PFC Collection Analysis

PFC Collection Analysis 8:40 9:30am June 11, 2018 2018 BUSINESS OF AIRPORTS Airport/Airline Business Working Group Analysis of declining trend in PFC-paying passengers

Background

U.S. Airport Infrastructure Needs ACI-NA estimates that airports nationwide have $20 billion a year in capital needs Airport infrastructure needs have increased 32% since 2015 Source: ACI North America, Airport Infrastructure Needs 2017 2021. 3 ACI - BOA Airport/Airline Business Working Group Analysis of declining trend in PFC-paying passengers June 11, 2018

U.S. Airport Infrastructure Needs by Project Type Terminals represent the greatest capital need 1.6% 1.4% 7.8% 1.7% 2.0% 4.3% 9.1% 9.2% 1 46.9% Terminal building Surface access Airfield capacity Reconstruction New airports Safety Environment Standards Security Other Source: ACI North America, Airport Infrastructure Needs 2017 2021. 4 ACI - BOA Airport/Airline Business Working Group Analysis of declining trend in PFC-paying passengers June 11, 2018

PFC Statistics Collections Approved Uses Total amount of approved collections: $103.1 billion collections from 1992 through 2017: $53.4 billion Estimated monthly collections in 2018: $286 million INTEREST 33% NEW DENVER 3% AIRSIDE 18% Monthly collections in 2017: $274 million Annual Collections 2017 - $3.286 billion (after corrections) 2018 - $3.427 billion (estimated collections based on current collection rates) ACCESS 7% NOISE 4% LANDSIDE 36% Source: FAA, PFC Branch, February 2018. 5 ACI - BOA Airport/Airline Business Working Group Analysis of declining trend in PFC-paying passengers June 11, 2018

ATL LAX ORD DFW JFK DEN SFO LAS SEA CLT PHX MIA MCO IAH EWR MSP BOS DTW LGA PHL FLL BWI DCA SLC MDW IAD SAN HNL TPA PDX DAL STL BNA HOU AUS OAK MSY RDU MCI SJC SNA SMF SJU RSW IND SAT CLE PIT CMH OGG MKE CVG PBI BDL JAX ANC ABQ BUF OMA ONT BUR MEM CHS PVD OKC RIC RNO BOI SDF ORF TUS GEG KOA LIH GUM ELP ALB LGB TUL GRR SFB BHM DSM ROC SAV DAY PSP MHT GSP SYR LIT MYR PIE MSN TYS PWM GSO PNS ICT HPN PFC Levels Imposed by All Hub Airports (as of January 1, 2018) Airport category Number of airports Locations currently collecting Collecting at max. $4.50 level Large 30 30 29 Medium 31 29 28 Small 72 69 65 Non hub 246 185 179 Commercial service 127 46 43 Total 506 359 344 $4.50 Current PFC Collection Levels at Top 100 U.S. Airports (a) $4.00 $3.50 $3.00 $2.50 $2.00 Large hubs Medium hubs Small hubs (a) As ranked by total enplaned passengers for Calendar Year 2016. 6 ACI - BOA Airport/Airline Business Working Group Analysis of declining trend in PFC-paying passengers June 11, 2018

PFC Outlook: Future Collections Obligated to Past Projects 3.5 3.0 2.5 2.0 PFC Collections: $103.1 billion approved $53.4 billion collected through 2017 $49.7 billion of future collections already obligated PFC Collections by Year (in billions) 3.3 1.5 1.0 0.5 0.0 0.1 Source: FAA, PFC Branch, April 2018. 7 ACI - BOA Airport/Airline Business Working Group Analysis of declining trend in PFC-paying passengers June 11, 2018

A4A Perspective POLICY PRIORITY: TAXES Over the years, the government has imposed an increasing number of taxes and fees on airlines, travelers and shippers, undermining the positive economic impact of aviation. Air travel is taxed at much higher rates than other modes of transportation. In fact, aviation s federal tax rate is higher than that on alcohol or tobacco products taxed to discourage their use. Taxes on passengers and airlines have skyrocketed by 400 percent over the past two decades. Since 1990, the number of U.S. federal aviation taxes has increased from six to 17 and the amount of taxes paid went from $3.7 billion in 1990 to over $23 billion in 2016. Reducing the tax burden would help keep airfares affordable, allowing the traveling public to fly more often, encouraging economic growth. Congress should repeal the commercial jet fuel tax, which costs 4.4 cents per gallon, prevent any increase to the passenger facility charge and reject proposals to a value-added tax approach to airlines optional services. Source: Airlines for America (A4A) (emphasis added); http://airlines.org/policy-priorities-learn-more/ 8 ACI - BOA Airport/Airline Business Working Group Analysis of declining trend in PFC-paying passengers June 11, 2018

PFC Data Analysis

Analyze changes for this segment Localized / not significant or no major changes 2010-2017 PFC Regulatory Exclusions - 40117 (except as noted) (2) A passenger facility fee may not be collected from a passenger (A) for more than 2 boardings on a one-way trip or a trip in each direction of a round trip; (B) for the boarding to an eligible place under subchapter II of chapter 417 of this title for which essential air service compensation is paid under subchapter II; (D) on flights, including flight segments, between 2 or more points in Hawaii; (E) in Alaska aboard an aircraft having a seating capacity of less than 60 passengers; and (F) enplaning at an airport if the passenger did not pay for the air transportation which resulted in such enplanement due to charter arrangements and payment by the Department of Defense. (C) enplaning at an airport if the passenger did not pay for the air transportation which resulted in such enplanement, including any case in which the passenger obtained the ticket for the air transportation with a frequent flier award coupon without monetary payment; Note (PFC Handbook): The FAA interprets this provision to prohibit the collection of PFC's from passengers considered to be nonrevenue passengers under existing DOT Regulations and from passengers who obtained their ticket with an award coupon issued under a frequent flyer or similar bonus award program ("frequent flyer award coupon"). For purposes of this provision, the FAA considers a "frequent flyer award coupon" to be a zero-fare award of air transportation that an air carrier or foreign air carrier provides to a passenger in exchange for accumulated travel mileage or trip credits in a customer loyalty program. 10 ACI - BOA Airport/Airline Business Working Group Analysis of declining trend in PFC-paying passengers June 11, 2018

Data Sources and Approach LeighFisher analyzed the Top 100 U.S. Airports, capturing ~98% of U.S. enplaned passengers and PFC collections (Note: for 2017 the LeighFisher analysis captured $3.1b of PFC collections as compared to the FAA s reported total of $3.3b) U.S. DOT, Schedule T100 & passenger Origin- Destination Survey, reconciled to Schedule T100 Federal Aviation Administration System (FAA) System of Airports Reporting (SOAR) reported to U.S. DOT exclude through passengers (i.e., connections that do not deplane) include zero-fare passengers (i.e., frequent flyer awards) are imputed based on and PFC revenue LOCID Hub Type QTR Dt Total Revenue YEAR MONTH FY PHX L 3/31/2010 $ 20,314,339 2010 3 6 PHX L 6/30/2010 $ 18,362,238 2010 6 6 PHX L 9/30/2010 $ 18,331,476 2010 9 6 PHX L 12/31/2010 $ 21,328,712 2010 12 6 PHX L 3/31/2011 $ 18,014,700 2011 3 6 PHX L 6/30/2011 $ 23,568,286 2011 6 6 PHX L 9/30/2011 $ 17,970,926 2011 9 6 PHX L 12/31/2011 $ 19,849,905 2011 12 6 PHX L 3/31/2012 $ 19,882,406 2012 3 6 PHX L 6/30/2012 $ 22,490,059 2012 6 6 PHX L 9/30/2012 $ 19,956,213 2012 9 6 PHX L 12/31/2012 $ 20,144,246 2012 12 6 PHX L 3/31/2013 $ 19,354,160 2013 3 6 PHX L 6/30/2013 $ 19,936,117 2013 6 6 PHX L 9/30/2013 $ 18,966,870 2013 9 6 PHX L 12/31/2013 $ 19,664,948 2013 12 6 PHX L 3/31/2014 $ 17,953,293 2014 3 6 PHX L 6/30/2014 $ 21,380,636 2014 6 6 PHX L 9/30/2014 $ 20,474,856 2014 9 6 PHX L 12/31/2014 $ 20,738,313 2014 12 6 PHX L 3/31/2015 $ 18,323,795 2015 3 6 PHX L 6/30/2015 $ 26,024,792 2015 6 6 PHX L 9/30/2015 $ 21,114,040 2015 9 6 PHX L 12/31/2015 $ 17,441,407 2015 12 6 PHX L 3/31/2016 $ 24,023,203 2016 3 6 PHX L 6/30/2016 $ 21,936,121 2016 6 6 PHX L 9/30/2016 $ 20,018,253 2016 9 6 PHX L 12/31/2016 $ 17,588,839 2016 12 6 PHX L 3/31/2017 $ 21,279,452 2017 3 6 PHX L 6/30/2017 $ 26,007,965 2017 6 6 PHX L 9/30/2017 $ 16,671,199 2017 9 6 Note: Extract from LeighFisher analysis populated with data from FAA SOAR. 11 ACI - BOA Airport/Airline Business Working Group Analysis of declining trend in PFC-paying passengers June 11, 2018

Example Dashboard and Interpretation Phoenix Sky Harbor Intl (in thousands except for percentages; for fiscal year ending June) Phoenix Sky Harbor Intl PFC's averaged 92.4% with a low ratio of 89.5% and a high ratio of 95.5%. s have increased by 1.9% from 2010-2016 with a low ratio of 7.5% and a high ratio of 9.9%. PHX PHX 9 11.0% s 9 94.0% 10.0% 93.0% 9.0% 91.0% 89.0% 8 8 8 Linear () PHX 18,763 19,369 19,693 19,584 19,835 20,852 21,300 21,038 20,054 795 850 862 910 995 1,052 976 1,166 951 92.9% 95.5% 92.8% 92.3% 89.5% 93.5% 90.4% 91.9% 92.4% 7.5% 7.9% 8.5% 9.1% 9.1% 9.4% 9.9% 8.7% U.S U.S DOT, DOT, Schedule T100 & passenger Origin-Destination Survey, Survey, reconciled to to Schedule T100. Federal Aviation Administration System (FAA) System of of of Airports Airports Reporting (SOAR). excluding through passengers, as as as reported DOT. s are as reported to DOT. Passengers do do not pay a fare (i.e., frequent flyer awards). By By By from the regulation is is one of the largest exclusions from from the the requirement to to pay pay a 12 ACI - BOA Airport/Airline Business Working Group Analysis of declining trend in PFC-paying passengers June 11, 2018

