2/O8. Developing Copenhagen Airport in dialogue with our customers INFORMATION TO SHAREHOLDERS IN COPENHAGEN AIRPORTS A/S

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1 INFORMATION TO SHAREHOLDERS IN COPENHAGEN AIRPORTS A/S 2/O8 Close dialogue with customers 1 It is more important than ever that the airport is developed in the direction our customers want. This is to pave the way for increased passenger satisfaction and more satisfied customers. Europe s most efficient airport 2 Copenhagen Airport has been rated the most efficient airport in Europe for the fourth time. Partnership agreement FedEx 3 CPH has signed an agreement with the largest express cargo operator worldwide, FedEx Express, to build a customised cargo terminal and office building. New disability service 5 The airport s new service scheme for passengers with reduced mobility has now been launched. H1 interim report 6 The report for the first half of 2008 recently released by CPH showed a pretax profit of DKK million, which was within the range of expectations. New oasis at the centre of the airport 8 Until the autumn, a selection of the best Danish designer furniture will be on display at the new Cylinder in the Terminal 3 square. Developing Copenhagen Airport in dialogue with our customers Intensified competition among the European airports, high oil prices and an economic downturn are factors currently affecting the aviation industry. According to CPH s CEO, it is therefore more important than ever for the airport to develop in the direction our customers want. This is to pave the way for increased passenger satisfaction and more satisfied customers. We are facing the same challenges as the rest of the industry. If the airlines experience a slowdown in the market, it will also affect Copenhagen Airport. We are well prepared for what may come in the near future, because we are constantly working to develop the airport in the direction our customers want, said Brian Petersen. Product differentiation The talks with both existing and potential customers take place partly through the airport s department for route development. The department s prime task is to position the airport so that airlines see a business potential in Copenhagen. For example, the department provides analyses and data that form the basis for decisions on opening new routes and expanding the capacity on existing routes. In addition to the route development activities, CPH also holds regular talks with the airlines about how the airport can create the best facilities and framework for their business going forward. We are in close talks with the airlines to learn about their needs so that we can develop solutions together benefiting the individual airlines and the airport as a whole. One of the things we are looking at right now is how we can differentiate our products so that they meet customer demands and wishes as well as possible, said Petersen. A competitive airport Over the past eight years, almost all of the traffic growth at Copenhagen Airport has been driven by low-cost traffic. In 2007, Continued next page 1

2 Developing Copenhagen Airport in dialogue with our customers... Copenhagen Airport reached three million low-cost passengers, and there are good indications that we will see an increase of 13-14% in This year alone, a number of low-cost carriers have announced six new routes out of Copenhagen as well as planned capacity increases on an additional six existing routes. Based on a master plan that extends ten years into the future, Copenhagen Airport is in the process of planning facilities taking into account the development of traffic as well as the development of the airport in general. In order to meet the demands of the steadily growing low-cost segment, CPH will be presenting plans for new lowcost facilities within the next couple of months. The plans are developed in dialogue with a number of the budget airlines operating flights to Copenhagen and the purpose is to reduce the aggregate costs of these airlines. Our job is primarily to ensure that there are sufficient capacity and development opportunities for all types of customers, including business, charter, budget and cargo. We must be competitive and offer the airlines the best conditions for their business, said the CEO. A good example of the benefits of investing in joint projects is the airport s about 60 check-in kiosks in the departure halls. The airlines reduce their own costs because CPH makes the kiosks available free of charge, and the airport as a whole is able to better exploit its capacity. Passengers are also expressing greater satisfaction with the modern self-service options than with the classic check-in process. Copenhagen Airport receives Top European Efficiency Award Copenhagen again boasts the most efficient airport in Europe. The Air Transport Research Society (ATRS) has rated Copenhagen Airport the most efficient airport in Europe for the fourth time. The ATRS, an academic forum whose members are