During Fiscal Year 2008-09 approximately 77% <strong>of</strong> the passenger traffic at the <strong>Airport</strong> was “origin <strong>and</strong> destination” traffic, where <strong>San</strong> Francisco is the beginning or end <strong>of</strong> a passenger’s trip, an increase over the percentage Fiscal Year 2007-08 (75%) <strong>and</strong> over the percentage (73%) that had been reported at the <strong>Airport</strong> from Fiscal Year 2003-04 through Fiscal Year 2006-07. This relatively high percentage <strong>of</strong> origin <strong>and</strong> destination traffic pattern is in contrast to many other major airports, which have a higher percentage <strong>of</strong> connecting passengers, largely as a result <strong>of</strong> airline hubbing practices. Historically, when airlines have reduced or ceased operations at the <strong>Airport</strong>, other airlines have absorbed the traffic with no significant adverse impact on <strong>Airport</strong> revenues. See “AIRPORT’S FINANCIAL AND RELATED INFORMATION–Principal Revenue Sources.” Enplanements Total Enplanements. Total enplanements at the <strong>Airport</strong> decreased 0.8% during Fiscal Year 2008-09 as compared to Fiscal Year 2007-08. The decline in total enplanements during Fiscal Year 2008-09 was primarily driven by decreases in international enplanements <strong>of</strong> approximately 344,801 (-7.6%) which was partially <strong>of</strong>fset by an increase in domestic enplanements <strong>of</strong> approximately 196,376 (1.4%). The growth in domestic enplanements during Fiscal Year 2008-09 primarily reflects increases from Southwest Airlines <strong>and</strong> Virgin America Airlines. The growth in enplanements for these two airlines <strong>of</strong> 77.9% exceeded the 4.1% decline in domestic enplanements by the legacy carriers during this same time period. During the first six months (July through December) <strong>of</strong> Fiscal Year 2009-10, total enplanements increased by 386,207 (4.1%) compared to total enplanements during the first six months (July through December) <strong>of</strong> Fiscal Year 2008-09. Total enplanements at the <strong>Airport</strong> for December 2009 were 1,550,460, an increase <strong>of</strong> 3.9% compared to December 2008. (Remainder <strong>of</strong> this Page Intentionally Left Blank) 48
Total enplanements for the <strong>Airport</strong>’s 10 most active airlines for Fiscal Years 2004-05 through 2008-09 <strong>and</strong> for the first six months (July through December) <strong>of</strong> Fiscal Year 2008-09 <strong>and</strong> Fiscal Year 2009-10 are shown in the table below. TOTAL ENPLANEMENTS BY AIRLINE † (Fiscal Years) First Six Months % <strong>of</strong> (July through December) Airline 2004-05 2005-06 2006-07 2007-08* 2008-09* 2008-09* (1) 2008-09* 2009-10* United Airlines (2) 7,866,210 7,978,010 8,240,285 8,037,171 7,403,585 40.6% 3,835,918 3,883,554 American Airlines (3) 1,571,228 1,691,295 1,734,119 1,751,201 1,676,029 9.2 877,525 856,616 Southwest Airlines (4) – – – 737,484 1,203,425 6.6 570,399 789,050 Virgin America (5) – – – 526,131 1,044,365 5.7 527,251 674,430 Delta Air Lines (6) 926,574 1,003,587 863,454 974,886 901,108 4.9 492,301 479,659 US Airways (7) 486,721 410,160 405,969 855,866 852,915 4.7 454,778 426,713 Continental Airlines 563,361 608,801 647,065 666,619 685,283 3.8 363,995 392,197 Northwest Airlines (8) 626,655 662,438 705,553 697,199 664,339 3.6 355,853 349,331 Alaska Airlines (9) 624,460 633,759 722,039 739,167 576,352 3.2 340,482 291,928 Air Canada (10) 276,063 294,189 304,935 299,111 273,870 1.5 146,935 154,160 America West Airlines (11) 493,556 413,690 466,831 – – – – – ATA Airlines (12) 362,997 – – – – – – – British Airways (13) – 219,630 – – – – – – Frontier Airlines (14) – – 267,714 – – – – – SUBTOTAL 13,797,825 13,884,559 14,357,964 15,284,835 15,281,271 83.8 7,954,437 8,297,638 All others 2,451,268 2,605,786 2,596,014 3,008,654 2,943,793 16.2 1,514,542 1,568,548 TOTAL 16,249,093 16,490,345 16,953,978 18,373,489 18,225,064 100.0% 9,479,979 9,866,186 Percentage Change 5.5% 1.5% 2.8% 8.4% (0.8%) 4.1% __________________ † Restated. * Preliminary. (1) Figures do not total due to rounding. (2) Restated. Data has been restated to include enplanements for Ted, the United Airlines low-fare br<strong>and</strong> <strong>and</strong> SkyWest/United Airlines. On January 6, 2009, United Airlines ceased flying Ted as a separate br<strong>and</strong>. (3) (4) Includes enplanements for American Eagle Airlines, the American Airlines low-fare br<strong>and</strong>. Southwest Airlines reinitiated service at the <strong>Airport</strong> on August 26, 2007. (5) Virgin America initiated service at the <strong>Airport</strong> on August 8, 2007. (6) Restated. Data has been restated to include enplanements for Song, the Delta Air Lines Inc. (“Delta”) low-cost carrier (Fiscal Year 2005-06 only), <strong>and</strong> SkyWest/Delta. For Fiscal Years 2007-08 <strong>and</strong> 2008-09, includes enplanements for Express Jet <strong>and</strong> for Fiscal Year 2008-09, enplanements for Mesaba Airlines, a Delta carrier. In May 2006, Delta ceased flying Song as a separate br<strong>and</strong>. On April 14, 2008, Delta <strong>and</strong> Northwest Airlines Corporation (“Northwest”) announced an agreement to merge the two carriers into a new airline to be called Delta. The merger was approved by Delta <strong>and</strong> Northwest shareholders on September 25, 2008 <strong>and</strong> by the United States Department <strong>of</strong> Justice on October 29, 2008. Northwest was operated as a wholly-owned subsidiary <strong>of</strong> Delta until December 31, 2009 when the two airlines began operating under a single FAA operating certificate. The reservation systems <strong>of</strong> the two airlines are scheduled to merge on January 31, 2010. (7) Restated. Data for Fiscal Years 2007-08 <strong>and</strong> 2008-09 includes enplanements for Mesa Airlines, a US Airways carrier. Under its plan <strong>of</strong> reorganization, which was effective in September 2005, US Airways created a new subsidiary (“US Airways Group, Inc.”) that merged into America West Holdings Corporation which became a wholly-owned subsidiary <strong>of</strong> US Airways Group, Inc. (8) On April 14, 2008, Delta Air Lines Inc. (“Delta”) <strong>and</strong> Northwest Airlines