CONCESSIONS FUTURE OPPORTUNITIES

CONCESSIONS FUTURE OPPORTUNITIES MARCH 14 & 15, 2019

COLORADO S STRONG ECONOMY 2

ABOVE AVERAGE GROWTH 3

19 FORTUNE 1000 COMPANIES Fortune 1000 Companies & Major Relocations and Expansions into Metropolitan Denver 2018 4 Source: Fortune Magazine, May 2018 & Metro Denver Economic Development Corporation Note: VF Corporation relocates in H1 2019

RECORD 2018 64.5M PASSENGERS 5 Source: Denver International Airport

PASSENGER TRAFFIC KEEPS GROWING 2040 110.6M 2025 81.4M 2018 64.5M 6 Source: Denver International Airport traffic forecast

DEN IS THE 5 TH BUSIEST AIRPORT IN US U.S. Rankings, 2018 World Rankings, 2018 Rank Airport Passenger Traffic 1 Atlanta (ATL) 107,394,029 2 Los Angeles (LAX) 87,534,384 3 Chicago (ORD) 83,400,000 4 Dallas-Fort Worth (DFW) 69,112,607 5 DENVER (DEN) 64,494,613 6 New York (JFK) 61,909,148 7 San Francisco (SFO) 57,793,313 8 Seattle (SEA) 49,849,520 9 Las Vegas (LAS) 49,716,584 10 Orlando (MCO) 47,696,627 11 Charlotte (CLT) 46,444,380 12 Newark (EWR) 46,065,175 13 Miami (MIA) 45,044,312 14 Phoenix (PHX) 44,943,686 15 Houston (IAH) 43,807,539 16 Boston (BOS) 40,941,925 17 Minneapolis (MSP) 38,037,381 18 Fort Lauderdale (FLL) 35,963,370 19 Detroit (DTW) 35,236,676 20 Philadelphia (PHL) 31,691,956 21 New York (LGA) 30,094,074 22 Baltimore (BWI) 27,145,831 23 Salt Lake City (SLC) 25,554,244 24 San Diego (SAN) 24,238,300 25 Washington, D.C. (IAD) 24,060,709 Rank Airport Passenger Traffic 1 Atlanta (ATL) 107,394,029 2 Beijing (PEK) 100,980,000 3 Dubai (DXB) 89,149,387 4 Los Angeles (LAX) 87,534,384 5 Tokyo (HND) 87,098,683 6 Chicago (ORD) 83,400,000 7 London (LHR) 80,102,017 8 Hong Kong (HKG) 74,700,000 9 Shanghai (PVG) 74,050,000 10 Paris (CDG) 72,229,723 11 Amsterdam (AMS) 71,053,157 12 New Delhi (DEL) 69,866,994 13 Guangzhou (CAN) 69,730,000 14 Frankfurt (FRA) 69,514,414 15 Dallas-Fort Worth (DFW) 69,112,607 16 Seoul (ICN) 68,259,763 17 Istanbul (IST) 67,981,446 18 Jakarta (CGK) Unreleased 19 Singapore (SIN) 65,600,000 20 DENVER (DEN) 64,494,613 21 Bangkok (BKK) 63,378,923 22 New York (JFK) 61,909,148 23 Kuala Lumpur (KUL) 59,959,000 24 Madrid (MAD) 57,891,340 25 San Francisco (SFO) 57,793,313 7 Source: Airports Council International and airport traffic reports

210 NONSTOP DESTINATIONS Denver International Airport Nonstop Service Network YE June 2019 8 Source: Innovata Schedules via Diio Mi Note: Some markets are seasonal and some markets are served less than daily

STRONG DOMESTIC ROUTE NETWORK 9 Source: U.S. DOT, O&D Survey via Diio Mi; Innovata Schedules via Diio Mi