professors specialising in aviation from a number of universities worldwide, has rated Copenhagen Airport the most efficient airport in Europe for the fourth time. More than 140 airports, 43 of them in Europe, participated in the survey carried out by the ATRS as a basis for the award. Efficient and inexpensive The ATRS uses a number of different criteria to identify the most efficient airports, including productivity, competitiveness, charges and financial performance. It is unusual to be both among the best and the most inexpensive, but the award proves that it is possible. When we compare ourselves with 18 peer European airports, CPH is the 9th most inexpensive and number six in terms of passenger satisfaction; and we now have the ATRS word that we are again the most efficient airport. This proves that we are operating a sound business in an efficient way, said Brian Petersen, President and CEO of Copenhagen Airports A/S. Most efficient airport for three consecutive years Copenhagen Airport is the only airport that has been rated the most efficient airport in Europe for three consecutive years from 2004 to The Hartsfield-Jackson Atlanta International Airport in Georgia, USA, has been rated the most efficient airport in the world for the second consecutive year. Susanne Frank, Passenger Manager, Copenhagen Airports A/S, received the award and visual proof that CPH has been rated the most efficient airport in Europe again this year. The award was presented by Professor Nicole Adler of the Hebrew University of Jerusalem. Professor Adler is a member of the ATRS Airport Benchmark Task Force. 2

3 Copenhagen Airports A/S and FedEx sign partnership agreement Copenhagen Airports A/S has signed an agreement with the largest express cargo operator worldwide, FedEx Express, to build a cargo terminal and an office building customised for FedEx Express. The partnership will run through 2023 with an option for extension. The cargo terminal, which will be located in the eastern part of the airport in the cargo area, will be approximately 1,600 square metres and will be tailored to FedEx Express with both airside and landside access. In addition, an office building of 770 square metres will be built for FedEx Express. Focus on customers The contract between Copenhagen Airports A/S and FedEx Express reflects CPH s focus on customers in connection with the development of a tailored solution together with the customer, which will also entail benefits to the airport in the longer term. By investing in projects which create value for our customer, we will have a satisfied customer and a better product specially designed for the customer. Moreover, we ensure better utilisation of the airport s capacity in the longer term, said Brian Petersen, CEO of Copenhagen Airports A/S. The new terminal will lift our service to customers in and around Copenhagen and help promote Denmark s growth in the global market, said David Canavan, Managing Director Northern Rim Operations. Copenhagen is a strategic market for FedEx Express in Europe, and FedEx helps increase global trade by making it possible for companies in Denmark to deliver quickly and reliably worldwide, said David Canavan. By investing in projects which create value for our customer, we will have a satisfied customer and a better product The biggest cargo hub in Scandinavia We are very satisfied with the contract we have signed with FedEx Express. The agreement will strengthen our position as the primary cargo hub in Scandinavia. FedEx Express is a global express cargo operator, and our partnership will further strengthen our position as the transport hub of Scandinavia. It is our ambition to further develop the cargo area at Copenhagen Airport in the years to come. The partnership with FedEx Express is the first step in that direction, said Petersen. It is expected that the new cargo terminal and office building will be ready for use in the spring of FedEx Express FedEx Express is the world s biggest express cargo operator and delivers quickly and reliably to more than 220 countries and territories. FedEx Express uses a global air-and-ground network for quick delivery of time-sensitive deliveries with a specific time and date subject to a money-back guarantee if the deadline is exceeded. Copenhagen Airports The 4.1% growth in cargo volumes in 2007 underlines Copenhagen Airport s role as the biggest cargo hub in Scandinavia. In 2007, 395,506 tonnes of cargo was handled at Copenhagen Airport, up from 380,024 in