Analysis Questions and Answers Question: Why did my airport PFC collection ratio increase / decrease / fluctuate and are there national trends that explain what happened at my airport? Supposition: At an individual airport level we would see increases / decreases / fluctuations due to timing of PFC remittances and if any long term national trends emerged the trend would be easily discernable (e.g., dramatic airline hubbing or dehubbing, start of operations by Southwest or an ULCC, or local changes to either implement or change a PFC program). Answer: In some cases it is difficult to discern trends at a local level. Question: What is happening at a national level? Have PFC collections and enplaned passengers increased at the same rate in recent history (2010 to 2017)? Supposition: PFC collections increased, but at a lesser rate than enplaned passengers. Answer: ly, at a national level PFC collections and enplaned passengers have increased at roughly the same rate. Interpretation: There continues to be a strong correlation between changes in enplaned passengers and PFC eligible passengers; changes in individual airport ratios could be due to national trends that impact airports differently. 13 ACI - BOA Airport/Airline Business Working Group Analysis of declining trend in PFC-paying passengers June 11, 2018

PFC Ratio (2017 as compared to median) Summary of Results, Large and Medium U.S. Airports Large Hubs Medium Hubs ATL 1 DAL 31 LAX 2 STL 32 ORD 3 BNA 33 DFW 4 HOU 34 JFK 5 AUS 35 DEN 6 OAK 36 SFO 7 MSY 37 LAS 8 RDU 38 SEA 9 MCI 39 CLT 10 SJC 40 PHX 11 SNA 41 MIA 12 SMF 42 MCO 13 SJU 43 IAH 14 RSW 44 EWR 15 IND 45 MSP 16 SAT 46 BOS 17 CLE 47 DTW 18 PIT 48 LGA 19 CMH 49 PHL 20 OGG 50 FLL 21 MKE 51 BWI 22 CVG 52 DCA 23 PBI 53 SLC 24 BDL 54 MDW 25 JAX 55 IAD 26 ANC 56 SAN 27 ABQ 57 HNL 28 BUF 58 TPA 29 OMA 59 PDX 30 ONT 60 BUR 61 10.0% 4.0% 2.0% 0.0% -2.0% -4.0% - - 9 PFC Ratio Large Hubs Medium Hubs 56 - - + + 3 52 50 12 28 15 47 4 23 26 1 2 5 19 8 16 9 30 10 20 37 45 17 43 54 24 1159 27 55 7 53 13 21 38 35 40 48 44 46 29 51 49 6 41 57 22 31 36 42 58 32 11 26-10.0% -10.0% - - -4.0% -2.0% 0.0% 2.0% 4.0% 10.0% % (2017 as compared to median) 61 39 25 14 PFC Ratio 14 ACI - BOA Airport/Airline Business Working Group Analysis of declining trend in PFC-paying passengers June 11, 2018

Zero Fare Passengers

Airline Frequent Flyer Programs 16 ACI - BOA Airport/Airline Business Working Group Analysis of declining trend in PFC-paying passengers June 11, 2018

2007 2012 2017 2007 2012 2017 2007 2012 2017 2007 2012 2017 2007 2012 2017 2007 2012 2017 2007 2012 2017 2007 2012 2017 2007 2012 2017 2007 2012 2017 Changes in Zero Fare O&D Passengers (Absolute) 40 Zero Fare O&D Passengers (millions) All U.S. Airports 35 30 25 20 15 10 5 0 Southwest American Delta United JetBlue Alaska Spirit Frontier Hawaiian Virgin America Zero Fare Passengers 17 ACI - BOA Airport/Airline Business Working Group Analysis of declining trend in PFC-paying passengers June 11, 2018

Changes in Zero Fare Passengers (Indexed) 300 Index of O&D Passengers (2007 = 100) All U.S. Airports, All U.S. Airlines 280 260 240 220 200 180 160 140 All U.S. Airports O&D All U.S. Airports $0 Fare Southwest O&D Southwest $0 Fare American O&D American $0 Fare Delta O&D Delta $0 Fare United O&D United $0 Fare 120 100 80 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 18 ACI - BOA Airport/Airline Business Working Group Analysis of declining trend in PFC-paying passengers June 11, 2018

Closing Thoughts Anatomy of a Frequent Flyer Does the PFC Exclusion Make Sense? Are FF s using the facility (especially things PFCs are used to help fund)? Airfield: runway/taxiway/noise Terminal: ticketing, security, baggage, circulation, gates Roadways: entrance / exit roads, air trains Are FF s paying for air transportation? X Airfare, taxes, and PFC payment 9/11 Security Fee Ancillary fees: baggage, seat selection or upgrade, reservation change fees, food/drink, printing boarding passes or in person check in Are Airlines making $$ off of FF s? Ancillary fees (as noted above) Credit card co-branding / partnerships Selling miles (often used as credit card rewards) 1510.5: Imposition of security service fees. (c) The security service fee must be imposed on passengers who obtained the ticket for air transportation with a frequent flyer award, but may not be imposed on any other nonrevenue passengers. 2017 Southwest Airlines 10k filing: In addition, 2015, 2016, and 2017 Operating revenues increased yearover-year by an estimated net $255 million, $544 million, and $544 million respectively, as a result of the amended Agreement with Chase ) 19 ACI - BOA Airport/Airline Business Working Group Analysis of declining trend in PFC-paying passengers June 11, 2018

Appendix Appendix 1 Average PFC Collection Ratio Data Table 1A Large Hubs 1B Medium Hubs Appendix 2 PFC Dashboards

Jason A. Snowden, Managing Director 513.287.7169 Jason.snowden@leighfisher.com Madison B. Paoli, Analyst 513.287.7155 Madison.Paoli@leighfisher.com www.leighfisher.com

Appendix 1

Large Hubs Appendix 1A Large Hubs FY Analysis Imputed PFC Ratio by FY Average Ratio Average Ratio last 3 Years High Ratio Low Ratio and 2010 2011 2012 2013 2014 2015 2016 2017 (2010-2017) (2014-2016) and Year Year ATL 93.1% 92.1% 93.9% 90.5% 93.9% 91.0% 90.5% 93.7% 92.5% 91.4% 92.6% 99.7% LAX 98.4% 100.8% 107.5% 95.5% 100.0% 97.6% 96.6% 95.5% 99.1% 107.5% 95.7% 94.9% ORD 91.5% 92.8% 95.2% 88.4% 93.5% 91.3% 88.4% 92.3% 95.2% 89.7% 93.4% 88.4% DFW 91.9% 94.2% 98.9% 89.4% 89.4% 90.6% 89.6% 91.0% 91.6% 98.9% 92.4% JFK 93.2% 93.3% 95.2% 91.0% 91.0% 94.2% 93.2% 91.2% 95.2% 92.3% 92.3% 9 DEN 90.6% 89.5% 94.7% 84.7% 91.9% 92.1% 94.7% 91.9% 91.8% 84.7% 85.4% SFO 89.8% 90.8% 93.3% 86.6% 89.1% 90.1% 86.6% 93.3% 89.7% 91.7% 91.0% 86.8% LAS 92.6% 94.5% 90.1% 92.7% 91.0% 90.1% 91.8% 94.5% 91.5% 91.8% 92.2% SEA 89.3% 88.8% 90.2% 8 90.2% 89.7% 89.1% 89.6% 89.1% 89.4% 8 88.9% CLT 98.4% 99.5% 115.8% 86.2% 115.8% 101.3% 86.2% 88.6% 103.8% 98.8% 95.9% 9 PHX 92.4% 91.1% 95.5% 89.5% 92.9% 95.5% 92.8% 92.3% 89.5% 93.5% 90.4% 91.9% MIA 87.1% 87.2% 91.6% 81.3% 85.2% 85.8% 85.4% 89.0% 81.3% 91.6% 88.6% 89.9% MCO 92.1% 91.0% 94.0% 88.6% 94.0% 92.8% 90.5% 93.4% 88.6% 92.6% 91.8% 93.4% IAH 67.8% 72.0% 90.3% 57.8% 64.5% 60.3% 60.3% 58.1% 57.8% 6 90.3% 83.5% EWR 89.5% 90.4% 91.0% 87.8% 89.2% 90.4% 90.4% 87.8% 90.2% 91.0% 87.2% MSP 91.8% 92.8% 93.7% 88.6% 88.6% 92.1% 91.1% 91.9% 91.8% 93.1% 93.7% 92.4% BOS 94.1% 9 97.3% 93.0% 93.0% 94.3% 9 95.4% 93.7% 97.3% 94.1% 89.9% DTW 86.7% 90.2% 91.3% 84.4% 84.4% 91.1% 90.7% 90.2% 89.3% 89.9% 91.3% 66.9% LGA 94.3% 93.5% 95.3% 91.8% 94.8% 95.3% 94.8% 92.5% 93.9% 91.8% 94.9% 96.4% PHL 93.1% 94.0% 95.1% 91.5% 95.1% 94.5% 92.6% 91.5% 94.2% 94.5% 93.3% 89.2% FLL 99.0% 96.8% 106.6% 95.8% 106.6% 101.0% 95.8% 100.6% 96.5% 96.9% 97.1% 97.4% BWI 93.5% 91.6% 100.1% 91.3% 95.8% 92.8% 95.7% 100.1% 91.7% 91.6% 91.3% 89.0% DCA 93.7% 93.2% 95.9% 91.3% 93.2% 93.9% 95.9% 93.3% 94.1% 91.3% 94.2% 93.9% SLC 89.0% 89.5% 89.8% 86.8% 86.8% 88.5% 87.8% 89.1% 88.8% 89.8% 89.8% 91.6% MDW 90.1% 87.3% 98.4% 8 98.4% 86.2% 9 90.1% 87.8% 88.1% 8 8 IAD 87.9% 89.9% 90.9% 8 88.4% 8 88.5% 8 88.4% 90.9% 90.4% 82.6% SAN 91.9% 95.2% 86.2% 94.5% 92.8% 94.5% 89.7% 94.5% 86.2% 95.2% 88.3% HNL 60.7% 62.2% 63.8% 55.2% 55.2% 60.7% 57.3% 62.4% 60.5% 62.4% 63.8% 63.5% TPA 92.3% 92.1% 9 91.4% 91.4% 93.1% 9 93.6% 91.8% 93.0% 91.4% 89.2% PDX 91.6% 91.6% 94.8% 89.4% 93.5% 91.8% 91.0% 90.8% 90.4% 94.8% 89.4% 90.9% 23 ACI - BOA Airport/Airline Business Working Group Analysis of declining trend in PFC-paying passengers June 11, 2018

