AIRPORT COMMISSION OF THE CITY AND COUNTY OF SAN FRANCISCO January 26, 2021 The Airport Commission (the “Commission”) of the City and County of San Francisco hereby provides its Continuing Disclosure Annual Report (the “Report”). The Report contains the audited financial statements of the Commission for the fiscal year ended June 30, 2020, as well as certain operating data and other information. It is delivered pursuant to the continuing disclosure certificates (the “Continuing Disclosure Certificates”) that the Commission has executed or elected to apply in connection with the bond issues identified in the Report. This Report is provided solely for the purpose of satisfying the Commission’s obligations under the Continuing Disclosure Certificates. AIRPORT COMMISSION OF THE CITY AND COUNTY OF SAN FRANCISCO Enclosure: Annual Report AIRPORT COMMISSION OF THE CITY AND COUNTY OF SAN FRANCISCO CONTINUING DISCLOSURE ANNUAL REPORT FOR THE FISCAL YEAR ENDED JUNE 30, 2020 Introduction This Continuing Disclosure Annual Report for the Fiscal Year Ended June 30, 2020 (this “Report”) is provided for the purpose of satisfying the obligations of the Airport Commission (the “Commission”) of the City and County of San Francisco (the “City”) under the continuing disclosure certificates (the “Continuing Disclosure Certificates”) executed in connection with the following bond issues (collectively, the “Bonds”): Second Series Revenue Refunding Bonds, Series 2009D, dated November 4, 2009 Second Series Variable Rate Revenue Refunding Bonds, Series 2010A, dated February 10, 2010 Second Series Revenue Refunding Bonds, Series 2011B, dated February 22, 2011 Second Series Revenue Refunding Bonds, Series 2011C/D, dated July 21, 2011 Second Series Revenue Refunding Bonds, Series 2011F/G/H, dated September 20, 2011 Second Series Revenue Refunding Bonds, Series 2012A/B, dated March 22, 2012 Second Series Revenue Bonds, Series 2013A/B, dated July 31, 2013 Second Series Revenue Bonds, Series 2014A/B, dated September 24, 2014 Second Series Revenue Refunding Bonds, Series 2016A, dated February 25, 2016 Second Series Revenue Bonds, Series 2016B/C, dated September 29, 2016 Second Series Revenue Refunding Bonds, Series 2016D, dated September 29, 2016 Second Series Revenue Bonds, Series 2017A/B, dated October 31, 2017 Second Series Revenue Refunding Bonds, Series 2017D, dated October 31, 2017 Second Series Revenue Refunding Bonds, Series 2018A, dated February 1, 2018 Second Series Revenue Bonds, Series 2018D/E/F, dated May 30, 2018 Second Series Revenue Refunding Bonds, Series 2018G, dated May 30, 2018 Second Series Variable Rate Revenue Bonds, Series 2018B/C, dated June 6, 2018 Second Series Revenue Bonds, Series 2019A/B/C, dated February 7, 2019 Second Series Revenue Refunding Bonds, Series 2019D, dated February 7, 2019 Second Series Revenue Bonds, Series 2019E/F/G, dated September 10, 2019 Second Series Revenue Refunding Bonds, Series 2019H, dated September 10, 2019 Second Series Revenue Refunding Bonds, Series 2020A/B/C, dated August 20, 2020 Special Facilities Lease Revenue Bonds (SFO FUEL COMPANY LLC), Series 2019A/B, dated February 26, 2019.* The Second Series Revenue Bonds issued under Resolution No. 91-0210, which the Commission adopted on December 3, 1991 (as supplemented and amended, the “1991 Master Resolution”), are referred to herein as the “Senior Bonds.” By providing the information in this Report, the Commission does not imply or represent: (a) that all of the information provided is material to investors’ decisions regarding the Bonds, (b) that no changes, circumstances or events have occurred since the end of the fiscal year ended June 30, 2020 other than what is contained in this Report, or (c) that no other information exists that may have a bearing on the Commission’s financial condition, the security for the Bonds, or an investor’s decision to buy, sell or hold the Bonds. The information contained in this Report has been obtained from officers, employees and records of the Commission and other sources that are believed to be reliable, but such information is not guaranteed as to its accuracy or completeness. * This Continuing Disclosure Annual Report satisfies the Commission’s obligations under its continuing disclosure certificate with respect to these bonds. SFO Fuel Company LLC is obligated to make a separate filing. - 1 - To the extent that this Report contains information that the Commission is not obligated to provide under the Continuing Disclosure Certificates, the Commission is not obligated to present