4 More space and light following remodelling of Copenhagen Airport s passenger high street To meet passenger demands to a modern airport, Copenhagen Airport has remodelled and expanded the airport s central passenger high street. The improvements include more space, more inflow of light and more seating areas, and the next few months will also see the opening of a number of new shops and restaurants. The expansion and remodelling of the passenger high street running through Terminal 2 and Terminal 3 has been going on since the autumn of The first results of this modernisation project can now be seen: the passenger high street is broader; there are new toilet facilities and new seating areas, and a new large information square will make it easier for passengers to find their gate. The high street has also become lighter and friendlier, as large skylights, higher ceilings and metrehigh glazed facades with views of the airport tarmac let lots of daylight into the terminals. that passengers want even more shopping options at Copenhagen Airport. To offer a broader range and better passenger facilities, we are now opening an array of new shops and restaurants. The first shops have already opened, and the rest will be opening from now until October, said Henrik Busch, Copenhagen Airport s commercial director. A new information square As part of the project, a new information square will be established in the transit area of Terminal 3. The information square will be located immediately after the security checkpoint and will give passengers an opportunity to obtain information on the layout of the airport and where to find things. A new and larger information desk in the square will have staff available to assist and guide people. The square will also feature the airport s largest information facility: 16 flat screens to make it easy for passengers to find their departure and boarding times, even from a distance. New shops and restaurants According to Henrik Busch, the new passenger high street is now more uniform and stylish, partly because each facade unit is now framed by black wooden panels, within which each shop or brand is free to apply its unique design and image. Some of the first shops to open were Burberry, Mulberry, Gucci and Hermès. In August and September, they will be followed by Scandinavian brands such as Sand, Ole Lynggaard, Tiger of Sweden, J. Lindeberg and Malene Birger. Moreover, a number of new international brands such as Ralph Lauren, Bvlgari, Aigner, Mont Blanc, Versace, Etro, Belstaff, Porsche Design and Vertu will be available at the airport in future. We look forward to the opening of brand new Hugo Boss and Ralph Lauren concepts for both men and women in August and September respectively. The new shops are very much in line with the two brands, but passengers will also see that we have added a slight twist to the concept: a little of the special international atmosphere naturally found at an airport. The new Ralph Lauren shop at Copenhagen Airport is the first of its kind in the world, said Klaus Enhard, manager of all Kaufmann s five shops. Restauranten København The extensive remodelling project means that we will have an up-to-date transit area with new passenger facilities and an attractive shopping area. The new passenger high street is very attractive, airy and friendly with its high ceilings, inflow of daylight and a number of interesting new shops, by which we meet a number of our passengers most prominent demands. Our passenger surveys show, among other things, Altogether, the project involves some 5000 square metres, of which 2300 square metres is new space added by a 16-metre extension out towards the runways. Some of the additional space will house new shops and restaurants; shops currently in the area have been remodelled as well. Restaurant with a view The first of two new restaurants in the transit area opened on 4 August. The name of the restaurant is Copenhagen, and it features Nordic cuisine. In the classically Nordic manner, the menu will change to follow the four seasons, offering freshly caught herring from Skagen in the summertime and rustic dishes with root vegetables and hearty soups in the winter. At Copenhagen, we want to gather all the things we are good at in Denmark and in the Nordic region. We don t want to stop at gastronomy: we also want the best from Denmark and the Nordic region in beverages and design, along with gastronomy, said Michael Grann, CEO of Select Service Partner Denmark. 4

5 New service scheme launched for passengers with reduced mobility In future, passengers with reduced mobility (PRMs) can get assistance all the way through the airport from their point of arrival, i.e. by the metro, railway station or carpark, until they are seated on board the aircraft or viceversa. According to the first users of the service it makes them feel secure to know that professional assistance is available at all European airports to assist them with check-in and their baggage, both on departure and arrival. One of the first users of the new service was Mrs. Mårtensson of Gothenburg, Sweden. Copenhagen Airport s new service for PRMs came into force at midnight on 26 July. The new service was launched to comply with new regulatory requirements following an EU resolution requiring all European Airports to implement a standardised service scheme for disabled travellers. As has been the case so far, the cost of the service is included in the ticket price. Convenient facilities