The drop-down for the Feature Format and Raster Format parameters contains a list of default formats. These default formats are set from the Value List filter on the Parameters tab of the model Properties.
You can add, modify, or remove the list of formats for either the Feature Format parameter or the Raster Format parameter. You will have to copy this model to your own custom toolbox before making any changes.
Right-click a copied version of this tool and select Properties.
In the properties dialog box that appears, click the Parameters tab.
Find the parameter of interest in the table of parameters. On the right side of the table click to bring up its value list. The set of default formats should be listed.
Add, modify, or remove formats from the list as desired. The string you provide needs to be delimited as: Name of format - Short Name - Extension. The hyphens are required and there must be one space before and after the hyphen.
Click OK to apply the changes and exit.

Internally, this tool uses the Export to CAD tool to convert data to the .dgn, .dwg, and .dxf CAD formats. Each of these formats is in the default list and exports to the latest version of that file type. To change the version, edit the "Short Name" in the values list. For example, to output DXF R2005 rather than DXF R2007, change the string from Autodesk AutoCAD - DXF_R2007 - .dxf to AutoCAD - DXF_R2005 - .dxf.

Parameter	Explanation
Layers_to_Clip	The layers to be clipped. Layers must be either feature or raster layers.
Area_of_Interest	One or more polygons by which the layers will be clipped.
Feature_Format	The format in which the output features will be delivered. The string provided should be formatted as follows: Name or format - Short Name - extension (if any) The hyphen between the components is required, as well as the spaces around the hyphen. For example: File Geodatabase - GDB - .gdb Shapefile - SHP - .shp Autodesk AutoCAD - DXF_R2007 - .dxf Autodesk AutoCAD - DWG_R2007 - .dwg Bentley Microstation Design (V8) - DGN_V8 - .dgn Internally, this tool uses the Export to CAD tool to convert data to the .dgn, .dwg, and .dxf CAD formats. The list of short names supported includes DGN_V8, DWG_R14, DWG_R2000, DWG_R2004, DWG_R2005, DWG_R2006, DWG_R2007, DWG_R2010, DXF_R14, DXF_R2000, DXF_R2004, DXF_R2005, DXF_R2006, DXF_R2007, and DXF_R2010.
Output_Zip_File	The zip file that will contain the extracted data.

Extract Data Task

Title Extract Data Task