Medium Hubs Appendix 1B Medium Hubs FY Analysis Imputed PFC Ratio by FY Average Ratio (2010-2017) Average Ratio last 3 Years (2014-2016) High Ratio and Year Low Ratio and Year 2010 2011 2012 2013 2014 2015 2016 2017 DAL 89.4% 89.0% 93.1% 85.6% 85.6% 93.1% 92.3% 91.0% 89.1% 89.7% 88.1% 86.1% STL 92.4% 98.1% 89.4% 94.7% 98.1% 91.7% 91.0% 95.5% 89.4% 91.2% 87.6% BNA 70.6% 71.1% 89.0% 56.9% 75.8% 72.5% 59.8% 56.9% 62.2% 62.0% 89.0% 86.5% HOU 69.2% 71.7% 88.5% 59.3% 66.6% 61.8% 61.8% 61.5% 59.3% 67.3% 88.5% 86.7% AUS 91.6% 90.4% 95.2% 88.1% 95.2% 90.8% 92.6% 92.7% 88.1% 90.8% 92.2% OAK 93.8% 91.9% 101.6% 90.7% 101.6% 95.6% 94.2% 93.5% 93.0% 90.7% 89.5% MSY 91.6% 89.4% 9 88.8% 9 91.1% 93.5% 92.4% 88.8% 89.4% 89.9% 92.5% RDU 94.5% 94.0% 98.6% 92.8% 98.6% 94.1% 94.9% 95.6% 92.8% 93.5% 95.7% 90.3% MCI 95.6% 91.7% 102.4% 89.6% 102.1% 94.5% 102.4% 98.2% 91.1% 89.6% 94.4% 92.6% SJC 94.7% 93.7% 97.6% 93.5% 96.1% 97.6% 95.2% 94.4% 93.5% 93.8% 94.0% 92.9% SNA 93.3% 92.9% 98.4% 91.0% 95.8% 98.4% 92.8% 94.5% 94.0% 93.6% 91.0% 86.7% SMF 93.9% 93.3% 101.1% 88.4% 101.1% 99.6% 93.7% 88.4% 97.4% 91.3% 91.1% 88.9% SJU 94.2% 93.4% 96.3% 90.7% 93.7% 96.3% 92.7% 90.7% 95.5% 91.6% 93.1% 100.0% RSW 92.7% 91.5% 95.4% 89.9% 95.4% 93.3% 93.7% 92.7% 91.9% 92.8% 89.9% 91.5% IND 93.9% 92.4% 96.4% 90.9% 9 96.4% 95.5% 94.0% 93.3% 90.9% 92.9% 93.5% SAT 92.2% 91.7% 95.1% 88.9% 95.1% 92.9% 93.0% 93.8% 92.3% 88.9% 89.3% CLE 93.2% 93.4% 94.1% 91.8% 93.5% 93.6% 93.2% 91.8% 93.2% 93.0% 94.1% 93.2% PIT 93.5% 91.8% 97.3% 90.5% 95.3% 97.3% 95.2% 93.4% 92.6% 90.5% 92.2% 91.4% CMH 92.7% 92.5% 99.5% 90.2% 93.9% 92.1% 99.5% 91.4% 92.5% 90.2% 94.8% 87.2% OGG 45.1% 47.7% 49.8% 32.9% 42.8% 47.5% 44.8% 32.9% 45.2% 48.1% 49.8% 49.8% MKE 98.7% 95.4% 106.1% 94.1% 100.1% 98.1% 106.1% 104.3% 95.7% 94.1% 96.5% 94.5% CVG 83.0% 93.0% 94.8% 62.7% 64.3% 62.7% 73.2% 88.3% 91.1% 93.2% 94.8% 96.6% PBI 94.5% 93.8% 95.6% 93.2% 95.6% 95.1% 93.4% 94.3% 93.2% 94.9% 93.3% 96.2% BDL 94.6% 95.8% 97.5% 91.1% 93.7% 97.5% 94.0% 91.1% 97.1% 95.7% 94.6% 92.8% JAX 93.2% 92.7% 96.4% 91.0% 94.0% 92.8% 96.4% 93.1% 93.2% 93.9% 91.0% 90.9% ANC 68.1% 67.1% 71.3% 63.7% 69.0% 70.9% 66.5% 66.7% 63.7% 71.3% 66.2% 70.2% ABQ 81.0% 89.3% 93.0% 59.5% 59.5% 61.8% 86.4% 85.4% 93.0% 86.8% 8 8 BUF 93.7% 91.9% 98.2% 90.9% 98.2% 92.8% 95.4% 97.9% 92.9% 91.9% 90.9% 89.3% OMA 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% ONT 81.0% 52.5% 108.5% 47.8% 108.5% 10 103.4% 74.9% 47.8% 49.6% 60.2% 98.9% BUR 98.5% 94.4% 107.1% 93.2% 105.2% 107.1% 100.6% 100.3% 95.3% 94.8% 93.2% 91.7% 24 ACI - BOA Airport/Airline Business Working Group Analysis of declining trend in PFC-paying passengers June 11, 2018

Appendix 2

Large Hub Airports

Hartsfield-Jackson Atlanta International (in thousands except for percentages; for fiscal year ending June) Hartsfield-Jackson Atlanta International PFC's averaged 93.1% with a low ratio of 90.5% and a high ratio of 99.7%. s have increased by 1.4% from 2010-2016 with a low ratio of 4.6% and a high ratio of 6.6%. ATL ATL 102.0% 6.8% s 100.0% 6.6% 9 6.4% 9 94.0% 6.2% 5.8% 5.6% 8 8 84.0% Linear () 5.4% 5.2% ATL 43,023 44,274 45,257 45,588 45,721 47,679 50,429 50,445 46,552 605 707 792 789 895 843 998 998 828 93.9% 91.0% 90.5% 93.7% 92.5% 91.4% 92.6% 99.7% 93.1% 4.6% 5.2% 5.8% 5.6% 6.6% 5.8% 6.5% 5.8% excluding through passengers, as reported DOT. s are as reported to DOT. s

Los Angeles Intl (in thousands except for percentages; for fiscal year ending June) Los Angeles Intl PFC's averaged 98.4% with a low ratio of 94.9% and a high ratio of 107.5%. s have increased by 0.2% from 2010-2016 with a low ratio of 7.2% and a high ratio of 7.8%. LAX LAX 110.0% s 10 10 7.5% 104.0% 102.0% 100.0% 9 6.5% 9 94.0% 8 Linear () 5.5% LAX 28,258 29,630 31,154 31,686 33,443 35,071 37,949 40,631 33,478 1,198 1,300 1,344 1,370 1,501 1,614 1,698 1,698 1,466 100.0% 97.6% 96.6% 95.5% 99.1% 107.5% 95.7% 94.9% 98.4% 7.2% 7.5% 7.3% 7.4% 7.7% 7.8% 7.4% 7.4% 7.5% excluding through passengers, as reported DOT. s are as reported to DOT. s

Chicago Ohare Intl (in thousands except for percentages; for fiscal year ending December) Chicago Ohare Intl PFC's averaged 91.5% with a low ratio of 88.4% and a high ratio of 95.2%. s have decreased by -1.1% from 2010-2016 with a low ratio of 5.2% and a high ratio of 6.8%. ORD ORD 9 s 94.0% 6.8% 6.6% 6.4% 6.2% 8 8 84.0% Linear () 5.8% 5.6% 5.4% 5.2% ORD 32,169 31,887 32,170 32,315 33,788 36,357 37,587 28,777 33,131 907 964 995 1,019 1,014 993 989 989 984 93.5% 91.3% 88.4% 92.3% 95.2% 89.7% 93.4% 88.4% 91.5% 6.4% 6.6% 6.7% 6.8% 6.6% 5.7% 5.3% 5.2% 6.2% excluding through passengers, as reported DOT. s are as reported to DOT. s

Dallas/Fort Worth Intl (in thousands except for percentages; for fiscal year ending September) Dallas/Fort Worth Intl PFC's averaged 91.9% with a low ratio of 89.4% and a high ratio of 98.9%. s have decreased by -2.3% from 2010-2016 with a low ratio of 5.5% and a high ratio of 7.8%. DFW DFW 100.0% s 9 7.5% 9 94.0% 6.5% 8 8 5.5% 84.0% Linear () DFW 26,780 27,464 27,800 28,946 30,341 31,356 31,433 31,429 29,444 819 780 831 789 806 752 738 738 782 89.4% 90.6% 89.6% 91.0% 91.6% 98.9% 92.4% 91.9% 7.8% 7.4% 6.8% 6.7% 6.2% 5.5% 5.8% 6.6% excluding through passengers, as reported DOT. s are as reported to DOT. s