One of the first users of the new service was Mrs. Mårtensson of Gothenburg, Sweden. Knowing that I can get help to get through the airports makes me feel more secure as distances are often long at airports. Moreover, it is nice that there are comfortable and quiet facilities where I can wait until it is time for my flight to depart, Mrs. Mårtensson commented. Prior to the launch of the new service scheme, many working hours were spent on talks between Copenhagen Airport, the Disabled Peoples Organisations in Denmark, the airlines and Falck, all of whom have made recommendations for the new disability service. Falck is the service provider and will ensure that the approximately 100,000 PRMs travelling through Copenhagen Airport per year get comfortable and flexible assistance while they are at the airport. Trained to provide good service The approximately 80 employees at the Falck station at Copenhagen Airport have been specially trained to provide assistance under the scheme. Most of the staff has a background in the healthcare sector, and prior to the start-up of the service they have taken courses in areas such as patient transport, transport of PRMs and driving in the airport area. The disability organisations have also provided guidance to the staff on how best to assist persons with a disability. Knowing that I can get help to get through the airports makes me feel more secure as distances are often long at airports All our employees have received theoretical and practical training in the special processes that apply at the airport. This also included getting to know the airport area. In addition, we have all received training in using transport equipment and the IT equipment that has been specially developed to coordinate bookings and resources at airports, said Pernille Hvolbøl, Falck s station manager. The Assistance Centre, located in the Transfer Centre in the airport s transit area, is a busy place. It is the core of Copenhagen Airport s disability service. One of the tasks of the Assistance Centre is to collect and coordinate all advance bookings by PRMs. The Assistance Centre concurrently acts as a waiting room for PRMs in transit or waiting for assistance. A professional service provider Copenhagen Airport has also been looking forward to the start-up of the airport s new service scheme which is designed to ensure that PRMs have the same chance of travelling as all other persons. In close collaboration with the Disabled Peoples Organisations in Denmark we have developed a service which meets the regulatory requirements and ensures that travellers get good service. Falck has been off to a good start as the service provider and I am very satisfied with their professionalism and their high level of service, said Henrik Peter Jørgensen, COO of Copenhagen Airports A/S. You can get more information on the new service scheme at 5

6 Interim report for the six months ended 30 June 2008 contractual rent increases under existing leases. Rent from land rose by 8.5% to DKK 32.0 million, which was due to leases of new parking facilities and new contracts. The report for the first six months of 2008 recently released by Copenhagen Airports showed a pre-tax profit of DKK million, which was within the range of expectations. CPH is not yet affected by the rising fuel prices and the sluggish economy, but it is expected that H will be more challenging. Traffic The total number of passengers at Copenhagen Airport was 10.8 million in the first six months of 2008, representing a year-onyear increase of 5.3%. The number of departing passengers increased by 4.9%, whilst the number of arriving passengers increased by 5.6%. Traffic growth was affected by favourable weather conditions compared to last year and a leap day in February. Traffic grew on all markets. The growth in intercontinental routes was driven by growth in charter traffic and by long haul routes. The growth in European routes was driven by low-cost airlines and by charter traffic. Growth in transfer traffic reflects frequent traffic disruptions last year. The number of locally departing passengers rose by 6.4% and the number of transfer passengers rose by 1.3%. Locally departing passengers accounted for 71.8% of all departing passengers, whilst transfer passengers accounted for 28.2%. For additional comments on traffic performance, please see the previously released traffic statistics for June Take-off revenue rose by 9.8% primarily explained by an increase in take-off weight of 8.7% and the agreed charge increase. Combined passenger revenue and security revenue rose by DKK 32.3 million or 7.0%. The growth was attributable to the increase in passenger numbers of 5.3% and a change in the passenger mix towards relatively more locally departing passengers, who are subject to higher charges. The increase was partly offset by a reduction in security charges per passenger under the security charges agreement for , despite the significant increase in security costs due to the stricter