MONTANA Brand Research Findings

MONTANA Brand Research Findings Presented by Destinatin Analysts

Tday Review f Research Plan & Prcess Cmpetitive Situatin In-Depth int the Brand Key Audiences fr the Mntana Brand Cmmunicating the Mntana Brand

The Missin The ntins, ideals and dreams the destinatin brand Mntana represents t its current and ptential cnsumers The values the Mntana destinatin brand is perceived t deliver t its current and ptential cnsumers Mntana s destinatin brand ptential

Interviews with Key Industry Stakehlders Assess pinins and ideas f stakehlders in Mntana turism: 31 interviews (30 minutes) Gvernment, DMOs, private industry Via telephne - Private, unrecrded cnversatins

Stakehlder Interviews: Key Gals Measure internal sense f Mntana s: Strengths and weaknesses Destinatin attributes Brand pillars Cre experiences desired Opprtunity markets Gegraphic Persna-based Challenges and pprtunities

Stakehlder Interviews: Key Gals Ensure that stakehlders feel that their pinins are being viced Infrm the develpment f ther research cmpnents

Survey f Leisure Travelers Surce: Managed panel f partner sample prvider Natinally representative sample f 1,000 leisure travelers Oversample f 300 travelers in key feeder markets N=6,245 cmpleted surveys

Traveler Survey: Sampling Plan U.S. Eastern Regin Atlanta, GA New Yrk City, NY Washingtn, DC U.S. Western Regin Las Vegas, NV Ls Angeles, CA Prtland, OR San Francisc, CA Seattle, WA U.S. Central Regin Chicag, IL Dallas/Frt Wrth, TX Minneaplis/ St. Paul, MN U.S. Muntain Regin Bise, ID/ Salt Lake City, UT Denver, CO Phenix, AZ Canada Edmntn/Calgary, AB Saskatn, SK/Regina,SK/ Winnipeg, MB Vancuver/Victria, BC

Traveler Survey: Key Infrmatinal Gals Aided/unaided awareness Past visitatin/satisfactin Interest/likelihd/intent t visit Mntana Brand assciatins and perceptins Cmpetitive set attribute ratings Travel mtivatins Evaluatin f the brand psitins/creative Travel inspiratin prcess Demgraphics and psychgraphics

In-Depth Interviews with Leisure Travelers 30 in-depth interviews f ptential Mntana visitrs 45-minute length Cnducted via nline vide cnference

In-Depth Interviews: Key Gals Add depth and clr t findings The essence f Mntana destinatin experiences Brand assciatins and perceptins Strengths and weaknesses f Mntana s brand Mtivatins fr visiting Mntana The mst desired elements f Mntana travel experience Feedback n current brand psitining

Initial Brand Platfrm Develpment

Fcus Grups in Key Markets Tw tw-hur grups in fur markets: Denver, CO New Yrk, NY San Francisc, CA Vancuver, BC, Canada

Fcus Grups in Key Markets Testing and deepening prcess: Key elements fund in traveler survey Cncepts and learning frm interviews Brand platfrm ideas

The State f the American Traveler Online survey f a representative sample f 2,000+ American leisure travelers Examines traveler sentiment, mtivatins & behavirs, as well as U.S. destinatin brand perfrmance

The State f the Internatinal Traveler TM The State f the Internatinal Traveler Online survey f likely internatinal travelers in 14 key glbal markets abut their sentiments, pinins and likely behavirs Canada Mexic United Kingdm Germany Hlland France Italy Suth Krea Australia India Argentina Japan Brazil China

Fulfillment f Research Objectives Interviews with Key Turism Stakehlders Online Survey f Leisure Travelers The State f the Internatinal Traveler - Mntana Analysis In-Depth Interviews with Leisure Travelers Fcus Grups in Key Markets What sets Mntana apart frm its cmpetitrs as a travel destinatin The highest revenue custmers that Mntana shuld target The best strategies and types f marketing cntent suited t target highvalue custmers

Outdr Destinatin Brands Half f travelers surveyed reprted that 50 percent r mre f their leisure trips in the past tw years were nature-fcused trips. Destinatin Excitement Index US Travelers Of US destinatin types, internatinal travelers in key markets demnstrate the mst enthusiasm fr visiting Natinal Parks.