John F Kennedy Intl (in thousands except for percentages; for fiscal year ending December) John F Kennedy Intl PFC's averaged 93.2% with a low ratio of 91.0% and a high ratio of 9. s have decreased by -0.9% from 2010-2016 with a low ratio of and a high ratio of 6.9%. JFK JFK 9 s 9 6.8% 9 6.6% 94.0% 6.4% 93.0% 91.0% 89.0% 8 Linear () 6.2% 5.8% 5.6% 5.4% 5.2% JFK 22,940 23,663 24,544 25,036 26,245 27,953 29,270 22,342 25,249 829 676 626 641 745 858 870 870 764 91.0% 94.2% 93.2% 91.2% 95.2% 92.3% 92.3% 9 93.2% 6.9% 5.5% 5.1% 5.8% 6.3% 5.9% 5.6% 5.8% excluding through passengers, as reported DOT. s are as reported to DOT. s

Denver Intl (in thousands except for percentages; for fiscal year ending December) Denver Intl PFC's averaged 90.6% with a low ratio of 84.7% and a high ratio of 94.7%. s have increased by 2.8% from 2010-2016 with a low ratio of 6.2% and a high ratio of 9.3%. DEN DEN 9 9.5% s 94.0% 9.0% 8.5% 8 8 7.5% 84.0% 6.5% 82.0% 80.0% 7 Linear () 5.5% DEN 25,242 25,667 25,799 25,496 26,000 26,279 28,268 22,431 25,648 779 858 968 1,078 1,191 1,275 1,484 1,484 1,139 91.9% 92.1% 94.7% 91.9% 91.8% 84.7% 85.4% 90.6% 6.2% 6.5% 7.1% 7.6% 8.1% 9.0% 9.3% 7.7% excluding through passengers, as reported DOT. s are as reported to DOT. s

San Francisco Intl (in thousands except for percentages; for fiscal year ending June) San Francisco Intl PFC's averaged 89.8% with a low ratio of 86.6% and a high ratio of 93.3%. s have increased by 1.0% from 2010-2016 with a low ratio of 7.4% and a high ratio of 8.8%. SFO SFO 94.0% 9.5% s 9.0% 8.5% 8 7.5% 8 6.5% 84.0% 82.0% Linear () 5.5% SFO 18,950 19,604 20,818 21,456 22,273 23,307 24,911 26,085 22,175 919 1,019 1,101 1,117 1,168 1,295 1,377 1,377 1,172 89.1% 90.1% 86.6% 93.3% 89.7% 91.7% 91.0% 86.8% 89.8% 7.4% 8.1% 8.5% 8.5% 8.8% 8.2% excluding through passengers, as reported DOT. s are as reported to DOT. s

Mc Carran Intl (in thousands except for percentages; for fiscal year ending June) Mc Carran Intl PFC's averaged with a low ratio of 90.1% and a high ratio of 94.5%. s have increased by 1.6% from 2010-2016 with a low ratio of 5.8% and a high ratio of 7.8%. LAS LAS 9 s 94.0% 7.5% 93.0% 91.0% 6.5% 89.0% 8 5.5% 8 Linear () LAS 18,953 19,239 19,948 19,846 20,134 20,850 22,282 22,932 20,523 866 929 984 1,040 1,133 1,167 1,260 1,260 1,080 92.7% 91.0% 90.1% 91.8% 94.5% 91.5% 91.8% 92.2% 5.8% 6.1% 6.3% 6.8% 7.4% 7.4% 7.4% 7.8% 6.9% excluding through passengers, as reported DOT. s are as reported to DOT. s

Seattle-Tacoma Intl (in thousands except for percentages; for fiscal year ending December) Seattle-Tacoma Intl PFC's averaged 89.3% with a low ratio of 8 and a high ratio of 90.2%. s have increased by 0.5% from 2010-2016 with a low ratio of 7.3% and a high ratio of 8.1%. SEA SEA 90.5% 8.5% s 89.5% 89.0% 88.5% 8 7.5% 6.5% 87.5% 8 86.5% Linear () 5.5% SEA 15,379 15,942 16,094 16,655 17,851 20,141 21,871 17,202 17,642 785 790 837 883 930 1,009 1,096 1,096 928 90.2% 89.7% 89.1% 89.6% 89.1% 89.4% 8 88.9% 89.3% 7.3% 7.3% 7.7% 7.8% 7.8% 7.9% 7.9% 8.1% 7.7% excluding through passengers, as reported DOT. s are as reported to DOT. s

Charlotte/Douglas Intl (in thousands except for percentages; for fiscal year ending June) Charlotte/Douglas Intl PFC's averaged 98.4% with a low ratio of 86.2% and a high ratio of 115.8%. s have increased by 1.3% from 2010-2016 with a low ratio of 4.4% and a high ratio of 6.1%. CLT CLT 140.0% 6.2% s 120.0% 100.0% 80.0% 60.0% 5.8% 5.6% 40.0% 5.4% 20.0% 5.2% 0.0% Linear () CLT 17,460 19,211 19,486 20,596 21,568 21,641 21,871 21,650 20,435 204 226 240 242 271 298 342 342 271 115.8% 101.3% 86.2% 88.6% 103.8% 98.8% 95.9% 9 98.4% 4.4% 4.6% 4.9% 4.7% 5.1% 5.4% 5.7% 6.1% 5.1% excluding through passengers, as reported DOT. s are as reported to DOT. s

Phoenix Sky Harbor Intl (in thousands except for percentages; for fiscal year ending June) Phoenix Sky Harbor Intl PFC's averaged 92.4% with a low ratio of 89.5% and a high ratio of 95.5%. s have increased by 1.9% from 2010-2016 with a low ratio of 7.5% and a high ratio of 9.9%. PHX PHX 9 11.0% s 9 94.0% 10.0% 93.0% 9.0% 91.0% 89.0% 8 8 8 Linear () PHX 18,763 19,369 19,693 19,584 19,835 20,852 21,300 21,038 20,054 795 850 862 910 995 1,052 1,166 1,166 975 92.9% 95.5% 92.8% 92.3% 89.5% 93.5% 90.4% 91.9% 92.4% 7.5% 7.9% 8.5% 9.1% 9.1% 9.4% 9.9% 8.7% excluding through passengers, as reported DOT. s are as reported to DOT. s

Miami Intl (in thousands except for percentages; for fiscal year ending September) Miami Intl PFC's averaged 87.1% with a low ratio of 81.3% and a high ratio of 91.6%. s have decreased by -1.2% from 2010-2016 with a low ratio of 5.3% and a high ratio of 6.7%. MIA MIA 94.0% s 6.8% 6.6% 8 6.4% 8 84.0% 82.0% 80.0% 7 7 Linear () 6.2% 5.8% 5.6% 5.4% 5.2% MIA 16,740 17,994 19,004 19,271 19,474 20,534 21,107 20,498 19,328 428 435 452 413 479 470 467 467 451 85.2% 85.8% 85.4% 89.0% 81.3% 91.6% 88.6% 89.9% 87.1% 6.6% 6.4% 6.4% 5.9% 6.7% 6.3% 5.3% 5.4% 6.1% excluding through passengers, as reported DOT. s are as reported to DOT. s

Orlando Intl (in thousands except for percentages; for fiscal year ending September) Orlando Intl PFC's averaged 92.1% with a low ratio of 88.6% and a high ratio of 94.0%. s have increased by 2.3% from 2010-2016 with a low ratio of and a high ratio of 7.6%. MCO MCO 9 s 94.0% 93.0% 7.5% 91.0% 6.5% 89.0% 8 8 8 8 Linear () 5.5% MCO 16,675 17,306 17,248 16,971 17,055 18,285 20,082 21,102 18,091 723 771 834 894 988 1,092 1,222 1,222 968 94.0% 92.8% 90.5% 93.4% 88.6% 92.6% 91.8% 93.4% 92.1% 5.2% 5.7% 6.2% 6.9% 7.2% 7.3% 7.6% 6.4% excluding through passengers, as reported DOT. s are as reported to DOT. s

George Bush Intercontinental (in thousands except for percentages; for fiscal year ending June) George Bush Intercontinental PFC's averaged 67.8% with a low ratio of 57.8% and a high ratio of 90.3%. s have increased by 1.4% from 2010-2016 with a low ratio of 6.4% and a high ratio of 8.8%. IAH IAH 100.0% 9.0% s 80.0% 70.0% 60.0% 8.5% 7.5% 50.0% 40.0% 30.0% 20.0% 10.0% 0.0% Linear () 6.5% 5.5% IAH 19,393 19,523 19,304 18,886 19,234 20,118 20,615 19,967 19,630 462 560 572 634 633 634 659 659 602 64.5% 60.3% 60.3% 58.1% 57.8% 6 90.3% 83.5% 67.8% 6.4% 8.3% 8.8% 8.5% 7.8% excluding through passengers, as reported DOT. s are as reported to DOT. s

Newark Intl (in thousands except for percentages; for fiscal year ending December) Newark Intl PFC's averaged 89.5% with a low ratio of 87.2% and a high ratio of 91.0%. s have increased by 0.0% from 2010-2016 with a low ratio of 7.1% and a high ratio of 9.2%. EWR EWR 9.5% s 91.0% 9.0% 89.0% 8 8.5% 7.5% 8 8 8 Linear () 6.5% 5.5% EWR 16,569 16,812 17,054 17,547 17,735 18,731 19,955 16,092 17,562 783 812 955 948 905 980 1,011 1,011 926 89.2% 90.4% 90.4% 87.8% 90.2% 91.0% 87.2% 89.5% 7.7% 7.9% 9.2% 8.9% 8.2% 8.3% 7.7% 7.1% 8.1% excluding through passengers, as reported DOT. s are as reported to DOT. s

Minneapolis-St Paul Intl (in thousands except for percentages; for fiscal year ending December) Minneapolis-St Paul Intl PFC's averaged 91.8% with a low ratio of 88.6% and a high ratio of 93.7%. s have decreased by -0.1% from 2010-2016 with a low ratio of and a high ratio of 6.4%. MSP MSP 9 6.6% s 94.0% 93.0% 91.0% 6.4% 6.2% 5.8% 89.0% 8 8 8 8 Linear () 5.6% 5.4% 5.2% MSP 15,509 15,888 15,938 16,277 16,970 17,634 18,192 13,960 16,296 503 505 520 522 530 558 622 622 548 88.6% 92.1% 91.1% 91.9% 91.8% 93.1% 93.7% 92.4% 91.8% 6.4% 6.2% 6.4% 6.3% 6.3% 6.4% 6.2% excluding through passengers, as reported DOT. s are as reported to DOT. s