EU requirements. Commercial Concession revenue rose 11.7% due to investment in the new duty free shop, which has increased sales per passenger as a result of the improved convenience and product range. New shops in Q and in H also contributed to the growth. The six-month results in both 2007 and 2008 were affected by the retail disruption related to major refurbishments, but the impact in 2008 was significantly smaller than in Q benefited from higher minimum guaranteed charges per passenger in the duty free shop until the end of February. Due to the competition from the new Metro line to the airport, which opened in September 2007, revenue from parking concession only increased by 1.5%. New car products and services are being developed. An increasingly positive reception of the online pre-booking feature has been seen especially among leisure travellers. Rent from premises increased by 6.7% to DKK 83.0 million. The increase was mainly due to rent from new leases and less so to The hotel activities increased by 9.4% to DKK million in H The increase was partly due to higher average room rates at the Hilton in 2008 and better results from the hotel s restaurant activities as the kitchen was upgraded in Q CPH sold the building Kystvejen 18 in Q resulting in one-off net income of DKK million. International Revenue increased by 87.5% due to more consulting services to ITA and other projects partly offset by a lower performance-based fee. Excluding one-off income, EBIT increased by DKK 18.3 million due to the higher consultancy fees from ITA and lower staff costs due to the reduction of employees from 17 to 12 as a consequence of CPH s international strategy. This was partly offset by the absence of income from divested shares in HMA and in part ASUR. Profit from the investment in NIAL increased by 13.5% due to higher commercial revenue. The increase was mainly a result of new retail units and increased parking revenue due to growth in long term parking and new products such as Fast Track and Meet & Greet Service. This was partly offset by lower passenger numbers. Profit from investments fell by DKK 18.1 million. This was due to the absence of income from HMA and reduced income from ASUR due to the divestment of these international investments in June This was partly offset by an increase in passenger numbers in ASUR. Consolidated financial highlights and key ratios Fair value excluding one-offs Carrying amount (DKK million) 1H H H H 2007 Revenue 1,531 1,390 1,531 1,390 EBITDA EBIT Profits before tax Net profit EBITDA margin 55.6% 55.6% 55.1% 70.4% EBIT margin 33.4% 33.0% 42.3% 58.2% Return on assets 5.9% 5.1% 17.1% 22.8% Return ons ratio % 38.6% 6

7 Outlook for 2008 The 2007 Annual Report included a forecast for 2008 of a 2-4% increase in passenger numbers and a profit before tax slightly higher than that achieved in 2007, excluding one-off items and the impact of tax changes in the UK. The consolidated profit for H1 was within the range of expectations. The full year forecasts are retained. As described in the 2007 Annual Report, capital investments in property, plant and equipment in 2008 were expected to be in the order of DKK 1 billion. The forecast is retained. Capital investments in 2008 mainly comprised work in progress regarding improvements of the baggage handling facilities, a new arrival floor in one of the piers, general investments in expansion of the arrival capacity and expansion of the shopping centre area. This text is an extract of the financial statements announcement released to the Copenhagen Stock Exchange on 4 August You can read the full announcement at NEW ROUTES > New SAS routes to Kiev and Bucharest > In April 2008, SAS launched two new services out of Copenhagen, to Kiev, the Ukraine and to Bucharest, Romania respectively. In the spring, SAS expanded its route network to include two new routes to Eastern Europe, giving passengers the option of non-stop flights to Kiev and Bucharest. Both routes have three weekly return flights. The flying time will be two and a half hours to both destinations. Four new routes out of Copenhagen Airport on Sterling > Before the summer, Sterling launched direct flights to Naples, Olbia on Sardinia and Trieste in Italy and to Varna in Bulgaria. When Sterling launched its summer schedule, it introduced four new destinations out of Copenhagen Airport to popular holiday destinations in Italy and Bulgaria. More flights to popular holiday destinations We are pleased to have launched flights to four new, attractive summer destinations out of Copenhagen Airport. We have great expectations of the summer schedule for the coming year, the biggest in the history of Sterling. This opens new opportunities for passengers out of Copenhagen Airport who can now travel on budget airlines to destinations ranging from Edinburgh in the west to Varna in the east. And the low-fare tickets leave money for good dinners and more tours and events during people s holidays, said Michael T. Hansen, Commercial