Travelers Resistance Travelers exhibit a resistance t trips that are perceived t require a lnger length f travel time and ttal time verall time

Preference fr Nature vs. Urban Travel Experiences Diverse Travel Preferences Strngly prefer urban experiences Prefer urban experiences Slightly prefer urban experiences Neutral I have n preference Slightly prefer nature-based travel experiences 9.4% 6.2% 10.3% 18.6% 30.8% 40.3% Travelers enjy many trip experiences, but exhibit strnger preference fr urban t nature-based trips Prefer nature-based travel experiences Strngly prefer nature-based travel experiences 11.7% 13.0% 23.7% 0% 10% 20% 30% 40% Questin: Please think abut the types f vacatins yu mst like t take. Which bet describes yur preferences fr urban travel experiences cmpared t nature-based travel experiences?

Awareness Tp f Mind Awareness Grand Canyn Yellwstne Ysemite Califrnia Las Vegas San Francisc San Dieg Clrad Hawaii Ls Angeles Seattle Arizna Mntana Oregn Washingtn Alaska Utah Nevada Glacier Nat'l Park 14.2% 10.8% 7.0% 6.8% 5.8% 5.5% 4.6% 4.6% 3.8% 3.8% 3.4% 3.4% 3.4% 2.9% 2.5% 2.3% 2.2% 22.6% 20.4% 0% 10% 20% 30% 40% Questin: Please think abut travel destinatins in the western United States (states, cities, parks, attractins, etc.) that yu wuld like t visit specifically t enjy utdr activities and scenic beauty. Which are the three destinatins that first cme t mind? Base: All respndents. 5,630 Respnses. Tp f Mind Awareness: States Califrnia Washingtn Clrad Oregn Arizna Nevada Mntana Utah Wyming Texas Hawaii Alaska 8.9% 7.2% 7.0% 5.6% 15.4% 14.3% 13.8% 26.7% 22.5% 22.2% 22.1% 57.8% 0% 20% 40% 60% 80% Questin: Please think nly abut STATES in the western USA that yu wuld like t visit t enjy utdr activities and scenic beauty. Which are the three states that first cme t mind? Base: All respndents. 5701 Respnses.

The State f the American Traveler Mntana

Destinatin Familiarity Familiarity Mstly familiar Extremely familiar Califrnia Arizna Nevada Clrad Washingtn Oregn Alaska Utah New Mexic Mntana Wyming Suth Dakta British Clumbia, Canada Idah Nrth Dakta Alberta, Canada Saskatchewan, Canada 29.8% 25.3% 23.7% 24.5% 20.4% 17.7% 14.3% 16.7% 17.5% 15.6% 15.9% 15.7% 13.7% 14.0% 13.3% 11.4% 10.6% 8.7% 16.4% 13.9% 10.5% 11.5% 10.1% 10.0% 10.2% 9.9% 9.1% 9.3% 17.8% 18.5% 17.3% 20.9% 17.7% 33.4% 27.1% 0% 20% 40% 60% 80% Questin: Hw familiar are yu with the attractins and things t see and d in each f these states (and Canadian prvinces)? Base: All respndents. 6,245 Respnses.

Destinatin Excitement Excitement Exciting Extremely exciting Califrnia Alaska Clrad Washingtn Arizna Nevada Oregn British Clumbia, Canada Mntana Utah Alberta, Canada New Mexic Wyming Saskatchewan, Canada Suth Dakta Idah Nrth Dakta 31.6% 37.9% 27.1% 33.7% 32.3% 25.7% 28.3% 24.3% 30.9% 19.6% 26.7% 22.1% 26.3% 22.4% 26.9% 18.4% 23.8% 16.8% 23.4% 16.1% 22.4% 16.3% 24.5% 14.1% 23.7% 14.1% 20.8% 15.4% 21.3% 12.8% 21.6% 12.4% 18.6% 12.3% 40.6% 0% 20% 40% 60% 80% Questin: As a leisure traveler, hw exciting d yu generally find the attractins and things t see and d in each f these states? Base: All respndents. 6,245 Respnses.

