San Diego County Regional Airport Authority Capital Development Financing Plan Board Presentation July 9, 2009 Presented By: Vernon D. Evans, CPA Vice President of Finance/Treasurer

2 Overview Assumptions Use and Source of Funds Scenarios –I–I –II –III Summary

3 Assumptions Enplanement projections for 2010 are based on the 2010 budgeted enplanements. For 2011 and 2012, enplanements are based on projections provided by airport consultants, reduced slightly for management conservatism. For 2013 and beyond, enplanements are based on consultant projections. The percentage increases/decreases in enplanements were also applied to landed weight projections: –Rate varies from: Reductions in fiscal year: 2010 – (~1%) from 2009 projected Increases in fiscal years: 2011 – 3.0% 2012 – 4.0% 2013 – 3.3% 2014 – 1.6% Operating & maintenance expense growth 3% $85 million reduction in CIP program

4 Assumptions Concession revenue growth: – % % – % % – % % Changing management model Adding 56,000 square feet in T2 West Interest earnings rate 1.4% to 2.5% through 2014 Stimulus legislation exempts private activity bonds from AMT through 12/31/10 – AMT penalty is approximately 100 to 125 basis points 90% of the Passenger Facility Charges, ($4.50), have been allocated to the Terminal Development Program Project Escalation of 5% Approved Airline Operating Agreement

5 Use of Funds Cash Requirements

6 Source of Funds Scenario I

7 Cumulative Source of Funds

8 Scenario Assumptions Scenario I –6.00% Interest Rate Scenario II –5.50% Interest Rate Scenario III –6.75% Interest Rate

9 Financial Results – Scenario I 6.00 % Bond Interest Rate $

10 Financial Results – Scenario II 5.50% Bond Interest Rate $

11 Financial Results – Scenario III 6.75 % Bond Interest Rate $

12 Summary of Scenarios Financial Results Cost Per Enplaned Passenger Landing Fee Terminal Rental RateAirline Revenue Non-Airline Revenue Investment Income I 5.50%$11.08$1.71$121.50$102,161,300$88,089,315$10,199,900 II 6.00%$11.37$1.71$126.89$104,769,500$88,098,047$10,251,600 III 6.75%$11.86$1.71$136.19$109,269,400$88,113,162$10,350,200 Operating Expenses Non- Operating Rev / (Exp)Debt Service Net Revenue Available Debt Service Coverage Enplaned PassengersLanded Weight I 5.50%($134,196,471)($3,348,591)($40,367,551)$22,537, ,073,84012,594,919 II 6.00%($134,196,471)($3,348,591)($44,631,319)$20,942, ,073,84012,594,919 III 6.75%($134,196,471)($3,348,591)($51,948,096)$18,239, ,073,84012,594,919

13 Airport Cost per EPAX Projected 2013 $11.37