Corporation (“Northwest”) announced an agreement to merge the two carriers into a new airline to be called Delta. The merger was approved by Delta <strong>and</strong> Northwest shareholders on September 25, 2008 <strong>and</strong> by the United States Department <strong>of</strong> Justice on October 29, 2008. Northwest continues to be a wholly-owned subsidiary <strong>of</strong> Delta until the FAA certificates <strong>of</strong> the two airlines are combined. Northwest was operated as a wholly-owned subsidiary <strong>of</strong> Delta until December 31, 2009 when the two airlines began operating under a single FAA operating certificate. The reservation systems <strong>of</strong> the two airlines are scheduled to merge on January 31, 2010. (9) Restated. Data has been restated for Fiscal Years 2007-08 <strong>and</strong> 2008-09 to include enplanements <strong>of</strong> Horizon Air, the Alaska Airlines regional carrier. (10) Air Canada was not one <strong>of</strong> the 10 most active airlines at the <strong>Airport</strong> by total enplanements for Fiscal Year 2007-08. Information includes enplanements for Air Canada Jazz, the Air Canada regional affiliate br<strong>and</strong>. (11) America West Airlines merged into America West Holdings Corporation <strong>and</strong> became a wholly-owned subsidiary <strong>of</strong> US Airways Group, Inc. as part <strong>of</strong> the US Airways plan <strong>of</strong> reorganization. (12) Effective April 27, 2006, ATA Airlines ceased flights at the <strong>Airport</strong> <strong>and</strong> moved its operations to Oakl<strong>and</strong> International <strong>Airport</strong>. All amounts owed by ATA Airlines to the <strong>Airport</strong> were paid in full. (13) British Airways was not one <strong>of</strong> the 10 most active airlines at the <strong>Airport</strong> by total enplanements for Fiscal Years 2004-05 through 2008-09. (14) On October 1, 2009, Republic Airways Holdings, Inc. (“Republic”) completed its acquisition <strong>of</strong> Frontier Airlines Holdings pursuant to an auction process in the Frontier Airlines Chapter 11 bankruptcy case. Republic continues to operate the Frontier b<strong>and</strong> as a wholly-owned subsidiary. Source: <strong>San</strong> Francisco <strong>Airport</strong> <strong>Commission</strong>. 49
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SAN FRANCISCO INTERNATIONAL AIRPORT
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2010A BONDS MATURITY SCHEDULE The i
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MISCELLANEOUS This Official Stateme
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Introduction APPENDIX B INFORMATION
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APPENDIX C SUMMARY OF CERTAIN PROVI
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Closing Date means the date upon wh
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Interest Payment Date means each da
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the Trustee for cancellation; (b) B
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payment agreement with the United S
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Special Facility means any existing
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Revenue Fund; Allocation of Net Rev
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Moneys in the respective accounts i
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Investments are allocated. Amounts
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Subordinate Bonds The Commission ma
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act or thing the effect of which wo
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filing of any such petition or to t
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moneys, funds and properties pledge
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The recitals, statements and repres
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The Trustee or the Paying Agent, as
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to or greater than the Credit Facil
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(a) such 2010A Bonds sold by the Re
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The Remarketing Agent The Remarketi
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APPENDIX D SUMMARIES OF CERTAIN PRO
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computations made in accordance wit
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APPENDIX E SUMMARY OF CERTAIN PROVI
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statement, it must be available fro
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Duties, Immunities and Liabilities
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APPENDIX F INFORMATION REGARDING TH
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Ambac Assurance’s consolidated fi
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Capitalization of AGM At September
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The available amount of each MBIA s
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complaint also alleges that certain
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APPENDIX G PROPOSED FORM OF OPINION
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APPENDIX H JPMORGAN CHASE BANK, NAT
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The Available Amount (as hereinafte
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JPMorgan Chase Bank, National Assoc
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JPMorgan Chase Bank, National Assoc
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JPMorgan Chase Bank, National Assoc
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IN WITNESS WHEREOF, this Certificat
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(ii) $_______________________ is de
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IN WITNESS WHEREOF, this Certificat
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IN WITNESS WHEREOF, this Certificat
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The undersigned Transferor acknowle
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The Bank of New York Trust Company,
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JPMorgan Chase Bank, National Assoc
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The Bank of New York Trust Company,