Recent Visitatin & Likelihd fr Near Future Visitatin Recent Visitatin Califrnia Nevada Arizna Washingtn Clrad Oregn Utah New Mexic Mntana Alaska British Clumbia, Canada Idah Wyming Suth Dakta Nrth Dakta Alberta, Canada Saskatchewan, Canada 18.0% 15.1% 14.0% 13.8% 12.1% 10.4% 9.6% 8.4% 8.2% 5.7% 5.3% 2.3% 29.9% 28.8% 28.0% 27.1% 52.2% 0% 20% 40% 60% Questin: Which f the fllwing states (r Canadian prvinces) HAVE YOU VISITED as part f a leisure trip in the PAST FIVE (5) YEARS? Base: All respndents. 6,245 Respnses. Likely t Visit in Next 5 Years Califrnia Washingtn Clrad Nevada Arizna British Clumbia, Canada Oregn Alaska Mntana Alberta, Canada New Mexic Utah Wyming Idah Suth Dakta 13.0% 11.3% 10.3% 18.0% 16.9% 16.6% 23.0% 21.0% 29.7% 28.2% 27.3% 25.9% 32.6% 31.0% 52.8% 0% 20% 40% 60% Questin: Which f the fllwing states (r Canadian prvinces) are yu LIKELY TO VISIT as part f a leisure trip in the NEXT FIVE (5) YEARS? Base: All respndents. 6,245 Respnses.

Mntana as an Aspiratinal Destinatin Destinatin Aspiratin Gap 60% Visited in past 5 years 50% 40% Likely t visit in next 5 years 30% 20% 10% 0%

Clrad: Mntana s Tp Cmpetitr 60% 50% 40% Clrad Mntana Wyming Utah 48.2% 39.4% 40.2% 34.4% 38.0% Clrad surpasses n all attributes 30% 20% 24.6% 20.2% 18.9% 27.5% 22.0% 22.6% 19.9% Mntana is secnd-place in all but Natinal Parks 10% 0% 10.9% 11.6% 8.2% 9.8% Scenic Beauty Ptential fr a vacatin rad trip 13.7% 13.3% 10.6% Family-friendly envirnment 12.6% 10.6% 6.9% Natinal Parks Winter recreatinal activities 11.1% 9.0% Place I mst want t visit Mst serius gap in winter recreatin with Clrad Fr each attribute belw, which ne state/prvince is the best? (Select ne fr each)

The State f the Internatinal Traveler Mntana

Past Visitatin Past Visitatin t Mntana fr any Reasn Experience with Mntana s turism prduct is significant N 56.7% Yes 43.3% Questin: Have yu ever visited the State f Mntana? Base: All respndents. 6,245 Respnses.

Familiarity with Mntana Familiarity with Mntana as a Leisure Destinatin Mntana shuld assume little wrking knwledge f its destinatin attributes amng the traveling public Very familiar Familiar Neutral Unfamiliar 13.9% 22.7% 21.9% 25.3% 36.6% Extremely unfamiliar 16.2% 0% 10% 20% 30% 40% Questin: Hw familiar d yu cnsider yurself t be with the State f Mntana as a place t visit fr leisure reasns? (Select ne). Base: All respndents. 6,245 Respnses.

Mntana shuld assume little wrking knwledge f its destinatin attributes amng the traveling public

Mntana shuld assume little wrking knwledge f its destinatin attributes amng the traveling public

Mntana shuld assume little wrking knwledge f its destinatin attributes amng the traveling public

Summary Mntana is mst cmmnly assciated with muntains, fishing, hiking and Natinal Parks.