General Edward Lawrence Logan (in thousands except for percentages; for fiscal year ending June) General Edward Lawrence Logan PFC's averaged 94.1% with a low ratio of 89.9% and a high ratio of 97.3%. s have increased by 0.5% from 2010-2016 with a low ratio of 5.3% and a high ratio of 6.6%. BOS BOS 9 6.8% s 9 6.6% 6.4% 94.0% 6.2% 5.8% 5.6% 8 8 Linear () 5.4% 5.2% BOS 13,032 13,946 14,337 14,399 15,045 15,815 17,039 18,347 15,245 637 660 667 642 711 765 878 878 730 93.0% 94.3% 9 95.4% 93.7% 97.3% 94.1% 89.9% 94.1% 5.7% 5.6% 5.5% 5.3% 5.7% 5.9% 6.3% 6.6% 5.8% excluding through passengers, as reported DOT. s are as reported to DOT. s

Detroit Metro Wayne (in thousands except for percentages; for fiscal year ending September) Detroit Metro Wayne PFC's averaged 86.7% with a low ratio of 66.9% and a high ratio of 91.3%. s have increased by 0.8% from 2010-2016 with a low ratio of 5.6% and a high ratio of 6.8%. DTW DTW 100.0% s 6.8% 80.0% 6.6% 70.0% 6.4% 60.0% 6.2% 50.0% 40.0% 5.8% 30.0% 20.0% 10.0% 0.0% Linear () 5.6% 5.4% 5.2% DTW 15,361 15,721 15,677 15,625 15,777 16,010 16,775 16,964 15,989 400 424 439 451 470 472 550 550 469 84.4% 91.1% 90.7% 90.2% 89.3% 89.9% 91.3% 66.9% 86.7% 5.6% 5.7% 5.9% 6.1% 6.2% 5.9% 6.4% 6.8% 6.1% excluding through passengers, as reported DOT. s are as reported to DOT. s

Laguardia (in thousands except for percentages; for fiscal year ending December) Laguardia PFC's averaged 94.3% with a low ratio of 91.8% and a high ratio of 96.4%. s have increased by 1.3% from 2010-2016 with a low ratio of 5.3% and a high ratio of 7.1%. LGA LGA 9 7.5% s 9 9 94.0% 6.5% 93.0% 91.0% 89.0% Linear () 5.5% LGA 12,001 11,989 12,818 13,371 13,488 14,323 14,763 10,752 12,938 571 621 660 726 813 819 839 839 736 94.8% 95.3% 94.8% 92.5% 93.9% 91.8% 94.9% 96.4% 94.3% 5.3% 5.8% 5.9% 6.2% 7.1% 6.8% 6.6% 6.8% 6.3% excluding through passengers, as reported DOT. s are as reported to DOT. s

Philadelphia Intl (in thousands except for percentages; for fiscal year ending June) Philadelphia Intl PFC's averaged 93.1% with a low ratio of 89.2% and a high ratio of 95.1%. s have increased by 0.8% from 2010-2016 with a low ratio of 4.9% and a high ratio of 6.2%. PHL PHL 9 6.4% s 9 94.0% 6.2% 93.0% 91.0% 5.8% 5.6% 89.0% 8 8 8 Linear () 5.4% 5.2% PHL 14,869 15,070 14,806 14,666 14,674 14,716 15,079 14,318 14,775 414 447 461 448 472 497 544 544 478 95.1% 94.5% 92.6% 91.5% 94.2% 94.5% 93.3% 89.2% 93.1% 4.9% 5.3% 5.6% 5.4% 5.8% 5.9% 5.7% 6.2% 5.6% excluding through passengers, as reported DOT. s are as reported to DOT. s

Fort Lauderdale/ Hollywood Intl (in thousands except for percentages; for fiscal year ending September) Fort Lauderdale/ Hollywood Intl PFC's averaged 99.0% with a low ratio of 95.8% and a high ratio of 106.6%. s have increased by 2.1% from 2010-2016 with a low ratio of 5.1% and a high ratio of 7.5%. FLL FLL 10 s 10 104.0% 7.5% 102.0% 100.0% 9 6.5% 9 94.0% 8 Linear () 5.5% FLL 10,568 11,341 11,415 11,531 11,723 12,828 13,953 15,431 12,349 460 488 550 626 673 728 821 821 646 106.6% 101.0% 95.8% 100.6% 96.5% 96.9% 97.1% 97.4% 99.0% 5.1% 5.2% 5.7% 6.5% 6.9% 7.2% 7.5% 6.4% excluding through passengers, as reported DOT. s are as reported to DOT. s

Baltimore-Washington Intl (in thousands except for percentages; for fiscal year ending June) Baltimore-Washington Intl PFC's averaged 93.5% with a low ratio of 89.0% and a high ratio of 100.1%. s have increased by 3.9% from 2010-2016 with a low ratio of 4.2% and a high ratio of 8.9%. BWI BWI 102.0% 9.5% s 100.0% 9.0% 9 9 94.0% 8.5% 7.5% 8 8 84.0% 82.0% Linear () 6.5% 5.5% BWI 10,487 11,061 11,105 11,053 10,928 11,173 12,076 12,616 11,312 342 421 470 502 564 607 663 663 529 95.8% 92.8% 95.7% 100.1% 91.7% 91.6% 91.3% 89.0% 93.5% 4.2% 5.1% 5.8% 6.3% 7.3% 7.9% 8.1% 8.9% 6.7% excluding through passengers, as reported DOT. s are as reported to DOT. s

Ronald Reagan Washington National (in thousands except for percentages; for fiscal year ending December) Ronald Reagan Washington National PFC's averaged 93.7% with a low ratio of 91.3% and a high ratio of 95.9%. s have increased by 0.6% from 2010-2016 with a low ratio of and a high ratio of 5.7%. DCA DCA 9 5.8% s 9 5.7% 9 5.6% 94.0% 5.5% 93.0% 5.4% 5.3% 91.0% 5.2% 89.0% Linear () 5.1% DCA 8,736 9,052 9,462 9,838 10,093 11,246 11,471 8,577 9,809 353 409 401 440 462 510 549 549 459 93.2% 93.9% 95.9% 93.3% 94.1% 91.3% 94.2% 93.9% 93.7% 5.6% 5.3% 5.6% 5.6% 5.5% 5.6% 5.7% 5.5% excluding through passengers, as reported DOT. s are as reported to DOT. s

Salt Lake City Intl (in thousands except for percentages; for fiscal year ending June) Salt Lake City Intl PFC's averaged 89.0% with a low ratio of 86.8% and a high ratio of 91.6%. s have increased by 1.2% from 2010-2016 with a low ratio of 7.9% and a high ratio of 9.6%. SLC SLC 10.0% s 91.0% 89.0% 8 8 9.5% 9.0% 8.5% 7.5% 8 8 84.0% Linear () 6.5% 5.5% SLC 9,861 9,905 9,650 9,597 9,864 10,392 10,860 11,383 10,189 390 408 425 439 476 480 554 554 466 86.8% 88.5% 87.8% 89.1% 88.8% 89.8% 89.8% 91.6% 89.0% 7.9% 8.2% 8.4% 8.7% 9.2% 8.5% 9.1% 9.6% 8.7% excluding through passengers, as reported DOT. s are as reported to DOT. s

Chicago Midway International (in thousands except for percentages; for fiscal year ending December) Chicago Midway International PFC's averaged 90.1% with a low ratio of 8 and a high ratio of 98.4%. s have increased by from 2010-2016 with a low ratio of 6.3% and a high ratio of 14.3%. MDW MDW 100.0% 1 s 14.0% 9 13.0% 12.0% 11.0% 10.0% 8 9.0% 80.0% 7 Linear () MDW 8,518 9,130 9,431 9,907 10,310 10,829 11,042 8,152 9,665 345 425 502 589 677 776 904 904 640 98.4% 86.2% 9 90.1% 87.8% 88.1% 8 8 90.1% 6.3% 7.6% 8.5% 9.8% 11.1% 12.0% 13.3% 14.3% 10.3% excluding through passengers, as reported DOT. s are as reported to DOT. s

Washington Dulles Internati (in thousands except for percentages; for fiscal year ending December) Washington Dulles Internati PFC's averaged 87.9% with a low ratio of 82.6% and a high ratio of 90.9%. s have increased by 0.9% from 2010-2016 with a low ratio of 6.9% and a high ratio of 8.9%. IAD IAD 9.5% s 9.0% 8 8 84.0% 8.5% 7.5% 82.0% 80.0% 7 Linear () 6.5% 5.5% IAD 11,277 11,041 10,807 10,565 10,410 10,397 10,595 8,273 10,421 377 426 425 399 367 362 388 388 392 88.4% 8 88.5% 8 88.4% 90.9% 90.4% 82.6% 87.9% 6.9% 8.1% 8.9% 8.7% 7.8% 7.3% 7.8% 7.5% 7.9% excluding through passengers, as reported DOT. s are as reported to DOT. s

San Diego Intl (in thousands except for percentages; for fiscal year ending June) San Diego Intl PFC's averaged 91.9% with a low ratio of 86.2% and a high ratio of 95.2%. s have increased by 2.3% from 2010-2016 with a low ratio of 6.8% and a high ratio of 9.7%. SAN SAN 9 10.0% s 94.0% 8 8 9.5% 9.0% 8.5% 7.5% 84.0% 82.0% 80.0% Linear () 6.5% 5.5% SAN 8,422 8,441 8,604 8,778 9,045 9,659 10,166 10,614 9,216 530 560 598 652 727 764 834 834 687 94.5% 92.8% 94.5% 89.7% 94.5% 86.2% 95.2% 88.3% 91.9% 6.8% 7.2% 7.6% 8.2% 8.9% 8.8% 9.0% 9.7% 8.3% excluding through passengers, as reported DOT. s are as reported to DOT. s

