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The information and expressions of opinion in the official statement dated December 2, 2025 for the Airport Commission of the City and County of San Francisco SAN FRANCISCO INTERNATIONAL AIRPORT Second Series Revenue Bonds, Series 2025DE (the " Official Statement") are subject to change without notice. The availability of the Official Statement on this website does not create any implication that there have been no changes in the affairs of the parties described in the Official Statement or that the other information or opinions therein are correct as of any time subsequent to its date. Maintenance of the Official Statement on this website is not intended as a republication of the information therein on any date subsequent to the date set forth in the Official Statement.

The Official Statement was created in Adobe Portable Document Format (PDF). To ensure accurate viewing, use Adobe Reader version 10.0 or higher. Using other software or earlier versions may result in formatting discrepancies. If you do not have the appropriate version of Adobe Reader, you can download it free of charge from www.adobe.com.

Under no circumstances shall the Official Statement or its electronic posting constitute an offer to sell or the solicitation of any offer to buy nor will there be any sale of the securities described in the Official Statement in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

Investors must read the entire Official Statement, including the appendices, to obtain information essential to making an informed investment decision.

By electronically accessing the Official Statement, you acknowledge that you understand that the securities are being offered only by means of the entire Official Statement and agree that you have (i) accepted the provisions of this page, (ii) agreed not to print the Official Statement except in its entirety and (iii) consented to the electronic transmission of the Official Statement.

Series 2025D/E Official Statement