Mntana s Appeal Mntana as a Leisure Destinatin Extremely appealing Appealing 27.8% 31.8% Slightly appealing Neutral 17.7% 13.6% Slightly unappealing Unappealing Extremely Unappealing 3.7% 3.3% 2.2% 0% 10% 20% 30% 40% Questin: Given what yu currently knw, hw appealing d yu find the State f Mntana as a destinatin fr leisure travel? (Select ne). 6,245 Respnses.

Tp-f-Mind Mntana (Unaided) Mntana Descriptrs (Unaided) Mntana s Distinguishing Attributes (Unaided) Beautiful landscapes r scenery 37.8% Wildlife, nature, r utdrs 23.4% Fresh air, pen, pen skies, r free 20.3% Muntain(s), hills, vlcans 18.6% Wnderful, pleasant, gd 13.4% Big, vast, r large 11.2% Relaxatin, calm, r rejuvenating 10.0% Winter, snw, r cld 9.8% Rural, cuntry, quaint, r buclic 5.2% Austere, lw ppulatin, r empty 4.4% Fun, amusement, entertainment 4.4% Big Sky/Big Sky Cuntry 4.1% Clean, clear, r pure 3.0% 0% 10% 20% 30% 40% Natural Beauty Wide Open Spaces Diversity f Landscape Wild Animals and Wilderness Great Experiences Less Ppulated Large size Unspiled Nature 16.3% 13.7% 10.3% 10.1% 9.9% 7.7% 5.8% 5.1% 0% 5% 10% 15% 20% Questin: Picture Mntana in yur mind and think f the SPECIFIC WORDS that describe Mntana Please write in the first adjectives r descriptive wrds r phrases that cme t mind. Wrds r phrases that describe Mntana. Base: All respndents. 5,148 Respnses. Questin: In a few wrds, WHAT MAKES MONTANA DIFFERENT FROM OTHER STATES in the western USA and Canada? Base: All respndents. 4,871 Respnses.

Psitive Descriptrs fr Mntana (Aided) Psitive Descriptrs f Mntana (Aided) Negative Descriptrs f Mntana Beautiful Wilderness Relaxing Uncrwded Expansive Welcming Unique Family-friendly Exciting Laid-back Wild Histric Freedm 41.8% 40.0% 36.4% 36.1% 32.9% 32.7% 32.6% 32.2% 29.7% 28.6% 56.6% 52.7% 51.0% 0% 20% 40% 60% Hard t get t Turisty Bland Bring Expensive Unppular Backward Crwded Unfriendly Unsafe Overdevelped Cngested NONE OF THESE 5.6% 3.7% 3.5% 3.4% 3.3% 2.7% 10.1% 8.8% 8.8% 8.7% 16.3% 15.2% 51.2% Questin: Which f these wrds r phrases accurately describe Mntana? (Select all that apply). Base: All respndents. 6,245 Respnses. 0% 20% 40% 60% Questin: Which f these wrds r phrases accurately describe Mntana? (Select all that apply). 6,245 Respnses.

Destinatin Attributes: Imprtance 110% 90% 70% 50% 30% Imprtant r Very Imprtant Questin: Please use the scale belw t evaluate each attribute f Mntana as a place t visit fr leisure travel.; Hw imprtant wuld each generally be t hw yu wuld select the places yu wuld visit? Surce: Mntana Brand Explratin Survey, 2016

Perceptins versus Imprtance 110% 90% 70% 50% 30% Imprtant r Very Imprtant Gd r Extremely Gd Questin: Please use the scale belw t evaluate each attribute f Mntana as a place t visit fr leisure travel.; Hw imprtant wuld each generally be t hw yu wuld select the places yu wuld visit? Surce: Mntana Brand Explratin Survey, 2016

Perceptins versus Imprtance 110% 90% 70% 50% 30% Imprtant r Very Imprtant Gd r Extremely Gd Mntana Visitrs Questin: Please use the scale belw t evaluate each attribute f Mntana as a place t visit fr leisure travel.; Hw imprtant wuld each generally be t hw yu wuld select the places yu wuld visit? Surce: Mntana Brand Explratin Survey, 2016