Honolulu Intl (in thousands except for percentages; for fiscal year ending June) Honolulu Intl PFC's averaged 60.7% with a low ratio of 55.2% and a high ratio of 63.8%. s have decreased by -0.4% from 2010-2016 with a low ratio of 7.4% and a high ratio of 8.2%. HNL HNL 6 8.5% s 64.0% 62.0% 60.0% 5 5 7.5% 6.5% 54.0% 52.0% 50.0% Linear () 5.5% HNL 8,702 8,675 8,868 9,426 9,481 9,470 9,624 9,781 9,253 476 470 478 465 470 466 483 483 474 55.2% 60.7% 57.3% 62.4% 60.5% 62.4% 63.8% 63.5% 60.7% 8.2% 8.1% 7.4% 7.6% 7.5% 7.7% 7.6% 7.7% excluding through passengers, as reported DOT. s are as reported to DOT. s

Tampa Intl (in thousands except for percentages; for fiscal year ending September) Tampa Intl PFC's averaged 92.3% with a low ratio of 89.2% and a high ratio of 9. s have increased by 2.5% from 2010-2016 with a low ratio of 5.9% and a high ratio of 9.1%. TPA TPA 9 9.5% s 9 9.0% 94.0% 93.0% 91.0% 8.5% 7.5% 89.0% 8 8 8 Linear () 6.5% 5.5% TPA 8,101 8,167 8,208 8,252 8,449 8,989 9,198 9,354 8,590 428 477 512 539 598 653 703 703 577 91.4% 93.1% 9 93.6% 91.8% 93.0% 91.4% 89.2% 92.3% 5.9% 6.5% 7.3% 7.8% 8.4% 9.1% 7.5% excluding through passengers, as reported DOT. s are as reported to DOT. s

Portland Intl (in thousands except for percentages; for fiscal year ending June) Portland Intl PFC's averaged 91.6% with a low ratio of 89.4% and a high ratio of 94.8%. s have increased by 0.5% from 2010-2016 with a low ratio of 7.4% and a high ratio of 8.2%. PDX PDX 9 8.5% s 9 94.0% 93.0% 91.0% 7.5% 6.5% 89.0% 8 8 8 Linear () 5.5% PDX 6,451 6,720 6,910 7,291 7,701 7,992 8,721 9,305 7,636 399 427 438 462 494 517 568 568 484 93.5% 91.8% 91.0% 90.8% 90.4% 94.8% 89.4% 90.9% 91.6% 7.4% 7.7% 7.7% 7.8% 7.9% 7.9% 7.8% 8.2% 7.8% excluding through passengers, as reported DOT. s are as reported to DOT. s

Medium Hub Airports

Dallas Love Field (in thousands except for percentages; for fiscal year ending September) Dallas Love Field PFC's averaged 89.4% with a low ratio of 85.6% and a high ratio of 93.1%. s have increased by 3.5% from 2010-2016 with a low ratio of 7.9% and a high ratio of 13.0%. DAL DAL 94.0% 14.0% s 13.0% 8 8 12.0% 11.0% 10.0% 9.0% 84.0% 82.0% 80.0% Linear () DAL 3,732 3,842 3,900 3,972 4,158 6,497 7,543 7,538 5,148 210 221 250 297 359 485 585 585 374 85.6% 93.1% 92.3% 91.0% 89.1% 89.7% 88.1% 86.1% 89.4% 7.9% 8.2% 9.0% 10.5% 12.0% 10.7% 11.4% 13.0% 10.3% excluding through passengers, as reported DOT. s are as reported to DOT. s

Lambert-St Louis Intl (in thousands except for percentages; for fiscal year ending June) Lambert-St Louis Intl PFC's averaged 92.4% with a low ratio of 87.6% and a high ratio of 98.1%. s have increased by 3.3% from 2010-2016 with a low ratio of 5.2% and a high ratio of 9.3%. STL STL 100.0% 10.0% s 9 9.5% 9 9.0% 94.0% 8.5% 8 8 84.0% 82.0% Linear () 7.5% 6.5% 5.5% STL 6,024 6,112 6,198 6,251 6,100 6,157 6,493 7,003 6,292 261 294 330 347 387 408 443 443 364 94.7% 98.1% 91.7% 91.0% 95.5% 89.4% 91.2% 87.6% 92.4% 5.2% 5.8% 6.5% 7.9% 8.2% 8.5% 9.3% 7.3% excluding through passengers, as reported DOT. s are as reported to DOT. s

Nashville Intl (in thousands except for percentages; for fiscal year ending June) Nashville Intl PFC's averaged 70.6% with a low ratio of 56.9% and a high ratio of 89.0%. s have increased by 3.0% from 2010-2016 with a low ratio of 6.7% and a high ratio of 10.5%. BNA BNA 100.0% 11.0% s 80.0% 10.0% 70.0% 60.0% 9.0% 50.0% 40.0% 30.0% 20.0% 10.0% 0.0% Linear () BNA 4,385 4,595 4,753 4,908 5,184 5,475 6,011 6,624 5,242 244 267 293 324 382 413 486 486 362 75.8% 72.5% 59.8% 56.9% 62.2% 62.0% 89.0% 86.5% 70.6% 6.7% 7.2% 7.5% 8.1% 9.0% 9.1% 9.7% 10.5% 8.5% excluding through passengers, as reported DOT. s are as reported to DOT. s

William P Hobby (in thousands except for percentages; for fiscal year ending June) William P Hobby PFC's averaged 69.2% with a low ratio of 59.3% and a high ratio of 88.5%. s have increased by 3.9% from 2010-2016 with a low ratio of 7.4% and a high ratio of 12.6%. HOU HOU 100.0% 13.0% s 80.0% 70.0% 60.0% 12.0% 11.0% 10.0% 50.0% 9.0% 40.0% 30.0% 20.0% 10.0% 0.0% Linear () HOU 4,203 4,556 4,923 5,158 5,625 5,761 6,215 6,450 5,361 235 246 273 315 387 425 486 486 356 66.6% 61.8% 61.8% 61.5% 59.3% 67.3% 88.5% 86.7% 69.2% 7.7% 7.4% 7.6% 8.6% 10.3% 10.9% 11.5% 12.6% 9.6% excluding through passengers, as reported DOT. s are as reported to DOT. s

Austin-Bergstrom Intl (in thousands except for percentages; for fiscal year ending September) Austin-Bergstrom Intl PFC's averaged 91.6% with a low ratio of 88.1% and a high ratio of 95.2%. s have increased by 1.5% from 2010-2016 with a low ratio of 7.8% and a high ratio of 9.8%. AUS AUS 9 11.0% s 94.0% 10.0% 9.0% 8 8 84.0% Linear () AUS 4,129 4,409 4,551 4,810 5,134 5,643 6,027 6,580 5,160 305 319 341 371 413 466 524 524 408 95.2% 90.8% 92.6% 92.7% 88.1% 90.8% 92.2% 91.6% 7.9% 7.8% 8.1% 8.4% 8.7% 9.0% 9.4% 9.8% 8.6% excluding through passengers, as reported DOT. s are as reported to DOT. s

Oakland International Airport (in thousands except for percentages; for fiscal year ending June) Oakland International Airport PFC's averaged 93.8% with a low ratio of 89.5% and a high ratio of 101.6%. s have increased by 3.4% from 2010-2016 with a low ratio of 6.2% and a high ratio of 10.6%. OAK OAK 10 11.0% s 100.0% 10.0% 9 9.0% 8 80.0% Linear () OAK 4,667 4,600 4,724 4,877 4,839 5,290 5,714 6,186 5,112 260 274 299 336 386 428 480 480 368 101.6% 95.6% 94.2% 93.5% 93.0% 90.7% 89.5% 93.8% 6.2% 6.6% 7.1% 7.7% 8.9% 9.2% 9.6% 10.6% 8.2% excluding through passengers, as reported DOT. s are as reported to DOT. s

New Orleans Intl (in thousands except for percentages; for fiscal year ending December) New Orleans Intl PFC's averaged 91.6% with a low ratio of 88.8% and a high ratio of 9. s have increased by 2.8% from 2010-2016 with a low ratio of 5.3% and a high ratio of 8.1%. MSY MSY 9 8.5% s 9 94.0% 93.0% 7.5% 91.0% 89.0% 6.5% 8 8 8 8 Linear () 5.5% MSY 4,087 4,254 4,293 4,575 4,870 5,331 5,569 4,416 4,674 205 233 262 290 334 379 424 424 319 9 91.1% 93.5% 92.4% 88.8% 89.4% 89.9% 92.5% 91.6% 5.3% 5.9% 6.6% 6.9% 7.4% 7.7% 8.1% 8.1% excluding through passengers, as reported DOT. s are as reported to DOT. s

Raleigh-Durham Intl (in thousands except for percentages; for fiscal year ending March) Raleigh-Durham Intl PFC's averaged 94.5% with a low ratio of 90.3% and a high ratio of 98.6%. s have increased by 1.8% from 2010-2016 with a low ratio of 4.9% and a high ratio of 6.8%. RDU RDU 100.0% s 9 9 94.0% 6.8% 6.6% 6.4% 6.2% 5.8% 8 8 Linear () 5.6% 5.4% 5.2% RDU 4,442 4,464 4,479 4,509 4,463 4,694 5,077 5,476 4,701 203 214 236 241 264 286 317 317 260 98.6% 94.1% 94.9% 95.6% 92.8% 93.5% 95.7% 90.3% 94.5% 4.9% 5.1% 5.7% 5.8% 6.4% 6.6% 6.7% 6.8% excluding through passengers, as reported DOT. s are as reported to DOT. s