Director, Sterling Airlines A/S. There will be two weekly flights to Naples, one on Tuesdays and one on Saturdays. Olbia is also served by two flights per week out of Copenhagen Airport on Wednesdays and Saturdays. And Trieste and Varna are served by flights every Saturday. easyjet to open Copenhagen-Milan route > Europe s fourth-largest airline continues to grow, now also expanding its European route network with a new route out of Denmark. This will increase the number of easyjet routes to and from Copenhagen to three. From October 1, Danish passengers can choose daily flights between Copenhagen Airport and Milan s Malpensa Airport, when easyjet opens its new route out of Copenhagen. The new Danish route is the third easyjet route out of Copenhagen: easyjet already has routes to London and Berlin. An attractive traffic programme It is our ambition to offer northern Europe s most attractive traffic programme. With these two direct routes, SAS expands the opportunities for trade and cooperation between northern and eastern Europe, said Susanne Larsen, CEO of SAS Scandinavian Airlines Denmark. Copenhagen Airports is also pleased that SAS is adding new services out of Copenhagen to the two eastern European metropolises; it will be the first time Kiev is part of Copenhagen Airport s route network. Cimber Air also has weekly flights between Copenhagen and Bucharest.. New direct service to Zagreb > From mid-may, Croatia Airlines launched a new non-stop flight between Zagreb, the capital of Croatia, and Copenhagen. A new airline at Copenhagen Airport, Croatia Airlines, has launched scheduled flights from Zagreb to Copenhagen using Airbus 319. There are three weekly frequencies out of Copenhagen (Tuesdays, Thursdays and Sundays), and the flying time is approximately two hours. We look forward to offering our customers a direct service to Copenhagen. The opening of a new route is always a special event, and we are very pleased to welcome passengers to this new, direct route between Zagreb and Copenhagen with connections to Dubrovnik, Split, Zadar, Pula, Sarajevo and Skopje, said Jasmin Bajic, Network Management Director of Croatia Airlines. 7

8 January-June 2008 You can follow the share performance graph every day at under Investor. Here you can also compare the stock to other airport stocks. j New oasis at the centre of the transit area New architectural gem at Copenhagen Airport: centrally located in the Terminal 3 square, the so-called Cylinder is made of wooden louvers running from floor to ceiling to achieve a transparent look. A selection of the best Danish designer furniture will be on display in the Cylinder until October, after which it will be converted into a book café. A new 215-square-metre rotunda, called the Cylinder, is constructed from louvers of jatoba mahogany, the same material as the characteristic floors in the airport s terminals. This helps create an atmosphere of serenity and a perception that the structure comes right up out of the floor. The cylinder was built to create a delimited area in this large terminal building. The louvers are used to arouse interest: they make you want to see what is behind the round transparent walls, said Kristian Slaarup Kongstad, head of the Real Estate Department of Copenhagen Airports A/S. The idea behind the transparent look is to create an exciting room with daylight filtering through the louvers while also generating a light and transparent atmosphere in the terminals. The balcony in the Cylinder will open in the spring of 2009, adding even more space and seating for passengers. A selection of the airport s designer furniture In the coming months, the new Cylinder will be used to exhibit a small selection of the designer furniture used at Copenhagen Airport: pieces created by such well-known Danish designers as Arne Jacobsen, Jens Ammundsen, Thomas Alken and Hans J. Wegner. One of the things Copenhagen Airport is world-famous for is its style and quality of design, and we want to keep this reputation. We have decided to display samples of our classic designer furniture until late summer this year. The furniture will serve both as an exhibition and as a quiet oasis where passengers can relax, said Kongstad. Many passengers relax with a book in the beautiful furniture, or just sit down and enjoy a cup of coffee. But many also spend their waiting time at the airport studying the signs describing the furniture and its design. After the exhibition closes, the area will be turned into a bookstore with a coffee concept. Subscribe to CPH news service På kan du tilmelde dig Københavns Lufthavne A/S' gratis nyhedsservice, hvor du kan abonnere på nyheder, trafikstatistik, rapporter og CPH News i elektronisk form. The next issue of CPH News will be out in February Respon. Editor Editor Photos Layout Print Pui Ling Lau Lene Hald Arne V. Petersen Lars Mikkelsen refleksdesign.dk Stormtryk Copenhagen Airports A/S Lufhavnsboulevarden 6 DK-2770 Kastrup Telephone: webmaster@cph.dk Company Reg. No