Mntana s Brand The Big Picture The Bad: Mntana is: Off-the-radar Off-the-beaten-path, far away and challenging t access An expensive and time-cnsuming destinatin The Gd: Mntana is: Natural, less-develped Nt turisty r vercrwded A little mysterius and exciting One-f-a kind assets A free envirnment that inspires adventure

Brand Statements Tested Brand Statement #1 Experiences: Mntana is the place fr extrardinary experiences. These can be entirely new t the traveler, such as visiting an icnic Natinal Park, fly fishing fr brk trut r explring a deslate, wild west ghst twn. They can als be different ways f experiencing the familiar, like learning abut the private lives f bisn and grizzlies n a guided wildlife tur r hrseback riding thrugh a blw-yur-mind beautiful muntain range. Mntana ffers the traveler an unparalleled array f astnishing travel experiences. Brand Statement #2 Escape: Mntana is the antidte t the mdern, ver-crwded, turisty destinatin. Seemingly farther away, mre distant, but surprisingly easy t access, Mntana is a place t cnnect with unspiled nature and discnnect frm the stress f urban life. Mntana allws us t unplug, relax and experience a slwer, mre authentic pace f life. A land f big muntains, sweeping vistas and fascinating lcal characters, Mntana is the plar ppsite f the I m ging t need a vacatin after my vacatin trip. Brand Statement #3 Best f Tw Wrlds: Mntana is a state f natural wnders. Knwn fr its extrardinary beauty, Mntana ffers travelers the best f tw wrlds. With stunning muntain ranges, wild sweeping vistas, fascinating wildlife and skies s big they mve awe in the sul, the traveler can be ttally immersed in the beauty f nature, with the cmfrts f the mdern wrld always clse at hand. Our charming muntain twns, upscale resrts, spas and dude ranches prvide the traveler with a cmfrtable end t an exciting day spent in America s mst engaging and beautiful wild lands.

Brand Psitining: What are Mntana s key pints f differentiatin? Brand Persnality: Hw des Mntana relate t its audience? Brand Values: What des Mntana s brand stand fr? Brand Insight: What singular feeling best encapsulates the Mntana visitr experience?

The Prmise f Mntana Brand psitining: 1) Mntana's unique scenic beauty and unspiled natural assets make it an unequaled place t independently engage with the natural wrld while still enjying the cmfrts f the mdern ne. 2) Mntana is a place set apart, bth physically and culturally, that attracts thse with freedm and adventure in their hearts. 3) It is where the traveler enjys experiences that are entirely new, as well as nvel ways f enjying the familiar.

Taking a trip t Mntana says yu re adventurus, lve the utdrs. It says that smene likes t explre, is pen-minded, and wants smething new and different. Smene wh takes a trip t Mntana shws a willingness t experience a ttally different wrld. Peple wh visit Mntana enjy nature and being active. They re bld, daring and free.

Three Cre Elements 1) Unique natural encunters withut giving up the cmfrts f mdern life, 2) Cmfrtable islatin that attracts free-spirited adventurers, and 3) A place fr entirely new experiences and a place fr new ways f experiencing the familiar.

What we re lking fr and, f curse, vlume

Calculating the Mntana Visitatin Index A. Likelihd f visiting the Nrthern Rcky Muntain Regin. If nt likely, penness t visiting? Abslutely n chance Extremely High chance 0 1 2 3 4 5 6 7 8 9 10 B. Hw much des the idea f a Mntana trip excite them? (Hw exciting d yu find the idea f taking a vacatin that includes travel t Mntana during the WARM WEATHER MONTHS (April t Octber)?) Zer Excitement Extreme Excitement 0 1 2 3 4 5 6 7 8 9 10 Index Value fr individual respndents = A * B

Warm Seasn Visitatin Index (Incidence in ppulatin) Cld Seasn Visitatin Index (Incidence in ppulatin) High Ptential Visitrs High Ptential Visitrs