Kansas City Intl (in thousands except for percentages; for fiscal year ending April) Kansas City Intl PFC's averaged 95.6% with a low ratio of 89.6% and a high ratio of 102.4%. s have increased by 3.5% from 2010-2016 with a low ratio of 5.2% and a high ratio of 9.6%. MCI MCI 10 10.0% s 9.5% 100.0% 9.0% 8.5% 9 7.5% 8 80.0% Linear () 6.5% 5.5% MCI 4,905 4,946 5,073 4,771 4,853 5,044 5,218 5,481 5,037 290 316 343 375 429 485 526 526 411 102.1% 94.5% 102.4% 98.2% 91.1% 89.6% 94.4% 92.6% 95.6% 5.2% 5.6% 6.8% 7.8% 8.4% 8.7% 9.6% 7.3% excluding through passengers, as reported DOT. s are as reported to DOT. s

San Jose Internation (in thousands except for percentages; for fiscal year ending June) San Jose Internation PFC's averaged 94.7% with a low ratio of 92.9% and a high ratio of 97.6%. s have increased by 2.1% from 2010-2016 with a low ratio of 5.8% and a high ratio of 8.4%. SJC SJC 9 9.0% s 9 8.5% 9 9 7.5% 94.0% 93.0% 6.5% 91.0% Linear () 5.5% SJC 4,046 4,114 4,054 4,172 4,444 4,709 5,022 5,675 4,529 219 226 246 274 321 335 367 367 294 96.1% 97.6% 95.2% 94.4% 93.5% 93.8% 94.0% 92.9% 94.7% 5.8% 5.8% 6.5% 7.7% 7.6% 7.8% 8.4% 7.1% excluding through passengers, as reported DOT. s are as reported to DOT. s

John Wayne Airport-Orange C (in thousands except for percentages; for fiscal year ending June) John Wayne Airport-Orange C PFC's averaged 93.3% with a low ratio of 86.7% and a high ratio of 98.4%. s have increased by 2.1% from 2010-2016 with a low ratio of and a high ratio of 10.1%. SNA SNA 100.0% 11.0% s 9 9 10.0% 94.0% 9.0% 8 8 84.0% 82.0% 80.0% Linear () SNA 4,363 4,246 4,270 4,508 4,553 4,681 5,171 5,098 4,611 298 307 320 350 389 406 446 446 370 95.8% 98.4% 92.8% 94.5% 94.0% 93.6% 91.0% 86.7% 93.3% 7.4% 7.8% 8.2% 9.0% 9.0% 9.1% 10.1% 8.4% excluding through passengers, as reported DOT. s are as reported to DOT. s

Sacramento Metro (in thousands except for percentages; for fiscal year ending June) Sacramento Metro PFC's averaged 93.9% with a low ratio of 88.4% and a high ratio of 101.1%. s have increased by 2.5% from 2010-2016 with a low ratio of 6.3% and a high ratio of 9.6%. SMF SMF 104.0% 10.0% s 102.0% 9.5% 100.0% 9 9 94.0% 9.0% 8.5% 7.5% 8 8 84.0% 82.0% Linear () 6.5% 5.5% SMF 4,442 4,380 4,369 4,317 4,275 4,531 4,838 5,094 4,531 262 275 288 314 343 369 400 400 331 101.1% 99.6% 93.7% 88.4% 97.4% 91.3% 91.1% 88.9% 93.9% 6.3% 6.6% 7.8% 8.6% 8.7% 8.8% 9.6% 7.9% excluding through passengers, as reported DOT. s are as reported to DOT. s

Luis Munoz Marin Intl (in thousands except for percentages; for fiscal year ending June) Luis Munoz Marin Intl PFC's averaged 94.2% with a low ratio of 90.7% and a high ratio of 100.0%. s have increased by 1.9% from 2010-2016 with a low ratio of 3.2% and a high ratio of 5.5%. SJU SJU 102.0% 5.6% s 100.0% 5.5% 9 9 94.0% 5.4% 5.3% 5.2% 8 5.1% 8 Linear () SJU 4,248 4,096 4,062 4,112 4,151 4,219 4,348 3,339 4,072 123 119 111 118 161 176 209 209 153 93.7% 96.3% 92.7% 90.7% 95.5% 91.6% 93.1% 100.0% 94.2% 3.6% 3.5% 3.2% 3.4% 4.5% 4.8% 5.5% 4.9% 4.2% excluding through passengers, as reported DOT. s are as reported to DOT. s

Southwest Florida Intl (in thousands except for percentages; for fiscal year ending September) Southwest Florida Intl PFC's averaged 92.7% with a low ratio of 89.9% and a high ratio of 95.4%. s have increased by 3.8% from 2010-2016 with a low ratio of 6.3% and a high ratio of 11.3%. RSW RSW 9 12.0% s 9 94.0% 93.0% 11.0% 10.0% 9.0% 91.0% 89.0% 8 8 Linear () RSW 3,644 3,803 3,600 3,782 3,896 4,085 4,254 4,309 3,922 219 231 272 296 341 362 406 406 317 95.4% 93.3% 93.7% 92.7% 91.9% 92.8% 89.9% 91.5% 92.7% 6.3% 6.3% 7.9% 8.3% 9.2% 9.3% 10.1% 11.3% 8.6% excluding through passengers, as reported DOT. s are as reported to DOT. s

Indianapolis Intl (in thousands except for percentages; for fiscal year ending December) Indianapolis Intl PFC's averaged 93.9% with a low ratio of 90.9% and a high ratio of 96.4%. s have increased by 2.5% from 2010-2016 with a low ratio of 3.8% and a high ratio of 6.6%. IND IND 9 6.8% s 9 6.6% 9 6.4% 94.0% 93.0% 6.2% 5.8% 91.0% 5.6% 89.0% 8 Linear () 5.4% 5.2% IND 3,713 3,652 3,565 3,522 3,596 3,888 4,216 3,209 3,670 132 157 165 176 197 221 246 246 192 9 96.4% 95.5% 94.0% 93.3% 90.9% 92.9% 93.5% 93.9% 3.8% 4.5% 4.9% 5.3% 5.8% 6.1% 6.3% 6.6% 5.4% excluding through passengers, as reported DOT. s are as reported to DOT. s

San Antonio Intl (in thousands except for percentages; for fiscal year ending September) San Antonio Intl PFC's averaged 92.2% with a low ratio of 88.9% and a high ratio of 95.1%. s have increased by 2.0% from 2010-2016 with a low ratio of 6.2% and a high ratio of 8.8%. SAT SAT 9 9.0% s 9 94.0% 8.5% 93.0% 91.0% 7.5% 89.0% 6.5% 8 8 8 8 Linear () 5.5% SAT 3,885 3,968 4,035 3,998 4,050 4,057 4,163 4,291 4,056 223 232 244 258 279 297 312 312 270 95.1% 92.9% 93.0% 93.8% 92.3% 88.9% 89.3% 92.2% 6.2% 6.3% 6.7% 7.3% 7.8% 8.2% 8.2% 8.8% 7.4% excluding through passengers, as reported DOT. s are as reported to DOT. s

Cleveland-Hopkins Intl (in thousands except for percentages; for fiscal year ending December) Cleveland-Hopkins Intl PFC's averaged 93.2% with a low ratio of 91.8% and a high ratio of 94.1%. s have increased by 0.7% from 2010-2016 with a low ratio of 6.2% and a high ratio of 8.2%. CLE CLE 94.5% 8.5% s 94.0% 93.5% 93.0% 92.5% 7.5% 6.5% 91.5% 91.0% 90.5% Linear () 5.5% CLE 4,590 4,401 4,347 4,375 3,686 3,920 4,087 3,329 4,092 194 210 234 243 235 243 264 264 236 93.5% 93.6% 93.2% 91.8% 93.2% 93.0% 94.1% 93.2% 93.2% 6.2% 8.2% 7.8% 6.8% 6.9% 6.5% 7.2% excluding through passengers, as reported DOT. s are as reported to DOT. s

Pittsburgh International (in thousands except for percentages; for fiscal year ending December) Pittsburgh International PFC's averaged 93.5% with a low ratio of 90.5% and a high ratio of 97.3%. s have increased by 2.9% from 2010-2016 with a low ratio of 4.1% and a high ratio of 7.2%. PIT PIT 9 7.5% s 9 94.0% 6.5% 8 5.5% 8 Linear () PIT 3,997 4,069 3,891 3,811 3,827 3,893 3,985 3,184 3,832 153 180 195 207 219 238 262 262 215 95.3% 97.3% 95.2% 93.4% 92.6% 90.5% 92.2% 91.4% 93.5% 4.1% 4.7% 5.3% 5.8% 6.2% 6.6% 7.2% 5.9% excluding through passengers, as reported DOT. s are as reported to DOT. s

Port Columbus Intl (in thousands except for percentages; for fiscal year ending December) Port Columbus Intl PFC's averaged 92.7% with a low ratio of 87.2% and a high ratio of 99.5%. s have increased by 3.2% from 2010-2016 with a low ratio of 4.4% and a high ratio of 7.9%. CMH CMH 102.0% 8.5% s 100.0% 9 9 94.0% 7.5% 8 6.5% 8 84.0% 82.0% 80.0% Linear () 5.5% CMH 3,146 3,133 3,095 3,062 3,115 3,314 3,567 2,722 3,144 132 152 167 177 203 227 251 251 195 93.9% 92.1% 99.5% 91.4% 92.5% 90.2% 94.8% 87.2% 92.7% 4.4% 5.1% 5.7% 6.2% 7.3% 7.6% 7.9% 6.4% excluding through passengers, as reported DOT. s are as reported to DOT. s

Kahului (in thousands except for percentages; for fiscal year ending June) Kahului PFC's averaged 45.1% with a low ratio of 32.9% and a high ratio of 49.8%. s have decreased by -1.5% from 2010-2016 with a low ratio of 9.4% and a high ratio of 11.3%. OGG OGG 60.0% 12.0% s 50.0% 11.0% 40.0% 10.0% 30.0% 9.0% 20.0% 10.0% 0.0% Linear () OGG 2,497 2,677 2,758 2,957 2,952 3,156 3,275 3,405 2,960 239 242 249 238 245 249 260 260 248 42.8% 47.5% 44.8% 32.9% 45.2% 48.1% 49.8% 49.8% 45.1% 11.3% 10.7% 10.9% 9.9% 10.1% 9.7% 9.8% 9.4% 10.2% excluding through passengers, as reported DOT. s are as reported to DOT. s

