1. Responsibilities of Debt Issuers CDIAC Debt Basics – February 1, 2011 Marla Bleavins – Debt & Treasury Manager Los Angeles World Airports

2. Overview  The Planning Process  Managing the Financing Team  Understanding Your Transaction  Investor Outreach  Rating Agency Process  Post Issuance Matters

3. The Planning Process  Establish a debt policy  Identify capital needs  Select financing team  Set targets and structure for debt issuance  Determine method of sale  Educate your decision making body about the transaction

4. Managing the Financing Team  Issuer as quarterback  Select team early  Clarify roles and expectations from the start  Maintain a strong presence throughout the transaction  Strive for balance of opinions  Be mindful of biases and turf wars

5. Understanding the Transaction  Know your deal  Know what your organization’s obligations are going forward  Understand the documents  Understand the numbers and how they impact your organization  Be wary of trends  Don’t be afraid to push back on the experts

6. Investor Relations  Most dramatic change since 2008  Be proactive  Have an internet presence – Investor Relations Web Site  Work with disclosure counsel  Netroadshow  One-on-one meetings with investors

7. Rating Agency Process  Be proactive  Have a strong narrative, not just a data dump  Involve your upper management – prepare them  Anticipate questions and organize key data in easily accessible charts  Make the analysts’ job easy

8. Post Issuance Matters  Debt service payments  Annual disclosure filings  Compliance with bond covenants  Update rating agencies and investors  Tracking arbitrage rebate liabilities  Monitor refunding opportunities  Vendor management  Technological Tools  Tickler system and debt management software