High Ptential = High Value High Ptential Visitrs Lwer Ptential Visitrs % Diff. Outdr psychgraphic index (mean) 86.2 71.4 20.7% Think Mntana is extremely exciting 40.6% 9.5% 324.7% Affluent (Annual HHI > $80K) 59% 40% 48.2% Ideal Mntana Trip Expected ttal spend in Mntana $1,887 $1,487 26.9% Expected stay in 4-star htel prperty 48.6% 30.0% 61.9% Days spent in Mntana 8.1 6.0 36.6% Base 1,167 5,078

High Ptential Visitrs Lwer Ptential Visitrs Live in urban areas 65.1% 45.6% Married with children 49.1% 25.2% Cllege degree r abve 68.0% 52.5% Annual husehld incme >$80K 59.2% 39.9% Male 54.3% 36.7% Average age 36.4 41.4 Say Mntana is Appealing r Extremely appealing 93.1% 51.8% Say Mntana is Extremely appealing 72.1% 17.6% Familiar r Very familiar with Mntana s turism ffering 74.3% 27.9% Visited Mntana at least nce in the past 71.8% 36.7% Average trips t Mntana in the past 10 years 2.9 0.9 Likely r Very likely t visit the Nrthern Rckies (next 2 years) 93.6% 8.8% Average number f leisure trips taken in the past 12 mnths 8.7 5.0 Extremely interested in lng-haul utdr-riented trips 74.0% 30.4% Outdr-riented travelers (average psychgraphic index scre) 86.2 71.4

Outdr- Oriented Travelers 71.4 86.2

Desired Activities On a Mntana Trip

Fcus Grup Highlights It was clear frm the qualitative research that several activities in Mntana have very significant ptential t attract visitrs. These were: Sky-gazing and star-gazing Nn-traditinal ldging ptins (Yurts and Teepees) Mntana State Parks Ht Springs

Alternate Apprach Activitybased segmentatin

The ppulatin f the DMAs clearly drive the rdinal rank. The Bise-Salt Lake City DMA has a large prprtin f high ptential visitrs, yet the ppulatin is relatively small cmpared t New Yrk and Ls Angeles. Strngest Markets Warm Seasn Warm Seasn Markets (% High Ptential) Denver, CO 25.2% Bise-Salt Lake City, ID/UT 25.2% Ls Angeles, CA 25.0% New Yrk City, NY 23.3% Edmntn-Calgary, AB 20.8% Weakest Markets Warm Seasn (% High Ptential) Vancuver-Victria, BC 7.0% Regina-Saskatn, SK 7.4% Prtland, OR 11.3% Seattle, WA 12.5% Minneaplis-St. Paul, MN 12.7% WARM SEASON High Ptential Visitrs (%) Husehlds Market Size (Husehlds) New Yrk City, NY 23.3% 7,368,320 1,713,563 Ls Angeles, CA 25.0% 5,489,810 1,372,453 Chicag, IL 19.3% 3,475,220 672,256 Washingtn, DC 17.4% 2,443,640 424,633 Denver, CO 25.2% 1,576,090 396,632 Dallas-Frt Wrth, TX 14.8% 2,646,370 390,448 San Francisc, CA 14.8% 2,484,690 366,594 Atlanta, GA 14.8% 2,385,730 351,993 Edmntn-Calgary, AB 20.8% 1,450,379 302,359 Bise-Salt Lake City, ID/UT 25.2% 1,150,480 289,476 Phenix, AZ 14.5% 1,848,850 267,597 Seattle, WA 12.5% 1,766,070 220,035 Minneaplis-St. Paul, MN 12.7% 1,723,210 219,625 Las Vegas, NV 17.9% 736,700 131,728 Prtland, OR 11.3% 1,136,320 128,709 Vancuver-Victria, BC 7.0% 1,459,485 101,825 Winnipeg, MB 14.3% 419,716 59,959 Regina-Saskatn, SK 7.4% 289,331 21,432

Canadian cities tend t scre lwer than American cities in terms f the prprtin f residents classified as high ptential visitrs. Canadian prvinces were uneven in the prprtin f residents classified as high ptential. Edmntn- Calgary, AB and Winnipeg, MB far surpass Vancuver-Victria, BC and Regina-Saskatn, SK in the prprtin f high ptential visitrs. The highest scring Canadian gegraphy is the nearby Edmntn- Calgary, AB cmbined metrplitan area.