General Mitchell Intl (in thousands except for percentages; for fiscal year ending December) General Mitchell Intl PFC's averaged 98.7% with a low ratio of 94.1% and a high ratio of 106.1%. s have increased by 4.0% from 2010-2016 with a low ratio of 3.0% and a high ratio of 7.5%. MKE MKE 10 s 10 104.0% 7.5% 102.0% 100.0% 9 6.5% 9 94.0% 8 Linear () 5.5% MKE 4,759 4,670 3,707 3,214 3,227 3,230 3,327 2,586 3,590 111 156 178 177 170 188 216 216 176 100.1% 98.1% 106.1% 104.3% 95.7% 94.1% 96.5% 94.5% 98.7% 3.0% 4.2% 5.5% 5.8% 6.3% 6.9% 7.5% 5.7% excluding through passengers, as reported DOT. s are as reported to DOT. s

Cincinnati/Northern Kentucky (in thousands except for percentages; for fiscal year ending December) Cincinnati/Northern Kentucky PFC's averaged 83.0% with a low ratio of 62.7% and a high ratio of 96.6%. s have decreased by -0.8% from 2010-2016 with a low ratio of 5.1% and a high ratio of 8.5%. CVG CVG 120.0% 9.0% s 100.0% 8.5% 80.0% 60.0% 7.5% 40.0% 6.5% 20.0% 0.0% Linear () 5.5% CVG 3,906 3,422 2,926 2,775 2,870 3,038 3,272 2,820 3,129 139 159 162 151 151 146 152 152 152 64.3% 62.7% 73.2% 88.3% 91.1% 93.2% 94.8% 96.6% 83.0% 6.4% 7.7% 8.5% 7.7% 7.2% 5.5% 5.1% 6.8% excluding through passengers, as reported DOT. s are as reported to DOT. s

Palm Beach Intl (in thousands except for percentages; for fiscal year ending September) Palm Beach Intl PFC's averaged 94.5% with a low ratio of 93.2% and a high ratio of 96.2%. s have increased by 1.3% from 2010-2016 with a low ratio of 6.6% and a high ratio of 9.2%. PBI PBI 96.5% 9.5% s 9 9.0% 95.5% 9 94.5% 94.0% 93.5% 8.5% 7.5% 93.0% 92.5% 91.5% Linear () 6.5% 5.5% PBI 2,940 2,918 2,785 2,824 2,900 3,064 3,134 3,076 2,955 200 188 195 199 220 239 252 252 218 95.6% 95.1% 93.4% 94.3% 93.2% 94.9% 93.3% 96.2% 94.5% 6.6% 7.2% 7.2% 7.8% 8.1% 8.3% 9.2% 7.7% excluding through passengers, as reported DOT. s are as reported to DOT. s

Bradley Intl (in thousands except for percentages; for fiscal year ending June) Bradley Intl PFC's averaged 94.6% with a low ratio of 91.1% and a high ratio of 97.5%. s have increased by 0.5% from 2010-2016 with a low ratio of 6.4% and a high ratio of 7.3%. BDL BDL 9 7.5% s 9 94.0% 6.5% 8 5.5% 8 Linear () BDL 2,544 2,765 2,701 2,625 2,813 2,932 2,937 3,062 2,797 167 175 174 172 192 198 208 208 187 93.7% 97.5% 94.0% 91.1% 97.1% 95.7% 94.6% 92.8% 94.6% 6.7% 6.4% 6.6% 6.7% 6.9% 7.2% 7.3% 6.9% excluding through passengers, as reported DOT. s are as reported to DOT. s

Jacksonville Intl (in thousands except for percentages; for fiscal year ending September) Jacksonville Intl PFC's averaged 93.2% with a low ratio of 90.9% and a high ratio of 96.4%. s have increased by 1.8% from 2010-2016 with a low ratio of 5.3% and a high ratio of 7.6%. JAX JAX 9 s 9 9 7.5% 94.0% 93.0% 6.5% 91.0% 89.0% 8 Linear () 5.5% JAX 2,727 2,735 2,615 2,545 2,577 2,686 2,722 2,675 2,660 139 148 152 151 163 171 186 186 162 94.0% 92.8% 96.4% 93.1% 93.2% 93.9% 91.0% 90.9% 93.2% 5.3% 5.7% 6.1% 6.2% 6.6% 6.6% 7.1% 7.6% 6.4% excluding through passengers, as reported DOT. s are as reported to DOT. s

Anchorage Intl (in thousands except for percentages; for fiscal year ending June) Anchorage Intl PFC's averaged 68.1% with a low ratio of 63.7% and a high ratio of 71.3%. s have decreased by -2.4% from 2010-2016 with a low ratio of 12.4% and a high ratio of 14.9%. ANC ANC 72.0% 1 s 70.0% 1 6 6 64.0% 13.0% 11.0% 62.0% 9.0% 60.0% 5 Linear () ANC 2,139 2,219 2,257 2,249 2,325 2,437 2,553 2,538 2,340 248 241 244 257 256 258 257 257 252 69.0% 70.9% 66.5% 66.7% 63.7% 71.3% 66.2% 70.2% 68.1% 14.9% 13.8% 13.7% 14.4% 13.8% 13.3% 12.4% 12.7% 13.6% excluding through passengers, as reported DOT. s are as reported to DOT. s

Albuquerque Intl (in thousands except for percentages; for fiscal year ending June) Albuquerque Intl PFC's averaged 81.0% with a low ratio of 59.5% and a high ratio of 93.0%. s have increased by 3.2% from 2010-2016 with a low ratio of 8.3% and a high ratio of 12.1%. ABQ ABQ 100.0% 13.0% s 80.0% 70.0% 60.0% 12.0% 11.0% 10.0% 50.0% 9.0% 40.0% 30.0% 20.0% 10.0% 0.0% Linear () ABQ 2,845 2,795 2,737 2,535 2,404 2,324 2,335 2,349 2,540 209 218 221 225 236 240 254 254 232 59.5% 61.8% 86.4% 85.4% 93.0% 86.8% 8 8 81.0% 8.3% 9.0% 9.3% 10.0% 10.8% 11.2% 11.5% 12.1% 10.3% excluding through passengers, as reported DOT. s are as reported to DOT. s

Greater Buffalo Intl (in thousands except for percentages; for fiscal year ending March) Greater Buffalo Intl PFC's averaged 93.7% with a low ratio of 89.3% and a high ratio of 98.2%. s have increased by 4.0% from 2010-2016 with a low ratio of 3.5% and a high ratio of. BUF BUF 100.0% 8.5% s 9 9 94.0% 7.5% 6.5% 8 8 84.0% Linear () 5.5% BUF 2,642 2,598 2,582 2,617 2,502 2,372 2,315 2,315 2,493 90 108 117 124 136 144 166 166 131 98.2% 92.8% 95.4% 97.9% 92.9% 91.9% 90.9% 89.3% 93.7% 3.5% 4.3% 4.7% 5.7% 6.4% 7.5% 5.6% excluding through passengers, as reported DOT. s are as reported to DOT. s

Eppley Airfield (in thousands except for percentages; for fiscal year ending December) No PFCs were collected during 2010-2017. s have increased by 2.4% from 2010-2016 with a low ratio of and a high ratio of 7.7%. OMA OMA 100.0% s 80.0% 7.5% 70.0% 60.0% 50.0% 6.5% 40.0% 30.0% 20.0% 10.0% 0.0% Linear () 5.5% OMA 2,097 2,044 2,017 1,973 2,019 2,045 2,125 1,670 1,999 100 106 113 117 132 137 152 152 126 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 5.4% 5.9% 6.1% 6.8% 6.9% 7.4% 7.7% 6.4% excluding through passengers, as reported DOT. s are as reported to DOT. s

Ontario Intl (in thousands except for percentages; for fiscal year ending June) Ontario Intl PFC's averaged 81.0% with a low ratio of 47.8% and a high ratio of 108.5%. s have increased by 2.1% from 2010-2016 with a low ratio of 5.7% and a high ratio of 8.7%. ONT ONT 120.0% 9.0% s 100.0% 8.5% 80.0% 60.0% 7.5% 40.0% 6.5% 20.0% 0.0% Linear () 5.5% ONT 2,377 2,345 2,184 2,053 1,977 2,054 2,091 2,161 2,155 132 133 138 143 148 153 156 156 145 108.5% 10 103.4% 74.9% 47.8% 49.6% 60.2% 98.9% 81.0% 5.7% 5.8% 6.6% 7.2% 7.7% 7.8% 7.8% 8.7% 7.2% excluding through passengers, as reported DOT. s are as reported to DOT. s

Burbank-Glendale-Pasadena (in thousands except for percentages; for fiscal year ending June) Burbank-Glendale-Pasadena PFC's averaged 98.5% with a low ratio of 91.7% and a high ratio of 107.1%. s have increased by 3.3% from 2010-2016 with a low ratio of 5.9% and a high ratio of 10.1%. BUR BUR 110.0% 11.0% s 10 10.0% 100.0% 9.0% 9 8 80.0% Linear () BUR 2,263 2,182 2,099 1,981 1,907 1,953 1,991 2,227 2,075 130 130 127 135 155 168 180 180 151 105.2% 107.1% 100.6% 100.3% 95.3% 94.8% 93.2% 91.7% 98.5% 5.9% 6.1% 6.3% 8.3% 8.8% 9.2% 10.1% 7.7% excluding through passengers, as reported DOT. s are as reported to DOT. s

Jason A. Snowden, Managing Director LeighFisher 513.287.7169 Jason.snowden@leighfisher.com Madison B. Paoli, Analyst LeighFisher 513.287.7155 Madison.Paoli@leighfisher.com www.leighfisher.com