or update such information in future annual reports. No statement in this Report should be construed as a prediction or representation about the future operating results or financial performance of the Commission. Audited Financial Statements The audited financial statements of the Commission for the fiscal year ended June 30, 2020 are attached as Appendix A. Impacts of the COVID-19 Pandemic This Report includes supplemental information regarding the impacts of the outbreak and spread of a new strain of coronavirus (“COVID-19”) on passenger traffic at and the finances and operations of the San Francisco International Airport (the “Airport”). The Commission is not obligated to provide this information under the Continuing Disclosure Certificates. By including this information, the Commission does not undertake to provide any additional such information. The Commission disclaims any obligation to update this information. [Remainder of Page Intentionally Left Blank] - 2 - Operating and Financial Data Air Traffic Data Air traffic data for the past ten Fiscal Years and the first five months of Fiscal Years 2019-20 and 2020-21 is presented in the table below. PASSENGER TRAFFIC Scheduled Passenger Aircraft Arrivals and Departures(1) Passenger Enplanements and Deplanements Total Fiscal Year Total % Change Domestic % Change International % Change Total % Change First Five 81,046 (57.8%) 4,116,111 (77.5%) 533,674 (92.0%) 4,649,785 (81.4%) Months 2020-21* First Five Months 192,056 18,308,473 6,677,814 24,986,287 2019-20 2019-20(2) 353,648 (21.2) 30,007,053 (29.6) 10,535,883 (28.8) 40,542,936 (29.4) 2018-19 448,642 (2.4) 42,653,872 (2.9) 14,792,616 7.0 57,446,488 (0.5) 2017-18 459,900 5.8 43,926,851 7.0 13,820,335 6.9 57,747,186 7.0 2016-17 434,582 2.5 41,046,640 3.4 12,922,418 10.3 53,969,058 5.0 2015-16 423,813 2.7 39,697,866 5.6 11,711,366 10.2 51,409,232 6.6 2014-15 412,539 (0.5) 37,580,982 4.4 10,631,812 5.6 48,212,794 4.7 2013-14 414,452 2.3 35,985,757 2.7 10,072,231 5.1 46,057,988 3.3 2012-13 405,320 0.8 35,024,595 4.3 9,583,582 3.3 44,608,177 4.1 2011-12 402,131 6.7 33,588,149 9.3 9,275,507 3.1 42,863,656 7.9 2010-11 376,939 2.3 30,725,774 3.5 9,000,697 5.8 39,726,471 4.0 __________________ * Preliminary. (1) Includes air carrier and air taxi operations. (2) Data for Fiscal Year 2019-20 includes estimates for one airline for March 2020. That airline comprised less than 0.1% of enplanements in the first six months of Fiscal Year 2019-20. Source: Commission. Traffic, enplanements and revenue landed weight have declined significantly since March 2020, primarily as a result of the COVID-19 pandemic. See, “—Impacts of the COVID-19 Pandemic” herein for further discussion. Total enplanements for the Airport’s ten most active airlines for Fiscal Years 2015-16 through 2019-20 and for Fiscal Year 2019-20’s top ten airlines during the first five months of Fiscal Year 2020-21 (with comparative data for the same period in Fiscal Year 2019-20) are shown in the table below, ranked in the order of the results from Fiscal Year 2019-20. Enplanements for airlines include enplanements by affiliates. - 3 - TOTAL ENPLANEMENTS BY AIRLINE (Fiscal Years) First Five Months (July through November)(8) % of Airline 2015-16 2016-17 2017-18 2018-19 2019-20 2019-20(1) 2019-20 2020-21* United Airlines 11,216,891 11,875,239 12,860,422 13,066,968 9,255,208 45.8% 5,703,916 1,182,490 Alaska Airlines(2) 742,284 792,496 1,464,505 3,376,047 2,353,270 11.6 1,428,440 281,842 Delta Air Lines 2,105,573 2,080,821 2,157,886 2,219,421 1,614,526 8.0 1,023,375 222,000 American Airlines(3) 2,119,968 2,204,111 2,198,766 2,175,454 1,539,607 7.6 911,072 244,870 Southwest Airlines 1,722,390 1,794,989 1,907,453 1,713,578 1,156,504 5.7 699,360 150,822 jetBlue Airways 755,398 785,328 805,572 738,297 519,464 2.6 309,878 70,824 Air Canada 432,354 484,287 545,755 567,734 393,221 1.9 257,146 8,492 Frontier Airlines(4) 343,736 341,903 – – 199,230 1.0 120,753 52,437 EVA Airways(5) – – – 282,641 186,882 0.9 108,949 8,382 Lufthansa Airlines(6) – 245,550 255,434 243,861 158,103 0.8 103,116 3,428 Cathay Pacific(7) – – 258,182 260,286 – – – – Virgin America(2) 2,279,332 2,502,709 2,325,380 – – – – – US Airways(3) 293,408 – – – – – – – SUBTOTAL 22,011,334 23,107,433 24,779,355 24,644,287 17,376,015 86.0 10,666,005 2,225,587 All others(9) 3,610,176 3,763,979 4,034,496 3,977,519 2,838,890 14.0 1,810,254 135,910 TOTAL 25,621,510 26,871,412 28,813,851 28,621,806 20,214,905 100.0% 12,476,259 2,361,497 Percentage change 6.7% 4.9% 7.2% (0.7%) (29.4%) (81.1%) * Preliminary.