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15th December 2025

Dallas ISD to Issue Approximately $1.09 Billion in Unlimited Tax School Building Bonds and Variable Rate Unlimited Tax School Building Bonds

Dallas Independent School District (“Dallas ISD”) plans to price approximately $760,375,000* of Unlimited Tax School Building Bonds, Series 2026A (the “Series 2026A Bonds”) on or about January 14, 2026* and $330,000,000* of Variable Rate Unlimited Tax School Building Bonds, Series 2026B (the “Series 2026B Bonds,”) on or about February 4, 2026*. The Bonds are expected to represent the final installment of bonds submitted to and approved by the voters on November 3, 2020 as part of the District’s $3.54 billion bond election.

Cabrera Capital Markets LLC will serve as Lead Manager in the sale of the fixed rate Series 2026A Bonds, with UMB Bank, N.A. serving as Co-Lead Manager.

Stifel, Nicolaus & Company, Incorporated will serve as Lead Manager in the sale of the variable rate Series 2026B Bonds, with Stern Brothers & Co, N.A. serving as Co-Lead Manager.

Dallas ISD anticipates the Series 2026A Bonds to have a 30-year amortization and the Series 2026B Bonds to be a variable rate series with a mandatory tender*. The Preliminary Official Statement and Official Statement for each series of the Bonds will be available via BondLink at BondLink.com and via the Municipal Securities Rulemaking Board’s Electronic Municipal Market Access system at emma.msrb.org.

The proceeds from the sale of the Bonds will be used to provide funds (i) for the construction, acquisition and equipment of school buildings and the purchase of necessary sites therefore, (ii) for the acquisition and updating of District technology equipment, and (iii) to pay the costs of issuing the Bonds.

This news release is provided for informational purposes only and does not constitute an offer to sell or the solicitation of an offer to buy any of the Bonds. Any such offer or solicitation will only be made pursuant to the applicable Preliminary Official Statement and/or Official Statement that prospective investors should review in their entirety before making any investment decision.

*Preliminary, subject to change.

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