ONE OF THE WORLD S BUSIEST SHOPPING DESTINATIONS Location Footfall (busy hour) London Oxford Street 13,560 Munich Kaufingerstraβe 12,832 Madrid Calle de Preciados 10,292 Frankfurt Zeil 10,280 Paris Avenue des Champs Elysées 10,277 Barcelona Avenue del Portal de Angel 10,216 Barcelona Passeig de Gracia 10,132 Madrid Gran Via 9,956 London Regent Street 9,252 Madrid Calle Fuencarral 9,196 DEN 2025 11,795 Source: BNP Paribas Pan European Footfall Analysis 2017-2018 10

39 NEW GATES UNDER CONSTRUCTION 11 Source: Denver International Airport, subject to change

GREAT HALL 12

DEN BRAND PRINCIPLES 13

SMALL, LOCAL BUSINESS/ACDBE STRATEGY Strategy Development Identify appropriate opportunities for small, local business/acdbe Encourage participation of local product suppliers, brands and operators through direct communication RFP refinement and simplification Assist in connections between ACDBEs, prime operators and concept owners Help facilitate equitable working relationships for ACDBEs Program Delivery Design and construction guidance Concessionaire growth and technical assistance ACDBE goals 14

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Annual Gross Sales Sales per Enplanement CONCESSIONS GROWTH Concessions Sales ASQ Customer Satisfaction $450,000,000 $14.00 4.30 $400,000,000 $350,000,000 $300,000,000 $250,000,000 $200,000,000 $150,000,000 $100,000,000 $50,000,000 $- $12.00 $10.00 $8.00 $6.00 $4.00 $2.00 $- 4.20 4.10 4.00 3.90 3.80 3.70 3.60 Gross Sales Gross Sales per Enplanement Restaurant facilities Shopping facilities 15 Source: Concessions Revenue Reports on flydenver.com; ASQ Customer Satisfaction from ACI Reports

COMMERCIAL PLANNING PRINCIPLES Each concourse should have its own personality and characteristics Concourse center cores are the primary commercial zone Passengers should be exposed to the maximum amount of commercial space along their journey Design should encourage passengers to dwell in commercial spaces Commercial spaces should be optimal shapes The needs of small, local, and ACDBE businesses should be reflected in DEN s commercial plans Views and natural light should be leveraged wherever possible Passenger journey should be intuitive with a minimized number of decision points Sightlines should be optimized We should provide significant more customer seating in and around the commercial areas 16

JOURNEY TIME 20-40 minutes 40 minutes 60-80 minutes 17

DWELL TIME DEFINES OPPORTUNITY Short Dwell Time Longer Dwell Time 18

0:00 1:00 2:00 3:00 4:00 5:00 6:00 7:00 8:00 9:00 10:00 11:00 12:00 13:00 14:00 15:00 16:00 17:00 18:00 19:00 20:00 21:00 22:00 23:00 CONCOURSE A Most diverse concourse with service from 20 airlines 2018 Enplanements 8,168,729 % Originating Passengers 86% % Transfer Passengers 14% 3,500 3,000 2,500 2,000 1,500 1,000 500 0 Departing Seats by Hour Flight Duration Dwell Time 3 4 Hours More than 4 Hours Less than 2 Hours 120+ 0-45 45-60 2 3 Hours 105-120 90-105 75-90 60-75 19 Source: Hourly Seats from Innovata Schedules via Diio Mi March 14, 2019; Flight Duration from Innovata Schedules via Diio Mi for full year 2019; Enplanements, Originating, and Transfer Passengers from DEN Traffic Stats; Dwell time calculated from wi-fi sessions full year 2018.

0:00 1:00 2:00 3:00 4:00 5:00 6:00 7:00 8:00 9:00 10:00 11:00 12:00 13:00 14:00 15:00 16:00 17:00 18:00 19:00 20:00 21:00 22:00 23:00 CONCOURSE B United hub with a large volume of transfer passengers 2018 Enplanements 13,809,084 % Originating Passengers 44% % Transfer Passengers 56% 7,000 6,000 5,000 4,000 3,000 2,000 1,000 0 Departing Seats by Hour Flight Duration Dwell Time 3 4 Hours More than 4 Hours Less than 2 Hours 120+ 0-45 2 3 Hours 105-120 90-105 75-90 60-75 45-60 20 Source: Hourly Seats from Innovata Schedules via Diio Mi March 14, 2019; Flight Duration from Innovata Schedules via Diio Mi for full year 2019; Enplanements, Originating, and Transfer Passengers from DEN Traffic Stats; Dwell time calculated from wi-fi sessions full year 2018.