The high levels f interest in Mntana shwn in the survey results were reflected in the qualitative findings f the fcus grups, with New Yrkers shwing high enthusiasm fr Mntana. In Califrnia, Ls Angeles appears t be a htbed f interest in Mntana, far surpassing the San Francisc Bay Area in the survey findings (25.0% vs. 14.8%) and ntable in the lukewarm receptin in the San Francisc fcus grups fr Mntana s travel fferings.

Warm Seasn Visitatin Index (Incidence in ppulatin) Cld Seasn Visitatin Index (Incidence in ppulatin) High Ptential Visitrs High Ptential Visitrs

Cld Seasn Markets COLD SEASON High Ptential Visitrs (%) Husehlds Market Size (Husehlds) New Yrk City, NY 22.9% 7,368,320 1,689,083 Ls Angeles, CA 23.0% 5,489,810 1,262,656 Chicag, IL 14.8% 3,475,220 512,737 Washingtn, DC 14.1% 2,443,640 344,513 Dallas-Frt Wrth, TX 11.5% 2,646,370 303,682 Atlanta, GA 11.9% 2,385,730 284,392 San Francisc, CA 9.8% 2,484,690 244,396 Minneaplis-St. Paul, MN 11.9% 1,723,210 205,416 Denver, CO 12.5% 1,576,090 196,365 Phenix, AZ 9.0% 1,848,850 166,993 Seattle, WA 7.9% 1,766,070 139,427 Edmntn-Calgary, AB 7.2% 1,450,379 103,936 Bise-Salt Lake City, ID/UT 7.2% 1,150,480 82,985 Vancuver-Victria, BC 4.0% 1,459,485 58,185 Prtland, OR 4.9% 1,136,320 55,161 Las Vegas, NV 4.6% 736,700 33,705 Winnipeg, MB 3.1% 419,716 12,848 Regina-Saskatn, SK 0.9% 289,331 2,679 As measured by the prprtin f residents categrized as high ptential visitrs, New Yrk and Ls Angeles again perfrm very well, far utpacing the ther metrplitan areas. In terms f the prprtin f residents categrized as high ptential, Edmntn-Calgary, AB is the tp perfrming Canadian market. The ther three Canadian markets shw little interest in Mntana as a winter trip. This is cnsistent with the fcus grup bservatins in Vancuver, where participants seemed t write ff the idea f a Mntana winter trip.

Niche #1: Family Travelers Family travelers are a natural fit with Mntana s travel prduct, including that available in the Eastern prtin f the state. They are a large and lucrative segment. In the Mntana Brand Explratin Survey, apprximately nethird, 32.0 percent, f travelers reprted having children under the age f 18 in their hmes. Family Nt Family Travelers Travelers % Diff. Outdr psychgraphic index (mean) 80.3 71.3 12.7% Think Mntana is extremely exciting 22.8% 11.8% 93.4% Affluent (Annual HHI > $80K) 60% 36% 65.5% Ideal Mntana Trip Expected ttal spend in Mntana $1,897 $1,407 34.8% Expected stay in 4-star htel prperty 46.7% 27.3% 71.4% Days spent in Mntana 7.1 6.0 18.6% Base 2,000 4,245

Niche #2: Histry Buffs Mntana s histrical attributes appear t be little knwn utside the state, but are f interest t many travelers. This was clear in the fcus grups and in-depth interviews. If we define histry buffs as respndents t the Mntana Brand Explratin Survey wh rated Histric attractins as an Extremely imprtant attribute in selecting travel destinatins, they represent ver ne-third, 34.7 percent, f the verall ppulatin f the state s key target markets. Histry Buffs Nt Histry Buffs % Diff. Outdr psychgraphic index (mean) 80.2 70.5 13.9% Thinks Mntana is extremely exciting 24.8% 9.5% 160.5% Affluent (Annual HHI > $80K) 47% 41% 12.9% Ideal Mntana Trip Expected ttal spend in Mntana $1,750 $1,446 21.0% Expected stay in 4-star htel prperty 38.8% 30.2% 28.2% Days spent in Mntana 7.1 5.9 21.4% Base 2,372 3,873

