.6 Debt Service 244.2 311.2 335.8 370.5 419.7 502.5 Coverage ratio - All Sources 1.63 1.52 1.55 1.58 1.57 1.61 The Gross Revenue calculation from DFW s bond ordinance requires the Airport to maintain a 1.25x coverage ratio including all gross revenues as defined in the bond ordinance. The bond ordinance also requires a Current Gross Revenue calculation, whereby DFW must establish rates and charges sufficient to achieve a minimum of 1.0x debt service excluding rolling coverage and other transfers from capital accounts. The All Sources calculation is an internal metric. It adds other recurring revenue sources that are available for debt service to the Gross Revenue. The incremental FIC/PFIC revenues are the excess funds generated by those entities during each fiscal year. Those funds could be granted to DFW to pay debt service, if necessary. DFW International Airport March 31, 2012

FY 2012 Financial Plan Debt and Cash Cash and Cash Reserves The following table highlights restricted and unrestricted cash by account type. Restricted cash accounts are restricted by Bond Ordinance or Federal law (e.g., PFCs) and may only be used for its stated purposes. Unrestricted cash includes available cash in the Operating Fund, Rolling Coverage, the Joint Capital Account and the DFW Capital Account. These funds may be used for any lawful purpose including payment of debt service or ongoing operating expenses if necessary. Rolling Coverage is considered unrestricted because it is defined as part of Gross Revenues and available during the year for operating expenses. Restricted and Unrestricted Cash Summary Cash Accounts (Millions) FY12 FY13 FY14 FY15 FY16 FY21 Restricted Debt Service Reserves $ 167 $ 215 $ 273 $ 312 $ 341 $ 348 Interest & Sinking Funds 122 156 168 185 210 251 Bond Funds 488 469 575 394 325 100 Passenger Facility Charges 33 3 - - - - Total Restricted $ 811 $ 843 $ 1,015 $ 891 $ 876 $ 699 Unrestricted Operating Fund 184 187 191 199 206 250 Rolling Coverage 61 78 84 93 105 126 Joint Capital Account 187 179 175 175 179 230 DFW Capital Account 63 68 77 45 29 153 Total Unrestricted $ 495 $ 511 $ 527 $ 511 $ 519 $ 759 Total Cash $ 1,305 $ 1,355 $ 1,542 $ 1,402 $ 1,395 $ 1,458 The following chart shows the projected days of operating expenditures that can be covered with unrestricted cash for the life of the Financial Plan. 600 500 400 514 513 512 Days Cash On Hand 481 479 501 530 552 575 595 300 200 100 0 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 DFW International Airport March 31, 2012

FY 2012 Financial Plan Debt and Cash Debt Reserves and Sureties DFW s bond ordinances require DFW to maintain debt reserves. DFW currently has $167 million in its debt reserves, $86 million in sureties for a total of $253 million. Total debt reserve requirements are $207 million as of March 1, 2012. So DFW has $46 million of excess reserves at this date. DFW will continue to fund debt reserves with future bond issuances as necessary. The following sureties are outstanding at March 1, 2012. Surety Policy Provider Millions FGIC (National Public Finance) (1)(2)(4) $34.0 MBIA(National Public Finance) (3)(4) 37.1 Assured Guaranty Municipal Corp(FSA) (5) 14.6 $85.7 (1) FGIC Municipal Bond Debt Service Reserve Fund Policy applies to all Outstanding Obligations, up to an amount not to exceed $33,998,444.08. This policy was issued in conjunction with the Series 2001A Bonds. The Reserve Policy will terminate on November 1, 2035. (2) On September 30, 2008, MBIA and FGIC closed on a transaction that provided for certain FGIC policies to be covered by MBIA via cut-through provisions of a reinsurance agreement. With the establishment of National Public Finance Guarantee Corporation ( National ), National s portfolio includes the MBIA-reinsured public finance business of FGIC. FGIC itself is not rated by Moody s, S&P or Fitch. However, S&P does rate the issues that are part of the MBIA (National)-FGIC reinsurance agreement, which are currently BBB with a developing outlook. Moody s does not rate the municipal bonds under the executed reinsurance agreement as the transaction structure is not consistent with Moody s approach to credit substitution because it allows FGIC to terminate the agreement without a final payment being made to MBIA (National). (3) On February 18, 2009, MBIA Inc. announced the establishment of a new U.S. public finance financial guarantee insurance company within the MBIA Inc. group by restructuring its principal insurance subsidiary, MBIA Insurance Corporation ( MBIA Corp. ). The stock of MBIA Insurance Corp. of Illinois, a public finance financial guarantee insurance company, was transferred by MBIA Corp. to a newly established intermediate holding company, MBIA Insurance Corp. of Illinois ( MBIA Illinois ) which is itself a subsidiary of MBIA Inc. MBIA's intent is to operate their municipal business as a separate operating and legal entity that will have no exposure to structured finance business. MBIA Insurance Corp. of Illinois was renamed National Public Finance Guarantee Corporation ( National ). National s portfolio includes the MBIA-reinsured public finance business of FGIC and the MBIA Reserve Fund Policies issued for the benefit of the Board. (4) MBIA Insurance Corporation issued a debt service reserve surety bond in the amount of $31,082,593.95 (Series 2002 A, B & C) and $6,051,204.47 (Series 2003C). The Reserve Fund Policy with respect to the Series 2002A, B and C Bonds expires November 1, 2035 or such earlier date as of which the Series 2002A, B and C Bonds are no longer outstanding. The Reserve Fund Policy with respect to the Series 2003 Bonds expires November 1, 2035 or the date all Obligations are no longer outstanding. (5) Assured Guarantee Municipal Corp. (formerly FSA) issued a Reserve Fund Policy that may not exceed $14,575,951 (Series 2004B). The Policy expires November 1, 2035 or such earlier date as of which all of the Series 2004B Bonds are no longer outstanding DFW International Airport March 31, 2012