0:00 1:00 2:00 3:00 4:00 5:00 6:00 7:00 8:00 9:00 10:00 11:00 12:00 13:00 14:00 15:00 16:00 17:00 18:00 19:00 20:00 21:00 22:00 23:00 CONCOURSE C Nearly all domestic Southwest flights, no food onboard 2018 Enplanements 10,281,404 % Originating Passengers 75% % Transfer Passengers 25% 4,000 3,500 3,000 2,500 2,000 1,500 1,000 500 0 Departing Seats by Hour Flight Duration Dwell Time 3 4 Hours More than 4 Hours Less than 2 Hours 120+ 0-45 105-120 45-60 2 3 Hours 90-105 75-90 60-75 21 Source: Hourly Seats from Innovata Schedules via Diio Mi March 14, 2019; Flight Duration from Innovata Schedules via Diio Mi for full year 2019; Enplanements, Originating, and Transfer Passengers from DEN Traffic Stats; Dwell time calculated from wi-fi sessions full year 2018.

2016-01 2016-02 2016-03 2016-04 2016-05 2016-06 2016-07 2016-08 2016-09 2016-10 2016-11 2016-12 2017-01 2017-02 2017-03 2017-04 2017-05 2017-06 2017-07 2017-08 2017-09 2017-10 2017-11 2017-12 2018-01 2018-02 2018-03 2018-04 2018-05 2018-06 2018-07 2018-08 2018-09 2018-10 2018-11 2018-12 F&B TODAY $8.50 F&B SPE 2016-2018 $8.00 $7.50 $7.00 $6.50 $6.00 $5.50 Concourse SPE 22 Note: Sales are for Concourse A, B, and C only

2016-01 2016-02 2016-03 2016-04 2016-05 2016-06 2016-07 2016-08 2016-09 2016-10 2016-11 2016-12 2017-01 2017-02 2017-03 2017-04 2017-05 2017-06 2017-07 2017-08 2017-09 2017-10 2017-11 2017-12 2018-01 2018-02 2018-03 2018-04 2018-05 2018-06 2018-07 2018-08 2018-09 2018-10 2018-11 2018-12 RETAIL TODAY $4.50 Retail SPE 2016-2018 $4.00 $3.50 $3.00 $2.50 $2.00 Concourse A Concourse B Concourse C 23 Note: Sales are for Concourse A, B, and C only; Retail sales presented here exclude Duty Free

Commercial Space in SF FUTURE SPACE REQUIRED 160,000 140,000 120,000 100,000 80,000 60,000 40,000 20,000 0 Concourse A Concourse B Concourse C Current Space 2019 Requirement 2025 Requirement 24

CONCESSIONS MIX Retail/Services 32% 2018 Square Feet Share Retail/Services 30% 2025 Square Feet Share F&B 68% F&B 70% 25 Note: Square feet are for Concourse A, B, and C only

COMMON CONCOURSE ATTRIBUTES Improving sightlines Supporting operational requirements Creating precincts and adjacencies Enabling more flexible use of space Providing additional incubation pathways for small and local businesses Adding seating in the center core Ensuring that we have sufficient commercial capacity for our future customer volumes Matching the commercial layout to the needs of our customers 26

CONCOURSE A END STATE CENTER CORE N 27 Concourse Level Mezzanine Level

CONCOURSE A END STATE WEST SUBCORES N 28

CONCOURSE A END STATE EAST SUBCORES N 29

CONCOURSE B END STATE CENTER CORE CONCOURSE LEVEL N 30 Concourse Level Mezzanine Level

CONCOURSE B END STATE WEST SUBCORES N 31

CONCOURSE B END STATE EAST SUBCORES N 32

CONCOURSE C END STATE CENTER CORE N Concourse Level Mezzanine Level 33

CONCOURSE C END STATE WEST SUBCORES N 34

CONCOURSE C END STATE EAST SUBCORES N 35

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