Niche #3: Winter Enthusiasts In this analysis, winter enthusiasts are defined as respndents t the Mntana Brand Explratin Survey wh rated Winter recreatin as an Extremely imprtant attribute in selecting travel destinatins. This audience represents apprximately ne-fifth f the verall ppulatin f the state s key target markets (19.0%). Winter Nt Winter Enthusiasts Enthusiasts % Diff. Outdr psychgraphic index (mean) 86.2 71.4 20.7% Thinks Mntana is extremely exciting 36.0% 10.5% 242.9% Affluent (Annual HHI > $80K) 58.2% 40.1% 45.1% Ideal Mntana Trip Expected ttal spend in Mntana $1,826 $1,501 21.7% Expected stay in 4-star htel prperty 48.9% 29.9% 63.5% Days spent in Mntana 7.8 6.0 30.7% Base 1,188 5,057

Desired Winter Activities On a Mntana Trip Skiing (at a ski hill/resrt) Watch Nrthern Lights Dining ut in restaurants Fishing Snwbarding Festivals r special events Muntain Biking Snwmbiling Ht springs 57.0% 51.2% 50.8% 49.0% 48.3% 48.1% 46.1% 45.7% 45.6% 0% 20% 40% 60% (% f Winter enthusiasts. Surce: Mntana Brand Explratin Survey)

Why Nt Retirees? Althugh retirees are an imprtant niche audience fr Mntana, they are a smaller, lwer value segment. This grup represents apprximately 15 percent f the verall ppulatin f the state s key target markets (14.7%). In an envirnment where limited funds are available t address marketing segments, retirees d nt appear t represent a high-value segment. Retirees Nt Retirees % Diff. Outdr psychgraphic index (mean) 64.4 75.9-15.1% Thinks Mntana is extremely exciting 6.8% 16.8% -59.4% Affluent (Annual HHI > $80K) 30% 46% -34.4% Ideal Mntana Trip Expected ttal spend in Mntana $1,301 $1,605-18.9% Expected stay in 4-star htel prperty 17.9% 36.2% -50.5% Days spent in Mntana 6.0 6.4-6.2% Base 917 5,328

Free-Spirited Adventure A place that is authentic fr new and unexpected experiences, where visitrs can have uniquely pwerful encunters with the natural wrld, as well as access t unspiled nature within the cmfrts f mdern life. Mntana represents what the audience aspires t be: exciting and adventurus, free and independent, hnest and captivating.

General Guidelines Prject an hnest and genuine vice Prvide specifics n and descriptins f Mntana attractins and activities Avid marketing jargn, hyperble and exaggerated phrases

Primary Messages A place fr free-spirited adventure A place fr new experiences and where ne can find new ways t experience the familiar. A place where ne has access t uniquely pwerful encunters with the natural wrld, as well as the cmfrts f mdern life. Outstanding Natinal Parks fferings Unique scenic beauty (sweeping muntain ranges, big sky ambiance and diverse gegraphy) Remte, unppulated and unspiled ambiance Unique wildlife viewing ptins (grizzly bears, buffal, prnghrn antelpe and elk) A surprisingly cmpelling state parks system Abundant scenic byways and pprtunities fr rad trip adventures

Questins t Ask Will it psitin Mntana as stimulating travelers sense f adventure? Des Mntana lk like an uncmplicated trip? Bth in trip cmmitment and travel time? Des it make Mntana lk mysteriusly alluring? Des it avid prjecting extreme islatin? Are Mntana s unique physical attributes and atmsphere shwcased? Des it cntribute t the sense f I m fearless and free fr picking Mntana as a travel destinatin?

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